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

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12 Kepler Capital Markets, Zurich, and Credit Suisse AG, Zurich, initiated coverage in 2011. In the same year, Goldman Sachs International, London, ceased coverage after changes were made to their analyst team. At the end of 2011, four analysts issued buy recommendations (buy/accumulate) for the Oerlikon share (end of 2010: two). Three analysts (end of 2010: six) recommended holding the shares (hold/neutral), and two analysts (end of 2010: zero) viewed the share as underperforming (underperform/underweight). As of December 31, 2011, when Oerlikon shares stood at CHF 5.03, the average analyst target price was CHF 6.75. One year prior, when Oerlikon shares traded at CHF 4.90, the average target price was just CHF 5.45. This suggests that analysts now have greater confidence in Oerlikon’s underlying performance. Shareholder structure Regional distribution of as of December 31, 2011 institutional investors Number of shareholders Renova Group 47.98 % OC Oerlikon 0.18 % Others 51.84 % Letter Information for Investors Operational Review Sustainability Compliance Corporate Governance Institution Recommendation 1 Target price in CHF 1 AlphaValue, Paris Buy 8.57 Bank am Bellevue AG, Zurich Hold 4.80 Credit Suisse AG, Zurich Underperform 4.50 Helvea SA, Geneva Accumulate 8.10 Kepler Capital Markets, Zurich Hold 7.80 MainFirst Schweiz AG, Zurich Buy 6.50 UBS AG, Zurich Buy 6.60 Bank Vontobel AG, Zurich Hold 7.10 Zürcher Kantonalbank, Zurich Underweight n/a Average 6.75 1 As of December 31, 2011 Continually updated analyst recommendations on the Oerlikon share are available at www.oerlikon.com/ir. North America 19 % United Kingdom and Ireland 12 % Others 12 % Switzerland 57 % 18 000 17 000 16 000 15 000 14 000 13 000 12 000 11 000 10 000 9 000 8 000 7 000 12/07 12/08 12/09 12/10 12/11
Remuneration Report Risk Management Financial Report Global Markets R & D Global Presence Shareholder structure Shareholder Dec. 2011 No. of shares in % Dec. 2010 No. of shares in % 13 Dec. 2009 No. of shares in % Renova Group1 (composed of Liwet Holding AG, Zurich, Switzerland, Renova Industries Ltd., Nassau, Bahamas, and Lamesa Holding S.A., Panama, Republic of Panama) RB Capital East GmbH (previously: Victory 155 035 964 47.98 148 984 860 46.11 6 317 392 44.67 Industriebeteiligung GmbH), Vienna, Austria n/a
Page 1 and 2: on a new level Annual Report 2011
Page 3 and 4: Vision Oerlikon creates innovative
Page 5 and 6: Oerlikon’s Segments in brief Text
Page 7 and 8: On a new level 2011 was a year of s
Page 9 and 10: I. Operational review We achieved a
Page 11 and 12: Dear Shareholders, 2011 was a break
Page 13 and 14: Solid performance of Oerlikon share
Page 15: Remuneration Report Risk Management
Page 19 and 20: Achieving a new level of profitabil
Page 21 and 22: Remuneration Report Risk Management
Page 23: Remuneration Report Risk Management
Page 26 and 27: Dr. Michael Buscher, CEO Oerlikon G
Page 28 and 29: 3.1 Oerlikon Textile 1. In 2011, Oe
Page 31 and 32: Turnaround time reduced by 40 % The
Page 33 and 34: Turnaround time reduced by 40 %
Page 35: Business development Oerlikon Drive
Page 38 and 39: Gary Lehman, CEO Oerlikon Drive Sys
Page 40 and 41: 3.3 Oerlikon Vacuum 1. Oerlikon Vac
Page 43 and 44: Output improved by 30 % “For a lo
Page 45 and 46: Output improved by 30 %
Page 47: Business development In 2011, the s
Page 50 and 51: Helmut Frankenberger, CEO Oerlikon
Page 52 and 53: 3.5 Oerlikon Coating 1. Oerlikon Co
Page 55 and 56: Productivity gains boost profitabil
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Page 59: Business development Oerlikon Advan
Page 62 and 63: Andreas Dill, CEO Oerlikon Advanced
Page 64 and 65: 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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102 Expenses included in EBIT Key F
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104 Deferred taxes Key Figures Grou
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106 Financial investments Key Figur
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108 Property, plant and equipment i
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110 Key Figures Group Notes OC Oerl
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112 Intangible assets Previous year
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114 Post-employment benefit provisi
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116 Provisions in CHF million Key F
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118 Liquidity risk Key Figures Grou
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120 Credit risk Key Figures Group N
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122 Market risk Key Figures Group N
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124 Capital management Key Figures
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126 Related Party transactions Key
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128 Related Party transactions Memb
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130 Segment information Key Figures
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132 Companies by country Country Pr
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134 Report of the Statutory Auditor
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Contents I. Operational review 1.0
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9.0 Outlook for global markets Tren
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Remuneration Report Risk Management
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10.0 Research and development In 20
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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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