Manz AG: Non-recurring negative special effects in the amount of EUR 33.2 million hold down earnings before interest and taxes for 2014 / Significant improvement in earnings expected for 2015

02/24/2015 07:30:00 CET

Manz AG, one of the world's leading high-tech equipment manufacturers with an extensive technology portfolio covering the three strategic business segments of "Display," "Solar" and "Battery," is publishing its preliminary figures for the 2014 fiscal year today. According to the figures, the company could increase its revenues from EUR 266.2 million by 15% to around EUR 306 million. Non-recurring negative special effects resulted in earnings before interest and taxes (EBIT) of EUR -32.8 million. Adjusted for these effects, Manz achieved earnings before interest, taxes, depreciation and amortization (EBITDA) in operating business of EUR 24.9 million (previous year: EUR 27.0 million) and positive adjusted earnings before interest and taxes (EBIT) of around EUR 0.5 million (previous year: EUR 3.1 million).

As a result of the insolvency of GT Advanced Technologies Ltd. (GTAT), an Apple supplier and manufacturer of sapphire glass for smartphones, net receivables in the amount of
EUR 2.5 million were written off. Since so far it has not been possible to come to a final agreement as to the further utilization of the equipment, a large portion of the net receivables was written off for reasons of caution. In the Battery segment, a project could not be terminated due to a fundamental change of strategy of a German automobile manufacturer resulting in a non-recurring negative special effect of EUR 4.0 million. For strategic purposes, Manz decided, rather than entering into a court dispute with the customer, to determine the project and to shift the unused capacities to new projects in the Consumer Electronics segment. And finally, the Managing Board resolved, in close consultation with the Supervisory Board, to recognize unscheduled amortization on development costs in the solar segment. These costs relate, for the most part, to the crystalline PV technology as well as, in some cases, to the CIGS technology and came to a total of EUR 22.5 million.

For the full year of 2015, the Managing Board expects further growth in revenues and, not least due to reduced capital investments and depreciation in the solar segment, a clearly positive EBIT. The forecast revenues come to between EUR 320 million and EUR 340 million.

Additional information:

Ticker symbol: M5Z
Market segment: regulated market (Prime Standard) of the Frankfurt Stock Exchange

Manz AG
Steigaeckerstrasse 5
72768 Reutlingen, Germany


– End of the Ad hoc Announcement –

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