consolidated statement of comprehensive income
for the first half of 2019 (January 1 to June 30, 2019)
| | 1st HY 2019 | | 1st HY 2018 | |
| | 01/01/-06/30/2019 | | 01/01/-06/30/2018 | |
(unaudited) | Note | in CHF 1 000 | in % | in CHF 1 000 | in % |
Net sales | | 331 855 | 100.0 | 337 259 | 100.0 |
| | | | | |
Change in finished and semi-finished goods and work in progress | | -8 381 | | 2 497 | |
Capitalized self-generated assets | | 1 553 | | 1 556 | |
Material cost | | -149 574 | | -157 025 | |
Personnel expenses | | -102 406 | | -97 605 | |
Other operating expenses | | -39 988 | | -42 545 | |
Other operating income | | 1 756 | | 1 261 | |
Earnings before interest, taxes, depreciation and amortization (EBITDA) 1) | | 34 815 | 10.5 | 45 398 | 13.5 |
| | | | | |
Depreciation and amortization | | -24 274 | | -19 692 | |
Operating profit (EBIT) 2) | | 10 541 | 3.2 | 25 706 | 7.6 |
| | | | | |
Financial expenses | 2 | -17 333 | | -12 132 | |
Financial income | 2 | 13 715 | | 10 472 | |
Earnings before taxes | | 6 923 | 2.1 | 24 046 | 7.1 |
| | | | | |
Income taxes | | -2 263 | | -7 192 | |
Net income attributable to Feintool Holding shareholders | | 4 660 | 1.4 | 16 854 | 5.0 |
| | 1st HY 2019 | | 1st HY 2018 | |
| | 01/01/-06/30/2019 | | 01/01/-06/30/2018 | |
(unaudited) | Note | in CHF 1 000 | in % | in CHF 1 000 | in % |
Other comprehensive income | | | | | |
Items that may be reclassified to profit or loss | | | | | |
Translation differences | | -3 210 | | 1 407 | |
Income taxes on recycable items | | 249 | | – | |
| | | | | |
Items that may not be reclassified to profit or loss | | | | | |
Reassessment of net defined benefit liability (asset) | | -7 181 | | 2 600 | |
Income taxes on non recycable items | | 1 618 | | -597 | |
| | | | | |
Total other comprehensive income | | -8 524 | | 3 410 | |
| | | | | |
Total comprehensive income attributable to Feintool Holding shareholders | | -3 864 | | 20 264 | |
| | | | | |
Net income attributable to Feintool Holding shareholders | | 4 660 | | 16 854 | |
Total comprehensive income attributable to Feintool Holding shareholders | | -3 864 | | 20 264 | |
| | | | | |
Basic earnings per share (in CHF) | | 0.95 | | 3.78 | |
Diluted earnings per share (in CHF) | | 0.95 | | 3.78 | |
| | | | | |
Number of employees | | | | | |
Number of employees excl. 90 (previous year 68) trainees | | 2 725 | | 2 604 | |
consolidated balance sheet
for the first half of 2019 (as at June 30, 2019)
| | 06/30/2019 | | 12/31/2018 | |
(unaudited) | Note | in CHF 1 000 | in % | in CHF 1 000 | in % |
ASSETS | | | | | |
Current assets | | | | | |
Cash and cash equivalents | | 34 158 | | 30 872 | |
Trade and other receivables | | 104 874 | | 101 029 | |
Tax receivables | | 774 | | 288 | |
Inventories | | 91 218 | | 93 421 | |
Net contract assets | | 12 110 | | 6 424 | |
Prepaid expenses and accrued income | | 6 711 | | 6 779 | |
Total current assets | | 249 845 | 34.4 | 238 813 | 33.9 |
| | | | | |
Non-current assets | | | | | |
Property, plant and equipment | | 355 387 | | 347 016 | |
Intangible assets | | 99 000 | | 101 249 | |
Financial assets | | 1 782 | | 1 750 | |
Deferred tax assets | | 19 380 | | 16 452 | |
Total non-current assets | | 475 549 | 65.6 | 466 467 | 66.1 |
TOTAL ASSETS | | 725 394 | 100.0 | 705 280 | 100.0 |
LIABILITIES | | | | | |
Current liabilities | | | | | |
Financial liabilities | | 102 649 | | 73 790 | |
Trade and other payables | | 63 338 | | 72 062 | |
Tax liabilities | | 1 469 | | 6 165 | |
Accrued expenses and deferred income | | 45 611 | | 37 079 | |
Current provisions | | 11 130 | | 8 114 | |
Total current liabilities | | 224 197 | 30.9 | 197 210 | 28.0 |
| | | | | |
Non-current liabilities | | | | | |
Financial liabilities | | 106 265 | | 104 950 | |
Non-current provisions | | 2 362 | | 2 379 | |
Deferred tax liabilities | | 18 867 | | 20 931 | |
Employee benefit liabilities | | 66 436 | | 59 049 | |
Total non-current liabilities | | 193 930 | 26.7 | 187 309 | 26.7 |
Total liabilities | | 418 127 | 57.6 | 384 519 | 54.5 |
| | | | | |
Equity | | | | | |
Share capital | 3 | 49 148 | | 49 148 | |
Capital reserves | | 117 120 | | 127 269 | |
Retained earnings | | 175 947 | | 176 601 | |
Treasury shares | | -1 261 | | -1 780 | |
Translation differences | | -33 687 | | -30 477 | |
Total equity | | 307 267 | 42.4 | 320 761 | 45.5 |
TOTAL EQUITY AND LIABILITIES | | 725 394 | 100.0 | 705 280 | 100.0 |
consolidated statement of changes in equity
for the first half of 2019
in CHF 1 000 (unaudited) | Share capital | Treasury shares | Capital reserves | Retained earnings | Translation differences | Total equity |
January 1, 2018 | 44 630 | -703 | 90 929 | 145 643 | -25 277 | 255 222 |
Translation differences | – | – | – | – | 1 407 | 1 407 |
Reassessment of net defined benefit liability (asset), net of tax | – | – | – | 1 989 | – | 1 989 |
Other line items | – | – | – | 12 | – | 12 |
Total other comprehensive income | – | – | – | 2 001 | 1 407 | 3 408 |
Net income attributable to Feintool Holding shareholders | – | – | – | 16 854 | | 16 854 |
Total comprehensive income attributable to Feintool Holding shareholders | – | – | – | 18 855 | 1 407 | 20 262 |
Dividend 1) | – | – | -8 924 | – | – | -8 924 |
Share-based management remuneration 2) | – | 600 | -228 | – | – | 372 |
June 30, 2018 | 44 630 | -103 | 81 777 | 164 498 | -23 870 | 266 932 |
| | | | | | |
January 1, 2019 | 49 148 | -1 780 | 127 269 | 176 601 | -30 477 | 320 761 |
Translation differences | – | – | – | – | -3 210 | -3 210 |
Reassessment of net defined benefit liability (asset), net of tax | – | – | – | -5 563 | – | -5 563 |
Other line items | – | – | – | 249 | – | 249 |
Total other comprehensive income | – | – | – | -5 314 | -3 210 | -8 524 |
Net income attributable to Feintool Holding shareholders | – | – | – | 4 660 | – | 4 660 |
Total comprehensive income attributable to Feintool Holding shareholders | – | – | – | -654 | -3 210 | -3 864 |
Dividend 3) | – | – | -9 805 | – | – | -9 805 |
Share-based management remuneration 2) | – | 519 | -344 | – | – | 175 |
June 30, 2019 | 49 148 | -1 261 | 117 120 | 175 947 | -33 687 | 307 267 |
consolidated statement of cash flows
for the first half of 2019
| | 1st HY 2019 | 1st HY 2018 |
| | 01/01/-06/30/2019 | 01/01/-06/30/2018 |
(unaudited) | | in CHF 1 000 | in CHF 1 000 |
Net income of the Feintool Group | | 4 660 | 16 854 |
Depreciation and amortization | | 24 274 | 19 692 |
(Gain)/loss on disposal of property, plant and equipment | | 199 | -393 |
Increase/(decrease) in provisions and valuation allowances | | 3 840 | 4 252 |
(Increase)/decrease in deferred taxes | | -4 885 | 12 |
Other non-cash changes | | 1 866 | -684 |
Income taxes | | 2 263 | 7 192 |
Cash flows from operating activities before change in net working capital (NWC) | | 32 217 | 46 925 |
| | | |
Increase/decrease in: | | | |
Accounts receivables | | -4 469 | -10 226 |
Inventories and net contract assets | | -5 609 | -6 692 |
Prepaid and accrued expenses and income | | 8 788 | 3 627 |
Accounts payables | | -8 428 | -1 492 |
Other net working capital (NWC) | | 2 043 | -600 |
Income taxes paid | | -7 450 | -6 685 |
Cash flows from operating activities | | 17 092 | 24 857 |
| | | |
Investments in property, plant and equipment | | -22 372 | -52 730 |
Disposals of property, plant and equipment | | 636 | 3 793 |
Investments in intangible assets | | -1 270 | -1 641 |
Disposals of intangible assets | | 1 | – |
Decrease in financial assets | | 450 | 476 |
Cash flows from investing activities | | -22 555 | -50 102 |
| | | |
Free cash flow | | -5 463 | -25 245 |
| | 1st HY 2019 | 1st HY 2018 |
| | 01/01/-06/30/2019 | 01/01/-06/30/2018 |
(unaudited) | Note | in CHF 1 000 | in CHF 1 000 |
Dividends paid | 4 | -9 805 | -8 924 |
Sale of treasury shares | | 519 | 599 |
Borrowing of interest-bearing liabilities | | 29 483 | 35 636 |
Repayment of financial lease liabilities | | -8 688 | -5 426 |
Repayment of interest-bearing liabilities | | -1 251 | -11 372 |
Cash flows from financing activities | | 10 258 | 10 513 |
| | | |
Increase/(decrease) in cash and cash equivalents | | 3 286 | -15 087 |
| | | |
Cash and cash equivalents at the beginning of the period | | 30 872 | 52 384 |
Translation differences | | -1 509 | -355 |
Cash and cash equivalents at the end of the period | | 34 158 | 37 297 |
| | | |
Interest paid | | -1 196 | -938 |
Interest received | | 77 | 31 |