SW Umwelttechnik Stoiser & Wolschner AG

Quarterly Report • Dec 4, 2007

1. Consolidated income statement for the period ended 30 September 2007

	Q1-Q3 AZ	Q1-Q3
	2007	2006
	EUR '000	EUR '000
1. Revenue	68.488	70.470
2. Changes in work in progress, finished goods
and services not yet invoiced	1.455	18
3. Other work performed by the entity and capitalised	357	379
4. Other operating income	341	220
5. Materials and external services	-38.658	-39.773
6. Staff costs	-13.256	-13.444
7. Depreciation and amortisation expense	-3.648	-3.183
8. Other operating expenses	-13.083	-12.208
Profit from operations 9.	1.996	2.479
Finance costs 10.	-1.369	-2.552
11. Share of profit of associates	15	0
12. Profit before tax	642	-73
13. Income tax expense	-79	-513
Profit after tax 14.	563	-586
15. Minority interests
Profit for the period	107	408
16. Konzerngewinn	670	-178

Earnings per share (diluted and undiluted) 5.1.11. EUR 1.02 EUR - 0.27

2. Consolidated balance sheet as at 30 September 2007

A s s e t s

E q u i t y a n d l i a b i l i t i e s

	AZ 3 0 Se 2 0 0 7 t. p	3 0 Se 2 0 06 t. p		AZ 3 0 Se 2 0 0 t. p	7 3 0 Se 2 0 06 t. p
	EU R '0 0 0	EU R '0 0 0		EU R '0 0 0	EU R '0 0 0
No t a ts n-c ur ren sse			ity i ity f t Eq at tr bu ta b le to ho l de he nt eq rs o p are u u
			har ita l S e c ap	4. 2. 1. 4. 7 9 8	4. 7 9 8
Int i b le ets ang ass	4. 1. 1. 9 7 2	1. 1 8 8	Ca ita l re p ser ve	4. 2. 1. 5. 9 56	5. 9 56
Pro lan d e ip ert t a nt p y, p n qu me	4. 1. 1. 7 0. 0 5 2	49 0 4 1	Tr lat ion an s re ser ve	4. 2. 2. -8 0 9	2. 9 4 1 -
ina ia l inv F est nts nc me	4. 1. 2. 2 1 7	8 9 0	ine d e ing Re ta arn s	1 3. 19 7	1 0. 3 9 7
	7 1. 7 4 5	5 1. 1 19		2 3. 1 4 2	1 8. 2 1 0
Ot he nt ets r n on -cu rre ass			ino ity int M sts r ere	3. 0 1 7	3. 3 46
De fer d t ets re ax ass	4. 1. 3. 3 0 7	0		2 6. 8 4 3	2 1. 5 5 6
	2. 0 5 2 7	5 1. 1 19	No l ia b i l it ies t n-c ur ren
			F ina ia l l ia b i l it ies nc	4. 2. 3. 3 5.6 4 5	2 2. 3 0 2
			fer d t l ia b i l it ies De re ax	4. 1. 3. 1. 3 9 8	9 0 5
Cu nt ets rre ass			Pro is ion for ina ion d p loy be f its te t ost nt v s rm an -em p me ne	4. 2. 4. 2. 4 4 5	2. 9 3 1
Inv ies ent or	4. 1. 4. 16 .66 9	1 1. 4 0 4	Go ent ts ver nm g ran	1 1	36
Co ion du fro nst t ntr act t sto ruc co s - - g ros s a mo un e m cu m	4. 1. 5. 3. 17 2	2. 9 9 6		3 9. 49 9	26 17 4
Re iva b les d o her t set ce an as s	4. 1.6 2 5. 3 0 0	3 0. 2 5 3	Cu l ia b i l it ies nt rre
Se it ies cur		0
Ca h a d c h e iva len ts s n as qu	4. 1. 7. 1. 3 2 1	1 1 0	F ina ia l l ia b i l it ies nc	4. 2. 3. 3 2. 2 8 4	2 8. 7 8 0
	46 46 2	4 4. 3 76	Co ion du nst t ntr act t e t ust ruc co s - - g ros s a mo un o c om ers	4. 1. 5. 1. 177	86 6
			Pro is ion v s	4. 2. 5. 1 3 1	1 27
			her l ia b i l it ies Ot	4. 2.6 1 8. 5 8 0	1 8. 5 5 9
				5 2. 17 2	4 8. 1 5 2
	1 1 8. 5 1 4	9 5. 8 8 2		1 1 8. 5 1 4	9 5. 8 8 2

AZ = Anhang Ziffer Equity ratio 22.6% 22.5%

3. Consolidated statement of changes in equity for the period ended 30 September 2007

	Share capital	Capital reserve	Treasury shares	Translation reserve	Retained earnings	Minoritiy interests	Total
	EUR '000	EUR '000	EUR '000	EUR '000	EUR '000	EUR '000	EUR '000
At 1 January 2006 Profit for the period/	4.798	5.956	0	-1.120	10.740	3.897	24.271
minority interests	0	0	0	0	2.117	-85	2.032
Dividends	0	0	0	0	-165	0	-165
Foreign exchange translation	0	0	0	313	0	4	317
Effect of net investment
approach	0	0	0	35	0		35
At 31 December 2006	4.798	5.956	0	-772	12.692	3.816	26.490
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	670	-107	563
Dividends	0	0	0		-198	-18	-216
Foreign exchange translation	0	0	0	-39	0	10	-29
Umbuchung Kapitalrücklage	0	0	0	35	0		35
Effect of net investment
approach	0	0	0	0	0		0
At 30 September 2007	4.798	5.956	0	-776	13.164	3.701	26.843

SW Umwelttechnik Stoiser & Wolschner AG - Konzern, Klagenfurt

4. Consolidated cash flow statement for the period ended 30 September 2007

	AZ	Q1-Q3	Q1-Q3
		2007	2006
		EUR '000	EUR '000
Profit on ordinary activities		642	-73
Depreciation and amortisation		3.648	3.183
Losses/gains on disposal of non-current assets		-127	25
Changes in long-term provisions		9	24
Operating profit before working capital changes		4.172	3.159
Changes in inventories and construction contracts		-1.903	-1.525
Changes in receivables and other assets		-4.826	-10.255
Changes in securities held as current assets		0	0
Changes in liabilities		4.677	5.744
Changes in short-term provisions
and accrued liabilities		291	-60
Negative goodwill arising on consolidation		0	0
Income taxes paid		-1	-285
Net cash from operating activities		2.410	-3.222
Acquisition and consolidation of subsidiaries	6.2.	0	0
Losses on consolidation of subsidiaries		-1
Acquisition of property, plant and equipment and
intangible non-current assets		-19.796	-9.385
Changes in financial assets		-8	-2
Proceeds from sale of non-current assets		550	309
Net cash used in investing activities		-19.255	-9.078
Dividends paid		-165	-165
Proceeds from issue of share capital		0	0
Sale of treasury shares		0	0
Purchase of treasury shares		0	0
Dividends paid to minorities		-18	0
Changes in non-current financial liabilities		14.303	5.521
Changes in current financial liabilities		3.704	6.474
Net cash from financing activities		17.824	11.830
Net change in cash and cash equivalents	6.1.	979	-470
Cash and cash equivalents at beginning of year		632	204
Net change in cash and cash equivalents		979	-470
Foreign exchange differences		-290	376
Cash and cash equivalents at at end of period		1.321	110
Interest paid		1.909	1.227
Interest received		81	45