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3W Power/AEG Power Solutions Reports Results for Q1 2013

DGAP-News: 3W Power S.A. / AEG Power Solutions / Key word(s): Interim
Report
3W Power/AEG Power Solutions Reports Results for Q1 2013

14.05.2013 / 19:57

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3W Power/AEG Power Solutions Reports Results for Q1 2013

(in EUR million) Q1 2013 Q1 2012 Δ in % Q1 2013 Q4 2012 Δ in %

Order backlog 90.9 160.9 -43.5 90.9 126.9 -28.4


Orders 57.9 87.9 -34.2 57.9 111.0 -47.9


Revenue 91.9 79.9 15.1 91.9 113.4 -18.9


Book to Bill 0.63 1.10 -42.8 0.63 0.98 -35.7


EBITDA 8.4 (0.7) n/a 8.4 2.2 281.8


EBITDA margin 9.2% -0.9% 9.2% 2.0%


Normalized EBITDA 8.5 0.0 n/a 8.5 7.4 14.9


Normalized EBITDA margin 9.2% n/a 9.2% 6.6%

Historical numbers have been represented for comparative purposes to
reflect the classification of the telecom converter business (CVT/LED) as a
discontinued operation during Q3 2012.

Luxembourg/Zwanenburg, The Netherlands - May 14, 2013 - 3W Power SA (Prime
Standard, ISIN GG00B39QCR01, 3W9), the holding company of AEG Power
Solutions B.V., a leading global provider of power electronic systems and
solutions for industrial power supplies and renewable energies, today
announced results for Q1 2013. Order intake in Q1 2013 was EUR57.9
million, down 34.2% year-on-year (Q1 2012: EUR87.9 million) and down 47.9%
compared to the prior quarter (Q4 2012: EUR111.0 million). Order backlog
in Q1 2013 was EUR90.9 million, down 43.5% year-on-year (Q1 2012: EUR160.9
million) and down 28.4% compared to the prior quarter (Q4 2012: EUR126.9
million). The drop in orders is the result of the ongoing weakness in POC
and delays in large Solar project orders.

Revenue in Q1 2013 was EUR91.9 million, up 15.1% compared to Q1 2012
(EUR79.9 million), primarily driven by Solar revenue but down 18.9%
compared to the prior quarter (Q4 2012: EUR113.4 million) due to a
seasonally strong Q4 2012. Normalized EBITDA in Q1 2013 was EUR8.5
million, which excludes one-time expenses of EUR0.1 million. This
corresponds to Normalized EBITDA of EUR0.0 million in Q1 2012 and EUR7.4
million in Q4 2012. The increase in EBITDA was due to strong Solar EBITDA
as large Solar orders were fulfilled and a reduction of EUR1.1 million
(including one-time restructuring expenses of EUR0.1 million) in shared