Notes to the financial statements
These annual financial statements were prepared in accordance with the provisions of the Swiss accounting law (Title 32 of the Swiss Code of Obligations). The main valuation principles applied that are not prescribed by law are described below.
Georg Fischer Ltd, Schaffhausen (Switzerland), reports its consolidated financial statements based on a recognized standard (Swiss GAAP FER) and, in accordance with the legal provisions, the company has decided not to provide notes on the audit fees, a cash flow statement or a report on the business situation.
1.2 Securities with market price
Securities held for the short term are valued at the market price on the balance sheet date. No equalization reserve has been created.
1.3 Loans to Corporate Companies and other financial assets
Loans granted to Corporate Companies and other financial investments in foreign currencies are valued at the market rate on the actual closing date. Unrealized currency losses are recognized, whereas unrealized gains are deferred (imparity principle). The valuation is at nominal values, taking into consideration any value adjustments required.
Investments are valued in line with the principle of individual valuation. In addition, further flat-rate value adjustments can be applied.
1.5 Dividend income
Dividend income is recognized when paid out.
1.6 Share-based compensation
1.7 Long-term interest-bearing liabilities
Interest-bearing liabilities are recognized at nominal value.
1.8 Treasury shares
Treasury shares are recognized at cost and deducted from shareholder’s equity. The gain or loss from the sale of treasury shares is recognized in shareholder’s equity as an increase or reduction in retained earnings.