Annual Report 2014

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Balance sheet

as of 31 December 2014

CHF 1 000 Notes 2014 2013
Cash and cash equivalents   72 188 416 407
Marketable securities   3 635 3 249
Prepaid expenses and accrued income   485 349
Other accounts receivable   7 736 5 776
Loans to Corporate Companies   99 110 30 102
Current assets (1) 183 154 455 883
Investments   947 226 904 142
Loans to third parties   1 989 0
Loans to Corporate Companies   326 456 340 442
Non-current assets (2) 1 275 671 1 244 584
Assets   1 458 825 1 700 467
Current liabilities      
− Accounts payable to third parties   1 864 2 592
− Tax liabilities   3 591 2 767
− Accrued expenses and deferred income   5 088 4 750
− Accounts payable to Corp. Companies and loans from Corp. Companies   46 868 356 396
Non-current liabilities      
− Bonds   200 000 200 000
− Loans from third parties   3 760 2 430
− Provisions   31 240 28 551
Liabilities (3) 292 411 597 486
Share capital   4 101 41 009
Legal reserves      
− General reserves   148 740 148 740
− Reserves from capital contributions   9 983 38 689
− Reserves for treasury shares   9 131 9 332
Retained earnings      
− Available earnings carried forward   865 411 788 464
− Net profit for the year   129 048 76 747
Equity (4) 1 166 414 1 102 981
Liabilities and equity   1 458 825 1 700 467

Download the Notes to the financial statements

Income statement

for the year ended 31 December 2014

CHF 1 000 Notes 2014 2013
Ordinary income from investments   160 448 94 371
Financial income   15 968 21 162
Income from services provided to Corporate Companies   41 184 40 874
Other income   2 192 2 206
Income (6) 219 792 158 613
Ordinary expenses for investments   46 064 42 627
Financial expenses   6 444 2 559
Cost of services provided by Corporate Companies   2 435 2 029
External expenses   15 924 15 925
Personnel expenses   16 306 15 620
Income taxes   3 571 3 106
Expenses (7) 90 744 81 866
Net profit for the year   129 048 76 747

Download the Notes to the financial statements

Statement of changes in equity

CHF 1 000 Share capital General reserves1 Reserves from capital contributions1 Reserves for treasury shares1 Retained earnings Equity
Balance as of 31 December 2012 41 009 148 740 100 202 5 450 792 346 1 087 747
Net profit for the year         76 747 76 747
Dividend from reserves from capital contributions     –61 513     –61 513
Reclassi-
fication
      3 882 –3 882  
Balance as of 31 December 2013 41 009 148 740 38 689 9 332 865 211 1 102 981
Net profit for the year         129 048 129 048
Reduction in par value –36 908         –36 908
Dividend from reserves from capital contributions     –28 706     –28 706
Reclassi-
fication
      –200 200  
Rounding difference       –1   –1
Balance as of 31 December 2014 4 101 148 740 9 983 9 131 994 459 1 166 414

1 Legal reserves.

Notes to the financial statements

Proposal by the Board of Directors

Proposal by the Board of Directors for the appropriation of the retained earnings 2014

CHF 1 000 2014 2013
Net profit for the year 129 048 76 747
Earnings carried forward 865 211 792 346
Allocation/
reduction to treasury share reserves
200 –3 882
Retained earnings 994 459 865 211
Dividend payment CHF 14.57 per registered share1 –59 750  
To be carried forward 934 709 865 211

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

CHF 1 000 2014 2013
Reserves from capital contributions carried forward from previous year 9 983 38 689
Balance as of 31 December 2014 9 983 38 689
Dividend payment out of reserves from capital contributions of CHF 2.431 –9 965 –28 706
Reclassification of reserves from capital contribution to retained earnings –18  
To be carried forward   9 983

1  The dividend payment is based on the issued share capital as of 31 December 2014. 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 18 March 2015 to pay out a dividend of CHF 14.57 per registered share out of retained earnings. In addition, the Board of Directors will propose to the Annual Shareholders’ Meeting to pay out a dividend of CHF 2.43 per registered share free of 35% withholding tax out of reserves from capital contributions. A profit distribution of CHF 17 per registered share will be proposed to the Annual Shareholders’ Meeting.

In the previous year, a dividend of CHF 7 per registered share free of 35% withholding tax out of reserves from capital contributions and a par value reduction of CHF 9 per registered share was paid out according to the decision taken by the Annual Shareholders’ Meeting of 19 March 2014.

Schaffhausen, 13 February 2015

For the Board of Directors
The Chairman

Signature by Andreas Koopmann

Andreas Koopmann

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 111 to 120), for the year ended 31 December 2014.

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 2014 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 retained 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. 

Zurich, 13 February 2015

 

PricewaterhouseCoopers Ltd

signatures_Stefan-Raebsamen

Stefan Räbsamen
Audit expert
Auditor in charge

signatures_Diego--Alvarez

Diego J. Alvarez
Audit expert

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