MAX Automation SE adjusts its earnings expectations for 2018

DGAP-News: MAX Automation SE / Key word(s): Profit Warning

28.06.2018 / 16:55
The issuer is solely responsible for the content of this announcement.



MAX Automation SE adjusts its earnings expectations for 2018

- Burdens from current projects at subsidiary IWM Automation - counter steps already initiated

- Operating business of all other MAX companies continues to develop at a high level as expected

- Group EBIT before PPA depreciations now expected at EUR 10 to 13 million for 2018 - sales forecast unchanged

Düsseldorf, June 28, 2018 - MAX Automation SE, the high-tech mechanical engineering Group, has adjusted its earnings expectations for fiscal year 2018. This was due to charges from current projects for several automotive customers with the subsidiary IWM Automation. The IWM Automation Group with sites in Porta Westfalica in Westphalia, Bermatingen on Lake Constance, and Katowice, Poland, focuses on the automotive industry and its suppliers, implementing complex automation and application solutions especially for combustion, hybrid and electric drives as well as chassis, steering and seating systems.

MAX Automation had already reported on additional costs for technically demanding projects in its report for the first quarter of 2018. An economic reassessment of the projects that are not proceeding according to plan was carried out and now requires further adjustments. The Managing Directors of MAX Automation SE have immediately initiated a series of structural steps aimed particularly at improving project management. Furthermore, key positions at IWM Automation will be refilled. These steps will place an additional burden on earnings.

By contrast, the operating business development of all other subsidiaries of the MAX Group has thus far remained at a high level in 2018, in line with expectations.

Due to the burdens on IWM Automation's earnings, the Managing Directors of MAX Automation SE now expect consolidated earnings before interest and taxes (EBIT) and before PPA depreciation of between EUR 10 and 13 million for the full year 2018 (previously: at least EUR 26 million). Group sales for the current year are still expected to reach at least EUR 400 million (previous year: EUR 376.2 million).

Daniel Fink, CEO of MAX Automation SE: "IWM Automation's difficulties with a number of its projects, the extent of which has only now become apparent, will have a significant impact on earnings in the current year. This development is disappointing and comes with consequences. However, these are clearly isolated individual projects. All other MAX Automation Group companies are continuing to report order and sales growth at a high level and with good profitability. We therefore remain confident that MAX Automation will achieve its medium- and long-term goals."

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

About MAX Automation SE
MAX Automation SE (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.

28.06.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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