Key figures

Semi-Annual 2018 results

Financial Year 2017 Income Statement

CHF million 2017 2016
Income
Sales 4,088.4 100.0% 3,900.9 100.0%
Other income (note 25) 17.7   17.2  
Total income 4,106.1 100.4% 3,918.1 100.4%
Expenses
Material expenses – 1,488.3 –36.4% – 1,388.8 –35.6%
Changes in inventories 63.0 1.6% 12.6 0.3%
Personnel expenses (note 23) – 886.4 –21.7% – 846.3 –21.7%
Operating expenses – 1,030.0 –25.2% – 981.6 –25.1%
Depreciation, amortization, and impairment (note 7,8) – 169.0 –4.1% – 151.5 –3.9%
Total expenses – 3,510.7 –85.8% – 3,355.6 –86.0%
Operating profit (EBIT) 595.4 14.6% 562.5 14.4%
Financial income (note 24) 3.0   5.7  
Financial expense (note 24) – 15.6   – 14.1  
Income before taxes 582.8 14.3% 554.1 14.2%
Taxes (note 10) – 130.3   – 134.3  
Net income 452.5 11.1% 419.8 10.8%
of which attributable to non-controlling interests 1.8   0.1  
of which attributable to shareholders of the parent 450.7   419.7  
Non-diluted earnings per share/10 PC (CHF) (note 25) 1,892.5   1,791.3  
Diluted earnings per share/10 PC (CHF) (note 25) 1,880.6   1,766.8  

The accompanying notes form an integral part of the consolidated statements.

Financial Year 2017 Balance Sheet

CHF million December 31, 2017 December 31, 2016
Assets
Property, plant and equipment (note 7) 1,289.3   1,240.4  
Intangible assets (note 8) 1,378.7   1,424.4  
Financial assets (note 9) 1,483.5   1,302.2  
Deferred tax assets (note 10) 43.0   87.3  
Total non-current assets 4,194.5 60.1% 4,054.3 63.1%
Inventories (note 11) 731.4   657.6  
Accounts receivable (note 12) 1,047.5   994.5  
Other receivables 130.9   109.0  
Accrued income 4.0   10.9  
Derivative assets (note 13) 14.1   10.1  
Marketable securities and short-term financial assets (note 14) 0.2   0.2  
Cash and cash equivalents (note 15) 853.0   592.2  
Total current assets 2,781.1 39.9% 2,374.5 36.9%
Total assets 6,975.6 100.0% 6,428.8 100.0%
Liabilities
Share and participation capital (note 16) 24.1   23.7  
Treasury stock – 84.0   – 100.3  
Retained earnings and other reserves 4,246.2   3,743.8  
Equity attributable to shareholders 4,186.3   3,667.2  
Non-controlling interests 8.7   6.8  
Total equity 4,195.0 60.1% 3,674.0 57.1%
Bonds (note 17) 997.5   747.7  
Loans (note 17) 0.7   1.2  
Deferred tax liabilities (note 10) 444.2   433.5  
Pension liabilities (note 18) 174.8   191.7  
Other non-current liabilities 7.7   7.6  
Provisions (note 19) 105.9   114.2  
Total non-current liabilities 1,730.8 24.8% 1,495.9 23.3%
Accounts payable to suppliers (note 20) 217.3   180.4  
Other accounts payable 53.2   46.8  
Current tax liabilities 55.0   39.4  
Accrued liabilities (note 21) 677.6   618.3  
Derivative liabilities (note 13) 37.5   57.6  
Bonds (note 17)   249.9  
Bank and other borrowings (note 17) 9.2   66.5  
Total current liabilities 1,049.8 15.1% 1,258.9 19.6%
Total liabilities 2,780.6 39.9% 2,754.8 42.9%
Total liabilities and shareholders' equity 6,975.6 100.0% 6,428.8 100.0%

The accompanying notes form an integral part of the consolidated statements.

5-Year Review Key Financials

  2017 2016 2015 2014 2013
Income Statement
Sales CHF million 4,088.4 3,900.9 3,653.3 3,385.4 2,882.5
EBITDA CHF million 764.4 714.0 645.8 588.0 503.3
in % of sales % 18.7 18.3 17.7 17.4 17.5
EBIT CHF million 595.4 562.5 518.8 474.3 404.1
in % of sales % 14.6 14.4 14.2 14.0 14.0
Net income CHF million 452.5 419.8 381.0 342.6 303.0
in % of sales % 11.1 10.8 10.4 10.1 10.5
in % of average shareholders' equity % 11.5 11.7 11.7 12.2 14.0
Operating cash flow CHF million 591.0 515.4 488.9 308.2 419.1
in % of sales % 14.5 13.2 13.4 9.1 14.5
Depreciation, amortization, and impairment CHF million 169.0 151.5 127.0 113.7 99.2
Balance Sheet
Total assets CHF million 6,975.6 6,428.8 6,259.0 5,581.5 3,880.7
Current assets CHF million 2,781.1 2,374.5 2,111.7 1,822.1 1,965.7
in % of total assets % 39.9 36.9 33.7 32.6 50.7
Non-current assets CHF million 4,194.5 4,054.3 4,147.3 3,759.4 1,915.0
in % of total assets % 60.1 63.1 66.3 67.4 49.3
Non-current liabilities CHF million 1,730.8 1,495.9 1,782.3 1,638.4 507.4
in % of total assets % 24.8 23.3 28.5 29.3 13.1
Shareholders' equity CHF million 4,195.0 3,674.0 3,489.7 3,001.7 2,634.7
in % of total assets % 60.1 57.1 55.7 53.8 67.9
Investments in PPE/intangible assets CHF million 185.2 234.1 252.8 234.6 191.4
in % of operating cash flow % 31.3 45.4 51.7 76.1 45.7
Employees
Average number of employees   13,949 13,539 13,180 10,712 8,949
Sales per employee TCHF 293.1 288.1 277.2 316.0 322.1

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