DGAP-News: 3W Power Holdings S.A. / AEG Power Solutions : 3W Power Holdings/AEG Power Solutions Announces Preliminary Unaudited 2010 Results In Line With Agenda 2012 Objectives
(firmenpresse) - DGAP-News: 3W Power Holdings S.A. / AEG Power Solutions / Key word(s):
Preliminary Results/Preliminary Results
3W Power Holdings S.A. / AEG Power Solutions : 3W Power Holdings/AEG
Power Solutions Announces Preliminary Unaudited 2010 Results In Line
With Agenda 2012 Objectives
02.02.2011 / 08:30
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3W Power Holdings/AEG Power Solutions Announces Preliminary Unaudited 2010
Results In Line With Agenda 2012 Objectives
- Orders for Q4 2010 reach EUR128 million, a 172% increase over Q4 2009
- Orders for full year 2010 to exceed EUR370 million, a 76% increase over
2009
- Sales for 2010 reach EUR306 million
- Operating loss in the range of EUR120 million, after unaudited net
one-time1 charges of EUR80 million
- Adjusted2 EBITDA of EUR10 million
- New power supply order from polysilicon maker GCL for EUR36 million
signed end of December
Luxembourg / Zwanenburg, The Netherlands - February 2, 2011 - 3W Power
Holdings S.A. (Euronext: 3WP, Deutsche Börse Frankfurt: 3W9), the holding
company of AEG Power Solutions (AEG PS), a global player in premium power
electronics, today issued headline preliminary unaudited results for 2010.
As previously forecasted, the company achieved sales above EUR300 million,
which will be approximately EUR306 million for the year and a positive
adjusted2 EBITDA of EUR10 million compared to EUR85 million in 2009. Order
intake for Q4 2010 was EUR128 million, a 172 % increase over the same
period, the 4th consecutive quarterly increase.
Upon joining AEG PS in August 2010, Dr. Horst J. Kayser initiated the AEG
PS Agenda 2012 aimed at driving operational improvement, establishing a
foundation for sustained growth and profitability and appointing a high
performing core top team.
AEG PS announced an operational improvement program in Q4 of 2010 as part
of the plan to achieve these goals. The one time charge for the
restructuring program should be EUR24 million and will have full cost
savings effects in 2012. In addition to the restructuring, the company
should have an impairment of intangible assets of at least EUR61 million
for the year. The total effect of all charges should result in an
operational loss (after charges for one-off costs/revenues, purchase price
accounting and impairment) before interest and taxes in the range of EUR120
million for the year.
The company is well funded, having successfully closed a EUR100 million
bond in December 2010 which will support the long-term funding for AEG PS'
restructuring program and profitable growth strategy. The pick-up in order
intake throughout 2010 points to a possible recovery in 2011 with
forecasted sales of above EUR400 million. The company reiterates its Agenda
2012 target of sales above EUR500 million and EBITDA margin of 13-15%.
In related news, GCL-Poly Energy Holdings Limited, Hong Kong, signed a
delivery contract for Thyrobox(TM) M power supply systems to support
GCL-Poly in achieving its goal to expand its position as one of the leading
polysilicon and wafer suppliers in the world. The value of the contract
totals EUR36 million. This win confirms AEG Power Solutions' position on
the recovering polysilicon market.
1 Principally includes impairment charges for goodwill and intangibles,
restructuring costs and provisions against other assets and inventory
arising from restructuring.
2 Adjusted for the effects of one-time items described above.
About 3W Power/AEG Power Solutions
3W Power Holdings S.A. is the holding company of AEG Power Solutions Group.
Shares and Warrants in the company are admitted to trading on NYSE
Euronext, Amsterdam (ticker symbol: 3WP and 3WPW, respectively).
Additionally, the shares are traded on the Frankfurt Stock Exchange (ticker
symbol: 3W9)
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.
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 the Frankfurt stock
exchange (ticker: 3W9) and 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 Relations
Claire Pairault
T: + 33 (0)6 19 60 91 64
M: + 33 (0)1 55 51 10 76
E: claire.pairault(at)aegps.com
Oliver Thompson
Burson-Marsteller
T: +49 (0)69 2 38 09 68
E: oliver.thompson(at)bm.com
Investor Relations
Jeffrey Casper
M: +31(0) 61 09 75 830
E: jeffrey.casper(at)aegps.com
Christian Hillermann
Hillermann Consulting
T: +49 (0)40 32 02 79 10
E: office(at)hillermann-consulting.de
End of Corporate News
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Language: English
Company: 3W Power Holdings S.A. / AEG Power Solutions
Weerenweg 29
1161 AH ZwanenburgNiederlande
Phone: +31 20 4077 800
Fax: +31 20 4077 801
E-mail: claire.pairault(at)aegps.com
Internet: www.aegps.com
ISIN: GG00B39QCR01
WKN: A0Q5SX
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, München, Stuttgart
End of News DGAP News-Service
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110817 02.02.2011
Datum: 02.02.2011 - 08:30 Uhr
Sprache: Deutsch
News-ID 33118
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