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Manz AG / Key word(s): Change in Forecast
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.
Stock exchange abbreviation: M5Z
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