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GF Mid - Year Report 2021 Letter to the shareholders Strong performance - accelerating growth Dear shareholders , In the first semester of 2021 , GF's business continued to show a significant recovery , following the challenges posed by the COVID - 19 pandemic . As most of GF's key markets started to grow again , GF recorded strong sales at nearly the same level as prior to the pandemic , as well as a markedly increased profitability in all three divisions . However , the macroeconomic environment in which GF operates as a global company remains chal lenging , with continued pressure on supply chains , raw material scarcity and increasing prices , ongoing trade disputes , and globalization - related tensions . While these hurdles have hindered a full recovery of the business , other positive market and technology trends have supported GF's performance in the first half of the year . GF is embracing the changes brought on by the COVID - 19 crisis , for example by adopting and encour aging hybrid models of work and continuing to invest in digitalized products and processes . Virtual events and meetings have become the new normal and , thanks to these , the company has managed to maintain proximity to its customers and suppliers . Despite the restrictions , GF was able to count on the loyalty and strength of many relationships built over decades . Corporate results Order intake rose 42.2 % to CHF 2'048 million from CHF 1'440 million in the first semester 2020. Sales amounted to CHF 1'835 million , a 20.1 % increase compared with the first half of 2020 , supported by strong global markets . Organic growth also stood at 20.0 % . All three divisions contributed to this sales + GF + Despite the restrictions , GF was able to count on the loyalty and strength of many relationships built over decades . increase . Negative currency effects amounted to CHF 9 million . The operating result ( EBIT ) rose 120 % to CHF 141 mil lion compared to the EBIT before one - offs in the prior - year period , with a corresponding EBIT margin of 7.7 % . In the same period a year ago , these were CHF 64 million and 4.2 % , respectively . Net profit attributable to shareholders of GF amounted to CHF 108 million , compared with CHF 34 million in the first half of 2020. Free cash flow before acquisitions / divestments was CHF -2 million , CHF 71 million above the previous year's result . Cash and cash equivalents stood at a high level of CHF 770 million . GF Piping Systems The division saw a very successful first semester , with high utilization at almost all plants . GF Piping Systems ' strong recovery is mainly due to its pres ence in growth markets and segments , such as microelectronics , water and gas infrastructure , as well as in many promising applications , for example cooling for data centers and wastewater treatment . All regions , spearheaded by China , contributed to sales of CHF 983 million in the semester , a 16.3 % increase compared with the first half of 2020 . Organically , sales rose 16.4 % , acquisitions added another CHF 11 million of sales . The operating result stood at CHF 128 million ( H1 2020 : CHF 94 million ) , for an expanded EBIT margin of 13.0 % ( H1 2020 : 11.1 % ) .