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Product Data SheetEdition 19.01.2007Revision no: 0Identification no:01 01 01 01 200 0 000331Sika ViscoCrete-PC 10
1 1/3
Co
nstruct
ion
Sika ViscoCrete-PC 10
SikaViscoCrete
-PC 10
High performance superplasticiser
ProductDescription
SikaViscoCrete
-PC 10 is a third generation superplasticiser for concrete and
mortar.
Uses SikaViscoCrete
-PC 10 is especially suitable for the production of concrete mixes
which require high early strength development, powerful water reduction andexcellent flowability.
SikaViscoCrete
-PC 10 is mainly used for the following applications:
n Precast concrete
n Fast track concrete
n In situ concrete requiring fast stripping time
n Self Compacting Concrete (SCC)
Characteristics /Advantages
SikaViscoCrete
-PC 10 as a powerful superplasticiser acts by different
mechanisms.
Through surface adsorption and sterical effects separating the binder particles thefollowing properties are achieved:
n Pronounced increase in the early strength development, resulting in veryeconomic stripping times for precast and in situ concrete
n Extremely powerful water reduction, resulting in high density, high strengthand reduced permeability for water etc.
n Excellent plasticising effect, resulting in improved flowability, placing andcompacting behaviour.
n Reduced energy cost for steam cured precast elements
n Especially suitable for the production of Self Compacting Concrete (SCC)
n Improved shrinkage and creep behaviour
n Reduced closure times for repairs of roads and runways
SikaViscoCrete
-PC 10 does not contain chlorids or other ingredients promoting
corrosion of steel reinforcement. It is therefore suitable for reinforced andprestressed steel.
Tests
Approval/ Standarts Conforms to the requirements of TS EN 934 - 2, Table 3.1 / 3.2.
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2 2/3Sika ViscoCrete-PC 10
Product Data
Form
Appearance / Colours Light brownish liquid
Packaging 200 kg drumsBulk supply on demand
StorageStorage Conditions /Shelf -Life
12 months from date of production if stored properly in original, unopenedpackaging, at temperatures between +5C and +35C. Protect from direct sunlightand frost.
Technical Data
Chemical Base Modified polycarboxylates based polymer
Density 1.090,02 kg/l, at 20C
pH Value 3 7
Soluble in WaterChloride Ion Content %
w/w
Max 0,1%, Chloride-free (TS EN 934-2)
Effect on Setting Non-retarding
Effect of Overdosing Bleeding may occur
SystemInformation
Application Details
Consumption / Dosage Recommended dosage:
n For medium workability: 0.4 1,0 % by weight of cement
n For concrete of high workability, very low water/cement ration and for selfcompacting concrete: 1.0 - 2.0% by weight of cement
When adjusting the consistency, high water retarding feature of the additive mustbe taken into account and excessive water addition to the mixture must beprevented. Before application, pre-trials are always recommended.
ApplicationConditions /Limitations
Compatibility SikaViscoCrete
-PC 10 may by combined with the following Sika Products among
other:
SikaPump
Sika
Ferrogard
-901Sikafume
SikaRapid
SikaStabilizer
SikaRetarder
Always conduct trials before combining products in specific mixes and contact ourTechnical Service Department for information about specific combinations.
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3 3/3Sika ViscoCrete-PC 10
ApplicationInstructions
Dispensing SikaViscoCrete
-PC 10 is added to the gauging water or added with it into the
concrete mixer.
Application Method /Tools
The standard rules of good concreting practice, concerning production as well asplacing, are to be followed.
Fresh concrete must be cured properly.
Notes on Application /Limitations Self compacting concrete:When using SikaViscoCrete
-PC 10 to produce self compacting concrete,
suitable mix design have to be used.
Frost:If frozen and/or if precipitation has occurred, Sika
ViscoCrete
-PC 10 may be used
after thawing slowly at room temperature and intensive mixing.
Value Base All technical data stated in this Product Data Sheet are based on laboratory tests.Actual measured data may vary due to circumstances beyond our control.
Local Restrictions Please note that as a result of specific local regulations the performance of thisproduct may vary from country to country. Please consult the local Product DataSheet for the exact description of the application fields.
Health and SafetyInformation
For information and advice on the safe handling, storage and disposal of chemicalproducts, users should refer to the most recent Material Safety Data Sheetcontaining physical, ecological, toxicological and other safety-related data.
Legal Notes The information, and, in particular, the recommendations relating to the applicationand end-use of Sika products, are given in good faith based on Sika's currentknowledge and experience of the products when properly stored, handled andapplied under normal conditions in accordance with Sikas recommendations. Inpractice, the differences in materials, substrates and actual site conditions are suchthat no warranty in respect of merchantability or of fitness for a particular purpose,nor any liability arising out of any legal relationship whatsoever, can be inferredeither from this information, or from any written recommendations, or from any other
advice offered. The user of the product must test the products suitability for theintended application and purpose. Sika reserves the right to change the propertiesof its products. The proprietary rights of third parties must be observed. All ordersare accepted subject to our current terms of sale and delivery. Users must alwaysrefer to the most recent issue of the local Product Data Sheet for the productconcerned, copies of which will be supplied on request.
Co
nstruct
ion
Sika YapKimyasallarA.!.ame$me Mah. Sanayi Cad.34899 Kaynarca Pendik&stanbul TrkiyeTel +90 216 494 19 90Faks +90 216 494 19 84www.sika.com.tr
http://www.sika.com.tr/http://www.sika.com.tr/7/23/2019 SEIKA-High performance superplasticiser
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Product Data SheetEdition 01/03/2013Identification no:02 13 01 01 100 0 000084Sika
ViscoCrete
10
1/3 Sika ViscoCrete10
Co
nstruct
ion
SikaViscoCrete
10
High Range Water Reducing/Superplasticising ConcreteAdmixture
ProductDescription
Sika
ViscoCrete
10 is a liquid admixture for concrete which is used as a high-range water reducer/superplasticiser. It meets the requirements of BS EN 934-2tables 3.1 & 3.2
Uses Sika
ViscoCrete
10 is a unique product that is suitable for the production ofready mixed concrete
Applications that require high quality concrete
Concrete with high water reduction to meet low w/c ratio requirements
High performance concrete
Self compacting concrete
Characteristics /Advantages
High-range water reductions resulting in higher strengths and densities
Improved consistence retention
Improved cohesion properties
Improved early and ultimate strengths
Improved rheology
Improved durability
Reduced segregation and bleeding
Reduced drying shrinkage
Reduced mix costs
Tests
Approval / Standards Conforms to the requirements of BS EN 934-2 Tables 3.1 & 3.2DoP 02 13 01 01 100 0 000084 1088, certified by Factory Production Control Body0086, Certificate 541325, and provided with the CE mark
Product Data
Form
Appearance / Colours Straw Liquid
Packaging 25 litre drum, 200 litre drum, 1000 litre IBC and Bulk Tanker
Storage Conditions /Shelf Life
12 months from date of production if stored properly in undamaged containers, in dryconditions at temperatures between +5C and +25C.Protect from direct sunlight and frost.
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2/3 Sika ViscoCrete10
Technical Data
Chemical Base Modified polycarboxylate
Density 1.06 kg/l (at +20C)
pH Value 4.2 + 1.0
Freezing Point +1C
Chloride Ion Content
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3/3 Sika ViscoCrete10
Value Base All technical data stated in this Product Data Sheet are based on laboratory tests.Actual measured data may vary due to circumstances beyond our control.
Local Restrictions Please note that as a result of specific local regulations the performance of thisproduct may vary from country to country. Please consult the local Product DataSheet for the exact description of the application fields.
Health and SafetyInformation
For information and advice on the safe handling, storage and disposal of chemicalproducts, users shall refer to the most recent Material Safety Data Sheet containingphysical, ecological, toxicological and other safety-related data.
Legal Notes The information, and, in particular, the recommendations relating to the applicationand end-use of Sika products, are given in good faith based on Sika's currentknowledge and experience of the products when properly stored, handled andapplied under normal conditions in accordance with Sikas recommendations. Inpractice, the differences in materials, substrates and actual site conditions are suchthat no warranty in respect of merchantability or of fitness for a particular purpose,nor any liability arising out of any legal relationship whatsoever, can be inferredeither from this information, or from any written recommendations, or from any otheradvice offered. The user of the product must test the products suitability for theintended application and purpose. Sika reserves the right to change the properties ofits products. The proprietary rights of third parties must be observed. All orders areaccepted subject to our current terms of sale and delivery. Users must always referto the most recent issue of the local Product Data Sheet for the product concerned,copies of which will be supplied on request.
CE Labelling EN 934-2:2009 is a candidate harmonized European Standard and fully takes intoaccount the requirements of the European Commission mandate M128. Productsrelated to concrete, mortar and grout, given under the EU Construction ProductsDirective (89/106/EEC) and intended to lead to CE marking.
CE-labelled as per Annex ZA.3, table ZA.2 conformity 2+ and fulfil the requirementsof the given mandate of the EU Construction Products Directive (89/106/CE).
Co
nstruct
ion
Sika LimitedWatchmeadWelwyn Garden CityHertfordshireAL7 1BQUnited Kingdom
Phone +44 1707 394444Telefax +44 1707 329129www.sika.co.ukemail: [email protected]
Certificate No. EMS 4308 Certificate No. FM 12504
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S IKA F INANZ AG
A N NU A L R E P OR T 19 9 9
CONCRETE TECHNOLOGY IN FLUX
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Concrete Technology in Flux
Sika is a speciality chemicals company which offers solutions to problems
in carefully defined markets in the fields of industry and construction.
Subject to this years Annual Report is the business activity Construction
Chemicals.
We are global leaders in the concrete technology sector. Through the use
of chemical additives, which we offer in conjunction with specialist con-sultancy services, the characteristics of concrete are optimised at the
processing stages and in its final state.
In the field of concrete additives, technology is taking a great leap for-
ward based on innovative polymers. Sika is one of the driving forces
behind these developments. The latest breakthrough in this sector is Sika
ViscoCrete, the technology on which Self Compacting Concrete is based.
Previously it has always been necessary to compact fresh concrete by
applying vibrations, in order for it to spread evenly in the formwork and
reinforcements, and to ensure no cavities remained in the structure. The
need for mechanical compaction restricts not just the free design of the
concrete structure, but also slows down the overall construction process.In addition, the procedure is labour-intensive, generates noise pollution
and often fails to meet the most stringent building technology standards.
With Sika ViscoCrete additives, the concrete is liquefied and compacts
itself - a genuine step forward for all concerned in terms of costs, quality
and working conditions.
What is it that enables Sika to repeatedly achieve such innovations? New
ideas are developed jointly through development partnerships entered
into with customers, universities and raw material suppliers. Our labora-
tories deploy state-of-the-art techniques, such as e.g. molecular model-
ling, to produce highly-sophisticated chemical products. These products
are subsequently field-tested with selected customers before being
launched on the market. By this means, Sika is helping to extend the
longevity of building structures, performing a valuable bridging function
between the chemicals industry and the construction sector.
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CONSTRUCTION CHEMICALS
Products and systems:
Concrete and mortar admixtures, ready foruse mortars;
elastic sealants and adhesives;
sealing systems, paints and coatings for
concrete and steel;
surfaces for industry, transport and sports;
specialist contracting services;
specialised construction equipment.
Markets:
transport infrastructure;
water and power;
health, education, leisure;
manufacturing industry;
residential, commercial and industrial
buildings, precast concrete elements.
INDUSTRIAL MATERIALS
Products and systems:
elastic adhesives and sealants; tooling resins;
flooring for commercial vehicles and ships;
acoustic products for the automotive
industry.
Markets:
transportation industry;
ship building;
building components and installations;
domestic appliances and industrial
equipment.
Construction Chemicals CHF 1256 m
including Construction Services CHF 113 m
Industrial Materials CHF 433 m
Sika is a globally-active company in the field of speciality chemicals.
Sikaflex PRO-2HP is an elastic sealant for exterior wall
joints in the field of structural engineering, as well as for
joints in the field of civil engineering . This one compo-
nent, weather- and ageing-resistant joint-sealant enables
highest performances.
The use of thermal expansion cavity baffles, SikaBaffle, acoustically seals
passenger areas. This reduces noise levels, and prevents the penetration of air,
dust and water.
Picture: Ford Focus.
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Net salesconsolidated
EBIT Groupcash flow
Groupnet profit
Investments
CHF1689m
CHF187m
CHF93m
97
98
99
CHF150m
97
98
99
97
98
99
95
96
95
96
95
96
97
98
99
CHF111m
95
96
97
98
99
95
96
Financial Highlights
1999 1998
as % of as % of
Sika Group CHF m net sales CHF m net sales
Net sales consolidated 1 689 1 572
EBITDA 242 14.3 199 12.7
EBIT 150 8.9 128 8.2Group net profit before tax 144 8.6 126 8.0
Group net profit after tax 93 5.5 79 5.0
Cashflow 1 187 11.1 155 9.9
Net capital expenditures2 111 6.6 103 6.6
Depreciation and amortisation 93 5.4 70 4.5
Balance sheet total 1 472 1 371
Consolidated group equity 815 712
Number of employees 7 044 6 964
Net sales per employee in KCHF 240 226
Turnover in tons 000 647 631
Earnings per share in CHF 35.9 30.7
Sika Finanz AG CHF m CHF m
Balance sheet total 640 729
Net profit for the year 34.1 31.8
Dividend amount 32.0 3 28.9
1 definition of cash flow see page 652 at year end exchange rates acc. to the statement of tangible fixed assets and depreciation (see page 53)3 proposal of the Board of Directors (see page 42)
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Sika Finanz AGAnnual Report 1999
The business policies of Sika Finanz AG observes the guidelines for multinational
companies laid down by the OECD. The Group financial statements are prepared
according to the International Accounting Standards (IAS).
This Annual Report is available in German and English simultaneously.
Please note that the German report is the definitive version.
Group Report
02 Report of the Chairman
of the Board
08 Information for Investors
11 Research and Development
13 Quality and Investments
14 Environmental Report
17 Employees
19 Construction Chemicals Division
23 Industry Division
26 Subsidiary Companies
28 Organisational Structure of
Sika Finanz AG and the Group
30 List of Subsidiary Companies
Sika Finanz AG Financial Statements
34 Balance Sheet36 Income Statement
37 Notes to the Financial Statements
42 Proposal of the Board of Directors
Group Financial Statements
48 Group Balance Sheet
50 Group Income Statement
57 Notes to the Group Financial Statements
69 Five-year-Review
Important Dates, Acknowledgements
Sika Finanz AG
Zugerstrasse 50
CH-6341 Baar
Phone ++41 41768 68 00
Fax ++41 41 768 68 50
E-mail [email protected]
www.sika.com
Investor Relations
Torsten WyssPhone ++41 41768 68 22
Fax ++41 41 768 68 50
E-mail [email protected]
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During the first quarter 1999, the harsh winter
weather prevailing across much of Europe overshad-owed the otherwise robust shape of Group business.
The sales curve then increasingly began to point up-
wards as the year progressed, and in the last quarter
cumulated with a superb increase of 15.2% in Swiss
franc terms, and 12.0% in local currencies in compari-
son to the same period of the previous year.
There are geographical and divisional aspects to
the strong sales performance:
Geographic breadth and dynamic divisions
During the course of the year, Sika was able to
participate particularly effectively in the across-the-board growth in world markets. The two halves of the
year presented very different faces. While the markets
in Asia gradually began to stabilise at a low level, the
markets and currencies in Latin America and Eastern
Europe continued to contract. It was only in the last
quarter that the Group companies operating in these
regions began to free themselves from this uncom-
fortable situation. The global recovery in newly indus-
trialised countries is of particular importance to the
Group, as about 25% of its turnover is generated in
the emerging markets of Asia, Latin America, midEastern Europe, as well as Africa.
The substantial 5.5% increase in volume was at-
tributable to the unexpectedly strong performance in
Dear Shareholders
It is with particular pleasure and satisfaction thatwe present the 1999 Annual Report.
Sika takes off
For companies active in the field of speciality
chemicals, the outlook at the start of 1999 seemed
difficult and troublesome. Yet Sika nevertheless ex-
ceeded its previous record performances, and did so
by a considerable margin. The results demonstrate the
increased efficiency which has been achieved within
the framework of ongoing structural change. At the
same time, the Group kept its sights on the key long-
term growth objectives.The globally-active Group, with its focus on
Construction Chemicals and Industrial Materials,
saw net sales rise by 7.5% to reach CHF 1 689 m
(CHF 1 572 m). In local currency terms, net sales rose
8.9%. Earnings before interest, taxes, depreciation and
amortisation (EBITDA) increased by 21.7% to
CHF 242 m (CHF 199 m), and operating profit (EBIT) by
16.2% to CHF 150 m (CHF 129 m). Net profit climbed
17.7% to the record level of CHF 93 m (CHF 79 m),
which corresponds to a return on sales of 5.5%
(5.0%). Cash flow rose to CHF 187 m (CHF 155 m),amounting to 11.1% (9.9 %) of sales. Therewith Sika
has sucessfully achieved the targets set three years
ago for the business year 1999.
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Europe as well as the anticipated rise in North Amer-
ica, where the high level of investment in recent years
has created the necessary foundation.
The reason for the divisional growth is the recov-
ery in the Construction Chemicals sector during the
course of the year, in conjunction with the high level
of growth achieved on the Industrial Materials side.
After getting off to a slow start, sales of Con-
struction Chemicals saw a particularly sharp rise in
the last quarter of 12.9 %. With overall growth of
5.0%, the construction sector was able to shake off
the stagnation of the previous year (3.7%). Net sales
rose to CHF 1 256 m (CHF 1197 m), while the operat-
ing profit margin increased to 7.4% (6.5%).
Industrial Materials generated net sales of
CHF 433 m (CHF 375 m), while maintaining unbroken
growth of 15.4%. The operating profit margin was
15.8% (15.3%). The target set five years ago for the
year 2000 sales of CHF 500 m is now within reach.
Welcome rise in productivity
The gross margin (after manufacturing costs) of
48.5% (47.6%) saw further improvement. This under-
lines the competence of our buying organisation.
Global contracts boosted its effectiveness. At the same
time the margin, which had been squeezed by pricing
and other competitive pressures, was successfully
compensated by the ongoing improvements on the
productivity side. In the Group as a whole, per capita
sales were lifted by 6.2%. The European project to
bring production capacities together at certain spe-
cialised factories, which was launched in 1997 under
the project name Resin + Flex, is beginning to show
clear results. In addition, the specialisation and the
parallel increase in production capacities brought sig-
nificant economies of scale and reduced unit costs.In net terms, during the past year, we invested
CHF 111 m (CHF 103 m) in production plants. This will
secure the volume growth which is clearly set to de-
velop over the next few years. This also covers the
cost of converting to the standard business software
SAP R/3, which is being introduced at the major
European companies. Furthermore, already at an early
stage Sika introduced a range of e-business solutions,
which use electronic channels to handle business
processes. Examples include our company-wide in-
tranet, which also integrates buying and customer
information systems, as well as the electronic data
processing with our customers in the automotive
sector. The foundations for the effective use of the
new technologies have been laid, and we are devoting
considerable attention to the further expansion of our
e-business activities.
During the past year, acquisitions enabled Sika to
play an active role in the consolidation of the con-
struction chemicals market in Switzerland (Holder-
chem Euco), in Canada (Sternson) and France (Lafarge
Anticorrosion). Despite the fact that in 1999 these
acquisitions contributed less than 1% to sales, thegoodwill amortisation rose significantly to CHF 4.2 m
(CHF 0.0 m), including the partner stake in Sika Egypt
which was acquired towards the end of 1998.
On the Industrial Materials side, in December
1999 Sika Japan established a joint venture with
Hayashi Telempu Co., Ltd., a major Japanese system
supplier for the automobile industry. The objective of
the joint venture is the development, the production
and the marketing of Sika products for Japanese
automobile manufacturers in the Asia region.
Improved operating resultsDespite the fact that total depreciation rose by
CHF 22 m, EBIT rose to 8.9% (8.2%) of net sales. Ever
since its foundation, Sika Finanz AG has rigorously
applied the principle of permanent restructuring, and
has always charged these costs against ordinary oper-
ating profits. It was against this backdrop that Sika
Equipment AG, Widen, spun off its Sika Robotics Divi-
sion. This division manufactures robots and equipment
for otherwise inaccessible drains and sewers. However,
Sika continues to develop and produce products on
the Construction Chemicals side for sewer repairworks. The Aliva shotcrete machine business has been
merged and incorporated in Sika AG, Zurich, thus
enabling us to pursue a direct and more customer-
focused market development.
Report of the Chairman of the Board,Dr. Hans Peter Ming
In net terms, during the past year, we invested
CHF 111 m (CHF 103 m) in production plants. Thiswill secure the volume growth which is clearly set todevelop over the next few years.
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proven by the developments of the difficult past three
years.
We view the undermining of existing technologies
by new technology standards, ideally through our own
endeavours, as an opportunity. Innovation is and will
remain a central aspect of the speciality chemicals in-
dustry. If we fail to renew and adjust our processes,
products and systems on an ongoing basis, we would
rapidly lose our leading market position, and would
only be able to respond to increasing competitive
pressures by cutting prices. Our core activities are
bonding, sealing, insulating, reinforcing and protect-
ing new construction projects, as well as OEM indus-
trial products. An equally important component is our
focus on repair and maintenance applications. At Sika,
our engineering know-how in the fields of chemistry
and construction constitutes a successful alliance
which time and again has yielded new and unexpect-
ed fruit.
The product mix, which is continuously being up-dated, deliberately involves the cannibalisation of ex-
isting products. This leads to improved sustainability,
resulting in long-term growth.
We also place great emphasis on boosting pro-
ductivity. Some of the markets in which we operate
show only modest growth. At regular intervals we de-
cide whether we wish to play an active role in the
consolidation process, or whether to withdraw from
the market in good time.
It is from this perspective that our investments in
new technologies should be viewed. Our entry into
the sound deadening market followed thorough andpainstaking preparation. The opening of the Acoustic
Test Facility in Detroit at a cost of CHF 12 m can be
seen as a milestone in the development of Sikas auto-
mobile supplier business. The internalisation of the in-
jection moulding production of cavity seals also fal ls
under this category.
People create change
At the coming Annual General Meeting, Dr. Georg
Stucky, Baar, is to step down from the Board of Direc-
tors on grounds of age. I thank Dr. Stucky for hisdirect and upright opinions on operative issues, his
resolutely clear visions with respect to the future
direction of the company as well as for his encourage-
The Groups net profit after minority, which rose
by 21%, now corresponds to 5.4% of sales. This lifts
the basic earnings per bearer share (EPS) by 17.2% to
CHF 35.95 (CHF 30.67), and per registered share to
CHF 5.99 (CHF 5.11).
The positive overall picture is rounded off by the
increase in cash flow (net profit + depreciation +
changes of provisions) to CHF 187 m (CHF 155 m). The
relation of the net indebtedness to the shareholders
equity (gearing) amounts to 2.6%. The Group has thus
extended its scope in operative and strategic terms
with respect to the future expansion of the Group
businesses. This has also been confirmed by the inter-
national rating agency Standard & Poors, which gave
Sika the grade A-/stable an excellent rating for an
industrial company.
Dividend increase
The Board of Directors of Sika Finanz AG is once
again set to propose to the Annual General Meetingthat the dividend be increased to the new level of
21% (19%). Per bearer share this will correspond to
CHF 12.60 gross (CHF 11.40), and per registered share
CHF 2.10 gross (CHF 1.90).
Pulsating markets steady success factors
Our target markets are constantly on the move.
Technological developments continue apace. Sika has
been able to effectively protect itself against the
cyclical state of its sales markets. And by the same to-
ken, with its great innovative spirit, it has always been
open to the relentless pace of technological change.
The geographic diversification in 58 countries, the
firmly-anchored presence of the Sika Group on all
continents, represents one of the most important
foundations of our business. It enables us to be close
to our customers, and means we can meet their pre-cise requirements. Furthermore, our geographic diver-
sification reduces the risk represented by economic
downturns in individual regions. This has been amply
We view the undermining of existing technologies bynew technology standards, ideally through our own
endeavours, as an opportunity.
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ment of change within the framework of his commit-
ted and long-standing association with the Board of
Directors (since 1985) as well as with the Manage-
ment Committee (since 1991).
Following the resignation of Dr. Andr Richoz as
CEO in July 1999, the Board elected Dr. Walter
Grebler to head the Group with effect from 1.1. 2000.
He replaces the Chairman of the Board, who perfor-
med this role on an interim basis. The principles of
Corporate Governance require a separation between
the operative management and the work of the Board
of Directors. For this reason Walter Grebler stepped
down from the Board of Sika Finanz AG with effect
from the end of the year. He has earned our thanksand respect for his work in senior management. Our
best wishes accompany Dr. Grebler in his new role.
He brings a superb track-record of experience and
success to the post.
At the end of the year the long-standing head of
Research and Development, Dr. Claude Schnell, took
well-deserved retirement. The favourable operating
conditions and the creative climate in which the re-
search teams in Switzerland and at the additional
five technology centers in Germany, France, Japan and
the USA (Lyndhurst, N. J. and Detroit) worked and
continue to work, are achievements which he hasevery right to feel proud of. His successor, the Ameri-
can Dr. Robert Petrisko, has rapidly established himself
in his new position. We thank Claude Schnell for the
many years of fruitful work he has performed for the
Group, and wish his successor every success in the
development of new products and innovations.
My thanks go out above all to the Groups over
7 000 employees. They will never be mere objects in
the process of global change; on the contrary: the
employees are active partners in the process of
change, and their spirit is the driving force behind thesuccess of these developments. It is to you, the pillars
of the Groups success, that I extend my particular
thanks. The Group Management faced a number of
difficult challenges during the past year. They deserve
thanks and recognition for their personal commitment
and their stalwart approach to their management re-
sponsibilities in the divisions and regions.
I would also like to thank all our shareholders for
the trust they have shown in us, and the Board of
Directors for its clear opinions and forward-looking
resolutions.
Outlook
The excellent results achieved in the second half
of 1999 have provided strong momentum for Group
growth. The effects of this will last well into the new
year as the brilliant growth in the first quarter 2000
proves. The strong development in sales in the current
year is partially due to the twin underlying effects of
the first half of 1999: the weak state of the chemicals
sector in conjunction with the strong Swiss franc.
However the influence will weaken during the year
2000. A close watch will also need to be kept on thedevelopment of raw material prices. It is only through
raising overall productivity that it will be possible to
offset price trends. Nevertheless, we are not expecting
to see any fundamental changes to the favourable
economic developments in our target markets. In
overall terms, we are expecting strong internal growth
with above average earnings growth.
Yours sincerely
Dr. Hans Peter Ming
Chairman of the Board
The employees are active partners in the process ofchange, and their spirit is the driving force behind the
success of these developments.
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Marcel Smit
Region Asia/
Pac if ic
Walter Grebler
Chief Executive
Off icer
Christoph Tobler
Industr ia l Mater ia l s
Bruno Wlt i
Operat ions
Alexander Ble ibler
Construct ion
Chemicals
Group Management
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Emi l Rebmann
Finance and Control l ing
Vi ce Execut ive Of fi ce r
Peter Laeng
Region Europe, Africa,
Near and Middle East
Rober t A . Pe tr i s ko
Research and
Development
Enrico T i ss i
Region
North America
7 S I K A G R O U P
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Information for Investors
1995 1996 1997 1998 1999
Data per share
Registered shares: Nominal value CHF 10.
Number of securities at 31/12 4 200 000 3 505 044 3 505 044 3 505 044 3 505 044
of which entitled to dividends 4 200 000 3 505 044 3 505 044 3 505 044 3 505 044
Gross dividend CHF 1.50 1.50 1.80 1.90 2.10 1
Market price:
High CHF 65 58 81 107 84
Low CHF 47 45 53 68 66
Year end CHF 47 55 79 76 81
Average daily trade volume 2 Shares traded 2 104 3 900 1 500 900 900
Securities no. 58799/Ticker symbol: SIKN (Telekurs AG), SIKZn (Reuters)
Bearer shares 3: Nominal value CHF 60.
Number of securities at 31/12 1 840 000 1 955 826 1 955 826 1 955 826 1 955 826
of which entitled to dividends 1 666 000 1 781 826 1 783 686 1 953 826 1 953 926
of which entitled to vote 1 666 000 1 781 826 1 783 686 1 953 826 1 936 126
Gross dividend CHF 9.00 9.00 10.80 11.40 12.60 1
Market price:
High CHF 406 330 500 665 540Low CHF 265 260 320 341 365
Year end CHF 280 320 464 412 520
Average daily trade volume 2 Shares traded 6 481 5 500 6 400 5 400 4 700
Securities no. 58797/ Ticker symbol: SIK (Telekurs AG), SIKZ (Reuters)
Ratios per bearer share 4
Net profit per share 5:
basic EPS CHF 18.9 24.1 31.3 30.7 35.9
diluted EPS CHF 18.9 24.1 30.5 29.9 35.9
Growth EPS % 17.8 27.4 30.1 2.0 17.2
Cash flow per share CHF 47.6 54.7 66.5 59.6 73.1
Equity per share CHF 210 239 252 276 317
Price/earnings ratio (end of year) CHF 14.8 13.3 14.8 13.4 14.5
Performance % 25.5 14.3 45.0 11.2 26.2
Dividend yield % 3.2 2.8 2.3 2.8 2.4 1
Additional information
Market capitalisation at 31/12 CHF m 662 763 1 105 1 071 1 300
in % of shareholders equity % 133 135 185 153 162
Gross dividend % 15 15 18 19 21 1
Dividend total4
CHF m 21.3 21.3 25.6 28.9 32.01
in % of group net profit (payout ratio) % 48 37 35 38 35
Free Float % 79.1 79.1 79.1 79.2 78.2
1 subject to approval of the
Annual General Meeting
2 average daily trade
volume at the stock
exchange in Zurich resp.
at the Swiss Exchange
(source:Datastream, UBS
Zurich)
3 of which Sika Finanz AG
owns in 1999 1900 (2 000)
neither entitled to divi-
dends nor to voting rights
and Sika AG 17800 not
entitled to voting rights
bearer shares (see page
40, note14).
4 excluding minority
interests, previous years
adjusted
5 for EPS calculation see
page 64 , note 34 (IAS 33)
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1200
1000
800
600
400
2001995 1996 1997 1998 1999
Bearer share, nominal value CHF 60.(market price at 31/3/2000: CHF 542.)
2000
1995 1996 1997 1998 1999 2000
200
180
160
140
120
100
80
60
40
Registered share, nominal value CHF 10.(market price at 31/3/2000: CHF 89.50)
Swiss Performance Index (adjusted)
Dow Jones STOXX Chemical (Price) Index1(adjusted)
Sika-Registered/Bearer shares
(Data source: Datastream, UBS Zurich)
9 S I K A G R O U P
Transfer restrictions on shares
The acquisition of Sika shares is principally
open to all legal entities and natural persons. The
Board of Directors has the right to limit the
registration to 5 % of the registered share capital
per shareholder. Sika shares are listed on the Swiss
Exchange.
Shareholders
At 31 December 1999 1121 (1998: 1 074) share-
holders were registered. The Burkard-Schenker
family holds 52.8 % (52.6 %) of the voting
rights, partially through Schenker-Winkler Hol-
ding AG, Zug/Baar; the pension fund of the
Swiss Sika companies holds 5.9 % (5.4 %).
Credit Rating Standard & Poors
long-term: A-/stableshort-term: A-2
Market price trend of Sika Finanz AG sharesin Swiss francs
(1/1/199531/3/2000)
1 The Dow Jones STOXX Chemical Index includes shares of the following
companies: Hoechst, Bayer, BASF, Air Liquide, Akzo Nobel, Clariant,
BOC Group, ICI, Solvay, Ciba Specialty Chemicals, Henkel, Burmah
Castrol, EMS-Chemie, Laporte, AGA, Tessenderlo, Snia BPD, Kemira,
Perstorp, Dyno, Lenzing
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Industrial Materials: New products
On the Industrial Materials side, 1999 saw
the first successes in the field of chassis con-
struction in the automotive sector. Here we
market-launched the new Sika Power series,
which has applications in the field of steel and
aluminium bonding. This process replaces
conventional welding. The launch of the new
Automotive Linehad a positive impact on the
performance of the after market sector. This
comprises a variety of application-specific
window adhesives.
We have revised the product range for the
transportation industry and marine market
fields, introducing a number of new products.
On the transportation industry side this in-
cludes a new metal primer and a faster univer-
sal adhesive. In the marine segment we
launched a fire-retardant sealant and adhesive,
as well as a flooring product.In the USA our new Acoustic Test Facility
became operational. In close co-operation with
customers, we are using the features offered
by this Facility to measure the effectiveness of
our products on actual vehicles and compo-
nents. The results will help us to optimise our
products, and thus to increase driving comfort.
Focus for the year 2000
The focus of research for 2000 lies in
broadening our knowledge base with respect
to the new concrete additives, the environ-mentally-friendly PET-based floorings, the fast
adhesive systems for industrial and construc-
tion applications as well as the adhesives and
sealants with improved environmental impact
characteristics. Our attention will also be
directed towards the field of structural metal
bonding, as well as sound deadening and
vibration dampening products for chassis
construction in the automotive sector.
Our development activities will be concen-
trating on the further implementation of thesetechnologies in customer-focused problem
solutions. In this respect, an innovation rate
(proportion of sales attributable to products
younger than 5 years) of at least 25 % is to be
maintained.
Construction Chemicals:
Pacemaker in the field of new technology
The past business year has once again
shown that a strong, globally-based research
and development capability is the key to sus-
tainable growth in an internationally active
Group such as Sika.
On the construction chemicals side, in the
field of concrete additives, technology is taking
a great leap forward. Sika is one of the driving
forces behind this development. New cost-
effective polymers, with a low environmental
impact, are replacing conventional additives
such as lignin sulphate, naphthalene and me-
lamine derivatives. This new product technolo-
gy has a wide range of uses: from construction
concrete through specified concrete qualities
to prefabrication applications and highest-
quality Self Compacting Concrete (SCC).
Integral approach to research
The core competence in the field of poly-
mer synthesis and our broadly-based formula-
tion know-how enable Sika to assume a pace-
maker role in this new technology. In this
respect we continue to benefit from the fact
that we take a multidisciplinary and parallel
approach to projects. This means: close co-
operation between research and development,
application technology, marketing and produc-
tion. In addition to our in-house development
activities, we are also, through maintainedclose association and co-operation, able to
draw upon the specific know-how of our
suppliers. In order to secure support from
scientific quarters we have taken part in
EUREKA and BRITE EURAM projects. These are
projects promoted by the European Union.
Research institutes and companies work jointly
together within these frameworks on concrete
issues. The aim is to turn the results into mar-
ketable products as rapidly as possible. The
new, patented Sika ViscoCrete
-product tech-nology is now to be globally anchored and in-
troduced to our subsidiary companies with the
help of extensive training for local specialists.
Research andDevelopment
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Investments
During the year under review the Sika
Group invested a total of CHF 111 m, with
about 50 % of this being spent in Europe. In-
vestment focused primarily on increasing ca-
pacity on the Industrial Materials side, as well
as on infrastructure upgrades. In the rapidly-
expanding Eastern European countries of
Poland, Hungary, the Czech Republic and
Slovenia, the main emphasis was on increasing
the capacity of logistic facilities. Here Sika
invested CHF 10 m. The logistics centre in
Madrid, which was acquired in the previous
year, went into operation following the pro-
gramme of refurbishment. The new centre
significantly eases the pressure on existing
production and warehousing facilities.
Rapid development of the market for
elastic bondingNew production plants for adhesives were
established in the USA and Switzerland, and
these went into production in record time. The
results have far exceeded our expectations. The
extra capacities which these facilities provide
will enable us to develop the fast-growing
elastic bondingmarket even more rapidly.
Cutting-edge design and planning facilities
in the acoustics field
Sika directed more than 40 % of the invest-
ment volume towards the USA and Canada. InGrandview near Kansas, USA, the new manu-
facturing plant costing around CHF 20 m for
acoustic insulation materials was completed.
This project was started in 1998. Sika s supply
capacity for the automobile industry is now
secured for the medium term. In Montreal,
Canada, factory expansion has produced signif-
icant additional capacity. In Detroit, USA, we
opened a high-tech test centre for the acoustic
evaluation and optimisation of components,
focusing on the automobile manufacturingsector. The investment amounted to about CHF
12 m. With this service centre we are able to
offer our customers state-of-the-art design
and planning support for all acoustics-related
issues in the transportation sector.
Quality andInvestments
Waste incineration plant in
Frankfurt, Germany. The plant
was built in 1963, and renovated
in 1999. Permanent and effective
concrete protection with Sika-
gard-720 EpoCem surface coa-
ting, concrete immune system
(crack-bridging coating) andSikagard 550 W (solvent-free
protective coating in a range of
colours).
Investments 1999
Investments 1999by Region
Capacity 50%
Rationalisation 15%
Substitution 20%
Quality/Environment 15%
Asia/Pacific 6%
America 45%
Europe/Africa 49%
Investment horizon 2000
For the current business year Sika is plan-
ning to proceed with investments totalling
about CHF 120 m. The substantial investments
in capacity expansion seen in recent years
means that Sika now has sufficient resources
in this field. In the year 2000 Sika will be con-
centrating increasingly on rationalisation and
quality investments. At regional level, main fo-
cus will continue to lie on Europe and the USA.
The scaling-up of new products, for example
the new generation of concrete additives, will
account for a significant proportion of the in-
vestment volume. The specialisation of the
production centres calls for new process or-
ganisation concepts, also involving logistics.
These business processes will be supported by
the introduction of SAP R/3 in France, Italy,
Germany and Switzerland.
Quality management
The continuous improvement of the quali-
ty culture represents an ongoing task for all
employees. It is the key to success. Important
performance parameters in this respect include
the external repeat audits which are required
within the framework of ISO 9000ff. During
the period under review, 20 audits were con-
ducted in the Group world-wide, and all were
successfully passed. This demonstrates that our
quality systems conform to the high require-
ments. Venezuela and Singapore have nowalso achieved ISO certification. This means that
today over 95 % of consolidated net sales
derives from subsidiary companies which fulfil
ISO 9000ff (cf. p. 3032).
Sika is very well prepared for the chal-
lenges of the ISO standard 9000:2000. Already
today work is in progress to establish a
process-oriented management system for
quality and the environment. Examples include
the Eastern European trading companies,
which are already at an advanced stage withrespect to the introduction of a combined
management system for quality and the envi-
ronment.
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These steady efforts have borne fruit. Last
year the Group recorded practically no inci-
dents whatsoever which would have warranted
a claim under its property insurance policies.
Yet at the same time, total production rose to
more than about 650000 t. This achievement
had a positive effect on insurance premiums,
which have fallen continually and significantly
in recent years.
Larger purchases of raw materials and fin-
ished products in foreign currencies are par-
tially hedged. No financial instruments have
been established for trading purposes.
The Group took the necessary measures at
an early stage to check all operating processes
for year 2000 compliance. At Sika, as a conse-
quence, the transition to the new millennium
passed without incident.
The goal of boosting energy efficiencyOverall energy consumption rose by 10 %
(1 %) to 610 TJ (553 TJ). This was principally
attributable to rising production levels of par-
ticularly energy-intensive adhesives and
sealants. It was above all the Sika companies in
Central Europe and North America which saw
their energy consumption rise. In global terms,
Sika drew 45% (46 %) of its energy require-
ments in the form of electricity, 38 % (35 %) in
the form of natural gas, and 17 % (18 %) in the
form of heating oil.
It remains our goal to further improve en-ergy efficiency on the production side.
ISO 14001-certification for Sika subsidiary
companies
In the past year the subsidiary companies
in Belgium, Brazil, Canada, Chile, Thailand and
Uruguay were awarded ISO 14001-certifica-
tion. This means that today over CHF 800 m or
48 % (40 %) of consolidated Group sales is ge-
nerated by the 17 subsidiary companies which
already fulfil this environmental standard.
During the year under review, Sika Plasti-
ment GmbH, Austria, was the first subsidiary to
successfully meet external repeat audits laid
down within the framework of ISO Standard
14001.
Environmental audit
Since 1992, in some 40 countries around
the world, Sika has measured its environmental
performance within the framework of the
Responsible Careprogramme established bythe chemical industry. Sika Chile, for example,
has now twice been awarded the accolade
Responsible Care to the Progress and Effort on
the Health, Security and Environment Protec-
tionby the Chilean Chemical Industry Associ-
ation.
At Sika, improvements focus above all on
waste prevention, waste recycling on the pro-
duction side as well as on the successive
switch from to products containing solvents to
water-based alternatives.
Risk management
When it comes to risk management, for
example with respect to factory safety, Sika
works closely together with the company s in-
surer. Systematic analyses help to identify the
magnitude and likelihood of risks at an early
stage. We then take concrete measures on the
basis of this information, and strictly monitor
the implementation thereof. In addition to the
ongoing Group-internal risk management pro-
gramme, last year such risk audits were per-formed in co-operation with the insurer at five
Group subsidiaries.
0
200
400
600
800
1000
95 96 97 98 99
in MJ perton sales
95 96 97 98 99
0
100
200
300
400
500
600
Energy consumption
in TJ
in CHF m
95 96 97 98 99
Expensesfor Environmentand Safety
0
2
4
6
8
10
12
14
16
95 96 97 98 99
Capital expendituresfor Environmentand Safety
in CHF m
0
2
4
6
8
10
Environmental Report
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Solid Waste
During the last business year the total
volume of waste increased by 1% to reach
16 630 t (16470 t). The proportion of toxic
waste remained constant year-on-year at
4 437 t (4438 t), in spite of the increased
production of high-viscous products.
The avoidance of costly toxic waste is
another of our core goals.
Safety
The number of accidents at work which re-
sulted in the loss of at least one working day
rose 20 % to 38 (31) accidents per 1000 full-
time members of staff, above all in the catego-
ry of minor accidents. The number of working
days lost saw a similar trend. The number of
working days lost per million working days in-
creased 26 % to 2089 (1 660).
In order to reduce the number of accidentsat work and working days lost, carefully tar-
geted further training programmes have been
launched. Additional programmes and meas-
ures are planned.
Sustainable company management through
investments in safety and environmental
protection
The level of investment in safety and envi-
ronmental protection rose to reach CHF 9.7 m
(CHF 5.9 m), primarily as a consequence of ex-
tensive modernisation measures at our plants.Expenditure in this field, for example for the
introduction and maintenance of ISO 14001 or
new installations designed to improve safety,
amounted to CHF 15.8 m and remained at last
years high level (CHF 15.7 m). This underlines
the degree of importance with which the
Group views this particular aspect of sustain-
able company management.
The number of full-time employees work-
ing in the field of environment and safety fell
from 61 to 56.
Emissions to air
As a consequence of the greater use of
natural gas and heating oil as energy sources
for production, emissions to air also saw a pro-
portional rise. CO2 emissions increased from
17100 t to reach 18 600 t, NOX emissions rose
from 18 t to 22 t and SO2 from 8 t to 12 t. We
adhered to the principle of deploying low-sul-
phur heating oils whenever possible.
Thanks to the continued rigorous intro-
duction of closed-circuit cleaning processes,
emissions of volatile organic compounds (VOC)
fell by a further 10% to reach 56 t (62 t). We
also succeeded in reducing dust emissions at
production facilities to 53 t (55 t).
Water consumption reduced
Sika proved able to reduce total water
consumption by about 3 % from 850 000 m3 to
828000 m3. This criterion was measured forthe first time in 1998. 45% (52 %) of the water
was used as coolant water, 28 % (27 %) was
used in the sanitary field and a further 6%
(4 %) as process water on the production side
(for example for cleaning). The remaining share
of the water, deployed in products, increased
to 21 % (17%).
Our goal remains to further reduce coolant
water consumption.
Discharges to water
The quantity of organic carbons trans-ported via water to water treatment works
remained the same as in the previous year at
113 t. Likewise, the volume of heavy metals
discharged by all Sika companies remained
below the detection level of 5 kg per year. The
volume of dissolved inorganic salts in waste
water, which was measured for the first time in
1998, fell from 430 t to 310 t.
Sicherheit
0
1000
2000
3000
Working dayslost (per millionworking days)
95 96 97 98 9995 96 97 98
Safety
0
Industrial accidents(per 1000employees)
60
40
20
99
0
100
200
300
in tons
0
300
Emissions
to air
SO2
NOx
Dust
VOC
95 96 97 98 99
Abbreviations:
CO2 carbon dioxide
NOx nitrogen oxides
SO2 sulphur dioxide
t tons
MJ/TJ megajoule/terajoule
VOC volatile organiccompounds
previous year in parenthesis
CO2emissions
in 1000 tons
0
4
8
12
16
20
95 96 97 98 99
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SAP R/3 software. The same applies to the im-
plementation of quality and ISO standards.
Sikas approach to staff development aims to
promote employees within the Group, while at
the same time encouraging long-term careers.
However, we also bring fresh specialist talent
into our teams from outside. Such specialists
contribute valuable knowledge and bring new
perspectives.
Applying uniform standards:
personnel management
An important measure introduced last year
was the establishment of uniform personnel
management standards which are to be
applicable throughout the whole Group. At the
start of the current year we introduced the
function of personnel management at Group
level. In addition to ensuring adherence to the
uniform standards, the primary task lies in thedevelopment of a programme for management
training.
Characterised by partnership:
Wage and salary policy
The salaries of the middle and upper levels
of management contain a significant variable
element (excl. stock option schemes). In the
case of other employees, variable pay is depen-
dent upon the respective function as well as
on cultural and country-specific customs.
Over 7000 employees at Sika
At the end of 1999, the Sika Group em-
ployed 7 044 individuals (6 964). The size of
the workforce in Europe and America rose
slightly in line with the growth of our business.
In Asia, however, we were obliged to shed staff
in view of the prevailing economic conditions
in the region. In the past year net sales per
employee rose by 6.2 % to reach CHF 240 000.
This demonstrates the high level of dedication
shown by our employees. It is also a sign that
the measures which have been introduced to
boost productivity are having the desired ef-
fect.
Employee satisfaction and development
For an internationally-active Group such
as Sika, it is tremendously important to be able
to respond rapidly to changing market condi-
tions. The motivation of staff at every level iscritical to such processes of change. For this
reason, more than half of our subsidiary com-
panies conduct surveys to assess employee
satisfaction. These surveys include about 75%
of our total workforce. The results are system-
atically evaluated. We closely monitor the
effects of the resulting improvements.
It is only with market-oriented and well-
trained employees that we will be able to
achieve our ambitious goals. For this reason,
we place tremendous emphasis on the careful
selection, further training and developmentpotential of our staff.
The rapid pace of change in the field of in-
formation technology makes intensive in-
house training essential at all staff levels, for
example with respect to the introduction of
Employees
Number of employees at end of year:
1999 1998
Female Male Total Female Male Total
Production 329 2 514 2 843 299 2 470 2 769Marketing, R+D 757 2 608 3 365 755 2 591 3 346
Administration, central services 397 439 836 408 441 849
Total workforce 1 483 5 561 7 044 1 462 5 502 6 964
Employees 1999by Region
Male
America 26%
Europe/Africa 60%
Asia/Pacific14%
Female
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Core construction
The launch of the new product technology
Sika ViscoCrete means that it is now possible
to manufacture a concrete which no longer
needs to be compacted with vibrations. Self
Compacting Concrete (SCC) provides additional
customer benefits in the form of:
improved construction site efficiency,
longer useful life for the structure,
lower costs for the contractor,
reduced noise pollution, as well as
easier working conditions.
As SCC uses more additives per cubic
metre of concrete, this development represents
an increase in market potential. Equally impor-
tant is the use of Sika ViscoCrete technology
in conventional concrete. Here a cost-optimis-
ing effect is reached in the production of con-
crete additives. This solution is set to supplant
conventional technologies. The developmentmarks the birth of a new generation of high-
performance liquefying Sikaments.
Impressive sales growth,
sharp improvements in profitability
The Construction Chemicals Division ended
a successful year with growth of 5.0% in Swiss
franc terms as well as an increase in EBIT of
19.7% and segment profits of 7.2 %. The
principal engine of growth, once again, was
Europe.
The markets in Asia and Latin America
appear to have bottomed out. The fourth quar-
ter in particular saw above-average rates of
growth. Strong growth in turnover was report-
ed with respect to the industrial flooringand
static reinforcementsfields of application, as
well as from trading in building materials. On
the concrete production side, profitability im-
proved sharply.
Successful acquisitions
The Swiss company Holderchem Euco AG,which was acquired from Holderbank, as well
as the acquisition of Sternson in Canada were
integrated rapidly into the local companies.
The Sternson acquisition enabled us to sharply
improve our position in Canada with respect to
cement-based coatings.
The acquisition in France enabled Sika to
strengthen its market position in the specific
segment of pressured pipe coatings (corrosion
protection).
StrategyIn the field of core construction and main-
tenance we continue systematically to work
towards our growth strategy. We focus on rigid
and elastic bonding and sealing applications in
the fields of new construction and renovation.
By this means we make use of the synergies
that are available with our industrial materials.
The expansion of our activities in the retail
business is also a part of our core strategy this
year. Our local presence and the sales organisa-
tion, which is especially geared to the supportof technologies, has customer satisfaction as
its overriding goal.
ConstructionChemicals Division
Net sales (consolidated)Construction Chemicals 1999
Asia/Pacific 11%
America 19%
Europe/Africa 70%
New construction Railway 2000,
section ZurichThalwil, Switzer-
land.
To reinforce the tunnel, 10 pipes
with close-mesh reinforcement
were filled cavity-free with SikaViscoCrete(SCC). The chosen
approach cut more than one third
off the planned working time.
Access bridge to the car ferry in
Horgen, Switzerland. For static
reasons, it was not possible to add
concrete to the bridge. Sika solu-
tion: high-strength, ultra-light
reinforcement system Sika
CarboDur CFK strips (carbon-
fibre reinforced plastic) to boost
the load-bearing capacity.
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Elastic sealing and bonding for the con-
struction sector is an application field with a
great future. It is here that the full impact of
the synergy potential with the Industry Divi-
sion is felt. The market launch of SikaBond,
the elastic high-performance adhesive for the
construction sector, was a success. This appli-
cation, which focuses on timber construction,
leads to more efficient sound insulation and
improved tension compensation in bonded
timber.
Refurbishment
Sika is strengthening its position in this
attractive market through the rigorous imple-
mentation of our system solutions:
concrete substitution with Sika MonoTop,
concrete protection with Sikagard,
static reinforcement with Sika CarboDur, as
well aselastic sealing with Sikalastic.
For larger-scale concrete profiles, Sika
ViscoCrete technology is to be deployed as
casting concrete.
The innovations with respect to the corro-
sion inhibitor Sika FerroGard and the static
reinforcements led to extremely profitable
growth. A contribution in this respect also
came from the strategic alliance with Hexcel,
which is now showing the first results with the
market launch of SikaWrap reinforcement
fabrics. These fabrics are also deployed effec-tively in areas damaged by earthquakes.
With the novel elastic liquid sheeting
Sikalastic Sika is establishing a foothold in the
bridge sealant market.
Our activities in the steel corrosion protec-
tion sector with Sika Icosit protection systems
have produced highly satisfactory results.
In the watertight concrete construction
field, carefully targeted system additions and
marketing activities successfully reinforced our
market position. AlpTransit has approved HCB
(HolderbankCement und Beton) and Sika as
the supply consortium for all sections of the
Gotthard base tunnel.
With the market launch of SikaGrout-
300, a precision grouting compound, we have
filled an important gap in the cast, fixfield.
As a result, Sika now has a comprehensive
product range for rigid to highly-elastic appli-
cations. This means planners have access to an
integral system from one single supplier.
Finishing / maintenance
We were able to generate strong results in
the industrial flooringsector as a conse-
quence of our careful focus on specific manu-
facturing industries (e.g. the food or chip in-dustries) as well as selected key customers
(e.g. in the field of automobile manufacturing).
This is another field in which Sika ViscoCrete
technology is set to play an important role,
enabling concrete floors to be installed with
greater efficiency.
Sika PETUpcycling technology produces a
high-quality material for use in the manufac-
turing of low-cost and environmentally-
friendly floorings, such as Sikafloor-325/355,
from used materials (PET bottles) as well as
from renewable raw materials. With this tech-nology as well as with our new antistatic in-
dustrial flooring Sikafloor-262/381 AS we
have secured a further highly-promising mar-
ket segment in the field of artificial resin.
The applications in the field of water pro-
tection also continue to represent a growth
market for Sika.
in CHF m
95 96 97 98 99
Net sales (consolidated)
Construction Chemicals
0
200
400
600
800
1000
1200
1400
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Strong construction industry data point to
continued growth
In view of the strong global market envi-
ronment and the healthy state of the con-
struction industry, above all in Europe, the
Construction Chemicals Division is aiming to
achieve internal growth in turnover of about
5 % as well as above average earnings growth.
Retail business (do-it-yourself)
We have extended our building material
activities for the specialist retail market to in-
clude the do-it-yourselfsector. This has en-
abled us to significantly expand the market for
our products, while at the same time realising
synergies on the production and buying sides.
The importance of these building material ac-
tivities is underlined by the establishment of
specific sales organisations as well as through
the central merchandising.
Construction Contracting
Sika Bau Switzerland (sealing, concrete
maintenance) as well as Sika Bauschutz
Germany (steel corrosion protection, concrete
maintenance) performed satisfactorily, and
have extended their market positions. In
overall terms, Construction Contracting con-
tributed CHF 88 m to Group sales. The EBITmargin has to be improved.
Equipment
Sika Robotics was spun off and sold. Sika
will in future concentrate on the sale of chem-
ical-technical products for sewer and drain re-
pair.
The Aliva division (shotcreting machines)
performed well.
0
20
40
60
80
100
95 96 97 98 99
EBIT
Construction Chemicals
in CHF m
95 96 97 98
Segment profit
Construction Chemicals
0
50
60
in CHF m
40
30
20
10
99
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Local presence as key to success
An important factor for Sikas success lies
in its global local presence. Highly-trained spe-
cialists in 58 countries around the world are
available to provide customer support and to
develop joint solutions at every stage of the
application process. For our core competency
of elastic bonding, these close customer ties
are essential: customers are replacing long-
established processes such as welding or
riveting with entirely new methods. This phase,
focusing on winning trust in a new technology,
is Sikas opportunity and the basis of good
partnership between us and our customers.
Strong growth in the Industry Division
Already in the first half year, the Industry
Division reported excellent results. Through in-
ternal growth, net sales for the full year rose
by 15.4% in Swiss francs (by 14.8% in local
currencies). With the exception of Latin
America, all regions contributed to this strong
growth. In the meantime, the situation in Latin
America has stabilised. For the Industry Divi-
sion as a whole, profits increased by 18.4 %
from CHF 40 m to reach CHF 48 m.
Setting the course for the future
During the past year we created the foun-
dations to secure success for the coming years
as well. Additional capacity was created at
three specialist plants (USA, Switzerland, Italy)
for the production of high-viscous adhesives.
These adhesives form the basis of elastic
bonding,a technology in which Sika has aglobal lead.
In September 1999 Sika began production
at Grandview, near Kansas, USA, a new plant
for Sika lastomeres. The products from this
factory are deployed primarily in the auto-
mobile construction sector. Additional applica-
tions include commercial vehicles, household
appliances and prefabricated housing.
Industry Division
Net sales (consolidated)Industrial Materials 1999
Asia/Pacific 9%
Europe/Africa 49%
America 42%
Bonding and sealing carbon-fibre
sections on the Donkervoort D 8
sports car using Sikaflex-221 and
260. The high weather resistance
and anti-vibration properties of
the Sikaflex products make them
popular in the field of chassis and
vehicle construction.
The SikaBaffle family of speciality
acoustical products seals against
water, dust, air and noise and can
offer an expansion of up to
1200% to fill hollow body cavi-
ties.
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After market
The introduction in 1999 of the Automo-
tive Linefor the after market has underlined
Sikas reputation as a strong and competent
partner. This product line offers customers the
precise glazing adhesive they need for their
specific applications. New on the market is the
adhesive SikaTack-Ultrafast II, which ensures
very short drive-away times following wind-
screen replacements. With SikaTack-Drive we
launched a product which meets the high
standards of todays automobile windscreen
mounting sector: many windscreens now have
integrated antennae for radio, telephone or
GPS equipment. For this reason, mounted
windscreens need to be electrically insulated
from the automobile chassis.
The polyurethane hybrid Sikaflex-529 for
chassis repairs was given market approval. This
product, in conjunction with the new com-pressed air applicator pistol, has been extreme-
ly well received right from the outset.
Original equipment manufacturing (OEM)
In 1999 automobile manufacturers around
the world raised their production volumes. This
had a positive knock-on effect on our business
as suppliers. The year ended with sales 34 %
stronger. The new factory established for Sika
lastomeres and Sika Baffles will enable us to
meet the high customer expectations, and has
provided us with extra capacity for future
growth.
Shared expertise in the field of acoustics:
Sika has had a cutting-edge acoustic labo-
ratory at its disposal since the summer of
1999. This is located in Detroit, Michigan, USA.
Working in close co-operation with automobile
manufacturers, we deploy this facility to devel-
op, analyse and improve the acoustic efficacy
of individual components such as Sika Baffle,
Sika Damp or Sika Barriers. The laboratoryhas built-in versatility. This means Sika Auto-
motive is also able to conduct acoustic analy-
ses for customers in other sectors. The acoustic
profiles of household appliances are already
being optimised there.
Joint venture in Japan:
Sika achieved an important breakthrough
in the form of a joint venture in Japan. As the
automobile market is entirely global, it is also
essential to have a strong profile among
Japanese manufacturers. Through the jointventure Hayashi-Sika Automotive Ltd.we
now have direct access to all Japanese auto-
mobile manufacturers. This will enable us to
raise our profile, both in Japan and abroad. Our
joint venture partner, Hayashi Telempu, is one
of the most distinguished Japanese system in-
tegrators for automobile interiors. The products
from the Sika line make an ideal fit with its
own range.
95 96 97 98
0
in CHF m
400
300
200
100
99
Net sales (consolidated)
Industrial Materials
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95 95 97 98 99
0
10
20
30
40
50
60
70
EBIT
Industrial Materials
in CHF m
95 96 97 98 99
0
10
20
30
40
50
Segment profit
Industrial Materials
in CHF m
Excellent prospects
The expansion of production capacities for
high-viscous polyurethane, the new Acoustic
Test Facility, the joint venture in Japan as well
as the product innovations all mean that Sika
Industry is superbly equipped for the coming
years. Nothing now stands in the way of strong
internal growth in conjunction with high prof-
itability and carefully targeted external growth.
Transportation industry
Sika Industry has further extended its mar-
ket leadership in this segment. This position
was additionally secured through application
systems. Sikaflex-254 Booster has now be-
come the benchmark for competing products
in the commercial vehicle assembly sector. The
booster system enables assembly cycles to be
supported in a manner which was previously
only possible with a two-component adhesive.
The booster system clearly demonstrates the
benefits of our global presence. We not only
supply products, we also support and service
entire application stations.
Marine
The huge level of interest in ocean cruises
has filled many shipyard orderbooks to the
year 2005 and beyond. Sika, in its capacity as a
system partner for the shipbuilding sector, isalso benefiting from this situation. Deck grout-
ing with Sikaflex-290 DC and direct glazing
on ships have become established state-of-
the-art solutions for todays shipbuilders. Sikas
new fireproof cable duct system is a further
high-quality product which meets a long-
standing shipbuilding requirement. This system
prevents fires on ships from spreading along
cables. Our system has been certified by a large
number of marine certification agencies, in-
cluding Lloyds Register, GL, DNV and the US
Coast Guard, and is increasingly being made arequirement.
Tooling resins
The expansion of the market for model
construction blocks SikaBlock has proven to
be a success. Lasting market success with these
products, where sales increased by 28 %, has
made it necessary to add further capacity. The
increased focus on major customers, in con-
junction with the development of new market
segments, as well as the concentration onproducts with high added value are opening up
extremely interesting prospects for the future.
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Subsidiary Companies
Sales and earnings at Sika Francedevel-
oped in line with expectations. Guttaterna, the
trading company for sealants and adhesives in
the wood sector, was able to improve on last
years results.
Sika Germanyproduced an above-average
performance, despite the difficult environment
in the construction industry.
North America
Sales in the USA and Canada rose sharply,
primarily due to the rising level of deliveries to
the automobile industry.
At Sika USA the high capacity investments
resulted in improved local readiness to deliver
as well as greater efficiency on the production
side. This had a favourable impact on customer
satisfaction levels as well as on the earnings
position. As in previous years Sika USA received
awards for strong customer-to-supplier rela-tionships.
Sika Canadais currently on a highly satis-
factory growth path.
Latin America
Sika Brazilachieved the budgeted results
in local currency terms. In spite of the reces-
sion, Sika Argentinaobtained higher sales. Sika
Chilesaw results fall in a weakening market.
Sika Uruguayperformed surprisingly well and
produced strong results. Sika Peruand Sika
Boliviacontinued their previous positivedevelopment. Sika Colombia, Sika Ecuadorand
Sika Venezuelaperformed well in the face of
the very difficult political and economic situa-
tion and adjusted their organisations. Sika
Costa Rica, which was founded in 1998, got
off to a strong start. Sika Mexicorevised its
corporate structure, and was able to lift sales
notwithstanding enormous competitive pres-
sure.
EuropeIn mid 1999 Sika AG, the Swiss parent
company of the Group, acquired the Swiss
construction chemicals activities of the com-
pany Holderbank (Euco Holderchem), integrat-
ing these step by step into the national market
strategy. Exports of construction chemical
products, and above all of industrial adhesives,
developed strongly. Inertol AG, which is active
mainly in the field of corrosion and building
protection, boosted earnings on the back of a
modest rise in sales.
Sika Austriasaw earnings rise sharply. The
companies in Poland, Sloveniaand Hungary
achieved very good results. The companies in
Slovakiaand the Czech Republicwere hurt by
the economic weaknesses in the region. The
newly-founded Croatian subsidiary company
developed in line with expectations.
The subsidiary companies in the Nether-landsonce again generated excellent results at
a high level. Sika Belgium achieved a signifi-
cant increase in sales and improved its earn-
ings performance. Sika UKsaw earnings slip
marginally on flat sales, although in overall
terms these remained at a high level. Sika
Irelandsaw sales rise firmly, which was also
reflected in a strong level of profitability.
Sika Denmark, Sika Finlandand Sika Nor-
wayonce again saw their year-on-year perfor-
mances improve. Sika Sweden was able to sta-
bilise its business levels with higher sales andimproved margins.
Sika Spain continued to grow strongly,
once again generating excellent results. Sika
Portugaldeveloped favourably in every respect.
Sika Greecewas able to meet the high sales
targets, and saw earnings jump. Sika Turkey
was hit by the continuing high inflation and
the repercussions of the severe earthquake,
although towards the end of the year the
growth trend was back on track.
0
200
400
95 96 97 98 99
Net sales
Switzerland
in CHF m
0
200
400
95 96 97 98 99
Net sales
North America
in CHF m
0
200
400
600
800
1000
95 96 97 98 99
Net sales Europe
(excl. Switzerland,
incl. Africa)
in CHF m
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Africa, Near and Middle East
The Maghreb subsidiary companies in
Algeria, Moroccoand Tunisiagenerated satis-
factory results. The relocation of business
premises by Sika South Africahurt the com-
panys results.
Sika Egypt, which is now a wholly-owned
subsidiary of Sika Finanz AG, once again
achieved an excellent performance and ful-
filled the high expectations. Sika Gulf, Bahrain,
saw sales and earnings improve sharply. The
newly-formed Sika Lebanon performed better
than expected.
Asia/Pacific
The Asian crisis was overcome last year,
as the profit performance from CHF 3.5 m to
CHF 8.8 m clearly demonstrates. However, the
performance differed sharply between indi-
vidual regions and countries.
While Sika Japan saw sales rise, the per-
formance on the profits side was furthermore
unsatisfactory. Sika Koreafell short of expecta-
tions. Sika Hong Kongcanvassed and supplied
major infrastructure projects, and generated
good results. Despite the fact that sales at Sika
Taiwan declined slightly following the major
earthquake, the company once again generat-
ed excellent results.
Sika China, as in previous years, saw stable
and strong growth, with profits to match. Sika
Philippinesalso supplied major infrastructure
projects, and this led to a sharp improvement
in earnings. Sika Vietnam developed well, andwas able to generate stable sales in conjunc-
tion with strong profits, in spite of the difficult
operating conditions. Sika Thailandposted un-
satisfactory results. In India, Sika Qualcretewas
the basis for positive results. Sika Malaysia
produced an excellent performance in the face
of difficult market conditions.
Sales at Sika Singaporefell significantly.
However, the earnings level was maintained. In
Indonesiathe difficult political and economic
situation hit Sikahard. Restructuring measures
have been initiated. Sika Australiaand SikaNew Zealandperformed well. Strong growth
went hand-in-hand with excellent profits.
0
50
100
150
200
95 96 97 98 99
Net sales
Latin America
in CHF m
95 96 97 98 99
Net sales
Asia/Pacific
in CHF m
0
50
100
150
200
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Organisational Structure of Sika Finanz AGand the Group
Board of Directors, Group Managementand Extended Group Management
Board of Directors
Romuald Burkard, Dr. rer. pol., Baar
Honorary Chairman
Members
Rudolf Villiger, Dr. oec., Thalwil
(till 26/5/1999)
Chairman (1999) *
Hans Peter Ming, Dr. iur., Zumikon
Chairman (2002) *
(from 27/5/1999)
Thomas Bechtler, Dr. iur., Zumikon
Vice Chairman (2001) *
Urs F. Burkard, Obergeri (2002) *
Marcus Desax, Dr. iur., M. C. L., Stfa (2001) *
Robert Fechtig, Prof. Dr.-Ing. E.h., Zurich (2002)
Walter Grebler, Dr. oec. HSG, Risch
(till 31/12/1999)
Urs B. Rinderknecht, lic. iur., Ennetbaden (2001)
Georg Stucky, Dr. iur., Baar (2000) *
Kathrin Kuster, lic. oec. HSG
Secretary to the Board of Directors
(in paranthesis: terms of office until)
* Board commitee
Group Management
Walter Grebler, Dr. oec. HSG
(from 1/1/2000)
Hans Peter Ming a.i., Dr. iur.
(from 20/7/1999 till 31/12/1999)
AndrRichoz, Dr. sc. nat. ETH, MBA
(till 19/7/1999)
Chief Executive Officer
Emil Rebmann, lic. oec. HSG, MBA
Chief Financial Officer, Vice Executive Officer,
Finance and Controlling
Alexander Bleibler, Dipl. Bau-Ing. HTL
Construction Chemicals
Peter