Preliminary figures 2011: United Power Technology achieves mark of EUR 100 million in revenues

-    Consolidated revenues up 18.6% to EUR 100.3 million
-    More than 40% growth in the domestic market
-    Adjusted EBIT-margin of 16.6%

Eschborn, Germany, March 21, 2012 – United Power Technology Group, one of the leading manufacturers of engine-driven power equipment in China, reached revenues of more than EUR 100 million. Revenues increased in 2011 by 18.5% to EUR 100.3 million. Adjusted for exceptional items related to the IPO, operating profit (EBIT) reached EUR 16.6 million, representing an adjusted EBIT-margin of 16.6%. In a challenging environment, United Power had forecast revenues to clear the EUR 100 million mark and an adjusted EBIT-margin of 17.0% for fiscal year 2011.

The result of United Power is based on strong growth in the company’s domestic market China and in new markets such as Russia, Latin America and Asia-Pacific. Based on an end customer analysis, the company generated more than 40% growth in the domestic market, compared to the same period of the previous year. The residential segment and commercial generator segment grew by approx. 18% and 23% respectively. This is in line with the company’s strategy to expand revenues of larger generators.

Non-adjusted EBIT decreased to EUR 11.9 million. The decline results from exceptional items due to the preparation of the IPO of United Power on the Frankfurt Stock exchange. In consultation with the auditor Deloitte the company decided to adopt a conservative treatment of the IPO costs and expensed a large part of the IPO expenses rather than capitalize them. Additionally, a government grant of EUR 1.6 million was amortized over 20 years rather than counted as income as the company used to do in previous years due to the different nature of the government grant. At EUR 9.6 million, net profit was down on the previous year’s figure of EUR 13.5 million.   

United Power will publish its full annual report for fiscal year 2011 on April 13, 2012.

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 more than 45 countries in 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.

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