Consolidated Balance Sheet as of December 31
in CHF mn | 2015 | 2016 | 2017 | 2018 | 2019 |
Cash and cash equivalents | 1,074.4 | 1,155.0 | 1,037.9 | 914.0 | 995.1 |
Accounts receivable | 1,014.5 | 1,043.1 | 1,188.8 | 1,322.7 | 1,441.9 |
Inventories | 584.9 | 600.8 | 729.5 | 800.7 | 866.5 |
Other assets1 | 104.3 | 98.1 | 128.9 | 139.1 | 166.4 |
Current assets | 2,778.1 | 2,897.0 | 3,085.1 | 3,176.5 | 3,469.9 |
Property, plant, and equipment | 924.3 | 959.2 | 1,065.2 | 1,214.2 | 1,795.8 |
Intangible assets | 1,037.9 | 1,021.2 | 1,317.1 | 1,693.9 | 4,340.5 |
Other assets2 | 183.5 | 221.8 | 328.4 | 297.4 | 339.0 |
Non-current assets | 2,145.7 | 2,202.2 | 2,710.7 | 3,205.5 | 6,475.3 |
Assets | 4,923.8 | 5,099.2 | 5,795.8 | 6,382.0 | 9,945.2 |
Accounts payable | 581.1 | 587.0 | 730.9 | 733.8 | 837.2 |
Financial liabilities | 278.1 | 44.3 | 202.3 | 237.5 | 342.8 |
Other liabilities3 | 303.9 | 336.7 | 420.4 | 435.5 | 626.3 |
Current liabilities | 1,163.1 | 968.0 | 1,353.6 | 1,406.8 | 1,806.3 |
Financial liabilities | 708.8 | 707.5 | 553.3 | 2,795.0 | 4,070.1 |
Non-current provisions, employee benefit obligations | 360.8 | 332.1 | 316.4 | 316.8 | 405.7 |
Other liabilities4 | 139.0 | 143.9 | 161.4 | 188.2 | 501.9 |
Non-current liabilities | 1,208.6 | 1,183.5 | 1,031.1 | 3,300.0 | 4,977.7 |
Liabilities | 2,371.7 | 2,151.5 | 2,384.7 | 4,706.8 | 6,784.0 |
Capital stock | 1.5 | 1.5 | 1.5 | 1.4 | 1.4 |
Treasury shares | -0.9 | -11.0 | -6.6 | -11.1 | -7.3 |
Reserves | 2,530.2 | 2,933.8 | 3,389.8 | 1,655.4 | 3,130.0 |
Equity attributable to Sika shareholders | 2,530.8 | 2,924.3 | 3,384.7 | 1,645.7 | 3,124.1 |
Non-controlling interests | 21.3 | 23.4 | 26.4 | 29.5 | 37.1 |
Shareholders' Equity | 2,552.1 | 2,947.7 | 3,411.1 | 1,675.2 | 3,161.2 |
Liabilities and Shareholders' Equity | 4,923.8 | 5,099.2 | 5,795.8 | 6,382.0 | 9,945.2 |
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 | 2015 | 2016 | 2017 | 2018 | 2019 |
Net sales | 5,489.2 | 5,747.7 | 6,248.3 | 7,085.4 | 8,109.2 |
Material expenses | -2,518.4 | -2,566.6 | -2,849.2 | -3,333.7 | -3,765.2 |
Gross result | 2,970.8 | 3,181.1 | 3,399.1 | 3,751.7 | 4,344.0 |
Personnel expenses | -1,106.5 | -1,159.1 | -1,212.1 | -1,345.4 | -1,544.3 |
Other operating expenses | -1,027.0 | -1,056.3 | -1,118.5 | -1,256.4 | -1,412.1 |
Operating profit before depreciation | 837.3 | 965.7 | 1,068.5 | 1,149.9 | 1,387.6 |
Depreciation/amortization/impairment | -164.0 | -170.4 | -172.2 | -204.0 | -332.5 |
Operating profit | 673.3 | 795.3 | 896.3 | 945.9 | 1,055.1 |
Interest income/interest expense | -22.0 | -17.8 | -16.4 | -24.2 | -55.0 |
Financial income/financial expense/income from associated companies | -29.4 | -21.7 | -17.8 | -28.8 | -33.5 |
Profit before taxes | 621.9 | 755.8 | 862.1 | 892.9 | 966.6 |
Income taxes | -156.8 | -189.2 | -213.1 | -205.8 | -208.1 |
Net profit | 465.1 | 566.6 | 6490 | 687.1 | 758.5 |
Free cash flow | 379.5 | 563.0 | 173.7 | 38.8 | -717.0 |
Gross result as % of net sales | 54.1 | 55.3 | 54.4 | 53.0 | 53.6 |
Operating profit as % of net sales | 12.3 | 13.8 | 14.3 | 13.3 | 13.0 |
Net profit as % of net sales (ROS) | 8.5 | 9.9 | 10.4 | 9.7 | 9.4 |
Net profit as % of shareholders´ equity (ROE) | 18.2 | 19.2 | 19.0 | 41.0 | 24.0 |
Key Balance Sheet Data
in CHF mn | 2015 | 2016 | 2017 | 2018 | 2019 |
Net working capital | 1,018.3 | 1,056.9 | 1,187.4 | 1,389.6 | 1,471.2 |
Net working capital as % of net sales | 18.6 | 18.4 | 19.0 | 19.6 | 18.1 |
Net debt1 | -94.0 | -415.6 | -290.2 | 2,114.1 | 3,407.7 |
Gearing in % | -3.7 | -14.1 | -8.5 | 126.2 | 107.8 |
Equity ratio in % | 51.8 | 57.8 | 58.9 | 26.2 | 31.8 |
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 | 2015 | 2016 | 2017 | 2018 | 2019 |
Capital employed1 | 2,760.2 | 2,772.4 | 3,246.3 | 3,975.6 | 7,026.4 |
Annual average of capital employed | 2,771.1 | 2,766.3 | 3,009.4 | 3,611.0 | 5,501.0 |
Operating profit | 673.3 | 795.3 | 896.3 | 945.9 | 1,055.1 |
Return on capital employed (ROCE) in % | 24.3 | 28.7 | 29.8 | 26.2 | 19.2 |
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 | 2015 | 2016 | 2017 | 2018 | 2019 |
Net sales | 2,486 | 2,561 | 2,736 | 3,167 | 3,432 |
Operating profit | 327 | 349 | 379 | 435 | 473 |
in % of net sales | 13.2 | 13.6 | 13.9 | 13.7 | 13.8 |
Depreciation/amortization | 79 | 83 | 83 | 89 | 138 |
Capital expenditures | 65 | 74 | 84 | 113 | 87 |
Americas | |||||
in CHF mn | 2015 | 2016 | 2017 | 2018 | 2019 |
Net sales | 1,439 | 1,487 | 1,684 | 1,821 | 2,162 |
Operating profit | 230 | 258 | 288 | 300 | 353 |
in % of net sales | 16.0 | 17.4 | 17.1 | 16.5 | 16.3 |
Depreciation/amortization | 31 | 32 | 37 | 44 | 77 |
Capital expenditures | 32 | 38 | 57 | 45 | 41 |
Asia/Pacific | |||||
in CHF mn | 2015 | 2016 | 2017 | 2018 | 2019 |
Net sales | 1,009 | 1,070 | 1,121 | 1,177 | 1,585 |
Operating profit | 165 | 190 | 206 | 217 | 260 |
in % of net sales | 16.4 | 17.8 | 18.4 | 18.4 | 16.4 |
Depreciation/amortization | 24 | 25 | 25 | 25 | 59 |
Capital expenditures | 25 | 23 | 25 | 29 | 35 |
Global Business | |||||
in CHF mn | 2015 | 2016 | 2017 | 2018 | 2019 |
Net sales | 555 | 630 | 707 | 920 | 930 |
Operating profit | 60 | 102 | 120 | 132 | 114 |
in % of net sales | 10.8 | 16.2 | 17.0 | 14.3 | 12.3 |
Depreciation/amortization | 11 | 10 | 12 | 22 | 29 |
Capital expenditures | 15 | 15 | 17 | 21 | 19 |
OTHER SEGMENTS AND ACTIVITIES | |||||
in CHF mn | 2015 | 2016 | 2017 | 2018 | 2019 |
Net sales | 0 | 0 | 0 | 0 | 0 |
Operating profit | -109 | -104 | -97 | -138 | -144 |
in % of net sales | |||||
Depreciation/amortization | 19 | 20 | 17 | 25 | 30 |
Capital expenditures | 6 | 5 | 5 | 6 | 11 |
TOTAL | |||||
in CHF mn | 2015 | 2016 | 2017 | 2018 | 2019 |
Net sales | 5,489 | 5,748 | 6,248 | 7,085 | 8,109 |
Operating profit | 673 | 795 | 896 | 946 | 1,055 |
in % of net sales | 12.3 | 13.8 | 14.3 | 13.4 | 13.0 |
Depreciation/amortization | 164 | 170 | 174 | 204 | 333 |
Capital expenditures | 143 | 155 | 188 | 214 | 192 |
Employees
Employees by geographical location (at December 31)1 | 2015 | 2016 | 2017 | 2018 | 2019 |
---|---|---|---|---|---|
EMEA (Europe, Middle East, Africa) | 9,079 | 9,083 | 9,822 | 10,983 | 12,284 |
Switzerland | 2,022 | 2,001 | 1,970 | 2,024 | 2,013 |
Germany | 1,832 | 1,778 | 1,808 | 2,354 | 2,334 |
United Kingdom | 772 | 817 | 837 | 864 | 951 |
France | 754 | 727 | 701 | 685 | 1,392 |
America | 4,090 | 4,167 | 4,621 | 4,867 | 6,271 |
Brazil | 617 | 577 | 574 | 589 | 964 |
USA | 1,432 | 1,580 | 1,911 | 2,164 | 2,547 |
Asia/Pacific | 4,112 | 4,169 | 4,041 | 4,210 | 6,586 |
China | 1,083 | 1,099 | 1,066 | 1,181 | 2,753 |
Japan | 670 | 673 | 661 | 673 | 682 |
TOTAL | 17,281 | 17,419 | 18,484 | 20,060 | 25,141 |
Personnel Expenses (in CHF mn) | 2015 | 2016 | 2017 | 2018 | 2019 |
Wages and salaries | 900 | 941 | 991 | 1,095 | 1,257 |
Social charges, other | 207 | 218 | 221 | 250 | 287 |
Personnel expenses | 1,107 | 1,159 | 1,212 | 1,345 | 1,544 |
Personnel expenses as % of net sales | 20 | 20 | 19 | 19 | 19 |
Key Data per employee (in CHF 1,000) | 2015 | 2016 | 2017 | 2018 | 2019 |
Net sales | 321 | 331 | 348 | 368 | 359 |
Net value-added1 | 103 | 112 | 117 | 117 | 116 |
1 Does not correspond to the Sika segments. The employees of Global Business were assigned to the respective company locations.
2 See value-added statement.
Value-Added Statement
in CHF mn |
2015 | 2016 | 2017 | 2018 | 2019 |
SOURCE OF VALUE-ADDED | |||||
Corporate performance (net sales) | 5,489 | 5,748 | 6,248 | 7,085 | 8,109 |
Intermediate inputs | -3,572 | -3,631 | -3,994 | -4,619 | -5,157 |
Gross value-added | 1,917 | 2,117 | 2,254 | 2,466 | 2,952 |
NON-LIQUIDITY RELATED EXPENSES | |||||
Depreciation and amortization | -164 | -170 | -172 | -204 | -333 |
Change in provisions | 2 | -12 | 10 | 2 | -6 |
Net value-added | 1,755 | 1,935 | 2,092 | 2,264 | 2,613 |
DISTRIBUTION OF VALUE-ADDED | |||||
To employees | |||||
Wages and salaries | 900 | 941 | 991 | 1,095 | 1,257 |
Social charges | 212 | 222 | 224 | 253 | 287 |
To governments (income taxes) | 157 | 189 | 213 | 206 | 254 |
To lenders (interest expenses) | 21 | 16 | 15 | 23 | 56 |
To shareholders (dividend payout, incl. non-controlling interests) | 183 | 200 | 246 | 283 | 293 |
To the company | |||||
Net profit for the year | 465 | 567 | 649 | 687 | 759 |
Less dividend payout | -183 | -200 | -246 | -283 | -293 |
Net value-added | 1,755 | 1,935 | 2,092 | 2,264 | 2,613 |
NUMBER OF EMPLOYEES | |||||
End of year | 17,281 | 17,419 | 18,484 | 20,060 | 25,141 |
Annual average | 17,088 | 17,350 | 17,952 | 19,272 | 22,601 |
Net value-added per employee (in CHF 1,000) | 103 | 112 | 117 | 117 | 116 |