Financial report

SFS Group increased its sales by 4.6% in local currency in the 2015 financial year. Exchange rate movements reduced the adjusted EBITA margin to 12.5%. A significant improvement in profitability in the second half confirmed the effectiveness of the measures taken to counter the adverse currency effect. Investments in the realization of growth projects were maintained at high levels.

SFS Group’s consolidated sales for the 2015 financial year amounted to CHF 1,376.3 million, in line with the prior year (CHF 1,383 million). Sales in local currency were up 4.6% and all business segments contributed to the positive growth.

Financial overview

Income statement

in CHF million


2015


2014


2013


2012


2011

Gross sales

1,376.3

1,383.0

1,330.6

1,193.3

1,068.1

Change to previous year (%)

       At actual exchange rates

-0.5

3.9

11.5

11.7

-2.3

       At constant exchange rates

4.6

4.8

11.1

12.5

5.5

EBITDA

267.4

271.4

269.8

207.8

186.5

As a % of net sales

19.5

19.6

20.3

17.4

17.3

EBITA

186.6

195.4

195.4

140.7

123.7

As a % of net sales

13.6

14.1

14.7

11.8

11.5

EBITA adjusted1

171.7

195.4

177.1

136.1

123.7

As a % of net sales

12.5

14.1

13.3

11.5

11.5

Operating profit (EBIT)

129.1

141.5

142.3

110.7

111.9

As a % of net sales

9.4

10.2

10.7

9.3

10.4

Net income

105.0

110.2

86.5

73.5

82.9

As a % of net sales

7.7

8.0

6.5

6.2

7.7

Cash net income2

151.1

154.6

128.2

96.6

92.1

As a % of net sales

11.0

11.2

9.6

8.1

8.6


Balance sheet

in CHF million

Assets

2,169.7

2,246.1

2,133.0

2,298.3

1,525.5

Net operating assets (NOA)

1,763.1

1,822.2

1,664.2

1,766.1

905.4

Net cash/debt

127.5

87.7

-248.5

-424.2

333.0

Equity

1,792.6

1,805.0

1,336.4

1,256.2

1,167.3

As a % of assets

82.6

80.4

62.7

54.7

76.5


Cash flow statement

in CHF million

Cash flow from operating activities

211.3

199.8

216.0

132.1

146.9

Purchase of property, plant, equipment and software

-90.4

-97.6

-76.6

-67.7

-56.7

Proceeds from sale of assets

2.1

2.7

18.0

13.2

1.7

Acquisitions of subsidiaries, net of cash

-7.2

-37.9

-10.6

-706.8

-2.8


Employees

Headcount

7,991

8,293

7,110

7,125

4,224

Full-time equivalents (FTE)

8,330

8,688

7,000

7,000

4,117


Financial key ratios

Return on equity (%)3

5.8

8.2

6.9

6.3

7.2

RONOA (%)4

10.6

10.7

11.7

10.2

13.7


Share key ratios

Earnings per share in CHF

2.78

3.07

2.67

2.29

2.58

Dividend per share in CHF

1.505

1.50

1.00

0.63

0.70

Dividend payment CHF million

56.3

56.3

32.4

20.4

22.4

Payout ratio (%)

53.6

51.0

37.5

27.8

27.0

1 adjusted for special impact due to IAS 19r (2015: CHF 14.9 million) and for book gains on the disposal of non-core assets
  (2013: CHF 18.3 million / 2012: CHF 4.6 million)
2 net income before amortization of intangible assets net of deferred taxes
3 net income as a % of equity as of beginning of the year
4 return on net operating assets: EBITA in % of net operating assets
5 proposed dividend to the Annual General Meeting of SFS Group AG on 20 April 2016