Following a number of incoming order delays in its electronics and energy storage segments, particularly in China, and the cancelation of a bulk order in its electronics division worth around 12 million, all in the first six months of 2015, Manz has seen its earnings plummet.
Overall net loss for the first three quarters of the year has fallen from -0.8 million in 2014 to -33.8 million. EBITDA recorded a massive loss, of 20.6 million euros, down on the gain of 19.6 million a year ago; while EBIT totaled -30.1 million euros, compared to 1.5 million.
Revenues also fell, from 250.9 million to just 169 million. Of this, the solar segment generated around 17.2 million euros or 10.2% of total revenues, up from 9.3 million or 3.7% in 2014.
The energy storage segment saw very positive revenues of 55.6 million, representing 32.9% of total revenues, up significantly from 12.2 million or 4.9%. Marking the biggest revenue loss was Manzs electronics segment, which saw revenues tumble from 189.4 million or 75.5% last year, to 65.3 million, or 38.7% this year.
Restructuring
On the back of the order situation, Manz revised its full year revenues forecast down in July, from between 320 million to 340 million, to between 200 million and 210 million. Then at the end of last month, it announced a restructuring program, under which it would assess the future of its solar segment.
The company informed pv magazine in a statement at the time that the options being considered were: to find a strategic investor; to find a buyer for the solar technology portfolio; and in the worst case, to close down its solar operations.
It expanded today by saying, "the Managing Board is examining options for the Solar segment since negotiations concerning the sale of a CIGSfab are drawing out longer than expected. The goal is that beginning with the fiscal year 2016, no further cost burden will arise from this segment." Manz expects to present the key measures and associated expenses related to the restructuring this December 10. Overall, the company will focus on its electronics and energy storage segments.
"In the course of the restructuring program, it will be essential to the success of our company that we significantly increase planning reliability, transparency and flexibility within the Group so that we can better manage the risks associated with cancellations of large-scale orders," commented CEO and founder, Dieter Manz. "I firmly believe that together we will overcome these challenges."
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