Consolidated Balance Sheet as of December 31

in CHF mn

 

2012

2013

2014

2015 2016

Cash and cash equivalents

 

994.2

1,028.3

898.8

1,074.4 1,155.0

Accounts receivable

a

871.5

912.7

1,006.0

1,014.5 1,043.1

Inventories

b

521.6

539.0

591.3

584.9 600.8

Other current assets1

 

110.4

110.9

100.0

104.3 98.1

Current assets

 

2,497.7

2,590.9

2,596.1

2,778.1 2,897.0

Property, plant, and equipment

 

873.3

920.2

958.3

924.3 959.2

Intangible assets

 

742.3

1,066.9

1,074.6

1,037.9 1,021.2

Other non-current assets2

 

166.9

157.9

188.9

183.5 221.8

Non-current assets


1,782.5

2,145.0

2,221.8

2,145.7 2,202.2

Assets

 

4,280.2

4,735.9

4,817.9

4,923.8 5,099.2
             

Accounts payable

c

492.1

557.9

605.4

581.1 587.0

Bond

 

249.9

299.7

0.0

249.9 0.0

Other current liabilities3

 

301.5

334.6

345.7

332.1 381.0

Current liabilities


1,043.5

1,192.2

951.1

1,163.1 968.0

Bonds

 

847.1

946.9

947.6

698.4 698.7

Non-current provisions, employee benefit obligation

 

329.2

282.6

373.3

360.8 332.1

Other non-current liabilities4

 

150.6

178.0

162.6

149.4 152.7

Non-current liabilities

 

1,326.9

1,407.5

1,483.5

1,208.6 1,183.5

Liabilities

 

2,370.4

2,599.7

2,434.6

2,371.7 2,151.5

Capital stock

 

1.5

1.5

1.5

1.5 1.5

Treasury shares

 

-27.6

-13.7

-10.8

-0.9
-11.0

Reserves

 

1,921.0

2,132.3

2,376.4

2,530.2 2,933.8

Equity attributable to Sika shareholders

 

1,894.9

2,120.1

2,367.1

2,530.8 2,924.3

Non-controlling interests

 

14.9

16.1

16.2

21.3 23.4

Shareholders’ equity

d

1,909.8

2,136.2

2,383.3

2,552.1 2,947.7

Liabilities and shareholders’ equity

e

4,280.2

4,735.9

4,817.9

4,923.8 5,099.2

1Prepaid expenses and accrued income, other current assets.
2Investments in associated companies, deferred tax assets, and other non-current assets.
3Accrued expenses and deferred income, income tax liabilities, current provisions, and other current liabilities.
4Deferred tax liabilities and other non-current liabilities.

Consolidated Income Statement from January 1 to December 31

in CHF mn

2012

2013

2014

2015 2016

Net sales

4,828.9

5,142.2

5,571.3

5,489.2 5,747.7

Material expenses

-2,309.6

-2,446.6

-2,620.0

-2,518.4 -2,566.6

Gross result

2,519.3

2,695.6

2,951.3

2,970.8 3,181.1

Personnel expenses

-1,037.2

-1,031.1

-1,093.7

-1,106.5 -1,159.1

Other operating expenses

-909.0

-988.6

-1,059.3

-1,027.0
-1,056.3

Operating profit before depreciation

573.1

675.9

798.3

837.3 965.7

Depreciation/amortization/impairment

-140.1

-152.4

-165.1

-164.0 -170.4

Operating profit

433.0

523.5

633.2

673.3 795.3

Interest income/interest expense

-31.1

-30.9

-27.8

-22.0 -17.8

Financial income/financial expense/income from associated companies

-12.1

-15.9

-14.8

-29.4 -21.7

Profit before taxes

389.8

476.7

590.6

621.9 755.8

Income taxes

-111.3

-132.0

-149.4

-156.8 -189.2

Net profit

278.5

344.7

441.2

465.1 566.6

Free cash flow

288.3

19.0

349.8

379.5 563.0

Gross result as % of net sales

52.2

52.4

53.0

54.1 55.3

Operating profit before restructuring as % of net sales

9.0

10.2

11.4

12.3 13.8

Net profit as % of net sales (ROS)

5.8

6.7

7.9

8.5 9.9

Net profit as % of shareholders' equity (ROE)

14.6

16.1

18.5

18.2 19.2

Key balance sheet data

in CHF mn

Calculation

2012

2013

2014

2015 2016

Net working capital

(a + b - c)

901.0

893.8

991.9

1,018.3 1,056.9

Net working capital as % of net sales

 

18.7

17.4

17.8

18.6 18.4

Net debt 1

f

155.5

271.4

82.5

-94.0 -415.6

Gearing in %

(f : d)

8.1

12.7

3.5

-3.7 -14.1

Equity ratio in %

(d : e)

44.6

45.1

49.5

51.8 57.8

1Net debt: Interest-bearing indebtedness (short and long-term bank debt, bonds and other current and non-current liabilities “Other”) less interest-bearing current assets (cash and cash equivalents and securities).

Value-based key data

in CHF mn

Calculation

2012

2013

2014

2015 2016

Capital employed1

 

2,334.2

2,662.6

2,782.0

2,760.2 2,772.4

Annual average of capital employed

g

2,342.9

2,498.4

2,722.3

2,771.1 2,766.3

Operating profit before restructuring

h

433.0

523.5

633.2

673.3 795.3

Return on capital employed (ROCE) in %

(h : g)

18.5

21.0

23.3

24.3 28.7

1Capital employed: Current assets, PPE, intangible assets less cash and cash equivalents, current securities, current liabilities (excluding bank loans and bond).

Segment Information

EMEA

in CHF mn

2012

20131

2014

2015 2016

Net sales

2,275

2,470

2,734

2,600 2,695

Operating profit before restructuring

223

281

369

368 396

in % of net sales

9.8

11.4

13.5

14.2 14.7

Depreciation/amortization

70

79

85

81 85

Capital expenditures

58

75

71

67
75
North America

in CHF mn

2012

20131

2014

2015 2016

Net sales

706

711

746

839 923

Operating profit before restructuring

69

89

103

134 166

in % of net sales

9.8

12.5

13.8

16.0 18.0

Depreciation/amortization

24

23

21

20 21

Capital expenditures

14

11

12

16 21
Latin America

in CHF mn

2012

20131

2014

2015 2016

Net sales

586

623

638

600 564

Operating profit before restructuring

107

116

114

110 109

in % of net sales

18.3

18.6

17.9

18.3 19.3

Depreciation/amortization

6

9

11

11 11

Capital expenditures

24

27

25

16 19
Asia/Pacific

in CHF mn

2012

20131

2014

2015 2016

Net sales

932

974

1,040

1,017 1,081

Operating profit before restructuring

116

138

153

177 206

in % of net sales

12.3

14.2

14.7

17.4 19.1

Depreciation/amortization

20

21

23

24 25

Capital expenditures

24

25

24

25 23
Other segments and activities

in CHF mn

2012

20131

2014

2015 2016

Net sales

330

364

413

433 485

Operating profit before restructuring

-82

-101

-106

-116 -81

in % of net sales

         

Depreciation/amortization

20

20

25

28 28

Capital expenditures

11

16

21

19 17
Total

in CHF mn

2012

20131

2014

2015 2016

Net sales

4,829

5,142

5,571

5,489 5,748

Operating profit before restructuring

433

523

633

673 795

in % of net sales

9.0

10.2

11.4

12,3 13.8

Depreciation/amortization

140

152

165

164 170

Capital expenditures

131

154

153

143 155

1Restated.

A change in internal reporting practice was implemented effective January 1, 2014. Certain internal allocations were no longer charged to the segment results. Essentially, these internal allocations are understood to be the charges for central marketing as well as production support. In keeping with internal reporting practice, the segment reporting presented here has been adjusted accordingly. The prior-year figures have been restated to allow like-for-like comparison. Figures for earlier years have not been adjusted.

Employees

Employees by region (at December 31)
   

2012

 

2013

 

2014

 
2015   2016  

EMEA

7,956

8,658

8,708

9,079 9,083

Switzerland

2,164

2,012

2,029

2,022 2,001

Germany

1,440

1,784

1,777

1,832 1,778

France

582

643

637

754 727

North America

1,437

1,438

1,488

1,653 1,818

USA

1,218

1,216

1,275

1,432 1,580

Latin America

2,170

2,329

2,609

2,437 2,349

Brazil

508

504

755

617 577

Asia/Pacific

3,670

3,868

4,090

4,112 4,169

China

1,286

1,287

1,220

1,083 1,099

Japan

615

614

629

670 673

Total

15,233

16,293

16,895

17,281 17,419
Personnel expenses (in CHF mn)
   

2012

 

2013

 

2014

 
2015   2016  

Wages and salaries

837

849

894

900 941

Social charges, other

200

182

200

207 218

Personnel expenses

1,037

1,031

1,094

1,107 1,159

Personnel expenses as % of net sales

21

20

20

20 20
Key data per employee (in CHF 1,000)
 

2012

2013

2014

2015 2016

Net sales

317

326

336

321 331

Net value-added1

96

98

103

103 112

1See Value-Added Statement.

Value-Added Statement

in CHF mn

2012

2013

2014

2015 2016

Source of value-added

   

 

   

Corporate performance (net sales)

4,829

5,142

5,571

5,489 5,748

Intermediate inputs

-3,212

-3,440

-3,691

-3,572 -3,631

Gross value-added

1,617

1,702

1,880

1,917 2,117

Non-liquidity related expenses

   

 

   

    Depreciation and amortization

-140

-152

-165

-164 -170

    Change in provisions

-12

-8

0

2 -12

Net value-added

1,465

1,542

1,715

1,755 1,935

Distribution of value-added

   

 

   

To employees

   

 

   

    Wages and salaries

837

849

894

900 941

    Social charges

207

188

205

212 222

To governments (income taxes)

111

132

149

157 189

To lenders (financial expenses)

31

28

26

22 16

To shareholders (dividend pay-out, incl. minority interests)

114

130

146

183 200

To the company

   

 

   

    Net profit for the year

279

345

441

465 567

    Less dividend pay-out

-114

-130

-146

-183 -200

Net value-added

1,465

1,542

1,715

1,755 1,935

Number of employees

   

 

   

End of year

15,233

16,293

16,895

17,281 17,419

Annual average

15,244

15,763

16,594

17,088 17,350

Net value-added per employee (in CHF 1,000)

96

98

103

103 112