MAX AUTOMATION SE
The Annual Financial Statement of MAX Automation SE was prepared in accordance with the provisions of the German Commercial Code (Handelsgesetzbuch - HGB). The regulations set out in the German Stock Corporation Act (Aktiengesetz - AktG) were also followed. The Annual Financial Statement was prepared in accordance with the regulations for large corporations.
Earnings situation and appropriation of profits
The earnings situation of MAX Automation SE is highly dependent on the development of the results of the subsidiaries. Control and profit and loss transfer agreements were concluded with three subsidiaries (IWM Automation GmbH, bdtronic GmbH and NSM Magnettechnik GmbH) by resolution of the Annual General Meeting on 18 May 2018. The distributions of the other companies to the parent company are based on the results and take into account the future investment requirements of the subsidiaries.
The development of the subsidiaries' earnings situation is shown in the segment report. The following figures are based on the commercial results of MAX Automation SE.
MAX Automation SE reports income from profit transfers of mEUR 12.2 (previous year: mEUR 14.7) as well as expenses from profit transfers of mEUR 12.4 (previous year: mEUR 12.6) and investment income of mEUR 0 (previous year: mEUR 2.4) in the 2019 fiscal year.
Sales revenues, which mainly include group allocations with affiliated companies, amounted to mEUR 3.3 (previous year: mEUR 3.1).
Write-downs of current assets amounting to mEUR 9.2 (previous year: mEUR 0) include the write-down of the recovery claim towards MAX Automation (Shanghai) Co. Ltd from a drawdown of a bank guarantee amounting to mEUR 4.5 as well as a valuation allowance for a loan towards the buyer of Finnah PacktecGmbH (previously: NSM Packtec GmbH) amounting to mEUR 0.7 and the valuation allowance for a recovery claim towards the buyer of Finnah Packtec GmbH (previously: NSM Packtec GmbH) from the drawdown of an advance payment bond amounting to mEUR 4.0.
Other operating expenses rose from mEUR 7.7 to mEUR 9.6 mainly due to the use of restructuring advice at subsidiaries and legal advice in connection with legal disputes.
The loss from the sale of financial assets amounting to mEUR 1.7 includes the sale of minority shares of ESSERT GmbH.
The net interest result stood at mEUR -0.8 after mEUR +0.1 in the previous year. This mainly includes expenses for the syndicated loan and interest income from affiliated companies.
Write-downs of financial assets of a total of mEUR 22.9 (previous year: mEUR 0) include valuation allowances in connection with the investment in MAX Automation (Asia Pacific) Co. Ltd, Hong Kong, amounting to mEUR 12.8 and a write-down of the investment in IWM Automation GmbH, Porta Westfalica, amounting to mEUR 6.9 and value allowances for liabilities of Finnah Packtec GmbH (previously NSM Packtec GmbH) assigned to Max Automation GmbH amounting to mEUR 4.9 which should be considered a loan, economically speaking.
The Company reported earnings before taxes of mEUR -44.0 (previous year: mEUR -1.8). Tax income of mEUR 0 was reported (previous year mEUR 1.2).
The annual result amounts to mEUR -44.0 (previous year: mEUR -0.6). No distributions were made in the 2019 financial year from the net retained profits of the previous year.
Assets and financial position
As of 31 December 2019, the balance sheet total of MAX Automation SE stood at mEUR 238.8. This corresponds to a decrease of mEUR 5.3 to the reporting date of the previous year (mEUR 244.1).
Receivables and other assets were up from mEUR 125.4 to mEUR 139.6. This includes mEUR 114.0 from receivables from subsidiaries from syndicated financing (previous year: mEUR 97.5). Cash and cash equivalents amounted to mEUR 5.0 on the reporting date (previous year: mEUR 8.3).
MAX Automation SE reports equity of mEUR 65.3 as of 31 December 2019 (previous year: mEUR 109.3). The equity ratio was 30.1% (previous year: 44.8%).
Liabilities to banks as of 31 December 2019, were up from mEUR 74.0 to mEUR 119.9. These have a term until 2022 or 2024 including an extension option. As of 31 December 2019, liabilities to subsidiaries amounted to mEUR 37.2, compared to mEUR 51.3 in the prior year, and mainly comprise loans/contributions granted.
The asset, financial and profit situation of MAX Automation SE is in order.overview back