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

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The remaining shares, 51.84 %, are held by institutional and
private investors. The number of registered shareholders increased
by about 1%, rising from 17 500 in 2010 to about
17 700 shareholders in 2011.
An analysis of the shareholder structure conducted in January
2012 revealed that around 11 % of the share capital is held by
private shareholders, the majority of whom are Swiss residents.
10 % is held by Swiss insurance companies and pension funds.
About 17 % of the share capital is attributed to institutional investors,
of which 57 % are of Swiss domicile. The share of institutional
investors from North America totals about 19 %, and
12 % of shareholders reside in the United Kingdom and Ireland.
Institutional investors located in the rest of the world represent
around 12 %.
Annual General Meeting
More than 400 shareholders attended the 38 th Annual General
Meeting held on May 10, 2011, at the Culture and Convention
Center in Lucerne. The share of voting capital present at the
meeting totaled about 54 %.
Shareholders approved all of the proposals submitted by the
Board of Directors by large majorities (>95 %). A focal point of
the meeting was the election of Tim Summers as a new member
of the Board of Directors. He replaced Vladimir Kuznetsov,
who did not seek reelection. All other members of the Board of
Directors were reelected for another year. In its meeting following
the 2011 Annual General Meeting, the Board of Directors
elected Tim Summers to the position of Chairman.
The 39 th Annual General Meeting will be held on April 12, 2012,
at the Culture and Convention Center in Lucerne.
Dividend policy
To reinforce the disciplined use of cash, the Board of Directors
has introduced a dividend policy that enables up to 40 % of net
profit to be distributed as dividends, subject to available funds.
The Board of Directors will recommend a dividend of CHF 0.20
per share for the financial year 2011 distributed from the reserve
from capital contribution to the 2012 Annual General
Meeting. Oerlikon’s last dividend was distributed for the 2003
financial year.
Ongoing dialogue and increased transparency
As a publicly listed company, Oerlikon is required to provide
complete and timely information to shareholders, potential investors,
financial analysts, customers, suppliers, the media and
Letter Information for Investors Operational Review Sustainability Compliance Corporate Governance
interested members of the public. In meeting this requirement,
particular focus is placed on adhering to the rules and regulations
of the Swiss stock exchange where Oerlikon shares are
listed. Oerlikon fosters a strong relationship with its shareholders
and provides them with up-to-date information about all important
developments in the company. As part of its investor relations
work, Oerlikon keeps its shareholders and analysts abreast
of developments through quarterly statements along with halfyear
and annual reports. The CEO and CFO also remain in close
contact with investors through roadshows and conferences. The
CEO and CFO also comment on the performance of, and outlook
for, the Oerlikon Group at the Annual General Meeting and
analyst conferences or conference calls held following the
release of the annual, half-year and interim quarterly reports.
In 2011, the management team spent a total of 28 days participating
in bank conferences, roadshows and trade fairs in order
to speak with investors and potential investors. These activities
took place primarily in Switzerland (30 %) and the United States
(30 %), followed by Great Britain (21 %) and other European
countries (19 %). This focus reflects the current regional distribution
of institutional shareholders and the large number of
Swiss institutional investors, but underscores Oerlikon’s efforts
to address investor groups outside of Switzerland. During
2011, around 130 personal meetings took place in the financial
centers of Europe and North America or at the Group’s headquarters
in Pfäffikon SZ, Switzerland.
Oerlikon will intensify its communications with the financial
community and further increase transparency. A first step in
this direction was the launch of our “Capital Market Days” in
August 2011. All presentations are available on the Investor
Relations Internet site (www.oerlikon.com/ir).
Analyst recommendations
As of December 31, 2011, nine financial analysts were covering
Oerlikon (2010: eight). They regularly publish reports on financial
and operational performance and on notable company transactions.
The reports also typically place Oerlikon’s business
model within the broader macroeconomic context and analyze
the markets and market trends of the Segments’ businesses.
Oerlikon values the communication with financial analysts and
believes these individuals provide vital support in the effort to
improve investor knowledge and understanding. A broad, multifaceted
spectrum of opinions in the capital market raises visibility
and enriches the dialogue with investors and potential investors.
For this reason, Oerlikon is striving to increase the
number of institutions and analysts covering the company on a
regular basis.