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Financial Commentary<br />
Net profit of CHF 10.9 million, EPS of CHF 3.52<br />
(+8 %)<br />
Acquisition of Dörries Scharmann Group for<br />
CHF 85.7 million in January <strong>2011</strong><br />
Order intake of CHF 348 million corresponds to<br />
organic growth of 18 % (in local currency and<br />
inclusion of Dörries Scharmann on a pro forma<br />
basis)<br />
Starrag Group <strong>Annual</strong> <strong>Report</strong> <strong>2011</strong> 57<br />
––<br />
Significant increase in order intake and profitability, balance sheet<br />
strength sustained<br />
Operating margin widens to 5.4 %, return<br />
on equity of 7.1 %<br />
Share capital increased to refinance the acquisition<br />
of Dörries Scharmann, maintaining a sound<br />
capital base with an equity ratio of 54.1 %<br />
Dividend of CHF 1.20 per share paid from capital<br />
contribution reserves and therefore not subject<br />
to Swiss withholding tax<br />
CHF m <strong>2011</strong> 2010 Change<br />
Order intake 348.3 188.3 +85 %<br />
Order backlog 237.5 103.9 +129 %<br />
Sales revenue 354.4 199.2 +78 %<br />
Operating profit EBIT 19.1 10.1 +89 %<br />
Net income 10.9 8.1 +34 %<br />
Return on equity 7.1 % 7.5 % +21 %<br />
Earnings per share (in CHF) 3.52 3.27 +8 %<br />
Employees at year end 1’420 739 +92 %<br />
Share price at year end 49.55 69.00 -28 %
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