3W Power, the holding company of AEG Power Solutions (AEG PS), today issued preliminary, unaudited results for 2011, achieving its sales and earnings targets for fiscal year 2011. Revenue for the year was up 39.9% at €428.2 million (2010: €306.0 million), while EBITDA reached €53.1 million (2010: loss of €23.9 million) with an EBITDA margin of 12.4%. Order intake was up 8.8% year-on-year albeit slow in Q4 due to delays of solar projects in certain geographic markets.
Renewable Energy Solutions (RES) revenue came to €224.0 million compared to €110.2 million in 2010. The revenue growth of this segment was 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 and monitoring & control). The business benefited from a strong project pipeline in East Asia, Eastern Europe and first solar wins in India. The anticipated disposal of the EMED solar farms in Italy is expected to take place in Q1.
In Energy Efficiency Solutions (EES), the last quarter was, as anticipated, the strongest in terms of revenue. On a year-on-year basis, EES revenue was up 4% to €204.2 million. EES recorded its third consecutive quarter of positive EBITDA and was EBITDA positive for the fiscal year, aided by Agenda 2012 actions. The Telecom business and in particular the Converter activities remained difficult.
“We are pleased with our performance in 2011,” commented Horst J. Kayser, CEO of AEG Power Solutions. “We reached our revenue target for the year and achieved a double digit EBITDA margin.”
Due to the general economic uncertainty, which impacts customers’ project financing, long term forecasting and outlook for 2012 will be revisited with the release of Q1 figures. The Company continues to anticipate growth in its key markets but cannot exclude the possibility that further deterioration in economic conditions will impact its growth prospects.
Traditionally the first quarter tends to be relatively weak and the Company expects Q1 2012 revenue performance to be below Q1 2011 levels. As part of its annual audit, the Company is conducting a review of its goodwill and intangible assets. Any adjustments to these balances do not affect EBITDA and will be included in the annual report for 2011.
The Board of Directors of 3W Power/AEG Power Solutions will present full Q4 2011 results and consolidated financial statements for fiscal year 2011 on March 28, 2020. The 2011 annual report will then be available for download at www.aegps.com in the Investor Relations section.
Source: Business Wire
