03/30/2010 07:44:00 CEST
- Revenues of € 85.9 million in fiscal year 2009 (previous year: € 236.5 million)
- EBIT declines from € 28.6 million to € -15.9 million
- Strong equity ratio of around 79% and cash and cash equivalents of € 88.2 million
- Substantial growth expected for fiscal year 2010
Manz Automation AG, one of the world’s leading technology providers for the photovoltaic and LCD industries, recorded revenues of € 85.9 million in fiscal year 2009 (previous year: € 236.5 million). In the fourth quarter of 2009 alone, revenues totaled € 39.2 million (previous year: € 77.4 million). This accounts for around 45.6% of the total annual revenues, and is an initial indicator for a successful turnaround. During the 2009 reporting period, total operating revenue totaled € 101.1 million compared to € 234.8 million in 2008.
Consolidated EBIT fell to € -15.9 million (previous year: € 28.6 million). It was already possible to realize positive effects thanks to the cost cuts which were put in place last fiscal year. For example, Manz recorded operating profits again in Q4 totaling € 0.2 million, thus underscoring its successful cost-cutting activities.
Pre-tax earnings (EBT) sank to € 13.0 million in 2009 after € 28.5 million in the previous year. This resulted in a consolidated net loss for the period of € -9.7 million compared to net income of € 21.2 million last year. This corresponds to earnings per share of € -2.15 (previous year: € 5.04). In contrast, the cash flow from operating activities increased significantly last year to € 39.7 million (previous year: € -16.8 million) as a result of the lower requirements for working capital last year.
This means that the revenue and earnings growth reflect the recession and its impact on the solar industry. The new orders received from Asia show that the current situation and further prospects have increased significantly. Manz Automation is already enjoying excellent capacity uptake in all of its divisions in the first quarter of the current fiscal year. It was possible to stop the short-time work started in May 2009 on January 1, 2010. This confirms the decision to sustainably invest in research and development and to continue to employ and train employees at the German locations during the crisis. As a result, Manz is able to give the solar industry new impetus as an innovational motor with future-proof solutions, and participate in the market’s recovery at an early stage. The increased equity ratio of around 79%, cash and cash equivalents of € 88.2 million and extensive lines of credit that have not yet been used mean that the company has the foundations needed for new growth.
Dieter Manz, Manz Automation AG’s CEO, is optimistic about the future: “Manz Automation is excellently positioned - we did our homework last year. Our further-developed product range means that we lead the market for technology. The use of state-of-the-art equipment is particularly important for our customers – especially during the current phase – in order to effectively combat the increasing cost pressure.” He went on to comment on the forecast for fiscal year 2010: “That is why we are forecasting high double-digit percentage revenue growth and positive EBIT for the current fiscal year.”
Manz has been able to acquire new orders with a total volume of more than € 40 million since mid-December 2009. This means that the Manz Group’s order book grew to a solid € 70 million as of February 28, 2010. The bulk of this volume will impact revenues and earnings in 2010. Further orders are currently being negotiated, which is why the management team is confident that it will receive more orders in the coming weeks.
Manz Automation AG’s newly designed Web site has been online since March 1, 2010. The 2009 annual report can be downloaded from the Investor Relations section of www.manz-automation.com.