M.A.X. Automation Group posts strong performance in third quarter of 2015

DGAP-News: M.A.X. Automation AG / Key word(s): 9-month figures

2015-11-13 / 07:16

November 13, 2015

M.A.X. Automation Group posts strong performance in third quarter of 2015

- Key figures for the first nine months of the year improved quite significantly in some cases

- Group sales increase by 5.3% to EUR 266.3 million

- EBIT before PPA amortization increases by 55.0% to EUR 15.1 million, EUR 7.5 million of which were posted in the third quarter

- EBIT margin increases to 5.5% after nine months and to 7.7% in the third quarter

- Outlook for the full year 2015 confirmed

Düsseldorf, November 13, 2015 - M.A.X. Automation Group has posted a strong third quarter of 2015 and thus reinforced its successful development in the first half of the year. The company that specializes in high-tech mechanical engineering managed to improve all of its key figures, in some cases quite significantly, in the first nine months of the year and is thus fully in line with its expectations. The positive effects of focusing on the Group portfolio and leveraging synergy effects between Group companies are increasingly contributing to its results. In light of this development, the Management Board has confirmed its forecast for the full year 2015.

Key Group figures

- Consolidated new orders for the Group rose by 5.1% in the first nine months of the year to EUR 266.4 million (same period last year: EUR 253.4 million). Of this amount, orders valued at EUR 90.4 million were received in the third quarter.

- At EUR 158.4 million, the order book position on September 30, 2015, was above the value on the same day of the previous year (EUR 157.4 million).

- Group sales increased from January to September by 5.3% from EUR 252.9 million to EUR 266.3 million. Third quarter sales increased by 7.1% to EUR 95.8 million (same quarter of last year: EUR 89.5 million).

- Consolidated earnings (EBIT) before PPA amortization (purchase price allocations) rose by more than half from EUR 9.7 million to EUR 15.1 million (+55.0%) after nine months. EBIT before PPA for the third quarter increased to EUR 7.5 million after EUR 6.2 million in the same quarter of last year (+21.7%).

- The EBIT margin based on total performance improved by 1.7 percentage points to 5.5% in the first nine months of the year. An EBIT margin of 7.7% was achieved in the third quarter, which thus comes close to the medium and long-term target value of at least 8%.

- EBIT after PPA amounted to EUR 11.4 million in the first nine months of 2015 (same period of the previous year: EUR 6.8 million; +67.1%). The third quarter accounted for EUR 6.1 million of this amount (Q3 2014: EUR 5.2 million; +17.3%).

- Net profit for the period more than doubled to EUR 5.9 million in the first nine months of the year (same period of the previous year: EUR 2.7 million). Earnings per share thus doubled from EUR 0.10 to EUR 0.22 in the first nine months of 2015.

- Equity as of September 30, 2015, rose to EUR 101.8 million and surpassed the EUR 100 million mark for the first time in the company's history (December 31, 2014: EUR 99.8 million). The equity ratio increased from 33.8% to 35.1% compared to the same date last year and was significantly above the minimum target of 30.0%.

- Gross debt on September 30, 2015, was EUR 26.7 million lower at EUR 73.6 million (December 31, 2014: EUR 100.3 million), partly due to the new Group financing that was arranged at the end of June.

- Net debt was reduced further in line with the strategy. It amounted to EUR 59.3 million on September 30, 2015, and was EUR 5.4 million lower than the figure on the same date last year (EUR 64.7 million).

Development of the segments
The Industrial Automation segment continued its solid performance from the first half of 2015 in the third quarter. Sales of EUR 172.8 million for the first nine months were a slight 1.3% lower than in the same period last year (EUR 175.0 million) due to the start-up of new projects and the associated temporarily lower capacity utilization in the first half of the year. EBIT before PPA amortization improved significantly by 23.2% to EUR 14.3 million (same period of the previous year: EUR 11.6 million). The segment increased its EBIT margin by 6.6% to 8.0% of total output.

The Environmental Technology segment also continued its positive business performance from the first half of the year in the third quarter, albeit at a somewhat slower pace. Sales increased by 20.0% from January to September to EUR 93.8 million (previous year: EUR 78.2 million). EBIT before PPA increased from 0 to EUR 3.0 million. The strategic realignment of the Group company Vecoplan AG contributed quite significantly to this positive development. As previously announced, a sales process has been initiated for the company altmayerBTD in the course of concentrating on our core business.

Outlook for financial year 2015
The Management Board confirms its forecast for the full year 2015 due to the high order backlog and the Group companies' plans for the coming months. The Board continues to expect consolidated revenue in the range of EUR 360 million to EUR 380 million and consolidated earnings before interest and taxes before PPA amortization of between EUR 20 million and EUR 22 million.

Fabian Spilker, CEO of M.A.X. Automation AG: "The figures for the first nine months clearly show that M.A.X. Automation is moving in the right direction both strategically and economically. The positive effects of the transformation of our Group into a high-tech engineering group and from leveraging the synergy effects between our Group companies are becoming more and more evident. M.A.X. Automation is positioned stronger than ever thanks to its new structure. This means we now have a good basis for achieving our ambitious mid-term growth objectives."

The full length report on the first nine months of 2015 is available for downloading on the website of M.A.X. Automation AG under http://www.maxautomation.de in the "Investor Relations" section.

Press contact:
Frank Elsner / Frank Paschen
Frank Elsner Kommunikation für Unternehmen GmbH
Phone.: +49 - 5404 - 91 92 0
Fax: +49 - 5404 - 91 92 29

About M.A.X. Automation AG
M.A.X. Automation AG (Securities Identification Number: 658090) with its headquarters in Düsseldorf is an internationally active high-tech mechanical engineering Group and a leading full-service supplier of integrated and sophisticated system and component solutions. Its operational business is divided into two segments. In the Industrial Automation segment, the Group is considered to be a trendsetter in the development and manufacturing of integrated and proprietary solutions for use in manufacturing and assembly in the automotive industry, medical technology, packaging machines and the electronics industry due to its comprehensive technological know-how. In the Environmental Technology segment, M.A.X. Automation develops and installs innovative systems for use by the recycling, energy and raw materials industries.


in EUR mill.
Jan.-Sept. 2015 Jan.-Sept. 2014 Change
New order intake 266.4 253.4 +5.1%
Order book position* 158.4 157.4 +0.6%
Revenue 266.3 252.9 +5.3%
EBITDA 19.9 14.1 +41.9%
EBIT before PPA 15.1 9.7 +55.0%
EBIT after PPA 11.4 6.8 +67.1%
Earnings for the period 5.9 2.7 +118.0%
EBIT per share before PPA (in EUR) 0.56 0.36 +55.0%
Earnings per share (in EUR) 0.22 0.10 +118.0%

*Date September 30, 2015, compared to September 30, 2014

in EUR mill. 30.09.2015 31.12.2014 Change
Equity 101.8 99.8 +2.0%
Equity ratio (in %) 35.1 33.8 +1.3 pp
Financial debt 73.6 100.3 -26.6%
Cash and cash equivalents 14.4 52.4 -72.6%
Net debt 59.3 47.9 +23.6%
Employees (headcount)*
- of which trainees

*Date September 30, 2015, compared to September 30, 2014

2015-11-13 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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