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EQS-News: MAX Automation SE
/ Key word(s): Quarterly / Interim Statement/9 Month figures
PRESS RELEASE
Consolidated order intake of the MAX Group’s continuing operations declined by 15.9% in the first three quarters of 2023 to EUR 291.6 million (9M 2022: EUR 346.9 million). The decline is mainly due to customers’ reluctance to invest and the related shifts in the NSM + Jücker, ELWEMA and Vecoplan Group segments. The bdtronic Group segment was able to offset this decline to some degree due to a steady increase in demand, including major orders in the areas of dispensing and impregnation technology. Following low demand in the same period of the previous year, the MA micro Group recorded a recovery in order intake at a low level. The order backlog of the MAX Group in the continuing operations declined by 11.8% to EUR 267.3 million (31 December 2022: EUR 302.9 million). Sales revenue from the MAX Group’s continuing operations increased by 10.2% in the first three quarters of 2023 to EUR 326.4 million (9M 2022: EUR 296.1 million). The bdtronic Group, Vecoplan Group and ELWEMA segments continued to make the largest contributions to growth on the basis of a high order backlog. The MAX Group significantly increased earnings before interest, taxes, depreciation and amortisation (EBITDA) from continuing operations to EUR 37.0 million in the first three quarters of 2023 (9M 2022: EUR 31.2 million). In particular, more efficient project execution and a normalisation of material price increases enabled a further improvement in the EBITDA margin to 11.3% (9M 2022: 10.6%). The operating cash flow of the MAX Group improved significantly over the course of the first three quarters of 2023 to a cash inflow of EUR 8.1 million (9M 2022: cash outflow of EUR 2.7 million). The substantially improved result for the period more than compensated for the increase in working capital. The cash outflow in cash flow from investing activities amounted to EUR 5.8 million. The proceeds from the sale of a property were offset by payments for growth investments. In the same period of the previous year, the early repayment of vendor loans in particular had an impact (9M 2022: cash outflow of EUR 4.6 million). Cash flow from financing activities led to a cash outflow of EUR 9.7 million, mainly due to interest payments (9M 2022: cash inflow of EUR 9.5 million). The same period of the previous year was characterised by increased utilisation of the new syndicated loan. The increase in working capital as of 30 September 2023 to EUR 105.6 million (31 December 2022: EUR 71.6 million) was characterised by an increased project ramp-up and higher inventories, while lower advance payments for new projects and a higher level of receivables were also noticeable. Net debt increased by 16.1% to EUR 111.2 million (31 December 2022: EUR 95.8 million), in particular due to the increased working capital requirement. Cash and cash equivalents decreased by 21.2% to EUR 28.1 million (31 December 2022: EUR 35.7 million). The Supervisory Board is confident of achieving the MAX Group’s targets for 2023, provided there is no deterioration in the overall economic and industry-specific development – for instance, as a result of the war in Ukraine or the terrorist attacks on Israel. For the current financial year, the Supervisory Board continues to anticipate consolidated sales for the MAX Group of between around EUR 410.0 million and EUR 470.0 million based on the continued high order backlog. In view of largely normalised material price increases and the current level of efficiency in project execution, the Supervisory Board is also sticking to its EBITDA forecast of between around EUR 38.0 million and EUR 44.0 million, which was raised on 21 July 2023.
*Comparison of the reporting dates 30 September 2023 and 31 December 2022
*Comparison of the reporting dates 30 September 2023 and 31 December 2022 The iNDAT segment, which was previously subject to reporting requirements, is reported as a discontinued operation in accordance with IFRS 5 due to its ongoing liquidation. The complete Interim Statement for the third quarter of 2023 of MAX Automation SE is available for download at https://www.maxautomation.com/en/investor-relations/financial-reports/. Marcel Neustock Susan Hoffmeister MAX Automation SE, headquartered in Hamburg, is a medium-sized finance and investment company focused on the management and acquisition of investments in growth and high cash flow companies operating in niche markets. 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. MAX Automation SE has been listed in the Prime Standard of the Frankfurt Stock Exchange since 2015 (ISIN DE000A2DA588) and generated sales of EUR 409.2 million in 2022.
09.11.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG. |
| Language: | English |
| Company: | MAX Automation SE |
| Steinhöft 11 | |
| 20459 Hamburg | |
| Germany | |
| Phone: | +4940808058270 |
| Fax: | +4940808058299 |
| E-mail: | investor.relations@maxautomation.com |
| Internet: | www.maxautomation.com |
| ISIN: | DE000A2DA588 |
| WKN: | A2DA58 |
| Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1768773 |
| End of News | EQS News Service |
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1768773 09.11.2023 CET/CEST
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