MAX Automation Group with dynamic business development above expectations in the first quarter 2017

DGAP-News: MAX Automation AG / Key word(s): Quarterly / Interim Statement

15.05.2017 / 16:35
The issuer is solely responsible for the content of this announcement.



MAX Automation Group with dynamic business development above expectations in the first quarter 2017

- Order book position up 45.3 % to EUR 192.3 million, thus almost at the record level at the end of 2016

- Group sales rise by 15.4 % to EUR 87.2 million

- EBIT before PPA amortization more than triples to EUR 4.5 million

- Conversion of MAX Automation AG into a European Stock Corporation (SE)

- Management Board confirms forecast for fiscal year 2017

Düsseldorf, May 15, 2017 - MAX Automation Group has started the year 2017 with momentum. The business for the company that specializes in high-tech mechanical engineering developed not only significantly better in the first quarter than in the same quarter of last year, but also exceeded its own expectations. The dynamic development was driven by the two Group segments Industrial Automation and Environmental Technology.

In the first quarter, new order intake rose by 16.6 % to EUR 85.8 million compared to the same quarter of last year (Q1 2016: EUR 73.6 million). The order book position as of March 31, 2017, increased by 45.3 % to EUR 192.3 million (March 31, 2016: EUR 132.3 million) and was thus approximately at the record level as of December 31, 2016 (193.8 million). Group sales rose by 15.4 % from EUR 75.6 million in the first three months to EUR 87.2 million. Consolidated earnings before interest and taxes (EBIT) as well as before depreciation from purchase price allocation (PPA) more than tripled to EUR 4.5 million (Q1 2016: EUR 1.4 million). The good workload due to the high order book position was one main reason for the strong growth.

Development of the Group segments
The Industrial Automation segment increased its order intake by 26.6 % to EUR 61.5 million in the first quarter of 2017 compared to the same quarter of last year (Q1 2016: EUR 48.6 million). Sales improved to EUR 62.9 million in the first three months (Q1 2016: EUR 52.1 million, +20.6 %). EBIT before PPA grew to EUR 3.9 million (Q1 2016: EUR 2.3 million).

The Environmental Technology segment that includes the Vecoplan Group continued its positive business development from the previous quarter in the first three months. Sales increased by 3.6 % to EUR 24.3 million (Q1 2016: EUR 23.5 million). Segment EBIT before PPA reached the positive value of EUR 1.5 million after a loss of EUR -0.3 million in the same quarter of the previous year. Reasons for the improvements were, in addition to slightly improved capacity utilization, the effects of the capacity adjustments made last year. Order intake in the first quarter amounted to EUR 24.3 million (Q1 2016: EUR 25.0 million).

Conversion into a European Stock Corporation (SE) planned
The Supervisory Board of MAX Automation AG today approved a resolution of the Management Board to convert the company into a European company (Societas Europaea, SE). A monistic system is to be adopted for the planned MAX Automation SE according to the will of the Management Board and Supervisory Board. Prior to this, the Annual General Meeting of MAX Automation AG must approve an appropriate conversion plan. The transformation into an SE takes account the international focus of the high-tech mechanical engineering group with its growing European focus.

Outlook for fiscal year 2017
The Management Board considers the business trend in the first quarter and the lively demand to be an excellent basis for meeting the targets set for the current year. Accordingly, it expects Group sales of at least EUR 370 million (previous year: EUR 337.1 million) and Group EBIT before PPA amortization in the range of EUR 22 million to EUR 25 million (previous year: EUR 17.4 million).

Daniel Fink, Chairman of the Management Board of MAX Automation AG: "The positive business development in the first three months shows that MAX Automation is strategically well positioned. Our Group companies in Industrial Automation benefited once again from the focus on important growth drivers in accordance with our 'Strategy 2021'. In Environmental Technology, Vecoplan is now able to react more quickly to market volatility due to capacity adjustments. Not least with a view to the very high order backlog, we remain optimistic regarding the development of MAX Automation in the full year 2017."

The complete report on the first quarter of 2017 will be available for downloading on MAX Automation AG's website under in the section entitled "Investor Relations."

Key Group Figures Overview (IFRS)

(in million EUR) Q1 2017 Q1 2016
New orders 85.8 73.6
Order book position* 192.3 132.3
Group sales 87.2 75.6
EBITDA 6.2 3.0
EBIT before PPA 4.5 1.4
EBIT after PPA 4.0 0.4
Net profit for the period 2.5 -0.3
EBIT per share before PPA (in EUR) 0.17 0.05
Result per share (in EUR) 0.09 -0.01

* Date March 31, 2017, compared to March 31, 2016

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: A2DA58) 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.

15.05.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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