Manz AG achieves clearly positive result in 2020 in difficult market environment

03/09/2021 07:30:00 CET, Reutlingen Sales of 237 million euros below previous year in the course of the global COVID-19 pandemic, as expected | EBITDA increased by 10 million euros year-on-year to 19.4 million euros; EBITDA margin at 8.0 % | EBIT growth of around 15 million euros results in clearly positive EBIT of 7.2 million euros | Exceptional momentum in Energy Storage in 2020 with order intake of almost 130 million euros | Positive outlook for 2021 thanks to continued momentum in the e-mobility market and an order backlog of over 200 million euros

Manz AG, a global high-tech engineering company with a comprehensive technology portfolio, published its preliminary key financial figures today for the fiscal year 2020. Also due to the global lockdown provisions in the course of the COVID-19 pandemic, Manz AG's 2020 revenues decreased by 10.5 % to 236.8 million euros (previous year: 264.4 million euros), as expected. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased significantly to 19.4 million euros (previous year: 9.2 million euros). This resulted in a greatly improved EBITDA margin of 8.0% (previous year: 3.5%). Earnings before interest and taxes (EBIT) also showed a significant increase of 14.8 million euros to 7.2 million euros (previous year: -7.6 million euros). This corresponds to an EBIT margin of 3.0 %.

Martin Drasch, CEO of Manz AG, comments: “Particularly in view of the major economic challenges posed by the COVID-19 pandemic, we are very satisfied with our business performance in 2020, although there were revenue losses in the Solar and Electronics segments due to the travel restrictions, among other things. In the Energy Storage growth segment, however, we took advantage of the market momentum despite isolated postponements of orders and won new major orders from partners such as AKASOL AG, a German manufacturer of battery systems for hybrid and fully electric commercial vehicles, and a leading international battery manufacturer from the consumer electronics sector. In this segment alone, our order intake in 2020 is around 130 million euros. We will also benefit from this positive development in 2021, not only with our production facilities for battery manufacturing, but also with our assembly solutions around other components of the electric powertrain.”

After a strong business performance in the previous year, characterized by a major order in the display sector, business in the Electronics segment declined in 2020, also as a result of the COVID-19 pandemic. Sales in the fiscal year 2020 amounted to 90.7 million euros (previous year: 115.7 million euros). Although the segment EBIT of -5.3 million euros improved compared to the previous year (-7.6 million euros), it fell short of expectations due to the charges for LCD displays in Asia. In the field of assembly automation, particularly for the production of cell contacting systems, the company recorded a positive development with customers in the automotive industry.

The Energy Storage segment developed very positively in the fiscal year 2020. Manz AG reported numerous orders from customers in the fields of e-mobility, consumer electronics and stationary energy storage. The positive development of orders led to an increase in revenues of 59 % to 64.7 million euros (previous year: 40.7 million euros). At 6.9 million euros, segment EBIT also increased significantly compared to the previous year (2019: -11.3 million euros).

In 2020, the Solar segment was characterized by the delay of the two major projects CIGSfab and CIGSlab, caused by pandemic-related work stoppages in China. As a result, the full completion of the projects was further postponed. Accordingly, 2020 segment sales of 23.2 million euros were below the previous year (47.5 million euros). As a result of the postponement of revenue recognition, segment EBIT also fell to -7.8 million euros, compared to -2.0 million euros in the previous year.

Sales in the Contract Manufacturing segment amounted to 37.0 million euros in 2020 (previous year: 41.5 million euros). The segment EBIT reached a clearly positive value of 12.3 million euros (previous year: 11.5 million euros), including the result of Talus Manufacturing Ltd. of 9.4 million euros (previous year: 8.8 million euros), which is included as an associated company in the scope of consolidation of the Manz Group until the beginning of November 2020. At this time, Manz AG was informed by its American business partner that it would take over the share in Talus Manufacturing Ltd. held by Manz Taiwan Ltd. Thanks to the excellent development at the other locations, Manz AG achieved a positive segment EBIT in the fourth quarter of 2020 even without the earnings contribution from Talus Manufacturing Ltd.

With the service business, Manz generated 21.2 million euros in 2020 (previous year: 19.1 million euros). The segment EBIT was 1.3 million euros and thus slightly below the previous year's level of 1.6 million euros.

With an order backlog of over 200 million euros, CEO Drasch is optimistic for 2021: “We believe that the very positive development in the field of electromobility in 2020 is only just the beginning. With our decades of experience in assembly automation and battery production, we are very well positioned for further growth in the wake of the global mobility revolution.” Not only due to the announcement of the European Commission's funding for the further development of Li-ion battery technology as part of the Important Projects of Common European Interest (IPCEI), Drasch believes that Manz AG's focus on this growth market has been strengthened. Manz plans to use the European funding pledged at the beginning of 2021 to implement the "Lithium-Ion Battery Factory of the Future" project. And the sale of shares in Talus Manufacturing Ltd, which was completed at the beginning of 2021, also fits into this focus strategy. The profit generated in the mid-double-digit million-euro range is available for investments by Manz AG in the growth areas of batteries and e-mobility.

“Thanks to our competencies and excellent access to leading automotive manufacturers, automotive suppliers, and battery producers for electromobility, consumer electronics, and wearables, we see ourselves on the right track,” Drasch is convinced. “No matter what battery design, Manz is the right partner for innovation, quality, and efficiency in this field. Our strategic goal is to develop Manz AG into Europe's largest integrator of machinery and equipment for battery production.”

Manz AG will publish the final figures for the 2020 fiscal year as well as a detailed forecast for the current fiscal year with the complete 2020 Annual Report on March 30, 2021.

Preliminary year-on-year figures for 2020

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