MAX Automation posts strong sales and significantly improved earnings in first half of 2022
DGAP-News: MAX Automation SE
/ Key word(s): Half Year Results/Half Year Report
The MAX Group’s consolidated order intake increased by 37.3% to EUR 233.0 million (6M 2021: EUR 169.8 million). The segments Elwema, NSM + Jücker and Vecoplan Group made the largest contributions to the positive development.
The bdtronic Group’s increase in orders resulted from strong demand for solutions in dispensing and hot riveting technology. Elwema benefited in particular from demand from the automotive industry abroad and from e-mobility in Germany. Continued high demand in packaging automation and increasing project awards for e-mobility in press automation characterized the strong development at NSM + Jücker. The improved order intake of the Vecoplan Group in all areas of the business (Recycling/Waste, Wood/Biomass and Service) and regions reflects the strong positioning in these growth markets. The order intake of the MA micro Group segment declined as expected following the high order intake in the previous quarters, while the AIM micro segment reached the level of the same period of the previous year. After the closure of the iNDAT segment, which was resolved in February, only a small number of service orders were accepted, so that order intake decreased accordingly as planned. The order intake and order backlog in the Other segment were characterized by the liquidation of the IWM companies following the completion of remaining projects.
The order backlog of the MAX Group increased by 39.0% to EUR 325.7 million (30 June 2021: EUR 234.3 million).
In the first half of 2022, the MAX Group’s sales were EUR 190.7 million, 32.2% above the previous year’s level (6M 2021: EUR 144.2 million). Despite ongoing disruptions in the supply chains and the related shortage of materials, the MAX Group succeeded in significantly increasing its sales due to the high order backlog and a sharp rise in incoming orders. In the bdtronic Group segment, catch-up effects and increased incoming orders in dispensing technology as well as the strong service business were responsible for the rise in sales. The segments Vecoplan Group, MA micro Group and AIM micro as well as Elwema and NSM + Jücker achieved high sales based on the favorable order situation. As expected, the iNDAT and Other segments posted declines in sales as a result of the closures.
The MAX Group improved its operating earnings before interest, taxes, depreciation and amortization (EBITDA) disproportionately in the first half of 2022 to EUR 9.7 million (6M 2021: EUR 6.0 million) – despite the burden of provisions for the liquidation of the iNDAT segment. Price increases for raw materials and materials such as electronic components and steel products were largely passed on to customers in new orders, while higher costs for ongoing projects compared to the calculations had a negative impact on margins. The bdtronic Group segment benefited in particular from the high-margin service business. The Vecoplan Group continued to develop positively. The fact that the increase in EBITDA compared to the previous year is only moderate is due to a special effect in the first half of the previous year. MA micro benefited from increased sales with high-margin projects. AIM micro developed as expected. EBITDA in the NSM + Jücker segment declined slightly due to a different project mix and partly increased material costs. The turnaround of Elwema through optimizations in project execution and cost savings remains on track with a significant improvement. In the Other segment, the planned winding-up and liquidation costs of the IWM companies were still noticeable.
Due to the working capital requirements of the increased project volume and an increase in inventories, the MAX Group recorded cash outflow of EUR 14.5 million (6M 2021: cash inflow of EUR 9.8 million) from operating cash flow. Cash outflow in the cash flow from investing activities of EUR 2.6 million was offset in the same period of the previous year by a special effect from the sale of a property of IWM Automation (6M 2021: cash inflow of EUR 0.6 million). In cash flow from financing activities, increased utilization of the new syndicated loan resulted in cash inflow of EUR 17.0 million (6M 2021: cash outflow of EUR 22.6 million).
Working capital rose to EUR 52.7 million (30 June 2021: EUR 32.2 million), while net debt increased to EUR 93.9 million as of 30 June 2022 (30 June 2021: EUR 81.0 million) due to a decline in cash and cash equivalents and a simultaneous increase in bank liabilities. Cash and cash equivalents were at EUR 30.6 million, the same level as at the end of financial year 2021 (31 December 2021: EUR 30.2 million).
“In the first half of 2022, our shareholdings continued to develop positively in operational terms. Order intake increased significantly – especially due to the high demand in the segments NSM + Jücker, Elwema and Vecoplan Group with innovative solutions for environmental technology as well as for the food and automotive industries. With the successful capital increase and the early agreement of a new syndicated loan, we have strengthened the financing of the MAX Group and thus laid a solid foundation for further growth. Thanks to our investment portfolio, which is geared towards growth markets, we continue to look optimistically to the second half of the year,” said Dr. Christian Diekmann, Managing Director and CEO/CFO of MAX Automation SE.
In view of the successful development in the first half of 2022 and the positive order situation, the Managing Directors confirm the outlook for 2022, whereby the possible consequences of the ongoing crisis situation in Ukraine and the corona pandemic continue to represent imponderables for the development of the global economy. Provided that the economic development is not significantly weaker than assumed, MAX Automation continues to expect sales of between EUR 360.0 million and EUR 420.0 million and operating profit before interest, taxes, depreciation and amortization (EBITDA) of between EUR 23.0 million and EUR 29.0 million for the current financial year.
*Comparison of the reporting date 30 June 2022 to 30 June 2021
*Comparison of reporting date 30 June 2022 to 30 June 2021
The complete Interim Report for the first half of 2022 of MAX Automation SE is available for download at https://www. maxautomation.com/investor-relations/financial-reports/.
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|Company:||MAX Automation SE|
|Breite Straße 29-31|
|Phone:||+49 (0)211 90991-0|
|Fax:||+49 (0)211 90991-11|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||1412867|
|End of News||DGAP News Service|