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3W Power/AEG Power Solutions reports results for Q4 and fiscal year 2014 - Seite 2
Company had given to the market following its financial restructuring
carried out in mid-2014.
EBITDA came to - EUR 12.2 million (Normalized EBITDA, which is EBITDA
impacted by one-time transactions, was - EUR 17.7 million), up 48.2% over
2013 EBITDA of - EUR 23.6 million (2013 Normalized EBITDA: - EUR 5.3
million). Most important driver for the Company's profit situation was the
restructuring which included sale of assets, closing down of structural
loss-making affiliates, reduction in headcount and new market focus in the
core EES business. The effects of the operational restructuring measures
are improving the results and provide evidence that the Company is
stabilizing. On a like-for-like basis (excluding sold assets/discontinued
operations), total costs were reduced by EUR 25.2 million compared to 2013.
Headcount reduced from 1,521 to 988 as at end of February 2015. Following
negative Normalized EBITDA on a quarterly basis from Q1 to Q3 2014, the
positive EUR 1.8 million Normalized EBITDA in Q4 2014 demonstrates the
Company's ability to achieve profits in operating business and underlines
the progress achieved in the Group's turnaround process.
With the conversion of the old EUR 100 million bond the Company recognized
an income of EUR 46.7 million. In combination with the cash capital
increase, both successfully carried out in August 2014, this resulted in a
substantial improvement of the Company's equity which was EUR 44.0 million
as at December 31, 2014. This represented 22.5% of the total balance sheet.
As a result of the operational and financial measures including asset
sales, the Group's position of cash and cash equivalents remained
relatively stable at EUR 29.9 million at the end of fiscal 2014 (2013: EUR
32.7 million).
Several external factors, including the political crises in Russia and
Ukraine as well as the conflicts in the Middle East, placed a burden on the
operating business during the reporting period. These negatively affected
projects and orders in the core industrial markets. Moreover, the decline
in oil prices, the slowness in some European economies and downgraded
growth prospects brought a high degree of uncertainty to the markets for
industrial goods and infrastructure investment especially in the important
oil & gas market. The macroeconomic factors negatively affected order
intake as customers tend to delay investments due to uncertain outlook.
Since revenues decreased at a higher rate than order intake due to the
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