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German's AEG Power has announced that its expected full-year 2012 revenue has been reduced to €370-380 million (US$479-US$492 million).
The company, a unit of 3W Power, said the decrease in revenue, from the originally expected €430 million (US$557 million), was due to a fall in proof-of-concept (POC) orders, coupled with the cancellation of a POC project and its decision to make Lannion, its French telecom converter business, an asset held for sale. AEG noted that its normalised EBITDA margin for the year would be at least 9%
But the company said that industrial-based energy efficient solutions revenues, not including the telecom converter business, were anticipated to outdo last year’s levels, while the solar unit is also growing 10% year-on-year.
AEG plans to publish its third quarter and nine-month 2012 results, along with its forecast for 2013 on 13 November.