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SW Umwelttechnik Stoiser & Wolschner AG

EANS-Adhoc: SW Umwelttechnik: Restructuring successful

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
6-month report
25.08.2010
* A strong second quarter leads to an increase in turnover of 12 % 
compared to   the first half-year 2009 * A stabilised CEE economy 
provides a positive outlook for the second half-year * EBITDA is back
in black in the second quarter with an increase of 23 %
SW Umwelttechnik is satisfied with the first half-year of 2010, 
particularly because of our strong second quarter in which turnover 
was increased by 18 % compared to the previous year. The measures we 
introduced in order to minimise costs and by concentrating on 
municipally financed projects have led to a significant increase of 
our earnings, EBITDA were disproportionately improved by 23 % in the 
second quarter.
The market in Central and Southeastern Europe is beginning to 
stabilise - turnover for our important market Hungary is already 37 %
higher than in the previous year - although the price level has not 
yet improved. The higher earnings thus result from optimising our 
costs. We expect the price level to return to normal as of 2011.
Managing Director Bernd Wolschner has a positive outlook for the 
second half- year: "We have secure orders in the water conservation 
segment in Romania due to the international financial package. In 
Hungary we are expecting high turnover in the second half-year, 
particularly after the local elections in the autumn that should 
bring an increase in public projects. Our current volume of orders in
Austria also means that we will be closing here only just below our 
strong performance from the previous year."
Turnover in the first half-year 2010 amounts to EUR 30.0 m (2009: EUR
26.8 m) and has thus increased by 12 % compared to 2009. This is 
mainly due to the stabilised economies in CEE. The Hungarian market 
has again gained in significance and shows a 37 % increase in 
turnover. Turnover in Romania is 21 % higher than in 2009. The water 
conservation segment remains the biggest segment with 45 %, although 
the infrastructure segment has recovered faster than expected and now
holds a share of 39 % of total turnover.
Operatively speaking, our result has been improved by EUR 1.3 m due 
to the implemented cost saving measures. EBITDA for the first 
half-year can thus be reported at EUR 0.6 m (2009: EUR - 0.6 m). EBIT
was improved by EUR 1.4 m and can now be disclosed at EUR -2.1 m 
(2009: EUR - 3.5 m). The financial result is similar to that of the 
previous year due to high volatility of the HUF and RON at balance 
sheet date and amounts to EUR - 2.9 m (2009: EUR - 2.8 m). This 
results in improved POA (profit or loss on ordinary activities) in 
the first half-year by EUR 1.3 m to a total of now EUR - 5.0 m (2009:
EUR - 6.3 m). The operative POA, exclusing FX currency losses, is 
back in black for the second quarter with EUR 0.2 m (2009: EUR - 0.5 
m).
Volume of orders
The volume of orders as of 30 June 2010 amounts to EUR 33.0 m (2009: 
EUR 39.3 m). According to plans 80 % of these should be finalised 
this year, the other 20 % in 2011.
Summary balance sheet
Long-term assets have been subject to noticeable changes in value due
to the high volatility of the HUF and RON and have slightly increased
to EUR 75.3 m as per 30 June 2010 compared to the previous year (EUR 
73.9 m). Our measures to reduce inventories had already become clear 
in 2009 and were reflected in the reduced floating assets, the level 
of EUR 33.2 m could be held on to even though turnover has increased.
The first half-year 2010 shows floating assets totalling EUR 34.2 m. 
As a result the balance sheet total amounts to EUR 109.5 m and is at 
a similar level as in the previous year (2009: EUR 107.1 m).
Considering only the "internal value" of our fixed assets (i.e. 
without considering the book losses not affecting cash and the 
exchange rates as per 31 December 2007), an equity capital of EUR 
23.6 m and an equity ratio of 19.4 % can be calculated. The equity 
capital according to IFRS excluding "internal values" is strongly 
affected by changes in currency exchange rates of HUF/EUR and RON/EUR
and adds up to EUR 11.8 m (2009: EUR 12.5 m). Both the HUF and RON 
have reached their all-time low of the year 2010 as per 30 June 2010,
but both have since seen stabilisation. In the mid-term a return to a
fluctuation margin of 3.9 - 4.1 RON/EUR and 250 - 270 HUF/EUR is 
expected.
Liabilities are unchanged compared to the previous year and amount to
EUR 79.9 m (2009: 80.3 m), 58.1 % of which are long-term liabilities.
In line with the company liquidity law 
("Unternehmensliquiditätsgesetz ULSG") we have asked the Federal 
Government to assume liability and have been warranted with EUR 3.1 m
by the OeKB.
Outlook
The company´s current performance is in accordance to our issued 
prognosis for the year 2010. In Hungary and Romania we have been able
to note a significant improvement in earnings particularly due to the
support of the IMF. We are expecting an increase in public orders 
after the local election in Hungary. Although the harsh winter in 
Austria resulted in delayed building work, we are counting on a 
strong second half-year.
Profit and loss statement in EUR m
|               |HY 2010                      |HY 2009                     |
|Turnover       |30.0                         |26.8                        |
|EBIT           |-2.1                         |-3.5                        |
|EBITDA         | 0.6                         |-0.6                        |
|POA            |-5.0                         |-6.3                        |
Balance sheet in EUR m
|                |HY 2010       |HY 2009       |HY 2010 incl. |HY 2009 incl.|
|                |              |              |internal value|internal     |
|                |              |              |              |value        |
|Long-term fixed | 75.3         | 73.9         | 87.1         | 90.0        |
|assets          |              |              |              |             |
|Floating assets | 34.2         | 33.2         | 34.2         | 33.2        |
|Balance sheet   |109.5         |107.1         |121.3         |123.2        |
|total           |              |              |              |             |
|Equity          | 11.8         | 12.5         | 23.6         | 28.6        |
|Debt capital    | 97.7         | 94.6         | 97.7         | 94.6        |
Notice:
The half-yearly financial report 2010 can be downloaded from www.sw-
umwelttechnik.com and is available from the Group´s headquarters.
SW Umwelttechnik, a family firm founded in 1910 and listed on the Viennese
stock exchange since 1997, stands for sustainable management and consistent
growth in Eastern and South-eastern Europe.  With our innovative technology to
protect the environment we provide an important contribution for the
development of necessary infrastructure in Central and South-eastern 
Europe.
end of announcement                               euro adhoc

Further inquiry note:

Dr. Bernd Wolschner
Member of the Board
Tel.: +43 / (0) 463 / 32109 - 202
Mobil: +43 / (0) 664 / 34 13 953

Investor Relations
Tel.: +43 / (0) 463 / 32109 - 170
E-Mail: ir@sw-umwelttechnik.com

Web: www.sw-umwelttechnik.com

Branche: Technology
ISIN: AT0000808209
WKN: 910497
Index: WBI
Börsen: Berlin / free trade
Frankfurt / free trade
Wien / Regulated free trade

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