Consolidated balance sheet
In CHF ‘000 | Note | 30.9.2011 | 30.9.2010 |
|---|---|---|---|
Intangible assets | 3 | 24,051 | 14,773 |
Property, plant and equipment | 4 | 18,202 | 14,916 |
Other non-current assets | 5, 21 | 11,817 | 12,202 |
Deferred tax assets | 16 | 2,683 | 2,196 |
Non-current assets | 56,753 | 44,087 | |
Inventories | 6 | 29,069 | 31,134 |
Trade receivables | 7, 21 | 32,426 | 36,885 |
Income tax receivables | 446 | 761 | |
Other receivables, prepaid expenses and accrued income | 8, 21 | 3,680 | 5,715 |
Other current financial assets | 213 | 0 | |
Cash and cash equivalents | 21 | 14,235 | 8,061 |
Current assets | 80,069 | 82,556 | |
Total assets | 136,822 | 126,643 | |
Equity attributable to equity holders of Schaffner Holding AG | 56,929 | 55,985 | |
Shareholders’ equity | 56,929 | 55,985 | |
Non-current provisions | 9 | 6,556 | 7,080 |
Deferred tax liabilities | 16 | 1,935 | 2,664 |
Non-current borrowings | 10, 21 | 441 | 18,137 |
Non-current liabilities | 8,932 | 27,881 | |
Current provisions | 9 | 3,521 | 4,882 |
Current borrowings | 10, 21 | 34,559 | 1,749 |
Income tax payables | 1,928 | 1,867 | |
Trade and other payables | 11, 21 | 30,953 | 34,279 |
Current liabilities | 70,961 | 42,777 | |
Total liabilities | 79,893 | 70,658 | |
Total liabilities and shareholders’ equity | 136,822 | 126,643 |
The accompanying notes are an integral part of the consolidated financial statements.
Consolidated income statement
(year ended 30 September)
In CHF ‘000 | Note | 2010/11 | 2009/10 |
|---|---|---|---|
Net sales | 17 | 183,686 | 188,939 |
Cost of sales | -126,175 | -129,669 | |
Gross profit | 57,511 | 59,270 | |
Other income | 355 | 469 | |
Marketing and selling expense | -16,354 | -15,934 | |
Research, development and application expense | -14,100 | -12,582 | |
General and administrative expense | -14,033 | -14,662 | |
Restructuring costs | 0 | -949 | |
Operating profit before amortization of customer relationships | 13,379 | 15,612 | |
Amortization of customer relationships1 | 3 | -568 | -612 |
Operating profit [EBIT] | 12,810 | 15,000 | |
Finance income | 15 | 10,680 | 1,100 |
Finance expense | 15 | -12,613 | -4,087 |
Profit before tax [EBT] | 10,877 | 12,013 | |
Income tax | 16 | -727 | -30 |
Net profit for the period | 10,150 | 11,983 | |
Earnings per share in CHF | 19 | ||
Basic | 16.03 | 18.87 | |
Diluted | 15.43 | 18.68 |
1 In a strict classification by function of expense, amortization of customer relationships would be presented under marketing and selling expense.
Consolidated statement of comprehensive income
(year ended 30 September)
In CHF ‘000 | 2010/11 | 2009/10 |
|---|---|---|
Net profit for the period | 10,150 | 11,983 |
Exchange differences | -4,028 | -3,213 |
Movement in cash flow hedges | -306 | -115 |
Income tax | 0 | 0 |
Total comprehensive income for the period | 5,816 | 8,655 |
The accompanying notes are an integral part of the consolidated financial statements.
Consolidated cash flow statement
(year ended 30 September)
In CHF ‘000 | Note | 2010/11 | 2009/10 |
|---|---|---|---|
Net profit for the period | 10,150 | 11,983 | |
Depreciation and impairment of property, plant and equipment | 4 | 3,374 | 3,468 |
Amortization and impairment of intangible assets | 3 | 1,916 | 1,937 |
(Gain)/loss on disposal of property, plant and equipment and intangible assets | -44 | 96 | |
Change in provisions | 9 | -1,137 | 2,143 |
Change in inventories | 344 | -7,986 | |
Change in receivables | 6,406 | -19,739 | |
Change in current liabilities | -3,529 | 15,860 | |
Change in deferred tax | 16 | -1,214 | -2,456 |
Finance expense for convertible bond | 0 | 223 | |
Share-based payments expense | 889 | 820 | |
Exchange differences on intra-Group items | 650 | 1,508 | |
Change in deferred consideration payable | 0 | -469 | |
Other non-cash income | 0 | -30 | |
Cash flow from operating activities | 17,805 | 7,358 | |
Purchase of property, plant and equipment | 4 | -6,901 | -5,306 |
Disposal of property, plant and equipment | 176 | 164 | |
Purchase of intangible assets | 3 | -1,434 | -1,423 |
Acquisition of subsidiaries or businesses, and contingent consideration | 2 | -10,558 | -44 |
Change in loan receivables and non-current financial assets | -19 | 594 | |
Cash flow from investing activities | -18,736 | -6,015 | |
Purchase of treasury shares | 20 | -7,356 | -1,094 |
Disposal of treasury shares | 20 | 26 | 0 |
Proceeds from exercise of share options and purchase of restricted shares by staff | 20 | 4,411 | 219 |
Repayment of excess share premium | -2,842 | 0 | |
Proceeds from borrowings | 13,360 | 19,771 | |
Repayment of borrowings | 0 | -42,716 | |
Cash flow from financing activities | 7,599 | -23,820 | |
Effect of exchange rates on cash and cash equivalents | -494 | -87 | |
Change in cash and cash equivalents | 6,174 | -22,564 | |
Cash and cash equivalents at 1 October | 8,061 | 30,625 | |
Cash and cash equivalents at 30 September | 14,235 | 8,061 | |
Free cash flow1 | 9,646 | 749 | |
Included in cash flow from operating activities: | |||
Interest paid | -872 | -1,789 | |
Interest received | 82 | 71 | |
Income tax paid | -344 | -16 |
1 Cash flow from operating activities less net investment in property, plant and equipment and in intangible assets. The accompanying notes are an integral part of the consolidated financial statements.
Consolidated statement of changes in equity
In CHF ‘000 | Share capital | Share | Translation | Retained | Treasury | Hedging | Total |
|---|---|---|---|---|---|---|---|
At 1 October 2009 | 20,668 | 59,326 | -8,854 | -23,760 | -75 | 0 | 47,305 |
Exchange differences | -3,213 | -3,213 | |||||
Movement in cash flow hedges | -115 | -115 | |||||
Net profit for the period | 11,983 | 11,983 | |||||
Total comprehensive income | 0 | 0 | -3,213 | 11,983 | 0 | -115 | 8,655 |
Treasury shares | -47 | -924 | -971 | ||||
Issue of restricted shares | 120 | 120 | |||||
Share option plans | 820 | 820 | |||||
Redemption of convertible bond | 56 | 56 | |||||
At 30 September 2010 | 20,668 | 60,202 | -12,067 | -11,824 | -879 | -115 | 55,985 |
Exchange differences | -4,028 | - 4,028 | |||||
Movement in cash flow hedges | -306 | -306 | |||||
Net profit for the period | 10,150 | 10,150 | |||||
Total comprehensive income | 0 | 0 | -4,028 | 10,150 | 0 | -306 | 5,816 |
Treasury shares | -2,034 | -1,181 | -3,215 | ||||
Repayment of excess share premium1 | -2,842 | -2,842 | |||||
Issue of restricted shares | -147 | 443 | 296 | ||||
Share option plans | 889 | 889 | |||||
At 30 September 2011 | 20,668 | 58,249 | -16,095 | -3,855 | -1,617 | -421 | 56,929 |
1 CHF 4.50 per share.
Share capital
The issued share capital of Schaffner Holding AG consists of 635,940 ordinary registered shares with a nominal value of CHF 32.50 per share. The issued shares are fully paid. Each share carries one vote at the General Meeting. All shares not held by the Company or one of its subsidiaries attract dividends.
There is also authorized unissued capital of 21,340 shares with a total nominal value of CHF 693,550. This is reserved for the Schaffner share option plans (see note 18 on page 77).
Share premium
The share premium (also known as additional paid-in capital) represents the excess of the issued share capital’s market value over its nominal value. The increase in share premium in the year under review resulted from the granting of conversion rights under the share option plans (see note 18 on page 77).
In the reporting period, share premium was reduced by CHF 2,842,000 through the repayment of CHF 4.50 per dividend-bearing registered share from this capital reserve.
Translation reserve
Shareholders’ equity is carried at historical exchange rates. The resulting foreign exchange differences are recognized directly in shareholders’ equity as a separate line item until the disposal of the subsidiary in question.
The accompanying notes are an integral part of the consolidated financial statements.
