EMS CHEMIE : Earning document

Finance Report 2021

Excerpt from the

59th Annual Report 2021/2022

EMS-CHEMIE HOLDING AG

Domat/Ems Switzerland

Content

EMS Group	Share Performance		3
	Key Figures 2017 - 2021		4
	Consolidated Income Statement		5
	Consolidated Balance Sheet		6
	Consolidated Statement of Changes in Equity		7
	Consolidated Statement of Cash Flows		8
	Notes to the Consolidated Financial Statements	9	- 40
	Report of the Statutory Auditor on	41
	the Consolidated Financial Statements	- 52

Share Performance

			2021	2020	2019	2018	2017
Number of registered shares	23 389 028	23 389 028	23 389 028	23 389 028	23 389 028
	Shares entitled to dividend	23 389 028	23 389 028	23 389 028	23 389 028	23 381 277
	Treasury shares	0	0	0	0	0
Information per share (in CHF):
Dividend per share	21.00 1)	17.00	20.00	19.75	18.50
		Of which ordinary dividend	16.50	13.00	15.60	15.50	14.50
		Of which extraordinary dividend	4.50	4.00	4.40	4.25	4.00
	Earnings per share	23.53	18.57	22.54	22.22	20.59
	Cash flow per share 2)	26.01	21.12	25.01	24.61	22.98
	Equity per share 3)	76.91	68.32	71.09	69.48	65.20
	Stock prices 4)
		High	1 035.00	880.00	646.50	691.00	707.00
		Low	793.50	496.60	458.00	447.60	508.00
		At December 31	1 021.00	853.00	636.50	467.00	650.50
Market capitalisation on December 31 (CHF millions)	23 880.2	19 950.8	14 887.1	10 922.7	15 214.6

Registered shares are listed on the SIX Swiss Exchange.
	Security number	ISIN	Investdata/Reuters
EMS-CHEMIE	1.644.035	CH0016440353	EMSN

1. Proposal of the Board of Directors.
2. Cash flow = net income plus write-downs on intangible assets, property, plant and equipment plus value adjustments to securities.
3. Excluding non-controlling interests.
4. Source: SIX Swiss Exchange AG.

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Key Figures 2017 - 2021

CHF millions	2021	2020	2019	2018	2017
Net sales revenue	2 253.8	1 802.3	2 152.7	2 318.3	2 145.8
	Change in % against previous year	+25.1 %	−16.3 %	−7.1 %	+8.0 %	+8.2 %
	Change in local currencies	+24.6 %	−4.8 %	−2.1 %	+6.4 %	+7.5 %
	Of which in Switzerland	3.8 %	4.0 %	3.7 %	3.4 %	3.2 %
Net operating income (EBIT)	640.3	515.1	623.7	620.2	582.0
	Change in % against previous year	+24.3 %	−17.4 %	+0.6 %	+6.6 %	+6.3 %
	In % of net sales revenue	28.4 %	28.6 %	29.0 %	26.8 %	27.1 %
Net financial income	1.0	−4.4	−3.5	−2.0	0.9
Income taxes	88.5	71.1	88.4	95.8	98.5
Net income	552.9	439.7	531.9	522.3	484.4
	Change in % against previous year	+25.8 %	−17.3 %	+1.8 %	+7.8 %	+6.3 %
In % of net sales revenue	24.5 %	24.4 %	24.7 %	22.5 %	22.6 %
Cash flow 1)	608.3	494.0	584.9	575.5	537.4
	Change in % against previous year	+23.1 %	−15.5 %	+1.6 %	+7.1 %	+5.0 %
	In % of net sales revenue	27.0 %	27.4 %	27.2 %	24.8 %	25.0 %
Investments	79.9	48.3	62.9	60.2	49.3
	In % of cash flow	13.1 %	9.8 %	10.8 %	10.5 %	9.2 %
Balance sheet total	2 324.7	2 077.5	2 213.3	2 157.6	2 100.0
Assets
	Current assets	1 622.8	1 399.5	1 547.7	1 517.9	1 460.4
	Non-current assets	701.9	678.0	665.6	639.7	639.6
Equity and liabilities
	Current liabilities	380.2	290.7	351.9	365.2	390.6
	Non-current liabilities	116.1	162.6	175.8	147.8	158.9
	Equity 2)	1 798.9	1 597.8	1 662.7	1 625.1	1 525.0
		Balance sheet equity ratio	77.4 %	76.9 %	75.1 %	75.3 %	72.6 %
	Return on equity	30.6 %	27.2 %	31.7 %	32.0 %	31.6 %
Number of employees on December 313)	2 646	2 521	2 648	2 939	2 912

1. Cash flow = net income plus write-downs on intangible assets, property, plant and equipment plus value adjustments to securities.
2. Excluding non-controlling interests.
3. Excluding apprentices (2021: 134; 2020: 132; 2019: 129; 2018: 136; 2017: 138).

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Consolidated Income Statement

				2021	2020
			Notes	(CHF '000)	(CHF '000)
		Net sales revenue from goods and services		2 253 846	1 802 348
		Inventory changes, semi-finished and finished goods		69 264	(33 747)
		Capitalized costs and other operating income	1	28 887	30 699
		Material expenses		(1 308 594)	(917 396)
		Personnel expenses	2	(236 169)	(213 412)
		Other operating expenses	3	(111 467)	(99 035)
EARNINGS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (EBITDA)		695 767	569 457
	Depreciation and amortization	8, 24	(55 436)	(54 320)
NET OPERATING INCOME (EBIT)		640 331	515 137
	Financial income	5	2 261	581
	Financial expenses	6	(1 239)	(5 007)
NET INCOME BEFORE TAXES		641 353	510 711
	Income taxes	7	(88 476)	(71 050)
NET INCOME		552 877	439 661
Of which attributable to: Shareholders of EMS-CHEMIE HOLDING AG		550 320	434 340
		Non-controlling interests	18	2 557	5 321
Earnings per share in CHF:
	Basic	26	23.53	18.57
	Diluted	26	23.53	18.57

Consolidated Statement of Comprehensive Income

Net income recognized in income statement		552 877	439 661
		Actuarial gains from defined benefit pension plans, net of tax		34 812	1 368
	Items that will not be reclassified to income statement, net of tax		34 812	1 368
		Net changes from cash flow hedges, net of tax	15	24 664	(10 384)
		Currency translation differences		(10 228)	(23 407)
	Items that are or may be reclassified to profit or loss		14 436	(33 791)
	Other comprehensive income		49 248	(32 423)
COMPREHENSIVE INCOME		602 125	407 238
Of which attributable to: Shareholders of EMS-CHEMIE HOLDING AG		598 750	402 894
		Non-controlling interests	18	3 375	4 344

Reference numbers indicate corresponding Notes to the Consolidated Financial Statements.

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