3W Power/AEG Power Solutions Reports 2011 Financial Results
-- Revenue growth of 40% year-on-year to EUR428.2 million in 2011
-- EBITDA margin of 12.4%
-- Order intake up 9.0% year-on-year but with Q4 down 38% y-o-y
-- Q1 2012 revenue performance expected to be below Q1 2011 levels in the current uncertain economic environment
3W Power, the holding company of AEG Power Solutions (AEG PS), today announced its financial results for 2011. Revenue for the year was up 40.0% at EUR428.2 million (2010:EUR306.0 million), while EBITDA reached EUR53.1 million (2010:loss of EUR23.9 million) with an EBITDA margin of 12.4%. Order intake was up 9.0% year-on-year albeit slow in Q4 due to delays in solar projects in certain geographic markets and weak demand for power controllers for polysilicon manufacturing. “We are pleased with our performance in 2011”, commented Horst J. Kayser, CEO of AEG Power Solutions. “We reached our revenue target for the year and achieved a double-digit EBITDA margin.”
Kings in dispute with city over arena costs
The Sacramento Kings said Friday they are still committed to building a new arena in California's capital city despite disagreements over part of the funding.
Co-owner George Maloof said in a phone interview that he does not believe the team should pay $3.2 million in pre-development costs for the estimated $391 million downtown arena.
"It's pretty simple," he said. "We're playing the role of the tenant. We didn't feel like it would be appropriate to pay for pre-development costs as a tenant. On top of that, there was a clause that had the Kings paying for AEG's contribution if the project didn't happen so we'd have to pay them back. We didn't think that was fair and we still don't."
Maloof said the team brought up that issue when first presented with the term sheet for the agreement to keep the Kings in Sacramento, but Mayor Kevin Johnson said all sides agreed to the deal before a news conference in Orlando on Feb. 27.
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Michael Roth, vice president of communications for AEG, which operates Staples Center, confirmed the incident: 'At the end of the game, a fan came out of SEE SHOCK PICTURES! David Arquette knocked over at basketball gameActor David Arquette toppled at Los Angeles Lakers gameDavid Arquette Thrown to the Floor at Lakers-Suns Game 1 - -all 146 news articles »
In addition to Lakers games, the mayor has also attended the Grammy Awards and two Emmy Awards ceremonies at Staples and the Nokia Theatre, which AEG owns. Some Of Mayor Villaraigosa's Prime Lakers Tickets Are Gifts From Staples LA mayor's office responds to 'freebies' scrutinyLA council gives preliminary approval to close environmental departmentall 10 news articles »
