Manz AG publishes 2019 Semiannual Report

08/13/2019 07:31:00 CEST Revenues at 133 million euros below previous year`s level due to order delays | EBIT improved by 1.1 million euros compared to previous year, but still negative | Adjusted revenues expectation slightly below previous year`s level | Positive earnings forecast for 2019 confirmed

Manz AG, a globally active high-tech equipment manufacturer, has released its half-year report 2019. Based on this report, the company was not able to continue its first-quarter momentum into the subsequent months because the issuance of orders in Energy Storage already expected in the second quarter were further delayed. As a result, the revenues contribution of the second quarter of 56.0 million euros was below the first quarter of 2019 (76.8 million euros) and 26.2% below the revenues of the second quarter of the previous year (75.9 million euros). Revenues in the first half of 2019 totaled 132.8 million euros (previous year: 144.4 million euros).

Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 5.7 million euros (previous year: -0.5 million euros). Due to the application of new accounting standards, depreciation and amortization increased compared to the previous year. Earnings before interest and taxes (EBIT) amounted to -3.4 million euros in the first half of 2019, an improvement on the previous year (-4.5 million euros).

Martin Drasch, Chairman of the Board of Manz AG, commented, “We started out very well in the first quarter 2019 and have witnessed that the actions we took to further develop the business model and product portfolio took hold. It is thus naturally disappointing that we were not able to continue this positive trend in the second quarter due to order delays. Nevertheless, we believe that we are further on the right track to becoming sustainably profitable again. In view of the shifts in order intake, however, we have decided to lower our revenues forecast slightly below the previous year's level. On the other hand, we are sticking to our earnings forecast of a positive EBIT margin in the low single-digit percentage range."

Based on the CIGS project progress, the Solar segment showed declining revenues compared to the previous year. On the customer side, there were further delays in the start of installation due to another postponement of the completion dates for the buildings. Within this context, also the possible issuance of subsequent orders has been delayed further. Revenues in the Electronics segment were significantly above the previous year’s level. In line with expectations, the segment results were also much better, although remained negative. The Energy Storage business development was impacted extensively by the aforementioned delay in the issuance of large orders. In Contract Manufacturing, revenues was at the level of the previous year, but the result was considerably better as compared to the prior year. Service revenues was stable and earnings were below the previous year due to a changed product mix.

2019 H1 revenue, EBITDA, and EBIT compared to the previous year

in millions of euros H1 2019 H1 2018
Group revenue 132.8 144.4
Solar 22.1 69.3
Electronics 66.0 30.3
Energy Storage 14.6 13.8
Contract Manufacturing 20.5 20.5
Service 9.6 10.45
Group EBIT -3.4 -4.5
Solar 2.2 6.5
Electronics -4.7 -8.1
Energy Storage -6.5 -6.2
Contract Manufacturing 4.2 0.9
Service 1.1 2.7
Group EBITDA 5.7 -0.5
Solar 4.3 7.1
Electronics -0.4 -6.5
Energy Storage -4.5 -4.8
Contract Manufacturing 4.6 1.1
Service 1.5 2.9


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