MAX Automation with lively demand development in the first half of 2018

DGAP-News: MAX Automation SE / Key word(s): Half Year Results

14.08.2018 / 08:21
The issuer is solely responsible for the content of this announcement.


MAX Automation with lively demand development in the first half of 2018

- Order backlog of EUR 269.7 million exceeds EUR 250 million for the first time

- Group sales improve by 13.0% to EUR 203.6 million

- Earnings situation significantly impacted by revaluation of IWM Group projects

Düsseldorf, August 14, 2018 - The MAX Automation Group recorded a lively development in demand in the first six months of 2018. The high-tech engineering specialist passed the EUR 200 million mark in a half-year for the first time along with the EUR 250 million mark for orders on hand. Earnings development, however, was significantly lower than expected. Announced in late June, the revaluation of technologically demanding IWM Group projects led to a significant adjustment of the Group's earnings forecast for the full year 2018. The forecast for the Group's sales remains unchanged, however.

Daniel Fink, CEO of MAX Automation SE: "An eventful first half of 2018 lies behind MAX Automation. In light of project management deficits at the IWM Group, we have taken several steps among our subsidiaries and at Group level to ensure these issues do not recur. Regardless of this disappointing, unacceptable development, however, we should not overlook that MAX Automation's other subsidiaries are developing according to plan overall. Despite expecting a sizeable dent in earnings and profitability this year, our strong order situation makes us confident we will continue the successful development of previous years in 2019."

Key Group figures for the first half of 2018

- Order intake rose significantly in the first six months of 2018 by 21.1% to EUR 213.6 million (previous year: EUR 176.4 million). Order intake was influenced by the acquisition of several major orders, including in Life Science Automation for machines and systems for contact lens production.

- Group-wide order backlog as of June 30, 2018, had increased by 42.6% to EUR 269.7 million after EUR 189.1 million on the same date of the previous year. The book-to-bill ratio was 1.05, indicating further growth.

- Group sales improved by 13.0% to EUR 203.6 million in the first half of 2018 (previous year: EUR
180.2 million).

- Consolidated earnings before interest and taxes (EBIT) and before amortization from purchase price allocation (PPA depreciation) fell significantly to EUR -0.4 million (previous year: EUR 9.7 million). The decline resulted from the additional costs mentioned above from revaluating IWM Group projects.

- The Group closed the first half of the year with a net loss for the period of EUR -2.4 million (same period in 2017: EUR 5.0 million).

- The equity ratio was 33.0% as of June 30, 2018, (December 31, 2017: 43.0%), remaining above its long-term minimum of 30%.

Development of the Group divisions in the first half of 2018

The Industrial Automation Segment recorded a high level of orders and sales development in the first half of the year. Order intake grew by 14.6% to EUR 153.7 million (previous year: Euro 134.2 million). The order backlog at the end of June 2018 increased by 41.9% to EUR 233.4 million (June 30, 2017: EUR 164.5 million). In the first six months of the year, unit sales rose by 13.0% to EUR 151.0 million (previous year: EUR 133.6 million). EBIT before PPA fell to EUR 0.8 million (previous year: EUR 9.5 million) due to the IWM Group's negative impact. All other Industrial Automation companies reported good overall profitability in line with expectations.

Due to the steps taken in the past two years to optimize the cost structure, the Environmental Technology Segment showed a significant improvement in earnings power. Order intake rose by 41.9% to EUR 60.0 million (previous year: EUR 42.3 million). The order backlog as of June 30, 2018, increased by nearly half to EUR 36.4 million (June 30, 2017: EUR 24.6 million; +47.7%). Sales rose by 12.7% to EUR 52.5 million in the first half of the year (previous year: EUR 46.6 million). EBIT before PPA rose significantly by 40.5% to EUR 3.6 million (previous year: EUR 2.6 million).

Forecast for 2018 as a whole

As previously reported on June 28, 2018, the Managing Directors have lowered their earnings expectations for the full year 2018 due to the additional costs resulting from project revaluations of the IWM Group. They now expect consolidated earnings before interest and taxes (EBIT) and before PPA depreciation of between EUR 10 and 13 million (previously: at least EUR 26 million). The target for Group sales in the current year remains unchanged at at least EUR 400 million (previous year: EUR 376.2 million).


The complete interim report for the first half of 2018 is available for download on MAX Automation SE's website at under "Investor Relations."



in EUR mill. H1 2018 H1 2017 Q2 2018 Q2 2017
New order intake 213.6 176.4 132.2 90.6
Order book position* 269.7 189.1 269.7 189.1
Revenue 203.6 180.2 112.9 93.0
EBITDA 3.1 12.9 -2.1 6.8
EBIT before PPA -0.4 9.7 -3.9 5.1
EBIT after PPA -2.0 8.6 -5.0 4.6
Earnings for the period -2.4 5.0 -4.0 2.5
EBIT per share before PPA (EUR) -0.01 0.33 -0.13 0.17
Earnings per share (EUR) -0.07 0.19 -0.12 0.10

* Date June 30, 2018, compared to June 30, 2017

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 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.

14.08.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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