MAX Automation (hereinafter “Company” or “the MAX Group”) is a European stock corporation based in Germany. The registered office and principal place of business of the Company is Dusseldorf.
The main remit of the Company is to act as a managing holding company, i.e. combining companies under a single management, advising these companies, and assuming other business management duties. The Group companies operate internationally as high-tech mechanical engineering companies and leading providers of integrated turnkey solutions and complex systems and components. The business operations are divided into the segments Industrial Automation and Environmental Technology. MAX Automation SE therefore assumes the role of lead parent company of the Group.
Consolidated financial statements
The Company has prepared its Consolidated Financial Statements in compliance with Section 315e (1) of the German Commercial Code (HGB) in accordance with the International Financial Reporting Standards (IFRS), as applicable in the EU, and in line with the interpretations of the International Financial Reporting Interpretations Committee (IFRIC), formerly the Standing Interpretations Committee (SIC). All the IFRS rules which were mandatory for the past financial year were applied.
The Consolidated Financial Statements were prepared in euro (EUR). Unless specified otherwise, all of the amounts are stated in thousands of euro (kEUR). For computational reasons, rounding differences of TEUR 1 may occur in the tables.
The Consolidated Statement of Comprehensive Income is presented on the basis of the total cost method.
The Consolidated Financial Statements for the financial year ending 31 December 2019, duly audited and issued with an unqualified audit certificate, were approved by the Supervisory Board on 13 March 2020. The audited Consolidated Financial Statements for the year ending 31 December 2020 are expected to be approved by the Supervisory Board on 16 March 2021.
COVID 19-Pandemic
On 5 June 2020, the Company submitted an application for contract modifications at the administrative office for the syndicated loan contract due to the effects of the COVID-19 pandemic. The subject of the application was the suspension of the covenant testing until 31 December 2020 and the readjustment of the covenants. The bank syndicate accepted the application on 25 June 2020.
A subsidiary of Vecoplan AG applied for and received a government subsidy of kUSD 951 from the Paycheck Protection Program (“PPP Loan”) in the USA. This program is aimed at small businesses with fewer than 500 employees. The income-effective receipt of the subsidy was tied to various requirements. The Company met these requirements in the fourth quarter.
In Germany, various Group companies have made use of the instrument of short-time work where possible and necessary. The grants were recognized in personnel expenses to reduce expenses, insofar as they relate to social security contributions.
The COVID-19 pandemic was taken into consideration in the planning process of the companies. Furthermore, in connection with the development as a result of the COVID-19 pandemic, reference is made to the explanations in the Outlook.
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