MAX Automation SE announces results for Q1 2019 - strong order intake in core business
- Order intake in the core business up 41.6 % year-on-year (Q1 2019: EUR 83.8 million, Q1 2018: EUR 59.2 million), order backlog up 47.1 % to EUR 181.7 million (Q1 2018: EUR 123.5 million)
- EBITDA of EUR 6.0 million in the core business down on previous year (Q1 2018: EUR 6.7 million), adjusted EBITDA increases by 76.5 % year-on-year in the first quarter of 2019
- Sales and earnings forecast for FY 2019 confirmed in core business, but non-core business continues to impact overall result
Dusseldorf, 15 May 2019 - MAX Automation SE (ISIN DE000A2DA58), listed in the Prime Standard of the Frankfurt Stock Exchange, has made a dynamic start to the 2019 financial year.
Based on continued high demand for automation solutions, order intake in the core business (continuing operations) increased by 41.6% year-on-year to EUR 83.8 million in the first quarter of 2019 (Q1 2018: EUR 59.2 million). As of 31 March 2019, the order backlog stood at EUR 181.7 million, reflecting growth of 47.1 % on the previous year's reporting date (EUR 123.5 million) and 4.7 % on the 2018 balance sheet date (EUR 173.6 million). The high order backlog offers a good basis for an expected high capacity utilisation level and a positive sales trend in the current financial year.
Andreas Krause, Chairman of the Management Board and CFO of MAX Automation SE stated: "The development in the core business was very good. We are satisfied with the first quarter of 2019. The continued high demand for our solutions, products and services is reflected in a significant increase in order intake. All three business areas of our core business contributed to the positive development."
MAX Automation SE is in the middle of a transformation and transition to sustainable profitable growth.
"The fact that our core business is so strong shows how correct our course has been. We will continue to pursue our chosen path with determination. This path is leading us from our previous status as a financial holding company to a MAX Automation SE that is an integrated industrial group with a clear profile and a highly selective business model. We are convinced that we will be able to master the tasks ahead of us, but we know that the changing market environment in non-core business poses challenges for the rapid implementation of the measures. The process of selling the non-core business is progressing. At the same time, value enhancement plans are being drawn up in order to further restructure or develop the companies before a divestment. The non-core business will continue to burden the overall result in 2019. We are very optimistic about the further development of our core business in the current 2019 financial year," Andreas Krause added.
In the period from January to March 2019, the internationally operating industrial group for high-tech automation solutions generated sales of EUR 69.3 million in its core business compared with EUR 60.8 million in the same quarter of the previous year. This corresponds to an increase of 14.0%. The dynamic growth in sales and the order backlog reflects growth in all three business areas Process Technologies, Environmental Technologies and Evolving Technologies. Consolidated earnings before interest, tax, depreciation and amortization (EBITDA) decreased to EUR 6.0 million in the quarter under review, compared with EUR 6.7 million in the same period of the previous year. It should be noted here that the proceeds from the divestiture of NSM Packtec were included in the comparable quarter of 2018. Adjusted for this one-time effect, operating profit in the first quarter of 2019 was up by 76.5 % year-on-year.
Forecast for 2019 confirmed
In view of the dynamic start to the year and the strong and significantly increased order backlog, MAX Automation SE confirms its forecast for its core business for the 2019 financial year and expects consolidated sales from the continuing operations to exceed EUR 300 million and EBITDA to be above EUR 20 million. However, the non-core business continues to burden the overall result.
Detailed financial information
The complete interim report on the first quarter of 2019 of MAX Automation SE is available for download at https://www.maxautomation.com/en/investor-relations/financial-reports/
Head of Corporate Development/IR
MAX Automation SE
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About MAX Automation SE
MAX Automation SE (ISIN DE000A2DA58), based in Dusseldorf, Germany, is an internationally active industrial group for high-tech automation solutions. The Group's operating business is divided into three divisions: in its Process Technologies division, the Group's comprehensive technological know-how makes it an innovation leader in the development and manufacture of proprietary solutions (e.g. dosing, impregnation), particularly for the automotive and electronics industries. MAX Automation's Environmental Technologies division develops and installs technologically complex plants for the recycling, energy and raw materials industries. In its Evolving Technologies division, MAX Automation develops high-quality assembly and system solutions for the medical technology and automotive industries as well as for robotics and augmented automation.
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