Financial reporting
20 Consolidated financial statements
20 Consolidated income statement
21 Consolidated statement of comprehensive income
22 Consolidated balance sheet
23 Consolidated statement of changes in equity
24 Consolidated statement of cash flows
26 Notes to the consolidated financial statements
Consolidated income statement January 1 - June 30 | |||
millions of CHF | Notes | 2025 | 2024 |
Sales | 2 | 1'743.9 | 1'699.3 |
Cost of goods sold | -1'158.5 | -1'126.2 | |
Gross profit | 585.4 | 573.1 | |
Selling and distribution expenses | -163.0 | -170.4 | |
General and administrative expenses | -185.1 | -186.0 | |
Research and development expenses | -36.7 | -36.9 | |
Net impairment release / (loss) on contract assets and trade accounts receivable | -4.2 | -0.9 | |
Other operating income / (expenses), net | 5 | -3.7 | -8.7 |
Operating income (EBIT) | 192.7 | 170.1 | |
Interest and securities income | 6 | 7.0 | 9.7 |
Interest expenses | 6 | -14.2 | -14.1 |
Other financial income / (expenses), net | 6 | -7.3 | -7.3 |
Share of profit / (loss) of associates and joint ventures | -9.1 | -2.1 | |
Income before income tax expenses | 169.1 | 156.3 | |
Income tax expenses | 7 | -40.9 | -38.9 |
Net income | 128.2 | 117.4 | |
- thereof attributable to shareholders of Sulzer Ltd | 127.5 | 116.6 | |
- thereof attributable to non-controlling interests | 0.8 | 0.8 | |
Earnings per share (in CHF) | |||
Basic earnings per share | 3.77 | 3.44 | |
Diluted earnings per share | 3.74 | 3.40 | |
Consolidated statement of comprehensive income
January 1 - June 30 | ||||
millions of CHF | Notes | 2025 | 2024 | |
Net income | 128.2 | 117.4 | ||
Items that may be reclassified subsequently to the income statement | ||||
Cash flow hedges, net of tax | 14.9 | -11.3 | ||
Currency translation differences | -106.8 | 61.5 | ||
Total of items that may be reclassified subsequently to the income statement | -92.0 | 50.2 | ||
Items that will not be reclassified to the income statement | ||||
Remeasurements of defined benefit plans, net of tax | 25.7 | 21.0 | ||
Equity investments at FVOCI - net change in fair value, net of tax | 1.3 | -2.7 | ||
Total of items that will not be reclassified to the income statement | 27.0 | 18.3 | ||
Total other comprehensive income | -64.9 | 68.5 | ||
Total comprehensive income for the period | 63.3 | 185.9 | ||
- thereof attributable to shareholders of Sulzer Ltd | 62.8 | 184.7 | ||
- thereof attributable to non-controlling interests | 0.5 | 1.2 | ||
June 30, 2025 |
640.2 |
163.1 |
371.4 |
101.4 |
39.9 |
33.4 |
173.2 |
0.6 |
138.0 |
1'661.3 |
529.2 |
26.0 |
102.2 |
487.1 |
635.0 |
136.1 |
0.5 |
921.6 |
2'837.7 |
4'499.0 |
0.3 |
1'131.7 |
1'132.0 |
11.1 |
1'143.1 |
744.8 |
74.4 |
73.2 |
8.1 |
98.3 |
44.4 |
7.4 |
1'050.6 |
308.3 |
27.0 |
32.0 |
135.7 |
516.9 |
362.9 |
922.6 |
2'305.4 |
3'355.9 |
4'499.0 |
Consolidated balance sheet
millions of CHF | Notes | December 31, 2024 | June 30, 2024 | ||
Non-current assets | |||||
Goodwill | 661.4 | 671.3 | |||
Other intangible assets | 178.5 | 194.4 | |||
Property, plant and equipment | 387.8 | 378.4 | |||
Lease assets | 105.2 | 96.8 | |||
Associates and joint ventures | 53.0 | 55.0 | |||
Other non-current financial assets | 30.2 | 32.1 | |||
Defined benefit assets | 144.0 | 190.9 | |||
Non-current receivables | 1.9 | 0.9 | |||
Deferred income tax assets | 153.6 | 145.1 | |||
Total non-current assets | 1'715.5 | 1'764.8 | |||
Current assets | |||||
Inventories | 515.1 | 544.5 | |||
Current income tax receivables | 28.4 | 30.5 | |||
Advance payments to suppliers | 94.7 | 111.2 | |||
Contract assets | 500.1 | 456.4 | |||
Trade accounts receivables | 680.2 | 612.1 | |||
Other current receivables and prepaid expenses | 118.8 | 123.4 | |||
Current financial assets | 1.0 | 1.1 | |||
Cash and cash equivalents | 1'060.6 | 931.4 | |||
Total current assets | 2'998.8 | 2'810.5 | |||
Total assets | 4'714.3 | 4'575.4 | |||
Equity | |||||
Share capital | 8 | 0.3 | 0.3 | ||
Reserves | 1'223.3 | 1'140.4 | |||
Equity attributable to shareholders of Sulzer Ltd | 1'223.6 | 1'140.7 | |||
Non-controlling interests | 11.5 | 7.5 | |||
Total equity | 1'235.1 | 1'148.2 | |||
Non-current liabilities | |||||
Non-current borrowings | 9 | 745.0 | 795.8 | ||
Non-current lease liabilities | 78.3 | 71.6 | |||
Deferred income tax liabilities | 67.9 | 85.9 | |||
Non-current income tax liabilities | 8.1 | 2.7 | |||
Defined benefit obligations | 106.1 | 123.6 | |||
Non-current provisions | 10 | 46.2 | 47.6 | ||
Other non-current liabilities | 7.3 | 7.7 | |||
Total non-current liabilities | 1'058.9 | 1'135.0 | |||
Current liabilities | |||||
Current borrowings | 9 | 312.0 | 266.2 | ||
Current lease liabilities | 26.6 | 24.9 | |||
Current income tax liabilities | 43.1 | 26.0 | |||
Current provisions | 10 | 143.8 | 144.9 | ||
Contract liabilities | 531.3 | 469.5 | |||
Trade accounts payable | 388.2 | 389.2 | |||
Other current and accrued liabilities | 11 | 975.2 | 971.5 | ||
Total current liabilities | 2'420.3 | 2'292.2 | |||
Total liabilities | 3'479.1 | 3'427.1 | |||
Total equity and liabilities | 4'714.3 | 4'575.4 |
Consolidated statement of changes in equity
January 1 - June 30
Attributable to shareholders of Sulzer Ltd
8 |
8 |
1'235.1 |
128.2 |
14.9 |
25.7 |
1.3 |
-106.8 |
-64.9 |
63.3 |
- |
-18.8 |
8.0 |
-144.5 |
1'143.1 |
Share
Retained
Treasury
Cash flow
hedge
Currency translation
Non-controlling
Totalmillions of CHF | Notes | capital | earnings | shares | reserve | adjustment | Total | interests | equity | ||||||||
Equity as of January 1, 2024 | 0.3 | 1'979.5 | -36.7 | 4.2 | -852.0 | 1'095.4 | 3.2 | 1'098.6 | |||||||||
Comprehensive income for the period: | |||||||||||||||||
Net income | 116.6 | 116.6 | 0.8 | 117.4 | |||||||||||||
- Cash flow hedges, net of tax | - | - | -11.3 | - | -11.3 | - | -11.3 | ||||||||||
- Remeasurements of defined benefit plans, net of tax | - | 21.0 | - | - | - | 21.0 | - | 21.0 | |||||||||
- Equity investments at FVOCI - net change in fair value, net of tax | - | -2.7 | - | - | - | -2.7 | - | -2.7 | |||||||||
- Currency translation differences | - | - | - | - | 61.1 | 61.1 | 0.4 | 61.5 | |||||||||
Other comprehensive income | - | 18.3 | - | -11.3 | 61.1 | 68.1 | 0.4 | 68.5 | |||||||||
Total comprehensive income for the period | - | 134.9 | - | -11.3 | 61.1 | 184.7 | 1.2 | 185.9 | |||||||||
Transactions with owners of the company: | |||||||||||||||||
Changes in non-controlling interests | - | -3.2 | - | - | - | -3.2 | 3.2 | 0.0 | |||||||||
Contribution from medmix | - | 0.1 | - | - | - | 0.1 | - | 0.1 | |||||||||
Allocation of treasury shares to share plan participants | - | -18.1 | 18.1 | - | - | - | - | - | |||||||||
Purchase of treasury shares | 8 | - | - | -15.7 | - | - | -15.7 | - | -15.7 | ||||||||
Share-based payments | - | 6.6 | - | - | - | 6.6 | - | 6.6 | |||||||||
Dividends | 8 | - | -127.3 | - | - | - | -127.3 | -0.1 | -127.3 | ||||||||
Equity as of June 30, 2024 | 0.3 | 1'972.6 | -34.3 | -7.1 | -790.8 | 1'140.7 | 7.5 | 1'148.2 | |||||||||
Equity as of January 1, 2025 | 0.3 | 2'095.2 | -51.6 | -3.2 | -817.2 | 1'223.6 | 11.5 | ||||||||||
Comprehensive income for the period: | |||||||||||||||||
Net income | 127.5 | 127.5 | 0.8 | ||||||||||||||
- Cash flow hedges, net of tax | - | - | - | 14.9 | - | 14.9 | - | ||||||||||
- Remeasurements of defined benefit plans, net of tax | - | 25.7 | - | - | - | 25.7 | - | ||||||||||
- Equity investments at FVOCI - net change in fair value, net of tax | - | 1.3 | - | - | - | 1.3 | - | ||||||||||
- Currency translation differences | - | - | - | - | -106.5 | -106.5 | -0.3 | ||||||||||
Other comprehensive income | - | 27.0 | - | 14.9 | -106.5 | -64.6 | -0.3 | ||||||||||
Total comprehensive income for the period | - | 154.5 | - | 14.9 | -106.5 | 62.8 | 0.5 | ||||||||||
Transactions with owners of the company: | |||||||||||||||||
Allocation of treasury shares to share plan participants | - | -11.2 | 11.2 | - | - | - | |||||||||||
Purchase of treasury shares | - | - | -18.8 | - | - | -18.8 | |||||||||||
Share-based payments | - | 8.0 | - | - | - | 8.0 | |||||||||||
Dividends | - | -143.6 | - | - | - | -143.6 | -0.9 | ||||||||||
Equity as of June 30, 2025 | 0.3 | 2'102.9 | -59.2 | 11.7 | -923.7 | 1'132.0 | 11.1 |
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