Information on the publication
Explanation regarding alternative performance measurements
In addition to financial key figures defined by general accounting principles, the SFS Group uses alternative performance measurements. For SFS it is of strategic importance to generate value added for all stakeholders: Customers, vendors, employees, government and investors. Return on investment is a highly condensed key figure to measure value added. A comprehensive corporate management of the group requires additional operational key figures: organic sales growth, operating profit (EBIT) adjusted margin and operating free cash flow. These key figures help to steer the organization and to monitor strategic implementations.
Return on Invested Capital (ROIC)
This key figure measures the return on invested capital as a percentage. ROIC illustrates how efficiently the company’s resources are used. If ROIC exceeds weighted average cost of capital, the SFS Group creates value added. The mid-term target is >10%. The key figure relates the operating profit adjusted after tax (EBIT adjusted after tax) to the invested capital. The invested capital is based on the equity at year end before goodwill offset, less net financial assets. A standard tax rate of 17.5% is applied.
in CHF million | 2024 | 2023 | 2022 | 2021 | 2020 |
Equity at year end | 1,559.2 | 1,375.7 | 1,303.6 | 1,450.4 | 1,278.2 |
+ Goodwill offset against equity | 1,526.1 | 1,518.5 | 1,509.6 | 1,022.7 | 1,015.6 |
– Net cash/+ net debt | 335.1 | 445.3 | 477.7 | –279.1 | –144.3 |
Invested capital | 3,420.4 | 3,339.5 | 3,290.9 | 2,194.0 | 2,149.5 |
Operating profit (EBIT) adjusted | 350.2 | 358.6 | 353.2 | 298.6 | 225.3 |
– Tax 17.5% | –61.3 | –62.8 | –61.8 | –52.3 | –39.4 |
Operating profit (EBIT) adjusted after tax | 288.9 | 295.8 | 291.4 | 246.3 | 185.9 |
ROIC in % | 8.4 | 8.9 | 8.9 | 11.2 | 8.6 |
Return on Capital Employed (ROCE)
Like ROIC, this key figure is an indicator for the profitability in relation to capital employed. In contrast to ROIC, goodwill offsets and taxes are not taken into account. ROCE relates the operating profit (EBIT) adjusted to the average capital employed. The capital employed is calculated based on the average of the last twelve months.
in CHF million | 2024 | 2023 | 2022 | 2021 | 2020 |
Ø Working capital | 969.7 | 962.2 | 896.1 | 701.6 | 603.0 |
– Ø Cash and cash equivalents | –209.7 | –220.6 | –228.3 | –235.1 | –146.2 |
+ Ø Tangible and intangible assets | 1,083.1 | 1,063.4 | 940.7 | 729.2 | 721.2 |
– Ø Net deferred tax liabilities and provisions | –40.5 | –46.1 | –50.9 | –52.1 | –44.1 |
Ø Capital employed | 1,802.6 | 1,758.9 | 1,557.6 | 1,143.6 | 1,134.0 |
Operating profit (EBIT) adjusted | 350.2 | 358.6 | 353.2 | 298.6 | 225.3 |
ROCE in % | 19.4 | 20.4 | 22.7 | 26.1 | 19.9 |
Organic sales growth
All segments, divisions and management are measured by their contribution to growth. Organic sales growth is a key figure which measures the top-line growth compared to the previous year. To increase transparency and comparability, currency effects and changes in scope are excluded from third–party sales. The result is the organic sales growth as illustrated in the Financial overview in the management review section of the Annual Report.
Operating profit (EBIT) adjusted and EBIT margin adjusted
The SFS Group uses the operating profit (EBIT) to assess the earnings situation and operational success. EBIT margin relates the operating profit to net sales and illustrates if the operating business is led successfully. The operating profit adjusted and hence EBIT margin adjusted are calculated excluding one-off effects. This increases comparability and transparency for a performance measurement over time. One-off effects are non–recurring items that adulterate the validity and comparability of the key figure.
in CHF million | 2024 | 2023 | 2022 | 2021 | 2020 |
Operating profit (EBIT) | 350.2 | 358.6 | 330.3 | 301.7 | 227.4 |
+ Amortization of inventory step-up related to purchase price allocation of Hoffmann SE acquisition and first-time intra-segment profit elimination in inventory (D&L segment) | – | – | 22.9 | – | – |
– Book gain on disposal of non-operating assets | – | – | – | –3.1 | –2.1 |
Operating profit (EBIT) adjusted | 350.2 | 358.6 | 353.2 | 298.6 | 225.3 |
Net sales | 3,031.1 | 3,073.0 | 2,738.7 | 1,897.3 | 1,707.1 |
EBIT margin adjusted in % | 11.6 | 11.7 | 12.9 | 15.7 | 13.2 |
Operating free cash flow
It is very important to the SFS Group to finance capital expenditures (mainly for buildings, machines, equipment and information systems infrastructure) needed for organic growth with own funds. Operating free cash flow is used as a key figure to determine cash generation. The key figure measures the ability to convert operational success into cash inflows. This enables to finance day-to-day operations (working capital) and necessary investments in operating assets from the SFS Group’s own business. Sustainable operating profitability and effective net working capital management have a great impact on operating free cash flow generation. To increase comparability, acquisitions of subsidiaries are not taken into account.
in CHF million | 2024 | 2023 | 2022 | 2021 | 2020 |
Cash flow from operating activities | 375.0 | 313.4 | 287.9 | 324.5 | 296.4 |
– Purchases of | |||||
property, plant and equipment | –141.3 | –161.5 | –149.2 | –104.6 | –98.4 |
intangible assets | –7.6 | –12.5 | –21.8 | –16.8 | –5.7 |
Operating free cash flow | 226.1 | 139.4 | 116.9 | 203.1 | 192.3 |
The registered shares of the SFS Group AG of CHF 0.10 each have been listed on the SIX Swiss Exchange AG since May 7, 2014. The consolidated financial statements have been prepared in accordance with Swiss GAAP FER since 2017.
12/31/2024 | 12/31/2023 | 12/31/2022 | 12/31/2021 | 12/31/2020 | |
Number of registered shares in 1,000 | 38,900 | 38,900 | 38,900 | 37,500 | 37,500 |
Number of shares ranking for dividend in 1,000 | 38,900 | 38,900 | 38,900 | 37,500 | 37,500 |
Weighted average number of outstanding shares in 1,000 | 38,883 | 38,887 | 38,365 | 37,460 | 37,500 |
Number of shareholders | 8,777 | 8,881 | 8,691 | 7,910 | 7,825 |
Stock exchange quotation in CHF | |||||
Year high | 133.80 | 128.80 | 140.90 | 143.00 | 106.90 |
Year low | 97.60 | 87.90 | 80.90 | 103.90 | 58.85 |
Year-end price | 125.60 | 104.20 | 87.50 | 126.20 | 105.00 |
Share key data | |||||
Earnings per share in CHF | 6.21 | 6.84 | 6.95 | 6.51 | 4.90 |
Distribution per share in CHF | 2.50 | 2.50 | 2.50 | 2.20 | 1.80 |
Payout ratio in % of net income | 40.3 | 36.5 | 36.4 | 33.6 | 36.7 |
Price/earnings ratio (year-end price) | 20.2 | 15.2 | 12.6 | 19.4 | 21.4 |
Market capitalization | |||||
in CHF million | 4,885.8 | 4,053.4 | 3,403.8 | 4,732.5 | 3,937.5 |
(year-end price × number of shares ranking for dividend) | |||||
in % of net sales | 161.2 | 131.9 | 124.3 | 249.4 | 230.7 |
in % of equity | 313.4 | 294.7 | 261.1 | 326.3 | 308.1 |
Agenda
32nd Annual General Meeting of SFS Group AG
Wednesday, April 30, 2025
Publication of half-year results 2025
Thursday, July 17, 2025
Stock information
Security no.
23.922.930
ISIN
CH 023 922 930 2
SIX Swiss Exchange AG
SFSN
Reuters
SFSN.S
Bloomberg
SFSN SW
Fact Set
SFSN-CH