CHF 1,000 | Note | 2022 | 2021 |
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 loans | 2 | 7,288 | 29,779 |
Other financial income | 3 | 1,043 | 1,813 |
Total financial income | 8,331 | 31,592 | |
Expenses from revaluation of investments and loans | 2 | -791 | -1,459 |
Other financial expenses | 3 | -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 |
CHF 1,000 | Note | 31.12.2022 | 31.12.2021 |
Current assets | |||
Cash and cash equivalents and short-term investments with a quoted market price | 15,016 | 33,297 | |
Short-term interest-bearing receivables | 22,593 | 7,149 | |
Due from Group companies | 22,593 | 7,149 | |
Other current receivables | 35,381 | 473 | |
Due from third parties | 35,053 | 261 | |
Due from Group companies | 328 | 212 | |
Accrued income and prepaid expenses | 898 | 962 | |
Total current assets | 73,888 | 41,881 | |
Non-current assets | |||
Investments | 2, 4 | 74,054 | 71,116 |
Financial assets | 11,543 | 13,535 | |
Loans to Group companies | 2, 5 | 11,543 | 13,535 |
Total non-current assets | 85,597 | 84,651 | |
Total assets | 159,485 | 126,532 | |
Current liabilities | |||
Short-term interest-bearing liabilities | 35,757 | 3,772 | |
Due to Group companies | 35,757 | 3,772 | |
Other short-term liabilities | 30 | 283 | |
Due to third parties | 30 | 21 | |
Due to Group companies | 0 | 262 | |
Accrued expenses and deferred income | 670 | 519 | |
Total current liabilities | 36,457 | 4,574 | |
Long-term liabilities | |||
Long-term interest-bearing liabilities | 0 | 0 | |
Total long-term liabilities | 0 | 0 | |
Total liabilities | 36,457 | 4,574 | |
Shareholders’ equity | |||
Share capital | 1,671 | 1,671 | |
Legal reserves | 93,928 | 95,901 | |
Reserves from capital contribution | 93,928 | 95,901 | |
Profit/loss carried forward | 24,854 | -1,515 | |
Profit for the year | 4,229 | 28,502 | |
Treasury shares | -1,654 | -2,601 | |
Total shareholders’ equity | 6 | 123,028 | 121,958 |
Total liabilities and shareholders’ equity | 159,485 | 126,532 |
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
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.
CHF 1,000 | 2022 | 2021 |
Revaluation of investments and loans | 7,288 | 29,779 |
Total financial income from investments and loans | 7,288 | 29,779 |
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 loans | 6,497 | 28,320 |
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 |
Please refer to Investments Mikron Holding AG.
Loans to Group companies include subordinated loans amounting to CHF 6.2 million (prior year: CHF 6.1 million).
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).
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.
31.12.2022 | 31.12.2021 | |||
Number of shares | Voting power | Number of shares | Voting power | |
Board of Directors | ||||
P. Zumbühl, Chairman | 70,635 | 0.42% | 61,963 | 0.37% |
E. Rikli, Vice-Chairman (until 30.04.2022) | n/a | n/a | 33,827 | 0.20% |
A. Casutt, Vice-Chairman (since 01.05.2022) | 14,881 | 0.09% | 11,365 | 0.07% |
H.-M. Hauser, Member | 14,099 | 0.08% | 11,365 | 0.07% |
A. Bendler, Member | 2,734 | 0.02% | n/a | n/a |
H.-C. Schneider, Member | 2,734 | 0.02% | n/a | n/a |
Group Management | ||||
M. Desrayaud, CEO | 26,275 | 0.16% | 9,775 | 0.06% |
R. Rihs, COO | 62,797 | 0.38% | 49,617 | 0.30% |
J. Perez Freije, CFO | 28,457 | 0.17% | 19,231 | 0.12% |
CHF 1,000 | 31.12.2022 | 31.12.2021 |
Guarantees in favor of bank syndicate | 77,000 | 77,000 |
Guarantees for Group companies | 38,264 | 23,041 |
CHF 1,000 | 31.12.2020 | 31.12.2019 |
Assets pledged as securities for liabilities | 0 | 26,841 |
In 2022 and 2021 the number of full-time equivalents did not exceed 10 on an annual average basis.
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 1,000 | 2022 | 2021 |
Profit/loss carried forward at the beginning of the period | 25,014 | -1,325 |
Shortfall in proceeds from sale of treasury shares | -160 | -190 |
Profit for the year | 4,229 | 28,502 |
Profit carried forward available to the General Meeting | 29,083 | 26,987 |
CHF 1,000 | 2022 | 2021 |
Motion of the Board of Directors | Resolution of the General Meeting | |
Profit carried forward available to the General Meeting | 29,083 | 26,987 |
Distribution to shareholders | -3,308 | -1,973 |
Carried forward | 25,775 | 25,014 |
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 |
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Local Currency 1,000 | Activity | Currency | Share capital | Shareholding direct | Shareholding indirect | |||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||
Switzerland | ||||||||
Mikron Holding AG, Biel | 1 | CHF | 1,671 | 1,671 | ||||
Mikron Switzerland AG, Langenthal | 1, 2, 3 | CHF | 12,000 | 12,000 | 100% | 100% | ||
Germany | ||||||||
Mikron Germany GmbH , 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 | 900 | 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