SwissInfo

CONSOLIDATED FINANCIALSTATEMENTS
BarryCallebaut
Annual Report2010/11
Thefollowing table summarizes the use of level with regardtofinancial assets and liabilities:
as of August 31, 2011 Level 1 Level 2 Level 3 Total
in thousands of CHF
Derivative financial assets 1,256 244,668 – 245,924
Derivative financial liabilities 68 143,468 – 143,536
as of August 31, 2010 Level 1 Level 2 Level 3 Total
in thousands of CHF
Derivative financial assets 13,100 357,480 – 370,580
Derivative financial liabilities 3,383 367,676 – 371,059
There have been no transfers between the levels during the fiscal year 2010/11 and 2009/10.
Capital management
It is the Group’s policy tomaintain asound capital base to support the continued development
of the business.The Board ofDirectors seeks to maintain aprudent balance between
debt and equity. Incompliance with bank covenants, the minimal target solvency ratio
(equity in %oftotal assets,adjusted for derivative financial instruments on anetted basis) is
set at 20%.
The target payout ratio to shareholders currently amounts to approximately 30% of the net
profit for the year in the form of ashare capital reduction and repayment or dividend.
The target ratio and the form of the payout recommended by the Board are reviewed on an
annual basis and aresubject to the decision of the Annual General Meeting of Shareholders.
TheGroup’ssubsidiaries have complied with applicable local statutory capital requirements.
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