Manz AG — Earnings Release 2010

Nov 8, 2010

News Details

Corporate | 8 November 2010 08:10

Manz Automation AG records strong revenues growth in the first nine months of 2010 and receives new orders with a volume of more than EUR 25 million

Manz Automation AG / Key word(s): Development of Sales/Forecast

08.11.2010 08:10

• Revenues more than double to EUR 121.3 million in the first nine months
  of 2010
• EBIT improves from EUR -16.1 million to EUR -3.3 million
• Forecast increased for fiscal year 2010: Revenues of EUR 170 - 175
  million with balanced EBIT expected
• Extensive orders received from Asia for equipment to produce crystalline
  solar cells

Reutlingen, November 8, 2010 - Manz Automation AG, one of the world's
leading technology providers for the photovoltaic and flat panel display
(FPD) industries, recorded revenues of EUR 121.3 million in the first nine
months of 2010 (previous year: EUR 46.7 million). Revenues in the third
quarter of 2010 alone totaled EUR 53.8 million compared to EUR 18.5 million
in the same quarter of the previous year. At the same time, total operating
revenue in the first nine months of 2010 increased to EUR 132.6 million, up
124.2%.

Revenues in the first nine months of 2010 thus reflect the positive growth
in operating business. The increased income was primarily driven by the new
products for the production of crystalline solar cells. However, the
increased pressure on margins and the still low economies of scale and
capital expenditure for new developments mean that the dynamic revenue
growth is not yet reflected in earnings to the same extent. As a result,
Manz recorded EBIT in the first nine months of 2010 of EUR -3.3 million
(previous year: EUR -16.1 million). During the period under review,
earnings before taxes (EBT) increased to EUR -3.1 million compared to EUR
-14.4 million in the previous year. This resulted in consolidated earnings
after taxes and minority interests of EUR -1.6 million (previous year: EUR
-11.5 million). This corresponds to earnings per share of EUR -0.38
(previous year: EUR -2.45). 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
totaled EUR -5.8 million (previous year: EUR -4.4 million).

In view of the year as a whole, management has increased its forecast to
total revenues of EUR 170 - 175 million (previously: at least EUR 140
million). Depending on the further developments on the market, in
particular for thin-film technology, there is still potential to even
surpass these targets. In addition, the company is forecasting a balanced
result as a result of what experience has shown to be a strong final
quarter. Manz Automation also has a solid financing structure with cash and
cash equivalents of EUR 42.1 million and an equity ratio of around 69%.

The long-term perspectives for fiscal year 2011 instill the company with
confidence, as increasingly dynamic growth can already be seen. In October
2010 Manz Automation succeeded in acquiring new orders with a total volume
of almost EUR 25 million - in particular from Asian customers. These
primarily include automation and system solutions for the production of
crystalline solar cells and will be reflected in revenues and earnings in
the coming fiscal year in particular. Furthermore, new orders in the
segment of Li-ion for the installation of pilot lines in Germany were
obtained. The current order book has thus increased to around EUR 125
million.

'The strong revenue growth in the first nine months of 2010 proves our
innovational prowess. We already have a broad range of new products, which
set standards for key parameters such as throughput rates, efficiency and
costs, in particular in the PV industry. This was confirmed again by the
orders we have recently received from our customers,' explained CEO Dieter
Manz. He is confident regarding the current fiscal year: 'We are sticking
to our target of recording a balanced result in 2010 as a whole. The recent
new orders mean that we have solid foundations to link in to our positive
growth in the coming fiscal year. In addition, we are currently in
negotiations with many existing and potential customers, and the new orders
are thus a welcome partial success. Our customers are increasingly prepared
to make investments, which puts more wind in our sails for fiscal year
2011.' He added: 'Manufacturers are increasingly planning projects again
for both crystalline solar cells as well as for thin-film technology - and
financing conditions for these projects are now significantly better. We
are able to and want to participate in these developments.'

The full report for the first nine months of 2010 can be downloaded at
www.manz.com ('Investor Relations' section).

Company profile: Manz Automation AG

Reutlingen-based 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 Li-ion 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. In-depth 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 thin-film 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
tried-and-trusted since 2006 with 24/7 operations, and offers the highest
effectiveness recorded to date in mass production. The factory is available
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.

Investor relations contact:

cometis AG
Ulrich Wiehle / Dominic Großmann
Tel.: +49 (0)611 - 205855-15
Fax: +49 (0)611 - 205855-66
E-Mail: grossmann@cometis.de

Public relations contact:

Manz Automation AG
Axel Bartmann
Tel.: +49 (0)7121 - 9000-395
Fax: +49 (0)7121 - 9000-99
E-Mail: abartmann@manz.com

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Language: English
Company: Manz Automation AG
Steigäckerstr. 5
72768 Reutlingen
Deutschland
Phone: +49 (0) 7121 9000-0
Fax: +49 (0) 7121 9000-99
E-mail: info@manz-automation.com
Internet: http://www.manz-automation.com
ISIN: DE000A0JQ5U3
WKN: A0JQ5U
Indices: TecDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in München, Düsseldorf, Berlin, Stuttgart

End of Announcement DGAP News-Service

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