Notes to the condensed consolidated semi-annual financial statements

1 Basis of preparation

The unaudited condensed consolidated semi-annual financial statements have been prepared in accordance with IAS 34 “Interim Financial Reporting”. They are based on the financial statements of the individual Group companies drawn up according to uniform accounting policies as of June 30, 2021. The condensed consolidated semi-annual financial statements are not subject to the same requirements as the consolidated annual financial statements. It is recommended to read the condensed consolidated semi-annual financial statements in conjunction with the consolidated financial statements as of December 31, 2020. The condensed consolidated semi-annual financial statements are published exclusively in English. The financial information disclosed in this report may not add up precisely to the disclosed totals due to rounding. Ratios and variances are calculated using the exact underlying amount and not the disclosed rounded amount. Autoneum’s business activities are not subject to pronounced seasonal fluctuations. The condensed consolidated semi-annual financial statements 2021 were authorized for issue by the Board of Directors on July 28, 2021.

2 Changes in accounting policies

Except as described below, the accounting policies applied in these condensed consolidated semi-annual financial statements are the same as those applied in the consolidated financial statements as of December 31, 2020.

In 2020, the Group had initially adopted the IFRS 16 amendment “Covid-19-Related Rent Concessions”, issued in May 2020. In the reporting period, the Group has early adopted the IFRS 16 amendment “Covid-19-Related Rent Concessions beyond 30 June 2021”, issued in April 2021, with immediate effect. The 2021 amendment allows a one-year extension to the practical expedient.

The early adoption of these amendments to IFRS 16 did not have any impact as no existing or new Covid-19-related rent concessions qualify for the application of the amended practical expedient. Consequently, Autoneum has not recognized income in profit or loss to reflect changes in lease payments that arise from rent concessions (first half-year 2020: CHF 0.3 million).

The amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 “Interest Rate Benchmark Reform – Phase 2”, issued in January 2021, were adopted. The Group expects no or no significant impact on the consolidated financial statements and the contractual changes are accounted for under the IBOR reform practical expedient approach.

3 Change in scope of consolidation and significant transactions

There was neither a change in scope of consolidation nor significant transactions in the first half-year 2021.

4 Segment information

Segment information is based on Autoneum Group’s internal organization and management structure as well as on the internal financial reporting to the Group Executive Board and the Board of Directors. Chief operating decision maker is the CEO.

Autoneum is the globally leading automobile supplier in acoustic and thermal management for vehicles. Autoneum develops and produces multifunctional and lightweight components and systems for noise and heat protection and thereby enhances vehicle comfort.

The reporting is based on the following four reportable segments (Business Groups/BG): BG Europe, BG North America, BG Asia and BG SAMEA (South America, Middle East and Africa). “Corporate and elimination” includes Autoneum Holding Ltd and the corporate center with its respective legal entities, an operation that produces parts for Autoneum’s manufacturing lines, investments in associated companies and inter-segment eliminations. Transactions between the Business Groups are made on the same basis as with independent third parties.

January – June 2021

CHF million

BG Europe

BG North America

BG Asia

BG SAMEA

Total segments

Corporate and elimination

Total Group

Third-party revenue

354.1

356.0

132.5

43.9

886.5

3.8

890.3

Inter-segment revenue

0.7

0.1

1.6

0.5

2.9

–2.9

Revenue

354.8

356.0

134.1

44.4

889.4

0.9

890.3

EBITDA

46.9

14.0

27.2

8.9

97.0

8.4

105.4

in % of revenue

13.2%

3.9%

20.3%

20.0%

10.9%

n/a

11.8%

Depreciation, amortization and impairment

–20.3

–24.0

–11.2

–2.4

–57.9

–2.8

–60.8

EBIT

26.6

–10.0

16.1

6.4

39.1

5.6

44.7

in % of revenue

7.5%

–2.8%

12.0%

14.5%

4.4%

n/a

5.0%

Assets at June 301

512.2

658.9

277.5

59.6

1 508.2

80.8

1 589.1

Liabilities at June 30

398.6

504.9

161.9

48.5

1 114.0

9.1

1 123.0

Addition in tangible and intangible assets

7.7

4.4

6.2

0.6

18.9

–0.3

18.6

Employees at June 302

4 364

4 435

1 993

909

11 701

392

12 093

  1. 1 Assets in “Corporate and elimination” include investments in associated companies in the amount of CHF 21.1 million. In the first half-year 2021, Autoneum did not increase its investments in associated companies.
  2. 2 Full-time equivalents including temporary employees (excluding apprentices).

January – June 2020

CHF million

BG Europe

BG North America

BG Asia

BG SAMEA

Total segments

Corporate and elimination

Total Group

Third-party revenue

272.7

311.5

104.8

37.4

726.4

4.2

730.6

Inter-segment revenue

0.6

1.0

0.5

2.0

–2.0

Revenue

273.2

311.5

105.8

37.9

728.4

2.2

730.6

EBITDA

15.7

–17.5

16.3

4.5

19.1

12.1

31.2

in % of revenue

5.8%

–5.6%

15.4%

11.8%

2.6%

n/a

4.3%

Depreciation, amortization and impairment

–20.5

–25.7

–11.5

–2.6

–60.3

–2.8

–63.0

EBIT

–4.8

–43.1

4.8

1.9

–41.2

9.4

–31.8

in % of revenue

–1.7%

–13.8%

4.5%

5.0%

–5.7%

n/a

–4.4%

Assets at June 301

535.2

683.3

281.1

61.5

1 561.2

220.7

1 781.9

Liabilities at June 30

438.0

524.2

179.5

42.5

1 184.1

226.7

1 410.8

Addition in tangible and intangible assets

6.1

12.8

1.6

0.6

21.1

–0.1

21.0

Employees at June 302

4 386

4 695

1 984

990

12 055

424

12 479

  1. 1 Assets in “Corporate and elimination” include investments in associated companies in the amount of CHF 18.1 million. In the first half-year 2020, Autoneum did not increase its investments in associated companies.
  2. 2 Full-time equivalents including temporary employees (excluding apprentices).

Revenue by country1

CHF million

January – June 2021

January – June 2020

USA

261.5

228.2

China

121.5

96.3

Germany

75.4

59.0

France

61.6

40.6

Mexico

55.1

49.7

Great Britain

52.3

44.9

Spain

42.8

38.0

Canada

40.2

34.3

Switzerland2

0.5

0.4

Remaining countries

179.4

139.2

Total

890.3

730.6

  1. 1 Revenue is disclosed by location of customers.
  2. 2 Domicile of Autoneum Holding Ltd.

5 Financial instruments

Neither significant changes in the fair value hierarchy nor in the fair value measurement assumptions of financial instruments occurred in the period under review. The Group neither issued, repurchased nor repaid Autoneum bonds in the reporting period.

Autoneum maintains a long-term credit agreement with a bank syndicate in the amount of CHF 350.0 million, whereof CHF 90.0 million was drawn at June 30, 2021 (December 31, 2020: CHF 305.0 million).

As the agreed financial ratio has been reached in two consecutive financial quarters, the two subordinated shareholder loans in the amount of CHF 20.0 million each are available for repayment and have been reclassified from non-current to current borrowings accordingly.

6 Exchange rates for currency translation

CHF

ISO code

Units

Average rate January – June 2021

Average rate January – June 2020

Closing rate June 30, 2021

Closing rate December 31, 2020

Euro

EUR

1

1.09

1.07

1.10

1.09

United States dollar

USD

1

0.91

0.96

0.92

0.88

7 Events after the balance sheet date

There were no events between June 30, 2021 and July 28, 2021 which would necessitate adjustments to the book value of the Group’s assets or liabilities, or which require additional disclosure in the condensed consolidated semi-annual financial statements.