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United Power Technology with sales growth due to currency effects

DGAP-News: United Power Technology AG / Key word(s): Half Year Results
United Power Technology with sales growth due to currency effects

20.08.2015 / 08:33

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Half-Year-Results 2015

United Power Technology with sales growth due to currency effects

- Revenues increased by 17.7 per cent to 62.6 million Euros year-on-year

- EBIT margin dropped by 1.2 percentage points compared to H1/2014 to
12.3 per cent

- Cautious outlook for 2015 confirmed

Eschborn, Germany, 20 August 2015 - United Power Technology AG (United
Power), one of the leading manufacturers of engine-driven power equipment
in China, increased its revenues by 17.7 per cent to EUR 62.1 million in
the first six months 2015. This development was mainly due to currency
effects as a result of a weaker Euro compared to the same period last year
as the revenues are denominated in RMB and USD. Measured in RMB terms with
stable exchange rates, the revenue decreased by 4.5 per cent compared to
previous year. Nevertheless the Company was able to add seven new customers
to the portfolio and with Mongolia one new country during the reporting
period.

On segment level, revenues from the commercial generator segment increased
by 15.9 per cent to EUR 33.8 million. The sales from the residential
generator segment rose by 23.2 per cent and contributed EUR 26.2 million to
the total revenues. Sales in the outdoor power equipment segment where
United Power had introduced new products during the first six months 2015
increased by 9.8 per cent to EUR 2.7 million.

Despite the headwinds in the market environment United Power Technology
stayed profitable. Year-on-year the operating result (EBIT) increased
slightly by 7.3 per cent EUR to 7.7 million representing an EBIT margin of
12.3 per cent after 13.5 per cent in the first six months 2014. The net
profit remained practically unchanged at EUR 5.1 million in the first half
2015.

Cash and cash equivalents amounted to EUR 54.5 million at the end of the
six months of 2015. This represents an increase of 8.7 per cent since the
end of fiscal year 2014 and is mainly due to cash generated from
operations.

During the reporting period the Group's total equity grew by 11.7 per cent
to EUR 137.9 million (31 December 2014: EUR 123.4 million). This
corresponds to an equity ratio of 74.4 per cent.

Outlook for the second half of 2015

The Company confirms its outlook for 2015 as published in the annual report
2014. It expects the overall financial results in the full year 2015 again