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

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Capital management
Key Figures Group Notes OC Oerlikon Corporation AG, Pfäffikon
Notes to the consolidated financial statements
The capital transactions in 2010 have resulted in a sustainable increase in equity and in the equity ratio. The positive result in 2011 has
lead to an improved equity ratio, return on equity and debt-to-equity ratio.
The ratios are shown in the table below:
in CHF million 2011 2010
Total assets 4 573 4 475
Equity attributable to shareholders of the parent 1 586 1 430
Equity ratio in % 35 % 32 %
Interest-bearing debt 832 1 031
Equity 1 610 1 454
Debt-to-equity ratio 0.5 0.7
Average equity 1 532 987
Net profit attributable to the shareholders of the parent 220 3
Return on equity 14 % 0 %
Oerlikon strives to maintain an adequate equity base, in order to preserve its investment grade in the capital markets. As a guide, Oerlikon
management keeps watch on the net debt to EBITDA ratio. The ratio as of December 31, 2011 was 0.14:1 compared to 0.99:1 as of
December 31, 2010.
Fair values versus carrying amounts at December 31
The fair values of financial assets and liabilities, together with the carrying amounts shown in the balance sheet, are as follows:
2011 2010
in CHF million Carrying amount Fair Value Carrying amount Fair Value
Cash and cash equivalents 742 742 751 751
Financial assets 44 44 39 39
Loans and receivables 781 781 670 670
Interest rate derivatives
– Assets – – 3 3
– Liabilities – – – –
Forward exchange contracts
– Assets 3 3 32 32
– Liabilities –23 –23 –47 –47
Secured bank loans –828 –828 –1 022 –1 022
Unsecured bank loans –2 –2 –6 –6
Finance lease liabilities –2 –2 –4 –4
Trade payables –457 –457 –419 –419
Accrued liabilities –151 –151 –130 –130
Total 107 107 –133 –133
Unrecognized gains/losses – – –
Fair value hierarchy
The fair values have been calculated from a hierarchy point of view as level 2 assessments (observable inputs other than quoted prices
in markets for identical assets and liabilities) and contain financial assets of CHF 44 million (prior year: CHF 39 million), derivative financial
assets of CHF 3 million (prior year: CHF 35 million) and derivative financial liabilities of CHF 23 million (prior year: CHF 47 million).
Assets and liabilities classified as held for sale
With the sale of Schlafhorst Engineering (India) Ltd. on January 3, 2011 and the sale of Oerlikon Neumag Austria GmbH, Oerlikon Neumag
Italy SpA as well as certain assets and liabities of AUTEFA automation GmbH as of August 31, 2011, all assets (CHF 37 million) and
liabilities (CHF 31 million) presented as held for sale as of December 31, 2010 have been sold in 2011.
Note 20 (cont.)
Note 21
Note 22