Consolidated Balance Sheet as of December 31

in CHF mn

 

2014

2015 2016 2017 2018

Cash and cash equivalents

 

898.8

1,074.4 1,155.0 1,037.9 914.0

Accounts receivable

a

1,006.0

1,014.5 1,043.1 1,188.1 1,322.9

Inventories

b

591.3

584.9 600.8 729.5 800.7

Other assets1

 

100.0

104.3 98.1 128.9 139.1

Current assets

 

2,596.1

2,778.1 2,897.0 3,085.1 3,176.7

Property, plant, and equipment

 

958.3

924.3 959.2 1,065.2 1,214.2

Intangible assets

 

1,074.6

1,037.9 1,021.2 1,317.1 1,693.9

Other assets2

 

188.9

183.5 221.8 328.4 297.4

Non-current assets


2,221.8

2,145.7 2,202.2 2,710.7 3,205.5
             

ASSETS

 

4,817.9

4,923.8 5,099.2 5,795.8 6,382.2
             

Accounts payable

c

605.4

581.1 587.0 730.9 733.8
Financial liabilities   34.8 278.1 44.3 202.3 237.5

Other liabilities3

 

310.9

303.9 336.7 420.4 435.5

Current liabilities


951.1

1,163.1 968.0 1,353.6 1,406.8

Financial liabilities

 

964.2

708.8
707.5
553.3 2,795.0

Non-current provisions, employee benefit obligations

 

373.3

360.8 332.1 316.4 316.8

Other liabilities4

 

146.0

139.0 143.9 161.4 188.2

Non-current liabilities

 

1,483.5

1,208.6 1,183.5 1,031.1 3,300.0

Liabilities

 

2,434.6

2,371.7 2,151.5 2,384.7 4,706.8
Capital stock

 

1.5

1.5 1.5 1.5 1.4

Treasury shares

 

-10.8

-0.9 -11 -6.6 -11.1
Reserves

 

2,376.4

2,530.2 2,933.8 3,389.8 1,655.6

Equity attributable to Sika shareholders

 

2,367.1

2,530.8 2,924.3 3,384.7 1,645.9

Anteile nicht beherrschende Anteile

 

16.2

21.3 23.4 26.4 29.5

SHAREHOLDERS´ EQUITY

d

2,383.3

2,552.1 2,947.7 3,411.1 1,675.4
             

LIABILITIES AND SHAREHOLDERS´ EQUITY

e

4,817.9

4,923.8 5,099.2 5,795.8 6,382.2

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

 

2014

2015 2016 2017 2018
Net sales  

5,571.3

5,489.2 5,747.7 6,248.3 7,085.4
Material expenses  

-2,620.0

-2,518.4 -2,566.6 -2,849.2 -3,333.7
Gross result  

2,951.3

2,970.8 3,181.1 3,399.1 3,751.7
Personnel expenses  

-1,093.7

-1,106.5 -1,159.1 -1,212.1 -1,345.4
Other operating expenses  

-1,059.3

-1,027.0 -1,056.3 -1,118.5 -1,256.4
Operating profit before depreciation  

798.3

837.3 965.7 1,068.5 1,149.9
Depreciation/amortization/impairment  

-165.1

-164.0 -170.4 -172.2 -204.0
Operating profit  

633.2

673.3 795.3 896.3 945.9
Interest income/interest expense  

-27.8

-22.0 -17.8 -16.4 -24.2
Financial income/financial expense/income from
associated companies
 

-14.8

-29.4 -21.7 -17.8 -28.8
Profit before taxes  

590.6

621.9 755.8 862.1 892.9
Income taxes  

-149.4

-156.8 -189.2 -213.1 -205.8
Net profit  

441.2

465.1 566.6 649.0 687.1
Free cash flow  

349.8

379.5 563.0 173.7 38.8
Gross result as % of net sales  

53.0

54.1 55.3 54.4 53.0
Operating profit as % of net sales  

11.4

12.3 13.8 14.3 13.4
Net profit as % of net sales (ROS)  

7.9

8.5 9.9 10.4 9.7
Net profit as % of shareholders´ equity (ROE)  

18.5

18.2 19.2 19.0 41.0

Key balance sheet data

in CHF mn

Calculation

2014

2015 2016 2017 2018

Net working capital

(a+b-c)

991.9

1,018.3
1,056.9 1,187.4 1,389.8

Net working capital as % of net sales

 

17.8

18.6 18.4 19.0 19.6

Net debt1

f

82.5

-94.0 -415.6 -290.2 2,114.1

Gearing in %

(f:d)

3.5

-3.7 -14.1 -8.5 126.2

Equity ratio
in %

(d:e)

49.5

51.8 57.8 58.9 26.3

1 Net debt: Financial liabilities (less derivatives) less interest-bearing current assets (cash and cash equivalents and securities).

Value-based key data

in CHF mn

Calculation

2014

2015 2016 2017 2018

Capital employed1

 

2,782.0

2,760.2 2,772.4 3,246.3 3,975.6

Annual average of capital employed

g

2,722.3

2,771.1 2,766.3 3,009.4 3,611.0

Operating profit

h

633.2

673.3 795.3 896.3 945.9

Return on capital employed (ROCE) in %

(h:g)

23.3

24.3 28.7 29.8 26.2

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

Segment informations

EMEA

in CHF mn

2014

2015 2016 2017 2018
Net sales 2,734 2,486 2,561 2,736 3,167
Operating profit 332 327 349
379
435
in % of net sales 12.1 13.2 13.6 13.9 13.7
Depreciation/amortization 84 79
83 83
89
Capital expenditures 71 65 74 84
113
Americas

in CHF mn

2014

2015 2016 2017 2018
Net sales

1,385

1,439
1,487
1,684 1,821
Operating profit

203

230
258
288
300
in % of net sales

14.7

16.0 17.4 17.1 16.5
Depreciation/amortization

32

31
32
37 44
Capital expenditures

37

32
38
57
45
Asia/Pacific

in CHF mn

2014

2015 2016 2017 2018
Net sales

1,033

1,009 1,070 1,121 1,177
Operating profit

140

165 190 206 217
in % of net sales

13.6

16.4 17.8 18.4 18.4
Depreciation/amortization

23

24 25 25 25
Capital expenditures

27

25 23 25 29
Global Business

in CHF mn

2014

2015 2016 2017 2018
Net sales 419 555
630
707
920
Operating profit

45

60
102 120 132
in % of net sales

10.7

10.8 16.2 17.0 14.3
Depreciation/amortization

7

11 10 12 22
Capital expenditures

11

15 15 17 21
Other segments and activities

in CHF mn

2014

2015 2016 2017 2018
Net sales 0 0 0 0 0
Operating profit -87 -109 -104 -97 -139
in % of net sales          
Depreciation/amortization

19

19 20 17 25
Capital expenditures 7 6 5 5 6
Total

in CHF mn

2014

2015 2016 2017 2018
Net sales

5,571

5,489 5,748 6,248 7,085
Operating profit

633

673 795 896 946
in % of net sales

11.4

12.3 13.8 14.3 13.4
Depreciation/amortization

165

164 170 172 204
Capital expenditures

153

143 155 188 214

Employees

Employees by geographical location (at December 31)
 

2014

2015 2016 2017 2018

EMEA

8,708

9,079 9,083 9,822 10,983

Switzerland

2,029

2,022 2,001 1,970 2,024

Germany

1,777

1,832 1,778 1,808 2,354
United Kingdom 728 772 817 837 864

France

637

754 727 701 685

America

4,097

4,090 4,167 4,621 4,867

Brazil

755

617 577 574 589

USA

1,275

1,432 1,580 1,911 2,164

Asia/Pacific

4,090

4,112 4,169 4,041 4,210

China

1,220

1,083 1,099 1,066 1,181

Japan

629

670 673 661 673

Total

16,895

17,281 17,419 18,484 20,060
Personnel expenses (in CHF mn)
 

2014

2015 2016 2017 2018
Wages and salaries

894

900 941 991 1,095
Social charges, other

200

207 218 221 250
Personnel expenses

1,094

1,107 1,159 1,212 1,345
Personnel expenses as % of net sales

20

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

2014

2015 2016 2017 2018

Net sales

326

321 331 348 368

Net value-added1

103

103 112 117 117

1 See Value-added statement.

Value-Added Statement

in CHF mn

2014

2015 2016 2017 2018

Source of value-added

 

       

Corporate performance (net sales)

5,571

5,489 5,748 6,248 7,085

Intermediate inputs

-3,691

-3,572 -3,631 -3,994 -4,622

Gross value-added

1,880

1,917 2,117 2,254 2,463

Non-liquidity related expenses

 

       

    Depreciation and amortization

-165

-164 -170 -172 -204

    Change in provisions

0

2 -12 10 2

Net value-added

1,715

1,755 1,935 2,092 2,261

Distribution of value-added

 

       

To employees

 

       

    Wages and salaries

894

900 941 991 1,095

    Social charges

205

212 222 224 253

To governments (income taxes)

149

157 189 213 206

To lenders (interest expenses)

26

21 16 15 23

To shareholders (dividend payout, incl. non-controlling interests)

146

183 200 246 283

To the company

 

       

    Net profit for the year

441

465 567 649 687

    Less dividend payout

-146

-183 -200 -246 -283

Net value-added

1,715

1,755 1,935 2,092 2,264

Number of employees

 

       

End of year

16,895

17,281 17,419 18,484 20,060

Annual average

16,594

17,088 17,350 17,952 19,272
Net value-added per employee (in CHF 1,000)

103

103 112 117 117