Annual Report 2012 - Investor Relations

Notes to the consolidated financial statements576. Other operating income/expensesDisbursed insurance benefits 491 863Net gains from disposal of tangible fixed assets – 66Reversal of provisions 700 –Grants and subsidies – 626Other income 1,814 1,202Total other operating income 3,005 2,7572012TCHF2011TCHFCapital and real estate taxes –514 –345Net losses on disposal of tangible fixed assets – –296Other expense – –394Total other operating expense –514 –1,0357. Restructuring expensesImpairment of tangible fixed assets – –51,097Impairment of intangible assets – –2,976Value adjustment of inventories – –1,393Restructuring provisions 2,484 –24,983Restructuring expenses 2,484 –80,4492012TCHF2011TCHFIn FY 2012 restructuring provisions of TCHF 2,484 were reversed for redundancy schemes and expenses incurred in connection with thepremature termination of contracts.In 2011 restructuring expenses totalling TCHF 80,449 arose in connection with the reorientation of the Cham Paper Group. The impairmentof tangible fixed assets of TCHF 51,097 is the result of discontinuing base paper production and changing over to surface coatingonly, and the repurposing of the factory buildings at the Cham site. The impairment of intangible assets of TCHF 2,976 is the result of thechange in use of the software applications by redimensioning the production sites. The impairment of inventories of TCHF 1,393 was alsoa result of discontinuing base paper production at the Cham site. Restructuring will take up to approx. two years and affect 212 employees.The restructuring provisions of TCHF 24,983 include costs for redundancy welfare plans, clearing and disposal work, and expensesincurred in connection with the premature termination of contracts.