Annual Report 2015

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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

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 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

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 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

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Stefan Räbsamen
Audit expert (Auditor in charge)

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Roman Uehli
Audit expert