Explanatory notes on the consolidated statement of financial position
Assets

(1) Intangible assets

The following tables show the development and breakdown of intangible assets.

kEUR

Concessions, industrial property
rights and similar rights and assets,
and licenses to such rights and assets

Internally intangible assets

Advances paid

Total

Acquisition or production cost

01.01.2020

33,113

11,780

180

45,073

Changes in scope of consolidation

0

0

0

0

Currency differences

-114

0

0

-114

Additions

1,360

325

1,378

3,063

Disposals

-3,096

-244

-41

-3,381

Reclassification to assets held for sale

-4

0

0

-4

Repostings

438

0

-413

26

31.12.2020

31,697

11,861

1,104

44,662

Accumulated amortization

01.01.2020

30,537

7,698

51

38,286

Changes in scope of consolidation

0

0

0

0

Currency differences

-107

0

0

-107

Additions

1,374

539

0

1,913

Impairment

461

3,518

742

4,721

Disposals

-3,058

-242

0

-3,300

Reclassification to assets held for sale

-4

0

0

-4

Repostings

3

0

-1

2

31.12.2020

29,206

11,513

792

41,511

Carrying amount

31.12.2020

2,492

348

311

3,152

kEUR

Concessions, industrial property
rights and similar rights and assets,
and licenses to such rights and assets

Internally intangible assets

Advances paid

Gesamt

Acquisition or production cost

01.01.2019

41,243

13,288

235

54,765

Changes in scope of consolidation

-7,956

0

0

-7,956

Currency differences

369

0

1

370

Additions

879

1,381

106

2,366

Disposals

-1,742

-2,730

0

-4,472

Repostings

320

-159

-161

0

31.12.2019

33,113

11,780

180

45,073

Accumulated amortization

01.01.2019

31,658

8,910

50

40,618

Changes in scope of consolidation

-2,185

0

0

-2,185

Currency differences

120

0

0

120

Additions

2,598

1,518

1

4,117

Disposals

-1,654

-2,730

0

-4,384

Repostings

0

0

0

0

31.12.2019

30,537

7,698

51

38,286

Carrying amount

31.12.2019

2,576

4,082

129

14,148

Intangible assets include licenses, computer software, technologies, development projects, websites, trademarks and customer relationships. The internally produced intangible assets are primarily capitalized development costs of the Group companies.
In the financial year, impairment losses of kEUR 4,721 were recorded for intangible assets, which essentially result from the need for impairment determined in the goodwill impairment test on ELWEMA Automotive GmbH. The impaired assets are software licenses, internally developed software and capitalized development costs.

(2) Right-of-use Assets

With regard to the rights of use arising from leases, additional information on leases can be found in the chapter on lease liabilities.

kEUR

Right-of-use Assets

Cost

01/01/2020

21,045

Changes in scope of consolidation

0

Currency differences

-158

Additions

3,912

Disposals

-1,099

Reclassifications

0

31/12/2020

23,700

Accumulated amortization

01/01/2020

3,813

Changes in scope of consolidation

0

Currency differences

-47

Impairment

1,776

Additions

4,565

Disposals

-1,046

Reclassifications

0

31/12/2020

9,061

Carrying amount

31/12/2020

14,639

kEUR

Right-of-use Assets

Cost

01/01/2019

0

Changes in scope of consolidation

0

Currency differences

4

Additions

19,315

Disposals

-53

Reclassifications

1,779

31/12/2019

21,045

Accumulated amortization

01/01/2019

0

Changes in scope of consolidation

0

Currency differences

-1

Additions

3,834

Disposals

-20

Reclassifications

0

31/12/2019

3,813

Carrying amount

31/12/2019

17,232

The following table shows the carrying amounts of the rights of use for each class of underlying assets:

in kEUR

31/12/2020

31/12/2019

Land and buildings

11,299

13,903

Technical equipment and machinery

1,440

381

Other plant and office equipment (vehicles - passenger cars)

1,445

1,800

Other plant and office equipment (industrial vehicles)

38

117

Other plant and office equipment (others)

416

1,030

Total right-of-Use Assets

14,639

17,232

The following table shows depreciation in connection with rights of use per class of underlying assets:

in kEUR

2020

2019

Depreciation of land and buildings

3,724

2,105

Depreciation of technical equipment and machinery

417

167

Depreciation of other plant and office equipment (vehicles - passenger cars)

1,481

1,004

Depreciation of other plant and office equipment (industrial vehicles)

79

97

Depreciation of other plant and office equipment (others)

640

508

Depreciation of right-of-use-assets

6,341

3,880

Impairments of kEUR 1,777 were made in the financial year. Of this, kEUR 1,378 related to the right of use of the property of IWM Automation Polska Sp.z.o.o. The impairment of the right of use of this property was made because the company is intended to close in 2021 and thus the right to use the property is no longer of any value to the Company. In addition, impairments of kEUR 447 were made on rights of use of the Group company ELWEMA Automotive GmbH. The latter result from the need for impairment in the impairment test of ELWEMA Automotive GmbH and relate to rights of use for operating and office equipment (vehicles – cars / other). Both companies belong to the Non-Core segment .
The following table shows the additions and disposals of usage rights per class of underlying assets:

in kEUR

2020

2019

Additions land and buildings

1,216

6,823

Additions technical equipment and machinery

1,495

347

Additions other plant and office equipment (vehicles - passenger cars)

1,164

1,698

Additions other plant and office equipment (industrial vehicles)

0

0

Additions other plant and office equipment (others)

36

940

Disposals land and buildings

182

0

Disposals technical equipment and machinery

201

0

Disposals other plant and office equipment (vehicles - passenger cars)

548

53

Disposals other plant and office equipment (industrial vehicles)

88

0

Disposals other plant and office equipment (others)

82

0

The disposal of rights of use resulted in a book profit of kEUR 33 (previous year: book loss of kEUR 33). The disposals result from the premature termination of leases in the Non-Core segment.

(3) Goodwill

The disclosed goodwill figures break down in detail as follows:

kEUR

Goodwill

Total

Cost

01.01.2020

63,058

63,058

Changes in scope of consolidation

0

0

Currency differences

-37

-37

Additions

3,000

3,000

Disposals

0

0

Reclassifications

0

0

31.12.2020

63,024

63,024

Accumulated amortization

01.01.2020

16,818

16,818

Changes in scope of consolidation

0

0

Currency differences

-5

-5

Additions

7,628

7,628

Disposals

0

0

Reclassifications

0

0

31.12.2020

24,442

24,442

Carrying amount

31.12.2020

38,582

38,582

kEUR

Goodwill

Total

Cost

01.01.2019

68,838

68,838

Changes in scope of consolidation

-6,039

-6,039

Currency differences

259

259

Additions

0

0

Disposals

0

0

Reclassifications

0

0

31.12.2019

63,058

63,058

Accumulated amortization

01.01.2019

19,424

19,424

Changes in scope of consolidation

-5,512

-5,512

Currency differences

231

231

Additions

2,676

2,676

Disposals

0

0

Reclassifications

0

0

31.12.2019

16,818

16,818

Carrying amount

31.12.2019

46,239

46,239

Goodwill fell to TEUR 38,582 in the financial year (previous year: TEUR 46,239). This decrease results from impairments of the goodwill of ELWEMA Automotive GmbH in the amount of kEUR 4,165 and iNDAT Robotics GmbH in the amount of kEUR 3,463. In addition, there is a decrease of kEUR 42 from currency translation in the Environmental Technologies subgroup and an addition from the first-time consolidation of MA Life Science GmbH in the amount of kEUR 3.

in kEUR

31/12/2020

31/12/2019

Goodwill

38,582

46,239

Process Technologies

6,163

6,163

- thereof bdtronic group

6,163

6,163

Evolving Technologies

26,052

29,512

- thereof NSM Magnettechnik

12,124

12,124

- thereof MA micro automation GmbH group

11,664

11,661

- thereof iNDAT Robotics GmbH

0

3,463

- thereof Mess- und Regeltechnik Jücker GmbH

1,403

1,403

- thereof AIM Micro Systems GmbH

860

860

Environmental Technologies

6,367

6,399

- thereof Vecoplan group

6,367

6,399

Non-Core

4,165

- thereof ELWEMA Automotive GmbH

0

4,165

(4) Property, plant and equipment

Due to the intended sale of the property and the building of IWM Automation GmbH as well as the related operating and office equipment, a reclassification to assets held for sale in the amount of kEUR 2,720 took place in the reporting year.
The impairments in the amount of kEUR 355 essentially result from the impairment test of ELWEMA Automotive GmbH and the need for impairment determined there.
No revaluations have been carried out since the first application of the revaluation method for land and buildings in the MAX Group on 31 December 2019. If the acquisition cost model had continued to be used, the carrying amount of the land and buildings as of 31 December 2020 would have been kEUR 17,661.

kEUR

Land and buildings

Technical equipment and machinery

Other equipment, operating and office equipment

Assets under construction

Prepayments made

Total

Cost

01.01.2020

39,380

18,549

23,305

1,557

0

82,791

Change in the scope of consolidation

0

0

0

0

0

0

Currency differences

-272

-70

-266

0

0

-608

Additions

635

4,411

1,744

523

104

7,417

Disposals

0

-2,463

-1,927

-58

0

-4,448

Reclassification to assets held for sale

-2,760

0

-247

0

0

-3,007

Repostings

-223

1,688

46

-1,536

0

-25

31.12.2020

36,760

22,115

22,656

486

104

82,121

Accumulated depreciation

01.01.2020

5,257

14,269

16,928

0

0

36,454

Change in the scope of consolidation

0

0

0

0

0

0

Currency differences

-7

-62

-184

0

0

-253

Additions

1,161

1,329

1,701

0

0

4,191

Impairment

0

56

299

0

0

355

Disposals

0

-710

-1,680

0

0

-2,390

Reclassification to assets held for sale

-66

0

-221

0

0

-287

Repostings

-125

127

-4

0

0

-2

31.12.2020

6,220

15,009

16,839

0

0

38,068

Carrying amount

31.12.2020

30,540

7,105

5,817

486

104

44,054

kEUR

Land and buildings

Technical equipment and machinery

Other equipment, operating and office equipment

Assets under construction

Prepayments made

Total

Cost

01.01.2019

46,807

19,560

21,170

100

42

87,679

Change in the scope of consolidation

-365

-206

-369

0

-44

-984

Currency differences

62

21

69

0

2

154

Additions

93

1,602

2,996

1,487

0

6,177

Additions from revaluation

2,187

0

0

0

0

2,187

Disposals

-2

-2,428

-561

-30

0

-3,021

Disposals from revaluation

-6,852

0

0

0

0

-6,852

Repostings

-2,550

0

0

0

0

-2,550

31.12.2019

39,380

18,549

23,305

1,557

0

82,791

Accumulated depreciation

01.01.2019

21,649

15,505

15,686

0

0

52,839

Change in the scope of consolidation

-100

-84

-221

0

0

-405

Currency differences

26

14

47

0

0

87

Additions

1,346

1,016

1,921

0

0

4,283

Disposals

0

-2,183

-504

0

0

-2,687

Disposals from revaluation

-17,664

0

0

0

0

-17,664

Repostings

0

0

0

0

0

0

31.12.2019

5,257

14,269

16,928

0

0

36,454

Carrying amount

31.12.2019

34,123

4,280

6,378

1,557

0

46,338

(5) Investment property

The investment property item essentially includes the lease for the leased property on Kesselbachstrasse in Bermatingen. As a result of the closure of the operating business of IWM Automation Bodensee GmbH, this property has been classified as an investment property since 30 June 2019 due to the intention to let the property. Rental income of kEUR 138 (previous year: EUR 0) was achieved in the financial year. The second property in Dettenhausen did not generate rental income in either the current or the previous year.
Based on the current rental agreements, rental income of kEUR 121 is expected for financial year 2021. In the years from 2022 to 2024 like-for-like KEUR 124 per year. Taking into account the basic rental period of the contracts, rental income of kEUR 55 will be achieved in financial year 2025, and kEUR 2 in financial year 2026. All leases automatically self-renew at the end of the base lease term if they are not terminated.
Impairment losses of kEUR 1,097 resulted from fair value adjustments in the Consolidated Statement of Comprehensive Income in the financial year.
As part of the fair value assessment of the Kesselbachstraße property, which is based on a leasing relationship in accordance with IFRS 16, various scenarios were determined on the basis of a market value appraisal with regard to the further development of the property's rental capacity. The lease has a term until 2041. The most likely development from the management’s point of view has been included in the assessment. In general, the fair value of the property will decrease to zero by the end of the rental period. The fair value adjustments are offset by rental income.
The Dettenhausen property was appraised mainly on the basis of the land values determined by the appraisal committee of the municipality of Dettenhausen.
In the financial year, kEUR 64 (previous year: kEUR 39) was incurred for the maintenance of the investment property, whereby kEUR 46 (previous year: kEUR 39) were attributable to the Kesselbachstraße property and kEUR 18 (previous year: kEUR 0) to the Dettenhausen property. The development of the property held as a financial investment can be seen in the following table and follows the classic representation of a schedule of assets:

kEUR

Investment properties

01.01.2020

7,454

Changes in the scope of consolidation

0

Additions

0

Disposals

0

Impairment

-1,097

Transfer from being an owner-occupied property

0

Adjustment of the fair value through the revaluation reserve

0

31.12.2020

6,357

kEUR

Investment properties

01.01.2019

1,254

Changes in the scope of consolidation

0

Additions

0

Disposals

0

Transfer from being an owner-occupied property

3,372

Net gain (loss) from fair value adjustments

2,828

31.12.2019

7,454

(6) Financial assets accounted for using the equity method

The transitional consolidation from full consolidation to equity method accounting for MAX Automation (Asia Pacific) Co. Ltd., Hong Kong, in which MAX Automation SE has a 51% equity interest, took place on 30 April 2019. The transitional consolidation had no effect on earnings. MAX Automation (Asia Pacific) Co. Ltd., Hong Kong, in turn holds a 100% share in MAX Automation (Shanghai) Co., Ltd. The transition to the equity method took place in accordance with the provisions of IFRS 10 due to the loss of control over the company.
The net profit for the period of the associated company accounted for using the equity method in 2020 amounted to TEUR 0 (previous year: TEUR -411). The investment carrying amount of MAX Automation (Asia Pacific) Co. Ltd., Hong Kong, measured at equity amounted to kEUR 0 as of 31 December 2020.

(7) Other financial assets

Other financial assets in the amount of TEUR 1,924 (previous year: kEUR 6,692) include, among other items, two seller loans in the amount of kEUR 650 (previous year: kEUR 827) in connection with the management buy-out of altmayerBTD GmbH & Co. KG in 2015. The only silent participation (previous year: kEUR 800) was repaid in full in December 2020.
They also include a seller loan in the amount of kEUR 522 (previous year: kEUR 4,589) that was made available in 2019 as part of the sale of ESSERT GmbH for the transitional financing of the company and the purchase price deferral. With a notarial deed dated 13 May 2020, repayments totaling kEUR 2,463 were agreed. The purchase price deferral was made interest-free in the amount of kEUR 603 for 10 years and discounted accordingly. The remaining amount was written off.
Furthermore, there is a tenant loan of kEUR 573 (previous year: kEUR 449) and security deposits of kEUR 179 (previous year: kEUR 28).

(8) Deferred taxes

Deferred taxes are attributable to the following Consolidated Statement of Financial Position items as they arise:

in kEUR

31/12/2020

31/12/2019

Deferred tax assets

Deferred tax liabilities

Deferred tax assets

Deferred tax liabilities

Long-term balance sheet items

A.

Non-current assets

30,417

6,798

24,506

8,161

I.

Intangible assets

523

345

167

1,862

II.

Property, plant and equipment

454

6,395

225

6,241

III.

Non-current financial assets

24

58

0

58

IV.

Deferred tax assets for tax losses carried forward

29,416

0

24,114

0

B.

Non-current liabilities

950

24

1,258

0

Short-term balance sheet items

C.

Current assets

2,968

1,258

1,842

2,747

I.

Inventories and trade payables

2,968

1,258

1,842

2,747

II.

Current financial assets

0

0

0

0

D.

Current liabilities

725

143

1,517

4

Subtotal

35,060

8,223

29,123

10,912

Value adjustments on losses carried forward

-15,834

0

-12,655

0

Netting

-6,170

0

-6,085

0

Total

13,056

8,223

10,383

10,912

The deferred tax assets and liabilities resulting from production orders were netted, as were deferred tax assets and liabilities within the Group entities.
Domestic trade tax losses of kEUR 22,339 (previous year: kEUR 11,597) were carried forward at the parent company of the Group with deferred tax assets of kEUR 3,177 (previous year: kEUR 1,568), and domestic corporation tax losses of kEUR 23,032 (previous year: kEUR 11,803) were carried forward with deferred tax assets of kEUR 3,646 (previous year: kEUR 1,868) and loss carryforwards from Section 4h EStG (interest barrier) in the amount of kEUR 4,095 (previous year: kEUR 0) with deferred tax assets of kEUR 1,085.
In addition, there are domestic trade tax loss carryforwards of kEUR 68,405 (previous year: kEUR 68,319) and corporation tax loss carryforwards of kEUR 70,600 (previous year: kEUR 70,114) as well as loss carryforwards from Section 4h EStG (interest barrier) of kEUR 2,832 (previous year: EUR 0) with deferred tax assets totaling kEUR 20,426 (previous year: kEUR 19,685).
The domestic loss carryforwards including the interest carryforward of kEUR 14,915 (previous year: kEUR 11,811) were not (no longer) capitalized.
Foreign losses carried forward amount to kEUR 5,055 (previous year: kEUR 4,686) and the resulting deferred tax assets of kEUR 1,083 (previous year: kEUR 993) were written down by kEUR 918 (previous year: kEUR 845).
Minimum taxation must be observed in Germany when assessing the recoverability of the losses carried forward. Loss carryforwards can be offset indefinitely against positive results in subsequent years up to kEUR 1,000, and beyond this up to 60%.
The recoverability of the deferred tax assets on loss carryforwards has been reviewed and realization thereof was found to be sufficiently certain.
Of the deferred tax assets on loss carryforwards amounting to kEUR 13,582 (previous year: kEUR 11,459), kEUR 8,975 (previous year: kEUR 7,634) is covered by deferred tax liabilities. Deferred tax assets on loss carryforwards that are not covered by deferred tax liabilities and that occurred in connection with losses recorded in previous periods amount to kEUR 4,607 (previous year: kEUR 3,824). Measures geared to the short-term exploitation of losses have been and will be put in place. With notarial certification on 27 October 2020, the shares in Vecoplan AG, Bad Marienberg, were transferred to MAX Management GmbH, Düsseldorf, at their carrying amount ​​in order to use tax loss carryforwards of MAX Management GmbH after the conclusion of a profit and loss transfer agreement.
The following amounts are reported in the Consolidated Statement of Financial Position:

in kEUR

31/12/2020

31/12/2019

Deferred tax assets:

- from deductible differences

5,644

5,009

- from tax losses carried forward

13,582

11,459

- Netting with deferred tax liabilities

-6,170

-6,085

Total deferred tax assets

13,056

10,383

Deferred tax liabilities:

- from taxable temporary differences

8,223

10,912

Deferred tax liabilities on temporary differences in shares in subsidiaries of kEUR 1,460 (previous year: kEUR 1,409) were not recognized since it is not probable that they will reverse in the foreseeable future.
Deferred taxes of kEUR 4,472 (previous year: kEUR 4,389) were recognized in the Consolidated Statement of Financial Position as a reduction in equity relating to income and expenses recognized directly in equity. Of this amount, kEUR 3,745 (previous year: kEUR 3,704) related to the revaluation of property, plant and equipment, kEUR 784 (previous year: kEUR 784) to the change in use of property, and kEUR 57 (previous year: kEUR 40) to actuarial gains and losses from employee benefits with a resulting increase in equity, and kEUR 59 (previous year: kEUR 59) to the delimitation of IPO expenses with a resulting increase in equity.

(9) Other non-current assets

Other non-current assets in the amount of TEUR 151 (previous year: TEUR 286) mainly consist of non-current trade receivables of kEUR 148 (previous year: kEUR 283).

(10) Inventories

in kEUR

31.12.2020

31.12.2019

Raw materials and supplies

18,316

20,086

Unfinished goods and services

13,296

22,843

Finished goods and services

6,160

7,333

Advance payments made

5,505

3,767

Inventories

43,277

54,029

Compared to the previous year, there was a change in inventories of finished goods and work in progress of TEUR -9,990 (previous year: TEUR -28,542) that is reported in the Consolidated Statement of Comprehensive Income. Deviations from the respective Consolidated Statement of Financial Position items result from exchange rate-related changes in the value of inventories of foreign Group companies.
Inventories include valuation allowances of kEUR 8,527 (previous year: kEUR 7,281). This includes the cancellation of a major order from ELWEMA, for which inventories in the amount of kEUR 966 had already been prepared, as a value-enhancing event.

(11) Contractual assets and trade receivables

in kEUR

31/12/2020

31/12/2019

Contract assets

33,671

41,044

thereof receivables from construction contracts

155,810

165,966

thereof advances received for construction contracts

-122,139

-124,922

Trade receivables

28,673

48,098

specific loss allowance

-1,536

-2,629

expected credit losses

-183

-125

Total

60,625

86,388

The decline in contractual assets and trade receivables was primarily attributable to the MAX Gruppe’s withdrawal from the area of special-purpose machine construction for the automotive sector; the operational business of the companies concerned has been reduced significantly accordingly.
The decrease in trade receivables is also due to the withdrawal from the area of special-purpose machine construction for the automotive sector. In addition, more intensive receivable management in the MAX Group led to a lower level of receivables.
The development of contractual assets is presented in detail below:

Contract assets

in kEUR

31/12/2019

40,987

Transfers from contract assets to trade receivables

-24,980

Changes due to the adjustment of progress

78,762

Impairment of contract assets

-145

Changes due to received prepayments

-61,052

31/12/2020

33,572

(13) Prepayments and accrued income, and other current assets

in kEUR

31.12.2020

31.12.2019

Claims against tax authorities

2,229

7,106

Prepaid expenses

1,827

1,691

Creditors with debit balances

319

356

Security deposits

223

19

Receivables from short-time allowances

211

0

Receivables from employees

154

239

Other receivables

536

557

Total

5,500

9,968

(14) Cash and cash equivalents

Cash and cash equivalents of TEUR 47,736 (previous year: TEUR 40,596) include cash in hand, checks and deposits with banks.

(14) Assets held for sale

Assets held for sale include the property and buildings as well as various operating and office equipment of the Non-Core company IWM Automation GmbH in the amount of TEUR 2,719. The value is essentially based on the property and building in the amount of kEUR 2,694. The operating and office equipment is related to the building.
The property and building as well as the operating and office equipment will no longer be required due to the closure of the company. A corresponding purchase contract was notarized on 19 November 2020. The real completion of the sale is expected in the first quarter of 2021, once all conditions have been met.
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