Top-line organic growth at 6.3%. Net profit grew by +14.5% to CHF649.0m. ROCE before tax is at a record level of 29.8%. Operating free cash flow remained strong (8% of sales) at almost CHF500m, but was 15.3% below last year’s record level due to a higher WCR following the strong Q4. We somewhat regret the absence of an EBIT bridge. For the 2018 business year, Sika is anticipating an increase in sales of more than 10%.
