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Financial Year 2024
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Five-year overview – operating performance
in CHF million, as reported under IFRS Accounting Standards
| 2020 | 2021 | 2022 | 20231 | 20242 | |
| Net revenue | 1 425.9 | 2 021.9 | 2 320.8 | 2 276.7 |
2 503.9 |
| Growth in % | (10.7) | 41.8 | 14.8 | 3.7 | 10.0 |
| Gross profit | 1 029.8 | 1 540.0 | 1 754.7 | 1 690.6 | 1 783.4 |
| Margin in % | 72.2 | 76.2 | 75.6 | 74.3 | 71.2 |
| Operating result before depreciation and amortization (EBITDA) | 406.0 | 652.4 | 701.8 | 700.3 | 747.1 |
| Margin in % | 28.5 | 32.3 | 30.2 | 32.1 | 29.8 |
| Growth in % | (15.5) | 60.7 | 7.6 | (1.8) | 2.3 |
| Operating profit (EBIT) | 156.5 | 542.6 | 535.3 | 598.1 | 601.0 |
| Margin in % | 11.0 | 26.8 | 23.1 | 26.3 |
24.0 |
| Growth in % | (59.6) | 246.6 | (1.3) | 2.2 | 0.5 |
| Net profit | 92.3 | 399.3 | 434.8 | 448.9 | 459.5 |
| Margin in % | 6.5 | 19.7 | 18.7 | 19.7 | 18.4 |
| Growth in % | (70.0) | 332.7 | 8.9 | (5.8) | 2.4 |
| Basic earnings per share (in CHF) | 0.57 | 2.49 | 2.73 | 2.81 | 2.87 |
| Value added / economic profit1 | (30.6) | 250.3 | 258.6 | 293.6 | 308.4 |
| Change in value added | (239.1) | 280.9 | 8.3 | 35.0 | 242.2 |
| Change in value added in % | (114.7) | 919.0 | 3.3 | 13.5 | 365.8 |
| as a % of net revenue | (2.1) | 12.4 | 11.1 | 12.9 | 12.3 |
| Number of employees (year-end) | 7 340 | 9 054 | 10 478 | 10 605 | 11 815 |
| Number of employees (average) | 7 409 | 8 256 | 10 203 | 10 198 | 11 240 |
| Sales per employee (average) in CHF 1 000 | 192 | 245 | 227 | 223 | 223 |
1 Comparative information for 2023 has been adjusted due to the classification of the direct-to-consumer clear aligner business as discontinued operations.
2 Figures refer to continuing operations following the agreement signed in August 2024 to sell the Group’s DrSmile business to Impress Group; the sale was completed in September 2024.
Five-year overview – financial performance
in CHF million, as reported under IFRS Accounting Standards (unless otherwise stated)
| 2020 | 2021 | 2022 | 20231 | 20242 | |
| Cash and cash equivalents | 632.2 | 880.4 | 696.1 | 410.3 | 375.5 |
| Net Cash (Net Debt) | 116.2 | 376.1 | 207.5 | 172.3 | 119.0 |
| Net working capital (net of cash) | 168.0 | 124.0 | 229.3 | 287.1 | 352.8 |
| as a % of revenue | 11.8 | 6.1 | 9.9 | 12.6 | 14.1 |
| Inventories | 216.6 | 249.2 | 321.2 | 366.9 | 433.3 |
| Days of supplies | 160 | 166 | 191 | 204 | 187 |
| Trade receivables | 236.0 | 287.3 | 416.4 | 466.5 | 445.4 |
| Days of sales outstanding | 47 | 48 | 63 | 57 | 62 |
| Balance sheet total | 2 548.6 | 2 698.0 | 3 373.4 | 3 322.0 | 3 619.0 |
| Return on assets in % (ROA) – IFRS | 3.9 | 14.3 | 13.6 | 14.5 | 13.7 |
Return on assets in % (ROA) – CORE |
10.9 | 16.3 | 15.0 | 15.6 | 15.0 |
| Equity | 1 209.9 | 1 500.4 | 1 853.8 | 1 838.6 | 2 043.8 |
| Equity ratio in % | 47. 5 | 50.6 | 55.0 | 55.3 | 56.5 |
| Return on equity in % (ROE) – IFRS | 7.7 | 28.8 | 24.9 | 23.3 | 23.1 |
| Return on equity in % (ROE) – CORE | 21.8 | 32.8 | 27.6 | 25.0 | 25.3 |
| Capital employed | 1 190.3 | 1 174.6 | 1 600.5 | 1 639.7 | 1 667.1 |
| Return on capital employed in % (ROCE) – IFRS | 11.9 | 43.7 | 35.1 | 39.3 | 36.0 |
| Return on capital employed in % (ROCE) – CORE | 25.4 | 44.6 | 39.5 | 41.9 | 39.0 |
| Cash generated from operating activities | 376.6 | 560.3 | 415.2 | 567.3 | 538.6 |
| as a % of revenue | 26.4 | 27.7 | 17.9 | 24.9 | 21.5 |
| Investments | (140.4) | (167.8) | (440.4) | (369.6) | (218.6) |
| as a % of net revenue | 9.8 | 8.3 | 19.0 | 16.2 | 8.7 |
| thereof capital expenditures | (82.1) | (121.0) | (195.4) | (187.3) | (167.8) |
| thereof business combinations related | (55.1) | (39.7) | (157.6) | (171.6) | (35.4) |
| thereof investments in associates | (3.2) | (7.1) | (87.3) | (10.6) | (15.5) |
| Free cash flow | 295.2 | 440.6 | 220.8 | 380.9 | 372.9 |
| as a % of revenue | 20.7 | 21.8 | 9.5 | 16.7 | 14.9 |
| Dividend | 91.3 | 107.41 | 127.5 | 135.4 | 151.53 |
| Dividend per share (in CHF) | 5.754 | 6.754 | 0.80 | 0.85 | 0.953 |
| Pay-out ratio in % (core results) | 35.5 | 23.7 | 26.4 | 30.8 | 30.3 |
1 Comparative information for 2023 has been adjusted due to the classification of the direct-to-consumer clear aligner business as discontinued operations.
2 Figures refer to continuing operations following the agreement signed in August 2024 to sell the Group’s DrSmile business to Impress Group; the sale was completed in September 2024.
3 To be proposed to the shareholder’s AGM in 2025.
4 Before share split in 2022