3W Power S.A. / AEG Power Solutions
3W Power S.A. / AEG Power Solutions: 3W Power/AEG Power Solutions reports full year 2016 financial results
DGAP-News: 3W Power S.A. / AEG Power Solutions / Key word(s): Final Results
– Year-end orders Euro 172.7m, same level as last year on a like-for-like basis – Revenue of Euro 165.1m, same level as last year on a like-for-like basis – Cash Position Euro 14.9 m at the end of 2016 – Normalized EBITDA improves for the full year and in Q4 2016 – Protective shield proceedings in Germany governs IFRS accounting policies since November 22, 2017 the start of the procedure 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 its results for Q4 2016 and fiscal year 2016. The “unaudited pro forma” figures include full consolidation of AEG PS GmbH for 2016 and “reported” figures include consolidation of AEG PS GmbH till November 22, 2016. In accordance with IFRS, the audited financial statements show the Germany GmbH subsidiary as deconsolidated due to the protective shield process. As of May 2, 2017, this process is complete and therefore, the company is showing results on a fully consolidated and consistent basis to prior years. Group results December 31 (unaudited pro forma)* December 31 (reported)*
* “Unaudited pro forma” includes full consolidation of AEG PS GmbH for 2016; “reported” includes consolidation of AEG PS GmbH till November
* “Unaudited pro forma” includes full consolidation of AEG PS GmbH for 2016; “reported” includes consolidation of AEG PS GmbH till
* “Unaudited pro forma” includes full consolidation of AEG PS GmbH for 2016; “reported” includes consolidation of AEG PS GmbH till On an unaudited pro forma basis (comprises full year of Germany operations included) AEG Power Solutions finished fiscal year 2016 with Euro 172.7 million in orders and Euro 165.1 million in revenue. Compared to 2015, orders were slightly down 3.3% (2015: Euro 178.6 million) and revenue was down 6.9% (2015: Euro 177.4 million). On a reported basis (includes consolidation of AEG PS GmbH till November 22, 2016) AEG Power Solutions finished fiscal year 2016 with Euro 168.6 million in orders and Euro 157.8 million in revenue. Compared to 2015, orders were slightly down 5.6% (2015: Euro 178.6 million) and revenue was down 11.1% (2015: Euro 177.4 million). The Group has a stable order backlog in 2016 reaching EUR86.6 million, up 4.0% up compared to 2015 (12M 2015: Euro 83.3 million) on an unaudited pro forma basis. The backlog is diversified and generally healthy which should help revenue generation in 2017. On a unaudited pro forma basis, revenue for Q4 2016 was Euro 46.1 million with a normalized EBITDA of Euro 1.4 million compared to revenue Q4 2015 of Euro 51.1 million with a normalized EBITDA of Euro 0.5 million. The year-end book-to-bill ratio was 1.05 for the Group in 2016. On a reported basis, revenue for Q4 2016 was Euro 38.7 million with a normalized EBITDA of Euro 1.8 million compared to revenue Q4 2015 of Euro 51.1 million with a normalized EBITDA of Euro 0.5 million. The year-end book-to-bill ratio was 1.07 for the Group in 2016.
* “Unaudited Pro forma” includes full consolidation of AEG PS GmbH for 2016; “reported” includes consolidation of AEG PS GmbH till
Industrial Products and Services (IPS) (unaudited pro forma)*
* “Unaudited pro forma” includes full consolidation of AEG PS GmbH for 2016; “reported” includes consolidation of AEG PS GmbH till Industrial Products and Services (IPS) (reported)*
* “Unaudited pro forma” includes full consolidation of AEG PS GmbH for 2016; “reported” includes consolidation of AEG PS GmbH till On an unaudited pro forma basis, IPS finished fiscal year 2016 with Euro 172.7 million in orders and Euro 165.1 million in revenue. Compared to 2015, orders were slightly down 3.3% (2015: Euro 178.6 million) and revenue was down 6.9% (2015: Euro 177.4 million). On a reported basis, IPS finished fiscal year 2016 with Euro 168.6 million in orders and Euro 157.8 million in revenue. Compared to 2015, orders were down 5.6% (2015: Euro 178.6 million) and revenue was down 11.1% (2015: Euro 177.4 million). The unaudited pro forma EBITDA for IPS was positive at Euro 3.6 million (Normalized EBITDA was Euro 1.1 million), compared to EBITDA of Euro -7.1 million (Normalized EBITDA Euro -0.5 million) for 2015. On an unaudited reported basis, EBITDA for IPS turned also positive at Euro 3.8 million (Normalized EBITDA was Euro 1.4 million), compared to EBITDA of Euro -7.1 million (Normalized EBITDA Euro 0.5 million) for 2015.
(like-for-like)
* “Unaudited pro forma” includes full consolidation of AEG PS GmbH for 2016; “reported” includes consolidation of AEG PS GmbH till Orders by geographical area (Annual and quarterly comparison) (reported)*
* “Unaudited pro forma” includes full consolidation of AEG PS GmbH for 2016; “reported” includes consolidation of AEG PS GmbH till Revenue by geographical area (Annual and quarterly comparison) (unaudited pro forma)*
(like-for-like)
Order recognition in the last quarter was affected by continued weakness in capital investment in Oil & Gas markets. The Middle East decreased 18.8% on an unaudited pro forma basis and 19.5% on a reported basis compared to 2015. Because AEG PS is very late in the investment cycle, the full impacts of the shift in Oil & Gas investment 24+ months ago, now shows in the financial results. The Group’s cash position was Euro 14.9 million as at 31 December 2016. The company took two key steps to strengthen the position of 3W Power. In February 2016, the company successfully sold two non-core assets, namely Fluxpower GmbH and Primetech s.r.l. This sale enabled 3W Power to repurchase EUR 4.7 million of debt and to eliminate further non core activities. In November, the Board of 3W Power S.A. filed for protective shield and debtor-in-possession proceedings for its loss-making subsidiary AEG Power Solutions GmbH, Warstein-Belecke, Germany. The protective shield proceedings enabled the undertaking of additional restructuring measures. These measures further streamlined the subsidiary’s operations, increased its profitability, and restructured certain long term liabilities. On May 2, 2017, after achieving all the objectives, the protective shield proceeding closed and the process concluded. The business activities at AEG Power Solutions and the German subsidiary continued to operate throughout. The company has improved its profitability year on year since this process of reorganization began in 2014. The Group continues the process of changing its structure from a product driven model towards a business focused on markets, customers and the services they require. The company remains focused on sustainably profitable activities in critical infrastructure for both Industrial and Data & IT, and at promising activities in new emerging areas of energy storage and grid management. Despite challenging market conditions and continued weakness in Oil & Gas, the company benefits from good diversification both in terms of product offering and geographic reach which contributes to a certain stability.
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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 |
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