Annual Report 2009 - Von Roll

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Financial Reporting 2009 – Consolidated Financial Statements 79Most of the financial liabilities are outstanding in the local currency of the subsidiaries. Risks from currency translationoccur only if the transactions of a subsidiary are denominated in a different currency from the presentationcurrency CHF or in a currency other than the respective local currency. To manage the foreign exchange risk fromfuture commercial transactions, Von Roll uses forward contracts whenever necessary.Interest rates for financial year 2009 were as follows:Average interest rate in % CHF EUROthercurrenciesBank debts – – 12.3 %Loans and other financial liabilities – 2.0 % –Interest rates for financial year 2008 were as follows:Average interest rate in % CHF EUROthercurrenciesBank debts – 6.1 % –Loans and other financial liabilities 3.0 % – –Borrowings issued at variable rates expose Von Roll to interest rate risks and may result in higher interest rate expensein future. Financial liabilities with a fixed interest rate include the risk of fluctuations in value. The correspondingfair values are shown above. The financial liabilities of Von Roll are almost entirely based on variable interestrates and are not hedged. As a result of the Group’s positive net cash position, the interest rate risk is immaterial.We have therefore not provided a sensitivity analysis.32.| Provisionsin CHF 1,000StaffrelatedEnvironmentalrestorationContingency& commitmentsBalance at 1 January 2008 (published) 2,067 8,566 2,478 2,042 691 1,223 17,067Restatement 1 709 – – – – – 709Balance at 1 January 2008 (restated) 2,776 8,566 2,478 2,042 691 1,223 17,776Additions 537 – 322 855 1 47 1,762Unused – – 462 – 1,492 – 166 – 197 – 140 – 2,457Utilized – 842 – 368 – 319 – 1,172 – 316 – 233 – 3,250Currency translation – 181 – 38 – 42 – 136 – 2 – 65 – 464Balance at 31 December 2008 (restated) 2,290 7,698 947 1,423 177 832 13,367Of which short-term – – 290 539 177 170 1,176Of which long-term 2,290 7,698 657 884 – 662 12,191LegalclaimsRestructuringOther TotalBalance at 1 January 2009 2,290 7,698 947 1,423 177 832 13,367Additions 379 – 1,242 671 8,621 99 11,012Unused – – – 12 – 122 – – 2 – 136Utilized – 477 – – 371 – 1,047 – 6,261 – 40 – 8,196Changes in the scope of consolidation – – – – – – 168 – 168Currency translation – 10 – – 8 17 – 135 – 4 – 140Reclassifications – – 106 – 106 – – –Balance at 31 December 2009 2,182 7,698 1,904 836 2,402 717 15,739Of which short-term – – 1,150 617 2,123 – 3,890Of which long-term 2,182 7,698 754 219 279 717 11,8491Details in note 1
80 Financial Reporting 2009 – Consolidated Financial StatementsStaff-relatedStaff-related provisions mainly include contributions to employee anniversary awards and pension plans.Environmental restorationFuture requirements for Von Roll to take action to correct the environmental impact of sediments and emissions ofchemical substances, in accordance with local laws and directives are inherently difficult to estimate. The materialcomponents of environmental provisions are the costs of completely cleaning and restoring contaminated sites andof treating and containing contamination at sites where the environmental exposure is less severe. Von Roll believesthat its total reserves for environmental restoration are adequate, based on currently available information. However,given the inherent difficulties, the necessary funds and the timing of future outflows cannot be reliably estimated.Contingency & commitmentsContingency & commitments consist mainly of provisions for customer claims, guarantees and warranties.Legal claimsLegal claims consist mainly of provisions for open legal claims.RestructuringRestructuring provisions as at 31 December 2009, contain TCHF 2,224 for the restructuring programme started in2009 and TCHF 177 for the restructuring programme announced in 2003 and now largely completed.The objective of the 2009 restructuring programme was to adjust business operations to the altered frameworkconditions that have emerged in the wake of the global economic crisis and increase the competitiveness of VonRoll. By streamlining processes and structures, merging separate production areas and eliminating unprofitableproduct lines, TCHF 8,621 were allocated to restructuring provisions in 2009. By the end of financial year 2009,TCHF 6,261 had been used.Other provisionsOther provisions consist of provisions which could not be allocated to any other categories, for example provisionsfor bobbins.
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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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26 Corporate Governance1.1.31.21.3|
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