DGAP-News: 3W Power Holdings/AEG Power Solutions Reports Strong Order Intake Increase for the Third Quarter
(firmenpresse) - 3W Power Holdings / AEG Power Solutions / Key word(s): Quarter Results
27.10.2010 08:30
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3W Power Holdings/AEG Power Solutions Reports Strong Order Intake Increase
for the Third Quarter
- Orders increase 93% in Q3 YoY to EUR89.7 million
- Sales decrease by 11% to EUR70.1 million in the third quarter
- Renewable Energy Solutions (RES) segment orders soar by 630% YoY
- CEO commences implementation of 'Agenda 2012' for sustained growth and
profitability
- Capital markets activities to occur in Q4
- Company on target to meet full-year revenues above EUR300 million on
the strength of new solar business wins
Luxembourg / Zwanenburg, The Netherlands - October 27, 2010 - 3W Power
Holdings (Euronext: 3WP), the holding company of AEG Power Solutions, a
global player in premium power electronics, today announced its financial
results for the third quarter ended September 30, 2010. Orders for the
quarter were EUR89.7 million, 93% higher than the third quarter of 2009 and
5.9% higher than the second quarter of 2010. Sales in the quarter were
EUR70.1 million, down 11% over the same period in 2009 and down 8.3% on the
second quarter of 2010. Q3 is typically a weak quarter cyclically for AEG
PS, a reflection of traditionally slower trading in Europe in August. In
addition, polysilicon sales in the Renewable Energy Solutions (RES) segment
remain subdued.
The strongest contributor to growth was solar with orders worth EUR25.3
million vs. EUR19.2 million in the second quarter of 2010. Three
consecutive quarters of increased orders for the Group alongside a strong
demand for solar indicate a sustained turnaround moving forward. The book
to bill ratio improved from 59% in the third quarter of 2009 to 128%.
Third quarter EBITDA improved and was a positive EUR0.75 million (2009
pro-forma EUR12.82 million) compared to negative EBITDA of -EUR4.31 million
in the second quarter 2010. For the nine months to September 2010, EBITDA
was EUR0.49 million, (2009 nine month pro-forma EUR73.3 million) against
-EUR0.26 million for the half year. Operating cash flow in the quarter was
positive EUR5.0 million. Order backlog at the end of September 2010 stood
at EUR140.6 million (2009 EUR147.4 million).
Recent Developments and Outlook
As announced in the half-year report 2010, the strategic initiative 'Agenda
2012' is starting to be implemented within the company. 'Agenda 2012' is a
multi pronged approach to drive top line growth and establish sustained
profitability with the goal to achieve EUR500m of revenues and 15% EBITDA
margins by 2012. 'I am confident that this program will drive operational
improvement and set us on the right track to become a leader for innovative
power management solutions to customers in the green energy revolution,'
commented Dr Horst J. Kayser, CEO, who launched the initiative in August.
As part of this process, AEG PS continues to strengthen its management team
with the appointment of Jan Sickmann to the role of Chief Operating Officer
(COO).
The Company reiterates its intention to list the shares of 3W Power
Holdings S.A. on the Prime Standard of the Frankfurt Stock Exchange as soon
as is practical and in coordination with other potential capital markets
activities to occur within the next quarter.
Business Segments Update
AEG PS underlined its technological leadership position in power
controllers with the launch of ThyroboxTM PI - marking a technological
breakthrough for polysilicon production efficiency - at the '25th European
Photovoltaic Solar Energy Conference and Exhibition' in Valencia. In
addition, the ThyroboxTM AF extends AEG PS' premium Power Controller range
to additional arc furnace applications and enjoyed a successful market
reception. The Company's advanced product offerings will ensure AEG PS
maintains its leading technology position in the market for power control
systems.
The RES segment secured substantial new business in third quarter with a
frame agreement for 260 MW of photovoltaic power plant equipment in Eastern
Europe as well as a frame agreement signed in India to develop a minimum of
100 MW solar capacities. This indicates the success of the PV250 inverters
as one of the best technologies in the marketplace. These new partnerships
prove the success of the global solution approach combining skytron
monitoring solutions with AEG PS systems offering a complete package to the
solar marketplace. The partnerships announced in the third quarter further
solidify AEG PS' excellent global growth perspectives.
Additionally, a key part of Agenda 2012 is a project to enhance operational
efficiency within Energy Efficiency Solutions (EES). The company is
identifying multi-million euro cost saving opportunities from footprint
optimization, restructuring measures, outsourcing and product cost
improvements from design and purchasing arrangements. Most of the measures
will be effective to the bottom line in 2011 and full effect will be
achieved in 2012.
Outlook
The Company reiterates its forecast of posting revenues of above EUR300
million and a positive operational EBITDA for fiscal 2010. In the fourth
quarter new one-time restructuring provisions have to be expected.
Group key figures - in millions of euro
Pro- Chan- Pro- Chan-Key figures RES division - in millions of euro
Actual forma1 ges Actual forma1 ges
Q3' Q3' YTD Q3 YTD Q3'
2010 2009 In % 2010 2009 in %
140.5 147.3
Backlog 96 93 -5% 140.596 147.393 -5%
Orders 89.658 46.355 93% 243.405 164.339 48%
Revenue 70.055 78.496 -11% 211.134 318.155 -34%
Book to Bill 128% 59% 115% 52%
Gross profit 20.674 25.716 -20% 59.067 117.347 -50%
Gross margin in % 30% 33% 28% 37%
EBITDA2 0.755 12.815 -94% 0.492 73.273 -99%
in % 1% 16% 0% 23%
PPA4 -8.247 -8.912 -27.899 -41.167
EBIT -9.425 0.482 -32.553 25.617
in % 0% 1% -15% 8%
Net financial income / -
expense 11.885 37.541 22.960 -31.687
of which change in value -
of warrants 12.322 37.820 24.645 -35.340
Tax benefit 1.446 0.602 5.728 0.602
-
Net Income 3.969 37.277 -3.865 -18.310
EpS (EUR) 0,08 n/a -0,09 n/a
Operating Cash Flow 5.034 n/a -2.316 n/a
Free Cash Flow3 -4.075 n/a -26.534 n/a
Capital Expenditures 9.108 2.231 308% 24.218 5 7.298 232%
Inventory 60.863 68.414 -11% 60.863 68.414 -11%
Trade&other
receivables 70.408 80.959 -13% 70.408 80.959 -13%
Trade&other payables 69.514 76.756 -9% 69.514 76.756 -9%
Cash 45.051 58.541 -23% 45.051 58.541 -23%
Actual Proforma1 Changes Actual Proforma1 ChangesKey figures EES division - in millions of euro
YTD Q3' YTD Q3'
Q3' 2010 Q3' 2009 in % 2010 2009 in %
Backlog 68.364 71.853 -5% 68.364 71.853 -5%
Orders 33.634 4.608 630% 86.339 21.347 304%
Revenue 29.416 34.397 -14% 75.564 177.951 -58%
EBITDA2 7.603 12.845 -41% 16.730 87.102 -81%
EBIT 1.369 4.896 -72% -4.241 54.397
Actual Proforma1 Changes Actual Proforma1 Changes1 Pro-forma income statement of the Company and AEG PS including pro-forma
YTD Q3' YTD Q3'
Q3' 2010 Q3' 2009 in % 2010 2009 in %
Backlog 72.232 75.540 -4% 72.232 75.540 -4%
Orders 56.024 41.747 34% 157.066 142.992 10%
Revenue 40.639 44.099 -8% 135.570 140.204 -3%
EBITDA2 -1.349 2.865 -2.018 -983
EBIT -5.197 -1.344 -13.704 -15.644
purchase price adjustments (PPA) as if AEG PS had been acquired on January
1, 2009. It assumes that had AEG PS been consolidated since January 1, 2009
there would have been no other consolidation adjustments required. PPA
refers to the amortization charges on the intangible assets (recognized at
the acquisition of AEG PS on 10 September 2009) for the period and the
elimination of interest income due to the assumed use of cash for the
acquisition as at 1 January 2009. In both 2009 and 2010 the results of the
Lannion operation have been presented as continuing operations following
the decision to retain the activity.
2 EBITDA is EBIT excluding depreciation and amortization charges, The
largest contributor to amortization charges is the amortization of
intangible assets recognized at the acquisition of AEG PS on September 10,
2009.
3 Free cash flow is operating cash flow less cash used in investing
activities.
4 PPA refers to amortization of intangible assets identified on acquisition
of AEG PS on September 10, 2009.
5 Includes purchase of skirting and capital expenditure on solar power
generation farms.
For more detailed information please visit the website www.aegps.com to
read the quarterly report.
About AEG Power Solutions
AEG Power Solutions is a world provider of premium power electronics. It
offers one of the world's most comprehensive product and service portfolios
in power conversion and control, for customers spanning the infrastructure
markets of energy, telecom, lighting, transportation and general industrial
sectors. System solutions from AEG PS are designed to interface with the
electrical power grid and to offer power solutions for mission-critical
applications in harsh environments, such as power plants, offshore oil
rigs, chemical refineries, and utility-scale renewable energy plants. The
company has developed a full range of products for the solar energy
industry, from solar inverters to turnkey solutions and is investing in
solutions that will enable distributed power generation and smart
micro-grids.
Renowned for engineering excellence, the company's customers benefit from
over a century of expertise and field proven products under the AEG PS,
Harmer&Simmons, and Saft Power Systems brands.
Headquartered near Amsterdam, AEG PS generated revenue of EUR400 million in
2009 with more than 1,500 employees around the world.
AEG Power Solutions became a public company in 2009 following a business
combination with 3W Power Holdings Ltd. (formerly Germany1 Acquisition
Ltd). Shares in the combined company are listed on Euro next Amsterdam
(ticker: 3WP).
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:
Media Relations27.10.2010 08:30 Dissemination of a Corporate News, transmitted by DGAP -
Claire Pairault: Oliver Thompson
T: + 33 (0)6 19 60 91 64 Burson-Marsteller
M: + 33 (0)1 55 51 10 76 T: +49 (0)69 2 38 09 68
E: claire.pairault(at)aegps.com E: oliver.thompson(at)bm.com
Investor Relations
Jeffrey Casper Christian Hillermann
Hillermann Consulting
M: +31(0) 61 09 75 830 T: +49 (0)40 32 02 79 10
E: jeffrey.casper(at)aegps.com E: office(at)hillermann-consulting.de
a company of EquityStory 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
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Datum: 27.10.2010 - 08:30 Uhr
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