HALF-YEAR REPORT 2021

consolidated statement of COMPREHENSIVE INCOME

for the first half of 2021 (January 1 to June 30, 2021)

1st HY 2021

1st HY 2020

01/01/–06/30/2021

01/01/–06/30/2020

(unaudited)

Note

in CHF 1 000

in %

in CHF 1 000

in %

Net sales

302 620

100.0

212 263

100.0

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

13 176

-6 896

Capitalized self-generated assets

686

935

Material expenses

-138 882

-90 898

Personnel expenses

-95 084

-77 438

Other operating expenses

-38 272

-30 627

Other operating income 1)

11 095

658

Earnings before interest, taxes, depreciation and amortization (EBITDA) 2)

55 339

18.3

7 997

3.8

Depreciation and amortization

-25 503

-25 418

Impairment of tangible assets 3)

-8 289

Operating profit (EBIT) 4)

21 547

7.1

-17 421

-8.2

Financial expenses

2

-6 665

-8 816

Financial income

2

3 656

6 288

Earnings before taxes

18 538

6.1

-19 949

-9.4

Income taxes

-5 376

2 422

Net income attributable to Feintool Holding shareholders

13 162

4.3

-17 527

-8.3

1) In the 2020 financial year, Feintool received a loan of USD 8.4 million under the PPP program in the United States to mitigate the impact of the COVID-19 pandemic. In the first half of 2021, the government assured the company that this loan would not have to be repaid. Feintool also received CHF 3.0 million in immediate aid from the Swiss government in the first half of 2021 to mitigate the effects of the COVID-19 pandemic. In addition, please refer to section 1 of the Notes.

2) Includes the operating result before depreciation and amortization, (net) financial income and income tax.

3) Due to capacities no longer required at a plant, an impairment loss on manufacturing equipment totaling CHF 8.3 million was recognized in the first half of 2021. In addition, please refer to section 1, footnote 3 of the Notes.

4) Includes the operating result before (net) financial income and income tax.

1st HY 2021

1st HY 2020

01/01/06/30/2021

01/01/–06/30/2020

(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

14 117

-7 285

Income taxes on recycable items

-799

Items that may not be reclassified to profit or loss

Reassessment of net defined benefit liability (asset)

6 973

-2 136

Income taxes on non recycable items

-1 674

447

Total other comprehensive income

19 416

-9 773

Total comprehensive income attributable to Feintool Holding shareholders

32 578

-27 300

Net income attributable to Feintool Holding shareholders

13 162

-17 527

Total comprehensive income attributable to Feintool Holding shareholders

32 578

-27 300

Basic earnings per share (in CHF)

2.68

-3.57

Diluted earnings per share (in CHF)

2.68

-3.57

Number of employees as of June 30

Number of employees excl. 75 (previous year 78) trainees

2 545

2 363

consolidated balance sheet

for the first half of 2021 (as at June 30, 2021)

06/30/2021

12/31/2020

(unaudited)

Note

in CHF 1 000

in %

in CHF 1 000

in %

ASSETS

Current assets

Cash and cash equivalents

66 188

61 276

Trade and other receivables

89 129

82 107

Tax receivables

4 891

2 301

Inventories

90 072

69 515

Net contract assets

9 125

8 441

Prepaid expenses and accrued income

5 984

8 225

Total current assets

265 389

37.3

231 865

34.2

Non-current assets

Property, plant and equipment

335 108

334 857

Intangible assets

91 714

91 462

Financial assets

6 399

4 234

Deferred tax assets

13 747

14 633

Total non-current assets

446 968

62.7

445 186

65.8

TOTAL ASSETS

712 357

100.0

677 051

100.0

LIABILITIES

Current liabilities

Financial liabilities

63 298

66 990

Trade and other payables

64 919

64 742

Tax liabilities

9 020

3 852

Accrued expenses and deferred income

43 147

30 813

Current provisions

6 618

6 179

Total current liabilities

187 002

26.3

172 576

25.5

Non-current liabilities

Financial liabilities

134 424

141 225

Non-current provisions

2 461

2 388

Deferred tax liabilities

18 699

16 878

Employee benefit liabilities

43 158

50 099

Total non-current liabilities

198 742

27.9

210 590

31.1

Total liabilities

385 744

54.2

383 166

56.6

Equity

Share capital

3

49 148

49 148

Capital reserves

116 636

116 788

Retained earnings

201 180

182 720

Treasury shares

-313

-615

Translation differences

-40 038

-54 156

Total equity

326 613

45.8

293 885

43.4

TOTAL EQUITY AND LIABILITIES

712 357

100.0

677 051

100.0

consolidated statement of changes in equity

for the first half of 2021

in CHF 1 000

Share capital

Treasury shares

Capital reserves

Retained earnings

Translation differences

Total equity

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

Dividend 1)

Share-based management remuneration 2)

439

-264

175

June 30, 2020

49 148

-413

116 744

163 388

-46 091

282 776

January 1, 2021

49 148

-615

116 788

182 720

-54 156

293 885

Translation differences

14 117

14 117

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

5 299

5 299

Total other comprehensive income

5 299

14 117

19 416

Net income attributable to Feintool Holding shareholders

13 162

13 162

Total comprehensive income attributable to Feintool Holding shareholders

18 461

14 117

32 578

Share-based management remuneration 2)

302

-152

150

June 30, 2021

49 148

-313

116 636

201 181

-40 039

326 613

1) Contrary to the originally planned dividend distribution of CHF 1.00 per registered share, no dividend was distributed from the earnings in the financial year that ended on December 31, 2019.

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 2021

1st HY 2021

1st HY 2020

01/01/–06/30/2021

01/01/–06/30/2020

Note

in CHF 1 000

in CHF 1 000

Net income of the Feintool Group

13 162

-17 527

Depreciation, amortization and impairment

33 792

25 418

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

-42

67

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

3 257

1 131

(Increase)/decrease in deferred taxes

2 380

Other non-cash changes

-7 466

-517

Income taxes

5 376

-2 422

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

50 459

6 150

Increase/decrease in:

Accounts receivables

-4 447

19 000

Inventories and net contract assets

-23 611

4 371

Prepaid and accrued expenses and income

13 965

1 501

Accounts payables

-1 513

-38 019

Other net working capital (NWC)

-3 212

6 417

Income taxes paid

-292

979

Cash flows from operating activities

31 349

399

Investments in property, plant and equipment

-21 135

-19 122

Disposals of property, plant and equipment

1 366

238

Investments in intangible assets

-727

-667

Disposals of intangible assets

7

1

Increase in financial assets

-3 000

Decrease in financial assets

434

194

Cash flows from investing activities

-23 055

-19 356

Free cash flow 2)

8 294

-18 957

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

1st HY 2021

1st HY 2020

01/01/–06/30/2021

01/01/–06/30/2020

Note

in CHF 1 000

in CHF 1 000

Purchase of treasury shares

Borrowing of interest-bearing liabilities

15 467

54 179

Repayment of financial lease liabilities

-5 787

-5 894

Repayment of interest-bearing liabilities

-14 513

-6 470

Cash flows from financing activities

-4 833

41 815

Translation differences Cash and cash equivalents

1 556

-3 460

Increase in cash and cash equivalents

5 017

19 398

Cash and cash equivalents at the beginning of the period

61 276

43 476

Cash and cash equivalents at the end of the period

66 188

62 874

Interest paid

-1 658

-1 608

Interest received

14

22

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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