AEG 21604 G Manual de usuario descargar pdf (Pagina 57)

 product portfolio management to eliminate unprofitable or insufficiently profitable product fami-

lies and to increase efficiency in research and development;

 reduction of manufacturing costs and optimization of the value chain;

 improved efficiency of processes and tasks in the fields of general and administrative expenses,

R&D, and marketing and sales;

 reduction of sales, staff, expenses and distribution channels to an extent necessary to only serve

large profitable key accounts, selected key markets and selected vertical;

 reductions in workforce if necessary;

 and similar other measures.

However, there can be no assurance that the intended restructuring will be successful and that the EES

segment will return to operational profitability. For example, potential cost cutting measures could detri-

mentally affect factors that are critical to the creation of revenues and profits. In addition, AEG PS

Group's workforce and unions could oppose certain strategic measures, such as employee layoffs, and

organize strikes and other measures that could impede or interrupt AEG PS Group's operations. The reali-

zation of any of the above mentioned risks could have a material adverse effect on AEG PS Group's busi-

ness, results of operations and financial condition.

AEG PS Group's cash from operating activities, current cash resources and existing sources of exter-

nal financing may be insufficient to meet its cash-flow requirements. AEG PS Group is therefore de-

pendent on the successful issue of the Notes and its ability to improve its cash-flows from operating

activities.

AEG PS Group faces considerable liquidity risks arising from the current economic downturn, which has

lead to a decline of its business, in particular power control systems and modules sales, on the one hand,

and the working capital and minimum operating cash requirements of its business on the other hand. A

substantial portion of AEG PS Group’s cash-flow from operating activities is being and will continue to

be dedicated to the payment of principal and interest on indebtedness and to cash collateral requirements

of bank guarantees. Furthermore, fluctuations in monthly working capital and the limited visibility on

short term cash requirements require higher cash balances to ensure liquidity. This reduces the amount of

cash which AEG PS Group has available for other purposes, including working capital needs, capital ex-

penditures, the exploitation of business opportunities and growth, future acquisitions and other general

corporate needs, as well as the payment of dividends. In the first nine months of 2010, AEG PS Group

reported a cash outflow from operating activities of EUR 2.3 million and used a cash flow of EUR 24.2

million in investing activities. Cash at the end of the period decreased from EUR 62.4 million as at 30

September 2009 to EUR 45.1 million as at 30 September 2010.

AEG PS Group is therefore dependent on the successful issue of the Notes. Moreover, AEG PS Group is

dependent on its ability to successfully monitor and manage its operating working capital and cash re-

quirements and to return to a positive cash-flow from operating activities. Should AEG PS Group be un-

able to secure sufficient liquidity through the issue of the Notes, this would make it particularly reliant on

additional external sources of financing. As a result of the recent global financial crisis, there has been a

significant credit shortage. If such shortage continues and the availability of other sources of financing is

also limited, AEG PS Group could incur increased costs associated with its financing by way of credit

facilities, and by way of other debt and equity instruments. In addition, AEG PS Group's ability to obtain

financing may be limited at a time when AEG PS Group intends to capitalize on business opportunities,

refinance maturing debt, or react to a changing economic and business environment.

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