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2.2 Income statement

At CHF 97.3 million, net revenue from sales is CHF 6.8 million below prior year. Net revenue generated by the Industrial Systems Division increased slightly to CHF 13.2 million in the first half of the year. At the same time, revenue generated by the Security Printing Division decreased by CHF 9.5 million. The main reason for the decrease compared to prior year is a larger proportion of orders of a less complex nature. Despite the renewed closure of the branches of the Book Retailing Division due to coronavirus-related measures, net revenue increased by CHF 3.2 million to CHF 41.4 million thanks to e-commerce sales. At the same time, this led to higher shipping costs, which is the reason for the increase in “other operating expenses”.

The cost of materials decreased by CHF 5.7 million. On balance, the cost of materials/external production decreased slightly to 42.3% of operating income from 45.4% in the prior year. The decrease is mainly due to the product mix of the Security Printing Division.

The financial result of CHF -0.3 million comprises negative interest income from liquidity maintenance, bank charges and currency effects.