Analyse SGS AG

Fundamentele Analyse FY 2017

23-1 Adjusted Operating Income


De operating income adjustments over 2017 bedragen in totaal 75 miljoen CHF (2016 : 103 miljoen CHF).


  • Amortisation of acquired intangibles (29)
  • Restructuring costs (7)
  • Goodwill Impairment (30)
  • Other non-recurring items (9)

Amortisation of acquired intangibles and non-recurring items (75)






The Group expects to deliver solid organic revenue growth and higher adjusted operating income margin on a constant currency basis,

and a continuation of its robust cash flow generation. 2018 is expected to be a significant step towards the accomplishment of the 2020 plan.



The Group confirms its 2020 outlook and remains committed to its aims:

• To mid single-digit organic growth, with improvement over the period underpinned by the new structure and new strategic initiatives.

• To accelerate Mergers and Acquisitions activities with acquired revenue in the range of CHF 1 billion over the 2016-2020 period.

• To achieve an adjusted operating income margin of at least 18% by the end of the period bolstered by the new structure, efficiency improvement initiatives and improved pricing.

• To ensure strong cash conversion.

• To see solid returns on invested capital.

• To offer dividend distributions in line with the improvement in net earnings.


Source : SGS AG 2017 Full Year Results Report, Geneva, 23 January 2018


Fundamentele Analyse FY 2016