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 |
| | 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 |
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 |
