Manz AG (ETR:M5Z) reported on Thursday net profit for the first quarter of 2017 and said that its founder, Dieter Manz, will move to the supervisory board and leave the management of the company to an experienced team.
The German high-tech equipment maker, which operates through its solar, electronics and energy storage diivisions, posted a consolidated net profit of EUR 18.8 million (USD 20.4m) for the first quarter of the year against a loss of EUR 3.2 million a year earlier. The company also turned to earnings before interest and taxes (EBIT) of EUR 20 million from a loss of EUR 2.5 million in January-March 2016.
The solar machinery manufacturer said it has achieved significantly increased profitability when it comes to earnings before interest, taxes, depreciation and amortisation (EBITDA) thanks in part to a one-time accounting effect of EUR 34.4 million from the sale of its thin-film solar research arm. The particular business, Manz CIGS Technology GmbH, was divested as part of a key strategic cooperation in the field of CIGS (copper indium gallium selenide) thin-film solar technology with Chinese peer Shanghai Electric Group Co Ltd (HKG:2727) and coal supplier Shenhua Group Co Ltd.
That Chinese partnership also brought a couple of large CIGS orders with a combined value of EUR 263 million, boosting the company’s total order volume as at end-March to EUR 319.8 million, up from EUR 96.3 million in Q1 2016.
Revenues for the period dropped by 26.2% to EUR 47.6 million as the performance of both the solar and energy storage business units was weaker compared to a year earlier. The solar segment generated a revenue of EUR 1.5 million, down from EUR 6.2 million, while the energy storage division contributed EUR 6.1 million compared to EUR 27.8 million in the same period of 2016.
The electronics business unit brought revenues of EUR 19.7 million.
Manz noted that the large solar orders received will have an impact on its top line only starting from the second quarter of 2017.
Following the finalisation of the Chinese solar partnership, Dieter Manz has decided to move to the company’s supervisory board from its management board. His CEO role will be assumed by Manz’s current chief technology officer, Eckhard Hoerner-Marass.
“Manz has begun a new, promising chapter in the company's history. That is why I am firmly convinced that now is the right time to place the leadership of Manz AG in the hands of an experienced management team,” Dieter Manz said.
(EUR 1.0 = USD 1.085)
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Manz laser scriber with IPCS (Inline Precision Control System). Image: Manz AG
