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 |
| | 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 |
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 |
| | 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 |
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.