AEG 21604 G Manual de usuario descargar pdf (Pagina 55)

AEG PS Group's profitability and the success of its growth strategy are dependent on the growth of the

photovoltaic industry and on investments in new polysilicon production capacity. AEG PS Group is

currently not in a position to offset declining demand for its power control systems and modules with

its other operating activities which has had and could continue to have a material adverse effect on its

revenues and profitability.

In recent years, the strong demand for its power control systems and modules has been a significant driver

for AEG PS Group's revenues and profitability. As a result, AEG PS Group's revenues have increased

from approximately EUR 343 million in 2008 (AEG PS Group, excluding the DC Converter Business) by

approximately 11 %, to approximately EUR 382 million in 2009 (on pro-forma basis assuming that the

Business Combination already had occurred as at 1 January 2009) and AEG PS Group's gross profit has

increased from approximately EUR 115 million in 2008 (AEG PS Group, excluding DC Converter Busi-

ness) by approximately 24 %, to approximately EUR 143 million in 2009 (on pro-forma basis assuming

that the Business Combination already had occurred as at 1 January 2009). Beginning in 2010, AEG PS

Group commenced providing inverters, electronic systems and monitoring, and balance of electrical sys-

tems for photovoltaic solar installations.

AEG PS Group's strategy for future growth is also based on the assumption that the photovoltaic industry

as well as the polysilicon production capacity will continue to expand.

Although the photovoltaic energy industry has experienced substantial growth over the last years, it still

remains a small part of the total power generation market and competes with other sources of renewable

energy, as well as conventional power generation. Negative financial news, tighter credit markets and

declines in asset values have affected the growth expectations for the photovoltaic industry. In particular,

the global financial crisis has impacted the short-term availability of financing, which affected the de-

mand for photovoltaic systems and makes it difficult to finance large-scale photovoltaic projects. Addi-

tionally, the photovoltaic industry still faces a number of challenges, including cost-effectiveness of

photovoltaic energy and the performance and reliability of photovoltaic modules compared to conven-

tional power generation and other renewable energy sources.

The expansion of polysilicon production capacity is a material factor for AEG PS Group's growth pros-

pects. An excess in production capacity for polysilicon created an oversupply situation which adversely

affected demand for AEG PS Group's power control systems and modules resulting in declining sales

volumes. Mainly for this reason, AEG PS Group's revenues for the first nine months of 2010 was ap-

proximately EUR 211 million, down approximately 34 % when compared to the consolidated revenues of

EUR 318 million for the first nine months of 2009 (AEG PS Group, excluding DC Converter Business).

Such circumstances could continue in the foreseeable future and could continue to have material adverse

effects on AEG PS Group's business.

A downturn or sustainable decrease in the global demand for photovoltaic systems and/or a lack of in-

vestments in polysilicon manufacturing capacity could have a material adverse effect on AEG PS Group's

business, results of operations, and financial condition.

AEG PS Group is dependent on the successful implementation of the Management's strategy to re-

structure its Energy Efficiency Solutions segment. Should AEG PS Group fail to implement its opera-

tional restructuring plans, its revenues and profitability may be adversely affected.

AEG PS Group has historically been loss making on an operational level in its EES segment. AEG PS

Group reported an operating loss of EUR 2.5 million in 2007, EUR 1.7 million in 2009 (on a pro-forma

basis) and EUR 5.1 million in the first nine months of 2010 in its EES segment. Only in 2008 AEG PS

Group achieved a positive operating result of EUR 4.1 million in this segment. As a result, AEG PS

Group’s future success and financial performance are largely dependent on its ability to successfully im-

plement its business strategy and achieve sustained profitability in its EES segment. To this end, a thor-

ough review of the EES segment is currently being conducted. Restructuring measures shall be imple-

mented once this review process is completed. These measures could include:

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