MAX Automation SE: Strong Q1 2023 with substantial increase in sales and EBITDA

PRESS RELEASE

MAX Automation SE: Strong Q1 2023 with substantial increase in sales and EBITDA
 

• Sales of EUR 110.7 million 21.5% above the previous year’s level (3M 2022: EUR 91.1 million)
• Order intake increased by 8.1% to EUR 121.4 million (3M 2022: EUR 112.3 million)
• Order backlog grew by 3.2% to EUR 313.2 million (31 December 2022: EUR 303.3 million)
• Significantly improved operating result (EBITDA) of EUR 13.2 million (3M 2022: EUR 2.0 million)
• Outlook for 2023 confirmed: Sales of between approx. EUR 410.0 million and EUR 470.0 million with EBITDA of approx. EUR 35.0 million to EUR 41.0 million

Düsseldorf, 11 May 2023 – MAX Automation SE (ISIN DE000A2DA588), a company listed in the Prime Standard of the Frankfurt Stock Exchange, has gotten off to a successful start to the current financial year 2023 by posting one of the best first quarters in the company’s history in operational terms. While order placements are returning to normal in some segments, restraint in placing orders is still noticeable in other segments due to the macroeconomic uncertainties.

ORDER INTAKE AND ORDER BACKLOG AGAIN INCREASED STRONGLY

The MAX Group’s consolidated order intake rose strongly by 8.1% to EUR 121.4 million (3M 2022: EUR 112.3 million). Growth was driven by the bdtronic Group segment, in particular, which benefited from extremely strong demand from customers in the automotive industry. At ELWEMA, demand remained at the previous year’s level due to continuous follow-up orders, while at NSM + Jücker delays in the placement of orders in the packaging automation sector made themselves felt. The Vecoplan Group’s order intake in the Recycling/Waste and Wood/Biomass divisions was characterized by a reluctance to invest due to the continuing uncertain geopolitical situation but continued to grow in the Service division. AIM micro achieved strong growth in order intake. Also, the MA micro Group was able to record a significant upturn compared to the low level of the previous year. The MAX Group’s order backlog increased by 3.2% to EUR 313.2 million (31 December 2022: EUR 303.3 million).

OPERATING RESULT SIGNIFICANTLY IMPROVED

The MAX Group increased its sales in the first quarter of 2023 particularly dynamically by 21.5% to EUR 110.7 million (3M 2022: EUR 91.1 million) due to the processing of the high order backlog as well as the strong order intake. Nearly all segments contributed to the growth in sales. NSM + Jücker recorded a decline in revenue due to delayed material deliveries, while the MA micro Group was affected by postponements in project placements. The largest contributions to sales were made by the Vecoplan Group, bdtronic Group and ELWEMA segments.

The MAX Group significantly improved its operating earnings before interest, taxes, depreciation and amortization (EBITDA) in the first quarter of 2023 to EUR 13.2 million (3M 2022: EUR 2.0 million). In addition to sales growth, the associated economies of scale and optimizations in project processing contributed to this. In contrast to the same period of the previous year, there were no charges for the processing of iNDAT due to the scheduled winding-up. With the exception of NSM + Jücker, all segments were able to significantly increase their results due to the growth in sales. The Vecoplan Group was able to improve its EBITDA further due to the growth in sales and the release of provisions. MA micro increased its EBITDA despite declining sales due to a good project mix and continuous optimizations in project execution. ELWEMA achieved a further increase in positive EBITDA after successfully completing the turnaround process through optimizations in project handling.

The cash inflow in the operating cash flow of the MAX Group in the first quarter of 2023 of EUR 0.3 million (3M 2022: cash outflow of EUR 6.4 million) resulted in particular from the significant improvement in the result for the period despite increased working capital. The cash outflow from investing activities, mainly for replacement investments and the expansion of production space, amounted to EUR 2.3 million (3M 2022: cash outflow of EUR 1.0 million). In the same period of the previous year, early repayments of vendor loans (from the disposals of altmayerBTD and Essert) had a positive effect. In the cash flow from financing activities, the cash outflow of EUR 4.1 million resulted from the repayment of long-term liabilities, while in the same period of the previous year the increased utilization of the new syndicated loan to cover the increased working capital requirements was recorded (3M 2022: cash inflow of EUR 11.2 million).

Working capital increased to EUR 82.4 million as of 31 March 2023 (31 December 2022: EUR 71.6 million), in particular due to the increased project ramp-up as part of the increased business activity. At EUR 100.7 million, net debt was slightly above the level of the same period of the previous year (31 December 2022: EUR 95.8 million), in particular due to the higher working capital requirements. Cash and cash equivalents decreased by 17.0% to EUR 29.6 million (31 December 2022: EUR 35.7 million).

“We have had one of the best first quarters of the year and a very good start to the year. The development with orders as well as the sales and earnings situation have improved strongly. The strong company development is also evident with regard to profitability, which demonstrates the success of the portfolio measures,” Dr. Christian Diekmann, Managing Director and CEO of MAX Automation SE, explains the pleasing development, and adds: “The strength of the MAX Group as a cash flow-oriented financial and investment holding company with a diversified portfolio of well-positioned companies in growing niche markets is becoming increasingly apparent. The development in the first quarter of 2023 underscores this. We will therefore consistently  continue our strategy of exploiting the value enhancement potential of niche champions through continuous optimizations and further work on strategically expanding our already strong portfolio.”

OUTLOOK FOR 2023 CONFIRMED

Against the backdrop of the dynamic business development in the first quarter and a further increase in orders on hand, the Managing Directors see a solid basis for the current financial year and confirm the outlook for 2023. Provided that the macroeconomic factors do not deteriorate significantly and have a negative impact on the economic development of the Group, the Managing Directors of MAX Automation SE continue to expect sales of between EUR 410 million and EUR 470 million. For the operating result before interest, taxes, depreciation and amortization (EBITDA), the Managing Directors continue to expect between EUR 35 million and EUR 41 million.

KEY FIGURES OF THE GROUP AT A GLANCE

*Comparison of the reporting dates 31 December 2022 and 31 March 2023

KEY FIGURES OF THE SEGMENTS AT A GLANCE

*Comparison of the reporting dates 31 December 2022 and 31 March 2023

DETAILED FINANCIAL INFORMATION

The complete interim statement for the first quarter of 2023 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