Manz AG makes non-cash impairment on an asset in the solar business and adjusts guidance for 2022
July 29, 2022 at 06:47 am EDT
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DGAP-Ad-hoc: Manz AG / Key word(s): Change in Forecast
Manz AG makes non-cash impairment on an asset in the solar business and adjusts guidance for 2022
29-Jul-2022 / 12:45 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
Publication of inside information pursuant to Article 17 (1) of Regulation (EU) 596/2014 on market abuse (Market Abuse Regulation)
Manz AG makes non-cash impairment on an asset in the solar business and adjusts guidance for 2022
Reutlingen, Germany, July 29, 2022 – As the final negotiations with the Chinese customer Chongqing Shenhua Thin Film Solar Technology Co, Ltd. on the morning of July 29, 2022, did not result in an agreement on the conclusion of the large-scale solar project CIGSfab, the Managing Board of Manz AG, Reutlingen, Germany, (ISIN: DE000A0JQ5U3) decided today to terminate the negotiations with the customer and to make a non-cash impairment in the amount of EUR 23.2 million on a contractual asset from the solar project. Manz AG is now pursuing the goal of asserting its claims through the courts. Due to the impact on earnings development resulting from today's decision and against the backdrop of the unexpectedly strong increase in raw material and energy costs, a changed project mix, ongoing challenges in the global supply chains, and increased economic uncertainties among Manz AG's customers, the Managing Board is adjusting its forecast for the 2022 fiscal year. The adjusted forecast will be announced on August 04, 2022, together with the key financial figures for the first half of 2022.
29-Jul-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de
Language:
English
Company:
Manz AG
Steigäckerstr. 5
72768 Reutlingen
Germany
Phone:
+49 (0) 7121 9000-0
Fax:
+49 (0) 7121 9000-99
E-mail:
info@manz.com
Internet:
http://www.manz.com
ISIN:
DE000A0JQ5U3
WKN:
A0JQ5U
Listed:
Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange
Manz AG is a Germany-based company engaged in manufacturing high-tech equipment. The Company's business activities are divided into five segments: Solar, Electronics, Energy Storage, Contract Manufacturing, and Service. The Company specializes in automation, vision and metrology, laser processing, wet chemistry, and roll-to-roll processes. It offers manufacturers and their suppliers manufacturing solutions in the areas of photovoltaics, electronics and lithium-ion battery technology. The Company's product portfolio includes both customer-specific developments and standardized machines and modules that can be linked together to form individual system solutions. The Company operates globally, with development and production facilities in Germany, Slovakia, Hungary, Italy, China and Taiwan, as well as sales and service branches in the United States and India.
MANZ AG 
