Half-Year Report 2017

Consolidated income statement

for the first half of 2017 (1 January to 30 June 2017)

1st HY 2017

1st HY 2016

01.01.-30.06.2017

01.01.-30.06.2016

(unaudited)

in CHF 1 000

in %

in CHF 1 000

in %

Net sales

296 805

100.0

278 508

100.0

Change in finished and semi-finished goods and work in progress

787

366

Self-constructed assets

1 620

3 568

Material cost

-133 661

-127 154

Personnel expenses

-88 099

-83 252

Other operating expenses

-38 591

-36 206

Other operating income

1 164

1 191

Earnings before interest, taxes, depreciation and amortization (EBITDA) 1)

40 025

13.5

37 021

13.3

Depreciation and amortization

-17 559

-15 645

Operating profit (EBIT) 2)

22 466

7.6

21 376

7.7

Financial expenses

-5 590

-6 912

Financial income

3 459

5 609

Earnings before taxes

20 335

6.9

20 073

7.2

Income taxes

-6 323

-6 184

Net income attributable to Feintool Holding shareholders

14 012

4.7

13 889

5.0

1) Includes the operating result before depreciation and amortization, (net) financial income and income tax.

2) Includes the operating result before (net) financial income and income tax.

1st HY 2017

1st HY 2016

01.01.-30.06.2017

01.01.-30.06.2016

(unaudited)

in CHF 1 000

in %

in CHF 1 000

in %

Other comprehensive income

Items that may be reclassified to profit or loss

Translation differences

-7 390

-865

Items that may not be reclassified to profit or loss

Remeasurement of net defined benefit liability (asset)

2 642

-13 608

Income taxes on other comprehensive income

-581

3 060

Total other comprehensive income

-5 329

-11 413

Total comprehensive income attributable to Feintool Holding shareholders

8 683

2 476

Net income attributable to Feintool Holding shareholders

14 012

13 889

Total comprehensive income attributable to Feintool Holding shareholders

8 683

2 476

Basic earnings per share (in CHF)

3.14

3.12

Diluted earnings per share (in CHF)

3.14

3.12

Number of employees

Number of employees excl. 59 (previous year 63) trainees

2 409

2 225

consolidated balance sheet

for the first half of 2017 (as at 30 June 2017)

30.06.2017

31.12.2016

(unaudited)

in CHF 1 000

in %

in CHF 1 000

in %

ASSETS

Current assets

Cash and cash equivalents

47 556

92 752

Trade and other receivables

100 742

85 681

Tax receivables

2 289

2 285

Inventories

49 864

45 082

Net assets of construction contracts/work in progress

31 689

27 044

Prepaid expenses and accrued income

5 986

3 108

Total current assets

238 126

42.8

255 952

48.2

Non-current assets

Property, plant and equipment

259 733

237 473

Intangible assets

41 241

18 384

Financial assets

2 223

1 592

Deferred tax assets

15 609

17 338

Total non-current assets

318 806

57.2

274 787

51.8

TOTAL ASSETS

556 932

100.0

530 739

100.0

LIABILITIES

Current liabilities

Financial liabilities

31 779

15 919

Trade and other payables

65 878

70 674

Tax liabilities

5 974

4 931

Accrued expenses and deferred income

40 888

33 422

Current provisions

8 581

6 899

Total current liabilities

153 100

27.5

131 845

24.8

Non-current liabilities

Financial liabilities

99 546

93 005

Non-current provisions

2 015

1 422

Deferred tax liabilities

11 927

11 442

Employee benefit liabilities

60 347

63 100

Total non-current liabilities

173 835

31.2

168 969

31.9

Total liabilities

326 935

58.7

300 814

56.7

Equity

Share capital

44 630

44 630

Capital reserves

90 594

99 734

Retained earnings

130 166

114 093

Treasury shares

-131

-660

Translation differences

-35 262

-27 872

Total equity attributable to Feintool Holding shareholders

229 997

41.3

229 925

43.3

TOTAL EQUITY AND LIABILITIES

556 932

100.0

530 739

100.0

consolidated statement of changes in equity

for the first half of 2017

in CHF 1 000

Share capital

Treasury shares

Capital reserves

Retained earnings

Translation differences

Total equity

1 January 2016

44 630

-905

106 224

87 435

-29 515

207 869

Translation differences

-865

-865

Remeasurement of net defined benefit liability (asset), net of tax

-10 548

-10 548

Total other comprehensive income

-10 548

-865

-11 413

Net income attributable to Feintool Holding shareholders

13 889

13 889

Total comprehensive income attributable to Feintool Holding shareholders

3 341

-865

2 476

Dividend 1)

-6 686

-6 686

Purchase/(sale) of treasury shares

Share-based management remuneration 2)

428

-177

251

30 June 2016

44 630

-477

99 361

90 776

-30 380

203 910

1 January 2017

44 630

-660

99 734

114 093

-27 872

229 925

Translation differences

-7 390

-7 390

Remeasurement of net defined benefit liability (asset), net of tax

2 061

2 061

Total other comprehensive income

2 061

-7 390

-5 329

Net income attributable to Feintool Holding shareholders

14 012

14 012

Total comprehensive income attributable to Feintool Holding shareholders

16 073

-7 390

8 683

Dividend 3)

-8 923

-8 923

Share-based management remuneration 2)

529

-217

312

30 June 2017

44 630

-131

90 594

130 166

-35 262

229 997

1) The General Meeting held on April 19, 2016 approved the Board of Directors' proposed dividend distribution of CHF 1.50 per registered share from earnings for the financial year ended December 31, 2015.

2) The share based management remuneration involves payment of part of the salary in shares.

3) The General Meeting held on April 25, 2017 approved the Board of Directors' proposed dividend distribution of CHF 2.00 per registered share from earnings for the financial year ended December 31, 2016.

consolidated statement of cash flows

for the first half of 2017

1st HY 2017

1st HY 2016

01.01.-30.06.2017

01.01.-30.06.2016

(unaudited)

in CHF 1 000

in CHF 1 000

Net income

14 012

13 889

Depreciation and amortization

17 559

15 645

(Gain)/loss on disposal of property, plant and equipment

-42

-425

Increase/(decrease) in provisions and valuation allowances

1 322

4 727

(Increase)/decrease in deferred taxes

266

-3 193

Other non-cash changes

-345

4 486

Cash flows from operating activities before change in net working capital (NWC)

32 772

35 129

Increase/decrease in:

Accounts receivables

-16 866

-14 847

Inventory

-13 286

-1 239

Prepaid and accrued expenses and income

7 164

10 659

Accounts payables

-4 031

-7 521

Other net working capital (NWC)

-662

1 728

Cash flows from operating activities

5 091

23 909

Investments in property, plant and equipment

-26 334

-21 172

Disposals of property, plant and equipment

962

405

Investments in intangible assets

-1 777

-861

Disposals of intangible assets

2

Increase in financial assets

-1 056

-600

Decrease in financial assets

391

999

Purchase of consolidated investments net of cash

-24 723

Cash flows from investing activities

-52 537

-21 227

Free cash flow

-47 446

2 682

Dividends paid

-8 923

-6 686

Sale of treasury shares

529

Borrowing of interest-bearing liabilities

19 385

6 775

Repayment of interest-bearing liabilities

-7 960

-9 651

Cash flows from financing activities

3 031

-9 562

Increase/(decrease) in cash and cash equivalents

-45 196

-7 005

Cash and cash equivalents at the beginning of the period

92 752

31 550

Translation differences

-781

-125

Cash and cash equivalents at the end of the period

47 556

24 545

Taxes paid

-4 125

-3 286

Interest paid

-486

-740

Interest received

11

31