Manz AG publishes preliminary figures for 2021 and expects leap in revenues in 2022

03/10/2022 07:30:00 CET, Reutlingen Revenues of around EUR 228 million only slightly below previous year | EBITDA of EUR 18.9 million roughly at previous year's level; EBITDA margin at 7.9% | EBIT of EUR -15.5 million significantly impacted by non-cash impairments of EUR 21.6 million in Solar segment | EBIT adjusted for impairments at EUR 6.1 million | Rapidly increasing business dynamics in the e-mobility market lead to attractive follow-up orders and very successful acquisition of new customers in 2021 | Positive outlook also for 2022 thanks to continuing momentum in the e-mobility market | Leap in revenues expected for 2022 with growth in the mid double-digit percentage range compared to 2021

Manz AG, a globally active high-tech engineering company with a comprehensive technology portfolio, today published its preliminary key financial figures for the 2021 fiscal year. Accordingly, Manz AG recorded increasing momentum in the e-mobility market in the past fiscal year. Manz was able to take advantage of this momentum and convince numerous well-known, international customers with its long-standing experience in the development of innovative production concepts and solutions. However, the revenues and earnings development were significantly burdened by loss of revenues as well as impairments in connection with the CIGS solar project in China.

Martin Drasch, CEO of Manz AG: "In 2021, we reached many important milestones in order to further sharpen our growth strategy in the automotive & e-mobility, battery production, electronics, energy and medical technology industries. We have made significant progress regarding our positioning as a high-tech machine manufacturer in the e-mobility market. For example, through the strategic partnership with GROB-WERKE GmbH & Co. KG or the European IPCEI funding for the further development of lithium-ion battery technology. We thus see ourselves in an excellent position to benefit from this immense market potential. This is also underlined by the very dynamic order development we experienced in this area in the second half of 2021. At the same time, with the impairments in the Solar segment, we are leaving uncertainty in this area behind us and can fully focus on implementing our strategy of achieving sustainable profitable growth."

In 2021, consolidated revenues amounted to EUR 227.6 million (previous year: EUR 236.8 million). This development is mainly characterized by a loss of revenues in the Solar segment, as an agreement with the Chinese customer Chongqing Shenhua Thin Film Solar Technology Co, Ltd. on the completion of the CIGSfab project did not become apparent before the preparation of the 2021 consolidated financial statements. At EUR 18.9 million, earnings before interest, taxes, depreciation and amortization (EBITDA) were roughly on with the level of the previous year (EUR 19.4 million). This resulted in an EBITDA margin of 7.9% (previous year: 8.0%). Due to the uncertain continuation of business relations with the Chinese contractual partner, non-cash impairments of EUR 21.6 million were made on goodwill and a brand name in 2021. The reported earnings before interest and taxes (EBIT) of EUR 
-15.5 million reflect this one-time effect (previous year: EUR 7.2 million). Adjusted for the impairments, EBIT amounts to EUR 6.1 million, which corresponds to an operating margin of 2.6%.

In the Electronics segment, revenues developed positively despite challenging conditions in the display market. In particular, Manz recorded good business development in area of cell contacting systems. A follow-up order was also received from one of the world's leading providers in the field of microchip manufacturing for equipment to implement the innovative FOPLP process for microchip packaging. Segment revenues amounted to EUR 96.5 million (previous year: EUR 90.7 million). Segment EBIT amounted to EUR -4.8 million (previous year: EUR -5.4 million).

The Energy Storage segment developed very positively in the 2021 fiscal year. For example, Manz AG was able to report an order from a US manufacturer of electric vehicles for an assembly line for highly efficient battery modules. The business prospects for production solutions for lithium-ion battery cells and modules for e-mobility were further improved by a cooperation with GROB-WERKE GmbH & Co. KG. In addition, the funding received from the European Commission in April 2021 for the further development of lithium-ion battery technology as part of the "IPCEI" underscores the success of Manz AG's consistent focus. With increasing business momentum in the second half of 2021, Manz won further attractive orders, including a major order from Britishvolt for lithium-ion cell assembly equipment for a pioneering gigawatt production line in England, as well as an order from the BMW Group to set up a highly integrated pilot production line for lithium-ion cells in Germany. The positive order development led to a significant increase in revenues to EUR 77.6 million (previous year: EUR 64.7 million). Segment EBIT amounted to EUR 1.7 million compared to EUR 6.9 million in the previous year.

In the Solar segment, the development of revenues and earnings was characterized by the negotiations with the Chinese customer regarding the CIGSfab project. As a continuation of the business relationship remains uncertain, non-cash impairments were made with a corresponding impact on the earnings situation. The fact that there are no signs of an agreement with the contractual partner on the completion of the CIGSfab project before the finalization of the 2021 consolidated financial statements had a negative impact on segment revenues. Segment revenues in 2021 amounted to EUR 5.9 million (previous year: EUR 23.2 million). Segment EBIT amounted to EUR -30.5 million after EUR -7.8 million in the previous year.

Due to the overall positive industry outlook in the countries and markets relevant for Manz AG, the Managing Board assumes that Manz AG will grow profitably again in 2022. The extent to which the war in Ukraine will impact the overall economic and industry-specific conditions in 2022 cannot currently be reliably estimated due to considerable uncertainties and the high level of momentum. The Managing Board expects a significant increase in revenues in the mid double-digit percentage range compared with 2021, an EBITDA margin in the mid to upper positive single-digit percentage range, and an EBIT margin in the low to mid positive single-digit percentage range. An agreement with the Chinese contractual partner on the completion of the CIGSfab project is not yet included in this forecast.

Manz AG will publish the final figures for the 2021 fiscal year as well as a detailed segment forecast for the current fiscal year with the complete 2021 Annual Report on March 30, 2022.


Preliminary year-on-year figures for 2021

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