May 14, 2014
AEG Power Solutions (FWB:3W9): 3W Power S.A. (ISIN LU0953526265, 3W9), 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, announced results for Q1 2014.
Group results for Q1 2014
AEG Power Solutions finished Q1 2014 with '64.1 million of orders, a promising start to the new year, and '45.4 million in revenue. Compared to Q1 2013, orders were up 7.0% (Q1 2013: '60.0 million) however revenue was down 51.9% (Q1 2013: '94.4 million). Normalized EBITDA of -'8.3 million (Q1 2014 EBITDA: '8.7 million) was down from Q1 2013 Normalized EBITDA of '7.1 million (Q1 2013 EBITDA: '6.7 million). Normalized EBITDA excludes capital gains and restructuring costs.
In the first three months of 2014 the Group completed several major actions with respect to its global financial and operational restructuring program. The POC module business was sold to Advanced Energy Industries. The capital gain (net of proceeds) of the sale of POC modules is '20.9m. This is offset by an additional '2.6m write-off in capitalized R&D projects. The Group's affiliate in Bangalore, India was sold to Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC) and is expected to close in Q2 and 3W Power South Africa was sold to ACI SA. The Group's Telecom Converter business based in Lannion, France was placed into administration and was de-consolidated from the Group.
As at 31 March 2014, the Group maintained '35.8 million in cash and cash equivalents.
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