About MAX Automation AG:
MAX Automation AG (Securities Identification Number: A2DA58) with its
headquarters in Düsseldorf is an internationally active high-tech
mechanical engineering Group and a leading fullservice supplier of
integrated and sophisticated system and component solutions. Its
operational business is divided into two segments. In the Industrial
Automation segment, the Group is considered to be a trendsetter in the
development and manufacturing of integrated and proprietary solutions
for use in manufacturing and assembly in the automotive industry,
medical technology, packaging machines and the electronics industry due
to its comprehensive technological knowhow. In the Environmental
Technology segment, MAX Automation develops and installs innovative
systems for use by the recycling, energy and raw materials industries.
31.03.2017: MAX AUTOMATION CLOSES 2016 WITH
RECORD ORDER BACKLOG – GROUP SALES AND EARNINGS LOWER THAN LAST YEAR AS
Order backlog increases by 43.4% to EUR 193.8 million
Group sales decline by 12.2% to EUR 337.1 million
EBIT before PPA amortization reduced to EUR 17.4 million
The Management Board and Supervisory Board are planning a constant
dividend of 15 cents per share for fiscal year 2016
Corporate design with a new MAX Automation logo takes strategic focus
on high-tech mechanical engineering into consideration
Düsseldorf, March 31, 2017 – MAX Automation Group did not develop
according to plan in all areas in fiscal year 2016. As announced in
November 2016, Group sales and earnings of the specialist for high-tech
mechanical engineering were below the previous year’s figures. On the
other hand, order intake and order backlog rose to record levels. The
Management Board considers the positive development of orders to be an
excellent starting point for the planned sales and earnings growth in
the current year.
In the past fiscal year, MAX Automation introduced initial measures as
part of its “Strategy 2021.” The cornerstones are the further focus of
the MAX Group on the attractive growth markets automotive, medical
technology, electronics and industrial applications, significant
expansion of its international business, the development of innovative
mechanical engineering and software solutions in networked production
and greater leveraging of synergies between Group companies.
Daniel Fink, Chairman of the Management Board of MAX Automation AG:
“2016 was a challenging year with light and shadows. Although sales and
earnings were below our expectations, we received attractive orders
from high-growth industries and reached a record level with our order
backlog. In addition, we have strategically drawn a clear path into the
future by launching our ‘Strategy 2021.’ MAX therefore has every reason
to be optimistic regarding its development in 2017 and beyond.”
Key Group figures for 2016
Consolidated order intake reached a record high of EUR 395.7 million,
8.8% above the already high level of the previous year (2015: EUR 363.7
million). This development was mainly driven by buoyant business in the
Industrial Automation segment.
Consolidated order backlog as of December 31, 2016, was at the record
level of EUR 193.8 million, which is 43.4% higher than on the same day
of the previous year (EUR 135.2 million). The book-to-bill ratio was
1.17 and is thus a good basis for further growth.
Group sales fell by 12.2% to EUR 337.1 million in 2016 (previous year:
EUR 384.0 million) due to a market-related lower demand in the
Environmental Technology segment and delays in large-scale orders in
the Industrial Automation segment. It should also be taken into account
that in the previous year Group sales included the contributions of the
business of the former Group company altmayerBTD that was sold in
December 2015. Adjusted for this effect, Group sales declined by 8.2%
Group earnings before interest and taxes (EBIT) and before depreciation
from purchase price allocation (PPA depreciation) decreased to EUR 17.4
million (previous year: EUR 24.8 million, -29.9%). Costs for strategic
capacity adjustments in Environmental Technology as well as an increase
in the number of employees in the Industrial Automation segment had an
impact on the sharp rise in business volume. It should also be taken
into account that the Group had benefited last year from a product and
project mix that was particularly advantageous in terms of
Net interest income improved from EUR -3.6 million to EUR -2.8 million
due to the effects of the reorganization of Group financing in 2015. As
expected, interest expenses were reduced by around EUR 1 million.
The Group posted an annual result of EUR 8.3 million euros (2015: EUR
10.6 million, -21.2%).
Group equity increased to EUR 111.3 million as of December 31, 2016
(December 31, 2015: EUR 106.9 million, +4.1%). At 36.3%, the equity
ratio remained well above the targeted minimum value of 30% (December
31, 2015: 37.7%).
Development of the Group segments
The Industrial Automation segment increased its order intake by 27.2%
in 2016 to EUR 300.7 million (2015: EUR 236.3 million). The order
backlog rose as of December 31 by 59.2% to the record level of EUR
164.1 million (December 31, 2015: EUR 103.1 million). Due to customer
delays in the awarding of contracts, however, sales of EUR 239.8
million remained below expectations (2015: EUR 252.2 million, -4.9%).
EBIT before PPA decreased to EUR 16.8 million (2015: EUR 26.4 million),
which was mainly influenced by a temporary reduction in capacity
utilization as a result of delayed orders and the aforementioned
personnel buildup. In addition, it should be taken into account that
the Group’s profit in the previous year had benefited from a product
and project mix that was advantageous in terms of profitability.
The Environmental Technology segment that includes the Vecoplan Group
recorded an unsatisfactory business trend in the reporting year. This
was due to the persistently low oil price and correspondingly lower
demand for recycling and processing solutions, especially in the US.
Even a good final quarter, which was above expectations, could not
compensate for the sluggish demand in the previous quarters. Sales
declined by 26.3% to 97.4 million euros (2015: EUR 132.2 million
euros). EBIT before PPA amounted to EUR 1.8 million compared to EUR 1.5
million in the previous year. In the meantime, Vecoplan has adapted its
capacities to the changed market conditions and thus created a good
basis for a positive development in the current year.
Reliable dividend policy
The Management Board and Supervisory Board plan to propose a constant
dividend of 15 euro cents per share (previous year: 15 euro cents) to
the Annual General Meeting on June 30, 2017, for the past fiscal year.
The distribution sum amounted to EUR 4.0 million as in the previous
New corporate design
At the beginning of 2017, MAX Automation AG introduced a new corporate
design with a new logo. This takes its self-image as an internationally
oriented specialist for high-tech mechanical engineering into account.
Outlook for fiscal year 2017
The Management Board sees MAX Automation strategically well positioned
with its focus on important growth drivers in industrial automation and
environmental technology, and considers the high level of order backlog
to be an excellent basis for a successful development in 2017. For the
current fiscal year, based on the current portfolio, it expects Group
sales of at least EUR 370 million and Group EBIT before PPA
amortization in the range of EUR 22 million to EUR 25 million.
The full consolidated financial statements for 2016 will be published
today and will be available on the company’s website at
Frank Elsner / Frank Paschen
Frank Elsner Kommunikation für Unternehmen GmbH
Tel.: +49 – 5404 – 91 92 0
Fax: +49 – 5404 – 91 92 29