Five-year Overview

Operating Performance 2010 - 2014

(in CHF million)  2010 2011 2012
(restated)*
2013 2014
Net revenue 738 694 686.3 679.9 710.3
   Growth in % 0.2 -6 -1.1 -0.9 4.5
Gross profit 587 529 531.5 535.9 558.7
   Margin in % 79.6 76.2 77.5 78.8 78.7
Operating result before depreciation and amortization (EBITDA) 212 157 117.4 148.4 176.2
   Margin in % 28.7 22.7 17.1 21.8 24.8
   Growth in % -2.9 -25.7 -25.4 24.3 18.7
Operating result before amortization (EBITA) 185 132 89.5 122.6 153.1
   Margin in % 25.1 19 13 18 21.5
   Growth in % -1.6 -28.7 -32.1 33.9 24.9
Operating profit (EBIT) 164 79.9 61 115.8 148.3
   Margin in % 22.3 11.5 8.9 17 20.9
   Growth in % -0.6 -51.4 -23.7 83.6 28.1
Net profit 131 71 36.4 101.2 157.8
   Margin in % 17.8 10.2 5.3 14.9 22.2
   Growth in % -10.4 -45.9 -48.6 169.8 56.0
Basic earnings per share (in CHF) 8.37 4.54 2.36 6.55 10.15
Value added  / economic profit 88.4 29.7 -12.5 52.7 113.7
   Change in value added -7.6 -58.7 -42.2 60.4 59.3
   Change in value added in % -8 -66.4 -142 785.3 109.2
   in % of net revenue 12 4.3 -1.8 7.8 16.0
Number of employees (year-end) 2 361 2 452 2'517 2'217 2'387
Number of employees (average) 2 287 2 415 2'530 2'308 2'355
Sales per employee (average) in CHF 1 000 323 287 271 295 308

Financial Performance 2010 - 2014

(in CHF million)  2010 2011 2012
(restated)*
2013 2014
Cash and cash equivalents  349.6  377.1  140.5 383.8 459.4
Net working capital (net of cash)  74.5  68.8  63.0 57.3 64.9
   in % of revenue  10.1  9.9  9.2 8.4 9.1
Inventories  73.1  67.0  63.6 62.3 69.2
   Days of supplies  158  123  152 161 149
Trade receivables  92.3  94.1  91.8 93.2 106.8
   45  48  49 49 51
Balance sheet total  853.9  811.3  772.6 1'019.7 1'160.8
   Return on assets in % (ROA)  15.8  8.5  4.6 11.4 14.5
Equity  695.6  671.1  631.2 631.4 736.8
   Equity ratio in %  81.5  82.7  81.7 61.9 63.5
   Return on equity in % (ROE)  19.7  10.4  5.6 16.4 23.1
Capital employed   337.7  273.1  221.7 162.3 142.9
   Return on capital employed in % (ROCE)  46.9  26.2  24.7 66.2 97.2
Cash generated from operating activities  175.8  140.2  114.6 151.5 146.2
   in % of revenue  23.8  20.2  16.7 22.3 20.6
Investments -22.9 -25.9 -286 -50.6 -22.8
   in % of revenue  3.1  3.7  41.7 7.4 3.2
   thereof capital expenditures -22.1 -19.4 -19.4 -12.6 -18.8
   thereof business combinations related -0.7 -0.4 -0.7   -4.0
   thereof investments in associates   -6.1 -266 -38 0
Free cash flow  154.2  121.1  95.2 139.2 128.4
   in % of revenue  20.9  17.5  13.9 20.5 18.1
Dividend (2012: subject to shareholders' approval)  58.8  58.0  57.9 58.2 58.6
Pay-out ratio in % (excluding exceptionals)  44.8  59.4  76.8 53.3 37.1

* IAS 19 restated