Mikron Holding AG

Financial Statements 2021 of
Mikron Holding AG

Profit and loss statement

CHF 1,000Note20212020
Services and other income 2,941 2,621
Other operating expenses -3,091-3,315
Earnings before interest and taxes  -150 -694
Income from revaluation of investments and loans2 29,7790
Other financial income31,8137,839
Total financial income 31,592 7,839
Expenses from revaluation of investments and loans2 -1,459-30,218
Other financial expenses3-1,475-3,363
Total financial expenses  -2,934 -33,581
Profit/loss before taxes 28,508 -26,436
Direct taxes -6-23
Profit/loss for the year 28,502 -26,436

Balance Sheet

CHF 1,000Note31.12.202131.12.2020
Current assets   
Cash and cash equivalents and short-term investments with a quoted market price 33,29720,657
Short-term interest-bearing receivables 7,149 9,271
Due from Group companies 7,149 9,271
Other current receivables 473497
Due from third parties 26151
Due from Group companies 212446
Accrued income and prepaid expenses 962988
Total current assets 41,881 31,413
Non-current assets   
Investments2, 471,11663,390
Financial assets 13,535 53,444
Loans to Group companies2, 513,535 53,444
Total non-current assets 84,651116,834
Total assets 126,532148,247
Current liabilities   
Short-term interest-bearing liabilities 3,772 49,893
Due to Group Companies 3,772 49,893
Other short-term liabilities 283254
Due to third parties 21229
Due to Group Companies 26225
Accrued expenses and deferred income 5191,036
Total current liabilities 4,57451,183
Long-term liabilities   
Long-term interest-bearing liabilities 04,029
Loans to Group companies 04,029
Total long-term liabilities 04,029
Total liabilities 4,57455,212
Shareholders’ equity   
Share capital 1,6711,671
Legal reserves 95,90195,901
Reserves from capital contribution 95,90195,901
Loss/profit carried forward -1,51525,134
Profit/loss for the year 28,502-26,459
Treasury shares -2,601-3,212
Total shareholders’ equity6121,95893,035
Total liabilities and shareholders’ equity 126,532148,247

Notes to the Financial Statements 2021
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: 

Principle of prudence and relationship with fiscal regulations
For replacement purposes and to ensure the long-term prosperity of the undertaking, additional depreciation and valuation adjustments may be made. For the same purposes, the cancellation of depreciation and valuation adjustments that are no longer justified may be dispensed with.

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 valuated at their nominal value. Excessive cash is partially invested in marketable securities that are valuated at market value.

Loans to and loans from Group companies
Loans to Group companies are valuated 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 and impairment in the same extent is recognized on the respecitve loans to those Group companies. The short-/long-term classification is evaluated 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 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
1 EUR1.081.04
1 USD0.920.92
1 SGD0.680.68
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 2021 financial year are disclosed.

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

CHF 1,00020212020
Revaluation of investments and loans29,7790
Total financial income from investments and loans29,7790
Revaluation of investments and loans-1,459-30,218
Total financial expenses from investments and loans-1,459-30,218
Net financial expenses/income from investments and ­revaluation of loans 28,320-30,218

3. Other financial income and expenses

CHF 1,00020212020
Interest income from Group companies8182,626
Interest income from third parties2197
Foreign exchange gains843649
Other financial income1314,467
Total other financial income1,8137,839
Interest expense to Group companies-151-243
Interest expense to third parties-15-7
Foreign exchange losses-639-2,416
Other financial expenses-670-697
Total other financial expenses-1,475-3,363
Net other financial income3384,476

4. Major investments

5. Subordinated loan

Loans to Group companies include subordinated loans amounting to CHF 6.1 million (prior year: CHF 39.0 million).

6. Statement of shareholders' equity

CHF 1,000 Share capital Reserves from capital contri­bution Treasury shares Profit carried forward Share­holders’ equity
Balance at 31.12.2019 1,671  96,501  -3,658  25,368  119,282
Loss 2020 -26,459 -26,459
Proceeds/payments for change in treasury shares 446  -234 212
Balance at 31.12.2020 1,671 95,901 -3,212  -1,325  93,035
Profit 2021  28,502 28,502
Proceeds/payments for change in treasury shares 0 611 -190 421
Balance at 31.12.2021 1,671 95,901 -2,601  26,987 121,958

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).

7. Significant shareholders and their investment

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. 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

  31.12.2021 31.12.2020
 Number of sharesVoting powerNumber of sharesVoting power
Board of Directors    
P. Zumbühl, Chairman 61,9630.37%51,2900.31%
H. Spoerry, Chairmann/an/a 18,6750.11%
E. Rikli, Vice-Chairman33,8270.20% 29,5000.18%
A. Casutt, Member11,3650.07% 8,0000.05%
H.-M. Hauser, Member11,3650.07% 8,0000.05%
Group Management    
B. Cathomen, CEOn/an/a62,8670.38%
M. Desrayaud, CEO 9,7750.06%n/an/a
R. Rihs, COO49,6170.30% 44,8580.27%
J. Perez Freije, CFO19,2310.12%15,9000.10%

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

Collateral for third-party liabilities

CHF 1,00031.12.202131.12.2020
Guarantees in favor of bank syndicate77,00077,000
Guarantees for Group companies23,04120,763

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

In 2021 and 2020 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

The Board of Directors proposes to the Annual General Meeting of Shareholders that the profit carried forward of CHF 27.0 million for the year ended 31 December 2021 be appropriated as follows:

CHF 1,00020212020
Loss/profit carried forward at the beginning of the period-1,32525,368
Shortfall in proceeds from sale of treasury shares -190-234
Profit/loss for the year28,502-26,459
Profit/loss carried forward available to the General Meeting26,987-1,325
CHF 1,00020212020
 Motion of the
Board of Directors
Resolution of the
General Meeting
Profit/loss carried forward available to the General Meeting26,987-1,325
Distribution to shareholders-1,9730
Carried forward25,014-1,325

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 1,00020212020
 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 shareholders-1,9730
Carried forward93,92895,901

Report of the Statutory Auditor

Group Companies /
Investments Mikron Holding AG

Local Currency 1,000 Activity Currency Share capital Shareholding direct Shareholding indirect
2021 2020 2021 2020 2021 2020
Mikron Holding AG, Biel 1 CHF 1,671 1,671
Mikron Management AG, Langenthal 1, 2, 3 CHF 12,000 12,000 100% 100%
Mikron GmbH Rottweil, Rottweil 2, 3 EUR 383 383 100% 100%
Mikron Berlin GmbH, Berlin 2, 3 EUR 515 515 100% 100%
UAB Mikron Kaunas, Kaunas 2, 3 EUR 400 400 100% 100%
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%
Mikron Corp. Denver, Englewood 2, 3 USD 10 10 100% 100%
Mikron Corp. Monroe, Monroe 3 USD 3,500 3,500 100% 100%


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