Balance sheet and cash flow

Balance sheet
Compared to the previous year, the balance sheet total on December 31, 2022, increased by CHF 19.5 million to CHF 164.4 million. On the asset side, cash and cash equivalents decreased by CHF 4.1 million, and trade receivables grew by CHF 3.0 million due to higher net sales. Inventories increased by CHF 13.9 million to CHF 88.2 million. Without the write-back of value adjustment provisions, inventories would have increased by CHF 5.8 million. Other receivables and prepaid expenses remained almost unchanged.

At the end of 2022, non-current assets stood at CHF 26.7 million, up CHF 5.0 million from the end of 2021. A large part of this increase is related to the construction of the new production hall in the Taiwan region. Trade payables increased by CHF 1.2 million compared to December 31, 2021. Provisions increased by CHF 0.2 million due to the set-up of a provision for legal cases. The increase in interest bearing borrowing by CHF 5.0 million is related to a local government-supported loan for the construction of a new factory in Taichung, Taiwan region. Other liabilities increased by CHF 3.3 million due to advance payments. The other items on the liabilities and equity side have changed only slightly compared to December 31, 2021.

Net cash* stood at CHF 17.6 million at the end of 2022 (December 31, 2021: CHF 26.6 million). The reduction was due to distribution to shareholders and higher inventory levels. Total equity increased by CHF 9.6 million to CHF 108.4 million in the year under review (December 31, 2021: CHF 98.8 million). The equity ratio decreased by 2.3 percentage points to 65.9% (December 31, 2021: 68.2%).

Cash flow
Cash flow from operating activities came to CHF 5.2 million in fiscal 2022 (previous year: CHF 30.3 million). These cash flows resulted in free cash flow* of CHF -3.8 million in 2022 (2021: CHF 30.8 million). This decrease is largely due to the investments in the Taiwan region and higher inventory levels