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 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.

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