Consolidated Balance Sheet as of December 31

in CHF mn 2016 2017 2018 2019 2020
Cash and cash equivalents1,155.01,037.9914.0995.11,318.7
Accounts receivable1,043.11,188.81,322.71,441.91,361.8
Inventories600.8729.5800.7866.5814.0
Other assets198.1128.9139.1166.4140.1
Current assets2,897.03,085.13,176.53,469.93,634.6
Property, plant, and equipment959.21,065.21,214.21,795.81,702.6
Intangible assets1,021.21,317.11,693.94,351.04,172.3
Other assets2221.8328.4297.4343.0284.5
Non-current assets2,202.22,710.73,205.56,489.86,159.4
      
Assets5,099.25,795.86,382.09,959.79,794.0
      
Accounts payable587.0730.9733.8837.2846.3
Financial liabilities44.3202.3237.5342.9334.7
Other liabilities3336.7420.4435.5632.9644.1
Current liabilities968.01,353.61,406.81,813.01,825.1
Financial liabilities707.5553.32,795.04,070.13,851.9
Non-current provisions, employee benefit obligations332.1316.4316.8414.9417.8
Other liabilities4143.9161.4188.2500.5411.2
Non-current liabilities1,183.51,031.13,300.04,985.54,680.9
Liabilities2,151.52,384.74,706.86,798.56,506.0
Capital stock1.51.51.41.41.4
Treasury shares-11.0-6.6-11.1-7.3-5.2
Reserves2,933.83,389.81,655.43,130.03,289.6
Equity attributable to Sika shareholders2,924.33,384.71,645.73,124.13,285.8
Non-controlling interests23.426.429.537.12.2
Shareholders' equity2,947.73,411.11,675.23,161.23,288.0
      
Liabilities and shareholders' equity5,099.25,795.86,382.09,959.79,794.0

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 sales5,747.76,248.37,085.48,109.27,877.5
Material expenses-2,566.6-2,849.2-3,333.7-3,765.2-3,562.7
Gross result3,181.13,399.13,751.74,344.04,314.8
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 depreciation965.71,068.51,149.91,387.61,497.6
Depreciation/amortization/impairment-170.4-172.2-204.0-332.5-367.1
Operating profit795.3896.3945.91,055.11,130.5
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 taxes755.8862.1892.9966.61,060.4
Income taxes-189.2-213.1-205.8-208.1-235.3
Net profit566.6649.0687.1758.5825.1
Free cash flow 563.0173.738.8-717.01,120.3
Operating free cash flow586.5496.8513.21,026.11,259.4
Gross result as % of net sales55.354.453.053.654.8
Operating profit as % of net sales13.814.313.313.014.4
Net profit as % of net sales (ROS)9.910.49.79.410.5
Net profit as % of shareholders' equity (ROE)19.219.041.024.025.1

Key Balance Sheet Data

in CHF mn 2016 2017 2018 2019 2020
Net working capital1,056.91,187.41,389.61,471.21,329.5
Net working capital as % of net sales18.419.019.618.116.9
Net debt1-415.6-290.22,114.13,407.82,855.8
Gearing in %-14.1-8.5126.2107.886.9
Equity ratio in %57.858.926.231.733.6

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 employed12,772.43,246.33,975.67,026.46,582.1
Annual average of capital employed2,766.33,009.43,611.05,501.06,804.3
Operating profit 795.3896.3945.91,055.11,130.5
Return on capital employed (ROCE) in %28.729.826.219.216.6

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 sales2,5612,7363,1673,4323,410
Operating profit349379435473559
in % of net sales13.613.913.713.816.4
Depreciation/amortization838389138151
Capital expenditures74841138747

Americas

in CHF mn 2016 2017 2018 2019 2020
Net sales1,4871,6841,8212,1621,996
Operating profit258288300353344
in % of net sales17.417.116.516.317.2
Depreciation/amortization3237447782
Capital expenditures3857454136

Asia/Pacific

in CHF mn 2016 2017 2018 2019 2020
Net sales1,0701,1211,1771,5851,696
Operating profit190206217260281
in % of net sales17.818.418.416.416.6
Depreciation/amortization2525255976
Capital expenditures2325293527

Global Business

in CHF mn 2016 2017 2018 2019 2020
Net sales630707920930776
Operating profit10212013211474
in % of net sales16.217.014.312.39.5
Depreciation/amortization1012222929
Capital expenditures1517211912

Other Segments and Activities

in CHF mn 2016 2017 2018 2019 2020
Net sales00000
Operating profit-104-97-138-144-127
in % of net sales     
Depreciation/amortization2017253030
Capital expenditures5561110

Total

in CHF mn 2016 2017 2018 2019 2020
Net sales5,7486,2487,0858,1097,878
Operating profit7958969461,0551,131
in % of net sales13.814.313.413.014.4
Depreciation/amortization170174204333367
Capital expenditures155188214192132

Employees

  2016 2017 2018 2019 2020
Employees by geographical location (at Dezember 31)1     
EMEA (Europe, Middle East, Africa)19,0839,82210,98312,28412,534
Germany1,7781,8082,3542,3342,247
Switzerland2,0011,9702,0242,0131,948
France7277016851,3921,362
United Kingdom817837864951890
      
America14,1674,6214,8676,2715,936
USA1,5801,9112,1642,5472,438
Brazil577574589964824
      
Asia/Pacific14,1694,0414,2106,5866,378
China1,0991,0661,1812,7532,806
Japan673661673682672
      
Total17,41918,48420,06025,14124,848
      
Personnel expenses (in CHF mn)     
Wages and salaries9419911,0951,2571,235
Social charges, other218221250287291
Personnel expenses1,1591,2121,3451,5441,526
Personnel expenses as % of net sales20.219.419.019.019.4
      
Key data per employee (in CHF thousands)     
Net sales331348368359315
Net value-added2112117117116107

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)5,7486,2487,0858,1097,878
Intermediate inputs-3,631-3,994-4,619-5,157-4,819
Gross value-added2,1172,2542,4662,9523,059
      
Non-liquidity related expenses     
Depreciation and amortization-170-172-204-333-367
Change in provisions-12102-6-26
Net value-added1,9352,0922,2642,6132,666
      
Verteilung der Wertschöpfung     
To employees     
Wages and salaries9419911,0951,2571,235
Social charges222224253287293
To governments 189213206254280
To lenders (interest expenses)1615235633
To shareholders (dividend payout, incl. non-controlling interests)200246283293327
To the company     
Net profit for the year 567649687759825
Less dividend payout-200-246-283-293-327
Net value-added 1,9352,0922,2642,6132,666
      
Number of employees     
End of year 17,41918,48420,06025,14124,848
Annual average17,35017,95219,27222,60124,995
      
Net value-added per employee (in CHF thousands)112117117116107