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 |
|
|
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 |
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 |
| | 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 |
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.