DGAP-News

Manz AG achieves record revenue in 2014 and utilizes its operational strength to recognize non-scheduled depreciations in the solar segment - Seite 4

future, China will be the largest market by far for the production of
crystalline solar cells. Close customer relations is an important
requirement for being able to again record significant growth in the
intermediate term in this segment as well," states Dieter Manz.

Manz AG remains fully optimistic with respect to the sale of fully
integrated turnkey production lines for manufacturing CIGS thin-film
modules. All of these activities are concentrated in the subsidiary Manz
CIGS Technology GmbH at the Schwäbisch Hall location. The Managing Board
decided to lower the operating costs significantly until the successful
sale of a CIGSfab. Due to the capital investment restraint of customers so
far, depreciations were also made on individual development activities
which have already been improved further through new processes and systems.
These write-offs as well as the reduced operating costs will also
contribute to an improvement of earnings in future fiscal years.

Positive future prospects with a continued sound balance sheet structure

With an equity ratio of around 54% as of December 31, 2014, a positive
operating cash flow and a low net debt of EUR 9.2 million, the Managing
Board, in view of thoroughly positive industry outlooks in all three
strategic business segments, is expecting further growth: For the current
2015 fiscal year, revenue between EUR 320 million and EUR 340 million and a
clearly positive EBIT are expected.

The framework conditions for sustained growth are present in all three
industries: Smartphones, tablet computers and touchscreen notebooks
continue to drive the display market forward. Adding always new features
and technological innovations to smartphones provides attractive
application fields for the core technologies of Manz AG in future. In the
Battery segment, the company is experiencing a powerfully rising demand
from customers from the consumer electronics segment. Also the investments
into production capacities for e-mobility show a dynamic development. In
the estimation of the Managing Board, already issued major orders as well
as promising customer discussions give cause for expecting a sound first
quarter as well as a vibrant second quarter for 2015. In view of a steadily
rising end customer demand for solar modules, new capital investments are
essential in the solar industry. Dieter Manz ascribes great importance to
the CIGS technology of Manz AG for the solar industry in the future as
well: "Manz is excellently positioned with its CIGS technology. We are more