DGAP-News

M.A.X. Automation Group exceeds its own expectations in 2015 - Seite 2

million and were thus significantly higher than the original target
range of EUR 20 million to EUR 22 million. In this case, the strong
fourth quarter had an impact. Furthermore, the Group benefited from a
favorable product and project mix from an earnings perspective. EBIT
per share before PPA amortization was EUR 0.92 after EUR 0.82 in 2014.

- The Group posted improved net profit of EUR 10.6 million (2014: EUR
10.0 million; +5.7%). This means earnings per share were EUR 0.40 after
EUR 0.37 the previous year.

- Group equity exceeded the EUR 100 million mark for the first time in
the history of M.A.X. Automation and was EUR 106.2 million (December
31, 2014: EUR 99.8 million; +6.5%) at the end of the year. At 37.5%,
the Group had a significantly higher equity ratio on the balance sheet
date that was well above the desired minimum value of 30% (December 31,
2014: 33.8%).

- Operating cash flow increased significantly from EUR 17.8 million to
EUR 29.5 million, partly due to a further improvement in working
capital management.

- The Group's net debt at the end of the year was reduced further by EUR
8.2 million to EUR 39.7 million (December 31, 2014: EUR 47.9 million)
even despite high investments. A reduction by EUR 16.2 million had
already been achieved last year.

Development of the segments
The Industrial Automation segment recorded an overall positive business
development in 2015. Its development was based on the growing demand for
comprehensive automation solutions and related services. Sales rose by 6.4%
to EUR 252 million (2014: EUR 236.9 million). Segment EBIT before PPA
amortization increased to EUR 26.4 million and was thus up 46.4% compared
to the previous year (2014: EUR 18.0 million). The EBIT margin based on
overall performance amounted to 10.5%, an improvement of 2.9 percentage
points, among other factors, due to the favorable product and project mix.

The Environmental Technology segment, which had consisted of the Vecoplan
Group and parts of altmayerBTD GmbH & Co. KG that were sold at the end of
financial year 2015, also recorded an overall positive business trend,
albeit at a somewhat slower pace in the second half of the year. Sales rose
by 15.0% from EUR 114.9 million to EUR 132.1 million. EBIT before PPA
amortization increased by EUR 1.2 million to EUR 1.5 million. The decrease
is mainly due to operating losses and restructuring expenses at altmayerBTD
and a loss on the sale of parts of this Group company. On the other hand,
effects from the strategic further development of the Vecoplan Group had a