DGAP-News: United Power Technology improves 9 months results in spite of challenging market conditions
(firmenpresse) - DGAP-News: United Power Technology AG / Key word(s): Quarter Results
United Power Technology improves 9 months results in spite of
challenging market conditions
12.11.2012 / 09:34
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United Power Technology improves 9 months results in spite of challenging
market conditions
- Total revenues increased by 8.6% to EUR 83.6 million
- EBIT grew by 19.4% to EUR 13.6 million
- Sales of commercial generators segment advanced to EUR 44.5 million
Eschborn, Germany, November 12, 2012 - United Power Technology Group, one
of the leading manufacturers of engine-driven power equipment in China, has
improved its results in the first nine months 2012, in spite of the
challenging market conditions in Europe and China. Due to a strengthened
sales effort and increased orders from the US market both revenues and
earnings before interest and taxes (EBIT) advanced compared to the period
of the previous year. Also, the enhanced sales activities led to a
significant increase in the commercial generators segment, which advanced
by 26.6% from EUR 35.1 million to EUR 44.5 million. Group revenues grew by
8.6% to EUR 83.6 million (9M 2011: EUR 77.0 million) while EBIT increased
by 19.4% to EUR 13.6 million (9M 2011: EUR 11.4 million).
Gross profit slightly decreased from EUR 17.7 million by 3.1% to EUR 17.2
million, primarily due to the RMB currency appreciation against Euro
throughout 2011 and higher fixed asset depreciation costs. This led to a
lower gross profit margin of 20.5% (9M 2011: 23.0%).
In the first nine months 2012 the EBIT margin improved to 16.2% compared to
an EBIT margin of 14.8% for the same period last year. Adjusted for IPO
expenses, the EBIT margin decreased from 17.8% for nine months 2011 to
16.2% for the current reporting period. The lower adjusted EBIT margin is
mainly associated with the decrease in the gross margin as well as the
higher expenses associated with being a listed company.
The company's cash and cash equivalents increased by 24.9% from EUR 27.0
million as of 31 December 2011 to EUR 33.7 million as of 30 September 2012.
This is mainly due to cash generated from operating activities of EUR 17.4
million in the reporting period.
Total equity increased by 12.0% from EUR 91.5 million at the end of 2011 to
EUR 102.5 million as of 30 September 2012. On the balance sheet date the
equity ratio remained on a high level of 81.6%.
Positive outlook
The company believes that it has demonstrated the resilience of the
business in the current financial year despite a difficult environment.
Several factors may have a positive impact on the future revenues and
earnings: for example the effects of the recent Superstorm 'Sandy' on the
US economy and electricity grid may lead to increased orders from the US
customers.
Despite the fact, that revenues in the fourth quarter historically have
been lower than in the second and third quarter, the management reconfirms
the outlook for the full year 2012, expecting a revenue growth of 10.0%
with an EBIT margin somewhat below the adjusted EBIT margin of 2011
(16.6%). This implies no further material changes in the EUR:RMB exchange
rate and an improving economic environment with stabilization in the
Eurozone as well as in China in the fourth quarter of 2012.
'Our strategy of geographical diversification will enhance the company's
performance, making us less vulnerable to temporary weaknesses. We are
confident that further positive operational results will enable us to
extend our strong footprint. We will work hard to continue our performance
in the future and accomplish a successful year-end', says Mr. Xu Wu,
Chairman and Co-CEO of United Power Technology.
About United Power Technology Group
United Power Technology Group designs, develops, manufactures and sells
engines and an extensive range of engine-driven power equipment, including
generators, outdoor power equipment, as well as components. Its major
products comprise residential as well as commercial generators, which are
currently delivered to more than 50 countries in the world. The operational
companies of United Power Technology Group are incorporated under the laws
of the People's Republic of China and located in Fuzhou and Shanghai,
China.
For further requests please contact:
Kirchhoff Consult AG
Jens Hecht
T: +49 40 60 91 86 0
F: +49 40 60 91 86 60
E-Mail: jens.hecht(at)kirchhoff.de
or visit www.unitedpower.de.com
Disclaimer concerning prognoses
This communication contains forward-looking statements. Forward-looking
statements are statements that are not historical facts instead they
reflect United Power's current views and expectations and the assumptions
underlying them about future events. Forward-looking statements are subject
to many risks and uncertainties. If any of such risks and uncertainties
materialise or if the assumptions underlying any of United Power's
forward-looking statements are proving to be incorrect, United Power's
actual results may be materially different from those expressed or implied
by such forward-looking statements. United Power does not intend or assume
any obligation to update these forward-looking statements. Any
forward-looking statement speaks only as of the date on which it is made.
End of Corporate News
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12.11.2012 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
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Language: English
Company: United Power Technology AG
Mergenthalerallee 10-12
65760 Eschborn
Germany
Phone: +49 6196 400804
Fax: +49 6196 400910
E-mail: oliver.kuan(at)unitedpower.cn;verena.rauch(at)kirchhoff.de
Internet: www.unitedpower.de.com
ISIN: DE000A1EMAK2
WKN: A1EMAK
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
München, Stuttgart
End of News DGAP News-Service
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