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Energy storage counted for a quarter of Manz revenues despite large order cancellation

Lithium-ion battery manufacturing equipment. Image: Manz AG.

Manufacturing equipment supplier Manz AG said 25% of its revenues for the first nine months of this year came from its energy storage segment, despite the ill effects of a large order being stopped.

The company, which has three strategic business segments: electronics, solar and energy storage, said EUR41.9 million (US$44.98 million) in revenues were realised in the latter segment. The proportion this accounted for in the total actually fell from the equivalent period last year, when energy storage was worth 32.8% with EUR55.6 million of revenues. This compared to EUR72 million in electronics (43% of total business) and EUR21.4 million in solar.

Manz said its performance in the third quarter of this year was “significantly affected” by a stop in orders from an unnamed customer in its energy storage segment, leading to a lack of follow-up orders. The company had planned to recoup some or all of the shortfall through sales of turnkey CIGS solar production lines, but these sales, worth “hundreds of millions” according to company chief Dieter Manz, have been postponed.

However, Manz AG raised similar total revenues to last year, EUR167.3 million in the first nine months of this year compared with EUR168.9 million in the equivalent period in 2015. Consolidated net results came to EUR-30.9 million, compared with EUR-33.8 million last year.     

Tags: equipment suppliers, manz, manz ag, lithium-ion, order cancellation, financial results