Annual Report 2011

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8 To our shareholders –– Looking to the future with confidence Economic uncertainty in our major markets will continue to overshadow business activity in our industry. Our high order backlog of CHF 238 million at the end of 2011, full project pipeline and the strong course of business in civil aircraft manufacturing, an important market for Starrag Group, make us confident that we will be able to report higher sales, orders and operating profits in 2012. The acquisition of Dörries Scharmann will generate significant synergies in 2012 thanks to lower cost of materials and the merger of the sales and marketing organizations in the USA and the UK. Dividend proposal In view of the positive Group results, the Board of Directors will propose a dividend of CHF 1.20 per share at the Annual General Meeting, to be paid from capital contribution reserves, which are not subject to Swiss withholding tax. The payout ratio of 37 % is at the upper end of the targeted 25 % to 33 % range. Based on the closing share price of CHF 49.55 on December 31, 2011, this corresponds to a dividend yield of 2.4 %. A word of thanks The Board of Directors and the Executive Board thank our highly motivated staff for their untiring efforts in the past year as they overcame a number of additional challenges. A willingness to embrace the new and to continually strive for improvement is a solid basis for a successful shared future. We also thank our customers and suppliers for their trust and loyalty and not least, we thank you, our shareholders, for the confidence you have placed in our company time and again. Walter Fust Dr. Frank Brinken Chairman CEO
At a glance Order intake Order backlog CHF m 400 350 300 250 200 150 100 50 0 Sales revenue CHF m 400 350 300 250 200 150 100 50 0 CHF m 40 35 30 25 20 15 10 5 0 2007 2008 2009 2010 2007 2008 2009 2010 2007 2008 2009 2010 2011 CHF m 400 350 300 250 200 150 100 50 0 2011 2007 2008 2009 2010 2011 Operating profit EBIT CHF m Net income Return on equity 40 35 30 25 20 15 10 5 0 40 % 35 % 30 % 25 % 20 % 15 % 10 % 5 % 0 % 2007 2008 2009 2010 2007 2008 2009 2010 Starrag Group Annual Report 2011 9 –– 2011 2011 2011
Page 1 and 2: Starrag Group Annual Report 2011
Page 3 and 4: Berthiez Dörries Droop+Rein Hecker
Page 5 and 6: High-precision machine tools for gr
Page 7: Asia - the market of the future Sta
Page 11 and 12: Share price 90 80 70 60 50 40 30 20
Page 13 and 14: Starrag Group New look, new image W
Page 15 and 16: Swiss Equity Award received In Sept
Page 17 and 18: the integration of diverse machines
Page 19 and 20: ness cycle. The Starrag Group is th
Page 21 and 22: High precision cylindrical grinding
Page 23 and 24: Synonymous with high performance la
Page 25 and 26: Complete machining solutions with s
Page 27 and 28: Productive precision for complex pa
Page 29 and 30: Machining centers for emerging mark
Page 31 and 32: 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
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On a comparable basis, EBIT was exp
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Consolidated income statement Starr
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Consolidated cash flow statement CH
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Starrag Group High-precision machin
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The operating activities of these B
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Key accounting principles Basis of
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companies’ staff is in accordance
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Segment information 1. Reporting by
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7. Depreciation and amortization 8.
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11. Other financial assets 12. Inve
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16. Financial liabilities CHF 1’0
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20. Share capital The following reg
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24. Pension benefits Starrag Group
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25. Income tax The anticipated tax
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29. Other commitments CHF 1’000 3
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Net assets and goodwill arising fro
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StarragHeckert Holding AG Annual Re
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Balance sheet Starrag Group Annual
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4. Sureties, guarantees and pledges
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Report of the statutory auditor Sta
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Five-year overview Starrag Group An
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Credits Publisher StarragHeckert Ho
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