11/09/2009 07:38:00 CET
Revenues of € 46.7 million in the first nine months of 2009 (previous year: € 159.1 million)
- EBIT falls from € 18.8 million to € -16.1 million
- Strong equity ratio of around 80% and cash and cash equivalents of € 54 million
- Forecast for fiscal year 2009: Revenues of € 80 - 85 million with EBIT negative on the whole
Manz Automation AG, one of the world’s leading technology providers for the photovoltaic and LCD industries, recorded revenues of € 46.73 million in the first nine months of 2009 (previous year: € 159.10 million). Revenues in the third quarter of 2009 totaled € 18.46 million (previous year: € 57.50 million). After the first nine months of 2009 total operating revenue amounted to € 59.14 million, compared to € 162.11 in the same period of the previous year.
In the first nine months consolidated EBIT fell to € -16.09 million (previous year: € 18.77 million). The first positive effects could already be seen from the cost-cutting program put in place during the current year. As a result, it was possible to limit the operating loss in the third quarter to € -3.53 million, after a loss of € 7.60 million was booked in the previous quarter (Q2/2009).
Pre-tax earnings (EBT) sank to € -14.39 million in the first nine months of 2009 after € 18.53 million in the same period of the previous year. This resulted in a consolidated net loss for the period of € -11.53 million compared to net income of € 14.09 million last year. This corresponds to earnings per share of € -2.45 (previous year: € 3.52). The cash flow from operating activities in the same period totaled € -4.41 million (previous year: € -4.60 million).
The revenue and earnings growth reflects the general economic situation and the impact of the global recession on the solar sector. Figures for the third quarter do not yet show the initial positive signs stemming from this year’s European Photovoltaic Solar Energy Conference and Exhibition and the generally improved outlook. In contrast, the recovery on the LCD market resulting from increased demand for TV sets, in particular in China, has ensured that the existing capacity at the Asian production facilities has been fully taken up.
The Reutlingen-based engineering company’s research and development activities in fiscal year 2009 are worthy of particular note. In addition to the new and further development of existing equipment and processes for the solar sector, the company is working on the development of a production line for the serial production of Li-ion batteries. Manz Automation is thus developing opportunities for growth in another aspiring sector. Manz is planning to expand these activities to form a separate business unit as early as next year, thus placing its business model on even broader foundations. Through this segment, Manz was already able to record a positive contribution to revenues and earnings in the third quarter of 2009.
The fact that the upswing failed to materialize in the second half of 2009 means that a balanced result is no longer realistic for Manz Automation for the year as a whole. Based on the order book of around € 78 million as of September 30, 2009, the Managing Board is forecasting revenues of € 80 - 85 million for fiscal year 2009. In addition, the Managing Board expects that Manz will return to positive EBIT in the fourth quarter, however without being able to compensate for the loss over the year as a whole.
Manz Automation AG’s CEO Dieter Manz believes that the company is excellently equipped to face the current challenges, irrespective of the current economic developments: “We are superbly positioned for the next stage of our growth. Over the past few months we have launched a large number of innovations that will set standards in the industry. Solar cell manufacturers will have to invest again in the coming months in order to be able to manufacture competitively. We offer the world’s leading solutions in this regard, and this, together with our low-cost production facilities in Asia, mean that we are excellently positioned to participate in this upswing.
The full report for the first nine months of 2009 can be downloaded from www.manz-automation.com in the Investor Relations section.