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UET United Electronic Technology AG releases consolidated financial report for first half of fiscal year 2020

DGAP-News: UET United Electronic Technology AG / Key word(s): Half Year Results/Miscellaneous UET United Electronic Technology AG releases consolidated financial report for first half of fiscal year 2020 01.10.2020 / 09:54 The issuer is solely responsible for the content of this announcement. Consolidated revenues of 16.665 mn EUR EBITDA for the group positive with 0.691 mn EUR Group earnings of -1.454 mn EUR Continuation of the long-term investment and development plan despite the impairments and restrictions caused by the new coronavirus Today, UET United Electronic Technology AG (ISIN: DE000A0LBKW6), Eschborn, provides their consolidated financial figures for the first half of the fiscal year from January 1st to June 30th 2020.

UET Group generated consolidated revenues of 16.665 mn EUR in the first half of the fiscal year 2020. Compared with the previous year, this represents a decline of 1.244 mn EUR or 7 %.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) were positive and amounted to 0.691 mn EUR (first half of 2019: 0.291 mn EUR).
EBIT (earnings before interest and taxes) amounted to -0.696 mn EUR (first half of 2019: -0.990 mn EUR).
The consolidated result of the first half of the fiscal year 2020 was -1.454 mn EUR. In the same period of the previous year consolidated net income amounted to -1.544 mn EUR.

On June 30th 2020, the cash funds of the UET Group amounted to 1.135 mn EUR.
The equity of the UET Group amounted to 4.136 mn EUR as of 30 June 2020.

The global spread of the new coronavirus and the associated containment measures lead to restrictions in operation and thus to demand, but also to a slowdown in installation and network expansion. This also changes the business development of the UET Group. A decline in sales and earnings as well as short-term changes in market conditions, ordering and call-off behavior are expected until mid of 2021.