Other disclosures relating to the consolidated financial statements
Consolidated cash flow statement
The consolidated cash flow statement is presented using the indirect method. The change in deferred taxes is included in the other non-cash operating expenses and income.
The table below shows the change in liabilities from financing activities:
kEUR |
31/12/2018 |
Payments out |
Payments in |
Other changes |
Changes in scope of consolidation |
New lease contracts |
Changes in fair value |
Currency effects |
31/12/2019 |
---|---|---|---|---|---|---|---|---|---|
Non-current financial liabilities to banks |
76,768 |
-32,795 |
77,500 |
-899 |
0 |
0 |
0 |
0 |
120,574 |
Current financial liabilities to banks |
5,325 |
-268 |
0 |
883 |
-4,613 |
0 |
0 |
0 |
1,327 |
Lease liabilities |
1,666 |
-3,741 |
0 |
11,358 |
0 |
10,412 |
0 |
0 |
19,696 |
Summe |
83,759 |
-36,999 |
77,500 |
11,537 |
-4,613 |
10,412 |
0 |
0 |
141,596 |
Other changes in connection with lease liabilities involve the effect of the conversion to IFRS 16.
Research and development
Development costs totaling kEUR 2,676 were incurred in 2019 (previous year: kEUR 2,669). Of these, intangible assets amounting to kEUR 947 (previous year: kEUR 1,495) had to be capitalized in accordance with IAS 38. This corresponds to a capitalization rate of 35% (previous year: 56%). Depreciation on development costs amounted to kEUR 1,263 (previous year: kEUR 4,166), of which kEUR 208 (previous year: kEUR 1,249) relates to write-downs for technologies no longer in line with strategy.
Risk management
General information on financial risks
The MAX Group can be exposed to various risks through financial instruments. These are as follows:
Credit risks
Liquidity risks
Market price risks
Credit risks essentially arise from trade receivables. It is particularly important to assess the risks in connection with the project business, as in the provisional financing of orders, for example.
Liquidity risks ensue from the potential failure of meeting payment obligations on time. These risks are usually associated with negative outcomes in business operations.
Market price risks arise from changes in exchange rates and interest rates. Currency risks on the sales side essentially come about when invoicing on the basis of U.S. dollars.
Risk categories
Credit risks
The credit risk is the exposure to economic loss in a case where a counterparty fails to meet its contractual obligations or payment obligations. The risk essentially comprises the risk of default and the risk which ensues from a deterioration in creditworthiness.
Trade receivables are due as a result of the worldwide sales operations of the individual companies.
The following safeguarding measures are taken as a general rule as a result of the different credit ratings of the customers:
Export credit insurance
Letters of credit
Prepayments
Guarantees and sureties
Internal credit lines
Assignments as security
The maximum default risk (credit risk) entails the write-down of the carrying amounts of the financial instruments to zero. The default risk of the unimpaired financial instruments is fundamentally judged to be low from the present-day perspective due to the debtor structure, as the probability of default is kept to a minimum by the strict constraints of the risk management system.
Aside from the individual valuation adjustments on receivables in case of a default event, an allowance for expected credit losses was also recognized in accordance with IFRS 9. The Group’s financial assets which are subject to the model of expected credit losses are trade receivables and contractual assets. The Group applies the simplified approach in accordance with IFRS 9 in order to measure the expected credit losses. Accordingly, the expected credit losses over the relevant term are used for all trade receivables and contractual assets.
In order to measure the expected credit losses, trade receivables and contractual assets are clustered. The valuation allowance ratios are determined on the basis of the specific debtor, the industry or region using credit default swap spreads. The calculation takes into account the interest effect.
The following overviews show the calculated default risk position for the Group’s trade receivables and contractual assets:
Impariment Matrix 31/12/2019 |
|
|
|
---|---|---|---|
|
Default rate |
Gross book value Trade receivables & Contract
assets |
Expected credit loss |
Customer specific |
0.17% |
44,217 |
74 |
Automotive Europe |
0.16% |
9,466 |
15 |
Automotive Asia |
0.13% |
3,929 |
5 |
Energy America |
0.19% |
3,649 |
7 |
Mechanical engineering Europe |
0.12% |
2,490 |
3 |
Pharmaceutical & healthcare industry Europe |
0.08% |
1,881 |
1 |
Industries Europe |
0.15% |
1,542 |
2 |
Food & Beverage Europe |
0.06% |
1,496 |
1 |
Europe |
0.04% |
8,413 |
4 |
America |
0.07% |
3,313 |
2 |
Others |
0.11% |
8,746 |
10 |
Total |
0.14% |
89,142 |
124 |
Impariment Matrix 31/12/2018 |
|
|
|
---|---|---|---|
|
Default rate |
Gross book value Trade receivables & Contract
assets |
Expected credit loss |
Customer specific |
0.28% |
90,632 |
250 |
Automotive Europe |
0.68% |
5,489 |
37 |
Automotive Asia |
0.55% |
2,278 |
12 |
Energy America |
0.83% |
2,116 |
17 |
Mechanical engineering Europe |
0.52% |
1,444 |
7 |
Pharmaceutical & healthcare industry Europe |
0.23% |
1,091 |
2 |
Industries Europe |
0.56% |
894 |
5 |
Food & Beverage Europe |
0.29% |
867 |
2 |
Europe |
0.20% |
4,878 |
10 |
America |
0.26% |
1,921 |
5 |
Others |
0.49% |
5,071 |
25 |
Total |
0.32% |
116,682 |
375 |
Impariment Matrix 31/12/2018 (adjusted) |
|
|
|
---|---|---|---|
|
Default rate (adjusted) |
Gross book value Trade receivables & Contract assets
(adjusted) |
Expected credit loss |
Customer specific |
0.28% |
90,002 |
250 |
Automotive Europe |
0.72% |
5,219 |
37 |
Automotive Asia |
0.55% |
2,278 |
12 |
Energy America |
0.83% |
2,116 |
17 |
Mechanical engineering Europe |
0.52% |
1,444 |
7 |
Pharmaceutical & healthcare industry Europe |
0.23% |
1,091 |
2 |
Industries Europe |
0.56% |
894 |
5 |
Food & Beverage Europe |
0.29% |
867 |
2 |
Europe |
0.20% |
4,878 |
10 |
America |
0.26% |
1,921 |
5 |
Others |
0.49% |
5,071 |
25 |
Total |
0.32% |
115,782 |
375 |
Furthermore, depreciation of contractual assets and trade receivables was performed on a case-by-case basis in the amount of kEUR 2,629 (previous year: kEUR 2,504).
The transition from the opening balance to the closing balance as of 31 December for expected credit losses for trade receivables and contractual assets is presented as follows:
Expected credit loss |
|
---|---|
in kEUR |
Trade receivables & Contract assets (simplified approach) |
Expected credit loss as of 01/01/2019 |
375 |
increase |
129 |
decrease |
-378 |
currency translation differences and others |
-1 |
Expected credit loss as of 31/12/2019 |
125 |
Opening balance gross book value as of 01/01/2019 |
116,682 |
Opening balance gross book value as of 01/01/2019 adjusted |
115,782 |
Closing balance gross book value as of 31/12/2019 |
89,142 |
Expected credit loss |
|
---|---|
in kEUR |
Trade receivables & Contract assets (simplified approach) |
Expected credit loss as of 01/01/2018 |
346 |
increase |
71 |
decrease |
-41 |
currency translation differences and others |
-1 |
Expected credit loss as of 31/12/2018 |
375 |
Opening balance gross book value as of 01/01/2018 |
139,966 |
Closing balance gross book value as of 31/12/2018 |
116,682 |
Closing balance gross book value as of 31/12/2018 adjusted |
115,782 |
Liquidity risk
The Group monitors the risk of a potential liquidity squeeze by means of a liquidity planning tool as well as through rolling financial planning. In pursuing a broadly diversified refinancing approach, the Group takes advantage of various sources of liquidity, such as current account credit lines, syndicated loans, advance payments, leases and equity instruments. Sufficient sources of financing are available to the Group.
The short-term and medium-term cash flows of the companies at Group level are combined in operational liquidity management. In addition to the settlement dates of the financial assets and liabilities, these cash flows also include the expectations from the operating cash flows of the Group companies.
The following outgoing interest and principal payments ensue for the financial liabilities of the Group as of 31 December 2019:
kEUR |
Book value 31/12/2019 |
Cashflow up to 1 year |
Cashflow 1 to 5 years |
Cashflow > 5 years |
---|---|---|---|---|
Non-derivative financial liabilities |
|
|
|
|
Financial liabilities |
121,900 |
34,369 |
12,269 |
90,945 |
Trad payables (excluding advances received) |
49,818 |
49,818 |
0 |
0 |
Other interest-bearing and non-interest-bearing liabilities |
40,144 |
25,268 |
12,925 |
23,061 |
Cash outflows from derivative financial instruments |
|
|
|
|
- Currency derivatives |
-163 |
10,585 |
0 |
0 |
- Interest rate derivatives |
0 |
0 |
0 |
0 |
Cash inflows from derivative financial instruments |
|
|
|
|
- Currency derivatives |
-163 |
10,422 |
0 |
0 |
- Interest rate derivatives |
0 |
0 |
0 |
0 |
kEUR |
Book value31/12/2018 |
Cashflowup to 1 year |
Cashflow1 to 5 years |
Cashflow > 5 years |
---|---|---|---|---|
Non-derivative financial liabilities |
|
|
|
|
Financial liabilities |
82,093 |
6,931 |
9,212 |
74,633 |
Trad payables (excluding advances received) |
100,529 |
100,529 |
0 |
0 |
Other interest-bearing and non-interest-bearing liabilities |
34,652 |
149 |
0 |
0 |
Cash outflows from derivative financial instruments |
|
|
|
|
- Currency derivatives |
-57 |
2,943 |
0 |
0 |
- Interest rate derivatives |
0 |
0 |
0 |
0 |
Cash inflows from derivative financial instruments |
|
|
|
|
- Currency derivatives |
-57 |
2,886 |
0 |
0 |
- Interest rate derivatives |
0 |
0 |
0 |
0 |
Market price risk
The Group is exposed to market price risks in the form of exchange rate risks and interest rate risks due to its international operations. These risks can have a negative impact on the net assets, financial position and results of operations of the Group. The general economic conditions are constantly monitored and relevant market information is consulted in order to evaluate and assess the risks.
The Group has established a central risk management system for the systematic identification and assessment of market price risk. This involves reporting to the Managing Directors on an ongoing basis.
Currency risks
Due to its international orientation, the MAX Group is exposed to risks from exchange rate fluctuations in its business operations and with regard to the reported financial transactions and cash flows. The exchange rate risk for the Group is driven by its sales volume and to a large extent by conversions between the U.S. dollar and the euro. The transaction exposure is of particular importance here as the revenue is measured in foreign currency and the associated costs are in euro. Exchange rate fluctuations are hedged in part through appropriate hedging instruments.
Foreign currency forwards are used to minimize the transaction risks associated with individual projects. In the process, the open currency position is fully hedged using contractually defined milestones. In addition, planned foreign currency inflows are hedged on a continuous basis using a macro approach, whereby the hedging ratio here is in the range of 50-75%. Pure trading transactions are not entered into without corresponding underlying transactions.
Forward sales of currencies may give rise to market price risks in the form of potential obligations to sell foreign currencies at a spot rate below the market rate on the settlement date.
The terms and scope of the currency hedges correspond to those of the underlying transactions requiring hedging. The Group held the following hedging instruments as of the reporting date:
Financial instruments for currency hedging
|
Nominal volume in kEUR |
Fair value in kEUR |
||
---|---|---|---|---|
|
31/12/2019 |
31/12/2018 |
31/12/2019 |
31/12/2018 |
Forward exchange transactions (sales) |
10,585 |
3,397 |
-124 |
-57 |
The currency sensitivity analyses are based on the following assumptions:
Primary financial instruments which are denominated in a foreign currency are subject to currency risk and are therefore included in the sensitivity analysis.
Exchange rate-related changes in the market values of foreign exchange derivatives, for which no hedge accounting was applied, affect the currency result and are therefore included in the sensitivity analysis.
USD sensitivity analysis (in kEUR) |
Impact on group result |
|
---|---|---|
|
2019 |
2018 |
Revaluation 10% |
143 |
-98 |
Devaluation 10% |
-180 |
120 |
The GBP, CNY and PLN risks have been subjected to a sensitivity analysis but no significant impact was noted.
Interest rate risks
Assets and liabilities which are sensitive to interest rate movements are held in the Group to the usual extent.
Business operations are financed by the syndicated loan at matching maturities. In order to maintain flexibility in the market, however, variable-interest refinancing options are used to a limited extent.
There is an interest cap arrangement – the contractual agreement of an interest rate ceiling – according to which the variable interest payable is limited to 4.35%. The cap is agreed for a fixed term until 7 June 2024.
in kEUR |
Nominal volume |
Fair value |
||
---|---|---|---|---|
|
31/12/2019 |
31/12/2018 |
31/12/2019 |
31/12/2018 |
Interest rate caps |
169 |
234 |
0 |
0 |
Interest rate risks are presented by means of sensitivity analyses in accordance with IFRS 7. These analyses show the effects of changes in market interest rates on interest income and interest expense, other income components and, where applicable, on equity. The interest rate sensitivity analyses are based on the following assumptions:
Changes in the market interest rates of primary financial instruments with fixed interest rates only affect earnings if they are measured at fair value. All fixed-interest financial instruments measured at amortized cost are therefore not subject to interest rate risk as defined by IFRS 7.
Changes in market interest rates affect the result of primary variable-rate financial instruments, with respect to which the interest payments are not designated as underlying transactions in cash flow hedges against interest rate changes, and are therefore included in the sensitivity calculations.
Changes in market rates for interest rate derivatives which are not included in a hedging relationship under IFRS 9 have an impact on the interest result and are therefore taken into account in the sensitivity calculations.
Market interest rate sensitivity analysis (in kEUR) |
Impact on group result |
|
---|---|---|
|
2019 |
2018 |
Revaluation 100 basis points |
-884 |
-951 |
Devaluation 100 basis points |
23 |
90 |
Other price risks
In the context of the presentation of market risks, IFRS 7 also requires disclosures on how hypothetical changes in other price risk variables affect the prices of financial instruments. Stock exchange prices or market averages are particularly suitable risk variables.
No financial instruments were held to this effect, either in the year under review or in the previous year.
Categorization of financial instruments
Financial assets and liabilities currently exist only for the categories "at amortized cost" and "at fair value with changes in value in profit or loss".
in kEUR |
Valuation category according to IFRS 9 |
Book value 31/12/2019 |
Book value 31/12/2018 (adjusted) |
Book value 31/12/2018 |
---|---|---|---|---|
|
|
|
|
|
Financial Assets |
|
|
|
|
Borrowings |
AC |
6,665 |
6,927 |
6,927 |
Trade receivables |
AC |
45,402 |
54,073 |
54,073 |
Cash and cash equivalents |
AC |
40,596 |
33,518 |
33,518 |
Other financial assets |
AC |
3,150 |
3,050 |
7,680 |
Financial liabilities |
|
|
|
|
Loans |
AC |
121,900 |
82,093 |
82,093 |
Trade payables |
AC |
49,818 |
100,529 |
100,529 |
Derivative financial instruments |
FVTPL |
124 |
57 |
57 |
Other financial liabilities |
AC |
3,141 |
16,308 |
16,308 |
Measurement of fair value
All assets and liabilities for which fair value is determined or subsequently disclosed are assigned to the measurement hierarchy described below:
Level 1: All financial instruments traded on active markets whose quoted prices have been adopted for measurement without any change.
Level 2: The measurement is performed on the basis of procedures using input factors that have been derived directly or indirectly from observable market data.
Level 3: The measurement is performed on the basis of procedures using input factors that are not exclusively based on observable market data.
Since essentially the category “at amortized cost” is involved and fair value therefore corresponds to the carrying amount by approximation, no tabular display of the fair value hierarchy for financial instruments is provided.
Earnings per share
Since MAX Automation SE has not issued any dilutive instruments at present, the undiluted and diluted earnings per share are identical.
in kEUR |
2019 |
2018 (adjusted) |
2018 |
---|---|---|---|
Profit attributable to the shareholders of MAX Automation SE used to determine the undiluted/diluted earnings per share |
-34,733 |
-34,119 |
-31,547 |
Number |
2019 |
2018 (adjusted) |
2018 |
---|---|---|---|
Weighted average number of shares used as denominator to calculate undiluted/diluted earnings per share |
29,459,415 |
29,459,415 |
29,459,415 |
in EUR |
2019 |
2018 (adjusted) |
2018 |
---|---|---|---|
Undiluted/diluted earnings per share due to shareholders of MAX Automation SE |
-1.18 |
-1.32 |
-1.07 |
In the reporting period, the number of weighted shares corresponds to the number of shares issued.
Segment reporting
Segment |
Process Technologies |
Environmental Technologies |
||
---|---|---|---|---|
Reporting Period |
2019 |
2018 |
2019 |
2018 |
Order intake |
62,542 |
69,690 |
140,300 |
115,992 |
Order backlog |
24,696 |
35,958 |
47,505 |
34,550 |
Segment sales |
73,377 |
53,653 |
127,637 |
110,601 |
With external customers |
73,323 |
53,037 |
127,633 |
110,599 |
- of which Germany |
26,739 |
21,713 |
21,618 |
22,307 |
- of which other EU countries |
20,321 |
14,199 |
39,277 |
30,915 |
- of which North America |
10,863 |
6,278 |
56,990 |
43,791 |
- of which China |
12,080 |
5,440 |
0 |
0 |
- of which Rest of the world |
3,321 |
5,407 |
9,748 |
13,587 |
- Inter-Segment revenue |
54 |
616 |
4 |
2 |
EBITDA |
14,821 |
11,957 |
12,943 |
10,049 |
EBITDA margin (in %, in relation to sales ) |
20.2% |
22.3% |
10.1% |
9.1% |
Total operating revenue |
68,861 |
58,866 |
131,241 |
109,883 |
Segment operating profit (EBIT before PPA amortization) |
12,603 |
10,538 |
11,161 |
8,522 |
Including: |
0 |
0 |
0 |
0 |
- depreciation/amortization |
-2,219 |
-1,419 |
-1,782 |
-1,527 |
- Additions to other provisions and pension provisions |
-1,201 |
-812 |
-4,662 |
-2,301 |
Segment operating profit after PPA amortization |
12,380 |
10,316 |
11,161 |
8,522 |
Including: |
0 |
0 |
0 |
0 |
- PPA amortization |
-222 |
-222 |
0 |
0 |
- Goodwill Impairment |
0 |
0 |
0 |
0 |
Segment result from ordinary activities (EBT) |
12,081 |
10,106 |
11,088 |
8,305 |
Including: |
0 |
0 |
0 |
0 |
- Interest and similar income |
3 |
5 |
116 |
81 |
- Interest and similar expenses |
-303 |
-214 |
-189 |
-298 |
- Income from equity accounted investments |
0 |
0 |
0 |
0 |
Income taxes |
-513 |
-147 |
-2,124 |
-1,860 |
Net income |
11,567 |
9,958 |
8,964 |
6,445 |
Non-current segment assets (excluding deferred tax) |
20,405 |
16,217 |
20,858 |
12,376 |
- of which Germany |
15,256 |
12,372 |
17,268 |
9,918 |
- of which other EU countries |
4,458 |
3,422 |
22 |
36 |
- of which North America |
506 |
296 |
3,569 |
2,422 |
- of which Rest of the world |
185 |
127 |
0 |
0 |
Investments in non-current segment assets |
2,521 |
5,462 |
2,724 |
1,182 |
Working Capital |
16,648 |
11,772 |
17,605 |
14,379 |
Goodwill |
6,163 |
6,163 |
6,399 |
6,392 |
ROCE (in %)1) | 34.9% |
37.5% |
36.7% |
25.3% |
Average number of personnel excluding trainees |
368 |
301 |
404 |
375 |
1) The return on capital employed (ROCE) corresponds to the ratio of EBIT to capital employed. Capital employed corresponds to the sum of intangible assets, property, plant and equipment, working capital, investment property and goodwill based on the twelve-month average.
Segment |
Evolving Technologies |
Non-Core |
|||
---|---|---|---|---|---|
Reporting Period |
2019 |
2018 |
2018 (adjusted) |
2019 |
2018 |
Order intake |
113,504 |
139,721 |
139,721 |
63,580 |
82,188 |
Order backlog |
80,689 |
103,111 |
103,111 |
46,629 |
86,705 |
Segment sales |
136,213 |
115,000 |
114,100 |
89,806 |
127,706 |
With external customers |
134,918 |
113,535 |
112,635 |
89,608 |
127,502 |
- of which Germany |
92,752 |
60,477 |
59,577 |
15,574 |
44,933 |
- of which other EU countries |
22,184 |
26,789 |
26,789 |
34,569 |
27,295 |
- of which North America |
4,648 |
8,441 |
8,441 |
-932 |
4,005 |
- of which China |
1,394 |
649 |
649 |
-4,068 |
33,718 |
- of which Rest of the world |
13,939 |
17,178 |
17,178 |
44,464 |
17,551 |
- Inter-Segment revenue |
1,296 |
1,465 |
1,465 |
199 |
204 |
EBITDA |
16,900 |
6,514 |
2,920 |
-36,580 |
-36,031 |
EBITDA margin (in %, in relation to sales ) |
12.4% |
5.7% |
2.6% |
-40.7% |
-28.2% |
Total operating revenue |
131,217 |
109,909 |
106,315 |
69,485 |
132,268 |
Segment operating profit (EBIT before PPA amortization) |
13,143 |
4,411 |
817 |
-39,586 |
-39,907 |
Including: |
0 |
0 |
0 |
0 |
0 |
- depreciation/amortization |
-3,757 |
-2,103 |
-2,103 |
-3,007 |
-3,876 |
- Additions to other provisions and pension provisions |
-2,495 |
-2,133 |
-2,133 |
-4,945 |
-3,770 |
Segment operating profit after PPA amortization |
12,953 |
-559 |
-4,153 |
-40,363 |
-47,424 |
Including: |
0 |
0 |
0 |
0 |
0 |
- PPA amortization |
-189 |
-770 |
-770 |
-777 |
-2,312 |
- Goodwill Impairment |
0 |
-4,200 |
-4,200 |
0 |
-5,205 |
Segment result from ordinary activities (EBT) |
11,678 |
-2,465 |
-6,059 |
-42,195 |
-49,887 |
Including: |
0 |
0 |
0 |
0 |
0 |
- Interest and similar income |
252 |
185 |
185 |
162 |
21 |
- Interest and similar expenses |
-1,514 |
-729 |
-729 |
-1,994 |
-2,484 |
- Income from equity accounted investments |
0 |
0 |
0 |
0 |
0 |
Income taxes |
255 |
1,433 |
2,455 |
-820 |
941 |
Net income |
11,933 |
-1,032 |
-3,604 |
-43,015 |
-48,947 |
Non-current segment assets (excluding deferred tax) |
41,172 |
22,018 |
22,018 |
15,903 |
20,569 |
- of which Germany |
41,049 |
21,914 |
21,914 |
14,271 |
13,358 |
- of which other EU countries |
0 |
0 |
0 |
1,633 |
26 |
- of which North America |
0 |
0 |
0 |
0 |
0 |
- of which Rest of the world |
123 |
104 |
104 |
0 |
7,185 |
Investments in non-current segment assets |
1,518 |
1,102 |
1,102 |
1,662 |
17,023 |
Working Capital |
7,668 |
2,997 |
-597 |
31,199 |
43,675 |
Goodwill |
29,512 |
29,512 |
29,512 |
4,165 |
7,346 |
ROCE (in %)1) |
23.0% |
0.4% |
-5.7% |
-63.5% |
-50.6% |
Average number of personnel excluding trainees |
549 |
547 |
547 |
486 |
550 |
1) The return on capital employed (ROCE) corresponds to the ratio of EBIT to capital employed. Capital employed corresponds to the sum of intangible assets, property, plant and equipment, working capital, investment property and goodwill based on the twelve-month average.
Segment |
MAX Automation SE2) |
Consolidation |
|||
---|---|---|---|---|---|
Reporting Period |
2019 |
2018 |
(2018 adjusted) |
2019 |
2018 |
Order intake |
0 |
0 |
0 |
0 |
0 |
Order backlog |
0 |
0 |
0 |
0 |
0 |
Segment sales |
3,270 |
3,073 |
3,073 |
-4,816 |
-5,147 |
With external customers |
6 |
213 |
213 |
0 |
0 |
- of which Germany |
6 |
213 |
213 |
0 |
0 |
- of which other EU countries |
0 |
0 |
0 |
0 |
0 |
- of which North America |
0 |
0 |
0 |
0 |
0 |
- of which China |
0 |
0 |
0 |
0 |
0 |
- of which Rest of the world |
0 |
0 |
0 |
0 |
0 |
- Inter-Segment revenue |
3,264 |
2,861 |
2,861 |
-4,816 |
-5,147 |
EBITDA |
-8,641 |
-4,179 |
-8,159 |
-336 |
-989 |
EBITDA margin (in %, in relation to sales ) |
- |
- |
- |
- |
- |
Total operating revenue |
3,270 |
3,073 |
3,073 |
-4,816 |
-5,147 |
Segment operating profit (EBIT before PPA amortization) |
-8,921 |
-4,381 |
-8,361 |
-336 |
-989 |
Including: |
0 |
0 |
0 |
0 |
0 |
- depreciation/amortization |
-281 |
-202 |
-202 |
0 |
0 |
- Additions to other provisions and pension provisions |
-902 |
-1,894 |
-1,894 |
0 |
0 |
Segment operating profit after PPA amortization |
-8,921 |
-4,381 |
-8,361 |
-3,012 |
-1,041 |
Including: |
0 |
0 |
0 |
0 |
0 |
- PPA amortization |
0 |
0 |
0 |
0 |
-51 |
- Goodwill Impairment |
0 |
0 |
0 |
-2,676 |
0 |
Segment result from ordinary activities (EBT) |
-36,523 |
-3,110 |
-7,740 |
9,550 |
-2,115 |
Including: |
0 |
0 |
0 |
0 |
0 |
- Interest and similar income |
3,475 |
2,333 |
2,333 |
-3,264 |
-2,556 |
- Interest and similar expenses |
-3,702 |
-2,265 |
-2,915 |
3,252 |
2,558 |
- Income from equity accounted investments |
-1,007 |
-1,237 |
-1,237 |
597 |
0 |
Income taxes |
2,047 |
2,725 |
2,725 |
0 |
-278 |
Net income |
-34,476 |
-385 |
-5,015 |
9,550 |
-2,394 |
Non-current segment assets (excluding deferred tax) |
97,857 |
107,959 |
107,959 |
-60,300 |
-70,264 |
- of which Germany |
97,857 |
107,959 |
107,959 |
-60,300 |
-70,264 |
- of which other EU countries |
0 |
0 |
0 |
0 |
0 |
- of which North America |
0 |
0 |
0 |
0 |
0 |
- of which Rest of the world |
0 |
0 |
0 |
0 |
0 |
Investments in non-current segment assets |
118 |
70 |
70 |
0 |
0 |
Working Capital |
-1,157 |
-1,291 |
-1,291 |
0 |
0 |
Goodwill |
0 |
0 |
0 |
0 |
0 |
ROCE (in %)1) |
- |
- |
- |
- |
- |
Average number of personnel excluding trainees |
9 |
0 |
0 |
0 |
0 |
1) The return on capital employed (ROCE) corresponds to the ratio of EBIT to capital employed. Capital employed corresponds to the sum of intangible assets, property, plant and equipment, working capital, investment property and goodwill based on the twelve-month average.
2) The values of the parent company are included in the MAX Automation SE column; transactions between the segments are eliminated in the Consolidation column. The sum of the two aforementioned columns are presented in the Reconciliation column in order to reconcile the segment disclosures with the Group figures.
Segment |
Reconciliation |
Group |
||||
---|---|---|---|---|---|---|
Reporting Period |
2019 |
2018 |
2018 (adjusted) |
2019 |
2018 |
2018 (adjusted) |
Order intake |
0 |
0 |
0 |
379,925 |
407,591 |
407,591 |
Order backlog |
0 |
0 |
0 |
199,520 |
260,325 |
260,325 |
Segment sales |
-1,546 |
-2,074 |
-2,074 |
425,488 |
404,885 |
403,985 |
With external customers |
6 |
213 |
213 |
425,488 |
404,885 |
403,985 |
- of which Germany |
6 |
213 |
213 |
156,689 |
149,643 |
148,742 |
- of which other EU countries |
0 |
0 |
0 |
116,352 |
99,198 |
99,198 |
- of which North America |
0 |
0 |
0 |
71,569 |
62,515 |
62,515 |
- of which China |
0 |
0 |
0 |
9,405 |
39,806 |
39,806 |
- of which Rest of the world |
0 |
0 |
0 |
71,472 |
53,723 |
53,723 |
- Inter-Segment revenue |
-1,552 |
-2,287 |
-2,287 |
0 |
0 |
0 |
EBITDA |
-8,977 |
-5,169 |
-9,148 |
-893 |
-12,678 |
-20,252 |
EBITDA margin (in %, in relation to sales ) |
- |
- |
- |
-0.2% |
-3.1% |
-5.0% |
Total operating revenue |
-1,546 |
-2,074 |
-2,074 |
399,258 |
408,851 |
405,257 |
Segment operating profit (EBIT before PPA amortization) |
-9,257 |
-5,370 |
-9,350 |
-11,937 |
-21,806 |
-29,379 |
Including: |
0 |
0 |
0 |
0 |
0 |
0 |
- depreciation/amortization |
-281 |
-202 |
-202 |
-11,044 |
-9,127 |
-9,127 |
- Additions to other provisions and pension provisions |
-902 |
-1,894 |
-1,894 |
-14,205 |
-10,910 |
-10,910 |
Segment operating profit after PPA amortization |
-11,933 |
-5,421 |
-9,401 |
-15,801 |
-34,567 |
-42,140 |
Including: |
0 |
0 |
0 |
0 |
0 |
0 |
- PPA amortization |
0 |
-51 |
-51 |
-1,189 |
-3,356 |
-3,356 |
- Goodwill impairment |
-2,676 |
0 |
0 |
-2,676 |
-9,405 |
-9,405 |
Segment result from ordinary activities (EBT) |
-26,974 |
-5,225 |
-9,855 |
-34,323 |
-39,167 |
-47,391 |
Including: |
0 |
0 |
0 |
0 |
0 |
0 |
- Interest and similar income |
211 |
-223 |
-223 |
744 |
69 |
69 |
- Interest and similar expenses |
-451 |
293 |
-357 |
-4,450 |
-3,431 |
-4,081 |
- Income from equity accounted investments |
-411 |
-1,237 |
-1,237 |
-411 |
-1,237 |
-1,237 |
Income taxes |
2,047 |
2,447 |
2,447 |
-1,154 |
2,813 |
3,835 |
Net income |
-24,926 |
-2,779 |
-7,409 |
-35,477 |
-36,354 |
-43,555 |
Non-current segment assets (excluding deferred tax) |
37,557 |
37,696 |
37,696 |
135,896 |
108,877 |
108,877 |
- of which Germany |
37,557 |
37,696 |
37,696 |
125,400 |
95,257 |
95,257 |
- of which other EU countries |
0 |
0 |
0 |
6,113 |
3,484 |
3,484 |
- of which North America |
0 |
0 |
0 |
4,074 |
2,719 |
2,719 |
- of which Rest of the world |
0 |
0 |
0 |
308 |
7,416 |
7,416 |
Investments in non-current segment assets |
118 |
70 |
70 |
8,543 |
24,839 |
24,839 |
Working Capital |
-1,157 |
-1,291 |
-1,291 |
71,962 |
71,532 |
67,938 |
Goodwill |
0 |
0 |
0 |
46,239 |
49,413 |
49,413 |
ROCE (in %)1) |
- |
- |
- |
-8.4% |
-16.2% |
-18.0% |
Average number of personnel excluding trainees |
9 |
0 |
0 |
1,816 |
1,773 |
1,773 |
1) The return on capital employed (ROCE) corresponds to the ratio of EBIT to capital employed. Capital employed corresponds to the sum of intangible assets, property, plant and equipment, working capital, investment property and goodwill based on the twelve-month average.
The breakdown of operations into the Process Technologies, Environmental Technologies, Evolving Technologies and Non-Core Business segments corresponds to the current status of internal reporting. Allocations to the respective segments are made on the basis of the products and services offered.
The MAX Group operates in the Process Technologies segment with the bdtronic Group and in the Environmental Technologies segment with the Vecoplan Group. In the Evolving Technologies segment, the MAX Group operates with the companies NSM Magnettechnik GmbH, the MA micro Automation Group, iNDAT Robotics GmbH, Mess- und Regeltechnik Jücker GmbH and AIM Micro Systems GmbH.
The Non-Core segment bundles the companies ELWEMA Automotive GmbH, IWM Automation Bodensee GmbH, IWM Automation Bodensee GmbH and IWM Automation Bodensee GmbH. These companies are all active in the area of special-purpose machine construction for the automotive sector, from which the Group is withdrawing.
Further information about the business operations of the individual enterprises is provided in the Group Management Report and can be taken from this source.
The reconciliation column shows in part income and expenses from transactions with other segments, which are eliminated for consolidation purposes. It also shows the income and expenses of the individual company MAX Automation SE since it involves a holding company and therefore lacks any operational activities.
Segment-related figures are published in accordance with IFRS 8 and these key ratios are also regularly reported to the Managing Directors and to the Supervisory Board and are of central importance for the management of the Company. A particular focus here is on sales and EBIT as performance variables. Working capital is also regularly subjected to more detailed analysis. Internal reporting is consistent with external accounting standards in accordance with IFRS.
The segment report shows the main income and expenses as well as the relevant earnings figures. The segmentation of assets is also observed, whereby the domicile of the Company is the decisive criterion.
Other performance indicators included in the segment report are the average headcount, investments, incoming orders and orders on hand. It is expected as a rule that revenue will be realized in the upcoming fiscal year from the existing orders on hand.
Transactions within the Group are generally conducted at arm's length.
The segmentation of revenue is determined by the sales markets. Contrary to the provisions of IFRS 8.33 (a), the Company does not break down sales in the North American market by country as this market is regarded as a single unit in its economic development.
Projects accounted for revenue of kEUR 346,418 (previous year: kEUR 335,910), while sales of kEUR 79,070 (previous year: kEUR 68,975) were generated by the service and spare parts business.
One customer in the Evolving Technologies segment was responsible for revenue of kEUR 52,407 in 2019 (previous year: kEUR 29,009 euro).
Events after the reporting period
On 18 February 2020 the Company submitted an application for contract modifications at the administrative office for the syndicated loan contract. The essential objective of the application for a contract modification was a readjustment of the covenants of the syndicated loan. On 28 February 2020, the bank syndicate accepted the application. As a result, the Company was able to strengthen its financing further.
Including two extension options, the syndicated loan contract has a term until 2024 for a total volume of 190 million euro.
With the signature on 2 March 2020, subleasing was arranged for half of the production area with adjacent offices at the Bermatingen property. The start of the lease is 1 April 2020. The sublease agreement has a minimum term of five years.
On 10 March 2020, Andreas Krause, member of the Supervisory Board and Chief Financial Officer of MAX Automation SE, who is simultaneously Chairman of the Management Board of the Company, notified the Company that he was stepping down from his positions for personal reasons. Andreas Krause has announced the resignation of his membership in the Supervisory Board of MAX Automation SE as of the end of this year’s General Meeting, which will be held on 29 May 2020, and his position as Managing Directors with effect from 15 June 2020.
Other financial obligations
Since 1 January 2019, the Group recognizes leases as rights of use in accordance with IFRS 16. For additional information, please refer to the section "Impact of the initial application of IFRS 16".
The following financial obligations from other non-cancelable contracts exist as of 31 December 2019:
in kEUR |
2019 |
2018 |
---|---|---|
up to 1 year |
1,698 |
2,434 |
1 to 5 years |
807 |
322 |
over 5 years |
0 |
0 |
Total |
2,505 |
2,756 |
Related party transactions
Related companies and persons as defined in IAS 24 are persons and enterprises (including affiliated enterprises) which can be controlled by the enterprise or which can control the enterprise. The enterprises in the MAX Group provide and purchase various services for or from related companies in the course of their business operations.
These supply and service relationships are arranged at standard market terms and conditions. Where services are involved, these are arranged on the basis of existing contracts.
Related enterprises
A free consultancy agreement was concluded with Günther Holding SE with effect from 1 September 2014, and was amended on 16 January 2017.
In 2019, expenses for auditing services of kEUR 6 were passed on to Günther Holding SE.
Related persons
Business transactions with related natural persons totaled kEUR 24 (previous year: kEUR 7). These relate to travel expenses incurred by Members of the Supervisory Board.
Auditor
Expenses for fees charged by the auditor of kEUR 522 (previous year: kEUR 335) were incurred in the year under review.
kEUR |
2019 |
2018 |
|
---|---|---|---|
1. |
Audit services |
449 |
317 |
a) Services for current year |
449 |
317 |
|
b) Services for prior year |
0 |
0 |
|
2. |
Other assurance services |
0 |
0 |
3. |
Tax advisory services |
0 |
6 |
4. |
Other services |
73 |
12 |
|
Total |
522 |
335 |
No other certification services were rendered in the current financial year or in the previous year.
Services in connection with the review of the mid-year financial report pursuant to Section 37w (5) of the German Securities Trading Act (WpHG) are recorded under audit services.
The other services essentially constitute forensic investigations and services in connection with the review of quarterly reports without any certification being issued in this regard.
Corporate Bodies of MAX Automation SE
The Management Board of MAX Automation AG was in charge until the conversion to an SE became effective upon entry in the commercial register on 8 February 2018. The Supervisory Board advised and oversaw the Management Board in its management of the Company. Since the conversion, MAX Automation SE has had a monistic management structure which is characterized by the fact that the responsibility for the management of the SE is vested in a single management body, the Supervisory Board. The Managing Directors of MAX Automation SE conduct the business of the Company, taking joint responsibility for the goal of adding sustainable value. They implement the basic principles and guidelines set out by the Supervisory Board.
Managing Directors
Daniel Fink
Dusseldorf, Germany (until 31 March 2019) CEO
Member of the following other supervisory bodies:
Chairman of the Supervisory Board of Vecoplan AG, Bad Marienberg (until 31 March 2019)
Andreas Krause
Boppelsen, Switzerland (from 1 March 2018) CFO (since 1 April 2019 Chairman of the Management Board)
Member of the following other supervisory bodies:
Deputy Chairman of the Supervisory Board of Vecoplan AG, Bad Marienberg (until 31 March 2019)
Chairman of the Supervisory Board of Vecoplan AG, Bad Marienberg (from 1 April 2019)
Werner Berens
Fahrsweiler, Germany (from 1 May 2019) Member of the following other supervisory bodies:
No membership in other supervisory bodies
Dr. Guido Hild
Dusseldorf,
Germany (from 1 July 2019) Member of the following other supervisory bodies:
Supervisory Board of GEA Orion Farm Technologies, Nagano (until 3 July 2019)
Patrick Vandenrijhn
Regensburg, Germany (from 1 May 2019)
Member of the following other supervisory bodies:
No membership in other supervisory bodies
Total compensation of the Managing Directors
The following amounts were granted to the Managing Directors of MAX Automation SE in the 2019 financial year:
kEUR |
Daniel Fink, Managing Director (CEO) until 31/03/2019 |
|||
---|---|---|---|---|
|
|
|
2019 |
2019 |
Fixed compensation |
320 |
80 |
80 |
80 |
Ancillary benefits* |
34 |
7 |
7 |
7 |
Total |
354 |
87 |
87 |
87 |
One-year variable compensation (STIP) |
61 |
51 |
0 |
79 |
Multi-year variable compensation (LTIP) |
266 |
314 |
0 |
393 |
thereof 2016 to 2019 program1) |
0 |
0 |
0 |
189 |
thereof 2017 to 2020 program1) |
126 |
0 |
0 |
131 |
thereof 2018 to 2021 program1) |
140 |
0 |
0 |
73 |
Total |
681 |
452 |
87 |
559 |
Pension expense |
0 |
0 |
0 |
0 |
Total compensation |
681 |
452 |
87 |
559 |
*The main ancillary benefits were private use of company car, insurance premiums and rent subsidies for housing.
1) Payment in 2019
kEUR |
Fabian Spilker, Managing Director (CFO) until 31/03/2018 |
|||
---|---|---|---|---|
|
|
|
2019 |
2019 |
Fixed compensation |
84 |
0 |
0 |
0 |
compensation |
600 |
0 |
0 |
0 |
Ancillary benefits* |
9 |
0 |
0 |
0 |
Total |
693 |
0 |
0 |
0 |
One-year variable compensation (STIP)2) |
0 |
0 |
0 |
0 |
Multi-year variable compensation (LTIP)2) |
0 |
0 |
0 |
0 |
thereof 2016 to 2019 program |
0 |
0 |
0 |
0 |
thereof 2017 to 2020 program |
0 |
0 |
0 |
0 |
thereof 2018 to 2021 program |
0 |
0 |
0 |
0 |
Total |
693 |
0 |
0 |
0 |
Pension expense |
0 |
0 |
0 |
0 |
Total compensation |
693 |
0 |
0 |
0 |
*The main ancillary benefits were private use of company car and insurance premiums.
2) Offset against other compensation components on departure in 2018
kEUR |
Andreas Krause, Managing Director (CFO) since 01/03/2018 |
|||
---|---|---|---|---|
|
|
|
2019 |
2019 |
Fixed compensation |
225 |
270 |
270 |
270 |
Ancillary benefits* |
24 |
35 |
35 |
35 |
Total |
249 |
305 |
305 |
305 |
One-year variable compensation (STIP) |
42 |
186 |
0 |
258 |
Multi-year variable compensation (LTIP) |
92 |
92 |
0 |
92 |
thereof 2018 to 2021 program |
92 |
46 |
0 |
46 |
thereof 2019 to 2022 program |
0 |
46 |
0 |
46 |
Total |
383 |
583 |
305 |
655 |
Pension expense |
0 |
0 |
0 |
0 |
Total compensation |
383 |
583 |
305 |
655 |
*The main ancillary benefits were private use of company car, insurance premiums and rent subsidies for housing.
kEUR |
Werner Berens, Managing Director since 01/05/2019 |
|||
---|---|---|---|---|
|
|
|
2019 |
2019 |
Fixed compensation |
0 |
153 |
153 |
153 |
Ancillary benefits* |
0 |
23 |
23 |
23 |
Total |
0 |
176 |
176 |
176 |
One-year variable compensation (STIP) |
0 |
210 |
15 |
255 |
Multi-year variable compensation (LTIP) |
0 |
48 |
0 |
105 |
thereof LTIP group 2019 to 2021 |
0 |
0 |
0 |
15 |
thereof LTIP Phantom Shares 2019 to 2021 |
0 |
24 |
0 |
60 |
thereof LTIP business unit 2019 to 2021 |
0 |
24 |
0 |
30 |
Total |
0 |
434 |
191 |
536 |
Pension expense |
0 |
0 |
0 |
0 |
Total compensation |
0 |
434 |
191 |
536 |
*The main ancillary benefits were private use of company car, insurance premiums and rent subsidies for housing.
kEUR |
Dr. Guido Hild, Managing Director, since 01/07/2019 |
|||
---|---|---|---|---|
|
|
|
2019 |
2019 |
Fixed compensation |
0 |
93 |
93 |
93 |
Ancillary benefits* |
0 |
11 |
11 |
11 |
Total |
0 |
104 |
104 |
104 |
One-year variable compensation (STIP) |
0 |
59 |
0 |
115 |
Multi-year variable compensation (LTIP) |
0 |
29 |
0 |
78 |
thereof LTIP group 2019 to 2021 |
0 |
0 |
0 |
13 |
thereof LTIP Phantom Shares 2019 to 2021 |
0 |
20 |
0 |
50 |
thereof LTIP business unit 2019 to 2021 |
0 |
9 |
0 |
15 |
Total |
0 |
202 |
104 |
297 |
Pension expense |
0 |
0 |
0 |
0 |
Total compensation |
0 |
202 |
104 |
297 |
*The main ancillary benefits were private use of company car and insurance premiums.
kEUR |
Patrick Vandenrijhn, Managing Director, since 01/05/2019 |
|||
---|---|---|---|---|
|
|
|
2019 |
2019 |
Fixed compensation |
0 |
153 |
153 |
153 |
Ancillary benefits* |
0 |
13 |
13 |
13 |
Total |
0 |
166 |
166 |
166 |
One-year variable compensation (STIP) |
0 |
172 |
15 |
255 |
Multi-year variable compensation (LTIP) |
0 |
275 |
0 |
340 |
thereof LTIP group 2019 to 2021 |
0 |
0 |
0 |
15 |
thereof LTIP Phantom Shares 2019 to 2021 |
0 |
24 |
0 |
60 |
thereof LTIP business unit 2019 to 2021 |
0 |
16 |
0 |
30 |
thereof special program 2017 to 2019 |
0 |
235 |
0 |
235 |
Total |
0 |
613 |
181 |
761 |
Pension expense |
0 |
0 |
0 |
0 |
Total compensation |
0 |
613 |
181 |
761 |
*The main ancillary benefits were private use of company car, insurance premiums and rent subsidies for housing.
The following amounts accrued to the Managing Directors of MAX Automation SE in the financial year of 2019:
in kEUR |
Daniel Fink, Managing Director (CEO) until 31/03/2019 |
Fabian Spilker, Managing Director (CFO) until 31/03/2018 |
Andreas Krause, Managing Director (CFO) since 01/03/2018 |
|||
---|---|---|---|---|---|---|
|
2018 |
2019 |
2018 |
2019 |
2018 |
2019 |
Fixed compensation |
320 |
80 |
84 |
0 |
225 |
270 |
compensation |
0 |
0 |
600 |
0 |
0 |
0 |
Ancillary benefits |
34 |
7 |
9 |
0 |
24 |
35 |
Total |
354 |
87 |
693 |
0 |
249 |
305 |
One-year variable compensation |
0 |
51 |
0 |
0 |
0 |
40 |
Multi-year variable compensation |
0 |
314 |
0 |
0 |
0 |
0 |
Total |
354 |
452 |
693 |
0 |
249 |
345 |
Pension expense |
0 |
0 |
0 |
0 |
0 |
0 |
Total compensation |
354 |
452 |
693 |
0 |
249 |
345 |
in kEUR |
Werner Berens, Managing Director since 01/05/2019 |
Dr. Guido Hild, >Managing Director since, 01/07/2019 |
Patrick Vandenrijhn, Managing Director since 01/05/019 |
|||
---|---|---|---|---|---|---|
|
2018 |
2019 |
2018 |
2019 |
2018 |
2019 |
Fixed compensation |
0 |
153 |
0 |
93 |
0 |
153 |
compensation |
0 |
0 |
0 |
0 |
0 |
0 |
Ancillary benefits |
0 |
23 |
0 |
11 |
0 |
13 |
Total |
0 |
176 |
0 |
104 |
0 |
166 |
One-year variable compensation |
0 |
0 |
0 |
0 |
0 |
0 |
Multi-year variable compensation |
0 |
0 |
0 |
0 |
0 |
0 |
Total |
0 |
176 |
0 |
104 |
0 |
166 |
Pension expense |
0 |
0 |
0 |
0 |
0 |
0 |
Total compensation |
0 |
176 |
0 |
104 |
0 |
166 |
The other compensation for the Managing Directors of MAX Automation SE consists of ancillary benefits in kind, mainly including the use of a company car and the provision of a company apartment. The individual Managing Directors are responsible for the taxation on the benefits in kind forming part of the compensation package. Benefits from the D&O insurance were not quantifiable for the Managing Directors of MAX Automation SE as this is a collective insurance policy which covers a number of employees.
Additional information as well as relevant disclosures in accordance with IFRS 2 “Share-based payment” can be found in the compensation report in the Group Management Report.
Members of the Supervisory Board
Gerhard Lerch
Hanover, Germany
Dipl.-Betriebswirt, Consultant Chairman of the Supervisory Board (until 31 December 2018)
Member of the following other supervisory bodies:
Chairman of the Supervisory Board of Vecoplan AG, Bad Marienberg (until June 2018)
Dr. Christian Diekmann
Hamburg, Germany
Dipl.-Kaufmann, Managing Director of ZRT GmbH and Zertus GmbH, Hamburg
Chairman of the Supervisory Board (since 18 May 2019)
Member of the following other supervisory bodies:
Member of the Board of Zertus Beteiligungen Lir Chocolates Ltd. Navan, Ireland,
Member of the Board of Zetar Ltd., London, Great Britain
Member of the Board of Zertus UK Ltd., London
Chairman of the Board of Gaea Products SA, Athens, Greece
Dr. Jens Kruse
Hamburg, Germany
Fully Authorized Representative (Generalbevollmächtigter) of M.M. Warburg & CO (AG & Co.), Hamburg Deputy Chairman of the Supervisory Board
Member of the following other supervisory bodies:
Member of the Supervisory Board of Biesterfeld AG, Hamburg
Deputy Chairman of the Supervisory Board of PNE AG, Cuxhaven
Dr. Ralf Guckert
Hamburg, Germany
Managing Director (CDO) Günther Holding SE, Hamburg Member of the Supervisory Board (since 25 January 2019)
Member of the following other supervisory bodies:
Member of the Advisory Board of Langenscheidt GmbH & Co. KG, Munich, of Langenscheidt Digital GmbH & Co. KG, Munich, and of Langenscheidt Management GmbH, Munich (Günther SE Group-internal position)
Member of the Advisory Board of all4cloud GmbH & Co. KG, Viernheim, and all4cloud Management GmbH, Hamburg (Günther SE Konzern-internal position)
Member of the Advisory Board of Günther Direct Services, Bamberg, and G Connect GmbH, Munich (Günther SE Group-internal position)
Oliver Jaster
Hamburg, Germany
Chairman of the Supervisory Board of Günther Holding SE, Hamburg Member of the Supervisory Board
Member of the following other supervisory bodies:
Member of the Supervisory Board of ZEAL Network SE, London
Chairman of the Advisory Board of Langenscheidt GmbH & Co. KG, Munich, of Langenscheidt Digital GmbH & Co. KG, Munich, and of Langenscheidt Management GmbH, Munich (Günther SE Group-internal position)
Chairman of the Advisory Board of all4cloud GmbH & Co. KG, Viernheim, and all4cloud Management GmbH, Hamburg (Günther SE Konzern-internal position)
Chairman of the Advisory Board of Günther Direct Services, Bamberg, and G Connect GmbH, Munich (Günther SE Group-internal position)
Chairman of the Supervisory Board of Günther SE, Bamberg (Günther SE Group-internal position)
Daniel Fink
Dusseldorf, Germany
Managing Director of MAX Automation SE (until 31 March 2019) Member of the Supervisory Board
Fabian Spilker, Dusseldorf, Germany
Managing Director of MAX Automation SE (until 31 March 2018)
Member of the Supervisory Board (until 18 May 2018)
Andreas Krause, Boppelsen, Switzerland
Managing Director of MAX Automation SE (from 1 March 2018) Member of the Supervisory Board (from 18 May 2018)
Total compensation of the Supervisory Board
The compensation paid to the Supervisory Board in 2019 amounted to kEUR 273 (Previous year: kEUR 232). Along with the reimbursement of their expenses, the Chairman of the Supervisory Board receives kEUR 120, the Deputy Chairman of the Supervisory Board receives kEUR 60 and the remaining members of the Supervisory Board with the exception of Managing Directors receive kEUR 40 after the end of the fiscal year.
in kEUR |
Fixed remuneration |
Consultancy services |
Total |
|||
---|---|---|---|---|---|---|
|
2018 |
2019 |
2018 |
2019 |
2018 |
2019 |
Gerhard Lerch, Chairman (until 31/12/2018) |
132 |
0 |
0 |
0 |
132 |
0 |
Dr. Christian Diekmann, Chairman (from 18/05/2019) |
0 |
75 |
0 |
27 |
0 |
102 |
Dr. Jens Kruse, Deputy Chairman (from 01/01/2019 until 17/05/2019 Chairman) |
60 |
83 |
0 |
0 |
60 |
83 |
Dr. Ralf Guckert (from 25/01/2019, until 17/05/2019 Deputy chairman) |
0 |
48 |
0 |
0 |
0 |
48 |
Oliver Jaster |
40 |
40 |
0 |
0 |
40 |
40 |
The above list includes fixed compensation of kEUR 12 for Mr. Lerch for the positions on the Supervisory Board of Vecoplan AG in the 2018 fiscal year.
The members of the Supervisory Board did not receive any loans or advances in the 2019 fiscal year.
Further information can be found in the compensation report in the Group Management Report under "Report on Board Members’ compensation".
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