1
SIKA ANNUAL REPORT 2021 
﻿
SIKA 
BUSINESS YEAR 
2021
WWW.SIKA.COM/ANNUALREPORT

3
3.1	
Financial Statements
4
3.2	
Appendix to the consolidated financial statements
6
3.3	
5-Year Reviews
12
3.4	
SIKa AG Financial Statements	
15
FINANCIAL REPORT

CONSOLIDATED INCOME STATEMENT 
for the year ended December 31 
in CHF mn
Notes
%
2020
%
2021
Change  
in %
Net sales
1, 2
 100.0
7,877.5
 100.0
9,252.3
 17.5
Material expenses
3
-45.2
-3,562.7
-48.2
-4,461.0
Gross result
 54.8
4,314.8
 51.8
4,791.3
 11.0
Personnel expenses
4
-19.4
-1,525.9
-17.7
-1,635.3
Other operating expenses
5
-16.4
-1,291.3
-15.1
-1,398.0
Operating profit before depreciation
 19.0
1,497.6
 19.0
1,758.0
 17.4
Depreciation and amortization expenses
2, 16, 17
-4.6
-367.1
-4.0
-366.6
Operating profit
2
 14.4
1,130.5
 15.0
1,391.4
 23.1
Interest income
7
 0.0
 5.5
 0.1
 11.5
Interest expenses
6
-0.7
-57.4
-0.6
-56.9
Other financial income
7
 0.1
 6.0
 0.1
 7.0
Other financial expenses
6
-0.3
-24.7
-0.2
-17.8
Income from associated companies
7
 0.0
 0.5
 0.0
 0.4
Profit before taxes
 13.5
1,060.4
 14.4
1,335.6
 26.0
Income taxes
8
-3.0
-235.3
-3.1
-287.1
Net profit
 10.5
 825.1
 11.3
1,048.5
 27.1
Profit attributable to Sika shareholders
 10.5
 824.5
 11.3
1,047.9
Profit attributable to non-controlling interests
25
 0.0
 0.6
 0.0
 0.6
Undiluted earnings per share (in CHF)
9
5.82
7.39
27.0
Diluted earnings per share (in CHF)
9
5.22
6.60
26.4
CONSOLIDATED FINANCIAL 
STATEMENTS 
187
SIKA ANNUAL REPORT 2021 
Consolidated Financial Statements

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
for the year ended December 31
in CHF mn
Notes
%
2020
%
2021
Change  
in %
Net profit 
 10.5
 825.1
 11.3
1,048.5
 27.1
Actuarial gains (+)/losses (-) on employee benefit 
obligations
23
-0.2
-14.7
 1.6
 146.1
Income tax effect
8
 0.0
 1.7
-0.3
-25.6
Items that will not be reclassified to profit or loss
-0.2
-13.0
 1.3
 120.5
Exchange differences taken to equity
-3.8
-300.1
 0.6
 52.5
Items that may be reclassified subsequently to profit 
or loss
-3.8
-300.1
 0.6
 52.5
Other comprehensive income
-4.0
-313.1
 1.9
 173.0
Comprehensive income
 6.5
 512.0
 13.2
1,221.5
 138.6
Attributable to Sika shareholders
 6.5
 511.6
 13.2
1,220.9
Attributable to non-controlling interests
25
 0.0
 0.4
 0.0
 0.6
188
SIKA ANNUAL REPORT 2021 
Consolidated Financial Statements 
188

CONSOLIDATED BALANCE SHEET as at December 31
in CHF mn
Notes
2020
2021
Cash and cash equivalents
10, 27
1,318.7
1,175.0
Accounts receivable
11, 27
1,361.8
1,576.8
Inventories
12
 814.0
1,158.3
Prepaid expenses and accrued income
13
 120.7
 190.4
Other assets
14, 27
 19.4
 30.9
Assets classified as held for sale
15
 0.0
 33.7
Current assets
3,634.6
4,165.1
Property, plant, and equipment
16
1,702.6
1,776.6
Intangible assets
17
4,172.3
4,373.0
Investments in associated companies
18
 2.5
 9.2
Deferred tax assets
8
 194.7
 142.5
Other assets
14, 27
 87.3
 233.5
Non-current assets
6,159.4
6,534.8
ASSETS
9,794.0
10,699.9
Accounts payable
19, 27
 846.3
1,033.2
Accrued expenses and deferred income
20
 454.0
 519.9
Financial liabilities
21, 27
 334.7
 334.9
Income tax liabilities
 163.3
 170.3
Provisions
22
 26.8
 26.0
Liabilities classified as held for sale
15
 0.0
 3.7
Current liabilities
1,825.1
2,088.0
Financial liabilities
21, 27
3,851.9
3,393.9
Provisions
22
 98.3
 95.6
Deferred tax liabilities
8
 379.9
 367.2
Employee benefit obligations
23
 319.5
 322.9
Other liabilities
24
 31.3
 36.4
Non-current liabilities
4,680.9
4,216.0
LIABILITIES
6,506.0
6,304.0
Capital stock
25
 1.4
 1.4
Treasury shares
25
-5.2
-10.7
Reserves
25
3,289.6
4,403.1
Equity attributable to Sika shareholders
25
3,285.8
4,393.8
Non-controlling interests
25
 2.2
 2.1
SHAREHOLDERS’ EQUITY
25
3,288.0
4,395.9
LIABILITIES AND SHAREHOLDERS’ EQUITY
9,794.0
10,699.9
189
SIKA ANNUAL REPORT 2021 
Consolidated Financial Statements

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY  
in CHF mn
Capital  
stock
Capital 
surplus
Treasury 
shares
Currency 
trans- 
lation 
differ- 
ences
Retained 
earnings
Equity  
attributable 
to Sika 
share- 
holders
Non-con-
trolling 
interests
Total  
equity
January 1, 2020
 1.4 
 203.1 
 -7.3 
 -747.8 
 3,674.7 
 3,124.1 
 37.1 
 3,161.2 
Net profit
824.5
824.5
0.6
825.1
Other comprehensive income
-299.9
-13.0
-312.9
-0.2
-313.1
Comprehensive income
0.0
0.0
0.0
-299.9
811.5
511.6
0.4
512.0
Transactions with treasury 
shares 1
2.1
-8.1
-6.0
-6.0
Share-based payments
9.7
9.7
9.7
Dividends 2
-326.0
-326.0
-1.0
-327.0
Non-controlling interests from 
acquisitions 3
0.0
0.1
0.1
Buyout of existing non-con-
trolling interests 4
-44.5
-44.5
-34.4
-78.9
Inflation adjustment 5
16.9
16.9
16.9
December 31, 2020
1.4
203.1
-5.2
-1,047.7
4,134.2
3,285.8
2.2
3,288.0
January 1, 2021
1.4
203.1
-5.2
-1,047.7
4,134.2
3,285.8
2.2
3,288.0
Net profit
1,047.9
1,047.9
0.6
1,048.5
Other comprehensive income
52.5
120.5
173.0
173.0
Comprehensive income
0.0
0.0
0.0
52.5
1,168.4
1,220.9
0.6
1,221.5
Transactions with treasury 
shares 1
-9.2
-15.4
-24.6
-24.6
Share-based payments
9.1
9.1
9.1
Conversion of convertible bonds
234.3
3.7
-4.3
233.7
233.7
Dividends 6
-354.5
-354.5
-0.6
-355.1
Buyout of existing non-control-
ling interests 7
-0.1
-0.1
-0.1
-0.2
Inflation adjustment 5
23.5
23.5
23.5
December 31, 2021
1.4
437.4
-10.7
-995.2
4,960.9
4,393.8
2.1
4,395.9
1	 Including income tax of CHF 1.1 million (CHF 0.2 million) in retained earnings.
2	 Dividend per registered share (par value CHF 0.01): CHF 2.30. 
3	 Non-controlling interests from the acquisition of Modern Waterproofing Company S.A.E, Egypt.
4	 Complete buyout of Sika Arabia Holding Company WLL, Bahrain (including the Arabian subsidiaries), and Parex S.A., France. 
Furthermore, increase in shareholdings in Mortero Spa, Algeria.
5	 Hyperinflation accounting concerns the subsidiaries in Argentina.
6	 Dividend per registered share (par value CHF 0.01): CHF 2.50. 
7	 Increase in shareholdings in Modern Waterproofing Company S.A.E, Egypt.
190
SIKA ANNUAL REPORT 2021 
Consolidated Financial Statements 
190

CONSOLIDATED STATEMENT OF CASH FLOWS
in CHF mn
Notes
2020
2021
Operating activities
Profit before taxes
1,060.4
1,335.6
Depreciation and amortization expenses
16, 17
 367.1
 366.6
Increase (+)/decrease (-) in provisions/ 
employee benefit obligations and assets
 26.4
-25.4
Increase (-)/decrease (+) in net working capital
 124.5
-324.9
Non-liquidity-related financial expenses (+)/income (-) as well as 
cash flow from hedging transactions
 78.6
 29.6
Other adjustments
26
 4.9
-2.1
Income taxes paid
-288.5
-315.3
Cash flow from operating activities
1,373.4
1,064.1
Investing activities
Property, plant, and equipment: capital expenditures
16
-120.1
-157.3
Property, plant, and equipment: disposals
16, 26
 17.4
 14.9
Intangible assets: capital expenditures
17
-11.6
-13.5
Intangible assets: disposals
17, 26
 0.3
 0.2
Acquisitions less cash and cash equivalents
-136.1
-304.4
Disposals less cash and cash equivalents
 2.9
 0.0
Acquisition of associated companies
18
 0.0
-7.8
Acquisitions (-)/disposals (+) of financial assets
-5.9
-1.3
Cash flow from investing activities
-253.1
-469.2
Financing activities
Increase in financial liabilities
21
 252.8
 5.1
Repayment of financial liabilities
21
-304.6
-46.6
Repayment of lease liabilities
21
-95.8
-97.7
Repayment of a bond 
21
-160.0
-170.0
Repayment liability component of mandatory convertible bond 
(interest)
21
-48.8
-48.8
Purchase of treasury shares
-125.7
-65.2
Sale of treasury shares
 119.0
 41.7
Dividend payment to shareholders of Sika AG
-326.0
-354.5
Dividends related to non-controlling interests
-1.0
-0.6
Buyout of existing non-controlling interests
-78.9
-0.2
Cash flow from financing activities
-769.0
-736.8
Exchange differences on cash and cash equivalents
-27.7
-1.8
Net change in cash and cash equivalents
 323.6
-143.7
Cash and cash equivalents at the beginning of the year
10
 995.1
1,318.7
Cash and cash equivalents at the end of the year
10
1,318.7
1,175.0
Cash flow from operating activities contains:
Dividends from associated companies
 0.5
 1.4
Interest received
 3.9
 9.0
Interest paid
-30.1
-36.6
191
SIKA ANNUAL REPORT 2021 
Consolidated Financial Statements

PRINCIPLES OF CONSOLIDATION AND VALUATION
Corporate Information
Sika is a specialty chemicals company active in the development and production of systems and products for 
bonding, sealing, damping, reinforcing, and protecting in the building sector and the motor vehicle industry.
Accounting policies
BASIS OF PREPARATION
The financial statements of Sika have been prepared in conformity with the provisions of the International 
Accounting Standards Board (IASB). All standards (IAS/IFRS) and interpretations (IFRIC/SIC) applicable as of 
December 31, 2021, were considered. The financial statements have been prepared according to the 
going-concern principle. The consolidated financial statements have been prepared under the historical 
cost principle except for financial assets and liabilities (including derivative instruments) at fair value 
through profit and loss and the defined benefit liability which is measured at the present value of the defined 
benefit obligation less the fair value of plan assets.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting 
estimates. It also requires management to exercise its judgment in the process of applying the Group’s 
accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions 
and estimates are significant to the consolidated financial statements, are disclosed on page 195 of this 
report.
CHANGES IN ACCOUNTING POLICY AND DISCLOSURES
The accounting standards applied conform to those standards that were valid in the prior year. Exceptions are 
the following revised and new standards, which Sika applies since January 1, 2021. The application of these 
standards did not have any material impact on the consolidated financial statements of the Group:
	– Amendments to IFRS 16 – Leases – COVID-19-related rent concessions
	– Amendments to IFRS 9, IAS 39 and IFRS 7 – Interest rate benchmark reform – phase 2
A number of new standards and amendments to standards and interpretations are effective for the financial 
year 2022 and later, and have not been applied in preparing these consolidated financial statements. If they 
had been applied in 2021, they would have had no significant effect on the consolidated financial statements 
of the Group:
	– Amendments to IFRS 3 – Reference to the conceptual framework (applicable as of January 1, 2022)
	– Amendments to IAS 16 – Proceeds before intended use (applicable as of January 1, 2022)
	– Amendments to IAS 37 – Onerous contracts – Costs of fulfilling a contract (applicable as of January 1, 
2022)
	– Annual improvements (2018  – 2020 cycle)  – Collective standard with amendments to various IFRS 
standards with the primary goal of eliminating inconsistencies and clarifying terminology (applicable as 
of January 1, 2022)
	– Amendments to IAS 1 – Classification of liabilities as current or non-current (applicable as of January 1, 
2023)
	– Amendments to IAS 1 – Disclosure of accounting policies (applicable as of January 1, 2023)
	– Amendments to IAS 8 – Definition of accounting estimates (applicable as of January 1, 2023)
	– Amendments to IAS 12 – Deferred tax related to assets and liabilities arising from a single transaction 
(applicable as of January 1, 2023)
New standards and interpretations are usually applied on the applicable date. However, the options for early 
adoption are considered individually by Sika.
APPENDIX TO THE CONSOLIDATED 
FINANCIAL STATEMENTS 
192
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements 
192

Consolidation method
BASIS
The consolidated financial statements are based on the balance sheets and income statements of Sika AG, 
Baar, Switzerland, and its subsidiaries as of December 31, 2021, prepared in accordance with uniform 
standards.
SUBSIDIARIES
Companies which are controlled by Sika are fully consolidated. The consolidation includes 100% of their 
assets and liabilities as well as expenses and income; non-controlling interests in shareholders’ equity and 
net income for the year are excluded and shown separately as part of non-controlling interests.
ASSOCIATED COMPANIES
The equity method is applied to account for investments ranging from 20% to 50%, if Sika exercises 
significant influence. The investments are included in the balance sheet under “Investments in associated 
companies” based on the Group’s percentage share in net assets including goodwill; in the income statement 
the Group’s share in the net income for the year is disclosed in “Income from associated companies”.
INTRA-GROUP TRANSACTIONS
Transactions within the Group are eliminated as follows:
	– Intra-Group receivables and liabilities are eliminated in full.
	– Intra-Group dividends, income, and expenses and the unrealized profit margin from intra-Group transactions 
are eliminated in full.
BUSINESS COMBINATIONS AND GOODWILL
Business combinations are accounted for using the acquisition method. The cost of an acquisition is the 
aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any 
non-controlling interests in the acquired company. For each business combination, the acquirer measures the 
non-controlling interests in the acquired company either at fair value or at the proportionate share of the 
acquired company’s identifiable net assets. Acquisition-related costs are expensed as incurred.
Any contingent consideration to be transferred by the acquirer will be recognized at fair value on the 
acquisition date. Subsequent changes to the fair value of the contingent consideration which is deemed to 
be an asset or liability will be recognized in the income statement. A contingent consideration that is 
classified as equity is not revalued, and its subsequent settlement is accounted for within equity.
Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the 
non-controlling interest over the identifiable net assets acquired and liabilities assumed. If this consideration 
is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized in profit 
and loss. 
Goodwill is subject to an annual impairment test. Impairments are recognized in the income statement. The 
impairment is not reversed later. 
When subsidiaries are sold, the difference between the selling price and the net assets including goodwill 
plus cumulative translation differences is recognized in the consolidated financial statements as an 
operating result. The results of subsidiaries acquired or disposed of during the year are included in the 
consolidated income statement from the effective date of takeover of control or up to the effective date 
of loss of control.
193
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements

Conversion of foreign currencies
Foreign currency transactions are translated into the functional (local) currency at the exchange rates 
prevailing at the date of the transaction. Monetary assets and liabilities in a foreign currency are translated 
into the functional currency on every balance sheet date by applying exchange rates valid on the balance 
sheet date. The resulting exchange rate differences are recognized in the income statement. The exception 
is that exchange differences arising on monetary items that form part of the net investment in a foreign 
operation (so-called “equity like loans”), are recognized in other comprehensive income and will only be 
recognized in profit or loss until the control of the net investment is lost.
The financial statements of the foreign subsidiaries are translated into Swiss francs as follows:
	– Balance sheet at year-end rates
	– Income statements at annual average rates
The effects from the translation of the functional currency into Swiss francs are recognized in other 
comprehensive income.
The rates listed below were applied:
Country
Currency
Quantity
2020 
Balance 
sheet 1 
CHF
2020 
Income 
statement 2 
CHF
2021 
Balance 
sheet 1 
CHF
2021 
Income 
statement 2 
CHF
Argentina
ARS
100
1.0462
1.0462
0.8878
0.8878
Australia
AUD
1
0.6795
0.6459
0.6616
0.6868
Brazil
BRL
100
16.9500
18.2000
16.3700
16.9700
Canada
CAD
1
0.6910
0.6999
0.7178
0.7295
Chile
CLP
10,000
12.3800
11.8400
10.7100
12.0700
China
CNY
100
13.4600
13.6000
14.3600
14.1700
Colombia
COP
10,000
2.5705
2.5380
2.2465
2.4446
Czech Republic
CZK
100
4.1163
4.0437
4.1560
4.2177
Egypt
EGP
100
5.5900
5.9400
5.8000
5.8200
Eurozone
EUR
1
1.0802
1.0701
1.0331
1.0825
Great Britain
GBP
1
1.2015
1.2033
1.2295
1.2582
India
INR
100
1.2048
1.2667
1.2265
1.2367
Indonesia
IDR
100,000
6.2650
6.4430
6.4170
6.3880
Japan
JPY
100
0.8540
0.8793
0.7924
0.8333
Mexico
MXN
100
4.4242
4.3630
4.4639
4.5082
Poland
PLN
100
23.6900
24.0900
22.4700
23.7100
Russia
RUB
1,000
11.8100
12.9750
12.1110
12.4080
Sweden
SEK
100
10.7700
10.1900
10.0800
10.6700
Thailand
THB
100
2.9412
2.9996
2.7437
2.8598
Turkey
TRY
100
11.8500
13.3400
6.7800
10.3700
USA
USD
1
0.8803
0.9399
0.9121
0.9142
Vietnam
VND
100,000
3.8130
4.0410
4.0010
3.9850
1	 Year-end rates.
2	 Annual average rates.
In countries experiencing hyperinflation, prior to conversion into the presentation currency the annual 
financial statements are adjusted for local inflation in order to eliminate changes in purchasing power. 
Adjustment for inflation is based on the relevant price indices at the end of the period under review.
194
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements 
194

SIGNIFICANT ACCOUNTING ESTIMATES
Explanations of the key assumptions concerning forward-looking elements and other estimation 
uncertainties are provided below. These include the risk that a material adjustment to the carrying amounts 
of assets and liabilities may become necessary within the next financial year.
IMPAIRMENT OF GOODWILL
The Group tests for impairment at least annually or whenever events or changes in circumstances 
indicate that the carrying amount may not be recoverable. The recoverable amounts of cash-generating 
units or groups of cash-generating units are determined based on value-in-use calculations. These 
calculations require the use of estimates such as expected future cash flows and discount rates. The 
carrying value of goodwill as of December 31, 2021, was CHF 3,289.7 million (CHF 3,088.8 million). Further 
details are presented in note 17.
FAIR VALUE OF ACQUISITION
In connection with acquisitions, all assets, liabilities, and contingent liabilities are valued at fair value. Newly 
identified assets and liabilities are also recognized in the balance sheet. Fair value is determined in part based 
on assumptions regarding factors that are subject to a degree of uncertainty, such as interest rates and sales.
TRADEMARKS AND CUSTOMER RELATIONS
Trademarks and customer relations are amortized over their estimated useful life. The estimated useful 
life is based on estimates of the time period during which this intangible asset generates cash flows. 
Calculation of the present value of estimated future cash flows includes significant assumptions, particularly 
in respect of future sales. Additionally, discounting is also based on assumptions and estimations concerning 
business-specific capital costs, which are themselves dependent on country risks, credit risks, and additional 
risks resulting from the volatility of the respective business.
DEFERRED TAX ASSETS
Deferred tax assets resulting from the carry forward of unrealized tax losses or timing differences are 
recognized to the extent that a realization of the corresponding tax advantage is probable. Assessing the 
probability of realizing the tax benefit requires assumptions based on planning data.
EMPLOYEE BENEFIT OBLIGATIONS
The Group maintains various employee benefit plans. Several statistical analysis and other variables are 
used in the calculation of expenses and liabilities to estimate future developments. These variables include 
estimations and assumptions concerning the discount rate established by management within certain 
guidelines. In addition, actuaries employ statistical information for the actuarial calculation of benefit 
liabilities such as withdrawal or death probabilities, which can deviate significantly from actual results 
due to changes in market conditions, the economic situation, as well as fluctuating rates of withdrawal and 
shorter or longer live expectancy of benefit plan participants.
PROVISIONS
The calculation of provisions requires assumptions regarding the probability, size, occurrence, and timing of 
a cash outflow. As long as an outflow of resources is probable and a reliable estimation is possible, a 
provision is recognized.
195
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements

SCOPE OF CONSOLIDATION AND ACQUISITIONS
The consolidated financial statements of the Group comprise the financial statements of Sika AG, 
Zugerstrasse 50, 6340 Baar, Switzerland, as well as its subsidiaries (see list starting on page 237 et seq. of 
this report) and associated companies (see note 18). In the year under review, the scope of consolidation was 
expanded to include the acquired companies (see the next pages) and the following newly founded company:
	– Sika Asia Pacific Services Sdn. Bhd., Kuala Lumpur, Malaysia, was newly founded. 
	– SikaDavco (Zhanjiang) New Materials Co., Ltd., Zhanjiang, China, was newly founded.
	– Sika Chemicals Ghana Ltd., Accra, Ghana, was newly founded.
	– Sika Angola (SU), Limitada, Luanda, Angola, was newly founded.
	– Sika International AG, Baar, Switzerland, was newly founded.
The scope of consolidation was reduced to exclude the following companies:
	– KPM Industries Ltd., Oakville/ON, Canada, was merged with Sika Canada Inc., Pointe Claire/QC, Canada.
	– Sikalkoat de México, S.A. de C.V., Corregidora, Mexico, was merged with Sika Mexicana SA de CV, Corregidora, 
Mexico. 
	– Sika Automotive Mexico S.A. de C.V., Mexico City; Mexico, was merged with Sika Mexicana SA de CV, 
Corregidora, Mexico.
	– Sika Bauabdichtungs-GmbH, Stuttgart, Germany, was merged with Sika Deutschland GmbH, Stuttgart, 
Germany.
	– Axson Technologies Spain S.L., Les Franqueses del Vallès, Spain, was merged with Sika S.A.U., Alcobendas, 
Spain. 
	– Axson Italia S.r.l., Saronno, Italy, was merged with Sika Italia S.p.A., Peschiera Borromeo, Italy. 
	– Sika Dritac, LLC, Lyndhurst/NJ, USA, was merged with Sika Corporation, Lyndhurst/NJ, USA.
	– Financière Dry Mix Solutions SAS, Issy-Les-Moulineaux, France, was merged with ParexGroup S.A., 
Issy-Les-Moulineaux, France. 
	– Klebag AG, Ennetbürgen, Switzerland, was merged with Sika Schweiz AG, Zurich, Switzerland.
	– Parexgroup Iberica, S.A.U., Les Franqueses del Vallès, Spain, was liquidated.
196
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements 
196

Acquisitions 2020
In 2020, Sika acquired various companies or parts of companies. The purchase prices and their allocation 
(PPA) are now final. The purchase prices of the other acquisitions and their allocation (PPA) are unchanged.
ACQUIRED NET ASSETS AT FAIR VALUES
in CHF mn
Adeplast
Modern Waterproofing 
Company
Cash and cash equivalents
10.6
1.4
Accounts receivable
18.8
2.6
Inventories
11.6
2.2
Prepaid expenses and accrued income
1.0
1.4
Property, plant, and equipment
49.1
6.4
Right-of-use leased assets
1.8
0.0
Intangible assets
20.8
5.1
Deferred tax assets
0.6
0.1
Total assets
114.3
19.2
Financial liabilities
30.1
1.7
Accounts payable
10.4
1.4
Accrued expenses and deferred income
1.2
1.0
Income taxes payable
0.4
1.0
Provisions
0.3
0.1
Deferred tax liabilities
4.7
1.9
Total liabilities
47.1
7.1
Net assets
67.2
12.1
Non-controlling interests
0.0
-0.1
Acquired net assets
67.2
12.0
Goodwill
62.6
15.9
Total purchase price
129.8
27.9
Cash in acquired assets
-10.6
-1.4
Payments still due
-9.0
-0.6
Net cash outflow 
110.2
25.9
Since the purchase, Adeplast has contributed sales in 2020 of CHF 85.6 million and net profit of CHF 10.2 
million. Modern Waterproofing Company has contributed sales of CHF 14.4 million since the purchase and 
a net profit of CHF 1.6 million. If the acquisitions had occurred on January 1, 2020, consolidated proforma net 
sales would have been CHF 7,909.8 million (CHF 24.1 million from Adeplast and CHF 8.2 million from Modern 
Waterproofing Company). The additional profit share would have been insignificant. The amounts have 
been calculated using the results of the acquired entities and adjusted for differences in the accounting 
policies and the additional depreciation and amortization that would have been charged assuming the fair 
value adjustments to property, plant, and equipment and intangible assets had applied from January 1, 
2020.
The directly attributable transaction costs of all acquisitions in 2020 amounted to CHF 1.0 million and were 
charged to other operating expenses. 
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Acquisitions 2021
In 2021, Sika acquired various companies or parts of companies.
Company
Type of transaction
Stake in %
Closing date
Flooring adhesives business of DriTac, USA
Asset deal
n. a.
3/25/2021
Kreps LLC, Russia
Share deal
100.0
4/14/2021
Supermassa do Brasil Ltda, Brazil
Share deal
100.0
5/17/2021
Hydrotech, USA and Canada
Share deal
100.0
7/20/2021
Bexel Internacional S.A. de C.V., Mexico
Share deal
100.0
8/6/2021
Shenzhen Landun Holding Co., China
Share deal
100.0
10/29/2021
Hamatite group, Japan, China, Thailand, USA
Share deal/asset deal
100.0
11/1/2021
HYDROTECH
On July 20, 2021, Sika acquired American Hydrotech Inc., USA, and its affiliate Hydrotech Membrane 
Corporation in Canada. Hydrotech is an experienced and highly regarded liquid membrane manufacturer and 
provider of full-system roofing and waterproofing solutions. Hydrotech is clear market leader in the green/
garden roof segment in North America. The acquisition strengthens Sika’s roofing and waterproofing 
portfolio and complements Sika’s sustainability focus. 
Since the purchase, Hydrotech has contributed sales of CHF 40.0 million and a net profit of CHF 1.4 million. 
Accounts receivable of Hydrotech had a gross value of CHF 20.5 million and were recognized at fair value of 
CHF 20.1 million.
HAMATITE GROUP
On November 1, 2021, Sika acquired Hamatite group, the adhesives business of The Yokohama Rubber Co., 
Ltd. Hamatite is a market leader in Japan, offering adhesives and sealants to the automotive and 
construction industries. The product portfolio comprises various technologies such as polyurethanes, hot 
melts, and modified silicones. The well-established Hamatite brand is the preferred solution among the 
Japanese OEMs for glass bonding as well as for hot melt applications. The main application area in the 
construction industry is sealing and bonding solutions for exterior facades. Hamatite operates five plants, 
the main site being in Hiratsuka, Japan. Additional manufacturing facilities are located in Japan, China, 
Thailand, and in the USA. The acquisition will significantly strengthen Sika’s market position in Japan, 
increase market access to all major Japanese OEMs, and notably extend the product offering for sealing 
and bonding applications in the Japanese construction industry. 
Since the purchase, Hamatite has contributed sales of CHF 28.6 million and a net loss of CHF 2.7 million. 
Accounts receivable of Hydrotech had a gross value of CHF 1.1 million and this corresponds to the fair value.
OTHER ACQUISITIONS
On March 25, 2021, Sika acquired the flooring adhesives business of DriTac, a US-based floor covering 
adhesives company with an especially strong position in wood floor bonding. The acquired business 
strengthens Sika’s growth platform for interior finishing in the USA with large potential for cross-selling of 
Sika’s other complementary products that include moisture-mitigation materials, surface preparation and 
self-levelling underlayment mortars, as well as tile setting materials. The DriTac product range, which 
includes polyurethane, modified silicone, and water-based technologies, will further enhance Sika’s system 
solutions for floor covering applications and give customers access to a large, full-range portfolio.
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198

On April 14, 2021, Sika acquired Kreps LLC, a leading mortar manufacturer in Russia. Kreps offers a wide 
range of mortar products for interior and exterior finishing, complementing the existing portfolio and 
geographical footprint. Kreps operates production plants in Saint Petersburg and Yekaterinburg, two 
geographical areas where Sika has not previously had its own mortar manufacturing. Kreps is a well-known 
local brand with a strong presence in the distribution channels, providing Sika with improved access to major 
home centers and builders’ merchants. The combination of Sika’s technical know-how and direct sales 
approach with Kreps’ developed distribution network and production base will enable Sika to expand the 
local supply chain and better penetrate the market.
On May 17, 2021, Sika acquired Supermassa do Brasil Ltda, a mortar manufacturer which operates under the 
brand BR Massa in the Brazilian market. The acquisition will enhance Sika’s position in the region of Minas 
Gerais, one of the strongest economic regions in Brazil, and complement the production footprint. BR Massa 
is a well-known local brand for tile setting materials and facade mortars, with a strong presence in the 
distribution channel. It will provide Sika with improved access to builders’ merchants and specialized dealers 
and lead to attractive cross-selling opportunities for Sika’s products through these channels.
On August 6, 2021, Sika acquired Bexel Internacional S.A. de C.V., a leading manufacturer of tile adhesives 
and stuccos in Mexico. Bexel is a family-owned, well-run business which has successfully built up a strong 
position in the Mexican Building Finishing mortars market and has a strong presence in the distribution 
channel, mostly focusing on home centers and builders’ merchants, providing interesting cross-selling 
opportunities for complementary products such as sealants, adhesives, liquid applied membranes, and 
waterproofing products. Bexel operates five strategically located production plants which perfectly 
complement Sika’s existing geographical footprint and further support the strategic focus on big cities. The 
new site serving Mexico City adds important production capacity, strengthening Sika’s position in this 
fast-growing metropolitan area. With the combined presence, Sika now has a nationwide manufacturing 
coverage for mortars that will enhance its ability to serve and supply customers with its products throughout 
the country.
On October 29, 2021, Sika acquired Shenzhen Landun Holding Co., Ltd., a manufacturer of waterproofing 
systems in China. Landun is a highly regarded provider of waterproofing solutions with strong customer 
relationships and a well-recognized brand. The company operates two modern production facilities where it 
manufactures a full range of membranes and coatings for various waterproofing applications, mainly 
supplying infrastructure and commercial projects. The acquisition provides a platform for Sika to further 
grow and strengthen its position in the fast-growing Chinese waterproofing market. The product portfolios 
of the two companies are highly complementary and offer large cross-selling potential through their 
respective channels.
Since the purchase, the other acquisitions have contributed sales of CHF 60.3 million. The profit is not 
material. Accounts receivable of the other acquisitions had a gross value of CHF 43.9 million and were 
recognized at fair value of CHF 39.9 million.
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ACQUIRED NET ASSETS AT FAIR VALUES
in CHF mn
Hydrotech
Hamatite
Other acquisitions 1
Cash and cash equivalents
5.2 
4.0 
4.8 
Accounts receivable
20.1 
1.1 
39.9 
Inventories
9.5 
20.8 
8.1 
Prepaid expenses and accrued income
0.3 
0.1 
2.4 
Property, plant, and equipment
2.8 
49.2 
41.7 
Right-of-use leased assets
0.0 
0.5 
7.1 
Intangible assets
36.4 
22.4 
22.9 
Deferred tax assets
0.0 
1.7 
0.3 
Other assets
0.0 
1.6 
0.0 
Total assets
74.3 
101.4 
127.2 
Financial liabilities
0.0 
0.5 
48.5 
Accounts payable
3.9 
0.0 
22.5 
Accrued expenses and deferred income
7.8 
2.8 
11.2 
Income taxes payable
0.0 
0.0 
0.9 
Provisions
4.9 
22.1 
3.2 
Employee benefit obligation
0.0 
12.6 
0.4 
Deferred tax liabilities
1.7 
2.3 
5.7 
Other liabilities
4.9 
0.0 
0.0 
Total liabilities
 23.2 
 40.3 
 92.4 
Acquired net assets
51.1 
61.1 
34.8 
Goodwill
70.6 
39.9 
90.3 
Total purchase price
121.7 
101.0 
125.1 
Cash in acquired assets
-5.2 
-4.0 
-4.8 
Payments still due
-5.1 
0.0 
-24.3 
Net cash outflow 
111.4 
97.0 
96.0 
1	 Flooring adhesives business of DriTac, Kreps, Supermassa do Brasil, Bexel, and Shenzhen Landun; individually not material.
If the acquisitions had occurred on January 1, 2021, consolidated proforma net sales would have been CHF 
9,491.8 million (CHF 44.5 million from Hydrotech, CHF 134.7 million from Hamatite, and CHF 60.3 million 
from the other acquisitions). The net profit would have remained unchanged. The amounts have been 
calculated using the results of the acquired entities and adjusted for differences in the accounting policies 
and the additional depreciation and amortization that would have been charged assuming the fair value 
adjustments to property, plant, and equipment and intangible assets had applied from January 1, 2021.
Since the purchase prices and the purchase price allocations for all acquisitions still entail some uncertainty, all 
positions except for “Cash and cash equivalents” are provisional. Product synergies and combined distribution 
channels and product portfolios justify the goodwill recognized. Goodwill is tax-deductible in the amount of 
CHF 76.4 million. 
The directly attributable transaction costs of all acquisitions amounted to CHF 7.1 million and were charged 
to other operating expenses.
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200

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. Net Sales CHF 9,252.3 mn (CHF 7,877.5 mn) 
Sika sells systems and products for bonding, sealing, damping, reinforcing, and protecting in the building 
sector and the motor vehicle industry. Sales are recognized when control of the products has been 
transferred to the customer, i.e. when the products have been physically transferred to the buyer and there 
is a right to receive payment. Revenue is recognized in the amount of the consideration expected to be 
received by Sika in exchange for these goods or services. A receivable from the buyer is recognized upon sale. 
The receivables do not bear interest and are generally due within 30 to 90 days. All proceeds from the sale of 
goods and services are recorded at sales prices less discounts granted.
In some cases, Sika grants retrospective volume discounts based on aggregate sales over a twelve month 
period. Revenue from these sales is recognized based on the price specified in the contract, net of the 
estimated volume discounts. A refund liability (included in accrued expenses and deferred income) is 
recognized for expected volume discounts payable to customers in relation to sales made until the end of 
the reporting period. 
Extended warranty contracts are sold for certain products on installed roofing systems. Revenue for 
separately priced extended warranties is deferred and recognized on a straight-line basis over the extended 
warranty period. The average warranty period is ten years (eight years). In 2021, revenues of CHF 4.2 million 
(CHF 4.2 million) were recognized. The deferred revenue positions are included in accrued expenses and 
deferred income (see note 20) as well as in other liabilities (see note 24).
Contract revenue and contract costs are recognized in accordance with the stage of completion. An expected 
loss is recognized as an expense immediately. 
2. Segment reporting
Sika conducts its worldwide activities according to geographical regions and the global segment Global 
Business. Heads of the segments are members of Group Management. Group Management is the highest 
executive body that measures the success of the operating segments and allocates resources. The key figure 
of profit by which the segments are directed is operating profit, which is consistent with the consolidated 
financial statements. Financing (including financial expenses and income) and income taxes are managed on a 
Group-wide basis and are not allocated to the individual segments. The composition of the segments is shown 
on page 50 of the download version of this report.
Other segments and activities includes expenses for Group headquarter, and income from services provided 
to Group companies. 
The companies acquired in 2021 were allocated to the respective segments as follows:
	– Kreps LLC, Russia, was allocated to the segment EMEA.
	– Supermassa do Brasil Ltda, Brazil, American Hydrotech Inc., USA, Hydrotech Membrane Corporation, 
Canada, Bexel Internacional S.A. de C.V., Mexico, as well as the flooring adhesives business of DriTac, USA, 
were allocated to the segment Americas. 
	– Shenzhen Landun Holding Co., China, and its subsidiaries as well as Hamatite Japan and the Thai Hamatite 
business were allocated to the segment Asia/Pacific. 
	– Hamatite China and USA were allocated to the segment Global Business.
APPENDIX TO THE CONSOLIDATED 
FINANCIAL STATEMENTS
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NET SALES
2020 1
2021
in CHF mn
With third 
parties
With other 
segments
Total
With third 
parties
With other 
segments
Total
EMEA
3,495.4
178.4
3,673.8
4,071.4
213.5
4,284.9
Americas
2,012.2
5.1
2,017.3
2,427.4
5.3
2,432.7
Asia/Pacific
1,723.2
17.7
1,740.9
2,080.9
27.0
2,107.9
Global Business
646.7
13.7
660.4
672.6
14.0
686.6
Eliminations
-214.9
-214.9
-259.8
-259.8
Net sales
7,877.5
–
7,877.5
9,252.3
–
9,252.3
Products for construction industry
6,439.8
7,630.4
Products for industrial manufacturing
1,437.7
1,621.9
1	The Advanced Resins business has been reallocated from the Global Business segment to the geographical regions. The prior year 
has been restated accordingly. 
Sika’s products for the construction industry include admixtures and additives for use in concrete, 
cement, and mortar production, waterproofing systems, roof waterproofing, flooring solutions, sealants, 
adhesive tapes, assembly foams and elastic adhesives for facade construction, interior and infrastructure 
construction, as well as concrete protection and repair solutions.
Products for industrial manufacturing are sold to manufacturers and service providers in automotive OEM, 
commercial vehicles, automotive aftermarket, marine vessels, renewable energy, sandwich panels, 
industrial equipment, HVAC, home and commercial appliances, modular building, facades, and fenestration.
CHANGES IN NET SALES/CURRENCY IMPACT
Change compared to prior year  
(in %)
in CHF mn
2020 1
2021
In Swiss 
francs
In local 
currencies
Currency 
impact
By region
EMEA
3,495.4
4,071.4
16.5
16.1
0.4
Americas
2,012.2
2,427.4
20.6
21.0
-0.4
Asia/Pacific
1,723.2
2,080.9
20.8
19.4
1.4
Global Business
646.7
672.6
4.0
4.3
-0.3
Net sales 
7,877.5
9,252.3
17.5
17.1
0.4
Products for construction industry
6,439.8
7,630.4
18.5
18.0
0.5
Products for industrial manufacturing
1,437.7
1,621.9
12.8
12.6
0.2
1	The Advanced Resins business has been reallocated from the Global Business segment to the geographical regions. The prior year 
has been restated accordingly. 
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements
202
202

OPERATING PROFIT
2020 1
2021
Change compared to prior year
in CHF mn
(in %)
By region
EMEA
572.0
691.4
119.4
20.9
Americas
345.3
446.3
101.0
29.2
Asia/Pacific
285.0
349.0
64.0
22.5
Global Business
54.9
50.2
-4.7
-8.6
Other segments and activities
-126.7
-145.5
-18.8
n.a.
Operating profit
1,130.5
1,391.4
260.9
23.1
1	The Advanced Resins business has been reallocated from the Global Business segment to the geographical regions. The prior year 
has been restated accordingly. 
RECONCILIATION OF SEGMENT RESULT AND NET PROFIT
in CHF mn
2020
2021
Operating profit
1,130.5
1,391.4
Interest income
5.5
11.5
Interest expenses
-57.4
-56.9
Other financial income
6.0
7.0
Other financial expenses
-24.7
-17.8
Income from associated companies
0.5
0.4
Profit before taxes
1,060.4
1,335.6
Income taxes
-235.3
-287.1
Net profit
825.1
1,048.5
OTHER DISCLOSURES
2020 1
2021
in CHF mn
Depreciation/ 
Amortization
Capital  
expenditures
Depreciation/ 
Amortization
Capital  
expenditures
EMEA
154.1
47.4
152.7
54.0
Americas
82.3
36.3
80.4
46.5
Asia/Pacific
76.3
27.1
78.4
44.0
Global Business
24.9
10.6
25.0
14.1
Other segments and activities
29.5
10.3
30.1
12.2
Total
367.1
131.7
366.6
170.8
1	The Advanced Resins business has been reallocated from the Global Business segment to the geographical regions. The prior year 
has been restated accordingly. 
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The following countries had a share of greater than 10% of at least one of the Group’s key figures:
Net sales
Non-current assets 1
in CHF mn
2020
%
2021
%
2020
%
2021
%
USA
1,431.2
18.2
1,643.6
17.8
847.8
14.4
958.5
15.6
China
870.3
11.0
1,149.7
12.4
1,162.2
19.8
1,295.1
21.0
Germany
713.3
9.1
774.7
8.4
384.2
6.5
344.2
5.6
France
578.2
7.3
658.2
7.1
698.7
11.9
651.5
10.6
Switzerland
362.7
4.6
375.1
4.1
616.1
10.5
581.0
9.4
All other
3,921.8
49.8
4,651.0
50.2
2,169.5
36.9
2,330.9
37.8
Total
7,877.5
100.0
9,252.3
100.0
5,878.5
100.0
6,161.2
100.0
1	Non-current assets less financial assets, deferred tax assets, and employee benefit assets.
3. Material expenses CHF 4,461.0 mn (CHF 3,562.7 mn) 
Material expenses increased as a percentage of net sales by 3.0 percentage points. As a result of the sharp 
rise in raw material costs worldwide due to bottlenecks and other supply-side factors, as well as the 
delayed effect of selling price adjustments, the gross margin decreased from 54.8% to 51.8%.
Material expenses include the value adjustment expenses for unsaleable goods and depreciation and 
amortization due to inventory differences in the amount of CHF 28.2 million (CHF 32.6 million).
4. Personnel expenses CHF 1,635.3 mn (CHF 1,525.9 mn)
in CHF mn
2020
2021
Wages and salaries
1,258.4
1,329.5
Social charges
291.0
307.4
Government support
-23.5
-1.6
Personnel expenses
1,525.9
1,635.3
Personnel expenses comprise all payments to persons in an employment relationship with Sika. This item 
also includes expenses such as pension fund contributions, health insurance contributions, as well as taxes 
and levies directly related to personnel remuneration. Government grants related to employment 
relationships are recognized in personnel expenses when there is reasonable certainty that the grant will be 
received and all related conditions are met. They are recognized as income over the same period as the 
expenses they intend to compensate.
Personnel costs decreased in relation to net sales from 19.4% to 17.7%. The negative impact of the 
coronavirus pandemic on Sika’s sales markets resulted in a significantly higher ratio in the previous year. 
Further improvements were achieved through efficiency enhancements and selective structural 
adjustments in some countries.
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements
204
204

EMPLOYEE BENEFIT COSTS
in CHF mn
2020
2021
Employee benefit plans with defined benefits 1
31.7
32.2
Other employee benefit plans
47.0
47.3
Employee benefit costs
78.7
79.5
1	Includes pension expense recognized in income statement (see note 23) without interest income/interest expenses.
EMPLOYEE PARTICIPATION PLAN – SHARE-BASED PAYMENTS
Sika operates the following share-based compensation plans. The cost of these compensation systems is 
recognized in personnel expenses over the period in which services are rendered by the employees.
The share-based payments are made by means of transfer of treasury stock of Sika AG or are settled in cash. 
Recognized personnel expenses for share-based compensation for the fiscal year 2021 totaled CHF 38.8 
million (CHF 32.2 million), CHF 9.1 million (CHF 9.7 million) of which was recorded in equity and CHF 29.7 million 
(CHF 22.5 million) in liabilities. At year-end, liabilities from share-based compensation plans amounted to 
CHF 38.3 million (CHF 27.8 million). Thereof, CHF 28.1 million (CHF 19.1 million) are recognized in accrued 
expenses and deferred income and CHF 10.2 million (CHF 8.6 million) are included in employee benefit 
obligations.
There is no share dilution as no additional shares have been issued for these plans.
PERFORMANCE BONUS (SHORT-TERM INCENTIVE)
Sika Senior Management
Part of the performance bonus of Sika Senior Management (by definition, Sika Senior Management includes 
the management level reporting into Group Management, managing directors of subsidiaries, and heads 
of central and regional functions; 166 participants) is paid in Sika AG shares. The allocated shares are subject 
to a four-year blocking period from allocation. Sika Senior Managers can choose to receive 0%, 20%, or 40% 
of their performance bonus in Sika AG shares plus one bonus share for every two shares chosen. The market 
value of the grant was CHF 4.9 million. In the prior year the market value of the grant amounted to CHF 5.4 
million.
LONG-TERM INCENTIVE (LTI-PLAN) 
Group Management
The members of the top management (extended Group Management) participate in a long-term 
incentive plan. It consists of performance share units (PSUs). At the beginning of the vesting period, a 
number of PSUs is granted to each plan participant. The PSU vest after a period of three years, 
conditionally upon fulfilling two equally weighted performance conditions, the return on capital employed 
(ROCE), and relative total shareholder return (relative TSR). The ROCE objective is determined at the 
beginning of the vesting period by the Board of Directors and is measured at the end of the vesting period 
as the average ROCE of the first year, the second year, and the third year of the vesting period. Acquisitions 
are excluded from the ROCE calculation in the year of acquisition and for two additional calendar years. The 
relative TSR is measured in relation to a peer group as a percentile rank and the objective is to reach the 
median of the peer group. For both performance conditions, the maximum achievement level is capped at 
200%, however, the overall vesting level for the LTI is capped at 150%. The share-based compensation is 
settled in Sika AG shares.
The market value of the PSUs includes both targets and is determined once at the time of grant. Thereby in 
a Monte Carlo simulation generally available market data regarding Sika, including expected dividend 
payments, and the peer group as well as internal estimates regarding the degree of achievement of the 
ROCE target are combined.
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Sika Senior Management
Sika Senior Managers participate in long-term incentive plans, which are structured in the same way as that 
for Group management (see above), except that they are settled in cash.
The fair value of the PSUs includes both targets and is determined at the time of allocation and redetermined 
at each balance sheet date. Thereby in a Monte Carlo simulation generally available market data regarding 
Sika, including expected dividend payments, and the peer group as well as internal estimates regarding the 
degree of achievement of the ROCE target are combined. For Senior Managers who move to another country 
during the performance period, a pro rata payment in shares is made for the earned portion up to the time 
of transfer. The shares are granted at market value on the grant date and are blocked until the end of the 
vesting period. 
LONG-TERM INCENTIVE
Number of PSUs granted
Fair value per PSU in CHF
Fair value of grant  
in CHF million
Group Management LTI 2020–2022
21,669
171.94
3.7 
Sika Senior Managers LTI 2020–2022
22,573
171.94
3.9 
Granted in 2020
7.6
Group Management LTI 2021–2023
19,177
233.64
4.5 
Sika Senior Manager LTI 2021–2023
16,192
233.64
3.8 
Granted in 2021
8.3
Board of Directors
Part of the compensation for members of the Board of Directors is awarded in Sika AG shares. The 
entitlement to shares is allocated at the beginning of the term of office and converted into shares at the 
end of the term of office. The shares are subject to a three-year blocking period. For the term of office from 
April 2021 to April 2022, entitlements to 4,843 shares were granted at a market value of CHF 1.3 million 
(CHF 273.88 per share). The conversion into shares will take place in April 2022. For the term of office from 
April 2020 to April 2021, entitlements to 8,458 shares were granted with a market value of CHF 1.3 million 
(CHF 156.72 per share). The conversion into shares took place in April 2021.
5. Other operating expenses CHF 1,398.0 mn (CHF 1,291.3 mn) 
in CHF mn
2020
2021
Production and operation 1
399.5
446.5
Logistics and distribution
401.6
477.0
Sales, marketing, and travel costs
212.0
235.1
Administration and other costs 2
278.2
239.4
Total
1,291.3
1,398.0
1	This position includes primarily costs for maintenance, repairs, and energy. 
2	This position includes primarily costs of services and consulting in the fields of law, tax, and information technology. Furthermore, it 
covers training costs and government fees, costs for warranty settlements and legal claims, as well as the remuneration of the 
Board of Directors.
Other operating expenses decreased from 16.4% to 15.1% as a result of efficiency improvement programs and 
disciplined cost management on one hand, and lower costs for warranties and legal cases, as well as lower 
allowances for doubtful accounts on the other hand. Higher unit costs in logistics and transportation, 
particularly as a result of global supply chain problems, had a cost-driving effect. 
SIKA ANNUAL REPORT 2021 
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206
206

Other operating expenses include government support of CHF 6.3 million (CHF 3.0 million) received in 
connection with the coronavirus pandemic. Government grants are recognized where there is reasonable 
assurance that the grant will be received, and all attached conditions will be complied with. The grant is 
recognized as income on a systematic basis over the periods that the related costs, for which it is intended 
to compensate, are expensed. 
Research and development expenses are not capitalized if the recognition criteria have not been met. 
Expenditures on research and development in the Group during the year under review totaled CHF 214.3 million 
(CHF 193.6 million), roughly equivalent to 2.3% (2.5%) of sales. Research and development expenses are included 
in personnel expenses, other operating expenses, as well as in depreciation and amortization expenses. 
6. Interest expenses/other financial expenses CHF 74.7 mn (CHF 82.1 mn) 
In general, interest and other expenses for the procurement of debt capital are charged to the income 
statement. Interest incurred in the course of development projects, such as the construction of new 
production facilities or the development of software, is capitalized together with the asset created.
Interest expenses consist of interest expenses for outstanding bond issues in the amount of CHF 36.2 
million (CHF 35.9 million), interests on lease liabilities of CHF 12.4 million (CHF 11.9 million), other interest 
expenses of CHF 6.3 million (CHF 7.9 million), as well as the interest component of pension expenses of 
defined benefit plans of CHF 2.0 million (CHF 1.7 million). 
Other financial expenses include foreign exchange gains and losses from the management of foreign currency 
as well as net gains and losses from hedging and revaluation of loans to Group companies denominated in 
foreign currencies (see note 27). Other financial expenses decreased to CHF 17.8 million (CHF 24.7 million). 
7. Interest income/other financial income/income from associated  
companies CHF 18.9 mn (CHF 12.0 mn) 
Interest income is recognized pro rata temporis using the effective interest method. Short-term surpluses 
in liquidity in various countries as well as accrued interest on a legal claim resulted in interest income of CHF 
11.5 million (CHF 5.5 million). Income from associated companies is CHF 0.4 million (CHF 0.5 million). 
207
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8. Income taxes
in CHF mn
2020
2021
Income tax during the year under review
278.9
294.2
Deferred income tax
-40.2
0.5
Income tax from prior years
-3.4
-7.6
Total
235.3
287.1
RECONCILIATION BETWEEN EXPECTED AND EFFECTIVE TAX EXPENSE
in CHF mn
%
2020
%
2021
Profit before taxes
1,060.4
1,335.6
Expected tax expense
20.8
220.5
20.6
275.0
Non-taxable income/non-tax-deductible expenses
0.6
5.7
0.4
5.5
Effect of changes in tax rates
-0.5
-5.1
0.0
0.2
Adjusted tax expense from earlier periods
-0.3
-3.4
-0.6
-7.6
Valuation adjustment on deferred tax assets
-0.2
-2.3
-0.5
-6.3
Withholding tax on dividends, licenses, and interests
1.5
16.3
1.8
23.2
Other
0.3
3.6
-0.2
-2.9
Tax expense as per consolidated income statement
22.2
235.3
21.5
287.1
The effective tax rate decreased to 21.5% (22.2%). The expected average Group income tax rate of 20.6% 
(20.8%) corresponds with the average tax on profits of the individual Group companies in their respective 
fiscal jurisdictions. The expected average tax rate was calculated using absolute values. The change in the 
expected tax rate is attributable to changing profits of the Group companies in their respective fiscal 
jurisdictions and to changes in their tax rates in some cases.
Tax liabilities include taxes due and accrued. If there is uncertainty as to whether a tax treatment will be 
accepted by the tax authorities, the uncertainty is reflected in the income tax payable based on a best 
estimate of the expected future cash outflow. 
Deferred taxes are calculated using the liability method. According to this method, the effects on income 
taxes resulting from temporary differences between Group-internal and taxable balance sheet values are 
recorded as deferred tax assets or deferred tax liabilities, respectively. Deferred tax assets and liabilities are 
measured at the tax rates expected to apply to the period when the asset is recognized, or the liability is 
settled based on the rates (and tax laws) that have been substantively enacted. 
Changes in deferred tax assets and liabilities are reflected in income tax expense, the statement of 
comprehensive income, or directly in equity. Deferred income tax liabilities are provided for taxable 
temporary differences arising from investments in subsidiaries and associates, except for deferred income 
tax liabilities where the timing of the reversal of the temporary difference is controlled by the Group and it 
is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets 
including those that can be applied to carried forward tax losses are recognized to the extent that their 
realization is probable. Deferred tax liabilities are recognized for all taxable temporary differences insofar 
as the accounting regulations foresee no exception. 
SIKA ANNUAL REPORT 2021 
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208
208

RECONCILIATION OF DEFERRED TAX ASSETS AND LIABILITIES
in CHF mn
2020
2021
January 1
-232.6
-185.2
Credited (+)/debited (-) to income statement 
40.2
-0.5
Credited (+)/debited (-) to other comprehensive income
1.7
-25.6
Credited (+)/debited (-) to equity
-0.1
-1.1
Exchange differences
11.5
-4.6
Acquisitions/divestments
-5.9
-7.7
December 31
-185.2
-224.7
ORIGIN OF DEFERRED TAX ASSETS AND LIABILITIES
2020
2021
in CHF mn
Assets
Liabilities
Net
Assets
Liabilities
Net
Tax losses
10.1
10.1
12.5
12.5
Current assets
30.8
-18.7
12.1
30.5
-23.6
6.9
Property, plant, and equipment
10.6
-131.5
-120.9
10.9
-128.0
-117.1
Other non-current assets
103.8
-206.7
-102.9
91.0
-239.2
-148.2
Liabilities
185.3
-17.0
168.3
187.0
-13.5
173.5
Temporary differences on investments 1
 0.0
 -151.9 
-151.9
0.0
-152.3
-152.3
Gross values
340.6
-525.8
-185.2
331.9
-556.6
-224.7
Offsetting
-145.9
145.9
0.0
-189.4
189.4
0.0
Total
194.7
-379.9
-185.2
142.5
-367.2
-224.7
1	This includes expected withholding taxes of CHF 19.1 million (CHF 15.5 million) on undistributed dividends from Group companies. 
Tax provisions of CHF 133.3 million (CHF 136.4 million) relate to expected tax payments in connection with legal restructurings of 
the acquired Parex companies in the coming years.
CARRY FORWARD OF TAX LOSSES, FOR WHICH NO DEFERRED TAX ASSETS HAVE BEEN RECOGNIZED
in CHF mn
2020
2021
1 year or less
6.6
7.1
1–5 years
20.2
23.3
Over 5 years or non-expiring
21.4
10.0
Total
48.2
40.4
The underlying average tax rate of tax losses for which no deferred tax assets have been recognized is 27.6% 
(29.0%). 
In the year under review, deferred tax assets from carried forward tax losses of CHF 3.2 million (CHF 4.3 
million) were used and deferred carried forward tax losses of CHF  2.9 million (CHF  2.6 million) were 
capitalized. 
There are deductible temporary differences of CHF 373.6 million (CHF 452.8 million) for which no deferred 
tax asset has been recognized. The underlying average tax rate is 5.2% (5.9%). A realization of these 
theoretical tax benefits is not expected. CHF 369.0 million (CHF 400.0 million) result from the tax-free 
disclosure of hidden reserves in the tax balance sheet in Switzerland (so-called step-up). A further CHF 4.6 
million (CHF 52.8 million) result from the issuance of the mandatory convertible bond (see note 21).
209
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9. Earnings per share CHF 7.39 (CHF 5.82)
2020
2021
Net profit attributable to Sika shareholders (in CHF mn)
824.5
1,047.9
Weighted average number of shares outstanding for calculation of basic earnings 
per share 1
141,739,791
141,853,421
Additional weighted number of shares upon exercise of all conversion rights
18,297,749
18,431,819
Weighted average number of shares used to calculate diluted earnings per share
160,037,540
160,285,240
Undiluted earnings per share (in CHF)
5.82
7.39
Diluted earnings per share (in CHF)
5.22
6.60
1	Excluding treasury shares held in the Group.
Undiluted earnings per share (EPS) amount to CHF 7.39 (CHF 5.82) and are calculated on the basis of net profit 
after non-con­trolling interests and the number of shares entitled to dividend, weighted over the course of 
the year. 
The convertible bonds issued (see note 21) have a dilutive effect. For the calculation of diluted earnings per 
share, the weighted average number of shares outstanding is adjusted. It is assumed that all conversion 
rights were already exercised at the time of issue. In addition, the profit attributable to Sika shareholders 
will be increased by the interest costs for the convertible bonds in the amount of CHF 10.4 million (CHF 10.8 
million) after consideration of the tax effect. Diluted earnings per share amount to CHF 6.60 (CHF 5.22).
10. Cash and cash equivalents CHF 1,175.0 mn (CHF 1,318.7 mn)
The cash management of the Group includes cash pooling, in which cash and cash equivalents available 
within the Group are pooled. The item “Cash and cash equivalents” includes cash and cash equivalents with 
a maturity of less than three months, bearing interest at a respectively valid rate. 
SIKA ANNUAL REPORT 2021 
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210

11. Accounts receivable CHF 1,576.8 mn (CHF 1,361.8 mn)
Receivables are recognized net of an allowance for expected credit losses over the entire lifetime. The 
classification and valuation principles for accounts receivable are described in note 27.
The following tables show accounts receivable, the portion of not overdue and overdue receivables including 
their age structure as well as the development of the allowance for doubtful debts. Accounts receivable are 
non-interest-bearing and are generally due within 30 to 90 days.
AGE DISTRIBUTION OF ACCOUNTS RECEIVABLE
in CHF mn
2020
2021
Not overdue
1,105.0
1,277.4
Past due < 31 days
 140.0
 165.5
Past due 31–60 days
 49.8
 59.8
Past due 61–180 days
 42.1
 47.7
Past due 181–360 days
 7.7
 7.8
Past due > 365 days
 17.2
 18.6
Net accounts receivable
1,361.8
1,576.8
MOVEMENTS ON THE ALLOWANCE FOR DOUBTFUL DEBTS
in CHF mn
2020
2021
January 1
 75.9
 78.6
Additions to or increase in allowances
 21.1
 13.6
Reversal of allowances
-3.5
-7.5
Utilization of allowances
-7.6
-3.3
Exchange differences
-7.3
-0.8
December 31
 78.6
 80.6
The increase and decrease of allowances for doubtful debts are recognized in other operating expenses. 
Amounts entered as allowances are usually derecognized when payment is no longer expected.
12. Inventories CHF 1,158.3 mn (CHF 814.0 mn)
in CHF mn
2020
2021
Raw materials and supplies
 290.3
 452.9
Semi-finished goods
 61.6
 77.4
Finished goods
 383.1
 510.8
Merchandise
 79.0
 117.2
Total
 814.0
1,158.3
211
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements

Raw materials and merchandise are stated at historical cost and finished and semi-finished products are 
stated at production cost, however not exceeding net realizable sales value. The production costs comprise 
all directly attributable material and manufacturing costs as well as other costs incurred in bringing the 
inventories to their present location and condition. Acquisition or production costs are determined using a 
standard cost approach, or alternatively using the weighted average cost method. Net realizable value 
corresponds to the estimated selling price in the ordinary course of business less the estimated costs of 
completion and the selling costs. Allowances are made for obsolete and slow-moving inventories.
13. Prepaid expenses and accrued income CHF 190.4 mn (CHF 120.7 mn)
This includes advance payments and prepaid expenses for the accrual of expenses and income.
14. Other assets CHF 264.4 mn (CHF 106.7 mn)
OTHER CURRENT ASSETS
in CHF mn
2020
2021
Derivatives (at fair value through profit and loss)
7.0
16.5
Securities (at fair value through profit and loss)
2.9
4.5
Loans (at amortized cost)
9.5
9.9
Other financial assets
19.4
30.9
Other current assets
19.4
30.9
OTHER NON-CURRENT ASSETS
in CHF mn
2020
2021
Securities (at fair value through profit and loss)
58.1
64.4
Loans (at amortized cost)
9.4
17.2
Other financial assets
67.5
81.6
Employee benefit assets 1
18.7
149.5
Other
1.1
2.4
Other non-financial assets
19.8
151.9
Other non-current assets
87.3
233.5
1	Includes the excess of assets for employee benefit plans with defined benefits, see note 23.
Other current assets consist of assets with maturities of less than twelve months. Non-current other 
assets have a term of more than one year. The classification and valuation principles for financial assets are 
described in note 27.
SIKA ANNUAL REPORT 2021 
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212
212

15. Held for sale – assets CHF 33.7 mn (CHF 0.0 mn) and liabilities CHF 3.7 mn 
(CHF 0.0 mn) 
Non-current asset and disposal groups are classified as held for sale if it is highly probable that their carrying 
amounts will be recovered primarily through sale rather than through continuing use. Non-current assets 
and disposal groups held for sale are measured at the lower of their carrying amount and fair value less costs 
to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining 
assets and liabilities on a pro rata basis. Once classified as held for sale, intangible assets and property, 
plant, and equipment are no longer amortized or depreciated.
Sika has agreed to sell its European industrial coatings business (part of the region EMEA), based in Germany, 
to the American Sherwin-Williams Company. In 2021, the business segment generated sales of 
approximately CHF 80 million. The headquarters and production plant are located in Vaihingen, Germany. 
The product range comprises anticorrosive and fire protection coatings which are mainly sold in Germany, 
Switzerland, Poland, and Austria. Accordingly, the corresponding assets and liabilities are presented as a 
disposal group held for sale. The transaction is expected to close in the first quarter of 2022. 
The disposal group is stated at its carrying amounts (no impairment losses) and comprised the following 
assets and liabilities.
in CHF mn
2021
Inventories
 10.8
Property, plant, and equipment
 3.5
Goodwill
 19.4
Assets classified as held for sale
 33.7
Accrued expenses and deferred income
 0.5
Employee benefit obligations
 3.2
Liabilities classified as held for sale
 3.7
Net
 30.0
16. Property, plant, and equipment CHF 1,776.6 mn (CHF 1,702.6 mn)
in CHF mn
2020
2021
Own property, plant, and equipment
1,387.3
1,455.4
Right-of-use assets
315.3
321.2
Property, plant, and equipment
1,702.6
1,776.6
OWN PROPERTY, PLANT, AND EQUIPMENT
Property, plant, and equipment are carried at historical cost less accumulated depreciation required for 
business purposes. The capitalization is made based on components. Value-enhancing expenses are 
capitalized and depreciated over their useful lives. Repair, maintenance, and replacement costs are charged 
directly to the income statement. Depreciation is calculated using the straight-line method and is based on 
the anticipated useful life of the asset, including its operational usefulness and age-related technical 
viability. The acquisition costs include borrowing costs for long-term construction projects if the recognition 
criteria are met. Plant and equipment includes machinery, vehicles, equipment, furnishings, and hardware. 
213
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OWN PROPERTY, PLANT, AND EQUIPMENT
in CHF mn
Property
Plant
Equipment 
and motor 
vehicles
Plants and 
buildings 
under 
construction
Total
Acquisition cost
 197.3
 927.3
2,067.7
 95.4
3,287.7
Cumulative depreciation and impairment
-2.1
-473.6
-1,337.7
-0.1
-1,813.5
Net values at January 1, 2020
 195.2
 453.7
 730.0
 95.3
1,474.2
Additions
 0.1
 3.6
 38.4
 78.0
 120.1
Acquired on acquisition
 4.1
 28.6
 22.6
 0.2
 55.5
Exchange differences
-9.5
-23.6
-41.0
-5.6
-79.7
Disposals
-3.2
-1.9
-3.3
 0.0
-8.4
Reclassifications 1
-4.1
 8.9
 85.9
-95.8
-5.1
Depreciation charge for the year
 0.0
-30.6
-138.7
 0.0
-169.3
December 31, 2020
 182.6
 438.7
 693.9
 72.1
1,387.3
Acquisition cost
 183.6
 923.4
2,088.3
 72.1
3,267.4
Cumulative depreciation and impairment
-1.0
-484.7
-1,394.4
 0.0
-1,880.1
Net values at January 1, 2021
 182.6
 438.7
 693.9
 72.1
1,387.3
Additions
 1.5
 3.5
 40.1
 112.2
 157.3
Acquired on acquisition
 26.8
 22.3
 44.1
 0.5
 93.7
Exchange differences
-4.1
-1.7
 0.7
-0.1
-5.2
Disposals
-1.1
-1.3
-4.6
 0.0
-7.0
Reclassifications 1
 3.1
 4.4
 68.9
-77.8
-1.4
Depreciation charge for the year
 0.0
-30.1
-135.7
 0.0
-165.8
Assets held for sale
-0.7
-0.2
-2.5
-0.1
-3.5
December 31, 2021
 208.1
 435.6
 704.9
 106.8
1,455.4
Acquisition cost
 209.1
 941.3
2,184.8
 106.8
3,442.0
Cumulative depreciation and impairment
-1.0
-505.7
-1,479.9
 0.0
-1,986.6
Net values at December 31, 2021
 208.1
 435.6
 704.9
 106.8
1,455.4
1	Plants and buildings under construction are reclassified after completion within property, plant, and equipment as well as intangible 
assets.
DEPRECIATION SCHEDULE
 
Buildings
25 years
Infrastructure
15 years
Plants and machinery
5–15 years
Furnishings
6 years
Vehicles
4 years
Laboratory equipment and tools
4 years
IT hardware
3–4 years
The recoverability of property, plant, and equipment is reviewed if events or changes in circumstances 
indicate that the carrying amount may not be recoverable. If the carrying amount exceeds the recoverable 
amount, a special depreciation allowance is recorded on the higher of fair value less cost to sell and the 
value in use of an asset which corresponds to the discounted, anticipated future cash flows. For the 
purpose of impairment tests, assets are grouped at the lowest levels for which there are separately 
identifiable cash flows (cash-generating units).
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214
214

CAPITAL COMMITMENTS
Significant capital expenditure for property, plant, and equipment contracted for as at December 31, 2021, 
but not recognized as liabilities is CHF 19.1 million (CHF 11.3 million).
RIGHT-OF-USE ASSETS
After the inception of a contract, Sika assesses whether the contract is or contains a lease. Sika recognizes 
a right-of-use (ROU) asset and a lease liability at the lease commencement date, except for short-term 
leases of twelve month or less, low-value asset leases of CHF 5,000 or less, and variable lease payments, 
which are expensed in the income statement over the lease term. The following expenses were recorded in 
other operating expenses:
in CHF mn
2020
2021
Expenses relating to leases of low-value assets
6.2
6.4
Expenses relating to short-term leases
21.8
23.1
Expenses relating to variable leases payments not included in lease liabilities
2.7
3.6
For the asset class “motor vehicles” the non-leasing components (e.g. services included in the lease 
payments) are accounted for separately and are directly expensed in the income statement. For all other 
asset classes Sika does not account for the non-lease components separately.
At commencement date of the lease, the lease liability, measured at the present value of the lease 
payments to be made over the lease term, is recognized. The lease payments include fixed payments, 
variable payments that depend on an index or rate, extension options, and exercise price of a purchase 
options reasonably certain to be exercised as well as payments of penalties for terminating a lease. The 
lease liability is subsequently measured at amortized cost using the effective interest rate method  
and remeasured (with a corresponding adjustment to the related ROU asset) when there is a change in 
future lease payments. Lease liabilities are recognized under financial liabilities (current and non-current).
The lease payments are discounted using the incremental borrowing rate. For the Group, the rate implicit in 
the lease cannot be readily determined. To determine the incremental borrowing rate, the Group where 
possible uses recent intra-Group-financing rates. Otherwise a build-up approach is used per country and 
currency.
At commencement date of the lease, the ROU asset comprises the initial lease liability and initial direct 
costs. ROU assets are depreciated on a straight-line basis over the lease term. If Sika is reasonably certain 
to obtain ownership of the leased asset at the end of the lease term, the recognized ROU assets are 
depreciated on a straight-line basis over their estimated useful life. If there is a change in future lease 
payments, the liability is revalued (with corresponding adjustment of the ROU asset).
Leases contractually committed but not yet commenced amount to CHF 7.2 million (CHF 3.2 million) as of 
December 31, 2021.
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RIGHT-OF-USE ASSETS
in CHF mn
Right-of-
use 
production 
sites
Right-of-
use offices 
and 
warehouses
Right-of-
use 
equipment 
and motor 
vehicles
Total
Net values at January 1, 2020
 111.1
 138.8
 71.7
 321.6
Additions
 18.2
 22.5
 31.7
 72.4
Acquired on acquisition
 0.0
 0.0
 1.8
 1.8
Exchange differences
-6.2
-6.9
-3.3
-16.4
Remeasurements
 6.7
 16.9
 1.5
 25.1
Disposals
-3.4
-1.6
-3.2
-8.2
Reclassifications 1
 4.8
-0.3
 0.0
 4.5
Depreciation charge for the year
-17.6
-32.1
-35.8
-85.5
December 31, 2020
 113.6
 137.3
 64.4
 315.3
Acquisition cost
 141.8
 191.7
 112.9
 446.4
Cumulative depreciation and impairment
-28.2
-54.4
-48.5
-131.1
Net values at January 1, 2021
 113.6
 137.3
 64.4
 315.3
Additions
 10.8
 32.4
 32.5
 75.7
Acquired on acquisition
 6.8
 0.2
 0.6
 7.6
Exchange differences
 1.1
-0.9
-1.9
-1.7
Remeasurements
 1.7
 4.3
 5.9
 11.9
Disposals
-0.7
-1.0
-1.9
-3.6
Reclassifications 1
 0.5
 0.0
 0.0
 0.5
Depreciation charge for the year
-18.0
-31.7
-34.8
-84.5
December 31, 2021
 115.8
 140.6
 64.8
 321.2
Acquisition cost
 160.6
 216.0
 128.2
 504.8
Cumulative depreciation and impairment
-44.8
-75.4
-63.4
-183.6
Net values at December 31, 2021
 115.8
 140.6
 64.8
 321.2
1	Right-of-use assets are reclassified to property, plant, and equipment when the purchase option is exercised.
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements
216
216

17. Intangible assets CHF 4,373.0 mn (CHF 4,172.3 mn)
in CHF mn
Goodwill
Software
Trademarks
Customer 
relations
Other  
intangibles
Total
Acquisition costs
3,156.1
171.6
365.5
957.7
186.5
4,837.4
Cumulative amortization and impairment
-5.9
-132.7
-40.5
-228.6
-78.7
-486.4
Net values at January 1, 2020
3,150.2
38.9
325.0
729.1
107.8
4,351.0
Additions
0.0
11.6
0.0
0.0
0.0
11.6
Acquired on acquisition
78.5
0.0
6.1
15.3
4.5
104.4
Exchange differences
-139.9
-0.5
-6.4
-32.0
-4.0
-182.8
Disposals
0.0
-0.2
0.0
0.0
0.0
-0.2
Reclassifications
0.0
0.1
0.0
0.0
0.5
0.6
Amortization for the year
0.0
-11.1
-23.1
-54.1
-24.0
-112.3
December 31, 2020
3,088.8
 38.8
 301.6
 658.3
 84.8
4,172.3
Acquisition costs
3,094.2
165.6
363.6
930.1
184.9
4,738.4
Cumulative amortization and impairment
-5.4
-126.8
-62.0
-271.8
-100.1
-566.1
Net values at January 1, 2021
3,088.8
38.8
301.6
658.3
84.8
4,172.3
Additions
0.0
13.2
0.2
0.0
0.1
13.5
Acquired on acquisition
200.8
0.1
13.9
56.6
11.1
282.5
Exchange differences
19.5
0.1
7.6
11.4
1.2
39.8
Disposals
0.0
-0.1
0.0
0.0
-0.2
-0.3
Reclassifications 
0.0
0.9
0.0
0.0
0.0
0.9
Assets held for sale
-19.4
0.0
0.0
0.0
0.0
-19.4
Amortization for the year
0.0
-10.7
-28.5
-53.8
-23.3
-116.3
December 31, 2021
3,289.7
42.3
294.8
672.5
73.7
4,373.0
Acquisition costs
3,294.5
175.9
385.8
996.2
194.6
5,047.0
Cumulative amortization and impairment
-4.8
-133.6
-91.0
-323.7
-120.9
-674.0
Net values at December 31, 2021
3,289.7
42.3
294.8
672.5
73.7
4,373.0
Internally generated patents, trademarks, and other rights are not capitalized. Research and development 
expenditures for new products are recognized in the income statement, since these do not fulfil the 
recognition criteria. Acquired intangible assets are generally capitalized and amortized using the 
straight-line method.
Development costs for software are capitalized as intangible assets, provided that the software will 
generate a future economic benefit through sale or use within the Group and that its cost can be reliably 
measured. Conditions for capitalization are the technical feasibility of the asset and the intention and 
ability to complete its development, as well as the availability of adequate resources. 
AMORTIZATION SCHEDULE
 
Software
3–8 years 
Patents
5–10 years
Customer relations
1–23 years
Trademarks
3–20 years
The intangible assets (except for goodwill) each have finite useful lives over which the assets are amortized. 
217
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Acquired trademarks are amortized if a useful life can be determined. Otherwise, trademarks are not 
amortized. Useful life assumptions are regularly reviewed. The latest review revealed indicators that lead to 
a change in estimation regarding the useful life of the Sarna brand (CHF 72.4 million). The expected 
remaining useful life is now 20 years as of January 1, 2021. Before, Sika expected an indefinite useful life. 
According to the branding policy, the Sika brand will be more prominently used, hence the Sarna brand has 
partially become less visible. The recoverability was reviewed and no need for impairment was identified. No 
other acquired brand’s useful life had been assessed to be indefinite.
GOODWILL ITEMS TESTED FOR IMPAIRMENT
Impairment tests were performed on all goodwill items (including the still provisionally allocated goodwill 
items from the purchase price allocations of the acquired companies). The operating segments constitute 
the cash-generating units.
The impairment tests are based on the discounted cash flow method. The calculation of the value in use is 
based on the target figures and cash flow forecasts. The forecasting horizon is three years as approved by 
the Board of Directors. The sales growth rates used in the impairment test correspond to market expectations 
of the segments. 
The growth rates used outside the three-year planning period (terminal growth rates) correspond to 
weighted expected inflation rates of the segments. The discount rates are determined based on the 
weighted average cost of capital of the Group, considering country- and currency-specific risks within the 
context of cash flows taken into consideration. The sensitivity analyses performed on the growth rate 
outside the planning period and the discount rates indicate that a realistic change in assumptions would not 
result in the realizable value falling below the carrying amount. 
GOODWILL ASSIGNED TO CASH-GENERATING UNITS
in CHF mn
Growth 
rates 
beyond the 
planning 
period (%)
Discount 
rates pre-tax 
(%)
Trademarks 
with 
indefinite 
useful lives
Goodwill
EMEA
2.0
8.4
23.7
1,259.6
Americas
3.3
10.9
48.7
525.9
Asia/Pacific
2.2
10.0
1,025.4
Global Business
1.9
8.9
277.9
December 31, 2020 1
72.4
3,088.8
EMEA
2.2
8.7
1,226.9
Americas
2.8
11.4
678.4
Asia/Pacific
2.0
10.7
1,102.5
Global Business
2.1
9.3
281.9
December 31, 2021
3,289.7
1	The Advanced Resins’ business has been reallocated from the Global Business segment to the geographical regions. The prior year 
has been restated accordingly. 
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements
218
218

18. Investments in associated companies CHF 9.2 mn (CHF 2.5 mn)
The following associated companies are included in the consolidated financial statements as of December 
31, 2021: HPS North America, LLC, USA (Sika Stake 20%), Condensil SARL, France (40%), Chemical Sangyo 
Ltd., Japan (50%), and Seven Tech Co. Ltd., Japan (50%). The 20% stake in HPS North America, LLC, USA, 
was acquired in March 2021. Hayashi-Sika Automotive Ltd., Japan (50%) was liquidated in 2021. The other 
stakes are unchanged compared to the prior year. 
STAKE IN NET SALES AND NET INCOME OF ASSOCIATES
in CHF mn
2020
2021
Sales
1.7
2.9
Profit (+) / loss (-)
0.0
0.4
19. Accounts payable CHF 1,033.2 mn (CHF 846.3 mn) 
Accounts payable do not bear interest and will usually become due within 30 to 60 days.
20. Accrued expenses and deferred income CHF 519.9 mn (CHF 454.0 mn) 
Accrued expenses and deferred income relate to outstanding invoices and liabilities for the past financial 
year, including performance-based compensation payable to employees and social security expenses in the 
following year. In addition, deferred revenues for warranty extensions in the amount of CHF 3.9 million 
(CHF 3.9 million) are included (see note 1).
21. Financial liabilities CHF 3,728.8 mn (CHF 4,186.6 mn)
2020
2021
in CHF mn
Current
Non-current
Total
Current
Non-current
Total
Derivatives
9.2
0.0
9.2
10.4
0.0
10.4
Bank loans
0.6
2.0
2.6
18.0
0.0
18.0
Lease liabilities
75.9
244.7
320.6
73.5
244.1
317.6
Straight bonds
170.0
1,944.8
2,114.8
150.0
1,748.5
1,898.5
Convertible bond
0.0
1,609.4
1,609.4
0.0
1,381.9
1,381.9
Mandatory convertible bond
48.7
48.3
97.0
48.7
0.0
48.7
Other financial liabilities
30.3
2.7
33.0
34.3
19.4
53.7
Total
334.7
3,851.9
4,186.6
334.9
3,393.9
3,728.8
Current financial liabilities consist of liabilities with maturities of less than twelve months. Non-current 
financial liabilities include financing operations with a term of more than one year.
Furthermore, Sika has the following credit facilities:
	– Revolving credit facility of CHF 750.0 million, drawable in CHF, EUR, USD, or GBP. The term ends on April 1, 
2026. As of December 31, 2021, Sika has not utilized this credit line.
	– Revolving credit facility of CHF 750.0 million, drawable in CHF, EUR, USD, or GBP. The term ends on 
December 13, 2026, with the option of two one-year extensions. As of December 31, 2021, Sika has not 
utilized this credit line.
219
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OUTSTANDING STRAIGHT BONDS
in CHF mn
2020
2021
Issuer
Bond
Nominal
Coupon
Term
Book value 
Book value
Sika AG, Baar, Switzerland Straight bond
CHF
 170.0
0.125%
2018–07/12/2021
 170.0
 0.0
Straight bond
CHF
 150.0
1.750%
2012–07/12/2022
 150.0
 150.0
Straight bond
CHF
 200.0
1.875%
2013–11/14/2023
 199.6
 199.8
Straight bond
CHF
 250.0
0.625%
2018–07/12/2024
 250.4
 250.2
Straight bond
CHF
 140.0
0.600%
2018–03/27/2026
 140.0
 140.0
Straight bond
CHF
 130.0
1.125%
2018–07/12/2028
 130.8
 130.7
Sika Capital B.V., Utrecht, 
Netherlands
Straight bond
EUR
 500.0
0.875%
2019–04/29/2027
 537.3
 514.3
Straight bond
EUR
 500.0
1.500%
2019–04/29/2031
 536.7
 513.5
Total
2,114.8
1,898.5
CONVERTIBLE BONDS
A convertible bond is a compound financial instrument. The bond contains a conversion option embedded 
in the bond. On initial recognition, the convertible bond is split into a liability component and an equity 
component. The liability component corresponds to the fair value of an identical bond, but without a 
conversion option, and is accounted for at amortized cost. The difference between the carrying amount of 
the liability component and the redemption amount is amortized over the remaining term of the convertible 
bond using the effective interest method. The equity component is calculated as the difference between 
the liability component and the amount of the issue proceeds. The equity component is not remeasured 
and remains unchanged in equity until conversion. The issue costs are allocated proportionately to the 
liability and equity components. 
In May 2018, Sika placed a convertible bond in the amount of CHF 1,650.0 million due in 2025. The 
convertible bond has a coupon of 0.15% p.a. The shares to be delivered upon conversion will be provided by 
existing shares or by the issue of new shares from the conditional capital. At the end of December 2021, the 
conversion price per share is CHF 189.10. The convertible bond can be converted early or redeemed early in 
accordance with the general bond conditions. In the reporting year, bonds with a nominal value of CHF 
241.0 million were converted (no conversion in the previous year).
RECONCILIATION LIABILITY COMPONENT 0.15%-CONVERTIBLE BOND 2018–2025
in CHF mn
2020
2021
January 1
1,600.4
1,609.4
Interest expense (amortized cost) 
 9.0
 9.0
Conversion of bond into registered shares
 0.0
-236.5
December 31
1,609.4
1,381.9
Open par value
1,650.0
1,409.0
On January 22, 2019, Sika placed a mandatory convertible bond in the amount of CHF 1,300.0 million due in 
2022. The mandatory convertible bond has a coupon of 3.75% p.a. These interest payments are classified 
as a liability component. Accordingly, the liability component is reduced annually by the interest payments 
made. The bond will be mandatorily converted into registered shares of Sika at maturity, subject to the 
early conversion rights of Sika and bondholders in accordance with the terms and conditions of the bond. 
The shares to be delivered upon conversion will be made available by either existing shares or by the issue 
of new shares from the conditional capital. At the end of December 2021, the bond has a minimum 
conversion price of CHF 125.17 and a maximum conversion price of CHF 140.82. In the reporting year, bonds 
with a nominal value of CHF 0.2 million were converted (no conversion in the previous year).
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements
220
220

RECONCILIATION LIABILITY COMPONENT 3.75%-MANDATORY CONVERTIBLE BOND 2019 – 2022 
in CHF mn
2020
2021
January 1
 145.0
 97.0
Interest expense (amortized cost) 
 0.8
 0.5
Repayment liability component (interest)
-48.8
-48.8
December 31
 97.0
 48.7
Open par value
 97.6
 48.8
CHANGE IN FINANCIAL LIABILITIES
in CHF mn
Bank loans
Bonds
Lease 
liabilities
Other 
financial 
liabilities
Total 
financial 
liabilities
January 1, 2020
17.9
 4,024.8 
 329.2 
41.1
4,413
Proceeds 
 250.1
 0.0
 0.0
 2.7
 252.8
Repayments
-294.6
-208.8
-95.8
-10.0
-609.2
Cash flow
-44.5
-208.8
-95.8
-7.3
-356.4
Acquired on acquisition
 30.0
 0.0
 1.8
 0.0
 31.8
Exchange differences
-0.8
-5.2
-17.1
-1.6
-24.7
New leases
 0.0
 0.0
 71.8
 0.0
 71.8
Other changes
 0.0
 10.4
 30.7
 10.0
 51.1
Non-cash movements
 29.2
 5.2
 87.2
 8.4
 130.0
December 31, 2020
 2.6
3,821.2
 320.6
 42.2
4,186.6
January 1, 2021
 2.6
3,821.2
 320.6
 42.2
4,186.6
Proceeds 
 1.5
 0.0
 0.0
 3.6
 5.1
Repayments
-32.4
-218.8
-97.7
-14.2
-363.1
Cash flow
-30.9
-218.8
-97.7
-10.6
-358.0
Acquired on acquisition
 46.2
 0.0
 1.2
 1.6
 49.0
Exchange differences
 0.1
-46.8
-2.6
-0.5
-49.8
New leases
 0.0
 0.0
 75.5
 0.0
 75.5
Conversion of bonds into shares
 0.0
-236.5
 0.0
 0.0
-236.5
Other changes
 0.0
 10.0
 20.6
 31.4
 62.0
Non-cash movements
 46.3
-273.3
 94.7
 32.5
-99.8
December 31, 2021
 18.0
3,329.1
 317.6
 64.1
3,728.8
The classification and valuation principles for financial liabilities are described in note 27.
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22. Provisions CHF 121.6 mn (CHF 125.1 mn) 
Provisions required for liabilities arising from guarantees, warranties, and environmental risks as well as 
restructuring costs are recognized as liabilities. Provisions are only recognized if Sika has a third-party 
liability that is based on a past event and can be reliably measured. Contingent liabilities are not recognized 
in the balance sheet but only for acquisitions. Potential losses due to future incidents are not recognized in 
the balance sheet.
in CHF mn
Warranties 
Sundry  
risks
Total
Current provisions
 19.4 
 6.6 
 26.0 
Non-current provisions
 38.7 
 56.9 
 95.6 
Provisions
 58.1 
 63.5 
 121.6 
Reconciliation
January 1, 2021
 42.7 
 82.4 
 125.1 
Additions
 16.4 
 6.8 
 23.2 
Assumed on acquisition
 14.5 
 15.7 
 30.2 
Exchange differences
 -0.4 
 -1.0 
 -1.4 
Utilization
 -9.2 
 -11.3 
 -20.5 
Reversal
 -5.9 
 -29.1 
 -35.0 
December 31, 2021
 58.1 
 63.5 
 121.6 
Provisions for guarantees reflect all known claims anticipated in the near future. The amounts of the 
provision are determined based on experience and are therefore subject to a degree of uncertainty. The 
outflow of funds depends on the timing of the filing and conclusion of warranty claims. Provisions for sundry 
risks include loan guarantees as well as open and anticipated legal and tax cases with a probability of 
occurrence above 50%.
From the sum of provisions, CHF 95.6 million (CHF 98.3 million) are shown as non-current liabilities, since an 
outflow of funds is not expected within the next twelve months. For provisions of CHF  26.0  million 
(CHF 26.8 million), an outflow of funds is expected during the next twelve months. These amounts are shown 
as current provisions.
This year, several legal cases were resolved where the amount accrued exceeded the amount required for 
settlement. In addition, certain legal cases were reassessed based on the current best estimates.
CONTINGENT LIABILITIES
In ongoing business activity the Group may be involved in legal proceedings such as lawsuits, claims, 
investigations, and negotiations due to product liability, mercantile law, environmental protection, health 
and safety, etc. There are no current proceedings of this nature pending which could have significant 
influence on business operations, or on the Group’s financial position or income. The Group is active in 
countries in which political, economic, social, and legal developments could impair business activity. The 
effects of such risks which can occur in the normal course of business is unforeseeable. In addition, their 
probability of occurrence lies below 50%.
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements
222
222

23. Employee benefit obligations
2020
2021
in CHF mn
Assets
Liabilities
Net
Assets
Liabilities
Net
Employee benefit plans with defined benefits
18.7
213.9
195.2
149.5
205.8
56.3
Other employee commitments
 - 
105.6
105.6
 - 
117.1
117.1
Total
18.7
319.5
300.8
149.5
322.9
173.4
The Group maintains various employee benefit plans that differ in accordance with local practices. Group 
contributions to defined contribution plans are recognized in the income statement. Defined benefit plans 
are administered either through self-governed pension funds (funded) or recognized directly in the balance 
sheet (unfunded). The amount of the liabilities resulting from defined benefit plans is regularly determined 
by independent experts under application of the projected unit credit method. Actuarial gains and losses are 
recognized directly in the statement of other comprehensive income and are not reclassified subsequently to 
profit and loss. Asset surpluses of employee pension funds are considered only to the extent of possible 
future reimbursement or reduction of contributions.
Other long-term liabilities arise from long-service bonuses and similar benefits that Sika grants to its 
employees.
DEFINED CONTRIBUTION PENSION FUNDS
The majority of Sika subsidiaries operate defined contribution pension plans. In these, employees and 
employer regularly contribute to funds administered by third parties. This does not give rise to any assets or 
liabilities in the consolidated balance sheet.
DEFINED BENEFIT PENSION FUNDS
Defined benefit pension plans for staff exist in 47 Group companies. The biggest plans are in Switzerland, 
accounting for 80.0% (79.8 %) of Sika’s entire defined benefit pension obligations and 96.9% (96.3%) of 
plan assets.
SWISS PENSION PLANS
Sika companies in Switzerland have legally independent foundations, thereby segregating their pension 
obligation liabilities. The Federal Law on Occupational Retirement, Survivors’, and Disability Pensions 
(BVG) regulates occupational benefits in Switzerland. In the event of a significant deficit, employees and 
employers must jointly bear any restructuring measures, for example through additional contributions. 
The Swiss pension plans therefore qualify as defined benefit plans and the actuarially determined surplus 
or deficit is recognized in the consolidated balance sheet. In accordance with local statutory requirements, 
Sika has no further obligations towards the pension plans beyond the regulatory contribution payments.
The Sika pension fund insures employees in Switzerland against the risks of old age, death, and disability. In 
addition, there is a management pension plan and a welfare foundation which provide for further regulatory 
benefits. Together with the statutory requirements, the retirement regulations form the basis for 
occupational pension benefits. The retirement pension is calculated by multiplying the retirement 
assets available at the time of retirement by the conversion rates stipulated in the regulations. The 
employee has the option of drawing the retirement benefit as a lump sum. The employee also has the right 
to early retirement.
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The administration of the Sika pension fund is the responsibility of the board of trustees as the supreme body, 
which is composed of the same number of employee and employer representatives. It is responsible for the 
enactment and implementation of the pension fund regulations, the financing of benefits, and the investment 
of assets. The investment strategy is defined in such a way that the benefits can be paid when they fall due. 
The Sika pension fund as well as the welfare foundation bear the investment risks and the longevity risk 
themselves. The pension fund has taken out congruent reinsurance for the risks of death and disability. The 
insurance-related and investment risks of the management pension scheme are fully reinsured.
In the current year, as in the prior year, the Swiss pension plans are showing a surplus under BVG and it is not 
expected that additional contributions will be necessary for the next year. 
MOVEMENT IN THE NET DEFINED BENEFIT OBLIGATION
in CHF mn
Present value of 
obligation
Fair value of 
plan assets
Impact of asset 
ceiling
Total
At January 1, 2020
-1,032.2
 858.1
-2.4
-176.5
Current service cost
-32.1
-32.1
Past service cost (-) and gains (+)/ losses (-) on settlements and 
curtailments
 0.4
 0.4
Interest expense (-)/interest income (+)
-4.6
 2.9
-1.7
Total expense recognized in income statement
-36.3
 2.9
-33.4
thereof Switzerland
-26.1
 2.5
-23.6
thereof others
-10.2
 0.4
-9.8
Return on plan assets, excluding amounts included in interest 
income
 20.1
 20.1
Actuarial gains (+)/losses (-) from change in financial assumptions
-12.0
-12.0
Actuarial gains (+)/losses (-) from change in demographic assump-
tions
 0.3
 0.3
Experience gains (+)/losses (-)
-22.6
-22.6
Change in asset ceiling
-0.5
-0.5
Total remeasurement recognized in other comprehensive income
-34.3
 20.1
-0.5
-14.7
thereof Switzerland
-38.9
 20.7
-0.5
-18.7
thereof others
 4.6
-0.6
 0.0
 4.0
Exchange differences
 3.5
-0.7
 2.8
Contributions by employers 
 19.3
 19.3
Contributions by plan participants
-14.9
 14.9
 0.0
Benefits paid
 27.5
-20.3
 7.2
Settlements paid
 0.1
 0.1
At December 31, 2020
-1,086.6
 894.3
-2.9
-195.2
thereof Switzerland
-867.5
 861.4
-2.9
-9.0
thereof others
-219.1
 32.9
 0.0
-186.2
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Appendix to the Consolidated Financial Statements
224
224

MOVEMENT IN THE NET DEFINED BENEFIT OBLIGATION
in CHF mn
Present value of 
obligation
Fair value of 
plan assets
Impact of asset 
ceiling
Total
At January 1, 2021
-1,086.6
 894.3
-2.9
-195.2
Current service cost
-34.0
-34.0
Past service cost (-) and gains (+)/ losses (-) on settlements and 
curtailments
 1.8
 1.8
Interest expense (-)/interest income (+)
-3.8
 1.8
-2.0
Total expense recognized in income statement
-36.0
 1.8
-34.2
thereof Switzerland
-27.1
 1.3
-25.8
thereof others
-8.9
 0.5
-8.4
Return on plan assets, excluding amounts included in interest 
income
 97.0
 97.0
Actuarial gains (+)/losses (-) from change in financial assumptions
 26.0
 26.0
Actuarial gains (+)/losses (-) from change in demographic assump-
tions
 34.0
 34.0
Experience gains (+)/losses (-)
-9.9
-9.9
Change in asset ceiling
-1.0
-1.0
Total remeasurement recognized in other comprehensive income
 50.1
 97.0
-1.0
 146.1
thereof Switzerland
 47.5
 95.9
-1.0
 142.4
thereof others
 2.6
 1.1
 0.0
 3.7
Exchange differences
 10.2
-1.1
 9.1
Contributions by employers 
 21.2
 21.2
Contributions by plan participants
-16.9
 16.9
 0.0
Benefits paid
 36.6
-28.4
 8.2
Acquired in a business combination and others
-51.0
 37.5
-13.5
Liabilities held for sale
 2.0
 0.0
 2.0
At December 31, 2021
-1,091.6
1,039.2
-3.9
-56.3
thereof Switzerland
-873.4
1,006.7
-3.9
 129.4
thereof others
-218.2
 32.5
 0.0
-185.7
The contributions expected to be paid into the defined benefit pension plans for 2022 amount to CHF 22.9 
million.
The Group’s total expenses for employee benefits are included in the consolidated financial statements under 
“Personnel expenses”.
The stated deficit results mainly from the defined benefit obligation of the unfunded benefit plans of 
CHF 163.9 million (CHF 159.6 million). Schemes in Germany, in particular, do not have segregated assets. For 
the Swiss pension plan the result is a surplus of CHF 129.4 million (deficit of CHF 9.0 million).
225
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MAJOR CATEGORIES OF TOTAL PLAN ASSETS
2020
2021
in CHF mn
Switzerland
Others
Total
Switzer-
land
Others
Total
Cash and cash equivalents
 25.1
 5.4
 30.5
 28.3
 4.7
 33.0
Equity instruments
 384.6
 2.2
 386.8
 462.2
 1.7
 463.9
Debt instruments
 293.8
 4.5
 298.3
 345.1
 5.0
 350.1
Real estate investments
 150.7
 0.0
 150.7
 169.0
 0.0
 169.0
Other assets
 7.2
 20.8
 28.0
 2.1
 21.1
 23.2
Total
 861.4
 32.9
 894.3
1,006.7
 32.5
1,039.2
Most of the plan assets of the pension schemes are invested in assets with quoted market prices. In the 
year under review, 9.6% (10.2%) of the investments in real estate did not have a quoted market price. 
AMOUNTS INCLUDED IN PLAN ASSETS
in CHF mn
2020
2021
Switzer-
land
Others
Switzer-
land
Others
Shares Sika AG 1
42.1
0.0
43.2
0.0
Own property occupied by Sika
10.6
0.0
11.4
0.0
Total
52.7
0.0
54.6
0.0
1	According to Swiss law, employer shareholdings may not exceed 5% of assets. 
ACTUARIAL ASSUMPTIONS – WEIGHTED AVERAGE
2020
2021
Switzer-
land
Others
Switzer-
land
Others
Discount rate in the year under review (%)
0.15
1.07
0.35
1.10
THE SENSITIVITY OF THE DEFINED BENEFIT OBLIGATION TO CHANGES IN THE PRINCIPAL ASSUMPTIONS
in CHF mn
Change in assumptions
Impact on defined benefit obligation
Switzerland
Others
Discount rate
+0.25%
-32.1
-8.0
Discount rate
-0.25%
34.4
8.2
FURTHER INFORMATION
2020
2021
Switzer-
land
Others
Switzer-
land
Others
Total number of defined benefit plans
5
39
4
41
thereof number of defined benefit plans funded
4
12
3
12
thereof number of defined benefit plans unfunded
1
27
1
29
Average weighted duration in years
15.5
16.2
14.2
15.3
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements
226
226

24. Other liabilities CHF 36.4 mn (CHF 31.3 mn)
Other liabilities consist of deferred revenue for warranty extensions that will not be realized within the next 
twelve months.
25. Shareholders’ equity CHF 4,395.9 mn (CHF 3,288.0 mn)
in CHF mn
2020
2021
Capital stock
1.4
1.4
Capital surplus
203.1
437.4
Treasury shares
-5.2
-10.7
Currency translation differences
-1,047.7
-995.2
Retained earnings
4,134.2
4,960.9
Equity attributable to Sika shareholders
3,285.8
4,393.8
Non-controlling interests
2.2
2.1
Shareholders’ equity
3,288.0
4,395.9
Equity accounts for 41.1% (33.6%) of the balance sheet total.
CAPITAL STOCK
The capital stock is equal to the nominal capital of all issued registered shares at par value of CHF 0.01. Share 
capital is structured as follows and changed this year according to the table below (no changes in the 
previous year):
Units 1 
Par value in CHF
At January 1, 2021
 141,781,160 
 1,417,812 
Capital increase from conditional capital
 1,263,807 
 12,638 
At December 31, 2021
 143,044,967 
 1,430,450 
1	Includes treasury shares which do not carry voting and dividend rights.
CAPITAL SURPLUS
This item consists of the value of paid-in capital in excess of par value (less transaction costs).
TREASURY SHARES
Treasury shares are valued at acquisition cost and deducted from shareholders’ equity. Differences 
between the purchase price and sales proceeds of treasury shares are shown as a change in retained 
earnings.
CURRENCY TRANSLATION DIFFERENCES
This item consists of the differential amount that arises from the translation into Swiss francs of assets, 
liabilities, income, and expenses of Group companies that do not use Swiss francs as their functional 
currency.
RETAINED EARNINGS
Retained earnings mainly comprise accumulated retained earnings of the Group companies that are not 
distributed to shareholders as well as profit/loss of treasury shares. Profit distribution is subject to local 
legal restrictions.
The Board of Directors proposes to the Annual General Meeting payment of a dividend of CHF 2.90 per 
registered share to the shareholders of Sika AG. This corresponds to a maximum possible payout amount of 
CHF 465.3 million assuming the potential exercise of all conversion rights (see notes 9 and 21).
227
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Appendix to the Consolidated Financial Statements

NON-CONTROLLING INTERESTS
Non-controlling interests are accounted for at the corresponding share of the respective company. There are 
no material companies with non-controlling interests. The capital shares of all companies are disclosed in the 
list of group companies (see page 237 et seq. of this report).
26. Cash flow statement
Compared to previous year, cash flow statement was influenced by:
	–  a higher net profit before taxes (CHF + 275.2 million).
	– an increase in net working capital of CHF 324.9 million compared to a decrease of CHF 124.5 million in the 
previous year. Due to higher raw material costs and the global supply chain disruptions, inventory values 
increased. 
	– reversal of provisions of CHF 25.4 million compared to additions of CHF 26.4 million in the previous year.
	– higher tax payments (CHF -26.8 million).
	– an increased investment activity in property, plant, and equipment (-37.2 million).
	– increased acquisition activity (CHF -168.3 million).
CASH FLOW ANALYSIS
in CHF mn
2020
2021
Cash flow from operating activities
1,373.4
1,064.1
Cash flow from investing activities
-253.1
-469.2
Cash flow from financing activities
-769.0
-736.8
Exchange differences
-27.7
-1.8
Net change in cash and cash equivalents
323.6
-143.7
FREE CASH FLOW AND OPERATING FREE CASH FLOW
in CHF mn
2020
2021
Cash flow from operating activities
1,373.4
1,064.1
Net investment in
Property, plant, and equipment
-102.7
-142.4
Intangible assets
-11.3
-13.3
Acquisitions less cash and cash equivalents
-136.1
-304.4
Disposals less cash and cash equivalents
2.9
0.0
Acquisition of associated companies
0.0
-7.8
Acquisitions (-)/disposals (+) of financial assets
-5.9
-1.3
Free cash flow
1,120.3
594.9
Acquisitions (+)/disposals (-) less cash and cash equivalents
133.2
312.2
Acquisitions (+)/disposals (-) of financial assets
5.9
1.3
Operating free cash flow
1,259.4
908.4
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements
228
228

OTHER ADJUSTMENTS
in CHF mn
2020
2021
Profit (-)/loss (+) from disposals of non-financial assets
-9.1
-7.8
Personnel expenses settled through treasury shares
9.7
9.1
Others
4.3
-3.4
Total
4.9
-2.1
27. Financial instruments and risk management
Sika’s financial instruments and the related risk management are presented in this note.
CLASSIFICATION AND MEASUREMENT OF FINANCIAL ASSETS
The classification depends on the financial asset’s contractual cash flow characteristics. Sika uses the 
following categories:
	– At amortized cost – financial assets at amortized cost are measured using the effective interest method 
and are subject to impairment. Gains and losses are recognized in the income statement when the asset 
is derecognized, modified, or impaired. Financial assets measured at amortized cost mainly comprise 
accounts receivable as well as smaller loans and other receivables. Accounts receivable are measured at 
the transaction price. 
	– At fair value through profit or loss – financial assets held for trading and derivatives are carried at fair value 
through profit or loss. Fluctuations in value are recognized in the income statement. The classification of 
equity instruments in this category is consistent with the Group’s risk management and investment 
strategy. Sika does not apply hedge accounting. 
All purchases and sales of financial assets are recognized on the settlement date. Financial assets are 
derecognized when Sika loses the rights to receive cash flows that comprise the financial asset. Normally this 
occurs through the sale of assets or the repayment of loans and accounts receivable. 
At each balance sheet date Sika determines whether a financial asset is impaired. If there are objective 
indications that an impairment of assets carried at amortized cost has occurred or could occur based on 
forward-looking data, the amount of the impairment is the difference between the carrying amount of the 
asset and the present value of expected future cash flows, discounted at the original effective interest rate. 
For accounts receivable, Sika applies a simplified approach in calculating expected credit losses. Therefore, 
an allowance is recognized at initial recognition and at each subsequent balance sheet date for the 
expected credit losses over the entire term. Sika has established a provision matrix that is based on its 
historical credit loss experience, adjusted for forward-looking factors. Receivables are derecognized if they 
are classified as uncollectible. 
229
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements

PROVISION MATRIX OF ACCOUNTS RECEIVABLE
in CHF mn
Estimated total gross 
carrying amount at default
Expected credit losses
Not overdue
 1,107.1 
 2.1
Past due < 31 days
 142.1 
 2.1
Past due 31–60 days
 52.4 
 2.6
Past due 61–180 days
 50.7 
 8.6
Past due 181–360 days
 23.2 
 15.5
Past due > 360 days
 64.9 
 47.7
December 31, 2020
1,440.4
78.6
Not overdue
 1,279.8 
 2.4
Past due < 31 days
 167.8 
 2.3
Past due 31–60 days
 62.5 
 2.7
Past due 61–180 days
 55.8 
 8.1
Past due 181–360 days
 20.9 
 13.1
Past due > 360 days
 70.6 
 52.0
December 31, 2021
 1,657.4 
80.6
CLASSIFICATION AND MEASUREMENT OF FINANCIAL LIABILITIES
All financial liabilities are initially recognized at fair value, in the case of bonds and loans less directly 
attributable transaction costs. Subsequent measurement depends on their classification: 
	– At amortized cost – after initial recognition, interest-bearing bonds and loans are measured at amortized 
cost using the effective interest method. Gains and losses are recognized in the income statement 
when the liabilities are amortized or derecognized. Amortized cost is calculated taking into account any 
premium or discount and any fees or costs that are an integral part of the effective interest rate. 
Amortization using the effective interest method is included in the income statement as part of interest 
expense. 
	– At fair value through profit or loss – financial liabilities held for trading and derivative financial instruments 
are carried at fair value through profit or loss. Fluctuations in value are recognized in the income 
statement. Sika does not apply hedge accounting. 
All purchases and sales of financial liabilities are recognized on the settlement date. A financial liability is 
derecognized when the underlying obligation has been fulfilled, cancelled, or expired. If an existing financial 
obligation is replaced by another financial liability of the same lender with substantially different contractual 
terms or if the terms of an existing liability are significantly changed, such an exchange or change is treated 
as a derecognition of the original liability and recognition of a new liability.
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements
230
230

FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
 The hierarchy below classifies financial instruments, by valuation method. The different levels have been 
defined as follows:
	– Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
	– Level 2: procedures in which all input parameters having an essential effect on the registered market 
value are either directly or indirectly observable.
	– Level 3: procedures applying to input parameters that have an essential effect on the registered market 
value but are not based on observable market data.
An active market is one in which transactions for the asset or liability take place with sufficient frequency 
and volume to provide pricing data on an ongoing basis. 
Sika holds level 2 derivative financial instruments, namely swaps and forward contracts. Their fair value is 
based on forward exchange rates. 
Although the own bonds are listed on the stock exchange, their transaction frequency does not reliably 
meet our expectation of an active market and are therefore assigned to level 2. The disclosed fair value is 
based on the prices of the last transactions on or before the balance sheet date. 
Sika does not own any financial instruments requiring evaluation according to level 3 procedures.
FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
2020
2021
in CHF mn
Level
Book  
value
Fair  
value
Book  
value
Fair  
value
Cash and cash equivalents
1,318.7
1,175.0
Accounts receivable
1,361.8
1,576.8
Loans (at amortized cost)
18.9
27.1
Securities (at fair value through profit and loss)
1
61.0
61.0
68.9
68.9
Derivatives (at fair value through profit and loss)
2
7.0
7.0
16.5
16.5
Financial assets at December 31
2,767.4
2,864.3
Bank loans
2.6
18.0
Accounts payable
846.3
1,033.2
Lease liabilities
320.6
317.6
Bonds
2
3,724.2
4,502.4
3,280.4
4,812.6
Mandatory convertible bond
97.0
48.7
Other financial liabilities
33.0
53.7
Financial liabilities measured at amortized cost
5,023.7
4,751.6
Derivatives (at fair value through profit and loss)
2
9.2
9.2
10.4
10.4
Financial liabilities at December 31
5,032.9
4,762.0
The book value of cash and cash equivalents, accounts receivable, loans, bank loans, accounts payable, lease 
liabilities, the liability component of the mandatory convertible bond, as well as other financial liabilities 
almost equal the fair value.
231
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements

MANAGEMENT OF FINANCIAL RISKS
BASIC PRINCIPLES
The Group’s activities expose it to a variety of financial risks: market risks (primarily foreign exchange risks, 
price risks, and interest rate risks), credit risks, and liquidity risks. 
The corporate finance department identifies, evaluates, and hedges financial risks in close cooperation with 
the Group’s operating units. Accounts receivable of CHF 0.1 million (CHF 1.9 million) as well as property, plant, 
and equipment of CHF 17.0 million (CHF 4.3 million) are pledged as security for own liabilities.
FOREIGN EXCHANGE RISKS
The Group operates internationally and is exposed to foreign exchange risk arising from various currency 
exposures, primarily with respect to the Euro and the US Dollar. Foreign exchange risks arise when 
commercial transactions as well as recognized assets or liabilities are denominated in a currency that is not 
the entity’s functional currency.
The Group makes every effort to offset the impact of exchange rate movements as far as possible by 
utilizing natural hedges. Foreign exchange forward contracts/swaps are used to hedge foreign exchange 
risks. Gains and losses on foreign exchange hedges and assets or liabilities carried at fair value are 
recognized through profit or loss. The Group does not apply hedge accounting.
OPEN DERIVATIVES
Contractual value upon maturity
Replacement value
Contract  
value
Up to  
3 months
3 to 12  
months
in CHF mn
(+)
(-)
Forward contracts (foreign exchange)
0.4
-2.6
163.6
58.1
105.5
Swaps (foreign exchange)
6.6
-6.6
1,005.3
299.3
706.0
Open derivatives 2020
7.0
-9.2
1,168.9
357.4
811.5
Forward contracts (foreign exchange)
1.1
-0.6
130.2
64.3
65.9
Swaps (foreign exchange)
15.4
-9.8
1,639.4
393.8
1,245.6
Open derivatives 2021
16.5
-10.4
1,769.6
458.1
1,311.5
Losses from currency differences recognized in the income statement amounted to CHF 32.8 million (loss 
CHF 63.5 million), including a net gain of CHF 18.9 million (net gain of CHF 38.3 million) from currency hedging 
transactions, which is included in other financial expenses. The currency differences arise from purchases 
and sales as well as financing activities in foreign currencies and are recognized in the corresponding income 
statement account. 
Sika carries out a sensitivity analysis for the dominant foreign currencies’, namely the Euro and US Dollar. 
The assumption is that the Euro and US Dollar respectively change against all other currencies by +/- 10%. 
The other currencies remain constant. The assumed possible currency fluctuations are based on historical 
observations and future prognoses. Incorporated into calculations are the financial instruments, 
Group-internal financing, and foreign currency hedge transactions in the corresponding currencies. The 
following table shows the sensitivity of a reasonably possible change in exchange rates in relation to the 
financial instruments included in the balance sheet. All other variables remain constant for this test. Changes 
in exchange rates can have an impact on consolidated profit before tax and, in the case of net investments in 
a foreign operation, on the translation differences recognized directly in other comprehensive income. 
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements
232
232

SENSITIVITY ANALYSIS ON EXCHANGE RATES
Impact in CHF mn on
2020
2021
Profit 
before tax
Comprehen-
sive income
Profit 
before tax
Comprehen-
sive income
EUR: +10%
13.5
0.0
-6.0
0.0
EUR: -10%
-13.5
0.0
6.0
0.0
USD: +10%
-7.9
0.0
-7.6
10.5
USD: -10%
7.9
0.0
7.6
-10.5
PRICE RISKS
The Group is exposed to purchasing price risks because the cost of materials represents one of the Group’s 
largest cost factors. Purchasing prices are influenced far more by the interplay between supply and demand, 
the general economic environment, and intermittent disruptions of processing and logistics chains, ranging 
from crude oil to purchased merchandise, than by crude oil prices themselves. Short-term crude oil price 
increases have only limited impact on raw material prices. Sika limits market price risks for important 
products by means of maintaining corresponding inventories and Group contracts (lead buying). The most 
important raw materials are polymers such as polyurethane, epoxy resins, polyvinyl chloride and 
cementitious basic materials. Other measures such as hedging are not practical because there is no 
corresponding market for these semi-finished products.
INTEREST RATE RISK
Interest rate risks result from changes in interest rates, which could have a negative impact on the 
Group’s financial position, cash flow, and earnings situation. Interest rate risk is limited through the issue 
of fixed-interest long-term bonds (see note 21). A change in the rate of interest would therefore alter 
neither annual financial expenses nor shareholders’ equity materially. Local bank loans and mortgages 
are insignificant. Interest rate developments are closely monitored by management.
CREDIT RISK
Credit risks arise from the possibility that the counterparty to a transaction may not be able or willing to 
discharge its obligations, thereby causing the Group to suffer a financial loss. Counterparty risks are 
minimized by only concluding contracts with reputable business partners and banks. In addition, accounts 
receivable are monitored on an ongoing basis via internal reporting procedures. Potential concentrations 
of risks are reduced by the large number of customers and their geographic dispersion. No individual 
customer represents more than 2% of the Group’s net sales. The Group held no securities for loans and 
accounts receivable at year-end 2020 nor at year-end 2021. The largest possible risk represented by these 
items is the carrying amount of the accounts receivable and any warranties granted.
LIQUIDITY RISK
Liquidity risk refers to the risk of Sika no longer being able to meet its financial obligations in full. Prudent 
liquidity management includes maintaining sufficient cash and cash equivalents and securing the availability 
of liquidity reserves which can be called upon at short notice. Group Management monitors the Group’s 
liquidity reserve based on expected cash flows.
The table below summarizes the maturity profile of the Group’s financial liabilities at the balance sheet date 
based on contractual undiscounted payments.
233
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MATURITY PROFILE OF FINANCIAL LIABILITIES
in CHF mn
Less than  
1 year
Between 1  
and 5 years
Over  
5 years
Total
Bank loans 
0.6
2.0
0.0
2.6
Accounts payable 
846.3
0.0
0.0
846.3
Lease liabilities
82.4
162.6
120.6
365.6
Bonds
195.8
2,335.2
1,413.5
3,944.5
Mandatory convertible bond (liability component)
48.8
48.8
0.0
97.6
Other financial liabilities
30.2
1.8
1.0
33.0
Financial liabilities measured at amortized cost
1,204.1
2,550.4
1,535.1
5,289.6
Financial liabilities at fair value through profit and loss
9.2
0.0
0.0
9.2
December 31, 2020
1,213.3
2,550.4
1,535.1
5,298.8
Bank loans 
18.0
0.0
0.0
18.0
Accounts payable
1,033.2
0.0
0.0
1,033.2
Lease liabilities
80.5
163.8
122.3
366.6
Bonds
174.6
2,070.5
1,209.3
3,454.4
Mandatory convertible bond (liability component)
48.8
0.0
0.0
48.8
Other financial liabilities
34.3
18.4
1.0
53.7
Financial liabilities measured at amortized cost
1,389.4
2,252.7
1,332.6
4,974.7
Financial liabilities at fair value through profit and loss
10.4
0.0
0.0
10.4
December 31, 2021
1,399.8
2,252.7
1,332.6
4,985.1
CAPITAL MANAGEMENT
The primary objective of the Group’s capital management is to ensure that it maintains a strong credit rating 
and healthy equity ratios to support its business. The Group manages its capital structure and adjusts it 
considering changes in economic conditions. No changes were made in the objectives, policies, or processes 
during the years ended December 31, 2021, and December 31, 2020. The Group monitors its equity using the 
equity ratio, which is shareholders’ equity divided by total capital.
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements
234
234

Other information
SIGNIFICANT SHAREHOLDERS
As at the balance sheet date December 31, 2021, Sika had received notification of four significant shareholders 
whose voting rights exceed 3%: (1) BlackRock Inc., which owned 7.7% of all voting rights. (2) William H. Gates 
and Melinda French Gates, who held 5.3% of all voting rights via Cascade Investment L.L.C. and Bill & Melinda 
Gates Foundation Trust. (3) The Capital Group Companies, who held 5% of all voting rights via Capital Research 
and Management Company, Capital Bank and Trust Company, Capital International Limited, Capital 
International, Inc., and Capital International Sarl. (4) Norges Bank (the Central Bank of Norway), which held 
3.01% of all voting rights.
A list of changes in significant shareholdings reported to the Disclosure Office of SIX Swiss Exchange during the 
year under review can be found at https://www.ser-ag.com/en/resources/notifications-market-participants/
significant-shareholders.html#/. There are no cross-shareholdings exceeding 3%, either in terms of capital or 
votes.
As at the balance sheet date December 31, 2020, Sika had received notification of four significant shareholders 
whose voting rights exceed 3%: (1) BlackRock Inc., which owned 7.7% of all voting rights. (2) William H. Gates 
and Melinda French Gates, who held 5.3% of all voting rights via Cascade Investment L.L.C. and Bill & Melinda 
Gates Foundation Trust. (3) The Capital Group Companies, who held 5% of all voting rights via Capital Research 
and Management Company, Capital Bank and Trust Company, Capital International Limited, Capital 
International, Inc., and Capital International Sarl. (4) Massachusetts Financial Services Company, which held 
3.03% of all voting rights.
RELATED PARTIES
ASSOCIATED COMPANIES. 
In the year under review, goods and services totaling CHF 1.1 million (CHF 2.0 million) were delivered to associated 
companies. These transactions occurred on the usual conditions between wholesale partners. 
EMPLOYEE BENEFIT PLANS 
In Switzerland, employee benefit plans are handled through independent foundations, to which a total of 
CHF 27.2 million (CHF 26.5 million) was paid in the year under review. As of the balance sheet date, no material 
receivables or payables were due from these foundations. Sika offices are located in a building leased from the 
pension fund foundation. Rent for 2021 amounted to CHF 0.7 million (CHF 0.7 million). 
All transactions were conducted at market conditions.
REMUNERATION OF THE BOARD OF DIRECTORS AND GROUP MANAGEMENT
The Board of Directors and Group Management are entitled to the following remuneration:
in CHF mn
2020
2021
Current benefits
14.1
12.7
Share-based payments 1
4.3
4.3
Pension benefits
1.3
1.4
Total
19.7
18.4
1	Refer to note 4, employee participation plan – share-based payments.
Information regarding participations of the Board of Directors and Group Management of Sika AG can be 
found in the Sika AG’s financial statements (on page 259 of this report).
235
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RELEASE OF FINANCIAL STATEMENTS FOR PUBLICATION
The Board of Directors of Sika AG approved the consolidated financial statements for publication on February 
15, 2022. The financial statements will be submitted for approval to the Annual General Meeting on April 12, 
2022.
EVENTS AFTER THE BALANCE SHEET DATE
The following event occurred between December 31, 2021, and the release of these consolidated financial 
statements:
On January 25, 2022, the extraordinary shareholders’ meeting of Sika AG decided to increase the existing 
conditional capital (see note 16 at Sika AG financial statements) by 3.2 million registered shares with a par 
value of CHF 0.01 each.
OTHER INFORMATION
PLANNED ACQUISITION
On November 11, 2021, Sika has signed a definitive agreement to acquire MBCC Group, the former BASF 
Construction Chemicals, from an affiliate of Lone Star Funds, a global private equity firm, for a consideration of 
CHF 5.5 billion. 
MBCC Group is a leading supplier in construction chemicals worldwide. The acquisition will complement and 
broaden Sika’s product and solution offerings in four of five core technologies and seven of eight Sika Target 
Markets and will further strengthen its geographic footprint. MBCC Group, headquartered in Mannheim, 
Germany, is active in the field of construction systems and admixture systems. With approximately 7,500 
employees MBCC Group has operations in over 60 countries and more than 130 production facilities. In 2021, the 
company is expected to generate net sales of CHF 2.9 billion. MBCC Group has a world-renowned product 
portfolio of global and local brands which enjoy a strong reputation for quality and reliability. With its broad and 
balanced product offering, MBCC Group participates in all phases of the construction life cycle and is a key 
contributor to the decarbonization of the construction industry.
The financing of the planned transaction is secured by a bridge loan facility. Sika intends to put in place a 
long-term funding structure comprising a combination of cash-on-hand, bank loans, and capital markets 
instruments. The acquisition is subject to regulatory approval. The closing of the acquisition is targeted for the 
second half of 2022.
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements
236
236

LIST OF GROUP COMPANIES 
Country
Company 1
Capital stock 
in thousands
Voting and 
capital share 
in % 
Certifi-
cation
EMEA (Europe, Middle East, Africa)
Albania
C
Sika Albania SHPK, Tirana
ALL
96,831
100
Algeria
A
Sika El Djazaïr SpA, Les Eucalyptus
DZD
313,400
100*
F G H
B
Mortero Spa, Béjaia
DZD
60,000
71.5*
Angola
B
Sika Angola (SU), Limitada, Luanda
AOA
172,596
100
Austria
B
Sika Österreich GmbH, Bludenz
EUR
2,500
100
F G 
Azerbaijan
B
Sika Limited Liability Company, Baku
AZN
5,311
100
F 
Bahrain
B
Sika Gulf B.S.C., Adliya
BHD
1,000
100*
F G H
D
Sika Arabia Holding Company WLL, Manama
BHD
6,000
100
Belarus
B
Sika Bel LLC, Minsk
USD
14,175
100
B
BelINECO LLC, Brest
BYN
10,509
100*
F 
Belgium
B
Sika Belgium NV, Nazareth
EUR
10,264
100
F G 
C
Sika Automotive Belgium S.A., Saintes
EUR
1,649
100
G 
Bosnia-­
Herzegovina
C
Sika BH d.o.o., Sarajevo
BAM
 795
100
Bulgaria
B
Sika Bulgaria EOOD, Sofia
BGN
 340
100
F G 
Cameroon
B
Sika Cameroon SARL, Douala
XAF mn
1,058
100
F 
Croatia
C
Sika Croatia d.o.o., Zagreb
HRK
4,000
100
F G 
Czech Republic
B
Sika CZ s.r.o., Brno
CZK
30,983
100
F G 
B
KVK PARABIT, a.s., Svoboda nad Upou 
CZK
97,232
100*
F G 
B
Krkonošské vápenky Kunčice, a.s., Kunčice nad Labem
CZK
25,000
100*
F G 
Denmark
B
Sika Danmark A/S, Farum
DKK
6,000
100
F G 
Djibouti
C
Sika Djibouti FZE, Djibouti City
USD
 300
100
Egypt
B
Sika Egypt for Construction Chemicals S.A.E., Cairo
EGP
246,025
100
F G H
B
Sika Manufacturing for Construction S.A.E., Cairo
EGP 
2,000
100
F G H
B
Modern Waterproofing Company S.A.E., Cairo
EGP
119,000
98.89
F G H
Estonia
C
Sika Estonia Oü, Tallinn
EUR
 3
100
Ethiopia
B
Sika Abyssinia Chemicals Manufacturing PLC, Addis Ababa
ETB
130,480
100
F G H
Finland
B
Oy Sika Finland Ab, Espoo
EUR
 850
100
F G 
France
B
Sika France SAS, Paris
EUR
468,018
100
F G H
B
Sika Automotive France SAS, Cergy-Pontoise Cedex
EUR
1,343
100*
F G H
B
ParexGroup SAS, Issy-Les-Moulineaux 
EUR
4,065
100*
F G H
Germany 
D
Sika Holding CH AG & Co KG, Stuttgart
EUR
26,000
100*
B
Sika Deutschland GmbH, Stuttgart
EUR
 75
100*
F G 
B
Sika Automotive Hamburg GmbH, Hamburg
EUR
5,300
100*
F G 
B
Sika Trocal GmbH, Troisdorf
EUR
4,000
100*
F G 
B
Sika Automotive Frankfurt-Worms GmbH, Worms
EUR
1,000
100*
F G H
D
Sika Frankfurt Grundstücksgesellschaft mbH, Worms
EUR
 25
100*
D
Sika Worms Grundstücksgesellschaft mbH, Worms
EUR
 25
100*
B
Hago PU GmbH, Munich
EUR
1,000
100
F 
Ghana
C
Sika Chemicals Ghana Ltd., Accra
GHS
18,181
100
Greece
B
Sika Hellas ABEE, Kryoneri
EUR
9,000
100
F G H
Hungary
B
Sika Hungária Kft., Biatorbágy
HUF
483,000
100
F G 
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements 
237

Country
Company 1
Capital stock 
in thousands
Voting and 
capital share 
in % 
Certifi-
cation
Iran
B
Sika Parsian P.J.S. Co., Tehran
IRR mn
293,229
100
Iraq
B
Sika Company for General Trading LLC, Erbil
IQD
1,000
100
Ireland
C
Sika Ireland Ltd., Dublin
EUR
 635
100
F 
Italy
B
Sika Italia S.p.A., Peschiera Borromeo
EUR
5,000
100
F G H
B
Sika Engineering Silicones S.r.l., Peschiera Borromeo
EUR
1,600
100*
F G 
B
Sika Polyurethane Manufacturing S.r.l., Cerano
EUR
1,600
100
F G H
B
Index Construction Systems and Products S.P.A., Castel 
d’Azzano
EUR
7,740
100*
F G 
Ivory Coast
B
Sika Côte d’Ivoire SARL, Abidjan
XOF mn
1,942
100
F 
Kazakhstan
B
Sika Kazakhstan LLP, Almaty
KZT mn
1,413
100
F G 
Kenya
B
Sika Kenya Limited, Nairobi
KES
50,000
100
F 
Kuwait
C
Sika Kuwait for Construction Materials & Paints Co WLL, 
Shuwaikh Industrial Area
KWD
 55
100*
Latvia
B
Sika Baltic SIA, Riga
EUR
1,237
100
Lebanon
B
Sika Near East s.a.l., Beirut
LBP mn
1,340
100
F 
Mauritius
B
Sika (Mauritius) Ltd., Plaine Lauzun
MUR
2,600
100*
F 
Morocco
B
Sika Maroc, Casablanca
MAD
264,000
100
F G H
Mozambique
B
Sika Moçambique Limitada, Maputo Province
MZN
410,535
100
Netherlands
B
Sika Nederland B.V., Utrecht
EUR
1,589
100
F G 
D
Sika Capital B.V., Utrecht
EUR
10,000
100
Nigeria
B
Sika Manufacturing Nigeria Limited, Lagos
NGN mn
512,236
100
Norway
B
Sika Norge AS, Skjetten
NOK
42,900
100
F G 
Oman
C
Sika LLC, Muscat
OMR
 150
100*
Pakistan
B
Sika Pakistan (Pvt.) Limited, Lahore
PKR
824,786
100
F G H
Poland
B
Sika Poland Sp. z o.o., Warsaw
PLZ
12,188
100
F G H
B
Sika Automotive Zlotoryja Sp. z o.o., Zlotoryja
PLZ
6,000
100
F G H
Portugal
B
Sika Portugal – Produtos Construção e Indústria SA, Vila Nova 
de Gaia
EUR
1,500
100
F G 
Qatar
B
Sika Qatar LLC, Doha
QAR
 200
100*
F 
B
Parex Group WLL, Doha
QAR
 200
97*
Romania
B
Sika Romania s.r.l., Brasov
RON
665,138
100
F G H
B
Adeplast S.R.L., Ploiești city
RON
157,632
100*
F G H
Russia
B
Sika LLC, Lobnya
RUB
535,340
100
F G 
B
Kreps Limited Liability Company, St. Petersburg
RUB
338,379
100
Saudi Arabia
B
Sika Saudi Arabia Limited (A Single Shareholder Limited 
Liability Company), Jeddah
SAR
41,750
100
F G 
Senegal
B
Sika Sénégal S.U.A.R.L, Dakar
XOF mn
1,764
100
Serbia
B
Sika Srbija d.o.o., Simanovci
EUR 
 373
100
F G 
Slovakia
C
Sika Slovensko, spol.s r.o., Bratislava
EUR
1,131
100
F G H
B
Sika Automotive Slovakia s.r.o., Zlaté Moravce
EUR
 7
100
F G H
Slovenia 
C
Sika d.o.o., Trzin
EUR
1,029
100
F G 
South Africa
B
Sika South Africa (Pty) Ltd, Pinetown
ZAR
25,000
100
F G H
Spain
B
Sika S.A.U., Alcobendas
EUR
19,867
100
F G H
B
Sika Automotive Terrassa S.A., Terrassa
EUR
2,965
100
F G H
Sweden
B
Sika Sverige AB, Spånga
SEK
10,000
100
F G 
Switzerland
B
Sika Schweiz AG, Zurich
CHF
1,000
100
F G H
238
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements

Country
Company 1
Capital stock 
in thousands
Voting and 
capital share 
in % 
Certifi-
cation
D
Sika Services AG, Zurich
CHF
 300
100
F G H
D
Sika Technology AG, Baar
CHF
 300
100
F G H
D
Sika Informationssysteme AG, Zurich
CHF
 400
100
E
SikaBau AG, Schlieren
CHF
5,300
100
F 
D
Sika Finanz AG, Baar
CHF
2,400
100
B
Sika Manufacturing AG, Sarnen
CHF
14,000
100
F G H
D
Sika Supply Center AG, Sarnen
CHF
1,000
100
F G 
B
Sika Automotive AG, Romanshorn
CHF
3,000
100
G H
D
Sika Europe Management AG, Zurich
CHF
 100
100
D
Sika Americas Management AG, Baar
CHF
 100
100
D
Sika Germany Management AG, Baar
CHF
 50
100
D
Sika Global Business Management AG, Widen
CHF
 100
100
B
Polypag AG, Altstätten
CHF
 700
100
F 
D
Sika International AG, Baar
CHF
 100
100
Tanzania
B
Sika Tanzania Construction Chemicals Limited, Dar es Salaam
TZS mn
4,721
100
F G 
Tunisia
C
Sika Tunisienne Sàrl, Douar Hicher
TND
 150
100*
F G 
Turkey
B
Sika Yapi Kimyasallari A.S., Tuzla
TRY
48,700
100
F G H
B
ABC Kimya Sanayi ve Dış Ticaret Anonim Şirketi, Istanbul
TRY
5,200
100*
F 
C
Sika Turkey Otomotiv Sanayi ve Tic. Ltd. Şti., Istanbul
TRY
5,900
100
F 
D
ParexGroup Yapi Kimyasallari Sanayi Ve Ticaret AŞ., Istanbul
TRY
57,301
100*
UAE
B
Sika UAE LLC, Dubai
AED
1,000
100*
F G H
C
Sika International Chemicals LLC, Abu Dhabi
AED
 300
100*
F G H
D
Sumam Arabia Holding Co Limited, Dubai
AED
 1
100
Ukraine
B
LLC Sika Ukraina, Kiev
UAH
2,933
100
F 
D
LLC Sika Property, Kiev
UAH
4,000
100
United Kingdom
B
Sika Limited, Welwyn Garden City
GBP
10,000
100
F G H
B
Everbuild Building Products Limited, Leeds 
GBP
 21
100*
F G H
B
Incorez Limited, Preston
GBP
 1
100
F G H
D
Axson UK Ltd., Suffolk
GBP
 1
100*
D
Sika Fibers Limited, Chesterfield
GBP
 1
100
D
Sika Fibers (Australia) Limited, Chesterfield
GBP
 1
100*
D
Dry Mix Solutions UK Ltd., Welwyn Garden City
GBP
 1
100*
D
Enevis Group Ltd, Lanarkshire
GBP
 1
100*
B
Enewall Ltd, North Lanarkshire
GBP
 947
100*
F 
D
Parex Ltd., Welwyn Garden City
GBP
 345
100*
Americas
Argentina
B
Sika Argentina SAIC, Caseros
ARS
7,600
100
F G H
B
ParexKlaukol S.A., San Justo
ARS
1,001
100*
F H
D
Spinna Argentina SRL, San Justo
ARS
 790
100
D
VDP Logistica SA, Ciudad de Buenos Aires
ARS
 100
100*
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements 
239

Country
Company 1
Capital stock 
in thousands
Voting and 
capital share 
in % 
Certifi-
cation
Bolivia
B
Sika Bolivia SA, Santa Cruz de la Sierra
BOB
1,800
100
F 
Brazil
B
Sika S/A, Osasco
BRL
309,731
100
F G H
B
Parexgroup Indústria e Comércio de Argamassas Ltda., Osasco
BRL
111,427
100
F G H
B
Quimicryl S/A, Cotia
BRL
 301
100*
F 
B
Supermassa do Brasil Ltda., Pedro Leopoldo
BRL
2,440
100*
Canada
B
Sika Canada Inc., Pointe Claire/QC
CAD
82,096
100
F G 
B
Parex Construction Chemical Canada Inc., Anjou/QC
CAD
18,000
100*
B
Hydrotech Membrane Corporation, Anjou/QC
CAD
 100
100*
Chile
B
Sika S.A. Chile, Santiago de Chile
CLP mn
4,430
100
F G 
Colombia
B
Sika Colombia S.A.S, Tocancipá
COP mn
14,500
100
F G H
Costa Rica
B
Sika productos para la construcción S.A., Heredia
CRC mn
2,620
100
Dom. Republic
B
Sika Dominicana SRL, Santo Domingo Oeste
DOP
37,848
100
Ecuador
B
Sika Ecuatoriana S.A., Durán
USD
1,982
100
F G 
El Salvador
C
Sika El Salvador S.A. de C.V., San Salvador
USD
2
100
Guatemala
B
Sika Guatemala S.A., Ciudad de Guatemala
GTQ
2,440
100
Honduras
C
Sika Honduras, S.A. de C.V., Ciudad de San Pedro Sula
HNL
 236
100
Mexico
B
Sika Mexicana SA de CV, Corregidora
MXN
957,620
100
F G 
B
Bexel Internacional S.A. de C.V., Monterrey
MXN
87,855
100*
D
Bexel PI S.A. de C.V., Monterrey
MXN
 25
100*
C
Bexel Productos Innovadores en Acabados S.A. de C.V., 
Monterrey
MXN
 50
100*
Nicaragua
C
Sika Nicaragua, Sociedad Anonima, Managua
NIO
20,000
100
Panama
B
Sika Panama S.A., Ciudad de Panamá
USD
7,200
100
Paraguay
B
Sika Paraguay S.A., Asunción
PYG mn
 40
100
B
Parex Group S.A., Limpio
PYG mn
5,867
67*
Peru
B
Sika Perú S.A.C., Lima
PEN
3,500
100
F G 
Uruguay
B
Sika Uruguay SA, Montevideo
UYP
22,800
100
F G 
D
Parex Group SA, Montevideo
UYP
18,551
100*
USA
B
Sika Corporation, Lyndhurst/NJ
USD
72,710
100
F G 
D
Sarnafil Services Inc., Canton/MA
USD
 1
100*
G 
B
Emseal Joint Systems Ltd., Westborough/MA
USD
1,040
100*
B
Emseal LLC, Westborough/MA
USD
 1
100*
F 
B
Sika Automotive Gastonia Inc., Gastonia/NC
USD
 1
100*
F G 
B
Parex USA, Inc., Anaheim/CA
USD
7,176
100*
B
Sika Automotive Kentucky LLC, Lyndhurst/NJ
USD
 1
100*
G 
B
American Hydrotech, Inc., Chicago/IL
USD
 7
100*
Venezuela
B
Sika Venezuela SA, Valencia
VES
 294
100
Asia/Pacific
Australia
B
Sika Australia Pty. Ltd., Wetherill Park
AUD
49,200
100
F G H
Bangladesh
C
Sika Bangladesh Limited, Dhaka
BDT
79,416
100
Cambodia
B
Sika (Cambodia) Ltd., Phnom Penh
KHR
422,000
100
F H
China
B
Sika (China) Ltd., Suzhou
USD
35,000
100
F G H
240
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements

Country
Company 1
Capital stock 
in thousands
Voting and 
capital share 
in % 
Certifi-
cation
B
Sika Sarnafil Waterproofing Systems (Shanghai) Ltd., Shang-
hai
USD
22,800
100
F G H
B
Sika Guangzhou Ltd., Guangzhou
CNY
80,731
100
F G 
C
Sika Ltd. Dalian, Dalian
CNY
45,317
100
C
Sika (Guangzhou) Trading Company Ltd., Guangzhou
CNY
3,723
100*
B
Sika (Sichuan) Building Material Ltd., Chengdu
CNY
60,010
100*
F G H
B
Sika (Jiangsu) Building Material Ltd., Zhengjiang
CNY
60,010
100*
F G H
B
Sika Automotive Shanghai Co. Ltd., Shanghai
CNY
2,666
100
F G 
B
Sika Automotive (Tianjin) Co. Ltd., Tianjin
CNY
83,262
100
F G H
B
Ronacrete (Guangzhou) Construction Products Limited, 
Guangzhou
CNY
17,056
100*
F G 
C
Home of Heart (Shanghai) E-Commerce Co. Ltd., Shanghai
CNY
10,000
100*
D
Sika (Shanghai) Management Co., Ltd., Shanghai
USD
2,000
100*
D
SikaDavco (Guangzhou) Management Co. Ltd., Guangzhou
USD
2,000
100*
C
SikaDavco (Guangzhou) Co. Ltd., Guangzhou
USD
4,000
100*
F G H
B
SikaDavco (Guangdong) New Materials Co. Ltd., Conghua
CNY
30,000
100*
F G H
B
Changsha SikaDavco New Materials Co. Ltd., Changsha
CNY
10,000
100*
B
SikaDavco (Chengdu) Co. Ltd., Chengdu
CNY
20,000
100*
F G H
B
SikaDavco (Dongguan) Co. Ltd., Dongguan
CNY
10,000
100*
F G H
B
SikaDavco (Nanjing) Co. Ltd., Nanjing
CNY
10,000
100*
F G H
B
SikaDavco (Quanzhou) Co. Ltd., Quanzhou
CNY
10,000
100*
F G H
B
SikaDavco (Shanghai) Co. Ltd., Shanghai
CNY
25,000
100*
F G H
B
Davco (Shijiazhuang) Co. Ltd., Shijiazhuang
CNY
10,000
100*
F G H
B
SikaDavco (Hubei) Co. Ltd., Ezhou
CNY
10,000
100*
F G H
B
Suzuka International (Shanghai) Co. Ltd., Shanghai
CNY
35,000
100*
F G H
D
Suzuka International (Shijiazhuang) Co. Ltd., Shanghai
CNY
10,000
100*
B
Sika (Jiangsu) lndustrial Material Ltd., Jiangsu
CNY
59,312
100*
F 
B
SikaDavco (Zhejiang) New Materials Co. Ltd., Zhejiang
CNY
32,760
100*
B
SikaDavco (Zhanjiang) New Materials Co. Ltd., Zhanjiang
CNY
10,000
100*
B
Sika Hamatite Automotive (Zhejiang) Ltd., Zhejiang
CNY
113,700
100*
F G H
D
Shenzhen Landun Holding Co. Ltd., Shenzhen
CNY
35,000
100*
B
Guangdong Landun Science and Technology Star Co., Ltd., 
Shenzhen
CNY
38,000
100*
B
Hubei Landun Science and Technology Star Co., Ltd., Xiaogan
CNY
36,660
100*
B
Sika Hongkong Ltd., Hong Kong
HKD
30,000
100
F G 
C
Ronacrete (Far East) Ltd., Hong Kong
HKD
 450
100*
D
Parex (China) Ltd, Hong Kong
HKD
35,950
100*
D
Suzuka International Ltd, Hong Kong
HKD
 10
100*
India
B
Sika India Private Ltd., Mumbai
INR
85,000
100
F G H
C
Axson India Private Limited, Pune
INR
3,000
100*
B
Apurva India Pvt Ltd., Mumbai
INR
76,100
100*
F 
Indonesia
B
Sika Indonesia P.T., Bogor
IDR mn
3,282
100
F G H
Japan
B
Sika Ltd., Minato-ku
JPY 
490,000
100
F G H
C
Dic Proofing Co. Ltd., Tokyo
JPY
90,000
100*
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements 
241

Country
Company 1
Capital stock 
in thousands
Voting and 
capital share 
in % 
Certifi-
cation
B
Dyflex Co. Ltd., Tokyo
JPY
315,175
100
F G H
E
DCS Co. Ltd., Toda-shi
JPY
30,000
100*
B
Sika Hamatite Co. Ltd., Tokyo
JPY
310,000
100*
C
Sika Hamatite Sales Co. Ltd., Tokyo
JPY
10,000
100*
Korea
B
Sika Korea Ltd., Seoul
KRW mn
5,596
100
F G 
Malaysia
B
Sika Kimia Sdn. Bhd., Nilai
MYR
44,000
100
F G H
D
Sika Harta Sdn. Bhd. (in liquidation), Nilai
MYR
10,000
100
D
LCS Optiroc Sdn. Bhd., Johor Bahru
MYR
 100
100
D
ParexGroup Sdn Bhd (in liquidation), Port Klang
MYR
10,000
100*
F G H
D
Sika Asia Pacific Services Sdn. Bhd., Kuala Lumpur
MYR
 500
100
Mongolia
B
Sika Mongolia LLC, Ulaanbaatar
MNT mn
7,091
100
F H
Myanmar
B
Sika Myanmar Limited, Dagon Myothit (South) Township
MMK mn
1,700
100
F G 
New Zealand
B
Sika (NZ) Ltd., Auckland
NZD
1,100
100
F G H
Philippines
B
Sika Philippines Inc., Las Pinas City
PHP
55,610
100
F G H
D
ParexGroup Inc (in liquidation), Taguig City
PHP
1,000
100*
Singapore
B
Sika (Singapore) Pte. Ltd., Singapore
SGD 
6,250
100
F G H
D
Sika Asia Pacific Mgt. Pte. Ltd., Singapore
SGD
 100
100
Sri Lanka
B
Sika Lanka (Private) Limited, Ekala
LKR
129,100
100
F G 
Taiwan
B
Sika Taiwan Ltd., Taoyuan County
TWD
40,000
100
F G 
Thailand
B
Sika (Thailand) Ltd., Chonburi
THB
302,100
100
F G H
Vietnam
B
Sika Limited (Vietnam), Dong Nai Province
VND mn
44,190
100
F G 
D
A&P Construction Chemicals Joint Stock Company, Hanoi
VND mn
30,000
80*
A	 Production, sales, construction contracting
B	 Production and sales
C	 Sales
D	 Real estate and service companies
E	 Construction contracting
F	 ISO 9001 (Quality Management) 
G	 ISO 14001 (Environmental Management)
H	 45001 (Occupational Health and Safety)
1	
For associated companies see note 18.
*	
Company indirectly held by Sika AG.
242
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements

REPORT OF THE STATUTORY AUDITORS  
to the annual general meeting of Sika AG, Baar
Statutory auditor’s report on the audit of the consolidated  
financial statements 
OPINION
We have audited the consolidated financial statements of Sika AG and its subsidiaries (the Group), which 
comprise the consolidated income statement, consolidated statement of comprehensive income, consolidated 
balance sheet, consolidated statement of changes in equity, consolidated statement of cash flows, and 
appendix to the consolidated financial statements, including a summary of significant accounting policies, 
for the year ended December 31, 2021.
In our opinion the consolidated financial statements (pages 187 to 242 of this report) give a true and fair 
view of the consolidated financial position of the Group as at December 31, 2021, and its consolidated 
financial performance and its consolidated cash flows for the year then ended in accordance with 
International Financial Reporting Standards (IFRS) and comply with Swiss law.
BASIS FOR OPINION
We conducted our audit in accordance with Swiss law, International Standards on Auditing (ISAs), and Swiss 
Auditing Standards. Our responsibilities under those provisions and standards are further described in the 
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report.
We are independent of the Group in accordance with the provisions of Swiss law and the requirements of the 
Swiss audit profession, as well as the International Code of Ethics for Professional Accountants (including 
International Independence Standards) of the International Ethics Standards Board for Accountants (IESBA 
Code) and we have fulfilled our other ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 
opinion.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of most significance in our 
audit of the consolidated financial statements of the current period. These matters were addressed in the 
context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, 
and we do not provide a separate opinion on these matters. For each matter below, our description of how our 
audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the 
consolidated financial statements section of our report, including in relation to these matters. Accordingly, 
our audit included the performance of procedures designed to respond to our assessment of the risks of 
material misstatement of the consolidated financial statements. The results of our audit procedures, 
including the procedures performed to address the matters below, provide the basis for our audit opinion on 
the consolidated financial statements.
GOODWILL – VALUATION
AREA OF FOCUS
Goodwill represents 31% of the Group’s total assets and 75% of the Group’s total shareholders’ equity as at 
December 31, 2021. Goodwill recorded by the Group represents the purchase price in excess of the fair value 
of net assets of businesses acquired. As stated in the accounting principles included in the notes to the 
consolidated financial statements, the carrying amount of goodwill is tested annually or more frequently if 
impairment indicators are present. The Group performed its annual impairment tests of goodwill in the 
third quarter of 2021 and determined that there was no impairment. Key assumptions as well as the results 
of the impairment tests are disclosed in note 17 of the consolidated financial statements. In determining 
the recoverable amount of cash-generating units (“CGU”), management must apply judgment when using 
assumptions in respect of future market and economic conditions such as the economic growth and 
expected inflation rates. Due to the significance of the carrying values of goodwill and the judgment 
involved in performing the impairment test, this matter was considered significant to our audit.
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements 
243

OUR AUDIT RESPONSE
We assessed the design and implementation of the Group’s internal controls over its annual impairment 
test and key assumptions applied as well as its authorization and approval. Further, we evaluated whether 
the CGU structure is aligned with the organizational structure. We included in our team a valuation expert to 
assist us with our assessment of the key assumptions including WACC, expected growth rates, and the 
overall model used. We analyzed sensitivities in the available headroom of CGUs and whether a possible 
change in assumptions such as forecasted EBITDAs, growth rates based on the underlying economic 
outlook, and WACC could cause the carrying amount to exceed its recoverable amount. We also inspected 
the historical accuracy of the Group’s estimates and long-term business plans. Finally, we analyzed the 
adequacy of the Group’s disclosures included in note 17 of the consolidated financial statements about 
those assumptions to which the outcome of the impairment test is most sensitive. 
Our audit procedures did not lead to any reservations regarding to the valuation of the goodwill.
OTHER INFORMATION IN THE ANNUAL REPORT
The Board of Directors is responsible for the other information in the annual report. The other information 
comprises all information included in the annual report, but does not include the consolidated financial 
statements, the stand-alone financial statements, the remuneration report, and our auditor’s reports 
thereon.
Our opinion on the consolidated financial statements does not cover the other information in the annual 
report and we do not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other 
information in the annual report and, in doing so, consider whether the other information is materially 
inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or 
otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that 
there is a material misstatement of this other information, we are required to report that fact. We have 
nothing to report in this regard.
RESPONSIBILITY OF THE BOARD OF DIRECTORS FOR THE CONSOLIDATED  
FINANCIAL STATEMENTS
The Board of Directors is responsible for the preparation of the consolidated financial statements that give 
a true and fair view in accordance with IFRS and the provisions of Swiss law, and for such internal control as 
the Board of Directors determines is necessary to enable the preparation of consolidated financial 
statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the 
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and 
using the going concern basis of accounting unless the Board of Directors either intends to liquidate the 
Group or to cease operations, or has no realistic alternative but to do so.
244
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as 
a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report 
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an 
audit conducted in accordance with Swiss law, ISAs, and Swiss Auditing Standards will always detect a 
material misstatement when it exists. Misstatements can arise from fraud or error and are considered 
material if, individually or in the aggregate, they could reasonably be expected to influence the economic 
decisions of users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is located  
at the website of EXPERTsuisse: http://www.expertsuisse.ch/en/audit-report-for-public-companies. This 
description forms part of our auditor’s report.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
In accordance with article 728a para. 1 item 3 CO and the Swiss Auditing Standard 890, we confirm that an 
internal control system exists, which has been designed for the preparation of consolidated financial 
statements according to the instructions of the Board of Directors.
We recommend that the consolidated financial statements submitted to you be approved.
Zurich, February 15, 2022 
ERNST & YOUNG LTD
Christoph Michel	
	
	
	
Stefan Pieren
Licensed audit expert	
	
	
Licensed audit expert
(Auditor in charge)
SIKA ANNUAL REPORT 2021 
Appendix to the Consolidated Financial Statements 
245

CONSOLIDATED INCOME STATEMENT for the year  
ended December 31
in CHF mn
2017
2018
2019
2020
2021
Net sales
6,248.3
7,085.4
8,109.2
7,877.5
9,252.3
Material expenses
-2,849.2
-3,333.7
-3,765.2
-3,562.7
-4,461.0
Gross result
3,399.1
3,751.7
4,344.0
4,314.8
4,791.3
Personnel expenses
-1,212.1
-1,345.4
-1,544.3
-1,525.9
-1,635.3
Other operating expenses
-1,118.5
-1,256.4
-1,412.1
-1,291.3
-1,398.0
Operating profit before depreciation
1,068.5
1,149.9
1,387.6
1,497.6
1,758.0
Depreciation/amortization/impairment
-172.2
-204.0
-332.5
-367.1
-366.6
Operating profit
896.3
945.9
1,055.1
1,130.5
1,391.4
Interest income/interest expense
-16.4
-24.2
-55.0
-51.9
-45.4
Financial income/expense and income from associated companies
-17.8
-28.8
-33.5
-18.2
-10.4
Profit before taxes
862.1
892.9
966.6
1,060.4
1,335.6
Income taxes
-213.1
-205.8
-208.1
-235.3
-287.1
Net profit
649.0
687.1
758.5
825.1
1,048.5
Free cash flow
173.7
38.8
-717.0
1,120.3
594.9
Operating free cash flow
496.8
513.2
1,026.1
1,259.4
908.4
Gross result as % of net sales
54.4
53.0
53.6
54.8
51.8
Operating profit as % of net sales
14.3
13.4
13.0
14.4
15.0
Net profit as % of net sales (ROS)
10.4
9.7
9.4
10.5
11.3
Net profit as % of shareholders´ equity (ROE)
19.0
41.0
24.0
25.1
23.9
FIVE-YEAR REVIEWS 
246
SIKA ANNUAL REPORT 2021 
Five-year reviews

SEGMENT INFORMATION 
EMEA
Americas
in CHF mn
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
  
Net sales
2,787
3,276
3,530
3,496
4,071
1,703
1,840
2,183
2,012
2,427
Operating profit 
392
451
488
572
691
289
304
356
345
446
in % of net sales
14.1
13.8
13.8
16.4
17.0
17.0
16.5
16.3
17.1
18.4
Depreciation/amortization
85
91
141
154
153
36
44
78
82
81
Capital expenditures
85
114
89
48
54
55
46
41
36
47
Asia/Pacific
Global Business
in CHF mn
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
Net sales
1,144
1,201
1,613
1,723
2,081
614
768
783
647
673
Operating profit
209
219
263
285
349
103
111
92
55
50
in % of net sales
18.3
18.2
16.3
16.5
16.8
16.8
14.5
11.7
8.5
7.4
Depreciation/amortization
25
25
59
76
78
9
19
25
25
25
Capital expenditures
25
29
35
27
44
17
19
17
11
14
Other segments and activities
Total 
in CHF mn
2017
2018
2019
2020
2021
2017
2018
2019
2020
2021
Net sales
0
0
0
0
0
6,248
7,085
8,109
7,878
9,252
Operating profit
-97
-139
-144
-126
-145
896
946
1,055
1,131
1,391
in % of net sales
14.3
13.4
13.0
14.4
15.0
Depreciation/amortization
17
25
29
30
30
172
204
332
367
367
Capital expenditures
6
6
11
10
12
188
214
193
132
171
A change in internal reporting practice was implemented effective January 1, 2021. The Advanced Resin 
business has been reallocated from the Global Business segment to the geographical regions. The prior 
years have been restated accordingly.
SIKA ANNUAL REPORT 2021 
Five-year reviews 
247

CONSOLIDATED BALANCE SHEET as at December 31
in CHF mn
2017
2018
2019
2020
2021
Cash and cash equivalents
1,037.9
914.0
995.1
1,318.7
1,175.0
Accounts receivable
a
1,188.8
1,322.7
1,441.9
1,361.8
1,576.8
Inventories
b
729.5
800.7
866.5
814.0
1,158.3
Other assets 1
128.9
139.1
166.4
140.1
255.0
Current assets
3,085.1
3,176.5
3,469.9
3,634.6
4,165.1
Property, plant, and equipment
1,065.2
1,214.2
1,795.8
1,702.6
1,776.6
Intangible assets
1,317.1
1,693.9
4,351.0
4,172.3
4,373.0
Other assets 2
328.4
297.4
343.0
284.5
385.2
Non-current assets
2,710.7
3,205.5
6,489.8
6,159.4
6,534.8
ASSETS
5,795.8
6,382.0
9,959.7
9,794.0
10,699.9
Accounts payable
c
730.9
733.8
837.2
846.3
1,033.2
Financial liabilities
202.3
237.5
342.9
334.7
334.9
Other liabilities 3
420.4
435.5
632.9
644.1
719.9
Current liabilities
1,353.6
1,406.8
1,813.0
1,825.1
2,088.0
Financial liabilities
553.3
2,795.0
4,070.1
3,851.9
3,393.9
Non-current provisions, employee benefit obligations
316.4
316.8
414.9
417.8
418.5
Other liabilities 4
161.4
188.2
500.5
411.2
403.6
Non-current liabilities
1,031.1
3,300.0
4,985.5
4,680.9
4,216.0
LIABILITIES
2,384.7
4,706.8
6,798.5
6,506.0
6,304.0
Capital stock
1.5
1.4
1.4
1.4
1.4
Treasury shares
-6.6
-11.1
-7.3
-5.2
-10.7
Reserves
3,389.8
1,655.4
3,130.0
3,289.6
4,403.1
Equity attributable to Sika shareholders
3,384.7
1,645.7
3,124.1
3,285.8
4,393.8
Non-controlling interests
26.4
29.5
37.1
2.2
2.1
SHAREHOLDERS´ EQUITY
d
3,411.1
1,675.2
3,161.2
3,288.0
4,395.9
LIABILITIES AND SHAREHOLDERS´ EQUITY
e
5,795.8
6,382.0
9,959.7
9,794.0
10,699.9
1	Prepaid expenses and accrued income, other current assets, and assets classified as held for sale.
2	Investments in associated companies, deferred tax assets, and other non-current assets.
3	Accrued expenses and deferred income, income tax liabilities, current provisions, other current liabilities, and liabilities classified as 
held for sale.
4	Deferred tax liabilities and other non-current liabilities.
KEY BALANCE SHEET DATA
in CHF mn
Calculation
2017
2018
2019
2020
2021
Net working capital
(a+b-c)
1,187.4
1,389.6
1,471.2
1,329.5
1,701.9
Net working capital as % of net sales
19.0
19.6
18.1
16.9
18.4
Net debt 1
f
-290.2
2,114.1
3,407.8
2,855.8
2,538.9
Gearing in %
(f:d)
-8.5
126.2
107.8
86.9
57.8
Equity ratio in %
(d:e)
58.9
26.2
31.7
33.6
41.1
1	Net debt: Financial liabilities (less derivatives) less interest-bearing current assets (cash and cash equivalents and securities).
248
SIKA ANNUAL REPORT 2021 
Five-year reviews

VALUE-BASED KEY DATA
in CHF mn
Calculation
2017
2018
2019
2020
2021
Capital employed 1
3,246.3
3,975.6
7,026.4
6,582.1
7,263.9
Annual average of capital employed
g
3,009.4
3,611.0
5,501.0
6,804.3
6,923.0
Operating profit
h
896.3
945.9
1,055.1
1,130.5
1,391.4
Return on capital employed (ROCE) in %
(h:g)
29.8
26.2
19.2
16.6
20.1
1	Capital employed: current assets, PPE, intangible assets less cash and cash equivalents, current securities, current liabilities 
(excluding bank loans and bond).
EMPLOYEES
2017
2018
2019
2020
2021
EMEA (Europe, Middle East, Africa)1
9,822
10,983
12,284
12,534
13,004
Germany
1,808
2,354
2,334
2,247
2,256
Switzerland
1,970
2,024
2,013
1,948
1,985
France
701
685
1,392
1,362
1,375
United Kingdom
837
864
951
890
972
America 1
4,621
4,867
6,271
5,936
6,820
USA 1
1,911
2,164
2,547
2,438
2,671
Mexico
477
525
499
476
1,061
Brazil
574
589
964
824
833
Asia/Pacific
4,041
4,210
6,586
6,378
7,235
China
1,066
1,181
2,753
2,806
3,414
Japan
661
673
682
672
988
Total
18,484
20,060
25,141
24,848
27,059
Personnel expenses (in CHF mn)
Wages and salaries
991
1,095
1,257
1,235
1,328
Social charges, other
221
250
287
291
307
Personnel expenses
1,212
1,345
1,544
1,526
1,635
Personnel expenses as % of net sales
 19.4 
 19.0 
 19.0 
 19.4 
 17.7 
Key data per employee (in CHF thousands)
Net sales
348
368
359
315
356
Net value-added 2
117
117
116
107
118
1	Does not correspond to the Sika segments. The employees of Global Business were assigned to the respective company locations. 
2	See next page, five-year reviews, value-added statement.
SIKA ANNUAL REPORT 2021 
Five-year reviews 
249

VALUE-ADDED STATEMENT
in CHF mn
2017
2018
2019
2020
2021
Source of value-added
Corporate performance (net sales)
6,248
7,085
8,109
7,878
9,252
Intermediate inputs
-3,994
-4,619
-5,157
-4,819
-5,838
Gross value-added
2,254
2,466
2,952
3,059
3,414
Non-liquidity related expenses
Depreciation and amortization
-172
-204
-333
-367
-367
Change in provisions
10
2
-6
-26
25
Net value-added
2,092
2,264
2,613
2,666
3,072
Distribution of value-added
To employees
Wages and salaries
991
1,095
1,257
1,235
1,328
Social charges
224
253
287
293
309
To governments 
213
206
254
280
331
To lenders (interest expenses)
15
23
56
33
55
To shareholders (dividend payout, incl. non-controlling interests)
246
283
293
327
355
To the company
Net profit for the year
649
687
759
825
1,049
Less dividend payout
-246
-283
-293
-327
-355
Net value-added
2,092
2,264
2,613
2,666
3,072
Number of employees
End of year
18,484
20,060
25,141
24,848
27,059
Annual average
17,952
19,272
22,601
24,995
25,954
Net value-added per employee (in CHF thousands)
117
117
116
107
118
250
SIKA ANNUAL REPORT 2021 
Five-year reviews

SIKA AG INCOME STATEMENT for the year ended December 31 
in CHF mn
Notes
2020
2021
Dividend income
1
342.7
470.6
Financial income
2
125.3
135.5
Other income
3
39.3
41.3
Income
507.3
647.4
Financial expenses
4
-154.5
-160.0
Personnel expenses
-22.3
-23.3
Other operating expenses
5
-31.0
-51.7
Operating profit before depreciation
299.5
412.4
Impairment losses (–)/reversal of a impairment losses (+)  
on investments
20.5
-9.9
Depreciation and amortization expenses
-0.1
-0.1
Net profit before taxes
319.9
402.4
Direct taxes
-10.9
-3.5
Net profit for the year
309.0
398.9
SIKA AG, BAAR  
FINANCIAL STATEMENTS
SIKA ANNUAL REPORT 2021 
SIKA AG, Baar, Financial Statements
251

SIKA AG BALANCE SHEET as at December 31 
in CHF mn
Notes
2020
2021
Cash and cash equivalents
6
 849.9
 617.9
Securities
 0.3
 0.1
Other current receivables from subsidiaries
7
2,910.0
2,677.9
Other current receivables from third parties
7
 1.9
 2.1
Prepaid expenses and accrued income
 5.4
 13.2
Current assets
3,767.5
3,311.2
Investments
8
3,339.3
3,412.0
Property, plant, and equipment
 0.3
 0.3
Other non-current assets
9
 28.9
 18.0
Non-current assets
3,368.5
3,430.3
ASSETS
7,136.0
6,741.5
Accounts payable to subsidiaries
 1.8
 13.7
Accounts payable to third parties
 1.3
 1.2
Current interest-bearing liabilities to subsidiaries
10
 545.6
 307.9
Current interest-bearing liabilities to third parties
10
 170.0
1,449.8
Other current liabilities to third parties
 1.3
 2.1
Accrued expenses and deferred income
11
 74.7
 88.0
Current liabilities
 794.7
1,862.7
Non-current interest-bearing liabilities
10
3,820.0
2,129.0
Non-current interest-bearing liabilities from subsidiaries
12
1,090.6
1,043.0
Other non-current liabilities
13
 3.6
 2.9
Non-current provisions
14
 5.3
 4.3
Non-current liabilities
4,919.5
3,179.2
LIABILITIES
5,714.2
5,041.9
Share capital
 1.4
 1.4
Legal capital reserves
 56.5
 295.4
Legal retained earnings
 4.0
 4.0
Voluntary retained earnings
 121.7
 121.7
Profit brought forward
1,243.4
1,287.8
Treasury shares
15
-5.2
-10.7
Shareholders’ equity
16
1,421.8
1,699.6
LIABILITIES AND SHAREHOLDERS’ EQUITY
7,136.0
6,741.5
252
SIKA ANNUAL REPORT 2021 
SIKA AG, Baar, Financial Statements

NOTES TO THE SIKA AG FINANCIAL STATEMENTS
Principles
GENERAL
The 2021 financial statements were prepared according to the Swiss Law on Accounting and Financial 
Reporting. The significant accounting and valuation principles applied are as described below.
SECURITIES 
Securities are valued at historical costs. 
RECEIVABLES 
The receivables are recorded at nominal value. If necessary, an allowance for doubtful debts is made on 
receivables from third parties, whereas for receivables from subsidiaries no allowance for doubtful debts is 
considered. 
INVESTMENTS 
Investments are initially recognized at cost. On an annual basis the investments are assessed individually 
and adjusted to their recoverable amount if required (individual value adjustment principle). 
PROPERTY, PLANT, AND EQUIPMENT, AND INTANGIBLE ASSETS
Property, plant, and equipment, and intangible assets are valued at acquisition cost less accumulated 
depreciation and impairment losses. Depreciation is calculated using the straight-line method based on the 
useful life of the asset. 
CURRENT AND NON-CURRENT INTEREST-BEARING LIABILITIES 
Interest-bearing liabilities are recognized in the balance sheet at nominal value. Discounts and issue costs for 
bonds are recognized as other non-current assets and amortized on a straight-line basis over the bond’s 
maturity period. Premiums (less issue costs) are recognized in the other non-current liabilities and amortized 
on a straight-line basis over the bond’s maturity period. 
PROVISIONS 
Provisions are recognized to cover general business risks based on the most probable cash outflow, 
considering the principle of prudence. 
TREASURY SHARES 
Treasury shares are recognized at acquisition cost and disclosed as a negative position within shareholders’ 
equity. In case of a resale, the gain or loss is recognized through the income statement as financial income 
or financial expenses. 
SHARE-BASED PAYMENTS 
For treasury shares used for share-based payment programs, the difference between the acquisition cost 
and the value at vesting date is recognized as personnel expenses. 
SIKA ANNUAL REPORT 2021 
SIKA AG, Baar, Financial Statements
253

INFORMATION ON BALANCE SHEET AND  
INCOME STATEMENT ITEMS
1. Dividend income CHF 470.6 mn (CHF 342.7 mn) 
Dividends from subsidiaries are recognized in this position. 
2. Financial income CHF 135.5 mn (CHF 125.3 mn) 
Financial income includes interest income and gains from foreign exchange transactions. The increase in 
financial income is mainly driven by higher interest income and realized gains from hedging transactions.
3. Other income CHF 41.3 mn (CHF 39.3 mn) 
Other income includes income from the cost allocation to subsidiaries. The increase is mainly caused by higher 
management fees. 
4. Financial expenses CHF 160.0 mn (CHF 154.5 mn) 
Financial expenses include the interest costs on bonds as well as foreign currency losses on loans to 
subsidiaries. Financial expenses mainly increased as a result of exchange losses on the valuation of loans, 
costs in connection with the early conversion of the convertible bonds (see note 10), and other financing costs.
5. Other operating expenses CHF 51.7 mn (CHF 31.0 mn) 
This position includes the holding company’s general expenses. Other operating expenses mainly include 
legal and consulting fees, costs related to management training, marketing expenses, as well as other 
operating expenses. Higher costs have been incurred this year with planned and already completed 
acquisitions.
6. Cash and cash equivalents CHF 617.9 mn (CHF 849.9 mn)
Bank deposits of CHF 571.0 million (CHF 826.4 million) are invested in Swiss francs and CHF 46.9 million 
(CHF 23.5 million) in foreign currencies.
7. Other current receivables from subsidiaries and  
third parties CHF 2,680.0 mn (CHF 2,911.9 mn)
Receivables consist of short-term loans to subsidiaries in the amount of CHF 2,612.4 million (CHF 2,860.7 
million). In addition, Sika AG has receivables of CHF 65.5 million (CHF 49.3 million) from Sika subsidiaries and 
receivables from third parties in the amount of CHF 2.1 million (CHF 1.9 million).
8. Investments CHF 3,412.0 mn (CHF 3,339.3 mn) 
The change in investments is mainly caused by capital increases at subsidiaries and acquisitions. Major 
participations are indicated on the list of Group companies beginning on page 237 of this report. 
254
SIKA ANNUAL REPORT 2021 
SIKA AG, Baar, Financial Statements

9. Other non-current assets CHF 18.0 mn (CHF 28.9 mn)
The other non-current assets contain the discounts and issue costs for bonds as well as non-current receivables 
from subsidiaries. 
10. Interest-bearing liabilities current CHF 1,757.7 mn (CHF 715.6 mn)/  
non-current CHF 2,129.0 mn (CHF 3,820.0 mn)
The current interest-bearing liabilities consist of loans to subsidiaries resulting from the worldwide cash 
management concept. 
Furthermore, included in interest-bearing liabilities are the following bonds.
OUTSTANDING BONDS – CURRENT
in CHF mn
2020
2021
Coupon
Term
Book value 
Book value
Straight bond
0.125%
2018–07/12/2021
 170.0
 0.0
Straight bond
1.750%
2012–07/12/2022
n.a.
 150.0
Mandatory convertible bond
3.750%
2019–01/30/2022
n.a.
1,299.8
Total
 170.0
1,449.8
The mandatory convertible bond in the amount of CHF 1,300.0 million due in January 2022 was placed by 
Sika AG in 2019. The bond will be mandatorily converted into registered shares of Sika at maturity, subject 
to the early conversion rights of Sika and bondholders in accordance with the terms and conditions of the 
bond. The shares to be delivered upon conversion will be made available by either existing shares or by the 
issue of new shares from the conditional capital. At the end of December 2021, the bond has a minimum 
conversion price of CHF 125.17 and a maximum conversion price of CHF 140.82. In the reporting year, bonds 
with a nominal value of CHF 0.2 million were converted (no conversion in the previous year).
The following bonds are disclosed in the non-current interest-bearing liabilities.
OUTSTANDING BONDS – NON-CURRENT
in CHF mn
2020
2021
Coupon
Term
Book value 
Book value
Straight bond
1.750%
2012–07/12/2022
 150.0
n.a.
Mandatory convertible bond
3.750%
2019–01/30/2022
1,300.0
n.a.
Straight bond
1.875%
2013–11/14/2023
 200.0
 200.0
Straight bond
0.625%
2018–07/12/2024
 250.0
 250.0
Convertible bond
0.150%
2018–06/05/2025
1,650.0
1,409.0
Straight bond
0.600%
2018–03/27/2026
 140.0
 140.0
Straight bond
1.125%
2018–07/12/2028
 130.0
 130.0
Total
3,820.0
2,129.0
The convertible bond in the amount of CHF 1,650.0 million due in 2025 was placed by Sika AG in 2018. The 
shares to be delivered upon conversion will be provided by existing shares or by the issue of new shares 
from the conditional capital. At the end of December 2021, the conversion price per share is CHF 189.10. The 
convertible bond can be converted early or redeemed early in accordance with the general bond conditions. 
In the reporting period, bonds with a nominal value of CHF 241.0 million were converted for the first time 
(no conversion in the previous year).
SIKA ANNUAL REPORT 2021 
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255

11. Accrued expenses and deferred income CHF 88.0 mn (CHF 74.7 mn) 
Accrued expenses and deferred income include in particular pro rata interest on bonds issued of CHF 49.7 
million (CHF 49.9 million). Also included are employee-related accruals and other accruals. 
12. Non-current interest-bearing liabilities from subsidiaries  
CHF 1,043.0 mn (CHF 1,090.6 mn)
Non-current interest-bearing liabilities are a loan liability to Sika Capital B.V., Netherlands. Sika Capital B.V. 
transferred the funds from the placement of the Euro bonds (nominal EUR 1,000.0 million) to Sika AG. 
13. Other non-current liabilities CHF 2.9 mn (CHF 3.6 mn) 
The other non-current liabilities mainly include the premium, less issue costs of the bonds. 
14. Non-current provisions CHF 4.3 mn (CHF 5.3 mn)
The non-current provisions contain accruals for long-term employee retention and bonus programs as well 
as jubilee payments. 
15. Treasury shares CHF 10.7 mn (CHF 5.2 mn) 
In general, treasury shares are used for a Group-wide employee participation program and for liquidity 
investments. The shares are traded on the stock exchange at current market prices. 
In addition, Sika AG has issued convertible bonds (see note 10). The shares to be delivered upon conversion 
are provided by existing shares or by the issuance of new shares from conditional capital. In the year under 
review, convertible bonds of CHF 2.3 million were converted into existing shares of Sika AG.
in CHF mn
Units
Share value
January 1, 2020
 41,859 
 7.3 
Reductions
 -701,806 
 -127.8 
Additions
 682,742 
 125.7 
December 31, 2020
 22,795 
 5.2 
January 1, 2021
 22,795 
 5.2 
Reductions
 -208,397 
 -56.0 
Additions
 228,779 
 65.2 
Conversion of bonds into shares
 -12,052 
 -3.7 
December 31, 2021
 31,125 
 10.7 
In the year under review, the average share price was CHF 300.27 (CHF 195.84).
256
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16. Shareholders’ equity CHF 1,699.6 mn (CHF 1,421.8 mn) 
The ratio of shareholders’ equity to balance sheet amounts to 25.2% (19.9%). 
in CHF mn
Capital  
stock
Legal capital 
reserves 1 
Retained 
earnings 2 
Treasury 
shares
Share- 
holders´  
equity
January 1, 2020
 1.4 
 56.5 
 1,386.1 
 -7.3 
1,436.7 
Dividend payment
 -326.0 
-326.0 
Transactions with treasury shares
 2.1 
2.1 
Net profit for the year
 309.0 
309.0 
December 31, 2020
 1.4 
 56.5 
 1,369.1 
 -5.2 
1,421.8 
January 1, 2021
 1.4 
 56.5 
 1,369.1 
 -5.2 
1,421.8 
Dividend payment
-354.5 
-354.5 
Increase from conditional capital
 238.9 
238.9 
Transactions with treasury shares
 -5.5 
-5.5 
Net profit for the year
 398.9 
398.9 
December 31, 2021
 1.4 
 295.4 
 1,413.5 
 -10.7 
1,699.6 
1	Thereof CHF 239.2 million (CHF 0.3 million) capital contribution reserves. 
2	Retained earnings: legal retained earnings, voluntary retained earnings, and profit brought forward.
The higher profit in 2021 is mainly due to higher dividend income. In April 2021, the dividend of CHF 354.5 
million from profit brought forward for 2020 was paid out to shareholders.
As of December 31, 2021, there is an unlimited conditional capital of CHF 143,255.13, divided into 14,325,513 
registered shares with a par value of CHF 0.01 each (CHF 155,893.20, divided into 15,589,320 registered 
shares). These shares are reserved for the exercise of option or conversion rights. In the reporting year, 
1,263,807 new shares were issued from conditional capital, which were used for the conversion of the issued 
bonds (see note 10 and 15).
The share capital corresponds to the nominal capital of all issued shares, is fully paid up, and is structured  
as follows (no changes in the previous year):
Units
Par value in CHF
At January 1, 2021
 141,781,160 
 1,417,812 
Capital increase from conditional capital
 1,263,807 
 12,638 
At December 31, 2021
 143,044,967 
 1,430,450 
1	Includes treasury shares which do not carry voting and dividend rights.
SIKA ANNUAL REPORT 2021 
SIKA AG, Baar, Financial Statements
257

Other information
FULL-TIME EQUIVALENTS
The number of full-time equivalents for the reporting year is 47 (54) employees. 
CONTINGENT LIABILITIES
Letters of guarantee are issued to finance business transactions.Sika AG guarantees for Euro bonds issued 
by Sika Capital B.V., Netherlands (a 100% subsidiary of Sika AG), in 2019 in the total amount of nominal  
EUR 1,000.0 million. No guarantees are required for the established zero-balance cash pooling. 
Letters of comfort are issued to subsidiaries, e.g. to secure rents for buildings, obligations to customers, or 
when required by local regulations.
in CHF mn
2020
2021
Letters of guarantee
Issued
1,081.6
1,034.5
Used
0.0
0.0
Letters of comfort
Issued
p.m.
p.m.
Used
0.0
0.0
Sika AG is part of Sika Schweiz AG’s value-added tax group and is jointly liable to the tax authorities for the 
value-added tax obligations of the tax group. 
NET RELEASE OF HIDDEN RESERVES
There is no net release of hidden reserves (net release of CHF 52.7 million).
SIGNIFICANT SHAREHOLDERS
On December 31, 2021, the company had 30,226 (21,764) registered shareholders. Information regarding 
significant shareholders can be found on page 235 of this report.
258
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PARTICIPATIONS IN SIKA AG
Members of the Board of Directors and Group Management hold the following participations in Sika AG:
Number of shares
2020
2021
Board of Directors
Paul Hälg, Chair of the board
53,053
55,925
Viktor Waldemar Balli
871
1,669
Frits van Dijk, until April 2021
9,031
n.a.
Justin Marshall Howell
1,221
2,019
Monika Ribar
7,531
8,329
Daniel J. Sauter
49,788
50,586
Paul Schuler, since April 2021
n.a.
107,633
Christoph Tobler
7,291
8,089
Thierry F.J. Vanlancker
2,031
2,829
Group Management
Thomas Hasler, CEO since May 2021
24,000
26,280
Paul Schuler, former CEO until May 2021
87,663
n.a.
Mike Campion
6,060
7,500
Christoph Ganz
26,800
28,400
Patricia Heidtman, since October 2021
n.a.
768
Frank Höfflin, until October 2021
9,086
n.a.
Philippe Jost
2,803
2,803
Raffaella Marzi
1,496
1,783
Ivo Schädler
7,907
9,947
Adrian Widmer
24,940
28,360
Total
321,572
342,920
Sika AG granted the following number of shares as part of employee participation programs. The shares 
were issued in April 2021 at a market price of CHF 271.80 (CHF 164.60).
2020
2021
in CHF thousands
Units
Nominal
Units
Nominal
Board of Directors
9,230
1,519.3
8,458
2,298.9
Group Management
11,880
1,955.4
11,400
3,098.5
Employees
4,621
 760.6
2,840
 771.9
Total
25,731
4,235.3
22,698
6,169.3
EVENTS AFTER THE BALANCE SHEET DATE
On January 25, 2022, the extraordinary shareholders’ meeting of Sika AG decided to increase the existing 
conditional capital (see note 16) by 3.2 million registered shares with a par value of CHF 0.01 each.
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259

Proposed appropriation of profit brought forward
The board of directors proposes to the annual general meeting the following appropriation of profit 
brought forward: 
in CHF mn
2020
2021
Composition of the profit brought forward
Net profit for the year
309.0
398.9
Results carried forward from prior year
934.4
888.9
Profit brought forward
1,243.4
1,287.8
Dividend payment
Dividend payment out of the profit brought forward 1
354.5
465.3
Results carried forward
888.9
822.5
1	Corresponds to the maximum possible distribution amount assuming potential exercise of all conversion rights (see note 10).
As the general statutory reserve currently exceeds 20% of shareholders’ equity, a further allocation to the 
reserve was waived.
On approval of this proposal, the following payment will be made:
in CHF
2020
2021
Registered share 1 par value CHF 0.01
Gross dividend
 2.50 
 2.90 
35% withholding tax on gross dividend
 0.87 
 1.02 
Net dividend
 1.63 
 1.88 
1	Registered shares, held by Sika AG, are non-voting shares and do not qualify for a dividend.
The Board of Directors proposes to the Annual General Meeting that a dividend of CHF 2.90 per single-class 
registered share be distributed to shareholders. The dividend for 2020 was CHF 2.50 per single-class 
registered share.
Payment of the dividend is tentatively scheduled for Wednesday, April 20, 2022. Registered shareholders 
will receive payment of the dividend at the address provided to the company for the purposes of dividend 
distribution.
The Annual General Meeting of Sika AG will be held on Tuesday, April 12, 2022.
Baar, February 15, 2022
For the Board of Directors
The Chair of the board:
Dr. Paul Hälg
260
SIKA ANNUAL REPORT 2021 
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REPORT OF THE STATUTORY AUDITORS  
to the annual general meeting of Sika AG, Baar
Report of the statutory auditor on the financial statements
As statutory auditor, we have audited the financial statements of Sika AG, which comprise the income 
statement, balance sheet, and notes to the financial statements (pages 251 to 260 of this report), for the 
year ended December 31, 2021.
BOARD OF DIRECTORS’ RESPONSIBILITY
The Board of Directors is responsible for the preparation of the financial statements in accordance with the 
requirements of Swiss law and the company’s articles of incorporation. This responsibility includes 
designing, implementing, and maintaining an internal control system relevant to the preparation of financial 
statements that are free from material misstatement, whether due to fraud or error. The Board of Directors 
is further responsible for selecting and applying appropriate accounting policies and making accounting 
estimates that are reasonable in the circumstances. 
AUDITOR’S RESPONSIBILITY
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted 
our audit in accordance with Swiss law and Swiss Auditing Standards. Those standards require that we plan 
and perform the audit to obtain reasonable assurance whether the financial statements are free from 
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the 
financial statements. The procedures selected depend on the auditor’s judgment, including the assessment 
of the risks of material misstatement of the financial statements, whether due to fraud or error. In making 
those risk assessments, the auditor considers the internal control system relevant to the entity’s preparation 
of the financial statements in order to design audit procedures that are appropriate in the circumstances, but 
not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control system. An 
audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of 
accounting estimates made, as well as evaluating the overall presentation of the financial statements. We 
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit 
opinion.
OPINION
In our opinion, the financial statements for the year ended December 31, 2021, comply with Swiss law and 
the company’s articles of incorporation. 
SIKA ANNUAL REPORT 2021 
SIKA AG, Baar, Financial Statements
261

Report on key audit matters based on the circular 1/2015  
of the Federal Audit Oversight Authority
Key audit matters are those matters that, in our professional judgment, were of most significance in our 
audit of the financial statements of the current period. These matters were addressed in the context of our 
audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a 
separate opinion on these matters. For each matter below, our description of how our audit addressed the 
matter is provided in that context.
We have fulfilled the responsibilities described in the auditor’s responsibilities section of our report, 
including in relation to these matters. Accordingly, our audit included the performance of procedures 
designed to respond to our assessment of the risks of material misstatement of the financial statements. 
The results of our audit procedures, including the procedures performed to address the matters below, 
provide the basis for our audit opinion on the financial statements.
INVESTMENTS IN SUBSIDIARIES
AREA OF FOCUS
Sika AG holds investments in subsidiaries that represent 51% of the total assets of its statutory financial 
statements. The various investments are disclosed in note “List of Group Companies” of the consolidated 
financial statements of Sika AG. Total investments are material to the entity and may be subject to changes 
in value. Accordingly, management performs regular impairment considerations and calculations to 
determine the value of each single investment. The investments in subsidiaries were considered significant 
to our audit as the amounts concerned are material and the assessments involve judgment in preparing the 
underlying key assumptions for the valuation.
OUR AUDIT RESPONSE
Our audit procedures for the valuation of the investments consisted of auditing management’s valuation 
assessment and the underlying key assumptions. We also assessed the historical accuracy of the Company’s 
estimates and long-term business plans. We performed our own calculations to assess the valuation of each 
investment.
Our audit procedures did not give rise to any reservations regarding the valuation of the investments in 
subsidiaries.
REPORT ON OTHER LEGAL REQUIREMENTS
We confirm that we meet the legal requirements on licensing according to the Auditor Oversight Act (AOA) 
and independence (article 728 CO and article 11 AOA) and that there are no circumstances incompatible with 
our independence.
In accordance with article 728a para. 1 item 3 CO and Swiss Auditing Standard 890, we confirm that an 
internal control system exists, which has been designed for the preparation of financial statements 
according to the instructions of the Board of Directors.
We further confirm that the proposed appropriation of profit brought forward complies with Swiss law and 
the company’s articles of incorporation. We recommend that the financial statements submitted to you be 
approved.
Zurich, February 15, 2022
ERNST & YOUNG LTD
Christoph Michel	
	
	
	
Stefan Pieren
Licensed audit expert	
	
	
Licensed audit expert
(Auditor in charge)
262
SIKA ANNUAL REPORT 2021 
SIKA AG, Baar, Financial Statements

PUBLISHED BY
Sika AG
Zugerstrasse 50
6340 Baar
Switzerland
Tel +41 58 436 68 00
Fax +41 58 436 68 50
sikagroup@ch.sika.com
www.sika.com
PROJECT TEAM 
Corporate Communications & Investor Relations and Corporate Finance, 
Sika AG, Baar, Switzerland
CONCEPT, DESIGN, REALIZATION
Sika AG, Baar, Switzerland
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Sika AG, Baar, Switzerland
EDITORIAL WORK
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All Sika Annual Report content is available in German and English, 
and can also be accessed on our website www.sika.com/annualreport.
The German download version of this report is legally binding.
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SIKA ANNUAL REPORT 2021 
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Sika AG
Zugerstrasse 50
6340 Baar
Switzerland
Contact
Tel	
+41 58 436 68 00
Fax 	
+41 58 436 68 50
www.sika.com