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Consolidated Financial Statements 2022

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Consolidated Income statement

CHF 1 000 Notes 2022 2021
Net sales 29 181 435 171 488
Cost of sales 6 -111 292 105 134
Gross profit 70 143 66 354
in % of net sales   38.7% 38.7%
Marketing and sales 6 -29 857  -25 117 
General and administrative expenses 6 -16 512 -15 440
Research and development 6 -6 999 -5 977
Other income 8 411 268
Other expense 8 -682 -89
Operating expenses -53 640 -46 355
Operating result 16 503 19 999
in % of net sales   9.1% 11.7%
Financial income 9 186 5
Financial expense 9 -158 -216
Exchange result, net 10 -1 221 278
Ordinary result 15 310 20 066
Non-operating result 11 -62 582
Earnings before income taxes   15 249 20 648
Income taxes 12 -805 -319
Net result 14 444 20 329
in % of net sales   8.0% 11.9%
Thereof attributable to shareholders of Tornos Holding Ltd. 14 444 20 329
Result per share 28
– basic (CHF per share) 0.73 1.03
– diluted (CHF per share) 0.73 1.03
Additional information (in CHF 1 000)
EBITDA * 20 115 24 625
in % of net sales 11.1% 14.4%
Depreciation and amortization 18, 19 -3 674 -4 044
EBIT * 16 441 20 581
in % of net sales 9.1% 12.0%

Consolidated Balance Sheet

CHF 1 000 Notes 31.12.2022 in % 31.12.2021 in %
Assets
Cash and cash equivalents 13 22 703 26 778
Trade receivables 14 21 311 18 258
Inventories, net 15 88 180 74 295
Other short-term receivables 16 2 688 2 153
Prepayments and accrued income 17 2 781 1 706
Total current assets 137 663 83.8% 123 190 85.0%
Property, plant and equipment 18 25 449 20 577
Intangible assets 19 782 603
Deferred tax assets 20 461 545
Total non-current assets 26 692 16.2% 21 724 15%
Total assets 164 355 100.0% 144 914 100.0%
Liabilities and equity
Interest bearing borrowings 21 30 75
Trade payables 20 348 19 168
Current tax liabilities   423 347
Other liabilities 22 18 990 15 667
Accrued liabilities and deferred income 23 7 079 7 005
Provisions 24 2 967 2 524
Total current liabilities 49 837 30.3% 44 786 30.9%
Interest bearing borrowings 21 5 043 72
Retirement benefit obligations 25 1 071 1 055
Provisions 24 – 233
Deferred tax liabilities 20 45   –  
Total non-current liabilities 6 159 3.7% 1 360 0.9%
Total liabilities   55 996 34.1% 46 146 31.8%
Share capital 26 19 878 69 572
Capital reserve 84 783 40 035
Treasury shares 26 -1 057 -1 386
Retained earnings -8 173   -28 956  
Currency translation adjustments -1 516   -826  
Net result 14 444   20 329  
Equity attributable to shareholders of Tornos Holding Ltd. 108 359 65.9% 98 768 68.2%
Total equity 108 359 65.9% 98 768 68.2%
Total liabilities and equity 164 355 100.0% 144 914 100.0%

Consolidated Statement of Changes in Equity

CHF 1 000 Share capital Capital reserve Treasury shares Retained earnings Currency translation adjustments Total attributable to shareholders of Tornos Holding Ltd. Equity
As per December 31, 2020 69 572 40 035 -1 875 -29 156 -649 77 927 77 927
Net result 20 329   20 329 20 329
Currency translation adjustments -177 -177 -177
Proceeds from sale of treasury shares   489 -266 223 223
Share-based compensation     466 466 466
As per December 31, 2021 69 572 40 035 -1 386 -8 627 -826 98768 98768
Net result  14 444 14 444 14 444
Distribution to shareholders -4 969 37     – 4 932 – 4 932
Capital reduction -44 725 44 725   –  
Currency translation adjustments       -690 -690 -690
Proceeds from sale of treasury shares  -14  329  -85   230 230
Share-based compensation      539   539 539
As per December 31, 2022 19 878 84 783 -1 057 6 271 -1516 108 359 108 359

Consolidated Statement of Cash Flows

CHF 1 000 Notes 2022 2021
Net result 14 444 20 329
Adjustments for expenses and incomes not affecting cash:    
Income taxes 12 805 319
Depreciation of property, plant and equipment 18 3 109 3 468
Amortization of intangible assets 19 565 576
Result on disposal of property, plant and equipment 18, 19 -107 -671
Share-based compensation 27 539 466
Retirement benefit obligations 25 60 -790
Allowance and write-offs on inventories 15 -6 409 -8 953
Other non cash items 128 –
Interest expense 9 158 41
Interest income 9 -186 -5
Income taxes paid -729 -14
Changes from operating cash flow before changes in net working capital   12 377 14 766
Changes in net working capital -7 213 15 519
Thereof trade receivables -3 118 -5 890
Thereof other assets and prepayments -1 678 -116
Thereof inventories -9 042 4 915
Thereof trade payables   2 528 10 282
Thereof other current liabilities and provisions   4 097 6 328
Cash flow from operating activities   5 164 30 285
Investment in property, plant and equipment 18 -8 500 -530
Disposal of property, plant and equipment 18 56 1 235
Investment in intangible assets 19 -744 -236
Interests received 9 186 5
Cash flow from investing activities   -9 002 474
Free cash flow* -3 838 30 759
Repayments of borrowings, including finance lease liabilities 21 – -21 694
Proceeds from borrowings 21 5 073 –
Distribution to shareholders 26 -4 932 –
Proceeds from sale & purchase of treasury shares  26 242 270
Interests paid 9 -158 -41
Cash flow from financing activities   225 -21 465
Net cash flow   -3 613 9 294
Cash and cash equivalents and bank overdrafts at beginning of year 26 778 17 329
Effects of exchange rate changes -462 155
Cash and cash equivalents and bank overdrafts at end of the year 22 703 26 778

The accompanying notes form an integral part of the consolidated financial statements.

Notes to the Consolidated Financial Statements

The PDF of the original English version of this Annual Report is binding.