Financial report

Increase in sales
and net income

SFS Group coped well with the challenges of the financial year 2019 thanks on the one hand to strong innovation power – true to its claim of “Inventing success together” – and on the other hand to its balanced target market portfolio. Sales grew by 2.5% to CHF 1,781.4 million. The adjusted EBIT margin of 13.4% exceeded the guidance. Full-year results were driven by a significant improvement during the second half.

2019 2018 2017 2016 2015
Income statement in CHF million audited audited audited unaudited unaudited
Third party sales

1,781.4 1,738.6 1,632.7 1,436.5 1,376.3
Change to previous year in % 2.5 6.5 13.7 4.4 –0.5
   thereof currency impact –1.3 1.4 0.5 0.9 –5.1
   thereof change in scope 4.4 0.8 5.8 1.5 2.1
   thereof organic growth –0.6 4.3 7.4 2.0 2.5
Net sales 1,782.1 1,736.9 1,634.8 1,436.7 1,371.8
EBITDA 331.7 332.8 323.5 306.2 253.8
As a % of net sales 18.6 19.2 19.8 21.3 18.5
Operating profit (EBIT) 236.3 243.1 197.7 159.8 111.5
As a % of net sales 13.3 14.0 12.1 11.1 8.1
Operating profit (EBIT) adjusted1 239.1 243.1 233.3 210.1 174.3
As a % of net sales 13.4 14.0 14.3 14.6 12.6
Net income 206.5 193.9 159.1 124.8 89.7
As a % of net sales 11.6 11.2 9.7 8.7 6.5
 
Balance sheet in CHF million
Assets 1,638.6 1,619.3 1,519.0 1,469.7 1,437.3
Net cash (+)/(-debt) (–) 68.7 59.1 34.7 0.5 127.5
Average Capital Employed2 1,134.9 1,070.8 947.4 846.6 830.2
Invested Capital2 2,153.2 2,058.3 1,960.9 1,692.2 1,698.4
Equity 1,237.2 1,204.6 1,087.0 987.8 1,126.7
As a % of assets 75.5 74.4 71.6 67.2 78.4
 
Cash flow statement in CHF million
Cash flow from operating activities 277.6 263.5 226.6 241.5 211.3
Purchase of property, plant, equipment and software –116.7 –149.1 –132.8 –84.6 –90.4
Acquisition (–)/Disposal (+) of subsidaries, net of cash –95.4 –9.6 –10.2 –250.6 –7.2
 
Employees
Full-time equivalents (FTE) 10,571 10,231 9,478 9,021 8,330
 
Financial key ratios (unaudited)
ROCE in %2 (Return on Capital Employed) 21.1 22.7 24.6 24.8 21.0
ROIC in %2 (Return on Invested Capital) 9.2 9.7 9.8 10.2 8.5
 
Share key ratios
Earnings per share in CHF 5.47 5.14 4.24 3.32 2.39
Payout per share in CHF 2.103 2.00 1.90 1.75 1.50
Payout in CHF million 78.8 75.0 71.2 65.6 56.3
Payout ratio in % 38.1 38.7 44.8 52.6 62.7

1Adjustments are explained in the annual report on page 105

2Calcualation of the key figure is shown in the annual report on page 104

3Proposed payout at SFS Group’s Annual General Meeting on 23 April 2020