1 Financial expenses contain also losses on foreign exchange.
Statement of financial position
as per 31 December 2012
1 000 CHF | Notes | 2012 | 2011 |
Cash and cash equivalents |
|
120 708 |
161 887 |
Marketable securities | 2 917 | 2 438 | |
Treasury shares | 4 074 | ||
Prepaid expenses and accrued income | 232 | 419 | |
Income taxes receivable | 4 029 | ||
Other accounts receivable | 2 144 | 728 | |
Loans to Corporate Companies | 33 174 | 51 746 | |
Current assets | (1) | 159 175 | 225 321 |
Investments |
|
841 900 |
955 309 |
Loans to Corporate Companies | 359 358 | 337 112 | |
Non-current assets | (2) | 1 201 258 | 1 292 421 |
Assets | 1 360 433 | 1 517 742 | |
Current liabilities |
|
|
|
− Accounts payable to third parties | 3 476 | 1 828 | |
− Tax liabilities | 10 | 93 | |
− Accrued expenses and deferred income | 4 526 | 4 695 | |
− Accounts payable to Corp. Companies and loans from Corp. Companies | 35 463 | 172 126 | |
Non-current liabilities | |||
− Bonds | 200 000 | 200 000 | |
− Loans from third parties | 2 269 | 1 940 | |
− Provisions | 26 942 | 88 366 | |
Liabilities | (3) | 272 686 | 469 048 |
Share capital |
|
41 009 |
41 009 |
Legal reserves | |||
− General reserves | 148 740 | 148 741 | |
− Reserves from capital contributions | 100 202 | 161 715 | |
− Reserves for treasury shares | 5 450 | 7 458 | |
Retained earnings | |||
− Available earnings carried forward | 691 779 | 610 780 | |
− Net profit for the year | 100 567 | 78 991 | |
Equity | (4) | 1 087 747 | 1 048 694 |
Liabilities and equity | 1 360 433 | 1 517 742 |
Download the Notes to the financial statements
Income statement
for the year ended 31 December 2012
1 000 CHF | Notes | 2012 | 2011 |
Ordinary income from investments | 147 077 | 74 198 | |
Financial income | 21 488 | 30 228 | |
Income from services provided to Corporate Companies | 40 014 | 40 684 | |
Other income | 3 493 | 1 936 | |
Income | (6) | 212 072 | 147 046 |
Ordinary expenses for investments | 72 810 | 5 737 | |
Financial expenses 1 | 6 432 | 15 268 | |
Cost of services provided by Corporate Companies | 2 058 | 2 356 | |
External expenses | 16 066 | 19 675 | |
Personnel expenses | 15 006 | 13 749 | |
Income taxes | -867 | 11 270 | |
Expenses | (7) | 111 505 | 68 055 |
Net profit for the year | 100 567 | 78 991 |
Download the Notes to the financial statements
Statement of changes in equity
for the year ended 31 December 2012
1 000 CHF | Share capital | General reserves1 | Reserves from capital contributions1 | Reserves for treasury shares1 | Retained earnings | Equity |
Balance as per 31 December 2010 | 82 018 | 310 455 | 3 993 | 614 245 | 1 010 711 | |
Net profit for the year | 78 991 | 78 991 | ||||
Reduction in par value | -41 009 | -41 009 | ||||
Reclassification reserves from capital contributions | -161 715 | 161 715 | ||||
Reclassification | 3 465 | -3 465 | ||||
Rounding difference | 1 | 1 | ||||
Balance as per 31 December 2011 |
41 009 |
148 741 |
161 715 |
7 458 |
689 771 |
1 048 694 |
Net profit for the year | 100 567 | 100 567 | ||||
Dividend from reserves from capital contributions | -61 513 | -61 513 | ||||
Reclassification | -2 008 | 2 008 | ||||
Rounding difference | -1 | -1 | ||||
Balance as per 31 December 2012 |
41 009 |
148 740 |
100 202 |
5 450 |
792 346 |
1 087 747 |
1 Legal reserves.
Statement of changes in equity as PDF
Notes to the financial statements
Download the PDF version
Proposal by the Board of Directors
Proposal by the Board of Directors for the appropriation of retained earnings 2012 and for the appropriation of reserves from capital contributions
1 000 CHF | 2012 | 2011 |
Net profit for the year |
100 567 |
78 991 |
Earnings carried forward | 689 771 | 614 245 |
Reduction/Allocation to treasury share reserves | 2 008 | -3 465 |
Retained earnings | 792 346 | 689 771 |
Dividend payment | ||
To be carried forward | 792 346 | 689 771 |
Proposal by the Board of Directors for the appropriation of reserves from capital contributions
1 000 CHF | 2012 | 2011 |
Reserves from capital contributions carried forward from previous year |
100 202 | |
Reclassification from general reserves | 161 715 | |
Balance as per 31 December 2012 | 100 202 | 161 715 |
Dividend payment out of reserves from capital contributions1 |
-61 513 |
-61 513 |
To be carried forward | 38 689 | 100 202 |
1 The dividend payment is based on the issued share capital as per 31 December 2012. No distribution will be made for treasury shares held by Georg Fischer Ltd.
The Board of Directors will propose to the Annual General Meeting of 20 March 2013 to carry forward retained earnings as of December 31, 2012 to new account and to pay out a dividend of CHF 15 per share out of reserves from capital contributions.
In the previous year, a dividend of CHF 15 per share free of 35% withholding tax was paid out of reserves from capital contributions according to the decision taken by the Annual General Meeting of 21 March 2012.
Schaffhausen, 14 February 2013
For the Board of Directors
The Chairman

Andreas Koopmann
Report of the Statutory Auditor
As statutory auditor, we have audited the accompanying financial statements of Georg Fischer Ltd, which comprise the balance sheet, income statement, statement of changes in equity and notes, for the year ended 31 December 2012.
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 2012 comply with Swiss law and the Company’s articles of incorporation.
Other matter
The financial statements of Georg Fischer Ltd for the year ended 31 December 2011 were audited by another auditor who expressed an unqualified opinion on those statements on 16 February 2012.
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 incorporation. We recommend that the financial statements submitted to you be approved.
PricewaterhouseCoopers Ltd

Stefan Räbsamen
Audit expert
Auditor in charge
Zurich, 14 February 2013

Diego J. Alvarez
Audit expert