MAX Automation AG adjusts expectations for financial year 2016 due to market-related factors in Environmental Technology
MAX Automation AG / Key word(s): Change in Forecast
08.11.2016 17:27
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MAX Automation AG, Breite Straße 29-31, 40213 Düsseldorf
WKN: 658090 / ISIN: DE0006580905
[Frankfurt Stock Exchange - Regulated Market]
MAX Automation AG adjusts expectations for financial year 2016 due to
market-related factors in Environmental Technology
Düsseldorf, November 08, 2016 - The Management Board of MAX Automation AG
has lowered its sales and earnings expectations for financial year 2016
based on the preliminary figures for the third quarter. This is due to a
decline in sales and earnings in the first nine months, which resulted
mainly from the unsatisfactory development of business in the Environmental
Technology segment. This was partly caused by the persistently low oil
price and therefore low demand for recycling and processing solutions,
especially in the US.
Group sales amounted to approximately EUR 74.3 million in the third quarter
(Q3 2015: EUR 95.9 million). Consolidated earnings before interest and
taxes (EBIT) and before depreciation from purchase price allocations (PPA)
amounted to around EUR 4.1 million for the period (Q3 2015: EUR 7.5
million).
The Management Board has initiated countermeasures in the Environmental
Technology segment. These include, in particular, adjusting the capacity to
suit current market conditions. Expenses associated with the measures taken
will partially lead to corresponding provisions in the fourth quarter. The
objective is to generate appropriate results in this business segment again
from 2017 on, even if the sales base is lower.
In light of these developments, the Management Board now expects Group
sales of EUR 340 million to EUR 350 million (previously EUR 370 million to
EUR 390 million) for the full year 2016 and Group EBIT before PPA
amortization of EUR 18 million to EUR 20 million (previously at least EUR
24 million).
The Group's order backlog as of September 30, 2016, reached the record
level of EUR 197.3 million, an increase of 24.6% compared to the same date
of the previous year. This development resulted from the Group segment
Industrial Automation, where the order backlog increased by 51.7% to EUR
177.6 million by annual comparison. The Management Board considers this to
be an excellent good starting point for sales and earnings to develop from
next year.
The company's interim report for the first nine months of 2016 will be
available on the website www.maxautomation.de as planned on November 14,
2016.
Contact: MAX Automation AG, Breite Straße 29-31, 40213 Düsseldorf,
Phone: +49 (0) 211 90 99 1-0
08.11.2016 The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: MAX Automation AG
Breite Straße 29-31
40213 Düsseldorf
Germany
Phone: +49 (0)211 90991-0
Fax: +49 (0)211 90991-11
E-mail: Investor.Relation@maxautomation.de
Internet: www.maxautomation.de
ISIN: DE0006580905
WKN: 658090
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart, Tradegate Exchange
End of Announcement DGAP News-Service
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