Manz AG achieves continued revenue growth in the first nine months of 2011 and further boosts profitability

11/04/2011 07:52:00 CET

  • Revenues up by around 60 % to EUR 192 million
  • Operating earnings (EBIT) increases to EUR 3.8 million
  • Solid order book position of around EUR 80 million (as of end of September 2011)
  • Record year expected for Flat Panel Displays segment

Reutlingen, November 14, 2011 – Manz AG, one of the world's leading providers of production systems for the photovoltaic and Flat Panel Display (FPD) industry, generated EUR 192 million of revenues in the first nine months of 2011, representing 58 % growth compared with the previous year's figure of EUR 121.3 million. Total operating revenues of EUR 217.9 million reflected 64.4 % growth compared with EUR 132.6 million in the previous year. The primary growth driver in the period under review was the FPD segment, although the New Business segment, which focuses on lithium-ion batteries, also reported very good growth. The Solar segment performed below expectations in the first nine months, however. The record level that FPD achieved, and the greater progress recorded in the New Business segment, could only partially compensate for this.

The company was able to significantly improve its earnings before interest and tax (EBIT) of EUR 3.8 million in the first nine months of 2011 (previous year: EUR -3.3 million). The net financial result of EUR -0.5 million was below the previous year's figure of EUR 0.2 million. As a consequence, earnings before tax (EBIT) increased to EUR 3.2 million, compared with EUR -2.1 million in the comparable period of the previous year. This in turn fed through to consolidated earnings after tax and minority interests of EUR 2.5 million (previous year: EUR -1.7 million). Given an average number of 4,480,054 shares outstanding, this corresponds to earnings per share of EUR 0.56 (previous year: EUR -0.38). Due to the significant improvement in the operating business, and the consequent increase in working capital requirements, operating cash flow amounted to EUR -15.1 million (previous year: EUR -5.8 million).

The current situation for the solar segment has prompted Manz to adjust its forecasts for this fiscal year. The Management Board is now expecting revenues of between EUR 220 million and EUR 230 million, and between breakeven and a slightly positive result in terms of earnings before interest and tax (EBIT). The company had previously anticipated revenues of between EUR 240 million and EUR 250 million, and an EBIT margin of at least 5 %. The adjustment was primarily made due to outstanding orders and initial project postponements, as well as cancellations, to a minor extent, for solar equipment. The company was unable to compensate for this trend, despite the very good developments in the FPD and New Business segments, particularly with lithium-ion batteries. Due to the current high level of volatility on the solar market, the company is also assuming that propensity to invest will remain low in the first half of 2012, with a focus primarily on upgrades to existing lines. The FPD segment will continue to report good trends next year, according to current expectations. The future market of e-mobility will retain its enormous impact on the New Business segment, which prompts Manz to expect significant growth rates in this area.

Dieter Manz, CEO of Manz AG, commented on the first nine months of 2011 as follows: "The crisis on the solar market shows that, also during turbulent periods, we continue to stand on a solid foundation thanks to our diversified positioning, and our concentration on three sectors. Dieter Manz went on to add: "The forthcoming record year in the FPD segment, in particular, underscores the major growth opportunities that we enjoy as a technology and innovation leader. Our New Business segment also highlights the enormous potential that e-mobility offers us."

The complete 2011 nine-month report can be downloaded from today from the company's website at, within the "Investor Relations" area.

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