DGAP-News: United Power Technology AG / Key word(s): Preliminary Results/Quarter Results United Power Technology AG: Stable performance in 9M 2013 01.11.2013 / 16:21 --------------------------------------------------------------------- Preliminary figures 9-months 2013 United Power Technology AG: Stable performance in 9M 2013 Eschborn, Germany, November 1, 2013 - In the third quarter the market environment remained challenging. According to preliminary figures United Power Technology Group, one of the leading manufacturers of engine-driven power equipment in China, realized revenues of 84.3 million Euros for the first nine months 2013 (9M 2012: 83.6 million Euros). This corresponds to a year-on-year growth rate of 0.9 per cent. The operating profit (EBIT) improved by 1.3 per cent to 13.6 million Euros (9M 2012: 13.5 million Euros). This corresponds to an EBIT margin of 16.2 per cent (9M 2012: 16.1 per cent). With respect to the EBIT comparison of the first 9 months 2013 with the same period last year, it has to be taken into account, that a certain Other Interest Income has been reclassified from Other Operating Income as Interest Income in 2012 and the same classification has been adopted in 2013. In the first nine months 2013 United Power recognized higher revenues in the Chinese and other growth markets as well as the European market. However at the same time revenues from the North American market declined to some extent due to a quiet hurricane season this year cancelling out most of the growth achieved in the other regions. While sales in the residential generator segment decreased by 0.9 per cent to 34.3 million Euros, the commercial generator segment grew by 0.9 per cent to 44.9 million Euros. With a plus of 14.8 per cent the outdoor power equipment segment showed the largest segmental growth in the first nine months 2013. Revenues in this segment amounted to 4.2 million Euros. The components segment increased by 24.0 per cent to 4.35 million Euros for the first nine months of 2013. Strong financial position Cash and cash equivalents increased to 39.1 million Euros (December 31, 2012: 30.9 million Euros) at the end of the first nine months 2013. The increase of 26.4 per cent was mainly achieved due to strong cash flow generated from operating activities amounting to 15.5 million Euros. Furthermore, the total equity of the group increased by 10.3 per cent to 112.0 million Euros (December 31, 2012: 101.5 million Euros) representing a solid equity ratio of 84.0 per cent. Revised guidance for the full year Due to the current challenging operating environment, which United Power expects to continue throughout the fourth quarter of 2013, the company is facing weaker than expected demand for its products in the second half this year. United Power therefore revises its sales guidance for the full year, expecting full year revenues to decline by about 5 per cent in Euro terms for the fiscal year 2013. In its half-year report United Power had assumed revenue growth of 8 per cent for the full year. The guidance for the EBIT margin remains unchanged and is still expected to be in line with the previous year's level. All results are preliminary. United Power Technology AG will publish its full 9-months report 2013 on November 12, 2013. About United Power Technology Group United Power Technology Group designs, develops, manufactures and sells engines and an extensive range of engine-driven power equipment, including generators, outdoor power equipment, as well as components. Its major products comprise residential as well as commercial generators, which are currently delivered to end users in more than 60 countries around the world. The operational companies of United Power Technology Group are incorporated under the laws of the People's Republic of China and located in Fuzhou and Shanghai, China. For further requests please contact: Kirchhoff Consult AG Dr. Kay Baden T: +49 40 60 91 86 39 F: +49 40 60 91 86 60 E-Mail: [email protected] or visit www.unitedpower.de.com Disclaimer concerning prognoses This communication contains forward-looking statements. Forward-looking statements are statements that are not historical facts instead they reflect United Power's current views and expectations and the assumptions underlying them about future events. Forward-looking statements are subject to many risks and uncertainties. If any of such risks and uncertainties materialise or if the assumptions underlying any of United Power's forward-looking statements are proving to be incorrect, United Power's actual results may be materially different from those expressed or implied by such forward-looking statements. United Power does not intend or assume any obligation to update these forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. Preliminary Profit and Loss Statement United Power AG United Power AG in EUR million 9 months 2013 9 months 2012 +/- % Revenue 84.34 83.64 0.85% Cost of sales -67.20 -66.47 1.10% Gross profit 17.15 17.17 -0.11% Other operating income1 1.02 0.92 10.68% Distribution and selling expenses -0.93 -1.00 -6.40% Administrative expenses -2.76 -2.82 -2.13% Research and development expenses -0.77 -0.78 -0.64% Other expenses -0.07 -0.04 87.93% Profit from operations (EBIT) 13.63 13.45 1.31% Interest income1 0.33 0.13 147.89% Interest expense -0.14 -0.25 -45.06% Profit before tax 13.83 13.34 3.65% Income taxes -2.19 -1.80 21.17% Profit for the period 11.64 11.54 0.91% Earnings per shares in EUR 2 0.95 0.94 0.91% 1 Certain other interest income has been reclassified from Other Operating Income as Interest Income in 2012 and the same classification has been adopted in 2013. 2 EPS for nine months 2012 and for nine months 2013 are based on 12.30m shares. Preliminary Balance Sheet Statement United Power AG United Power AG in EUR million 30 Sep. 2013 31 Dec. 2012 Current assets 66.95 59.03 Non-current assets 66.33 59.84 Total assets 133.28 118.87 Current Liabilities 19.50 15.45 Non-current liabilities 1.79 1.89 Total liabilities 21.29 17.33 Total equity 111.99 101.54 Total liabilities and equity 133.28 118.87 Preliminary Cash Flow Statement United Power United Power AG AG in EUR million 9 months 2013 9 months 2012 Operating cash flow before working capital changes 16.93 16.27 Cash generated from operations before interest and taxes 17.73 19.56 Cash generated from operating activities 15.51 17.39 Cash flow from investing activities -12.14 -5.61 Cash flow from financing activities 4.70 -4.83 Net Increase in cash and cash equivalents 8.08 6.94 Cash at beginning of year 30.94 27.00 Effect of exchange rate changes 0.07 -0.22 Cash and bank balances at end of the period 39.09 33.73 End of Corporate News --------------------------------------------------------------------- 01.11.2013 Dissemination of a Corporate News, transmitted by DGAP - a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. DGAP's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- Language: English Company: United Power Technology AG Mergenthalerallee 10-12 65760 Eschborn Germany Phone: +49 6196 400804 Fax: +49 6196 400910 E-mail: [email protected] Internet: www.unitedpower.de.com ISIN: DE000A1EMAK2 WKN: A1EMAK Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart End of News DGAP News-Service --------------------------------------------------------------------- 237389 01.11.2013