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Sika Annual Report 2011 1 → Content Online Annual Report 2011 → www.annualreport.sika.com 2011 � Sika Annual Report For Jean Nouvel, a 32000 m² façade clad with 6500 perfectly jointed glass panels. � For Daniel Libeskind, a 1400 m² roof that Freedom of Design Acceleration The precision-designed Sikasil® silicone joints are essential to Sika superplasticizers and shrinkage-reducing admixtures were the glass façade's filigree aesthetic, rigorous color scheme and instrumental in delivering a handsome fair-faced concrete finish environmental control performance. and to keep the tight construction schedule. reads as a fifth façade, sloping at 37° from 90 to 180 meters in height. Turning architects’ visions into reality, drawing on in-depth experience and know-how to translate ideas into buildings and works of art – that is one side to Sika's definition of customer focus. The other is to offer variety, deliver quality and build trust. In all aspects of technology, materials and practical application. Its mission is to create fresh scope for ideas, formal designs and connecting assemblies which, in many cases, are still waiting to be discovered. Sika Annual Report 2011 1 → Content Content Robust Growth Customer Focus 3 Letter to Shareholders 66 Freedom of Design 72 i-Cure Technology Investing in Sika 75 Acceleration 7 Stock price development 9 Risk Management Financial Report 80 Consolidated Financial Statements Strategy & Focus 85 Appendix to the Consolidated 13 Group Strategy Financial Statements 14 The Sika Brand 133 Five-Year Reviews 15 Customers & Markets 140 Sika AG Financial Statements 18 Products & Innovation 22 Sustainable Development 24 Acquisitions & Investments Financial Calendar Imprint Performance 27 Group Report Targets 28 Group Report Group 30 Group Report Regions 35 Group Report Outlook 36 Sustainability Report and Social Responsibility Leadership 43 Organization & Leadership 44 Organizational Diagram 45 Group Management 49 Board of Directors 51 Employees 53 Corporate Governance IV Sika Annual Report 2011 → Brief Overview Brief Overview � Net sales Growth in local Operating profit as % of Net profit as % of Operating free as % of (consolidated) currencies before depreciation net sales after taxes net sales cash flow net sales in CHF mn in % in CHF mn in % in CHF mn in % in CHF mn in % 5 000 15 750 15 500 8 500 10 4 000 10 600 14 400 7 400 8 3 000 5 450 13 300 6 300 6 2 000 0 300 12 200 5 200 4 1 000 -5 150 11 100 4 100 2 0 -10 0 10 0 3 0 0 07 08 09 10 11 07 08 09 10 11 07 08 09 10 11 07 08 09 10 11 Sika Group in CHF mn 2010 as % of 2011 as % of net sales net sales Net sales 4 416.0 4 556.4 Gross result 2 384.9 54.0 2 304.6 50.6 Operating profit before depreciation (EBITDA) 576.7 13.1 477.4 10.5 Operating profit (EBIT) 439.2 9.9 347.1 7.6 Net profit after taxes 310.6 7.0 214.8 4.7 Operating free cash flow 332.2 7.5 186.1 4.1 Capital expenditures 99.9 2.3 117.1 2.6 Balance sheet total 3 940.8 3 830.4 Shareholders' equity 1 759.6 1 839.1 Equity ratio in % 44.7 48.0 ROCE in % 21.3 15.6 Earnings per share in CHF 124.48 85.06 Number of employees 13 482 15 254 Energy consumption in MJ per ton sold 1 259 1 505 CO₂ emissions in 1 000 tons 29 000 31 000 Water consumption in 1 000 m³ 2.0 2.0 Net sales by Region Net sales by market (consolidated) in CHF (consolidated) in CHF Europe North 1 336 mn (29.3%) Construction 3 691 mn (81.0%) Europe South 813 mn (17.8%) Industry 865 mn (19.0%) North America 614 mn (13.5%) 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 556 mn Total Latin America 507 mn (11.1%) IMEA* 264 mn (5.8%) Asia/Pacific 777 mn (17.1%) Other segments 245 mn (5.4%) and activities 0 250 500 750 1 000 1 250 1 500 4 556 mn Total * India, Middle East, Africa ROCE* Energy consumption CO₂ emissions Water consumption in % in MJ per ton sold in 1 000 tons in 1 000 cubic meters 25 500 500 500 20 400 400 400 15 300 300 300 10 200 200 200 5 100 100 100 0 0 0 0 07 08 09 10 11 07 08 09 10 11 07 08 09 10 11 07 08 09 10 11 Portrait and core competencies. Bonding Bonding ensures the permanent, elastic and structur- Sika AG, located in Baar, Switzerland, is a globally active specialty ally continuous connection of different materials. Innovative chemicals company. Sika supplies the building and construction processes are used to bond vehicle components, window assem- industry as well as manufacturing industries (automotive, bus, blies or even concrete bridge units weighing several tons. Sika’s truck, rail, alternative energies, building components). Sika is a bonding technology enhances the safety of end products while leader in processing materials used in sealing, bonding, damp- increasing design freedom. These applications may also be used ing, reinforcing and protecting load-bearing structures. to optimize manufacturing processes and reduce cycle times. Sika’s product lines feature high-quality concrete admixtures, Damping Damping reduces vibrations of all frequencies in fixed specialty mortars, sealants and adhesives, damping and rein- and moving objects, thereby lowering resonance and noise emis- forcing materials, structural strengthening systems, industrial sion in load-bearing structures and cavities. The attenuation of flooring as well as roofing and waterproofing systems. World- noise, for instance, in vehicle interiors – in cars, on buses or on wide local presence in 76 countries and some 15 300 employees cruise ships – significantly increases the comfort of drivers and link customers directly to Sika and guarantee the success of all passengers alike. partners. Sika generates annual sales of CHF 4.556 billion. Reinforcing Reinforcing components are strategically incorpo- Sealing Sealing minimizes the infiltration of gases and liquids rated in structures to improve their resistance to static and dy- through voids and cavities as well as the transmission, spread namic loads. Applications range from lightweight window frames or loss of heat. Large expanses of flat roofing, complex tunnel and crash-resistant car bodies to monumental concrete bridges. systems, damage-prone water-retaining structures and sophisti- These solutions can be used to strengthen existing and optimize cated wall-cladding assemblies are durably weatherproofed and new-build load-bearing structures. made resistant to temperature fluctuations, aging and vibration – thereby enhancing the functionality and comfort of the interior Protecting Protective elements increase the durability of load- environment. bearing structures and help to preserve the fabric of new and renovated facilities. Sika’s solutions guarantee long-term pro- tection for concrete and steelwork assemblies against climatic conditions, chemical action, pollution and fire. → Net sales in local currencies were up 15.5% compared to → Acquisitions are an important element of the growth previous year. strategy. In 2011 Sika acquired eight companies. → Sika continued to gain market share worldwide. → In 2011 Sika increased its equity ratio to 48.0%. → Sika posted double-digit growth in all regions → Sika is confident that in the 2012 business year it will except Europe South. generate continued growth and improve margins. * Return On Capital Employed 2 Sika Annual Report 2011 → Robust Growth Robust growth despite challenging markets. Sika achieved impressive growth of 15.5% in local currencies and posted Robust Growth double-digit expansion in all regions except Europe South. Sika recorded a decrease in profits. The huge increase in raw material prices and unfavorable exchange rate developments pressured our margins, with the result that profit was appreciably lower than in the previous year. We expect challenging market conditions to continue in 2012, but remain cautiously optimistic. Sika Annual Report 2011 3 → Robust Growth Letter to Shareholders � Market development In many countries large infrastructure projects had The Sika Group had a positive start to 2011. The con- a positive effect on Sika’s sales. Examples include struction industry made the most of a warm winter in construction activity in connection with the European Europe. In particular the Region Europe North bene- Football Championships in Poland and Ukraine in 2012 fited from the favorable conditions, and business in and investment in large infrastructure projects such Germany continued on its solid development path. as dams and power plants in the USA. In summer the escalating debt crisis in the euro zone started to unsettle markets in the Mediterranean The industrial markets, in particular motor vehicle area. The austerity measures of the governments in production, recovered surprisingly quickly from the Greece, Portugal, Ireland, Spain, and Italy began to 2008–2009 crisis. In 2011 there were no signs of this weigh on domestic demand and construction activity development slowing. Indeed, Germany’s automotive in these countries. industry enjoyed a record year and the three large US car makers rebounded strongly and regained In the stagnating North American market we achieved market share. double-digit growth, thanks mainly to cooperation in the project business with Greenstreak, a company Higher sales, lower profit acquired in 2010, and record results in the roof mem- The satisfactory development in sales as measured brane business. in local currency (+ 15.5%) was only possible owing to worldwide gains in market share. However, this result By harnessing the unbroken momentum in the was impacted by developments in the currency mar- emerging markets of Asia and Latin America we kets. On account of the unfavorable exchange rate were able to post well above-average growth in development, sales in Swiss francs increased by only these markets.
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