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Manz AG confirms record revenues in 2013 and publishes forecast for 2014
- Following record revenues in 2013: Strong revenue growth and significant improvement in EBIT expected for 2014
- Return to TecDAX on March 24, 2014
- Excellent start to 2014, with incoming orders of around EUR 95 mn in the Display division
- Further strengthening of the Battery division planned through acquisition in 2014
- Solid liquidity position with a positive cash flow from operating activities and a high equity ratio
Manz AG, one of the world's leading high-tech engineering companies with an extensive technology portfolio covering the three strategic divisions of "Display", "Solar" and "Battery", published its 2013 annual report today. After the company posted a turnaround in operations in the past year, it generated the highest revenue level in its history, recording, at EUR 266.2 million, a significant 44.6% increase (previous year: EUR 184.1 million). The company also succeeded in producing a significant improvement in profitability. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to EUR 27.0 million (previous year: EUR -10.8 million), with the EBITDA margin standing at around 10%. Earnings before interest and taxes (EBIT) in the 2013 fiscal year amounted to EUR 3.1 million, following EUR -30.7 million in the previous year. In view of the positive growth in orders in the first few months of 2014, the good prospects for the current year and the ongoing aim of selling a turnkey CIGS production line (CIGSfab), Manz AG is optimistic about its ability to further develop this operating strength. The Managing Board therefore expects to see strong revenue growth, with a significant improvement in earnings before interest and taxes, in the 2014 fiscal year.
Dieter Manz, CEO and founder of Manz AG, comments: "In all three strategic divisions, we see extremely good conditions for being able to continue Manz AG's growth in revenues and earnings in 2014. During the past months, we have already recorded incoming orders of around EUR 95 million in the Display division, following a slightly weaker overall level of incoming orders in the last quarter of 2013. The demand for smartphones and tablets continues to be very high, and we are also expecting to see positive momentum from flat-panel displays. In the Battery division, we are planning to strengthen ourselves systematically by means of an acquisition in the near-term. While the development in the previous year was behind our expectations due to insufficient dynamic on the e-mobility market, we are expecting to receive very positive momentum from short-term orders from the premium consumer electronics sector and from mid-term market stimulation of e-mobility. We also see great upside potential in our Solar division in 2014, owing to increasing demand on solar moduls on the retail market."
In terms of divisions, the Display segment accounted for the largest share of revenues in 2013, at EUR 172.5 million (previous year: EUR 111.3 million). That is equivalent to year-over year growth of 55.1%. Manz generated revenues of EUR 9.1 million from the sale of production systems for the manufacture of lithium-ion batteries, following EUR 14.5 million in the previous year. The Solar segment accounted for EUR 10.4 million (previous year: EUR 16.4 million). That is equivalent to a 3.9% share of revenues. The PCB/OEM reporting segment was responsible for relevant revenue contributions of EUR 56.4 million (previous year: EUR 25.9 million). This positive development reflects the increased OEM production of equipment for the semiconductor industry. Thereby Manz efficiently used free capacities at the site in Slovakia due to the lack of solar orders. Revenue in the reporting segment Others totaled EUR 17.8 million in the 2013 fiscal year, following EUR 16.0 million in the previous year.
The systematic implementation of structure and cost optimization measures enabled Manz AG to generate earnings before interest, taxes, depreciation and amortization (EBITDA) of EUR 27.0 million (previous year: EUR -10.8 million). That corresponds to an EBITDA margin of 9.7% for the reporting period. Accordingly, the positive developments enabled Manz AG to improve the negative operating profit (EBIT), which stood at EUR -30.7 million in the previous year, significantly to EUR 3.1 million in the 2013 reporting period. Taking the financial result into account, earnings before taxes (EBT) of EUR 134 thousand resulted (previous year: EUR -32.4 million). Consolidated profit or loss therefore amounted to EUR -2.7 million (previous year: EUR -33.5 million). That is equivalent to earnings per share of EUR -0.69 (previous year: EUR -7.51).
Manz AG's financial position developed positively. Martin Hipp, CFO of Manz AG, commented: "In terms of net debt, we are almost debt-free as of December 31, 2013, with liquid funds of EUR 64.7 million and existing financial liabilities of EUR 65.0 million. We have also succeeded in increasing our cash flow from operating activities to EUR 22.5 million. Therefore we have a sustainable basis for financing our profitable growth in 2014 and beyond. The return to TecDAX on March 24, 2014 is a clear evidence of the capital market's confidence in our successful corporate strategy. The listing will increase our attractiveness to investors still further."
The full 2013 annual report is available for download on the company's Website, www.manz.com, in the "Investor Relations" section.
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