Financial Report

Notes to the Interim Financial Statements

Consolidation, accounting and valuation principles

The unaudited consolidated interim report for the first six months of 2020 was drawn up in line with the provisions of Swiss GAAP FER 31. This six-month report is intended to be read in conjunction with the 2019 annual report. The consolidation, accounting and valuation principles published in the 2019 annual report have been applied consistently in preparing this interim report.

Consolidation matrix

The consolidation matrix was changed in the first half of 2020 as follows:

• Liquidation of Zehnder Group Finance Ltd as at 21 February 2020.

Impact of COVID-19

When producing the consolidated financial statements, certain estimates and assumptions have to be made which may have an impact on the amounts recorded in the assets, liabilities, income and expenses and the way in which they are presented. With regard to the potential impact of COVID-19, the following balance sheet items were analysed in detail: receivables, inventories, non-current assets, provisions and goodwill offset against equity. With the exception of the increased short-term provisions – primarily for targeted staffing measures – no major adjustments were required.

Contributions from government support programmes – such as short-time work compensation – or other forms of financial support were recorded in the income statement with a cost-reducing effect.

Events after the balance sheet date

Between the balance sheet date and the publication of this six-month report, no significant events requiring disclosure occurred.