5Discontinued operations
On September 20, 2021, at their Extraordinary General Meeting, Sulzer Ltd shareholders approved the 100% spin-off of the Applicator Systems (APS) division (later renamed medmix) through a 1:1 share split, granting Sulzer shareholders one medmix share in addition to each Sulzer share held.
The group has separated the financial data for 2021 into “continuingˮ and “discontinuedˮ operations. Discontinued operations include the operational results from the Applicator Systems division, certain corporate activities attributable to the Applicator Systems division prior to the spin-off on September 20, 2021 and the gain on net assets derecognized as of September 20, 2021.
The Applicator System Division (now medmix) develops and delivers innovative products and services for liquid application and mixing solutions within the healthcare, adhesives and beauty markets through its well-known brands (Mixpac, Transcodent, Cox, medmix, Haselmeier and Geka).
Income statement of discontinued operations
|
in Mio. CHF |
|
2022 |
|
2021 1) |
|
|
Umsatzerlös |
|
– |
|
337.9 |
|
|
Gestehungskosten der verkauften Produkte |
|
– |
|
–201.5 |
|
|
Bruttogewinn |
|
– |
|
136.5 |
|
|
Verkaufs- und Vertriebskosten |
|
– |
|
–28.3 |
|
|
Verwaltungskosten |
|
– |
|
–30.9 |
|
|
Forschungs- und Entwicklungskosten |
|
– |
|
–18.9 |
|
|
|
|
– |
|
–0.1 |
|
|
Übrige betriebliche Erlöse und Kosten, netto |
|
– |
|
–12.0 |
|
|
Betriebsergebnis (EBIT) |
|
– |
|
46.2 |
|
|
Zins- und Wertschriftenertrag |
|
– |
|
0.1 |
|
|
Zinsaufwand |
|
– |
|
–5.9 |
|
|
Übriges Finanzergebnis, netto |
|
– |
|
–0.0 |
|
|
Gewinn vor Ertragssteuern |
|
– |
|
40.3 |
|
|
Ertragssteuern |
|
– |
|
–17.1 |
|
|
Nettogewinn aus fortgeführten Aktivitäten |
|
– |
|
23.2 |
|
|
n/a |
|
– |
|
1’255.1 |
|
|
Nettogewinn |
|
– |
|
1’278.3 |
|
1) n/a
Net assets derecognized
The following table presents the Applicator Systems division net assets at the date of spin-off on September 20, 2021.
|
in Mio. CHF |
|
20. September 2021 |
|
n/a |
|
265.4 |
|
n/a |
|
143.9 |
|
n/a |
|
165.0 |
|
n/a |
|
51.6 |
|
n/a |
|
6.6 |
|
n/a |
|
0.1 |
|
n/a |
|
85.9 |
|
n/a |
|
71.8 |
|
n/a |
|
40.7 |
|
n/a |
|
11.3 |
|
n/a |
|
–439.8 |
|
n/a |
|
–51.1 |
|
n/a |
|
–13.7 |
|
n/a |
|
–1.9 |
|
n/a |
|
–24.1 |
|
n/a |
|
–67.3 |
|
n/a |
|
244.2 |
Gain on net assets derecognized
|
in Mio. CHF |
|
20. September 2021 |
|
n/a |
|
–244.2 |
|
n/a |
|
1’485.6 |
|
n/a |
|
1’241.4 |
|
n/a |
|
21.9 |
|
n/a |
|
–7.2 |
|
n/a |
|
–1.1 |
|
n/a |
|
1’255.1 |
Following the approval of the Sulzer Ltd shareholders to spin-off the Applicator Systems division through a 1:1 share split, the group recognized a distribution liability at fair value amounting to CHF 1’485.6 million. The distribution liability was recognized as a deduction to retained earnings and exceeded the carrying value of the Applicator Systems division of CHF 244.2 million by CHF 1’241.4 million.
At the time of the spin-off on September 20, 2021, the group held 498’736 treasury shares. Through the spin-off the group received 498’736 medmix Ltd shares, which were recognized at fair value based on the closing price at the first trading date on September 30, 2021. At initial recognition, the fair value of CHF 21.9 million was reported as a financial asset. Management has designated this investment at fair value through other comprehensive income (see note 19).
The total non-taxable, non-cash gain recognized at the distribution date of the spin-off of the Applicator Systems division recorded in net income from discontinued operations, net of tax, amounted to CHF 1’255.1 million.