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2.2 Income statement

At CHF 104.1 million, net revenue from sales is CHF 11.1 million below the prior year’s level. Net revenue generated by the Industrial Systems Division decreased by CHF 2.2 million compared with the prior year due to the sale of parts of the business in 2019. At the same time, the revenue generated by the Security Printing Division decreased by CHF 7.3 million. The main reason for this decrease was a change in the product mix compared with the previous year. In the first half of the year, the Book Retailing Division was affected by the closure of the stores due to the coronavirus pandemic. Revenue decreased by CHF 2.7 million.

The cost of materials decreased by CHF 1.1 million and the costs of external services increased slightly by CHF 0.4 million. As a result, the costs of materials/external services grew from 43.0% to 45.4% of operating income. The increase was mainly attributable to Security Printing as a result of the product mix (products involving a high ratio of materials). Personnel expenditure fell by CHF 6.2 million, mainly due to structural adjustments in the Security Printing Division and the introduction of short-time work in the Book Retailing Division in response to the coronavirus pandemic. Other operating expenses increased by CHF 0.4 million as a result of additional maintenance costs relating to the Security Printing Division. Depreciation fell by CHF 0.7 million, primarily in the Security Printing Division.

The slightly negative financial result of CHF 0.2 million was due to a combination of negative interest income, caused by low/negative interest rates, and currency effects.

Income tax expenses were positive due to the formation of deferred tax assets in the course of the reassessment of the recoverability of existing tax loss carry-forwards.