The German PV production equipment manufacturer Manz AG has reported an “as-expected weak performance in the first quarter of 2017,” in which it has saw its sales drop 26.2% to €47.6 million ($51.8 million). Revenue decline, Manz explains, was due to the performance of the Energy Storage business unit. “This segment proved to be a revenue driver in the same period last year due to the one-time processing of a major order,” Manz specified. The segment registered revenue of only €6.1 million, compared to €27.8 million a year earlier.
As for its Electronics business unit, revenue increases 28.8% year-on-year to €19.7 million, while the company’s Contract Manufacturing segment saw its turnover grow 66% Y-o-Y to €15.6 million. The solar segment contributed the last quarter’s revenue with only €1.5 million. This was down from €6.5 million in the same period of 2016.
Ebitda for the quarter was €23.2 million, considerably up from €0.9 million in the previous year, while the operating result improved from a loss of €2.5 million in the first quarter of 2016 to a profit of €20.0 million in the latest 3-month period of this year. Net profit for the quarter was €18.8 million, a significant improvement over the loss of €3.2 million the company registered a year earlier.
Increased profitability, Manz said, was also attributable to a one-time accounting effect of €34.4 million from the sale of the unit Manz CIGS Technology GmbH. “With revenues of 47.6 million euros, business development in the first quarter of 2017 remains subdued. Looking at our forecast of a significant increase in revenues to at least 350 million euros and positive earnings before interest and taxes, we strongly believe that Manz AG continues to be on target,” said the company’s CEO Dieter Manz.
By Petra Hannen
*this post was corrected on 17/05/2017, Manz was previously referred to as a Swiss company, this was corrected to German.