Consolidated revenues amounted to 16.629 mn EUR
Revenue growth 3.596 mn EUR respectively 28%
MANUFACTURING and SERVICE with positive profit contribution
SYSTEMS reported declining profit
UET United Electronic Technology AG (ISIN: DE000A0LBKW6), Eschborn, releases selected financial figures for the operating business areas SYSTEMS, MANUFACTURING and SERVICE for the third quarter 2015, from July 1st 2015 to September 30th 2015.
In the period from July to September of the fiscal year 2015, the operating companies and business areas in the core business of the UET Group generated consolidated revenues of 16.629 mn EUR. This represents a revenue increase of 3.596 mn EUR respectively 28%. For the first time the consolidated ALBIS Technologies AG, Z rich provides a contribution.
Due to delays in customer projects the business area SYSTEMS reported not realised revenues. Increased pressure on sales prices and increased costs of good sold led to reduced and declining margins for hardware intensive products. Focus on corebusiness cause a planned reduction in the business areas MANUFACTURING and SERVICE. Operating profits are positive in the reported quarter.
Not including consolidation effects, the financial figures are presented as follows:
The business area SYSTEMS generated a quarterly revenue of 13.274 mn EUR (previous year 9.337 mn EUR). This represents a growth of 42%. The development of earnings within the business area SYSTEMS was negative. EBITDA decreased to -1.413 mn EUR (previous year 1.309 mn EUR). EBIT amounted to -1.926 mn EUR (previous year 0.967 mn EUR). ALBIS Technologies AG generated an EBITDA of -0.367 mn EUR and an EBIT of -0.404 mn EUR in the third quarter. The development of ALBIS' earnings is in line with expectations, integration will be continued as planned.
The business area MANUFACTURING reported total revenues of 4.779 mn EUR, which is 8% lower compared to last year. EBITDA totaled at 0.056 mn EUR (previous year 0.173 mn EUR), total EBIT was 0.033 mn EUR and decreased by 0.114 mn EUR compared to last year.
The business area SERVICE reported revenues of 0.490 mn EUR in the third quarter and was therefore almost at the previous year 's level. EBITDA and EBIT could be increased by 0.062 mn in comparison to the quarterly results of the previous year and improved to 0.050 mn EUR.
The reported financial figures do not include consolidation effects of existing non operating UET Holding companies.
An optimisation program has been defined and mostly already implemented within the UET Group. This program includes the insourcing of the production to Germany, realisation of synergies within the organisation of the business areas, as well as the reduction of spendings for product development and a downsizing in personnel. The mentioned measures will result in a cost reduction and create a positive result of 3 mn EUR for the fiscal year 2016. The program will be continued with the objective to reduce spendings by an additional 1 mn EUR that will lead to a total of 4 mn EUR of savings for 2016.
For the fourth quarter 2015 we expect a stable continuation.
Contact:
UET United Electronic Technology AG
Frankfurter Stra e 80-82
D-65760 Eschborn
Sebastian Schubert
Investor Relations
Tel: 49 (0) 6196 777755-0
E-Mail: investor@uet-group.com
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