Financial report

Strong growth

SFS Group achieved organic growth of 5.0% in its core business for 2018. The attractive sales growth was broadly based in terms of end markets and geographies. The Fastening Systems segment’s above-average performance was particularly pleasing. Operating profit reached 14.0% of net sales and stays with CHF 243.1 million 4.2% above the comparable prior-year figure.

2018

2017

2016

2015

2014

Income statement in CHF million

audited

audited

audited

unaudited

unaudited

Third party sales

1,738.6

1,632.7

1,436.5

1,376.3

1,383.0

Change to previous year in %

6.5

13.7

4.4

0.5

3.9

   currency impact

1.4

0.5

0.9

–5.1

–0.9

   change in scope

0.8

5.8

1.5

2.1

1.0

   organic growth

4.3

7.4

2.0

2.5

3.8

Net sales

1,736.9

1,634.8

1,436.7

1,371.8

1,381.8

EBITDA

332.8

323.5

306.2

253.8

272.9

As a % of net sales

19.2

19.8

21.3

18.5

19.7

Operating profit (EBIT)

243.1

197.7

159.8

111.5

138.0

As a % of net sales

14.0

12.1

11.1

8.1

10.0

Operating profit (EBIT) adjusted1

243.1

233.3

210.1

174.3

197.2

As a % of net sales

14.0

14.3

14.6

12.6

14.3

Net income

193.9

159.1

124.8

89.7

106.2

As a % of net sales

11.2

9.7

8.7

6.5

7.7

 

Balance sheet in CHF million

Assets

1,619.3

1,519.0

1,469.7

1,437.3

1,520.6

Net cash (+)/-debt ()

59.1

34.7

0.5

127.5

87.7

Average Capital Employed

1,070.8

927.0

800.0

840.5

810.8

Invested Capital2

2,058.2

1,960.9

1,692.2

1,698.4

1,729.7

Equity

1,204.6

1,087.0

987.8

1,126.7

1,125.3

As a % of assets

74.4

71.6

67.2

78.4

74.0

 

Cash flow statement in CHF million

Cash flow from operating activities

263.5

226.6

241.5

211.3

199.8

Purchase of property, plant, equipment and software

–149.1

–132.8

–84.6

–90.4

–97.6

Acquisition ()/Disposal (+) of subsidaries, net of cash

–9.6

–10.2

–250.6

–7.2

–37.9

 

Employees

Full-time equivalents (FTE)

10,231

9,478

9,021

8,330

8,688

 

Financial key ratios (unaudited)

ROE in % (Return on equity)

17.8

16.1

11.1

8.0

14.5

ROCE in %3 (Return on capital employed)

22.7

25.9

27.8

20.6

24.3

ROIC in %4 (Return on invested capital)

9.7

9.5

9.9

7.5

9.4

 

Share key ratios

Earnings per share in CHF

5.14

4.24

3.32

2.39

2.97

Payout per share in CHF

2.005

1.90

1.75

1.50

1.50

Payout in CHF million

75.0

71.2

65.6

56.3

56.3

Payout ratio in %

38.7

44.8

52.6

62.7

50.6

1Adjusted for amortization customer relationship Unisteel, for book gains on the disposal of non-core assets and other items

2Equity before goodwill offset less net cash

3EBIT adjusted in % of average capital employed

4EBIT adjusted less tax in % of invested capital

6Proposed payout to SFS Groups Annual General Meeting held on 1 May 2019