Discontinued Operations
The discontinued operations include the Chemical Specialities (FoamPartner) segment and the Mammut business unit.
FoamPartner was divested at the end of March 2021 and contributed CHF 76.3 million to net sales in the first quarter. Mammut was divested at the end of June 2021 and contributed CHF 107.3 million to net sales in the first half-year.
In total, the contribution to sales from these operations in 2021 was CHF 183.6 million, and the operating result (EBIT) was CHF –88.8 million.
Chemical Specialities
The Chemical Specialities segment, consisting of the Schmid Rhyner and FoamPartner business units, was successfully divested within the framework of the Group’s transformation, which was announced in December 2019. Schmid Rhyner was sold to the specialty chemicals group Altana, headquartered in Wesel (Germany), at the end of February 2020 and deconsolidated. FoamPartner was sold to Recticel, a Belgian polyurethane chemicals specialist that is listed on Euronext (REC) and based in Brussels. The transfer of control and the corresponding deconsolidation took effect on March 31, 2021. The enterprise value of this transaction amounted to CHF 270 million. The net cash inflow from the divestment was CHF 230.5 million in 2021 and CHF 19.7 million in 2022.
Since Swiss GAAP FER stipulates that goodwill and currency conversion differences that have been offset against equity must be recorded in the profit or loss at the date of divestment, the transaction resulted in a loss on sale of CHF 80.1 million for the first half of 2021, which is reflected in the income statement under ”Other operating expenses”.
In the first quarter of 2021, the Chemical Specialities segment generated net sales of CHF 76.3 million.
Mammut
Within the framework of the Group’s transformation announced in December 2019, the Mammut business unit was sold to Telemos Capital, headquartered in London (UK), for an enterprise value of CHF 230 million. The handover of control and the corresponding deconsolidation took effect on June 30, 2021. The cash inflow from this transaction amounted to CHF 89.8 million and the loss on sale was CHF 0.3 million. As part of the transaction, the parties agreed on an interest-bearing vendor loan of CHF 60.0 million, which will be repaid by the purchaser by January 2027 at the latest, and together with the accrued interest of CHF 2.5 million it is recorded under the position “Financial assets”.
In the first half of 2021, Mammut generated net sales of CHF 107.3 million.