Strategy & Management


"While our financial results attest to a successful strategy, this only tells part of the story. Your company aims to create value not only for its shareholders but also for society as a whole, as we have been doing for more than one-hundred years."

Beat Hess
Chairman of the Board of Directors
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"In the business year 2018, we made excellent progress in executing our Strategy 2022 – “Building for Growth” and made significant improvements to our performance. Our momentum accelerated in the second half of 2018, during which we exceeded our sales targets while profitability increased over-proportionally."

Jan Jenisch
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Recurring EBITDA excludes restructuring, litigation, implementation and other non-recurring costs. Free cash flow is defined as cash flow from operating activities less net maintenance and expansion Capex. Recurring EBITDA growth and Net Sales growth are both presented on a like-for-like basis. Return On Invested Capital is defined as Net Operating Profit After Tax (NOPAT) divided by the average Invested Capital. The average is calculated by adding the Invested Capital at the beginning of the period to that at the end of the period and dividing the sum by 2 (based on a rolling 12-month calculation).