SW Umwelttechnik Stoiser & Wolschner AG

Interim / Quarterly Report • Aug 27, 2008

Interim report on the first half of 2008

Financial highlights

Financial highlights		1H 2008	1H 2007	Full year 2007
Revenue	EUR m	51.3	41.5	96.1
Hungary	EUR m	31.0	27.3	57.2
Austria	EUR m	9.1	8.0	19.4
Romania	EUR m	8.9	3.5	8.6
Total output	EUR m	51.4	42.4	98.8
EBITDA	EUR m	5.2 2	.1	9.4
EBIT	EUR m	2.4	–0.2	4.6
EBIT margin	%	4.7	–0.6	4.8
POA	EUR m	1.7	0.4	1.2
Profit after tax	EUR m	2.0	0.2	1.8
Profit for the period	EUR m	2.3	0.4	1.8
Capital expenditure	EUR m	5.9	14.6	26.4
Total equity and liabilities	EUR m	129.8	117.3	120.2
Equity	EUR m	31.8	27.2 2	7.2
Equity ratio (inc. minorities)	%	24.5	23.2 22	.6
Capital Employed	EUR m	104.9	86.5	95.5
Gearing	%	330	320	350
Employees		854	770	797
Hungary		520	542	545
Austria		147	149	153
Romania		187	79	99
Key share performance indicators
Dividend per share	EUR	0.3	0.3	0.3
Earnings per share	EUR	3.49	0.67	2.71
eighted average number of shares		658,663	659,999	659,999
High	EUR	102.8	140.0	140.0
Low	EUR	65.0	42.0	42.0
Year-end closing price	EUR	70.4	120.0	99.9

Revenue up by 24 % in the first half Outstanding order backlog of €55.6 million (m) as of 30 June 2008 Outlook for 2008 confirmed: EBIT set to increase by 60 % and revenue by 20 %

Despite an adverse trading environment, particularly in Hungary, SW Umwelttechnik AG maintained its strong performance in the second quarter. The figures for the first half confirm our prognosis of a 60 % rise in EBIT and an increase in revenue of around 20 % for the full year. Order backlog more than doubled year on year to stand at €55.6m on 30 June 2008, supporting management's upbeat earnings expectations.

OPERATIONAL REVIEW

T rading perfor m ance and earnings

Revenue jumped 24% from €41.5 to €51.3m in the first six months of 2008. Despite challenging trading conditions, there were gains across our core Austrian, Hungarian and Romanian markets.

As a result of budget stabilisation measures introduced in Hungary, public sector investment remained at around a third of last year's level, while Romania has yet to make use of the EU Structural Organisational Programme (SOP) funding available to it. However we anticipate an improvement in conditions in Hungary and Romania from mid-2009 onwards.

Sharp increases in input prices in the first half – which were particularly dramatic in the case of steel and energy – resulted in additional costs which we were unable pass on to customers in full. Although staff costs were impacted by a rise in the average head count in Romania to 854 (H1 2007: 770) they fell to 18% of total output (H1 2007: 20%).

EBIT is normally negative in the first half due to seasonal factors. This year, however, for the first time ever, the company posted a profit for the year to 30 June of €2.4m (H1 2007: loss of €0.2m). EBITDA also improved, from €2.1m to €5.2m. The Engineering business put in a particularly encouraging performance, with earnings up year on year due to project completions.

Second quarter revenue registered a 29% year-on-year increase to €32.8m (H1 2007: €25.5m), while EBIT more than tripled from €1.1m to €4.0m.

Net finance costs for the first half as a whole reflected our recent rapid expansion and resultant large investments abroad. Non-current assets were boosted by the strong forint, but higher borrowings due to the investment projects and higher interest rates combined to push up net finance costs to €0.7m (H1 2007: net finance income of €0.6m).

Profit on ordinary activities (POA) rose sharply from €0.4m in 2007 to €1.7m in the first half of 2008. Second-quarter performance was outstanding, with POA jumping to €5.4m from €1.8m in the comparative period.

Hungary Austria Romania Slovakia Other

Interim report on the first half of 2008 | Sw Umwelttechnik

O rder backlog

Order backlog as at 30 June 2008 amounted to €55.6m – more than double the €26.8m year-earlier figure. The Hungarian market accounted for €30.4m of the total, Romania for €15.0m and Slovakia for €6.5m. Viewed in segmental terms, the Infrastructure business sector was the main contributor to order backlog, at €37.4m, followed by Water Conservation at €13.3m and Engineering at only €4.9m.

S eg m ental report

The segmental distribution of revenue in the first half of 2008 was as follows. Infrastructure returned revenue of €25.4m, or 49.6% of the total (H1 2007: 56.3%), making it the strongest of the three segments. However, thanks to the growth in Romanian sales, revenue performance in the Water Conservation sector improved significantly to €16.3m, or 31.8% of the overall figure (H1 2007: 25.5%). Despite a strong performance from the Engineering segment in the first six months of 2008, revenue for the period was below expectations at €9.6m (18.6% of the total) because of the difficult conditions on the Hungarian market. We expect order bookings for municipal projects to pick up again in 2009.

Hungary remained SW Umwelttechnik's main geographical market in terms of revenue contributions, generating 60.5% of the total (H1 2007: 65.9%). As anticipated, Romania doubled its revenue share to 17.4% (H1 2007: 8.5%), while the contribution of the Austrian market held fairly steady at 17.7% (H1 2007: 19.2%).

At 30 June 2008 At 30 June 2007 At 31 Dec. 2007

Order backlog in EUR m

Hungary Austria Romania Slovakia Other Engineering Infrastructure Water Conservation

A ssets and finances

The investment program swelled non-current assets to €80.2m (H1 2007: €71.4m), and current assets edged up to €48.1m (H1 2007: €45.8m). Consequently total assets also grew, from €117.3m in the comparative period to €129.8m. Our ambitious expansion plans were reflected in an upturn in borrowings to €74.2m (H1 2007: €62.6m). Equity was €31.8m – up from €27.2m in the first half of 2007 – and the equity ratio returned to 25% (H1 2007: 23%).

EUR '000	At 30 June 2008	As  % of total	At 30 June 2007	As  % of total	At 31 Dec. 2007	As  % of total
Assets	129,848	100.0	117,288	100.0	120,194	100.0
Non-current assets	81,794	63.0	71,483	60.9	75,707	63.0
Current assets	48,054	37.0	45,805	39.1	44,487	37.0
Equity and liabilities	129,848	100.0	117,288	100.0	120,194	100.0
Equity	31,762 2	4.5	27,205	23.2 2	7,211	22.6
Non-current liabilities	50,458	38.8	33,109	28.2	41,153	34.3
Current liabilities	47,628	36.7	56,974	48.6	51,830	43.1

Investment in EUR m

I n v est m ent

In the first half of 2008 €5.9m have been invested mainly in Hungary and Romania. The first development phase at the Bucharest plant is now complete, as is development of the pipe works at the South Budapest site.

S hare price perfor m ance

The fallout from troubled financial markets did not leave our share (SWUT) untouched, and the price ended the half-year 30% down on the close on 1 January. Despite current bearish sentiment, our focus on Central and Southeastern Europe (CSE), infrastructure and environmental protection makes SW Umwelttechnik an attractive sustainable investment.

S ignificant risks in the second half of 2 0 0 8

Due to its expansion into Southeastern Europe and the overall internationalisation of operations, SW Umwelttechnik is confronted with a number of factors that are part of the normal course of business but in some cases represent risks. The use of modern risk management methods makes it possible to quantify positive and negative deviations of performance from corporate targets and performance indicators. Identifying the variables that determine performance in good time, so as to modify them in such a way that the business opportunities they present can be exploited, is one of the central tasks of the Management Board and all of the Group's senior executives.

The SW Umwelttechnik Group's risk management methods are described in detail in the 2007 annual report (see pages 58–61).

As of 30 June 2008 there were no recognisable risks likely to arise during the rest of the year that posed a threat to the Group's survival, either individually or in combination with other risks.

O utlook

Our expectation of 20% revenue growth is based on the current order backlog of €55.6m, leadership of the Hungarian market and expanding market shares in Romania. The main reasons for forecasting a disproportionate increase in EBIT, by some 60%, are the positive earnings contribution from the Romanian operations and the improved performance of the Engineering sector.

≥ Hungary

Industrial and commercial demand in Hungary is seen picking up slightly in the second half of 2008. However, municipal investment looks set to remain well below year earlier levels as a result of the public expenditure cuts. A big increase in local authority spending is expected from mid-2009 onwards, with the Water Conservation sector the main beneficiary.

≥ Romania

Demand from the Romanian industrial and commercial sectors is still booming, and municipal investment is set to grow noticeably in the second half of this year – though sharp increases are not expected before mid-2009. The second development phase at the Bucharest works, which will create capacity for the Water Conservation business, will begin towards the end of this year and is scheduled for completion in the summer of 2009. Construction of a third plant in Targu Mures in central Transylvania is due to start in the second half of next year.

≥ Austria

Revenue from the Austrian market rose in 2008 on the back of product innovations, and the trading environment is expected to remain positive in the market segments we serve.

≥ CSE

We are confident that the past year's strong trading performance in Slovakia will continue. Moves to export to Bulgaria, Moldova and Serbia from Hungary and Romania are under way. We are also preparing to purchase land in these target countries in order to build new factories.

Klagenfurt, 20 August 2008

Bernd Hans Wolschner Klaus Einfalt Managament Board Managament Board

Group interim financial statements

C onsolidated balance sheet

assets

	30 June 2008 EUR '000	30 June 2007 EUR '000	31 Dec. 2007 EUR '000
Non-current assets
Intangible assets	975	993	945
Property, plant and equipment	78,435	69,712	72,808
Financial investments	754	721	759
	80,164	71,426	74,512
Other non-current assets
Deferred tax assets	1,630	57	1,195
	81,794	71,483	75,707
Current assets
Inventories	16,493	14,226	16,779
Construction contracts gross	1,582 2	,404	1,596
amount due from customers
Receivables and other assets	29,682 2	6,517	22,991
Cash and cash equivalents	297	2,658	3,121
	48,054	45,805	44,487
	129,848	117,288	120,194

E q uity and liabilities

	30 June 2008 EUR '000	30 June 2007 EUR '000	31 Dec. 2007 EUR '000
Equity
Share capital	4,798	4,798	4,798
Capital reserve	5,956	5,956	5,956
Treasury shares	–267	0	0
Translation reserve	1,392	–120	–1,528
Retained earnings	16,802	12,971	14,649
2	8,681	23,605	23,875
M inority interests	3,081	3,600	3,336
	31,762 2	7,205	27,211
Non-current liabilities
Long-term borrowings	46,717	29,376	37,674
Deferred tax liabilities	1,431	1,235	1,243
Provisions for termination and retirement benefits	2,310	2,487	2,236
Government grants	0	11	0
	50,458	33,109	41,153
Current liabilities
Short-term borrowings	27,519	33,263	34,536
Construction contracts gross amount due to customers	1,187	955	1,363
Tax provisions	0	0	31
Other provisions	117	120	119
Other liabilities	18,805	22,636	15,781
	47,628	56,974	51,830
	129,848	117,288	120,194

C onsolidated inco m e state m ent

Q	II 2008	QII 2007	1H 2008	1H 2007
	EUR '000	EUR '000	EUR '000	EUR '000
1. Revenue 2. ork performed by the entity and capitalised 3. Other operating income 4. Changes in work in progress, finished goods and services not yet invoiced 5. Materials and external services 6. Staff costs 7. Depreciation and amortisation expense	32,828 75 129 1,452 –18,178 –5,048 –1,609	25,499 165 50 609 –14,388 –4,783 –1,242	51,260 162 2 311 –61 –27,074 –9,302 –2,809	41,459 82 235 704 –23,321 –8,565 –2,386
8. Other operating expenses	–5,660	–4,829	–10,086	–8,652
9. Operating profit	3,989	1,081	2,401	–244
10. Net finance costs	1,454	677	–746	585
11. Share of profit of associates	0	0	23	15
12. Profit before tax	5,443	1,758	1,678	356
13. Income tax expense	–462	–305	328	–166
14. Profit after tax	4,981	1,453	2,006	190
15. Minority interests	–15	–38	296	254
16. Profit for the period	4,966	1,415	2,302	444
Earnings per share (diluted and undiluted)	7.55 EUR 2	.14 EUR	3.49 EUR	0.67 EUR

Q	II 2008 Q EUR '000	II 2007 EUR '000	1H 2008 EUR '000	1H 2007 EUR '000
Profit on ordinary activities	5,443	1,758	1,678	356
+ Depreciation and amortisation	1,609	1,242 2	,809 2	,386
+/– Losses/gains on disposal of non-current assets	213	–15	382	–24
+ Net interest paid/received	983	635	1,911	1,176
– Interest paid	–1,129	–670	–2,018	–1,242
+ Interest received	82	35	157	66
+ Change in long-term provisions	58	67	74	51
– Income taxes paid	–56	3	–109	3
Operating profit before working capital changes	7,203	3,055	4,884 2	,772
+/– Change in inventories and construction contracts	–2,154	–1,884	300	–870
+/– Change in receivables and other assets	–4,133	1,688	–7,733	–6,043
+ Change in liabilities	3,458	4,038	3,156	8,999
+/– hange in short-term provisions
and accrued liabilities	876	–57	–156	58
Net cash from operating activities	5,250	6,840	451	4,916
– Deconsolidation of subsidiaries	–4	0	–4	–1
– Acquisition of property, plant and equipment and	–3,301	–9,275	–5,947	–14,866
intangible non-current assets
–/+ Acquisition of financial investments	10	-96	5	-8
+ Proceeds from sale of non-current assets	135 2	78	317	377
Net cash used in investing activities	–3,160	–9,093	–5,629	–14,498
– Dividends paid	–198	–165	–198	–165
Capital increase	0	0	0	0
– Purchase of own shares	–78	0	–267	0
Purchase of minority interests	–17	0	–17	0
+ Change in long-term borrowings	5,645	5,926	10,125	8,034
+/– Change in short-term borrowings	–6,847	–1,895	–7,067	4,683
Net cash from financing activities	–1,495	3,866	2,576	12,552
Net change in cash and cash equivalents	595	1,613	–2,602	2,970
+ Cash and cash equivalents at beginning of year	489	1,818	3,121	632
+/– Net change in cash and cash equivalents	595	1,613	–2,602	2,970
– Foreign exchange differences	–787	–773	–222	–944
Cash and cash equivalents at end of year	297 2	,658 2	97 2	,658

	Share capital	Capital reserve	Treasury shares	Translation reserve	Retained M earnings	inoritiy interests	Total
	EUR '000	EUR '000	EUR '000	EUR '000	EUR '000	EUR '000	EUR '000
At 1 January 2008 Profit for the period/	4,798	5,956	0	–1,528	14,649	3,336	27,211
minority interests	0	0	0	0	2,302	–296	2,006
Foreign currency translation Effects of	0	0	0	1,912	0	107 2	,019
net investment approach	0	0	0	1,008	0	0	1,008
Total recognised income and expense for the period	0	0	0	2,920	2,302	–189	5,033
Purchase of own shares	0	0	–267	0	49	–66	–284
Dividends	0	0	0	0	–198	0	–198
At 30 June 2008	4,798	5,956	–267	1,392	16,802	3,081	31,762
At 1 January 2007	4,798	5,956	0	–772	12,692	3,816	26,490
Profit for the period/ minority interests	0	0	0	0	444	–254	190
Foreign currency translation Effects of	0	0	0	466	0	38	504
net investment approach	0	0	0	186	0		186
Total recognised income and expense for the period				652	444	–216	880
Dividends	0	0	0	0	–165	0	–165
At 30 June 2008	4,798	5,956	0	–120	12,971	3,600	27,205

Notes to the interim consolidated financial statements for the first quarter of 2008

The consolidated interim financial statements for the three months ending 30 June 2008 have been prepared in accordance with the International Financial Reporting Standards (IFRS) adopted by the EU.

In accordance with IAS 34, this abridged interim report does not contain all the information and disclosures that are mandatory for an annual report. This report should therefore be read together with the consolidated financial statements of SW Umwelttechnik Stoiser & Wolschner AG for the year ended 31 December 2007.

Scope of consolidation

The scope of consolidation compared to 31 December 2007was changed as followed. UT Immobilienverwaltungsgesellchaft m. b. H., domiciled in Germany, was deconsolidated on 1 January 2008; this is a discontinued operation and SW Umwelttechnik Csepel Kft. Was deconsolidated on 30 June 2008.

Accounting and measurement methods

The same accounting and measurement methods as those applied in the financial year ended 31 December 2007 continued to be used.

Foreign currency translation

The Group's functional currency is the euro, and those of the foreign subsidiaries are the respective local currencies.

The annual financial statements of foreign subsidiaries and joint ventures have hence been translated as follows, using the modified closing rate method, in accordance with IAS 21:

• ≥ Assets and liabilities at the closing rate at the balance sheet date
• ≥ Income and expenses at the average rate for the year
• ≥ Equity items at the exchange rate at the date of the transaction

The following exchange rates have been applied:

Currency			Rate at balance sheet date	Rate for period
		30 June 2008	30 June 2007	1H 2008	1H 2007
HUF / EUR	Hungarian forint	235.4	246.2 2	52.2 2	50.6
RON / EUR	Romanian lei	3.64	3.13	3.69	3.32
Currency			Rate at balance sheet date	Rate for period
		31 March 2008	31 March 2007	QI 2008 Q	I 2007
HUF / EUR	Hungarian forint	259.4	247.8	261.0 2	53.2
RON / EUR	Romanian lei	3.73	3.35	3.73	3.39
Currency			Rate at balance sheet date		Rate for year
		31 Dec. 2007	31 Dec. 2006	2007 2	006
HUF / EUR	Hungarian forint	253.7	251.8	251.4 2	64.1

RON / EUR Romanian lei 3.61 3.38 3.34 3.51

The income statement for the first half includes €1,236,000 in exchange gain (Q1 2007: €1,761,000 exchange gain)

Segmental report

Analysis of revenue by primary segments

	1H 2008			1H 2007		Full year 2007
	EUR '000	%	EUR '000	%	EUR '000	%
Water Conservation	16,287	31.8	10,584 2	5.5	28,601 2	9.8
Engineering	9,560	18.6	7,534	18.2	17,957	18.7
Infrastructure	25,413	49.6	23,341	56.3	49,509	51.5
	51,260		41,459		96,067

Analysis of capital expenditure by primary segments

	1H 2008			1H 2007		Full year 2007
	EUR '000	%	EUR '000	%	EUR '000	%
Water Conservation	887	14.9	3,564 2	4.4	5,716 2	1.6
Engineering	34	0.6	121	0.8	126	0.5
Infrastructure	5,026	84.5	10,921	74.8	20,586	77.9
	5,947		14,606		26,428

Analysis of revenue by primary segments

	1H 2008			1H 2007		Full year 2007
	EUR '000	%	EUR '000	%	EUR '000	%
Austria	9,073	17.7	7,975	19.2	19,381 2	0.2
Austria	31,041	60.5	27,313	66.0	57,197	59.5
Romania	8,921	17.4	3,534	8.5	8,608	9.0
Slovakia	969	1.9	1,003 2	.4	6,610	6.9
Other	1,256 2	.5	1,634	3.9	4,271	4.4
	51,260		41,459		96,067

Analysis of capital expenditure by primary segments

	1H 2008			1H 2007		Full year 2007
	EUR '000	%	EUR '000	%	EUR '000	%
Austria	400	6.7	1,329	9.1	2,317	8.8
Hungary	3,326	56.0	6,867	47.0	12,138	45.9
Romania	2,221	37.3	6,410	43.9	11,973	45.3
Slovakia	0	0.0	0	0.0	0	0.0
Other	0	0.0	0	0.0	0	0.0
	5,947		14,606		26,428

Employees

	1H 2008			1H 2007			Full year 2007
	Salaried staff	Non-salaried staff	Total		Salaried staff Non-salaried staff Total			Salaried staff Non-salaried staff Total
Austria	60	87	147	59	90	149	59	94	153
Hungary	183	337	520	151	391	542	162	383	545
Romania	41	146	187 2	3	56	79	36	63	99
2	84	570	854 2	33	537	770 2	57	540	797

Dividend

A dividend of €0.30 per share (2006: €0.30) for the 2007 financial year was resolved at the Annual General Meeting, held on 2 May.

Repurchase of own shares

In the first half of 2008 the Group repurchased 3,200 own shares at an average price of 83.3 € per share, for an amount totalling 266,708 €.

Seasonal business

Due to weather conditions there are seasonal fluctuations in product deliveries and project completions, as construction activity is limited during the winter months. Because of this, the second and third quarters are normally stronger than the first and fourth-quarter revenue.

Related party disclosures

There were no material differences in business relationships with related parties as compared with those disclosed in the 2007 annual report.

Financial instruments

No financial instruments additional to those disclosed in the 2007 annual report were used during the period under review.

Events after the balance sheet date

There were no post balance sheet events either affecting the present interim financial statements or otherwise of material importance.

Other commitments, litigation and contingent liabilities

There were no changes in other commitments, litigation and contingent liabilities as compared to those disclosed in the 2007 annual report.

Declaration of the Management Board

To the best of our knowledge this abridged, unaudited interim report for the three months ending 30 June 2008, drawn up in accordance with International Financial Reporting Standards (IFRS), gives a true and fair view of the Group's assets, finances and earnings).

Klagenfurt, 27 August 2008

Bernd Hans Wolschner Klaus Einfalt member of the Managament Board

Financial calendar

1. Nov. 2008 Report on the third quarter

Shareholder information

Security ID number: AT 0000080820 Vienna Stock Exchange symbol: SWUT Bloomberg: SWUT AV Reuters: SWUT.VI Datastream: O:SWU Index: WBI Listing: Prime market auction / auction

with market makers, Vienna Stock Exchange

Contact

Investor Relations Michaela Werbitsch Telefon +43 (0)463 321090 Fax +43 (0)463 37667 E-mail office@sw-umwelttechnik.com Website: www.sw-umwelttechnik.com

Corporate directory

SW Umwelttechnik ÖSTERREICH GMBH

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