German equipment provider Manz reports that its provisional results for 2016 are in line with previously released forecasts. Turnover for last year came in at about €231 million ($244.6 million), up 4% from the previous year. The company stressed that 2016 was a difficult fiscal year. Last year, in fact, an unspecified major order in the Energy Storage business segment was cancelled and associated planned follow-up orders failed to materialize, Manz stated.
Furthermore, the company said that the €263 million ($278.5 million) order for fully integrated production lines for CIGS thin film solar modules received in January 2017 from Shanghai Electric, which has recently become Manz’s largest shareholder, arrived later than planned.
Although turnover improved slightly last year, the company is still struggling with losses. Ebidta loss improved from €41.9 million ($44.3 million) in 2015 to €22.5 million ($23.8 million) in 2016. Ebit loss also improved significantly year-on-year from €58.2 million ($61.6 million) to €36.7 million ($38.8 million).
The improvement of Ebit and Ebidta, the company said, was a consequence of the measures that were implemented to optimize processes and structures. The plan includes, among other things, a reduction in costs of material and personnel and an “overall improved cost basis.”
Looking forward, Manz said it expects a profitable business performance for 2017. Final results for 2016 will be published on Mar. 30, 2017.