3W Power S.A. / AEG Power Solutions
3W Power S.A. / AEG Power Solutions: 3W Power/AEG Power Solutions reports results for Q1 2017
DGAP-News: 3W Power S.A. / AEG Power Solutions / Key word(s): Quarter Results
– Order intake increases in Q1 2017 by 20.5% compared to Q4 2016 – Revenue suffered due to the business disruption under the protective shield, backlog end of March amounts to EUR97.7 million, Revenue recognition resulting at EUR 33.5 million – Finalisation of the Protective Shield and better opening backlog will lead to improved revenues – Cash position of EUR 16.8 million – Paul van der Harten hired as Group CFO Luxembourg / Zwanenburg, The Netherlands – May 18, 2017. 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 itsunaudited pro forma results for Q1 2017. The “unaudited pro forma” figures include full consolidation of AEG PS GmbH. Group results *
* Q1 2017 and Q4 2016 figures include full consolidation of AEG PS GmbH Industrial Products and Services (IPS) *
* Q1 2017 and Q4 2016 figures include full consolidation of AEG PS GmbH
* Q1 2017 and Q4 2016 figures include full consolidation of AEG PS GmbH
* Q1 2017 and Q4 2016 figures include full consolidation of AEG PS GmbH
* Q1 2017 and Q4 2016 figures include full consolidation of AEG PS GmbH
Group EBITDA for Q1 2017 was EUR-6.1million compared to Q1 2016 EBITDA of EUR0.4 million. The first quarter Normalized EBITDA, which is EBITDA adjusted for one-time transactions was -EUR2.7 million, up 25.0% compared to -EUR3.6 million in Q1 2016. The reported EBITDA of Q1 2016 includes a capital gain from the sale of Fluxpower GmbH and Primetech Srl. of EUR4.9 million in February 2016. The Group’s cash position was EUR16.8 million as at 31 March 2017, compared to EUR14.9 million as at December 31, 2016 (March 31, 2016: EUR31.2 million). The results for Q1 and Q2 2017 are impacted by the Group’s decision to enter into protective shield proceedings in the Company’s largest subsidiary in Germany. The Company believes that the long term benefits outweigh the negative impact on the business in the short term. There is still a certain resiliency in the Oil & Gas markets but the company definitely observes a shift to Gas infrastructure. There is also a much greater activity amongst EPC’s based in middle east/far east including China vs traditional western participants. The Company benefits from good diversification both in terms of product offering and geographic reach which contributes to a certain stability. Still, “quarterly results do not indicate a trend” says Jeffrey Casper, CEO. “One must look at 2-3 quarters of data to get a realistic view of the overall direction of our business. We are encouraged by the strong order intake for Q1 2017, we have a healthy backlog. Our margins will improve as we focus on continuous improvement in processes and cost optimization.” The Company is also pleased to announce that Paul van der Harten, joined the company on May 1, 2017. He will assume full time duties as group Chief Financial Officer on July 1, 2017. Paul joins the Company after a long career in the Oil & Gas industry. He has held several senior finance positions with Shell and has spent the last five years with OMV in part as their Chief Financial Officer for the Group’s Exploration and Production division. Jeffrey Casper states: “Paul brings a wealth of experience and a unique skill set that will greatly benefit AEG’s effort to become an integrated and multi national enterprise focused on customers and markets within critical infrastructure. We are fortunate to have someone of Paul’s stature joining the team” For further enquiries please contact:
18.05.2017 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 |