1 Legal reserves.
Balance sheet
as of 31 December 2015
CHF 1 000 | notes | 2015 | 2014 |
Cash and cash equivalents and short-term investments with a quoted market price | 2.1 | 198 571 | 75 823 |
Other current receivables due from third parties | 6 354 | 7 736 | |
Other current receivables due from Corporate Companies | 2.2 | 29 070 | 99 110 |
Accrued income and prepaid expenses | 2 712 | 485 | |
Current assets | 236 707 | 183 154 | |
Loans to Corporate Companies | 2.3 | 341 083 | 326 456 |
Other financial assets | 1 757 | 1 952 | |
Investments | 2.4 | 913 789 | 947 263 |
Non-current assets | 1 256 629 | 1 275 671 | |
Assets | 1 493 336 | 1 458 825 | |
Current liabilities with third parties | 3 082 | 5 455 | |
Short-term interest-bearing liabilities due from third parties | 2.5 | 200 000 | |
Short-term interest-bearing liabilities due from Corporate Companies | 2.6 | 72 625 | 46 868 |
Accrued expenses and deferred income | 2.7 | 15 261 | 15 111 |
Current liabilities | 290 968 | 67 434 | |
Long-term interest-bearing liabilities | 2.8 | 3 029 | 203 760 |
Long-term provisions | 2.9 | 21 217 | 21 217 |
Non-current liabilities | 24 246 | 224 977 | |
Liabilities | 315 214 | 292 411 | |
Share capital | 2.10 | 4 101 | 4 101 |
Legal capital reserves | |||
− Reserves from capital contributions | 9 983 | ||
− Other capital reserves | 89 506 | 89 506 | |
Legal reserves | |||
− Other legal reserves | 59 234 | 59 234 | |
− Reserves for treasury shares | 2.11 | 5 634 | 9 131 |
Statutory retained earnings | |||
− Available earnings carried forward | 938 223 | 865 411 | |
− Net profit for the year | 81 424 | 129 048 | |
Equity | 1 178 122 | 1 166 414 | |
Liabilities and equity | 1 493 336 | 1 458 825 |
Download the Notes to the financial statements
Income statement
for the year ended 31 December 2015
CHF 1 000 | notes | 2015 | 2014 |
Dividend income | 3.1 | 131 647 | 135 316 |
Other income from investments | 19 | 128 | |
Income from services provided to Corporate Companies | 3.2 | 53 497 | 41 184 |
Financial income | 3.3 | 8 473 | 15 968 |
Other income | 5 194 | 2 192 | |
Income | 198 830 | 194 788 | |
Value adjustment on investments | 3.4 | 49 107 | 18 420 |
Other expenses for investments | 2 791 | 2 640 | |
Financial expenses | 3.5 | 31 553 | 6 444 |
Cost of services provided by Corporate Companies | 1 731 | 2 435 | |
Personnel expenses | 17 740 | 16 306 | |
Other operating expenses | 3.6 | 13 765 | 15 924 |
Direct taxes | 3.7 | 719 | 3 571 |
Expenses | 117 406 | 65 740 | |
Net profit for the year | 81 424 | 129 048 |
Download the Notes to the financial statements
Statement of changes in equity
for the year ended 31 December 2015
CHF 1 000 | Share capital | General reserves1 | Reserves from capital contributions1 | Reserves for treasury shares1 | Retained earnings | Equity |
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 | ||||
Reclassification | –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 |
Net profit for the year | 81 424 | 81 424 | ||||
Dividend payment | –59 750 | –59 750 | ||||
Dividend from reserves from capital contributions | –9 965 | –9 965 | ||||
Reclassification | –18 | –3 496 | 3 514 | |||
Rounding difference | –1 | –1 | ||||
Balance as of 31 December 2015 | 4 101 | 148 740 | 5 634 | 1 019 647 | 1 178 122 |
Statement of changes in equity as PDF
Notes to the financial statements
Download the PDF version
Service
Proposal by the Board of Directors
Proposal by the Board of Directors for the appropriation of the retained earnings 2015
CHF 1 000 | 2015 | 2014 |
Net profit for the year | 81 424 | 129 048 |
Earnings carried forward | 934 709 | 865 211 |
Reclassification of reserves from capital
contribution to retained earnings | 18 | |
Allocation to/reduction in
reserves for treasury shares | 3 496 | 200 |
Retained earnings | 1 019 647 | 994 459 |
Dividend payment CHF 18 (previous year: CHF 14.57) per registered share1 | -73 816 | –59 750 |
To be carried forward | 945 831 | 934 709 |
Proposal by the Board of Directors for the appropriation of reserves from capital contributions
CHF 1 000 | 2015 | 2014 |
Reserves from capital contributions carried forward from previous year | 9 983 | |
Balance as of 31 December | 9 983 | |
Dividend payment out of reserves from capital contributions of CHF 2.431 | –9 965 | |
Reclassification of reserves from capital contribution to retained earnings | –18 | |
To be carried forward |
1 The dividend payment is based on the issued share capital as of 31 December 2015. 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 23 March 2016 to pay out a dividend of CHF 18 per registered share out of retained earnings.
In the previous year, a dividend of CHF 14.57 per registered share was paid out of retained earnings and a dividend of CHF 2.43 per registered share free of 35% withholding tax was paid out of the reserves from capital contributions, for a total of CHF 17 per registered share.
Schaffhausen, 19 February 2016
For the Board of Directors
The Chairman

Andreas Koopmann
Service
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 103 to 112), for the year ended 31 December 2015.
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 association. This responsibility
includes designing, imple-menting 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 2015 comply with Swiss law and the company’s articles of
association.
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 available earnings complies with Swiss law and the company’s articles of association. We recommend that the financial statements submitted to you be approved.
Zurich, 19 February 2016
PricewaterhouseCoopers Ltd

Stefan Räbsamen
Audit expert (Auditor in charge)

Roman Uehli
Audit expert