DGAP-News: 3W Power/AEG Power Solutions Reports Interim Management Statement for the Period Q3 2013
(firmenpresse) - DGAP-News: 3W Power S.A. / AEG Power Solutions / Key word(s): Quarter
Results
3W Power/AEG Power Solutions Reports Interim Management Statement for
the Period Q3 2013
19.11.2013 / 07:00
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3W Power/AEG Power Solutions Reports Interim Management Statement for the
Period Q3 2013
(in EUR million) Q3 2013 Q3 2012?in % Q3 2013 Q2 2013?in %
Order backlog 104.0 139.3 -25.4 104.0 96.8 7.4
Orders 58.0 91.8 -36.8 58.0 66.1 -12.2
Revenue 53.9 84.7 -36.4 53.9 57.9 -7.0
EBITDA (11.6) 8.4 (11.6) (11.6)
EBITDA margin -21.5% 10.0% -21.5% -20.0%
(in EUR million) YTD Q3 2013 YTD Q3 2012?in %
Order backlog 104.0 139.3 -25.4
Orders 184.2 269.9 -31.8
Revenue 206.2 266.4 -22.6
EBITDA (16.4) 10.5
EBITDA margin -8.0% 3.9%
Historical numbers have been represented to reflect the change in
classification of the telecom converter business (CVT/LED). It is now
included in the reported financials.
Luxembourg/Zwanenburg, The Netherlands - November 19, 2013 - 3W Power SA
(Prime Standard, ISIN LU0953526265, 3W9), the holding company of AEG Power
Solutions B.V., a leading global provider of power electronic systems and
solutions for industrial power supplies and renewable energies, today
reports its interim management statement for Q3 2013, providing unaudited
operating results for Q3 2013. Order intake in Q3 2013 was EUR58.0 million
(Solar EUR9.7 million, POC EUR4.3 million and EES EUR44.1 million), down
36.8% year-on-year (Q3 2012: EUR91.8 million) and down 12.2% compared to
the prior quarter (Q2 2013: EUR66.1 million). Order backlog in Q3 2013 was
EUR104.0 million (Solar EUR12.1 million, POC EUR4.9 million and EES EUR87.0
million), down 25.4% year-on-year (Q3 2012: EUR139.3 million), but up by
7.4% compared to the prior quarter (Q2 2013: EUR96.8 million).
Revenue in Q3 2013 was EUR53.9 million (Solar EUR7.8 million, POC EUR4.6
million and EES EUR41.4 million), down 36.4% compared to Q3 2012 (EUR84.7
million) and down 7.0% compared to the prior quarter (Q2 2013: EUR57.9
million). The expected decline was due to low order intake during Q2 2013,
primarily in Solar and POC. Revenue as of end of October 2013 totaled
EUR227.0 million.
The market for large project orders in Solar remains difficult. Industry
consolidation, a continued reduction in inverter prices and stretched
payment terms/customer financing requirements pose challenges for AEG Power
Solutions. Also, POC presently is not expecting to show a recovery until
the end of 2014 to the middle of 2015. As such, Power Controller revenue
in support of polysilicon manufacturing is likely to remain near zero over
the near term and then return, at a low level in late 2015. AEG Power
Solutions continues to apply its industry leading technology into other
expanding industrial and energy management markets. Orders and revenue for
Industrial Power Solutions continue to growas planned as a result of our
focus on the expanding Oil and Gas markets.
EBITDA in Q3 2013 was EUR(11.6) million including restructuring expenses of
EUR3.3 million. This corresponds to EBITDA of EUR8.4 million (including
restructuring expenses of EUR3.0 million) in Q3 2012 and EUR(11.6) million
in Q2 2013. The decrease in EBITDA was mainly due to lower volumes in
Solar and POC.
At the end of Q3 2013, the cash position of the Company was EUR28.9
million, down EUR20.6 million from EUR49.5 million at the end of Q2 2013
and its gross accounts receivable balance was EUR70.5 million. The
Company's large Solar customer represents 21.3% of the Group's gross trade
receivable balance as of September 30, 2013. For September 30, the total
gross trade receivable for this customer was EUR15.0 million with a bad
debt provision of EUR8.5 million. Following receipt of EUR4.0 million from
the customer in October, the gross receivable due from the customer has
been reduced to EUR11.0 million. At the end of October 2013, the cash
position of the Company was EUR32.4 million and its gross accounts
receivable balance was EUR66.1 million.
Despite the Group's higher cash balance as of October 31, 2013 versus
September 30, 2013, the Company's liquidity position remains under pressure
and there is currently limited access to credit. While AEG PS is
positioned to serve the opportunities of the future, the outlook for the
Group remains challenging especially with respect to cash flow generation.
Failure to improve the liquidity position and cash flow of the business
could threaten the Company's ability to continue as a going concern. For
2013, AEG Power Solutions expects overall sales volumes to fall below
EUR285 million on lower Solar and POC revenues and Normalized EBITDA to be
negative. EES is expected to be slightly below last year's revenue with
negative EBITDA.
On October 29, 2013, the Company announced that it had retained external
financial and legal advisors to review the Company's business plan,
liquidity situation and future earnings. In light of current trading and
based on the expert advice, the Company is reviewing its current capital
structure in order to decide whether any adjustments are required.
As part of this review and in order to establish a solid basis going
forward, the Company intends to engage in discussions with the holders of
its EUR100 million corporate bond (ISIN DE000A1A29T7, 3W9A) on November 25,
2013 in Frankfurt am Main, Germany. The agenda points to be discussed and
voted on at the meeting are 1) the appointment of a common representative
to represent the bondholders and 2) providing a mandate to the common
representative to renegotiate the terms and conditions of the coupon
payment of EUR9.25 million becoming due and payable on December 1, 2013.
Subsequently the Company intends to enter into discussions with the common
representative about a restructuring of the bond. Details for the meeting
are available on the investor relations section of the Company's website,
www.aegps.com.
In addition to the envisaged bondholder process, the Company is pursuing
several alternatives and solutions to potentially monetize noncore assets
and is in discussions with lending banks to provide additional financing.
Commencing with this interim management statement, the Group has changed
its quarterly public reporting policy in line with applicable Luxembourg
and German securities law. The Group's new policy is to publish interim
management statements for the quarterly periods ending March 31 and
September 30 of the fiscal year and full Condensed Consolidated Interim
Financial Statements for the semi-annual period ending June 30 of the
fiscal year.
Key segment figures
Solar System Solutions - Solar
(in EUR million) Q3 2013 Q3 2012?in % Q3 2013 Q2 2013?in %
Order backlog 12.1 31.0 -61.1 12.1 10.4 16.3
Orders 9.7 38.1 -74.5 9.7 10.1 -4.0
Revenue 7.8 29.0 -73.0 7.8 12.5 -37.6
Power Controller Solutions - POC
(in EUR million) Q3 2013 Q3 2012?in % Q3 2013 Q2 2013?in %
Order backlog 4.9 23.5 -79.1 4.9 6.1 -19.7
Orders 4.3 4.0 7.5 4.3 5.6 -23.3
Revenue 4.6 13.3 -65.4 4.6 5.2 -11.6
Energy Efficiency Solutions - EES
(in EUR million) Q3 2013 Q3 2012?in % Q3 2013 Q2 2013?in %
Order backlog 87.0 84.9 2.5 87.0 80.3 8.3
Orders 44.1 49.7 -11.4 44.1 50.4 -12.6
Revenue 41.4 42.4 -2.3 41.4 40.2 3.0
Historical numbers have been represented to reflect the change in
classification of the telecom converter business (CVT/LED). It is now
included in the reported financials.
-- End of Announcement --
Characters: c. 7,000
About 3W Power/AEG Power Solutions:
3W Power S.A. (WKN A1W2L4 / ISIN LU0953526265), 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).
AEG Power Solutions (AEG PS) Group is a global provider of power
electronics systems and solutions for all industrial power requirements
offering one of the most comprehensive product and service portfolios in
the area of power conversion and power control. Two complementary operating
business segments, Renewable Energy Solutions (RES) and Energy Efficiency
Solutions (EES) serve customers worldwide. The RES product and service
portfolio consists of systems and solutions for solar power plants, such as
solar inverters, monitoring and control systems as well as power
controllers for a wide range of industrial applications such as
polysilicon, energy storage, sapphire and glass. The EES product and
service portfolio includes high-performance uninterruptable power supplies
(UPSs), industrial chargers, and DC systems.
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' global footprint includes 22 subsidiaries, offices and competence
centers around the world with 1,600 employees.
For more information, visit 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 further information, please contact:
Katja Buerkle
Investor Relations&Financial Communications
AEG Power Solutions
Tel.: +31 20 4077 854
Mobile: +31 6 1095 9019
Email: investors(at)aegps.com
Christian Hillermann
Hillermann Consulting
IR consultancy of AEG Power Solutions
Tel.: +49 40 320 279 10
Mobile: +49 173 5379660
Email: office(at)hillermann-consulting.de
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: LU0953526265, DE000A1A29T7,
WKN: A1W2L4, A1A29T,
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, München, Stuttgart
End of News DGAP News-Service
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240523 19.11.2013
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