Key figures not defined by Swiss GAAP FER
"Order intake" refers to receiving or processing a customer's order. It must only be recognized if a binding order or order confirmation is received.
"Orders on hand" at the end of the period equal orders on hand at the end of the previous period plus order intake of the reporting period minus gross sales of the reported period.
"Sales growth" refers to the growth in sales in comparison to the previous year period.
"Organic growth" refers to the growth in sales adjusted for the impacts from movements in foreign currencies as well as impacts from changes in the scope of consolidation in comparison to the previous year period.
Mid-Year Report | ||||||||||||
Corporation | GF Piping Systems | GF Casting Solutios | GF Machining Solutions | |||||||||
CHF million | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 |
Sales actual | 1'528 | 1'915 | 2'396 | 845 | 921 | 947 | 328 | 521 | 924 | 355 | 474 | 525 |
Sales previous year | 1'915 | 2'396 | 1'992 | 921 | 947 | 826 | 521 | 924 | 723 | 474 | 525 | 444 |
Sales growth in % | -20.2 | -20.1 | 20.3 | -8.3 | -2.7 | 14.6 | -37.0 | -43.6 | 27.8 | -25.1 | -9.7 | 18.2 |
Acquisitions in % | 0.2 | 1.4 | 3.5 | 0.4 | - | 1.2 | - | 4.7 | 7.7 | - | 0.2 | 0.7 |
Divestments in % | -2.2 | -14.7 | - | - | - | - | -8.1 | -38.1 | - | - | - | - |
Currency impact in % | -4.7 | -2.1 | 4.9 | -5.4 | -2.5 | 2.3 | -3.9 | -2.4 | 8.7 | -3.9 | -1.0 | 3.4 |
Organic growth in % | -14.0 | -5.5 | 11.9 | -3.1 | -0.2 | 11.1 | -27.6 | -11.1 | 11.3 | -21.3 | -9.0 | 14.2 |
Annual Report | ||||||||
Corporation | GF Piping Systems | GF Casting Solutions | GF Machining Solutions | |||||
CHF million | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 |
Sales actual | 3'720 | 4'572 | 1'802 | 1'821 | 949 | 1'687 | 972 | 1'066 |
Sales previous year | 4'572 | 4'150 | 1'821 | 1'678 | 1'687 | 1'482 | 1'066 | 992 |
Sales growth in % | -18.6 | 10.2 | -1.0 | 8.5 | -43.7 | 13.8 | -8.8 | 7.5 |
Acquisitions in % | 0.8 | 3.3 | 0.1 | 0.7 | 2.6 | 8.2 | - | 0.6 |
Divestments in % | -13.8 | -1.0 | - | - | -37.5 | -2.7 | - | - |
Currency impact in % | -2.2 | 1.4 | -2.5 | -0.5 | -2.7 | 3.6 | -1.4 | 1.4 |
Organic growth in % | -4.1 | 6.5 | 1.3 | 8.2 | -9.7 | 5.2 | -7.5 | 5.4 |
"Gross value added" includes all operating income less cost of materials and products, changes in inventory, and operating expenses. As the subtotal “Gross value added” is an important key figure to GF, it is reported separately in the income statement.
"EBITDA" corresponds to the operating result (EBIT) before depreciation on tangible fixed assets and amortization on intangible assets.
Mid-Year Report | ||||||||||||
Corporation | GF Piping Systems | GF Casting Solutions | GF Machining Solutions | |||||||||
CHF million | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 |
EBIT | 57 | 139 | 208 | 94 | 117 | 115 | -32 | 6 | 60 | 1 | 24 | 42 |
Depreciation | 58 | 74 | 72 | 24 | 24 | 26 | 25 | 42 | 37 | 6 | 6 | 6 |
Amortization | 3 | 3 | 2 | 1 | 1 | 1 | 1 | 1 | - | 1 | 1 | 1 |
EBITDA | 118 | 216 | 282 | 119 | 142 | 142 | -6 | 49 | 97 | 8 | 31 | 49 |
Annual Report | ||||||||
Corporation | GF Piping Systems | GF Casting Solutions | GF Machining Solutions | |||||
CHF million | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 |
EBIT | 235 | 382 | 214 | 217 | -24 | 86 | 57 | 88 |
Depreciation | 133 | 142 | 47 | 50 | 70 | 73 | 12 | 12 |
Amortization | 6 | 5 | 3 | 2 | 2 | 1 | 2 | 2 |
EBITDA | 374 | 529 | 264 | 269 | 48 | 160 | 71 | 102 |
"One-offs" refer to impacts arising from one-time occurrence of a specific transaction which are not expected to occur again in the future.
Mid-Year Report | ||||||||||||
Corporation | GF Piping Systems | GF Casting Solutions | GF Machining Solutions | |||||||||
CHF million | Jan.-June 2020 |
Jan.-June 2019 | Jan.-June 2018 | Jan.-June 2020 |
Jan.-June 2019 | Jan.-June 2018 | Jan.-June 2020 |
Jan.-June 2019 | Jan.-June 2018 | Jan.-June 2020 |
Jan.-June 2019 | Jan.-June 2018 |
Loss from deconsolidation GF Casting Solutions Herzogenburg Iron GmbH | ||||||||||||
Loss from relocation of foundry activities from GF Casting Solutions Werdohl GmbH | 7 | 14 | 7 | 14 | ||||||||
Total one-offs | 7 | 14 | 7 | 14 |
Annual Report | ||||||||
Corporation | GF Piping Systems | GF Casting Solutions | GF Machining Solutions | |||||
CHF million | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 |
Loss from deconsolidation GF Casting Solutions Herzogenburg Iron GmbH | 9 | 9 | ||||||
Loss from relocation of foundry activities from GF Casting Solutions Werdohl GmbH | 37 | 37 | ||||||
Total one-offs | 46 | 46 |
"EBIT before one-offs" correspond to the operating result (EBIT) before one-off transactions. It is defined as:
+/- Operating result (EBIT)
+ One-offs
Mid-Year Report | ||||||||||||
Corporation |
GF Piping Systems |
GF Casting Solutions |
GF Machining Solutions |
|||||||||
CHF million | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 |
EBIT | 57 | 139 | 208 | 94 | 117 | 115 | -32 | 6 | 60 | 1 | 24 | 42 |
One-offs | 7 | 14 | 7 | 14 | ||||||||
EBIT before one-offs | 64 | 153 | 208 | 94 | 117 | 115 | -25 | 20 | 60 | 1 | 24 | 42 |
Annual Report | ||||||||
Corporation | GF Piping Systems | GF Casting Solutions | GF Machining Solutions | |||||
CHF million | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 |
EBIT | 235 | 382 | 214 | 217 | -24 | 86 | 57 | 88 |
One-offs | 46 | 46 | ||||||
EBIT before one-offs | 281 | 382 | 214 | 217 | 22 | 86 | 57 | 88 |
The "EBIT after taxes" corresponds to the operating result (EBIT) after current taxes. It is defined as:
+/– Operating result (EBIT)
– Current taxes
Mid-Year Report | ||||||||||||
Corporation |
GF Piping Systems |
GF Casting Solutions |
GF Machining Solutions |
|||||||||
CHF million | Jan.-June 2020 |
Jan.-June 2019 | Jan.-June 2018 | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 |
EBIT | 57 | 139 | 208 | 94 | 117 | 115 | -32 | 6 | 60 | 1 | 24 | 42 |
Current taxes | -20 | -31 | -38 | -21 | -22 | -21 | 10 | - | -4 | - | -4 | -7 |
EBIT after taxes | 38 | 108 | 170 | 73 | 95 | 94 | -22 | 6 | 56 | 1 | 20 | 35 |
EBIT after taxes*) | 75 | 216 | 339 | 147 | 189 | 188 | -44 | 11 | 111 | 2 | 39 | 69 |
Annual Report | ||||||||
Corporation | GF Piping Systems | GF Casting Solutions | GF Machining Solutions | |||||
CHF million | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 |
EBIT | 235 | 382 | 214 | 217 | -24 | 86 | 57 | 88 |
Current taxes | -51 | -51 | -36 | -32 | 2 | -4 | -9 | -15 |
EBIT after taxes | 184 | 331 | 178 | 185 | -22 | 82 | 48 | 73 |
*) 12 months annualized
"Free cash flow" consists of cash flow from operating activities together with cash flow from investing activities and is reported separately in the cash flow statement. It is defined as:
+/- Cash flow from operating activities
+/- Cash flow from investing activities
"Free cash flow before acquisition/divestments" excludes the cash effective movements arising from acquisitions/divestments. It is defined as:
+/- Free cash flow
+/- Cash flow from acquisitions/divestments
Mid-Year Report | |||
Corporation | |||
CHF million | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 |
Cash flow from operating activities | -3 | 10 | 46 |
Cash flow from investing activities | -76 | -71 | -243 |
Free cash flow | -79 | -61 | -197 |
Cash flow from acquisitions/divestments | -6 | -3 | -142 |
Free cash flow before acquisitions/divestments | -73 | -58 | -55 |
Annnual Report | ||
Corporation | ||
CHF million | 2019 | 2018 |
Cash flow from operating activities | 318 | 397 |
Cash flow from investing activities | -186 | -404 |
Free cash flow | 132 | -7 |
Cash flow from acquisitions/divestments | -5 | -154 |
Free cash flow before acquisitions/divestments | 137 | 147 |
"Net debt" describes the interest-bearing liabilities minus cash and cash equivalents and marketable securities. It is defined as:
+ Interest-bearing financial liabilities
- Cash and cash equivalents
- Marketable securities
Mid-Year Report | |||
Corporation | |||
CHF million | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 |
Financial liabilities | 515 | 147 | 200 |
Bonds | 574 | 574 | 724 |
Loans from pension fund institutions | 2 | 22 | 28 |
Other liabilities | 102 | 81 | 62 |
Interest-bearing financial liabilities | 1'193 | 824 | 1'014 |
Cash and cash equivalents | 3 | 409 | 528 |
Marketable securities | 770 | 11 | 6 |
Net debt | 420 | 404 | 480 |
Annual Report | ||
Corporation | ||
CHF million | 2019 | 2018 |
Financial liabilities | 95 | 126 |
Bonds | 574 | 574 |
Loans from pension fund institutions | 1 | 4 |
Other liabilities | 92 | 76 |
Interest-bearing financial liabilities | 762 | 780 |
Cash and cash equivalents | 521 | 533 |
Marketable securities | 9 | 9 |
Net debt | 232 | 238 |
"Net debt-to-EBITDA" ratio indicates how many years it would take to pay back its debt if "Net debt" and "EBITDA" are held constant. It is defined as:
Net debt divided by EBITDA
Mid-Year Report | |||
Corporation | |||
CHF million | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 |
Net debt | 420 | 404 | 480 |
EBITDA*) | 276 | 463 | 538 |
Net debt-to-EBITDA | 1.5 | 0.9 | 0.9 |
Annual Report | ||
Corporation | ||
CHF million | 2019 | 2018 |
Net debt | 232 | 238 |
EBITDA | 374 | 529 |
Net debt-to-EBITDA | 0.6 | 0.4 |
*) 12 months rolling
The "Equity ratio" shows how much of the Corporation's assets are funded by equity. It is defined as:
Shareholders' equity in relation to liabilities and shareholders' equity
Mid-Year Report | |||
Corporation | |||
CHF million | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 |
Equity | 1'328 | 1'396 | 1'339 |
Liabilities and equity | 3'596 | 3'412 | 3'858 |
Equity ratio in % | 37 | 41 | 35 |
Annual Report | ||
Corporation | ||
CHF million | 2019 | 2018 |
Equity | 1'438 | 1'428 |
Liabilities and equity | 3'344 | 3'444 |
Equity ratio in % | 43 | 41 |
The "Return on equity" represents the profitability on shareholders' equity. It is defined as: net profit in relation to average shareholders' equity incl. non-controlling interests
Mid-Year Report | |||
Corporation | |||
CHF million | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 |
Net profit*) | 62 | 204 | 308 |
avrg. Equity | 1'383 | 1'412 | 1'354 |
Return on equity in % | 4.5 | 14.4 | 22.8 |
Annual Report | ||
Corporation | ||
CHF million | 2019 | 2018 |
Net profit | 172 | 279 |
avrg. Equity | 1'433 | 1'399 |
Return on equity in % | 12.0 | 19.9 |
*) 12 months annualized
"Capex" measures the addition in property, plant, and equipment.
The "Net working capital (NWC)" is the difference between the Corporation's current assets and current liabilities. It is defined as:
+ Inventories
+ Trade accounts receivable
+ Prepayments to creditors
- Accounts payable
- Prepayments from customers
Mid-Year Report | |||
Corporation | |||
CHF million | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 |
Inventories | 746 | 830 | 908 |
Trade accounts receivable | 616 | 750 | 909 |
Prepayments to creditors | 16 | 21 | 25 |
Accounts payable | 389 | 481 | 613 |
Prepayments from customers | 51 | 60 | 63 |
Net working capital | 938 | 1'060 | 1'166 |
Annual Report | ||
Corporation | ||
CHF million | 2019 | 2018 |
Inventories | 751 | 779 |
Trade accounts receivable | 597 | 697 |
Prepayments to creditors | 23 | 22 |
Accounts payable | 466 | 498 |
Prepayments from customers | 49 | 74 |
Net working capital | 856 | 926 |
The "Invested Capital (IC)" is an indicator that measures total capital invested by shareholders, lenders and any other financing sources. It is defined as:
+/- Net working capital
+ Income taxes receivable
+ Other accounts receivable
+ Property, plant, and equipment for own use
+ Intangible assets
- Provisions
- Current tax liabilities
- Accrued liabilities and deferred income
- Pension benefit obligations
- Other liabilities
Mid-Year Report | |||
Corporation | |||
CHF million | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 |
Net working capital | 938 | 1'060 | 1'166 |
Income taxes receivable | 21 | 17 | 11 |
Other accounts receivable | 94 | 82 | 95 |
Property, plant, and equipment for own use | 1'040 | 1'037 | 1'201 |
Intangible assets | 33 | 35 | 33 |
Provisions | 148 | 147 | 176 |
Current tax liabilities | 51 | 57 | 67 |
Accrued liabilities and deferred income | 231 | 245 | 281 |
Pension benefit obligations | 53 | 49 | 130 |
Other liabilities | 98 | 91 | 125 |
Rounding | - | - | 1 |
Invested capital | 1'545 | 1'642 | 1'728 |
Annual Report | ||
Corporation | ||
CHF million | 2019 | 2018 |
Net working capital | 856 | 926 |
Income taxes receivable | 22 | 11 |
Other accounts receivable | 76 | 77 |
Property, plant, and equipment for own use | 1'054 | 1'046 |
Intangible assets | 34 | 34 |
Provisions | 155 | 149 |
Current tax liabilities | 47 | 57 |
Accrued liabilities and deferred income | 234 | 253 |
Pension benefit obligations | 50 | 47 |
Other liabilities | 85 | 95 |
Rounding | 2 | 1 |
Invested capital | 1'473 | 1'494 |
The "ROIC" measures the Corporation’s ability to efficiently use invested capital. It is defined as: EBIT after taxes divided by average invested capital multiplied with 100. The average invested capital is calculated by adding the invested capital at the beginning of the period to that at the end of the period and dividing the sum by 2 (based on a rolling 12-months calculation).
Mid-Year Report | ||||||||||||
Corporation | GF Piping Systems | GF Casting Solutions | GF Machining Solutions | |||||||||
CHF million | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 |
EBIT after taxes*) | 75 | 216 | 339 | 147 | 189 | 188 | -44 | 11 | 111 | 1 | 39 | 69 |
avrg. Invested capital | 1'509 | 1'568 | 1'600 | 705 | 738 | 735 | 485 | 540 | 537 | 252 | 267 | 279 |
ROIC in % | 5.0 | 13.8 | 21.2 | 20.8 | 25.6 | 25.6 |
-9.0 |
2.0 | 20.7 | 0.5 | 14.6 | 24.7 |
Annual Report | ||||||||
Corporation | GF Piping Systems | GF Casting Solutions | GF Machining Solutions | |||||
CHF million | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 |
EBIT after taxes | 184 | 331 | 178 | 185 | -22 | 82 | 48 | 73 |
avrg. Invested capital | 1'484 | 1'480 | 682 | 679 | 504 | 508 | 261 | 265 |
ROIC in % | 12.4 | 22.4 | 26.1 | 27.2 | -4.4 | 16.1 | 18.4 | 27.5 |
*) 12 months annualized
The "Asset turnover" shows how frequently invested capital is turned over during the period under review. It is defined as: sales in relation to average invested capital.
Mid-Year Report | |||
Corporation | |||
CHF million | Jan.-June 2020 | Jan.-June 2019 | Jan.-June 2018 |
Sales *) | 3'056 | 3'830 | 4'792 |
avrg. Invested capital | 1'509 | 1'568 | 1'600 |
Asset turnover | 2.0 | 2.4 | 3.0 |
Annual Report | ||
Corporation | ||
CHF million | 2019 | 2018 |
Sales | 3'720 | 4'572 |
avrg. Invested capital | 1'484 | 1'480 |
Asset turnover | 2.5 | 3.1 |
*) 12 months annualized
"Research and Development" refers to innovative activities in developing new services or products, or improving existing services or products.