AEG 21604 G Bedienungsanleitung PDF herunterladen (Seite 53)

RISK FACTORS

Investors should carefully read and consider the following chapter on risk factors relating to the Issuer,

the Notes, the Guarantor and the Guarantee. The occurrence of any of the risks described below, alone or

in connection with other circumstances, may materially and adversely affect the business of AEG PS

Group and could have a material adverse effect on the business, financial condition and results of opera-

tions of the Issuer and AEG PS Group. The market price of the Notes could decline as a result of the oc-

currence of any of these risks, and investors may lose all or part of their investment. The risks outlined

below are those risks which the Issuer currently believes to be material. However, these risks may prove

not to be exhaustive. Additional risks and uncertainties of which the Issuer is currently not aware could

also materially adversely affect the business of AEG PS Group resulting in material adverse effects on the

business, financial condition and results of operations of AEG PS Group. The order in which the follow-

ing risk factors are presented does neither reflect the likelihood of their occurrence, nor the extent or

significance of the individual risks.

Risks Related to the Issuer and AEG PS Group

The global economy is still undergoing a period of unprecedented volatility and may continue to impair

business and results of operations of AEG PS Group.

The recent economic downturn in connection with the global financial crisis has been challenging the

global business operations of AEG PS Group in a number of ways. Operations have been materially ad-

versely affected by decreases in the general level of economic activity, such as decreases in business and

consumer spending, capital spending, industrial production and government procurement which has re-

sulted in unprecedented uncertainty for ongoing operational performance. In particular, the cessation of

investment in the expansion of polysilicon manufacturing capacity and, in turn, the significant decrease in

order intake for AEG PS Group's power control systems and modules from EUR 366 million in 2008 by

93 % to EUR 25 million in 2009 (on a pro-forma basis assuming that the Business Combination already

had occurred as at 1 January 2009, excluding DC Converter Business) affected AEG PS Group's business.

As a result, AEG PS Group's revenues for the first nine months of 2010 was EUR 211 million, down

34 % when compared to the consolidated revenues of AEG PS Group for the first nine months of 2009.

The lower sales volume also impacted AEG PS Group's gross profit. In general, the demand for products

requiring significant capital expenditures is typically affected by general economic conditions.

In addition, the likelihood that one or more of AEG PS Group's customers or suppliers experience finan-

cial distress or bankruptcy has increased as a result of the global economic downturn.

The recent recovery of the global economy could only be of temporary nature and could result in a con-

tinuation of the downward trend of the last years. A prolonged period of economic decline could continue

to have a material adverse effect on AEG PS Group's business, results of operations and financial condi-

tion. Furthermore, an economic downturn and the uncertainty about future economic developments make

it challenging to forecast AEG PS Group's operating results, to make business decisions and identify the

risks that may affect the business. If AEG PS Group is not able to efficiently and appropriately adapt to

changes resulting from a continuing difficult macroeconomic environment, its business, results of opera-

tions and financial condition may be further materially adversely affected.

1 2 ... 48 49 50 51 52 53 54 55 56 57 58 ... 650 651

Keine Kommentare

AEG 21604 G Bedienungsanleitung Seite 53