Storage project halt could put Manz’ profits at risk

Energy storage was described recently as the

Manufacturing equipment supplier Manz AG has issued a warning that it may not be able to meet profit forecasts after an unnamed “large project” in its energy storage segment was halted.

The company, which supplies the electronics, solar energy and energy storage industries through three separate business segments, informed investors that one of its customers declared the project had come to a stop on 10 June.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Manz, which in November of last year declared energy storage to be the “fastest growing segment” of its three businesses, said that its management board will begin discussions with the customer in the short term to determine whether the announcement from its customer constitutes a complete end to the project.

According to Manz, it will be able to offer further clarity and guidance for investors once these negotiations have taken place, including its possible and expected impact on company financials.

Manz said there was “therefore the risk that the company`s previous expectation for 2016 – a significant revenue increase compared to revenues of ‎€222 million (US$250 million) in fiscal year 2015 and a significantly improved earnings before interest and taxes (EBIT) compared to the EBIT of ‎€-58.2 million in fiscal year 2015 – cannot be achieved.”

In its first quarter 2016 financial reporting in mid-May, the company said it had managed a “good start” to the fiscal year, with quarterly revenues up 19.5% compared to the previous year’s equivalent period. Manz also announced that it had attracted investment via a strategic partnership with China’s Shanghai Electric at the time, expected to be used across all three segments of the Germany-headquartered equipment supplier’s business.  

Read Next

July 8, 2024
US microinverter manufacturer Enphase Energy has started commercial shipments of its IQ8 microinverter made in a facility in Arlington, Texas.
July 5, 2024
The Australian federal government has presented the ‘Future Made in Australia Bill 2024’ to bolster renewable energy technologies like solar.
July 3, 2024
Demand for new solar projects and the falling cost of manufacturing could present an opportunity for European developers, such as Holosolis.
June 27, 2024
The Asia-Pacific region stands to benefit from localised balance of system manufacturing in its solar industry, the IEEFA said.
June 27, 2024
Last week’s Intersolar Europe 2024 event saw the PV industry’s leaders meet in Munich to discuss the biggest trends in the sector.
June 26, 2024
Waaree Energies will supply modules for Juna Renewable Energy’s 412.5MWp project currently under construction in India.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA
Solar Media Events
October 15, 2024
Santiago, Chile