|Delayed - 01/26 11:36:16 am|
MAX Automation : with robust business development in the nine-month 2020 period
|11/12/2020 | 01:39am|
MAX Automation with robust business development in the nine-month 2020 period
- Order intake affected by corona crisis and down 24.7% y-o-y at Group level to mEUR 210.8
- Group sales decreased by 24.2% y-o-y to mEUR 225.1
- Group EBITDA improved to mEUR 7.3 (9M 2019: mEUR -4.6)
Dusseldorf, 12 November 2020 - In the nine-month 2020 period, MAX Automation SE (ISIN DE000A2DA58), listed in the Prime Standard of the Frankfurt Stock Exchange, held its ground well overall despite the COVID-19-related economic crisis. The systematic processing of issues from non-core business led to lower charges at Group level compared with the previous year and an overall improvement in the earnings situation.
Nevertheless, the MAX Automation Group could not completely evade the economic crisis triggered by the COVID-19 pandemic. Consequently, the general reluctance to invest resulted at Group level in a 24.7% decline in order intake to mEUR 210.8 (9M 2019: mEUR 279.9). Order intake in the core business decreased by 26.1% to mEUR 171.7 (9M 2019: mEUR 232.2). Towards the end of the reporting period, MAX Automation was able to identify signs of recovery in the placing of orders. However, there were still delays in the placement of major e-mobility projects for impregnation technology in the Process Technologies division, for example. The Environmental Technologies segment also recorded a decline in order intake due to lower demand from the USA and Europe. Order intake in the Evolving Technologies business unit was characterized on the one hand by low demand in press automation and robotics. On the other hand, demand for medical technology and packaging automation remained encouraging. In the Non-Core Business, the decline in order intake resulted from the plant closures of the IWM Automation companies. The remaining ELWEMA achieved an overall good Q3 2020 with high order intake for modification and repeat projects.
At Group level, as expected, the order backlog as of 30 September 2020 fell by 18.9% to mEUR 183.2 (9M 2019: mEUR 225.9) in the wake of the COVID-19 pandemic and the plant closures of the IWM Automation companies. The order backlog in the Core Business decreased by 25.8% to mEUR 125.7 as of 30 September 2020 (9M 2019: mEUR 169.4). Since there were no pandemic-related cancellations of projects, a solid basis for Q4 2020 is in place.
Group sales of mEUR 225.1 were well below the previous year's level (9M 2019: mEUR 297.0). Project delays caused by the COVID-19 pandemic led to a 15.2% decline in core business sales to mEUR 200.3 (9M 2019: mEUR 236.1) while margins remained intact. Sales in Process Technologies fell by almost a third, while in the Evolving Technologies segment, sales in medical technology and packaging automation partially cushioned the declines in press automation and robotics. Environmental Technologies experienced few restrictions and was able to continue production under almost normal conditions. Thanks to the high level of order backlog, sales were on a par with the previous year.
In an environment shaped by the global economic impact of the pandemic, MAX Automation achieved earnings before interest, taxes, depreciation and amortization (EBITDA) of mEUR 7.3 (9M 2019: mEUR -4.6) in the first nine months of financial year 2020. The significantly reduced loss situation in Non-Core Business contributed in particular to this positive development. As expected, EBITDA in the core business declined but was still clearly positive at mEUR 15.5 (9M 2019: mEUR 26.4) as a consequence of strict cost discipline with noticeably reduced operating costs and consistently high margins.
Cash and cash equivalents increased by 4.2% to mEUR 42.3 as of 30 September 2020 (31 December 2019: mEUR 40.6). Cash flow from operating activities with an inflow of mEUR 6.4 was significantly above the previous year's level (9M 2019: outflow of mEUR 34.6). The Group's cash position continues to ensure sufficient flexibility with slightly increased net debt compared to 2019.
Outlook 2020: Cautiously optimistic based on previous development
The Supervisory Board of MAX Automation SE is satisfied with the development in 2020 so far. As a result of the more crisis-proof orientation, it is cautiously optimistic for the fourth quarter of 2020. The again increasing COVID-19 infection figures still make it difficult to forecast business development. Since the initial catch-up effects in Q3 2020 are expected to slow down significantly for the rest of the year, the Supervisory Board still abstains from issuing a new outlook.
Detailed financial information
The complete interim report for the nine-month 2020 period of MAX Automation SE is available for download at https://www.maxautomation.com/en/investor-relations/financial-reports/.
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About MAX Automation SE
MAX Automation SE (WKN: A2DA58), based in Düsseldorf, is an internationally active industrial group for high-tech automation solutions. The operating business is divided into three divisions: in its Process Technology segment, the Group's comprehensive technological Expertise makes it an innovation leader in the development and manufacture of proprietary solutions (e.g. dosing, impregnation), particularly for the automotive and electronics industries. In its Environmental Technology segment, MAX Automation develops and installs technologically complex systems for the recycling, energy and raw materials industries. The Evolving Technologies division of MAX Automation develops high-quality assembly and system solutions for the medical technology and automotive industries as well as for robotics and augmented automation.
M.A.X. Automation SE published this content on 12 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2020 06:38:03 UTC