Consolidated Balance Sheet as of December 31

in CHF mn

 

2013

2014

2015 2016 2017

Cash and cash equivalents

 

1,028.3

898.8

1,074.4 1,155.0 1,037.9

Accounts receivable

a

912.7

1,006.0

1,014.5 1,043.1 1,188.1

Inventories

b

539.0

591.3

584.9 600.8 729.5

Other current assets1

 

110.9

100.0

104.3 98.1 128.9

Current assets

 

2,590.9

2,596.1

2,778.1 2,897.0 3,084.4

Property, plant, and equipment

 

920.2

958.3

924.3 959.2 1,065.2

Intangible assets

 

1,066.9

1,074.6

1,037.9 1,021.2 1,314.2

Other non-current assets2

 

157.9

188.9

183.5 221.8 328.4

Non-current assets


2,145.0

2,221.8

2,145.7 2,202.2 2,707.8

Assets

 

4,735.9

4,817.9

4,923.8 5,099.2 5,792.2
             

Accounts payable

c

557.9

605.4

581.1 587.0 730.9

Bond

 

299.7

0.0

249.9 0.0 150.0

Other current liabilities3

 

334.6

345.7

332.1 381.0 469.1

Current liabilities


1,192.2

951.1

1,163.1 968.0 1,350.0

Bonds

 

946.9

947.6

698.4 698.7 549.0

Non-current provisions, employee benefit obligation

 

282.6

373.3

360.8 332.1 316.4

Other non-current liabilities4

 

178.0

162.6

149.4 152.7 165.7

Non-current liabilities

 

1,407.5

1,483.5

1,208.6 1,183.5 1,031.1

Liabilities

 

2,599.7

2,434.6

2,371.7 2,151.5 2,381.1

Capital stock

 

1.5

1.5

1.5 1.5 1.5

Treasury shares

 

-13.7

-10.8

-0.9
-11.0 -6.6

Reserves

 

2,132.3

2,376.4

2,530.2 2,933.8 3,389.8

Equity attributable to Sika shareholders

 

2,120.1

2,367.1

2,530.8 2,924.3 3,384.7

Non-controlling interests

 

16.1

16.2

21.3 23.4 26.4

Shareholders’ equity

d

2,136.2

2,383.3

2,552.1 2,947.7 3,411.1

Liabilities and shareholders’ equity

e

4,735.9

4,817.9

4,923.8 5,099.2 5,792.2

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

Consolidated Income Statement from January 1 to December 31

in CHF mn

2013

2014

2015 2016 2017

Net sales

5,142.2

5,571.3

5,489.2 5,747.7 6,248.3

Material expenses

-2,446.6

-2,620.0

-2,518.4 -2,566.6 -2,849.2

Gross result

2,695.6

2,951.3

2,970.8 3,181.1 3,399.1

Personnel expenses

-1,031.1

-1,093.7

-1,106.5 -1,159.1 -1,212.1

Other operating expenses

-988.6

-1,059.3

-1,027.0
-1,056.3 -1,118.5

Operating profit before depreciation

675.9

798.3

837.3 965.7 1,068.5

Depreciation/amortization/impairment

-152.4

-165.1

-164.0 -170.4 -172.2

Operating profit

523.5

633.2

673.3 795.3 896.3

Interest income/interest expense

-30.9

-27.8

-22.0 -17.8 -16.4

Financial income/financial expense/income from associated companies

-15.9

-14.8

-29.4 -21.7 -17.8

Profit before taxes

476.7

590.6

621.9 755.8 862.1

Income taxes

-132.0

-149.4

-156.8 -189.2 -213.1

Net profit

344.7

441.2

465.1 566.6 649.0

Free cash flow

19.0

349.8

379.5 563.0 173.7

Gross result as % of net sales

52.4

53.0

54.1 55.3 54.4

Operating profit before restructuring as % of net sales

10.2

11.4

12.3 13.8 14.3

Net profit as % of net sales (ROS)

6.7

7.9

8.5 9.9 10.4

Net profit as % of shareholders' equity (ROE)

16.1

18.5

18.2 19.2 19.0

Key balance sheet data

in CHF mn

Calculation

2013

2014

2015 2016 2017

Net working capital

(a + b - c)

893.8

991.9

1,018.3 1,056.9 1,186.7

Net working capital as % of net sales

 

17.4

17.8

18.6 18.4 19.0

Net debt 1

f

271.4

82.5

-94.0 -415.6 -293.8

Gearing in %

(f : d)

12.7

3.5

-3.7 -14.1 -8.6

Equity ratio in %

(d : e)

45.1

49.5

51.8 57.8 58.9

1 Net 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

2013

2014

2015 2016 2017

Capital employed1

 

2,662.6

2,782.0

2,760.2 2,772.4 3,246.3

Annual average of capital employed

g

2,498.4

2,722.3

2,771.1 2,766.3 3,009.4

Operating profit before restructuring

h

523.5

633.2

673.3 795.3 896.3

Return on capital employed (ROCE) in %

(h : g)

21.0

23.3

24.3 28.7 29.8

1 Capital 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

20131

2014

2015 2016 2017

Net sales

2,470

2,734

2,600 2,695 2,875

Operating profit before restructuring

281

369

368 396 426

in % of net sales

11.4

13.5

14.2 14.7 14.8

Depreciation/amortization

79

85

81 85 85

Capital expenditures

75

71

67
75 61
North America

in CHF mn

20131

2014

2015 2016 2017

Net sales

711

746

839 923 1,094

Operating profit before restructuring

89

103

134 166 194

in % of net sales

12.5

13.8

16.0 18.0 17.7

Depreciation/amortization

23

21

20 21 25

Capital expenditures

11

12

16 21 33
Latin America

in CHF mn

20131

2014

2015 2016 2017

Net sales

623

638

600 564 590

Operating profit before restructuring

116

114

110 109 112

in % of net sales

18.6

17.9

18.3 19.3 19.1

Depreciation/amortization

9

11

11 11 12

Capital expenditures

27

25

16 19 24
Asia/Pacific

in CHF mn

20131

2014

2015 2016 2017

Net sales

974

1,040

1,017 1,081 1,133

Operating profit before restructuring

138

153

177 206 221

in % of net sales

14.2

14.7

17.4 19.1 19.5

Depreciation/amortization

21

23

24 25 25

Capital expenditures

25

24

25 23 25
Other segments and activities

in CHF mn

20131

2014

2015 2016 2017

Net sales

364

413

433 485 556

Operating profit before restructuring

-101

-106

-116 -81 -57

in % of net sales

         

Depreciation/amortization

20

25

28 28 25

Capital expenditures

16

21

19 17 45
Total

in CHF mn

20131

2014

2015 2016 2017

Net sales

5,142

5,571

5,489 5,748 6,248

Operating profit before restructuring

523

633

673 795 896

in % of net sales

10.2

11.4

12,3 13.8 14.3

Depreciation/amortization

152

165

164 170 172

Capital expenditures

154

153

143 155 188

1 Restated.

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.

Employees

Employees by region (at December 31)
   

2013

 

2014

 
2015   2016   2017  

EMEA

8,658

8,708

9,079 9,083 9,822

Switzerland

2,012

2,029

2,022 2,001 1,970

Germany

1,784

1,777

1,832 1,778 1,808

France

643

637

754 727 701

North America

1,438

1,488

1,653 1,818 2,142

USA

1,216

1,275

1,432 1,580 1,911

Latin America

2,329

2,609

2,437 2,349 2,479

Brazil

504

755

617 577 574

Asia/Pacific

3,868

4,090

4,112 4,169 4,041

China

1,287

1,220

1,083 1,099 1,066

Japan

614

629

670 673 661

Total

16,293

16,895

17,281 17,419 18,484
Personnel expenses (in CHF mn)
   

2013

 

2014

 
2015   2016   2017  

Wages and salaries

849

894

900 941 991

Social charges, other

182

200

207 218 221

Personnel expenses

1,031

1,094

1,107 1,159 1,212

Personnel expenses as % of net sales

20

20

20 20 19
Key data per employee (in CHF 1,000)
 

2013

2014

2015 2016 2017

Net sales

326

336

321 331 348

Net value-added1

98

103

103 112 117

1 See Value-Added Statement.

Value-Added Statement

in CHF mn

2013

2014

2015 2016 2017

Source of value-added

 

 

     

Corporate performance (net sales)

5,142

5,571

5,489 5,748 6,248

Intermediate inputs

-3,440

-3,691

-3,572 -3,631 -3,994

Gross value-added

1,702

1,880

1,917 2,117 2,254

Non-liquidity related expenses

 

 

     

    Depreciation and amortization

-152

-165

-164 -170 -172

    Change in provisions

-8

0

2 -12 10

Net value-added

1,542

1,715

1,755 1,935 2,092

Distribution of value-added

 

 

     

To employees

 

 

     

    Wages and salaries

849

894

900 941 991

    Social charges

188

205

212 222 224

To governments (income taxes)

132

149

157 189 213

To lenders (financial expenses)

28

26

22 16 15

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

130

146

183 200 246

To the company

 

 

     

    Net profit for the year

345

441

465 567 649

    Less dividend pay-out

-130

-146

-183 -200 -246

Net value-added

1,542

1,715

1,755 1,935 2,092

Number of employees

 

 

     

End of year

16,293

16,895

17,281 17,419 18,484

Annual average

15,763

16,594

17,088 17,350 17,952

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

98

103

103 112 117