HIGHLIGHTS AT A GLANCE

M.A.X. Automation Group reports successful first half of 2015
Business development fully in line with expectations
Consolidated sales rise by 4% to EUR 171 million
EBIT before PPA amortization doubles to EUR 7.6 million by increasing by EUR 4.0 million
New Group financing with a volume of EUR 150 million reduces interest costs and provides room for financing further growth
Management Board confirms outlook for the full year 2015

CONSOLIDATED RESULTS AT A GLANCE (IFRS)

H1 2015	H1 2014	Change
176.0	160.7	+9.5%
163.5	151.7	+7.8%
170.5	163.4	+4.3%
11.0	6.4	+71.4%
7.6	3.6	+112.4%
5.3	1.6	+227.4%
2.3	-0.4	++
0.28	0.13	+112.4%
0.9	-0.01	++

* Date June 30, 2015, compared to June 30, 2014

in EUR mill.	30.06.2015	31.12.2014	Change
Equity	98.3	99.8	-1.5%
Equity ratio in (in %)	32.0	33.8	-1.8 pp
Financial debt	88.9	100.3	-11.4%
Cash and cash equivalents	36.4	52.4	-30.4%
Net debt	52.4	47.9	+9.4%
Employees (by headcount) - of which trainees	1,779 136	1,726 132	+3.1% +3.0%

* Date June 30, 2015, compared to June 30, 2014

TO OUR SHAREHOLDERS

Letter from the Management Board

Dear shareholders,

M.A.X. Automation AG developed successfully in the first half of 2015. Following the good start to the year, our Group experienced increasing business dynamics and thus business development that was fully in line with our expectations in the second quarter. We achieved partly significant increases with all key figures compared to the previous year.

We continued with our efforts aimed at transforming M.A.X. Automation from a financial holding company into a decentralized high-tech mechanical engineering group. We are increasingly leveraging synergies in areas such as purchasing, know-how transfer and service to increase our efficiency. Today we have a focused technology portfolio that addresses several growth fields. In Industrial Automation, we benefit from the trend toward miniaturization and the increased use of powerful robotic solutions, as in the automotive industry or medical technology, for example. In Environmental Engineering, innovative solutions for the treatment of raw materials are in great demand, especially in the rapidly growing markets of the Americas and Asia.

Group-wide orders increased by 9.5% in the first six months of 2015 to EUR 176.0 million. EUR 85.1 million of this volume were received in the second quarter. Order backlog on June 30, 2015, reached the high level of EUR 163.5 million and was thus 7.8% higher than on the same date in 2014.

Group sales increased by 4.3% in the reporting period to EUR 170.5 million. Consolidated earnings (EBIT) before amortization from purchase price allocations (PPA-related amortization) more than doubled in the period compared to EUR 7.6 million. In the second quarter, EBIT before PPA amounted to EUR 5.8 million. EBIT after PPA amortization even tripled to EUR 5.3 million compared to last year. Net profit for the period turned to the positive value of EUR 2.2 million after a loss of EUR 0.4 million in the prior-year period.

Even after paying the dividend, we succeeded in maintaining the equity ratio at a solid 32.0% above the minimum mark of 30.0% that we had set for ourselves. At EUR 52.4 million, net debt, which we attach great importance to reducing, was EUR 22.8 million lower at mid-year than on the same date last year (June 30, 2014: EUR 75.2 million).

The Industrial Automation segment developed at a solid high level in the first half of 2015. New orders increased by 7.5% and the order backlog increased by 6.0% as of June 30. Due to the start-up of new projects and related temporarily lower capacity utilization, half-year sales were 5.9% lower than last year. However, earnings before PPA amortization rose significantly by 12.2%, the EBIT margin increased to 6.2% of total output. In the second half of the year, we expect to see a more dynamic development considering the plans of our Group companies. Our latest acquisition, iNDAT Robotics GmbH, a company that specializes in robotics and manufacturing automation, whose solutions are used by well-known international car manufacturers and automotive suppliers, should contribute here too.

The Environmental Technology segment developed well overall in the first six months. Order intake rose by 13.1% by comparison, while the order backlog on June 30 was 13.4% higher than the figure for the prior-year reporting date. Sales rose by 27.4%, 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 of the important North American business. At the same time, we continue to pursue the goal of selling the Group company altmayerBTD in the course of concentrating on our core businesses.

New long-term Group financing with a volume of EUR 150 million that we agreed to with a consortium of five well-known banks at the end of June 2015 represents an important element in the further development of the Group. This replaces the previous syndicated loan that M.A.X. Automation AG had arranged, but also major bilateral loan agreements of our subsidiaries and thus reduces the complexity of the financing structure. At the same time, the financial framework leaves enough room to finance further growth.

We consider this agreement with the banks to be evidence of the growing confidence of the capital market in the solidity of our Group. We will continue to strengthen this trust. The switch of the M.A.X. Automation share to the Prime Standard segment of the German stock exchange on April 1 also contributes to achieving this objective. Now that our company is subject to the highest transparency and disclosure requirements, we are increasing the attractiveness of the stock for investors at home and abroad.

The first six months have laid a good foundation for business development in the second half of the year. We confirm our forecast for the full year 2015 due to the high order backlog and our subsidiaries' plans in the months to come. Thus, we expect consolidated sales in the range of EUR 360 million to EUR 380 million and consolidated EBIT before PPA amortization of between EUR 20 million and EUR 22 million.

We thank you, our shareholders, for your confidence in our company. You are accompanying M.A.X. Automation AG as it develops into a specialized company with comprehensive technological know-how on complex automation solutions. We look forward to continuing this journey together with you.

Düsseldorf, August 2015

The Management Board Fabian Spilker

M.A.X AUTOMATION AG SHARE

On April 1, 2015, M.A.X. Automation AG made the switch from the General Standard to the Prime Standard of the Frankfurt stock exchange.

PRICE PERFORMANCE

The M.A.X. Automation AG share developed positively in the first half of 2015 and significantly better than the overall price index SDAX that peer group companies of M.A.X. Automation are listed in. After starting the year at a price of EUR 4.20, the share recorded its low of EUR 3.85 on January 14, 2015. Subsequently, however, a significant upward trend set in and the share closed at its highest level in the first half of the year of EUR 5.45 on June 30, 2015. This represents a gain of 28.2% compared to the year-end 2014 price of EUR 4.25. The SDAX rose by 16.6% during this same period.

The M.A.X. Automation share continued its positive development after the end of the reporting period and was listed at EUR 5.80 on July 31, 2015.

German Securities Identification Number	658090
ISIN	DE0006580905
Ticker symbol	MHX
Trading segment	Regulated Market (Prime Standard)
Share class	Par value ordinary bearer shares with no par value (no-par shares) with a proportionate amount of the share capital of EUR 1.00 respectively
Registered capital	26,794,415
Share price on January 1, 2015*	EUR 4.25
Share price on June 30, 2015*	EUR 5.45
Percentage change	28.2%
High for the reporting period	EUR 5.45
Low for the reporting period	EUR 3.85
Market capitalization on January 1, 2015	EUR 113.9 million
Market capitalization on June 30, 2015	EUR 146.0 million

Key data for the M.A.X. share

*Each closing prices on the XETRA trading system of Deutsche Börse AG

Performance of the M.A.X. Automation share and the SDAX

SHAREHOLDER STRUCTURE

The Günther Group based in Hamburg, Germany, continued to be M.A.X. Automation AG's largest single shareholder with a 29.9% voting rights interest as of June 30, 2015. Other large shareholders based on voting rights notifications as submitted to the Management Board included Stüber & Co. KG with 6.0% and Baden-Württembergische Versorgungsanstalt with 5.2%. This means that around 58.9% of the voting rights are held by free float private and institutional investors.

ANNUAL GENERAL MEETING 2015

The Ordinary Shareholders' General Meeting of M.A.X. Automation AG was held in Düsseldorf on June 30, 2015. The presence at the time of voting was 50.2% of the voting share capital.

7 The Assembly approved all agenda items with clear majorities. The shareholders approved, among other topics, a year on year unchanged dividend of EUR 0.15 per share for the 2014 financial year, corresponding to a total dividend payment of EUR 4.0 million. The dividend was paid to the shareholders on July 1, 2015. In addition, the Annual General Meeting approved the discharge of the Management and Supervisory Board and the Supervisory Board's proposal for the auditor for the 2015 financial year. Finally, the General Meeting authorized the Management Board to create an Authorized Capital I and II 2015 totaling EUR 6.7 million and issue shares against contributions in cash or in kind with the possibility of exclusion of subscription rights.

More information on the Annual General Meeting of M.A.X. Automation AG is available on the website (http://www.maxautomation.de/investor-relations/hauptversammlung/).

2015 FINANCIAL CALENDAR

Date
November 13, 2015	Publication of the 9-month report 2015
November 23 – 25, 2015	Deutsches Eigenkapitalforum 2015

INTERIM MANAGEMENT REPORT

Principles of the Group

Business model

M.A.X. Automation AG with its headquarters in Düsseldorf is an internationally active high-tech mechanical engineering Group and a leading full-service 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 know-how. In the Environmental Technology segment, M.A.X. Automation develops and installs innovative systems for use by the recycling, energy and raw materials industries.

Group structure and locations

The Group companies of M.A.X. Automation develop and produce high-tech automation solutions primarily in Germany and also at select locations abroad. The international service subsidiaries of the Group companies offer customers worldwide comprehensive care through common contacts .

Employee development

M.A.X. Automation Group employed 1,779 people, 136 of whom were trainees, on the reporting date June 30, 2015. This means the company had 53 more employees than on the same date in 2014 (1,726 employees, including 132 trainees). For the first time ever, the closing figure also includes the employees of iNDAT Robotics GmbH, the company acquired in February 2015.

Economic Report

Macroeconomic environment

The world economy was growing unabated in the middle of 2015. Nevertheless, the global economic trend had lost some of its momentum in the spring, not least as a result of negative special factors in the US such as the harsh winter and the decline in oil prices. According to the Ifo Institute, however, the slowdown in global growth momentum is only short-lived and should come to an end already by the summer.

The International Monetary Fund (IMF) estimates that the main drivers for strengthening the economy in the industrialized countries, such as the low interest rate environment, more disciplined budgetary policies in the euro zone and lower oil prices, remain intact. In the emerging markets, especially China, the economic dynamics continued to weaken further. In July, the IMF lowered its expectations for global growth in 2015 to 3.3% after 3.5% previously. For the United States and China, the forecast s were lowered by 0.6 percentage points to 2.5% and 6.8%, respectively. The unchanged moderate upturn in the euro zone despite the Greek crisis is mainly being driven by domestic demand. A 1.5% increase in economic output in the currency area is thus projected.

The economic recovery in Germany continued at the beginning of 2015. According to the Federal Statistical Office, gross domestic product rose by 0.3% in the first quarter compared to the strong fourth quarter of 2014. Strong impetus came from private consumption, supported by improved income prospects of households, growing employment figures and purchasing power gains due to the sharp drop in oil prices. The construction industry is considered to be an economic driver. The IMF still expects an increase of 1.6% for Germany for the full year 2015.

Business environment

The German Engineering Federation (VDMA) revised its production forecast for the full year 2015 downwardly in July and no longer expects growth of 2%, but rather stagnation. The reasons were said to be strains on engineering companies such as the slump in business in Russia, the political uncertainties in Europe and the slowdown in the economy in China.

The VDMA reported to its member companies that there had been a slight decrease in business overall in the first six months of the year. Accordingly, total incoming orders declined by 1% compared to the same period last year. Domestic orders were down 1% on the previous year, while foreign orders stagnated.

German waste and recycling technology companies were cautiously optimistic with respect to further business development at the beginning of 2015. Much of the industry is expecting stable or rising sales, according to a survey conducted by the VDMA's waste and recycling technology association. Thus, in the current financial year, sales growth of around 2% should be possible, primarily driven by demand from abroad.

The world's automotive markets developed positively for the most part in the first half of 2015. According to the Association of the Automotive Industry (VDA), new car registrations increased in the three major automotive markets compared to the respective values in the same period last year: in Western Europe by 8.2%, in the US by 4.4% and in China by 6.9%. Growth in China slowed down considerably in the second quarter, however.

Expectations in the German medical technology sector for 2015 are cautious. The industry association Spectaris reported that the member companies do not expect to see a significant improvement in the current year following weak business in the second half of 2014. Nevertheless, continued growth bolstered by good export business is expected in the medium term. The industry association BVMed considers the medical technology sector to be a growth market over the long-term. The association says the reasons are, among other factors, demographics and advances in medical technology. Worldwide, the industry should achieve annual growth rates of 5%.

General business development

Purchase of minority interest in Vecoplan LLC

Vecoplan Holding Corporation, Wilmington, Delaware (USA), which belongs to the Vecoplan Group, acquired Vecoplan LLC, Archdale, North Carolina (USA), completely in January 2015. Direct operational control of the company will thus now be possible as part of its integration into the Group. The planned further development of Vecoplan as a significant subsidiary of the Environmental Technology segment will thus continue.

Acquisition of iNDAT Robotics GmbH

iNDAT Robotics GmbH was acquired on February 6, 2015. The company was first included in the Group as of the closing date February 1, 2015. iNDAT Robotics specializes in robotics and factory automation. Its solutions are used mainly by renowned automobile manufacturers and automotive suppliers. This acquisition significantly expands the range of services that can be offered to the automotive industry. Except for NSM Magnettechnik, synergies will result for other subsidiaries of M.A.X. Automation AG that have a need for high-performance robotic solutions.

Listing upgrade

M.A.X. Automation AG completed its move from the General Standard segment to the Prime Standard segment of the German stock exchange with effect from April 1, 2015. Thus, the company will gain access to a broader investor base. Prime Standard companies are subject to the highest transparency and disclosure requirements and this is of particular importance to institutional investors.

Framework agreements in the automotive sector

In April of 2015, M.A.X. Automation Group signed two framework contracts on the construction of machines for a major automobile manufacturer as well as a renowned automotive supplier. The contracts have a total volume of about EUR 50 million and will have an impact on new orders and sales until 2018 or 2020. The agreements are yet another important component in the successful long-term development of the Industrial Automation segment.

Agreement on new Group financing

M.A.X. Automation AG reorganized its long-term Group financing on June 25, 2015. This called for the company to negotiate a syndicated loan totaling EUR 150 million with five well-known banks led by Commerzbank. The term is five years, with two options to extend. The main advantages of the loan are better financing terms, more comfortable covenants and significantly lower complexity, since Group financing is concentrated in the holding company. The new financing will provide a stable long-term basis for further growth. The financing package replaced M.A.X. Automation AG's previous syndicated loan and the main bilateral loan agreements of its Group companies. This frees up collateral for M.A.X. Automation and its subsidiaries. In addition, the syndicated loan will allow for new contracts to be financed and growth opportunities to be taken advantage of, also through acquisitions. The new financing structure in conjunction with improved working capital management will reduce interest expense by up to EUR 1 million per year and thus have a positive impact on the company's earnings.

Income, assets and financial position

To accommodate the growing international orientation of M.A.X. Automation Group, unlike the previous year, and as is usually the case with other listed companies, exchange differences are being included in operating earnings as of January 1, 2015. The prior-year figures have been adjusted accordingly. In addition, earnings from the equity valuation of an operational interest were recognized in reported profit from operations.

Orders received by the Group

Incoming orders

in Euro mill.	H1 2015	H1 2014	Change in %	Q2 2015	Q2 2014	Change in %
Industrial Automation segment	111.1	103.3	+7.5	58.0	66.5	-12.9
Environmental Technology segment	64.9	57.4	+13.1	27.1	27.6	-1.7
Group	176.0	160.7	+9.5	85.1	94.1	-9.6

M.A.X. Automation Group reported an increase in order intake to EUR 176.0 million in the first half of 2015. This represents an increase of EUR 15.3 million or 9.5% over the figure for the same period last year (EUR 160.7 million).

Of this amount, EUR 85.1 million in orders were received in the second quarter. This decrease of EUR 9.0 million or 9.6% compared to the same quarter last year (EUR 94.1 million) is mainly due to fluctuations in special machine construction typical for the industry and project business.

In the Industrial Automation segment, orders rose by 7.5% in the first half of 2015 to EUR 111.1 million (previous year: EUR 103.3 million). In the area of Environmental Technology, orders increased by 13.1% to EUR 64.9 million (first half of 2014: EUR 57.4 million). This also included a major contract to build a plant for the production of alternative energy in Reno, Nevada, with a volume in the low double digit million euro range.

Order backlog

Order backlog at M.A.X. Automation Group increased by 7.8% as of June 30, 2015, to EUR 163.5 million (prior year-end: EUR 151.7 million). The book-to-bill ratio was at 1.03 higher than in the previous year.

In the area of Industrial Automation, the order portfolio grew by 6.0% to EUR 122.4 million (June 30, 2014: EUR 115.4 million). In Environmental Engineering, the order backlog increased to EUR 41.2 million as of June 30, 2015, 13.4% more than on the same day last year (EUR 36.3 million).

Group sales development

Group sales

in EUR mill.	H1 2015	H1 2014	Change in %	Q2 2015	Q2 2014	Change in %
Industrial Automation segment	107.2	113.9	-5.9	62.3	65.0	-4.2
Environmental Technology segment	63.4	49.8	+27.4	32.8	25.6	+28.0
Group	170.5	163.4	+4.3	94.9	90.4	+5.1

Group sales rose by EUR 7.1 million or 4.3% to EUR 170.5 million in the first six months of 2015 (six months of 2014: EUR 163.4 million).

Revenues totaled EUR 94.9 million in the second quarter, EUR 4.5 million or 5.1% more than in the same quarter of the previous year (EUR 90.4 million).

The Industrial Automation segment recorded sales of EUR 107.2 million, 5.9% less than in the same period last year (EUR 113.9 million), in the first half of 2015. Here, the start-up of new projects led to temporarily lower capacity utilization. In the Environmental Technology segment, sales developed dynamically and increased by 27.4% to EUR 63.4 million (first half of 2014: EUR 49.8 million).

The total output of M.A.X. Automation Group increased by EUR 10.8 million or 6.5% to EUR 177.9 million (first half of 2014: EUR 167.1 million). This includes changes in inventory by the inventory build up of new projects valued at EUR 6.1 million (first half of 2014: EUR 2.6 million).

Consolidated results of operations

Earnings figures

in EUR mill.	H1 2015	H1 2014	Change in %	Q2 2015	Q2 2014	Change in %
EBIT before PPA Industrial Automation segment	7.0	6.2	+12.2	6.3	6.4	-1.4
EBIT before PPA Environmental Technology segment	2.3	-1.5	++	0.3	-0.5	++
EBIT before PPA Group	7.6	3.6	+112.4	5.8	5.3	+9.2
EBIT after PPA Group	5.3	1.6	+227.4	4.6	4.4	+6.3
Consolidated net profit	2.3	-0.4	++	2.5	2.3	+7.9

Other operating income increased to EUR 7.0 million in the first six months of 2015 after EUR 3.0 million in the same period of the previous year. This figure also includes income from exchange rate differences of EUR 4.8 million (previous year period: EUR 0.6 million), which s tands against corresponding expenses from foreign exchange differences (see "other operating expenses").

Income from the equity valuation of an operational participation in the amount of EUR 0.3 million was recognized in the second quarter. The corresponding receivable has been disclosed under receivables from related companies.

Cost of materials increased slightly from EUR 90.8 million to EUR 91.8 million (+ 1.2%) due to the higher business volume. They thus rose disproportionately to overall output. The previous year's figure was influenced by the purchase of outside work that was occasionally necessary. The cost of materials ratio – based on total output – improved from 54.3% to 51.6%.

Personnel expenses rose by 7.2% from EUR 51.3 million to EUR 55.0 million due to the initial consolidation of iNDAT Robotics GmbH. At 30.9%, the personnel expense ratio – based on total output – was at the level of the same period last year.

Depreciation increased to EUR 3.4 million following EUR 2.8 million in the first half of 2014 due to higher investments in financial year 2014.

Other operating expenses rose from EUR 21.6 million to EUR 27.5 million (+27.3%). The main reason was EUR 4.1 million in expenses from exchange differences (previous year: EUR 0.2 million) that resulted from the development of the US dollar.

Due to the increased revenue combined with a disproportionately low increase in expenses, consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) improved significantly by EUR 4.6 million or 71.4% to EUR 11.0 million (first half 2014: EUR 6.4 million).

M.A.X. Automation Group reports operating Group profit before interest and taxes (EBIT) and before amortization of purchase price allocations (Purchase Price Allocation - PPA) for the first six months of 2015 of EUR 7.6 million, more than twice as much as in the same period last year (EUR 3.6 million). PPA amortization amounted to EUR 2.3 million (first half of 2014: EUR 2.0 million) and resulted mainly from the acquisition of the companies of the AIM Group in late 2013 and iNDAT Robotics GmbH in February 2015. Earnings per share before PPA depreciation amounted to EUR 0.28 after EUR 0.13 per share in the first half of last year. In the second quarter, Group EBIT before PPA rose to EUR 5.8 million (same period in 2014: EUR 5.3 million).

EBIT after amortization of PPA amounted to EUR 5.3 million in the first half and was thus more than three times higher than the previous year's figure (EUR 1.6 million). Of this amount, EUR 4.6 million were generated in the second quarter (Q2 2014: EUR 4.4 million).

Net interest income was EUR -1.8 million after six months or at nearly the same level as last year (+ 1.0%).

Consolidated earnings before taxes (EBT) reached EUR 3.5 million after a slightly negative figure of EUR 0.2 million had been reported in the first half of 2014.

Net profit for the first six months of 2015 amounted to EUR 2.3 million (first half of 2014: EUR -0.4 million). This results in earnings per share of EUR 0.09 (previous year: EUR -0.01). Net income for the second quarter improved to EUR 2.5 million (Q2 2014: EUR 2.3 million). Quarterly earnings per share amounted to EUR 0.09 (Q2 2014: EUR 0.09).

The Group improved its earnings in both segments in the first six months. In Industrial Automation, EBIT before PPA rose to EUR 7.0 million after EUR 6.2 million in the same period last year. In the Environmental Engineering segment, EBIT before PPA improved by EUR 3.7 million to EUR 2.3 million.

Group assets

M.A.X. Automation Group reported an increase in total assets of EUR 11.9 million or 4.1% to EUR 307.3 million as of June 30, 2015 (December 31, 2014: EUR 295.4 million).

Non-current assets increased by 11.1% in total to EUR 123.5 million (December 31, 2014: EUR 111.1 million). The 16.7% increase in goodwill to EUR 53.7 million (December 31, 2014: EUR 46.0 million) that resulted from the acquisition of iNDAT Robotics GmbH mainly had an impact here. Deferred tax assets increased from EUR 6.3 million to EUR 9.0 million.

Current assets decreased in total to EUR 184.1 million (December 31, 2014: EUR 184.3 million; -0.1%). Inventories increased by 26.4% to EUR 53.1 million (December 31, 2014: EUR 42.0 million) due to the seasonal start-up of projects. Cash and cash equivalents decreased by 30.4% from EUR 52.4 million to EUR 36.4 million, largely due to the acquisition of iNDAT Robotics GmbH and the acquisition of the minority interests in Vecoplan LLC. Working capital increased slightly to EUR 83.4 million due to growth in business operations. This represents an increase of 6.7% (previous year: EUR 78.2 million).

Group financial position

M.A.X. Automation Group's equity on June 30, 2015, amounted to EUR 98.3 million, slightly below the level of December 31, 2014 (EUR 99.8 million). This is due to the dividend for the 2014 financial year (EUR 4.0 million). The equity ratio remained at a solid level of 32.0% (December 31, 2014: 33.8%).

Non-current liabilities increased significantly to EUR 103.5 million (December 31, 2014: EUR 77.5 million). Much of the increase was caused by the increase of EUR 56.0 million in long-term liabilities to banks to EUR 77.0 million. This is already reflected in the long-term refinancing of the Group that was completed in June. Deferred tax liabilities increased from EUR 15.6 million to EUR 18.5 million.

Current liabilities decreased by 10.6% to EUR 105.5 million (December 31, 2014: EUR 118.0 million). Liabilities from goods and services increased by EUR 45.8 million to EUR 56.5 million (+ 23.3%), partly due to prepayments received. Short-term liabilities to banks decreased by EUR 32.4 million or 73.2% to EUR 11.9 million (December 31, 2014: EUR 44.3 million) due to the new Group financing structure. Short-term financial liabilities increased to EUR 21.4 million after EUR 10.9 million, mainly due to the dividend for the 2014 financial year that was paid on July 1, 2015, and was reported in liabilities.

Net debt reached EUR 52.4 million at mid-year and was thus – as is the industry average – higher than at the end of last year (EUR 47.9 million). Compared to the figure on the previous year's balance sheet date, however, net debt decreased by EUR 22.8 million in line with the strategy (June 30, 2014: EUR 75.2 million).

Liquidity development of the Group

M.A.X. Automation Group reported positive operating cash flow of EUR 7.9 million for the first half of 2015 after cash outflow of EUR 6.1 million in the same period last year. This reflects the improved working capital management.

A cash outflow of EUR 11.6 million (prior-year period: net outflow of EUR 2.7 million) resulted from investing activities. This figure includes EUR 7.5 million for the acquisition of iNDAT Robotics.

The restructuring of Group financing resulted in a total cash outflow of EUR 12.5 million for financing activities following an inflow of EUR 18.0 million in the same period last year.

A reduction in cash and cash equivalents to EUR 36.5 million after EUR 52.4 million at the end of the first half of 2015 can be calculated from the sum of cash flows at the beginning of the reporting period.

Supplementary report

The dividend of EUR 4.0 million was paid after the reporting period had ended. This was already accounted for as a liability in the financial statements. Otherwise, there were no further events of particular significance that had a material impact on the assets, financial and earnings situation of the Group.

Opportunity and risk report

The opportunity and risk profile of M.A.X. Automation Group has not changed significantly compared to the detailed explanations in the Management Report that M.A.X. Automation AG published on December 31, 2014. In this respect, there is no need to discuss additional risks or opportunities in the context of this interim report.

Forecast report

The Industrial Automation segment developed positively at a high level during the first half of the year. The segment supports several industry trends such as micro automation, the use of high-performance robotics or the general development towards the so-called 4th Industrial Revolution. For the second half of 2015, more dynamic business development than in the first six months is expected.

The Environmental Technology segment that includes Vecoplan Group as the main company will continue to focus on the development and production of high-quality individual components and complex system solutions for the recycling and treatment industry, in particular. The aim is to meet specific customer needs even more effectively. In developing innovative solutions for the treatment of residual and recyclable materials, Vecoplan Group's Technology Center that opened in 2014 will be of particular importance. Furthermore, the goal is to sell the Group company altmayerBTD as part of effort to concentrate on the core business.

The Board is continuing to pursue the goal of transforming M.A.X. Automation from a financial holding company into a decentralized high-tech mechanical engineering group. Important measures in this context include the current focus on the Group portfolio and on leveraging operational and strategic synergies within the Group. Another objective is greater internationalization of the business of the Group companies, particularly in the US and China. Here, the sharing of foreign sites by the individual companies will also play a key role in future.

By arranging new Group financing and establishing a strong capital base in June, M.A.X. Automation Group now has sufficient financial room to maneuver and to pursue further growth opportunities – among other topics through acquisitions.

The Management Board remains optimistic with respect to the development of the Group for the full year 2015. Given the positive overall business performance in the first half, the high order backlog and the plans that the Group companies have for the months ahead, it sees a good basis to be able to achieve its targets for the current year.

The Management Board confirms its previous forecast for fiscal 2015 and continues to expect

consolidated revenue in the range of EUR 360 million to EUR 380 million and
consolidated earnings before interest and taxes (EBIT) and before PPA amortization in the range of EUR 20 million to EUR 22 million

Forward-looking statements

This report contains forward-looking statements based on current assumptions and forecasts made by the management of M.A.X. Automation AG. Such statements are subject to risks and uncertainties. These and other factors may cause the actual results, financial situation, development or performance of the company to differ materially from the estimates given here. The Company assumes no obligation to update such forward-looking statements or to adjust them to future events or developments.

Consolidated Interim Financial Statements

CONSOLIDATED BALANCE SHEET of M.A.X. Automation AG, Düsseldorf, as of June 30, 2015

		30.06.2015	31.12.2014
ASSETS	Notes	TEUR	TEUR
Non-current assets
Intangible assets	(1)	20,334	18,427
Goodwill	(2)	53,684	45,991
Property, plant and equipment	(3)	39,617	39,263
Other financial investments	(5)	350	273
Deferred tax	(6)	8,975	6,251
Other non-current assets	(7)	499	895
Total non-current assets		123,459	111,100
Current assets
Inventories	(8)	53,091	41,993
Trade receivables	(9)	86,732	81,959
Receivables due from related companies	(10)	335	15
Prepayments, accrued income and other current assets	(11)	7,252	7,906
Cash and cash equivalents	(12)	36,450	52,377
Total current assets		183,860	184,250
Total assets		307,319	295,350

		30.06.2015	31.12.2014
EQUITY AND LIABILITIES		TEUR	TEUR
Equity
Subscribed capital	(13)	26,794	26,794
Capital reserves	(14)	3,055	3,055
Revenue reserve	(14)	21,237	21,166
Equity difference resulting from currency translation		510	393
Retained earnings	(15)	46,685	48,389
Total equity		98,281	99,797
Non-current liabilities
Non-current loans less current portion	(17)	77,043	56,006
Pension provisions	(18)	1,062	988
Other provisions	(24)	1,987	2,196
Deferred tax	(6)	18,461	15,585
Other non-current liabilities	(17)	4,973	2,798
Total non-current liabilities		103,526	77,573
Current liabilities
Trade payables	(19)	56,448	45,784
Current loans and current portion of non-current loans	(20)	11,855	44,309
Liabilities to related companies	(21)	0	74
Current liabilities arising from minority shareholder settlement claims	(16)	177	2,029
Other current financial liabilities	(22)	21,380	10,850
Income tax provisions and liabilities	(23)	7,392	5,636
Other provisions	(24)	6,573	6,407
Other current liabilities	(25)	1,687	2,891
Total current liabilities		105,512	117,980
Total equity and liabilities		307,319	295,350

The attached Notes form an integral component of the consolidated financial statements .

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME of M.A.X. Automation AG, Düsseldorf, for the period from January 1 to June 30, 2015

	01.01.- 30.06.2015 TEUR	01.01.- 30.06.2014 TEUR	01.04.- 30.06.2015 TEUR	01.04.- 30.06.2014 TEUR
Revenue	170,516	163,429	94,943	90,381
Change in finished goods and work in progress	6,143	2,637	4,557	-3,489
Work performed by the company and capitalized	1,270	988	814	830
Total output	177,929	167,054	100,314	87,722
Other operating revenue	6,987	2,983	3,218	2,081
Income from equity valuation	331	0	331	0
Cost of materials	-91,838	-90,765	-53,532	-45,912
Personnel expenses	-54,973	-51,302	-28,055	-25,689
Depreciation and amortization	-3,405	-2,840	-1,840	-1,401
Other operating expenses	-27,450	-21,561	-14,595	-11,473
Operating profit	7,581	3,569	5,841	5,328
PPA depreciation and amortization	-2,288	-1,953	-1,193	-976
Operating profit after PPA depreciation and amortization	5,293	1,616	4,648	4,352
Net interest result	-1,798	-1,816	-1,021	-940
Earnings before tax	3,495	-200	3,627	3,412
Income tax	-1,180	-200	-1,137	-1,123
Net income	2,315	-400	2,490	2,289

Other comprehensive income that is never recycled to the income statement
Change in settlement obligations to minority shareholders	71	-35	45	-13
Other comprehensive income that can be recycled to the income statement
Change arising from currency translation	117	31	-192	39
Total comprehensive income	2,503	-404	2,343	2,315
Earnings per share (diluted and undiluted) in EUR	0.09	-0.01	0.09	0.09

The attached Notes form an integral component of the consolidated financial statements .

The adjustments of the previous year's figures are explained under point 1.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY of M.A.X. Automation AG, Düsseldorf, as of June 30, 2015

	Subscribed capital	Capital reserves	Revenue reserve	Currency translation difference	Unappropri ated retained earnings	Total
	TEUR	TEUR	TEUR	TEUR	TEUR	TEUR
As of January 1, 2014	26,794	3,055	15,755	-262	48,687	94,029
Dividend payments	0	0	0	0	-4,019	-4,019
Transfer to retained earnings	0	0	0	0	0	0
Total comprehensive income	0	0	-35	31	-400	-404
As of June 30, 2014	26,794	3,055	15,720	-231	44,268	89,606
As of January 1, 2015	26,794	3,055	21,166	393	48,389	99,797
Dividend payments	0	0	0	0	-4,019	-4,019
Transfer to retained earnings	0	0	0	0	0	0
Total comprehensive income	0	0	71	117	2,315	2,503
As of June 30, 2015	26,794	3,055	21,237	510	46,685	98,281

The attached Notes form an integral component of the consolidated financial statements.

CONSOLIDATED STATEMENT OF CASH FLOWS of M.A.X. Automation AG, Düsseldorf, for the period from January 1 to June 30, 2015

	01.01.- 30.06.2015	01.01.- 30.06.2014
	TEUR	TEUR
Consolidated net income for the period	2,315	-400
Adjustments relating to the reconciliation of consolidated net income for the year
to cash flow from operating activities:
Amortization of intangible assets	3,310	2,397
Depreciation/impairment of property, plant and equipment	2,383	2,396
Profit (–) loss (+) arising from the disposal of property, plant and equipment and intangible assets	99	-34
Deferred tax changes carried through P&L	-1,125	-735
Other non-cash expenses and income	872	-45
Changes in assets and liabilities
Increase (-) / decrease (+) in other non-current assets	23	16
Increase (-) / decrease (+) in inventories	-9,966	-6,625
Increase (–) decrease (+) in trade receivables	-662	3,233
Increase (–) decrease (+) in receivables due from related companies	-320	731
Increase (–) decrease (+) in prepayments, accrued income and other assets	117	153
Increase (+) decrease (–) in pension provisions	74	19
Increase (+) decrease (–) in other provisions and liabilities	2,806	-5,509
Increase (+) decrease (–) in trade payables	6,379	-1,269
Increase (+) decrease (–) in liabilities to related companies	-74	-32
Increase (+) decrease (–) in liabilities and provisions arising from income taxes	1,668	-385
= Cash flow from operating activities	7,899	-6,089

	01.01.- 30.06.2015	01.01.- 30.06.2014
	TEUR	TEUR

Outgoing payments for investments in intangible assets	-1,549	-974
Outgoing payments for investments in property, plant and equipment	-2,643	-1,466
Outgoing payments for investments in financial assets	-51	-30
Incoming payments from disposals of property, plant and equipment	236	80
Incoming payments from disposals of financial assets	0	417
Outgoing payments from the acquisition of subsidiaries less cash	-7,574	-700
= Cash flow from investing activities	-11,581	-2,673
Outgoing payments for dividends	0	-4,019
Draw-down of non-current borrowings	71,004	2,800
Redemption of non-current borrowings	-50,079	-1,335
Change in current finance debt	-31,755	18,661
Increase (–) decrease (+) in restricted cash and cash equivalents	325	2,017
Payments arising from settlement claims for minority interests	-1,958	-108
= Cash flow from financing activities	-12,463	18,016
Cash and cash equivalents
Increase/decrease in cash and cash equivalents	-16,187	9,254
Effect of changes in exchange rates	218	19
Cash and cash equivalents at the start of the financial year	52,377	26,310
Cash and cash equivalents at the end of the financial year	36,450	35,583
Composition of cash and cash equivalents
= Cash and cash equivalents	36,450	35,583
Income tax paid	-1,619	-862
Income tax reimbursed	296	1
Interest paid	-1,524	-1,256
Interest received	162	45

The accompanying Notes are an integral part of the consolidated financial statements.

	01.01.-30.06.2015	01.01.-30.06.2014
Additional information	TEUR	TEUR
Acquisition of subsidiaries
Goodwill	7,663	0
Intangible assets	3,759	0
Property, plant and equipment	97	0
Other non-current assets	24	0
Inventories	1,520	0
Trade receivables	4,180	0
Prepayments,accrued income and other current assets	192	0
Cash and cash equivalents	1,456	0
Deferred tax	-1,277	0
Trade payables	-4,097	0
Other current financial liabilities	-234	0
Tax provisions and liabilities	-88	0
Other provisions	-240	0
Other current liabilities	-432	0
Purchase price	12,524	0
Purchase price payment outstanding	-3,524	0
Cash and cash equivalents acquired	-1,456	0
Purchase price paid less cash and cash equivalents acquired	7,544	0

Another purchase price installment of EUR 30 thousand was paid for the assets of Vecoplan Iberica that were acquired in 2012 as part of an asset deal.

SEGMENT REPORTING FOR THE FINANCIAL REPORT

of M.A.X. Automation AG, Düsseldorf,

as of June 30, 2015

	Industrial Automation		Environmental Technology		M.A.X. Automation AG
Reporting period	Q1- Q2.2015	Q1- Q2.2014	Q1- Q2.2015	Q1- Q2.2014	Q1- Q2.2015	Q1- Q2.2014
	TEUR	TEUR	TEUR	TEUR	TEUR	TEUR
New order intake	111,102	103,350	64,881	57,373	0	0
Order book position	122,353	115,420	41,183	36,315	0	0
Segment revenue	107,211	113,870	63,434	49,811	0	0
- with external customers	107,082	113,618	63,434	49,811	0	0
- of which Germany	53,101	51,704	12,974	12,682	0	0
- of which other EU countries	23,986	24,631	14,338	17,252	0	0
- of which North America	14,302	4,540	30,261	16,608	0	0
- of which China	13,007	20,111	0	0	0	0
- of which rest of the world	2,686	12,632	5,861	3,269	0	0
- Inter segment revenue	129	252	0	0	0	0
EBITDA	8,788	7,676	3,874	-83	-1,676	-1,178
Segment operating profit (EBIT before PPA depreciation and amortization)	7,012	6,249	2,260	-1,481	-1,691	-1,193
Including:
- Depreciation/amortization	-1,775	-1,428	-1,614	-1,397	-16	-15
- Additions to other provisions and pension provisions	-1,202	-1,989	-606	-1,428	-386	-301
Result from at-equity valuation	0	0	331	0	0	0
Segment operating profit after PPA depreciation and amortization	4,916	4,521	2,169	-1,605	-1,691	-1,193
Including:
- PPA depreciation and amortization	-2,096	-1,728	-91	-124	0	0
Segment result for ordinary activities (EBT)	3,942	3,629	1,799	-2,000	-2,145	-1,720
Including:
- Interest and similar income	17	21	35	54	116	85
- Interest and similar expenses	-991	-914	-406	-448	-569	-611
Income tax	1,964	638	-814	325	-2,351	-1,218
- Additions to income tax provisions	-3	-13	-500	-107	-1,618	-93
Net profit/loss for the period	5,906	4,267	985	-1,675	-4,496	-2,938
Non-current segment assets (excluding deferred taxes)	49,387	41,515	25,139	26,119	96,534	99,070
- of which Germany	48,963	41,148	21,990	23,183	96,534	99,070
- of which other EU countries	106	151	175	320	0	0
- of which North America	166	103	2,974	2,616	0	0
- of which rest of the world	152	113	0	0	0	0
Investments in non-current segment assets	14,868	1,623	805	811	40	8
Working Capital	56,542	60,518	26,913	29,377	-80	-37
Average number of personnel excluding trainees	1,024	977	517	536	4	4

Segment reporting is included in the Notes.

Adjustments to the previous year's figures are explained in Section 1 to the Notes

SEGMENT REPORTING FOR THE FINANCIAL REPORT of M.A.X. Automation AG, Düsseldorf,

as of June 30, 2015

	Reconciliation		Total
Reporting period	Q1- Q2.2015 TEUR	Q1- Q2.2014 TEUR	Q1- Q2.2015 TEUR	Q1- Q2.2014 TEUR
New order intake	0	0	175,983	160,723
Order book position	0	0	163,536	151,735
Segment revenue	-129	-252	170,516	163,429
- with external customers	0	0	170,516	163,429
- of which Germany	0	0	66,075	64,386
- of which other EU countries	0	0	38,324	41,883
- of which North America	0	0	44,563	21,148
- of which China	0	0	13,007	20,111
- of which rest of the world	0	0	8,547	15,901
- Inter segment revenue	-129	-252	0	0
EBITDA	0	-6	10,986	6,409
Segment operating profit (EBIT before PPA depreciation and amortization)	0	-6	7,581	3,569
Including:
- Depreciation/amortization	0	0	-3,405	-2,840
- Additions to other provisions and pension provisions	0	0	-2,194	-3,719
Result from at-equity valuation	0	0	331	0
Segment operating profit after PPA depreciation and amortization	-101	-107	5,293	1,616
Including:
- PPA depreciation and amortization	-101	-101	-2,288	-1,953
Segment result for ordinary activities (EBT)	-101	-109	3,495	-200
Including:
- Interest and similar income	-100	-82	68	78
- Interest and similar expenses	100	79	-1,866	-1,894
Income tax	21	55	-1,180	-200
- Additions to income tax provisions	0	0	-2,121	-213
Net profit/loss for the period	-80	-54	2,315	-400
Non-current segment assets (excluding deferred taxes)	-56,576	-59,216	114,484	107,488
- of which Germany	-56,576	-59,216	110,911	104,185
- of which other EU countries	0	0	281	471
- of which North America	0	0	3,140	2,719
- of which rest of the world	0	0	152	113
Investments in non-current segment assets	0	0	15,713	2,442
Working Capital	0	0	83,375	89,858
Average number of personnel excluding trainees	0	0	1,545	1,517

Notes to the Consolidated Financial Statements

Accounting policies

The accounting and valuation contained in this quarterly Group financial report by M.A.X. Automation AG published as of June 30, 2015, were prepared in accordance with the International Financial Reporting Standards (IFRS) of the International Accounting Standards Board, London (IASB), that were valid on the balance sheet date taking the interpretations of the Standing Interpretations Committee (SIC) and the International Financial Reporting Interpretations Committee (IFRIC) into account. The respective comparative figures for the previous year were determined on the basis of the same principles. Accordingly, these consolidated interim financial statements were prepared in accordance with IAS 34.

In taking the intent and the purpose of quarterly financial reporting into consideration as an information instrument that follows up on the annual financial statements, we would like to refer to the Notes to the Consolidated Financial Statements as of December 31, 2014, in which the accounting, valuation and consolidation methods, but also the options allowed under IFRS, are explained. Similarly, the adjustments that had an impact on the previous year's figures are discussed under section 2.8. of the consolidated financial statements for 2014. The same accounting policies and consolidation principles have been applied as in the most recent annual consolidated financial statements with the following exceptions:

To pay tribute to M.A.X. Automation Group's greater international focus, as opposed to last year, exchange rate differences are shown in operating income as of January 1, 2015, as is common practice for other listed companies. The previous year's figures have been adjusted accordingly. Other operating income now includes earnings from exchange rate differences in the amount of EUR 4,806 thousand (previous year: EUR 559 thousand) and the respective offsetting item in the amount of EUR 4,121 thousand (previous year: EUR 193 thousand) in other operating expenses. In total, earnings from exchange rate differences in the amount of EUR 685 thousand (previous year: EUR 366 thousand) thus have an impact on operating income.

The result of equity valuation of an investment is reported in the profit from operations, as is customary with operational investments.

Income tax is determined on the basis of current legislation. To ensure accurate and appropriate presentation of income taxes, these taxes are not calculated on the basis of estimated average annual income tax rates, but rather calculated exactly.

Consolidation scope

The consolidation scope includes all active Group subsidiaries. As of December 31, 2014, this included a total of 29 subsidiaries besides M.A.X. Automation AG.

In the Industrial Automation segment, NSM Magnettechnik GmbH, Olfen, acquired 100% of the s hares in iNDAT Robotics GmbH, a company based in Ginsheim-Gustavsburg, on February 6, 2015, as well as iNDAT Engineering + Service GmbH, Braunschweig. The iNDAT Group includes the wholly -owned subsidiary of iNDAT Robotics GmbH, iNDAT Systems + Research GmbH, Ginsheim-Gustavsburg. The iNDAT Group was consolidated for the first time on February 1, 2015, and assigned to the subgroup NSM Magnettechnik.

As of June 30, 2015, the consolidation scope was as follows:

Number of companies included	30.06.2015	31.12.2014
Industrial Automation	21	18
Environmental Technology	11	11
Group	32	29

iNDAT Robotics Group

iNDAT Robotics Group specializes in robotics and manufacturing automation. Its solutions are used by well-known car manufacturers and suppliers to the automotive industry, in particular. iNDAT Robotics develops its own products, including standardized, flexible robot cells for fully automated deburring of metallic parts or for stamping out plastic parts. Furthermore, the company is also a system supplier of complete assembly units for use in manufacturing lines and fully automated facilities, including those used in automotive stamping plants.

With this acquisition, M.A.X. Automation Group will be able to offer sophisticated software applications and holistic plant systems that include integrated, future-oriented robotics solutions in the future. This will expand our range of services for the automobile industry quite significantly. iNDAT Robotics has around 80 employees and is debt-free.

The maximum purchase price amounts to EUR 12,800 thousand and includes earn-out components that depend on how EBIT develops, incoming orders in financial year 2015 and personnel-related indicators. Part of the fixed purchase price was paid in February 2015 in the amount of EUR 9,000 thousand. Another payment will be made in August 2016. The variable purchase price components that amount to EUR 2,300 thousand in total were fully recognized as part of the purchase price allocation based on the plan figures submitted are due for payment at the beginning of 2016 and in 2017. The non-current purchase price components were discounted.

As part of the purchase price allocation, hidden reserves were identified for technology, customer base and order backlog in the amount of EUR 3,692 thousand in total. The useful lives of the assets are between two and four years. Deferred tax assets in the amount of EUR 1,127 thousand arise on these.

The reassessed equity of iNDAT Group amounts to EUR 4,860 thousand. EUR 7,663 thousand in goodwill therefore remains.

	in EUR thousands
Consideration provided	12,524
Less acquired assets	11,229
In addition to acquired loan capital	6,368
Goodwill	7,663

Goodwill includes components that are not independently deductible. These include primarily the company's know-how on automation components, process automation and handling automation, but also the expansion of its service spectrum for the automobile industry and therefore access to new customers and markets.

Deferred taxes on goodwill did not result from the purchase price allocation and will not be incurred in the future either.

The following assets were acquired by M.A.X. Automation Group as part of the first time consolidation of iNDAT Robotics Group on February 1, 2015:

	in EUR thousands
Non-current assets	11,544
Goodwill	7,663
Intangible assets	3,760
Property, plant and equipment	97
Other non-current assets	24
Current assets	7,348
Inventories	1,520
Trade receivables	4,180
Prepaid expenses and other current assets	192
Cash and cash equivalents	1,456
Long-term liabilities	1,277
Deferred taxes	1,277
Short-term liabilities	5,091
Trade payables	4,097
Other current financial liabilities	234
Provisions for taxes and tax liabilities	88
Other provisions	240
Other current liabilities	432

Had iNDAT Robotics Group belonged to M.A.X. Automation Group already at the beginning of the fiscal year, the result for the first half of 2015 would have developed as follows:

	in EUR thousands
Pro forma revenues	171,600
Pro forma earnings for the period	1,806

The following amounts from iNDAT Robotics Group are included in consolidated earnings as of June 30, 2015:

	in EUR thousands
Revenue	9,797
Result for the period	148

Events of major importance

Events of major importance are listed in the quarterly financial report under important events in the reporting period.

Earnings per share

Calculation of earnings per share is based on the following data:

	Q1-Q2.2015	Q1-Q2.2014
Basis for undiluted earnings per share in EUR thousands	2,315	-400
Number of shares	26,794,415	26,794,415
Earnings per share	0.09	-0.01

No dilution in the share according to IAS 33 arose in the years 2014 and 2015.

Related party transactions

The value of related party transactions amounted to EUR 92 thousand (previous year: EUR 123 thousand). These pertain to consulting services (management consulting) and travel expenses for Supervisory Board members. No business transactions took place with related parties in the second quarter of 2015. Revenue of EUR 1,058 thousand was generated by Vecoplan Fueltrack the previous year. This company now finds itself in liquidation following liquidation of the joint venture.

A gratuitous consulting contract was signed with Günther Holding GmbH on September 1, 2014.

Events after the reporting date, June 30, 2015

The dividend in the amount of EUR 4.0 million that was already recognized in the financial statements as a liability was paid after the reporting period had ended. Otherwise, no further events of particular significance that had a material impact on the asset, financial or earnings situation of the Group occurred.

IMPRINT

M.A.X. Automation AG Media: Breite Straße 29-31 Frank Elsner 40213 Düsseldorf Frank Elsner Kommunikation für Unternehmen GmbH Phone: +49 – 211 – 90 99 1-0 Phone: +49 – 5404 – 91 92 0 Fax: +49 – 211 – 90 99 1-11 Fax: +49 – 5404 – 91 92 29 Mail: [email protected] Internet: www.maxautomation.de

Review Report

To M.A.X. Automation AG, Düsseldorf

We have reviewed the condensed interim consolidated financial statements – comprising the condensed balance sheet, the condensed statement of comprehensive income, the condensed statement of cash flows, the condensed statement of changes in equity and selected notes – and the interim Group management report of M.A.X. Automation AG for the period from January 1, 2015 to June 30, 2015 which form part of the quarterly financial report according to section 37w of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG). The preparation of the condensed interim consolidated financial statements in accordance with those IFRS applicable to interim financial reporting as adopted by the EU, and of the interim Group management report in accordance with the requirements of the German Securities Trading Act applicable to interim Group management reports, is the responsibility of the company's management. Our responsibility is to issue a report on the condensed interim consolidated financial statements and on the interim Group management report based on our review.

We conducted our review of the condensed interim consolidated financial statements and the interim Group management report in accordance with the German generally accepted standards for the review of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Those standards require that we plan and perform the review so that we can preclude through critical evaluation, with a certain level of assurance, that the condensed interim consolidated financial statements have not been prepared, in material aspects, in accordance with the IFRS applicable to interim financial reporting as adopted by the EU, and that the interim Group management report has not been prepared, in material aspects, in accordance with the regulations of the German Securities Trading Act applicable to interim Group management reports. A review is limited primarily to inquiries of company employees and analytical assessments and therefore does not provide the assurance attainable in a financial statement audit. Since, in accordance with our engagement, we have not performed a financial statement audit, we cannot issue an auditor's report.

Based on our review, no matters have come to our attention that cause us to believe that the condensed interim consolidated financial statements have not been prepared, in material respects, in accordance with the IFRS applicable to interim financial reporting as adopted by the EU, or that the interim Group management report has not been prepared, in material respects, in accordance with the regulations of the German Securities Trading Act applicable to interim Group management reports.

Hanover, August 13, 2015

Ebner Stolz GmbH & Co. KG Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft

Wilfried Steinke Steffen Fleitmann German Public Auditor German Public Auditor

Responsibility Statement

I declare to the best of my knowledge, in accordance with the applicable accounting principles for interim reporting, that the condensed interim consolidated financial statements give a true and fair view of the assets, financial and earnings situation of the Group and that the interim Group management report presents business performance including the business results and the position of the Group such that a true and fair view is conveyed and the material opportunities and risks associated with the expected development of the Group for the remaining financial year are described accurately.

Düsseldorf, in August 2015

M.A.X. Automation AG The Management Board

Fabian Spilker