PV and electronics equipment manufacturing and automation specialist Manz said it was lowering its full-year revenue guidance on further new order delays within its Energy Storage and Electronics business segments.
However, management noted in a financial statement that as part of a new restructuring program, which would see the company focus on its growth markets of Consumer Electronics and Energy Storage, it would be undertaking a strategic review of its Solar segment, which would target cost reductions sufficient to avoid further cost burdens of the segment in its 2016 financial year.
Manz had said early in 2015 that it would write-down its Solar segment by €22.5 million, almost a complete write-down of the business segment. Manz noted that its sales from the Solar segment accounted for less than 5% of total revenue in 2014.
Manz noted that as a result of delayed orders from other segements of the business that revenue for the year was expected to be in the range of €200 million to €210 million, compared to revenue of over €306 million in 2014.
The company expects a negative EBIT in the mid tens of millions, compared to a 2014 full-year negative EBITDA of €24.9 million.
On a broader level, Manz noted that the delay in orders was attributed to ‘the macroeconomic cooling off in China’ with the resulting fall in China stock markets, weakening companies interest in expanding capacity.