Manz Automation AG returns to on-track growth in Q2 2010

08/10/2010 07:39:00 CEST

  • Revenues in H1 2010 more than double to a total of € 67.5 million
  • Positive EBIT in Q2 2010 totals € 1.8 million – accumulated total in H1 still negative
  • Revenue forecast for fiscal year increased to a total of at least € 140 million

Reutlingen, August 10, 2010 – Manz Automation AG, one of the world’s leading technology providers for the photovoltaic and LCD industries, recorded revenues of € 67.5 million in the first half of 2010 (previous year: € 28.3 million). Of this total, € 46.2 million was recorded in the second quarter of 2010 alone (previous year: € 11.8 million). In the first six months of 2010 operating revenue also increased to € 77.6 million, and has thus doubled compared to the same period of the previous year (€ 38.1 million).

Manz recorded EBIT for the second quarter of € 1.8 million after losses of € -7.6 million in the previous year. This means that the Reutlingen-based company has returned to positive operations, even though the accumulated figure for the first half of 2010 is still negative at
€ -1.5 million. Pre-tax earnings (EBT) increased to € -1.1 million in the first six months of 2010 after € -12.1 million in the same period of the previous year. This resulted in consolidated earnings after taxes and minority shares of € -0.7 million compared to € -9.3 million last year. This corresponds to earnings per share of € -0.16 (previous year: € -2.08). 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 fell to € -5.3 million (previous year: € -2.9 million).

The positive signals from operating business thus also reflect in the revenue and earnings growth in the first half of 2010. New orders, in particular as a result of the large number of developments in the past fiscal year, reinforce Manz Automation’s position as a leading high-tech engineering company and innovation driver in the solar sector. At the same time, the company again benefited from its strong position on the market for flat panel displays (FPD), in particular in the second half of 2010, and the strong investment activities by LCD manufacturers in Asia.

“We are expecting a new record figure in the FPD sector, which will even surpass our previous record-breaking figure in 2008. In particular our production capacity in Asia is more than filled thanks to many orders stemming from the boom in touch-panel displays,” explained CEO Dieter Manz. He added: “Due to the improved operating business and an order backlog which currently totals around € 100 million, we are forecasting total revenues in fiscal year 2010 of at least € 140 million. Depending on further market developments, in particular for thin-film technology, there is also potential to even surpass our targets.” Manz Automation is forecasting significant increases in revenues and earnings from 2011, especially due to the strategic alliance established with Würth to produce CIGS production lines. In terms of the operating result (EBIT) in 2010, the Managing Board confirmed its target of continuing the positive trend, closing the fiscal year at a profit despite continued investments.

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