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

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118 Liquidity risk Key Figures Group Notes OC Oerlikon Corporation AG, Pfäffikon Notes to the consolidated financial statements Liquidity risk is the risk that Oerlikon may be unable to discharge its financial liabilities in a timely manner or at an acceptable cost. Oerlikon Group supervises and manages the Group’s liquidity centrally to ensure that outstanding financial liabilities can at all times be met within their maturity period and at an acceptable financing cost. Corporate Treasury prepares and provides the relevant decision support and arranges for the availability of the relevant funds once approval is given. Oerlikon’s liquidity is monitored using short, medium and long term rolling liquidity forecasts, about which senior management are kept informed. On the basis of this plan, Oerlikon mobilizes the necessary liquid funds and takes any further steps necessary on a timely basis. Terms and debt repayment schedule in CHF million Carrying Contractual amount cash flow within 1 year 1 to 5 years more than 5 years 2011 of which secured Bank overdrafts 1 1 1 – – – Fixed advances – – – – – – Trade payables 457 457 457 – – – Loans and borrowings 1 830 1 037 34 1 003 – – Gross finance lease obligation 2 2 – – 2 – Accrued liabilities 151 151 151 – – – Non-derivative financial liabilities 1 441 1 648 643 1 003 2 – Forward exchange contracts used for hedging 20 505 499 6 – – – thereof: for hedging fx-outflows – 117 114 3 – – – thereof: for hedging fx-inflows 20 388 385 3 – – Derivative financial instruments 2 20 505 499 6 – – Total 1 461 2 153 1 142 1 009 2 – 1 The difference of CHF 207 million between carrying amount and contractual cash flow is based on capitalized transaction costs of CHF 16 million from the refinancing of the credit facility in 2010 and future gross interests on loans and borrowings (including PIK) of CHF 191 million. 2 Contractual cash flows relate to underlying transactions which cover the contractual cash flows almost completely. in CHF million Carrying amount Contractual cash flow within 1 year 1 to 5 years more than 5 years 2010 of which secured Bank overdrafts –1 –1 –1 – – – Fixed advances 2 2 2 – – – Trade payables 419 419 419 – – – Loans and borrowings 1 026 1 382 47 1 335 – – Gross finance lease obligation 4 4 – 1 3 – Accrued liabilities 130 130 130 – – – Non-derivative financial liabilities 1 580 1 936 597 1 336 3 – Forward exchange contracts used for hedging 18 499 496 3 – – – thereof: for hedging fx-outflows – 90 87 3 – – – thereof: for hedging fx-inflows 18 409 409 – – – Derivative financial instruments 18 499 496 3 – – Total 1 598 2 435 1 093 1 339 3 – Note 18
Key Figures Group Notes OC Oerlikon Corporation AG, Pfäffikon Notes to the consolidated financial statements Terms and debt repayment schedule in CHF million Currency Nominal interest rate Year of maturity Face value 2011 Carrying amount Syndicated loan/Term Loan (Facility B) 1 CHF Libor + 2.00 % 2014 235 219 Syndicated loan/Term Loan (Facility B) EUR Libor + 2.00 % 2014 83 83 Syndicated loan/Term Loan (Facility B) USD Libor + 2.00 % 2014 43 43 Syndicated loan/Term Loan (Facility C) 2 CHF Libor + 11.00 % 2014 483 483 Finance lease long-term 3 var. var. 2013–2027 2 2 Finance lease short-term 3 var. var. 2012 – – Various short- and long-term liabilities 4 var. var. var. 2 2 Total interest-bearing liabilities 832 in CHF million Currency Nominal interest rate Year of maturity Face value 2010 Carrying amount Syndicated loan/Term Loan (Facility B) 5 CHF Libor + 2.50 % 2014 132 105 Syndicated loan/Term Loan (Facility B) CHF Libor + 2.50 % 2014 121 121 Syndicated loan/Term Loan (Facility B) EUR Libor + 2.50 % 2014 149 149 Syndicated loan/Term Loan (Facility B) EUR Libor + 2.50 % 2014 105 105 Syndicated loan/Term Loan (Facility B) USD Libor + 2.50 % 2014 55 55 Syndicated loan/Term Loan (Facility C) 6 CHF Libor + 11.00 % 2014 485 485 Finance lease long-term 3 var. var. 2011–2027 3 3 Finance lease short-term 3 var. var. var. 1 1 Various short- and long-term liabilities 7 var. var. var. 7 7 Total interest-bearing liabilities 1 031 Due to the increased demand for advance payment guarantees CHF 33 million of the revolving credit facility and CHF 71 million of the Facility B was transferred to the ancillary facility. As of December 31, 2011, the revolving credit facility balance was CHF 68 million (totally unused) and the ancillary credit facility CHF 438 million (thereof CHF 204 unused). In 2011 CHF 53 million cash was used to reduce the syndicated loan facility (Facility B CHF 40 million and Facility C CHF 13 million) as stated in clause 9.4 of the credit agreement (mandatory prepayment in case of excess cashflow). Furthermore due to favorable conditions CHF 129 million of own debt was bought back and was offset with the syndicated credit facility (Facility B CHF 104 million and Facility C CHF 25 million) as of December 31, 2011. As of December 31, 2011 the credit facility still contains the following financial covenants, which are tested for compliance quarterly or annually: – Net Debt/EBITDA – Interest cover covenant – Equity covenant The interest rates of the loans under facility A and B are Libor plus a margin, as at December 31, 2011, 2 % per annum, subject to a downward ratchet based on the ratio of net debt to EBITDA (with the lowest possible interest margin being 2 %). CHF 600 million of the facility is hedged with an interest rate cap at 2 % on a 3-month Libor basis with maturity 14.6.2014. 1 Face value differs from book value in respect of the senior term loan (facility B) because CHF 16 million of directly attributable transaction costs related to the financing of the new credit facility were deducted from the senior term loan for simplification purposes and are being expensed over the term of the loan. 2 The junior term loan (facility C) includes a cash interest of Libor + 4 % and a compounded interest of 7 %. The 7 % interest is added to the facility C quarterly hence increasing the interest amount constantly. 3 The finance leases are secured by contract provisions normal for such leases. 4 Various currencies including: CHF, EUR, INR, USD, BRL, HUF, RON, CAD. 5 Face value differs from book value in respect of the senior term loan (facility B) because CHF 27 million of directly attributable transaction costs related to the financing of the new credit facility were deducted from the senior term loan for simplification purposes and are being expensed over the term of the loan. 6 The junior term loan (facility C) includes a cash interest of Libor + 4 % and a compounded interest of 7 %. The 7 % interest is added to the facility C quarterly hence increasing the interest amount constantly. 7 Various currencies including: CHF, EUR, INR, USD, PLN. Note 18 (cont.) 119
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on a new level Annual Report 2011
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Vision Oerlikon creates innovative
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Oerlikon’s Segments in brief Text
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On a new level 2011 was a year of s
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I. Operational review We achieved a
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Dear Shareholders, 2011 was a break
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Solid performance of Oerlikon share
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Remuneration Report Risk Management
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Achieving a new level of profitabil
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Dr. Michael Buscher, CEO Oerlikon G
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3.1 Oerlikon Textile 1. In 2011, Oe
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Turnaround time reduced by 40 % The
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Turnaround time reduced by 40 %
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Business development Oerlikon Drive
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Gary Lehman, CEO Oerlikon Drive Sys
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3.3 Oerlikon Vacuum 1. Oerlikon Vac
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Output improved by 30 % “For a lo
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Output improved by 30 %
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Business development In 2011, the s
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Helmut Frankenberger, CEO Oerlikon
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3.5 Oerlikon Coating 1. Oerlikon Co
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Productivity gains boost profitabil
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Productivity gains boost profitabil
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Business development Oerlikon Advan
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Andreas Dill, CEO Oerlikon Advanced
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4.0 Sustainability 1. Oerlikon prod
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48 When a fine spray of fuel is fir
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5.0 Compliance 1. In 2011, Oerlikon
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6.0 Corporate Governance Group stru
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54 Letter Information for Investors
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58 Stability and competence The Oer
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60 Composition of the Board of Dire
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62 Composition of Committees of the
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Page 86 and 87: 68 Leadership and accountability Th
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Page 94 and 95: 7.0 Remuneration report In this rem
Page 96 and 97: 78 Compensation of non-executive me
Page 100 and 101: 82 Share options Letter Information
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Page 104 and 105: Contents I. Operational review 1.0
Page 107 and 108: Key Figures Group Notes OC Oerlikon
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Page 120 and 121: 102 Expenses included in EBIT Key F
Page 122 and 123: 104 Deferred taxes Key Figures Grou
Page 124 and 125: 106 Financial investments Key Figur
Page 126 and 127: 108 Property, plant and equipment i
Page 128 and 129: 110 Key Figures Group Notes OC Oerl
Page 130 and 131: 112 Intangible assets Previous year
Page 132 and 133: 114 Post-employment benefit provisi
Page 134 and 135: 116 Provisions in CHF million Key F
Page 138 and 139: 120 Credit risk Key Figures Group N
Page 140 and 141: 122 Market risk Key Figures Group N
Page 142 and 143: 124 Capital management Key Figures
Page 144 and 145: 126 Related Party transactions Key
Page 146 and 147: 128 Related Party transactions Memb
Page 148 and 149: 130 Segment information Key Figures
Page 150 and 151: 132 Companies by country Country Pr
Page 152 and 153: 134 Report of the Statutory Auditor
Page 166 and 167: Contents I. Operational review 1.0
Page 168 and 169: 9.0 Outlook for global markets Tren
Page 171: Remuneration Report Risk Management
Page 182 and 183: 10.0 Research and development In 20
Page 184 and 185: 166 Innovation highlights Oerlikon
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168 Oerlikon Vacuum MAGiNTEGRA: rob
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170 Oerlikon Coating INGENIA: the q
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11.0 Expanding the global footprint
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174 Oerlikon further expands in gro
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176 the greater the opportunity for
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Financial calendar March 5, 2012 An
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AB Applied Biosystems ∙ ABB ∙ A
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Annual Report 2011 (5.07 MB, PDF-File) - Oerlikon

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