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4.9 Extraordinary Expenses

in CHF thousand   2018
Disposal of sold trade accounts receivable   –8,509
Disposal of sold inventories   –10,223
Disposal of sold other current assets   –3,705
Disposal of sold tangible assets   –5,505
Disposal of sold other non-current assets   –137
Disposal of sold trade payables   5,902
Disposal of sold net assets   –22,177
 
Disposal of goodwill in equity   –42,251
Disposal of foreign exchange in equity   –12,255
Cost of disposals and consulting   –1,234
Purchase price and balance of monetary positions   23,882
Extraordinary result   –54,035

The extraordinary result arises from income and expenditure in connection with the sale of parts of the Industrial Systems Segment to Coesia S.p.a. The de-recognition amounts correspond to the respective share in the Industrial Systems Division of the business that have been sold. This is considered an extraordinary transaction according to Swiss GAAP FER 3/22

  • because a transaction of this nature (the sale of significant business units, approximately two thirds of the Industrial Systems Segment, or three of the four business units) is uncommon and has not happened for many years; and
  • because the Board of Directors had clearly prioritised alternative strategies, such as business acquisitions and restructuring, and the eventual sale of significant business units was not anticipated until Coesia S.p.a. made its offer.

Orell Füssli Holding Ltd has agreed the accounting treatment of the sale of parts of the Industrial Systems Division to Coesia S.p.A. with SIX Exchange Regulation in a formal pre-clearance procedure. Pre-clearance by SIX Exchange Regulation Ltd, however, has no legally binding effect on the Sanctions Commission.

(SIX Exchange Regulation Ltd executes the tasks assigned to it under federal law and under the rules issued by the Regulatory Board of SIX Swiss Exchange Ltd. It also monitors compliance with both the law and the rules. Where the rules grant it such authority, it imposes sanctions on issuers or makes sanction proposals to the Sanctions Commission of SIX Swiss Exchange.)