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SGS 2022 Full Year Results

Ad Hoc AnnouncementsAd hoc announcement pursuant to Art. 53 LRJanuary 26, 2023

Successfully navigating the challenges of 2022

“Today’s results are in line with the guidance set at our November Investor Days. They are the outcome of our team’s ability to navigate this challenging environment while continuing to deliver the excellence of service expected by our customers throughout the year.

“The approval of our net-zero targets by Science Based Target initiative (SBTi) reflects our strategic commitment to improving our impact on the planet. Our actions as a company and the sustainability-related solutions that support our customers are a unique advantage for SGS, supporting our leading TIC industry position," said Frankie Ng, CEO of SGS.

A resilient financial performance

Total Revenue reached CHF 6.6 billion, up 3.7% (6.8% at constant currency*), with mid to high-single digit growth achieved across all divisions. Organic revenue* increased by 5.8%, supported by pricing initiatives and volume increase throughout the SGS network.

Adjusted Operating Income*, on a constant currency basis, is broadly stable at CHF 1 023 million in 2022 compared to CHF 1 022 million in prior year. Operational leverage was temporarily offset by the impact of Covid in China, supply chain disruption and acceleration of inflationary pressure. 

Adjusted Operating Income Margin* of 15.4% compares to 16.5% in prior year (16.4% at constant currency*).

Operating Income of CHF 898 million compares to CHF 977 million in prior year. It was also impacted by restructuring measures, the decision to cease two key upstream projects in Libya following absence of cash collection, and strengthening of the Swiss Franc.

Profit Attributable to Equity Holders of CHF 588 million compares to CHF 613 million in prior year, a reduction of (4.1)% over prior year.

Basic Earnings per Share of CHF 78.86 compares to CHF 81.91 in prior year. On an adjusted* basis, earnings per share increased by 3.4% to CHF 92.46. 

Free Cash Flow (FCF)* of CHF 507 million compares to CHF 635 million in prior year. Cash flow was impacted by higher net working capital* to support the strong revenue growth. Consequently, our operating net working capital balance was close to 0% as a percentage of revenue compared to (2.4)% in prior year.

The SGS Board of Directors will recommend to the Annual General Meeting (to be held on 28 March 2023) the approval of a dividend of CHF 80 per share.

* Alternative Performance Measures (APM) – refer to the 2022 Full Year APM document

The analyst presentation will be available for download from 10:00 CET.

About SGS

We are SGS – the world’s leading testing, inspection and certification company. We are recognized as the global benchmark for sustainability, quality and integrity. Our 97,000 employees operate a network of 2,650 offices and laboratories, working together to enable a better, safer and more interconnected world.

For further information, please contact:

Toby Reeks


Toby Reeks

Investor Relations
Magali Dauwalder


Magali Dauwalder

Media Relations

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