PRESS RELEASE: 3W Power/AEG Power Solutions reports strong performance in Q3/2011
16.11.2011
DGAP-News: 3W Power S.A. / AEG Power Solutions / Key word(s): Quarter
Results
3W Power/AEG Power Solutions reports strong performance in Q3/2011
16.11.2011 / 08:15
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November 16, 2011
3W Power/AEG Power Solutions reports strong performance in Q3/2011
(in EUR million) Q3 2011 Q3 2010 Change in %
Order intake 102.9 89.7 +14.7%
Revenue 109.2 70.0 +56.0%
EBITDA 17.0 0.8
EBIT (adjusted) 15.2 1.4
- Revenue target for 2011 increased to above 420 million Euro against the
backdrop of strong Q3 growth
- EBITDA for Q3 is 15.6% of revenue; above Agenda 2012 target range
- Global positioning in the RES segment for solar solutions and power
controllers drives profitable growth of more than 50% y-o-y despite
market weaknesses in certain Western European countries
- Agenda 2012 targets remain in place while the Group notes that economic
sentiment has worsened in recent months
Luxembourg/Zwanenburg, The Netherlands - November 16, 2011 - 3W Power S.A.,
the holding company of AEG Power Solutions (AEG PS), today announced its
financial results for the third quarter ended September 30, 2011. The Group
revenue for the quarter was 56.0% higher than in the same period in 2010,
reaching EUR109.2 million (2010: EUR70.0 million). The revenue growth for
the quarter was generated by both company business segments: revenue at
Renewable Energy Solutions (RES) increased to EUR62.1 million (2010:
EUR29.4 million) while revenue at Energy Efficiency Solutions (EES) rose to
EUR47.1 million (2010: EUR40.6 million).
'We are very pleased with our performance during the third quarter 2011.
Based on our global go-to market strategy for renewable energy solutions
and our technical leadership in power controllers, we successfully
continued to drive growth, despite market weaknesses in certain Western
European countries', comments Horst J. Kayser, CEO of AEG Power Solutions.
'With our combination of competence in industrial power electronics and
experience in the renewable space, we contribute to a sustained, secure and
efficient energy supply for the future.'
Incoming orders in the third quarter of 2011 were EUR102.9 million, up
14.7% on the third quarter of 2010. Adjusted EBIT in Q3 was EUR15.2 million
(13.9% of revenue) compared to EUR1.4 million (2.0% of revenue) in the same
period in 2010.
RES segment
Q3 order growth was particularly strong in the Renewable Energy Solutions
(RES) segment as orders for the quarter were EUR55.8 million, up 66.1% on
the third quarter of 2010. The growth is 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). EBITDA for RES rose to EUR19.9 million
(2010: EUR 7.6 million) and was 32.0% of revenue (2010: 25.9%).
RES continued to invest in its key product lines demonstrating commitment
to innovation and confidence in the long-term fundamentals of the renewable
space. In September 2011, AEG PS announced a new frame agreement with GT
Advanced Technologies for the supply of Thyrobox MTM-systems. These systems
offer significant advantages to polysilicon manufacturers in terms of
higher energy density and efficiency, lower footprint and advanced process
monitoring capability.
In October 2011, a new 400 MW solar inverter facility was officially opened
in India, offering opportunities to strengthen customer relationships and
improve competitiveness in the expanding renewable market in this region.
In the last nine months in India, AEG PS has been awarded 39 MW of total
solution solar projects while monitoring systems from skytron have been
ordered for installation on 45 MW of solar capacity.
Also in Q3, AEG PS acquired the outstanding 25% of skytron, after buying a
majority stake last year.
EES segment
In the Energy Efficiency Solutions segment (EES) orders in Q3 were EUR47.1
million, 16% lower than in the same period in 2010 as order growth in the
industrial UPS product line was offset by softer demand in the telecom
systems and converter product lines. Orders in the last nine months were
EUR160.3 million, 2% higher than in the same period in 2010 (EUR157.1
million).
In the third quarter EES recorded positive EBITDA of EUR1.7 million,
reversing negative EBITDA of EUR1.4 million in the third quarter 2010. Cost
reduction and standardization programs as part of Agenda 2012 are in place
and are yielding benefits which are expected to accelerate in Q4 and
beyond.
Market environment and outlook
- For 2011, AEG Power Solutions expects outstanding growth y-o-y in the
RES segment, with revenues in the solar inverter business almost
tripling compared to 2010 given its strong project pipeline. The Group
also continues to expect double digit growth of the global solar
inverter market after the transition year in 2011. AEG PS is confident
revenue growth will continue in this industry environment by
reinforcing its presence in emerging markets and by focusing on the
utility scale and large commercial segments.
- Furthermore, despite current uncertainties in the global market of
polysilicon manufacturing AEG PS power controllers continue to be well
positioned. Current orders and continuing business development efforts
will drive the achievement of 2011 targets.
- For the EES segment, current orders and historic seasonality suggest
that the last quarter of 2011 will be its strongest of the year in
terms of sales. Agenda 2012 actions will continue to lead to improved
EBITDA expectations for this segment.
- Agenda 2012, which sets operating and financial objectives for RES and
EES, is on course to reach an increased annual revenue target of above
EUR420 million in 2011. With year-to-date growth in revenue coupled
with ongoing Agenda 2012 improvements, the Group expects significantly
improved profitability over 2010 and anticipates double-digit EBITDA
margin for this year.
=- End of Announcement --
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. Shares and warrants of 3W Power 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 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
For the interim report go to: www.aegps.com/en/investor/reports/index.html
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:
Claire Pairault
Director Communications
AEG Power Solutions
Phone: +33 6 19 60 91 64
Mobile: +33 1 55 51 10 76
Email: claire.pairault@aegps.com
Christiane L. Döhler
M. A. - Exec. MBA HSG
DOEHLER COMMUNICATIONS
Phone: +49 89 51616810
Mobile: +49 175 2905054
Email: cd@doehler-communications.com
End of Corporate News
=--------------------------------------------------------------------
16.11.2011 Dissemination of a Corporate News, transmitted by DGAP - 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
=--------------------------------------------------------------------
Language: English
Company: 3W Power S.A. / AEG Power Solutions
Weerenweg 29
1161 AH Zwanenburg
Netherlands
DGAP-News: 3W Power S.A. / AEG Power Solutions / Key word(s): Quarter
Results
3W Power/AEG Power Solutions reports strong performance in Q3/2011
16.11.2011 / 08:15
=--------------------------------------------------------------------
November 16, 2011
3W Power/AEG Power Solutions reports strong performance in Q3/2011
(in EUR million) Q3 2011 Q3 2010 Change in %
Order intake 102.9 89.7 +14.7%
Revenue 109.2 70.0 +56.0%
EBITDA 17.0 0.8
EBIT (adjusted) 15.2 1.4
- Revenue target for 2011 increased to above 420 million Euro against the
backdrop of strong Q3 growth
- EBITDA for Q3 is 15.6% of revenue; above Agenda 2012 target range
- Global positioning in the RES segment for solar solutions and power
controllers drives profitable growth of more than 50% y-o-y despite
market weaknesses in certain Western European countries
- Agenda 2012 targets remain in place while the Group notes that economic
sentiment has worsened in recent months
Luxembourg/Zwanenburg, The Netherlands - November 16, 2011 - 3W Power S.A.,
the holding company of AEG Power Solutions (AEG PS), today announced its
financial results for the third quarter ended September 30, 2011. The Group
revenue for the quarter was 56.0% higher than in the same period in 2010,
reaching EUR109.2 million (2010: EUR70.0 million). The revenue growth for
the quarter was generated by both company business segments: revenue at
Renewable Energy Solutions (RES) increased to EUR62.1 million (2010:
EUR29.4 million) while revenue at Energy Efficiency Solutions (EES) rose to
EUR47.1 million (2010: EUR40.6 million).
'We are very pleased with our performance during the third quarter 2011.
Based on our global go-to market strategy for renewable energy solutions
and our technical leadership in power controllers, we successfully
continued to drive growth, despite market weaknesses in certain Western
European countries', comments Horst J. Kayser, CEO of AEG Power Solutions.
'With our combination of competence in industrial power electronics and
experience in the renewable space, we contribute to a sustained, secure and
efficient energy supply for the future.'
Incoming orders in the third quarter of 2011 were EUR102.9 million, up
14.7% on the third quarter of 2010. Adjusted EBIT in Q3 was EUR15.2 million
(13.9% of revenue) compared to EUR1.4 million (2.0% of revenue) in the same
period in 2010.
RES segment
Q3 order growth was particularly strong in the Renewable Energy Solutions
(RES) segment as orders for the quarter were EUR55.8 million, up 66.1% on
the third quarter of 2010. The growth is 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). EBITDA for RES rose to EUR19.9 million
(2010: EUR 7.6 million) and was 32.0% of revenue (2010: 25.9%).
RES continued to invest in its key product lines demonstrating commitment
to innovation and confidence in the long-term fundamentals of the renewable
space. In September 2011, AEG PS announced a new frame agreement with GT
Advanced Technologies for the supply of Thyrobox MTM-systems. These systems
offer significant advantages to polysilicon manufacturers in terms of
higher energy density and efficiency, lower footprint and advanced process
monitoring capability.
In October 2011, a new 400 MW solar inverter facility was officially opened
in India, offering opportunities to strengthen customer relationships and
improve competitiveness in the expanding renewable market in this region.
In the last nine months in India, AEG PS has been awarded 39 MW of total
solution solar projects while monitoring systems from skytron have been
ordered for installation on 45 MW of solar capacity.
Also in Q3, AEG PS acquired the outstanding 25% of skytron, after buying a
majority stake last year.
EES segment
In the Energy Efficiency Solutions segment (EES) orders in Q3 were EUR47.1
million, 16% lower than in the same period in 2010 as order growth in the
industrial UPS product line was offset by softer demand in the telecom
systems and converter product lines. Orders in the last nine months were
EUR160.3 million, 2% higher than in the same period in 2010 (EUR157.1
million).
In the third quarter EES recorded positive EBITDA of EUR1.7 million,
reversing negative EBITDA of EUR1.4 million in the third quarter 2010. Cost
reduction and standardization programs as part of Agenda 2012 are in place
and are yielding benefits which are expected to accelerate in Q4 and
beyond.
Market environment and outlook
- For 2011, AEG Power Solutions expects outstanding growth y-o-y in the
RES segment, with revenues in the solar inverter business almost
tripling compared to 2010 given its strong project pipeline. The Group
also continues to expect double digit growth of the global solar
inverter market after the transition year in 2011. AEG PS is confident
revenue growth will continue in this industry environment by
reinforcing its presence in emerging markets and by focusing on the
utility scale and large commercial segments.
- Furthermore, despite current uncertainties in the global market of
polysilicon manufacturing AEG PS power controllers continue to be well
positioned. Current orders and continuing business development efforts
will drive the achievement of 2011 targets.
- For the EES segment, current orders and historic seasonality suggest
that the last quarter of 2011 will be its strongest of the year in
terms of sales. Agenda 2012 actions will continue to lead to improved
EBITDA expectations for this segment.
- Agenda 2012, which sets operating and financial objectives for RES and
EES, is on course to reach an increased annual revenue target of above
EUR420 million in 2011. With year-to-date growth in revenue coupled
with ongoing Agenda 2012 improvements, the Group expects significantly
improved profitability over 2010 and anticipates double-digit EBITDA
margin for this year.
=- End of Announcement --
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. Shares and warrants of 3W Power 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 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
For the interim report go to: www.aegps.com/en/investor/reports/index.html
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:
Claire Pairault
Director Communications
AEG Power Solutions
Phone: +33 6 19 60 91 64
Mobile: +33 1 55 51 10 76
Email: claire.pairault@aegps.com
Christiane L. Döhler
M. A. - Exec. MBA HSG
DOEHLER COMMUNICATIONS
Phone: +49 89 51616810
Mobile: +49 175 2905054
Email: cd@doehler-communications.com
End of Corporate News
=--------------------------------------------------------------------
16.11.2011 Dissemination of a Corporate News, transmitted by DGAP - 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
=--------------------------------------------------------------------
Language: English
Company: 3W Power S.A. / AEG Power Solutions
Weerenweg 29
1161 AH Zwanenburg
Netherlands
Copyright (c) 2007 Dow Jones & Company, Inc.