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 on the basis of a recognized standard (Swiss GAAP FER) and has therefore, in accordance with the legal provisions, decided to provide neither a note on the audit fees nor a cash flow statement and a management report.
1.2 Securities with market price
Short-term securities are valued at the market price on the balance sheet date. No fluctuation reserve has been created.
1.3 Loans to Corporate Companies and other financial assets
Loans 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 not recognized (imparity principle). The valuation is carried out at nominal values, taking into account any value adjustments required.
Investments are valued according to the principle of individual valuation. In addition, further flat-rate value adjustments can be made.
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 or transfer of treasury shares is recognized in shareholder’s equity as an increase or reduction in retained earnings.