Brief: Manz Makes Impairments, Revises Preliminary FY 2021 Results

Manz AG

08/03/2022 13:01

March 8 (Reuters) - MANZ AG  M5ZG.DE :
    * BOARD HAS DECIDED IN COURSE OF PREPARING CONSOLIDATED
FINANCIAL
STATEMENTS, TO MAKE IMPAIRMENTS OF EUR 21.6 MILLION ON GOODWILL
AND A BRAND NAME IN FINANCIAL STATEMENTS FOR 2021 FINANCIAL YEAR
    * RESULTING NON-CASH ONE-TIME EFFECT IS ATTRIBUTABLE TO
ACQUISITIONS MADE PRIOR TO 2012 FINANCIAL YEAR
    * THIS HAS NO NEGATIVE IMPACT ON MANZ AG'S LIQUIDITY
    * HOWEVER, COMPANY WILL NOT ACHIEVE ITS EARNINGS FORECAST
FOR 2021
FINANCIAL YEAR DUE TO THIS ONE-TIME EFFECT
    * BASED ON ONGOING DISCUSSIONS WITH CHINESE CUSTOMER
CHONGQING
SHENHUA THIN FILM SOLAR TECHNOLOGY CO., LTD. REGARDING
COMPLETION OF LARGE-SCALE SOLAR PROJECT CIGSFAB AS WELL AS
CONTINUATION OF BUSINESS RELATIONSHIP
    * CONTINUATION OF BUSINESS RELATIONSHIP WITH CUSTOMER
REMAINS
UNCERTAIN
    * COMPANY WILL ALSO MISS ITS REVENUE TARGET
    * AS A RESULT, ON A PRELIMINARY BASIS, REVENUES FOR
FINANCIAL YEAR
2021 WILL AMOUNT TO EUR 227.6 MILLION (2020: EUR 236.8 MILLION)
    * FY EBITDA WILL AMOUNT TO EUR 18.9 MILLION (2020: EUR 19.4
MILLION) AND EARNINGS BEFORE INTEREST AND TAXES (EBIT) TO EUR
-15.5 MILLION (2020: EUR 7.2 MILLION)
    * FOR FINANCIAL YEAR 2022, MANAGING BOARD EXPECTS A
SIGNIFICANT
INCREASE IN REVENUES IN MID DOUBLE-DIGIT PERCENTAGE RANGE, AN
EBIT MARGIN IN LOW TO MID POSITIVE SINGLE-DIGIT PERCENTAGE
RANGE, AND AN EBITDA MARGIN IN MID TO UPPER POSITIVE
SINGLE-DIGIT PERCENTAGE RANGE
    * AGREEMENT WITH CONTRACTUAL PARTNER ON COMPLETION OF
CIGSFAB
PROJECT IS NOT YET INCLUDED IN THIS FORECAST AND COULD HAVE A
POSITIVE IMPACT ON MANZ AG'S REVENUE AND EARNINGS GROWTH

Source text for Eikon:  ID:nEQ2Y6mZxa 
Further company coverage:  M5ZG.DE 

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