AEG 21604 G Bedienungsanleitung PDF herunterladen (Seite 65)

AEG PS Group's expansion in certain selected geographical markets bears risks.

To date, Europe, particularly Germany and France, has been AEG PS Group's most important end market.

However, given the increase of photovoltaic power projects in Asia, particularly in China and India, and

in North America, AEG PS Group has started to expand its presence in these markets. Consequently, the

success of AEG PS Group's growth strategy partly depends on its ability to enhance its presence and ex-

pand its sales in Asia. AEG PS Group is a relatively new entrant to such markets and may find it difficult

to recruit qualified personnel to service these markets. It has only limited experience with the economic,

legal, political and competitive environments of these markets. Particularly in emerging markets, Gov-

ernments may exercise significant control over economic growth through the allocation of resources, the

setting of monetary policies and a preferential treatment of particular industries or companies. Due to the

rapid evolvement of legal systems in these countries, interpretation and enforcement of many laws, regu-

lations and rules are not always consistent and legal proceedings often involve uncertainties. Available

legal protection, including protection of intellectual property rights, may, therefore, be limited. There can

be no assurance that AEG PS Group will be able to develop, implement and maintain policies and strate-

gies that will be effective in each of the envisaged markets and the occurrence of any of the foregoing

factors may impede AEG PS Group's expansion plans and could, as a result, have a material adverse ef-

fect on AEG PS Group's business, results of operations and financial condition.

Any inability to consummate or successfully integrate past and/or future acquisitions may jeopardize

AEG PS Group's growth strategy.

AEG PS Group's growth strategy is partly based on acquisitions. To this end, it has recently acquired a

majority stake in skytron energy GmbH (“skytron”), a German based supplier of monitoring and supervi-

sion solutions for photovoltaic systems. AEG PS Group's ability to successfully effectuate potential ac-

quisitions in the future will depend on various factors, including its ability to identify acceptable acquisi-

tion candidates, its ability to consummate acquisitions on favourable terms, a successful integration of the

acquired businesses, including the integration of financial, technological and management processes, pro-

cedures and controls of the acquired businesses into its own existing operations and adequate financing

for acquisitions being available on terms acceptable to AEG PS Group. The process of integrating ac-

quired businesses into existing operations may result in unforeseen operating difficulties and may require

additional financial resources and attention from management that would otherwise be available for the

ongoing development or expansion of existing operations. Furthermore, even if successfully integrated,

the acquired business may not achieve the results AEG PS Group expected. Failure to successfully con-

summate and/or integrate acquired businesses could have a material adverse effect on AEG PS Group's

business, results of operations and financial condition.

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AEG 21604 G Bedienungsanleitung Seite 65