Siegfried Annual Report 2009

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Changes in the present value of the defined benefit obligation Pension plans Other long-term employee benefits In CHF million 2009 2008 2009 2008 Opening defined benefit obligation as of 1.1. 248.2 256.7 3.1 2.9 Current service cost 6.1 6.6 0.3 0.3 Plan participants’ contributions 3.4 3.3 – – Interest on obligation 8.4 8.7 0.1 0.1 Benefit payments and net transferals through pension assets –16.2 –15.0 – – Benefit payments by employer –0.3 –0.3 –0.3 –0.2 Past service cost –0.2 2.0 –1.6 – Curtailments –2.3 –11.2 – – Termination benefits 1.4 – – – Actuarial (gains) or losses 0.5 –2.0 0.1 – Exchange differences on foreign plans –0.1 –0.6 – – Closing defined benefit obligation as of 31.12. 248.9 248.2 1.7 3.1 Changes in the fair value of plan assets [Vorsorgepläne] In CHF million 2009 2008 Opening fair value of plan assets as of 1.1. 226.7 266.3 Plan participants’ contributions 3.4 3.3 Contributions by employer 5.6 5.6 Benefit payments and net transferals through pension assets –16.2 –15.0 Expected return on plan assets 9.6 10.7 [Gewinn/(Verlust) aus Vermögensertrag] 15.2 –43.9 Exchange differences on foreign plans –0.2 –0.3 Closing fair value of assets as of 31.12. 244.1 226.7 The pension assets on 31.12.2009 include shares of the Group with a market value of CHF 1.2 million (previous year: CHF 1.2 million). The assets do not include any property or assets used by the Group. Expected employer contributions and expected benefit payments by the employer for 2009 amount to CHF 5.7 million for defined benefit plans and CHF 0.3 million for other longterm benefits. The net position of pension obligations in the balance sheet can be summarized as follows: Amount recognized in the Balance Sheet Other long-term In CHF million Pension plans employee benefits Valuation date 31.12. 2009 2008 2009 2008 Present value of funded obligation 246.4 245.7 – – Fair value of plan assets –244.1 –226.7 – – Under-/(Over-)funding 2.3 19.0 – – Present value of non-funded obligation 2.5 2.5 1.7 3.1 Present value of unfunded obligations –1.4 –1.6 – – Recognized pension liabilities/-assets 3.4 19.9 1.7 3.1 Net liability Amounts in the balance sheet 3.6 19.9 1.7 3.1 Liabilities –0.2 – – – Recognized pension liabilities/-assets 3.4 19.9 1.7 3.1 of which current 0.9 0.9 of which non-current 2.5 18.9 The following principal assumptions form the basis for the actuarial calculation: Other long-term In % Pension plans employee benefits Valuation date 31.12. 2009 2008 2009 2008 Calculation of defined benefit obligations Discount rate 3.3 3.5 3.3 3.4 Future salary increases 2.5 2.5 2.5 2.5 Future pension indexations 0.5 0.6 Average life expectancy man at age 65 18 years 18 years Calculation of expense 2009 2008 2009 2008 Discount rate 3.5 3.5 3.4 3.5 Expected return on plan assets 1 4.3 4.2 1 The expected return on plan assets is based on actual interest rates of bands and historical risk premiums for other classes of assets. The pension assets are composed of the following significant asset classes: Asset classes pension plans In % Asset classes pension plans Valuation date 31.12. 2009 2008 Equities 22 21 Bonds 33 35 Real estate 19 20 Qualified insurance policies 2 7 Others including cash 24 17 98 Financial Statements Siegfried Group
The following table shows how the actual development of obligations and assets for the benefit plans deviates from their expected development. In million CHF Valuation date 31.12. 2009 2008 2007 2006 Defined benefit obligation 248.9 248.2 256.7 277.2 Fair value of assets –244.1 –226.7 –266.3 –277.8 [Unter-/(Über-)deckung] 4.8 21.5 –9.6 –0.6 Experience adjustments on plan liabilities 3.1 1.9 –4.8 6.4 Experience adjustments on plan assets 15.2 –43.9 –2.9 7.5 Defined Contribution Plans The Group sponsors defined contribution plans in the USA. The pension expense for these plans is CHF 0.5 million and CHF 0.7 million in 2009 and 2008. 20. Other operating income In 1000 CHF 2009 2008 Gain on asset sale 59 13 537 Royalty income 1 730 1 708 Income from firefighting courses 1 416 1 587 Sundry other income 1 220 1 705 Total other operating income 4 425 18 537 Financial Statements Siegfried Group 99
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Siegfried Annual Report 2009
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Key numbers Siegfried Group 2009 20
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Letter from the Chairman & CEO Dear
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preconditioning the physical charac
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eaching 25% by the end of 2009. Pro
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election. Bernard Siegfried first j
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Roland Schuermann Head Chemical Ope
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0. Foreword and general framework R
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Participation structure of Siegfrie
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2. Capital structure 2.1 Capital Th
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Name Birthyear Position Entry Elect
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Bernard A. Siegfried, Ph.D., Honora
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Malcolm Perkins Malcolm Perkins (19
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3.6 Executive management informatio
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Group Management From left to right
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4.2 Portraits Dr. Rudolf Hanko, CEO
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Marianne Späne, President Siegfrie
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4.3 Management Contracts Siegfried
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Shareholders with at least 250,000
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Dr. Tanja Westphal Manager Pharmace
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IntroductionSituation ‘Sustainabi
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2009 Audits Site Inspections (Custo
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Compliance Introduction Siegfried i
Page 52 and 53: Our goal is to cultivate a quality
Page 54 and 55: External audits During 2009, nation
Page 56 and 57: the Siegfried teams pedaled the dis
Page 58 and 59: Energy consumption 2009 2008 2007 2
Page 60 and 61: Water consumption Water consumption
Page 62 and 63: Reclaimed solvents 2009 2008 2007 2
Page 64 and 65: Fines and non-monetary penalties Si
Page 66 and 67: Total workforce by region as of Dec
Page 69 and 70: Ken Zrebiec Director of Operations
Page 71 and 72: elated to the Deliver project. In a
Page 73 and 74: Consolidated income statement In 10
Page 75 and 76: Consolidated statement of changes i
Page 77 and 78: Reclassification of Balance sheet J
Page 79 and 80: exchange rates prevailing on the tr
Page 81 and 82: of discounted future cash flows. Va
Page 83 and 84: production overheads related to the
Page 85 and 86: Financial risk management Financial
Page 87 and 88: to 20.5% (2008: 17.7%) and 13.4% (2
Page 89 and 90: ealized, the obligation to eliminat
Page 91 and 92: 2. Property, plant and equipment La
Page 93 and 94: 4. Investments in associated compan
Page 95 and 96: 6. Financial and other non-current
Page 97 and 98: 8. Inventories In 1 000 CHF 2009 20
Page 99 and 100: 13. Treasury shares Treasury shares
Page 101: 19. Employee benefits and personnel
Page 105 and 106: CHF 1.2 million) were purchased fro
Page 107 and 108: In addition to sales of products ne
Page 109: Five-year overview 2005 - 2009, con
Page 112 and 113: Financial Statements Siegfried Hold
Page 114 and 115: Transparency Law Art. 663b and Art.
Page 116 and 117: Siegfried Group, in which the risks
Page 118 and 119: Stock market data 2009 2008 2007 20
Page 120: Publisher’s note This annual repo
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Siegfried Annual Report 2009

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