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  • 16.60 %
    Share capital 30/09/2017
  • 2,569 EUR M
    Value of the stake 30/09/2017
  • 16.6 %
    Voting rights 30/09/2017
  • 3
    Number of representatives in statutory bodies 30/09/2017
Investment Year 2013 Investment history

SGS is recognized as the global benchmark for quality and integrity. With more than 90,000 employees, SGS operates a network of over 2,000 offices and laboratories around the world.

Investment case

The Testing, Inspection and Certification industry is characterised by high barriers to entry and is driven by attractive fundamentals, in particular:

  • Expansion and ageing of infrastructure.
  • Externalisation and privatisation of activities.
  • Development of regulations.
  • Growing complexity of products.
  • Consolidation and economies of scale.

In this sector, SGS offers a particularly attractive profile in terms of growth, profitability and cash flow generation:

  • World leader with a global geographic presence/
  • Diversified portfolio of activities.
  • Ideally positioned to take advantage of growth opportunities.
  • Agile and resilient facing the hazards of economic cycles.

Half-year results 2017

  • Revenue grew organically by 3.4% and by 4.9% on a constant currency basis (external growth: 1.5%).
    After the slightly positive currency effect (+ 0.1%), turnover increased by 5.0% to CHF 3,047 million.
  • Adjusted operating income increased by 4.9% on a constant currency basis and by 4.3% to CHF 428 million after the currency effect.
    Margin remained stable at 14.1% despite the weak performance of Oil & Gas activities and new investments in transformation projects.
  • SGS also recorded doubtful receivables in the Governments & Institutions services activity, the bulk of these amounts should however be recovered.
  • Compared with 31 December 2016, net debt rose to EUR 1,136 million due primarily to the dividend payment.

Outlook for 2017

SGS forecasts solid organic revenue growth, an increase in the adjusted operating income at constant exchange rates and robust cash flow generation.


Board of Directors (3/10*) Audit Committee (1/4*) Nomination and Remuneration Committee (1/3*)
Member Member
Member Member
* Number of GBL's representatives in statutory bodies in relation to the total number of members