Financial Report

Notes to the interim financial statements

Consolidation, accounting and valuation principles

The unaudited consolidated interim report for the first six months of 2021 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 2020 Annual Report. The consolidation, accounting and valuation principles published in the 2020 Annual Report have been applied consistently in preparing this interim report.

Consolidation scope

The consolidation scope was changed in the first half of 2021 as follows:

• Founding of Zehnder Climate Ceiling Solutions GmbH on 8 March 2021 in Germany;
• Completion of the acquisition of the 51% stake in Zhongshan Fortuneway Environmental Technology Co., Ltd. on 28 April 2021 in China. The purchase price is dependent on future profitability. At the end of June 2021, EUR 2.6 million was paid. The remaining price will be settled by means of an earn-out within the next 12 months. As a result of the purchase, the Zehnder Group has acquired net assets of EUR 1.1 million. The goodwill recognised amounted to EUR 3.9 million. The transaction resulted in an increase in minority interests in equity of EUR 1.0 million. In the reporting period, Fortuneway contributed EUR 1.5 million to the Group's sales;
• Sale by Zehnder (China) Indoor Climate Co., Ltd. of the 49% stake in Eric & Bason Building Environment Technologies Co., Ltd. on 28 April 2021 in China;
• Founding of Zehnder Clean Air Solutions NA, LLC  on 11 June 2021 in the USA.

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.