UET United Electronic Technology AG releases financial figures for operating business for the second quarter 2015

• Consolidated revenues amounted to 17.283 mn EUR
• Revenue growth +4.880 mn EUR respectively +39%
• Business Area SYSTEMS with reduced profit
• MANUFACTURING and SERVICE with positive profit contribution

 

UET United Electronic Technology AG (ISIN: DE000A0LBKW6), Eschborn, releases selected financial figures for the operating business units SYSTEMS, MANUFACTURING and SERVICE for the second quarter of 2015, from April 1st to June 30th 2015.

In the period from April to June of the fiscal year 2015, the operating companies and business areas in the core business of the UET Group generated consolidated revenues of 17.283 mn EUR.

This represents a revenue increase of 4.880 mn EUR respectively +39% in comparison to the previous year. The newly consolidated company ALBIS Technologies AG provides a significant contribution to the growth. 

The business areas MANUFACTURING and SERVICE achieved positive results in the second quarter, even if the business unit MANUFACTURING could not improve the operating profit based on the corresponding quarter in the previous year. Not including consolidation effects, the financial figures are presented as follows:

The business area SYSTEMS generated revenues of 13.910 mn EUR, ELCON Systemtechnik accounted for revenues of 8.043 mn EUR (previous year 8.872 mn EUR) and ALBIS Technologies AG of 5.866 mn EUR. Overall, this represents a growth of 57%. 

In consequence of continuing high quarterly investment in research and development ELCON’s EBITDA decreased by 0.666 mn EUR to +0.451 mn EUR. EBIT amounted to +0.025 mn EUR (previous year 0.814 mn EUR). ALBIS Technologies AG generated an EBITDA of -1.073 mn EUR and an EBIT of -1.110 mn EUR. The development of ALBIS’ earnings is in line with expectations, and already considered with respect to terms of pricing, as well as, structure. ELCON’s development and performance is slightly below expectations. 

With regard to the integration of ALBIS in the business area SYSTEMS – with the objective to generate increasing revenues and earnings – a substantial part of the planned structural measures have already been implemented. The significant development expenditure on R&D will be reduced and adjusted in the business unit SYSTEMS.

The business unit MANUFACTURING reported total revenues of 5.056 mn EUR, 4% lower compared to last year. LETRON electronic accounted for 2.232 mn EUR and NewTal 2.824 mn EUR. EBITDA totaled at 0.084 mn EUR (previous year 0.115 mn EUR), total EBIT was 0.060 mn EUR and decreased by 0.030 mn EUR compared to the last year. For the third quarter, we expect an earnings increase within the business unit.

SUCONI Service in the business unit SERVICE reported revenues of 0.443 mn EUR in the second quarter, which represented a decrease of 25% compared to the same period last year and is a result of customer and project focus.  Despite lower revenues, both EBITDA and EBIT could be improved by 0.013 mn EUR over the previous year and amounted to 0.019 mn EUR.

In the third quarter, the investment and expenditure on facilities, product and market development remain at a high level, but will be reduced and adjusted beginning at the end of the quarter. At the end of the third quarter, we expect the first time at ALBIS will break even. Overall, we expect the earnings situation is less than in the same period last year.

The reported financial figures do not include consolidation effects of existing non operating UET Holding companies. Extended full consolidated financials will be reported within the half-year report 2015, which will be released on September 17th.