MAX Group: Record level order backlog offset by lower sales and earnings

DGAP-News: MAX Automation AG / Key word(s): 9-month figures

2016-11-14 / 07:52
The issuer is solely responsible for the content of this announcement.


MAX Group: Record level order backlog offset by lower sales and earnings

- 11.5% increase in incoming orders to EUR 296.9 million

- Order backlog increases by 24.6% to a record level of EUR 197.3 million

- Market-related influences in the Environmental Technology segment lead to lowering of the forecast for 2016 as a whole

- The order situation offers an excellent starting point for the business to develop positively in 2017

Düsseldorf, November 14, 2016 - The MAX Group achieved dynamic order intake in the first nine months of the year and a record level order backlog at the end of the third quarter. Incoming orders for the company that specializes in high-tech mechanical engineering rose significantly by 11.5% to EUR 296.9 million (Q1-Q3 2015: EUR 266.4 million). This development was supported by a very buoyant development of the business in the Industrial Automation segment. New orders amounted to EUR 94.0 million in the third quarter, which means that the strong performance in the second quarter continued. The order backlog reached the record level of EUR 197.3 million as of September 30, 2016, an increase of 24.6% compared to the value on the same reference date of the previous year (EUR 158.4 million).

The very good order situation was offset by a decline in sales and earnings in the first nine months of the current year. Group sales for the period January to September declined by 12.1% from EUR 266.5 million to EUR 234.4 million compared to last year. Adjusted for the contribution of the Group company altmayerBTD, which was sold in December 2015, sales declined by 7.9%. Consolidated earnings before interest and taxes (EBIT) and before depreciation from purchase price allocation (PPA) declined from EUR 15.1 million to EUR 9.6 million. This figure includes negative currency effects of EUR 1 million. Net interest income improved by EUR 0.9 million due to the reorganization of Group financing in 2015. As a result, the reduction by up to EUR 1.0 million, which was the goal for the year as a whole, was almost achieved.

Development of the segments
The Industrial Automation segment increased its order intake quite significantly by 38.9% to EUR 237.6 in the first nine months of 2016. The order backlog as of September 30, 2016, grew by more than half (+51.7%) to EUR 177.6 million. The company did not achieve the sales that it had expected, however, because of delays in the orders issued in the second quarter. The usual volatility in the project business had an impact on the awarding of contracts. Segment sales in the first nine months declined by 5.7% to EUR 163.1 million (Q1-Q3 2015: EUR 172.9 million). Segment EBIT before PPA amortization decreased by 18.6% to EUR 11.7 million.

The Environmental Technology segment recorded an unsatisfactory business development as a result of the persistently low oil price and correspondingly lower demand for recycling and processing solutions, especially in the US. Segment sales declined by 12.8% to EUR 71.3 million compared to the same period of the previous year adjusted for the contribution of altmayerBTD. EBIT before PPA amounted to EUR 0.4 million, compared to EUR 3.0 million in the prior-year period. The Management Board has already initiated appropriate measures. These include, in particular, a capacity adjustment to suit current market conditions. The order situation is expected to improve in the fourth quarter. The segment generated order intake of EUR 14 million in October, which was mainly attributable to the areas of wood and biomass.

Prospects for financial year 2016
As the company announced on November 8, 2016, the Management Board has revised its sales and earnings expectations for the full year 2016. This was due to the above-mentioned effects in the Environmental Technology segment as well as one-time expenses in the course of the adjustment measures initiated. The Board now expects consolidated sales of between EUR 340 million and EUR 350 million (previously EUR 370 million to EUR 390 million) and Group EBIT before PPA of EUR 18 million to EUR 20 million (previously at least EUR 24 million).

Daniel Fink, CEO of MAX Automation AG: "The sales and earnings development in the first nine months of 2016 was below our expectations. On the other hand, we are quite optimistic due to the record level we achieved in our order backlog. This is an excellent starting point for a successful business development of MAX Automation in 2017. The high level of our incoming orders clearly shows that we are active in the right markets and that we have achieved a strong technological position."

The full quarterly report for the first nine months of 2016 is available for downloading on the MAX Automation AG website at in the Investor Relations section.


(in EUR mill.) Q1-Q3 2016 Q1-Q3 2015
New order intake 296.9 266.4
Order book position* 197.3 158.4
Revenue 234.4 266.5
EBITDA 14.6 19.9
EBIT before PPA 9.6 15.1
EBIT after PPA 6.4 11.4
Earnings for the period 3.0 5.9
EBIT per share before PPA (in EUR) 0.36 0.56
Earnings per share (in EUR) 0.11 0.22

* Date comparison September 30, 2016, to September 30, 2015

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

About MAX Automation AG
MAX 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, MAX Automation develops and installs innovative systems for use by the recycling, energy and raw materials industries.

2016-11-14 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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