MAX Automation SE: Growth course continued in financial year 2022 despite challenging environment

PRESS RELEASE

MAX Automation SE: Growth course continued in financial year 2022 despite challenging environment
 

• Sales of EUR 409.2 million up by 17.2% year-on-year (12M 2021: EUR 349.1 million)
• Operating result (EBITDA) improved significantly (+27.3%) to EUR 32.7 million (12M 2021: EUR 25.7 million)
• Order intake of EUR 424.6 million at previous year’s level (12M 2021: EUR 422.5 million)
• Order backlog rose by 6.7% to EUR 303.3 million (31 December 2021: EUR 284.2 million)
• Outlook for financial year 2023: Sales expected to increase to approx. EUR 410.0 million to EUR 470.0 million with EBITDA of approx. EUR 35.0 million to EUR 41.0 million

Düsseldorf, 16 March 2023 – MAX Automation SE (ISIN DE000A2DA588), a company listed in the Prime Standard of the Frankfurt Stock Exchange, has successfully continued on its growth course. Despite persistent disruptions to the supply chains and the resulting shortage of materials, the operating result increased by more than 25% in financial year 2022. Obstacles in project handling and higher costs of material were largely absorbed by working together closely with suppliers and customers. Price increases for gas, oil, and electricity affected the less energy-intensive MAX Group to a minor extent. Consequently, the MAX Group was in a position to raise its forecast in October to expected sales of EUR 400 million to EUR 440 million (previously: EUR 360.0 million to EUR 420.0 million) as well as expected EBITDA of EUR 30 million to EUR 34 million (previously: EUR 23.0 million to EUR 29.0 million) due to the strong development of the business. By actually achieving sales of EUR 409.2 million and EBITDA of EUR 32.7 million, the results achieved in financial year 2022 are in line with the raised forecast.

ORDER INTAKE AND ORDER BACKLOG AT THE STRONG LEVEL OF THE PREVIOUS YEAR

At EUR 424.6 million, the MAX Group’s consolidated order intake was at the same level as in the already strong previous year (12M 2021: EUR 422.5 million), which was impacted by pandemic-related catch-up effects. The bdtronic Group, NSM+Jücker, and ELWEMA managed to significantly increase their order intake. At the bdtronic Group, the very dynamic development in dispensing technology in particular contributed to this increase. Thanks to its strong market position in packaging automation, NSM+Jücker benefited from high demand from the beverage industry, and in press automation from a further increase in demand from existing as well as new customers in the automotive industry, especially in the area of e-mobility. ELWEMA also benefited from the high demand from the automotive industry, particularly from the United States. The MAX Group’s order backlog increased by 6.7% to EUR 303.3 million (31 December 2021: EUR 284.2 million), thus providing a good basis for the positive development to be continued.

SIGNIFICANTLY IMPROVED OPERATING RESULT

On the back of an already strong previous year, the MAX Group increased its sales by 17.2% to EUR 409.2 million in financial year 2022 (12M 2021: EUR 349.1 million). Nearly all segments contributed to this growth. Only iNDAT and the Other segment recorded planned declines in sales due to the closures.

The MAX Group significantly improved its operating earnings before interest, taxes, depreciation, and amortization (EBITDA) by 27.3% to EUR 32.7 million in financial year 2022 (12M 2021: EUR 25.7 million). Negative influences on EBITDA due to rising material costs were passed on to customers in many cases in a spirit of partnership. Nearly all segments managed to significantly improve their results. At iNDAT and in the Other segment, the planned winding-up and liquidation costs were incurred in the expected amount. Due to long-running projects, NSM+Jücker was often unable to pass on the higher material and logistics costs and therefore recorded a slightly lower result despite the good development of orders. The Vecoplan Group was once again able to exceed its record result of the previous year and thus again made the largest contribution to the overall result of the MAX Group. MA micro increased its EBITDA by more than 60% due to higher margins on repeat orders and significant process improvements in project handling. Like AIM micro, bdtronic was again able to increase its strong result from the previous year. ELWEMA successfully continued the turnaround process it had initiated and achieved clearly positive EBITDA.

The cash outflow in the operating cash flow of the MAX Group in financial year 2022 of EUR 2.9 million (12M 2021: cash inflow of EUR 27.7 million) is mainly due to the increased working capital requirement as a result of the higher order volume. In the previous year, the cash inflow with only a slightly negative cash result for the year resulted from high advance payments from customers in particular. The cash outflow from investing activities, mainly for replacement investments and the expansion of production space, amounted to EUR 8.4 million (12M 2021: cash outflow of EUR 3.3 million). In the cash flow from financing activities, with cash inflow of EUR 16.3 million (12M 2021: cash outflow of EUR 42.0 million), the increased utilization of the new syndicated loan was offset by the full repayment of the original syndicated loan.

Working capital increased significantly to EUR 71.6 million (31 December 2021: EUR 30.6 million), in particular, due to the expansion of operating activities and the targeted build-up of inventories to compensate for delivery delays and ensure the ability to supply products. At EUR 95.8 million, net debt was above the previous year’s level (31 December 2021: EUR 73.9 million), in particular, due to the higher working capital requirement. Cash and cash equivalents increased by 18.3% to EUR 35.7 million (31 December 2021: EUR 30.2 million).

Dr. Christian Diekmann, Managing Director and CEO of MAX Automation SE: “The success of our portfolio companies despite a difficult environment confirms our strategic orientation and the changes we have initiated in the organization and processes. The MAX Group’s focus on a cash flow-oriented financial and investment holding company with a diversified portfolio of well-positioned companies in growing niche markets is paying off. Despite the charges from the liquidation of iNDAT, we ended the year with over 25% growth in earnings and in line with our forecast, which we raised in October. Key success drivers included strong growth in sales, exploited economies of scale, the increasing number of repeat projects, and process improvements at the project level. In financial year 2023, we will continue to consistently implement the MAX Group strategy and further optimize and expand our already strong portfolio in order to leverage value enhancement potential and generate total shareholder return for our shareholders.”

OUTLOOK FOR 2023

The increased order backlog forms a solid starting point for the further development of the MAX Group in financial year 2023. Despite the current uncertainties surrounding the further development of the global economy, particularly with regard to supply bottlenecks, raw material prices, and the further course of the pandemic and the war in Ukraine, continued positive demand for the solutions of the portfolio companies can be expected due to the good strategic positioning of the MAX Group. Overall, the MAX Group is confident for financial year 2023 and expects an increase in sales within a range of EUR 410.0 million to EUR 470.0 million and operating earnings before interest, taxes, depreciation, and amortization (EBITDA) of between EUR 35.0 million and EUR 41.0 million.

KEY GROUP FIGURES AT A GLANCE

*Comparison of the reporting dates 31 December 2022 and 31 December 2021

KEY FIGURES OF THE SEGMENTS AT A GLANCE

* Comparison of the reporting dates 31 December 2022 and 31 December 2021

DETAILED FINANCIAL INFORMATION

The Annual Financial Report for financial year 2022 of MAX Automation SE is available for download at https://www.maxautomation.com/en/investor-relations/financial-reports/.

CONTACT:

Marcel Neustock
Investor Relations
Phone: +49 – 211 – 9099 110
investor.relations@maxautomation.com
www.maxautomation.com

PRESS CONTACT:

Susan Hoffmeister
CROSS ALLIANCE communication GmbH
Phone: +49 – 89 – 125 09 03 33
sh@crossalliance.de
www.crossalliance.de

ABOUT MAX AUTOMATION SE

MAX Automation SE, headquartered in Düsseldorf, is a medium-sized finance and investment company focused on the management and acquisition of investments in growth and high-cashflow 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 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 409.2 million in 2022.

www.maxautomation.com