Manz AG increased revenue in 2018

German PV equipment manufacturer Manz AG achieved a significant 11.6 percent increase in revenue to €296.9 million ($333 million) compared to €266.1 million in 2017. In the Solar segment, the implementation of the CIGS major orders with the Chinese partners Shanghai Electric Group and China Energy Investment Corporation (formerly the Shenhua Group) dominated 2018. The revenue generated in the solar business unit amounted to €105.0 million (previous year: €104.3 million); the segment EBIT amounted to €14.4 million ($16.1 million), compared to €31.0 million ($34.8 million) in the previous year. In 2017, however, the EBIT still included a positive one-time effect of €34.4 million from the sale of NICE Solar Energy GmbH (formerly Manz CIGS Technology GmbH).
As reported, the orders include a 44 MW CIGS research line (CIGSlab) and a 306 MW CIGS system (CIGSfab) for series production of CIGS thin-film solar modules. According to the company, Manz falls within the projected schedule in all significant areas in the fulfillment of milestones agreed with the customer. However, there were delays on the part of the customer in the overall project, because the buildings for the turnkey facility CIGSfab and the research line CIGSlab were not completed in a timely manner. The Managing Board projects follow-up orders from the end of 2019 based on the overall positive progression of the project in recent years.
Manz AG will publish its final figures for financial year 2018 along with a detailed prognosis for the current financial year on March 28, 2019.

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