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Abonner SW Umwelttechnik Stoiser & Wolschner AG

SW Umwelttechnik Stoiser & Wolschner AG

euro adhoc: SW Umwelttechnik Stoiser & Wolschner AG
quarterly or semiannual financial statement
SW Umwelttechnik announces results for first quarter of 2007

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
3-month report
23.05.2007
. 72% revenue growth
. EBIT up by E2 million
. Return to the prime market
. Accelerated expansion in Romania
SW Umwelttechnik turned the good weather to its advantage to  put  in
a  bright start to the year, recording first quarter revenue growth  
of  over  E6  million (m) and a E2m improvement  in  EBIT.  Meanwhile
the  group  forged  ahead  with investment projects in Romania and 
Hungary.
SW Umwelttechnik grew revenue by 72% to E16.0m (Q1 2006:  E9.3m)  in 
the  first quarter of 2007. Favourable weather  conditions  
contributed  to  rapid  revenue growth across all the  group's  
business  sectors,  while  revenue  in  its  new Romanian market 
almost trebled.
Revenue rose by 79% in Hungary, by 178% in Romania and by 26% in  
Austria,  year on year. In terms of geographical markets, 71% of 
total revenue  was  earned  in Hungary (Q1 2006: 69%), 9% in Romania 
(Q1 2006: 6%),  and  15%  in  Austria  (Q1 2006: 21%). The  fall  in 
the  proportion  of  revenue  originated  in  Austria reflected last 
year's factory closures. There were  only  minor  shifts  in  the 
segmental revenue breakdown. Water Conservation  accounted  for  31% 
(Q1  2006: 26%) of total revenue, Infrastructure continued to 
dominate  at  56%  (Q1  2006: 64%) and Engineering contributed 13% 
(Q1 2006: 10%).
Increased revenue boosted EBIT- historically weak in the first  
quarter  due  to seasonal factors - and it was negative by only 
E1.3m, compared to E3.3m  in  the like period of 2006.
With finance cost almost down to zero due to the  rising  Hungarian  
forint  and Romanian lei exchange rates, the loss on ordinary 
activities narrowed  by  E3.6m to E1.4m (Q1 2006: E5.0m).
Employees The average number of employees edged down by 3%, from 786 
to 760,  despite  the growth in the group's sales. The fall is 
chiefly explained by the  20%  drop  in the Austrian head count. 
Meanwhile the workforce in Romania expanded from 46  to 80.
Capital expenditure In the first quarter of 2007 capital expenditure 
was E5.6m (Q1 2006: E2.1m).
Investment programmes in Hungary directed  towards  expanding  
capacity  in  the Infrastructure  and  Water  Conservation  sectors  
were  completed  during   the quarter. The spun  concrete  plant  in 
Alsoszolca  and  the  new  facility  for manufacturing prestressed 
bridge members at  the  South  Budapest  site  entered service on 
schedule.
In Romania the Timisoara plant was finished, and production ramped  
up  to  full capacity. Construction of the  new  factory  in  
Bucharest  is  going  to  plan, despite  delivery  delays  due  to  
the  building  boom.  Preparations  for  the application for planning
permission in Targu Mures are under way. At the same  a search has 
been launched for a fourth site in eastern Romania, and is due to  be
concluded by the end of the year.
In Austria the machinery relocations  and  resultant  capacity  
expansions  were completed on schedule in May.
Order backlog Exceptionally high output due to favourable weather 
conditions meant that  order backlog was worked off unusually 
quickly, and it  was  slimmed  to  E26.1m  from E51.6m a year  
earlier.  The  Infrastructure  sector's  order  books  were  also 
affected by changes in  the  product  mix.  Nevertheless,  management
currently expects the sector's revenue target for 2007 to be 
exceeded. However revenue  in the Engineering sector is seen  
declining  as  the  large  contracts  under  the Hungarian  
Environment  and  Energy  Operational  Programme   (KEOP)   are   not
anticipated until the second half  of  the  year.  Overall,  SW  
Umwelttechnik's total output should certainly be on target.
Balance sheet The heavy investment program swelled non-current assets
from E46.7m  to  E62.1m, while revenue growth buoyed current assets 
to E44.9m (Q1  2006:  E33.1m).  Total assets rose by 34% to E107.0m 
(Q1 2006: E79.8m). Financial liabilities climbed from E42.7m to 
E58.6m due to borrowing to  finance expansion. The marked improvement
in retained earnings was reflected  in  a  39% increase in equity 
from E18.5m to E25.7m.
Share price performance SW Umwelttechnik's return to the  prime  
market  segment  of  the  Vienna  Stock Exchange on 21 May 2007 
reflected the  market  confidence  that  has  brought  a share price 
run-up of almost 200% since the start  of  the  year.  Capital  Bank 
will act as the specialist for SW Umwelttechnik's stock. The price 
reached an all time high of E125 in May, driven  by  investors'  
faith in SW Umwelttechnik's strategy of accelerated expansion in 
Southeastern  Europe.
Outlook On the light  of  the  promising  outlook  on  all  the  
markets  served  by  SW Umwelttechnik,  the  large-scale  investment 
programme   and   the   successful completion of the restructuring 
exercises, management anticipates  75%  year-on- year growth in EBIT,
EBITDA and POA on roughly stable  revenue  for  2007  as  a whole.
  • In Austria restructuring programmes have already brought a significant improvement in earnings in the first quarter.
  • In Hungary capacity utilisation was particularly good in the first quarter thanks to the mild weather. SW Umwelttechnik will use its high installed capacity and the cost leadership afforded by its modern equipment to continue to extend its market leadership.
  • In Romania the Timisoara site is fully operational, while the first phase of the Bucharest project is scheduled for completion in September, when the production equipment for infrastructure products is due to be commissioned. A second development phase involving manufacturing equipment for water conservation products is scheduled for completion by the end of the year. Building work at the Targu Mures site in central Transylvania is scheduled to begin near the end of 2007, and a suitable fourth location in eastern Romania is expected to have been identified by then.
  • A start is being made with market development in neighbouring Moldavia, Serbia and Ukraine, using exports from Hungary and Romania. Preparations are also being made to purchase land to build production facilities in these countries. If market entry is successful, the aim is to build one to two plants there each year.
  • The disposal of property surplus to operational requirements, often acquired in connection with investments, will make an additional ongoing contribution to earnings and financing.
The group's recent strong performance and the positive outlook for the next  few
years give SW Umwelttechnik an excellent springboard for its drive to
expand  in Romania and its new focus markets.
Financial highlights
In Em          Q1 2007    Q1 2006
Revenue          16.0        9.3
EBIT             -1.3       -3.3
EBITDA           -0.2       -2.3
POA              -1.4       -5.0
In Em                   Q1 2007     Q1 2006
Non-current assets       62.1         46.7
Current assets           44.9         33.1
Total equity
and liabilities         107.0         79.8
Equity                   25.7         18.5
Borrowings               81.3         61.3
 whereof bank loans      58.6         42.7
end of announcement                               euro adhoc 23.05.2007 08:46:48

Further inquiry note:

Dr. Bernd Wolschner, member of the Management Board
Tel: +43 (0)664 3413953; fax: +43 (0)7259 31356

Michaela Wolschner, Investor Relations
Tel: +43 (0)664 8117662; fax: +43 (0)1 8772617
E-mail: michaela.wolschner@sw-umwelttechnik.at
Web: www.sw-umwelttechnik.com

Branche: Technology
ISIN: AT0000808209
WKN: 910497
Index: WBI
Börsen: Börse Berlin-Bremen / free trade
Frankfurter Wertpapierbörse / free trade
Wiener Börse AG / Regulated free trade

Plus de actualités: SW Umwelttechnik Stoiser & Wolschner AG
Plus de actualités: SW Umwelttechnik Stoiser & Wolschner AG