Selected financial statements of the Straumann Group

Consolidated statement of financial position

Assets

(in CHF 1 000) 31 Dec 2012 31 Dec 2011
Property, plant and equipment 97 362 110 588
Investment properties 6 680 7 500
Intangible assets 75 595 100 740
Investments in associates 249 239 6 624
Financial assets  354  857
Other receivables 2 415 2 534
Deferred income tax assets 24 235 26 410
Total non-current assets 455 880 255 253
     
Inventories 63 636 67 010
Trade and other receivables 104 447 109 898
Financial assets 6 240  982
Income tax receivables 1 900 1 069
Cash and cash equivalents 140 504 377 053
Total current assets 316 727 556 012
     
Total assets 772 607 811 265

Equity and liabilities

(in CHF 1 000) 31 Dec 2012 31 Dec 2011
Share capital 1 568 1 568
Retained earnings and reserves 629 638 669 550
Total equity attributable to the shareholders of the parent company 631 206 671 118
     
Other liabilities 7 149 6 862
Financial liabilities  34  64
Provisions 13 467 8 817
Retirement benefit obligations 2 849 1 164
Deferred income tax liabilities 10 888 12 343
Total non-current liabilities 34 387 29 250
     
Trade and other payables 93 964 89 656
Financial liabilities  25 1 758
Income tax payables 10 423 18 449
Provisions 2 602 1 034
Total current liabilities 107 014 110 897
     
Total liabilities 141 401 140 147
     
Total equity and liabilities 772 607 811 265

Consolidated income statement

(in CHF 1 000) 2012 2011
Revenue 686 253 693 581
     
Cost of goods sold -154 733 -165 044
Gross profit 531 520 528 537
     
Other income 1 763 2 673
Selling and administrative costs -423 607 -412 274
Research and development costs -48 666 -39 016
Operating profit 61 010 79 920
     
Finance income 16 693 29 078
Finance expense -16 057 -31 570
Share of result of associates -5 743  179
Profit before income tax 55 903 77 607
     
Income tax expense -19 465 -6 655
     
Net profit 36 438 70 952
Attributable to:    
   Shareholders of the parent company 36 438 70 952
     
Basic earnings per share (in CHF) 2.36 4.54
Diluted earnings per share (in CHF) 2.36 4.54

Consolidated statement of comprehensive income

(in CHF 1 000) 2012 2011
Net profit 36 438 70 952
     
Net foreign exchange loss on net investment loans -3 559 -2 200
Income tax  286  547
Net -3 273 -1 653
     
Exchange differences on translation of foreign operations -14 881 -7 342
     
Net movement on cash flow hedges 2 281 - 405
Income tax - 296  53
Net  1 985 - 352
     
Other comprehensive loss for the year, net of tax -16 169 -9 347
     
Total comprehensive income for the year, net of tax 20 269 61 605
Attributable to:    
   Shareholders of the parent company 20 269 61 605

Consolidated Cash Flow Statement

(in CHF 1 000) 2012 2011
Net profit 36 438 70 952
Adjustments for:    
Taxes charged 19 465 6 655
Interest and other financial result  166 ( 631)
Foreign exchange result 5 534 (4 286)
Fair value adjustments (3 668) 4 191
Share of result of associates 5 743 ( 179)
Depreciation and amortization of:    
Property, plant and equipment 27 104 25 198
Investment properties  300  300
Intangible assets 7 488 11 726
Impairment of investment properties  520  0
Impairment of intangible assets 21 000 40 239
Change in provisions, retirement benefit obligations and other liabilities 3 406 (7 943)
Share-based payments expense 3 348 3 706
Loss/(gain) on disposal of property, plant and equipment  113 ( 96)
Working capital adjustments:    
Decrease in inventories 2 207 5 042
Decrease/(increase) in trade and other receivables 3 350 (1 537)
Increase/(decrease) in trade and other payables 5 292 ( 5)
Interest paid ( 728) ( 592)
Interest received  651 1 696
Income tax paid (23 169) (14 220)
Net cash from operating activities 114 560 140 216
     
Purchase of property, plant and equipment (15 051) (13 795)
Purchase of intangible assets (4 375) (5 627)
Purchase of investments in associates (265 973) (6 092)
Contingent consideration paid ( 740) ( 431)
Dividends received from associates  503  0
Net proceeds from sale of non-current assets  88  329
Net cash used in investing activities (285 548) (25 616)
     
Dividends paid (58 033) (58 762)
Proceeds of finance lease  732  783
Repayment of finance lease ( 244) ( 655)
Proceeds from exercise of options  0  846
Transaction costs paid ( 995)  0
Purchase of treasury shares (6 637) (34 741)
Sale of treasury shares 1 687 2 682
Net cash used in financing activities (63 490) (89 847)
     
Exchange rate differences on cash held (2 071) 2 697
     
Net (decrease)/increase in cash and cash equivalents -236 549 27 450
     
Cash and cash equivalents at 1 January 377 053 349 603
     
Cash and cash equivalents at 31 December 140 504 377 053

Consolidated Statement of Changes in Equity

2012

(in CHF 1 000) Attributable to the shareholders of the parent company
  Share
capital
Share
premium
Treasury
shares
Cash flow hedge reserve Translation
reserves
Retained
earnings
Total
equity 
Balance at 1 January 2012 1'568 42'267 (30 261) 3 (70 532) 728'073 671 118
Profit for the period           36'438 36 438
Other comprehensive income       1 985 (18 154)   (16 169)
Total comprehensive income 0 0 0 1'985 (18 154) 36'438 20 269
               
Transactions with equity owners           ( 995) ( 995)
Dividends paid   (23 987)       (34 046) (58 033)
Share-based payment transactions           3 348 3 348
Purchase of treasury shares     (6 637)       (6 637)
Sale of treasury shares     2'923     ( 787) 2 136
Balance at 31 December 2012 1 568 18 280 (33 975) 1 988 (88 686) 732 031 631 206
Balance at 31 December 2011 1'568 42'267 (30'261)  3 (70'532) 728'073 671'118

2011

(in CHF 1 000) Attributable to the shareholders of the parent company
  Share
capital
Share
premium
Treasury
shares
Cash flow hedge reserve Translation
reserves
Retained
earnings
Total
equity 
Balance at 1 January 2011 1'568 68'070 (2 310) 355 (61 537) 689'484 695 630
Profit for the period           70'952 70 952
Other comprehensive income       ( 352) (8 995)   (9 347)
Total comprehensive income 0 0 0 ( 352) (8 995) 70'952 61 605
               
Reallocation required by Swiss Law   3'186       (3 186)  0
Exercise of options     1'252     ( 406)  846
Dividends paid   (28 989)       (29 773) (58 762)
Share-based payment transactions           3 637 3 637
Purchase of treasury shares     (34 741)       (34 741)
Sale of treasury shares     5'538     (2 635) 2 903
Balance at 31 December 2011 1 568 42 267 (30 261)  3 (70 532) 728 073 671 118