DGAP-News

3W Power/AEG Power Solutions reports results for Q4 and fiscal year 2014 - Seite 3

reduced scope of the Company's activities, the Group's Book to Bill however
improved to 1.03 in 2014 (2013: 0.88).

Renewable Energy Solutions (RES)

(in EUR million) 12M 2014 12M 2013 Δ in %

Order backlog 8.0 14.1 -42.9


Orders 32.6 57.4 -43.1


Revenue 30.5 96.1 -68.3


Book to Bill 1.07 0.60 79.5


EBITDA (7.8) (6.8) -15.4


EBITDA margin -25.6% -7.0%


Normalized EBITDA (18.7) 1.2 na


Normalized EBITDA margin -61.4% 1.2%

(in EUR million) Q4 2014 Q4 2013 Δ in % Q4 2014 Q3 2014 Δ in %

Order backlog 8.0 14.1 -42.9 8.0 13.3 -39.7


Orders 7.0 9.2 -24.4 7.0 4.6 51.8


Revenue 7.6 10.4 -26.5 7.6 6.1 24.3


Book to Bill 0.92 0.89 2.9 0.92 0.75 22.2


EBITDA (10.5) (8.9) -17.6 (10.5) (3.1)


EBITDA margin -137.7% -86.0% -137.7% -49.9%


Normalized EBITDA (0.6) (1.1) 45.8 (0.6) (5.9) 89.7


Normalized EBITDA margin -7.9% -10.8% -7.9% -95.7%

Orders in RES were EUR 32.6 million in 2014, down 43.1% year-on-year (2013:
EUR 57.4 million). RES order backlog was EUR 8.0 million in 2014, down
42.9% year-on-year (2013: EUR 14.1 million). The Solar restructuring
measures taken, which included the sale of operations in India as well as
the subsidiary skytron and the operational closing down of the Dallas
office, together with the weak market situation (financing, delays and cuts
in government subsidies) and no development of new product introduction,
caused a significant decrease in the overall order intake. Order intake in
POC was impacted by the restructuring measures taken due to the sale of the
Power Controller Module business. Although a large order was obtained from
a key customer in the polysilicon industry, the Company still sees no sign
of a structural recovery in this weak market. The Group however continues
to apply its technology to new markets and new applications and has
occasionally success. RES revenue was EUR 30.5 million in 2014, down 68.3%
compared to the previous year (2013: EUR 96.1 million). This development
was significantly driven by the drop in underlying Solar and POC markets as
well as divestments of non-core units within the Group.

RES EBITDA was - EUR 7.8 million (Normalized EBITDA: - EUR 18.7 million) in
2014, down 15.4% from EBITDA of - EUR 6.8 million in 2013 (2013 Normalized
EBITDA: EUR 1.2 million). The modest drop in EBITDA is due to significantly