DGAP-News: 3W Power/AEG Power Solutions reports 2011 financial results
(firmenpresse) - DGAP-News: 3W Power S.A. / AEG Power Solutions / Key word(s): Final
Results
3W Power/AEG Power Solutions reports 2011 financial results
26.03.2012 / 07:00
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March 26, 2012
3W Power/AEG Power Solutions reports 2011 financial results
(in EUR million) 2011 2010?in % Q4 11 Q4 10?in %
Orders 403.7 371.1 9.0% 79.5 127.7 -38.0%
Revenue 428.2 306.0 40.0% 125.9 94.9 33.0%
EBITDA 53.1 -23.9 12.5 -24.4
EBITDA Margin 12.4% na 9.9% na
- Revenue growth of 40% year-on-year to EUR 428.2 million in 2011
- EBITDA margin of 12.4%
- Order intake up 9.0% year-on-year but with Q4 down 38% y-o-y
- Q1 2012 revenue performance expected to be below Q1 2011 levels in the
current uncertain economic environment
Luxembourg/ Zwanenburg, The Netherlands - March 26, 2012 - 3W Power, the
holding company of AEG Power Solutions (AEG PS), today announced its
financial results for 2011. Revenue for the year was up 40.0% at EUR 428.2
million (2010: EUR 306.0 million), while EBITDA reached EUR 53.1 million
(2010: loss of EUR 23.9 million) with an EBITDA margin of 12.4%. Order
intake was up 9.0% year-on-year albeit slow in Q4 due to delays in solar
projects in certain
geographic markets and weak demand for power controllers for polysilicon
manufacturing. 'We are pleased with our performance in 2011', commented
Horst J. Kayser, CEO of AEG Power Solutions. 'We reached our revenue target
for the year and achieved a double-digit EBITDA margin.'
RES business segment
Renewable Energy Solutions (RES) revenue came to EUR 224.0 million compared
to EUR 110.2 million in 2010. RES EBITDA in 2011 came to EUR 68.0 million,
compared to EUR 15.2 million in the prior year.
In 2011, Power Controllers saw some expansion in non-polysilicon
applications such as high-end power systems for sapphire crystal growing
equipment and for electrolysis for hydrogen production. Although only a
small part of total Power Controller revenue, sales of such 'non-poly'
applications more than doubled in the year. Sales of power controller
modules also continued on an upward trend and were up 34% year-on-year.
Solar sales on aggregate were up 165% in the year with growth coming from
Eastern Europe and India where AEG PS booked major projects both in solar
inverters and in monitoring systems. Sales in emerging markets helped
offset lower-than-anticipated performance in Western Europe, where
sovereign debt and concerns over budget deficits held back growth and
contributed to economic uncertainty.
The newly introduced Protect PV.500 improved the competitiveness in central
inverters and contributed to winning projects in demanding markets such as
India. In Bangalore, India, a new 400MW solar inverter facility was
officially opened in October 2011 and contributed EUR6.0 million to solar
sales in the fourth quarter.
EES business segment
Year-on-year, EES revenue was up 4% to EUR 204.2 million. EES recorded its
third consecutive quarter of positive EBITDA and was EBITDA-positive for
the fiscal year, aided by Agenda 2012 measures. EES EBITDA was EUR 5.7
million, compared to 2010 EBITDA of -EUR 16.6 million.
Q4 results
As expected Group Q4 revenues were strong, reaching EUR 125.9 million
(2010: EUR 94.9 million), up 33% compared to Q4 2010. RES reached revenue
of EUR
66.3 million (2010: EUR 34.7 million) while EES, aided by seasonality
effects, recorded its strongest quarter of the year with revenue of EUR
59.6 million (2010: EUR 60.2 million). Group EBITDA in Q4 was EUR 12.5
million. RES profitability in Q4 was still strong with an EBITDA margin of
25.9%, while EES EBITDA margin was 4.4%, the third consecutive positive
quarter. Due to the difficult economic situation, Group orders decreased to
EUR 79.5 million (2010: EUR127.7 million), down 38%. Order intake
performance in EES was steady in Q4 (EUR 51.4 million in 2011 compared to
EUR 51.1 million in 2010) while RES orders fell by 63% to EUR 28.1 million
(2010: EUR 76.6 million) due to the factors described earlier.
Outlook
Group plans for 2012 assume further growth over 2011 due to our positioning
in global growth areas. However, AEG PS notes that economic sentiment has
worsened over the last six months and order intake momentum in the fourth
quarter of 2011 slowed. Although the Group continues to anticipate growth
in its key
markets, the deterioration in economic conditions, the continuing debt
crisis, price pressure in the inverter market and potential overcapacity in
polysilicon are impacting profitability for 2012. The overall market
development will depend on the resolution of the sovereign debt crisis in
the Eurozone and the avoidance of further economic contraction.
Public takeover offer by Andrem Power
On February 21, 2012, Andrem Power S.C.A. (Andrem), a company wholly owned
by Nordic Capital Fund VII, announced its decision to make a voluntary
public takeover offer for all the outstanding shares of 3W Power at EUR
4.35 per share. Andrem and 3W Power have entered into a transaction
agreement, which governs their relationship and 3W Power's support with
regard to the offer. Andrem has also entered into share purchase or tender
agreements with certain core shareholders totaling approximately 65% of 3W
Power's voting rights. Under certain circumstances, the above-mentioned
shareholders are entitled to terminate these share purchase or tender
agreements.
According to the terms of the transaction agreement, the offer will be
conditional upon the acquisition by Andrem Power of not less than 95% of
the outstanding 3W Power shares (including all 3W Power shares subject to
the share purchase or tender agreements), merger control clearance,
non-occurrence of a material adverse change of 3W Power's financial
condition and other customary conditions.
The offer will be made following approval by the German Federal Financial
Supervisory Authority (BaFin) and on, and subject to, the terms and
conditions to be set out in the offer document. Under the transaction
agreement, 3W Power has agreed to pay Andrem a cost coverage fee of up to
EUR 3 million in certain circumstances, including if 3W Power's Board of
Directors changes its recommendation or if the 95% acceptance condition is
not met.
The closing of the transaction is expected in the second quarter of 2012.
After closing, Andrem intends to acquire all the remaining 3W Power shares
via a squeeze-out procedure and delist 3W Power.
-End of Announcement -
Characters: c. 6,000
About 3W Power/AEG Power Solutions:
3W Power S.A. (WKN A0Q5SX / ISIN GG00B39QCR01), based in Luxembourg, is the
holding company of AEG Power Solutions Group. The Group is headquartered in
Zwanenburg in the Netherlands. The shares of 3W Power are admitted to
trading on Frankfurt Stock Exchange (ticker symbol: 3W9) and the warrants
are traded on NYSE Euronext, Amsterdam (ticker symbol: 3WPW).
AEG Power Solutions Group is a global provider of power electronic systems
and solutions for all industrial power supplies and offers one of the most
comprehensive product and service portfolios in the area of power
conversion and power controlling. The two complementary operating business
segments Renewable Energy Solutions (RES) and Energy Efficiency Solutions
(EES) are serving customers worldwide. The RES product and service
portfolio consists of systems and solutions for solar power plants like
solar inverter, monitoring and control systems as well as power controller.
The EES product and service portfolio includes high performance
uninterruptable power supplies (USPs), industrial power controller and
DC-converter.
Thanks to its distinctive expertise, bridging both AC and DC power
technologies and spanning the worlds of both conventional and renewable
energy, the company creates innovative solutions for smart grids.
AEG PS' footprint is global including 17 subsidiaries and additional
competence centers around the world, employing more than 1,700 employees.
For more information go to: www.aegps.com
This communication does not constitute an offer or the solicitation of an
offer to buy, sell or exchange any securities of 3W Power. This
communication contains forward-looking statements which include, inter
alia, statements expressing our expectations, intentions, projections,
estimates, and assumptions. These forward-looking statements are based on
the reasonable evaluation and opinion of the management but are subject to
risks and uncertainties which are beyond the control of 3W Power and, as a
general rule, difficult to predict. The management and the company cannot
and do not, under any circumstances, guarantee future results or
performance of 3W Power and the actual results of 3W Power may materially
differ from the information expressed or implied in the forward-looking
statements. As a result, investors are cautioned against relying on the
forward-looking statements contained herein as a basis for their investment
decisions regarding 3W Power.
3W Power undertakes no obligation to update or revise any forward-looking
statement contained herein.
For more information, contact:
Media Relations:
Christiane L. Döhler
M. A. - Exec. MBA HSG
DOEHLER COMMUNICATIONS
Phone: +49 89 51616810
Cell: +49 175 2905054
E-mail: cd(at)doehler-communications.com
Investor Relations:
Katja Buerkle
Associate Director
AEG Power Solutions
Phone: +31 20 4077 854
Cell: +31 6 1095 9019
E-mail: investors(at)aegps.com
End of Corporate News
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Language: English
Company: 3W Power S.A. / AEG Power Solutions
19, rue Eugène Ruppert
L-2453 Luxembourg
Grand Duchy of Luxembourg
Phone: +31 20 4077 863
Fax: +31 20 4077 875
E-mail: michael.julian(at)aegps.com
Internet: www.aegps.com
ISIN: GG00B39QCR01
WKN: A0Q5SX
Listed: Regulierter Markt in Frankfurt (Prime Standard)
End of News DGAP News-Service
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162144 26.03.2012
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