Annual Report 2011 (5.07 MB, PDF-File) - Oerlikon

Solid performance of
Oerlikon shares
Capital market and share performance in 2011
The Swiss Market Index (SMI), which comprises the 20 largest
and most liquid company shares traded on the Swiss stock
market, lost 8 % in 2011 from its closing level for 2010, closing
at 5 936.23 for the year. The European DJ STOXX 600 index
fell by 12 %, closing at 244.54. These indices recorded their
yearly lows in August and September, respectively: by
August 10, the SMI had tumbled about 26 % to 4 791.96, and
the European DJ STOXX 600 by about 22 % to 241.89 by
September 22. The indices had reached their yearly highs in
February as the SMI traded in positive territory, up 4 % (February
18: 6 717.25), and the European DJ STOXX 600 up 5 %
(February 17: 291.16).
Oerlikon shares performed well in this challenging and particularly
volatile market environment and outperformed the indices
throughout 2011. During the first half of the year in particular,
the shares climbed sharply as a result of the company’s significantly
improved operational and financial performance in the
2010 financial year and the positive outlook for 2011. On
April 18, the shares hit an intraday annual high of CHF 7.85, a
60 % rise over the 2010 closing price. Despite further gains in
the Group’s profitability and sequential increases in the company’s
guidance for the 2011 financial year, Oerlikon shares
were not immune from the overall decline triggered by the macroeconomy.
The shares hit their 2011 low of 4.06 in intraday
trading on August 9, having shed 17 % from the closing price
for 2010. The shares recovered from this level over the remainder
of the year and finished 2011 up at CHF 5.03 on December
30, 2011, compared with CHF 4.90 on the 2010 reporting
date (+3 % for the year).
Trading range 2011
in CHF
10
9
8
7
6
5
4
3
2
1
0
Monthly trading volume in 2011 (SIX)
in million shares
Total per month Average
70
3.20
63
2.88
56
2.56
49
2.24
42
1.92
35
1.60
28
1.28
21
0.96
14
0.64
7
0.32
0
0
J F M A M J J A S O N D
J F M A M J J A S O N D
Average Average
Oerlikon as a member of key indices
The company is a member of the SPI, SPI Extra, SPI ex SLI,
Swiss All Share Index and UBS 100 Index.
Trading volume and liquidity
Interest and trading in the Oerlikon share increased last year.
During the 254 trading days of 2011, the average daily volume
nearly doubled in comparison with the previous year. On average,
1 600 078 shares (0.5 % of the issued shares) were traded
daily in comparison with an average of just 879 630 shares during
2010. The monthly average trading volume fluctuated between
a high of 3.1 million shares in August 2011 and 0.8 million
shares in December 2011 (previous year: 0.15 million
shares to 3.94 million shares).
Market capitalization
At the end of 2011, Oerlikon’s market capitalization totaled
CHF 1 625 million, compared with CHF 1 583 million in the previous
year. As a result of the volatile share price performance,
the company’s valuation ranged between CHF 1 312 million in
August 2011 and CHF 2 537 million in April 2011.
Shareholder structure
Oerlikon’s primary shareholder structure remained broadly unchanged
in 2011. With a stake of 47.98 % (previous year:
46.11 %), the Renova Group continues to be the main shareholder.
In 2011, RB Capital East (previously: Victory
Industriebeteiligung GmbH), fell below the threshold of 3.00 %
(end of 2010: 3.49 %). At the end of 2011, Oerlikon had some
0.6 million treasury shares (end of 2010: 0.3 million), equivalent
to approximately 0.18 % of the issued shares.
Stock market capitalization
in CHF million
3 000
2 500
2 000
1 500
1 000
500
0
31/12/
2011
2011
low
09/08/
2011
2011
high
18/04/
2011
31/12/
2010
9