Financial Half-Year Statements
2020/21

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

KLINGELNBERG GROUP
Financial Half-Year Statements 2020/21

Dear Shareholders,
KLINGELNBERG Group has completed the first six months of an exceptional financial year 2020/21.
After all – how could it be otherwise – these six months were almost entirely under the far-reaching
impression of the Corona pandemic. The beginning of the financial year on 01 April 2020 was
marked by an almost worldwide lockdown. This situation persisted for a long time in some parts of
the world and had a lasting impact on the entire global economy. Where possible, people worked
from home – companies focused on survival. The mechanical engineering sector suffered losses
everywhere. Governments have tried and still try to counteract this with support programs on ascale never seen before. It remains to be seen whether they will succeed.
Not unexpectedly, KLINGELNBERG Group could not escape this development. Investment projects
were stopped, canceled or postponed. It proved even difficult to transport fully assembled
machines to their destinations. Travel restrictions and local lockdowns at our customers mademachine installations and the provision of services difficult.
All these factors naturally had an impact on our business. Matters were complicated further bycircumstances on macroeconomic and microeconomic levels with detrimental effects – among
them the impending Brexit or the uncertainty surrounding the upcoming US presidential elections.
Sales and incoming orders declined significantly.
However, KLINGELNBERG Group took early action to counter these adverse developments withgreat determination and commitment. The aim was to secure the future of the company, tocontinue to serve our customers, while at the same time taking responsibility for the health of
our employees and continue on our path to increase efficiency. The effects of this program, as
well as cost reductions and the introduction of short-time work, meant that, all in all, we werecomparatively little affected and able to successfully weather the first six months of the global
economic crisis caused by the Corona pandemic. Overall, the operating result (EBIT) was only
marginally lower than in the same period last year. In the last months of this first half of the current
financial year, KLINGELNBERG was also able to win several significant orders in China and North
America, and other regions. The trend towards more electric mobility also had a positive effect onorder intake in some areas.
The Executive Board and the Board of Directors wish to expressly thank the senior staff, themanagement, and all employees for showing such impressive commitment and dedication to theircompany in this situation.

02

KLINGELNBERG GROUP
Financial Half-Year Statements 2020/21

But entrepreneurship also means meeting new challenges with unusual solutions. For example,
we found ways to increase customer loyalty through our successful customer webseminar series.
Whenever it was reasonably possible, we visited customers, acquired orders, and completed
unfinished orders. But also digital acceptance tests and the installation of machines based on
digital instructions by specialists working on-site at the customer’s premises have proven to be
excellent measures to carry on under pandemic conditions. And our customers have appreciatedthat we leave no stone unturned to serve their needs.
All this confirms that KLINGELNBERG Group has been among the most solid and stable companies
within the competition and within the global mechanical engineering industry in the first half ofthe year. The comparatively encouraging order intake figures recorded in August and September
additionally underscore this. The solid capital base combined with very tight and professional
crisis management made sure that the company rests on a solid foundation, on the one hand, andcan look to the future with relative confidence, on the other. It is, however, clear that nobody can
predict what this future will look like at present.

Outlook
Since August, the KLINGELNBERG Group recorded an increasingly positive order intake. This
resulted from major efforts in sales and customer service, on the one hand, and some recovery inindividual sub-markets, on the other. This trend continued in September. In particular, orders from
China for large machines and a revival in demand for measuring centers led to incoming orders in
September at a pre-Corona level.
The coming months will tell whether this development is sustainable. Nevertheless, KLINGELNBERG
is cautiously confident: Against the backdrop of an emerging wave of global investment in thewind power segment, manufacturers and suppliers are preparing for significantly higher demand.
China alone, for example, is planning to double the amount of wind energy as part of its new FiveYear Plan. With its excellent positioning in this market segment with large grinding machines,
KLINGELNBERG firmly expects to benefit from this outlook.
The trend in precision measuring centers will continue to be positively influenced by further
investments in electromobility in the coming months. KLINGELNBERG expects to be able toparticipate in this development disproportionately, also due to the company’s progress in the fieldof optical gear measurement.
As in the past financial year, KLINGELNBERG will not issue a detailed forecast for the full year until
further notice. The extent of exogenous uncertainty factors is too great for such a projection.

03

KLINGELNBERG GROUP
Financial Half-Year Statements 2020/21

Nevertheless, the company is justified in being cautiously optimistic that once this crisis is over, we
will be able to participate disproportionately in the opportunities that will arise. KLINGELNBERG
maintains this assessment, confirmed in recent months by a number of significant new orders.

Dr. Jörg Wolle
Chairman of the Board of Directors

Jan Klingelnberg
CEO

Zürich, 05 November 2020

04

KLINGELNBERG GROUP
Financial Half-Year Statements 2020/21

Financial report
Segments and markets
Just as the end of the 2019/20 financial year, the first half of the 2020/21 financial year of the
KLINGELNBERG Group was characterized by the economic burdens imposed by the global Covid-19
pandemic. In the advanced economies, the second quarter ended with a significant reduction in
GDP of -10% compared to the end of 2019.
Globally, fiscal stimulus packages of unprecedented size have been launched to support income andfinancial markets. Nevertheless, these challenges also left their mark on the KLINGELNBERG Group’s
income statement. Compared to the same period of the previous financial year, net sales at theend of the first half of the year were down EUR 26,7 million to a total of EUR 61,7 million.
On the positive side, the KLINGELNBERG Group can report an increase in order intake especially inthe last two months of August and September. These support a somewhat optimistic look to the
future. There are also growth prospects in the non-automotive sector.

Bevel Gear segment:
The Bevel Gear segment closed the first half of the 2020/21 financial year with net sales of
EUR 19,2 million. This was EUR 15,8 million below the previous year’s figure. The increasing uncertainty of consumers regarding the right choice of drive technology and, of course, the clouding of
the economic outlook due to Corona, have left a lasting and clear mark on car sales. The increasing urgency of emission reductions in the context of climate policy resulted in uncertainty amongautomobile manufacturers and a postponement of investments. In addition, the global Covid-19
pandemic also contributed to this development by causing supply and demand shortfalls in transmission production.
However, new and positive dynamic became noticeable in the last two months of the first half ofthe year. The realization of individual projects, for example, drove demand in the commercial vehicle sector and significantly drove the dynamics of this segment.

Cylindrical Gear segment:
The Cylindrical Gear segment closed the first half of the financial year with net sales of
EUR 16,7 million – around EUR 6,1 million below the same period of the previous year. The dynamics of this segment were also affected by the negative impact the Covid-19 pandemic had on
value chains. Towards the end of the first half of the financial year, clear signs of recovery became
already apparent.

05

KLINGELNBERG GROUP
Financial Half-Year Statements 2020/21

Growth impetus from the big-size range of applications of this segment such as wind power andgeneral mechanical engineering compensated for lower demand in the small-size range. The
promises made by China with regard to its objective to reach climate neutrality by 2060 lead us to
expect additional orders in the wind power sector.

Measuring Centers segment:
The Measuring Centers segment was also affected by postponed investment decisions in the wakeof the ongoing Covid-19 pandemic. Due to the extensive impairment of global value chains andfaltering demand, net sales decreased by EUR 2,0 million to EUR 19,0 million compared to the same
period of the previous year.
However, a significant recovery in demand was recorded towards the end of the first half of thefinancial year. Against the backdrop of the energy turnaround being pushed forward in China
and other emerging markets, there was also an increasing demand for larger measuring devices.
In addition to increased impetus from wind energy, application areas as optical metrology andthe measurement of roller bearing rings are being developed and the segment is being geared
towards the future.

Drive Technology segment:
The Drive Technology segment ended the first half of the year with net sales of EUR 5,2 million –almost EUR 0,7 million below the previous year. Longer lead times of subcontractors led to difficult
production conditions along the entire value chain during the first half of the financial year. The
mining market was also unable to escape the adverse effects of the pandemic and slowed down
the sales dynamics of the segment. Due to the growing importance of rare commodities as partof global climate and digitization agenda, a sustained – albeit delayed – effect on the order books
can be expected.

Gross profit
A significant decline in net sales and just a small increase in inventory of finished and unfinishedgoods led to a decline in total operating performance of EUR 49,0 million compared to the same
period of the previous year. The lower net sales were, as described above, mainly due to the slowdown in the global economy caused by the Covid-19 pandemic. Driven by the decline in total operating performance, the material expense fell by EUR 29,3 million.

Personnel expense and employees
Personnel expense amounted to EUR 37,6 million at the end of the first half of the financial year,
down EUR 13,3 million on the same period of the previous year. The reasons for this were, on the one
hand, the start of implementation of the efficiency enhancement program adopted in the previous financial year and, on the other hand, the introduction of short-time working (EUR 5,4 million)

06

KLINGELNBERG GROUP
Financial Half-Year Statements 2020/21

at the beginning of the current financial year. The KLINGELNBERG Group had 1.176 employees in
the first half-year (164 employees less than in the same period of the previous year).

Other operating expense
Other operating expense was EUR 5,0 million lower than in the previous year and totaled
EUR 13,0 million at the end of the first half of the financial year. The decline was mainly due to tightexpense management, the absence of travel activities due to the worldwide travel restrictions in
the wake of the Covid-19 pandemic, and significantly lower advertising expenses as a result of cancelled trade fairs, also due to the pandemic. In addition, freight costs fell significantly due to thedecline in total operating performance. The ratio of other operating expense compared to total
operating performance rose from 16,2% to 21,0%.

Operating result (EBIT)
Net sales declined to EUR 61,7 million in the first half of the financial year. As a result of the fact that
personnel expense was reduced through the introduction of short-time working and the implementation of the efficiency enhancement program, and the material expense and other operating
expense were also reduced, operating result (EBIT) fell by only EUR 0,6 million to EUR -10,6 million
as compared to the same period in prior financial year.
The efficiency enhancement program is on track. After one-off costs of EUR 14,0 million in the last
financial statements, we expect a positive effect of around EUR 3 million this year. By the end of
the financial year 2021/22, a full-year effect of more than EUR 10 million will be achieved.

Balance sheet
The balance sheet total of the KLINGELNBERG Group decreased by EUR 14,3 million comparedto the annual financial statements as at 31 March 2020 and amounted to EUR 230,6 million on
30 September 2020.
Non-current assets decreased by EUR 3,7 million (-5,9%). This decline was, on the one hand,due to relatively lower capital expenditure, which led to a reduction in net tangible fixed assets. On the other hand, participations decreased due to profit distributions of the joint venture(KLINGELNBERG DKSH Service Ltd.). At EUR 10,6 million, the decrease in current assets was evenmore significant. While cash and cash equivalents increased by EUR 2,5 million, receivables fromgoods and services decreased by EUR 13,7 million.
Equity decreased by EUR 13,7 million (-10,4%) to EUR 117,9 million compared to the financial statements as at 31 March 2020. This was due to the result for the period of EUR -10,9 million and currency translation differences of EUR -2,8 million. As a result, the equity ratio fell by 2,6 percentage
points to 51,1% compared with 31 March 2020.

07

KLINGELNBERG GROUP
Financial Half-Year Statements 2020/21

Total financial liabilities changed only marginally compared to 31 March 2020 and amounted to
EUR 112,7 million (EUR -0,6 million) as at 30 September 2020.

Cash flow statement
The cash flow from operating activities increased by EUR 18,3 million to EUR -5,8 million comparedto the same period of the previous financial year, as the company did not build up in inventories
during the first half-year due to the pandemic.
Both the cash flow from investing activities and the cash flow from financing activities were also
higher than in the same period of the previous financial year (EUR +2,6 million and EUR +2,7 million).
Overall, it can be stated that the liquidity of the KLINGELNBERG Group was secured despite all
economic problems. The net change in cash was EUR +2,4 million in the first half of the 2020/21
financial year, which represents an increase of EUR 22,3 million compared to the same period of
the previous financial year. Net debt amounted to EUR -3,6 million.

08

KLINGELNBERG GROUP
Financial Half-Year Statements 2020/21

Group key figures
01.04.2020- 30.09.2020(unaudited)

01.04.2019- 30.09.2019(unaudited)

Change01.04.2019- 31.03.2020

Net sales from goods and services

61,7

88,4

-26,7

212,1

Order intake

83,8

105,3

-21,5

194,5

Order backlog

122,9

135,1

-12,2

100,7

Operating result (EBIT)

-10,6

-10,0

-0,6

-18,8

Net loss

-10,9

-8,1

-2,8

-25,4

Basic earnings per share (in EUR)

-1,24

-0,92

-0,32

-2,87

Diluted earnings per share (in EUR)

-1,24

-0,92

-0,32

-2,87

Operating result as % of net sales from goods andservices(17,3%)(11,3%)(6,0%)(8,9%)Net loss as % of net sales from goods and services(17,7%)(9,2%)(8,5%)(12,0%)Cash flow from operating activities

-5,8

-24,1

18,3

-2,2

Investments

1,0

1,5

-0,5

5,6

Free cash flow

-4,3

-25,3

21,0

-6,5

1.176,01.340,3-164,31.250,630.09.2020

31.03.2020

Change30.09.2019

230,6

244,9

-14,3

250,2

Net debt

-3,6

-8,7

5,1

10,3

Total equity

117,9

131,6

-13,7

148,9

Equity ratio

51,1%

53,7%

(2,6%)

59,5%

EUR million

Employees (FTE)

EUR million
Total liabilities and equity

09

KLINGELNBERG GROUP
Financial Half-Year Statements 2020/21

Consolidated balance sheet
30.09.2020

30.09.2019

31.03.2020

Cash and cash equivalents

41.1708.750

38.744

Receivables from goods and services

33.48552.23847.155

273

44

20

Other short-term receivables

6.684

8.157

5.667

Inventories

88.457109.880

88.984

1.164

1.262

1.208

171.233

180.331181.77849.33751.52151.490Loans and other receivables

178

104

19

Investments in joint ventures

1.233

2.368

2.620

Deferred tax assets

6.207

13.209

6.381

Other financial assets

1.191

1.058

1.182

Intangible assets

1.218

1.602

1.426

Total non-current assets

59.36469.86263.118

Total assets

230.597

250.193244.896

EUR 000
AssetsCurrent assets

Derivative financial instruments

Prepayments and accrued income
Total current assets

Non-current assets
Tangible fixed assets

10KLINGELNBERG GROUP
Financial Half-Year Statements 2020/21

Consolidated balance sheet
30.09.2020

30.09.2019

31.03.2020

Short-term financial liabilities

34.81815.07627.077

Payables from goods and services

6.771

12.761

10.760Derivative financial instruments

44

632

278

Other short-term liabilities

30.08331.86826.871

Accrued liabilities and deferred income

10.66513.49612.837

Short-term provisions

10.2746.319

15.797

Total current liabilities

92.65580.15293.620Long-term financial liabilities

2.729

3.940

2.983

Deferred tax liabilities

1.538

2.061

1.197

Long-term provisions

15.79815.15215.527

Total non-current (long-term) liabilities

20.06521.15319.707

Total liabilities

112.720101.305113.327

Share capital

28.63928.63928.639

Capital reserves

43.13443.13443.134Retained earnings

46.10477.11559.796

Total equity

117.877148.888131.569

Total liabilities and equity

230.597

250.193244.896

EUR 000
Liabilities
Current liabilities

Non-current (long-term) liabilities

Equity11KLINGELNBERG GROUP
Financial Half-Year Statements 2020/21

Consolidated income statement
01.04.2020- 30.09.2020

01.04.2019- 30.09.2019

01.04.2019- 31.03.2020

Net sales from goods and services

61.67488.389212.093

Other operating income

1.188

917

2.812

430

22.70410.629Material expense-21.167-50.548-90.606

Personnel expense-37.560-50.856-110.644

Depreciation on tangible fixed assets-2.332-2.639-5.347

-224

-240

-487

-13.028-17.974-37.722

373

245

496

Operating result-10.646-10.002-18.776

Financial result

1.167-1.439-2.119Loss before income taxes-9.479-11.441-20.895

Income taxes-1.452

3.316-4.461

Net loss-10.931-8.125-25.356

Basic earnings per share

-1,24

-0,92

-2,87

Diluted earnings per share

-1,24

-0,92

-2,87

-8.090-7.123-12.942

EUR 000

Change in inventory of finished and unfinishedgoods as well as unbilled 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

12KLINGELNBERG GROUP
Financial Half-Year Statements 2020/21

Consolidated cash flow statement
EUR 000

01.04.2020- 30.09.2020

01.04.2019- 30.09.2019

01.04.2019- 31.03.2020

Net loss-10.931-8.125-25.356

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

2.556

2.879

5.834

Change in provisions (including deferred taxes)-4.911

-310

8.680

-352

1

95

13.26119.93025.416276-27.377-5.657

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

-1.105-7.585

1.842

Share of profits from the application of the equity method

-373

-245

-497

Change in payables from goods and services-3.989-3.498-5.499Change in other short-term liabilities andaccrued liabilities and deferred income

879

783

-6.711Other non-cash items-1.062-519-369

Cash flow from operating activities-5.751-24.066-2.222

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

1.592

-16

-55

Outflows for investment in tangible fixed assets-1.010-1.396-5.393

Inflows from the sale of tangible fixed assets

874

318

1.435

Outflows for investment in intangible assets

-16

-139

-237

Receipt from the disposal of consolidated organizations (lesscash given)

-3

0

0

1.437

-1.233-4.2500-8.133-8.133

Change in short-term financial liabilities

7.567

12.72625.305

Change in long-term financial liabilities

-239

0

-1.739Cash flow from financing activities

7.328

4.593

15.433Currency translation effects

-588

761

1.088

Net change in cash

2.426

-19.945

10.049Opening balance of cash and cash equivalents at 01.04.

38.74428.69528.695

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

41.1708.750

38.744

Net change in cash

2.426

-19.945

10.049Profit/Loss from the disposal of tangible
fixed assets and intangible assets
Change in receivables from goods and services
Change in inventories

Cash flow from investing activities

Distribution of profits

13

KLINGELNBERG GROUP
Financial Half-Year Statements 2020/21

Consolidated statement of changes in equity
Retained earnings
Otherretainedearnings

Cumulative
foreigncurrency
differences

Total
retainedearnings

Total
equitySharecapitalCapitalreserves

Goodwill
offset withequity28.63951.267-20.51795.3578.222

83.062

162.968

Currencytranslationdifferences

0

0

0

0

2.157

2.157

2.157

Net result from cash
flow hedges

0

0

0

21

0

21

21

Dividends

0-8.13300

00-8.133Net loss

000-8.1250-8.125-8.125

Balance as at
30.09.2019

28.63943.134-20.51787.25310.37977.115148.888

Balance as at
31.03./01.04.2020

28.63943.134-20.51770.07510.23859.796131.569

Currencytranslationdifferences

0

0

0

0

-2.783-2.783-2.783

Net result from cash
flow hedges

0

0

0

22

0

22

22

Net loss

000-10.9310-10.931-10.93128.63943.134-20.51759.1667.455

46.104117.877

EUR 000

Balance as at
01.04.2019

Balance as at
30.09.2020

14

KLINGELNBERG GROUP
Financial Half-Year Statements 2020/21

Notes to the Financial Half Year Statements 2020/21
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 2020. 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 2020/21 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 at 31 March 2020 (published 17 June 2020).
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 normal
commercial practice. Thus, an addition of the figures presented can result in rounding differences.

2

Changes in the scope of consolidation

The liquidation of KLINGELNBERG Hungaria Service Kft. was completed on 16 July 2020.
KLINGELNBERG Hungaria Kft. is still under liquidation.

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 2020/2019 and 31 March 2020.

Period-end exchange rate

Average exchange rate

30.09.2020

31.03.2020

30.09.2019

01.04.2020- 30.09.2020

01.04.2019- 31.03.2020

01.04.2019- 30.09.2019

CHF/EUR

1,07970

1,05721

1,08695

1,06811

1,09632

1,11120

USD/EUR

1,17106

1,09485

1,09220

1,13493

1,11130

1,12428

JPY/EUR

123,78585

118,93905

117,87025

121,19843

120,80723

121,39618

15

KLINGELNBERG GROUP
Financial Half-Year Statements 2020/21

4

Investments in associated companies and joint ventures

In the first half year 2020/21, just as in 2019/20, there were no changes in investments in associated companies and joint ventures. The value of the investments is reduced mainly due to a dividend
distribution in the first half year 2020/21.

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

30.09.2020

31.03.2020

30.09.2019

117.877

131.569148.888

3.877

4.196

4.517

121.754135.765

153.405-10.931-25.356-8.125-321-1.029-708-11.252-26.385-8.833

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 by EUR 4,0 million to
EUR 4,5 million according to the current status. The efficiency enhancement program is on schedule. The closing of KLINGELNBERG Hungary has nearly been completed. The ramp down at the
Ettlingen location is also proceeding on schedule and will also be around 90% completed by theend of the financial year.

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 at 31 March 2020 (published
17 June 2020).

16KLINGELNBERG GROUP
Financial Half-Year Statements 2020/21

Net sales from goods and services
01.04.2020 - 30.09.2020

EUR 000
Service location
Segments

Germany

Switzerland

Japan

USA

Rest ofthe world

Total

Bevel Gear

9.023

5.286

494

2.050

2.323

19.176

Cylindrical Gear

11.686

916

270

1.669

2.149

16.690Measuring Centers13.921

308

783

2.588

1.354

18.954

Drive Technology

5.158

0

0

0

19

5.177

Other

40

0

22

0

1.615

1.677

Total

39.828

6.510

1.569

6.307

7.460

61.67401.04.2019 - 31.03.2020

EUR 000
Service location
Segments

Germany

Switzerland

Japan

USA

Rest ofthe world

Total

Bevel Gear

16.20236.9404.812

19.7996.934

84.687

Cylindrical Gear

23.881

5.212

6.501

9.216

4.580

49.390Measuring Centers35.326

2.855

8.716

5.475

4.892

57.264

Drive Technology

13.602

0

0

0

57

13.659

Other

247

0

123

0

6.723

7.093

Total

89.25845.00720.15234.49023.186212.09301.04.2019 - 30.09.2019

EUR 000
Service location
Segments

Germany

Switzerland

Japan

USA

Rest ofthe world

Total

Bevel Gear

6.356

12.5672.229

10.9602.911

35.023

Cylindrical Gear

10.685

2.844

3.014

3.090

3.183

22.816

Measuring Centers13.428

600

3.524

1.878

1.568

20.998

Drive Technology

5.820

0

0

0

57

5.877

Other

146

0

34

0

3.495

3.675

Total

36.43516.011

8.801

15.928

11.21488.38917

KLINGELNBERG GROUP
Financial Half-Year Statements 2020/21

8

Significant events and business transactions

The rapid spread of the Covid-19 virus has led to a significant number of infections in 2020. Measures taken by various governments to contain the virus have affected economic activity. There
were temporary closures in the period March – May 2020, resulting in a reduction in production
output. The financial impact of the measures was compensated to a certain extent by short-timework compensation of approximately EUR 5,4 million. This compensation reduced the personnel
expense. A number of measures to monitor and contain the impact of the Covid-19 virus, suchas health and safety measures for personnel (e.g. social distancing and working from home) andmeasures to secure the supply of materials essential to the production process were introduced.

9

Definition of alternative performance measures

The alternative performance measures should be read in conjunction with the consolidated financial statements at 31 March 2020 (published 17 June 2020).

10

Events after closing date

There is a possibility that various governments will again take measures to contain Covid-19, which
could have an impact on the KLINGELNBERG Group’s business. The impact of such measures on the
consolidated financial statements cannot be quantified at this stage.

18

KLINGELNBERG GROUP
Financial Half-Year Statements 2020/21

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 14001 certification and participation in the VDMA’s Blue Competence
initiative give credence to the company’s sustainable, environmentally sound business practices.
The shares of KLINGELNBERG AG are listed on the SIX Swiss Exchange (KLIN).

19

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