LUXEMBOURG & ZWANENBURG, The Netherlands--()--3W Power SA (Prime Standard, ISIN GG00B39QCR01, 3W9), the holding company of AEG Power Solutions B.V. (AEG PS), a leading global provider of power electronics systems and solutions for industrial power supplies and renewable energy, today announced preliminary unaudited results for the year ending December 31, 2012 and revised timing for the publication of its 2012 annual report.
Preliminary Group results for fiscal 2012
AEG Power Solutions finished fiscal 2012 with €371.3 million of orders, €368.0 million of revenue, and €27.0 million Normalized EBITDA (a 7.3% Normalized EBITDA margin). Normalized EBITDA fell short of the Company’s guidance following management’s decision to increase its allowance for doubtful receivables. Without the provision, the Normalized EBITDA margin would have been 9.1%. For 2012, AEG Power Solutions posted a net loss of €177.9 million, which includes €175.3 million of pre-tax goodwill impairment and accelerated amortization charges. As of December 31, 2012, the Company had a cash position of €42.9 million and net debt of €66.7 million.
Publication of 2012 Annual Report
The Board of Directors and management of AEG Power Solutions will be finalizing and publishing the Company’s annual report within two weeks instead of tomorrow (March 21, 2012) as previously announced. Additional time is needed to prepare the Outlook and Risk Factors sections of the annual report given payment delays from a European customer which have been exacerbated by the current banking situation in Cyprus. As of December 31, 2012 this customer, who centralizes its procurement through a Cyprus subsidiary, represented 37.5% of AEG Power Solutions’ €124.5 million receivables. The customer’s past due amounts as of December 31, 2012 have been fully reserved for. Given the size of the customer’s receivables, failure to collect a material amount owed from the customer could present significant financial difficulty for the Company. However, the Company at present fully expects to collect on the outstanding amounts due and to continue its strong business relationship with this customer.
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).
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 Power Solutions’ footprint is global including 17 subsidiaries and competence centers around the world, employing 1,600 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.