PRESS RELEASE

MAX Automation SE in the nine-month period of 2021 with strong order intake and continued improvement in earnings
 

• Order intake exceeds previous year by 44.5% (9M 2021: mEUR 304.7 vs. 9M 2020: mEUR 210.8)
• Order backlog increased by 56.0% (9M 2021: mEUR 285.8 vs. 9M 2020: mEUR 183.2)
• Group sales up 1.9% on previous year (9M 2021: mEUR 229.3 vs. 9M 2020: mEUR 225.1)
• Operating result (EBITDA) improves further to mEUR 10.6 (9M 2020: mEUR 7.3)
• Full-year forecast 2021 confirmed

Dusseldorf, 4 November 2021 - MAX Automation SE (ISIN DE000A2DA58), a company listed in the Prime Standard of the Frankfurt Stock Exchange, managed to continue on its growth course in the first nine months of 2021 by posting a significant increase in order intake and an improvement in earnings.

The very positive development of the order situation in the first half of the year continued in the third quarter despite the still challenging general conditions. In the first nine months of 2021, order intake of the MAX Group rose by 44.5% to mEUR 304.7 (9M 2020: mEUR 210.8) due to very strong demand, particularly from the MAX Group portfolio companies in medical technology, in the Environmental Technologies segment and in packaging automation. Order intake in the Process Technologies segment (+32.2%) returned to its pre-corona level. It was achieved mainly through catch-up effects in dispensing technology and hot riveting. Environmental Technologies (+41.6%) also benefited from catch-up effects and higher oil prices as demand remained high. Growth in the Evolving Technologies segment (+109.5%) was driven by medical technology as well as packaging and press automation. Order intake in Non-Core (-35.9%) continued to decline as anticipated as a result of the closure of the IWM businesses. Overall, the MAX Group's order backlog increased by 56.0% to mEUR 285.8 (30 September 2020: mEUR 183.2)

MAX Group's sales were slightly lower than expected at mEUR 229.3 (9M 2020: mEUR 225.1), up 1.9% year-on-year. This was mainly due to the current bottlenecks in the global supply chains and the resulting postponements of project acceptances by customers. Process Technologies reported a 6.0% increase in sales to mEUR 39.8 (9M 2020: mEUR 37.6). In the Environmental Technologies segment, delayed material deliveries led to postponements in project completions and thus to a 3.8% weaker sales development to mEUR 80.5 (9M 2020: mEUR 83.7). Evolving Technologies achieved a 12.7% increase in sales to mEUR 88.4 (9M 2020: mEUR 78.5). As anticipated, sales in the Non-Core segment declined by 20.0% to mEUR 21.9 (9M 2020: mEUR 27.4), mainly due to the closure of the IWM companies.

The MAX Group achieved a 44.1% improvement in operating earnings before interest, taxes, depreciation, and amortization (EBITDA) to mEUR 10.6 in the nine-month period of 2021 (9M 2020: mEUR 7.3). Burdens from the Non-Core business were actively reduced further. Supported by projects in dispensing technology and strong service business, increased sales in the Process Technologies segment led to an 8.7% rise in EBITDA to mEUR 5.5 (9M 2020: mEUR 5.0). Environmental Technologies recorded a decline in EBITDA of 5.1% to mEUR 8.6 (9M 2020: mEUR 9.1). Catch-up effects are expected here in the fourth quarter. The overall positive developments in the Evolving Technologies segment were offset by higher expenses for projects in Robotics, which led to a 43.5% decline in EBITDA to mEUR 4.4 (9M 2020: mEUR 7.7). In the Non-Core segment, EBITDA improved to mEUR -0.7 (9M 2020: mEUR -8.1) due to the discontinuation of burdens from the IWM companies.

The operating cash flow of the MAX Group improved by 51.1% to mEUR 9.7 (9M 2020: mEUR 6.4). This was mainly due to high advance payments in the Environmental Technologies and Evolving Technologies segments. Net debt decreased by 18.9% to mEUR 87.1 (30 September 2020: mEUR 107.5), while working capital was simultaneously reduced. Cash and cash equivalents declined to mEUR 34.1 (30 September 2020: mEUR 42.3), mainly as a result of the further repayment of liabilities from the syndicated loan.

"We managed to continue the positive development of the MAX Group of the first half of the year. Thanks to the well-filled order books, we are very confident of achieving our targets for the current financial year. Without the bottlenecks in the global supply chains, higher growth in sales and earnings would have been possible in the first nine months. In the fourth quarter of 2021 and the first quarter of 2022, we will make up for this in all segments. The development in the first nine months of the year shows that we are well-positioned with our portfolio companies. The positioning in profitable niches in line with macro trends such as MedTec, GreenTec and e-Mobility promises further growth potential for the MAX Group," said Dr. Christian Diekmann, Managing Director and CEO/CFO of MAX Automation SE.

Outlook for 2021 confirmed

The MAX Group continues to expect high demand dynamics in its portfolio companies. Assuming that price increases and bottlenecks in the supply chains do not increase further and thus burden the business performance of the MAX Group, the Managing Directors adhere to the annual forecast and continue to expect a strong increase in sales for financial year 2021 compared to the previous year (2020: mEUR 307.0). For operating earnings before interest, taxes, depreciation, and amortization (EBITDA), the Managing Directors continue to assume a strong increase compared to the previous year (2020: mEUR 5.7).

Detailed financial information

The complete interim statement for the nine-month period of 2021 of MAX Automation SE is available for download at https://www.maxautomation.com/en/investor-relations/financial-reports/.

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About MAX Automation SE
MAX Automation SE (ISIN DE000A2DA58), headquartered in Düsseldorf, is an internationally active investment company. The core operating business is divided into three segments: In the Process Technologies business segment, the MAX Group acts as an innovation leader in the development and production of proprietary solutions (e.g. dispensing, impregnation), particularly for the automotive and electronics industries, thanks to its comprehensive technological expertise. In the Environmental Technologies business area, MAX Automation develops and installs technologically complex systems for the recycling, energy, and raw materials industries. The Evolving Technologies business area brings together companies with growth potential in the fields of optical solutions, solutions for medical technology, industrial robotics and automation, and packaging solutions.

www.maxautomation.com