HALF-YEAR REPORT 2020

consolidated statement of COMPREHENSIVE INCOME

for the first half of 2020 (January 1 to June 30, 2020)

1st HY 2020

1st HY 2019

01/01/–06/30/2020

01/01/–06/30/2019

(unaudited)

Note

in CHF 1 000

in %

in CHF 1 000

in %

Net sales

212 263

100.0

331 855

100.0

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

-6 896

-8 381

Capitalized self-generated assets

935

1 553

Material cost

-90 898

-149 574

Personnel expenses

-77 438

-102 406

Other operating expenses

-30 627

-39 988

Other operating income

658

1 756

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

7 997

3.8

34 815

10.5

Depreciation and amortization

-25 418

-24 274

Operating profit (EBIT) 2)

-17 421

-8.2

10 541

3.2

Financial expenses

2

-8 816

-17 333

Financial income

2

6 288

13 715

Earnings before taxes

-19 949

-9.4

6 923

2.1

Income taxes

3

2 422

-2 263

Net income attributable to Feintool Holding shareholders

-17 527

-8.3

4 660

1.4

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 2020

1st HY 2019

01/01/–06/30/2020

01/01/–06/30/2019

(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

-7 285

-3 210

Income taxes on recycable items

-799

249

Items that may not be reclassified to profit or loss

Reassessment of net defined benefit liability (asset)

-2 136

-7 181

Income taxes on non recycable items

447

1 618

Total other comprehensive income

-9 773

-8 524

Total comprehensive income attributable to Feintool Holding shareholders

-27 300

-3 864

Net income attributable to Feintool Holding shareholders

-17 527

4 660

Total comprehensive income attributable to Feintool Holding shareholders

-27 300

-3 864

Basic earnings per share (in CHF)

-3.57

0.95

Diluted earnings per share (in CHF)

-3.57

0.95

Number of employees

Number of employees excl. 78 (previous year 90) trainees

2 363

2 725

consolidated balance sheet

for the first half of 2020 (as at June 30, 2020)

06/30/2020

12/31/2019

(unaudited)

Note

in CHF 1 000

in %

in CHF 1 000

in %

ASSETS

Current assets

Cash and cash equivalents

62 874

43 476

Trade and other receivables

64 828

84 980

Tax receivables

1 150

4 422

Inventories

78 058

85 239

Net contract assets

9 104

8 918

Prepaid expenses and accrued income

9 198

6 109

Total current assets

225 212

32.8

233 144

33.0

Non-current assets

Property, plant and equipment

346 778

357 892

Intangible assets

92 044

95 843

Financial assets

2 645

2 339

Deferred tax assets

19 465

17 061

Total non-current assets

460 932

67.2

473 135

67.0

TOTAL ASSETS

686 144

100.0

706 279

100.0

LIABILITIES

Current liabilities

Financial liabilities

52 149

39 919

Trade and other payables

43 377

82 605

Tax liabilities

64

714

Accrued expenses and deferred income

37 954

33 603

Current provisions

8 723

8 746

Total current liabilities

142 267

20.7

165 587

23.4

Non-current liabilities

Financial liabilities

173 215

144 322

Non-current provisions

2 273

2 437

Deferred tax liabilities

18 924

18 921

Employee benefit liabilities

66 689

65 111

Total non-current liabilities

261 101

38.1

230 791

32.8

Total liabilities

403 368

58.8

396 378

56.1

Equity

Share capital

4

49 148

49 148

Capital reserves

116 744

117 008

Retained earnings

163 388

183 403

Treasury shares

-413

-852

Translation differences

-46 091

-38 806

Total equity

282 776

41.2

309 901

43.9

TOTAL EQUITY AND LIABILITIES

686 144

100.0

706 279

100.0

consolidated statement of changes in equity

for the first half of 2020

in CHF 1 000 (unaudited)

Share capital

Treasury shares

Capital reserves

Retained earnings

Translation differences

Total equity

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 1)

-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

January 1, 2020

49 148

-852

117 008

183 403

-38 806

309 901

Translation differences

-7 285

-7 285

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

-1 689

-1 689

Other line items

-799

-799

Total other comprehensive income

-2 488

-7 285

-9 773

Net income attributable to Feintool Holding shareholders

-17 527

-17 527

Total comprehensive income attributable to Feintool Holding shareholders

-20 015

-7 285

-27 300

Share-based management remuneration 2)

439

-264

175

June 30, 2020

49 148

-413

116 744

163 388

-46 091

282 776

1) The General Meeting held on April 30, 2019 approved the Board of Directors’ proposed dividend distribution of CHF 2.00 per registered share from earnings for the financial year ended December 31, 2018.

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

consolidated statement of cash flows

for the first half of 2020

1st HY 2020

1st HY 2019

01/01/–06/30/2020

01/01/–06/30/2019

(unaudited)

in CHF 1 000

in CHF 1 000

Net income of the Feintool Group

-17 527

4 660

Depreciation and amortization

25 418

24 274

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

67

199

Increase/(decrease) in provisions and valuation allowances

1 131

3 840

Other non-cash changes

-517

-2 500

Income taxes

-2 422

2 263

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

6 150

32 736

Increase/decrease in:

Accounts receivables

19 000

-4 469

Inventories and net contract assets

4 371

-5 609

Prepaid and accrued expenses and income

1 501

8 788

Accounts payables

-38 019

-8 428

Other net working capital (NWC)

6 417

2 043

Income taxes paid

979

-7 450

Cash flows from operating activities

399

17 611

Investments in property, plant and equipment

-19 122

-22 372

Disposals of property, plant and equipment

238

636

Investments in intangible assets

-667

-1 270

Disposals of intangible assets

1

1

Decrease in financial assets

194

450

Cash flows from investing activities

-19 356

-22 555

Free cash flow 1)

-18 957

-4 944

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

1st HY 2020

1st HY 2019

01/01/–06/30/2020

01/01/–06/30/2019

(unaudited)

Note

in CHF 1 000

in CHF 1 000

Dividends paid

5

-9 805

Borrowing of interest-bearing liabilities

54 179

29 483

Repayment of financial lease liabilities

-5 894

-8 688

Repayment of interest-bearing liabilities

-6 470

-1 251

Cash flows from financing activities

41 815

9 739

Translation differences Cash and cash equivalents

-3 460

-1 509

Increase in cash and cash equivalents

19 398

3 286

Cash and cash equivalents at the beginning of the period

43 476

30 872

Cash and cash equivalents at the end of the period

62 874

34 158

Interest paid

-1 608

-1 196

Interest received

22

77

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.
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