PV and electronics equipment manufacturing and automation specialist Manz AG needs to book revenue of around €157 million in the fourth quarter of 2017 to meet guided expectations of full-year revenue of at least €350 million in 2017.
Much of the sales required rely on being paid on initial execution phases of a major CIGS thin-film turnkey order from Chinese JV partners Shanghai Electric Group and Shenhua Group.
According to Manz in reporting third quarter financial results the CIGS solar orders are being “handled within the projected schedule,” noting that it expected to recognise the majority of “solar segment revenues planned for 2017 over the fourth quarter.”
Solar segment sales have been only a small part of quarterly revenue for Manz so far in 2017. Solar segment sales in the first quarter were only €1.5 million. However, second and third quarter solar segment sales increased to €14.9 million and €14.3 million, respectively.
Manz reported third quarter 2017 revenue of €73.4 million and first nine months revenue of €193 million. Earnings before interest, taxes, depreciation, and amortization (EBITDA) were €8.5 million, compared to a negative EBITDA of €25.7 million in the prior year period.
Manz is dependent on the CIGS revenue recognition to meet guidance of €350 million and a return to profitability.
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