Annual Report 2011

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84 Consolidated financial statements –– CHF 1’000 2011 2010 Plan assets, beginning of year 54’908 57’501 Contributions 3’942 646 Benefits paid -4’610 -4’853 Anticipated return on plan assets 1’773 2’117 Actuarial profits (+) / losses (-) -1’796 -503 Plan assets, end of year 54’217 54’908 Thereof: Surrender value of insurance contracts 50’201 50’194 Equity funds 2’444 2’900 Bond funds 1’181 1’238 Other investments 391 576 Actuarial assumptions: CHF 1’000 2011 2010 Discount rate 2.25 % 2.50 % Salary increase 1.00 % 1.00 % Pension increase 0.00 % 0.00 % Return on plan assets 3.00 % 3.25 % Exit probability BVG 2010 GT BVG 2005 Mortality BVG 2010 GT BVG 2005 Early retirement – – Average remaining service time 9.9 9.7 CHF 1’000 2011 2010 2009 2008 2007 Plan assets at market value 54’217 54’908 57’501 52’182 48’515 Defined benefit obligation -59’414 59’382 -53’609 -51’544 -45’330 Overfunding – – 3’892 638 3’185 Underfunding -5’197 -4’474 – – – Experience adjustments plan assets -1’131 -492 240 1’395 -59 Experience adjustments defined benefit obligations 1’507 4’519 909 -2’325 -856 The expected return on plan assets will be defined by the achievable return of the existing assets according to the current investment policy. The expected long-term return for the surrender value of the insurance contract amounts to 3.00 % (prior year 3.25 %). The estimated contributions for the business year 2010 of CHF 3.4 million were prepaid in 2009. The estimated contributions for 2012 are CHF 3.4 million.
25. Income tax The anticipated tax rate is the applicable tax rate at the company’s domicile. CHF 1’000 2011 2010 Earnings before income tax 17’317 11’100 Tax expenses at anticipated tax rate of 17 % -2’813 -1’888 Tax expenses at other tax rates -2’757 -695 Debits /credits from prior reporting periods -12 -14 Use of non-capitalized tax loss carry forward 49 38 Non-deductable expenses / non-taxable income -320 -95 Non-capitalized tax loss carry forward -608 -359 Recognized income tax -6’462 -3’013 Thereof: Current income tax expenses -8’515 -3’085 Deferred income tax expenses 2’053 72 CHF 1’000 31.12.2011 31.12.2010 Receivables 9’639 3’629 Fixed assets 10’538 -7 Other -377 1’195 Tax loss carry forward -885 -860 Value adjustment 706 528 Total deferred income tax 19’621 4’485 On 31 December 2011 there are off balance sheet tax losses carried forward of CHF 5.6 million (prior year CHF 3.1 million), whereof CHF 4.5 million expire within three to seven years (prior year CHF 2.9 million) and CHF 1.1 million do not expire (year prior CHF 0.2 million). Deferred tax assets on tax loss carry-forward of CHF 0.7 million (prior year CHF 0.5 million) have not been capitalized. CHF 1’000 2011 2010 Deferred taxes at beginning of year 4’485 4’615 Change in consolidated companies 32 18’433 – Income/Expense for deferred taxes -2’053 72 Deferred taxes on fair-value changes of Cash Flow Hedges recognized in equity Starrag Group Annual Report 2011 85 –– -180 -9 Currency translation -1’064 -193 Deferred taxes at end of year 19’621 4’485
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Starrag Group Annual Report 2011
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Berthiez Dörries Droop+Rein Hecker
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High-precision machine tools for gr
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Asia - the market of the future Sta
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At a glance Order intake Order back
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Share price 90 80 70 60 50 40 30 20
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Starrag Group New look, new image W
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Swiss Equity Award received In Sept
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the integration of diverse machines
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ness cycle. The Starrag Group is th
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High precision cylindrical grinding
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Synonymous with high performance la
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Complete machining solutions with s
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Productive precision for complex pa
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Machining centers for emerging mark
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The newly formed Starrag Group will
Page 33 and 34: was roughly unchanged from the prev
Page 35 and 36: operations we broadened the monthly
Page 37 and 38: standards. We collect information o
Page 39 and 40: Group structure and shareholders Ma
Page 41 and 42: The registered shares of StarragHec
Page 43 and 44: Distribution of profit can be decid
Page 45 and 46: He was elected Chairman of the Boar
Page 47 and 48: Executive Board Members of the Exec
Page 49 and 50: Günther Eller (1960, Swiss) has be
Page 51 and 52: Daniel Rosenthal (1970, German) has
Page 53 and 54: Shareholders’ participation and p
Page 55 and 56: Information policy The company info
Page 57 and 58: Financial Commentary Net profit of
Page 59 and 60: On a comparable basis, EBIT was exp
Page 61 and 62: Consolidated income statement Starr
Page 63 and 64: Consolidated cash flow statement CH
Page 65 and 66: Starrag Group High-precision machin
Page 67 and 68: The operating activities of these B
Page 69 and 70: Key accounting principles Basis of
Page 71 and 72: companies’ staff is in accordance
Page 73 and 74: Segment information 1. Reporting by
Page 75 and 76: 7. Depreciation and amortization 8.
Page 77 and 78: 11. Other financial assets 12. Inve
Page 79 and 80: 16. Financial liabilities CHF 1’0
Page 81 and 82: 20. Share capital The following reg
Page 83: 24. Pension benefits Starrag Group
Page 87 and 88: 29. Other commitments CHF 1’000 3
Page 89 and 90: Net assets and goodwill arising fro
Page 91 and 92: StarragHeckert Holding AG Annual Re
Page 93 and 94: Balance sheet Starrag Group Annual
Page 95 and 96: 4. Sureties, guarantees and pledges
Page 97 and 98: Report of the statutory auditor Sta
Page 99 and 100: Five-year overview Starrag Group An
Page 101 and 102: Credits Publisher StarragHeckert Ho
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Annual Report 2011

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