ANNUAL REPORT 2011

KEY FIGURES	2011	2010
	CHF m	CHF m
Sales	7 370	7 120
EBITDA before exceptionals	975	901
EBITDA margin before exceptionals (%)	13.2	12.7
Net income	251	191
Basic earnings per share	0.86	0.81
Operating cash flow	206	642
Investment in property, plant and equipment	370	224
Research & development costs	176	135
Total assets	9 081	5 921
Total equity	3 026	1 806
Equity ratio (%)	33.3	30.5
Net financial debt	1 740	126
Gearing¹ ratio (%)	58	7
Employees	22 149	16 176
¹Net financial debt to equity

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