Financials - CPH 2019

Financial statements

Consolidated income statement

	Note	2019	2018
Net sales	1	524 657	533 543
Changes to semi-finished and finished inventories		9 330	6 991
Other operating income	2	5 600	6 549
Goods and services on own account		87	291
Total income		539 674	547 374
Cost of materials		260 248	269 819
Energy costs		52 537	55 283
Personnel cost	3	92 902	92 337
Outsourced maintenance/repairs		19 913	18 833
Other operating expense	4	26 080	27 981
Earnings before interest, taxes, depreciation and amortization (EBITDA)		87 994	83 121
Depreciation on tangible fixed assets	16	30 225	30 396
Depreciation on intangible assets	15	1 169	1 092
Earnings before interest and taxes (EBIT)		56 600	51 633
Financial income	5	491	710
Financial expense	6	6 138	6 686
Financial result		– 5 647	– 5 976
Earnings before taxes and non-operating/extraordinary items		50 953	45 657
Non-operating result	7	826	60
Extraordinary result	8	0	0
Earnings before taxes		51 779	45 717
Income taxes	9	3 326	3 437
Net result for the year		48 453	42 280
– attributable to shareholders of CPH Chemie + Papier Holding AG		48 341	42 293
– attributable to minorities		112	– 13

in CHF	Note	2019	2018
Net result after minorities per share	31	8.06	7.05
Diluted net result per share	31	8.06	7.05

Consolidated balance sheet

		31.12.2019		31.12.2018
	Note	in CHF thousand	in %	in CHF thousand	in %
Assets
Liquid funds	10	93 096	13	89 018	11
Securities	10	25	0	29	0
Trade accounts receivable	11	72 395	10	72 052	9
Other receivables	12	13 979	2	13 065	2
Prepaid expenses and accrued income		8 567	1	9 162	1
Inventories	13	78 543	11	69 649	9
Short-term financial receivables	14	36	0	100 322	13
Total current assets		266 641	38	353 297	44
Intangible assets	15	5 596	1	5 842	1
Tangible fixed assets	16	366 382	52	376 054	47
Long-term financial assets	17	10 000	1	10 000	1
Assets from employer contribution reserves	3/18	11 078	2	11 078	1
Pension scheme assets	3/18	11 350	2	11 406	1
Other long-term receivables	19	31 148	4	31 803	4
Prepaid taxes		463	0	989	0
Total fixed assets		436 017	62	447 172	56
Total assets		702 658	100	800 469	100
Equity and liabilities
Trade accounts payable	20	66 253	9	69 746	9
Other payables	21	3 636	1	4 077	1
Accrued liabilities and deferred income	22	16 253	2	20 001	2
Short-term financial liabilities	23/25	5 889	1	5 788	1
Corporate bonds issued	23/25	0	0	120 000	15
Short-term provisions	24	3 822	1	1 204	0
Total current liabilities		95 853	14	220 816	28
Long-term financial liabilities	25	16 770	2	20 471	3
Corporate bonds issued	25	100 000	14	100 000	12
Pension scheme liabilities	3/18	678	0	1 270	0
Other long-term liabilities		600	0	816	0
Long-term provisions	26	47 468	7	49 952	6
Total long-term liabilities		165 516	23	172 509	21
Total liabilities		261 369	37	393 325	49
Share capital		12 000	2	12 000	1
Capital reserves		4 174	1	14 975	2
Treasury shares	32	– 45	0	– 84	0
Profit reserves		375 241	53	336 304	42
Net result for the year		48 341	7	42 293	5
Total equity excluding minorities		439 711	63	405 488	51
Minorities		1 578	0	1 656	0
Total equity including minorities		441 289	63	407 144	51
Total equity and liabilities		702 658	100	800 469	100

Consolidated cash flow statement

	Note	2019	2018 1)
Net result for the year (including minorities)		48 453	42 280
Depreciation on tangible and intangible assets	15/16	31 393	31 488
Impairments to inventories and replacement parts	13	396	240
Loss/(Profit) on fixed-asset sales		– 801	– 348
Change in employer contribution reserves, pension scheme assets/liabilities		– 536	821
Book gains on securities		4	9
Increase in/(Release of) short-term provisions	24	3 115	30
Increase in/(Release of) long-term provisions	26	– 2 027	– 762
Use of provisions	24/26	– 853	– 5 382
Increase impairments to trade accounts receivable	11	292	428
Release of/(Increase in) prepaid taxes		507	157
Cash flow		79 943	68 961
Decrease/(Increase) in securities		0	0
Decrease/(Increase) in trade accounts receivable	11	– 1 319	5 017
Decrease/(Increase) in other receivables and prepaid expenses		– 583	– 2 722
Decrease/(Increase) in inventories	13	– 10 176	– 8 568
Increase/(Decrease) in trade accounts payable	20	– 2 823	– 1 129
Increase/(Decrease) in other and accrued liabilities	21/22	– 4 015	2 731
Decrease/(Increase) in net current assets		– 18 916	– 4 671
Cash flow from operating activities		61 027	64 290
Investments in tangible fixed assets	16	– 21 888	– 22 299
Disposals of tangible fixed assets	16	816	6 314
Investments in intangible assets	15	– 971	– 2 167
Investments in business activities	27	0	– 27 864
Investments in financial and other long term receivables	14/19	0	– 100 301
Disposal of financial and other long term receivables	14/19	100 942	1 539
Cash flow from investment activities		78 899	– 144 778
Free cash flow		139 926	– 80 488
Increase/(Decrease) in short-term financial liabilities	23	– 3 393	– 4 014
Issue/(Redemption) of corporate bonds	25	– 120 000	100 000
Increase/(Decrease) in long-term financial liabilities	25	– 1 111	– 3 002
Increase/(Decrease) in other long-term liabilities		– 214	497
Treasury share purchases/sales	32	36	41
Dividends to shareholders		– 10 921	– 3 899
Cash flow from financing activities		– 135 603	89 623
Currency translation effects		– 245	– 262
Net change in cash and cash equivalents		4 078	8 873
Cash and cash equivalents at 1 January		89 018	80 145
Change		4 078	8 873
Cash and cash equivalents at 31 December		93 096	89 018

1) Restatement (see consolidated accounting principles)

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 31.12.2017

30 000

845

– 96

– 37 903

400 429

393 275

2 970

396 245

Dividends to shareholders

– 3 899

Goodwill offset with equity

– 23 833

Change in minorities

– 1 176

Nominal value reduction

– 18 000

18 000

Net result for current year

42 293

– 13

42 280

Treasury share purchases

– 1 306

Treasury share sales

1 318

1 347

Impact of currency translation

– 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

Dividends to shareholders

– 10 798

– 123

– 10 921

Net result for current year

48 341

112

48 453

Treasury share purchases

– 1 358

Treasury share sales

– 3

1 397

1 394

Impact of currency translation

– 3 356

– 67

– 3 423

As at 31.12.2019

12 000

4 174

– 45

– 61 736

485 318

439 711

1 578

441 289

The statutory reserves of the holding company and its subsidiaries amounted to CHF 21.3 million on 31 December 2019 (prior year: CHF 46.6 million). Of this amount, CHF 9.3 million (prior year: CHF 14.6 million) cannot be distributed.

The company held 572 treasury shares on 31 December 2019 (prior year: 1 063). For further details see Note 32.

With no companies acquired in the period, no goodwill was offset against equity for 2019 (prior year: CHF 23.8 million). See also Notes 15 and 27.

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