SFS Group AG
Annual Report
Inventing
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SFS Group AG | Annual Report 2022 |
Table of contents
SFS in brief | 4 |
Key takeaways | 6 |
Financial overview | 7 |
Management report | 8 |
Strategy | 13 |
Markets | 16 |
Technology | 18 |
Segment report | 21 |
Engineered Components | 21 |
Fastening Systems | 24 |
Distribution & Logistics | 27 |
Success stories | 30 |
Corporate Governance | 33 |
Group structure and shareholders | 34 |
Capital structure | 35 |
Board of Directors | 36 |
Group Executive Board | 42 |
Compensation, shareholdings and loans | 46 |
Shareholders' participation | 46 |
Changes of control and defense measures | 47 |
Auditing body | 47 |
Information policy | 48 |
Blocking periods | 48 |
Non-applicability/negative statement | 48 |
Compensation report | 51 |
Introduction | 52 |
Fundamental principles of the compensation system | 52 |
Process used to determine compensation | 54 |
Compensation in the year under review and in | 55 |
the previous year | |
Shares owned by the Board of Directors and the | 57 |
Group Executive Board | |
Auditor's report | 58 |
Financial report | 61 |
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 | 3 |
SFS in brief
Value engineering specialist
SFS is one of the world's leading suppliers for precision components and assemblies, mechanical fastening systems, quality tools, and logistics systems. Positioned as a value engineering specialist, SFS creates added value for its customers in the form of cost savings or increases in value by implementing tailored solutions for niche applications - which are often critical for success. SFS Group AG operates in the three segments Engineered Components, Fastening Systems and Distribution & Logistics, which represent the company's different business models.
The history of SFS began in 1928 with a hardware store in Altstätten (Switzerland). The cornerstone was laid for the development of industrial activities in 1960 when the company set up its own screw manufacturing plant in Heerbrugg, Switzerland.
Engineered Components segment
In the Engineered Components (EC) segment, SFS partners with customers to develop and manufacture customer-specific precision components and assemblies, as well as mechanical fastening solutions. This segment comprises the Automotive, Electronics, Industrial and Medical divisions, and it sells its products and services under the brands SFS (Automotive, Industrial), Unisteel (Electronics) and Tegra Medical (Medical).
Fastening Systems segment
In the Fastening Systems (FS) segment, which consists of the Construction and Riveting divisions, SFS develops, manufactures and markets application-specific mechanical fastening systems, including under the brands SFS, HECO, TFC (Construction), and GESIPA® (Riveting).
Distribution & Logistics segment
In the Distribution & Logistics (D&L) segment, SFS positions itself as the leading sales and logistics partner for direct and indirect materials in the areas of quality tools, workshop and personal protective equipment, fasteners, and other C-parts for customers in the industrial manufacturing and construction industries in Europe. In addition, customized logistics and process solutions contribute in making customers more competitive. The segment is made up of the D&L Switzer- land and D&L International divisions, and distributes its products under its own strong brands SFS, Hoffmann, GARANT and HOLEX, as well as other leading manufacturer brands.
SFS Group
SFS Group has manufacturing sites and distribution companies at 140 locations in 35 countries around the world. It generated sales of CHF 2,746.1 million in the 2022 financial year with a workforce of approximately 13,500 (FTE).
SFS Group AG | Annual Report 2022 | SFS in brief | 4 |
At your side 24/7
SFS is a reliable companion throughout your day, from early in the morning to late at night, seven days a week. Not many people realize this, since our precision components, mechanical fastening systems and quality tools are embedded in the successful products and processes of our customers, where they often perform critical functions.
Your first contact with SFS products happens early in the morning when using your coffee machine or your smart- phone. Driving to work, you are also surrounded by numerous SFS products: integrated into your car's safety systems such as seat belts, airbags and braking systems, they help to save your life in the event of an accident. At work, hard disk drives function with high-precision miniature SFS compo- nents. SFS products can be found in many electronic lifestyle products, such as adventure cameras, smart watches and smart home devices, as well as a growing number of AR/VR solutions. In the field of healthcare, our precision components in the form of bone screws, dental implants and surgical instruments play an important role in improving your quality of life.
Our value proposition:
Creating sustainable added value for the customer
SFS components embedded into a customer's product or used in the production process often account for less than 1% of the total product cost. But the costs at the customer end arising from procurement, logistics and handling operations can be several times the actual cost of these products. That is why we are not primarily focusing on reducing our direct product costs and differentiating ourselves on price, but on optimizing our customers' overall product-related costs.
This approach generates significantly more cost-saving potential and allows us to create sustainable added value for our customers. Our value engineering model focuses on product design, definition of manufacturing processes and leveraging the power of digitalization. The result: tailored products and intelligent solutions that increase the competitiveness of our customers. Hence, the SFS solutions lead to greater differentiation and strengthen collaborative partner- ships.
Worldwide presence
America | Europe | Asia, others |
CHF 508 million sales | CHF 1,785 million sales | CHF 453 million sales |
2,059 FTE | 7,468 FTE | 3,755 FTE |
With 140 manufacturing, warehouse and sales locations worldwide, SFS is strategically well positioned in respect of customer proximity. As a result, SFS and its customers benefit from superior supply reliability thanks to regional and robust supply chains.
SFS Group AG | Annual Report 2022 | SFS in brief | 5 |
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SFS Group AG published this content on 03 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 March 2023 05:38:01 UTC.