DGAP-Ad hoc: SW Umwelttechnik
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Ad hoc announcement processed and transmitted by DGAP. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------------
SW Umwelttechnik announces results for the 1st half of 2001
Operating profit continues at last year`s levels Orders in hand up 17%
In the first half of 2001 SW Umwelttechnik was able to compensate for the collapse of the market in Austria by successful expansion in Hungary and by its acquisition in Germany. Market conditions generally make it necessary to speed up market entry into other EU candidate countries and to expand the product range in the areas of sludge treatment and biogas generation.
In the first half of 2001 SW Umwelttechnik recorded revenue of EUR 29.0m (2000: EUR 30.6m) and operating output of EUR 31.2m (2000: EUR 31.2m). The division between environmental systems (42%), environmental engineering (33%) and infrastructure products (25%) remained more or less unchanged from the same period last year.
Austria`s share of revenue in 2001 fell from 44% to 35%, Hungary`s share rose from 53% to 56% and as a result of the German acquisition the share of other EU countries rose from 3% to 9%.
The reason for the collapse in Austria was the reduction of up to 40% in environmental subsidies and the not unexpected recession in the construction industry. Both factors contribute not only to a reduction in volume, but also to increased price competition and longer construction periods. The current political debate about privatization of the wastewater industry has also resulted in delays in capital expenditure.
Business developments in Hungary proceed according to plan, and the completed investments in expansion are expect to bear fruit in the second half of the year. SW Umwelttechnik`s market positioning in Hungary is excellent in all its business sectors.
Profit from operations (EBIT) at EUR 0.1m was held at last year`s level, and POA, also at EUR 0.1m, was comparable with last year`s, since exchange gains made up for increasing finance expenses.
EUR m HY1 2000 HY1 2001 Revenue 30.6 29.0 Total output 31.2 31.2 EBITDA 2.0 1.9 EBIT 0.4 0.1 POA 0.4 0.1 Payroll 860 814
end of ad hoc announcement (c) DGAP 09.08.2001
Issuer`s information/explanatory remarks concerning this ad hoc announcement:
Investments The caprtal investments of EUR 7m planned for 2001 are already 60% complete. The main emphasis in investment activity is on expansion and rationalization measures in Hungary, which resulted in an approx. 6% reduction in staffing levels, and on continuing product development in Austria.
The first phase of construction on the Majoshaza site south of Budapest has already been completed, and production is scheduled to begin in September.
In Romania two new businesses have been founded, in SW Umwelttechnik`s environmental engineering and infrastructure sectors. Production and project management activities respectively are planned to begin in 2002.
Strategy and outlook As a consequence of the sharp contraction in the Austrian market, the SW Umwelttechnik Group has taken the following steps:
- Market entry in EU candidate countries is to be speeded up. One or two new markets will be added each year. Undoubtedly, there is a crying need for sustainable water conservation in Central and Eastern European countries.
- In Austria product ranges will be streamlined and low-margin product lines disposed of.
- Production facilities in the infrastructure sector in Austria will be consolidated.
- As a result of the Landfill Order which comes into force in 2005, and the effective prohibition of the dumping of sludge on landfill sites, the sludge treatment sector is an area of vigorous growth. Building on its existing market presence in the sewage treatment plant construction sector. SW Umwelttechnik intends to exploit the interesting opportunities in this product sector more fully.
- Construction of biogas plants. SW Umwelttechnik will now apply existing sewage treatment technology in the construction of biogas plants. Given the legal requirements for renewable sources of energy, there is huge demand and growth potential in this sector.
On the basis of this strategy the Management of SW Umwelttechnik is calculating on sustainable growth based on the market potential in Central and Eastern European countries and attractive markets for products in environmental technology sectors (water, sludge and renewable energy).
Despite the 17% increase in orders in hand to EUR 30.4m, the assumption is that for 2001 as a whole there will only be limited growth and a continuing need for expenditure on restructuring in Austria.
Heinz Wolschner, member of the Management Board of SW Umwelttechnik Tel: +43 (0) 463 32109 0; fax: +43 (0) 463 37667 Christian Riel, Finance and Investor Relations Tel: +43 (0) 664 433 7105; fax: +43 (0) 1 368 8686, E-Mail: firstname.lastname@example.org Website: http://www.sw-umwelttechnik.at -------------------------------------------------------------------------------- WKN: 080820; Index: Listed: Amtlicher Handel in Wien; Freiverkehr in Berlin, Düsseldorf und Stuttgart
091102 Aug 01
Autor: DGAP import (),11:05 09.08.2001
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