DGAP-News: MAX Automation SE / Key word(s): 9-month figures
MAX Automation records good order development in its core businesses in the first nine months of 2018
- Incoming orders for continuing operations up 45%
- CEO Daniel Fink: "Order situation offers a good basis for the next fiscal year"
- Sales processes initiated for subsidiaries ELWEMA and IWM Group
- Expectations for continuing operations confirmed for 2018 as a whole
Düsseldorf, November 14, 2018 - In the first nine months of 2018, MAX Automation posted a good order development in its core businesses. Incoming orders and the order backlog of continuing operations were significantly higher than in the previous year. In addition, the Group made progress towards its goal of reducing working capital and thus funds tied up.
Following the decision of the Board of Directors of MAX Automation SE on September 25, 2018, to withdraw from the construction of special machines / assembly lines for automotive customers in the Mobility Automation division, the assets and liabilities as well as the profit contributions of the Group companies to be sold (ELWEMA Automotive GmbH, IWM Group and the majority holding MAX Automation (Shanghai) Co., Ltd.) will be reported separately as discontinued operations from the third quarter of 2018 on in accordance with IFRS accounting.
- After the first nine months of this year, incoming orders from continuing operations amounted to EUR 249.6 million, an increase of 45.0% compared with the same period of the previous year (Q1 - Q3 2017: EUR 172.1 million). Incoming orders had a broad basis across all business segments of the Group.
- At EUR 177.2 million, the order backlog from continuing operations as of September 30, 2018, was 71.0% higher than the comparable figure of EUR 103.6 million as of September 30, 2017. The book-to-bill ratio of 1.26 suggests continued growth in its core businesses.
- In the first nine months of 2018, sales revenue from continuing operations rose by 6.2% to EUR 198.0 million (Q1 - Q3 2017: EUR 186.3 million).
- Earnings before interest and taxes (EBIT) and purchase price allocation (PPA) amortization for continuing operations amounted to EUR 12.0 million (Q1 - Q3 2017: EUR 13.5 million; -11.2%). The result includes investments to restructure the Group's risk management and internal control systems. MAX Automation will continue to invest in the optimization of its reporting and controlling instruments.
- The Group closed the first three quarters with a net loss of EUR -11.9 million for the period (Q1 - Q3 2017: EUR 8.6 million). This includes the profit after tax of discontinued operations, which was affected by the operating and extraordinary losses of the IWM Group.
- Working capital for the group (based on a 12-months rolling need) improved by 21% or approx. EUR 28.0 million compared to the same period previous year. Both continuing operations (-25% or approx EUR 16.0 million) as well as discontinued operations started to see benefit of the measures introduced to develop processes in the area of collections of receivables and general management. As a result funds tied up moved in a positive way.
Development of the Group segments
The Environmental Technology segment increased its order intake in the first nine months by almost a quarter from EUR 71.4 million to EUR 88.9 million (+24.5%). Sales amounted to EUR 79.3 million and were thus 15.4% above the previous year's figure (Q1 - Q3 2017: EUR 68.7 million). EBIT before PPA rose by almost one third to EUR 5.9 million (Q1 - Q3 2017: EUR 4.5 million; +30.0%).
At the beginning of the fourth quarter, structured sales processes were initiated for the companies of the IWM Group as well as for ELWEMA Automotive GmbH and the investment in MAX Automation (Shanghai) Co., Ltd. These are proceeding according to plan and should be completed in the course of 2019.
Daniel Fink, Managing Director (CEO) of MAX Automation SE: "The figures for the first nine months, especially the pleasing order situation, show that MAX Automation is having success with its core businesses. The order situation offers a good basis for the coming fiscal year. At the same time, the business development underpins the strategic decision not to pursue special mechanical engineering for automotive customers because the particularities of this business are becoming increasingly difficult to reconcile with the risk profile and return targets of the MAX Group. We are consistently focusing on high-growth, profitable companies that meet our overriding Group goals for growth and profitability."
The complete interim report for the first nine months of 2018 can be downloaded from MAX Automation SE's website at www.maxautomation.com under "Investor Relations."
OVERVIEW OF MAX AUTOMATION GROUP
CONTINUING OPERATIONS (ACCORDING TO IFRS 5) - KEY FIGURES AT A GLANCE
* Key date comparison September 30, 2018, to September 30, 2017
** Including income after taxes from discontinued operations
14.11.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|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|
|End of News||DGAP News Service|