11/10/2008 07:30:00 CET
Revenues in the first nine months of 2008 more than triple to 159.1 million
- EBIT up around 200% to 18.8 million
- Forecast for fiscal year 2008 confirmed
Manz Automation AG, one of the world's leading providers of technology for the photovoltaic and LCD industry, was able to significantly increase both its revenues and earnings in the first nine months of fiscal year 2008. The Manz Group increased its revenues from 46.76 million last year by more than 240% to 159.10 million. Growth was driven in particular by the systems.solar division, where Manz recorded revenues of 88.81 million (previous year: 32.64 million). In addition, the systems.lcd division also enjoyed substantial growth with revenues totaling 34.14 million (previous year: 5.81 million), in particular as a result of Intech Machines Co., Ltd., which has been consolidated since April 2008. At the same time, the group's total operating revenue increased to 162.11 million, more than triple the figure in the first nine months of 2007 ( 52.29 million).
In the first nine months, EBIT also climbed significantly by around 200% to 18.77 million (previous year: 6.28 million). In terms of revenues, Manz Automation recorded an EBIT margin of 11.8%, compared to 13.4% last year. The anticipated dilution in the EBIT margin is due to the consolidation of the companies acquired in fiscal year 2008. Manz Automation plans to further increase this margin in 2009 by successively transitioning its new subsidiaries product ranges to more profitable solar products. EBT also tripled from 6.44 million to 18.53 million. This resulted in net income for the period of 14.09 million compared to 4.58 million last year. This corresponds to earnings per share of 3.52 (previous year: 1.35). As part of the strong revenue growth, the requirements for working capital increased significantly, and the cash flow from operating activities totaled -4.60 million (previous year: 7.39 million). Without taking the changes in working capital into account, the cash flow totaled 18.24 million (previous year: 5.76 million).
The excellent order intake and the secure capacity uptake through to the middle of 2009 mean that the Managing Board has reinforced its revenue forecast of EUR 235 - 240 million for the whole of 2008. At the same time, it aims to record an EBIT margin for full fiscal year 2008 that is equivalent to the level recorded in the first nine months.
Dieter Manz, Manz Automation AG's CEO, is delighted with the first nine months of 2008: "We are very happy with our successful business growth. The integration of the companies that the Manz Group has acquired is progressing right on schedule. The capital increase has provided us with very solid financing, with the result that we will be able to benefit from growth opportunities on up-and-coming markets, such as the US, Arabian countries and India thanks to our reinforced position.
The full report for the first nine months of 2008 can be downloaded from www.manzautomtion.com in the Investor Relations section.