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Balance sheet

as per 31 December 2013

1 000 CHFNotes2013 2012
Cash and cash equivalents 416 407120 708
Marketable securities 3 2492 917
Treasury shares   
Prepaid expenses and accrued income 349232
Income taxes receivable   
Other accounts receivable 5 7762 144
Loans to Corporate Companies 30 10233 174
Current assets(1)455 883159 175
Investments 904 142841 900
Loans to Corporate Companies 340 442359 358
Non-current assets(2)1 244 5841 201 258
Assets 1 700 4671 360 433
Current liabilities   
− Accounts payable to third parties 2 5923 476
− Tax liabilities 2 76710
− Accrued expenses and deferred income 4 7504 526
− Accounts payable to Corp. Companies and loans from Corp. Companies 356 39635 463
Non-current liabilities   
− Bonds 200 000200 000
− Loans from third parties 2 4302 269
− Provisions 28 55126 942
Liabilities(3)597 486272 686
Share capital 41 00941 009
Legal reserves   
− General reserves 148 740148 740
− Reserves from capital contributions 38 689100 202
− Reserves for treasury shares 9 3325 450
Retained earnings   
− Available earnings carried forward 788 464691 779
− Net profit for the year 76 747100 567
Equity(4)1 102 9811 087 747
Liabilities and equity 1 700 4671 360 433

Download the Notes to the financial statements

Income statement

for the year ended 31 December 2013

1 000 CHFNotes2013 2012
    
Ordinary income from investments 94 371147 077
Financial income 21 16221 488
Income from services provided to Corporate Companies 40 87440 014
Other income 2 2063 493
Income(6)158 613212 072
Ordinary expenses for investments 42 62772 810
Financial expenses 2 5596 432
Cost of services provided by Corporate Companies 2 0292 058
External expenses 15 92516 066
Personnel expenses 15 62015 006
Income taxes 3 106–867
Expenses(7)81 866111 505
Net profit for the year 76 747100 567

Download the Notes to the financial statements

Statement of changes in equity

for the year ended 31 December 2013

1 000 CHFShare capitalGeneral reserves1 Reserves from capital contributions1 Reserves for treasury shares1 Special reservesRetained earningsEquity
Balance as per 31 December 2 01141 009148 741161 7157 458 689 7711 048 694
Net profit for the year     100 567100 567
Reduction in par value       
Dividend from reserves from capital contributions  –61 513   –61 513
Reclassification   –2 008 2 008 
Rounding difference –1    –1
Balance as per 31 December 201241 009148 740100 2025 450 792 3461 087 747
Net profit for the year     76 74776 747
Dividend from reserves from capital contributions  –61 513   –61 513
Reclassification   3 882 –3 882 
Balance as per 31 December 201341 009148 74038 6899 332 865 2111 102 981

1 Legal reserves.

Notes to the financial statements

Contact us

Corporate Communications
Georg Fischer Ltd
Amsler-Laffon-Strasse 9
8201 Schaffhausen
Switzerland

kommunikation #at# georgfischer dot com

Proposal by the Board of Directors

Proposal by the Board of Directors for the appropriation of the retained earnings 2013

1 000 CHF2013 2012
Net profit for the year76 747100 567
Earnings carried forward792 346689 771
Reduction/allocation to treasury share reserves–3 8822 008
Retained earnings865 211792 346
To be carried forward865 211792 346

Proposal by the Board of Directors for the appropriation of reserves from capital contributions

1 000 CHF2013 2012
Reserves from capital contributions carried forward from previous year38 689100 202
Balance as per 31 December 201338 689100 202
Dividend payment out of reserves from capital contributions1 –28 706–61 513
To be carried forward9 98338 689

1  The dividend payment is based on the issued share capital as per 31 December 2013. No distribution will be made for treasury shares held by Georg Fischer Ltd.

The Board of Directors will propose to the Annual Shareholders’ Meeting of 19 March 2014 to carry forward retained earnings as of 31 December 2013 to new account and to pay out a dividend of CHF 7 per registered share free of 35% withholding tax out of reserves from capital contributions. In addition, the Board of Directors will propose to the Annual Shareholders’ Meeting a par value reduction of CHF 9 to CHF 1 per registered share. A profit distribution of CHF 16 will be proposed to the Annual Shareholders’ Meeting.

In the previous year, a dividend of CHF 15 per registered share free of 35% withholding tax was paid out of reserves from capital contributions according to the decision taken by the Annual Shareholders’ Meeting of 20 March 2013.

Schaffhausen, 14 February 2014

For the Board of Directors
The Chairman

Signature by Andreas Koopmann

Andreas Koopmann

Contact us

Corporate Communications
Georg Fischer Ltd
Amsler-Laffon-Strasse 9
8201 Schaffhausen
Switzerland

kommunikation #at# georgfischer dot com

Report of the Statutory Auditor

on the financial statements to the Annual Shareholders’ Meeting of Georg Fischer Ltd, Schaffhausen

As statutory auditor, we have audited the financial statements of Georg Fischer Ltd, which comprise the balance sheet, income statement, statement of changes in equity and notes (pages 109 to 118), for the year ended 31 December 2013. 

Board of Directors’ responsibility

The Board of Directors is responsible for the preparation of the financial statements in accordance with the requirements of Swiss law and the company’s articles of incorporation. This responsibility includes designing, implementing and maintaining an internal control system relevant to the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The Board of Directors is further responsible for selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.

Auditor’s responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Swiss law and Swiss Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control system relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control system. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 

Opinion

In our opinion, the financial statements for the year ended 31 December 2013 comply with Swiss law and the Company’s articles of incorporation.

Report on other legal requirements

We confirm that we meet the legal requirements on licensing according to the Auditor Oversight Act (AOA) and independence (article 728 CO and article 11 AOA) and that there are no circumstances incompatible with our independence.

In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890, we confirm that an internal control system exists which has been designed for the preparation of financial statements according to the instructions of the Board of Directors.

We further confirm that the proposed appropriation of earnings and reserves from capital contributions complies with Swiss law and the company’s articles of incorporation. We recommend that the financial statements submitted to you be approved.

PricewaterhouseCoopers Ltd

signatures_Stefan-Raebsamen

Stefan Räbsamen
Audit expert
Auditor in charge

Zurich, 14 February 2014

signatures_Diego--Alvarez

Diego J. Alvarez
Audit expert

Contact us

Corporate Communications
Georg Fischer Ltd
Amsler-Laffon-Strasse 9
8201 Schaffhausen
Switzerland

kommunikation #at# georgfischer dot com