Discontinued operations

Discontinued operations include the Chemical Specialties (FoamPartner) and Mammut segments.

FoamPartner was divested at the end of March 2021 and contributed CHF 76.3 million to net sales in the first quarter of 2021. Mammut was divested at the end of June 2021 and generated net sales of CHF 107.3 million in the first half-year 2021.

In total, the contribution to sales from these operations in the first half of 2021 was CHF 183.6 million, and the operating result (EBIT) of the discontinued operations was CHF -85.5 million.

Chemical Specialities

The “Chemical Specialties” 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, and deconsolidated at the end of February 2020. FoamPartner was sold to Recticel, a Belgian polyurethane chemicals specialist based in Brussels, Belgium, and listed on Euronext (REC). 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 recognized in the income statement under “Other operating expenses”.

In the first quarter of 2021, the Chemical Specialties 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 buyer by January 2027 at the latest and has been recognized together with the accrued interest of CHF 1.7 million under “Financial assets”.

In the first half of 2021, Mammut generated net sales of CHF 107.3 million. Ongoing lockdowns across various regions in the first half of 2021 affected the physical sales channels consisting of specialist retailers and mono-brand stores, the dominant source of revenue.