Consolidation principles
MAX Automation SE and its subsidiaries over which it exercises control are included in the Consolidated Financial Statements. Control exists when MAX Automation SE is exposed to fluctuating returns from the relationship with the investee and has the opportunity to influence these returns through its power of disposal over the investee.
A subsidiary is consolidated from the date on which the Group acquires control of the subsidiary. It is deconsolidated as soon as the Group loses control of the subsidiary. All intra-Group assets and liabilities, equity, income and expenses as well as cash flows from business transactions that take place between Group companies are completely eliminated during consolidation.
All active Group companies are included in the scope of consolidation. These are majority holdings.
Besides MAX Automation SE, the scope of consolidation on the balance sheet date included a total of 29 subsidiaries and sub-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 one of the four companies in the Non-Core segment. This legal unit will be assigned to the Evolving Technologies segment once its operational business has been fully shut down.
In line with the clear strategic direction, the current companies were divided into the segments Process Technologies, Environmental Technologies, Evolving Technologies and Non-Core Business.
The scope of consolidation is comprised as follows:
2020 | 2019 | |
Process Technologies | 7 | 7 |
Environmental Technologies | 9 | 9 |
Evolving Technologies | 9 | 8 |
Non-core | 4 | 4 |
Group | 29 | 28 |
MA micro automation GmbH, St. Leon-Rot acquired 100% of the shares in the shelf company “Kronen zweiausend596 GmbH,” Frankfurt/Main, with notarial certification dated 23 July 2020. In connection with the acquisition, the renaming of the acquired company to MA Life Science GmbH and the relocation of the company’s headquarters to St. Leon-Rot were submitted to the commercial register for entry.
On 2 October 2020, MA Life Science GmbH, St. Leon-Rot founded a new company in Dover, Delaware, USA, under the name Micro Automation LLC.
On 23 October, MA Micro Automation Pte. Ltd. issued 15,000 new shares in the company to MA Life Science GmbH as part of a capital increase. Besides MA micro automation GmbH, St. Leon-Rot, MA Life Science GmbH is hence also a shareholder in the company. This took place against the backdrop of the company’s change of legal form to an LLP. MA Micro Automation Pte. Ltd. was converted into Micro Automation LLP on 9 November 2020.
On 31 October, MAX Automation SE contributed its shares in Vecoplan AG to MAX Management GmbH in order to make better use of tax loss carryforwards. Apart from the valuation of the tax loss carryforwards, this internal restructuring had no effects at the Group level.
On 17 December 2020, the decision was made to liquidate MAX Automation North America Inc., Wilmington, Delaware, USA. Since the company is not material from the Group’s perspective on 31 December 2020, it was deconsolidated as of the balance sheet date.