Financial Half-Year Statements
2022/23

KLINGELNBERG AG
Binzmühlestrasse 1718050 Zürich, SwitzerlandFon:+41 44 278 7940
Mail: investorrelations@klingelnberg.com
Web: www.klingelnberg.com

KLINGELNBERG GROUP
Financial Half-Year Statements 2022/23

Dear Shareholders,Your Company, the KLINGELNBERG Group, looks back on a successful first half of the 2022/23
financial year. This means that the positive trend of the previous half-year has continued
impressively, and we have even been able to strengthen it. In the first six months of the financial
year, KLINGELNBERG was able to achieve growth in all areas and, not least, recorded the highest
order intake within any first half-year in its history. At the same time, the order backlog reachedanother record high. As a result, for the first time in many years, KLINGELNBERG also achieved
positive EBIT in a first half-year. Typically, KLINGELNBERG generates its profits in the second halfof its financial year.
We are particularly proud, as these successes seemed anything but self-evident. Let us recall the
recent past: It was just over a year ago that the floods in western Germany submerged significant
parts of our main plant in Hückeswagen and seriously jeopardized the existence and future ofyour Company. All this after the global economy had plummeted after years of booming activity
and then been wholly choked off by the Covid pandemic and months of lockdowns. Thanks to theefforts of everyone – employees, managers, the Executive Board, and last but not least the Boardof Directors – KLINGELNBERG was able to deal with these heavy burdens so quickly.
It paid off that the Company set the right strategic course at an early stage and was thus able
to achieve a certain resilience. If we look at KLINGELNBERG today, we see a company that is
strategically well positioned and participates in critical global trends: Our customers produce
and measure high-precision gears for the sophisticated transmissions used in electric vehicles,
wind turbines produce power thanks to profile-ground gears produced with KLINGELNBERG/
HÖFLER machines, and in the raw material extraction necessary for battery production, gears
produced by KLINGELNBERG play an essential role in mining machines and rock mills, to namejust a few examples. Also, the revival of aviation offers growth opportunities for KLINGELNBERG.
In addition, we expect that addressing supply chain issues by building second sources will trigger
new investments. One example is that India is now being more closely integrated into global
supply chains alongside China. To support this process, capacity and quality improvements arenecessary and have already been initiated – we are currently noticing this in our order intake: highquality machines and measuring technology solutions from KLINGELNBERG are in high demand
worldwide. In Asia, in particular, KLINGELNBERG is benefiting from major global trends such as
wind energy expansion and mobility conversion to electrically powered vehicles.
The right products at the right time, combined with a focus on cutting-edge technology, not only
helped us through the crises but also quickly put us back on the road to success.

02

KLINGELNBERG GROUP
Financial Half-Year Statements 2022/23

Despite these successes, we cannot escape the general developments: The general conditions
prevailing as a result of the Ukraine war, sharply rising energy prices, inflation, ongoing difficulties
in supply chains, and lockdowns in connection with the Covid pandemic, especially in China,
naturally also affect your Company.
KLINGELNBERG has good reason to be confident about the 2022/23 financial year as a whole. The
forecast made in the past financial year with solid sales growth and an EBIT margin of over 6%
has been confirmed. Irrespective of this, KLINGELNBERG remains very alert given the substantial
geopolitical issues at hand but, at the same time, cautiously optimistic for the coming years. Last
but not least, in the wake of the recent sharp rise in cost pressure for producers, there will be
increasing investment in the automation of manufacturing processes worldwide. This will havean additional positive impact on KLINGELNBERG’s business. Together with further developments
in global megatrends, in which KLINGELNBERG participated in no small measure, this will lead tomore opportunities opening up for KLINGELNBERG.
Your Company will know how to seize them.

Dr. Jörg Wolle
Chairman of the Board of Directors

Jan Klingelnberg
CEO

Zürich, 18 November 2022

03

KLINGELNBERG GROUP
Financial Half-Year Statements 2022/23

Financial report
Segments and markets
In the first six months of the 2022/23 financial year, the KLINGELNBERG Group found itself in avolatile market environment characterized by geopolitical as well as macroeconomic challenges.
Triggered by the war against Ukraine and the accompanying Western sanctions against Russia, energy costs in some sectors had risen dramatically with a resulting massive reduction in purchasing
power of the economy as a whole.
Due to the increased burden caused by higher energy costs, there were signs of a negative effecton the trade balance, consumer prices and the competitiveness of European industry in particular.
As a result, higher energy prices intensified the price dynamics on the world markets, which had
begun with the disruption of international supply chains in the wake of the measures introducedin connection with the corona pandemic. The very expansionary monetary and fiscal policy has
additionally driven up prices.
These globally prevailing dynamics not only dampened the still incomplete recovery from the corona crisis, but also pushed the global economy into a downturn. The global economy weakened
noticeably in the first half of 2022. The German economy initially defied the odds in the first halfof 2022. Driven by private and government consumer spending, real gross domestic product (GDP)grew by 0,8% in the first quarter and by a further 0,1% in the second quarter (both quarter-onquarter).
In the face of these manifold global challenges, the KLINGELNBERG Group was nevertheless able
to stand its ground and significantly increased its sales as well as its order intake compared to thesame period of the previous financial year. Following the considerable damage and production
restrictions caused by the floods in July of the last financial year, net revenues increased significantly by EUR 83,2 million to EUR 138,3 million. In the wake of growing market shares in the areasof electromobility, wind power and also aviation, order intake increased from EUR 114,9 million in
the prior-year period to EUR 156,1 million in the first half of the 2022/23 financial year.

Bevel Gear segment:
The Bevel Gear segment closed the first half of the 2022/23 financial year with net sales of
EUR 57,7 million – an increase of EUR 37,8 million compared to the same period of the previous financial year. Noticeable sales momentum for bevel gear machines continued to emerge from theautomotive and commercial vehicle industries. In addition, projects in the aviation sector could besecured.

04

KLINGELNBERG GROUP
Financial Half-Year Statements 2022/23

The positive sales development was also reflected in the order books of the KLINGELNBERG Group.
Order intake significantly increased year-on-year by EUR 11,4 million to EUR 53,7 million. It wasalso possible to participate in the positive dynamics of the aviation industry, which is picking up
speed again, by launching a reference project for several machines, among other things. The G 35
Bevel Gear Grinding Machine with two spindles has contributed significantly to this success. With
the development of this product, which has been increasingly in demand in the revived aviationindustry, KLINGELNBERG has achieved a competitive advantage in recent years.

Cylindrical Gear segment:
The Cylindrical Gear segment is another segment that successfully overcame the negative effects caused by the floods and recorded a significant increase in sales of EUR 21,9 million to
EUR 38,4 million at the end of the first half of the 2022/23 financial year. In addition to orders received from the wind energy, mining, and general mechanical and gear engineering sectors, electromobility was consolidated as a further mainstay of this product line. Overall, a healthy sectoralmix was achieved in this segment. With the Speed Viper 300 Cylindrical Gear Generating Grinding
Machine, but also and in particular with the newly developed R 300 Cylindrical Gear Roll Testing
Machine, important reference projects were won in the electromobility sector.
Order intake at the end of the first half of the financial year increased by EUR 22,8 million to
EUR 47,8 million compared to the same period of the previous financial year. Demand continued tocome from the wind power and general mechanical engineering sectors. Against the backdrop of
China’s goal of climate neutrality and the accelerated replacement of fossil fuels with renewableenergies in the wake of the conflict in Ukraine, further orders are expected from the wind power
sector.

Measuring Centers segment:
Damage and massive production restrictions caused by the floods that hit the Hückeswagen site
severely slowed down the development of sales in the Measuring Centers segment in the previous financial year. Meanwhile, the impacts of the flooding have been successfully managed
and net sales of EUR 34,2 million were recorded – an increase of EUR 20,4 million over the previous financial year. This recovery process was driven primarily by the high innovation potential of
KLINGELNBERG’s Measuring Centers and the Company’s consolidated global market position in
the electromobility sector.
In China, the implementation of wind power projects contributed to the realization of the forecast
order intake for large measuring centers from the previous financial year. The global expansionof electromobility and the need to provide measuring capacity for wind power projects that havealready been implemented and those still in the pipeline mean that demand for KLINGELNBERG’s
Measuring Centers is expected to continue its rise. The EUR 5,4 million year-on-year increase in order intake to EUR 43,7 million reflected the growth in the segment.

05

KLINGELNBERG GROUP
Financial Half-Year Statements 2022/23

Drive Technology segment:
With net sales of EUR 6,2 million at the end of the first half of the 2022/23 financial year, the Drive
Technology segment almost doubled its achieved sales volume compared to the same period of
the previous financial year (EUR 3,3 million). After drastic investment cuts in the marine and mining markets, the robust ramp-up of target markets following the COVID-19 crisis could be clearly
witnessed in the KLINGELNBERG Group’s order and sales books.
Increasing order volumes kept coming in from the marine core sector, while the growing offshore
wind power sector offers additional sales potential in the future. Massive demand for raw materials (including copper, lithium) as part of the global climate and digitalization strategy leads to anincreasing demand for bevel gears for mining applications, which is already reflected in our order books. Order intake increased by EUR 1,6 million compared to the previous financial year andamounted to EUR 9,4 million at the end of the first half of the financial year.

Flooding of 14 July 2021
In the late evening of 14 July 2021, flooding of the central KLINGELNBERG site in Hückeswagen
occurred as a result of persistent heavy rain. The production bottlenecks caused by the flooding
have now been largely cleared. However, the interruption of operations resulting from the flooding has not been made up for to date. This is evident from the high order backlog with a volume
of EUR 285,9 million.
The settlement of the flood damage claim with the Federal State of “Nordrhein-Westfalen”/Germany has not yet been completed. Currently, the finalization of the appraisals to determine theflood damage for the individual items concerned, is underway. A receivable for “Reconstruction
NRW on the occasion of damage caused by heavy rain and flooding in July 2021” of EUR 20,0 million
was recognized in the 2021/22 financial statements, of which KLINGELNBERG GmbH received
EUR 16,9 million as at 30 September 2022.

Gross profit
Compared to the same period of the previous financial year, net sales increased by EUR 83,2 million.
This 151,0% growth was due to both the flood-related interruption of operations in the previous
financial year period and the extraordinarily high order backlog in the current financial year. Dueto the delayed delivery of ordered machines, which could not be completed in the previous financial year due to the flooding, the change in inventory of finished and unfinished goods as wellas unbilled goods and services amounted to EUR -5,9 million. As a result, total operating performance amounted to EUR 132,4 million (+89,6%).
Driven by sales, material expense increased at a lower rate than total operating performance dueto the absence of material damage that occurred as a result of the flooding in the previous finan-

06

KLINGELNBERG GROUP
Financial Half-Year Statements 2022/23

cial year (EUR 10,4 million) and amounted to EUR 56,0 million at the end of the first half of the financial year – EUR 12,6 million higher than in the same period of the previous financial year. Thus,
gross profit amounted to EUR 76,4 million and was thus EUR 49,9 million higher than in the same
period of the previous financial year.

Personnel expense and employees
Personnel expense amounted to EUR 49,4 million at the end of the first half of the financial
year, up EUR 2,4 million on the same period of the previous financial year. Among other things,
KLINGELNBERG GmbH’s expenses for external personnel increased by EUR 1,0 million. In addition, the KLINGELNBERG Group employed 1.217 people in the first half of the financial year – anincrease of 36 people over the same period last financial year.

Other operating expense
Other operating expense was EUR 4,1 million lower than in the previous financial year and totaled
EUR 22,6 million at the end of the first half of the financial year. The decrease in costs was mainly
due to repairs, clean-up work and losses on the disposal of property, plant and equipment, all ofwhich were flood-related in the prior financial-year period.
The other operating expense ratio was 17,1% at the end of the first half of the financial year, significantly lower than the prior financial-year level (-21,2 percentage points).

Other operating income
Other operating income amounted to EUR 1,7 million at the end of the first half of the financial
year, down EUR 7,8 million on the same period of the previous financial year. This was due to theabsence of insurance compensation payments for flood damage of EUR 8,6 million from the priorfinancial-year period.

Operating result (EBIT)
Due to the strong demand for products of the KLINGELNBERG brand, despite manifold global
challenges, as well as the delayed delivery of ordered machines from the previous financial yearthat were not completed due to the flooding, net sales increased to EUR 138,3 million in the firsthalf of the financial year.
The operating result increased significantly by EUR 44,4 million year-on-year to EUR +4,4 million
for the reasons mentioned above.

Financial result
The financial result decreased by EUR 3,2 million compared to the first half of the 2021/22 financial
year, mainly due to foreign currency exchange losses.

07

KLINGELNBERG GROUP
Financial Half-Year Statements 2022/23

Balance sheet
The balance sheet total of the KLINGELNBERG Group increased by EUR 5,1 million compared tothe annual financial statements as at 31 March 2022 and amounted to EUR 278,7 million as at
30 September 2022.
While non-current assets increased by EUR 9,1 million to EUR 68,3 million, mainly due to the construction of the new assembly hall of KLINGELNBERG GmbH in Hückeswagen, current assets decreased by EUR 4,0 million (-1,9%) and amounted to EUR 210,4 million as at 30 September 2022.
The decrease resulted mainly from the reduction in other short-term receivables. These decreased,
above all, due to payments by the Federal State of “Nordrhein-Westfalen”/Germany for “Reconstruction NRW on the occasion of damage caused by heavy rain and flooding in July 2021” of
EUR 16,9 million.
Equity increased by EUR 4,7 million (+4,5%) to EUR 109,4 million compared to the financial statements as at 31 March 2022. This was due, on the one hand, to the result for the period and, on theother hand, to currency translation differences. As a result, the equity ratio increased by 1,0 percentage points to 39,3% compared with the same figure reported on 31 March 2022.
Liabilities increased only minimally compared to 31 March 2022 and amounted to EUR 169,3 million
as at 30 September 2022. While payables from goods and services decreased by EUR 8,3 million,
long-term financial liabilities increased by EUR 8,3 million due to the financing of the new assembly hall in Hückeswagen.

Cash flow statement
Cash flow from operating activities increased by EUR 32,4 million compared to the same period of
the previous financial year and amounted to EUR +7,5 million. This was mainly due to the reduction
in net loss. The flood disaster impacted earnings in the prior financial-year period.
Mainly the construction of the new assembly hall in Hückeswagen-Winterhagen resulted in a cash
flow from investing activities of EUR -9,9 million – a change of EUR -9,6 million compared to thesame prior financial-year period.
Cash flow from financing activities decreased by EUR 16,0 million year-on-year to EUR 6,6 million.
Net change in cash amounted to EUR 4,6 million in the first half of the 2022/23 financial year, an
increase of EUR 7,0 million compared to the same period of the previous financial year.

08

KLINGELNBERG GROUP
Financial Half-Year Statements 2022/23

OutlookIn the 2021/22 Annual Report, a significant increase in sales and an EBIT margin above 6,0% were
forecast for the current 2022/23 financial year. The still positive order situation and the highest
order backlog in the Company’s history support this forecast.
The current geopolitical and macroeconomic challenges described at the beginning of this Financial Report and their associated consequences for the remainder of the KLINGELNBERG Group’s
financial year cannot be assessed definitively. At present, however, we are confident to maintainthe forecast at the existing level.

09

KLINGELNBERG GROUP
Financial Half-Year Statements 2022/23

Group key figures
01.04.2022- 30.09.2022(unaudited)

01.04.2021- 30.09.2021(unaudited)

Change01.04.2021- 31.03.2022

Net sales from goods and services

138,3

55,1

83,2

158,6

Order intake

156,1

114,9

41,2

268,9

Order backlog

285,9

217,5

68,4

268,0

Operating result (EBIT)

4,4

-40,0

44,4

-15,7

Net loss

-1,5

-42,9

41,4

-21,7

Basic earnings per share (in EUR)

-0,17

-4,85

4,68

-2,45

Diluted earnings per share (in EUR)

-0,17

-4,85

4,68

-2,45

Operating result as % of net sales from goods andservices

3,2%(72,5%)

75,7%(9,9%)Net loss as % of net sales from goods and services(1,1%)(77,8%)

76,7%(13,7%)Cash flow from operating activities

7,5

-24,9

32,4

-54,5

Investments

10,3

1,3

9,0

11,6

Free cash flow

-2,5

-25,2

22,7

-55,6

Employees (FTE)

1.217

1.181

36

1.183

30.09.2022

31.03.2022

Change30.09.2021

Total liabilities and equity

278,7

273,6

5,1

224,4

Net debt

42,3

40,1

2,2

9,5

Total equity

109,4

104,7

4,7

80,3

Equity ratio

39,3%

38,3%

1,0%

35,8%

EUR million

EUR million

10KLINGELNBERG GROUP
Financial Half-Year Statements 2022/23

Consolidated balance sheet
30.09.2022

30.09.2021

31.03.2022

Cash and cash equivalents

12.27420.185

7.720

Receivables from goods and services

48.24224.64540.5570

26

38

Other short-term receivables

11.3669.839

31.157

Inventories

137.090108.683

133.025

1.424

1.398

1.916

210.396164.776214.41354.59546.99245.993Loans and other receivables

0

19

0

Investments in joint ventures

1.141

908

1.304

Deferred tax assets

10.531

9.805

9.948

Other financial assets

1.305

1.020

1.072

707

911

832

Total non-current assets

68.27959.65559.149Total assets

278.675224.431273.562

EUR 000
AssetsCurrent assets

Derivative financial instruments

Prepayments and accrued income
Total current assets

Non-current assets
Tangible fixed assets

Intangible assets

11

KLINGELNBERG GROUP
Financial Half-Year Statements 2022/23

Consolidated balance sheet
30.09.2022

30.09.2021

31.03.2022

Short-term financial liabilities

38.46928.98640.091

Payables from goods and services

25.50731.57233.844

Derivative financial instruments

1.264

248

378

Other short-term liabilities

53.66643.32853.324

Accrued liabilities and deferred income

12.30111.901

12.136

Short-term provisions

5.566

10.567

5.443

Total current liabilities

136.773

126.602145.216Long-term financial liabilities

16.059693

7.740

Deferred tax liabilities

1.443

1.586

1.114

Long-term provisions

14.98415.29014.769Total non-current (long-term) liabilities

32.48617.56923.623

Total liabilities

169.259

144.171168.839

Share capital

28.63928.63928.639

Capital reserves

43.13443.13443.134Retained earnings

37.6438.487

32.950Total equity

109.41680.260104.723

Total liabilities and equity

278.675224.431273.562

EUR 000
Liabilities
Current liabilities

Non-current (long-term) liabilities

Equity12KLINGELNBERG GROUP
Financial Half-Year Statements 2022/23

Consolidated income statement
01.04.2022- 30.09.2022

01.04.2021- 30.09.2021

01.04.2021- 31.03.2022

138.31655.115158.608

Other operating income

1.670

9.519

40.284

Change in inventory of finished and unfinishedgoods as well as unbilled goods and services-5.90814.73740.965Material expense-55.963-43.324-110.479

Personnel expense-49.441-47.056-95.851-1.859-2.160-4.144

-197

-219

-419

-22.635-26.750-45.232

417

181

593

Operating result

4.400-39.957-15.675

Financial result-4.557-1.328-3.993-157-41.285-19.668

Income taxes-1.318-1.568-2.009Net loss-1.475-42.853-21.677

Basic earnings per share

-0,17

-4,85

-2,45

Diluted earnings per share

-0,17

-4,85

-2,45

6.456

-37.578-11.112

EUR 000
Net sales from goods and services

Depreciation on tangible fixed assets
Amortization on intangible assets
Other operating expense
Share of result from joint ventures

Loss before income taxes

Earnings per share
EUR

Additional information - non-GAAP measures
EUR 000
EBITDA

13

KLINGELNBERG GROUP
Financial Half-Year Statements 2022/23

Consolidated cash flow statement
EUR 000

01.04.2022- 30.09.2022

01.04.2021- 30.09.2021

01.04.2021- 31.03.2022

Net loss-1.475-42.853-21.677

Depreciation/amortization/write-up of
tangible fixed assets and intangible assets

2.056

2.379

4.563

Change in provisions (including deferred taxes)

-767

3.843

-2.274

24

1.252

928

Change in receivables from goods and services-6.38818.756

2.507

Change in inventories-3.283-28.042-52.512

Change in other receivables and prepayments
and accrued income (including deferred tax)

20.179-3.079-25.111

-417

-181

-593

Change in payables from goods and services-8.47616.89919.177

Change in other short-term liabilities andaccrued liabilities and deferred income

1.393

4.089

14.747

Other non-cash items

4.616

2.029

5.708

Cash flow from operating activities

7.462-24.908-54.537

Inflows for investment in financial assets(including loans, participations, securities, etc.)

347

858

842

Outflows for investment in tangible fixed assets-10.220-1.259-11.441

Inflows from the sale of tangible fixed assets

0

73

9.644

Outflows for investment in intangible assets

-74

-5

-134

Cash flow from investing activities-9.947-333-1.089Change in short-term financial liabilities-1.63023.64334.751

Change in long-term financial liabilities

8.263-1.012

6.036

Cash flow from financing activities

6.633

22.63140.787

406

218

-18

Net change in cash

4.554

-2.392-14.857

Opening balance of cash and cash equivalents at 01.04.

7.720

22.57722.577

Closing balance of cash and cash equivalents at 31.03. / 30.09.

12.27420.1857.720

Net change in cash

4.554

-2.392-14.857

Loss from the disposal of tangible fixed assets and intangible
assetsShare of profits from the application of the equity method

Currency translation effects

14

KLINGELNBERG GROUP
Financial Half-Year Statements 2022/23

Consolidated statement of changes in equity
Retained earnings
Otherretainedearnings

Cumulative
foreigncurrency
differences

Total
retainedearnings

Total
equitySharecapitalCapitalreserves

Goodwill
offset withequity28.63943.134-20.51762.7746.497

48.754120.527

Currencytranslationdifferences

0

0

0

0

2.591

2.591

2.591

Net result fromcash flow hedges

0

0

0

-5

0

-5

-5

Net loss

000-42.8530-42.853-42.853

Balance as at
30.09.2021

28.63943.134-20.51719.916

9.088

8.487

80.260

Balance as at
31.03./01.04.2022

28.63943.134-20.51740.95412.51332.950104.723

Currencytranslationdifferences

0

0

0

0

6.889

6.889

6.889

Net result fromcash flow hedges

0

0

0

-721

0

-721

-721

Net loss

000-1.4750-1.475-1.47528.63943.134-20.51738.75819.40237.643109.416

EUR 000
Balance as at
01.04.2021

Balance as at
30.09.2022

15

KLINGELNBERG GROUP
Financial Half-Year Statements 2022/23

Notes to the Financial Half-Year Statements 2022/23
1	Basis for the preparation of the financial statements and accounting
policies
These consolidated financial statements cover the unaudited half-year results for the six months
ending 30 September 2022. They have been prepared in accordance with Swiss GAAP FER as awhole and give a true and fair view of the assets, liabilities and earnings of KLINGELNBERG Group.
In addition, the provisions of the Listing Rules of the SIX Swiss Exchange and Swiss accounting law
were complied with. The consolidated interim financial statements for 2022/23 have been prepared in accordance with FER 31 “Supplementary Recommendation for Listed Companies”.
These interim financial statements do not contain all the information and disclosures required in
the annual consolidated financial statements. They should therefore be read in conjunction withthe consolidated financial statements as at 31 March 2022 (published 22 June 2022).
All line item amounts in the consolidated financial statements are presented in millions of Euro,and all such amounts (including totals and subtotals) have been rounded according to standard
commercial practice. Thus, an addition of the figures presented can result in rounding differences.

2

Changes in the scope of consolidation

In the previous financial year the liquidation of KLINGELNBERG Hungaria Kft. with the closing balance per 01 April 2021 has been deleted from the Hungarian company registry.

3

Key exchange rates

The table below outlines the main exchange rates used in the preparation of our consolidated financial statements as at and for the periods ended 30 September 2022/2021 and 31 March 2022.

Period-end exchange rate

Average exchange rate

30.09.2022

31.03.2022

30.09.2021

01.04.2022- 30.09.2022

01.04.2021- 31.03.2022

01.04.2021- 30.09.2021

CHF/EUR

0,95635

1,02610

1,08350

1,00070

1,06805

1,09023

USD/EUR

0,97625

1,10955

1,15705

1,03672

1,16277

1,19232

JPY/EUR

141,03880

135,01560

129,63585

138,73093

130,54847

130,84527

16

KLINGELNBERG GROUP
Financial Half-Year Statements 2022/23

4

Investments in joint ventures

In the first half of the 2022/23 financial year, just as in 2021/22, there were no changes in investments in associated companies and joint ventures. The value of the investments is reduced mainly
due to dividends distributed on 21 September 2021 and 28 September 2022.

5

Goodwill

Goodwill from the acquisition of consolidated entities is offset with equity at the date of theacquisition. Goodwill is theoretically amortized on a straight-line basis over a useful life of
7 – 15 years. A theoretical capitalization of goodwill would have the following effects on the consolidated financial statements.
EUR 000

30.09.2022

31.03.2022

30.09.2021

109.416104.72380.260

2.611

2.914

3.235

112.027

107.637

83.495-1.475-21.677-42.853

-304

-641

-321

-1.779-22.318-43.174

Theoretical impact on equity
Equity according to balance sheet
Theoretical net carrying amount goodwill
Theoretical equity incl. net carrying amount of goodwill

Theoretical impact on net income
Effect on income statement
Net loss
Theoretical amortization of goodwill
Theoretical net loss

6

Provisions

The provisions for the efficiency enhancement program decreased from EUR 2,5 million at 30 September 2021 to EUR 1,3 million at 31 March 2022 and was further decreased to EUR 1,0 million at
30 September 2022.

7

Segment information

Notwithstanding the additional recommendations for listed companies (Swiss GAAP FER 31), theBoard of Directors of the KLINGELNBERG Group decided not to publish any detailed segment
results in order to protect the interests of its shareholders. Disclosing operating results by business units would lead to competitive disadvantages in terms of our profitability and distribution
margins as well as our cost calculations. Please read the consolidated half-year statements underreview in conjunction with the consolidated financial statements as at 31 March 2022 (published
22 June 2022).

17

KLINGELNBERG GROUP
Financial Half-Year Statements 2022/23

Net sales from goods and services
01.04.2022 - 30.09.2022

EUR 000
Service location
Segments

Germany

Switzerland

Japan

USA

Rest ofthe world

Total

Bevel Gear

16.57829.900

1.579

4.253

5.434

57.744

Cylindrical Gear

30.208

0

226

5.733

2.202

38.369Measuring Centers27.257

759

1.243

2.762

2.184

34.205

Drive Technology

6.233

0

0

0

0

6.233

Other

833

0

80

0

852

1.765

Total

81.10930.6593.128

12.74810.672138.31601.04.2021 - 31.03.2022

EUR 000
Service location
Segments

Germany

Switzerland

Japan

USA

Rest ofthe world

Total

Bevel Gear

19.33023.076

1.437

9.221

6.418

59.482

Cylindrical Gear

26.703

2.593

1.983

5.702

4.326

41.307

Measuring Centers28.774

3.188

3.116

5.620

4.205

44.903

Drive Technology

9.115

0

0

0

58

9.173

Other

1.757

0

63

0

1.923

3.743

Total

85.67928.857

6.599

20.54316.930158.608

01.04.2021 - 30.09.2021

EUR 000
Service location
Segments

Germany

Switzerland

Japan

USA

Rest ofthe world

Total

Bevel Gear

6.654

5.735

568

4.061

2.936

19.954

Cylindrical Gear

9.260

1.638

593

2.528

2.486

16.505

Measuring Centers

7.662

1.230

1.289

2.284

1.359

13.824

Drive Technology

3.220

0

0

0

35

3.255

Other

641

0

27

0

909

1.577

Total

27.437

8.603

2.477

8.873

7.725

55.11518

KLINGELNBERG GROUP
Financial Half-Year Statements 2022/23

8

Significant events and business transactions

During the period under review, no material events or business transactions occurred that might
have an impact on the critical estimates, appraisals and assumptions to be found in the consolidated financial statements as at 30 September 2022.
The settlement of the flood damage claim with the Federal State of “Nordrhein-Westfalen”/Germany has not yet been completed. Currently, the finalization of the appraisals to determine theflood damage for the individual items concerned, is underway. A receivable for “Reconstruction
NRW on the occasion of damage caused by heavy rain and flooding in July 2021” of EUR 20,0 million
was recognized in the 2021/22 financial statements, of which KLINGELNBERG GmbH received
EUR 16,9 million as at 30 September 2022.

9

Definition of alternative performance measures

The alternative performance measures should be read in conjunction with the consolidated financial statements as at 31 March 2022 (published 22 June 2022).

10

Events after closing date

At the publishing date of this report, the Company is not aware of any significant new event thatwould affect the financial half-year statements as at 30 September 2022.

19

KLINGELNBERG GROUP
Financial Half-Year Statements 2022/23

About the company
Founded in 1863, KLINGELNBERG is one of the leading companies in the gear industry. On the
background of many innovations in the areas of calculation, production, and measuring technology, KLINGELNBERG sees itself as a leader in this sector. With its acquisition of Höfler Maschinenbau
GmbH’s core business in 2012, KLINGELNBERG has added machines for machining cylindrical gears
to its range of products, reinforcing its position as a complete system provider.
Headquartered in Zürich (Switzerland), KLINGELNBERG now develops and manufactures at its
sites in Zürich (Switzerland), Hückeswagen and Ettlingen (Germany). The Company also maintains a presence with sales and service offices and numerous marketing agents all over the world.
KLINGELNBERG solutions are used in the automotive, commercial vehicle, and aviation industries,
as well as in shipbuilding, the wind power industry, and the general transmission manufacturingindustry. Applications range from vehicle drives, aircraft turbine engines, and cement mill gear
units to drive systems for ships and oil rigs.
With over 200 patent grants, the company continuously demonstrates its capacity for innovation.
Above and beyond this, its ISO 14001 certification and the participation in the VDMA’s Blue Competence initiative give credence to the Company’s sustainable, environmentally sound businesspractices.
The shares of KLINGELNBERG AG are listed on the SIX Swiss Exchange (KLIN).

20KLINGELNBERG AG
Binzmühlestrasse 1718050 Zürich, SwitzerlandFon:+41 44 278 7940
Mail: investorrelations@klingelnberg.com
Web: www.klingelnberg.com