Annual Report

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HUBER+SUHNER Annual Report 2010 · Part 2 Appropriation of Earnings The Board of Directors of HUBER+SUHNER AG recommends to the Annual General Meeting of Shareholders the following appropriation of available earnings for the year 2010: in CHF 1000 2010 2009 Prior-year retained earnings 90 491 62 475 Net income for the year 44 892 43 235 Total retained earnings 135 383 105 710 Dividend 29 135 15 219 Total appropriation 29 135 15 219 Retained earnings carried forward 106 248 90 491 If this proposal is accepted the following amounts would be valid for each registered share at CHF 0.25 nominal value: 58 CHF CHF Gross dividend 1.50 0.80 Less 35% withholding tax 0.53 0.28 Net dividend 0.98 0.52 Financial Statements HUBER+SUHNER AG
Report of the Statutory Auditors HUBER+SUHNER AG Herisau Report of the statutory auditor to the general meeting on the financial statements 2010 Report of the statutory auditor on the financial statements As statutory auditor, we have audited the financial statements of HUBER+SUHNER AG, which comprise the income statement, balance sheet and notes (pages 54 to 58), for the year ended December 31, 2010. Board of Directors’ Responsibility The Board of Directors is responsible for the preparation of the financial statements in accordance with the requirements of Swiss law and the company’s articles of incorporation. This responsibility includes designing, implementing and maintaining an internal control system relevant to the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The Board of Directors is further responsible for selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Swiss law and Swiss Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control system relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control system. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. HUBER+SUHNER Annual Report 2010 · Part 2 Opinion In our opinion, the financial statements for the year ended December 31, 2010 comply with Swiss law and the company’s articles of incorporation. Report on other legal requirements We confirm that we meet the legal requirements on licensing according to the Auditor Oversight Act (AOA) and independence (article 728 CO and article 11 AOA) and that there are no circumstances incompatible with our independence. In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890, we confirm that an internal control system exists which has been designed for the preparation of financial statements according to the instructions of the Board of Directors. We further confirm that the proposed appropriation of available earnings complies with Swiss law and the company’s articles of incorporation. We recommend that the financial statements submitted to you be approved. PricewaterhouseCoopers AG Christian Kessler Diego Alvarez Audit expert Audit expert Auditor in charge Winterthur, February 16, 2011 Financial Statements HUBER+SUHNER AG 59
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HUBER+SUHNER Annual Report 2010 ·
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Annual Report 2010 · Part 2 Corpor
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HUBER+SUHNER AG has published three
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Standing committees, composition an
Page 9 and 10: Paul Harris Chief Operating Officer
Page 11 and 12: The Board of Directors has approved
Page 13 and 14: Financial Report 2010 HUBER+SUHNER
Page 15 and 16: Commentary on the Financial Report
Page 17 and 18: Consolidated Income Statement Group
Page 19 and 20: Consolidated Cash Flow Statement Gr
Page 21 and 22: Notes to Group Financial Statements
Page 23 and 24: They are recognised in the balance
Page 25 and 26: Share-based payments Part of the co
Page 33 and 34: 10 Financial expense Notes to Group
Page 37 and 38: The movement in the amounts recogni
Page 39 and 40: Compensation of Board Members 2010
Page 41 and 42: 19 Cash and cash equivalents Notes
Page 43 and 44: Changes in inventory provision 2009
Page 45 and 46: Property, plant and equipment 2009
Page 49 and 50: 34 Current liabilities (non-interes
Page 51 and 52: 38 Earnings per share Notes to Grou
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Page 55 and 56: Financial Report 2010 Financial Sta
Page 57 and 58: Balance Sheet (before appropriation
Page 59: 2 Securities granted to third parti
Page 63 and 64: Financial Calendar Financial year 2
Page 65 and 66: Publisher’s Information Concept a
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Annual Report

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