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Income Statement of Siegfried Holding Ltd.In CHFIncome 2006 2005Income from subsidiaries 6 100 000 13 000 000Financial income 21 798 347 13 814 517Management service fees 9 994 052 7 970 155Extraordinary income 402 400 1 519 483Total profit 38 294 799 36 304 155ExpensesPersonnel and other administrative expenses 3 477 499 2 366 986Financial expenses 14 877 031 5 505 468Taxes 1 193 678 596 853Provisions and depreciation 3 386 21 629Total expenses 19 551 594 8 490 936Net income 18 743 205 27 813 219Notes to the Financial Statements of SiegfriedHolding Ltd. (In accordance with Art. 663 b and cof the Swiss Code of Obligations)Guarantees and securities: CHF 223.4 million(2005: CHF 179.2 million).Insurance value of fixed assets: CHF 0.2 million(2005: CHF 0.2 million).All subsidiaries of significance for an assessment of theGroup’s financial position and earnings are listed onpage 72.Shareholders representing more than 3% of the votesincluded in the shareholders’ register are: The CamelliaGroup (consisting of Camellia Holding Ltd., Glarus, andAffish Ltd., Linton) holds an interest of 33.35%, andthe Siegfried Shareholder Group (consisting of the heirsof Dr hc Hans Siegfried and Sigamed AG, Zug) 5.19%.These Groups have entered into agreements entitling eachother with preemption rights for shares which the otherGroup may wish to sell.According to its own statement, Tweedy, Browne CompanyLLC, New York, USA, holds an interest of 10.27% and3V Asset Management AG, Zurich, 3,17% of the shares ofSiegfried Holding Ltd. 3% of these shares are registeredwith voting rights, the remaining shares – as far as notified –without voting rights.As security for the utilized portion of the syndicated bankloan, Siegfried Holding Ltd. has assigned receivables fromsubsidiaries in favor of the consortium banks. As of December31, 2006, CHF 64.0 million (2005: CHF 67.1 million) ofthe credit line have been drawn.Treasury shares During the reporting period, SiegfriedHolding Ltd. and one of its subsidiaries have purchased andsold Siegfried shares at market prices, resulting in a netincrease of 23 649 shares:NumberAverageCHF of shares priceAt January 1, 2005 57 632 153.0Purchases Jan.– Dec. 05 5 350 155.4Sales Jan.– Dec. 05 44 879 150.3At December 31, 2005 18 103 157.8Purchases Jan.– Dec. 06 36 330 187.5Sales Jan.– Dec. 06 12 681 172.5At December 31, 2006 41 752 181.2General information Siegfried Holding Ltd. holds directlyor indirectly all subsidiaries of the Siegfried Group. TheFinancial Statements of Siegfried Holding Ltd. are preparedin accordance with Swiss company law.Balance SheetNon-current assets Investments in subsidiaries and affiliatesinclude those companies in which Siegfried Holding Ltd.has an interest of more than 50% and the minority interestin SCI Pharmtech Inc., Taoyuan, Taiwan. Investments insubsidiaries an affiliates are valued at acquisition cost lessaccumulated depreciation. Investments have increasedas Siegfried Biologics AG was founded in the year underreview. Long-term loans to affiliates were used for thefinancing of capital expenditures and other operationalactivities.Current assets Prepaid expenses include the arranger feefor the renewal of the syndicated bank loan, which ischarged to expense over the duration of the loan, as wellas the accrual accounting for several items of income.Financial Statements Siegfried Holding Ltd.91
Securities are stated at the lower of cost or market valueon the balance sheet date. The decrease in Securities isdue to sales of treasury shares by Siegfried Holding Ltd.Proposal for the appropriation of earnings The Board ofDirectors proposes the following appropriation of earningsto the General Meeting of Shareholders:Shareholders’ equity The share capital of CHF 5.6 millioncomprises 2 800 000 registered shares of CHF 2 nominalvalue each.Ordinary reserves are unchanged at CHF 2.8 million.CHF 16.0 million were credited to free reserves fromprevious year’s appropriation of retained earnings. Outof the free reserves, CHF 4.7 million were transferredto treasury share reserves, reflecting the acquisition valueof 23 649 own shares bought in the reporting period.Liabilities Siegfried Holding Ltd. has drawn downCHF 64.0 million (2005: CHF 67.1 million) out of thesyndicated bank loan of the Siegfried Group witha credit line of CHF 200 million. In August 2006 thematurity date of the syndicated bank loan was extendedby five years up to 2012.In CHF 2006 2005Net profit 18 743 205 27 813 219Balance carried forward 682 853 502 210Total earnings available forappropriation 19 426 058 28 315 429Gross dividend of CHF 4.20per registered share of CHF 2p.v. on max 2 800 000 registeredshares qualifying for dividend 1 11 760 000 11 632 576Allocation to free reserves 7 000 000 16 000 000Total appropriation 18 760 000 27 632 576Balance to be carried forward 1 666 058 682 8531Dividends not paid out on treasury shares will be carried forward to newaccount.Deferred charges include the deferrals and accruals ofvarious income and expense items. Provisions includeaccrued income taxes, accruals for operational risks andaccruals of a general nature.Income Statement The income from subsidiaries in theamount of CHF 6.1 million (2005: CHF 13.0 million)comprises dividends received.Financial income consists mainly of interest received onloans to subsidiaries, foreign exchange gains on loans tothird parties and to affiliates and, to a lesser extent, ofincome from the securities portfolio. Management servicefees relate to services provided to subsidiaries.Financial expenses include interest on the syndicated bankloan and on loans from subsidiaries and exchange losseson loans to foreign subsidiaries.The extraordinary income is a result of a release ofvaluation allowances on loans to subsidiaries.Including the balance from the previous year ofCHF 0.7 million and the net profit for the year ofCHF 18.7 million, the total available earnings forthe year amount to CHF 19.4 million.92 Financial Statements Siegfried Holding Ltd.
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Siegfried - when substance mattersA
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OverviewFor 2006, the Siegfried Gro
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Sabrina BaumannChemical Lab Apprent
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custom synthesis and shorten projec
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we are obligated to maintain our in
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Annual ReportThe Siegfried Division
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apid change as significant price er
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The Siegfried Division PipelineThe
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The Sidroga DivisionThe Sidroga Div
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OutlookThe revenues for active phar
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Board of Directors and Corporate Of
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Adrian AzzopardiQuality Control Man
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2. Foreword and general frameworkRe
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3.2 Participation structure of Sieg
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4.2 CrossholdingsThe Siegfried Grou
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6.2 ProfilesDr Markus Altwegg, Chai
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Prof Dr med Felix GutzwillerFelix G
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6.3 Linking directorates6.3.1 Corpo
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Excerpt from the company regulation
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7.2 ProfilesDouglas C. Günthardt,
Page 44 and 45: 7.3 Management ContractsSiegfried H
Page 46 and 47: 9.3 Calling a General Meeting of Sh
Page 48: 12. Information policyThe Siegfried
Page 51 and 52: Report on“Safety - Health - Envir
Page 53 and 54: Overview 2002-2006Key corporate fig
Page 55 and 56: Resources2002-2006 overviewUnit 200
Page 57 and 58: Workplace accidentsComparison: 2002
Page 60 and 61: Paul GauvreauProcess Development Ch
Page 62 and 63: Net profits declined from CHF 36.5
Page 64 and 65: Consolidated Income Statementfor th
Page 66 and 67: Consolidated Statement of Recognize
Page 68 and 69: Restated Recognized Income and Expe
Page 70 and 71: asset in question is reviewed and,
Page 72 and 73: Research and development Research a
Page 74 and 75: Financial Statements Siegfried Grou
Page 76 and 77: 2. Property, plant and equipmentIn
Page 78 and 79: The recoverability of capitalized G
Page 80 and 81: 8. Other current assetsIn 1000 CHF
Page 82 and 83: The financial liabilities are denom
Page 84 and 85: The following amounts are recognize
Page 86 and 87: Contingent liabilities for addition
Page 88 and 89: Report of the Group auditorsto the
Page 90: Financial Statements Siegfried Grou
Page 93: Financial Statements Siegfried Hold
Page 97 and 98: Stock market data2006 2005 2004 200
Page 99 and 100: Cautionary statement regarding forw
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English - Siegfried

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