Annual Report 2009 - Von Roll

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Financial Reporting 2009 – Consolidated Financial Statements 75Trade accounts receivable include amounts denominated in the following major currencies:in CHF 1,000 2009 2008CHF 3,031 4,185EUR 38,427 58,432GBP 3,009 4,049USD 22,985 24,786CNY 9,549 10,179INR 7,977 6,918ILS 3,260 7,200Other currencies 1,782 788Total 90,020 116,53728.| Other accounts receivable and prepaid expensesin CHF 1,000 2009 2008Receivables from employees 352 444VAT receivables 11,108 9,037Downpayments to supplier 1,888 15,971Other receivables 9,765 10,937Prepaid expense and deferred income 5,327 6,514Total 28,440 42,90329.| Cash and cash equivalentsin CHF 1,000 2009 2008CHF 7,936 27,691EUR 14,339 43,817GBP 1,035 775USD 22,525 18,384Other 16,581 9,802Total 62,416 100,469Cash and cash equivalents include cash held at banks and other financial institutions. They bear interest at between0 % and 8.15 %. Cash is only deposited with financial institutions whose credit rating is outstanding.Cash and cash equivalents held in USD include restricted cash. This sum amounts to 10 % of the maximum contractvolume (see Note 1 – Foreign Exchange Risk). The restriction on disposal can be lifted at any time without due notice.
76 Financial Reporting 2009 – Consolidated Financial Statements30.| Share capitalShare capitalThe share capital as of 31 December 2009 consists of 184,778,889 bearer shares, unchanged from 31 December2008. The par value per share is CHF 0.10. No authorised or conditional capital is outstanding.Treasury sharesAs of 31 December 2009 Von Roll held 7,038,464 (2008: 6,261,249) treasury shares, which were acquired for anaverage stock price of CHF 10.63 (2008: CHF 11.19). This represents a shareholding of 3.8 % (2008: 3.4 %) of the sharecapital issued.Numberof shares in CHF 1,000Numberof shares in CHF 1,000Share Capital 2009 2009 2008 2008At 1 January 184,778,889 18,479 184,778,889 18,479At 31 December 184,778,889 18,479 184,778,889 18,479Treasury sharesAt 1 January 6,261,249 69,446 1,080,000 8,673Purchase/sale of treasury shares 777,215 2,846 5,181,249 60,773At 31 December 7,038,464 72,291 6,261,249 69,446Composition of the major shareholdersThe composition of the major shareholders is presented in the notes to the financial statements of Von Roll HoldingAG.Stock option plan for the Executive ManagementIn 2007, a stock option plan was introduced for the Executive Management. Non-transferable stock options may beissued to the Executive Management each year; however, there is no obligation to grant any options. The optionsmay be exercised at any time for a period of three years for a price determined at the grant date, if at the timeof exercise, the executive officer is still employed by the company. A maximum of 50 % of the options granted maybe exercised each year. The options can only be settled in shares (equity settlement). The potential commitmentto provide shares for options will be covered solely by the purchase of shares on the stock exchange.a) 2007 TrancheIn 2007, 500,000 options to acquire 500,000 shares were granted to the Executive Management. The exercise pricewas fixed at CHF 20. The issued options may be exercised from the grant date until 31 December 2010; however, only50 % may be exercised in 2007 and 2008, and 50 % in 2009.The options granted at that time are valued on the basis of the Black-Scholes option pricing model and have anaverage fair value of CHF 1.05. The volatility rate of 46 % is based on historically observed stock prices. The risk-freeinterest rate of 3.25 % is based on Swiss government bonds with similar maturities. The underlying dividend yield isexpected to be 1.06 %.b) 2009 TrancheIn the reporting period, options to acquire 500,000 shares were granted to the Executive Management. The exerciseprice was fixed at CHF 12. The issued options may be exercised from the grant date until 31 December 2012; however,only 50 % may be exercised in 2009 and 2010, and 50 % in 2011.The options granted are valued on the basis of the Black-Scholes option pricing model and have an average fairvalue of CHF 0.95. The volatility rate of 43 % is based on historically observed stock prices. The risk-free interest rateof 2.32 % is based on Swiss government bonds with similar maturities. The underlying dividend yield is expected tobe 1.56 %.
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09Annual ReportWe Enable Energy
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Share of total salesNet sales by re
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2 Letter to shareholdersDear Shareh
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4 StrategyRefocussing of the strate
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6 StrategyPortfolio optimisation an
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8 Executive ManagementThe Executive
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10 Business developmentFor financia
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12 Business developmentVon Roll Com
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SEGMENTSAPPLICATIONGeneratorsRotati
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MARKETSPower stations (gas, coal, w
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16 Description of segmentsVon Roll
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22 Global presenceGlobal presenceMo
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Annual Report 2009 - Von Roll

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