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Home 7. Consolidated Financial Statements
| CHF 1,000 | Note | 2023 | 2022 | ||
| Net sales | 4.1 | 370,241 | 100% | 309,442 | 100% |
| Change in work in progress/finished goods | -10,039 | -136 | |||
| Material costs and subcontractors | 4.2 | -121,839 | -104,512 | ||
| Personnel expenses | 4.3 | -144,595 | -129,100 | ||
| Other operating income | 4.4 | 1,679 | 2,043 | ||
| Other operating expenses | 4.4 | -53,050 | -43,372 | ||
| Depreciation of tangible assets | 5.5 | -8,097 | -7,649 | ||
| Amortization of intangible assets | 5.6 | -868 | -966 | ||
| Operating result | 33,432 | 9.0% | 25,750 | 8.3% | |
| Financial result | 4.5 | -1,288 | -839 | ||
| Ordinary result | 32,144 | 8.7% | 24,911 | 8.1% | |
| Non-operating result | 4.6 | 1,824 | 682 | ||
| Profit before taxes | 33,968 | 9.2% | 25,593 | 8.3% | |
| Income taxes | 4.7 | -5,179 | -1,392 | ||
| Profit | 28,789 | 7.8% | 24,201 | 7.8% | |
| Net earnings per share – undiluted | 8.2 | 1.73 | 1.47 | ||
| Net earnings per share – diluted | 8.2 | 1.73 | 1.47 |
The accompanying notes form an integral part of the consolidated financial statements.
| CHF 1,000 | Note | 31.12.2023 | 31.12.2022 | ||
| Current assets | |||||
| Cash and cash equivalents | 33,960 | 29,203 | |||
| Current financial assets | 5.1 | 50,109 | 35,158 | ||
| Accounts receivable | 5.2 | 28,682 | 22,768 | ||
| Inventories | 5.3 | 81,514 | 64,046 | ||
| Net assets from customer projects | 5.4 | 65,736 | 51,571 | ||
| Other current receivables | 4,493 | 3,114 | |||
| Prepaid expenses | 6,963 | 6,326 | |||
| Total current assets | 271,457 | 72.5% | 212,186 | 61.3% | |
| Non-current assets | |||||
| Tangible assets | 5.5 | 87,403 | 88,171 | ||
| Intangible assets | 5.6 | 2,528 | 2,943 | ||
| Investment property | 5.7 | 940 | 27,170 | ||
| Deferred tax assets | 5.9 | 11,882 | 15,452 | ||
| Total non-current assets | 102,753 | 27.5% | 133,736 | 38.7% | |
| Total assets | 374,210 | 100.0% | 345,922 | 100.0% | |
| Current liabilities | |||||
| Short-term financial liabilities | 5.10 | 1,243 | 1,776 | ||
| Accounts payable | 25,130 | 25,351 | |||
| Net liabilities from customer projects | 5.4 | 90,335 | 81,333 | ||
| Short-term provisions | 5.11 | 14,294 | 11,610 | ||
| Other current liabilities | 3,271 | 1,917 | |||
| Accrued expenses | 5.12 | 22,751 | 21,266 | ||
| Total current liabilities | 157,024 | 42.0% | 143,253 | 41.4% | |
| Long-term liabilities | |||||
| Long-term financial liabilities | 5.10 | 2,550 | 3,799 | ||
| Long-term provisions | 5.11 | 359 | 768 | ||
| Deferred tax liabilities | 5.9 | 10,472 | 12,080 | ||
| Total long-term liabilities | 13,381 | 3.5% | 16,647 | 4.8% | |
| Shareholders’ equity | |||||
| Share capital | 5.13 | 1,671 | 1,671 | ||
| Treasury shares | 5.13 | -2,012 | -1,654 | ||
| Capital reserves | 92,466 | 94,814 | |||
| Retained earnings | 111,680 | 91,191 | |||
| Total shareholders’ equity | 203,805 | 54.5% | 186,022 | 53.8% | |
| Total liabilities and shareholders’ equity | 374,210 | 100.0% | 345,922 | 100.0% |
The accompanying notes form an integral part of the consolidated financial statements.
| Retained earnings | |||||||
| CHF 1,000 | Note | Share capital | Treasury shares | Capital reserves | Accumulated profits | Translation adjustments | Total share-holders’ equity |
| Balance at 01.01.2022 | 1,671 | -2,601 | 96,516 | 72,664 | -3,180 | 165,070 | |
| Profit 2022 | 24,201 | 24,201 | |||||
| Translation adjustments | -524 | -524 | |||||
| Distribution to shareholders | -1,973 | -1,973 | -3,946 | ||||
| Change in treasury shares | 5.13 | 947 | -160 | 787 | |||
| Share-based compensation | 5.13 | 0 | 431 | 3 | 434 | ||
| Balance at 31.12.2022 | 1,671 | -1,654 | 94,814 | 94,892 | -3,701 | 186,022 | |
| Profit 2023 | 28,789 | 28,789 | |||||
| Translation adjustments | -4,993 | -4,993 | |||||
| Distribution to shareholders | -3,308 | -3,308 | -6,616 | ||||
| Change in treasury shares | 5.13 | -358 | 361 | 3 | |||
| Share-based compensation | 5.13 | 599 | 1 | 600 | |||
| Balance at 31.12.2023 | 1,671 | -2,012 | 92,466 | 120,373 | -8,693 | 203,805 | |
The accompanying notes form an integral part of the consolidated financial statements.
| CHF 1,000 | Note | 2023 | 2022 |
| Cash flow from operating activities | |||
| Profit | 28,789 | 24,201 | |
| Depreciation and amortization | 5.5, 5.6 | 8,965 | 8,615 |
| Revaluation of investment property | 5.7 | 125 | 429 |
| Net gain (-)/loss (+) on sale of non-current assets | 4.4, 4.6 | -2,288 | -279 |
| Changes in provisions | 5.11 | 2,480 | -3,374 |
| Changes in deferred taxes | 4.7, 5.9 | 1,246 | -1,366 |
| Share-based compensation | 4.3, 5.13 | 599 | 431 |
| Other non-cash items | 2,862 | 1,953 | |
| Movement in accounts receivable | -6,916 | -3,417 | |
| Movement in inventories | -19,139 | -10,839 | |
| Movement in net assets/liabilities from customer projects | -7,595 | 2,939 | |
| Movement in accounts payable | 82 | 11,060 | |
| Movement in other receivables and prepaid expenses | -2,186 | -1,070 | |
| Movement in other current liabilities and accrued expenses | 3,450 | -1,635 | |
| Cash flow from operating activities | 10,474 | 27,648 | |
| Cash flow from investing activities | |||
| Investments in tangible assets | 5.5 | -8,523 | -10,953 |
| Divestments of tangible assets | 5.5 | 161 | 367 |
| Investments in intangible assets | 5.6 | -484 | -337 |
| Investments in investment property | 5.7 | -63 | -84 |
| Divestments of investment property | 5.7 | 28,353 | 0 |
| Investments in financial assets | 5.1 | -15,059 | -35,000 |
| Divestments of financial assets | 5.1 | 126 | 61 |
| Interest received | 1,014 | 11 | |
| Cash flow from investing activities | 5,525 | -45,935 | |
| Cash flow from financing activities | |||
| Purchase of treasury shares | 5.13 | -1,618 | 0 |
| Sale of treasury shares | 5.13 | 119 | 0 |
| Distribution to shareholders | -6,616 | -3,946 | |
| Increase (+)/repayment (-) of financial liabilities | -400 | -400 | |
| Repayment (-) of finance lease liabilities | -1,368 | -1,683 | |
| Interest paid | -81 | -101 | |
| Cash flow from financing activities | -9,964 | -6,130 | |
| Effect of exchange rate changes on cash and cash equivalents | -1,278 | -487 | |
| Net cash flow | 4,757 | -24,904 | |
| Increase (+)/decrease (-) of cash and cash equivalents | 4,757 | -24,904 | |
| Cash and cash equivalents at beginning of period | 29,203 | 54,107 | |
| Cash and cash equivalents at end of period | 33,960 | 29,203 |
The accompanying notes form an integral part of the consolidated financial statements.