Mikron Holding AG

Financial Statements 2020 of
Mikron Holding AG

Profit and loss statement

CHF 1,000 Note 2020 2019
Services and other income  2,621 3,340
Other operating expenses -3,315 -3,347
Earnings before interest and taxes -694 -7
Income from revaluation of investments and loans 2 0 3,488
Other financial income 3 7,839 4,353
Total financial income 7,839 7,841
Expenses from revaluation of investments and loans 2 -30,218 -7,881
Other financial expenses 3 -3,363 -3,212
Total financial expenses -33,581 -11,093
Loss before taxes -26,436 -3,259
Direct taxes -23 0
Loss for the year -26,436 -3,259
CHF 1,000
Services and other income
2019 3,340
2018 3,186
Other operating expenses
2019 -3,347
2018 -2,531
Earnings before interest and taxes
2019 -7
2018 655
Income from revaluation of investments and loans
Note 2
2019 3,488
2018 7,084
Other financial income
Note 3
2019 4,353
2018 4,090
Total financial income
2019 7,841
2018 11,174
Expenses from revaluation of investments and loans
Note 2
2019 -7,881
2018 -5,431
Other financial expenses
Note 3
2019 -3,212
2018 -3,776
Total financial expenses
2019 -11,093
2018 -9,207
Loss/profit for the year
2019 -3,259
2018 2,622

Balance Sheet

CHF 1,000 Note 31.12.2020 31.12.2019
Current assets
Cash and cash equivalents and short-term investments with a quoted market price 20,657 26,187
Short-term interest-bearing receivables 9,271 18,744
Due from Group companies 9,271 18,744
Other current receivables 497 654
Due from third parties 51 169
Due from Group companies 446 485
Accrued income and prepaid expenses 988 472
Total current assets 31,413 46,057
Non-current assets
Investments 2, 4 63,390 63,343
Financial assets 53,444 61,902
Loans to Group companies 2, 5 53,444 61,902
Total non-current assets 116,834 125,245
Total assets 148,247 171,302
Current liabilities
Short-term interest-bearing liabilities 49,893 46,351
Due to Group Companies 49,893 46,351
Other short-term liabilities 254 306
Due to third parties 229 75
Due to Group Companies 25 231
Accrued expenses and deferred income 1,036 524
Total current liabilities 51,183 47,181
Long-term liabilities
Long-term interest-bearing liabilities 4,029 4,839
Loans to Group companies 4,029 4,839
Total long-term liabilities 4,029 4,839
Total liabilities 55,212 52,020
Shareholders’ equity
Share capital 1,671 1,671
Legal reserves 95,901 95,901
Reserves from capital contribution 95,901 95,901
Profit carried forward 25,134 28,627
Loss/profit for the year -26,459 -3,259
Treasury shares -3,212 -3,658
Total shareholders’ equity 6 93,035 119,282
Total liabilities and shareholders’ equity 148,247 171,302
CHF 1,000
Current assets
Cash and cash equivalents and short-term investments with a quoted market price
31.12.2019 26,187
31.12.2018 36,112
Short-term interest-bearing receivables
31.12.2019 18,744
31.12.2018 10,171
Due from Group companies
31.12.2019 18,744
31.12.2018 10,171
Other current receivables
31.12.2019 654
31.12.2018 812
Due from third parties
31.12.2019 169
31.12.2018 332
Due from Group companies
31.12.2019 485
31.12.2018 480
Accrued income and prepaid expenses
31.12.2019 472
31.12.2018 320
Total current assets
31.12.2019 46,057
31.12.2018 47,415
Non-current assets
Investments
Note 2, 4
31.12.2019 63,343
31.12.2018 56,318
Financial assets
31.12.2019 61,902
31.12.2018 71,231
Loans to Group companies
Note 2, 5
31.12.2019 61,902
31.12.2018 71,231
Total non-current assets
31.12.2019 125,245
31.12.2018 127,549
Total assets
31.12.2019 171,302
31.12.2018 174,964
Current liabilities
Short-term interest-bearing liabilities
31.12.2019 46,351
31.12.2018 43,393
Due to Group companies
31.12.2019 46,351
31.12.2018 43,393
Other short-term liabilities
31.12.2019 306
31.12.2018 274
Due to third parties
31.12.2019 75
31.12.2018 98
Due to Group companies
31.12.2019 231
31.12.2018 176
Accrued expenses and deferred income
31.12.2019 524
31.12.2018 598
Total current liabilities
31.12.2019 47,181
31.12.2018 44,625
Long-term liabilities
Long-term interest-bearing liabilities
31.12.2019 4,839
31.12.2018 5,262
Loans to Group companies
31.12.2019 4,839
31.12.2018 5,262
Total long-term liabilities
31.12.2019 4,839
31.12.2018 5,262
Total liabilities
31.12.2019 52,020
31.12.2018 49,257
Shareholders’ equity
Share capital
31.12.2019 1,671
31.12.2018 1,671
Legal reserves
31.12.2019 95,901
31.12.2018 99,158
Reserves from capital contribution
31.12.2019 95,901
31.12.2018 99,158
Profit carried forward
31.12.2019 28,627
31.12.2018 26,078
Loss/profit for the year
31.12.2019 -3,259
31.12.2018 2,622
Treasury shares
31.12.2019 -3,658
31.12.2018 -4,092
Total shareholders’ equity
Note 6
31.12.2019 119,282
31.12.2018 125,437
Total liabilities and shareholders’ equity
31.12.2019 171,302
31.12.2018 174,964

Notes to the Financial Statements 2020
of Mikron Holding AG

1. Accounting principles applied in the preparation of the financial statements

These financial statements have been prepared in accordance with the provisions of commercial accounting as set out in the Swiss Code of Obligations (Art. 957 to 963b CO, effective since ­1 January 2013). Significant financial statement items are accounted for as follows:

Recognition of revenue
Revenues comprise all proceeds from services rendered by Mikron Holding AG. These revenues are recognized if the amount of revenue can be reliably measured and it is sufficiently probable that the economic benefits will flow to Mikron Holding AG.

Services and other income
The services and other income materially only include a fee charged to Group companies for the use of the Mikron trademark.

Other operating expenses
The other operating expenses include the costs for the administration of the Group, costs for maintenance of the trademarks and their protection as well as the compensation of the Board of Directors.

Cash and cash equivalents and short-term investments with a quoted market price
Cash and cash equivalents are stated at their nominal value. Excessive cash is partially invested in marketable securities that are stated at market value.

Loans to and loans from Group companies
Loans to Group companies are stated at cost less impairment and loans from Group companies at their nominal value. For entities with negative equity as per the valuation of the investment a corresponding impairment is recognized on the respective loans to those Group companies. The short-/long-term classification is assessed based on the expected cash flows of the individual companies. Maturities of third-party financing contracts in the individual Group companies are taken into consideration.

Investments
Investments exclusively comprise investments in Group companies and are reported at cost less impairments. The assessment of the recoverable amount of these investments is based on the individual equity value of the subsidiaries measured in accordance with Swiss GAAP FER.

Foreign currencies
Monetary and non-monetary items in foreign currency are translated into Swiss francs at the following exchange rates:

CurrencyAverage rateClosing rate
 202031.12.2020
1 EUR1.071.08
1 USD0.940.89
1 SGD0.680.67
1 CNY0.140.14

The exchange rates used for balance sheet items are the rates prevailing on 31 December; the exchange rates used for transactions conducted during the course of the year and for items in the profit and loss statement are set on a monthly basis. As an indication the unweighted average rates for the 2020 financial year are disclosed.

2. Financial income and expenses from investments and revaluation of loans

CHF 1,00020202019
   
Revaluation of investments and loans03,488
Total financial income from investments and loans03,488
   
Revaluation of investments and loans-30,218-7,881
Total financial expenses from investments and loans-30,218-7,881
   
Net financial expenses/income from investments and ­revaluation of loans-30,218-4,393

3. Other financial income and expenses

CHF 1,00020202019
   
Interest income from Group companies2,6262,685
Interest income from third parties97290
Foreign exchange gains6491,350
Other financial income4,46728
Total other financial income7,8394,353
   
Interest expense to Group companies-243-403
Interest expense to third parties-7-1
Foreign exchange losses-2,416-2,298
Other financial expenses-697-510
Total other financial expenses-3,363-3,212
   
Net other financial income4,4761,141

4. Major investments

5. Subordinated loan

Loans to Group companies include subordinated loans amounting to CHF 39.0 million (prior year: CHF 21.5 million), of which CHF 25.7 million were provisioned for.

6. Statement of shareholders' equity

CHF 1,000 Share capital Reserves from capital contri­bution Treasury shares Profit carried forward Share­holders’ equity
Balance at 31.12.2018 1,671 99,158 -4,092 28,700 125,437
Profit 2019 -3,259 -3,259
Proceeds/payments for change in treasury shares 434 -73 361
Distribution to shareholders -3,257 -3,257
Balance at 31.12.2019 1,671 95,901 -3,658 25,368 119,282
Loss 2020 -26,459 -26,459
Proceeds/payments for change in treasury shares 446 -234 212
Distribution to shareholders -3,257
Balance at 31.12.2020 1,671 95,901 -3,212 -1,325 93,035

In 2020 the company granted 26,935 treasury shares to Group Management (prior year: 20,610) and 20,000 treasury shares to the Board of Directors (prior year: 25,000) at no consideration, sold no shares (prior year: none) and acquired no treasury shares (prior year: none). At 31 December 2020 Mikron Holding AG, Biel owned 337,875 treasury shares (prior year: 384,810 shares).

7. Significant shareholders and their investment

As of 31 December 2020, there are two shareholders with investments of more than 5% in voting rights (Ammann Group Holding AG, Berne 41.9%; Mr. Rudolf Maag, Binningen 14.1%). No other single shareholder holds 5% or more of the voting rights. Ammann Group Holding AG is represented on the Board of Directors by Mr. Kilchmann.

8. Shares held by members of the Board of Directors and Group ­Management

  31.12.2020 31.12.2019
 Number of sharesVoting powerNumber of sharesVoting power
Board of Directors    
H. Spoerry, Chairman18,6750.11%18,6750.11%
E. Rikli, Vice-Chairman29,5000.18%25,5000.15%
P. Zumbühl, Member51,2900.31%47,2900.28%
A. Casutt, Member8,0000.05%4,0000.02%
H.-M. Hauser, Member8,0000.05%4,0000.02%
     
Group Management    
B. Cathomen, CEO62,8670.38%50,2410.30%
R. Rihs, COO44,8580.27%36,4410.22%
J. Perez Freije, CFO15,9000.10%10,0080.06%

9. Debt guarantees, guarantee obligations and liens in favor of third parties

Collateral for third-party liabilities

CHF 1,00031.12.202031.12.2019
   
Guarantees in favor of bank syndicate77,00055,000
Guarantees for Group companies20,76322,081

Assets used to secure own liabilities and assets under reservation of ownership

CHF 1,00031.12.202031.12.2019
   
Assets pledged as securities for liabilities026,841

10. Number of employees

The number of full-time equivalents did not exceed 10 on an annual average basis.

Proposed appropriation of retained ­earnings and capital reserves

Retained earnings

CHF 1,00020202019
   
Profit carried forward at the beginning of the period25,36828,700
Shortfall in / excess proceeds from sale of treasury shares-234-73
Loss for the year-26,459-3,259
Loss/profit carried forward available to the General Meeting-1,32525,368

As there is a loss carried forward as of 31 December 2020 the balance is carried forward.

Reserves from capital contribution

The Board of Directors also proposes to the Annual General Meeting of Shareholders that a portion of the reserves from capital contribution be allocated as follows:
CHF 1,00020202019
 Motion of the
Board of Directors
Resolution of the
General Meeting
   
Reserves from capital contribution95,90195,901
Allocation to voluntary retained earnings and distribution to shareholders00
Carried forward95,90195,901

Report of the Statutory Auditor

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Group Companies /
Investments Mikron Holding AG

CHF 1,000 Activity Currency Share capital Shareholding direct Shareholding indirect
2020 2019 2020 2019 2020 2019
Switzerland
Mikron Holding AG, Biel 1 CHF 1,671 1,671
Mikron Management AG, Langenthal 1 CHF 12,000 12,000 100% 100%
Mikron SA Agno, Agno 2, 3 CHF 13,500 13,500 100% 100%
Mikron SA Boudry, Boudry 2, 3 CHF 2,000 2,000 100% 100%
Mikron Tool SA Agno, Agno 2, 3 CHF 300 300 100% 100%
Germany
Mikron GmbH Rottweil, Rottweil 2, 3 EUR 383 383 100% 100%
Mikron Berlin GmbH, Berlin 2, 3 EUR 515 515 100% 100%
Lithuania
UAB Mikron Kaunas, Kaunas 2, 3 EUR 400 400 100% 100%
Singapore
Mikron Singapore Pte. Ltd., Singapore 2, 3 SGD 6,781 6,781 100% 100%
P. R. China
Mikron Industrial Equipment (Shanghai) Co., Ltd., Shanghai 2, 3 CNY 26,238 26,238 100% 100%
Mikron Tool (Shanghai) Co., Ltd., Shanghai 2, 3 CNY 403 403 100% 100%
USA
Mikron Corp. Denver, Englewood 2, 3 USD 10 10 100% 100%
Mikron Corp. Monroe, Monroe 3 USD 3,500 3,500 100% 100%

Activity

1 = Management/Service
2 = Production/development
3 = Sales/service