Annual Report 2012 - Investor Relations

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60Notes to the consolidated financial statementsContract or nominal values show the outstanding transaction volume as at the balance sheet date.Raw materials derivatives hedge the cash flow risks of future planned pulp purchases by means of swap transactions. The amount andthe timeline of the hedged future planned pulp purchases are based on contractually agreed delivery quantities and dates for specialitypapers over a planned timeframe of a maximum of twelve months. As of 31 December 2012, the Group had hedged future planned pulppurchases totalling 18,000 tons (2011: none) by way of two contracts.The net loss from hedging transactions recognised in the consolidated income statement under “cost of goods and services sold”amounted to TCHF 344 in FY 2012 (2011: net gain TCHF 3,629).13. Trade accounts receivableTrade accounts receivable from product deliveries, gross 58,234 65,912Allowances for bad debts –3,671 –4,111Total trade accounts receivable, net 54,563 61,8012012TCHF2011TCHFInsured receivables 46,136 53,08014. InventoriesRaw materials 15,561 11,745Work in progress and finished goods 31,017 27,865Consumables and supplies 1,848 1,957Spare parts 2,833 2,749Advanced payments to suppliers – 227Total inventories 51,259 44,543The values of inventories that are difficult to sell and inventories with a lower net market value are adjusted. The Group determines thevalue adjustments for inventories that are difficult to sell using past experience. The value adjustment of finished goods as at 31 December2012 amounted to TCHF 2,855 (2011: TCHF 2,126).2012TCHF2011TCHFIn the course of restructuring the Cham Paper Group, consumables & supplies and spare parts in the amount of TCHF 1,393 were valueadjustedin 2011.15. Other current receivablesVAT receivables 2,838 2,622Social security receivables 219 802Other receivables 2,280 4,054Other current receivables 5,337 7,4782012TCHF2011TCHF
Notes to the consolidated financial statements6116. Tangible fixed assets2012UndevelopedpropertiesTCHFLand andbuildingsTCHFMachinery,equipmentand vehiclesTCHFProductionequipmentTCHFConstructioninprogressTCHFAcquisition costs as at 1 January – 92,301 204,754 189,105 2,539 488,699Transfers between categories – – 2,757 55 –2,812 –Additions – 320 3,975 219 1,522 6,036Disposals – – –4,236 – – –4,236Exchange differences – –242 –1,163 –430 –27 –1,862Acquisition costs as at 31 December – 92,379 206,087 188,949 1,222 488,637Cumulative depreciation as at 1 January – –58,732 –176,504 –162,933 – –398,169Depreciation – –1,219 –7,421 –4,488 – –13,128Impairment – – – – – –Disposals – – 4,236 – – 4,236Exchange differences – 121 928 222 – 1,271Cumulative depreciation as at 31 December – –59,830 –178,761 –167,199 – –405,790Carrying amount as at 31 December – 32,549 27,326 21,750 1,222 82,847Carrying amount as at 1 January – 33,569 28,250 26,172 2,539 90,530TotalTCHF2011UndevelopedpropertiesTCHFLand andbuildingsTCHFMachinery,equipmentand vehiclesTCHFProductionequipmentTCHFConstructioninprogressTCHFAcquisition costs as at 1 January 478 82,760 201,755 199,411 3,296 487,700Transfers between categories –47 47 3,402 2,044 –5,446 –Additions – 10,109 4,624 1 4,728 19,462Disposals –431 –21 –2,148 –11,277 – –13,877Exchange differences – –594 –2,879 –1,074 –39 –4,586Acquisition costs as at 31 December – 92,301 204,754 189,105 2,539 488,699Cumulative depreciation as at 1 January – –45,590 –159,953 –139,851 – –345,394Depreciation – –1,874 –9,240 –7,000 – –18,114Impairment – –11,565 –11,716 –27,816 – –51,097Disposals – – 2,125 11,193 – 13,318Exchange differences – 297 2,280 541 – 3,118Cumulative depreciation as at 31 December – –58,732 –176,504 –162,933 – –398,169Carrying amount as at 31 December – 33,569 28,250 26,172 2,539 90,530Carrying amount as at 1 January 478 37,170 41,802 59,560 3,296 142,306The assets were examined on the balance sheet reporting date for any signs of impairment as provided for in Swiss GAAP FER 20. Noimpairments were applied for 2012. (Impairments in the amount of TCHF 51,097 were applied in 2011 in association with the restructuringof the Cham Paper Group.)TotalTCHFThe carrying values of the pledged tangible fixed assets for financial liabilities amount to TCHF 42,954 (2011: TCHF 48,403).The fire insurance value of tangible fixed assets amounts to TCHF 715,458 (2011: TCHF 766,347). Tangible fixed assets are insured attheir reinstatement value.
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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 61: 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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Annual Report 2012 - Investor Relations

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