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Besides the aforementioned circumstances, there has been no significant change in the financial or trading
position of the Issuer and the Guarantor since 30 September 2010.
In addition, there has been no material adverse change in the prospects of either the Issuer or the Guaran-
tor since 31 December 2009.
Outlook
In contrast to the decline in revenues from polysilicon, the RES segment is experiencing much better than
anticipated order intake and sales in its other solar activities and expects these to remain buoyant to the
end of the year so that this business is expected to have a stronger second half 2010 in both orders and
sales. Although this will not be sufficient to offset the drop in poly-silicon revenues AEG PS Group con-
siders that the trends seen in the solar market provide a reasonable basis for expecting a recovery in
polysilicon demand. In total the RES business is expected to have improved sales in the last quarter of the
year.
In particular, on 30 August 2010 AEG PS Group reported the winning of a framework agreement for 260
MW PV Power Plant equipment with a European customer, including Protect PV.250 and PV.500 Solar
Inverters, monitoring systems and other electrical equipment. Starting December 2010, over a period of
one year, AEG PS Group will provide complete balance of electrical system for 13 PV power plants in
Eastern Europe, each of 20 Mega Watts. AEG PS Group will design and supply its solution TKS-C, shel-
ter containing: Solar Inverter, monitoring and supervising equipment, transformer and medium voltage
switchgear. Being part of the balance of electrical system (“BOS”), AEG PS Group supplies further com-
biner boxes and the PV power monitoring and control solution. AEG PS Group will commission the
equipment on site.
In September 2010 AEG PS Group introduced its new Thyrobox™ PI power system which it believes
will set new efficiency standards in polysilicon production. Using proprietary technology developed by
AEG PS Group, the Thyrobox™ PI, allows manufacturers of polysilicon, to increase the production out-
put of their existing polysilicon reactors by 10 % to 20 %, depending on reactor configuration and process
condition.
Order intake in the EES segment continued to rise quarter-on-quarter and AEG PS Group expects revenue
in the last quarter to be stronger than any of the preceding quarters aided partly by the seasonality effects.
At the same time the AEG PS Group is reviewing its EES business with a view to improving the effi-
ciency and economic resilience of this segment which will complement its recognised technical excel-
lence and quality. This would be a continuation of the process already initiated in 2009 at AEG PS
Group’s facilities in France.
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