Annual Report 2021

Notes to the consolidated financial statements

Information on the report

General information

The consolidated financial statements comprise the individual financial statements of the group companies of Bystronic AG for the financial year from January 1, 2021, to December 31, 2021, prepared in accordance with uniform guidelines and in compliance with Swiss GAAP FER and Swiss law. With the exception of derivative financial instruments, which are measured at fair value, the consolidated financial statements are based on historical costs. The same accounting and valuation principles have been used as in the previous year. The principle of individual valuation has been applied to assets and liabilities. Due to rounding, numbers presented throughout this report may not add up precisely to the totals provided. All ratios and variances are calculated using the underlying amount rather than the presented rounded amount.

The consolidated financial statements were approved for publication by the Board of Directors on March 11, 2022. They are also subject to approval by the General Assembly.

Scope and method of consolidation

The consolidated financial statements include the financial statements of Bystronic AG and of all companies directly or indirectly controlled by Bystronic AG, through investments with more than 50% of the votes or by other means. These group companies are fully consolidated. The share of the minority shareholders in the net assets and net result is disclosed separately. Intragroup receivables and payables as well as expenses and income are offset against each other and intragroup profits have been eliminated.

The assets and liabilities of companies, included in consolidation for the first time, are measured at fair value. Goodwill arising from this revaluation is offset against equity. First-time consolidations are included from the date on which control is acquired, deconsolidations from the date on which control is relinquished. When companies are sold or liquidated, the goodwill offset against equity is reflected in the income statement.

Investments in associated companies or entities (at least 20%, but less than 50% of the voting rights) are accounted for under the equity method. Securities held as non-current assets are valued at acquisition cost, less any necessary value adjustments.

Additional information to the continuing operations Bystronic and the discontinued operations

The consolidated financial statements are divided into continuing operations Bystronic including the corporate headquarters and discontinued operations. The discontinued operations include the activities of Schmid Rhyner, FoamPartner and Mammut Sports Group until their sale. Transactions between continuing and discontinued operations are eliminated in the continuing operations.

Currency translation

The consolidated financial statements of Bystronic AG are presented in Swiss francs (CHF). The financial statements of foreign companies are prepared in their respective functional currencies and translated into Swiss francs for consolidation purposes. The resulting currency effects are recognized in equity. Foreign currency gains and losses on long-term equity-like loans to group companies are also recorded in equity. Following the sale or liquidation of companies, these effects are reflected in the income statement. All gains and losses resulting from foreign currency transactions and adjustments to foreign currency balances at the balance sheet date are recognized in the income statement.

Significant estimates made by management

In preparing the consolidated financial statements, certain assumptions are made which affect the accounting basis to be used and the amounts reported as assets, liabilities, income and expenses and the presentation of these amounts. The assumptions are set out in the following notes:

Impact of the coronavirus pandemic

The coronavirus pandemic had a significant impact on Bystronic’s business performance in 2020 and 2021. Its business units, which operate in various sectors and markets, were impacted in varying degrees. The Board of Directors and the Executive Committee analyzed the possible scenarios depending on the course of the pandemic and have defined and introduced corresponding measures. Although the situation eased somewhat in the first half of 2021, the situation on the procurement markets worsened in the second half of the year. This lead to supply bottlenecks for individual components as well as higher material and transportation costs.

Definition of alternative performance measures

Where relevant for the reader, Bystronic has included specific subtotals, which can be found in the relevant table. Furthermore, Bystronic uses the following key figures in its external financial communication: 

Events after the balance sheet date

Russia and Ukraine have been at war since February 24, 2022. This represents an event without impact on the consolidated financial statements 2021. Further impacts of the conflict on the global economy and business performance cannot be assessed at this stage. Assets at risk in Russia and Ukraine are estimated to be less than 1% and a potential loss of sales less than 2% of the group.

1. Performance Cash flow statement

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