Five-year overview

Operating and financial performance.

Five-year overview – operating performance

(in CHF million) 2019 2020 2021 2022 2023
Net revenue 1 596.2 1 425.9 2 021.9 2 320.8 2 411.8
    Growth in % 17. 1 (10.7) 41.8 14.8 3.9
Gross profit 1 200.5 1 029.8 1 540.0 1 754.7 1 787.3
    Margin in % 75.2 72.2 76.2 75.6 74.1
Operating result before depreciation and amortization (EBITDA) 480.6 406.0 652.4 701.8 700.5
    Margin in % 30.1 28.5 32.3 30.2 29.0
    Growth in % 21.7 (15.5) 60.7 7.6 (0.2)
Operating profit (EBIT) 387.1 156.5 542.6 535.3 411.0
    Margin in % 24.3 11.0 26.8 23.1

17.0

    Growth in % 13.0 (59.6) 246.6 (1.3) (23.2)
Net profit 308.0 92.3 399.3 434.8 246.8
    Margin in % 19.3 6.5 19.7 18.7 10.2
    Growth in % 10.9 (70.0) 332.7 8.9 (43.2)
Basic earnings per share (in CHF) 1.93 0.57 2.49 2.73 1.54
Value  added /  economic  profit1 208.6 (30.6) 250.3 258.6 66.2
    Change in value added 18.9 (239.1) 280.9 8.3 (192.4)
    Change in value added in % 10.0 (114.7) 919.0 3.3 (74.4)
    as a % of net revenue 13.1 (2.1) 12.4 11.1 2.7
Number of employees (year-end) 7 590 7 340 9 054 10 478 11 109
Number of employees (average) 6 837 7 409 8 256 10 203 10 755
    Sales per employee (average) in CHF 1 000 233 192 245 227 224

1 Figures as reported in the financial reports

Five-year overview – financial performance

(in CHF million) 2019 2020 2021 2022 2023
Cash and cash equivalents 260.2 632.2 880.4 696.1 410.3
Net Cash (Net Debt) 20.2 116.2 376.1 207.5 172.3
Net working capital (net of cash) 265.6 168.0 124.0 229.3 287.1
    as a % of revenue 16.6 11.8 6.1 9.9 11.9
Inventories 234.6 216.6 249.2 321.2 366.9
    Days of supplies 175 160 166 191 193
Trade receivables 281.2 236.0 287.3 416.4 466.5
   Days of sales outstanding 57 47 48 63 67
Balance sheet total 2 390.0 2 548.6 2 698.0 3 373.4 3 322.0
    Return on assets in % (ROA) – IFRS 13.6 3.9 14.3 13.6 7.3

    Return on assets in % (ROA) – CORE

15.3 10.9 16.3 15.0  13.0
Equity 1 367. 2 1 209.9 1 500.4 1 853.8 1 838.6
   Equity ratio in % 57.2 47. 5 50.6 55.0 55.3
   Return on equity in % (ROE) – IFRS 24.0 7.7 28.8 24.9 12.8
   Return on equity in % (ROE) – CORE 26.3 21.8 32.8 27.6 22.9
Capital employed 1 455.0 1 190.3 1 174.6 1 600.5 1 639.7
   Return on capital employed in % (ROCE) – IFRS 28.4 11.9 43.7 35.1 23.7
    Return on capital employed in % (ROCE) – CORE 30.9 25.4 44.6 39.5 35.0
Cash generated from operating activities 378.5 376.6 560.3 415.2 503.9
   as a % of revenue 23.7 26.4 27.7 17.9 20.9
Investments (239.3) (140.4) (167.8) (440.4) (369.8)
    as a % of net revenue 15.0 9.8 8.3 19.0 15.3
   thereof capital expenditures (149.9) (82.1) (121.0) (195.4) (189.4)
   thereof business combinations related (77. 1) (55.1) (39.7) (157.6) (171.6)
   thereof investments in associates (12.3) (3.2) (7.1) (87.3) (8.7)
Free cash flow 229.6 295.2 440.6 220.8 315.5
   as a % of revenue 14.4 20.7 21.8 9.5 13.1
Dividend 91.2 91.3 107.41 127.5 135.51
   Dividend per share (in CHF) 5.75 5.75 6.75 0.80 0.851
   Pay-out ratio in % (core results) 27.1 35.5 23.7 26.4 30.8

1 To be proposed to the shareholders' AGM in 2024.