Order intake and sales decreased in 2015 and strong growth in the power market partially offset reduced activity in the oil and gas market.
Order intake gross margin improved on a currency-adjusted basis, operational EBITA and operational ROSA decreased, and savings from the Sulzer Full Potential (SFP) programme partially offset increasing market headwinds.
Free cash flow improved significantly, and for the full year 2016, order intake and sales are expected to decline by 5% to 10%, adjusted for currency effects. Supported by SFP cost savings, the company expects opEBITA margins of around 8%.
Sulzer has decided to return a significant part of its excess cash to shareholders, and the Board of Directors will therefore propose a one-time special dividend of CHF 14.60 per share at the Annual General Meeting on 7 April 2016.
After the special dividend, Sulzer will continue to have a net cash position and one of the strongest balance sheets in its industry, allowing it to pursue all strategic options.