Show you today the outcome of the annual figures of 2022. We start with the next slide, please. Also we put in some general information as a start of our annual report and the financial figures. We want to give you some updates and highlights of the year 2022. A really good highlight in 2022 was that we received an order intake of more than EUR 300 million. This is 19% more than compared to 2021. The growth in this order intake figures was mainly driven by our division Industry Solutions.
We had here very good order intake in Q2 and Q3, mainly driven also from companies in the automotive industry, but also all of our electronics department, we had here really good figures in the last year, also we had a very good mix of existing and new customer orders we received. This is very important for Manz that we also have a stable business with our existing customer. Here we had really some good developments with our existing customers and also in relation with the necessary service business we want to increase in the future. A good reputation on our base customer is very important. Also on the other side, we see that there is a huge interest on the products of Manz in the segments and markets we are from new customers.
Our order pipeline is really good filled, and there is a huge interest in the solutions we can provide. This is also reflected in further orders we received from the battery equipment market. Also we see here with the developments we have published and we have shown to our customer that there is a huge interest in this equipment, which is addressing the main focuses, our customer has a need to actually reduce footprint, better energy efficiency and as well, better meantime to repair and better performance of the equipment which we address with our developments. This shows really good effect and is also visible in the order intake figures we have seen in the last year.
In regards of the backlog we have with this order intake for sure in parallel also a quite good backlog situation in the company with EUR 340 million, which is 48% higher than compared to 2021, which gives us a stable planning figure for 2023. As you all know that, we really had in 2022, the good opportunity to discuss and to convince Daimler Truck as a customer, a strategic partner and investor in Manz. We will discuss this later on a little bit more in detail with a very good order intake flow and a good opportunity for the developments of our machines in regards of mass production equipment for the future.
Based on this one, this is also a combination out of the good order intake and the cooperation we have with our customer, is the collaboration between GROB and Manz, which was established in 2021, which we increased now and expanded now with the company Dürr. We are now able to really supply to an interested customer the entire value chain of the battery production from electrode manufacturing over the cell assembly until module and pack assembly. This was really a good opportunity for us and also for our partners here, because this is really a good partnership.
It's really eye on the eye to eye level which we have here. There is open communication and a good opportunity for us in the future to increase further the order intake and backlog situation. Next slide, please. We want to show you here for the start of our presentation, the key indicators we have established in the company. You see the incoming orders really improved a lot compared to 2021. The revenues with an increase of 10.5%. We're really on a good level. Where we are not satisfied so far, and which was a setback for us in 2022, was the EBIT figures that developed.
This is mainly due to the insolvency of a huge customer we had, received in 2021, which we need to overcome in 2023 now. I will give you some further heads up later on in the meeting in that regard. Would like now to hand over to Manfred, who will give you then some further insights of these key figures and what are the facts and figures which lead us to this key performance indicators and the developments in the past.
Great. Thank you, Martin. Also from my side, warm welcome and good morning to all of you who join this conference call. Next slide, please. I will give you now an short overview of the financial figures 2022, we will start on the next slide with the income statement 2022. As Martin already mentioned, the revenues came out at EUR 251 million, which corresponds to an increase of roughly 10.5% compared to the year 2021. Including then the capitalized R&D works from our FBT segment, we reached a total operating performance of EUR 281.8 million.
The main contribution under the operating, other operating income are gains on foreign exchange rates of EUR 9.9 million, followed by gains out of the release of provisions and positive impacts of subsidies. Mainly due to the overall increase of material costs and the product mix with a higher number of third-party machines, the material cost ratio went up from 55.4% in the previous year to now 59.2%. In 2022, we increased our global headcount from 1,384 employees in 2021 to now 1,492 of employed persons in our group at the end of the year 2022.
These higher numbers, together with the regular salary increases, led now to an increase of material for personal costs, compared to a switch of employed people from former low-cost countries to now high-cost countries. The other operating expenses are mainly influenced by advertisement and travel expenses, legal and consulting costs and costs for our office buildings. In the previous year, the retrospective impairment of contract assets in connection with our former solar segment and the CIGS fab contract led to an increase of the other operating increase in the previous year and now shows, of course, a strong decrease in the year 2022. Our small investments, our smaller shareholders, holdings in smaller companies took more efforts to increase their business activities, which resulted in a negative contribution of EUR 1.3 million to our P&L.
In total, we reached a positive EBITDA of EUR 6.2 million and an EBITDA margin of 2.2%, mainly due to the lower revenues, which are significantly below our expectation. The EBIT came out at minus EUR 6 million, the consolidated net profit was minus EUR 12.1 million. Despite of the results below our expectation, Martin mentioned already, we could nevertheless show improved results compared to the previous year in our this year's P&L. Let's move on now to the results of our two divisions. In the next slide, please. We start with the segment Mobility & Battery Solutions. The Mobility & Battery Solutions segment increased their revenues by 12.6% and reached EUR 92.3 million of revenues.
I think it's needless to say that the growth of this segment is certainly significantly below our expectations. Maybe you remember we expected a doubling of the revenues there. The main impact why we could not reach this level, Martin mentioned it already, is the shortfall of revenues, mainly due to the insolvency of Britishvolt. We had also a delay in order intakes. The existing orders could not really close the gap, which arose of these two impacts of the insolvency of Britishvolt and the delay in new orders. These delays, together with a higher material cost ratio, mainly due to the impacts of the global supply chain issues and a higher cost of a project, which was the first of its kind for us, resulted in a strongly negative EBIT of minus EUR 13.6 million.
The target of the EBIT margin, which we expected, was in the low to mid-positive single-digit % range. Also with these negative impacts, of course, it could not reach this expectation. Nevertheless, this is important to mention here, the perspectives of this segment remains positive looking into the future. Although we see now that customers check the impacts of the Inflation Reduction Act in the U.S., we are convinced that both Europe and the U.S., North America, even stronger now with these new developments, stay attractive markets for us and our strategic cooperation together with the companies Dürr AG and GROB increases and strengthens our position and interest of this overall market power and turnkey provider position for equipment solutions made in Germany, this is very important, as a strong counterpart to Chinese competitors.
The investment of Daimler Truck in Manz AG and of course, the cooperation with Daimler Truck AG gives further positive impulses in our growth path, and as Martin already mentioned, he will give you further insights later on in this presentation. Let's move on now to the segment Industry Solutions. There, the development is significantly better than in Mobility & Battery Solutions. Next slide, please. The segment Industry Solutions increased their revenues by 9.4% and reached a level of EUR 158.6 million. This number was very close to our expectation. Both our German and Asian business area under this segment contributed to the successful development, mainly driven by high demands for our solutions in various industry segments, the flat panel display market and the chip industry.
Of course, our excellent manufacturing solution for the innovative FOPLP, so fan-out panel level packaging technology, showed a strong contribution and growth to the results of this segment. We achieved with an EBIT margin of 4.8% our expectation of this positive development. Closer look on the two divisions. Let's now move on to the balance sheet, please. Having a look at the balance sheet, we see an increase of the balance sheet total from EUR 284 million at the end of 2021 to now EUR 345 million. On the asset side, the increase came mainly from higher inventories. You know, due to the global supply chain disruptions, we increased our stock material to keep our business running. At the same time, the trade receivables and the contract assets went up too.
On the liability side, the cash capital increase assigned by Daimler Truck AG led to a higher shareholders' equity. In addition, higher down payments received led to higher contract liabilities. As the balance sheet total went up, the equity ratio remained almost at the same level as last year. Aside from that, the reduction of interest-bearing liabilities resulted in a reduction of our net debt amount from EUR 30.2 million in the previous year to now EUR 10.7 million. For a short overview on the balance sheet, we move now on to the cash flow statement. Let's have now a closer look at the details behind this cash flow statement. We started with a cash level of EUR 36 million at the beginning of the year 2022.
The cash flow from operating activities improved significantly from minus EUR 25.8 million in the year 2021 to now minus EUR 2.3 million, mainly due to a better result in 2022. The cash outflow for the IPCEI project resulted in negative cash flow from investing activities of minus EUR 22.3 million. This negative cash flow from investing activity was mainly compensated by the cash flow from the equity increase shown under the cash flow from financing activities. In total, these effects resulted to a cash position of EUR 33.6 million at the end of 2022. So far, a deep dive into our numbers and more details behind of it. I will now hand back to Martin for further insights into our strategy and the further development of our group.
Thank you so far.
Thank you, Manfred. I would like to give you now a little outlook and some more insights in regards of our strategy, our two divisions. We start with the actual situation of order intake and the backlog situation in 2022. As you can see, in Mobility & Battery Solutions, we had a quite weak Q3 and Q4, very good Q1 and Q2 in 2022. This is mainly driven and impacted by the situation of the Inflation Reduction Act. We had really a bunch of customers which were shocked before placing orders and making final decisions in placement of the orders towards Manz.
This was then impacted by this Inflation Reduction Act, which is for customer, which is intending to really spend several hundred million EUR compared to the situation in Europe. It's a huge impact for them if they make the decision now too early and maybe in the wrong area. This was mainly the driver. They wanted to see what's the impact and what's maybe the possibility for them if they have their FEPS then not build up here in Europe, then to do this in the U.S. and get then the benefits of the subsidy tax program, which is in there. We have here still discussions with our customers.
Let's see what will be the outcome in the future in regards of the IPCEI and the funding programs the European Union is now taking into account and putting into place that some of these customers at least stay in Europe and build their FEPS here. For Manz at the end of the day, it doesn't matter if we do this in the U.S. or we do it here in Europe. For sure, what we need to have is a fast decision-making process on our customer base. Let's see.
We will report these developments then in the Q1 call in a few weeks. Can give you here some further insights in regards of the Inflation Reduction and in the situation of fundings in the European Union in regards of battery industry. Industry Solutions, like discussed already, very good order intake. Now in the second half of 2023, we see also a good pipeline in Industry Solutions. We had some setback in electronics in the last year in Q3 and Q4, also due to the unstable situation, mainly in China due to the COVID situation end of last year and some concerns of customers to do investments. This is now coming back.
We see also here increase in the order intake pipeline, which we have with our existing customer, also new customer out of the FOPLP area are interested. Also our new projects we are discussing here based on the digital printing solutions, we have available, see a lot of interest from a customer base. Nevertheless, as said, the overall order intake situation in 2022 was quite good. There is a good backlog opportunity than as you can see on the right-hand side of roughly EUR 340 million of both divisions combined for proper start of 2023. Next slide, please. I would like to give you some options and information in regards of our strategic focus.
I think you know our claim, we want to be a really a high quality and high efficient manufacturer of solutions for machines and equipment for growth markets, which is supporting our key figure here in Manz to support a future which is worth living for. In these markets we are in, we are addressed here. Our clear strategic focus is that in regards of the Mobility & Battery Solutions department, we want to become one of the three EU and U.S. suppliers in the integrated production of equipment for the battery industry, and mainly here for lithium-ion batteries, but also for all solid-state batteries. This is here the main target. This is our strategic focus we are aiming to achieve in the next years.
We are here on the good way, and you see also the preconditions we have set up with the customer base, which have the opportunity to grow in such a dimension. As well, our partner network, GROB, Dürr, and Manz, but also our supplier network, which is able to support us in this direction, are the main key success factors here, but also in the area of Our division Industry Solutions. We see a lot of demands also coming out of this transformation in the e-mobility, mainly that there is a lot of needs for assembly equipment and machines with our high-end processes and solutions we can provide that also here we see a future growth with this market approach we have here.
As you see, our principles we have set up here are based on partnership and a concept of growth in this direction. Also with the measures we have already taken, we are here on our way to achieve further growth and becoming successful with a profitable EBIT in the future out in these markets where we are. Also very important for us is to keep really pushing what we did also in 2022, as we have this setback with Britishvolt. For sure we developed further and invested in new equipment, new machines, new technologies in this direction that we can fulfill the needs of our customers. This will keep on going as the transformation also in the technology of battery industry is huge.
A lot of developments actually ongoing, what we see as well out of the IPCEI project where we are in with 40 development partners. Here are really coming out interesting new processes and developments we can implement into our equipment to achieve really here the target to make the production with the machines of Manz and the partners more sustainable and also more effective than compared to our competitors in this direction. Next slide, please. Maybe a little bit of deep dive now into the strategic cooperation now added with Dürr. Maybe you know that Dürr is mainly focused in the area of the electrode manufacturing, which is the start of the battery manufacturing. So far, none of the partners so far, neither Manz, neither GROB had any competence or knowledge in there.
This was a really good move to bring Dürr now in here because they have here with the company Megtec, they have acquired a few years ago a quite deep knowledge and also customer base available and also quite good and interesting technology here. Additionally, also they support now here in the area of the air purification in this part, in the solvent recovery. There is also a very good focus in this direction together with Manz in the middle of the cell assembly area where we have our competences and with GROB, which is ending up the line then with the battery module and pack assembly area. With this approach, we really can cover the entire production line, which you need to build up a mass production line in the area of 5 to 20, 30 gigawatt hours.
Also, the strengths of all these three companies is huge. We have a common workforce of nearly 35,000 people available, which is able then to develop and further deliver then equipment in the battery production. We have a clear focus, and as you can see here on the picture, we have regular workshops with the entire management of all three companies, and really pushing forward here the developments. Actually, we are working on a layout for out-of-its-kind solution for 10 gigawatt line of mass production prismatic cell equipment. We are building up here a layout with all the effects and positive outcomes and advantages out of the three companies.
We will have this ready for presentation to a really huge interested base of customers, which are knocking on our door every day, wanting to know what is the cooperation doing, when they can really start to work with us here in this direction. This will happen in the next six to eight weeks. Then we will approach the main customers, which you know from our landscape, with the capabilities and opportunities out of this cooperation. This will be very interesting as well for the now really faster opening market in the U.S., driven by the Inflation Reduction Act.
Also here, all three companies have a quite good base in the U.S. with subsidies and also a good established network also in regards of service that we also can support here customers which are interested in our equipment in the North American area as well, Canadian market. This is a short update in regards of the cooperation, which is now extended by the company Dürr, and it gives us also here quite good interesting opportunities in the future. Next slide, please. This we can see, I mentioned this in the beginning already as a highlight in 2022 with our strategic partner, Daimler Truck again.
Also this project which is starting based on a laboratory and pilot line, which we now published part of the order in this week. Also very important here for us is that now all three of the partners I mentioned before are part of this order we received from them. There we can now test the first time really the benefits out of the collaboration, train the people, get them really in touch, building up networks, and also really putting out here the opportunities which we see and we want to highlight also for other customers that we have entire digitalization and also a concept that we can use information, for example, out of the electrode manufacturing.
If there is a defect in a cathode or anode material, we can identify where it is, and then, for example, on this roll, we use it then in the cell assembly, this information, and cut it out, so we avoid here scrap rates, which are tremendously high compared to other suppliers in this area and can then improve the situation for our end customer and reduce the cost for the end customer. This is highly welcomed by Daimler Truck. They see there a huge opportunity for their products that we can really develop here new equipment and new production standards together with our end customer, with a huge complexity in the regards of production equipment, which we can then improve together with them, and this is the approach we have here.
For us, quite interesting and also important, we are the general contractor for these orders. That means all processes that are handled in such a pilot and laboratory line are now identified, specified by months. We handle them. We do the project management for all involved suppliers, which gives us really an advantage in regards of information and also competencies of our supplier network, so that we can balance here really if we have picked out the right ones or we need to further increase our supplier network for the future and to be able then also to progress future projects with other customers as mass production equipment as well. Next slide, please.
I want to give you a little update in regards of our markets and the influence of some topics which have an impact at the end of the day on the development progress and the processing of our orders. First of all is the supply chain. We see here in this direction now that there is a better situation compared to the last two quarters, and we see the delivery times going back and to a normal level. Not for all components. Still some critical components with long lead times are there, but they are identified. There are no surprises anymore, at least in the last four to six weeks.
If there are not coming up new topics, new impacts, which are then again a bad influence to the supply chain topics, we see that this should be normal in the future, and this will then also lead to normal lead times for our equipment. Mainly in 2021 and 2022, we had 50%-60% higher lead times for the delivery of our machines compared to the previous years. We see this one is now coming back. There will be some further delays in the first two quarters, but hopefully it remains in this situation that we really can then come back to faster delivery times and then as well to a better recognition of revenues like we know them from the previous years.
In regards of material costs, we had a lot of price increases in the last quarters. A lot of suppliers from our side tried to push through higher material, raw material prices towards the components we have here. A lot of them we could push back with also the opportunities out of the partnership and to do here some combinations of material purchasing. This helped a lot. Our long-term connection with the suppliers we have on board was here quite helpful to really bring this higher price levels back to a normal level or at least to a level which we can then hand over to our end customers. The demand from the market is quite good also.
Actually in this quarter, we see a huge pipeline and a lot of interest from our customers in both divisions. Markets recovering, especially in Asia, where we have seen that there was a setback in Q3 and Q4 due to uncertainties and concerns of investment of companies and also conflicts which impacted this situation. We see here now an improvement, especially in the electronics area, we expect here a quite better order intake than compared to the last two quarters. When this clarification with the Inflation Reduction Act and the subsidy programs in the EU is solved, we also see that there will be a faster decision process on our customer base for these orders.
Topic of sustainability, which is very important for us, which is a clear driver for our developments of the machines and the technologies where we are in. We want to reduce here really the use of energy. We don't want to waste materials, energy. Also in the supply chain area, we really want to be here streamlined and where we lead. This is also referenced in our production line, in our setup we have for entire FEPS. We see here the possibility with this demand and this also from our side developed equipment and machines, a clear advantage in negotiations and as well also from the interest side from our customer that with these solutions in our machines, we really have an advantage.
For us, it's not only to save something, this will be also a clear decision point in the future for customers, in case of competition and negotiations with suppliers to make here the decision for the most sustainable. I think price for sure will also be a huge topic, but this topic at least gives us some opportunities to have here a good position, if we can save energy, space, and as well other topics included in our equipment which gives us an advantage. Next slide, please. Coming back to our guidance for 2023. We see for 2023 an increase in revenue in the low double-digit % range. For the EBITDA margin, we see it in the mid positive single-digit % range and the EBIT margin in the low positive single-digit % range.
Far from our side from this report here, I will now hand back to Mr. Kauß, and we are looking forward to receive your questions. Thank you.
Mr. Drasch, Mr. Hochleithner, thank you very much for the presentation. Dear participants, now we look forward to answer your questions. I would like to remind you to use the Raise Hand feature of Zoom in order to ask a question, and we're gonna unmute your line afterwards. Mr. Rutzger, please go ahead.
The first question regarding the Mobility segment. We know that you're now focusing on reliable projects here with your core customers. With regard to that, how is your visibility for future orders from these customers? Maybe you can give us a number for potential orders from these customers here in 2023. The second part, has anything changed in the number of your core customer circle? Are there new names with promising business potential you could gain in particular with regard to the Inflation Reduction Act or even customers who, yeah, had to leave your circle? Yeah, maybe you can provide some insights here.
In regards of our customer base, this is still available and still alive with some setbacks, like we have seen with Britishvolt for sure. They have now been in the insolvency procedure, but here we are already in discussion with the new investor, Recharge Industries. This is a quite new project. They have also huge plans, for example, we try to bring in our position here, but this is something, let's say, for Q3, Q4 maybe. Also this is now still in discussion how this will lead on. As well, the use of for the cells, which was intended to be produced by our line of Britishvolt, we are in contact with them because they need to have a supplier for the cells.
We have designed and developed the equipment accordingly. Unfortunately, now this insolvency procedure showed up, but we are ready to go. Let's see if there is a future opportunity out of this area, and this is as well. A U.S. customer, which is intending to take over here, maybe this position of Britishvolt. This is the change we have actually on our core customer base. The others are all intact, so they are ongoing. As I said, there is an impact due to the decision-making process because these guys do not want to make a mistake if they invest in the wrong area and other competitors of them have them better situation or advantages, cost advantages due to the subsidy program.
This is always a double-check from the customers. Also here we have some new customers which intending to step in. Mainly, I think the big customers are known, also in our landscape, which we will show you an update on the Q1 presentation figures. Also, a lot of new customers coming up actually out of the storage area, especially in relation to grid or home storage areas. There we see a huge interest in this direction also from the U.S. market. There are some customers already here checking our equipment with us, trying to find the right setup. If they are too big for Manz alone, then it's a target then for the cooperation.
We have a list of more than 50 customers in the cooperation, which we are actually processing with the scope to deliver out of a turnkey solution or at least a general contractor out of the cooperation. There are actually a lot of things going on. I think what we are doing now more closely is really to double-check the financial situation of the customers, as well the situation with their end customers, so to whom they will supply their cells, and how real this business is.
This is a new line we pull into our decision-making progress, which customer or which opportunity we work on with a higher priority out of the learning of Britishvolt, which in the beginning also was quite stable, but unfortunately turned into the wrong direction. This is something we want to avoid. Let's see, and I said this in the beginning, how this maybe can be turned into also future revenues. I think the development we have done here for this customer was not useless. We learned a lot of things. We have now a mass production line for 21700 cells ready to go. Now it's just to find a fitting and a suitable customer for this business.
Okay. P robably an idea about the potential, size of the orders, in this segment for this year?
There are huge orders and as I said, if we take the orders we are addressing actually in the cooperation, they are mainly all gigawatt lines, so between 5 and 20. The main, I can give you the names for sure now, but the main customers, you know, from the landscape, and referring to the Manz pipeline which we have in, we see still the opportunity of EUR 500 million-EUR 600 million of new, really new core customers and projects we see for 2023 as opportunity. For sure, not everything will be handled by Manz, but there is, as I said, a huge pipeline in the amount of EUR 500 million-EUR 600 million.
We see actually, a lot of things are not yet put in from a lead to opportunity position due to the, let's say, uncertainty where this project will be placed and at which timeframe the order can be placed then to the supplier. Therefore, I think this will increase the next weeks and months. The pipeline and the situation for order intake is quite positive.
Okay, thanks. Maybe a quick one on the order from Daimler Truck. What is the order about in terms of, yeah, megawatt or gigawatt scale? Do you have the number for us?
I would have it, but I'm not allowed to tell you. This is something where Daimler Truck needs to make a statement. Again, it's not a mass production line. It's really like it's also communicated. It's a first projects we had last year. It's a laboratory line. Now it's a pilot line, which they qualify their cell. It's own developed cell for its truckified cell, how we call, because the truck has another demand to the performance of a cell compared to a passenger car.
Then they want to qualify the cell, so A, B, C samples, then the first usage in cars and then it's up to Daimler Truck to decide when they will start then a mass production and how they will set up this mass production. We are working here really closely with them that this becomes real, and we'll work faster than they maybe actually planned, this is then to be decided by Daimler Truck.
Okay, thanks. Finally, one question on your P&L. The capitalized work in 2022 was quite high. Can you provide us some insights about the mixture of that amount to maybe the projects? How should we think about that item going forward? Will that remain at that level?
I will answer your question. Of course, maybe you remember that these are mainly R&D development costs. You remember that we had this big subsidy, or we have this big subsidy program, this IPCEI project, the European Battery Innovation Project, the project where the European Union targets to build up competences and manufacturing experiences of lithium-ion batteries here in Europe. Our segment, Future Battery Technology, so FBT in short, is working on this development of this subsidy program together with customers. There is a mixture of different projects going on, and a significant portion of that is of course capitalized, and this is what you see in the P&L.
This will remain on the same, on a similar level also in this year as we are moving on forward with these projects from a first R&D status to now, coming into smaller pilot lines and all these things and development further of machines for customers in this segment.
Okay. Thank you. That's from my side. Thank you, gentlemen.
You're welcome.
You're welcome.
One final one on the order intake in the segment Industry Solutions. Very strong order here, and I guess it's also record level of order backlog. Can you please give us some insights of these orders? Are they, yeah, related to the display business, or is it more FOPLP and, yeah, just to get a feeling of the mixer. Yeah, looking at that huge backlog, don't you think that the guidance in this segment is rather conservative?
Very first part of the question. It's a good mix, like I mentioned in the beginning. It's out of the electronics department where we had in Q1, Q2, a very good order intake, mainly coming from display, which was quite good in Q1 and Q2, but also especially out of our FOPLP projects we have. We received two really good orders also in a good volume, also with customers which intend then to further invest into this technology. This one was here really the part of electronics. Unfortunately, Q3 and Q4 was then not any more so good. The other part is coming from industry automation. This is a split of good order intake from existing customer, which have a good growth on their product lines.
One of them was SolarEdge, and also TE was here the main drivers from base customers, which we have since a long time. Also the service business order intake was very good. The other parts coming out of the automotive industry. We see here a huge demand coming, for example, for battery management systems, for inverter lines, but also cell contacting systems are a huge interest as they are now built up in a scale which is huge. This can be only handled with automated processes, with traceability, and so on. Therefore, this was really a good split.
The good thing is also, which you mentioned before, as these are repeat orders, the effect for our engineering department, which is also always the bottleneck in companies like ours, is not too high. It's really some modification, some adaptations, trying to improve the cost structure of the product for sure, but mainly the design is done. Also we will realize these revenues in a quite good time period. In regards of the guidance you mentioned, we see here that there are now discussions ongoing with our customers in these directions for follow-ups. I think, if there will be in the same, let's say, hit rate projects coming in, then we will have an impact, a positive impact to our guidance.
Also we saw in Q1 here some reluctancy, also mainly due to the overall situation. We have also seen this in the automotive industry, that there's the export of cars and so on was a little bit lower than compared to the last years. We saw there a little bit reluctancy and therefore, we kept our guidance in Industry Solutions, also here, on a safe level. Especially also in Asia, we see there is a revival of the market, but we want to really see this be on the table, get the necessary order intakes on hand, and then make a proper planning towards the end of the year.
From the backlog we have on hand, I think our guidance in Industry Solutions is very stable but feasible.
Okay. Understood. Maybe on the contract manufacturing, what is the current level or the importance of that business, now in this order backlog?
It's also quite important for us as this brings stability. You know, that this is really to keep our workforce, mainly in Slovakia and China, really on a good level so that we have here no fallback or no shortage in the workload on our engineering and assembly people here. We received here some good order intakes in Slovakia for the semiconductor area. Also in China, we received here some orders from the semiconductor area where we have good competence in. This is mainly roughly 10%-15% of our order intake level we want to have here. We have here a stable position in our shop floors, but that's also the level we want to keep it.
We want to have also the headroom and the freedom to pull in customer orders, which is our main business and also from a margin side, a more profitable business compared to the business of contract manufacturing. As there is always hiccups and changes in a very volatile market, we still use this tool to level out our workload.
Okay. Perfect. Thank you.
You're welcome.
In the meantime, we received the questions from Mr. Bauer. He has two questions regarding the order backlog. First, how much of your order backlog will turn into revenue in 2023? Second, what share of your order backlog contains order with price escalation clauses? Can you give some lights on that?
In detail, I have only rough numbers. For the order intake, which we need to claim out is for sure it's the Britishvolt order is still in, and it's still a valid order we have in our hands. In the actual situation of the insolvency, we do not plan to recognize this revenue in 2022. This was roughly EUR 100 million we had as an order intake from Britishvolt in this regards. All the other orders we have on hand, some we receive now, but you can expect 70%-80% of this order backlog we have shown here, minus the Britishvolt, will be recognized as a revenue in 2023. That's our rough planning we have here.
The price escalation clauses are in all our projects in we have dealt with in the last year. There is. For sure, it's always a discussion, but it's in. If there would be huge impacts for in regards of raw material price increases and so on, we have the possibility to discuss this then with our customers.
Great. Thank you for the insights. Mr. Bauer has also some questions on the Daimler Truck order. He would like to know how should we think about profitability of the order, and in the hopefully unlikely event that the processing of the order takes longer than expected, is there any sort of penalty you would have to face?
First of all, the profitability of the orders, it's a split order. As you know, we are general contractors. There are different margins. For example, if we give an order to GROB or to Dürr, for sure the margin level is different than compared if we do our own development of a machine. It's, we call it good for resale with a lower margin in here. Still, there is a margin on the project, so also with lower risk for Manz, because if the supplier in that regard will not perform, then also the risk for Manz is lower as we have a clear contract with the supplier.
The split, which is really in regards of Manz, our own business, we have here the target margins achieved, and we have here also, as we said, the partnership approach with Daimler Truck, and we have our normal calculation available in that regard.
Great. One last follow-up, since the order will be recognized as revenue in 2023 and in 2024, can you give some light on the share of, on the portion which of revenue recognition in 2023 and 2024 regarding the Daimler Truck order?
As there are several Daimler Truck orders already, some of them we have received last year. Overall, the project we have on hand, we expect that roughly 70% to 80% will be recognized as revenue in 2023. Depending also then on the situation with our suppliers, as we're doing the POC methods in this regards that we give them some status notification or they give us the necessary status notifications that we also can show the revenues of our suppliers, which are part of this order in a monthly or quarterly regular basis. This is the expectation we have in there. For the entire project we have received, we expect roughly 70% to 80%, which will then be recognized as revenue in 2023.
Can you provide some insights about the headwinds and tailwinds you will face in 2023?
I think some of them we already showed and discussed a little bit. Some of them are unfortunately head and tailwinds. If you look on the Inflation Reduction Act, which is on the one hand side, an accelerator for, let's say, the set up of production facilities in the U.S., but also on the other side, it's stopping some of our customers here to make the necessary decisions and investments in that regards. This is a little bit difficult actually to balance for sure. On a short notice, it hurt us as we had already some customers short before making decision, which stopped it. On the other hand, I think in a few weeks, months, however how long this will take, I think this..
There will be a release, there will be a clarification, and then we will see. That's also a good thing, but also on the other hand, it's a bad thing that then everybody wants to have everything much more faster as, let's say, the planning and the needs, the demands for sales are increasing. Also with the political discussions, we are actually seeing and facing. There will be a huge pressure for Manz, which would be great in the process. We have built up a lot of structure and capabilities, but also they need to be used, they need to generate revenues. This was a setback we have seen in 2022.
I expect that this will be more a good opportunity for Manz, we can then grow with our structure and our partners. What is a little bit concerning actually is still this ongoing political discussions and influences on the economy and this market. This is something which is really hard to balance. What will be decided? Is there a subsidy program? What this will mean? Also now this discussion about the fuels and the opening in 2035 regarding e-fuels, which is, from my point of view, a good thing. We need to be open for technologies. I'm not afraid because Manz is not doing business in battery industry.
I think, it's really important that we are open, that we develop the necessary topics and things and this influence to our business, to our customers, to the economy and to our developments is hard really to predict. This could be some really difficulties we are facing. Hopefully, we get this clarified and done in the next weeks and months, at least the discussions I have with the related politicians, let us hope that this can be disclosed and then also finalized, that we have a better planning situation in that regards.
On the other side, what we see really as a good opportunity is the sustainability discussion, so that energy and the saving of energy and really working with a, let's say, close look how much waste and how much energy can be saved is a good discussion for Manz as we have here really some good ideas and developments already taken, which buy in here. This we see as a real good and a good accelerator for our future business.
Great. Thank you so much. Since there are no further questions, we will close this conference call now.