SIEGFRIED HOLDING AG Consolidated Financial Statements
In 1000 CHF (for the years ended December 31) | 2022 | 2021 | ||||
Core results1 | ||||||
Net sales | 1 229 | 518 | 1 102 | 423 | ||
Cost of goods sold | - 910 628 | - 863 138 | ||||
Core gross profit | 318 890 | 239 285 | ||||
Marketing and sales costs | - 18 124 | - 16 288 | ||||
Research and development costs | - 43 175 | - 40 370 | ||||
Core administration and general overhead costs | - 71 063 | - 62 220 | ||||
Other operating income | 4 259 | 4 058 | ||||
Income of associated companies | - | - 35 | ||||
Core EBIT (operating result) | 190 787 | 124 430 |
Financial income
Core financial expenses
Exchange rate differences
Core profit before income taxes
57
- 8 941
- 4 286
177 617
86
- 4 928
- 1 351
118 237
Core income taxes
Core net profit
Depreciation
Core EBITDA
Non-diluted core earnings per share (CHF)
Diluted core earnings per share (CHF)
- 49 810
127 806
- 748
- 535
30.28
29.63
- 22 959
95 277
- 816
- 246
22.66
21.95
1 For more information and reconciliation of Swiss GAAP FER to Core results see Financial Report «Investor Information», pages 61-63.
01 | Siegfried Annual Report 2022 |
Financial Report
2022
Consolidated Financial Statements
Financial Report
03 Consolidated Financial Statements of Siegfried Holding AG
03 Key Figures Overview
- Financial Commentary 2022
- Consolidated Balance Sheet
- Consolidated Income Statement
- Consolidated Statement of Cash Flows
- Consolidated Statement of Changes in Equity
- Notes to the Consolidated Financial Statements
- Report of the Statutory Auditor
47 Financial Statements of Siegfried Holding AG
- Balance Sheet of Siegfried Holding AG
- Income Statement of Siegfried Holding AG
49 Notes to the Financial Statements of Siegfried Holding AG
- Proposal of the Board of Directors regarding Appropriationof the Retained Earnings and the Repayment of Par Value from Share Capital
- Report of the Statutory Auditor
60 Information for Investors
- Key Figures Overview 2018- 2022, Consolidated Figures
- Core Results
64 Stock Market Data
- Share Price Development
- About this Annual Report
This is an excerpt of Siegfried's Annual Report 2022.
All chapters can be found on our Investor Relations portal:
www.ir.siegfried.ch
02 | Siegfried Annual Report 2022 |
Consolidated Financial Statements
Key Figures Overview
Key Figures Overview
2022 | 2021 | Change CHF (LC) | ||||
Net sales (million CHF) | 1 229.5 | 1 102.4 | +11.5% (+15.6%) | |||
Core gross profit (million CHF) | 318.9 | 239.3 | 33.3% | |||
Core gross profit margin (%) | 25.9% | 21.7% | ||||
Core results1 | ||||||
Core EBITDA (million CHF) | 272.5 | 207.2 | 31.5% | |||
Core EBITDA margin (%) | 22.2% | 18.8% | ||||
Core EBIT (operating result) (million CHF) | 190.8 | 124.4 | 53.3% | |||
Core EBIT margin (%) | 15.5% | 11.3% | ||||
Core net profit (million CHF) | 127.8 | 95.3 | 34.1% | |||
Core net profit-margin (%) | 10.4% | 8.6% | ||||
Non-diluted core earnings per share (CHF) | 30.28 | 22.66 | 33.6% | |||
Diluted core earnings per share (CHF) | 29.63 | 21.95 | 35.0% | |||
Cash flow from operating activities (million CHF) | 142.3 | 119.7 | 18.9% | |||
Free cash flow (million CHF) | 27.2 | 6.5 | 320.0% | |||
Investment in property, plant and equipment | ||||||
and intangible assets (million CHF) | 115.2 | 113.4 | 1.6% | |||
December 31, 2022 | December 31, 2021 | Change | ||||
Equity (million CHF) | 790.9 | 688.2 | 14.9% | |||
Total assets (million CHF) | 1 793.2 | 1 669.2 | 7.4% | |||
Equity ratio (%) | 44.1% | 41.2% | ||||
Employees (number of FTEs) | 3 564 | 3 432 | 3.8% |
1 For more information and reconciliation of Swiss GAAP FER to Core results see Financial Report "Investor Information", pages 61- 63.
03 | Siegfried Annual Report 2022 |
Consolidated Financial Statements
Financial Commentary 2022
Financial
Commentary 2022
Profitable growth and increase in margins
Despite continued macro challenges, Siegfried continued to grow profitably in 2022, increasing net sales to 1 229.5 million Swiss francs, an increase of 11.5% in Swiss francs. The euro and the US dollar moved strongly during the year. The euro, which accounts for 55% of net sales depreciated by more than 7% against the Swiss franc, while the US dollar, accounting for 14% of net sales appreciated by more than 4%. The growth at constant currencies was 15.6%. Both the Drug Substances (+14.9%) as well as Drug Products (+6.6%) cluster contributed to the growth. After the acquisition of the two Drug Products plants in Spain, the Drug Products cluster has a significantly higher EUR net sales portion compared to the group as a whole, resulting in a significantly stronger currency headwind in 2022.
Core gross profit increased to 318.9 million Swiss francs, a significant improvement in the core gross profit margin from 21.7% in the previous year to 25.9% in the year under review.
Core EBITDA (272.5 million Swiss francs, +31.5%), Core EBIT (190.8 million Swiss francs, +53.3%) and Core net profit (127.8 million Swiss francs, +34.1%) again developed very positively. This was reflected accordingly in an increase in margins: the core EBITDA margin was 22.2% (previous year: 18.8%). The core EBIT margin (15.5%) also increased compared to the previous year (11.3%).
The core results exclude extraordinary expenses and income in a transparent and easy to understand way enabling the market participants to better understand the company's operational performance and allowing a better comparison across periods. In 2022, Swiss GAAP FER results were significantly affected by a strong increase of interest rates in the euro area, leading to reduction of the pension obligations from foreign pension plans and a technical and non-cash increase of the operating income. The core results have been corrected for that effect (- 47.2 million Swiss francs). In addition, 1.2 million Swiss francs of interest expenses on these foreign pension plans were reclassified to financial expens- es, and 6.0 million Swiss francs of non-recurring restructuring cost enhancing the operational performance on selected sites were adjusted. In 2022, no transaction or integration cost were adjusted.
04 | Siegfried Annual Report 2022 |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Siegfried Holding AG published this content on 22 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 February 2023 04:06:02 UTC.
