FRAISA Annual Report 20/21

Company, targets and business development Due to the uncertain corona situation, we already prepared ourselves regarding possible effects to the end of the last fi- nancial year. Saving measures were initiated and investments temporarily postponed, if possible. Despite the excellent equity cushion, it was our goal to keep the result as well as the liquid- ity of the FRAISA Group as high as possible. In Switzerland, the effects of the pandemic became apparent with a decline in sales starting as recently as in May. Countries such as France or Italy had already been significantly more af- fected beginning in March and are only now moving very slowly back to an increased turnover level. Other countries showed a much better recovery. The general development within the last quarter fortunately exceeded our expectations, so that we were able to close with a deviation of -11.5 % in turnover as compared to the budget value. On the cost side, the pandemic meant that in many areas we did not have the opportunity to generate any costs at all, for example for travel, trade fairs, professional development or staff events. Government support for short-time work turned out to be another decisive factor. This made it easier to implement our decision not to lay off any employees and to continue to employ them, if possible with- out any lost pay. In the end, we were able to realize 20.0 % of net income at the EBITDA level. Although this is below our long-term target, it is certainly an excellent result for a crisis year. Profit after tax is slightly above our budget, not only in absolute terms, and at 8.8 % of net income is also better than budgeted. For the next financial year, however, this means a challenge. With an increasing vaccination rate, we expect more relax- ations and thus also another increase of economic activities. However, this will also cause our cost level to rise again. Simi- larly, this year's support from short-time compensation will not be repeated at the same level. Nevertheless, we are positive about the new financial year and hope that a third corona wave will not slow down the trend of recent months. 1 Of the balance sheet total under Swiss GAAP FER. 2 Of the turnover under Swiss GAAP FER. 3 Adjusted for exchange rate fluctuations. 4 Compared to the previous year. EQUITY RATIO 65 % 1 INVESTMENTS 11.6 % 2 BANK FINANCING 6.7 % 1 TURNOVER DEVELOPMENT -16.2 % 4 -13.9 % 3 4 TURNOVER DEVELOPMENT PROFIT 9 % 2 ANNUAL REPORT 2020/2021 I KEY FIGURES [ 9 ]