MAX Automation SE reports significant increase in sales and earnings in nine-month period of 2022 – forecast raised accordingly
EQS-News: MAX Automation SE
/ Key word(s): 9 Month figures/Quarterly / Interim Statement
The MAX Group’s consolidated order intake rose by 13.5% to EUR 345.8 million (9M 2021: EUR 304.7 million). The Vecoplan Group, bdtronic Group, NSM + Jücker and Elwema segments in particular contributed to the positive development. After the already very strong previous year, the order intake of the Vecoplan Group once again grew quite significantly in all business units – especially in Germany and in the US (Recycling/Waste, Wood/Biomass and Service). The significant increase in orders for the bdtronic Group resulted from the continuing strong demand for solutions in dispensing and hot riveting technology. At NSM + Jücker, both business units, press automation and packaging automation, continued to record strong order intake. Elwema continued to benefit in particular from demand from the automotive industry abroad as well as from e-mobility in Germany and more than doubled its order intake. Order intake in the MA micro Group segment declined as expected following the high order intake in the same period of the previous year, while the decline in order intake in the AIM micro segment is attributable to contract awards postponed to the fourth quarter of 2022. In the iNDAT segment, order intake was corrected by the termination of a major project agreed with a customer as part of the liquidation of the company. The order intake of the Other segment continues to reflect the winding up and liquidation of the IWM companies.
The MAX Group’s order backlog increased by 18.7% to EUR 339.3 million (30 September 2021: EUR 285.8 million).
MAX Group’s sales for the nine-month period of 2022 were EUR 298.1 million, up 30.0% year-on-year (9M 2021: EUR 229.3 million). The basis for this was laid with a high order backlog from last year and was further expanded with strong order intake despite the enormous economic burdens, e.g., the corona pandemic, an impending recession, and disruptions in the supply chains. This applies to all continuing segments of the MAX Group, while sales in the iNDAT and Other segments continued to decline as expected due to the closures.
At EUR 23.3 million (9M 2021: EUR 10.6 million), the MAX Group more than doubled its operating earnings before interest, taxes, depreciation and amortisation (EBITDA) in the nine-month period of 2022 (+121.2%) – despite the burden of provisions for the liquidation of the iNDAT segment. The strong growth in sales and the associated economies of scale as well as the increased profitability of repeat projects and process improvements at project level were the main drivers of success. EBITDA in the bdtronic Group segment improved despite countervailing effects from rising material costs due to a more profitable project mix and economies of scale. The increase in EBITDA of the Vecoplan Group was mainly due to the significant growth in sales. MA micro benefited from improved margins on repeat projects and significant process improvements in addition to high sales. AIM micro developed as expected. EBITDA in the NSM + Jücker segment rose more slowly than sales as a result of the somewhat lower margins associated with supply chain issues. At Elwema, optimisations in project execution as well as additional cost savings continued to show clear effects: they led to positive EBITDA and underscore the successful progress in the turnaround process. At iNDAT and in the Other segment, the planned wind-up and liquidation costs were incurred in the expected amount.
Cash outflow in the operating cash flow of the MAX Group in the nine-month period of 2022 of EUR 2.7 million (9M 2021: cash inflow of EUR 9.7 million) resulted from a higher working capital requirement due to the increased project volume and the build-up of inventories to avoid delivery bottlenecks. Cash outflow from investing activities amounted to EUR 4.6 million (9M 2021: cash outflow of EUR 1.0 million). The lower cash outflow in the same period of the previous year was influenced in particular by the sale of the IWM Automation GmbH property in Porta-Westfalica. The increased utilisation of the new syndicated loan led to a cash inflow of EUR 9.5 million in the cash flow from financing activities (9M 2021: cash outflow of EUR 22.5 million).
Working capital increased significantly to EUR 60.2 million (30 September 2021: EUR 38.9 million) due to the higher project volume and the build-up of inventories to avoid delivery bottlenecks. At EUR 86.5 million, net debt was at the level of the previous year (30 September 2021: EUR 87.1 million). Compared to the end of 2021, net debt increased as of 30 September 2022, in particular due to higher working capital requirements. At EUR 33.2 million, cash and cash equivalents were slightly above the level at the end of financial year 2021 (31 December 2021: EUR 30.2 million).
“We are more than satisfied with the very pleasing development of the MAX Group in the nine-month period of 2022 in view of the crisis-ridden environment. As promised, we have successfully driven the restructuring of the Group forward. The order intake of our investments increased, in some cases very significantly – especially due to the high demand in the Vecoplan Group, bdtronic Group, NSM + Jücker and Elwema segments. With this and the MAX Group’s strategic focus on growth markets, the Group has a good basis for further positive developments in the fourth quarter and next year,” said Dr. Christian Diekmann, Managing Director and CEO of MAX Automation SE.
In view of the successful development in the nine-month period of 2022 and the positive order situation, the Supervisory Board and Managing Directors of the MAX Group raised the forecast for 2022 in an ad hoc announcement on 24 October 2022. For the current financial year, the company now expects sales of between EUR 400.0 million and EUR 440.0 million (previously: EUR 360.0 million to EUR 420.0 million) and EBITDA in a range between EUR 30.0 million and EUR 34.0 million (previously: EUR 23.0 million and EUR 29.0 million). The strong growth of the Vecoplan Group is the main reason for the increase in the sales forecast. The increased EBITDA forecast is mainly due to the increase in sales of the MA micro Group with significantly more profitable projects in medical technology. Another driver behind the increase in the EBITDA forecast is the operational progress in the successful turnaround of Elwema. However, the possible consequences of the Russia-Ukraine war and the ongoing corona pandemic continue to pose imponderables for the development of the global economy.
*Comparison of the reporting dates 30 September 2022 and 30 September 2021
*Comparison of the reporting dates 30 September 2022 and 30 September 2021
The complete interim statement on the nine-month period of 2022 of MAX Automation SE is available for download at https://www.maxautomation.com/investor-relations/financial-reports/.
MAX Automation SE, headquartered in Düsseldorf, is a medium-sized finance and investment company focused on the management and acquisition of investments in growth companies operating in niche markets. The current portfolio of companies consists of ten portfolio companies and their respective subsidiaries (if applicable) which develop, manufacture, and distribute a diversified portfolio of technologically complex machinery, equipment, and integrated automation solutions as well as complementary services such as consulting, production support, maintenance, and repair for their customers both in Germany and internationally. The products and solutions of the portfolio companies are used in various end industries and for numerous industrial applications, including automotive, electronics, recycling, raw materials processing, packaging, and medical technology industries. MAX Automation SE has been listed in the Prime Standard of the Frankfurt Stock Exchange since 2015 (ISIN DE000A2DA588) and generated sales of EUR 349.1 million in 2021.
|MAX Automation SE
|+49 (0)211 90991-0
|+49 (0)211 90991-11
|Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange
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