Consolidated Balance Sheet as of December 31

in CHF mn 2016 2017 2018 2019 2020
Cash and cash equivalents 1,155.0 1,037.9 914.0 995.1 1,318.7
Accounts receivable 1,043.1 1,188.8 1,322.7 1,441.9 1,361.8
Inventories 600.8 729.5 800.7 866.5 814.0
Other assets1 98.1 128.9 139.1 166.4 140.1
Current assets 2,897.0 3,085.1 3,176.5 3,469.9 3,634.6
Property, plant, and equipment 959.2 1,065.2 1,214.2 1,795.8 1,702.6
Intangible assets 1,021.2 1,317.1 1,693.9 4,351.0 4,172.3
Other assets2 221.8 328.4 297.4 343.0 284.5
Non-current assets 2,202.2 2,710.7 3,205.5 6,489.8 6,159.4
           
Assets 5,099.2 5,795.8 6,382.0 9,959.7 9,794.0
           
Accounts payable 587.0 730.9 733.8 837.2 846.3
Financial liabilities 44.3 202.3 237.5 342.9 334.7
Other liabilities3 336.7 420.4 435.5 632.9 644.1
Current liabilities 968.0 1,353.6 1,406.8 1,813.0 1,825.1
Financial liabilities 707.5 553.3 2,795.0 4,070.1 3,851.9
Non-current provisions, employee benefit obligations 332.1 316.4 316.8 414.9 417.8
Other liabilities4 143.9 161.4 188.2 500.5 411.2
Non-current liabilities 1,183.5 1,031.1 3,300.0 4,985.5 4,680.9
Liabilities 2,151.5 2,384.7 4,706.8 6,798.5 6,506.0
Capital stock 1.5 1.5 1.4 1.4 1.4
Treasury shares -11.0 -6.6 -11.1 -7.3 -5.2
Reserves 2,933.8 3,389.8 1,655.4 3,130.0 3,289.6
Equity attributable to Sika shareholders 2,924.3 3,384.7 1,645.7 3,124.1 3,285.8
Non-controlling interests 23.4 26.4 29.5 37.1 2.2
Shareholders' equity 2,947.7 3,411.1 1,675.2 3,161.2 3,288.0
           
Liabilities and shareholders' equity 5,099.2 5,795.8 6,382.0 9,959.7 9,794.0

1 Prepaid expenses and accrued income, other current assets.

2 Investments in associated companies, deferred tax assets, and other non-current assets.

3 Accrued expenses and deferred income, income tax liabilities, current provisions, and other current liabilities.

4 Deferred tax liabilities and other non-current liabilities.

Consolidated Income Statement from January 1 to December 31

in CHF mn 2016 2017 2018 2019 2020
Net sales 5,747.7 6,248.3 7,085.4 8,109.2 7,877.5
Material expenses -2,566.6 -2,849.2 -3,333.7 -3,765.2 -3,562.7
Gross result 3,181.1 3,399.1 3,751.7 4,344.0 4,314.8
Personnel expenses -1,159.1 -1,212.1 -1,345.4 -1,544.3 -1,525.9
Other operating expenses -1,056.3 -1,118.5 -1,256.4 -1,412.1 -1,291.3
Operating profit before depreciation 965.7 1,068.5 1,149.9 1,387.6 1,497.6
Depreciation/amortization/impairment -170.4 -172.2 -204.0 -332.5 -367.1
Operating profit 795.3 896.3 945.9 1,055.1 1,130.5
Interest income/interest expense -17.8 -16.4 -24.2 -55.0 -51.9
Financial income/expense and income from associated companies -21.7 -17.8 -28.8 -33.5 -18.2
Profit before taxes 755.8 862.1 892.9 966.6 1,060.4
Income taxes -189.2 -213.1 -205.8 -208.1 -235.3
Net profit 566.6 649.0 687.1 758.5 825.1
Free cash flow  563.0 173.7 38.8 -717.0 1,120.3
Operating free cash flow 586.5 496.8 513.2 1,026.1 1,259.4
Gross result as % of net sales 55.3 54.4 53.0 53.6 54.8
Operating profit as % of net sales 13.8 14.3 13.3 13.0 14.4
Net profit as % of net sales (ROS) 9.9 10.4 9.7 9.4 10.5
Net profit as % of shareholders' equity (ROE) 19.2 19.0 41.0 24.0 25.1

Key Balance Sheet Data

in CHF mn 2016 2017 2018 2019 2020
Net working capital 1,056.9 1,187.4 1,389.6 1,471.2 1,329.5
Net working capital as % of net sales 18.4 19.0 19.6 18.1 16.9
Net debt1 -415.6 -290.2 2,114.1 3,407.8 2,855.8
Gearing in % -14.1 -8.5 126.2 107.8 86.9
Equity ratio in % 57.8 58.9 26.2 31.7 33.6

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 2016 2017 2018 2019 2020
Capital employed1 2,772.4 3,246.3 3,975.6 7,026.4 6,582.1
Annual average of capital employed 2,766.3 3,009.4 3,611.0 5,501.0 6,804.3
Operating profit  795.3 896.3 945.9 1,055.1 1,130.5
Return on capital employed (ROCE) in % 28.7 29.8 26.2 19.2 16.6

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 2016 2017 2018 2019 2020
Net sales 2,561 2,736 3,167 3,432 3,410
Operating profit 349 379 435 473 559
in % of net sales 13.6 13.9 13.7 13.8 16.4
Depreciation/amortization 83 83 89 138 151
Capital expenditures 74 84 113 87 47

Americas

in CHF mn 2016 2017 2018 2019 2020
Net sales 1,487 1,684 1,821 2,162 1,996
Operating profit 258 288 300 353 344
in % of net sales 17.4 17.1 16.5 16.3 17.2
Depreciation/amortization 32 37 44 77 82
Capital expenditures 38 57 45 41 36

Asia/Pacific

in CHF mn 2016 2017 2018 2019 2020
Net sales 1,070 1,121 1,177 1,585 1,696
Operating profit 190 206 217 260 281
in % of net sales 17.8 18.4 18.4 16.4 16.6
Depreciation/amortization 25 25 25 59 76
Capital expenditures 23 25 29 35 27

Global Business

in CHF mn 2016 2017 2018 2019 2020
Net sales 630 707 920 930 776
Operating profit 102 120 132 114 74
in % of net sales 16.2 17.0 14.3 12.3 9.5
Depreciation/amortization 10 12 22 29 29
Capital expenditures 15 17 21 19 12

Other Segments and Activities

in CHF mn 2016 2017 2018 2019 2020
Net sales 0 0 0 0 0
Operating profit -104 -97 -138 -144 -127
in % of net sales          
Depreciation/amortization 20 17 25 30 30
Capital expenditures 5 5 6 11 10

Total

in CHF mn 2016 2017 2018 2019 2020
Net sales 5,748 6,248 7,085 8,109 7,878
Operating profit 795 896 946 1,055 1,131
in % of net sales 13.8 14.3 13.4 13.0 14.4
Depreciation/amortization 170 174 204 333 367
Capital expenditures 155 188 214 192 132

Employees

  2016 2017 2018 2019 2020
Employees by geographical location (at Dezember 31)1          
EMEA (Europe, Middle East, Africa)1 9,083 9,822 10,983 12,284 12,534
Germany 1,778 1,808 2,354 2,334 2,247
Switzerland 2,001 1,970 2,024 2,013 1,948
France 727 701 685 1,392 1,362
United Kingdom 817 837 864 951 890
           
America1 4,167 4,621 4,867 6,271 5,936
USA 1,580 1,911 2,164 2,547 2,438
Brazil 577 574 589 964 824
           
Asia/Pacific1 4,169 4,041 4,210 6,586 6,378
China 1,099 1,066 1,181 2,753 2,806
Japan 673 661 673 682 672
           
Total 17,419 18,484 20,060 25,141 24,848
           
Personnel expenses (in CHF mn)          
Wages and salaries 941 991 1,095 1,257 1,235
Social charges, other 218 221 250 287 291
Personnel expenses 1,159 1,212 1,345 1,544 1,526
Personnel expenses as % of net sales 20.2 19.4 19.0 19.0 19.4
           
Key data per employee (in CHF thousands)          
Net sales 331 348 368 359 315
Net value-added2 112 117 117 116 107

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 2016 2017 2018 2019 2020
Source of value-added          
Corporate performance (net sales) 5,748 6,248 7,085 8,109 7,878
Intermediate inputs -3,631 -3,994 -4,619 -5,157 -4,819
Gross value-added 2,117 2,254 2,466 2,952 3,059
           
Non-liquidity related expenses          
Depreciation and amortization -170 -172 -204 -333 -367
Change in provisions -12 10 2 -6 -26
Net value-added 1,935 2,092 2,264 2,613 2,666
           
Verteilung der Wertschöpfung          
To employees          
Wages and salaries 941 991 1,095 1,257 1,235
Social charges 222 224 253 287 293
To governments  189 213 206 254 280
To lenders (interest expenses) 16 15 23 56 33
To shareholders (dividend payout, incl. non-controlling interests) 200 246 283 293 327
To the company          
Net profit for the year  567 649 687 759 825
Less dividend payout -200 -246 -283 -293 -327
Net value-added  1,935 2,092 2,264 2,613 2,666
           
Number of employees          
End of year  17,419 18,484 20,060 25,141 24,848
Annual average 17,350 17,952 19,272 22,601 24,995
           
Net value-added per employee (in CHF thousands) 112 117 117 116 107