Revenue about 4% higher YoY for Manz

In June 2016, Manz AG received the short-notice cancellation of a major order in the Energy Storage business segment, and as a result the associated planned follow-up orders failed to materialize. In addition, the major order for fully integrated production lines for CIGS thin film solar modules received in January of 2017, with a total volume of EUR 263 million, ultimately arrived considerably later than initially planned together with Shanghai Electric. Both occurrences had corresponding effects on the company's revenue performance. In its operating business, Manz AG achieved significantly improved earnings before interest, taxes, depreciation and amortization (EBITDA) of EUR -22.5 million (previous year: EUR -41.9 million); earnings before interest and taxes (EBIT) also significantly improved to EUR -36.7 million (previous year: EUR -58.2 million). Revenues and profit for 2016 are thus within the latest forecast, with revenue at the level of the previous year and a significantly improved EBIT. The significant improvement of EBITDA and EBIT is substantially the result of Manz AG's multi-layered measures to optimize processes and structures within the entire group. This is reflected, inter alia, in reduced material and personnel expenses and an overall improved cost basis. The company will continue to follow this path also in the 2017 fiscal year and will consistently pursue the initiated projects as part of a continuous optimization process, a press release announced. Dieter Manz, CEO and founder of Manz AG, expects a profitable business performance for 2017: "A strong strategic partnership in the solar segment, a full order book, proven successes in optimizing our cost basis and a continuous improvement of our processes – in consideration of these framework conditions, we expect to be profitable again in 2017."