Selected financial information

Operating performance

(in CHF million)                  2011 2010
Net revenue 693.6 737.6
   Growth in % -6.0 0.2
Gross profit  528.5 587.0
   Margin in % 76.2 79.6
Operating result before depreciation and amortization (EBITDA) 157.4 211.9
   Margin in % 22.7 28.7
   Growth in % -25.7 -2.9
Operating result before amortization (EBITA) 131.9 185.0
   Margin in % 19.0 25.1
   Growth in % -28.7 -1.6
Operating profit (EBIT) 79.9 164.3
   Margin in % 11.5 22.3
   Growth in % -51.4 -0.6
Net profit 71.0 131.1
   Margin in % 10.2 17.8
   Growth in % -45.9 -10.4
Basic earnings per share (in CHF) 4.54 8.37
Value added (economic profit) 29.7 88.4
   Decrease in value added -58.7 -7.6
   Decrease in value added in % -66.4 -8.0
   in % of net revenue 4.3 12.0
Number of employees (year-end) 2'452 2361
Number of employees (average) 2'415 2287
   Sales per employee (average) in CHF 1 000 287 323

Financial performance

(in CHF million)                  2011 2010
Cash and cash equivalents 377.1 349.6
Net working capital (net of cash) 68.8 74.5
   in % of net revenue 9.9 10.1
Inventories 67.0 73.1
   Days of supplies 123 158
Trade receivables 94.1 92.3
   Days of sales outstanding 48 45
Balance sheet total 811.3 853.9
   Return on assets in % (ROA) 8.5 15.8
Equity 671.1 695.6
   Equity ratio in % 82.7 81.5
   Return on equity in % (ROE) 10.4 19.7
Capital employed  273.1 337.7
   Return on capital employed in % (ROCE) 26.2 46.9
Net cash from operating activities 140.2 175.8
   in % of net revenue 20.2 23.8
Investments -25.9 -22.9
   in % of net revenue 3.7 3.1
   thereof capital expenditures -19.4 -22.1
   thereof business combinations related -0.4 -0.7
   thereof investments in associates -6.1 0.0
Free cash flow 121.1 154.2
   in % of net revenue 17.5 20.9
Dividend (2011: subject to shareholders' approval) 58.0 58.8
   Pay-out ratio in % (excluding exceptionals) 59.4 44.8

Sales by region

(in CHF million)  H1 H2 Total 2011 Total 2010
Europe  219.3  185.1  404.4  444.9
  Growth in % ( 9.2) ( 9.0) ( 9.1) ( 3.8)
  Growth in local currencies in %  1.3 ( 1.1)  0.2  3.2
   in % of net revenue  59.7  56.7  58.3  60.3
North America  78.0  77.6  155.6  164.7
   Growth in % ( 8.5) ( 2.3) ( 5.5)  6.1
   Growth in local currencies in %  8.8  11.6  10.2  8.7
   in % of net revenue  21.2  23.8  22.4  22.3
Asia / Pacific  51.7  49.0  100.7  100.5
   Growth in %  0.0  0.4  0.2  5.5
  Growth in local currencies in %  5.5  5.5  5.5  2.1
   in % of net revenue  14.1  15.0  14.5  13.6
Rest of the World  18.3  14.6  32.9  27.5
   Growth in %  31.8  7.2  19.6  17.4
   Growth in local currencies in %  37.2  14.4  26.0  12.3
   in % of net revenue  5.0  4.5  4.7  3.7
Total  367.3  326.3  693.6  737.6
   Growth in % ( 6.4) ( 5.5) ( 6.0)  0.2
   Growth in local currencies in %  4.8  3.3  4.1  4.6

Quarterly sales by region

(in CHF million) Q1 Q2 Q3  Q4 Total 2011
Europe  113.9  105.4  84.4  100.7  404.4
   Growth in % ( 8.8) ( 9.7) ( 8.7) ( 9.2) ( 9.1)
   Growth in local currencies in %  2.2  0.3  1.7 ( 3.4)  0.2
   in % of net revenue  60.5  58.9  56.0  57.3  58.3
North America  40.1  37.9  35.2  42.4  155.6
   Growth in % ( 3.7) ( 13.2) ( 7.8)  2.8 ( 5.5)
   Growth in local currencies in %  8.0  9.6  11.3  12.0  10.2
   in % of net revenue  21.3  21.2  23.3  24.2  22.4
Asia / Pacific  25.5  26.2  24.0  25.0  100.7
   Growth in %  ( 0.0)  0.0 ( 2.1)  3.0  0.2
   Growth in local currencies in %  2.2  8.9  5.2  5.7  5.5
   in % of net revenue  13.5  14.7  16.0  14.2  14.5
Rest of the World  8.9  9.4  7.1  7.5  32.9
   Growth in %   24.8  39.2  9.8  4.7  19.6
   Growth in local currencies in %  26.9  48.5  18.1  11.1  26.0
   in % of net revenue  4.7  5.3  4.7  4.3  4.7
Total  188.4  178.9  150.7  175.6  693.6
   Growth in % ( 5.4) ( 7.4) ( 6.7) ( 4.4) ( 6.0)
   Growth in local currencies in %  4.3  5.2  5.1  1.8  4.1