ANNUAL REPORT 2020

Consolidated Statement of Cash Flows

for the 2020 financial year (January 1 to December 31, 2020)

		2020	2019
	Note	in CHF 1 000	in CHF 1 000
Net income of the Feintool Group		-3 949	10 651
Depreciation, amortization and impairment	16, 17	56 186	48 801
(Gain)/loss on disposal of property, plant and equipment	5, 6	140	159
Increase/(decrease) in provisions and valuation allowances 1)		-7 922	615
Restructuring contribution to pension plan	23	-4 800	–
Other non-cash changes		-147	3 363
Income taxes	9	1 994	4 545
Cash flows from operating activities before change in net working capital (NWC)		41 502	68 134

Increase/decrease in:
Accounts receivables	12	-62	14 781
Inventories and net contract assets	13, 14	12 235	2 494
Prepaid and accrued expenses and income	15, 21	-4 148	-5 190
Accounts payables	20	-15 648	12 319
Other net working capital (NWC)		4 483	5 995
Income taxes paid		-521	-16 532
Cash flows from operating activities		37 841	82 001

Investments in property, plant and equipment	16	-40 513	-50 438
Disposals of property, plant and equipment	16	2 241	1 224
Investments in intangible assets	17	-1 607	-2 851
Disposals of intangible assets	17	83	4
Increase in financial assets		-761	-563
Decrease in financial assets		282	872
Cash flows from investing activities		-40 275	-51 752

Free cash flow 2)		-2 434	30 249

1) Provisions and valuation allowances during the reporting period primarily encompass expenses from the revaluation of the net liability from defined benefit pension plans.

2) Includes the cash flows from operating activities and the cash flows from investing activities

		2020	2019
	Note	in CHF 1 000	in CHF 1 000
Dividends paid		–	-9 805
Purchase of treasury shares		-635	-276
Borrowing of interest-bearing liabilities		67 958	13 644
Repayment of financial lease liabilities		-15 854	-14 674
Repayment of interest-bearing liabilities		-27 051	-2 444
Cash flows from financing activities		24 418	-13 555

Translation differences Cash and cash equivalents		-4 184	-4 090

Increase/(decrease) in cash and cash equivalents		17 800	12 604

Cash and cash equivalents at the beginning of the period		43 476	30 872
Cash and cash equivalents at the end of the period		61 276	43 476

Interest paid		-3 696	-2 906
Interest received		50	139

Lease payments are classified as follows on the statement of cash flows: – Cash payments for the amortization portion are recognized as financing activities. – Cash payments for the interest portion are recognized in cash flow from operating activities. – Cash payments for non-capitalized leases are recognized in cash flow from operating activities.