Financial statements

Consolidated income statement

in CHF thousand	Note	2017	2016
Net sales	1	469 767	434 835
Changes to semi-finished and finished inventories		− 12 204	13 329
Other operating income	2	5 041	5 967
Goods and services on own account		615	144
Total income		463 219	454 275
Cost of materials		247 891	231 967
Energy costs		54 216	54 149
Personnel cost	3	84 471	88 969
Outsourced maintenance/repairs		16 507	17 510
Other operating expense	4	26 373	24 745
Earnings before interest, taxes, depreciation and amortization (EBITDA)		33 761	36 935
Depreciation on tangible fixed assets	16	30 141	30 535
Depreciation on intangible assets	15	719	509
Earnings before interest and taxes (EBIT)		2 901	5 891
Financial income	6	1 619	645
Financial expense	7	8 223	5 711
Financial result		− 6 604	− 5 066
Earnings before taxes and non-operating/extraordinary items		− 3 703	825
Non-operating result	8	22 840	134
Extraordinary result	9/16/24/26	0	− 4 398
Earnings before taxes		19 137	− 3 439
Income taxes	10/26	2 950	4 275
Net result for the year		16 187	− 7 714
− attribuable to shareholder of CPH Chemie + Papier Holding AG		15 983	− 7 905
− attribuable to minorities		204	191

in CHF	Note	2017	2016
Net result after minorities per share	32	2.66	− 1.32
Diluted net result per share	32	2.66	− 1.32

Consolidated balance sheet

		31.12.2017		31.12.2016
	Note	in CHF thousand	in %	in CHF thousand	in %
Assets
Liquid funds	11	80 145	11	70 345	10
Securities	11	38	0	42	0
Trade accounts receivable	12	77 819	11	69 065	10
Other receivables	13	18 010	3	8 852	1
Prepaid expenses and accrued income		6 997	1	4 789	1
Inventories	14	59 215	8	68 939	10
Short-term financial receivables		21	0	91	0
Total current assets		242 245	35	222 123	33
Intangible assets	15	4 822	1	3 091	0
Tangible fixed assets	5/16	384 051	55	384 569	57
Long-term financial assets	17	10 000	1	10 000	1
Assets from employer contribution reserves	18	10 993	2	10 884	2
Pension scheme assets	3/18	11 606	2	9 010	1
Other long-term receivables	19	33 342	5	32 263	5
Prepaid taxes		493	0	487	0
Total fixed assets		455 307	65	450 304	67
Total assets		697 552	100	672 427	100
Equity and liabilities
Trade accounts payable	20	69 529	10	53 085	8
Other payables	21	3 348	0	8 275	1
Accrued liabilities and deferred income	22	17 163	2	16 450	2
Short-term financial liabilities	23/25	9 802	1	6 997	1
Short-term provisions	24	5 555	1	7 601	1
Total current liabilities		105 397	15	92 408	14
Long-term financial liabilities	25	23 473	3	25 580	4
Corporate bonds issued	25	120 000	17	120 000	18
Pension scheme liabilities	18	564	0	1 135	0
Other long-term liabilities		49	0	54	0
Long-term provisions	26	51 824	7	52 468	8
Total long-term liabilities		195 910	28	199 237	30
Total liabilities		301 307	43	291 645	43
Share capital		30 000	4	30 000	4
Capital reserves		845	0	4 804	1
Treasury shares	33	− 96	0	− 162	0
Profit reserves		346 543	50	351 364	52
Net result for the year		15 983	2	− 7 905	− 1
Total equity excluding minorities		393 275	56	378 101	56
Minorities		2 970	1	2 681	1
Total equity including minorities		396 245	57	380 782	57
Total equity and liabilities		697 552	100	672 427	100

Consolidated cash flow statement

in CHF thousand	Note	2017	2016
Net result for the year (including minorities)		16 187	− 7 714
Depreciation on tangible and intangible assets	15/16	30 860	31 044
Asset value impairments	16	0	2 732
Impairments to inventories and replacement parts	14	− 3 491	682
Loss/(Profit) on fixed-asset sales		− 22 678	− 7 507
Change in employer contribution reserves, pension scheme assets/liabilities		− 3 231	− 141
Book gains on securities		3	3
Increase in/(Release of) of short-term provisions	24	336	10 153
Increase in/(Release) of long-term provisions	26	− 695	474
Use of provisions	24/26	− 2 618	− 4 091
Increase in impairments to trade accounts receivable		− 211	2 093
Release of/(Increase in) of prepaid taxes		5	543
Cash flow		14 467	28 271
Decrease/(Increase) in securities		1	− 1
Decrease/(Increase) in trade accounts receivable	12	− 7 711	− 478
Decrease/(Increase) in other receivables and prepaid expenses		− 5 275	− 692
Decrease/(Increase) in inventories	14	13 608	− 13 059
Increase/(Decrease) in trade accounts payable	20	15 769	1 573
Increase/(Decrease) in other and accrued liabilities	21/22	1 331	6 261
Decrease/(Increase) in net current assets		17 723	− 6 396
Cash flow from operating activities		32 190	21 875
Investments in tangible fixed assets	16	− 32 314	− 20 720
Disposals of tangible fixed assets	16	15 391	20 503
Investments in intangible assets	15	− 2 410	− 1 242
Investments in business activities	27	0	− 18 478
Cash flow from investment activities		− 19 333	− 19 937
Free cash flow		12 857	1 938
Increase/(Decrease) in short-term financial liabilities and receivables	23	1 034	112
Increase/(Decrease) in long-term financial liabilities	25	− 566	19 021
Increase/(Decrease) in other long-term liabilities and receivables		152	− 378
Treasury share purchases/sales	33	6	− 2
Dividends to shareholders		− 3 899	− 3 598
Cash flow from financing activities		− 3 273	15 155
Currency translation effects		216	105
Net change in cash and cash equivalents		9 800	17 198
Cash and cash equivalents at 1 January		70 345	53 147
Change		9 800	17 198
Cash and cash equivalents at 31 December		80 145	70 345

Consolidated statement of changes in equity

in CHF thousand	Share capital	Capital reserves	Treasury shares	Goodwill	Retained earnings	Equity excluding minorities	Minor- ities	Equity including minorities
As at 31.12.2015	30 000	8 402	− 160	− 25 722	390 186	402 706	0	402 706
Dividends to shareholders		− 3 598				− 3 598		− 3 598
Goodwill offset with equity				− 12 181		− 12 181		− 12 181
Minorities acquired						0	2 609	2 609
Net result for current year					− 7 905	− 7 905	191	− 7 714
Treasury share purchases			− 797			− 797		− 797
Treasury share sales			795			795		795
Impact of currency translation					− 919	− 919	− 119	− 1 038
As at 31.12.2016	30 000	4 804	− 162	− 37 903	381 362	378 101	2 681	380 782
Dividends to shareholders		− 3 899				− 3 899		− 3 899
Net result for current year					15 983	15 983	204	16 187
Treasury share purchases			− 550			− 550		− 550
Treasury share sales		− 60	616			556		556
Impact of currency translation					3 084	3 084	85	3 169
As at 31.12.2017	30 000	845	− 96	− 37 903	400 429	393 275	2 970	396 245

The statutory reserves of the holding company and its subsidiaries amounted to CHF 20.3 million on 31 December 2017 (prior year: CHF 16.7 million). Of this amount, CHF 16.3 million (prior year: CHF 12.5 million) cannot be distributed.

The company held 1 766 treasury shares on 31 December 2017 (prior year: 1 934). For further details see Note 33.

Download financial statements as pdf