SFS : Financial report 2022

Financial report

Financial statements SFS Group	61
Consolidated income statement	62
Consolidated balance sheet	63
Consolidated statement of changes in equity	64
Consolidated cash flow statement	65
Notes	67
Auditor's report	96
Financial statements SFS Group AG	103
Information for shareholders	112

SFS Group AG | Annual Report 2022 | Consolidated financial statements SFS Group

61

Consolidated income statement

In CHF million	Notes	2022	%	2021	%	+/-%
Net sales	2.2	2,738.7	100.0%	1,897.3	100.0%	44.3%
Other operating income	2.3	37.7		26.2
Change in work in progress and finished goods		16.1		19.6
Material expenses		-1,182.3		-685.1
Contribution margin		1,610.2	58.8%	1,258.0	66.3%	28.0%
Personnel expenses	2.4	-737.1		-555.3
Other operating expenses	2.5	-425.0		-295.6
Depreciation property, plant and equipment	3.4	-110.5		-101.8
Amortization of intangible assets	3.5	-7.3		-3.6
Total operating expenses		-1,279.9	-46.7%	-956.3	- 50.4%	33.8%
Operating profit (EBIT)		330.3	12.1%	301.7	15.9%	9.5%
Financial result	2.6	6.4		-0.7
Share of profit/(loss) from associates/joint ventures		1.1		0.7
Earnings before tax		337.8	12.3%	301.7	15.9%	12.0%
Income taxes	2.7	-67.2		-53.7
Net income		270.6	9.9%	248.0	13.1%	9.1%
Attributable to non-controlling interests		3.9		4.2
Attributable to owners of SFS Group AG		266.7		243.8
Earnings per share of the owners of SFS Group (in CHF)	4.6	6.95		6.51		6.8%
basic and diluted

The notes on pages 67 to 95 are an integral part of these consolidated financial statements.

SFS Group AG | Annual Report 2022 | Consolidated financial statements SFS Group

62

Consolidated balance sheet

Assets in CHF million	Notes		12.31.2022		%		12.31.2021		%		+/-%
Cash and cash equivalents	4.1		221.5				286.0
Trade receivables	3.1		412.7				313.6
Other current receivables	3.2		104.3				30.9
Inventories	3.3		630.6				378.8
Prepayments and accrued income			25.4				19.5
Current assets			1,394.5		54.2%		1,028.8		55.9%		35.5%
Property, plant and equipment	3.4		1,001.5				702.0
Intangible assets	3.5		57.7				28.4
Financial assets	4.2		75.1				45.0
Deferred tax assets	3.11		45.4				34.9
Non-current assets			1,179.7		45.8%		810.3		44.1%		45.6%
Assets			2,574.2		100.0%		1,839.1		100.0%		40.0%
Liabilities and equity in CHF million	Notes		12.31.2022		%		12.31.2021		%		+/-%
Current borrowings	4.3		27.2				1.7
Trade payables	3.7		202.6				126.0
Other current payables	3.8		125.9				63.6
Accrued liabilities and deferred income			142.9				107.4
Current liabilities			498.6		19.4%		298.7		16.2%		66.9%
Non-current borrowings	4.3		672.0				5.1
Other non-current payables			6.4				-
Pension benefit obligations	3.9		13.4				9.7
Non-current provisions	3.10		15.4				12.6
Deferred tax liabilities	3.11		64.8				62.6
Non-current liabilities			772.0		30.0%		90.0		4.9%		757.8%
Liabilities			1,270.6		49.4%		388.7		21.1%		226.9%
Share capital			3.9				3.8
Capital reserves			179.8				11.6
Treasury shares			-1.5				-7.4
Retained earnings			1,102.5				1,423.7
Equity attributable to SFS	4.6		1,284.7		49.9%		1,431.7		77.8%		-10.3%
Non-controlling interests			18.9				18.7
Total equity			1,303.6		50.6%		1,450.4		78.9%		-10.1%
Liabilities and equity			2,574.2		100.0%		1,839.1		100.0%		40.0%

The notes on pages 67 to 95 are an integral part of these consolidated financial statements.

SFS Group AG | Annual Report 2022 | Consolidated financial statements SFS Group

63

Consolidated statement of changes in equity

In CHF million

Balance as at 1.1.2021

Changes of hedges Acquisitions

Currency translation adjustments Net income

Dividend for 2020 Purchase of treasury shares Disposal of treasury shares Other changes

Balance as at 12.31.2021

Notes

5.1

4.6

4.6

Share capital	Capital reserves	Treasury shares	Goodwill offset against equity
3.8	11.5	-	-1,015.6
-	-	-	-
-	-	-	-7.1
-	-	-	-
-	-	-	-
-	-	-	-
-	-	-12.5	-
-	0.1	5.1	-
-	-	-	-
3.8	11.6	-7.4	-1,022.7

Cash flow hedges

Net investment hedges

Currency translation adjustments

Other retained earnings

0.4 - -76.7 2,337.9

2.2	-	-	-
-	-	-	-
-	-	6.3	-
-	-	-	243.8
-	-	-	-67.5
-	-	-	-
-	-	-	-
-	-	-	-0.0
2.6	-	-70.4	2,514.2

Retained earnings	Equity attributable to SFS	Non-controlling interests	Total equity
1,246.0		16.9	1,278.2
1,261.3
2.2		-	2.2
2.2
-7.1	-7.1	-	-7.1
6.3	6.3	-0.8	5.5
243.8	243.8	4.2	248.0
-67.5	-67.5	-1.6	-69.1
-	-12.5	-	-12.5
-	5.2	-	5.2
-0.0	-0.0	-	-0.0
1,423.7		18.7	1,450.4
1,431.7

Capital increase	4.6	0.1	169.2	-	-	-	-	-	-	-	169.3	-	169.3
Changes of hedges	4.7	-	-	-	-	-2.6	32.0	-	-	29.4	29.4	-	29.4
Acquisitions	5.1	-	-	-	-486.9	-	-	-	-	-486.9	-486.9	-	-486.9
Currency translation adjustments		-	-	-	-	-	-	-49.2	-	-49.2	-49.2	-1.8	-51.0
Net income		-	-	-	-	-	-	-	266.7	266.7	266.7	3.9	270.6
Dividend for 2021		-	-	-	-	-	-	-	-82.0	-82.0	-82.0	-1.9	-83.9
Purchase of treasury shares	4.6	-	-	-20.7	-	-	-	-	-	-	-20.7	-	-20.7
Disposal of treasury shares	4.6	-	-1.0	26.6	-	-	-	-	-	-	25.6	-	25.6
Other changes		-	-	-	-	-	-	-	0.8	0.8	0.8	-	0.8
Balance as at 12.31.2022		3.9	179.8	-1.5	-1,509.6	-	32.0	-119.6	2,699.7	1,102.5	1,284.7	18.9	1,303.6

The notes on pages 67 to 95 are an integral part of these consolidated financial statements.

The capital reserves stem from the statutory capital reserve as well as other capital reserves of SFS Group AG.

SFS Group AG | Annual Report 2022 | Consolidated financial statements SFS Group

64

Consolidated cash flow statement

In CHF million	Notes	2022		2021	+/-%
Net income		270.6		248.0
Income taxes		67.2		53.7
Financial result		-7.5		-0.0
Depreciation/amortization	3.4/3.5	117.8		105.4
Loss from impairment (+)/reversal of impairment (-)		-		-3.1
Interest paid		-6.3		-1.5
Income tax paid		-84.2		-44.0
Changes in provisions and allowances		14.0		0.7
Other non-cash expenses/income		8.2		-3.0
Profit (-)/loss (+) from disposal of property, plant and equipment		-1.3		-4.7
Changes in trade receivables		-15.7		30.6
Changes in other receivables and prepayments and accrued income		-7.9		2.0
Changes in inventories		-76.1		-60.1
Changes in trade payables		-2.5		-12.9
Changes in other current liabilities, accrued liabilities and deferred income		11.6		13.4
Cash flow from operating activities		287.9		324.5	-11.3%
Purchases of property, plant and equipment	3.4	-149.2		-104.6
Proceeds from sale of property, plant and equipment		1.2		13.7
Purchases of intangible assets	3.5	-21.8		-16.8
Proceeds from sale of intangible assets		0.2		1.9
Acquisition of subsidiaries, net of cash acquired	5.1	-519.1		-7.6
Changes in loans granted		44.2		-0.6
Investment in/dividends from associates/joint ventures		-0.2		-0.5
Proceeds from interest and securities		1.2		0.5
Cash flow from investing activities		-643.5		-114.0	464.5%
Proceeds (+)/repayment from/of current borrowings (-)		-190.7		0.1
Proceeds (+)/repayment from/of non-current borrowings (-)		588.8		-38.3
Dividends to the shareholders		-82.0		-67.5
Dividends to non-controlling interests		-1.9		-1.6
Purchase (-)/disposal of treasury shares (+)		-19.5		-8.3
Cash flow from financing activities		294.7		-115.6
Translation adjustment on cash and cash equivalents		-3.6		3.4
Changes in cash and cash equivalents		-64.5		98.3
Cash and cash equivalents at beginning of period	4.1	286.0		187.7
Cash and cash equivalents at end of period	4.1	221.5		286.0

The notes on pages 67 to 95 are an integral part of these consolidated financial statements.

SFS Group AG | Annual Report 2022 | Consolidated financial statements SFS Group

65