euro adhoc: SW Umwelttechnik Stoiser & Wolschner AG / Financial Figures/Balance Sheet / SW Umwelttechnik annual results press conference highlights Romania

Geschrieben am 19-04-2006

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The issuer is responsible for the content of this announcement.


* Revenue up by 20%
* Most modern pipe works in Hungary completed
* New factory near Timisoara to drive expansion in Romania

At a press conference held today SW Umwelttechnik (Vienna Stock
Exchange symbol: SWUT) joint chief executives Heinz Wolschner and Dr.
Bernd Wolschner unveiled the group’s results for 2005.

Heinz Wolschner told journalists: "We achieved our objectives of
accelerated expansion in the Hungarian and Romanian growth markets,
record investment, and the merger of our Austrian operations into a
single company and brand."

Revenue SW Umwelttechnik posted a 20% increase in revenue to EUR91.2
million (m) in 2005 (2004: EUR76.3m). Organic growth accounted for
16% of the increase and initial consolidations for 4%. The group’s
main geographical market, Hungary, accounted for EUR58.2m or 64% of
the total. The revenue share generated by the Austrian market rose
from 25% to 28% as a result of the Alpha Umwelttechnik acquisition
while infrastructure, drinking water and sewerage projects pushed the
contribution of the Romanian market up from 1% to 4%. An unchanged 4%
of revenue was earned in other EU member states and CEE countries
(Croatia, Germany, Italy, Slovenia and Slovakia).

The revenue contribution of the group’s Water Conservation business
sector expanded from 27% to 32%, reflecting a strong performance in
Hungary and the Austrian acquisition, while that of the Engineering
sector slipped from 31% to 27%, and that of the Infrastructure sector
edged down from 42% to 41%.

Earnings Earnings before interest and tax (EBIT) jumped by 70% from
EUR2.3m to EUR3.9m, and the EBIT margin from 3.0% to 4.3%. These
sharp improvements were driven by the increases in production
capacity, as well as good capacity utilisation and resultant
productivity growth.

EBITDA was up by 39%, from EUR6.2m to a record EUR8.6m, provided
resources for further rapid expansion in Romania.

Finance cost mounted from EUR0.4m in 2002 to EUR2.0m as a result of
book exchange losses of EUR0.7m (compared to exchange gains of
EUR1.3m in 2004) due to the refinancing of the Hungarian operations
in euro. The 10% capital increase and the disposal of treasury shares
reduced interest expense. Higher finance cost trimmed profit from
ordinary activities (POA) to EUR1.9m (2004: EUR2.0m), profit after
tax to EUR1.4m (2004: EUR1.5m) and profit after minorities to EUR1.4m
(2004: EUR1.6m). The strong upturn in operating profits largely
offset the accounting losses caused by movements in the forint/euro
exchange rate which had no impact on cash flow.

The 10% capital increase, from 600,000 no par shares to 659,999, and
the sale of 25,046 own shares raised the average number of shares in
circulation from 574,954 to 621,289. Earnings per share were EUR2.21
compared with EUR2.84 in 2004.

Asset and capital structure Capital and reserves grew by 21.2% to
EUR24.3m (2004: EUR20.0m) owing to the secondary share issue and the
sale of own shares. Although total assets also increased, by 18% to
EUR80.5m (2004: EUR68.1m), the equity ratio rose from 29.4% to 30.2%.

Employees The headcount expanded by 11% to stand at 800 at year end.
Comparison with the 20% gain in revenue reveals that productivity
improved at the same time. The group has 209 employees in Austria,
556 in Hungary and 35 in Romania. The proportion of female employees
rose from 14% to 15% during the year.

Capital expenditure In 2005 the group invested a record EUR10.2m
(2004: EUR3.5m) in order to exploit the good growth opportunities in
Hungary and Romania.

The lion’s share of capital expenditure — 77% of the total — went to
Hungary where capacity at the South Budapest factory was further
expanded, and the most modern pipe works in Hungary was built at the
site. In Romania work has begun on a new factory in Timisoara, due to
go into operation this summer.

Dividend recommendation Due to the group’s positive earnings
performance the Management Board will be recommending an increased
divided of EUR0.25 per share (2004: EUR0.20) for the 2005 financial

Outlook Management is again giving optimistic guidance for 2006, and
anticipates further revenue and earnings growth.

All the group’s business sectors are expected to encounter robust
demand in Hungary over the next few years, and the main South
Budapest site and the other four factories in the country are well
placed to benefit from good market conditions. However the general
election may lead to uncertainties regarding public sector contract

The merger of the Austrian operating subsidiaries into a single
organisational structure should bring significant improvements in the
marketing effort and earnings. Due to the current lack of supported
electricity injection tariffs for biogas plants only facilities that
have already been approved will be put out to contract and built in
2006. Further applications for planning permission and contract
awards will not take place in Austria until new tariffs are in place.

Romania is expected to join the EU in 2008, creating good demand
conditions for all the group’s businesses. SW Umwelttechnik is
planning to invest EUR30m in three Romanian factories over the next
five years. The Timisoara works will enter production in mid-2006,
and construction of a factory on a 27-hectare site near Bucharest
which has already been purchased is due to commence in the second
half of this year.

Order backlog at balance sheet date was at an all-time high of
EUR38.5m — 8% up on the year-earlier total.

end of announcement euro adhoc 19.04.2006 07:00:00

ots Originaltext: SW Umwelttechnik
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:
Heinz Wolschner, member of the Management Board
Tel.: +43 (0)463/32109-0, fax: +43 (0)463/37667
Christian Riel, Investor Relations
Tel.: +43 (0)664/1924824, fax: +43 (0)1/3688686
Web: www.sw-umwelttechnik.com

Branche: Technology
ISIN: AT0000808209
WKN: 910497
Index: WBI, ATX Prime, ViDX
Börsen: Börse Berlin-Bremen / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Wiener Börse AG / official dealing


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