Consolidated Financial Statements 2021
of the Mikron Group

Consolidated income statement

CHF 1,000Note2021 2020 
Net sales4.1289,455100%257,819100%
Change in work in progress/finished goods -8,220 -2,684 
Capitalized own production 0 0 
Material costs and subcontractors4.2-87,775 -94,473 
Personnel expenses4.3-121,762 -124,328 
Other operating income4.41,833 1,433 
Other operating expenses4.4-46,394 -46,459 
Depreciation of tangible assets5.5-8,114 -8,304 
Amortization of intangible assets5.6-1,014 -2,127 
Recycling of goodwill6.40 -962 
Operating result 18,0096.2%-20,085-7.8%
Financial result4.5-850 -2,289 
Ordinary result 17,1595.9%-22,374-8.7%
Non-operating result4.6-444 -687 
Profit/loss before taxes 16,7155.8%-23,061-8.9%
Income taxes4.7295 986 
Profit/loss 17,0105.9%-22,075-8.6%
Net earnings per share – undiluted 1.04 -1.35 
Net earnings per share – diluted 1.04 -1.35 


The accompanying notes form an integral part of the consolidated financial statements.

Consolidated balance sheet

CHF 1,000Note31.12.2021 31.12.2020 
Current assets     
Cash and cash equivalents 54,107 38,420 
Current financial assets5.1427 2,021 
Accounts receivable5.219,618 18,959 
Inventories5.353,440 56,085 
Net assets from customer projects5.428,642 38,514 
Other current receivables 4,109 4,917 
Prepaid expenses 4,303 5,770 
Total current assets 164,64654.9%164,68659.4%
Non-current assets     
Tangible assets5.587,724 75,644 
Intangible assets5.63,603 3,758 
Investment property5.727,515 27,912 
Deferred tax assets5.916,551 5,126 
Total non-current assets 135,39345.1%112,44040.6%
Total assets 300,039100.0%277,126100.0%
Current liabilities     
Short-term financial liabilities5.102,109 14,205 
Accounts payable 16,968 20,362 
Net liabilities from customer projects5.455,049 41,625 
Short-term provisions5.1115,198 16,463 
Other current liabilities 2,716 3,360 
Accrued expenses5.1222,183 19,593 
Total current liabilities 114,22338.1%115,60841.7%
Long-term liabilities     
Long-term financial liabilities5.105,604 10,116 
Long-term provisions5.11750 818 
Deferred tax liabilities5.914,392 5,065 
Total long-term liabilities 20,7466.9%15,9995.8%
Shareholders’ equity     
Share capital5.131,671 1,671 
Treasury shares -2,601 -3,212 
Capital reserves 96,516 95,595 
Retained earnings 69,484 51,465 
Total shareholders’ equity 165,07055.0%145,51952.5%
Total liabilities and shareholders’ equity 300,039100.0%277,126100.0%

The accompanying notes form an integral part of the consolidated financial statements.

Consolidated statement of shareholders' equity

Retained earnings
CHF 1,000 Note Share capital Treasury shares Capital reserves Accumulated profits Goodwill recognized Translation adjustments Total share-holders’ equity
Balance at 01.01.2020 1,671 -3,658 95,830 77,729 -962 -1,390 169,220
Loss 2020 -22,075 -22,075
Translation adjustments -3,046 -3,046
Recycling in connection with the discontinuation of Mikron Berlin GmbH 6.4 962 247 1,209
Change in treasury shares 5.13 446 -235 211
Balance at 31.12.2020 1,671 -3,212 95,595 55,654 0 -4,189 145,519
Profit 2021 17,010 17,010
Translation adjustments 1,008 1,008
Change in treasury shares 5.13 611 -190 421
Share-based compensation 1,111 1 1,112
Balance at 31.12.2021 1,671 -2,601 96,516 72,664 0 -3,180 165,070

The accompanying notes form an integral part of the consolidated financial statements.

Consolidated statement of cash flow

The accompanying notes form an integral part of the consolidated financial statements.

CHF 1,000Note20212020
Cash flow from operating activities   
Profit/loss 17,010-22,075
Depreciation and amortization5.5, 5.69,12810,431
Recycling of goodwill6.40962
Revaluation of investment property5.7397503
Net gain (-)/loss (+) on sale of non-current assets4.4-220115
Changes in provisions5.11-1,2317,021
Changes in deferred taxes4.7, 5.9-2,029-2,442
Share-based compensation4.5, 5.131,1110
Other non-cash items 862434
Movement in accounts receivable -6042,450
Movement in inventories 2,8674,077
Movement in net assets/liabilities
from customer projects
Movement in accounts payable -4,1463,203
Movement in other receivables and prepaid expenses 2,339-733
Movement in other current liabilities and accrued expenses 1,786927
Cash flow from operating activities 50,7419,175
Cash flow from investing activities   
Investments in tangible assets5.5-19,517-14,382
Divestments of tangible assets5.5724328
Investments in intangible assets5.6-838-946
Divestments of financial assets5.640
Investments in financial assets5.1-1870
Divestments of financial assets5.12,0004,000
Interest received 26101
Cash flow from investing activities -17,788-10,899
Cash flow from financing activities   
Increase (+)/repayment (-) of financial liabilities -15,0495,125
Repayment (-) of finance lease liabilities -1,890-2,136
Interest paid -414-479
Cash flow from financing activities -17,3532,510
Effect of exchange rate changes on cash and cash equivalents 87-358
Net cash flow 15,687428
Increase (+)/decrease (-) of cash and cash equivalents 15,687428
Cash and cash equivalents at beginning of period 38,42037,992
Cash and cash equivalents at end of period 54,10738,420

The accompanying notes form an integral part of the consolidated financial statements.

Notes to the Consolidated Financial
Statements 2021 of the Mikron Group

1. General information

1.1 Business operations
Mikron Holding AG and its subsidiaries (together the Mikron Group) develop, produce and market highly precise, productive, and adaptable automation solutions, machining systems and cutting tools. Rooted in the Swiss culture of innovation, the Group is a global leading partner to companies in the automotive, pharmaceutical, medtech, consumer goods, writing instruments and watchmaking industries.

The two business segments, Mikron Automation and Mikron Machining Solutions are based in Switzerland (Boudry and Agno). Additional production sites are located in the USA, in Germany, Singapore, China and Lithuania. Mikron Holding AG shares are traded on SIX Swiss Exchange (MIKN). The Mikron Group employs a total workforce of around 1,300.

1.2 Basis of preparation
The consolidated financial statements have been prepared in accordance with Swiss GAAP FER as a whole, including Swiss GAAP FER 31, applying the principle of historical cost accounting. Exceptions to this rule are deferred taxes that are calculated from valuation differences or tax loss carry-forwards and the applicable tax rate, marketable securities reported as current assets, derivative financial instruments and investment properties, which are reported at fair values.

1.3 Events after the balance sheet date
The Board of Directors approved the consolidated financial statements at its meeting of 9 March 2022. The approval of the consolidated financial statements by the Annual General Meeting is scheduled for 27 April 2022.

2. Significant accounting policies

2.1 Consolidation

2.1.1 Scope and method of consolidation
The consolidated financial statements include Mikron Holding AG, Biel, and all Swiss and foreign subsidiaries which the parent company, directly or indirectly, controls either by holding more than 50% of the voting rights or by some other form of control. These entities are fully consolidated. All intercompany transactions and relations between the consolidated companies are offset against each other and eliminated. Profits on intercompany transactions are eliminated. Capital consolidation is based on the purchase method applied to the annual financial statements of all consolidated entities, prepared as at December 31 and determined according to uniform accounting policies. The Mikron Group does not have any shareholdings with voting power of less than 50% (prior year: none). The list of Group companies can be found on page 119. In the year under review there were no changes (prior year: two) in the group of consolidated companies. The merge of the four Swiss entities into one had no impact on the scope of consolidation.

2.1.2 Acquisition of Group companies
New companies acquired by the Mikron Group are reported in the consolidated financial statements from the date of obtaining control. The net assets acquired are valued at actual values and consolidated applying the purchase method. Intangible assets not previously capitalized are not valued or recognized. Any difference between the higher purchase price and the net assets acquired (goodwill) is offset against shareholders’ capital.

2.2 Business segment reporting
The Mikron Group is organized by business segments which are grouped according to the types of products and services they provide.

For the purposes of reporting, the following business segments have been identified:

  • The Mikron Machining Solutions segment comprises the two divisions Mikron Machining and Mikron Tool. The Mikron Machining division is the leading supplier of customized, highly productive machining systems for the manufacturing of complex high-precision components made of metal such as turbocharger housings, injection nozzles and ballpoint pen tips. The Mikron Tool division develops and produces the therefore necessary high-performance cutting tools. These are regarded as some of the best in the world and are also used on other manufacturers’ machines. To date, Mikron Machining Solutions has developed and commissioned over 7,000 machining systems. Its international customers operate in the following industries: automotive, electronics and telecommunications, medtech, consumer goods, construction/building and pneumatics and hydraulics. Mikron Machining Solutions employs around 500 people and is headquartered in Agno (Switzerland). It also has sites in Rottweil (Germany), Monroe (USA) and Shanghai (China).
  • Mikron Automation is the leading partner for scalable and customized assembly systems – from the first idea to the highest performance solutions. Mikron’s expertise and proven track record guarantee the most productive solution to assemble customer products at each stage of their lifecycle. To date, Mikron Automation has installed more than 3,500 assembly and testing systems worldwide. Its international customers operate in the following markets: pharmaceutical, medtech, automotive, electrical/electronics, consumer goods and construction/building. Mikron Automation currently employs around 800 people and is headquartered in Boudry (Neuchâtel), a region that is regarded as the heart of the Swiss watchmaking industry. It also has sites in Kaunas (Lithuania), Denver (USA), Singapore and Shanghai (China).
  • The Corporate Service segment reports information on Mikron’s holding, management and finance companies. The Corporate Service supports the individual Group companies as well as the Board of Directors and Group Management in their management and control functions. It also reports income and expenses related to a non-operating industrial property, which is fully leased to third parties. Eliminations on Group level are presented together with the Corporate Service.

2.3 Foreign currency translation
Foreign currency transactions are translated into the local currency using the exchange rate prevailing on the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates are recognized in the income statement.

The consolidated financial statements are reported in Swiss francs. For consolidation purposes, assets and liabilities are translated into Swiss francs at the exchange rates on the balance sheet date. The income statement and all cash flows are translated at average rates for each period. Differences between the translation of assets and liabilities and the income statement are recognized in equity. Exchange differences on long-term intra-Group loans with equity character are likewise taken directly to Group equity.

The most significant exchange rates for the Group in the year under review in Swiss francs were:

CurrencyAverage rateAverage rateClosing rateClosing rate
1 EUR1.
1 USD0.920.940.920.89
1 SGD0.680.680.680.67
1 CNY0.

2.4 Disclosure of related party transactions
Related parties are defined as companies or persons that exercise significant influence over Mikron or that are controlled by the Group. The Ammann Group, the Board of Directors, Group Management and the pension fund of Mikron Group are defined as related parties. All significant transactions, outstanding balances and if applicable contingent liabilities are disclosed in note 6.5 to the consolidated financial statements.

2.5 Assets and liabilities

2.5.1 Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, current bank and postal accounts, as well as deposits held at call with a bank or other financial institution with maturities of 90 days or less, and are shown at nominal value.

2.5.2 Financial assets
Marketable securities, derivative financial instruments and term deposits with maturities of more than 90 days are reported as current financial assets. As all marketable securities are investments of excess cash that are available for sale, they are considered to be current financial assets independent of any maturity longer than one year. Term deposits are valued at nominal value less any impairment. Marketable securities and derivative financial instruments are measured at fair value and any changes in fair value are presented in the financial result.

2.5.3 Receivables
Receivables are carried at nominal value. A provision for bad debt risks is established for cases where the Group faces an objective risk of not collecting the outstanding amount. Factors such as information on financial difficulties being experienced by the debtor and overdue payments (more than 30 days overdue) are used to assess whether or not there is a bad debt risk. Changes in provisions are recognized as other operating expenses.

2.5.4 Inventories
Raw materials and other supplies, as well as goods purchased, are carried at weighted average cost, and finished products at the lower of costs of conversion (standard costs), including directly attributable production costs, or fair value less costs to sell. Settlement discounts are recognized as financial income. Additionally, down-payments from customers are disclosed as a deduction and prepayments to suppliers as an increase of inventories. Provisions are made for slow-moving items. Obsolete items are written off.

2.5.5 Customer projects
Customer projects for machining and assembly systems are accounted for using the “percentage of completion” method. The respective stage of completion is determined by individually measuring the work performed to date, based on the costs incurred compared to the total estimated costs. Costs to date and realized revenues calculated by reference to the stage of completion are continuously recognized in the income statement. On the balance sheet, projects in progress – offset by prepayments and progress payments from customers – are recognized as net assets or net liabilities from customer projects.

Projects, for which no specific customer contract exists yet, are capitalized as work in progress until delivery and disclosed as inventory. They are measured at the lower of costs of conversion (standard costs), including directly attributable production costs, or fair value less costs to sell. Net sales and profit are recognized at the time of delivery.

Immediate provision is recognized in the income statement for present or foreseeable losses on customer projects.

2.5.6 Tangible assets
Property consists of production and office buildings. Tangible assets are measured at historical cost and depreciated over their estimated useful lives. The exception to the rule is land, which is not depreciated. Added value expenses are capitalized and depreciated over the corresponding useful life. Expenditure on repairs, maintenance and replacements is charged directly to the income statement.

The straight-line depreciation rates are determined by the expected useful life, taking into account operational use and technical ageing. The estimated useful life is as follows:

Real estate 30–45
Leasehold improvements over the duration of the lease agreement
Equipment and installations 12–25
Furniture 8–12
Machinery 5–10
Other 2–7

2.5.7 Intangible assets
Items which qualify as intangible assets mainly comprise development costs, purchased software and patents.

Development costs relating to new or significantly improved products and processes are capitalized only when they are technically and commercially feasible and when the Group has sufficient resources for their implementation. Expenses related to smaller development projects or early stage developments as well as product maintenance are taken to the income statement as an expense. Capitalized development costs are recognized at cost less accumulated amortizations and impairments (see note 2.5.9). The maximum estimated useful life is 5 years.

Other intangible assets are reported in the balance sheet at acquisition value less accumulated amortizations and impairments (see note 2.5.9). The estimated useful life of software is basically 3 to 5 years, for ERP licenses up to 10 years and for patents 5 to 10 years.

2.5.8 Investment property
Property held as a financial investment includes production and office buildings which are rented out to third parties. Investment properties are reported at market value. The Mikron Group currently owns a property in Nidau, Switzerland, with a market value of CHF 27.5 million as at 31 December 2021. The fair value of the property is reviewed annually as per the balance sheet date and adjusted if necessary. Revaluations are recognized in the income statement.

2.5.9 Impairment of non-current assets
Tangible and intangible assets are reviewed for impairment whenever events or changes in circumstance indicate that the carrying amount may not be recoverable. An impairment loss is recognized at the amount by which an asset’s carrying value exceeds its recoverable amount. The recoverable amount is the higher of an asset’s net selling price and its value in use (net present value of estimated future cash flows). The recoverable amount is determined for each asset separately or, where this is not possible, for the cash-generating unit to which the asset belongs. A reversal of impairment is recognized if the review of the recoverable amount reveals none or only a reduced impairment.

2.5.10 Lease contracts
Agreements that substantially transfer all the risks and rewards of ownership to the lessee are accounted for as finance leases. Assets held under finance leases are recognized as tangible assets at the lower of fair value at the time of acquisition and the net present value of the future lease payments. The corresponding liability to the lessor is included in the balance sheet as a financial liability. Lease payments are apportioned between financial expenses and reduction of the lease obligation. Assets under finance leases are amortized over their estimated useful lives.

Operating lease payments are treated as operating expenses and charged to the income statement as incurred.

2.5.11 Payables
Payables are measured at nominal values.

2.5.12 Financial liabilities
Short-term and long-term bank borrowings and loans are recognized at nominal value. Derivative financial instruments are measured at fair value and any changes in fair value are presented in the financial result.

2.5.13 Provisions
Provisions are recognized only if the company has a present obligation to a third party as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the obligation can be sufficiently reliably estimated. If the time factor has a significant impact the amount of the provision is discounted.

2.5.14 Deferred taxes
Deferred income taxes are recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases and are accounted for using the liability method. Deferred tax assets from capitalized tax loss carry-forwards are valued at the respective applicable tax rate. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are only recognized to the extent that it is probable that future taxable profit will be available to offset against these assets.

Deferred tax assets and liabilities are calculated at the rate that is expected to apply in the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that are valid at the balance sheet date.

2.5.15 Employee benefits
There are a number of employee benefit plans in existence within the Group, each of which is aligned with local conditions in the country in question. They are funded by means of contributions to legally independent employee benefit schemes (foundations, insurance). An annual evaluation is made to see if an economic benefit or an economic obligation exists for the Mikron Group. Any such amount would be recognized in the balance sheet. The net periodic expense to be recognized in the income statement is equal to the contributions made by the employer plus any changes to the economic benefit or obligation.

2.6 Income statement

2.6.1 Revenue recognition
Net sales comprise the sale of products as well as the rendering of services. Sales are recognized if it is probable that the economic benefits will flow to the Group and the amount can be estimated reliably. Sales revenue is recognized upon transfer of the risks and rewards of ownership of the goods to the client. Cash discounts granted to customers are treated as reduction of sales.

Pro rata net sales and profits on projects for customer contracts are recognized in accordance with note 2.5.5 on the basis of the percentage of completion and of the estimated total profit for the project.

Service sales are recognized when the intervention has been completed.

2.7 Share-based payments
No share purchase-plan is in place for Mikron Group employees. The Board of Directors is granted a fixed amount converted into shares as part of the annual compensation which are blocked for at least three years. A performance-based number of shares, measured against the financial medium-term plan, are granted to Group Management and other key personnel at no consideration, refer to note 4.3. The shares to be granted under the long-term incentive plan are valuated with the year-end share-price for accrual purposes and re-valuated with the share-price at the grant date. The shares under the long-term incentive plan are transferred to Group Management after approval by the General Meeting and are blocked for a period of at least three years. Refer to note 5.13 for shares granted to Group Management and the Board of Directors.

3. Risk Management

The Mikron Group applies a central risk assessment system which covers both strategic and operational risks. All identified risks are given a rating (based on probability of occurrence and extent of potential losses) and recorded in a risk inventory. Based on this risk inventory, the Board of Directors conducts a review, at least once a year, of whether the risk governance and reduction measures in place are adequate for the company’s needs. Ongoing monitoring of the risk inventory is the responsibility of Group Management.

Accounting and financial reporting risks are monitored and reduced through a suitable internal control system.

The Group’s activities expose it to a variety of financial risks: market risks (primarily foreign exchange risks), credit risks and liquidity risks. The Group’s financial risk management program focuses on reducing financial market risks with the potential to adversely affect its financial performance.

Financial risk management is carried out by the centralized Treasury department in close cooperation with the Group companies on the basis of guidelines issued by the Board of Directors.

3.1 Foreign exchange risks
The Group is globally active and conducts transactions in a variety of currencies. Exchange rate fluctuations can therefore have a significant impact on the result. Exchange rate risks exist in future business transactions, in assets and liabilities recognized on the balance sheet and in net investments in foreign companies with a functional currency other than the Swiss franc.

The Group companies’ currency risks stemming from future business transactions are consolidated by Group Treasury and hedged centrally. To neutralize the risk, income in a given foreign currency is offset against expenditure in the same currency. Group Treasury hedges economically between 25% and 100% of the net cash flows in prospect for the next 12 months for EUR and USD. Forward contracts are the main instrument used for hedging. Gains and losses arising from the valuation of forward contracts at fair value are recognized in the financial result. The Group does not apply hedge accounting.

The Group has investments in foreign operations, whose net assets are exposed to foreign currency translation risks. Currency exposure arising from the net assets of the Group’s foreign operations is managed primarily through borrowings denominated in the relevant foreign currencies.

The table below shows the impact at the balance sheet date of a possible shift in the most relevant foreign currency rates against the Swiss franc on the valuation of financial instruments including intra-Group receivables and liabilities. The indicated impacts are based on the assumption that the Swiss franc increases the value against the listed currencies. In the event of a devaluation of the Swiss franc, an inverse impact applies.

CHF 1,000Possible shift in
currency rates
Impact on
net earnings
Impact on shareholders’ equity
from translation adjustments
Euro (CHF/EUR)-10%-292-529-207-302
US dollar (CHF/USD)-10%-1,047-1,139-3,743-3,118

3.2 Interest rate risks
Interest rate risks result from changes in interest rates which could have a negative impact on the Group’s financial position, cash flow and earnings situation. Interest rate exposure is basically limited, owing to the low level of external financing and the conservative investment policy. The interest rate exposure is managed centrally. As at 31 December 2021 and 2020 respectively, no derivative financial instruments were being held to hedge any interest rate risks.

3.3 Price risks
The consolidated financial statements report at year-end short-term financial assets mainly related to high-quality Swiss franc bonds with a maturity of up to five years, which are measured at fair value. As a result of the short duration, price changes are reduced but could nevertheless significantly impact the financial income of the Group at the balance sheet date. The Group currently has no financial instruments which are exposed to changes in commodity prices.

3.4 Credit risks
Credit risks arise from the possibility that the counterparty to a transaction may not be able or willing to discharge their obligations, thereby causing the Group to suffer a financial loss. Counterparty risks are minimized by only concluding contracts with reputable business partners and financial institutions.

Relationships with customers are subject to credit checks. In addition, Group Management monitors outstanding payments on accounts receivable through monthly reporting procedures. The necessary allowances are made locally.

3.5 Liquidity risks
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. Prudent liquidity risk management includes maintaining sufficient cash and cash equivalents, the availability of funding from an adequate amount of committed credit facilities, and the ability to close out market positions. The required flexibility in funding for the project business of the Group is primarily achieved via adequate liquidity reserves. As at the end of the year, significant headroom (cash and cash equivalents, current financial assets and unused credit facilities) is available to the Mikron Group. A credit agreement worth CHF 50.0 million with a bank consortium exists, which is available for bank guarantees to secure advance payments from customers and for fixed advances. Under the credit agreement, it is also possible to additionally draw mortgage on two production facilities of up to CHF 20.0 million, of which none was drawn as at 31 December 2021 (prior year: none). At 31 December 2021, guarantees of CHF 21.2 million (prior year: CHF 28.2 million) were issued. The “COIVD-19” loan and “COVID-19 plus” loan at one production site in Switzerland were repaid and cancelled in 2021 (prior year: CHF 3,0 million were drawn). The mortgage on the investment property has been repaid (prior year: CHF 9.0 million) and replaced with a secured credit line of CHF 10.0 million, of which nothing was drawn.

Group Management monitors the Group’s liquidity status on the basis of three months’ rolling cash flow forecasts.

The table below summarizes the maturity profile of the Group’s financial liabilities at the balance sheet date based on contractual undiscounted cash outflows. The undiscounted cash outflows only consider the repayments of the principal of the bank borrowings and of the principal of the finance lease liabilities excluding any interest payment.

CHF 1,000 MaturityTotal and interest rate by currency
 NoteLess than 1 year1–3 years3–5 yearsOver 5 yearsCHF%EUR%USD%
At 31.12.2020           
Bank borrowings5.1012,1564,474130060014,5001.2  4,0303.7
Finance lease liabilities5.101,8542,96777503,6212.01,9752.1  
Derivative financial
instruments (notional amount)
Total 32,0567,4412,075600      
At 31.12.2021           
Bank borrowings5.104008008001,6003,6001.0    
Finance lease liabilities5.101,7092,25415002,9291.91,1842.0  
Derivative financial
instruments (notional amount)
Total 16,2613,0549501,600      

4. Details of the consolidated income statement

4.1 Net sales

CHF 1,00020212020
Automation and machining systems
(from customer projects)
Automation and machining systems (other)30216
Cutting tools52,58639,973
Total net sales289,455257,819

4.2 Material costs and subcontractors

CHF 1,00020212020
Raw materials and components-83,508-89,975
Total material costs and

4.3 Personnel expenses

CHF 1,00020212020
Salaries and wages-103,675-105,524
Social charges-12,026-12,781
Pension expenses-6,061-6,023
Total personnel expenses-121,762-124,328

The shares granted to Group Management in 2021 amounted to a total of CHF 0.3 million. For the number of shares allocated in 2021 refer to note 5.13. The Board of Directors will propose to the next Annual General Meeting an allocation of 22,509 shares to the members of Group Management as long-term incentive compensation related to the financial year 2021. The allocation of 38,684 shares to the other key personnel after the next Annual General Meeting was approved by the remuneration committee. The share price for the valuation at year-end was CHF 7.70. A total amount of CHF 1.1 million was expensed against equity (refer also to note 2.7).

In 2021, a total of CHF 1.2 million of short-time work compensation and government support was received (prior year: CHF 9.8 million).

4.4 Other operating income and expenses

CHF 1,00020212020
Gain on sale of non-current assets319120
Other income1,5141,313
Total other operating income1,8331,433
Production- and project-related expenses,
including shipping
Marketing and sales-3,998-3,854
Real estate-7,527-8,875
Personnel-related expenses, including company cars-3,970-4,393
Information technology-6,017-6,046
Capital and other taxes (excl. income taxes)-944-672
Loss on sale of non-current assets-99-235
Other expenses-6,586-10,400
Total other operating expenses-46,394-46,459

The project-related expenses include the change in provision for future losses from customer ­projects (see note 5.4).

4.5 Financial result

CHF 1,00020212020
Financial income3,6762,709
Financial expenses-4,526-4,998
Total financial result-850-2,289
Interest income26101
Interest expenses-414-479
Total interest result-388-378
Exchange gains3,6492,602
Exchange losses-3,046-3,745
Other financial income16
Other financial expenses-1,066-774
Total other financial result-462-1,911
Total financial result-850-2,289

4.6 Non-operating result

CHF 1,00020212020
Rental income748694
Income from property-related services663529
Total non-operating income1,4111,223
Owner-related expenses-712-613
Expenses for property-related services-746-794
Total non-operating expenses-1,458-1,407
Total non-operating result-444-687

4.7 Income taxes

CHF 1,0002021 2020 
Current income tax-1,734 -1,456 
Deferred income tax2,029 -2,442 
Total income taxes295 986 
Earnings before taxes16,715 -23,061 
Income tax at average tax rates-3,47721%4,38119%
Income tax at other rates83 1,842 
Impact of non-capitalized loss carry-forwards-6,957 -7,380 
Release of / capitalization of tax losses11,052 -54 
Tax credits572 1,948 
Change in tax rate-573 -64 
Other taxable effects-405 313 
Total income taxes295  9864%

The applicable tax rate for the Group is 21% (prior year: 19%). This corresponds to the average income tax rates of the individual Group companies in each jurisdiction.

4.8 Restructuring costs

In 2021 there was no restructuring. The restructuring initiated in the prior year by Mikron Group’s Board of Directors to discontinue the machine business in Rottweil and to redimension the machine business in Agno in the Mikron Machining Solutions business segment as well as to discontinue the automotive industry related operations in Berlin in the Mikron Automation business segment were on track and all costs covered by existing provisions.

CHF 1,00020212020
Inventory write-off0-2,559
Work in progress write-off0-1,519
Termination benefits0-5,953
Operating expenses0-4,262
Additional depreciation and amortization of fixed assets0-802
Recycling of goodwill0-962
Restructuring costs impacting the operating result0-16,057
Recycling of translation adjustments0-247
Restructuring costs impacting the financial result0-247

5. Details of the consolidated balance sheet

5.1 Financial assets

CHF 1,000Note31.12.202131.12.2020
Bonds 02,021
Other current financial receivables 1870
Derivative financial instruments6.12400
Total current financial assets 4272,021

All previously held bonds expired and were repaid (prior year: CHF 2.0 million). The bonds comprised Swiss franc bonds.

5.2 Accounts receivable

CHF 1,00031.12.202131.12.2020
Accounts receivable20,25419,638
Allowance for doubtful accounts-636-679
Total accounts receivable19,61818,959

As at the balance sheet date, accounts receivable (including allowance for doubtful accounts) past due for 30 days and more amounted to CHF 2.6 million (prior year: CHF 2.2 million).

5.3 Inventories

CHF 1,00031.12.202131.12.2020
Raw materials and components22,85421,575
Work in progress14,61317,924
Finished and trading goods14,90616,968
Prepayments to suppliers4,8443,661
Prepayments from customers-3,777-4,043
Total inventories53,44056,085

The provision for slow-moving inventories amounts to CHF 21.1 million (prior year: CHF 20.2 million).

5.4 Customer projects

CHF 1,000 31.12.2021 31.12.2020
Projects in progress – costs incurred 157,846 165,733
Recognized profits less recognized losses 34,020 42,627
Prepayments from customers -218,273 -211,471
Total net assets and liabilities from customer projects -26,407 -3,111
Net assets from customer projects 28,642 38,514
Net liabilities from customer projects -55,049 -41,625
Total net assets and liabilities from customer projects -26,407 -3,111

The stage of completion, determined by the costs incurred to date compared to the total estimated costs, was approximately 54% on 31 December 2021 (prior year: approximately 57%). At the balance sheet date, the Mikron Group had 220 projects in progress (prior year: 192 projects) with an average volume of CHF 1.6 million (prior year: CHF 1.9 million). As at 31 December 2021 there were no retentions by customers (prior year: none).

5.5 Tangible assets

CHF 1,000 Undeveloped real estate Real estate Machinery Equipment and installations Down payments and assets under construction Others Total
At cost
Balance at 01.01.2020 3,601 88,853 80,836 21,691 7,735 3,414 206,130
Additions 0 161 -74 343 11,173 27 11,630
Transfers 0 0 4,640 1,343 -5,877 0 106
Disposals 0 -29 -2,895 -2,645 0 -36 -5,605
Translation adjustments -38 -1,030 -231 -230 -38 -57 -1,624
Balance at 31.12.2020 3,563 87,955 82,276 20,502 12,993 3,348 210,637
Additions 0 446 1,357 644 17,916 321 20,684
Transfers 0 150 1,063 8 -1,358 83 -54
Disposals 0 -553 -2,834 -2,759 0 -347 -6,493
Translation adjustments 13 343 -436 6 0 -53 -127
Balance at 31.12.2021 3,576 88,341 81,426 18,401 29,551 3,352 224,647
Accumulated depreciation
Balance at 01.01.2020 0 -57,949 -53,298 -18,574 0 -2,528 -132,349
Depreciation 0 -1,896 -4,874 -1,352 0 -182 -8,304
Disposals 0 28 2,555 2,553 0 27 5,163
Translation adjustments 0 148 135 175 0 39 497
Balance at 31.12.2020 0 -59,669 -55,482 -17,198 0 -2,644 -134,993
Depreciation 0 -1,904 -3,995 -2,053 0 -162 -8,114
Transfers 0 0 225 -225 0 0 0
Disposals 0 465 2,488 2,687 0 347 5,987
Translation adjustments 0 -56 212 5 0 36 197
Balance at 31.12.2021 0 -61,164 -56,552 -16,784 0 -2,423 -136,923
Net book value
Balance at 31.12.2020 3,563 28,286 26,794 3,304 12,993 704 75,644
Balance at 31.01.2021 3,576 27,177 24,874 1,617 29,551 929 87,724
Of which finance leases
Balance at 31.12.2020 0 0 8,548 0 0 0 8,548
Balance at 31.01.2021 0 0 4,830 0 0 0 4,830

At the balance sheet date, the Group had entered into CHF 0.3 million of capital commitments to purchase tangible assets (prior year: CHF 2.8 million). In the depreciation of the financial year 2021, no depreciation from the restructuring measures taken were included (prior year: CHF 0.4 million).

In 2021, the Group acquired tangible assets of CHF 0.5 million (prior year: none) on a financial leasing basis.

5.6 Intangible assets

CHF 1,000 Capitalized development costs Software Assets under construction Others Total
At cost
Balance at 01.01.2020 3,633 21,107 719 364 25,823
Additions 0 422 363 0 785
Transfers 0 38 -144 0 -106
Disposals 0 -721 0 0 -721
Translation adjustments -111 -117 0 0 -228
Balance at 31.12.2020 3,522 20,729 938 364 25,553
Additions 0 134 671 0 805
Transfers 0 351 -297 0 54
Disposals 0 -348 0 0 -348
Translation adjustments 17 -46 0 0 -29
Balance at 31.12.2021 3,539 20,820 1,312 364 26,035
Accumulated amortization
Balance at 01.01.2020 -3,346 -16,899 0 -354 -20,599
Amortization -287 -1,830 0 -10 -2,127
Disposals 0 721 0 0 721
Translation adjustments 111 99 0 0 210
Balance at 31.12.2020 3,522 -17,909 0 -364 -21,795
Amortization 0 -1,014 0 0 -1,014
Disposals 0 348 0 0 348
Translation adjustments -17 46 0 0 29
Balance at 31.12.2021 -3,539 -18,529 0 -364 -22,432
Net book value
Balance at 31.12.2020 0 2,820 938 0 3,758
Balance at 31.12.2021 0 2,291 1,312 0 3,603
Of which finance leases
Balance at 31.12.2020 0 0 0 0 0
Balance at 31.12.2021 0 0 0 0 0

At the balance sheet date, the Group had not entered into capital commitments to purchase intan­gible assets (prior year: none). In the amortization of the financial year 2021, no amortization from the restructuring measures taken were included (prior year: CHF 0.4 million).

5.7 Investment property

CHF 1,000 2021 2020
Balance at 1 January 27,912 28,415
Revaluation -397 -503
Balance at 31 December 27,515 27,912
Original acquisition cost 43,374 43,374

The Mikron Group is the owner of a property in Switzerland (land and building) that is leased to third parties. Related income and expenses are reported in the non-operating result (see note 4.6). The property is reported at market value, last reviewed on 31 December 2021. The discounted cash flow method was used for the valuation. The valuation with the discounted cash flow method was supported by an additional valuation of the ongoing development project. A discount rate of 3.9% was applied (prior year: 5.0%).

At the balance sheet date, the Group had no (prior year: none) capital commitment in relation to the investment property. 

5.8 Employee benefits

All employees in Switzerland are insured through the Mikron pension fund, which is a foundation under Swiss law and legally independent of the Mikron Group. With a few exceptions, all employees in Switzerland are obliged to join the pension fund. The contributions are based on the annual salary and are accumulated in individual retirement accounts. Upon retirement (at age 65 for men and 64 for women), a lump-sum benefit may be drawn. Otherwise, a pension is paid out on the basis of a specified conversion factor.

Economic benefit/economic obligation and pension expenses

CHF 1,000 Surplus/deficit 31.12.2020 Economic part of the organization Change from prior year in the current result for the period Contributions concerning the business period Pension expenses 2020
31.12.2020 31.12.2019
Pension institutions without surplus/deficit 0 0 0 0 -4,890 -4,890
Total 0 0 0 0 -4,890 -4,890
CHF 1,000 Surplus/deficit 31.12.2021 Economic part of the organization Change from prior year in the current result for the period Contributions concerning the business period Pension expenses 2019
31.12.2021 31.12.2020
Pension institutions without surplus/deficit 0 0 0 0 -4,770 -4,770
Total 0 0 0 0 -4,770 -4,770

The information on the economic benefit as at 31 December 2021 is based on the last annual financial statements of the Mikron pension fund preceding the balance sheet date, i.e. the financial statements as at 31 December 2020. As at 31 December 2020, the Mikron pension fund reported a coverage rate of 117.9% (prior year: 117.1%). According to the pension fund’s provisional accounts, the coverage rate is expected to have increased by about +5% in the 2021 financial year. The number of active insureds increased in 2021 by about +1% (prior year: decrease of about -10%). Contributions matched pension expenses during the relevant reporting period.

For the employees in countries other than Switzerland there are no material pension plans with an employer’s obligation to contribute except for state-run social insurance.

5.9 Deferred taxes

CHF 1,000 2021 2020
Statement of changes in deferred tax liabilities
Balance at 1 January 5,065 6,071
Set-up and reversal of temporary differences 8,766 -1,056
Change in tax rate 573 64
Translation adjustments -12 -14
Balance at 31 December 14,392 5,065
Statement of changes in deferred tax assets
Balance at 1 January 5,126 4,048
Change in capitalized tax loss carry-forwards 11,322 -505
Set up and reversal of temporary differences and change in tax credits -30 1,874
Change in tax rate 0 0
Translation adjustments 133 -291
Balance at 31 December 16,551 5,126

Deferred tax liabilities mainly result from temporary differences in the measurement of customer projects, the valuation of inventories and the market valuation of the investment property.

The deferred tax assets of CHF 16.6 million (prior year: CHF 5.1 million) result from accumulated tax loss carry-forwards that were capitalized, valuation differences and available tax credits. Due to uncertainties that future taxable profit will be available to offset against these assets, tax loss carry-forwards amounting to CHF 15.2 million (prior year: CHF 110.5 million) were not capitalized. Applying local tax rates results in a maximum potential tax benefit from non-capitalized tax loss carry-forwards of CHF 3.4 million (prior year: CHF 24.0 million).

5.10 Financial liabilities

CHF 1,000 Note 31.12.2021 31.12.2020
Short-term financial liabilities
Bank borrowings 400 12,156
Finance lease liabilities 1,709 1,854
Derivative financial instruments 6.1 0 195
Total short-term financial liabilities 2,109 14,205
Long-term financial liabilities
Bank borrowings 3,200 6,374
Finance lease liabilities 2,404 3,742
Total long-term financial liabilities 5,604 10,116

The investment property and four of the production facilities were mortgaged for liquidity management purposes. The mortgage on one production facility was drawn down, while the draw-down of the mortgage for two further production facilities will happen only when cash needs arise. Additionally, there is a secured credit line on the investment property. Details of the mortgages are given in note 6.2. The leasing liabilities relate to purchased machines used in production.

CHF 1,000 31.12.2021 31.12.2020
Financial liabilities, expiring
– not later than 1 year 2,109 14,205
– later than 1 year but not later than 3 years 3,054 7,441
– later than 3 years 2,550 2,675
Total financial liabilities 7,713 24,321

The credit agreement with a bank consortium (refer to note 3.5) was signed in June 2020 and is valid until June 2024. The agreement secures financing in the form of bank guarantees (avals) and provides potentially required liquidity at standard market conditions. The contractual covenants have been met since the commencement of the agreement.

5.11 Provisions

CHF 1,000 Warranties Employee incentive Future costs for projects Restructuring Others Total
Short-term provisions
Balance at 01.01.2020 2,673 458 5,642 126 892 9,791
Additions 3,263 157 1,308 7,909 1,563 14,200
Utilization -1,359 -411 -557 -2,059 0 -4,386
Reversal -1,067 -38 1,991 0 -179 -3,275
Reclassification long-/short-term 0 178 0 0 0 178
Translation adjustments -16 -2 -100 74 -1 -45
Balance at 31.12.2020 3,494 342 4,302 6,050 2,275 16,463
Additions 2,113 0 5,233 0 1,676 9,022
Utilization -805 -342 -786 -4,366 0 -6,299
Reversal -2,374 0 -1,390 0 -10 -3,774
Reclassification long-/short-term 0 0 0 -142 0 -142
Translation adjustments -22 0 20 -68 -2 -72
Balance at 31.12.2021 2,406 0 7,379 1,474 3,939 15,198
Long-term provisions
Balance at 01.01.2020 0 509 0 0 0 509
Additions 0 11 0 630 0 641
Reversal 0 -159 0 0 0 -159
Reclassification long-/short-term 0 -178 0 0 0 -178
Translation adjustments 0 -3 0 8 0 5
Balance at 31.12.2020 0 180 0 638 0 818
Reversal 0 -180 0 0 0 -180
Reclassification long-/short-term 0 0 0 142 0 142
Translation adjustments 0 0 0 -30 0 -30
Balance at 31.12.2021 0 0 0 750 0 750

Warranty provisions are related to sales of products and services and are based on experience. The employee incentive provision was related to the long-term incentive plan. As the long-term incentive plan is now fully share-based, the provision was released, and the costs directly recognized against equity. Future costs relate to customer projects with final acceptance where remaining work is outstanding before the warranty period starts. The restructuring provision is related to expected costs until the end of the settlement of the obligations from employments and other contracts. The other provision is materially related to expected costs from legal risks of projects.

5.12 Accrusals

CHF 1,00031.12.202131.12.2020
Accrued expenses21,61719,552
Current income tax payables56641
Total accrued expenses22,18319,593

The accrued expenses of CHF 21.6 million (prior year: CHF 19.6 million) mainly consist of accruals in relation to employees’ annual leave entitlements, overtime and bonus totaling CHF 12.3 million (prior year: CHF 11.8 million). Additionally, there were outstanding trade payables, and accrued income taxes of CHF 0.5 million (prior year: CHF 0.3 million).

5.13 Shareholders’ equity

Share capital
The share capital as at 31 December 2021 amounts to CHF 1.7 million (prior year: CHF 1.7 million) and consists of 16,712,744 registered shares with a par value of CHF 0.10 per share.

As at 31 December 2021, 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.

Treasury shares
In 2021 the company granted 39,129 treasury shares to Group Management (prior year: 26,935) and 25,095 treasury shares to the Board of Directors (prior year: 20,000) at no consideration, sold no shares (prior year: none) and acquired no treasury shares (prior year: none). At 31 December 2021 Mikron Holding AG, Biel owned 273,651 treasury shares (prior year: 337,875 shares).

The statutory or legal reserves which may not be distributed amount to CHF 0.9 million (prior year: CHF 0.9 million). In the year under review, foreign currency translation adjustments of CHF -0.1 million (prior year: CHF -0.8 million) on loans with equity character in foreign currencies (EUR and SGD) were posted directly to shareholders’ equity.

6. Other notes

6.1 Derivative financial instruments

For economically hedged future business transactions in foreign currencies, the Group uses financial instruments. As at the balance sheet date, the Group held the following forward exchange contracts:

CHF 1,000 Replacement value Contract equivalent Contract equivalent by due date
positive negative 0–3 months 3–12 months 1–5 years over 5 years
Balance at 31.12.2020 0 195 18,046 16,381 1,665 0 0
Balance at 31.12.2021 240 0 14,152 8,126 6,026 0 0

All instruments are mainly denominated in euros and US dollars.

The replacement values are disclosed as financial assets (note 5.1) or short-term financial liabilities (note 5.10).

6.2 Assets pledged as security for liabilities

CHF 1,00031.12.202131.12.2020
Real estate (including investment property) pledged as security for liabilities73,19859,397
Collateral securities – nominal90,20097,114
Loans and mortgages utilized3,60018,530
Other assets pledged as security for liabilities81,83063,548
Finance lease liabilities (machinery, licenses)4,1135,596

As part of the financing arrangements the borrower notes for the investment property and one production facility in Switzerland were deposited as collateral for underlying mortgage agreements which were partially called off.

The credit limits made available by the bank consortium were secured by guarantees of CHF 77.0 million. Additionally, the existing borrower notes were deposited as collateral for two production facilities in Switzerland.

In addition, machines and licenses acquired under the terms of leasing agreements were pledged.

6.3 Off-balance sheet lease commitments

CHF 1,00031.12.202131.12.2020
Off-balance sheet lease commitments, payable  
– not later than 1 year2,5423,714
– later than 1 year but not later than 3 years2,4893,496
– later than 3 years but not later than 5 years1,2861,718
– later than 5 years2,7643,138
Total off-balance sheet lease commitments9,08112,066

The future lease payments are mainly related to non-cancelable operating leases for office and production facilities and office equipment. The leases have varying terms and renewal rights.

6.4 Goodwill offset against shareholders’ capital

CHF 1,000 2021 2020
At cost
Balance at 1 January 0 962
Disposals 0 -962
Balance at 31 December 0 0
Accumulated amortization
Balance at 1 January 0 -962
Disposals 0 962
Balance at 31 December 0 0
Theoretical value 31 December 0 0

The goodwill resulted from the acquisition of IMA Automation Berlin GmbH (now: Mikron Berlin GmbH) on 1 March 2012. The operations at Mikron Berlin GmbH materially seized as at 31 December 2020 and the company will be discontinued. The related goodwill amortization was recycled into the income statement in 2020.

6.5 Related party transactions

The transactions with related parties and companies consist of commercial business transactions conducted at standard market conditions. These mainly concern relationships with a small number of customers and suppliers.

CHF 1,00020212020
Other operating expenses-26-26
CHF 1,00031.12.202131.12.2020
Other current receivables and prepaid expenses66
Accounts payable56
Other current liabilities and accrued expenses10

The Mikron pension fund owns no shares (prior year: none) of Mikron Holding AG.

6.6 Impairment test on Group level

The Group’s equity of CHF 164.7 million exceeded the Group’s market capitalization of CHF 128.7 million at 31 December 2021 (prior year: CHF 90.2 million). An impairment test was performed using a discounted cash flow model with assumptions approved by the Group’s Board of Directors. The impairment test supported the equity of the Group as a whole. An additional impairment test was performed for the Mikron Machining division. The test showed that the value of the division’s fixed assets is covered by its recoverable amount.

7. Information by segment

7.1 Information by business segment

CHF 1,000 Machining Solutions Automation Corporate / Eliminations Total Group
2021 2020 2021 2020 2021 2020 2021 2020
Net sales – third party 112,773 96,188 176,682 161,631 0 0 289,455 257,819
Net sales – Group 88 134 10 20 -98 -154 0 0
Total net sales 112,861 96,322 176,692 161,651 -98 -154 289,455 257,819
Operating result 2,509  -21,556 15,796 1,109 -296 362 18,009 -20,085
Earnings before interest and taxes (EBIT) 2,509  -21,556 15,796 1,109 740 -325 17,565 -20,772
CHF 1,000 Machining Solutions Automation Corporate / Eliminations Total Group
31.12.2021 31.12.2020 31.12.2021 31.12.2020 31.12.2021 31.12.2020 31.12.2021 31.12.2020
Assets excluding cash and cash equivalents and current financial assets 112,711 117,010 154,779 136,759 -21,985  -17,084 245,505  236,685
Cash and cash equivalents 8,302 5,461 12,015 13,950 33,790 19,009 54,107 38,420
Current financial assets 0 0 0 0 427 2,021 427 2,021
Total assets 121,013 122,471 166,794 150,709 12,232 3,946 300,039 277,126

7.2 Information by geographical segment

CHF 1,000 Net sales
2021 2020
Switzerland 18,651 14,969
Europe 126,428 102,360
North America 94,136 96,117
Asia/Pacific 42,670 31,228
Others 7,570 13,145
Total net sales 289,455 257,819

8. Net earnings per share

8.1 Weighted average number of shares

Number 2021 2020
Issued shares at 1 January 16,712,744 16,712,744
Issued shares at 31 December 16,712,744 16,712,744
of which treasury shares -273,651 -337,875
Adjusted for weighted average -25,974 -13,850
Weighted average number of shares – basic 16,413,119 16,361,019
Effect of dilution 0 0
Weighted average number of shares – diluted 16,413,119 16,361,019

8.2 Computation of earnings per share

CHF 1,000, except for per share information 2021 2020
Net earnings 17,010 -22,075
Weighted average number of shares – basic 16,413,119 16,361,019
Net earnings per share – undiluted 1.04 -1.35
Weighted average number of shares – diluted 16,413,119 16,361,019
Net earnings per share – diluted 1.04 -1.35

Report of the Statutory Auditor

5-Year Financial Summary

in CHF million,
except number of employees
Key performance data          
Order intake 1)305.7 267.3 288.5 362.3 278.9 
Net sales289.5 257.8 327.6 314.7 248.5 
Order backlog 1)176.7 161.6 157.4 195.7 157.2 
Research and development6.6 6.5 10.4 11.6 8.8 
Number of employees (end of year) 1)1,327 1,331 1,486 1,398 1,275 
Investments incl. acquisitions of subsidiaries – net21.0 12.0 18.5 15.9 10.2 
EBITDA 1), as % of net sales27.19.4%-8.9-3.5%22.97.0%22.27.1%11.24.5%
EBIT 1), as % of net sales17.66.1%-20.8-8.1%14.14.3%13.94.4%2.81.1%
Operating result, as % of net sales18.06.2%-20.1-7.8%14.04.3%12.74.0%1.30.5%
Ordinary result, as % of net sales17.25.9%-22.4-8.7%13.54.1%11.73.7%0.80.3%
Profit/loss for the year, as % of net sales17.05.9%-22.1-8.6%8.82.7%12.23.9%1.20.5%
Cash flow          
Cash flow from operating activities
(incl. changes in net working capital),
as % of net sales
Operating free cash flow
(prior to acquisitions and changes in
current financial assets) 1)
31.1 -5.8 -3.5 8.2 7.0 
Balance sheet          
Balance sheet total300.0 277.1 289.5 289.5 265.7 
Current assets164.6 164.7 178.0 185.0 170.5 
Non-current assets135.4 112.4 111.5 104.5 95.2 
Current liabilities114.2 115.6 103.6 110.0 95.7 
Long-term liabilities20.7 16.0 16.6 15.2 12.7 
Shareholders’ equity, as % of balance sheet total165.155.0%145.552.5%169.258.5%164.356.8%157.359.2%

1) Alternative performance measures, see below or www.mikron/apm

Alternative Performance Measures

In external communications, Mikron discloses performance measures that are not defined in Swiss GAAP FER. The description and, where applicable, the calculation from performance measures as per Swiss GAAP FER are listed below. All values listed in CHF 1,000.

Order intake

Order intake includes all customer orders for goods and services received from customers, irrespective of whether the goods and services have been delivered or not. Blanket orders are only recognized as order intake when the goods are being called off.

Order backlog

The order backlog represents that part of the cumulative past order intake that has not yet been recognized as sales at the current balance sheet date. The order backlog equals the amount of sales that will, applying the current exchange rates of the orders, be realized when all open customer orders are concluded. The order backlog of customer projects managed applying the percentage of completion method corresponds to the order intake less the accrued sales according to the stage of completion of each project.


The earnings before interest, taxes, depreciation and amortization (EBITDA) represent the total of the operating and non-operating result, adding back the depreciation for tangible assets, the amortization for intangible assets and the revaluation of the investment property.

Operating result18,009-20,085Consolidated income statement
+ Non-operating result-444-687Consolidated income statement
+ Depreciation of tangible assets8,1148,304Consolidated income statement
+ Amortization of intangible assets1,0142,127Consolidated income statement
+ Recycling of goodwill0962Consolidated income statement
+ Revaluation investment property397503Note 5.7


The earnings before interest and taxes (EBIT) represent the total of the operating and non-operating result.

Operating result18,009-20,085Consolidated income statement
+ Non-operating result-444-687Consolidated income statement
+ Restructuring costs016,057Note 4.8
Adjusted EBIT17,565-4,715 

Operating free cash flow

The operating free cash flow represents the total of the cash flow from operating activities and the cash flow from investing activities, the latter excluding the investments in and divestments of financial assets.

Operating free cash flow20212020Reference
Cash flow from operating activities50,7419,175Consolidated statement of cash flow
+ Cash flow from investing activities-17,788-10,899Consolidated statement of cash flow
– Investments in financial assets-1870Consolidated statement of cash flow
– Divestments of financial assets2,0004,000Consolidated statement of cash flow
– Interest received26101Consolidated statement of cash flow
Operating free cash flow31,114-5,825 

Free cash flow

The free cash flow represents the total of the cash flow from operating activities and the cash flow from investing activities.

Free cash flow20212020Reference
Cash flow from operating activities50,7419,175Consolidated statement of cash flow
+ Cash flow from investing activities-17,788-10,899Consolidated statement of cash flow
Free cash flow32,953-1,724 

Net working capital

The net working capital is the net amount of the current assets and the current liabilities that stand in relation to the business activities.

Net working capital20212020Reference
Accounts receivable19,61818,959Consolidated balance sheet
+ Inventories53,44056,085Consolidated balance sheet
+ Net assets from customer projects28,64238,514Consolidated balance sheet
+ Other current receivables4,1094,917Consolidated balance sheet
+ Prepaid expenses4,3035,770Consolidated balance sheet
– Accounts payable16,96820,362Consolidated balance sheet
– Net liabilities from customer projects55,04941,625Consolidated balance sheet
– Short-term provisions15,19816,463Consolidated balance sheet
– Other current liabilities2,7163,360Consolidated balance sheet
– Accrued expenses22,18319,593Consolidated balance sheet
Net working capital-2,00222,842 

Net debt

The net debt compares financial assets and financial liabilities.

Net debt20212020Reference
– Cash and cash equivalents54,10738,420Consolidated balance sheet
– Current financial assets4272,021Consolidated balance sheet
+ Derivative financial instruments2400Note 5.1
+ Short-term financial liabilities2,10914,205Consolidated balance sheet
– Derivative financial instruments0195Note 5.10
+ Long-term financial liabilities5,60410,116Consolidated balance sheet
Net debt-46,581-16,315 

Equity ratio

The equity ratio corresponds to the Group’s total equity divided by the balance sheet total.

Equity ratio20212020Reference
Total shareholders’ equity165,070145,519Consolidated balance sheet
Total assets300,039277,126Consolidated balance sheet
Equity ratio55.5%52.5% 

Number of employees

The number of employees is the total of the full-time equivalent of all employees. The total headcount is higher than the Group’s full-time equivalent as not all employees are working full-time.

Information on Share Capital

2021 2020 2019 2018 2017
Number of shares1)
Registered shares 16,712,744 16,712,744 16,712,744 16,712,744 16,712,744
Total 16,712,744 16,712,744 16,712,744 16,712,744 16,712,744
Key figures per share in CHF2)
Loss/profit 1.04 -1.35 0.54 0.74 0.07
Cash flow from operating activities 3.09 0.56 0.45 1.21 0.94
Shareholders’ equity 10.06 8.89 10.37 9.90 9.41
Distribution to shareholders 0.00 0.00 0.20 0.05 0.05
Share price SIX Swiss Exchange
At 31 December 7.70 5.40 6.76 6.76 7.30
High/low close during business year 8.08–5.30 6.58–4.20 9.26–6.02 10.45–6.40 7.61–5.80

1) All shares are entitled to dividends/distributions.
2) Based on the weighted average number of shares

Trading volume (daily average)
In the 2021 fiscal year the average daily trade volume was 8,026 shares (prior year: 5,537 shares).

Share performance
as %