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2.2 Income statement

At CHF 127.5 million, net revenue from sales to customers is CHF 4.4 million below the prior year’s level. Net revenue generated by the Industrial Systems Division increased slightly by CHF 2.4 million, owing to the higher CHF/EUR exchange rate compared with the previous year. On the other hand, the revenue generated by the Security Printing Division declined by CHF 5.9 million. The main reason for this decrease is the growth in orders that involve a low share of materials contributing to net revenues. The Book Retailing Division is almost at the same level as the previous year, which goes against the general trend in the book trade.

The cost of materials decreased by CHF 6.4 million and the costs of external services (mostly relating to Security Printing) increased slightly by CHF 1.0 million. As a result, the costs of materials/external services decreased from 46.0% to 43.9% of operating income. The decrease is primarily attributable to Security Printing because of the product mix (production involving a low ratio of materials). Personnel expenditure is practically the same as the prior year. Other operating expenses decreased by CHF 0.7 million as a result of the savings realised in Book Retailing and Industrial Systems. Depreciation was up by CHF 0.4 million, due to slightly higher investments in Security Printing in the second half of 2017.

There was a reduction in interest income in the financial result due to the low interest rates. The movements in foreign currencies had a slightly negative effect on the balance of expenditure and earnings. This means there is a net negative financial result amounting to CHF −0.3 million. In the prior year, Security Printing recorded an interest credit of CHF 0.6 million in connection with a waived interest liability on a former tax liability.

In connection with the planned sale of parts of the Industrial Systems Division, an extraordinary result amounting to CHF −1.3 million has to be posted for the first time. Up to now, this comprises external costs only and no impairment charges.

Tax expenses of 102% are disproportionate due to the negative result of Atlantic Zeiser GmbH, whose potential tax savings from losses are no longer capitalised.