Consolidation principles
MAX Automation SE and its subsidiaries, over which it exerts control, are included in the consolidated financial statements. Control exists if MAX Automation SE is subject to fluctuating returns from the relationship with the investee and by means of its power of disposal over the investee has the opportunity to influence these returns.
The consolidation of a subsidiary begins on the day on which the Group obtains control over the subsidiary and ends as soon as the Group loses control. All intra-Group assets and liabilities, equity, income and expenses, as well as cash flows from transactions that occur between Group companies are fully eliminated during consolidation.
Scope of consolidation
All active Group companies are included in the scope of consolidation. These are majority holdings.
The scope of consolidation as of the reporting date encompasses MAX Automation SE and a total of 28 subsidiaries and second-tier subsidiaries as well as MAX Automation (Asia Pacific) Co.Ltd., Hong Kong, which is accounted for using the equity method.
IWM Automation Bodensee GmbH is currently still among the four companies in the non-core area. Following the closure of the operational business, the legal entity is assigned to the Evolving Technologies segment.
The existing companies were subdivided into the Process Technologies, Environmental Technologies, Evolving Technologies and Non-Core Business segments in line with the clear strategic direction.
The scope of consolidation is comprised as follows:
Number of companies included |
2019 |
2018 |
|---|---|---|
Process Technologies |
7 |
7 |
Environmental Technologies |
9 |
8 |
Evolving Technologies |
8 |
8 |
Non-core |
4 |
6 |
Group |
28 |
29 |
Changes in the scope of consolidation
On 30 April 2019, the transitional consolidation from full consolidation to equity method accounting occurred for MAX Automation (Asia Pacific) Co. Ltd., Hong Kong, in which MAX Automation SE has a 51% equity interest. MAX Automation (Asia Pacific) Co. Ltd., Hong Kong in turn has a 100% holding in MAX Automation (Shanghai) Co. Ltd. The transition to the equity method occurred in accordance with the provisions of IFRS 10 due to the loss of control over the company.
With notarial certification as of 26 June 2019, the shares in the associated company ESSERT GmbH, Ubstadt-Weiher were sold. The closing occurred on 30 June 2019. Previously, MAX Automation SE held 44.5% of the shares in the company, which was included in the consolidated financial statements using the equity method.
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