German PV production equipment provider, Manz AG has significantly increased its sales and operating results over the past financial year.
Turnover rose 41% to a record level of €325 million, while EBIT reached €1.6 million, according to preliminary figures released today. In 2016, the company reported an operating loss of €36 million.
“Following two years marked by losses in 2015 and 2016, we managed to achieve the turn-around in 2017 – we are now showing positive operational results including the special effect of the Solar segment,” said Mainz CFO, Voss von Dahlen. The special effect resulted from the sale of Manz CIGS Technology GmbH.
In mid-January Manz sold its research company for €50 million to its Chinese partners of the joint venture, NICE PV Research Ltd.
In the PV sector, Manz reported sales of €104 million, which represents significant growth on 2016 and 2015, when it achieved a turnover of just €21 million and €16 million, respectively. EBIT for the segment also improved, from a loss of €13 million in 2016, to a profit of €31 million last year.
pv magazine’s requests for further details on the future direction of the PV business remained unanswered.
According to the company, the solar segment was dominated by major CIGS orders from China. However, the company said that orders were postponed for regulatory reasons, which is why parts of the sales and earnings were not included in the last financial year.
As for its Energy Storage segment, however, the company has reported lower than expected sales. The segment’s turnover for last year was only €24 million, significantly down from €46 million in 2016, and €72 million in 2015.
“2017 was a demanding year during which we got numerous things off the ground in order to achieve sustained profitability once again. By focusing on organizational, process and workflow improvements, we have been able to continually raise our competitiveness and profitability,” said the company’s CEO, Eckhard Hörner-Marass.
Manz will publish its final results for 2017 on March 29.