11/08/2010 07:40:00 CET
- Revenues more than double to € 121.3 million in the first nine months of 2010
- EBIT improves from € -16.1 million to € -3.3 million
- Forecast increased for fiscal year 2010: Revenues of € 170 – 175 million with balanced EBIT expected
- Extensive orders received from Asia for equipment to produce crystalline solar cells
Reutlingen, November 8, 2010 – Manz Automation AG, one of the world’s leading technology providers for the photovoltaic and flat panel display (FPD) industries, recorded revenues of € 121.3 million in the first nine months of 2010 (previous year: € 46.7 million). Revenues in the third quarter of 2010 alone totaled € 53.8 million compared to € 18.5 million in the same quarter of the previous year. At the same time, total operating revenue in the first nine months of 2010 increased to € 132.6 million, up 124.2%.
Revenues in the first nine months of 2010 thus reflect the positive growth in operating business. The increased income was primarily driven by the new products for the production of crystalline solar cells. However, the increased pressure on margins and the still low economies of scale and capital expenditure for new developments mean that the dynamic revenue growth is not yet reflected in earnings to the same extent. As a result, Manz recorded EBIT in the first nine months of 2010 of € -3.3 million (previous year: € -16.1 million). During the period under review, earnings before taxes (EBT) increased to € -3.1 million compared to € -14.4 million in the previous year. This resulted in consolidated earnings after taxes and minority interests of € -1.6 million (previous year: € -11.5 million). This corresponds to earnings per share of € -0.38 (previous year: € -2.45). As a result of the significant improvement in operating business and the associated increase in requirements for working capital, the cash flow from operating activities in the period under review totaled € -5.8 million (previous year: € -4.4 million).
In view of the year as a whole, management has increased its forecast to total revenues of € 170 – 175 million (previously: at least € 140 million). Depending on the further developments on the market, in particular for thin-film technology, there is still potential to even surpass these targets. In addition, the company is forecasting a balanced result as a result of what experience has shown to be a strong final quarter. Manz Automation also has a solid financing structure with cash and cash equivalents of € 42.1 million and an equity ratio of around 69%.
The long-term perspectives for fiscal year 2011 instill the company with confidence, as increasingly dynamic growth can already be seen. In October 2010 Manz Automation succeeded in acquiring new orders with a total volume of almost € 25 million – in particular from Asian customers. These primarily include automation and system solutions for the production of crystalline solar cells and will be reflected in revenues and earnings in the coming fiscal year in particular. Furthermore, new orders in the segment of Li-ion for the installation of pilot lines in Germany were obtained. The current order book has thus increased to around € 125 million.
“The strong revenue growth in the first nine months of 2010 proves our innovational prowess. We already have a broad range of new products, which set standards for key parameters such as throughput rates, efficiency and costs, in particular in the PV industry. This was confirmed again by the orders we have recently received from our customers,” explained CEO Dieter Manz. He is confident regarding the current fiscal year: “We are sticking to our
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target of recording a balanced result in 2010 as a whole. The recent new orders mean that we have solid foundations to link in to our positive growth in the coming fiscal year. In addition, we are currently in negotiations with many existing and potential customers, and the new orders are thus a welcome partial success. Our customers are increasingly prepared to make investments, which puts more wind in our sails for fiscal year 2011.” He added: “Manufacturers are increasingly planning projects again for both crystalline solar cells as well as for thin-film technology – and financing conditions for these projects are now significantly better. We are able to and want to participate in these developments.”
The full report for the first nine months of 2010 can be downloaded at www.manz.com (“Investor Relations" section).
