3W Power S.A. / AEG Power Solutions
3W Power S.A. / AEG Power Solutions: 3W Power/AEG Power Solutions reports results for first half year and Q2 2016
DGAP-News: 3W Power S.A. / AEG Power Solutions / Key word(s): Half Year Results
– H1 2016 orders EUR94.7 million, 13.3% like-for-like growth 1.19 book to bill ratio – Revenue EUR79.7 million, -1% like-for-like – Normalized EBITDA -EUR3.7 million, a 19.6% improvement vs H1 2015, Q2 close to break even at EUR-0.1 million – Fixed cost reduction program on track and results beginning to show Luxembourg / Zwanenburg, The Netherlands – August 11, 2016. 3W Power S.A. (ISIN LU1072910919, 3W9K), the holding company of AEG Power Solutions Group, a global provider of UPS systems and power electronic solutions for industrial, commercial, renewable and distributed energy markets, today announced its results for first half year (H1) and Q2 2016. Group results *
Industrial Products and Services (IPS) *
Unallocated *
Orders by geographical area (Quarterly comparison) *
Revenue by geographical area (Quarterly comparison) *
– All numbers are rounded to millions.
On a like-for-like basis (excluding orders and sales from Fluxpower GmbH and Primetech s.r.l., which were sold on February 5, 2016), orders in services for H1 2016 were EUR29.0 million up 8.2% (H1 2015: EUR26.8 million) and orders for products were EUR64.8 million up 15.7% (H1 2015: EUR56.0 million). Revenue for services for H1 2016 were EUR23.0 million up 0.9% compared to H1 2015 (H1 2015: EUR22.8 million) and revenue for products were EUR56.3 million slightly down 2.1% (H1 2015: EUR57.5 million). The Group continues to establish a growing order backlog in H1 2016 reaching EUR95.3 million, up 8.8% compared to H1 2015 (H1 2015: EUR87.6 million). The backlog is diversified and generally healthy which should lead to revenue growth in the coming quarters. Group EBITDA for H1 2016 was EUR1.1 million compared to H1 2015 EBITDA of -EUR4.8 million. Improvement in EBITDA is primarily driven by the capital gain following the sale of Fluxpower and Primetech and the achieved savings in the overall operating expenses. Normalized EBITDA for H1 2016, which is EBITDA adjusted for one-time transactions was -EUR3.7 million, a 19.6% improvement compared to previous half year (H1 2015: -EUR4.6 million) while Q2 2016 Normalized EBITDA was -EUR0.1 million, a 97.5% improvement compared to the previous quarter (Q1 2016: -EUR3.6 million). The Group’s cash position was EUR22.9 million as at 30 June 2016, compared to EUR23.4 million as at June 30, 2015. The Group is in the process of changing its structure from a product driven model towards a business focused on markets, customers and the services they require. In addition to focusing on the core critical infrastructure business activities for both Industrial and Data & IT, there continues to show tremendous promise in new emerging areas of energy storage and grid management. There is an observable shift towards EPC’s based in the Middle East/Far East including China vs traditional western participants. Despite challenging market conditions, the company benefits from good diversification both in terms of product offering and geographic reach which contributes to a certain stability. Outlook The Group expects to achieve modest growth in its industrial activities in 2016. The medium term objective remains that of achieving double-digit revenue growth and an EBITDA margin approaching 10%. The Group expects further improvement in margins in the remainder of the year, with both like-for-like growth in 2016 and improved profitability as savings from the completion of restructuring plans and other cost-cutting measures take full effect. As announced in Q3 2015, the Group expects savings in its fixed-cost. Those cost savings began to take effect in Q2 2016, with EUR3.0 million realized to date. More savings will gain traction in the forthcoming Q3, and the remaining measures in Q4. For further enquiries please contact: Christian Hillermann
2016-08-11 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English | |
Company: | 3W Power S.A. / AEG Power Solutions | |
19, rue Eugène Ruppert | ||
L-2453 Luxemburg | ||
Grand Duchy of Luxembourg | ||
Phone: | +31 20 4077 800 | |
Fax: | +31 20 4077 801 | |
E-mail: | janine.rechel@aegps.com | |
Internet: | www.aegps.com | |
ISIN: | LU1072910919, DE000A1A29T7, | |
WKN: | A114Z9 , A1A29T, | |
Listed: | Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Munich, Tradegate Exchange | |
End of News | DGAP News Service |