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14.05.2024 07:30:49 - dpa-AFX: EQS-News: MAX Automation SE: Robust Q1 2024 in line with expectations - outlook confirmed (english)
MAX Automation SE: Robust Q1 2024 in line with expectations - outlook
confirmed
EQS-News: MAX Automation SE / Key word(s): Quarter Results/Quarterly /
Interim Statement
MAX Automation SE: Robust Q1 2024 in line with expectations - outlook
confirmed
14.05.2024 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
MAX Automation SE: Robust Q1 2024 in line with expectations - outlook
confirmed
Hamburg, 14 May 2024 - MAX Automation SE (ISIN DE000A2DA588), a company
listed in the Prime Standard of the Frankfurt Stock Exchange, proved
resilient in the first quarter of 2024 and got off to a robust start to the
new financial year by posting a positive result. The challenging economic
conditions and uncertainties due to the effects of geopolitical tensions
continued to restrain customers' willingness to invest.
ORDER SITUATION OF CONTINUING OPERATIONS STILL CHARACTERISED BY INVESTMENT
RESTRAINT
Consolidated order intake in the MAX Group's continuing operations was down
21.2% to EUR 89.7 million in the first quarter of 2024 (3M 2023: EUR 113.7
million) due to customers' continued reluctance to invest. Only the ELWEMA
segment recorded strong growth with continuous follow-up orders. In the same
period of the previous year, the bdtronic Group segment was still able to
compensate for order postponements in other segments with non-recurring
effects from major orders. The MAX Group's order backlog in continuing
operations declined by 4.5% to EUR 196.8 million (31 December 2023: EUR
206.0 million).
OPERATING RESULT REMAINS POSITIVE DESPITE DECLINE IN SALES AND COST
INCREASES
Sales of the MAX Group's continuing operations dropped slightly by 6.1% to
EUR 90.6 million in the first quarter of 2024 due to restrained demand (3M
2023: EUR 96.5 million). The bdtronic Group segment recorded the highest
growth in sales, driven by a continued high order backlog and strong service
business.
The MAX Group continued to generate positive earnings before interest,
taxes, depreciation and amortisation (EBITDA) from continuing operations of
EUR 7.9 million in the first quarter of 2024 (3M 2023: EUR 9.7 million). In
addition to the decline in sales, inflation-related wage increases and the
increase in personnel in the bdtronic Group segment had a negative impact on
earnings. As a result, the EBITDA margin declined to 8.8% (3M 2023: 10.0%).
The cash outflow in the MAX Group's operating cash flow of EUR 8.1 million
in the first quarter of 2024 (3M 2023: cash inflow of EUR 0.3 million)
resulted from the order-induced increase in working capital in the bdtronic
Group segment. The cash outflow from investing activities, mainly for
replacement investments and the expansion of production space, totalled EUR
2.1 million (3M 2023: cash outflow of EUR 2.3 million). In the cash flow
from financing activities, the cash inflow of EUR 5.9 million (3M 2023: cash
outflow of EUR 4.1 million) resulted from the utilisation of the syndicated
loan to cover the increased working capital requirement; in the same period
of the previous year, non-current liabilities were repaid. Cash and cash
equivalents as per balance sheet decreased by 13.3% to EUR 20.1 million (31
December 2023: EUR 23.2 million).
The 9.5% increase in the MAX Group's working capital as of 31 March 2024 to
EUR 112.7 million (31 December 2023: EUR 102.9 million) is mainly due to the
higher project volume in the bdtronic Group segment. As a result, net debt
also rose by 11.8% to EUR 124.9 million (31 December 2023: EUR 111.8
million).
Guido Mundt, Chairman of the Supervisory Board of MAX Automation SE: "By
achieving a positive result in the first quarter of 2024, we have gotten off
to a robust start to the new financial year, demonstrating that the MAX
Group and its portfolio companies are resilient. This enables us to cope
with our customers' restraint willingness to invest and continue to generate
positive EBITDA. All in all, we were able to improve our equity ratio thanks
to the profit for the period and the valuation of our investment in ZEAL
Network SE. We are confident that the uncertainties responsible for
investment restraint will diminish over the course of financial year 2024."
OUTLOOK FOR 2024 CONFIRMED
The Managing Directors continue to assume that the uncertainties caused by
the ongoing war in Ukraine and the resulting higher energy and material
costs as well as supply chain disruptions and the general reluctance to
invest due to the rise in interest rates will ease over the course of
financial year 2024. Overall, the Managing Directors continue to expect
sales of between EUR 390 million and EUR 450 million and earnings before
interest, taxes, depreciation and amortisation (EBITDA) of between EUR 31
million and EUR 38 million for financial year 2024.
EVENTS AFTER THE END OF THE REPORTING PERIOD
After the end of the reporting period, MAX Management GmbH, a wholly owned
subsidiary of MAX Automation SE, concluded an agreement with Hitachi, Ltd.
on 26 April 2024 on the sale of the MA micro Group, consisting of MA micro
automation GmbH and its subsidiaries MA Life Science GmbH, Micro Automation
LLC and Micro Automation LLP. The purchase agreement provides for a purchase
price in the range of EUR 71.5 million to EUR 76.5 million, subject to the
performance of the MA micro Group in 2024. The transaction, subject to
various customary conditions, in particular, the granting of merger control
approvals, is expected to be closed in the second half-year of 2024. The
proceeds from the sale are primarily intended to be used to reduce financial
liabilities of the MAX Group by partially repaying the syndicated loan.
NOTE
With the liquidation of iNDAT and the implementation of a structured sales
process for the MA micro Group segment, both segments are now recognised as
discontinued operations in accordance with IFRS 5 "Non-current Assets Held
for Sale and Discontinued Operations". Detailed explanations on the
application of IFRS 5 and the discontinued operations can be found in the
Notes to the Annual Financial Report of MAX Automation SE for financial year
2023.
KEY GROUP FIGURES (CONTINUING OPERATIONS) AT A GLANCE
* Comparison of the reporting dates 31 March 2024 and 31 December 2023
KEY FIGURES OF THE SEGMENTS AT A GLANCE
* Comparison of the reporting dates 31 March 2024 and 31 December 2023
DETAILED FINANCIAL INFORMATION
The complete Interim Statement for the first quarter of 2024 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 - 40 - 8080 582 75
investor.relations@maxautomation.com
www.maxautomation.com
CONTACT FOR MEDIA REPRESENTATIVES:
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 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).
www.maxautomation.com
---------------------------------------------------------------------------
14.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
End of News EQS News Service
---------------------------------------------------------------------------
1901681 14.05.2024 CET/CEST
confirmed
EQS-News: MAX Automation SE / Key word(s): Quarter Results/Quarterly /
Interim Statement
MAX Automation SE: Robust Q1 2024 in line with expectations - outlook
confirmed
14.05.2024 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
MAX Automation SE: Robust Q1 2024 in line with expectations - outlook
confirmed
* Sales from continuing operations down slightly by 6.1% to EUR 90.6
million (3M 2023: EUR 96.5 million) due to continued sluggish demand
* Operating result (EBITDA) from continuing operations remains positive at
EUR 7.9 million (3M 2023: EUR 9.7 million) despite decline in sales -
EBITDA margin declined accordingly to 8.8% (3M 2023: 10.0%)
* Order intake from continuing operations down 21.1% to EUR 89.7 million
(3M 2023: EUR 113.7 million) due to investment restraint
* Order backlog of continuing operations declines by 4.5% to EUR 196.8
million (31 December 2023: EUR 206.0 million)
* Outlook for 2024 for continuing operations confirmed: Sales of between
EUR 390 million and EUR 450 million and EBITDA of between EUR 31 million
and EUR 38 million
Hamburg, 14 May 2024 - MAX Automation SE (ISIN DE000A2DA588), a company
listed in the Prime Standard of the Frankfurt Stock Exchange, proved
resilient in the first quarter of 2024 and got off to a robust start to the
new financial year by posting a positive result. The challenging economic
conditions and uncertainties due to the effects of geopolitical tensions
continued to restrain customers' willingness to invest.
ORDER SITUATION OF CONTINUING OPERATIONS STILL CHARACTERISED BY INVESTMENT
RESTRAINT
Consolidated order intake in the MAX Group's continuing operations was down
21.2% to EUR 89.7 million in the first quarter of 2024 (3M 2023: EUR 113.7
million) due to customers' continued reluctance to invest. Only the ELWEMA
segment recorded strong growth with continuous follow-up orders. In the same
period of the previous year, the bdtronic Group segment was still able to
compensate for order postponements in other segments with non-recurring
effects from major orders. The MAX Group's order backlog in continuing
operations declined by 4.5% to EUR 196.8 million (31 December 2023: EUR
206.0 million).
OPERATING RESULT REMAINS POSITIVE DESPITE DECLINE IN SALES AND COST
INCREASES
Sales of the MAX Group's continuing operations dropped slightly by 6.1% to
EUR 90.6 million in the first quarter of 2024 due to restrained demand (3M
2023: EUR 96.5 million). The bdtronic Group segment recorded the highest
growth in sales, driven by a continued high order backlog and strong service
business.
The MAX Group continued to generate positive earnings before interest,
taxes, depreciation and amortisation (EBITDA) from continuing operations of
EUR 7.9 million in the first quarter of 2024 (3M 2023: EUR 9.7 million). In
addition to the decline in sales, inflation-related wage increases and the
increase in personnel in the bdtronic Group segment had a negative impact on
earnings. As a result, the EBITDA margin declined to 8.8% (3M 2023: 10.0%).
The cash outflow in the MAX Group's operating cash flow of EUR 8.1 million
in the first quarter of 2024 (3M 2023: cash inflow of EUR 0.3 million)
resulted from the order-induced increase in working capital in the bdtronic
Group segment. The cash outflow from investing activities, mainly for
replacement investments and the expansion of production space, totalled EUR
2.1 million (3M 2023: cash outflow of EUR 2.3 million). In the cash flow
from financing activities, the cash inflow of EUR 5.9 million (3M 2023: cash
outflow of EUR 4.1 million) resulted from the utilisation of the syndicated
loan to cover the increased working capital requirement; in the same period
of the previous year, non-current liabilities were repaid. Cash and cash
equivalents as per balance sheet decreased by 13.3% to EUR 20.1 million (31
December 2023: EUR 23.2 million).
The 9.5% increase in the MAX Group's working capital as of 31 March 2024 to
EUR 112.7 million (31 December 2023: EUR 102.9 million) is mainly due to the
higher project volume in the bdtronic Group segment. As a result, net debt
also rose by 11.8% to EUR 124.9 million (31 December 2023: EUR 111.8
million).
Guido Mundt, Chairman of the Supervisory Board of MAX Automation SE: "By
achieving a positive result in the first quarter of 2024, we have gotten off
to a robust start to the new financial year, demonstrating that the MAX
Group and its portfolio companies are resilient. This enables us to cope
with our customers' restraint willingness to invest and continue to generate
positive EBITDA. All in all, we were able to improve our equity ratio thanks
to the profit for the period and the valuation of our investment in ZEAL
Network SE. We are confident that the uncertainties responsible for
investment restraint will diminish over the course of financial year 2024."
OUTLOOK FOR 2024 CONFIRMED
The Managing Directors continue to assume that the uncertainties caused by
the ongoing war in Ukraine and the resulting higher energy and material
costs as well as supply chain disruptions and the general reluctance to
invest due to the rise in interest rates will ease over the course of
financial year 2024. Overall, the Managing Directors continue to expect
sales of between EUR 390 million and EUR 450 million and earnings before
interest, taxes, depreciation and amortisation (EBITDA) of between EUR 31
million and EUR 38 million for financial year 2024.
EVENTS AFTER THE END OF THE REPORTING PERIOD
After the end of the reporting period, MAX Management GmbH, a wholly owned
subsidiary of MAX Automation SE, concluded an agreement with Hitachi, Ltd.
on 26 April 2024 on the sale of the MA micro Group, consisting of MA micro
automation GmbH and its subsidiaries MA Life Science GmbH, Micro Automation
LLC and Micro Automation LLP. The purchase agreement provides for a purchase
price in the range of EUR 71.5 million to EUR 76.5 million, subject to the
performance of the MA micro Group in 2024. The transaction, subject to
various customary conditions, in particular, the granting of merger control
approvals, is expected to be closed in the second half-year of 2024. The
proceeds from the sale are primarily intended to be used to reduce financial
liabilities of the MAX Group by partially repaying the syndicated loan.
NOTE
With the liquidation of iNDAT and the implementation of a structured sales
process for the MA micro Group segment, both segments are now recognised as
discontinued operations in accordance with IFRS 5 "Non-current Assets Held
for Sale and Discontinued Operations". Detailed explanations on the
application of IFRS 5 and the discontinued operations can be found in the
Notes to the Annual Financial Report of MAX Automation SE for financial year
2023.
KEY GROUP FIGURES (CONTINUING OPERATIONS) AT A GLANCE
in EUR million 3M 2024 3M 2023 Change in %
Order intake 89.7 113.7 -21.2
Order backlog* 196.8 206.0 -4.5
Working capital* 112.7 102.9 9.5
Sales 90.6 96.5 -6.1
EBITDA 7.9 9.7 -17.8
* Comparison of the reporting dates 31 March 2024 and 31 December 2023
KEY FIGURES OF THE SEGMENTS AT A GLANCE
in EUR million 3M 2024 3M 2023 Change in %
bdtronic Group
Order intake 19.4 42.2 -54.0
Order backlog* 42.0 52.0 -19.3
Sales 29.6 19.7 50.2
EBITDA 3.3 3.3 0.7
Vecoplan Group
Order intake 33.5 36.2 -7.5
Order backlog* 58.4 63.3 -7.6
Sales 38.7 46.2 -16.2
EBITDA 4.1 5.6 -27.2
AIM Micro
Order intake 1.7 2.5 -32.7
Order backlog* 2.9 3.3 -12.0
Sales 2.1 2.1 -0.5
EBITDA 0.7 0.6 27.8
NSM + Jücker
Order intake 6.3 10.7 -41.1
Order backlog* 37.5 41.2 -9.0
Sales 10.0 12.4 -18.9
EBITDA 0.0 1.2 -96.3
ELWEMA
Order intake 28.8 22.2 30.0
Order backlog* 56.0 46.2 21.1
Sales 10.2 16.1 -36.9
EBITDA 1.2 1.1 2.6
Other
Order intake 0.0 0.0 n/a
Order backlog* 0.0 0.0 n/a
Sales 0.1 0.1 3.6
EBITDA 0.0 0.1 -87.9
Discontinued operation iNDAT
Order intake 0.0 0.0 n/a
Order backlog* 0.0 0.0 n/a
Sales 0.0 0.2 -100.0
EBITDA 0.0 -0.2 n/a
Discontinued operation MA micro Group
Order intake 3.2 7.7 -57.9
Order backlog* 17.7 22.0 -19.5
Sales 7.8 14.1 -44.8
EBITDA 0.9 3.7 -76.2
* Comparison of the reporting dates 31 March 2024 and 31 December 2023
DETAILED FINANCIAL INFORMATION
The complete Interim Statement for the first quarter of 2024 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 - 40 - 8080 582 75
investor.relations@maxautomation.com
www.maxautomation.com
CONTACT FOR MEDIA REPRESENTATIVES:
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 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).
www.maxautomation.com
---------------------------------------------------------------------------
14.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
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: 1901681
End of News EQS News Service
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1901681 14.05.2024 CET/CEST
| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
MAX AUTOMATION SE NA O.N. | A2DA58 | Xetra | 6,100 | 29.05.24 17:36:24 | +0,040 | +0,66% | 0,000 | 0,000 | 6,060 | 6,060 |
