3W Power S.A. / AEG Power Solutions
3W Power S.A. / AEG Power Solutions: 3W Power/AEG Power Solutions reports unaudited results for Q4 and fiscal year 2015
DGAP-News: 3W Power S.A. / AEG Power Solutions / Key word(s): Final Results – Year-end orders of Euro 178.6m meets expectations – Revenue of Euro 177.4m in line with guidance – Normalized EBITDA significantly improves; positive in second half – Moderate growth and positive Normalized EBITDA in 2016 Luxembourg / Zwanenburg, The Netherlands – March 24, 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 Q4 2015. Group results
AEG Power Solutions finished fiscal year 2015 with Euro 178.6 million in orders and Euro 177.4 million in revenue. Compared to 2014, orders were down 15.0% (2014: Euro 210.0 million) and revenue was down 12.7% (2014: Euro 203.3 million) which is in line with the guidance of Euro 180.0 million. Industrial systems revenue and orders for 2015 were improved compared to 2014. We continue to rationalize our business activities by reducing or exiting loss making, non-strategic businesses. The Oil & Gas, Transportation and Power Generation markets make up 38.2% of the total order value and 36.4% of revenues. Services are 31.7% of the total order value and 30.7% of revenue. Services are concentrated predominantly in Europe with further growth possibilities in Asia Pacific and Africa/Middle East. Order intake was healthiest in Asia Pacific with Africa/Middle East also performing particularly well. Full year 2015 EBITDA of Euro -9.8 million was up 19.3% over 2014 EBITDA of Euro -12.2 million. 2015 Normalized EBITDA, which is EBITDA adjusted for one-time transactions was Euro -4.1 million, up 77.0% compared to Euro -17.7 million in 2014. Reduced costs, improved efficiency and better focus on core strengths significantly narrowed the losses. The Company recognized a goodwill impairment charge of Euro EUR11.2 million completing the write-off of all goodwill that incurred from the AEG PS acquisition by 3W Power SA in September 2009. The result is a net loss of Euro 41.6 million (2015: EURO 7.5 net income). Year-end equity is Euro 7.7 million (2014: Euro 44.0 million). The Group underwent substantial changes in the last two years. The following two tables represent the combined activities for the Group on an adjusted basis eliminating discontinued activities and the effects of partial results from divestments. The purpose is to provide as clean a comparison as possible between fiscal years 2014 and 2015. Industrial Products and Services (IPS)*
*For the IPS segment, 2015 orders and revenue numbers correspond to those of the Group, historical numbers of 2014 have been adjusted by adding the previous reportable RES and EES Segment, adjusted for the operating results of discontinued operations (sale of Skytron and the Indian subsidiary). Orders and sales in the core industrial UPS business were stable compared to 2014. IPS finished fiscal year 2015 with Euro 178.6 million in orders and Euro 177.4 million in revenue. Compared to 2014, orders were down 12.2% (2014: Euro 203.4 million) and revenue was down 10.0% (2014: Euro 197.0 million). EBITDA for IPS was Euro -7.1 million (Normalized EBITDA was Euro -0.5 million), compared to EBITDA of Euro -2.3 million (Normalized EBITDA Euro -13.3 million) for 2014. The Group’s cash position was Euro 30.3 million as at 31 December 2015. Orders by geographical area (Annual and quarterly comparison)
Revenue by geographical area (Annual and quarterly comparison)
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2016-03-24 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 | |
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