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

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144 Report of the Statutory Auditor Key Figures Group Notes OC Oerlikon Corporation AG, Pfäffikon Report of the Statutory Auditor Report of the Statutory Auditor on the Financial Statements to the General Meeting of Shareholders of OC Oerlikon Corporation AG, Pfäffikon, Freienbach As statutory auditor, we have audited the accompanying statutory financial statements of OC Oerlikon Corporation AG, Pfäffikon, which comprise the balance sheet, income statement and notes on pages 138 to 143 for the year ended 31 December 2011. 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. Opinion In our opinion, the financial statements for the year ended 31 December 2011 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. KPMG AG Herbert Bussmann Toni Wattenhofer Licensed Audit Expert Licensed Audit Expert Auditor in Charge Zurich, March 1, 2012
Key Figures Group Notes OC Oerlikon Corporation AG, Pfäffikon Legal Structure Legal structure Legal Structure of significant companies as at December 31, 2011 OC Oerlikon Corporation AG, Pfäffikon, Freienbach SZ/CH –Aktiengesellschaft Adolph Saurer, Arbon/CH –InnoDisc AG, Windisch/CH –OC Oerlikon Balzers AG, Balzers/LI –OC Oerlikon Management AG, Pfäffikon, Freienbach SZ/CH –Oerlikon Balzers Coating India Ltd., Pune/IN –Oerlikon Balzers Coating (Suzhou) Co. Ltd., Suzhou/CN –Oerlikon Balzers Coating (Thailand) Co. Ltd., Chonburi/TH –Oerlikon Balzers Coating Austria GmbH, Kapfenberg/AT –Oerlikon Balzers Coating Italy S.p.A., Brugherio/IT –Oerlikon Balzers Coating Korea Co. Ltd., Pyongtaek/KR –Oerlikon Balzers Coating Luxembourg S.à r.l., Differdange-Niedercorn/LU –Oerlikon Balzers Coating Poland Sp.z o.o., Polkowice Dolne/PL –Oerlikon Balzers Coating SA, Brügg, Brügg/CH –Oerlikon Balzers Coating Singapore Pte. Ltd., Singapore/SG –Oerlikon Balzers Coating UK Ltd., Milton Keynes/UK –Oerlikon Balzers Kaplama Sanayi ve Ticaret Limited Sirketi, Bursa/TR –Oerlikon Balzers Revestimentos Metálicos Ltda., Jundiaí, SP/BR –Oerlikon Balzers Sandvik Coating AB, Stockholm/SE . Oerlikon Balzers Sandvik Coating Oy, Helsinki/FI –Oerlikon Balzers-ELAY Coating S.A., Antzuola/ES –Oerlikon France Holding SAS, St. Thibault des Vignes/FR . Oerlikon Balzers Coating France SAS, St. Thibault des Vignes/FR –Oerlikon IT Solutions AG, Pfäffikon, Freienbach SZ/CH –Oerlikon Leybold Vacuum Taiwan Ltd., Hsinchu/TW –Oerlikon Licensing Arbon GmbH, Arbon/CH . Oerlikon Drive Systems (Suzhou) Co. Ltd., Suzhou/CN –Oerlikon Nihon Balzers Coating Co. Ltd., Hiratsuka/JP –Oerlikon Optics UK Ltd., London/UK –Oerlikon SEA Pte. Ltd., Singapore/SG –Oerlikon Solar Holding AG, Trübbach, Wartau/CH . Oerlikon Laser Systems GmbH, Krailling/DE . Oerlikon Mechatronics AG, Trübbach, Wartau/CH . Oerlikon Solar AG, Trübbach, Wartau/CH . Oerlikon Solar IP AG, Trübbach, Wartau/CH . Oerlikon Solar-Lab SA, Neuchâtel, Neuchâtel/CH . Oerlikon Solar Singapore Pte. Ltd., Singapore/SG . Oerlikon Solar (Shanghai) Trading Co. Ltd., Shanghai/CN . Oerlikon Solar Taiwan Ltd., Hsinchu/TW –Oerlikon Trading AG, Trübbach, Wartau/CH . Oerlikon Balzers Coating Mexico S.A. de C.V., Querétaro/MX –Oerlikon USA Holding Inc., Wilmington, DE/US . Oerlikon Balzers Coating USA Inc., Wilmington, DE/US . Oerlikon Leybold Vacuum USA Inc., Wilmington, DE/US . Oerlikon Optics USA Inc., Denver, CO/US . Oerlikon Solar USA Inc., Wilmington, DE/US . Oerlikon Management USA Inc., Pittsburgh, PA/US . Oerlikon USA Inc., Plantation, FL/US . Fairfield Manufacturing Company Inc., Wilmington, DE/US . Fairfield Atlas Ltd., Kolhapur/IN . Graziano Trasmissioni North America Inc., Charlotte, NC/US . Melco Industries Inc., Denver, CO/US . Oerlikon Textile Inc., Charlotte, NC/US –Oerlikon Vermögens-Verwaltungs GmbH, Köln/DE –OOO Oerlikon Balzers Rus, Elektrostal/RU –OOO Oerlikon Rus, Moskwa/RU –OT Textile Verwaltungs GmbH, Arbon/CH –Saurer AG, Arbon/CH . GTG-Graziano Trasmissioni Group AG, Arbon/CH . Oerlikon Czech s.r.o., Cerveny Kostelec/CZ . Oerlikon Fibrevision Ltd., Macclesfield/UK . Oerlikon Saurer Arbon AG, Arbon/CH . Oerlikon Heberlein Temco Wattwil AG, Wattwil/CH . Oerlikon Textile China Investments Ltd., Hongkong/CN . Oerlikon (China) Technology Co. Ltd., Suzhou/CN . Oerlikon Textile Machinery (Wuxi) Co. Ltd., Wuxi/CN . Saurer China Equity Ltd., Hongkong/CN . Jintan Texparts Component Co. Ltd., Jintan/CN . Saurer Jintan Textile Machinery Co. Ltd., Jintan/CN 145
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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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68 Leadership and accountability Th
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70 Composition of the Executive Com
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7.0 Remuneration report In this rem
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78 Compensation of non-executive me
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82 Share options Letter Information
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8.0 Risk management 1. The 2011 enh
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Contents I. Operational review 1.0
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Key Figures Group Notes OC Oerlikon
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Key Figures Group Notes OC Oerlikon
Page 111 and 112: Key Figures Group Notes OC Oerlikon
Page 117: Key Figures Group Notes OC Oerlikon
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 136 and 137: 118 Liquidity risk Key Figures Grou
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 161: Key Figures Group Notes OC Oerlikon
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
Page 186 and 187: 168 Oerlikon Vacuum MAGiNTEGRA: rob
Page 188 and 189: 170 Oerlikon Coating INGENIA: the q
Page 190 and 191: 11.0 Expanding the global footprint
Page 192 and 193: 174 Oerlikon further expands in gro
Page 194 and 195: 176 the greater the opportunity for
Page 197 and 198: Financial calendar March 5, 2012 An
Page 199: AB Applied Biosystems ∙ ABB ∙ A
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Annual Report 2011 (5.07 MB, PDF-File) - Oerlikon

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