AEG 21604 G Bedienungsanleitung PDF herunterladen (Seite 61)

AEG PS Group could face a decline in demand if government subsidies and other economic incentives

for the photovoltaic industry are reduced or eliminated.

Demand for renewable energy has historically been dependent in part on the availability of government

subsidies and incentives. Currently, the cost of photovoltaic electricity substantially exceeds the retail

price of electricity in most major markets in the world. As a result, federal, state and local governmental

bodies in many countries, most notably Germany, Italy, Spain, France, Czech Republic, South Korea,

China and the United States, have provided subsidies in the form of feed-in tariffs, rebates, loan guaran-

tees, tax write-offs and other incentives to end-users, distributors, system integrators and/or manufacturers

of photovoltaic products to promote the use of renewable and, in particular, photovoltaic energy, in order

to reduce dependency on conventional forms of energy. Many of these government incentives are due to

be phased out or expire over time, cease upon exhaustion of the allocated funding or are subject to cancel-

lation or non-renewal. Further, any government subsidies and incentives could be reduced or eliminated

altogether at any time and for any reason. For example, the industry ministry of Spain, after having cut

government subsidies already in 2008, has recently announced its intentions to further reduce the feed-in-

tariff paid for energy generated in new photovoltaic solar power plants by up to 45 %. Furthermore, the

German parliament recently amended the solar subsidy law and enacted a reduction of the feed-in tariffs

on new solar systems by up to 6 % in two steps. Effective 1 September 2010, the French government has

decided to cut the feed-in-tariffs paid for solar-power generated electricity by 12 %.

The reduction, expiration or elimination of relevant government subsidies or incentives may materially

adversely affect demand for PV energy and, in turn, for AEG PS Group's Renewable Energy Solutions

products and services and may, thus, have a material adverse effect on AEG PS Group's business, results

of operations, and financial condition.

AEG PS Group historically recognised significantly lower revenues in the first quarter and its results

of operations may fluctuate significantly from quarter to quarter in the future.

AEG PS Group typically recognises higher levels of revenues during the second and fourth calendar quar-

ters than during the first calendar quarter because of the capital expenditure patterns of AEG PS Group's

customers and commissioning of the delivered hardware. AEG PS Group typically recognises the highest

level of revenues during the fourth calendar quarter, especially in December. Fluctuations in quarterly

revenues have resulted in net losses being incurred in certain quarters of recent years, particularly in the

first calendar quarter. AEG PS Group anticipates that it will continue to experience significant fluctua-

tions in revenues and results of operations on a quarterly basis that may culminate in net losses as a result,

particularly in the first calendar quarter. As a consequence, the quarterly reporting of the financial results

of any quarterly period should not be taken as indication of results to be expected for the full fiscal year.

AEG PS Group's business in the Renewable Energies Solutions segment is mainly project driven, and

its success depends upon its ability to timely complete current orders and to continuously secure new

orders in this segment.

Investments in polysilicon production capacity and utility scale photovoltaic installations are important

drivers of demand for AEG PS Group's products. Typical polysilicon manufacturing facilities and utility

scale photovoltaic installations are expected to have a long field life, and thus, a considerable portion of

AEG PS Group's revenues are non-recurring revenues. AEG PS Group, therefore, depends on continually

and consistently securing orders for its Renewable Energies Solutions segment. A concentration of cus-

tomer orders at peak times may lead to a capacity overload on AEG PS Group's production lines, which

may lead to delays, and customers may demand penalties for breach of contract, claim for damages suf-

fered through delayed delivery and/or cancel their orders. On the other hand, the absence of incoming

customer orders could lead to an under-utilisation of AEG PS Group production capacity. Either a capac-

ity overload or a failure to secure sufficient new orders could have a material adverse effect on AEG PS

Group's business, results of operations and financial condition.

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