Siegfried Annual Report 2009

21. Financial result
Total
Total
In 1000 CHF 2009 2008
Interest income from banks 90 655
Interest income from
non-current receivables 684 468
Income from investment 83 2
Financial income 857 1 125
Interest expense on
financial liabilities –4 949 –3 883
Interest expense on
non-current provisions –412 –154
Impairment on «AFS»-Financial assets –7 420 –
Change in value of derivative –336 –1 752
Bank charges and arranger fees –402 –279
Financial expenses –13 519 –6 068
Exchange rate differences –823 243
The arranger fees for the renewal of the syndicated bank
loan are charged to expenses over the duration of the
facility.
22. Loss/Earnings per share
Earnings per share are calculated by dividing the net
profit/loss attributable to the shareholders of Siegfried Holding
AG of CHF –35.3 million (2008: CHF –74.8 million) by
the weighted average number of shares outstanding, total
2 758 104 shares (2008: 2 771 432). Treasury shares are
deducted in calculating the weighted average number of
shares outstanding. There are no equity instruments outstanding
to dilute the amounts disclosed.
23. Dividend per share
On April 8, 2009, the shareholders approved in respect of
the financial year 2008 the distribution of a gross dividend
of CHF 2.10 per nominal share (previous year: CHF 4.20).
For 2009 it will be proposed to the Annual General Meeting
on April 14, 2010, to renounce a dividend payment.
24. Commitments and contingencies
The operations of the Group companies continue to be
exposed to risks from political, legal, fiscal and regulatory
developments, including those related to environmental protection.
The nature and frequency of these developments
and events, which are not covered by insurance, are not predictable.
Possible obligations that are dependent on future
events are disclosed as contingent liabilities. As of December
31, 2009, contingent liabilities amount to CHF 1.0 million
(2008: CHF 1.5 million).
On April 30, 2007, the Siegfried Group sold the Business
Unit Sidroga to Santo Holding AG, resident in Zollikon
(Switzerland). Following the closing differences arose
between the parties. On November 30, 2007, Santo Holding
AG initiated an arbitration procedure and made several
claims (damages, partial nullity and rescission action). The
Siegfried Group considers the claims brought by the purchaser
to be unjustified. Because the procedure is still in
process, no further information will be given.
Contingent liabilities for additional purchase price payments
and royalty payments in connection with the acquisition of
the Penick companies in May 2005 are as follows:
If annual sales of the acquired products exceed USD 30 million
prior to 2013, an additional payment of USD 14 million
is due to the seller. Royalty payments of 5% are due on
annual sales exceeding USD 45 million until 2014. It is not
expected that these sales limits will be exceeded.
25. Maturity of rental and lease payments
Operating
leases
Operating
leases
In 1000 CHF 2009 2008
Due under 1 year 1 296 593
Due between 1 and 2 years 1 109 456
Due between 2 and 3 years 975 257
Due between 3 and 4 years 660 414
Due between 4 and 5 years 512 402
Due after 5 years 43 2 917
Total payments 4 595 5 039
Of the leasing payments CHF 1.7 million (2008: CHF 4.3 million)
relate to the production facility in Malta.
26. Transactions with related parties
As the parent company, Siegfried Holding AG directly or
indirectly owns all investments in the Siegfried Group. The
Camellia Group is the largest shareholder, with interests of
33.35% in Siegfried Holding AG. During the year under
review there were no transactions between the two groups.
The companies belonging to the Siegfried Group are listed
under “Scope of consolidation“ (Note 1). During the reporting
period products to the value of CHF 1.1 million (2008:
100 Financial Statements Siegfried Group