04/30/2009 07:31:00 CEST
Revenues of € 16.49 million in Q1 2009 (previous year: € 38.61 million)
- EBIT down from € 5.58 million to € -4.96 million
- Cash flow from operating activities up to € 5.25 million after € -1.75 million last year
Manz Automation AG, one of the world’s leading technology providers for the photovoltaic and LCD industries, recorded revenues of € 16.49 million in the first quarter of 2009 according to preliminary figures (previous year: € 38.61 million). At the same time, the Manz Group recorded total operating revenue of € 21.30 million, compared to € 37.08 million in the same period of the previous year.
In the first three months EBIT totaled € -4.96 million (previous year: € 5.58 million). EBT fell to € -4.87 million after € 5.58 million in the first quarter of 2008. This resulted in a consolidated net loss for the period of € -4.69 million compared to net income of € 4.24 million last year. In contrast, the cash flow from operating activities increased significantly to € 5.25 million (previous year: € -1.75 million).
The weak Q1 figures for revenues and income were offset by a very solid balance sheet as of March 31, 2009: The company has an equity ratio of 73% and cash and cash equivalents of around € 70.00 million, and thus believes that it is excellently equipped to face future challenges. This means that Manz is superbly positioned to develop next-generation systems for the solar and LCD industries.
The results were lower due to the current difficult situation in the solar and LCD industries. The company believes that many projects are currently being postponed as a result of the financial crisis, as customers are often unable to secure financing. Order intake in the past few months was thus also at a low level. The current situation on the market and the order book of € 93.00 million (as of March 31, 2009) means that the Managing Board does not expect that it will be able to match the previous year’s revenues and earnings. That is why the Managing Board is forecasting negative EBIT in the first six months of 2009. However, balanced EBIT is forecast for 2009 as a whole, as the activities that have been put in place to reduce costs, such as short-time hours and the reduction of overtime, will start to take effect then.
In spite of this however, Dieter Manz, Manz Automation AG’s CEO, believes that the company is excellently positioned over the medium to long term: “Fiscal year 2009 is characterized by research and development. We will use this time consistently to successfully drive our innovations to market readiness. We are very confident that this will allow us to further increase our technology leadership, and that we will return to our on-track growth once the economic crisis abates. Over the medium term, we believe that the solar market will return to its former strengths.”
The full report for the first three months of 2009 will be published on May 12, 2009 and can be downloaded from www.manz-automation.com in the Investor Relations section.