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2.2 Income statement

At CHF 115.2 million, net revenue from sales to customers is CHF 12.2 million below the prior year’s level. Net revenue generated by the Industrial Systems Division decreased by CHF 11.4 million compared with the prior year due to the sale of parts of the business in 2018. At the same time, the revenue generated by the Security Printing Division decreased slightly by CHF 2.1 million due to lower production. In the first half of the year, the Book Retailing Division achieved a positive result for the first time since the founding of the joint venture with Thalia. Revenue clearly exceeded the prior year’s figure and the general trend in the book trade.

The cost of materials decreased by CHF 12.4 million and the costs of external services (mostly relating to the Security Printing Division) increased slightly by CHF 3.3 million. As a result, the costs of materials/external services decreased from 43.9% to 43.0% of operating income. The decrease is primarily attributable to Industrial Systems due to the sale of parts of the business and to Security Printing because of the product mix (production involving a low ratio of materials). Personnel expenditure fell by CHF 7.8 million, mainly due to the sale of parts of the Industrial Systems Division and the associated release of provisions in the amount of CHF 1.5 million. Other operating expenses decreased by CHF 4.4 million as a result of the savings realised from the sale of parts of the Industrial Systems Division. Depreciation fell by CHF 2.0 million, primarily in the Security Printing Division as well as due to the sale of parts of the Industrial Systems Division.

Interest income in the financial result was slightly negative due to the low and, in some cases, negative interest rates. A net exchange rate loss of CHF 0.9 million was booked as the Swiss franc strengthened against the Euro. As a result, the net financial result is negative at CHF −1.0 million.

In connection with the planned sale of parts of the Industrial Systems Division, an extraordinary result amounting to CHF −1.3 million had to be posted in the prior year. This comprised external costs only and no impairment charges.

In contrast to the previous year, tax expenses are within the normal range. In the prior year, tax expenses of 102% were disproportionately high due to the negative result of Atlantic Zeiser GmbH, whose potential tax saving from losses was not capitalised.