Mikron Holding AG

Financial Statements 2022 of
Mikron Holding AG

Profit and loss statement

CHF 1,000Note20222021
Services and other income 3,129 2,941
Other operating expenses -3,528-3,091
Earnings before interest and taxes -399 -150
Income from revaluation of investments and loans2 7,28829,779
Other financial income31,0431,813
Total financial income 8,331 31,592
Expenses from revaluation of investments and loans2-791-1,459
Other financial expenses3-2,912-1,475
Total financial expenses -3,703 -2,934
Profit before taxes 4,229 28,508
Direct taxes 0-6
Profit for the year 4,229 28,502

Balance sheet

CHF 1,000Note31.12.202231.12.2021
Current assets   
Cash and cash equivalents and short-term investments with a quoted market price 15,01633,297
Short-term interest-bearing receivables 22,5937,149
Due from Group companies 22,593 7,149
Other current receivables 35,381473
Due from third parties 35,053261
Due from Group companies 328212
Accrued income and prepaid expenses 898962
Total current assets 73,888 41,881
Non-current assets   
Investments2, 474,05471,116
Financial assets 11,54313,535
Loans to Group companies2, 511,543 13,535
Total non-current assets 85,59784,651
Total assets 159,485126,532
Current liabilities   
Short-term interest-bearing liabilities 35,7573,772
Due to Group companies 35,757 3,772
Other short-term liabilities 30283
Due to third parties 3021
Due to Group companies 0262
Accrued expenses and deferred income 670519
Total current liabilities 36,4574,574
Long-term liabilities   
Long-term interest-bearing liabilities 00
Total long-term liabilities 00
Total liabilities 36,4574,574
Shareholders’ equity   
Share capital 1,6711,671
Legal reserves 93,92895,901
Reserves from capital contribution 93,92895,901
Profit/loss carried forward 24,854-1,515
Profit for the year 4,22928,502
Treasury shares -1,654-2,601
Total shareholders’ equity6123,028121,958
Total liabilities and shareholders’ equity 159,485126,532

Notes to the Financial Statements 2022
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:

Currency Average rate Closing rate
2022 31.12.2022
1 EUR 1.00 0.99
1 USD 0.95 0.93
1 SGD 0.69 0.69
1 CNY 0.14 0.13

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 2022 financial year are disclosed.

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

CHF 1,00020222021
Revaluation of investments and loans7,28829,779
Total financial income from investments and loans7,28829,779
Revaluation of investments and loans-791-1,459
Total financial expenses from investments and loans-791-1,459
Net financial income from investments and ­revaluation of loans6,49728,320

3. Other financial income and expenses

CHF 1,000 2022 2021
Interest income from Group companies 464 818
Interest income from third parties 6 21
Foreign exchange gains 352 843
Other financial income 221 131
Total other financial income 1,043 1,813
Interest expense to Group companies -945 -151
Interest expense to third parties -7 -15
Foreign exchange losses -1,497 -639
Other financial expenses -463 -670
Total other financial expenses -2,912 -1,475
Net other financial expenses/income -1,869 338

4. Major investments

5. Subordinated loan

Loans to Group companies include subordinated loans amounting to CHF 6.2 million (prior year: CHF 6.1 million).

6. Statement of shareholders' equity

CHF 1,000 Share capital Reserves from capital contri­bution Treasury shares Profit/loss carried forward Share­holders’ equity
Balance at 31.12.2020 1,671 95,501 -3,212 -1,325 93,035
Profit 2021 28,502 28,502
Proceeds/payments for change in treasury shares 611 -190 421
Balance at 31.12.2021 1,671 95,901 -2,601 26,987 121,958
Profit 2022   4,229 4,229
Proceeds/payments for change in treasury shares   947 -160 787
Distribution to shareholders -1,973   -1,973 -3,946
Balance at 31.12.2022 1,671 93,928 -1,654 29,083 123,028

In 2022 the company granted 79,196 treasury shares to Group Management and other key personnel (prior year: 39,129) and 20,390 treasury shares to the Board of Directors (prior year: 25,095) at no consideration, sold no shares (prior year: none) and acquired 1 treasury share (prior year: none). At 31 December 2022 Mikron Holding AG, Biel owned 174,066 treasury shares (prior year: 273,651 shares).

7. Significant shareholders and their investment

As at 31 December 2022, 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. Hans-Christian Schneider.

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

  31.12.2022 31.12.2021
 Number of sharesVoting powerNumber of sharesVoting power
Board of Directors    
P. Zumbühl, Chairman 70,6350.42%61,9630.37%
E. Rikli, Vice-Chairman (until 30.04.2022)n/an/a33,8270.20%
A. Casutt, Vice-Chairman (since 01.05.2022)14,8810.09%11,3650.07%
H.-M. Hauser, Member14,0990.08%11,3650.07%
A. Bendler, Member2,7340.02%n/an/a
H.-C. Schneider, Member2,7340.02%n/an/a
Group Management    
M. Desrayaud, CEO26,2750.16%9,7750.06%
R. Rihs, COO 62,7970.38%49,6170.30%
J. Perez Freije, CFO28,4570.17%19,2310.12%

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

Collateral for third-party liabilities

CHF 1,00031.12.202231.12.2021
Guarantees in favor of bank syndicate77,00077,000
Guarantees for Group companies38,26423,041

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 2022 and 2021 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 2022 be appropriated as follows:

CHF 1,00020222021
Profit/loss carried forward at the beginning of the period25,014-1,325
Shortfall in proceeds from sale of treasury shares -160-190
Profit for the year4,22928,502
Profit carried forward available to the General Meeting29,08326,987
CHF 1,00020222021
 Motion of the
Board of Directors
Resolution of the
General Meeting
Profit carried forward available to the General Meeting29,08326,987
Distribution to shareholders-3,308-1,973
Carried forward25,77525,014

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 1,000 2022 2021
Motion of the Board of Directors Resolution of the General Meeting
Reserves from capital contribution 93,928 95,901
Allocation to voluntary retained earnings and distribution to shareholders -3,308 -1,973
Carried forward 90,620 93,928

Report of the Statutory Auditor

Group Companies /
Investments Mikron Holding AG

Local Currency 1,000 Activity Currency Share capital Shareholding direct Shareholding indirect
2022 2021 2022 2021 2022 2021
Mikron Holding AG, Biel 1 CHF 1,671 1,671
Mikron Switzerland AG, Langenthal 1, 2, 3 CHF 12,000 12,000 100% 100%
Mikron Germany GmbH , 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 900 400 100% 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