Manz Automation AG returns to on-track growth in Q2 2010
- 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 o
- Revenue forecast for fiscal year increased to a total of at least € 140 million
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 Reutlingenbased company has returned to positive operations, even though the accumulated figure for the first half of 2010 is still negative at € -1.5 million. Pretax 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 hightech 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 recordbreaking figure in 2008. In particular our production capacity in Asia is more than filled thanks to many orders stemming from the boom in touchpanel 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 thinfilm 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.
The full report for the first half of 2010 can be downloaded from www.manz-automation.com in the Investor Relations section.
About Manz AG
Reutlingenbased Manz Automation AG (ISIN: DE000A0JQ5U3) is one of the world's leading technology providers for production systems in the photovoltaic industry, the FPD industry and for Liion battery production. The Manz Group's core competences are in robotics, image processing, laser technology, quality assurance, metallization, wet chemicals as well as control and drive technology. Indepth research and development activities mean that Manz Automation now ranks among the world's technology leaders in these segments. Manz has special photovoltaic experience in the field of integrated system solutions for the manufacture of crystalline solar cells and thinfilm solar modules. With regard to the latter, the company is characterized, in particular, by its unique expertise in CIGS technology. Manz is the only provider to have access to a 30 MW CIGS reference factory, run by its strategic alliance partner Würth Solar. This factory has been triedandtrusted since 2006 with 24/7 operations, and offers the highest effectiveness recorded to date in mass production. The factory will be available in the future as part of the strategic alliance with Würth for the further development of production technology and the qualification of new processes and materials. The Manz Group has sales and service branches in Germany, Taiwan, the USA, China, South Korea, India and Spain. In addition, the Manz Group has its own production facilities in Germany, Slovakia, Hungary, Taiwan and China.