LUXEMBOURG & ZWANENBURG, The Netherlands--(BUSINESS WIRE)--Regulatory News:
|(in € million)||2010||2011||Δ in %||Q4 10||Q4 11||Δ in %|
- AEG Power Solutions delivers on Agenda 2012: revenue growth of nearly 40% year-on-year to €428.2 million in 2011
- EBITDA margin of 12.4%
- Order intake up 8.8% year-on-year with slow Q4
- Full year outlook for 2012 will be revisited with the release of Q1 figures due to current economic uncertainty
- Q1 2012 revenue performance expected to be below Q1 2011 levels
3W Power, the holding company of AEG Power Solutions (AEG PS), today issued preliminary, unaudited results for 2011, achieving its sales and earnings targets for fiscal year 2011. Revenue for the year was up 39.9% at €428.2 million (2010: €306.0 million), while EBITDA reached €53.1 million (2010: loss of €23.9 million) with an EBITDA margin of 12.4%. Order intake was up 8.8% year-on-year albeit slow in Q4 due to delays of solar projects in certain geographic markets.
Renewable Energy Solutions (RES) revenue came to €224.0 million compared to €110.2 million in 2010. The revenue growth of this segment was driven by demand within the solar value chain, from the upstream manufacturing of polysilicon (power controllers) to the downstream installation of solar power generation plants (solar inverter solutions and monitoring & control). The business benefited from a strong project pipeline in East Asia, Eastern Europe and first solar wins in India. The anticipated disposal of the EMED solar farms in Italy is expected to take place in Q1.
In Energy Efficiency Solutions (EES), the last quarter was, as anticipated, the strongest in terms of revenue. On a year-on-year basis, EES revenue was up 4% to €204.2 million. EES recorded its third consecutive quarter of positive EBITDA and was EBITDA positive for the fiscal year, aided by Agenda 2012 actions. The Telecom business and in particular the Converter activities remained difficult.
“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.”
Due to the general economic uncertainty, which impacts customers’ project financing, long term forecasting and outlook for 2012 will be revisited with the release of Q1 figures. The Company continues to anticipate growth in its key markets but cannot exclude the possibility that further deterioration in economic conditions will impact its growth prospects.
Traditionally the first quarter tends to be relatively weak and the Company expects Q1 2012 revenue performance to be below Q1 2011 levels. As part of its annual audit, the Company is conducting a review of its goodwill and intangible assets. Any adjustments to these balances do not affect EBITDA and will be included in the annual report for 2011.
The Board of Directors of 3W Power/AEG Power Solutions will present full Q4 2011 results and consolidated financial statements for fiscal year 2011 on March 28, 2012. The 2011 annual report will then be available for download at www.aegps.com in the Investor Relations section.
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 units 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 competence centers around the world, employing 1,650 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.