MAX Automation SE

Latest Results (14.08.2024):

Strong Growth in bdtronic Group Segment

MAX Automation SE's Quarterly Statement III.2023 highlights the strong growth in the bdtronic Group segment due to high demand from customers in the automotive industry. This growth partially compensated for the postponements of orders in other segments. The bdtronic Group's sales increased by 47.3% to EUR 69.0 million, and EBITDA nearly doubled to EUR 12.0 million, reflecting a significant improvement in the EBITDA margin to 17.4%.

Sales and EBITDA Increase

In the first three quarters of 2023, MAX Automation SE's sales from continuing operations increased by 10.2% to EUR 326.4 million, driven by a strong order backlog. EBITDA from continuing operations also improved significantly, rising to EUR 37.0 million from EUR 31.2 million in the same period of the previous year. The EBITDA margin increased to 11.3%, mainly due to more efficient project execution and a normalization of material price increases.

Order Intake and Backlog Decline

MAX Automation SE reported a decline in order intake and backlog for the first three quarters of 2023. Order intake from continuing operations fell by 15.9% to EUR 291.6 million, while the order backlog decreased by 11.8% to EUR 267.3 million. The book-to-bill ratio also declined to 0.89, reflecting the high recognition of sales revenue during this period.

Improved Operating Cash Flow

Operating cash flow for MAX Automation SE improved significantly over the first three quarters of 2023, resulting in a cash inflow of EUR 8.1 million compared to a cash outflow of EUR 2.7 million in the same period of the previous year. This improvement was driven by the substantially improved result for the period, which more than compensated for the increase in working capital.

Net Debt and Working Capital Increase

MAX Automation SE's net debt increased to EUR 111.2 million at the end of the third quarter of 2023, up from EUR 95.8 million at the end of 2022. This increase was due to higher demand for working capital, which rose by 47.6% to EUR 105.6 million. The higher working capital requirement was attributed to increased project start-ups and higher inventories, along with lower advance payments for new projects and a higher level of receivables.