DGAP-News

Business develops positively for M.A.X. Automation Group in the first half of 2015 - Seite 2

- Equity as of June 30, 2015, was EUR 98.3 million and thus slightly
lower than at the end of 2014 (EUR 99.8 million) due to the dividend
payment that was approved for 2014 (EUR 4.0 million) at the end of
June. At a solid 32.0%, the equity ratio remained above the targeted
minimum level of 30%.

- Net debt was reduced further in accordance with the strategy. It
amounted to EUR 52.4 million at mid-year or roughly EUR 23.0 million
below the figure on the same day last year.

Development of the segments
The Industrial Automation segment developed at a solid high level in the
first half of 2015. Due to the start-up of new projects and related
temporarily lower capacity utilization, sales were EUR 107.2 million or
5.9% lower than last year (EUR 113.9 million). Nevertheless, earnings
before PPA amortization for the segment rose sharply by 12.2% to EUR 7.0
million (prior-year period: EUR 6.2 million). The EBIT margin increased
from 5.4% to 6.2% of total output.

In the Environmental Technology segment, sales rose dynamically by 27.4% to
EUR 63.4 million (first half of 2014: EUR 49.8 million). EBIT before PPA
improved by EUR 3.7 million to EUR 2.3 million. This development reflects
the significant progress our Group company Vecoplan AG is making. The
acquisition of the remaining 20% stake in our US subsidiary Vecoplan LLC
also contributed to this result. By fully integrating the company, we now
have more direct operational control over the important North American
business.

New Group financing opens up additional opportunities for growth
M.A.X. Automation AG reorganized the Group's long-term financing and agreed
to a syndicated loan with five well-known banks totaling EUR 150 million at
the end of June. The term is five years with two options to extend. The
main advantages are better financing terms, more comfortable covenants and
significantly lower complexity. The new financing package replaces the
previous syndicated loan that M.A.X. Automation AG had arranged, but also
the major bilateral loan agreements of Group companies. This frees up
collateral for M.A.X. Automation and its subsidiaries. In addition, the new
syndicated loan opens up further scope for taking advantage of growth
opportunities.
The new financing structure in conjunction with improved working capital
management is expected to reduce interest expense by up to EUR 1 million
per year.

Outlook for financial year 2015
The Management Board confirms the targets for the full year 2015
considering the positive development of business in the first half, the