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
Accounts receivable 1,006.0 1,014.5 1,043.1 1,188.1 1,322.9
Inventories 591.3 584.9 600.8 729.5 800.7
Other assets1 100 104.3 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 605.4 581.1 587 730.9 733.8
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 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 146 139 143.9 161.4 188.2
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 2,383.3 2,552.1 2,947.7 3,411.1 1,675.4
           
Liabilities and Shareholders´ Equity 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 -170.4 -172.2 -204
Operating profit 633.2 673.3 795.3 896.3 945.9
Interest income/interest expense -27.8 -22 -17.8 -16.4 -24.2
Financial income/financial expense/income fromassociated 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 441.2 465.1 566.6 649 687.1
Free cash flow 349.8 379.5 563 173.7 38.8
Gross result as % of net sales 53 54.1 55.3 54.4 53
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 41

Key Balance Sheet Data

in CHF mn 2014 2015 2016 2017 2018
Net working capital 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 19.6
Net debt1 82.5 -94 -415.6 -290.2 2,114.1
Gearing in % 3.5 -3.7 -14.1 -8.5 126.2
Equity ratio in % 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 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 2,722.3 2,771.1 2,766.3 3,009.4 3,611.0
Operating profit 633.2 673.3 795.3 896.3 945.9
Return on capital employed (ROCE) in % 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 Information

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 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 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