Annual Report 2012 - Investor Relations

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58Notes to the consolidated financial statements8. Financial income and expenseInterest income from cash and cash equivalents 118 136Other financial income 67 4Total financial income 185 1632012TCHF2011TCHFInterest expense of bank loans and mortgage notes –1,858 –2,298Losses and gains on interest rate derivatives, net 271 283Other financial expense –747 –490Total financial expense –2,334 –2,505Financial result –2,149 –2,3429. Income taxesCurrent income taxes –801 –37Deferred income taxes –843 –1,387Total income taxes –1,644 –1,4242012TCHF2011TCHFThe expected tax rate applied to the calculation of the deferred income taxes items is based on the pre-tax profit of the individual subsidiaries,amounting to 15.56% in 2012 (2011: 15.84%) for the companies in Switzerland and 31.40% (2011: 31.40%) for the companiesin Italy.As of 31 December 2012, the deferred tax assets amounted to TCHF 250 (2011: TCHF 942), which contained no capitalised tax losscarryovers (2011: CHF 0).Deferred tax assets from tax loss carryovers are recognised only when it appears highly probable that future taxable profits will beavailable against which the tax loss carryovers can be offset. As of 31 December 2012, the Group had tax-deductible loss carryovers ofTCHF 150,894 (2011: TCHF 151,827). The tax-deductible loss carryovers expire as follows:Tax loss carryovers2012TCHFTax effect2012TCHFTax loss carryovers2011TCHFTax effect2011TCHFTotal tax-deductible loss carryovers 150,894 24,336 151,827 23,890Recognised as deferred tax assets – – – –Non-recognised tax-deductible loss carryovers 150,894 24,336 151,827 23,890Non-capitalised tax-deductible loss carryovers according to due date:Within 1 year 58,901 9,165 – –Between 1 and 5 years 5,330 829 62,862 9,957After 5 years 86,663 14,342 88,965 13,933Total non-recognised tax-deductible loss carryovers 150,894 24,336 151,827 23,890No tax-deductible loss carryovers expired in FY 2012 (2011: TCHF 783).
Notes to the consolidated financial statements5910. Earnings / loss (–) per shareThe undiluted (basic) earnings per share are calculated by dividing the net income as of the reporting period ended on 31 December 2012and 2011 allocatable to the shareholders by the weighted average number of dividend-bearing shares outstanding during this period.In doing so, the average number of treasury shares held by Cham Paper Group Holding AG and blocked shares are deducted from thenumber of shares issued.2012 2011Weighted average number of registered shares outstanding 700,782 698,497Results share of shareholders of Cham Paper Group Holding AG) (in TCHF) –1,234 –92,086Earnings / loss (–) per share, undiluted (in CHF) –1.76 –131.83There were no diluting effects in 2012 and 2011.11. Cash and cash equivalentsCash on hand, cash in bank accounts and in postal accounts 49,010 48,751Short-term bank deposits – –Total cash and cash equivalents 49,010 48,7512012TCHF2011TCHF12. Derivative financial instrumentsDerivative financial instrumentsThe Group uses derivative financial instruments as part of its Group-wide risk management. The derivative financial instruments arereported at their current values. The following table shows the market value (gross) of the derivative financial instruments as at 31 December2012 and 2011 by type of contract and asset category:2012Contract or nominalvalue not recognisedTCHFPositive marketvalue recognisedTCHFNegative marketvalue recognisedTCHFHeld for trading purposesInterest rate derivatives – interest futures – – –Foreign currency derivatives – forward exchange contracts 17,495 – 6Held for hedging purposesRaw materials derivatives – pulp swaps 31,924 – 297Total derivative financial instruments 49,419 – 3032011Contract or nominalvalue not recognisedTCHFPositive marketvalue recognisedTCHFNegative marketvalue recognisedTCHFHeld for trading purposesInterest rate derivatives – interest futures 10,092 – 274Foreign currency derivatives – forward exchange contracts 21,879 16 –Held for hedging purposesRaw materials derivatives – pulp swaps – – –Total derivative financial instruments 31,971 16 274
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4The Cham Paper Group at a glanceTh
Page 11: Letter to Shareholders9Urs ZieglerD
Page 15: Markets of the Cham Paper Group13Ou
Page 18 and 19: 16Consumer GoodsGloria Wegmüller,G
Page 21 and 22: What has speciality papergot to do
Page 23: Industrial Release21The father and
Page 26 and 27: 24Digital ImagingA scarf as individ
Page 29 and 30: Table of contents27Table of content
Page 31 and 32: Sustainability Report29Customers: E
Page 33 and 34: Sustainability Report31Eco facts &
Page 35 and 36: Sustainability Report33Society: Foc
Page 37 and 38: Corporate Governance35In the notifi
Page 39 and 40: Corporate Governance37NameUrs Ziegl
Page 41 and 42: Corporate Governance393.2 Other act
Page 43 and 44: Corporate Governance41• Finance R
Page 45 and 46: Corporate Governance43NameMarcello
Page 47 and 48: Corporate Governance45general rule,
Page 49 and 50: Corporate Governance479. Informatio
Page 51 and 52: Consolidated financial statements49
Page 53 and 54: Consolidated financial statements51
Page 55 and 56: Notes to the consolidated financial
Page 59: Notes to the consolidated financial
Page 71 and 72: Report of the statutory auditor on
Page 73 and 74: Financial statements of Cham Paper
Page 75 and 76: Notes to the Financial Statements o
Page 81 and 82: Report of the statutory auditor on
Page 83 and 84: Publishing detailsThis annual repor
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