The unaudited condensed consolidated semi-annual financial statements have been prepared in accordance with IAS 34 “Interim Financial Reporting”. They are based on the financial statements of the individual Group companies drawn up according to uniform accounting policies as of June 30, 2024. The condensed consolidated semi-annual financial statements are not subject to the same requirements as the consolidated annual financial statements. It is recommended to read the condensed consolidated semi-annual financial statements in conjunction with the consolidated financial statements as of December 31, 2023. The condensed consolidated semi-annual financial statements are published exclusively in English. The financial information disclosed in this report may not add up precisely to the disclosed totals due to rounding. Ratios and variances are calculated using the exact underlying amount and not the disclosed rounded amount. Autoneum’s business activities are not subject to pronounced seasonal fluctuations. The condensed consolidated semi-annual financial statements 2024 were authorized for issue by the Board of Directors on July 24, 2024.

The accounting policies applied in these condensed consolidated semi-annual financial statements are the same as those applied in the consolidated financial statements as of December 31, 2023.
New and revised standards and interpretations effective as of January 1, 2024 have been applied but did not have any significant impact on the Group’s condensed consolidated semi-annual financial statements.

There was no change in scope of consolidation in the first half-year 2024. In the prior-year period, Autoneum acquired the automotive business of Borgers as of April 1, 2023, including tangible assets and inventories of the Borgers companies in Germany and 100% of the shares in the subsidiaries in France, Poland, Sweden, Spain, the Czech Republic, the United Kingdom, the USA and China.

In the condensed consolidated semi-annual financial statements 2023, the purchase price allocation for the acquisition of Borgers Automotive was still provisional with regard to the assets acquired and liabilities assumed. For this reason, the prior-year period figures were revised in the condensed consolidated semi-annual financial statements 2024 for adjustments made during the measurement period as if the accounting for the acquisition had been completed at the date of acquisition, as presented in the following table.

Tangible assets are tested for impairment if there are indications that due to changed circumstances, their carrying amount may no longer be recoverable. There were no indications for impairment in the first half-year 2024. 
In the first half-year 2023, a total of CHF 53.9 million of impairment charges on tangible assets were recognized.

Segment information is based on Autoneum Group’s internal organization and management structure as well as on the internal financial reporting to the Group Executive Board and the Board of Directors. Chief operating decision maker is the CEO.

Autoneum is the globally leading automobile supplier in acoustic and thermal management for light and commercial vehicles. Autoneum develops and produces multifunctional, lightweight and sustainable components and systems for interior floor, interior trim as well as engine bay and underbody.

The reporting is based on the following four reportable segments (Business Groups/BG): BG Europe, BG North America, BG Asia and BG SAMEA (South America, Middle East and Africa). “Corporate and elimination” includes Autoneum Holding Ltd and the corporate center with its respective legal entities, an operation that produces parts for Autoneum’s manufacturing lines, investments in associated companies and inter-segment eliminations. Transactions between the Business Groups are made on the same basis as with independent third parties.

Neither significant changes in the fair value hierarchy nor in the fair value measurement assumptions of financial instruments occurred in the period under review. The Group neither issued, repurchased nor repaid Autoneum bonds in the reporting period.

Autoneum maintains a long-term credit agreement with a bank syndicate in the amount of CHF 350.0 million, whereof CHF 186.6 million was drawn at June 30, 2024 (December 31, 2023: CHF 222.8 million). On January 31, 2023, the Group signed an additional bridge facility agreement with UBS and Credit Suisse in the amount of CHF 150 million, initially drawn on March 31, 2023, and with final maturity date on January 31, 2024. At December 31, 2023 the full amount of the bridge facility agreement was repaid.

There were no events between June 30, 2024 and July 24, 2024 which would necessitate adjustments to the book value of the Group’s assets or liabilities, or which require additional disclosure in the condensed consolidated semi-annual financial statements.