Financial Half-Year Statements
2023/24

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

KLINGELNBERG GROUP
Financial Half-Year Statements 2023/24

Dear Shareholders,During the first months of the 2023/24 financial year, the KLINGELNBERG Group continued on
its successful path in an extremely challenging environment. While the economy was underconsiderable pressure and many companies in the mechanical engineering sector reported
negative developments, KLINGELNBERG could once again improve its key performance indicators,
surpassing the very high levels already achieved in the previous financial year.
Once again, order intake and order backlog reached new record highs in the Company’s history.
After KLINGELNBERG achieved positive EBIT in the first half of the last financial year, for the firsttime in many years, EBIT in the first six months of the current financial year were also at a solid
level. KLINGELNBERG usually generates most of its profits in the second half of the financial year.
Free cash flow also went up – enabling the Company to reduce significantly net debt. KLINGELNBERG
is thus not only a successful company, but also one that is operating on solid financial foundations.
It continues to pay off that the Company set the right strategic course at an early stage.
KLINGELNBERG today presents itself as a strategically well-positioned company that participatesin important global trends: our customers produce and measure highly accurate gears for thesophisticated transmissions in electric vehicles, wind turbines produce electricity thanks to profileground gears produced on KLINGELNBERG/HÖFLER machines, and gears from KLINGELNBERG
play an important role in the raw material extraction required for battery production for
example in mining machines and rock mills. KLINGELNBERG was also able to take advantage ofthe opportunities presented by the resurgence of aviation with its high demand for modern,environmentally friendly aircraft. In Asia in particular, KLINGELNBERG is benefiting from major
global trends such as the growth of wind energy and electromobility.
All of this is all the more significant given that the underlying conditions were and still are not easy
– due to the war in Ukraine, soaring energy prices, inflation, ongoing difficulties in supply chains,and economic weakness in key economies.
KLINGELNBERG is clearly confident for the rest of the 2023/24 financial year. The existing guidance
can be confirmed. At the same time, KLINGELNBERG again expects strong order intake numbers
and a continuation of its course that is focused on innovation, solidity, and seizing forward-looking
opportunities.

02

KLINGELNBERG GROUP
Financial Half-Year Statements 2023/24

The Company is optimistic about the future, albeit with its usual caution. The Company is well
positioned, leading with its products in terms of quality and innovation, and serving strong andsustained demand in key future markets.
KLINGELNBERG will know how to capitalize on these opportunities.

Dr. Jörg Wolle
Chairman of the Board of Directors

Jan Klingelnberg
CEO

Zürich, 17 November 2023

03

KLINGELNBERG GROUP
Financial Half-Year Statements 2023/24

Financial report
Segments and markets
In the first half of the 2023/24 financial year, the KLINGELNBERG Group found itself in a persistently volatile market environment characterized by high geopolitical uncertainty and weakgrowth momentum. Following a growth surge in the first quarter of the 2023 calendar year as aresult of easing inflationary pressures, more robust supply chains and China’s abandonment of its
zero-covid policy, the economic sentiment turned gloomy again and the global economy lost momentum in the further course of the year.
Despite the economic re-opening in China, industrial production remained flat and weighed on
the economy, particularly in the euro area. World trade also found itself in a period of weakness
over the course of the year: Overall, it was slightly downward sloping in the first half of the 2023
calendar year, and even significantly in the developed economies.
Despite massive monetary tightening by the Federal Reserve, the U.S. economy had proved resilient so far in the year. Economic output expanded by 0,5% quarter-on-quarter in the second
quarter of the 2023 calendar year, which was the same pace as at the beginning of the year. The
noticeable increase in capital investment was due in particular to massive government subsidies
for the semiconductor and renewable energy sectors.
In the euro area, the economic situation in the past half-year was characterized by both cyclicaland structural challenges. On the cyclical side, the main factors were the inflation-related slump
in consumption and the increasing key interest rates. The significant rise in energy costs, triggeredby the energy price shock of last year, had pushed up production costs in the euro area sharply andslowed down the industrial sector. Persistent supply bottlenecks and weak demand from China
added to the challenges faced by the manufacturing sector in the past half-year. As a result, theeconomy in the monetary union grew only marginally in the first two quarters of 2023 (+0,1%
quarter-on-quarter in each case).
In this broad spectrum of global challenges, the KLINGELNBERG Group was nevertheless able
to hold its own and once again significantly increase its order intake by EUR 24,8 million compared to the same period of the previous financial year. Net sales at the end of the first half of the2023/24 financial year amounted to EUR 105,4 million, down EUR 32,9 million on the same periodof the previous financial year. This decrease in sales resulted from the absence of the flood-related
shift in revenues from the 2021/22 financial year to the first six months of the 2022/23 financial
year. The KLINGELNBERG Group thus returned to its usual asymmetrical revenues distribution,
which will lead to a significant increase in sales in the second half of the 2023/24 financial year.

04

KLINGELNBERG GROUP
Financial Half-Year Statements 2023/24

Bevel Gear segment:
The Bevel Gear segment closed the first half of the 2023/24 financial year with net sales of
EUR 34,4 million – almost EUR 23,3 million down from the same period of the previous financial
year. This is, in particular, attributable to the base affect of the delayed delivery of customer machines due to the flooding of July 2021, which contributed to a significant increase in sales in thesame period of the previous financial year.
At the end of the first half of the 2023/24 financial year, order intake totaled EUR 61,9 million,around EUR 8,2 million higher than in the same period of the previous financial year. The
KLINGELNBERG Group’s broad product portfolio proved to be a key success factor. This enabled
the Bevel Gear segment to hold its own in the structurally dynamic automotive industry and tocompensate for car makers’ shifted investment strategies against the backdrop of changing drive
concepts. With the G 35 Dual-Spindle Grinding Machine, the Company could win another reference project in the aerospace industry. In addition, orders from the commercial vehicle industry
and gear manufacturing had lifted order intake above the prior-year level and contributed to thissegment’s customer mix.

Cylindrical Gear segment:
The Cylindrical Gear segment reported net sales of EUR 27,4 million at the end of the first half ofthe 2023/24 financial year. The year-on-year decline in sales of EUR 11,0 million was based on thesame effect as in the Bevel Gear segment. Due to the delayed delivery of customer machines fromthe 2021/22 financial year as a result of the flooding of July 2021, a jump in sales was realized in
the same period of the 2022/23 financial year.
At the time of the financial half-year statements, order intake had increased by EUR 9,2 million to
EUR 57,0 million compared to the same period of the previous financial year. In addition to orders
from the wind energy, mining, and general mechanical and gear engineering sectors, further orders were received from the electromobility sector. The successful fulfillment of existing orders for
the Speed Viper from automotive high-volume customers and suppliers, also in combination with
the R 300, was evidence of promising growth in the electromobility sector.

Measuring Centers segment:
The Measuring Centers segment started the 2023/24 financial year with a record order intake. For the first time in the Company’s history, 43 measuring centers were recorded in
the KLINGELNBERG Group’s order books within a single month. In the entire first half ofthe 2023/24 financial year, the segment recorded order intake of EUR 52,5 million – an increase of EUR 8,8 million compared to the same period of the previous financial year.
The high innovativeness of KLINGELNBERG’s Measuring Centers and the increasing consolidationof global market positions in the electromobility and wind power sectors were reflected in thevolume of orders in this segment.

05

KLINGELNBERG GROUP
Financial Half-Year Statements 2023/24

The newly developed P 125 and P 152 have been very positively received by the market and have established themselves as successful products especially for wind power and industrial applicationsin this segment. With the sale of the first P 200 Measuring Centers, another new development
was successfully launched on the market. The global expansion of electromobility and the need toprovide measuring capacity for wind power projects, both implemented and still in the pipeline,
mean that demand for KLINGELNBERG Measuring Centers is expected to further increase. Net
sales at the end of the first half of the 2023/24 financial year amounted to EUR 34,8 million, up
EUR 0,6 million on the same period of the previous financial year.

Drive Technology segment:
The Drive Technology segment generated net sales of EUR 7,5 million at the end of the first half ofthe 2023/24 financial year, EUR 1,3 million more than in the same period of the previous financial
year.
Affected by the temporarily weak global growth dynamics in this area, order intake in the first halfof the 2023/24 financial year was EUR 1,3 million below the same prior-year period. Nevertheless,after years of significant investment cutbacks in the marine sector (especially tugs and specialpurpose ships), signs are pointing to worldwide growth, this had already become apparent in the
Drive Technology segment’s order books in the previous financial year.
At the same time, the mining sector boomed due to high raw material demands in the electrification of mobility, heat and semiconductors application areas. The existing order backlog of
EUR 17,1 million resulting from these developments promises high utilization of our production
capacities and an upturn in sales momentum in the second half of the 2023/24 financial year.

Gross profit
Compared to the same period of the previous financial year, net sales decreased by EUR 32,9 million.
This decline of 23,8% resulted mainly from the absence of the flood-related shift in sales from the2021/22 financial year to the first six months of the 2022/23 financial year. Due to the decline insales and the significantly high order backlog, changes in inventory amounted to EUR +21,6 million.
As a result, total operating performance amounted to EUR 126,9 million (-4,1%).
Material expense fell disproportionately to total operating performance due to the significant increase in inventories and amounted to EUR 55,6 million at the end of the first half of the 2023/24 financial year, EUR 0,3 million lower than in the same period of the previous financial year.
Gross profit thus amounted to EUR 71,3 million, down EUR 5,2 million on the same period of theprevious financial year.

06

KLINGELNBERG GROUP
Financial Half-Year Statements 2023/24

Personnel expense and employees
Personnel expense amounted to EUR 53,6 million at the end of the first half of the 2023/24 financial
year, up EUR 4,1 million on the same period of the previous financial year. The KLINGELNBERG Grouphad 1.272 employees in the first half of the 2023/24 financial year, 55 employees more than in thesame period of the previous financial year. In addition, KLINGELNBERG GmbH’s expense increased
due to the termination of the “collective restructuring agreement”, which was agreed due to theflood, occurred in July 2021.

Other operating expense
Other operating expense was EUR 2,0 million lower than in the previous financial year and totaled
EUR 20,7 million at the end of the first half of the 2023/24 financial year. The decrease in costs was
mainly due to reduced freight costs and the absence of rent for the assembly hall in Ettlingen/Germany.
The other operating expense ratio amounted to 16,3% at the end of the first half of the 2023/24 financial year and was thus lower than the previous financial year’s level (-0,8 percentage points).

Other operating income
Other operating income amounted to EUR 9,6 million at the end of the first half of the 2023/24 financial year, up EUR 7,9 million on the same period of the previous financial year. This was due tothe reimbursement for retroactive damage (flood related) of KLINGELNBERG AG of EUR 4,1 million
and the reconstruction aid from the Federal State of “Nordrhein-Westfalen”/Germany of
EUR 5,0 million for flood damage incurred by KLINGELNBERG GmbH in July 2021.

Operating result (EBIT)
The operating result increased by EUR 0,3 million year-on-year to EUR 4,7 million.

Financial result
The financial result increased by EUR 1,9 million compared to the first half of the 2022/23 financial year to EUR -2,7 million. As in the same period of the previous financial year, foreign currency
losses impacted the financial result in the first half of the 2023/24 financial year.

Balance sheet
The total assets of the KLINGELNBERG Group rose by EUR 1,9 million compared to the annual
report as at 31 March 2023 and amounted to EUR 286,3 million on 30 September 2023. While
non-current assets decreased by EUR 1,6 million to EUR 74,4 million, mainly due to a KfW subsidy
for the new assembly hall in Hückeswagen-Winterhagen/Germany, current assets increased by
EUR 3,5 million (+1,7%) and amounted to EUR 211,9 million as at 30 September 2023.

07

KLINGELNBERG GROUP
Financial Half-Year Statements 2023/24

Although receivables from goods and services decreased significantly by EUR 29,0 million, cash
and cash equivalents increased by EUR 7,2 million and inventories by EUR 26,4 million.
Equity slightly decreased by EUR 0,9 million to EUR 125,7 million compared to the financial statements as at 31 March 2023. Although the KLINGELNBERG Group was able to achieve a positive
result for the period ending 30 September 2023, the dividend payment for the 2022/23 financial
year of EUR 3,7 million reduced equity. As a result, the equity ratio fell by 0,6 percentage points to
43,9% compared with 31 March 2023.
Liabilities increased by EUR 2,8 million compared to 31 March 2023 and amounted to
EUR 160,7 million as at 30 September 2023. While both non-current (long-term) liabilities decreased by EUR 4,5 million and payables from goods and services by EUR 8,9 million, other shortterm liabilities increased significantly by EUR 15,2 million due to advance payments received.

Cash flow statement
Cash flow from operating activities rose by EUR 5,2 million and amounted to EUR +12,7 million
compared to the same period of the previous financial year. Among other things, net profit increased by EUR 2,6 million compared to the first half of the 2022/23 financial year.
Outflows from investing activities decreased significantly year-on-year. The construction of the
new assembly hall in Hückeswagen-Winterhagen/Germany resulted in high outgoing paymentsin the same prior-year period. Cash flow from investing activities amounted to EUR -2,8 million in
the first half of the 2023/24 financial year.
Cash flow from financing activities fell by EUR 8,8 million to EUR -2,2 million compared to the same
period of the previous financial year. The biggest difference was the change in long-term financial
liabilities of EUR -9,6 million.
Net change in cash was EUR 7,2 million in the first half of the 2023/24 financial year, an increase of
EUR 2,6 million compared to the same period of the previous financial year.

08

KLINGELNBERG GROUP
Financial Half-Year Statements 2023/24

OutlookIn the 2022/23 Annual Report, sales for the current 2023/24 financial year were forecasted toremain at the previous financial year’s level and the EBIT margin to improve compared with the2022/23 financial year. A new record high in the order backlog as at 30 September 2023 supports
this forecast.
However, as mentioned at the beginning of this commentary, we are currently facing high geopolitical uncertainties in combination with weak macroeconomic growth dynamics, the consequences of which cannot be accurately estimated for the rest of the KLINGELNBERG Group’s financial
year. As of today, we keep our guidance unchanged, barring any unforeseen events.

09

KLINGELNBERG GROUP
Financial Half-Year Statements 2023/24

Group key figures
01.04.2023- 30.09.2023(unaudited)

01.04.2022- 30.09.2022(unaudited)

Change01.04.2022- 31.03.2023

Net sales from goods and services

105,4

138,3

-32,9

309,0

Order intake

180,9

156,1

24,8

300,4

Order backlog

335,1

285,9

49,2

259,6

Operating result (EBIT)

4,7

4,4

0,3

23,8

Net profit / loss

1,1

-1,5

2,6

20,8

Basic earnings per share (in EUR)

0,12

-0,17

0,29

2,35

Diluted earnings per share (in EUR)

0,12

-0,17

0,29

2,35

Operating result as % of net sales from goods andservices

4,5%

3,2%

1,3%

7,7%

Net profit / loss as % of net sales from goods andservices

1,0%(1,1%)

2,1%

6,7%

Cash flow from operating activities

12,7

7,5

5,2

15,7

Investments in fixed assets

3,0

10,3

-7,3

18,3

Free cash flow

9,9

-2,5

12,4

-1,9

Employees (FTE)

1.272

1.217

55

1.229

30.09.2023

31.03.2023

Change30.09.2022

Total liabilities and equity

286,3

284,4

1,9

278,7

Net debt

33,6

41,8

-8,2

42,3

Total equity

125,7

126,6

-0,9

109,4

Equity ratio

43,9%

44,5%

(0,6%)

39,3%

EUR million

EUR million

10KLINGELNBERG GROUP
Financial Half-Year Statements 2023/24

Consolidated balance sheet
30.09.2023

30.09.2022

31.03.2023

Cash and cash equivalents

15.882

12.274

8.718

Receivables from goods and services

42.11848.24271.147

0

0

134

7.838

11.3668.363

143.993137.090117.588

2.116

1.424

2.465

211.947210.396

208.41556.72754.59558.733Loans and other receivables

0

0

134

Investments in joint ventures

1.836

1.141

1.333

Deferred tax assets

13.94410.53113.749Other financial assets

1.282

1.305

1.348

600

707

732

Total non-current assets

74.38968.27976.029Total assets

286.336278.675

284.444

EUR 000
AssetsCurrent assets

Derivative financial instruments
Other short-term receivables
Inventories
Prepayments and accrued income
Total current assets

Non-current assets
Tangible fixed assets

Intangible assets

11

KLINGELNBERG GROUP
Financial Half-Year Statements 2023/24

Consolidated balance sheet
30.09.2023

30.09.2022

31.03.2023

Short-term financial liabilities

34.82038.46931.964

Payables from goods and services

18.70725.50727.573

49

1.264

78

Other short-term liabilities

62.11253.66646.925

Accrued liabilities and deferred income

12.88712.301

15.164

Short-term provisions

5.203

5.566

4.720

Total current liabilities

133.778136.773

126.424

Long-term financial liabilities

14.66716.05918.516

Deferred tax liabilities

1.367

1.443

1.329

Long-term provisions

10.84014.984

11.566

Total non-current (long-term) liabilities

26.87432.48631.411

Total liabilities

160.652

169.259

157.835

Share capital

28.63928.63928.639

Capital reserves

41.28343.13443.134Retained earnings

55.76237.64354.836

Total equity

125.684

109.416126.609

Total liabilities and equity

286.336278.675

284.444

EUR 000
Liabilities
Current liabilities

Derivative financial instruments

Non-current (long-term) liabilities

Equity12KLINGELNBERG GROUP
Financial Half-Year Statements 2023/24

Consolidated income statement
01.04.2023- 30.09.2023

01.04.2022- 30.09.2022

01.04.2022- 31.03.2023

105.352

138.316308.961

Other operating income

9.615

1.670

9.547

Change in inventory of finished and unfinishedgoods as well as unbilled goods and services

21.585-5.908-18.844

Material expense-55.646-55.963-125.790

Personnel expense-53.566-49.441-100.114

Depreciation on tangible fixed assets-2.315-1.859-3.956

-145

-197

-367

-20.678-22.635-46.260

503

417

613

Operating result

4.705

4.400

23.790Financial result-2.691-4.557-2.330

Profit / loss before income taxes

2.014

-157

21.460

Income taxes-953-1.318-705

Net profit / loss

1.061

-1.47520.755

Basic earnings per share

0,12

-0,17

2,35

Diluted earnings per share

0,12

-0,17

2,35

7.165

6.456

28.113

EUR 000
Net sales from goods and services

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

Earnings per share
EUR

Additional information - non-GAAP measures
EUR 000
EBITDA

13

KLINGELNBERG GROUP
Financial Half-Year Statements 2023/24

Consolidated cash flow statement
01.04.2023- 30.09.2023

01.04.2022- 30.09.2022

01.04.2022- 31.03.2023

Net profit / loss

1.061

-1.47520.755

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

2.460

2.056

4.323

Change in provisions (including deferred taxes)

59

-767

-3.712

Profit / loss from the disposal of tangible fixed assets andintangible assets

-54

24

138

Change in receivables from goods and services

28.893-6.388-29.304

Change in inventories-26.733-3.28316.156

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

581

20.17918.693

Share of profits from the application of the equity method

-503

-417

-613

Change in payables from goods and services-8.668-8.476-5.857

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

12.8801.393-5.033

Other non-cash items

2.742

4.616

157

Cash flow from operating activities

12.7187.462

15.703

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

200

584

584

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

0

-237

-410

Outflows for investment in tangible fixed assets-3.017-10.220-18.048

Inflows from the sale of tangible fixed assets

0

0

561

Outflows for investment in intangible assets

-15

-74

-270

0

0

3

Cash flow from investing activities-2.832-9.947-17.580

Dividend payments-3.70200Change in short-term financial liabilities

2.866-1.630-8.134

Change in long-term financial liabilities-1.3188.263

10.722

Cash flow from financing activities-2.154

6.633

2.588

Currency translation effects

-568

406

287

Net change in cash

7.164

4.554

998

Opening balance of cash and cash equivalents at 01.04.

8.718

7.720

7.720

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

15.882

12.2748.718

Net change in cash

7.164

4.554

998

EUR 000

Inflows from the sale of intangible assets

14

KLINGELNBERG GROUP
Financial Half-Year Statements 2023/24

Consolidated statement of changes in equity
Retained earnings
Otherretainedearnings

Cumulative
foreigncurrency
differences

Total
retainedearnings

Total
equitySharecapitalCapitalreserves

Goodwill
offset withequity28.63943.134-20.51740.95412.51332.950104.723

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

000-1.4750-1.475-1.475

Balance as at
30.09.2022

28.63943.134-20.51738.75819.40237.643109.416

Balance as at
31.03./01.04.2023

28.63943.134-20.51761.92213.43154.836

126.609

Currencytranslationdifferences

0

0

0

0

1.754

1.754

1.754

Net result fromcash flow hedges

0

0

0

-38

0

-38

-38

Dividends

0-1.8510-1.8510-1.851-3.702

Net profit

0

0

0

1.061

0

1.061

1.061

28.63941.283-20.51761.09415.18555.762125.684

EUR 000

Balance as at
01.04.2022

Balance as at
30.09.2023

15

KLINGELNBERG GROUP
Financial Half-Year Statements 2023/24

Notes to the Financial Half-Year Statements 2023/24
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 2023. 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 2023/24 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 2023 (published 16 June 2023).
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 financial year under review there were no changes in the scope of consolidation.

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 2023/2022 and 31 March 2023.

Period-end exchange rate

Average exchange rate

30.09.2023

31.03.2023

30.09.2022

01.04.2023- 30.09.2023

01.04.2022- 31.03.2023

01.04.2022- 30.09.2022

CHF/EUR

0,96700

0,99735

0,95635

0,97033

0,99433

1,00070

USD/EUR

1,06110

1,08705

0,97625

1,08905

1,04173

1,03672

JPY/EUR

158,23655

144,93090

141,03880

153,39168

140,91568

138,73093

16

KLINGELNBERG GROUP
Financial Half-Year Statements 2023/24

4

Tangible fixed assets

In the first half of the 2023/24 financial year, investments in tangible fixed assets amounted to
EUR 3,0 million, as well as scheduled depreciation of EUR 2,3 million. Furthermore, there was a
reduction of EUR 2,5 million in land and buildings due to the subsidy of the “KfW Kreditanstalt
für Wiederaufbau, Programm: Bundesförderung effiziente Gebäude Programm 263” (A German
government program to promote energy-saving measures in building construction). This subsidy
was recognised as a non-cash transaction and was credited to the bank loan as at 30 September
2023, and the long-term financial liabilities are reduced accordingly.

5

Investments in joint ventures

In the first half of the 2023/24 financial year, just as in 2022/23, there were no changes in investments in associated companies and joint ventures.

6

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.
30.09.2023

31.03.2023

30.09.2022

125.684

126.609109.416

2.070

2.340

2.611

127.754128.949

112.027

Net profit / loss

1.061

20.755-1.475

Theoretical amortization of goodwill

-270

-574

-304

Theoretical net profit791

20.181-1.779EUR 000
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

17

KLINGELNBERG GROUP
Financial Half-Year Statements 2023/24

7

Payables from goods and services

The reduction compared to the previous financial half-year, respectively 31 March 2023 is mainly
due to the resumed mode of payment for liabilities, taking cash discounts into account.

8

Other short-term liabilities

The increase in other short-term liabilities is mainly due to higher advance payments from customers.

9

Other operating income

The increase compared to 30 September 2022 is mainly due to subsequently approved additional
reimbursements from the flood damage in July 2021 in the amount of EUR 9,1 million. Thereof, the credits are related to KLINGELNBERG AG (EUR 4,1 million) and KLINGELNBERG GmbH
(EUR 5,0 million) respectively and were included in the cash flow from operating activities.

10

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 financial half-year statements
under review in conjunction with the consolidated financial statements as at 31 March 2023 (published 16 June 2023).
Net sales from goods and services
01.04.2023 - 30.09.2023

EUR 000
Service location
Segments

Germany

Switzerland

Japan

USA

Rest ofthe world

Total

Bevel Gear

12.37911.871

946

4.534

4.709

34.439Cylindrical Gear

18.961

3.842

387

2.031

2.169

27.390Measuring Centers27.587

1.082

579

2.515

3.050

34.813

Drive Technology

7.498

0

0

0

37

7.535

Other

266

0

101

0

808

1.175

Total

66.691

16.795

2.013

9.080

10.773105.352

18

KLINGELNBERG GROUP
Financial Half-Year Statements 2023/24

01.04.2022 - 31.03.2023

EUR 000
Service location
Segments

Germany

Switzerland

Japan

USA

Rest ofthe world

Total

Bevel Gear

29.48951.2775.923

13.44611.165111.300

Cylindrical Gear

68.208

4.724

3.524

12.2984.300

93.054

Measuring Centers65.658

3.439

5.514

5.153

4.957

84.721

Drive Technology

15.033

0

0

0

35

15.068

Other

2.852

0

148

0

1.818

4.818

Total

181.240

59.44015.10930.89722.275308.96101.04.2022 - 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

12.74810.672138.316

11

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 2023.

12

Definition of alternative performance measures

The alternative performance measures should be read in conjunction with the consolidated financial statements as at 31 March 2023 (published 16 June 2023).

13

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 2023.

19

KLINGELNBERG GROUP
Financial Half-Year Statements 2023/24

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