New Business
Manz Automation AG German Equity Forum November 23, 2010 / Dieter Manz
Disclaimer
This presentation contains certain statements that are neither reported results nor other historical information. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Manz Automation AG´s ability to control or estimate precisely, such as future market and economic conditions, the behavior of other market participants, the ability to successfully integrate acquired businesses and achieve anticipated synergies and the actions of government regulators. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this presentation. Manz Automation AG does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation. This presentation does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any security, nor shall there be any sale, issuance or transfer of the securities referred to in this presentation in any jurisdiction in contravention of applicable law. Copies of this presentation and any documentation relating to the offer are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in or into or from Australia, Canada or Japan or any other jurisdiction where to do so would be unlawful. This document represents the Company‘s judgment as of the date of this presentation.
10-11-23
2
Our Business
robotic
motion
Solar
System solutions for the production of silicon solar cells
System solutions for the production of thin-film solar modules – single equipment and totally integrated production line (CIGSfab)
Technological Base metrology laser
FPD
System solutions for the production of FPD displays
vacuum
New business
System solutions for the industrialscale production of Li-Ion batteries
System solutions for the industrialscale production of Fuel cells
process
Others
System solutions for the production of - packaging materials - printed circuit boards (pcb) - carbide cutting tools Manufacturing of OEM systems
10-11-23
3
Company History
Expanded production First order for capacity and technology high-efficiency know-how through back-end line acquisition in Manz Automation Slovakia and Intech (Taiwan)
Supplied automation systems for the first fully automated production line for cSi solar cells
Developed first automation system to handle cSi solar cells in a pilot production
1987
1988
1994
Developed first fully-automated quality test and sorting system for cSi solar cells
2002
2005
IPO on Entry Standard of Frankfurt stock exchange
Inclusion in the Prime Standard Capital increase/ Gross issue of around EUR 112 million
2006
2007
2008
Entered into a supply agreement with Applied Materials for thin-film laser scribing systems
Foundation of Manz Automatisierungstechnik GmbH
Supplied first LCD handling machines to Asia
Foundation of Manz Coating GmbH
Entered thin-film market with a machine to mechanically scribe modules
Acquired Christian Majer (Germany) with effect as of 1 January 2008 in order to expand production capacity
2010
2009
Strategic alliance agreement with Würth Solar First order for LithiumIon Battery production equipment Inclusion in TecDAX
10-11-23
4
Worldwide presence
GERMANY SLOVAKIA SPAIN USA
HUNGARY SOUTH KOREA
ISRAEL
TAIWAN CHINA INDIA
Production, sales, and service
Sales and service R&D
> 1650 employees worldwide, 600 in Germany 10-11-23
5
Current Situation
Break of the economic trend has been reached. Fast growth in revenue. Still loss in 3rd quarter due to poor pricing earlier this year as a result of the financial crisis. Pricing for new projects improved a lot Customers continue to invest in capacity expansion and replacement of old equipment Very strong order momentum in Asia Investments in thin film solar also restarted after almost 2 years Order backlog at EUR 125 million Good prospects for each business unit High capacity utilization
10-11-23
6
Current Situation “Solar cSi”
Business Unit “Solar ci”: High demand for cSi products. Manz was able to win several new customers for Automation and Backend in China, Taiwan, Korea and India One Step Selective Emitter Laser-Tool very successfully introduced to the market. Manz managed to win very important customers due to demonstration of real efficiency gain First Backend-Lines have been successfully installed at customers in China High potential for follow up orders
10-11-23
7
Process steps covered by Manz products Process steps not covered by Manz products Process steps under development. Market launch in Q4/2010
Line integration and control
Testing and sorting
cell
Laser edge isolation
Robot with buffer
Firing furnace
Robot inline QA
wafer
Metallization
Robot inline QA
SiN coating
Robot inline QA
PSG etching
Robot inline QA
silicon
Selective emitter
Robot inline QA
Diffusion
Robot with buffer
Texturing
Robot with buffer
Incoming wafer inspection
Solar cSi >> Production Line
module
Process steps under development. Market launch in Q3/2011
>> Manz covers 70% of capex; 90% in 2011 10-11-23 8
Current Situation “Thin-film Solar”
Business Unit “Thin-film Solar”: Significant stimulation of the tfs business. New orders for laser scribers and fab automation from Germany, China, Taiwan and the US Very promising talks with potential customers for the CIGSfab. Good progress in the development of the machines
10-11-23
9
Process steps covered by Manz products Process steps under development. Market launch in 2011
* Process steps covered by Manz-Intech products Process steps not covered by Manz products
End testing
Module production
Automation
Inspection
Automation
Automation inline QA Laser edge deletion
Laser scribing P3
Automation
Coating back contact
Automation
Glass cleaning *
Laser scribing P2
Automation
Coating absorber
Glass cleaning * Automation
Laser scribing P1
Automation
TCO etching *
Automation
Coating TCO
Automation inline QA
Glass cleaning *
Automation
Thin-film Solar >> Production Line
>> Manz covers 25% of capex; 90% in 2012 10-11-23 10
Expansion of Business Model – The Manz CIGSfab
10-11-23
11
Three strong partners – one big goal
1975 start of basic research Institute of Physical Electronics, University of Stuttgart
1975
1980
1975 pilot production of CIGS modules at the IPE
1985
1988 Establishment of ZSW Stuttgart
1990
1995
1995 pilot production of CIGS modules at the ZSW
1999 Establishment of Würth Solar
2000
2005
2010 Cooperation agreement with Würth Solar
2010
2006 start of mass production 2000 start of pilot line CIGS modules 1200x600 in Schwäbisch Hall
CIGS development with 35 years of history in Baden-Württemberg CIGS technology is licensed further by Manz and sold worldwide Turnkey line with highest efficiency for thin-film solar. CIGS offers high potential to become the lowest cost solar technology Unique constellation of the partners ensures the success of the project
>> Manz wants to become the market leader for integrated thin-film production lines 10-11-23
12
Market Potential Photovoltaics >> Summary and Outlook The vision for PV Germany
Today, solar energy contributes less than 0.1% to the global energy supply In Germany, the share is approx. 1.1 % More than 50% of all solar modules worldwide are installed in Germany
>>
Large parts of the earth with significantly higher solar radiation are hardly using photovoltaics yet due to the high costs
>>
Due to massive cost reduction PV is about to reach grid parity in large parts of the world
>>
Cost reduction will be further pushed. Thus PV will become one of the most economic energy sources in the medium term which will open up a huge market potential 10-11-23
13
Current Situation “Flat Panel Displays”
Business Unit “FPD”: High demand for touch panel applications, many new factories are built up right now in China New projects in Taiwan and in China for tft lcd monitors and TV sets Very high utilization of our manufacturing sites in Taiwan and China for wet chemistry tools 2010 will become a record year in turnover. Improving margins due to strong demand and very promising market growth in 2011
10-11-23
14
FPD >> Products
Wet-chemical Process Technology Cleaning of glass substrates Development and etching of photo resists Recycling of substrates Etching of metal layers on glass substrates
Handling of Large Glass Substrates Shortest handling times for large substrates (approx. 35 seconds for Generation 8 substrate) Minimal glass breakage in production– downtime means high costs due to clean room requirements Excellent market position in Asia Only local competitors: Manz is the technology and quality leader in this area 10-11-23
15
Current Situation “New Business” & “Others”
Business Unit “New Business”: High interest in our products for Li-Ion in Asia Ongoing participation in R&D projects New project with Daimler for battery assembly line New project for cell manufacturing equipment for pilot line at German Research Institute
Business Unit “Others”: Many orders for tools for the production of PCB and packaging materials Very high utilitzation of our Slovakia plant with OEM business
10-11-23
16
New business >> Current situation Li-Ion
Manz delivered the first machines for manufacturing Li-Ion batteries in 2009. Currently we are working on additional orders.
1 cell consists of approx. 120 “layers“
Manz is a partner for the research project “Production research for high-output lithiumion batteries for electric mobility“ Development of new efficient production technologies for the mass production of batteries
Establishment of a new strategic business unit Hiring of new employees Cooperation with research institutes – development and installation of pilot systems for advanced manufacturing processes >> As a leading supplier of integrated Active market penetration through dedicated production lines, Manz will sales team in Europe, USA, and Asia participate in strong market growth! 10-11-23
17
Process steps covered by Manz products Process steps not covered by Manz products storing
final testing
charging
Formation
testing
casing & pack assembly
storing
testing & sorting
Cell Assembly
aging II (~14 days)
formation
aging (~24h)
leakage test
electrolyte filling (vacuum)
Electrode Coating Process
package sealing/ welding
stack packaging
testing
connector cutting & welding
connector preparing
cell stacking & fixing
electrode/ separator cutting
electrode/ separator drying & unwinding
New business >> Li-Ion Production Process
Pack Assembly
Process steps conjoined with other suppliers
10-11-23 18
Finances
>> FINANCE
10-11-23
19
Revenue Development
Order Backlog: € 125.4m
as of 10/31/2010
4
33
in Euro thousand
4 4
140,000
1
1 I 49.0% Solar 2 I 28.8% FPD 1 3I 4.1% New Business
1 2
Revenues by business units
120,000
4 I 18.3% Others
2 2
4
100,000
+160% 80,000 2
60,000
Revenues by business units as of 09/30/2010
40,000 44
1
4
1
3
1 I 35.8% Solar 1
2 I 35.0% FPD 3I
2 2
20,000
4 2
1
1
1.8% New Business
4 I 27.4% Others
Jan – Sep 2009
2 1 I Solar
2 I FPD
Jan - Sep 2010
3 I New Business
4 I Others 10-11-23
20
EBIT Development 3rd quarter with a negative EBIT of € 1.80m
in Euro thousand
4,000
1st quarter
2nd quarter
3rd quarter
Jan - Sep
2,000 0 -2,000 -4,000 -6,000 -8,000 -10,000
+ € 1.65m
+ € 9.36m
+ € 1.73m
+ € 12.75m
-12,000 -14,000 2009
Loss in the 3rd quarter arising out of the poor pricing situation beginning of 2010 Improved pricing situation of newly received orders and cost reduction will help to improve the margin in the 4th quarter and in 2010
2010
>> Confidence to reach positive EBIT for full fiscal year 2010 10-11-23
21
Income Statement
Jan 1 – Sep 30 2010
Jan 1 – Sep 30 2009
Revenues
121,323
46,732
Total operating revenue
132,596
59,142
Cost of materials
79,135
35,210
Personnel expenses
36,126
27,819
Other expenses
17,554
15,294
EBIT
-3,342
-16,091
EBT
-3,098
-14,394
Net income for the period
-1,572
-11,528
in Euro thousand
Revenues rose by 160% to € 121.3m in 2010 (previous year: € 49.7m) reflecting the strong growing business Total operating revenue more than doubled to € 132.6m compared to € 59.1m in 2009 Material cost ratio increased to 59.7% (previous year: 59.5%) as a result of the poor price situation beginning of the year Personnel cost ratio decreased from 47.0% to 27.2% due to the improved capacity utilization EBIT is at € -3.3m (previous year: € -16.0m) EBT of € -3.1m compared to € -14.4m last year
10-11-23
22
Balance Sheet
in Euro thousand
Fixed assets
Equity is stable at € 180.4m compared to € 179.0m end of 2009. We have a strong Equity Ratio of 69.3% Short-term liabilities increased from € 35.9m to € 66.5m due to the increasing business.
108,036 180,403
Current assets
Equity
152,536
Assets 260,572
13,666
Long-term debt
66,503
Short-term debt
Liabilities 260,572
Accounts payable increased from € 14.2m to € 45.8m as a result of the growing turnover and more material purchased Fixed assets increased from € 66.7m to € 108.0m due to CIGS License from Würth and intensified R&D Current assets decreased from € 160.0m to € 152.5m as a result of the lower cash position
10-11-23
23
Cash Flow
in Euro thousand
As of Sep 30 2010
As of Sep 30 2009
Cash flow from operating activities
-5,822
-4,406
Cash flow from investing activity
-19,931
1,135
Cash flow from financing activity
0,930
-5,407
Cash and cash equivalents
34,993
25,109
Operating cash flow is negative due to higher working capital caused by the growing business Investment in CIGS license is the reason for the negative cash flow from investments The cash flow from financing activity hasn’t changed Cash and cash equivalents is at € 34.9m compared to € 25.1m last year Net cash at the end of 3rd Quarter is more than € 37m
10-11-23
24
Objectives & Strategy
Manz will continue its positive development in turnover. Improvement of margin due to higher sales prices and cost reduction. Positioning as a leading supplier of integrated production equipment for the Solar, FPD and Li-Ion battery industry Manz has developed the latest technologies in solar machines which will expand our market leading position Through licensing of the Würth Solar know-how and patents, there is a great chance to become the world‘s leading supplier of turn-key production lines for thinfilm solar modules The straight use of our low cost facilities in Eastern Europe, Taiwan and China gives us the ability to increase the margins – even with declining sales prices >> Guidance for full fiscal year 2010: We will reach at least revenues € 170-175m Confidence from management for a balanced result (EBIT) for the whole fiscal year 10-11-23
25
CONTACT >>
MANZ AUTOMATION AG Martin Hipp STEIGAECKERSTRASSE 5 72768 REUTLINGEN GERMANY PHONE +49 (0)7121/90 00-0 FAX +49 (0)7121/90 00-99 [email protected] www.manz-automation.com
10-11-23
26
Shareholder Structure & Chart
Shareholder Structure as of November 23, 2010
Chart
as of November 23, 2010 [in Euro]
1 I 44.49% Dieter Manz 2 I 4.70% Ulrike Manz
60,00
1
3
3 I 50.81% Free Float
55,00
2
50,00 45,00
Jun.
Jul.
Aug.
Sep.
Oct.
10-11-23
27
Disclaimer
This presentation contains certain statements that are neither reported results nor other historical information. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Manz Automation AG´s ability to control or estimate precisely, such as future market and economic conditions, the behavior of other market participants, the ability to successfully integrate acquired businesses and achieve anticipated synergies and the actions of government regulators. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this presentation. Manz Automation AG does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this presentation. This presentation does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any security, nor shall there be any sale, issuance or transfer of the securities referred to in this presentation in any jurisdiction in contravention of applicable law. Copies of this presentation and any documentation relating to the offer are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in or into or from Australia, Canada or Japan or any other jurisdiction where to do so would be unlawful. This document represents the Company‘s judgment as of the date of this presentation.
10-11-23
2
Our Business
robotic
motion
Solar
System solutions for the production of silicon solar cells
System solutions for the production of thin-film solar modules – single equipment and totally integrated production line (CIGSfab)
Technological Base metrology laser
FPD
System solutions for the production of FPD displays
vacuum
New business
System solutions for the industrialscale production of Li-Ion batteries
System solutions for the industrialscale production of Fuel cells
process
Others
System solutions for the production of - packaging materials - printed circuit boards (pcb) - carbide cutting tools Manufacturing of OEM systems
10-11-23
3
Company History
Expanded production First order for capacity and technology high-efficiency know-how through back-end line acquisition in Manz Automation Slovakia and Intech (Taiwan)
Supplied automation systems for the first fully automated production line for cSi solar cells
Developed first automation system to handle cSi solar cells in a pilot production
1987
1988
1994
Developed first fully-automated quality test and sorting system for cSi solar cells
2002
2005
IPO on Entry Standard of Frankfurt stock exchange
Inclusion in the Prime Standard Capital increase/ Gross issue of around EUR 112 million
2006
2007
2008
Entered into a supply agreement with Applied Materials for thin-film laser scribing systems
Foundation of Manz Automatisierungstechnik GmbH
Supplied first LCD handling machines to Asia
Foundation of Manz Coating GmbH
Entered thin-film market with a machine to mechanically scribe modules
Acquired Christian Majer (Germany) with effect as of 1 January 2008 in order to expand production capacity
2010
2009
Strategic alliance agreement with Würth Solar First order for LithiumIon Battery production equipment Inclusion in TecDAX
10-11-23
4
Worldwide presence
GERMANY SLOVAKIA SPAIN USA
HUNGARY SOUTH KOREA
ISRAEL
TAIWAN CHINA INDIA
Production, sales, and service
Sales and service R&D
> 1650 employees worldwide, 600 in Germany 10-11-23
5
Current Situation
Break of the economic trend has been reached. Fast growth in revenue. Still loss in 3rd quarter due to poor pricing earlier this year as a result of the financial crisis. Pricing for new projects improved a lot Customers continue to invest in capacity expansion and replacement of old equipment Very strong order momentum in Asia Investments in thin film solar also restarted after almost 2 years Order backlog at EUR 125 million Good prospects for each business unit High capacity utilization
10-11-23
6
Current Situation “Solar cSi”
Business Unit “Solar ci”: High demand for cSi products. Manz was able to win several new customers for Automation and Backend in China, Taiwan, Korea and India One Step Selective Emitter Laser-Tool very successfully introduced to the market. Manz managed to win very important customers due to demonstration of real efficiency gain First Backend-Lines have been successfully installed at customers in China High potential for follow up orders
10-11-23
7
Process steps covered by Manz products Process steps not covered by Manz products Process steps under development. Market launch in Q4/2010
Line integration and control
Testing and sorting
cell
Laser edge isolation
Robot with buffer
Firing furnace
Robot inline QA
wafer
Metallization
Robot inline QA
SiN coating
Robot inline QA
PSG etching
Robot inline QA
silicon
Selective emitter
Robot inline QA
Diffusion
Robot with buffer
Texturing
Robot with buffer
Incoming wafer inspection
Solar cSi >> Production Line
module
Process steps under development. Market launch in Q3/2011
>> Manz covers 70% of capex; 90% in 2011 10-11-23 8
Current Situation “Thin-film Solar”
Business Unit “Thin-film Solar”: Significant stimulation of the tfs business. New orders for laser scribers and fab automation from Germany, China, Taiwan and the US Very promising talks with potential customers for the CIGSfab. Good progress in the development of the machines
10-11-23
9
Process steps covered by Manz products Process steps under development. Market launch in 2011
* Process steps covered by Manz-Intech products Process steps not covered by Manz products
End testing
Module production
Automation
Inspection
Automation
Automation inline QA Laser edge deletion
Laser scribing P3
Automation
Coating back contact
Automation
Glass cleaning *
Laser scribing P2
Automation
Coating absorber
Glass cleaning * Automation
Laser scribing P1
Automation
TCO etching *
Automation
Coating TCO
Automation inline QA
Glass cleaning *
Automation
Thin-film Solar >> Production Line
>> Manz covers 25% of capex; 90% in 2012 10-11-23 10
Expansion of Business Model – The Manz CIGSfab
10-11-23
11
Three strong partners – one big goal
1975 start of basic research Institute of Physical Electronics, University of Stuttgart
1975
1980
1975 pilot production of CIGS modules at the IPE
1985
1988 Establishment of ZSW Stuttgart
1990
1995
1995 pilot production of CIGS modules at the ZSW
1999 Establishment of Würth Solar
2000
2005
2010 Cooperation agreement with Würth Solar
2010
2006 start of mass production 2000 start of pilot line CIGS modules 1200x600 in Schwäbisch Hall
CIGS development with 35 years of history in Baden-Württemberg CIGS technology is licensed further by Manz and sold worldwide Turnkey line with highest efficiency for thin-film solar. CIGS offers high potential to become the lowest cost solar technology Unique constellation of the partners ensures the success of the project
>> Manz wants to become the market leader for integrated thin-film production lines 10-11-23
12
Market Potential Photovoltaics >> Summary and Outlook The vision for PV Germany
Today, solar energy contributes less than 0.1% to the global energy supply In Germany, the share is approx. 1.1 % More than 50% of all solar modules worldwide are installed in Germany
>>
Large parts of the earth with significantly higher solar radiation are hardly using photovoltaics yet due to the high costs
>>
Due to massive cost reduction PV is about to reach grid parity in large parts of the world
>>
Cost reduction will be further pushed. Thus PV will become one of the most economic energy sources in the medium term which will open up a huge market potential 10-11-23
13
Current Situation “Flat Panel Displays”
Business Unit “FPD”: High demand for touch panel applications, many new factories are built up right now in China New projects in Taiwan and in China for tft lcd monitors and TV sets Very high utilization of our manufacturing sites in Taiwan and China for wet chemistry tools 2010 will become a record year in turnover. Improving margins due to strong demand and very promising market growth in 2011
10-11-23
14
FPD >> Products
Wet-chemical Process Technology Cleaning of glass substrates Development and etching of photo resists Recycling of substrates Etching of metal layers on glass substrates
Handling of Large Glass Substrates Shortest handling times for large substrates (approx. 35 seconds for Generation 8 substrate) Minimal glass breakage in production– downtime means high costs due to clean room requirements Excellent market position in Asia Only local competitors: Manz is the technology and quality leader in this area 10-11-23
15
Current Situation “New Business” & “Others”
Business Unit “New Business”: High interest in our products for Li-Ion in Asia Ongoing participation in R&D projects New project with Daimler for battery assembly line New project for cell manufacturing equipment for pilot line at German Research Institute
Business Unit “Others”: Many orders for tools for the production of PCB and packaging materials Very high utilitzation of our Slovakia plant with OEM business
10-11-23
16
New business >> Current situation Li-Ion
Manz delivered the first machines for manufacturing Li-Ion batteries in 2009. Currently we are working on additional orders.
1 cell consists of approx. 120 “layers“
Manz is a partner for the research project “Production research for high-output lithiumion batteries for electric mobility“ Development of new efficient production technologies for the mass production of batteries
Establishment of a new strategic business unit Hiring of new employees Cooperation with research institutes – development and installation of pilot systems for advanced manufacturing processes >> As a leading supplier of integrated Active market penetration through dedicated production lines, Manz will sales team in Europe, USA, and Asia participate in strong market growth! 10-11-23
17
Process steps covered by Manz products Process steps not covered by Manz products storing
final testing
charging
Formation
testing
casing & pack assembly
storing
testing & sorting
Cell Assembly
aging II (~14 days)
formation
aging (~24h)
leakage test
electrolyte filling (vacuum)
Electrode Coating Process
package sealing/ welding
stack packaging
testing
connector cutting & welding
connector preparing
cell stacking & fixing
electrode/ separator cutting
electrode/ separator drying & unwinding
New business >> Li-Ion Production Process
Pack Assembly
Process steps conjoined with other suppliers
10-11-23 18
Finances
>> FINANCE
10-11-23
19
Revenue Development
Order Backlog: € 125.4m
as of 10/31/2010
4
33
in Euro thousand
4 4
140,000
1
1 I 49.0% Solar 2 I 28.8% FPD 1 3I 4.1% New Business
1 2
Revenues by business units
120,000
4 I 18.3% Others
2 2
4
100,000
+160% 80,000 2
60,000
Revenues by business units as of 09/30/2010
40,000 44
1
4
1
3
1 I 35.8% Solar 1
2 I 35.0% FPD 3I
2 2
20,000
4 2
1
1
1.8% New Business
4 I 27.4% Others
Jan – Sep 2009
2 1 I Solar
2 I FPD
Jan - Sep 2010
3 I New Business
4 I Others 10-11-23
20
EBIT Development 3rd quarter with a negative EBIT of € 1.80m
in Euro thousand
4,000
1st quarter
2nd quarter
3rd quarter
Jan - Sep
2,000 0 -2,000 -4,000 -6,000 -8,000 -10,000
+ € 1.65m
+ € 9.36m
+ € 1.73m
+ € 12.75m
-12,000 -14,000 2009
Loss in the 3rd quarter arising out of the poor pricing situation beginning of 2010 Improved pricing situation of newly received orders and cost reduction will help to improve the margin in the 4th quarter and in 2010
2010
>> Confidence to reach positive EBIT for full fiscal year 2010 10-11-23
21
Income Statement
Jan 1 – Sep 30 2010
Jan 1 – Sep 30 2009
Revenues
121,323
46,732
Total operating revenue
132,596
59,142
Cost of materials
79,135
35,210
Personnel expenses
36,126
27,819
Other expenses
17,554
15,294
EBIT
-3,342
-16,091
EBT
-3,098
-14,394
Net income for the period
-1,572
-11,528
in Euro thousand
Revenues rose by 160% to € 121.3m in 2010 (previous year: € 49.7m) reflecting the strong growing business Total operating revenue more than doubled to € 132.6m compared to € 59.1m in 2009 Material cost ratio increased to 59.7% (previous year: 59.5%) as a result of the poor price situation beginning of the year Personnel cost ratio decreased from 47.0% to 27.2% due to the improved capacity utilization EBIT is at € -3.3m (previous year: € -16.0m) EBT of € -3.1m compared to € -14.4m last year
10-11-23
22
Balance Sheet
in Euro thousand
Fixed assets
Equity is stable at € 180.4m compared to € 179.0m end of 2009. We have a strong Equity Ratio of 69.3% Short-term liabilities increased from € 35.9m to € 66.5m due to the increasing business.
108,036 180,403
Current assets
Equity
152,536
Assets 260,572
13,666
Long-term debt
66,503
Short-term debt
Liabilities 260,572
Accounts payable increased from € 14.2m to € 45.8m as a result of the growing turnover and more material purchased Fixed assets increased from € 66.7m to € 108.0m due to CIGS License from Würth and intensified R&D Current assets decreased from € 160.0m to € 152.5m as a result of the lower cash position
10-11-23
23
Cash Flow
in Euro thousand
As of Sep 30 2010
As of Sep 30 2009
Cash flow from operating activities
-5,822
-4,406
Cash flow from investing activity
-19,931
1,135
Cash flow from financing activity
0,930
-5,407
Cash and cash equivalents
34,993
25,109
Operating cash flow is negative due to higher working capital caused by the growing business Investment in CIGS license is the reason for the negative cash flow from investments The cash flow from financing activity hasn’t changed Cash and cash equivalents is at € 34.9m compared to € 25.1m last year Net cash at the end of 3rd Quarter is more than € 37m
10-11-23
24
Objectives & Strategy
Manz will continue its positive development in turnover. Improvement of margin due to higher sales prices and cost reduction. Positioning as a leading supplier of integrated production equipment for the Solar, FPD and Li-Ion battery industry Manz has developed the latest technologies in solar machines which will expand our market leading position Through licensing of the Würth Solar know-how and patents, there is a great chance to become the world‘s leading supplier of turn-key production lines for thinfilm solar modules The straight use of our low cost facilities in Eastern Europe, Taiwan and China gives us the ability to increase the margins – even with declining sales prices >> Guidance for full fiscal year 2010: We will reach at least revenues € 170-175m Confidence from management for a balanced result (EBIT) for the whole fiscal year 10-11-23
25
CONTACT >>
MANZ AUTOMATION AG Martin Hipp STEIGAECKERSTRASSE 5 72768 REUTLINGEN GERMANY PHONE +49 (0)7121/90 00-0 FAX +49 (0)7121/90 00-99 [email protected] www.manz-automation.com
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Shareholder Structure & Chart
Shareholder Structure as of November 23, 2010
Chart
as of November 23, 2010 [in Euro]
1 I 44.49% Dieter Manz 2 I 4.70% Ulrike Manz
60,00
1
3
3 I 50.81% Free Float
55,00
2
50,00 45,00
Jun.
Jul.
Aug.
Sep.
Oct.
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