Earnings situation and appropriation of profits
The financial performance of Max Automation SE is highly dependent on the development of the results of the group companies. Control and profit loss transfer agreements were concluded with three group companies (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 needs of the group companies for capital expenditure.
The development of the group companies’ 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 5.1 (previous year: mEUR 12.2) as well as expenses from profit transfers of mEUR 7.7 (previous year: mEUR 12.4) in the 2020 fiscal year.
Sales revenues, which mainly include group allocations with affiliated companies, amounted to mEUR 2.1 (previous year: mEUR 3.3).
2020, no depreciation on current assets incurred (previous year: mEUR 9.2). The previous year included the depreciation 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 Packtec GmbH (previously: NSM Packtec GmbH) amounting to mEUR 0.7 and the valuation allowance from 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 fell from mEUR 9.6 to mEUR 7.0 mainly as a result of the discontinuation of restructuring consulting for group companies.
The loss from the sale of financial assets amounting to mEUR 1.7 in the previous year related to the sale of minority shares of ESSERT GmbH.
The net interest result stood at mEUR -3.7 after mEUR -0.8 in the previous year. This mainly includes expenses for the syndicated loan and interest income from affiliated companies.
Amortization of financial assets of a total of mEUR 1.6 (previous year: mEUR 22.9) includes valuation allowances in connection with the investment in MAX Automation North America Inc. amounting to kEUR 5 as well as amortization on the vendor loans, which was related to the sale of ESSERT GmbH, in the amount of mEUR 1.6. The previous year included amortization of the investment in MAX Automation (Asia Pacific) Co. Ltd., Hong Kong, amounting to mEUR 12.8, amortization 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 SE amounting to mEUR 4.9, which should be considered a loan, economically speaking. In 2020, there was an inflow of kEUR 50 from this loan.
The company reported earnings before taxes of mEUR -16.6 (previous year: mEUR -44.0). Tax income of mEUR 0.1 was reported (previous year mEUR 0.0).
The annual result amounts to mEUR -16.6 (previous year: mEUR -44.0). No distributions were made in the 2020 financial year from the net retained profits of the previous year.
As of 31 December 2020, total equity and liabilities of MAX Automation SE stood at mEUR 222.8. This corresponds to a decrease of mEUR 16.0 compared to the reporting date of the previous year (mEUR 238.8).
Receivables and other assets decreased by mEUR 139.6 to mEUR 128.8. This includes mEUR 121.6 from receivables from group companies from syndicated financing (previous year: mEUR 114.0). Cash and cash equivalents amounted to mEUR 4.0 at the reporting date (previous year: mEUR 5.0).
MAX Automation SE reports equity of mEUR 48.7 as of 31 December 2020 (previous year: mEUR 65.3). The equity ratio was 21.9% (previous year: 30.1%).
Liabilities to banks as of 31 December 2020 decreased from mEUR 119.9 to mEUR 114.5. These have a term until 2022. As of 31 December 2020, liabilities to group companies amounted to mEUR 55.8, compared to mEUR 48.4 in the prior year, and mainly comprise loans/contributions granted.
The net assets, financial position and results of operations of MAX Automation SE is in order.