Financial Report

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AFG Annual Report 2011 2010 in 1000 CHF Consolidated Financial Statements AFG Arbonia-Forster-Group Notes to the Consolidated Financial Statements Heating & Sanitary Kitchens & Refrigeration Windows & Doors Steel Technology Surface Technology Others and eliminations 130 Total Group Sales with third parties 544 117 266 876 405 148 128 184 59 439 9 776 1 413 540 Sales with other segments 376 183 23 11 221 4 − 11 807 Net revenues 544 493 267 059 405 171 139 405 59 443 − 2 031 1 413 540 EBITDA before restructuring 69 877 1 795 52 405 16 991 1 505 − 2 934 139 639 in % of net revenues 12.8 0.7 12.9 12.2 2.5 9.9 Restructuring costs EBITDA after − 12 880 − 5 659 − 18 539 restructuring 56 997 − 3 864 52 405 16 991 1 505 − 2 934 121 100 in % of net revenues 10.5 − 1.4 12.9 12.2 2.5 8.6 Depreciation and amortisation Impairment property, plant and equipment/ − 17 952 − 7 623 − 13 544 − 7 135 − 10 268 − 7 602 − 64 124 intangible assets − 5 117 − 1 780 − 200 − 7 097 Impairment goodwill − 980 − 1 402 − 2 382 Segment results (EBIT) 32 948 − 14 669 38 861 9 856 − 8 963 − 10 536 47 497 in % of net revenues 6.1 − 5.5 9.6 7.1 − 15.1 3.4 Interest income 211 57 92 12 14 226 612 Interest expenses Minority share from − 5 459 − 1 485 − 304 − 1 142 − 3 885 − 7 157 − 19 432 associated companies 13 13 Other financial result Result before − 5 133 − 251 − 2 408 − 4 573 − 2 924 12 052 − 3 237 income tax 22 567 − 16 335 36 241 4 153 − 15 758 − 5 415 25 453 Income tax expense − 8 690 4 558 − 8 972 − 722 6 698 − 4 169 − 11 297 Result after income tax 13 877 − 11 777 27 269 3 431 − 9 060 − 9 584 14 156 Average number of employees 2 594 847 1 371 311 454 214 5 791 Total assets thereof associated 347 314 153 071 356 110 114 924 187 240 229 525 1 388 184 companies 304 304 Total liabilities Purchases of property, plant and equipment, investment properties 236 746 116 432 129 069 57 328 169 191 98 793 807 559 and intangible assets 11 901 6 056 9 218 2 049 9 732 1 900 40 856 The restructuring costs in the Heating and Sanitary Division as well as Kitchens and Refrigeration Division include mainly the costs for the redundancy programme in connection with the reorganisation announced on 8 October 2010 for the heating and kitchen business. The Heating and Sanitary Division includes in the position impairment property, plant and equipment/intangible assets an impairment of CHF 3.7 million for the colour machine resulting from the reorganisation of the production site in DE-Riesa. Furthermore the position includes
AFG Annual Report 2011 Consolidated Financial Statements AFG Arbonia-Forster-Group Notes to the Consolidated Financial Statements 131 an impairment of CHF 1.4 million on intangible assets relating to the goodwill impairment test of Aqualux. The goodwill impairment relates to the Aqualux goodwill (see note 39). Impairments in the Kitchens and Refrigeration Division relate to the goodwill impairment test of the CGU Warendorfer entities (see note 39). The Surface Technology Division contains an impairment charge of CHF 0.2 million for an idle plant, which was sold in 2010. Information about geographical areas 2011 Switzerland Germany Other Countries Total Group in 1000 CHF Net revenues Property, plant and equipment, investment properties, intangible 676 599 384 058 286 728 1 347 385 assets and goodwill 420 058 103 303 124 218 647 579 2010 Switzerland Germany Other Countries Total Group in 1000 CHF Net revenues Property, plant and equipment, investment properties, intangible 672 052 414 314 327 174 1 413 540 assets and goodwill 526 302 107 275 103 008 736 585 Major customers AFG has no customer who generates more than 10 % of the Group's net revenues (see also paragraph credit default risk in note 52). 32 Cash and cash equivalents Cash and cash equivalents are denominated in the following currencies: in 1000 CHF 31 / 12 / 2011 31 / 12 / 2010 CHF 186 739 204 056 EUR 52 397 53 911 USD 2 739 1 303 GBP 5 006 1 201 PLN 509 1 034 CZK 554 1 096 Other currencies 1 657 717 Total 249 601 263 318 The effective interest on bank deposits is between 0.13 % and 0.5 % (2010: between 0.13 % and 0.5 %).
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Financial Report

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