CPH Annual Report 2018

Financial statements

Consolidated income statement

	Note	2018	2017
Net sales	1	533 543	469 767
Changes to semi-finished and finished inventories		6 991	− 12 204
Other operating income	2	6 549	5 041
Goods and services on own account		291	615
Total income		547 374	463 219
Cost of materials		269 819	247 891
Energy costs		55 283	54 216
Personnel cost	3	92 337	84 471
Outsourced maintenance/repairs		18 833	16 507
Other operating expense	4	27 981	26 373
Earnings before interest, taxes, depreciation and amortization (EBITDA)		83 121	33 761
Depreciation on tangible fixed assets	17	30 396	30 141
Depreciation on intangible assets	16	1 092	719
Earnings before interest and taxes (EBIT)		51 633	2 901
Financial income	6	710	1 619
Financial expense	7	6 686	8 223
Financial result		− 5 976	− 6 604
Earnings before taxes and non-operating/extraordinary items		45 657	− 3 703
Non-operating result	8	60	22 840
Extraordinary result	9	0	0
Earnings before taxes		45 717	19 137
Income taxes	10	3 437	2 950
Net result for the year		42 280	16 187
− attributable to shareholder of CPH Chemie + Papier Holding AG		42 293	15 983
− attributable to minorities		− 13	204

in CHF	Note	2018	2017
Net result after minorities per share	33	7.05	2.66
Diluted net result per share	33	7.05	2.66

Consolidated balance sheet

		31.12.2018		31.12.2017
	Note	in CHF thousand	in %	in CHF thousand	in %
Assets
Liquid funds	11	89 018	11	80 145	11
Securities	11	29	0	38	0
Trade accounts receivable	12	72 052	9	77 819	11
Other receivables	13	13 065	2	18 010	3
Prepaid expenses and accrued income		9 162	1	6 997	1
Inventories	14	69 649	9	59 215	8
Short-term financial receivables	15	100 322	13	21	0
Total current assets		353 297	44	242 245	35
Intangible assets	16	5 842	1	4 822	1
Tangible fixed assets	5/17	376 054	47	384 051	55
Long-term financial assets	18	10 000	1	10 000	1
Assets from employer contribution reserves	19	11 078	1	10 993	2
Pension scheme assets	3/19	11 406	1	11 606	2
Other long-term receivables	20	31 803	4	33 342	5
Prepaid taxes		989	0	493	0
Total fixed assets		447 172	56	455 307	65
Total assets		800 469	100	697 552	100
Equity and liabilities
Trade accounts payable	21	69 746	9	69 529	10
Other payables	22	4 077	1	3 348	0
Accrued liabilities and deferred income	23	20 001	2	17 163	2
Short-term financial liabilities	24/26	5 788	1	9 802	1
Corporate bonds issued	24/26	120 000	15	0	0
Short-term provisions	25	1 204	0	5 555	1
Total current liabilities		220 816	28	105 397	15
Long-term financial liabilities	26	20 471	3	23 473	3
Corporate bonds issued	26	100 000	12	120 000	17
Pension scheme liabilities	19	1 270	0	564	0
Other long-term liabilities		816	0	49	0
Long-term provisions	27	49 952	6	51 824	7
Total long-term liabilities		172 509	21	195 910	28
Total liabilities		393 325	49	301 307	43
Share capital		12 000	1	30 000	4
Capital reserves		14 975	2	845	0
Treasury shares	34	− 84	0	− 96	0
Profit reserves		336 304	42	346 543	50
Net result for the year		42 293	5	15 983	2
Total equity excluding minorities		405 488	51	393 275	56
Minorities		1 656	0	2 970	1
Total equity including minorities		407 144	51	396 245	57
Total equity and liabilities		800 469	100	697 552	100

Consolidated cash flow statement

	Note	2018	2017
Net result for the year (including minorities)		42 280	16 187
Depreciation on tangible and intangible assets	16/17	31 488	30 860
Impairments to inventories and replacement parts	14	240	− 3 491
Loss/(Profit) on fixed-asset sales		− 348	− 22 678
Change in employer contribution reserves, pension scheme assets/liabilities		821	− 3 231
Book gains on securities		9	3
Increase in/(Release of) short-term provisions	25	30	336
Increase in/(Release of) long-term provisions	27	− 762	− 695
Use of provisions	25/27	− 5 382	− 2 618
Increase impairments to trade accounts receivable	12	428	− 211
Release of/(Increase in) prepaid taxes		157	5
Cash flow		68 961	14 467
Decrease/(Increase) in securities		0	1
Decrease/(Increase) in trade accounts receivable	12	5 017	− 7 711
Decrease/(Increase) in other receivables and prepaid expenses		− 2 722	− 5 275
Decrease/(Increase) in inventories	14	− 8 568	13 608
Increase/(Decrease) in trade accounts payable	21	− 1 129	15 769
Increase/(Decrease) in other and accrued liabilities	22/23	2 731	1 331
Decrease/(Increase) in net current assets		− 4 671	17 723
Cash flow from operating activities		64 290	32 190
Investments in tangible fixed assets	17	− 22 299	− 32 314
Disposals of tangible fixed assets	17	6 314	15 391
Investments in intangible assets	16	− 2 167	− 2 410
Investments in business activities	28	− 27 864	0
Cash flow from investment activities		− 46 016	− 19 333
Free cash flow		18 274	12 857
Increase/(Decrease) in short-term financial liabilities and receivables	15/24	− 104 315	1 034
Increase in corporate bonds issued	26	100 000	0
Increase/(Decrease) in long-term financial liabilities	26	− 3 002	− 566
Increase/(Decrease) in other long-term liabilities and receivables		2 036	152
Treasury share purchases/sales	34	41	6
Dividends to shareholders		− 3 899	− 3 899
Cash flow from financing activities		− 9 139	− 3 273
Currency translation effects		− 262	216
Net change in cash and cash equivalents		8 873	9 800
Cash and cash equivalents at 1 January		80 145	70 345
Change		8 873	9 800
Cash and cash equivalents at 31 December		89 018	80 145

Consolidated statement of changes in equity

in CHF thousand	Share capital	Capital reserves	Treasury shares	Goodwill	Retained earnings	Equity excluding minorities	Minorities	Equity including minorities
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
Dividends to shareholders		− 3 899				− 3 899		− 3 899
Goodwill offset with equity				− 23 833		− 23 833		− 23 833
Change in minorities						0	− 1 176	− 1 176
Nominal value reduction	− 18 000	18 000				0		0
Net result for current year					42 293	42 293	− 13	42 280
Treasury share purchases			− 1 306			− 1 306		− 1 306
Treasury share sales		29	1 318			1 347		1 347
Impact of currency translation					− 2 389	− 2 389	− 125	− 2 514
As at 31.12.2018	12 000	14 975	− 84	− 61 736	440 333	405 488	1 656	407 144

The statutory reserves of the holding company and its subsidiaries amounted to CHF 46.6 million on 31 December 2018 (prior year: CHF 30.7 million). Of this amount, CHF 14.6 million (prior year: CHF 17.3 million) cannot be distributed.

The company held 1 063 treasury shares on 31 December 2018 (prior year: 1 766). For further details see Note 34.

As a result of the acquisitions of various companies, goodwill amounting to CHF 23.8 million was offset against equity in 2018 (see Notes 16 and 28).

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