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Manz AG publishes report on the first six months of 2015
- Revenue trend in the first six months of 2015 critically affected by order cancellation and delays of orders
- Significantly improved EBITDA in the second quarter of 2015 in comparison with the first quarter
- Positive signals in all business segments give cause to expect a better second six months
Manz AG, one of the world's leading high-tech equipment manufacturers with an extensive technology portfolio covering the three strategic business segments of "Electronics", "Solar" and "Energy Storage," is publishing its financial report for the first six months of 2015 today. Delays in incoming orders and an order cancellation and its effect on expected follow-on orders placed high demands on the entrepreneurial flexibility of Manz AG. The revenues and earnings of the first six months were critically affected by these factors, even though it was possible to partially offset their effects thanks to the company's diversified business model with respect to technologies, markets and regions. In the short time available, however, an adequate adjustment of the cost base was not completely possible, so that the total result for the period was burdened accordingly.
After the first quarter of 2015 had been critically characterized by the volatility and cyclical development of the growth markets of Manz AG, business again picked up speed in the second quarter of 2015. However, due to the order cancellation at the end of June in the amount of approximately EUR 12 million in the Electronics segment and the follow-up orders in the high double-digit million euro range as well as order delays in the Energy Storage segment, the second quarter of 2015 lagged behind the very positive second quarter of the previous year. Consequently, revenues of EUR 121.9 million during the first six months of 2015 were below the comparable value of the prior year (EUR 163.6 million).
Dieter Manz, CEO and founder of Manz AG comments: "The revenue trend in the first six months fell short of our expectations due to customer decisions beyond our control. The positive signals in all three business segments as well as the solid orders on hand amounting to approximately EUR 100 million, however, provide an excellent basis for improved performance in the second six months. Specifically in view of the current vibrancy in the Energy Storage segment and the significant potential in our target industries of electronics and solar, I am convinced of the success of our business model."
In order to be able to systematically take advantage of the opportunities of this very dynamic growth markets, Manz AG has undertaken important strategic steps in the form of diversification in technologies, markets and regions at an early stage. To further reduce dependence on major customers and the volatile market development, the company will also continue to pursue this strategy. Future investments associated with this such as increased personnel costs as a result of intensified sales activities and the successful integration of Manz Italy and KLEO Halbleitertechnik GmbH, in the opinion of the Managing Board will pay off in the future. Earnings before interest, taxes, depreciation and amortization (EBITDA) in the first six months of 2015 were EUR -6.7 million (previous year: EUR 13.2 million), of which EUR -6.4 million was attributable to the first quarter. Earnings before interest and taxes (EBIT) came to EUR -12.9 million, following EUR 1.2 million in the first six months of 2014.
At EUR 42.3 million, the Electronics segment accounted for a 34.7% share of the revenue in the reporting period (previous year: EUR 118.5 million or 72.4%). The Solar segment generated around EUR 10.5 million or 8.6% of Manz AG's total revenues in the first six months of 2015 (previous year: EUR 6.3 million or 3.9%). The Energy Storage segment accounted for the largest share of sales in the reporting period with EUR 49.7 million or 40.8% (previous year: EUR 6.4 million or 3.9%) with equipment for the production of lithium-ion batteries and capacitors. The Contract Manufacturing reporting segment was responsible for revenue contributions of EUR 14.2 million or 11.6% (previous year: EUR 24.5 million or 15.0%). Revenues in the reporting segment Others in the first six months of 2015 totaled EUR 5.2 million, following EUR 7.9 million in the prior-year period; this corresponds to a revenue share of 4.2% (previous year: 4.9%).
In view of the restrained performance in the first six months of 2015 and positive signals for the second six months, the Managing Board of Manz AG expects moderately lower revenues in comparison with the previous year and an improved, but prospectively negative EBIT.
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