4 Group structure

4.1 Disposals

Bystronic

As of June 8, 2022, Bystronic sold the group company OOO Bystronic Laser, Moscow (Russia). The year 2022 includes net sales and operating profit until June 8, 2022 while the comparative period includes twelve months. The transaction resulted in a loss on sale of CHF 1.4 million, related to translation differences, which is included in “Other operating expenses”.

Discontinued operations

On December 9, 2019, Bystronic (reported before the change of name by the holding company Conzzeta AG) announced the decision of the Board of Directors to focus the group on the Bystronic business unit. The other business units were to be sold within the year, market conditions permitting. In 2021, the last two business units Chemical Specialities (FoamPartner) and Mammut Sports Group were divested. Both business units are allocated to discontinued operations.

As of March 31, 2021, Bystronic sold the FoamPartner activities to Recticel, the Belgian polyurethane chemicals specialist based in Brussels and listed on Euronext (REC). The year 2022 includes neither net sales nor operating profit, while the comparative period includes three months. The transaction resulted in a loss on sale of CHF 80.1 million, which was included in “Other operating expenses” in the prior year.  The loss on sale includes goodwill in the amount of CHF 152.2 million, which was offset against equity at the time of the acquisition. The remaining purchase price receivable of CHF 20.0 million was a deferred purchase price payment recognized in 2021 in the position “Other receivables” and was paid in January 2022. The remaining purchase price receivable resulted in a foreign exchange loss of CHF 0.3 million.

On June 30, 2021, Bystronic sold the Mammut Sports Group to Telemos Capital, an investment company based in London (UK). The year 2022 includes neither net sales nor operating profit, while the comparative period comprises six months. The transaction resulted in a loss on sale of CHF 0.3 million, which was recognized in 2021 in the position “Other operating expenses”. The transaction included an earn-out structure of up to CHF 45.0 million. Due to the earn-out relevant result as of December 31, 2021, no fair value for the earn-out is included in the loss on sale. The parties also agreed on an interest-bearing vendor loan of CHF 60.0 million, which will be repaid by the buyer by January 2027 at the latest and which has been recognized together with the accrued interest of CHF 2.5 million (previous year: CHF 0.8 million) in the position “Financial assets”.

4.2 Changes in the scope of consolidation

Changes in the current year

• As of January 1, 2022, FMG Verfahrenstechnik AG, Sulgen (Switzerland) was merged with Bystronic Laser AG, Niederönz (Switzerland).
• On June 8, 2022, Bystronic sold the company OOO Bystonic Laser, Moscow (Russia). 

Changes in the previous year

• On March 26, 2021, Bystronic acquired Kurago Software S.L.U, Bilbao (Spain). The acquisition price amounted to CHF 0.5 million. The transaction resulted in goodwill of CHF 0.5 million, which was offset against equity. Cash and cash equivalents of CHF 1.2 million were acquired.
• As of March 31, 2021, Bystronic sold the activities of FoamPartner.
• As of June 30, 2021, Bystronic sold the business unit Mammut Sports Group.
• On August 4, 2021, Bystronic founded the company Kurago Asia Ltd., Changwon (Korea).
• On August 10, 2021, Bystronic founded the production company Bystronic (Shanghai) Automation Technology Co., Shanghai (China).
• As of November 30, 2021, Bystronic Laser AG, Niederönz (Switzerland), acquired the remaining 30% of the capital shares in Bystronic Automation Technology S.p.A. (formerly ANTIL S.p.A.), San Giuliano Milanese (Italy), from the minority shareholder. Bystronic now owns 100% of the voting and capital shares in the company. The acquisition price for the remaining 30% of the shares amounted to CHF 13.4 million (including transaction costs of CHF 0.1 million), which was offset against equity.

4.3 Group companies