MAX Automation SE examines possible irregularities in inventory valuation of iNDAT Robotics in 2017 and 2018 - subsidiary on track after operational realignment
DGAP-News: MAX Automation SE
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MAX Automation SE examines possible irregularities in inventory valuation of iNDAT Robotics - subsidiary on track after operational realignment
- Suspicions arose in the course of preparations for the audit of the annual financial statements at the subsidiary, which are now being investigated
- Company operationally "on track": iNDAT Robotics records high order intake in 2019
- MAX Automation SE guidance for 2019 published on November 14, 2019 remains unchanged
Dusseldorf, December 20, 2019 - MAX Automation SE (ISIN DE000A2DA58), which is listed in the Prime Standard of the Frankfurt Stock Exchange, published in yesterday's ad hoc announcement that in the course of the preparations for the audit of the annual financial statements of subsidiary iNDAT Robotics GmbH (iNDAT), suspicious facts have arisen which suggest possible irregularities in the valuation of inventories. This involves the financial years 2017 and 2018. MAX Automation SE is investigating this suspicion and will - if necessary - take legal action. Contrary to different journalistic reporting, a sale of the company was not and is currently not planned.
iNDAT Robotics GmbH has been part of the MAX Group since 2015 and is part of the business unit Evolving Technologies. The company is a specialist for robotics and manufacturing automation and integrates robotic applications into plant systems. For example, iNDAT builds and develops standardized robot cells with high manufacturing flexibility for fully automated deburring of metal parts and gluing of painted plastic parts. The company is a medium-sized corporation pursuant to Section 267 (2) HGB and employs around 100 people at its headquarters in Ginsheim-Gustavsburg (Hesse). In 2018 iNDAT had to contend with sales difficulties. The company was therefore operationally realigned in the current financial year. Following a change in management, the company's focus was shifted to a more clearly defined product range, strengthening sales activities and expanding the customer base outside the automotive industry. This strategy is proving successful. In 2019, the company recorded high order intake. Orders were won both from the broadened customer base and from recurring projects.
Within the scope of its strategic reorientation towards an integrated industrial group, MAX Automation SE has made decisive steps forward this year. The demand for products and services in the three core business areas Process Technologies, Environmental Technologies and Evolving Technologies remains high - even against the general trend of declining demand. The Group is benefiting from its extensive expertise in forward-looking technologies such as e-mobility, process automation and sustainability. The guidance of MAX Automation SE for the 2019 financial year published on November 14, 2019 remains unchanged.
About MAX Automation SE
20.12.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||MAX Automation SE|
|Breite Straße 29-31|
|Phone:||+49 (0)211 90991-0|
|Fax:||+49 (0)211 90991-11|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||941409|
|End of News||DGAP News Service|