Notes to the consolidated interim financial statements

1 Group accounting principles

General information

Bystronic AG is a stock company incorporated under Swiss law and is domiciled in Zurich. The class A registered shares are listed on the SIX Swiss Exchange (symbol: BYS). The Board of Directors approved the consolidated interim financial statements 2023 on July 20, 2023.

Accounting principles

The consolidated interim financial statements cover the period from January 1, 2023, to June 30, 2023 and were prepared in accordance with Swiss GAAP FER (Accounting and Reporting Recommendations) including Swiss GAAP FER 31 “Complementary Recommendations for listed entities”. These consolidated interim financial statements do not include all the information and disclosures contained in the consolidated annual financial statements and should thus be read in conjunction with the consolidated annual financial statements as of December 31, 2022. The accounting principles of the consolidated financial statements as of December 31, 2022 have been applied unchanged.

It is expected that the new standard FER 28 Government Grants (implementation 2024) will have no significant impact on the consolidated financial statements. Bystronic is currently analyzing the revised standard FER 30 Consolidated Financial Statements (implementation 2024), which will impact the recording of future acquisitions and disposals as well as liquidations and closures of companies. No early application of FER 28 and FER 30 (revised) is made. No further changes to the Standards have been published.

The figures contained in the consolidated interim financial statements are unaudited.

Consolidation

The consolidated interim 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 equity and net result is disclosed separately. There were no minority shareholders in the reporting period as well as in the comparative period. Investments in associates (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.

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

Significant estimates made by management

In preparing the consolidated interim 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 management did not make any new material assumptions or estimates in the consolidated interim financial statements compared with those made in the consolidated annual financial statements as of December 31, 2022.

2 Segment information: order intake/net sales

Order intake

The order intake is an important performance indicator. An order is recognized when a sales contract is signed, an initial down payment is received and the products ordered by the customer have been placed at the production plants.

Net sales

With reference to the recommendation for listed companies (FER 31/8), Bystronic refrains from disclosing segment results in the interest of the shareholders for the following reasons:

• Impairment of negotiating positions: The disclosure of segment results would allow conclusions to be drawn about the pricing, which could significantly affect Bystronic’s negotiating positions.

• Competitive disadvantage compared to competitors: Bystronic’s competitors do not disclose segment information and detailed segment results. The disclosure of segment results would put Bystronic in a competitive disadvantage compared to its competitors as the results allow conclusions to be drawn about the margin and cost situation per segment.

3 Changes in the scope of consolidation

Changes in the current year

• As of January 1, 2023, Conzzeta Management AG, Zürich (Switzerland) was merged with Bystronic AG, Zürich (Switzerland).

Changes in the previous 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 Bystronic Laser, Moscow (Russia). 

4 Seasonality

Bystronic’s activities are not subject to any significant seasonal fluctuations.

5 Dividends

At the Annual General Meeting on April 25, 2023, a dividend of CHF 12.00 per class A registered share and CHF 2.40 per class B registered share was approved. The dividend distribution amounted to CHF 24.8 million.

6 Exchange rates

7 Events after the balance sheet date

There are no events after the balance sheet date that require an adjustment to the assets and liabilities recognized in the balance sheet or require disclosure.