AEG 21604 G Bedienungsanleitung PDF herunterladen (Seite 161)

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Prof. Dr. Mark Wössner

Berger Lahnstein Middelhoff & Partners LLP; Heidelberger Druck; Douglas Group; Loewe AG; Daimler

AG.

Bruce Brock

Brock Trust L.L.C (Delaware); Brock Consulting L.C.C. (Delaware).

Recent Developments and Outlook

Principal activity and business in the nine months ended 30 September 2010

Total revenue of AEG PS Group in the nine months ended 30 September 2010 was EUR 211.1 million

which, on a pro forma basis was 34 % lower than the EUR 318.1 million of pro-forma revenue in the

same period of 2009. Excluding the contribution made by skytron, AEG PS Group revenue in the nine

months ended 30 September 2010 would have been EUR 203.9 million. The decline in revenue was al-

most entirely due to lower sales into poly-silicon applications in the RES segment (down 58 % to EUR

75.6 million from 2009). The fall in sales followed low order intake in 2009 from polysilicon customers

due to overcapacity in the world poly-silicon market. Revenue in the EES segment was EUR 135.6 mil-

lion, down 3 % from 2009 pro forma revenue.

Included in revenue in 2010 (first quarter) was EUR 5.6 million of one-time income from a contract

amendment negotiated with a customer in the RES segment.

In contrast to the decline in revenues from polysilicon, AEG PS Group notes that its other solar activities

are enjoying better than anticipated order intake and sales and expects these to remain buoyant to the end

of the year. Although this will not be sufficient to offset the drop in poly-silicon revenues AEG PS Group

considers that the trends seen in the solar market provide a reasonable basis for expecting a recovery in

polysilicon demand.

Gross profit in the nine months ended 30 September 2010 was EUR 59.1 million or 28 % of total reve-

nue. In the same period in 2009, pro forma gross profit after acquisition accounting effects was EUR

117.3 million or 37 % of revenue. The decline in gross profit in absolute and percentage terms is essen-

tially due to a much lower mix of polysilicon sales in 2010. Gross margin in 2010 was also impacted by

exceptional charges totalling EUR 4.4 million in respect of inventory and an advance payment given to a

supplier.

In the nine months ended 30 September 2010 AEG PS Group recorded an operating loss of EUR 32.6

million compared to a loss of EUR 2.0 million in 2009. However, the 2010 loss includes EUR 27.9 mil-

lion (2009: EUR 4.6) of amortisation charges for intangibles on the Business Combination as well as

charges of EUR 3.0 million (2009: EUR nil) for executive severance.

Significant changes in the trading position; Trend information

On 28 February 2010 AEG PS Group acquired 75 % of the equity of skytron energy GmbH & Co KG and

transformed the company into skytron energy GmbH (“skytron”). Goodwill arising on the acquisition

amounted to EUR 3.0 million. In the period since acquisition skytron contributed EUR 7.3 million and

EUR 1.9 million to AEG PS Group revenue and operating income respectively. skytron is reported within

the RES segment.

As per 2 June 2010, the share capital of the Issuer increased by EUR 12.5 million and this was due to the

assignment of nominal value to the Issuer’s share capital following the migration from Guernsey to Lux-

embourg. The increase in nominal value was affected by means of a transfer from share premium. Previ-

ously share capital had no nominal value and all issued capital was included in share premium.

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