ANNUAL REPORT 2021

Consolidated Statement of Cash Flows

for the 2021 financial year (January 1 to December 31, 2021)

2021

2020

Note

in CHF 1 000

in CHF 1 000

Net income of the Feintool Group

19 211

-3 949

Depreciation, amortization and impairment

16, 17

63 206

56 186

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

5, 6

946

140

Increase/(decrease) in provisions and valuation allowances 1)

4 207

-7 922

Restructuring contribution to pension plan

23

-3 200

-4 800

Other non-cash changes

-4 051

-147

Income taxes

9

10 120

1 994

Received / paid Income taxes

-6 772

-521

Financial result

4 594

3 646

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

88 261

44 627

Increase/decrease in:

Accounts receivables

12

-10 785

-62

Inventories and net contract assets

13, 14

-25 546

12 235

Prepaid and accrued expenses and income

15, 21

6 943

-4 148

Accounts payables

20

16 886

-15 648

Other net working capital

4 483

Cash flows from operating activities

75 759

41 487

Investments in property, plant and equipment

16

-37 564

-40 513

Disposals of property, plant and equipment

16

1 604

2 241

Investments in intangible assets

17

-1 570

-1 607

Disposals of intangible assets

17

8

83

Increase in financial assets

-293

-761

Decrease in financial assets

274

282

Interest received

98

50

Other financial income

11

Cash flows from investing activities

-37 432

-40 225

Free cash flow 1)

38 327

1 262

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

2021

2020

Note

in CHF 1 000

in CHF 1 000

Purchase of treasury shares

-666

-635

Other changes in equity

-59

Borrowing of interest-bearing liabilities

19

15 916

67 958

Repayment of interest-bearing liabilities

19

-49 961

-27 051

Payment of financial lease liabilities

-8 333

-15 854

Interest paid

-5 210

-3 696

Cash flows from financing activities

-48 313

20 722

Translation differences Cash and cash equivalents

473

-4 184

Change in cash and cash equivalents

-9 513

17 800

Cash and cash equivalents at the beginning of the period

61 276

43 476

Cash and cash equivalents at the end of the period

51 763

61 276

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 financing activities. – Cash payments for non-capitalized leases are recognized in cash flow from operating activities.

The items Financial result, Interest paid and Interest received were not reported as separate items in the consolidated cash flow statement for the financial year 2020. These items are reported separately in the reporting year, with the previous year’s figures having been adjusted accordingly within the meaning of IAS 1.41. In this context, it has also been decided that these items will now be reported in cash flows from investing activities (Interest received) and cash flows from financing activities (Interest paid), respectively, instead of cash flows from operating activities as previously. This means that the free cash flow for the period 2020 has increased by TCHF 3 696 and the cash flows from financing activities has decreased by TCHF 3 696.

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