UET United Electronic Technology AG releases financial figures for operating business for the second quarter 2016

• Consolidated revenues amounted to 16.065 mn EUR
• Decrease in turnover of -1.218 mn EUR or -7 % respectively
• Intensifying realignment in the business area SYSTEMS 
• MANUFACTURING and SERVICE with improved contribution to earnings 

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 2016, from April 1st to June 30th 2016. 

In the period from April to June of the fiscal year 2016, the operating companies and business units in the core business of the UET Group generated consolidated revenues of 16.065 mn EUR. This equates to a decrease of 1.218 mn EUR or -7 % compared to the previous year.

Within the scope of the implemented optimization, the business units SERVICE and MANUFACTURING generated increased results in the second quarter. In the business area SYSTEMS, the realignment has been accelerated in order to compensate ongoing project delays of customer projects. Excluding consolidation effects, the financial figures are presented as follows:

The business unit SYSTEMS generated quarterly revenues of 14.421 mn EUR, which equates to a growth of 3.7 % compared to the same period of the previous year. During the second quarter of 2016, the EBITDA was negative with -0.661 mn EUR compared to -0.623 mn EUR of the same period last year. The EBIT amounted to -1.178 mn EUR revious year: -1.085 mn EUR). In the scope of realignment, all essential research and development projects were insourced, the headcount will be reduced by 10 % by the end of the year 2016 and new products in the areas Supply Chain and Network Management have been introduced. In order to compensate for the pending but repeatedly delayed start of deliveries for new large-scale projects in Germany and Mexico, investments were made to develop the markets Central and South America as well as Middle East and South Africa. Until the end of 2016, the market behaviour here is expected to remain reserved. 

The business unit MANUFACTURING posted revenues of altogether 4.397 mn EUR and was hence 13 % below the same quarter of the previous year. Despite the low quarterly revenue, the EBITDA amounted to 0.086 mn EUR (previous year: 0.084 mn EUR), which was due to the implemented optimization. Moreover, the EBIT amounted to 0.064 mn EUR and improved by 0.004 mn EUR compared to the previous year. For the third quarter, we expect an increase in revenue and results in this business area.

In the business unit SERVICE, SUCONI Service reported revenues of 0.468 mn EUR in the second quarter, which corresponds to an increase by approx. 6 % compared to the previous year. Not only revenues, but also EBITDA as well as EBIT could be improved and increased by 0.040 mn EUR compared to last year to now 0.059 mn EUR. For the third quarter we again expect an improved result. The reported financial figures do not include a consolidation of the UET holding companies. Those will be presented in detail in the semi-annual report, which will be published on September 15th.