Manz AG with significant jump in earnings in the first nine months of 2023

11/07/2023 07:30:00 CET, Reutlingen Revenues of EUR 195 million | EBITDA, EBIT, and net profit clearly positive | Momentum in the third quarter slowed by the global economy

Manz AG, a global high-tech equipment manufacturer with an extensive technology portfolio, slightly improved its revenues in the first nine months of the year and achieved a turnaround in both EBIT and consolidated net profit.

Revenues amounted to EUR 195.0 million (previous year: EUR 191.4 million); including inventory changes and own work capitalized, total operating performance amounted to EUR 208.6 million and was therefore slightly below the previous year (EUR 211.5 million) due to a significant reduction in changes in inventories. The EBITDA more than doubled, from just under EUR 8 million in the same period of the previous year to EUR 18.2 million. EBIT turned significantly positive, from EUR -619 thousand in the first nine months of 2022 to EUR 9.5 million in the same period of this year. The turnaround was achieved in earnings before taxes (EBT) as well as in consolidated net profit. EBT amounted to EUR 7.7 million (previous year: EUR -1.8 million), while net profit amounted to EUR 6.9 million (previous year: EUR -3.1 million). Correspondingly, undiluted earnings per share amounted to EUR 0.81 after EUR -0.36 at the end of September last year.

Martin Drasch, CEO of Manz AG, comments: „The global economic outlook continues to deteriorate, and we are of course noticing this at the moment, particularly in terms of incoming orders. Nevertheless, not only were we able to acquire a number of new customers in the first nine months of this year, we are also noticing a clear interest in the market for our cutting-edge technology. In the short term, but also in the medium and long term, we will benefit significantly from the massive demand for battery systems and electronic components and will partially compensate for the temporary weakness in incoming orders by the end of the year. In the medium term, we are operating in fast-growing markets and hold a leading position in each of them. This will also pay off operationally in the coming years.“ 

^{*) Adjustment after restatement due to value adjustments on advance payments in inventories in 2021.}

The Mobility & Battery Solutions segment increased its revenues by 4% from EUR 73.0 million to EUR 75.9 million in the first nine months of the year and improved its segment earnings before interest and taxes (EBIT) from EUR -7.7 million in the same period of the previous year to EUR 4.3 million. Incoming orders amounted to EUR 51.9 million in the first nine months of 2023, almost 50% below the previous year's figure of EUR 102.4 million.

At EUR 119.1 million, the Industry Solutions segment slightly exceeded the previous year's solid revenues' level of EUR 118.3 million. Segment earnings before interest and taxes amounted to EUR 5.2 million after EUR 7.0 million in the first nine months of the previous year. Incoming orders in the period from January to September 2023 amounted to EUR 83.8 million, also down roughly 50% compared to the same period of the previous year (EUR 177.4 million).

Manfred Hochleitner, CFO, comments: „In a difficult market environment, we succeeded in increasing all relevant key figures in the income statement compared to the previous year. We are therefore reaffirming our guidance for 2023, although we expect to reach the lower end of the forecast range due to the ongoing economic headwinds.“