Annual Report 2009 - Rieter

42 Rieter Group . Annual Report 2009 . Notes to the consolidated financial statements
The table below shows the contractual maturities of the Group’s financial liabilities (including interests):
Financial liabilities December 31, 2009
CHF million
Capital management
The capital managed by the Group corresponds
with the consolidated equity. Rieter’s objectives in
terms of capital management are to safeguard the
Group’s financial stability and the ability to continue
as a going concern in order to continue to provide
returns for shareholders and benefits for other stakeholders,
as well as to maintain an optimal capital
structure. The equity ratio is currently about 36%.
As an industrial Group, Rieter strives to have a
strong balance sheet with an equity ratio of at about
35%. In order to maintain or change the capital
structure the Group may adjust dividend payments
to shareholders, return capital to shareholders,
issues new shares or dispose of assets in order to
reduce debt.
On February 22, 2009, the sale of 420 000 Rieter
treasury shares to PCS Holding AG in Weinigen
(Switzerland) led to a cash inflow of 55.9 million
CHF. On May 5, 2009, Rieter alloted to the shareholders
one shareholders’ option for each share
Carrying
amount
Contractual
cash flows
Within
1 year
In 1 to 5
years
In 5 or
more years
Total
cash-flow
Bank debt 188.1 84.3 124.9 0.0 209.2
Finance leasing obligations 4.6 1.1 3.8 0.5 5.4
Other financial debt 29.7 1.3 39.3 1.6 42.2
Negative replacement values of
derivative financial instruments 0.5 0.5 0.0 0.0 0.5
Trade payables 226.8 226.8 0.0 0.0 226.8
Financial liabilities December 31, 2008
CHF million
Carrying
amount
Contractual
cash flows
Within
1 year
In 1 to 5
years
In 5 or
more years
Total
cash-flow
Bank debt 317.4 206.5 141.0 0.0 347.5
Finance leasing obligations 6.0 1.3 5.3 0.2 6.8
Other financial debt 3.7 2.3 1.8 0.0 4.1
Negative replacement values of
derivative financial instruments 3.4 3.4 0.0 0.0 3.4
Trade payables 268.5 268.5 0.0 0.0 268.5
held. Eleven shareholders’ options entitled the
holder to purchase one new Rieter share at
a price of 120 CHF. Up to May 29, 2009 (the end
of the purchase period) 389 307 new Rieter
shares were purchased, which led to a cash inflow
of 46.7 million CHF.
Since March 20, 2009, the Group is subject to
externally imposed minimum requirements
regarding equity and free cash flow. These minimum
requirements have been complied with
and compliance is monitored permanently.