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| Datum : | 15.05.2014 |
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DGAP-News: United Power Technology AG: United Power Technology AG: Stabilizing revenues despite ongoing challenging market environment |
| Meldung : | DGAP-News: United Power Technology AG / Key word(s): Interim Report United Power Technology AG: United Power Technology AG: Stabilizing revenues despite ongoing challenging market environment 15.05.2014 / 08:23 --------------------------------------------------------------------- Financial results 1st quarter 2014 United Power Technology AG: Stabilizing revenues despite ongoing challenging market environment - Stable revenues totaling 23.7 million Euros - Decrease in gross profit margin and currency losses trigger decline in profitability - Outlook 2014 confirmed Eschborn, Germany, May 15, 2014 - United Power Technology AG (United Power), one of the leading manufacturers of engine-driven power equipment in China, reports stable revenues amounting to 23.7 million Euros in the first three months of 2014. This is encouraging due to the fact that the company had a strong first quarter 2013 and against the background of unfavourable exchange rates effects in the reporting period 2014. In Chinese currency (RMB) revenues in the first quarter 2014 exceeded the revenues of the previous year period. In the first quarter 2014 revenue growth came mainly from other growth markets outside our key regions Europe, China and North America. Revenues in Europe increased slightly despite the Ukraine crisis and the weakened rouble in line with a general perception of stabilization of the European economy. In China revenues declined mainly due to a price adjustment, which brought the RMB prices closer in line with the USD prices. Also, sales in North America declined compared to the same period last year, which was still mainly due to the quieter hurricane season last year. On segment level, United Power recorded a revenue increase by 3.3 per cent to 12.7 million Euros (3M 2013: 12.3 million Euros) for the commercial generator segment. This can be partly explained by the positive development in new growth markets, mainly developing countries, as the commercial generators are mainly used for construction. In the residential generator segment, revenues decreased by 4.7 per cent to 9.4 million Euros (3M 2013 9.9 million Euros). The segment for outdoor power equipment remained stable and generated revenues of 1.3 million Euros. Gross profit decreased by 6.1 per cent to 4.3 million Euros in the first three months of 2014 (3M 2013 4.6 million Euros) mainly as a result of RMB appreciation, which led to price adjustments as well as higher fixed asset depreciation. The gross profit margin for the reporting period was 18.2 per cent, compared to 19.4 per cent the previous year. The operating profit (EBIT) reached 2.9 million Euros in the first three months of 2014 (3M 2013 3.7 million Euros). This decline is due to a lower gross profit as well as a decrease in other operating income. Other operating income decreased by approximately 70 per cent, mainly influenced by exchange rate losses on foreign currency working capital items and cash balances resulting from the strong Euro. Further influencing factors were higher spendings on research and development, showing an increase of approximately 40 per cent. This was due to the decision of United Power to strategically strengthen its research and development efforts. At the same time the company was able to lower its administrative expenses by more than 11 per cent. In sum, the EBIT margin went down by 3.7 percentage points from 15.8 per cent to 12.1 per cent. In 2014 United Power commences to invest in the construction of its new production facility in Gaoqi Industrial Park in order to increase its production capacities and enhance the efficiency of the production. Furthermore, the company will further boost its research and development efforts, mainly in order to scale up its product sizes. In this respect United Power plans to strengthen its outdoor power equipment segment in the coming years. Outlook 2014 confirmed United Power confirms its outlook for 2014 as published in the annual report 2013. Total revenues are expected to be slightly lower in 2014 compared to the previous year due to slightly lower revenues in the residential and commercial generator segments. With respect to the company's profitability, gross profit and the EBIT margin are also expected to be somewhat lower compared to 2013 due to expected further RMB appreciation and higher fixed asset depreciation as well as a larger research and development budget. All in all, the company remains confident about its growth and earnings prospects especially over the mid- and long-term. Please use the following link to read the complete 3 months report 2014 of United Power Technology AG: http://www.unitedpower.de.com/en/ip_node/4 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 end users in close to 70 countries around 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 Dr. Kay Baden T: +49 40 60 91 86 39 F: +49 40 60 91 86 60 E-Mail: baden@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 --------------------------------------------------------------------- 15.05.2014 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------- 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@unitedpower.cn 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 --------------------------------------------------------------------- 268641 15.05.2014 |
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