Annual Report 2009 - Von Roll

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Financial Reporting 2009 – Consolidated Financial Statements 77In the reporting period, corresponding personnel expenses were recognised to the amount of TCHF 350 (2008:TCHF 194). Social security contributions related to options are chargeable only as of the exercise date. Taxes are tobe borne by the option holder.No options were exercised in the reporting period, neither have any lapsed.Stock option plan for senior and middle managementIn 2008, a stock option plan was introduced for senior and middle management. Non-transferable stock options maybe issued to these managers each year; however, there is no obligation to grant any options. The options may beexercised at any time for a period of five years for a price determined at the grant date if, at the time of exercise,the manager is still employed by the company.The corresponding personnel expenses recognised in 2009 amount to TCHF 785 (2008: TCHF 341). These expensesare accordingly offset in equity. Social security contributions related to options are chargeable only as of the exercisedate. Taxes are to be borne by the option holder.a) 2008 TrancheThe first 33⅓ % of the options granted may be exercised from 1 February 2009. An additional 33⅓ % may be exercisedon the same date in both 2010 and 2011. The options can only be settled in shares (equity settlement). The potentialcommitment to provide shares for options will be covered solely by the purchase of shares on the stock exchange.In 2008, 475,000 options to acquire 475,000 shares were granted to members of senior and middle management.The exercise price was fixed at CHF 10. The options issued under this tranche may be exercised from the date ofgrant until 31 January 2013.The options granted are valued on the basis of the Black-Scholes option pricing model and have an average fairvalue of CHF 2.62. The volatility rate of 52 % is based on historically observed stock prices. The risk-free interest rateof 2.82 % is based on Swiss government bonds with similar maturities. An underlying dividend yield of 1.17 % andfluctuation of 10 % per year are expected.No options were exercised in the reporting period. As of 31 December 2009, 141,000 options of the tranche issuedin 2008 had lapsed.b) 2009 TrancheThe first 33⅓ % of the options granted may be exercised from 1 February 2010. An additional 33⅓ % may be exercisedon the same date in both 2011 and 2012. The options can only be settled in shares (equity settlement). The potentialcommitment to provide shares for options will be covered solely by the purchase of shares on the stock exchange.In 2009, 596,000 options to acquire 596,000 shares were granted to members of senior and middle management.The exercise price was fixed at CHF 11. The options issued under this tranche may be exercised from the date ofgrant until 31 January 2014.The options granted are valued on the basis of the Black-Scholes option pricing model and have an average fairvalue of CHF 1.25. 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. An underlying dividend yield of 1.56 % andfluctuation of 10 % per year are expected.No options were exercised in the reporting period. As of 31 December 2009, 100,200 options of the tranche issuedin 2009 had lapsed.
78 Financial Reporting 2009 – Consolidated Financial Statements31.| Financial liabilitiesFair ValuesBook valuesin CHF 1,000 2009 2008 2009 2008Short-term bank debts 241 1,799 241 1,799Short-term leasing liabilities – 54 – 54Short-term portion of loans 413 18 413 18Derivatives 575 – 575 –Short-term financial liabilities 1,229 1,871 1,229 1,871Long-term bank debts – 380 – 381Loans and other financial liabilities 87 232 87 232Long-term financial liabilities 87 612 87 613Financial liabilities 1,316 2,483 1,316 2,484Of which secured (Note 37)Bank debts 232 1,413Loans 395 763On July 11, 2007, Von Roll signed a CHF 100 million syndicated loan agreement with Credit Suisse as prime underwriterin order to optimise the cost of financing. The loan includes as a financial covenant a leverage ratio on theoperating income and equity. Both were met as of December 31, 2009. The syndicated loan was not drawn down onthe balance sheet date.The derivative financial instruments as of the balance sheet date are open transactions which are automaticallyclosed in the event of depreciation of more than 4 %.The following table shows the due dates for the company’s financial liabilities compared to the previous year:in CHF 1,000 2009 2008Within 1 year 1,229 1,871In 2 years 17 526In 3 years 18 18In 4 years 18 18In 5 years 18 18More than 5 years 16 33Total 1,316 2,484On 31 December 2009, Von Roll had TCHF 105,130 (2008: TCHF 105,293) in unused credit facilities available. Thesemainly relate to the syndicated loan lent to Von Roll Holding AG.Financial liabilities were denominated in the following currencies as of December 31, 2009:in 1,000 CHF EUR Other TotalBank debts – 3 238 241Loans and other financial liabilities – 500 – 500Derivatives – – 575 575Total – 503 813 1,316Financial liabilities were denominated in the following currencies as of December 31, 2008:in 1,000 CHF EUR Other TotalBank debts – 768 1,413 2,181Loans and other financial liabilities 127 122 – 249Derivatives 54 – – 54Total 181 890 1,413 2,484
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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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24 The Von Roll shareThe Von Roll s
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Annual Report 2009 - Von Roll

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