DGAP-News

3W Power/AEG Power Solutions Reports Results for Q1 2013 - Seite 2

costs.

At the end of Q1 2013, the cash position of the Company was EUR33.1
million, down EUR9.8 million from EUR42.9 million at the end of Q4 2012.
This was mainly due to operating cash outflow of EUR6.9 million which
relates in essence to first quarter EBITDA offset by a reduction in advance
customer payments (deferred income) and paid provisions. In addition, there
was a EUR3.8 million cash outflow as a result of income taxes paid. The
Company's major Solar customer, with whom the Company experienced payment
delays exacerbated by the banking situation in Cyprus, in April re-started
their payment cycle and initiated large payments to the Company. At the
end of April, 2013 the Company's cash balance increased to EUR43.3 million
and its gross accounts receivable balance with the customer was down to
EUR37.8 million. Furthermore, the customer is fully current on outstanding
amounts owed.

Renewable Energy Solutions - Solar

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

Order backlog 13.6 19.0 -28.4 13.6 42.7 -68.2


Orders 11.8 21.5 -45.1 11.8 66.7 -82.3


Revenue 40.6 11.6 250.6 40.6 51.5 -21.1


EBITDA 9.1 (2.4) n/a 9.1 3.4 n/a


EBITDA margin 22.5% -20.7% 22.5% 6.6%


Normalized EBITDA 9.1 (2.4) n/a 9.1 3.4 n/a


Normalized EBITDA margin 22.5% -20.7% 22.5% 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.

Solar orders were EUR11.8 million in Q1 2013, down 45.1% year-on-year (Q1
2012: EUR21.5 million) and down 82.3% compared to the prior quarter (Q4
2012: EUR66.7 million), mainly due to delays in large Solar project orders
and strong order intake in Q4 2012. Solar order backlog was EUR13.6
million in Q1 2013, down 28.4% year-on-year (Q1 2012: EUR19.0 million) and
down 68.2% compared to the prior quarter (Q4 2012: EUR42.7 million).

Solar revenue was EUR40.6 million in Q1 2013, an increase of 250.6%
year-on-year (Q1 2012: EUR11.6 million), driven by a large contract for 240
MW of photovoltaic utility scale equipment and services, for which the
Company provided complete electrical systems for nine photovoltaic power
plants in Eastern Europe. Solar revenue was down 21.1% compared to the
prior quarter (Q4 2012: EUR51.5 million) due to a seasonally strong Q4