DGAP-News: MAX Automation SE reports strong order intake and improved operating result in first half of 2021

PRESS RELEASE

MAX Automation SE reports strong order intake and improved operating result in first half of 2021

 

• Order intake 27.2% above previous year's level (H1 2021: mEUR 169.8 vs. H1 2020: mEUR 133.4)
• Order backlog increased by 30.3% (H1 2021: mEUR 234.6 vs. H1 2020: mEUR 179.8)
• Group sales down 5.2% year-on-year (H1 2021: mEUR 144.2 vs. H1 2020: mEUR 152.1)
• Operating result (EBITDA) improved significantly to mEUR 6.0 (H1 2020: mEUR 0.5)
• Elimination of further burdens from Non-Core due to consequent processing of old topics
• Full-year sales and earnings forecast for 2021 confirmed

Dusseldorf, 5 August 2021 - MAX Automation SE (ISIN DE000A2DA58), a company listed in the Prime Standard of the Frankfurt Stock Exchange, increased its order intake and operating result in line with the economic recovery from the COVID-19 pandemic.

Order intake of the MAX Group increased by 27.2% to mEUR 169.8 in the first half of 2021 (H1 2020: mEUR 133.4) following the major decline in the previous year, due to the coronavirus. The Process Technologies segment's order intake (+34.7%) was driven primarily by projects in dispensing technology and hot riveting. The Environmental Technologies segment (+47.4%) benefited from catch-up effects in wood/biomass and higher oil prices in recycling/waste. The growth driver in Evolving Technologies (+50.1%) was packaging automation in addition to medical technology. Order intake in the Non-Core business (-62.9%) decreased as planned as a result of the closure of the IWM business. Overall, the MAX Group's order backlog increased by 30.3% to mEUR 234.6 (30 June 2020: mEUR 179.8).

Sales at the MAX Group in the first half of 2021 were down 5.2% year-on-year at mEUR 144.2 (H1 2020: mEUR 152.1). This was mainly due to the discontinuation of business activities in the Non-Core business and the postponement of project progress compared to plan. Process Technologies reported a 4.0% increase in sales to mEUR 26.1 (H1 2020: mEUR 25.1) despite delays in material deliveries and final acceptance of projects. In the Environmental Technologies segment, lower order intake in the fourth quarter of 2020 and the weaker sales performance in the United States in the first quarter of 2021 were reflected in a 5.7% drop in sales to mEUR 53.0 (H1 2020: mEUR 56.2). In the Evolving Technologies segment, sales increased by 3.3% to mEUR 55.5 (H1 2020: mEUR 53.8). As planned, sales in the Non-Core segment fell by 39.8% (H1 2020: mEUR 17.7), mainly due to the closure of the IWM companies.

The MAX Group increased its operating earnings before interest, taxes, depreciation, and amortization (EBITDA) to mEUR 6.0 in the first half of 2021 (H1 2020: mEUR 0.5). The positive trend in the processing of legacy projects of the IWM companies continued and led to the elimination of further burdens. It was even possible to realize positive special effects in connection with the discontinuation of the business, which supported the increase in the Group's EBITDA. Higher income from service projects and cost savings led to a 16.3% increase in EBITDA in the Process Technologies segment to mEUR 3.4 (H1 2020: mEUR 3.0). Environmental Technologies recorded a slight decline in EBITDA of 4.5% to mEUR 6.1 (H1 2020: mEUR 6.4) as a result of lower sales in the first half of the year. The fact that work on the projects won in medical technology is only just beginning could not yet fully compensate for project-related devaluations in robotics. EBITDA in the Evolving Technologies segment therefore declined by 58.8% to mEUR 1.9 (H1 2020: mEUR 4.7). In the Non-Core business EBITDA improved to mEUR -1.1 (H1 2020: mEUR -8.8). This is due in particular to special effects in connection with the closure of the IWM companies.

The MAX Group's operating cash flow improved to mEUR 9.8 (30 June 2020: mEUR -14.3), mainly due to high advance payments in the Environmental Technologies and Evolving Technologies segments. Net debt declined by 34.3% year-on-year to mEUR 81.0 (30 June 2020: mEUR 123.4). Cash and cash equivalents rose by 10.3% to mEUR 35.5 (30 June 2020: mEUR 32.2).

"The improved business performance of our portfolio companies in the first half of the year makes us optimistic for the further course of business. Our well-positioned subsidiaries were able to benefit from the recovery in many of our sales markets by posting rising order intake. The high level of advance payments underscores our customers' confidence. In addition, we are making progress as planned in working through the problem areas. All in all, we are well on track. We are well positioned for the future with our investment portfolio and our focus on growth sectors such as MedTec, GreenTec and e-mobility. This should continue positively in the second half of the financial year, provided that a resurgence of the pandemic does not prevent us from doing so," says Dr. Christian Diekmann, Managing Director and CEO/CFO of MAX Automation SE.

Outlook for 2021 confirmed

Despite the recovery, a stable macroeconomic environment cannot yet be assumed. Due to renewed negative developments in the pandemic, but also due to the tense situation in the supply chains, the economic upturn could lose momentum. MAX Automation expects its portfolio companies in the second half of financial year 2021 to continue to stand their ground in this dynamic environment.

Supposing that the economic development does not turn out to be weaker than assumed by the management, the Managing Directors continue to expect strongly increasing sales revenues for the Group for the full year 2021 compared to the previous year's figure of mEUR 307.0 as well as a strong increase in operating earnings before interest, taxes, depreciation and amortization (EBITDA) compared to mEUR 5.7 the previous year.

Detailed financial information

The complete interim report for the first half of 2021 of MAX Automation SE is available for download at https://www.maxautomation.com/investor-relations/financial-reports/.

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About MAX Automation SE

MAX Automation SE (WKN: A2DA58), based in Dusseldorf, is an internationally active investment company. The operating business is divided into three divisions: in its Process Technology segment, the Group's comprehensive technological Expertise makes it an innovation leader in the development and manufacture of proprietary solutions (e.g. dosing, impregnation), particularly for the automotive and electronics industries. In its Environmental Technology segment, MAX Automation develops and installs technologically complex systems for the recycling, energy, and raw materials industries. The Evolving Technologies segment of MAX Automation develops high-quality assembly and system solutions for the medical technology and automotive industries as well as for robotics and augmented automation.

www.maxautomation.com