Manz AG: Positive outlook for the full year 2012 despite modest first quarter

05/11/2012 07:29:00 CEST

  • Overall revenues at EUR 44.1 million impacted by low order situation in the previous quarter
  • Operating profit (EBIT) slips to EUR -4.9 million
  • Continuing dynamic growth in the FPD (Flat Panel Display) segment with revenues up by around 59% at EUR 21.4 million
  • Strong order book worth over EUR 104 million (as of end of March 2012)

Reutlingen, May 11, 2012 – Manz AG, one of the leading suppliers of production systems for the photovoltaic and flat panel display (FPD) industries, generated sales revenues of EUR 44.1 million in the first three months of 2012. This represents a decline of 28.9% relative to the figure of EUR 62.0 million booked in the same quarter last year. Aggregate performance at EUR 46.6 million was down 28.7% compared with last year’s EUR 65.4 million. The modest start into fiscal year 2012 is due to the high revenues and the low level of orders received in the final quarter of 2011.

Nevertheless Dieter Manz, CEO of Manz AG, takes a positive view of the prospects for the current financial year: “As expected in view of the low shipment of sold machines in the first two months and the ongoing difficult situation on the market for the photovoltaic industry, our results for the first quarter were negative. Thanks to the strong order intake in our FPD and lithium-ion business areas in the first three months, however, our production capacities are currently very well filled. Due to the sustained strong order intake and the positive prospects for growth especially for Touch panels in Smart phones and Tablet PCs as well as for lithium-ion-batteries for the E-mobility sector and stationary energy storage, we assume overall revenues in 2012 to be on the previous year’s level. Depending on the development in the solar industry we are confident to surpass this target considerably. As a result of the implemented measures for cost reduction we expect a significant positive EBIT in 2012. Particularly with ‘non-solar’ orders now accounting for over 90% of our order book which is valued at more than EUR 104 million, we have a highly positive outlook for the months ahead.”

Revenues in the reporting period were driven primarily by the FPD segment where revenues were 58.5% higher at EUR 21.4 million (previous year EUR 13.5 million). Manz AG has been successful in redeploying capacities in the photovoltaic segment to manufacture products for the FPD industry, thereby stabilising utilisation. In its solar segment, Manz AG recorded a substantial downturn in sales of 53.3% relative to the same period last year. Revenues amounted to EUR 11.7 million (previous year: EUR 25.1 million).

In the first three months of 2012 Manz AG recorded negative earnings before interest and taxes (EBIT) amounting to EUR -4.9 million (previous year: EUR 0.2 million). Financial earnings at EUR -0.3 million were slightly lower than the previous year’s figure of EUR -0.1 million. Consequently earnings before taxes (EBT) declined to EUR -5.2 million, compared with EUR 0.1 million in the same period last year. Consolidated income after taxes and minority interests amounted to EUR -5.4 million (previous year: EUR -0.7 million). With an average of 4,480,054 shares in circulation, this equates to earnings per share of EUR -1.20 (previous year: EUR -0.16).

In the current market development Dieter Manz also sees indicators confirming the company’s strategy: “Our broad technology portfolio has enabled us to successfully implement our strategy of diversification and access new growth markets. As a result, our business model is now more resistant than ever to cyclical fluctuations in individual sectors. This is evidenced both by the high level of orders received, as well as by the positive development in sales and EBIT in our FPD and New Business segments. The first tangible successes will appear in our results for the coming months. What’s more, we also expect that in the months ahead the solar industry will begin to bounce back. In this segment, too, we expect additional orders in the second half of 2012.“

The full Q1 2012 report can be downloaded from today onwards from the Investor Relations section of the company’s website at

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