Five-year overview of the GF Corporation

CHF million	2021	2020	2019	2018	2017

Order intake	4’058	3’160	3’692	4’521	4’274
Orders on hand at year-end	814	514	563	623	773

Income statement
Sales	3’722	3’184	3’720	4’572	4’150
EBITDA	412	299	374	529	491
Operating result (EBIT) before one-offs	278	185	281	382	352
One-offs		19	46
Operating result (EBIT)	278	166	235	382	352
Net profit shareholders GF	214	116	173	281	252

Cash flow
Cash flow from operating activities	288	342	318	397	410
Depreciation on tangible fixed assets	127	127	133	142	131
Amortization on intangible assets	7	6	6	5	8
Additions to property, plant, and equipment	–135	–137	–178	–234	–207
Cash flow from acquisitions and divestments	–41	–6	–5	–154	–74
Free cash flow before acquisitions/divestments	151	230	137	147	204
Free cash flow	110	224	132	–7	130

Balance sheet
Current assets	2’459	2’142	1’999	2’128	2’277
Non-current assets	1’308	1’303	1’345	1’316	1’333
Assets	3’767	3’445	3’344	3’444	3’610
Current liabilities	1’318	986	1’012	1’124	1’418
Non-current liabilities	953	1’070	894	892	823
Equity	1’496	1’389	1’438	1’428	1’369
Net working capital	781	707	856	926	899
Invested capital (IC)	1’355	1’313	1’473	1’494	1’466
Net debt	54	117	232	238	183
Asset structure
– Current assets %	65.3	62.2	59.8	61.8	63.1
– Non-current assets %	34.7	37.8	40.2	38.2	36.9
Capital structure
– Current liabilities %	35.0	28.6	30.3	32.6	39.3
– Non-current liabilities %	25.3	31.1	26.7	25.9	22.8
– Equity %	39.7	40.3	43.0	41.5	37.9

Key figures
Return on equity (ROE) %	13.8	7.9	12.0	19.9	20.1
Return on invested capital (ROIC) %	16.4	9.3	12.4	22.4	20.3
Return on sales before one-offs (EBIT margin before one-offs) %	7.5	5.8	7.6	8.4	8.5
Return on sales (EBIT margin) %	7.5	5.2	6.3	8.4	8.5
Asset turnover	2.8	2.3	2.5	3.1	3.0
Cash flow from operating activities in % of sales	7.7	10.7	8.5	8.7	9.9

Employees
Employees at year-end	15’111	14’118	14’678	15’027	15’835
Europe	7’941	7’792	8’373	8’721	9’658
– Thereof Germany	1’153	1’177	1’490	1’450	3’392
– Thereof Switzerland	3’412	3’344	3’397	3’406	2’783
– Thereof Rest of Europe	3’376	3’271	3’486	3’865	3’483
Asia	3’814	3’604	3’545	3’725	3’807
– Thereof China	3’246	3’055	2’997	3’199	3’287
– Thereof Rest of Asia	568	549	548	526	520
Americas	2’554	1’938	1’922	1’740	1’503
Rest of world	802	784	838	841	867