Annual Report 2009 - Interroll

W W W.I NTE RROLL.C O M
INTERROLL
CORPORATE
ART
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annual report
2009
Interroll profile
Interroll is one of the world’s leading specialists within the
field of materials handling, logistics and automation. headquartered
in sant’antonino, switzerland, the company
employs some 1200 people at 28 enterprises around the globe.
Typical Interroll solutions
At the airport you place your hand luggage onto the conveyor belt of the X-ray machine (left): integrated drum
motors and idlers made by Interroll drive the belt and direct your baggage to its destination. – Before soft
drinks, packaged foodstuffs and non-food goods can find their way to the supermarket shelves they have to
be organised and dispatched by central and regional distribution centres equipped with dynamic pallet flow
modules designed by Interroll (centre). And then there’s your letter, processed by an Interroll Crossbelt Sorter
at the mail sorting centre (right) and forwarded to finally arrive at the right letterbox.
These and many other intelligent products made by Interroll perform a multitude of tasks around the globe;
wherever goods need to be conveyed, stored and distributed; in every sector imaginable and along the entire
value chain. Interroll solutions have proved particularly popular in the food and beverage industry, in the field
of airport logistics (baggage conveying and security technology), in the courier, express delivery and postal
sector, in the area of logistical services, as well as in the industrial and healthcare sectors. But no matter where
Interroll products are deployed, customers can always rest assured that they will receive a premium quality
solution tailored to their individual requirements.
Interroll customers
Interroll’s range of state-of-the-art conveyor components, such as drum motors, is targeted principally at regional
system engineering companies and original equipment manufacturers. Conveyor modules (e.g. for dynamic
storage solutions) and subsystems (e.g. crossbelt sorters) are supplied mainly to global system integrators,
multinational companies and end-users. Interroll serves more than 23 000 customers across all continents.
Financial year 2009
For an overview of the financial year 2009 please look at the inside of this front cover. The detailed financial
report starts on page 45.
www.interroll.com • www.interroll.com/ir (Investor Relations)

Key FIgures oF The InTerroLL grouP
in thousands CHF 2009 2008 2007 2006 2005
Net sales with third parties: Components 157 917 223 702 235 244 196 465 143 999
Net sales with third parties: Subsystems 76 070 134 218 135 611 115 557 101 467
Total net sales 233 987 357 920 370 855 312 022 245 466
EBITDA 18 828 58 213 67 544 44 458 33 234
in % of net sales 8.0 % 16.3 % 18.2 % 14.2 % 13.5 %
EBITA 7 972 48 029 56 586 36 341 26 205
in % of net sales 3.4 % 13.4 % 15.3 % 11.6 % 10.7 %
EBIT 3 102 43 371 45 154 30 581 23 373
in % of net sales 1.3 % 12.1 % 12.2 % 9.8 % 9.5 %
Result 5 716 33 833 31 912 20 221 16 925
in % of net sales 2.4 % 9.5 % 8.6 % 6.5 % 6.9 %
Operating cash flow 20 388 41 878 68 522 39 795 30 360
in % of net sales 8.7 % 11.7 % 18.5 % 12.8 % 12.4 %
Free cash flow – 6 011 18 601 42 726 – 10 376 23 802
in % of net sales – 2.6 % 5.2 % 11.5 % – 3.3 % 9.7 %
Total assets 215 693 236 763 255 124 224 464 160 321
Equity 133 024 130 731 124 901 114 583 99 022
in % of assets (equity ratio) 61.7 % 55.2 % 49.0 % 51.0 % 61.8 %
Return on equity 4.3 % 26.5 % 26.7 % 18.9 % 18.8 %
Earnings per average share outstanding (CHF 1) 7.41 44.38 40.88 25.31 20.89
Cash flow per average share outstanding (CHF 1) 26.43 54.93 87.77 49.80 37.48
Equity per share outstanding (CHF 1) 172.36 170.01 163.89 143.82 121.38
Goodwill in % of equity 8.3 % 7.9 % 9.2 % 12.3 % 5.6 %
Net financial assets (debts) – 4 175 4 369 – 6 140 – 19 862 8 821
Gearing (net debts/equity) 0.03 – 0.05 0.17 –
Indebtedness factor (net debts/cash flow) 0.20 – 0.09 0.50 –
RONA (Return on net assets) 1.6 % 22.3 % 22.6 % 18.4 % 17.6 %
Average number of employees 1 206 1 315 1 275 1 166 977
Net sales per employee 194.1 272.3 291.0 267.7 251.2
Added value/total personnel expenses 1.66 2.21 2.14 1.96 2.07
InFormaTIon For InvesTors
The shares of Interroll Holding AG have been listed at the Swiss Exchange SIX since June 5 th , 1997 (Investdata: INRN; Reuters;
INRN.S; Security number: 637,289).
364.0 %
264.5 %
165.0 %
65.5 %
– 34.0 %
© Swissquote
2005
2006 2007 2008 2009
2009 2008 2007 2006 2005
Number of registered shares 854 000 854 000 854 000 854 000 854 000
par value as per year end 15.00 20.00 30.50 37.50 43.50
Number of average outstanding shares 771 475 762 323 780 715 799 084 810 100
Number of outstanding shares per (31.12.) 771 775 768 958 762 112 796 692 815 804
Market price: highest CHF 320 581 632 434 300
Market price: lowest CHF 173 215 420 300 148
Market price: per year end CHF 307 256 581 434 296
Market capitalization per 31.12. Mio. CHF 236.55 196.85 442.79 345.76 241.48
Reduction of par value* CHF 5.00 5.00 10.50 7.00 6.00
Result per share CHF 7.41 44.00 44.17 25.38 20.75
P/E Ratio Ratio 41.38 5.82 13.15 17.10 14.27
significant shareholders (participation in %)
D. Specht and family % 12.72 12.72 12.46 12.46 13.68
B. Ghisalberti/E. Moreschi and family % 13.18 13.17 13.13 13.13 11.21
N. Axmann and family % 4.57 4.32 5.03 5.17 9.69
Sarasin Investmentfonds AG % 9.69 9.42 8.79 8.28 –
Vontobel Fonds Service AG % – 3.51 4.26 3.69 –
Chase Nominees Ltd. % 1.18 3.51 2.28 – –
Corisol Holding AG % 4.05 – – – –
Public (incl. own shares) % 54.61 53.35 54.05 57.27 65.42
Total – 100.00 100.00 100.00 100.00 100.00
* The reduction of par value in the year under review is proposed by the board of directors for the annual general assembly of 7 th May 2010.
Interroll share Price January 1, 2005 to December 31, 2009 (black curve: sPI/sXge)
700
550
400
250
100

Contents
Contents
The Highlights 2009 3
Report by the Board of Directors and Group Management 5
Review of the financial year 9
Interroll group 9
Performance by segment 13
staff 18
Brand strategy 19
Strategy and aims of the Interroll group 20
Corporate governance 22
Interroll solutions at a glance 36
Meet Interroll solutions all over the world 38
Barenschee uses Interroll conveyor technology for printing plates 38
Finnish Post sorts mail with Interroll Crossbelt sorters 40
Food discounter relies on dynamic storage technology from Interroll 42
Financial report 45
Consolidated financial statements of the Interroll group 48
Financial statements of Interroll Holding Ltd., Sant’Antonino 99
1

World first for conveyor belts
Interroll’s new Synchronous Drum Motors are the most powerful
and energy-efficient drum motor drives for belt conveyors ever developed.
Typical application areas include conveyor systems
for airports (e.g. check-in desks) and the food processing,
packing and automobile industries (see picture above)
as well as other industrial usages.
Patent pending.

Highlights 2009
HIgHlIgHts 2009
January
At an international industry press conference, Interroll unveils a new testing centre for dynamic storage solutions
in France and the new eurospin distribution centre in Italy.
February
Interroll improves its market position in Asia by expanding sites in India, China and thailand.
March
Record profit: Interroll presents highly satisfactory results for financial year 2008, with a profit of CHF 33.8 million
– the highest in the company’s history.
April
In south Africa, Interroll secures a major order linked to a distribution centre for a leading south African fashion
company.
May
Interroll’s brand strategy is implemented at group level around the world as the branding workshops enter
phase two.
June
In the area of order-picking flow racks, Interroll Canada commissions a new production line for Carton Flow
wheel tracks to reinforce its expansion efforts in north America.
July
Interroll receives its first order for Crossbelt sorters from a world-leading parcel delivery company in the UsA.
August
Despite the global economic downturn, a financially sound Interroll breaks even in the first half of 2009.
September
Interroll marks its 50th anniversary by unveiling materials handling innovations to 400 experts attending the
Interroll Worldwide symposium in the swiss town of locarno.
October
Interroll’s longest Crossbelt sorter so far (with double decks, each measuring 523 metres) goes into operation
at Finnish postal company Itella.
November
At the sPs/IPC/DRIVes trade fair in the german city of nuremberg, Interroll introduces the most powerful
drum motor generation yet by launching its world-first synchronous Drum Motor (see left).
December
Ceo Paul Zumbühl issues a message to all employees of the Interroll group around the world, thanking them
for their outstanding commitment through an extremely challenging year.
3

New Belt Curve for flight baggage and other unit loads
easy to install in baggage sorting systems and other material flow systems:
with its space-saving dimensions the new Belt Curve from Interroll promises
low noise emissions and speedy belt changes (maximum of ten minutes).
Patent pending.

Kurt Rudolf
Chairman of the Board of Directors
Paul Zumbühl
Chief executive officer
RePoRt By tHe BoARD oF DIReCtoRs
AnD gRoUP MAnAgeMent
Report by the Board of Directors
and Group Management
Dear shareholders and Business Associates,
During financial year 2009, even a global player like the Interroll group felt the impact of the world-wide reces-
sion and plummeting levels of demand across various target markets. As orders declined at a surprisingly
rapid rate, numerous material flow projects had to be postponed or abandoned altogether. In many cases, the
necessary loan financing failed to materialise on the part of our customers, particularly with regard to largescale
projects.
net sales declined by 34.6 % in terms of group currency, falling from CHF 357.9 million in the highly success-
ful 2008 financial year to CHF 234.0 million in 2009; in local currency, net sales contracted by 31.4 % in
year-on-year comparison. sales contained foreign currency losses of 3.2 %, with a further 5 % fall linked to the
collapse in the price of commodities such as steel and plastics. In spite of the extremely tough market environment,
our gross margin (sales revenue less cost of materials, expressed as a percentage of sales) virtually
matched the level of the previous year (57.8 % compared to 58.8 % in 2008).
During the final quarter of 2008, with an economic downturn looming, Interroll began adjusting its operating
costs in preparation for recession. this represented the continuation of what had already been a stringent cost
management policy. In combination with our clear market positioning and strategy of recent years, this
approach has enabled Interroll to establish an extremely sound financial foundation. on that basis, Interroll was
able to maintain liquidity and pursue key strategic objectives in the period under review, despite the recession.
goals included the expansion of a global network, research and development with a view to launching innovative
new products and the introduction of a new eRP system across the group. Having made this investment,
Interroll will be in a position to increase its margins, market share and profitability faster than would otherwise
be possible when the economic upturn arrives.
The global network grows
During the reporting year, Interroll simultaneously fortified its network at three sites in Asia and south America.
In China, meanwhile, Interroll transferred production of Belt Curves and Conveyor Modules to a new building
within the same industrial estate. In Bangalore in southern India, Interroll opened a manufacturing site to supply
the Indian market with drive/conveying solutions for material flow systems; promising projects were initiated
within its first year of operation. In Brazil, good progress was made in the food processing area through a
subsidiary established in the previous year.
In brief
Despite the tough market environment in 2009, Interroll maintained its
sound financial foundation and continues to implement strategic projects
as planned.
5

6
RePoRt By tHe BoARD oF DIReCtoRs
AnD gRoUP MAnAgeMent
During the reporting year, the company strengthened its market position in the UsA as a supplier of dynamic
storage solutions by acquiring a plant in Atlanta, georgia. By boosting its manufacturing capacity and expanding
its range of services, Interroll can attend to the needs of new and established clients, including logistical
service providers and distribution centres in north and Central America. the new production site in Atlanta
complements the company’s facility for dynamic storage modules in toronto, which has been operating since
2002.
New products mark 50 th anniversary
In spite of the strong economic headwind, Interroll remains a financially viable organisation. In the year under
review the company invested substantially in the future, inviting its clients to a global Interroll symposium in
september 2009. the aim of the event was to reinforce the basis of trust underpinning the relationship between
Interroll and its customers whilst conveying a long-term vision of security that looks beyond the present
economic insecurities. Interroll also used the trade symposium in the swiss town of locarno (which marked
the company’s 50 th anniversary and was attended by 400 customers and partners from every continent) to
unveil major new products in all business divisions along with ground-breaking concepts for the material flow
industry. the event was a resounding success.
Interroll was founded by Dieter specht and Hans vom stein in 1959. Fifty years on, the pioneering company
has evolved from a garage operation in Wermelskirchen (near the german city of Cologne) into a globally
structured, exchange-listed corporate group comprising 28 firms and some 1,200 staff members. Interroll has
the highest international profile of any supplier of key products for materials handling, logistics and automation
(see page 16, ff).
Innovations presented at the symposium included the synchronous Drum Motor, billed as a world first. the
most powerful and energy-efficient drum motors ever produced lend themselves cost-effectively to a wide
range of applications. We also showcased other new products guaranteeing enhanced customer value and
quick returns on investment.
Interroll underlined its commitment to the future by continuing to offer advanced workshops on the Interroll
brand for all staff in the reporting year. the aim of the branding workshops is to entrench brand values across
the global group structure. Interroll has defined increasing brand appeal as a key strategic priority in terms of
improving the company’s position exponentially over the long term. the aim is to establish Interroll around the
world as the preferred brand for key products in material flow systems – products that consistently offer superior
customer value.
The business units
In financial year 2009, Interroll Drives & Rollers reported rapid progress on renovation and expansion work on
the Centre of excellence for Roller Conveyors and RollerDrives at the company’s original site in Wermelskirchen
(germany). the centre will be more productive when the modification work is complete, with production
methods enhanced in line with the kaizen strategy of continual improvement. opening is scheduled for the
coming year.

RePoRt By tHe BoARD oF DIReCtoRs
AnD gRoUP MAnAgeMent
During the year under review, Interroll officially inaugurated its significantly expanded new testing centre on the
site of its Centre of excellence for Dynamic storage solutions in the French town of la Roche sur yon. At the
trade press conference, the company also presented new solutions for Pallet Flow storage and Carton Flow
storage.
In october 2009, Interroll Automation began the reconstruction of its Centre of excellence for Conveyor
Modules and subsystems in sinsheim, near Heidelberg (germany). As in Wermelskirchen and la Roche sur
yon, the main aim of the project is to bring about major productivity gains across the manufacturing chain.
Various operating units which have been accommodated in four separate buildings thus far will be brought
under one roof at the new site. the opening is scheduled for 2010.
Par value reimbursement
In view of the financial stability of the company and encouraging prospects for the future, the Board of Directors
will propose a par value reduction from CHF 15.00 to CHF 10.00 per Interroll registered share to the Annual
general Meeting to be held on 7th May 2010. the reduction, offered in place of a dividend, will match the previous
year’s amount of CHF 5.00 per registered share and will be tax-exempt for shareholders in most cases.
Thanks to our employees around the world
We would like to take this opportunity to extend our sincere thanks for the tireless support of our staff at all
levels and in all divisions around the world. In an extremely tough economic environment, their sheer dedica tion
has been the driving factor behind our success. last year, alongside their usual duties, our employees were
tasked with implementing major additional projects on schedule, including the introduction of sAP and the
expansion and renovation of plant facilities. their invaluable contributions are enabling the Interroll group to
maintain a far-sighted approach and thereby realise its strategic and branding policies.
7

8
RePoRt By tHe BoARD oF DIReCtoRs
AnD gRoUP MAnAgeMent
Outlook
Interroll expects the economic climate to remain highly challenging throughout the current financial year, with
a slight upturn possibly asserting itself in the second half of 2010 at the earliest. However, thanks to the company’s
stable financial foundation, we are confident that we will be able to remain on course as we pursue and
conclude strategic projects linked to innovation, reinforcing the global network and implementing the new eRP
system. In this way, Interroll will adhere to its long-term growth strategy, putting in place the preconditions that
will enable the company quickly to gain full advantage of fresh opportunities that arise as the economic situation
returns to normal and ultimately increasing its lead over the competition. Interroll will also sustain the
discipline of recent years as regards costs and seek out new possibilities for raising productivity in all fields
of activity.
Kurt Rudolf Paul Zumbühl
Chairman of Board of Directors Chief executive officer

Review of the Financial Year
ReVIeW oF tHe FInAnCIAl yeAR
Sales
In 2009, the global recession had a major impact on the Interroll group. As demand declined and projects were
postponed or cancelled altogether, consolidated sales fell to CHF 234.0 million, a drop of 34.6 % on the previous,
highly successful year; in local currency, revenue declined by 31.4 %. In terms of reporting currency, the
consolidated group turnover contained foreign currency losses of 3.2 %, with a further 5 % fall linked to the
collapse in the price of raw materials such as steel and plastics. However, despite the extremely tough market
environment and rising pressure on prices, the gross margin (sales revenue less cost of materials, expressed
as a percentage of sales) virtually matched the level of the previous year (57.8 % compared to 58.8 % in 2008).
on the procurement side, Interroll succeeded in renegotiating conditions with its most important regular suppliers
with a view to alleviating the cost situation.
We captured market share and new clients in most markets. In the UsA, for example, margins developed very
positively, with business in check-out counter motors reported to be highly satisfactory. Additional trade was
generated with a number of existing clients thanks to new products – a fact that demonstrates growing trust
in Interroll’s ability to deliver a range of product solutions. A world leading parcel delivery company in the UsA
specified Interroll products for its projects and placed a first order for crossbelt sorters and conveyor modules.
EBITDA and EBIT
Interroll’s flexible and streamlined cost structure, together with constant monitoring of costs, enabled the
company to stabilise its eBItDA margin at 8.0 % in the year under review, despite the sharp fall in sales. earnings
before interest, taxes, depreciation and amortisation (eBItDA) stood at CHF 18.8 million, compared to
CHF 58.2 million in the very satisfactory previous year. earnings before interest and taxes (eBIt) amounted to
CHF 3.1 million (1.3 %), compared to CHF 43.4 million (12.1 %) in the previous year.
Net profit and cash flow
At the end of 2009, net profit stood at CHF 5.7 million, compared to CHF 33.8 million for 2008; operating cash
flow was CHF 20.4 million (CHF 41.9 million in 2008).
In brief
During reporting year 2009, Interroll responded to the recessionary climate by
maintaining a streamlined cost structure and pursuing the implementation
of strategic projects according to schedule. the company has a sound financial
foundation, a strategy of long-term growth and innovative potential that is
utilised on a global scale.
9

10
ReVIeW oF tHe FInAnCIAl yeAR
Net sales Interroll Group in CHF millions
0 100 200 300 400
2006 312.0
2007 370.9
2008 357.9
2009 234.0
EBITDA in CHF millions
0 20 40 60 80
2006 44.4
2007 67.5
2008 58.2
2009 18.8
EBITDA in % of net sales
0 5 10 15 20
2006 14.2
2007 18.2
2008 16.3
2009 8.0
EBIT in CHF millions
0 12 24 36 48
2006 30.6
2007 45.2
2008 43.4
2009 3.1
EBIT in % of net sales
0 5 10 15 20
2006 9.8
2007 12.2
2008 12.1
2009 1.3

Result in CHF millions
Ordinary capital expenditure in CHF millions
ReVIeW oF tHe FInAnCIAl yeAR
0 10 20 30 40
2006 20.2
2007 31.9
2008 33.8
2009 5.7
Operating cash flow in CHF millions
0 20 40 60 80
2006 39.8
2007 68.5
2008 41.9
2009 20.4
Return on equity in %
0 10 20 30 40
2006 18.9
2007 26.7
2008 26.5
2009 4.3
0 10 20 30 40
2006 10.7
2007 24.0
2008 22.4
2009 22.9
Indebtedness factor (net debts/operating cash flow)
– 1 0 1 2 3
2006 0.50
2007 0.09
2008 –
2009 0.20
11

“Please send us …”
Interroll’s new Carton Flow wheel tracks help ensure we all receive our
goods by mail order on time and in mint condition. With high stability,
optimised flow performance and the capacity for installation in a very wide
range of shelving systems, Interroll Carton Flow makes mail-order
picking operations (see picture above) even more productive,
improving picking performance by up to 65 %.
Patent pending.

ReVIeW oF tHe FInAnCIAl yeAR
Financial position and capital expenditure
Interroll has a sound financial foundation. At the end of the reporting year, the balance sheet total stood at CHF
215.7 million, compared to CHF 236.8 million in 2008. shareholders’ equity was CHF 133.0 million at the end
of 2009 (against CHF 130.7 million at the end of 2008). In yearly comparison, the equity ratio rose from 55.2 %
to 61.7 %. Investment for the future amounted to CHF 22.9 million in the year under review (CHF 22.4 million
in 2008).
Most investment was channelled into the scheduled realisation of strategic projects and areas such as the
geographic expansion of the Interroll network, product innovation and introduction of the new eRP system.
In this way, Interroll reaffirmed its commitment to a strategy of long-term growth. By the end of 2009, net debt
stood at CHF 4.2 million.
Business segments: Components and subsystems
the “Components” segment represents the Interroll Drives & Rollers business unit; the “subsystems” segment
comprises the Interroll Dynamic storage and Interroll Automation business units.
The Components segment
In terms of local currency, sales for the Components segment fell by 25.6 % during financial year 2009. In
group currency, sales amounted to CHF 157.9 million, compared to CHF 223.7 million in 2008. the decline
in sales for the segment – a consequence of the global economic crisis – was shared more or less equally by
established markets in the main. By contrast, sales were up in new markets such as India, Japan and Brazil.
Key figures for the Components segment, in millions CHF 2009 2008
order intake 158.4 220.3
net sales to third parties 157.9 223.7
CHAnge In % to tHe PReVIoUs yeAR – 29.4 – 4.4
eBItDA 19.6 40.5
CHAnge In % to tHe PReVIoUs yeAR – 51.6 – 15.4
In % oF net sAles 12.3 18.1
eBIt 7.4 28.8
In % oF net sAles 4.6 12.8
Capital expenditure 13.2 16.9
Average number of employees 770.0 814.0
Despite the recessionary climate, the segment achieved satisfactory operating eBItDA of CHF 19.6 million, with
a margin of 12.3 %. overheads were reined back at an early stage within the Components segment, with the
express purpose of relieving pressure on eBItDA. this did not affect investment in strategic projects aimed at
long-term growth, such as the expansion of the Centre of excellence for Conveyor Rollers and RollerDrives at
Wermelskirchen and the development of innovative products. At the end of 2009, earnings before interest and
taxes (eBIt) stood at CHF 7.4 million (4.6 %), compared to CHF 28.8 million (12.8 %) in the previous year.
13

14
ReVIeW oF tHe FInAnCIAl yeAR
Although sales fell unusually steeply in scandinavia and spain during the first half of 2009, the figures recovered
as the year progressed. sales in central europe and France held up particularly well despite the crisis. In the
UsA, where Interroll is aiming to increase market share and boost its market position, trade in check-out
counter motors continued to develop encouragingly in 2009. the new “cassette” drive solution, which is easy
to install in check-out counters, was instrumental in raising sales revenue in this area into double-digit figures.
In south America, Interroll Brazil made positive inroads in the area of food processing.
sales in China fell by 37 % following the strong performance of the previous year. scores of planned projects
in airports and other areas were suspended in the year under review. the company’s other Asian hubs per-
formed in line with forecasts. In Japan last year, Interroll launched a promising pilot project aimed at enhancing
the marketing of Conveyor Rollers and RollerDrives; the Japanese market is one with high potential for roller
conveyor-based materials handling.
In February 2009, Interroll, in collaboration with a licensing partner, opened a manufacturing site in Bangalore
to supply the Indian market with drive/conveying solutions for material flow systems. the new Interroll facility
in India’s fifth largest city will focus on producing innovative solutions involving Drum Motors, 24 VDC Roller-
Drives and Conveyor Rollers. Areas of application for these products include conveyor systems for food
processing, airport baggage handling and production logistics.
During the reporting year, Interroll Drives & Rollers concentrated heavily on the development of new materials
handling drive concepts. these included the Interroll PolyVee drive solution with RollerDrives and Conveyor
Rollers, which were redesigned and enhanced to comply with higher technical requirements. In september
2009, the synchronous Drum Motor – a world first – was presented at the global Interroll symposium in
locarno, an event organised to mark the company’s 50th anniversary. these highly powerful and cost-effective
drum motors, which lend themselves to a wide range of applications, have the potential to open up market
segments previously accessible only to other drive solutions. the synchronous Drum Motors were also successfully
introduced into the german market after being unveiled at the sPs/IPC/DRIVes trade fair for electric
automation technology in nuremberg in november.
Also in germany, expansion and modification of the Centre of excellence for Conveyor Rollers and RollerDrives
progressed according to schedule during 2009 in Wermelskirchen. this project is aiming to bring about further
large-scale productivity gains; the new facility is set to open in the spring of 2011.
In the year under review, industrial Drum Motors with smaller diameters were relocated from Denmark to the
Centre of excellence for Drum Motors opened in the first half of 2008 in the german town of Baal. Meanwhile,
a rubber lagging centre for Drum Motors was established in Wassenberg. Interroll has thereby improved customer
benefit and flexibility significantly whilst reducing delivery times for the food processing industry. Interroll
Drives & Rollers has also strengthened its engineering & Research Centre for materials handling solutions at
the Wassenberg site.

ReVIeW oF tHe FInAnCIAl yeAR
The Subsystems segment
In 2009, sales for the largely project-dependent subsystems division fell by 40.3 % in local currency compared
to the prior year. In terms of reporting currency, turnover stood at CHF 76.1 million (against CHF 134.2 million
in 2008). the figures reflect the unexpectedly high number of projects shelved until further notice or abandoned
owing to lack of secured financing. there were no earnings before interest, taxes, depreciation and
amortisation (eBItDA), following on from earnings of CHF 17.7 million in 2008; the loss in terms of eBIt
amounted to CHF 4.3 million; in 2008, a positive eBIt of CHF 14.6 million was achieved. thanks to its stable
financial basis, however, Interroll was able to pursue strategic projects in this area (such as investing in product
innovation).
Key figures for the subsystems segment, in millions CHF 2009 2008
order intake 80.5 127.6
net sales to third parties 76.1 134.2
CHAnge In % to tHe PReVIoUs yeAR – 43.3 – 0.8
eBItDA – 0.8 17.7
CHAnge In % to tHe PReVIoUs yeAR – 104.5 – 10.2
In % oF net sAles – 1.0 12.8
eBIt – 4.3 14.6
In % oF net sAles – 5.5 10.6
Capital expenditure 9.7 5.5
Average number of employees 436.0 501.0
In the dynamic storage area, the economic crisis placed considerable strain on the european region during the
year under review; dynamic storage business came to a complete standstill in eastern europe owing to the
added pressure of a negative currency trend.
In north America, the impact of the downturn was cushioned by means of local Carton Flow production. Interroll
also equipped its site in Canada with a machine for the production of Carton Flow roller tracks with a view to
improving production capacity and supply readiness for Carton Flow products in north America. through the
acquisition of BMW Metal Fabrication Inc. in Atlanta (georgia) in February 2009, Interroll strategically expanded
its dynamic storage solutions business in the UsA. the new Interroll production facility in Atlanta complements
the company’s facility for dynamic storage modules in toronto, which has been operating since 2002.
A lucrative project was secured in Asia, involving Pallet Flow storage technology for a new distribution centre
belonging to a soft drinks producer in thailand. Market share has been gained thanks to an expanded product
range and intensive marketing within the drinks industry.
In January 2009, Interroll Dynamic storage held a trade press conference to unveil patented new solutions
for order-picking flow racks (Carton Flow) offering significantly higher customer benefit; the company also
opened a new testing centre for dynamic storage solutions at its Centre of excellence in the French town of
15

16
ReVIeW oF tHe FInAnCIAl yeAR
la Roche sur yon. Interroll Dynamic storage also presented the latest dynamic storage solutions to a trade
audience from around the world at the global Interroll symposium held in the swiss town of locarno in sep-
tember 2009.
the underlying theme of the symposium – demonstrating the specific benefits of Interroll solutions – was consistent
with the company’s broader efforts to attract new clients and users.
With a fast return on investment becoming ever more important as competition intensifies, the market share of
dynamic storage systems for fast-selling goods is poised to increase. this is particularly true in a difficult economic
climate.
the aforementioned new Carton Flow solution – based on a completely new type of wheel track – has already
gained a strong foothold in the market. With its promise of energy efficiency and flexible space-saving properties,
Interroll has created a market-leading product set to harness huge potential when the economic picture
brightens.
Despite the fact that Interroll Automation was forced to postpone or cancel a series of projects in europe and
the UsA in 2009, this business area performed well given the current economic slump. several lucrative
projects linked to postal services and other fields were secured in China and singapore. In February, Interroll
transferred the manufacturing of Belt Curves and Conveyor Modules to a new office/production building in the
modern industrial estate of suzhou, west of shanghai. Intensified marketing activities in Asia over the past
two years have enabled Interroll Automation to more than double its order receipts in China in year-on-year
comparison.
In addition, Interroll attracted a number of promising projects linked to airports, postal services and distribution
centres in the UsA, germany and south Africa. In the UsA, the company secured a large-scale sorter project
for the world’s largest parcel delivery company. Crossbelt sorters were also commissioned for leading postal
organisations in the United Kingdom. In 2009, a major courier firm initiated the construction of a sorter system
at Cologne Bonn Airport. the Finnish postal service commissioned Crossbelt sorters combined with Interroll
Conveyor Modules for feeding and exit lines at a number of sites. Interroll Automation has thus gained market
Above
the global Interroll symposium
in locarno, switzerland, was
attended by 400 experts in september
2009.

Left
Customer benefits, innovation,
the latest trends in the material
handling industry …
Middle
… were among the key topics
presented by Interroll Ceo Paul
Zumbühl ...
Right
… and exemplified by the newly
designed conveyor rollers
officially launched by Dietmar
Hager and Dr. Ralf garlichs.
ReVIeW oF tHe FInAnCIAl yeAR
share with sorter technology that guarantees users tangible advantages: cost-effective operation from as little
as 2,000 items per hour, maximum availability thanks to best-in-class engineering, a return on investment in
around two years, space-saving design and the reliable handling of a wide variety of goods.
the company’s patented new belt curve was unveiled at the global Interroll symposium held in september
2009 in the swiss town of locarno. Its innovative technology enables belt changes to be completed in just
10 minutes – one third the time needed by similar belt curves. the product met with an encouraging response
as it was progressively introduced to key client firms over the year under review. Alongside distribution centres,
the space-saving belt curve is mainly suitable for applications connected with airport logistics, an area in which
Interroll anticipates a good deal of new business in the second six months of this year.
Construction of Interroll Automation’s new global Centre of excellence for Conveyor Modules and subsystems
got under way in october 2009. When complete, the centre, located in a new industrial area of sinsheim in
germany, will amalgamate operations that until now have been accommodated in four separate buildings. the
opening is scheduled for this year.
17

18
Review of the financial yeaR
Staff
Average number of employees by region 2009
0 500 1000 1500
europe 807
USa 239
asia 160
Average number of employees by years
0 500 1000 1500
2006 1165
2007 1275
2008 1315
2009 1206
worldwide, the interroll Group employed 1,206 people on average in financial year 2009, a fall of 8 % on the
figure for 2008.
interroll’s training centre, opened towards the end of 2008 in the German town of Baal, became a firm asset
of the company during the reporting year. in 2009, some 80 people attended courses on various product
areas – from RollerDrives and Drum Motors to frequency converters – at the “interroll academy”. courses are
offered in progressive stages, from introductory sessions for beginners to advanced programmes for experts.
the sales-focused content will play a part in consolidating the global market position of interroll, which is
already well established. in particular, the centre will aim to ensure the company can address even more
effectively the various needs of customer groups in relation to projects, from planning to after-sales service.

Professionally and effectively
managing the Interroll brand
is the main subject of the Interroll
Brand Workshops: colleagues
from the Asian Interroll branches
promoted to “Brand Ambassadors”
after passing the exams.
ReVIeW oF tHe FInAnCIAl yeAR
The Interroll brand strategy
In financial year 2009, Interroll continued to offer branding workshops to representatives of all Interroll markets
with a view to rolling out brand management and brand policy across the group’s global locations. the implementation
strategy relies on ‘Brand Ambassadors’ (who will convey the brand strategy to various target groups
within the worldwide Interroll group) as well as special brand-specific projects.
the Interroll brand strategy provides the basis for our day-to-day activities: it is the foundation of our long-term
success as a company. one cornerstone of the strategy is the positioning of Interroll as the world’s leading
supplier of key products for material flow solutions. In other words, Interroll will be synonymous with “proven”
products and services.
19

20
Strategy and aimS of the
interroll worldwide group
Strategy and aims of the
Interroll worldwide group
Aims
interroll aims to achieve sustained, above-average growth in sales and profits over the long term and to establish
itself as the market leader in its specific target markets and product groups. these strategic targets are to
be achieved through unique market positioning, leadership in the field of innovation, our own global sales
network, high productivity and an investment policy that is geared to the long term. it is vital that we are seen
as an attractive partner by our customers across all continents and as a good employer capable of attracting
a highly motivated, performance-oriented workforce.
Strategy
we focus on key products for material handling solutions in market segments such as food processing and
distribution, airports, mail-sorting offices, mail-order companies and logistics centres. our own global sales
network is firmly anchored at local level and maintains close contact with original equipment manufacturers,
system integrators/general contractors and end users in order to analyse the precise needs of all customer
groups. Building on this, interroll develops key products that are based on a worldwide platform and offer
customers solutions to their everyday logistical challenges. one of the key elements of our strategy is to
enhance our existing products and develop next-generation solutions tailored to market requirements and
providing a fast return on investment.
throughout the world, interroll Centres of excellence concentrate on developing new products for existing and
new applications. further responsibilities include highly productive manufacturing of clearly defined product
groups. local production and service centres, managed by the Centres of excellence, have been set up in
every corner of the world so that we can respond quickly to customer needs.
in terms of branding, our aim is for interroll to increasingly profile itself by reference to its expertise as a pro-
vider of innovative, economical solutions for intralogistics.
Success factors
interroll’s success, both in the past and the future, depends on these factors:
• Concentrating our resources on key products with which we aim for worldwide market leadership
• Developing application-oriented product platforms on a modular basis, thus allowing us to achieve substantial
economies of scale
• Maintaining a global sales presence supported by local sales companies allowing us to identify and respond
quickly to customer needs and market trends and exploit market potential throughout the world, supported
by a global production network
• Operating with uniform group-wide manufacturing technology at all our production centres worldwide
In brief
interroll aims at achieving sustained above-average growth in revenue and
profit and seeks to establish itself as the leading provider of key products for
material handling solutions in specific target markets. the company’s prod-
ucts deliver above-average benefit to customers worldwide in the areas of conveyor
technology, logistics and automation.

• Worldwide identical quality standard of products
Strategy and aimS of the
interroll worldwide group
• Focusing on continuous development of new products and their rapid introduction to the market
• Providing professional support, training and development for all our workforce
Growth drivers
our future growth strategy is geared towards meeting clearly identified market trends that offer potentially
attractive sales opportunities. these include:
• Continued growth in passenger numbers in international air travel, requiring expansion in airport handling
capacity (baggage conveying systems) and security technology (in-line screening)
• Strict hygiene regulations in the food processing industry, which are being adopted by an increasing number
of countries and call for premium quality conveyor drives such as interroll drum motors
• increasing liberalisation of postal markets and the regionalisation of courier/express/parcel service operators,
who are investing in distribution and new sites in order to establish a local presence near their customers
• Further decentralisation of distribution centres for a wide range of goods in order to speed up delivery
times
• Increasing product variety and shorter product life cycles demand greater flexibility and customisation in the
order-picking of goods
• Increased productivity levels in the industry and related efficiency gains in warehousing and distribution processes
• Demand for logistics equipment offering economical operation and a short return on investment
Management structure of the Interroll Group
led by our strategic holding company based in Sant’antonino/Switzerland, interroll devised a new corporate
strategy introduced eight years ago. this strategy is implemented through three global business units. the
interroll drives & rollers unit concentrates on conveyor components such as rollers and intelligent drives for
belt and roller conveyors. it is dedicated to producing intelligent solutions for conveyor system manufacturers
and oems. the interroll dynamic Storage unit equips distribution centres with innovative dynamic storage
modules for high-throughput goods. its main target markets are industrial designers, rack manufacturers and
system integrators. the interroll automation unit produces conveyor modules and sub-systems especially for
mail-sorting offices, mail-order companies and distribution centres. dynamic Storage and automation are
classed together under “Subsystems”. all our business units market themselves under the interroll name –
which stands for expertise, quality and innovation.
What is it that makes Interroll unique?
whether global or local, big or small, all our customers benefit from the combined know-how and applications
experience built up by the global interroll group over a large number of reference projects. our development
and production centres transform this critical knowledge into innovative, market-leading solutions for over
23,000 customers around the world who can be assured at all times of gaining above average benefit from
those solutions.
21

22
Corporate governanCe
organiSation
Corporate governance
1 Organisation
BOArd Of dIreCtOrS
StrAteGIC HOldInG
InterrOll HOldInG ltd. (headquarters: S. antonino, Ch)
Corporate Strategy Corporate it Corporate technology
Corporate finance Corporate Communications
BuSIneSS unItS
ComponentS Segment
interroll drives & rollers
unit handling
headquarters: wermelskirchen, d
SAleS And PrOduCtIOn COMPAnIeS
interroll CZ, s.r.o., Breclav, CZ
interroll fördertechnik gmbh, wermelskirchen, d
interroll nordic aS, hvidovre, dK
interroll españa Sa, Barbera del vallés, e
interroll SaS, Saint pol de léon, f
SuBSyStemS Segment
interroll dynamic Storage
warehousing & distribution
headquarters: la roche sur yon, f
interroll automation
automation & Conveyor lines
headquarters: Sinsheim, d
interroll Japan Co. ltd., tokio, Jp interroll Japan Co. ltd., tokio, Jp interroll Japan Co. ltd., tokio, Jp
interroll Korea Corporation, Seoul, Kr interroll Korea Corporation, Seoul, Kr interroll Korea Corporation, Seoul, Kr
interroll polska sp.z.o.o., warschau, pl
interroll (asia) pte. ltd., Singapur, Sgp interroll (asia) pte. ltd., Singapur, Sgp interroll (asia) pte. ltd., Singapur, Sgp
interroll ltd., Corby, uK
interroll JoKi a/S, hvidovre, dK
interroll fördertechnik gmbh, wermelskirchen, d
interroll trommelmotoren gmbh, Baal, d
interroll australia pty. ltd., melbourne, auS
interroll ag, S. antonino, Ch interroll ag, S. antonino, Ch interroll ag, S. antonino, Ch
transtechnik gmbh, wassenburg, d
interroll Components Canada ltd., Concord, Cnd
interroll SaS, la roche sur yon, f
interroll Canada ltd., newmarket, Cnd interroll Canada ltd., newmarket, Cnd
interroll automation gmbh, Sinsheim, d
interroll (Suzhou) Co. ltd. Suzhou, China interroll (Suzhou) Co. ltd. Suzhou, China interroll (Suzhou) Co. ltd. Suzhou, China
interroll Sa (proprietary) ltd., Johannesburg, Za interroll Sa (proprietary) ltd., Johannesburg, Za interroll Sa (proprietary) ltd., Johannesburg, Za
interroll (thailand) Co. ltd., Samutprakarn, tha interroll asia-pacific Co. ltd., panthong, tha
interroll Corporation, wilmington nC, uSa interroll dynamic Storage inc., hiram ga, uSa interroll automation llC, Jeffersonville, uSa
interroll logistica ltda., S ão paolo, Br interroll logistica ltda., S ão paolo, Br
agents, franchisees agents, franchisees agents, franchisees
Sales companies production companies Sales- and production companies as of 1 st January 2010

2 Group structure and shareholders
Corporate governanCe
group StruCture and ShareholderS
Group structure
the interroll group develops, manufactures and markets components and subsystems for the areas of material
flow and conveyor technology. these activities are performed worldwide. three globally operating business
units are responsible for managing the activities of the group: interroll drives & rollers within the Components
segment, interroll dynamic Storage and interroll automation within the Subsystems segment. Companies
within the interroll group: cf. financial statements of interroll group, 7.4 Scope of consolidation.
the registered shares of interroll holding ltd., headquartered in Sant’ antonino (Switzerland) have been traded
within the main segment of the SiX Swiss exchange since June 5, 1997 (valor 637 289, investdata inrn,
reuters inrnS). market capitalisation, share prices, etc.: information for investors (inside cover).
the governing bodies of interroll holding ltd. are the general meeting of Shareholders (paramount governing
body), the Board of directors and the auditor.
Significant shareholders
details regarding significant share holders: cf. financial statements of interroll holding ltd., 3.7 Shareholder
equity.
Cross-shareholdings
there are no cross-shareholdings.
23

24
Corporate governanCe
Capital StruCture
3 Capital structure
Capital
the share capital of interroll holding ltd. amounts to Chf 12.8 million and is made up of 854 000 fully paid
registered shares with a par value of Chf 15.00 each. Cf. financial statements of interroll group, 5.9 information
on shareholders’ equity.
Authorised and conditional capital
there is no authorised or conditional capital.
Changes in capital
Consolidated Statement of Changes in equity. Cf. financial statements of interroll group, 1.4 Consolidated
statement of changes in equity.
Shares and participation certificates
the share capital of interroll holding ltd. comprises 854 000 fully paid registered shares which are entitled to
dividend payments and are furnished with voting rights. the par value per share is Chf 15.00. voting right:
one vote per share. no participation certificates were issued by the Company.
Profit sharing certificates
no profit sharing certificates were issued by the Company.
limitations on transferability and nominee registrations
Cf. Chapter 7, Shareholders’ participation rights.
Convertible bonds and warrants/options
in 2006 the Board of directors approved a management share option plan. Cf. financial statements of interroll
group, 6.1 personnel expenses.

From left to right
ingo Specht, urs tanner,
Kurt rudolf, philippe dubois,
paolo Bottini, marco ghisalberti
4 Board of directors
Members of the Board of directors
Kurt rudolf b Swiss
born 1942
urs tanner Swiss
born 1951
Paolo Bottini a Swiss
born 1965
Philippe dubois a Swiss
born 1950
Horst Wildemann b german
born 1942
Marco Ghisalberti italian
born 1961
Ingo Specht german
born 1964
a member of the audit Committee
b member of the Compensation Committee
Chairman
initial appointment
term of office until
deputy Chairman
initial appointment
term of office until
member
initial appointment
term of office until
member
initial appointment
term of office until
member
initial appointment
term of office until
member
initial appointment
term of office until
member
initial appointment
term of office until
2006
2001
2010
2008
2011
2003
2012
2003
2012
1999
2011
1997
2012
2006
2012
Corporate governanCe
Board of direCtorS
25

26
Corporate governanCe
Board of direCtorS
Professional background, other activities and vested interests of the Board of directors
Kurt rudolf: dipl.-ing. eth; formerly: managing director of lgZ landis & gyr Zug ag; Ceo portescap group,
la Chaux-de-fonds. Currently: member of the Board of directors at Belimed ag and the medela group,
Switzerland (uSa Chairman of the Board).
urs tanner: executive mBa university of St. gallen, Switzerland; amp, harvard, uSa. professional back-
ground: various management positions at Styner + Bienz ag (adval tech), niederwangen, Switzerland
(1967 – 1983); md of mikron’s tool and plastics division, Biel, Switzerland (1983 – 1994); Ceo of the medela
group, Baar, Switzerland (1995 – 2007). Currently: member of the Board of directors of medela group, Zug,
and of plaston ag, widnau, Switzerland.
Paolo Bottini: lic. iur., lawyer and tax specialist (eidg. dipl.); 1996 – 2000 associate and since 2001 partner
and director of law firm Bär & Karrer lugano, based in Zürich and lugano, Switzerland; guest lecturer for law
and tax issues at Centro di Studi Bancari, vezia, Switzerland.
Philippe dubois: lic. iur. and lic. oec.; self-employed management and financial consultant. formerly: senior
positions at Jp morgan (1974 – 1982), uBS warburg (1982 – 1999) and Bank Julius Bär (1999 – 2001); at uBS
warburg, responsible for ipo of numerous Swiss companies, incl. interroll holding ag.
Horst Wildemann: dipl.-ing. mechanical engineering and dipl.-Kfm. Business administration at the universi-
ties of aachen and Cologne, germany; university lecturer dr. dr. h. c. mult., professorship in Business admin-
istration – Corporate management, logistics and production at technische universität münchen. Currently:
member of the Supervisory Board of Zeppelin gmbh, friedrichshafen, hamberger industriewerke gmbh,
rosenheim, and Siepmann werke gmbh, warstein; Chairman of the Supervisory Board of egon grosshaus
gmbh, lennestadt and Chairman of the management Board of tCw gmbh, munich, germany.
Marco Ghisalberti: laurea, economia e Commercio, istituto universitario di Bergamo, italy, and mBa, Boston
university, Boston, ma/uSa. formerly: regional Sales manager rulli rulmeca S.p.a., italy (1995 – 1999); senior
management positions at precismeca Sa (france) and precismeca montan gmbh (germany) within the rul-
meca group (2000 – 2003). Since 2003: managing director of rulli rulmeca S.p.a., member of the Board of
directors of rulli rulmeca S.p.a. and rulmeca S.p.a. Since 2006: Chairman of rulmeca Service S.r.l.
Ingo Specht: professional qualifications as industrial Business manager, Cologne Chamber of Commerce and
industry, germany. formerly: deputy managing director of interroll ag, Switzerland (1986 – 1993); Self-
employed entrepreneur, luxis, Switzerland (1993 – 1997); vice president Corporate development, interroll
(Schweiz) ag, Switzerland (1998 – 2002); head of Corporate it, interroll management ag, Switzerland
(2003 – 2007); ma naging director of interroll ag, Switzerland, since 1997; shareholder within the founding family.

Corporate governanCe
Board of direCtorS
elections and terms of office
the Board of directors is composed of at least six members. the shareholders dieter Specht and Bruna ghisalberti
or their direct first-generation descendants are entitled to nominate two representatives (or one representative
per family) for the Board of directors, insofar as they hold at least 10 % of the share capital. the
members of the Board of directors are elected individually by the general meeting of Shareholders for a threeyear
term of office. reelection is permitted. the Chairman is elected by the Board of directors (art. 19 & 20 of
the articles of association).
Internal organisational structure
the Board of directors is responsible for strategic issues and performs high-ranking duties as regards the
management, supervision and control of the executive members of the interroll group.
the Board of directors comprises the Chairman, the deputy Chairman and the remaining members.
the Board of directors is assisted by two permanent committees within the areas of auditing (audit Committee)
and remuneration policy (Compensation Committee).
the audit Committee receives the audit reports prepared by the external auditors and group auditors, subse-
quently reporting on them to the Board of directors. in particular, it satisfies itself that the group companies
are also audited on a regular basis. at least once a year, the audit Committee also commissions a report on
audits undertaken and planned as well as on any proposals to improve the auditing function. the audit Com-
mittee submits its proposals to the Board of directors for decision.
the Compensation Committee sets the salary and bonus of the Ceo and the members of group management,
as well as the compensation of the Board of directors. at the beginning of the year, it defines the targets to be
attained for bonus payments to become applicable. in addition, the Compensation Committee is responsible
for establishing the terms of the share ownership programme.
Both committees meet as necessary, and committee meetings can be convened by any member. the mem-
bers of the committees are indicated in the table “members of the Board of directors”.
the Board of directors is deemed quorate if an absolute majority of its members is present in person. resolu-
tions are adopted on the basis of an absolute majority of votes present. in the event of an equal division of
votes, the Chairman casts the deciding vote. all resolutions are recorded in the minutes. the Board of directors
meets as often as business requires, but at least four times per annum.
the meetings are convened by the Chairman of the Board of directors. each member of the Board of directors
may demand that a meeting be convened, specifying the item on the agenda to be discussed. in the 2009
financial year, the Board of directors met on six occasions, the audit Committee twice and the Compensation
Committee once for regular scheduled meetings. the managing directors of the respective business units
and Corporate functions are invited to attend meetings when necessary.
27

28
Corporate governanCe
Board of direCtorS
definition of areas of responsibility
areas of responsibility and control are specified within a set of organisational regulations.
the Board of directors has exercised its statutory authority to delegate management to third parties who need
not be share holders (group management), reserving those duties which may not be delegated or with-
drawn.
in the provisions of the organisational regulations, the Board of directors has delegated the management of
ongoing business to a Chief executive officer (Ceo). the Ceo is responsible for the overall management of
the interroll group and for all matters not falling under the purview of another governing body, as specified by
law, the articles of association or the organisational regulations. in particular, the Ceo is responsible for the
operational management of the Company as a whole.
group management consists of the Ceo and the managing directors of the Business units and of the Corpo-
rate functions, who report directly to him at the Company’s headquarters.
Information and control instruments
at each meeting, the Ceo informs the Board of directors of the course of business, the principal events
within the group and the discharge of duties delegated to the group management.
the management information System (miS) of the interroll group consolidates the balance sheet, income
statement and cash flow statement, as well as financial data pertaining to the subsidiary companies, on a
monthly basis and compares the current figures with those of the previous year and the forecast. on the basis
of the quarterly financial statements, the forecast is assessed as to whether it is attainable with regard to each
entity and the consolidated group. the financial reports (miS) are discussed with the Ceo at meetings of the
Board of directors.
on behalf of the audit Committee, internal audits are performed annually at selected subsidiary companies.
the focal points of the audit are defined according to the risk profile of the respective entity. the audit Com-
mittee reports are discussed with the management.
extraordinary occurrences and decisions of material importance, as specified in the organisational regulations,
are immediately brought to the attention of all members of the Board of directors in writing.

5 Group Management
Group Management: members, other activities, vested interests
Paul Zumbühl Swiss
born 1957
didier lermite french
born 1959
Heinrich droste german
born 1961
ralf Garlichs german
born 1962
Jürg Häusermann Swiss
born 1961
Kwang-Heng Seng Singaporean
born 1951
lorenz Köhler Swiss
born 1959
Christian Hähni Swiss
born 1958
flavio Zanatta Swiss
born 1971
Paul Zumbühl
Ceo
Corporate governanCe
group management
Ceo
since January 2000
managing director Business unit interroll dynamic
Storage since november 2000
managing director Business unit interroll automation
since January 2003
managing director Business unit
interroll drives & rollers since July 2006
Cfo
since november 2000
head of new markets
since april 1988
head of Corporate Communications
since Juni 2001
head of Corporate it
since Juli 2007
head of Corporate technology
since Juni 2005
dipl.-ing. (university of lucerne) and mBa (Corporate
finance and international management), advanced
executive management program at Kellogg Business
School of northwestern university, uSa, marketing
management diploma (eidg.-dipl.).
formerly: managing director & Coo mikron plastics
technology and member of mikron group management,
Biel, Switzerland (1994 – 1999); managing director
and other management roles within the Sarna
group, Sarnen, Switzerland (1988 – 1994). member
of the Board of directors of Schlatter holding ag,
Schlieren/Zurich, Switzerland, since 29th october
2007, and of looser holding ag, arbon, Switzerland,
since 15th may 2009.
29

30
Corporate governanCe
group management
didier lermite
managing director, Business unit interroll dynamic Storage
mBa and deSS (diplôme etudes Supérieures Spécialisées) with
marketing and Business management, managing director Business
unit interroll dynamic Storage.
formerly: Sales manager at Sipa roller, france (1985 – 1992) and
export Sales manager responsible for establishing the global sales
network at Sipa roller (1992 – 2000).
Heinrich droste
managing director, Business unit interroll automation
dr.-ing. (university of hannover, mechanical engineering majoring in
materials handling), managing director Business unit interroll auto-
mation.
formerly: head of development at mannesmann dematic, offenbach
(1994 – 1998) and managing director axmann fördertechnik
gmbh, Sinsheim, germany (1998 – 2003).
ralf Garlichs
managing director, Business unit interroll drives & rollers
dr.-ing. (university of hannover, mechanical engineering majoring in
production engineering): managing director Business unit interroll
drives & rollers.
formerly: head of production and logistics at festo tooltechnic,
esslingen, germany (1994 – 1999); managing director of reflex
winkelmann as well as other senior management roles at winkelmann,
ahlen/westphalia, germany (1999 – 2006)
Jürg Häusermann
Cfo
Jürg häusermann: economics and Business administration hwv
(majoring in finance and marketing); responsible for financial man-
agement of the interroll group as Cfo.
formerly: global division Controller Kitchen technology, franke
group, Switzerland (1997– 2000).

Kwang-Heng Seng
head of new markets
Corporate governanCe
group management
Bachelor of Science (production engineering) at aston univer sity in
Birmingham, uK. head of new markets.
formerly: division manager at trading company guthrie (Singapore)
pte. ltd.; regional manager at Cuno pacific, subsidiary of the amf
group specialising in water filtration systems. Since 1988, managing
director of interroll (asia) pte. ltd. in Singapore.
lorenz Köhler
head of Corporate Communications
media Studies (university of Bern), head of public relations and
Communication.
formerly: Copywriter and advertising assistant at full-service advertising
agency (1990– 1994); pr and advertising Coordinator europe/
middle & far east for Jet aviation, a worldwide service company for
business aviation (1994 – 2000).
Christian Hähni
head of Corporate it
there are no management contracts with third parties.
Bachelor of engineering in mechanical engineering; executive
mBa in Business engineering at university of St. gallen (hSg) and
Santa Clara university California; head of corporate information
technology.
formerly: management Consultant at Kpmg and Sap (1995 – 2003),
Cio at wmh walter meier holding ag (2003 – 2007).
flavio Zanatta
head of Corporate technology
dipl. masch.-ing. (university of applied Sciences) and post-graduate
diploma in management, university of applied Sciences lucerne,
Switzerland. head of Corporate technology.
formerly: project manager at translift ag (formerly Swisslog) and at
general dynamics ag (1997– 2005), engineer for research & development
at helbling technik ag, Switzerland (1994 – 1997).
31

32
Corporate governanCe
CompenSation, Shareholding and loanS
6 Compensation, shareholding and loans
Content and method of determining the compensation and share-ownership programmes
the Board of directors determines on a yearly basis the level of fixed compensation payable to its members
according to their degree of activity and responsibility. additional compensation may be granted for extraordinary
efforts above and beyond normal Board activities. the salary and bonus of the group management are
determined by the Compensation Committee. the senior management and management of the interroll group
receive performance-based compensation. the variable component ranging from zero to fifty per cent of total
compensation is based on attainment of individual annual performance targets determined in advance as well
as on the level of budget fulfilment.
in accordance with share option guidelines, senior management, management and other staff within the interroll
group received in 2006 options options as determined by the Compensation Committee.
for the terms of the option plan, cf. financial statements of interroll group, 6.1 personnel expenses. no terms
were changed in the year under revision.
Compensation according to or 633 bis , cf. financial statements of interroll holding ltd., 4.3 Compensation of
and shares held by the Board of directors.

7 Shareholders’ participation rights
Corporate governanCe
ShareholderS’ partiCipation rightS
representation and restriction of voting rights
rights governing shareholder participation are in accordance with the requirements specified within the Swiss
Code of obligations. each share issued has one vote. a shareholder’s voting rights are restricted to a maximum
of 5 % of the total number of votes. individual nominees, however, are entitled to exercise more than 5 %
of the total votes if they disclose the identity of the beneficiaries they represent and if the respective beneficiaries
as a whole do not exercise more than 5 % of the voting rights. this restriction of voting rights does not
apply to the founding family, insofar as the individual families hold at least 10 % of the share capital. registered
shares of nominees that exceed 2 % of the shares outstanding are only listed in the register as shares fur
nished with voting rights if the nominee has provided written consent to the possible disclosure of names,
addresses and shareholdings of those persons for whom the said nominee holds 0.5 % or more of the shares
outstanding. there is a statutory group clause.
Statutory quorum
Subject to contrary statutory or legal provisions, the general meeting of Shareholders is deemed to be quorate
irrespective of the number of shareholders present and the shares represented by proxy.
Convocation of General Meeting of Shareholders
the invitation to the general meeting of Shareholders is issued at least twenty days prior to the meeting and
is legally effective upon inclusion in the Company’s chosen vehicle of communication (“Schweizerisches handelsamtsblatt”).
in addition, the Board of directors sends a written invitation to those registered shareholders
listed in the Share register.
Agenda
the invitation to the general meeting of Shareholders shall include all items on the agenda as well as all motions
put forward by the Board of directors and, if applicable, by the shareholders who have called for a general
meeting or the inclusion of an item on the agenda. no resolutions shall be passed on motions relating to items
which have not been announced in the requisite manner, with the exception of those motions relating to the
convocation of an extra ordinary meeting of Shareholders or the execution of a special audit.
Inscriptions into the share register
no entries are made in the Share register ten days prior to a general meeting of Shareholders up to the day
subsequent to the general meeting of Shareholders.
33

34
Corporate governanCe
ChangeS of Control and defenCe meaSureS/auditorS
8 Changes of control and defence measures
duty to make an offer
the threshold as regards the obligation to put forward a full offer pursuant to art. 32 Behg is 33 1 /3 % of the
voting rights.
Clauses on changes of control
no severance compensations have been defined for members of the Board of directors or employees of
interroll.
9 Auditors
duration of the mandate and term of office of the lead auditor
Since the ipo of interroll in 1997, the consolidated financial statements of the interroll group and the individual
financial statements of interroll holding ltd. have been audited by Kpmg ag. a new lead auditor took respon-
sibility for the group audit in 2008.
Auditing fees
the auditing fees paid within the group to Kpmg auditing units amounted to Chf 0.58 million in 2009 (2008:
Chf 0.67 million).
Additional fees
in 2009, Kpmg branch offices received a total of Chf 0.45 million (2008: Chf 0.33 million) for tax and m&a
consulting.
Supervisory and control instruments pertaining to the audit
the audit Committee is responsible for evaluating the external audit. the external auditors prepare an audit
report to be submitted to the Board of directors. at least one consultation is two consultations are held each
year between the external auditors and the audit Committee. material findings for each entity (management
letters) as well as the consolidated accounts covered by the audit report are discussed in detail. the auditors
also explain their services rendered (audit, review) for each entity, along with recent changes in iaS/ifrS and
their impact on the total comprehensive income of the interroll group.

10 Information policy
Corporate governanCe
information poliCy
interroll is committed to providing swift, transparent and simultaneous informa tion for all stakeholders. the
consolidated financial statements are prepared in conformity with iaS/ifrS.
interroll holding ltd. publishes comprehensive financial results twice a year: for the first half and for the financial
year as a whole. in addition to the financial results, shareholders and financial markets are regularly kept in-
formed of significant changes and developments.
interroll holding ltd. publishes facts relevant to its share price in conformity with disclosure requirements
(ad hoc disclosure, art. 72 of the listing rules) of the SiX Swiss exchange.
in addition to electronic methods of communication, annual reports are forwarded to all shareholders and
other interested parties as a printed copy.
for further details, please visit www.interroll.com/ir (investor relations).
interroll holding ltd.
via gorelle 3
Ch – 6592 Sant’antonino, Switzerland
tel. +41 91 850 25 25
fax +41 91 850 25 05
investor.relations@interroll.com
35

36
interroll SolutionS at a glanCe
the Heart of Conveyor technology
and logistics
Consistent design from the initial concept through system integration to
efficient operation: as the “heart of conveyor technology and logistics”,
interroll’s best in class solutions ensure high-performance unit load handling
at every stage of material processing – power, precision, perfection.
1 energy and space-saving: fifo pallet
storage with full-width rollers
2 Space-optimising lifo pallet flow storage
modules with lifo speed controllers …
3 … or with Cart pushback
4 efficient order picking with ergonomic Carton
flow (floway wheel tracks)
5 Quick conversion: order picking from convertible
flex flow racks
6 Space-saving drive solutions for belt conveyors:
drum motors with idler pulleys, brackets
and optional accessories (eg. controls)
7 intelligent drive solutions for zero-pressure
accumulation conveyors: 24 vdC rollerdrives
with integrated control electronics, Conveyor
rollers and polyvee or o-ring transmissions
8 long life-cycle solutions for non-driven conveyors:
Conveyor rollers, omni-directional wheels
and ball transfer units
9 unbreakable “weightlifter”: pallet conveyor
modules with palletdrive
10 highly economical, starting at throughputs of
2000 units/hour: Crossbelt Sorter with connecting
conveyor modules
11 Space-saving solution for direction changes:
Belt Curves and Spiral Curves
12 Smartest solution for height differentials:
Belt Conveyor modules
13 energy-saving and intelligent: intelliveyor for
zero-pressure accumulation
1
2
11
12
7
5
6

3
8
13
9
4
10
13

meet interroll SolutionS all over the world
Barenschee uses Interroll conveyor technology
for printing plates
the pre-press machines of Barenschee in lüneburg, germany, process and convey printing plates
from the preliminary stage to the printing press. the extremely time-critical process – of printing
daily newspapers, for instance – requires the highest possible reliability and careful handling of
integrated roller conveyors. Barenschee opted for the compact, energy-saving interroll rollerdrives
for the purpose of powering its roller conveyors. the rollerdrives, with integrated dC
motors and electronic controls, drive the interroll 1700 series rollers via polyvee belts. the compactness
of this drive solution guarantees Barenschee quick and easy installation of the rollers
into the processing systems. it enables Barenschee to offer customers cost-effective pre-press
printing systems that can be rapidly delivered and quickly installed on site, even when space is at
a premium. the simple roller attachment mechanism guarantees easy access during routine maintenance
work and minimises downtime. the service life of interroll rollerdrives is generally 20,000
hours or almost seven years of continuous eight-hour operation per day. the energy-saving
conveyors make a significant contribution to reducing the total cost of ownership and make the
plants a worthwhile investment in the time-critical printing process.
project partners: Barenschee (manufacturer of pre-press systems), interroll (drive solution for roller
con veyors)
39

40
meet interroll SolutionS all over the world
finnish Post sorts mail with Interroll Crossbelt Sorters
the finnish post itella distribution centre in helsinki was fully commissioned in october 2009. in just one
hour, two stacked interroll Crossbelt Sorters now distribute up to 20,000 parcels, oversize letters and
postal packs weighing up to 15 kg. with a length of 523 metres, these are the longest interroll Crossbelt
Sorters ever installed. Sixteen in-feed lines with interroll Belt Conveyors and merge modules inject the
postal goods into the sorter before they are diverted out at a total of 540 discharge points. units weighing
up to 15 kg slide via chutes into trolleys; goods up to 35 kg and 1 m long are discharged via spiral
chutes and manually loaded into special itella trolleys.
these precisely pre-assembled sorter modules from interroll can be rapidly integrated on site within
overall systems. “economical to operate from 2000 items per hour, rapid return on investment of 2 – 3
years, high reliability, compact and energy-saving concept, minimal maintenance due to mechanically
robust construction, very simple operation and workplace-friendly quiet running – all these benefits make
the overall investment a very attractive one for users,” says hans Kratz, global product manager interroll
Crossbelt Sorters.
project partners: finnish post (user), Siemens (system integrator), interroll (Crossbelt Sorters, in-feed
and out-feed Conveyor technology)

meet interroll SolutionS all over the world
food discounter relies on
dynamic storage technology from Interroll
italian discounter euroSpin currently supplies its 700 branches in north-east italy, South tyrol and
Slovenia from its new distribution centre in San martino Buon albergo near verona. every day, up
to 300 hgvs arrive at the modern warehouse hub, which packs up between 600 and 900 pallets
per eight-hour shift. an interroll dynamic pallet storage system forms the heart of the whole system,
guaranteeing that the logistics chain, from incoming goods to route planning, runs like clockwork.
it can store up to 4920 euro pallets or 9840 düsseldorf half pallets on a compact, space-saving
basis in an area covering just 2800 square metres. it also saves energy using 120 gravity lanes
with 4 levels, operating on a first-in, first-out basis. a completely automated stacker crane stores
the pallets in the 51-metre lanes, which are inclined at 4 % (up to 41 euro pallets or 82 half pallets
per lane). each lane can support a full capacity of up to 41 tons. Side guide rollers ensure that the
pallets travel centrally from the input to the output point. Speed controllers and safety separators
in the centre of the lane and on the output side guarantee safe pallet handling at all times.
project partners: euroSpin (user), Jungheinrich (general contractor), interroll/rulli rulmeca (dynamic
storage technology).
43

Financial Report
of Interroll Group
To the shareholders’ meeting of INTERROLL HOLDING LTD.
Business year 2009
March 3, 2010
CONTENT
Financial RepoRt
Financial statements of Interroll Group 47
Notes to the financial statement of Interroll Group 52
Financial report of INTERROLL HOLDING LTD. 99
45

Financial report
Financial RepoRt
1 Consolidated financial statements of Interroll Group 48
1.1 consolidated statement of financial position 48
1.2 consolidated statement of comprehensive income 49
1.3 consolidated statement of cash flows 50
1.4 consolidated statement of changes in equity 51
2 General information to the financial statements 52
2.1 convention of preparation 52
2.2 critical accounting estimates and judgments 56
2.3 principles of consolidation 56
2.4 principles of valuation 59
2.5 Financial risk management 64
3 Changes to the scope of consolidation 66
4 Segment information 68
5 Notes to the consolidated statement of financial position 71
5.1 Movements of property, plant and equipment 71
5.2 Movements of goodwill and intangible assets 72
5.3 assets pledged or assigned 73
5.4 inventory 74
5.5 trade and other accounts receivable 74
5.6 cash and cash equivalents 76
5.7 Financial instruments and currency risks 76
5.8 equity mangagement 79
5.9 information on shareholder’s equity 79
5.10 earnings per share 80
5.11 Financial liabilities 81
5.12 leasing liabilities 83
5.13 provisions 84
5.14 pension obligations and pension costs 85
5.15 trade and other accounts payable 87
6 Notes to the consolidated statement of comprehensive income 88
6.1 personnel expenses 88
6.2 Research and developement 89
6.3 other operating expenses 89
6.4 other operating income 89
6.5 Financing result 90
6.6 income tax expense 90
7 Other disclosures 93
7.1 contingent liabilities 93
7.2 Related party transactions 93
7.3 Subsequent events 94
7.4 Scope of consolidation 94
8 Report of the Group auditor 96
47

48
Financial RepoRt
Financial StateMentS
1 CONSOLIDATED FINANCIAL STATEMENTS OF INTERROLL GROUP
1.1 Consolidated statement of financial position
in thousands cHF
see
notes* 31.12.2009 in % 31.12.2008 in %
aSSetS
property, plant and equipment 5.1 85 579 79 863
Goodwill and other intangible assets 5.2 39 525 36 127
Financial assets 923 757
Deferred tax assets 6.6 202 355
Total non-current assets 126 229 58.5 117 102 49.5
assets held for sale 5.1 1 300 1 198
inventories 5.4 39 252 41 759
current tax assets 1 711 506
trade and other accounts receivable 5.5 38 814 54 566
cash and cash equivalents 5.6 8 387 21 632
Total current assets 89 464 41.5 119 661 50.5
Total assets 215 693 100.0 236 763 100.0
eQUitY anD liaBilitieS
Share capital 12 810 17 080
Group reserves 140 636 135 519
translation reserve – 20 422 – 21 868
Total equity 5.9 133 024 61.7 130 731 55.2
Financial liabilities 5.11 1 444 8 481
Deferred tax liabilities 6.6 10 476 18 134
provisions 5.13 6 303 7 671
Total non-current liabilities 18 223 8.4 34 286 14.5
Financial liabilities 5.11 11 118 8 782
current tax liabilities 6 359 16 308
trade and other accounts payable 5.15 46 969 46 656
Total current liabilities 64 446 29.9 71 746 30.3
Total liabilities 82 669 38.3 106 032 44.8
Total liability and shareholder’s equity 215 693 100.0 236 763 100.0
* See notes to the consolidated financial statements.

1.2 Consolidated statement of comprehensive income
in thousands cHF
Financial RepoRt
Financial StateMentS
see
notes* 2009 in % 2008 in %
Net Sales 233 987 100.0 357 920 100.0
Material expenses – 98 749 – 42.2 – 147 381 – 41.2
personnel expenses 6.1 & 5.14 – 81 522 – 34.8 – 95 241 – 26.6
increase/(Decrease) in work in progress,
finished products and own goods capitalized 4 621 2.0 – 9 033 – 2.5
other operating expenses 6.3 – 48 129 – 20.6 – 61 538 – 17.2
other operating income
Operating result before depreciation
6.4 8 620 3.7 13 486 3.8
and amortisation (EBITDA) 18 828 8.0 58 213 16.3
Depreciation 5.1 – 10 856 – 4.6 – 10 040 – 2.8
impairment on property, plant and equipment 5.1 – – – 143 – 0.0
Operating result before amortisation (EBITA) 7 972 3.4 48 030 13.4
amortisation 5.2 – 4 870 – 2.1 – 4 659 – 1.3
Operating result (EBIT) 3 102 1.3 43 371 12.1
Financing expenses – 3 152 – 1.3 – 2 745 – 0.8
Financing income 1 743 0.7 5 422 1.5
Financing result, net 6.5 – 1 409 – 0.6 2 677 0.7
Result before income taxes 1 693 0.7 46 048 12.9
income tax expense 6.6 4 023 1.7 – 12 215 – 3.4
Result 5.10 5 716 2.4 33 833 9.5
currency translation differences 787 0.3 – 19 137 – 5.3
Realised currency translation differences 659 0.3 – 2 691 – 0.8
changes in the fair value of cash flow hedges, net
net change in fair value of cash flow hedges transferred to
116 0.0 1 980 0.6
result – 344 – 0.1 – 2 420 – 0.7
Other comprehensive income, net of taxes 1 218 0.5 – 22 268 – 6.2
Total comprehensive income for the period 6 934 3.0 11 565 3.2
Earnings per share
Basic earnings (result) per average share oustanding (cHF 1) 5.10 7.41 44.38
Diluted earnings (result) per averge share outstanding (cHF 1) 5.10 7.41 43.60
* See notes to the consolidated financial statements.
49

50
Financial RepoRt
Financial StateMentS
1.3 Consolidated statement of cash flows
in thousands cHF see notes* 2009 2008
Result 5 716 33 833
Depreciation, amortisation and impairment 5.1 & 5.2 15 726 14 842
loss/(gain) on disposal of tangible and intangible assets 6.3 398 48
Financial result, net 6.5 1 409 – 2 677
income taxes 6.6 – 4 023 12 215
changes in inventories 3 451 5 487
changes in trade and other receivables 16 862 1 034
Realised cash flow hedges – 228 – 440
changes in trade and other payables – 3 609 – 11 804
changes in provisions, net 5.13 – 1 481 – 1 042
income taxes paid – 13 195 – 8 961
personnel expenses on share based payments 6.1 596 715
other non-cash (income)/expenses – 1 234 – 1 373
Cash flow from operating activites 20 388 41 877
acquisition of property, plant and equipment 5.1 – 16 492 – 19 951
acquisition of intangible assets 5.2 – 6 367 – 2 433
acquisition of financial assets – 172 – 135
proceeds from disposal of property, plant and equipment 964 273
Settlement of loans receivable 3 243
acquisition of subsidiaries, net of cash acquired 3 – 4 646 – 2 140
interests received 311 866
Cash flow from investing activities – 26 399 – 23 277
Free cash flow – 6 011 18 600
Reduction of par value – 3 859 – 8 018
acquired own shares – – 4 245
Sale of own shares – 5 813
proceeds from financial liabilities 4 463 1 833
Repayment of financial liabilities – 7 693 – 7 370
interests paid – 775 – 967
Cash flow from financing activities – 7 864 – 12 954
translation adjustment on cash and cash equivalents 630 – 2 406
Change in cash and cash equivalent – 13 245 3 240
cash and cash equivalent at January 1 21 632 18 392
Cash and cash equivalent at December 31 5.6 8 387 21 632
* See notes to the consolidated financial statements.

1.4 Consolidated statement of changes in equity
in thousands cHF see notes*
SHaRe
capital
ReSeRve
SHaRe FoR own
pReMiUM SHaReS
tRanSlation
ReSeRve
HeDGinG
ReSeRve
Financial RepoRt
Financial StateMentS
RetaineD
eaRninGS TOTAL EqUITy
Balance at January 1, 2008 26 047 26 616 – 39 772 – 40 668 111 382 124 901
Result 33 833 33 833
translation adjustments – 19 137 – 19 137
Realised translation differences 6.5 – 2 691 – 2 691
effective portion of changes in the
fair value of cash flow hedges
net change in fair value of cash
1 980 1 980
flow hedges transferred to result
Total other comprehensive
– 2 420 – 2 420
income, net of taxes – – – – 21 828 – 440 – – 22 268
Total comprehensive income – – – – 21 828 – 440 33 833 11 565
Reduction in par value – 8 967 949 – 8 018
Share based payment transaction 6.1 & 6.6 – 91 806 715
acquired own shares – 4 245 – 4 245
Sale of own shares – 1 797 7 610 5 813
transfers 5 120 – 5 120 –
Balance at December 31, 2008 17 080 29 848 – 34 652 – 21 868 228 140 095 130 731
Result 5 716 5 716
translation adjustments 787 787
Realized translation differences
effective portion of changes in the
6.5 659 659
fair value of cash flow hedges
net change in fair value of cash
116 116
flow hedges transferred to result
Total other comprehensive
– 344 – 344
income, net of taxes – – – 1 446 – 228 – 1 218
Total comprehensive income – – – 1 446 – 228 5 716 6 934
Reduction in par value – 4 270 411 – 3 859
Share based payment transaction
withholding tax on share
6.1 & 6.6 – 420 1 016 596
buybacks
payment of acquistion costs
5.9 – 1 640 – 1 640
with own shares 3 – 233 495 262
transfers 590 344 – 934 –
Balance at December 31, 2009 12 810 28 145 – 32 386 – 20 422 – 144 877 133 024
* See notes to the consolidated financial statements.
51

52
Financial RepoRt
noteS to tHe Financial StateMentS
2 GENERAL INFORMATION TO THE FINANCIAL STATEMENTS
2.1 Convention of preparation
General
the 2009 consolidated financial statements of interroll Group are based on the annual financial statements of
inteRRoll HolDinG ltD., Sant’antonino and its subsidiaries as of December 31, 2009, drawn up according
to uniform Group accounting principles. the consolidated financial statements present a true and fair view
of the consolidated financial position, results of operations and cash flows in accordance with the international
Financial Reporting Standards (iFRS) and comply with Swiss law.
the consolidated financial statements are based on historical cost except for marketable securities, investments
not involving significant influence and derivative financial instruments, which are stated at fair value.
the preparation of financial statements in conformity with iFRS requires management to make judgments,
estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities,
income and expenses. these judgments, estimates and assumptions are based on historical experience and
other factors that are believed to be reasonable under the circumstances. actual results may differ from these
estimates.
the estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognized in the period in which the estimate is revised if the revision affects only that period or in
the period of the revision and future periods if the revision affects both current and future periods.
Judgments made by management in the application of iFRS that have a significant effect on the consolidated
financial statements and estimates with a significant risk of material adjustment in the next years are disclosed
under “2.2 – critical accounting estimates and judgments”.

Financial RepoRt
noteS to tHe Financial StateMentS
Revised IAS/IFRS Standards and Interpretations
the following iaS/iFRS standards and interpretations have been revised by the international accounting Standards
Boards (iaSB). those standards/interpretations were adopted in the year 2009 for the first time. the
impact of the revisions onto the consolidated financial statements of the Group is described thereafter:
IAS/IFRS standards iMpact on tHe GRoUp pUBlication
to Be aDopteD in
Financial YeaR
IFRS 2 * April 2009 2009
iFRS 2 defines the valuation of issuing shares or share based instruments as a consideration for goods or
services. the change clarifies the expressions “vesting conditions” and “cancellations”. thus, vesting conditions
relate to service and performance conditions only. cancellations, regardless of their nature, need to be
accounted for as accelerated vesting conditions.
IFRS 7 ** March 2009 2009
the scope of iFRS 7 is to inform the reader of the annual report about the importance of financial instruments
for the economic condition of the company. the changed standard leads to additional disclosures about the
fair value measurements and liquidity risk.
IFRS 8 ** November 2006 2009
iFRS 8 relates to segment reporting and replaces iaS 14. it requires an entity to apply the “Management approach”
operational segments are business units for which separate data is available and which independently
realise revenue and whose results are regularly supervised from a chief operating decision maker (coDM).
Revenue and results are the basis for further business decisions.
IAS 1 ** September 2007 2009
iaS 1 sets the basis for the presentation of a financial statement. with the amendment of iaS 1, besides the
result from the income statement, a comprehensive income including changes in revaluation reserve, translation
differences and changes in cash flow hedges must be disclosed. the amended standard also leads to
different specifications of some parts of the financial report.
IAS 23 * March 2007 2009
the objective of iaS 23 is to define the accounting treatment for borrowing costs. Borrowing costs that are
directly attributable to the acquisition or construction of a specific asset must be capitalised as part of this
specific asset.
IAS 27/IFRS 1 * May 2008 2009
the change in iaS 27/iFRS 1 defines the valuation of acquisition costs when adopting iaS/iFRS for the first
time. Dividends must be disclosed separatly in the statement of the investor. when a new parent company is
formed in a reorganisation, the new parent company must measure the cost of its acquisition in the previous
parent company at the carrying amount of its share in the equity of the previous parent company at the date
of the reorganisation.
IAS 39/IAS 32/IAS 1//IFRIC 9 * Feb. 08/March 2009 2009
iaS 39 and its companion iaS 32 define how the impact of financial instruments on the equity and results must
be presented. the amendments determine the judgment and the recognition of reclassifications of derivative
instruments.
Improvements project IASB * May 2008 2009
the iaSB has carried out various amendments to standards under its annual improvement project. those
amendments mainly concern the wording of the standards and improve the consistency among the standards.
53

54
Financial RepoRt
noteS to tHe Financial StateMentS
Interpretions to IFRS iMpact on tHe GRoUp pUBlication
to Be aDopteD in
Financial YeaR
IFRIC 13 * June 2009 2009
iFRic 13 provides accounting guidelines for customer loyalty programmes.
IFRIC 15 * July 2008 2009
iFRic 15 standardises accounting practice across jurisdictions for the recognition of revenue resulting from
sales of property before construction is completed.
IFRIC 16 * July 2008 2009
iFRic 16 describes the hedging of a net investment in a foreign operation.
IFRIC 18 * January 2009 2009
this interpretation clarifies the capitalisation of agreements in which an entity receives an asset from a customer
which the entity must then use either to connect the customer to a network or to provide the customer
with ongoing access to goods or services (e.g. electricity, water).
* the amendment had no major impact on the Group’s financial statements resp. was not relevant for the Group.
** the amendment mainly lead to additional disclosures in or changed presentation of the consolidated financial statement.
Future new or revised IAS/IFRS Standards and Interpretations
the following new or revised standards and interpretations have been issued, but will only become effective at
a later stage and are therefore not applicable to the present annual report. their effect on the Group’s future
consolidated financial statements has not yet been analyzed systematically. the expected impact, as outlined
below, represents merely a first assessment performed by Group Management.
IAS/IFRS standards iMpact on tHe GRoUp pUBlication
aDoption planneD in
Financial YeaR
IFRS 1 * July/Nov. 2009 2010/2011
the standard iFRS 1 sets rules for the first time adoption of iFRS. the amendments mainly contain additional
exceptions.
IFRS 2 * June 2009 2010
the adjustment of iFRS 2 clarifies how a specific subsidiary of a group needs to account for share based
payments in its own financial statement. an entity that receives goods or services based on share based benefit
agreements shall capitalise such benefits independently from the fact which subsidiary in the group
settles the liability and whether the liability is paid in cash or shares.
IFRS 3/IAS 27/IAS 28/IAS 38 * January 2008 2010
iFRS 3 defines business combinations. the change in this standard is analogously taken into the standards
iaS 27, 28 and 38. iFRS 3 gives the choice to the acquirer to measure minority interests at fair value of the
acquisition date or at the non-controlling interests’ proportionate share of the net identifiable assets of the
business acquired. it also defines how a successive business acquisition is accounted for. Furthermore, acquisition
related costs are expensed and not capitalised anymore as part of goodwill. this standard was early
adopted by the Group.
IFRS 9 *** November 2009 2013
iFRS 9 – financial instruments is going to replace iaS 39 in mid term. the new standard will classify all financial
assets into two categories, “at carrying value” respectively “at fair value”.

IAS/IFRS standards iMpact on tHe GRoUp pUBlication
* no or no significant impacts are expected on the consolidated financial statements.
** Mainly additional disclosures are expected in the consolidated financial statements.
*** the impacts on the consolidated financial statements can not yet be determined with sufficient reliability.
Financial RepoRt
noteS to tHe Financial StateMentS
aDoption planneD in
Financial YeaR
IAS 24 * November 2009 2011
iaS 24 defines the disclosure duties for related party transactions. according to the amended standard, infor-
mation that is important to the reader must still be disclosed. Data, that can only be raised at high costs or
represent low value for the reader can be excluded.
IAS 32 *** October 2009 2010
iaS 32 defines how the impact of financial instruments on the equity and results of an entity must be presented.
the amendment relates to the classification of options in case they differ from the functional currency of the
entity.
Improvements project IASB * April 2009 2010
the iaSB has carried out various amendments to standards under its annual improvement project. those
amendments mainly concern the wording of the standards and improve consistency among the standards.
Interpretions to IFRS iMpact on tHe GRoUp pUBlication
aDoption planneD in
Financial YeaR
IFRIC 14 * November 2009 2011
iFRic 14 provides general guidelines to the determination of the maximum excess amount of a defined benefit
asset in a pension fund. it also explaines how legal or contractual minimum financing regulations can impact
assets or liabilities of a plan.
IFRIC 17 * November 2008 2010
iFRic 17 defines the valuation and presentation of non-cash asset transfers to owners.
IFRIC 19 * November 2009 2011
iFRic 19 relates to the settlement of financial instruments with equity instruments.
55

56
Financial RepoRt
noteS to tHe Financial StateMentS
2.2 Critical accounting estimates and judgments
the Group makes estimates and assumptions concerning the future. the resulting accounting estimates can,
by definition, deviate from the actual outcome. the estimates and assumptions that have a significant risk of
causing a material adjustment to the carrying amount of assets and liabilities within the next financial years are
discussed below.
a) income taxes
the Holding company and its subsidiaries are subject to income taxes. Significant judgment is required in
determining the required worldwide provision for current and deferred income taxes and the realization of
tax losses carried forward. there are many transactions and calculations made for which the final tax determination
is uncertain in the year under review. where final tax assessments or tax audits of such matters
are different from the amounts that were initially recorded, such differences may materially impact assets,
liabilities, income tax and deferred tax provisions in the period in which such determination is made. the
relevant figures are outlined in note 6.6.
b) Recoverable amount of goodwill, patents and licenses
the assessment of the recoverable amount of goodwill and other intangible assets is, by definition, subject
to uncertainties regarding expected future cash flows. it requires making assumptions and calculating parameters,
whose adequacy will only turn out in the future. we refer to comments made under note 5.2 that
also include the relevant carrying amounts.
c) personnel related provisions
the assessment of provisions and pension liabilities is, by definition, subject to uncertainties regarding future
cash flows. it requires making assumptions and determining parameters, whose adequacy will only become
clear in the future. we refer to comments made under notes 5.13 and 5.14, which also include the relevant
carrying amounts.
2.3 Principles of consolidation
General
the consolidated financial statements of inteRRoll HolDinG ltD. include the parent company’s financial
statements and the financial statements of all directly or indirectly held Swiss and foreign subsidiaries where
the parent company holds more than 50 % of the voting rights or effectively exercises control through other
means.
the full consolidation method is applied, whereby the assets, liabilities, income and expenses are fully incorporated.
the proportion of the net assets and net income attributable to minority shareholders is presented
separately as minority interest in the consolidated statement of financial position and the consolidated statement
of comprehensive income.
accounts payable to, accounts receivable from, income and expenses between the companies included in the
scope of consolidation are eliminated. intercompany profits included at year end in inventories of goods produced
within the Group are also eliminated. transactions between subsidiaries are generally conducted at
arm’s length.
Subsidiaries acquired during the year are included in the consolidated financial statements from the date on
which control is obtained, while subsidiaries sold are excluded from the consolidated financial statements from
the date on which control is given up. acquisitions are accounted for by application of the purchase Method
of accounting. the cost of a business combination includes the purchase price and any costs directly attribut-

Financial RepoRt
noteS to tHe Financial StateMentS
able to the business combination. the acquired net assets, including identifiable intangible assets and contin-
gent liabilities, are recognised at fair value at the time of first-time consolidation. any goodwill is classified under
intangible assets and is subject to a yearly impairment test.
investments in associates are investments where the parent company is either, directly or indirectly, entitled to
20 % to 50 % of the voting rights or has considerable influence through other means. investments in associates
are accounted for by applying the equity Method. Under this method, the investment is initially recorded at the
purchase price and subsequently increased or decreased by the share of the associate’s profits or losses incurred
after the acquisition, adjusted for any impairment losses. the Group’s share of results of associates is
recognised in the statement of comprehensive income under share of profit and loss of associates. Goodwill
included in the purchase price, representing any excess of consideration over the Group’s share in net assets
of the associate, is recognised as part of the investment’s carrying amount. Dividends received during the year
reduce the carrying amount of such investments.
investments of less than 20 % and certain insignificant subsidiaries are not consolidated but stated at their
estimated fair value. Such investments are presented in the consolidated statement of financial position under
financial assets. any fair value adjustments are recognised in retained earnings and are recycled in the statement
of comprehensive income only at the date of disposal or when impairment arises.
the accounting policies applied are consistent with those used in the consolidated financial statements for the
year ended December 31, 2008.
Foreign currency translation
the consolidated financial statements are presented in Swiss Francs (cHF). all assets and liabilities of the
consolidated foreign subsidiaries are translated using the exchange rates prevailing at the closing date. income,
expenses and cash flows are translated at the average exchange rates for the year under review. the
foreign currency translation differences resulting from applying different translation rates to the statement of
financial position and the statement of comprehensive income, those resulting from the translation of the subsidiaries’
opening net asset values at year end rates and those arising from long term intercompany loans are
added to or deducted from retained earnings (net investment approach).
transactions in foreign currencies are recorded using exchange rates prevailing at the time of the transaction.
Gains or losses arising on settlement of these transactions are included in the statement of comprehensive
income. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange
rates prevailing at the closing date. any gains or losses resulting from this translation are also included in the
statement of comprehensive income.
the following most important exchange rates were used for the translation of financial statements denominated
in foreign currencies:
aveRaGe RateS YeaR enD RateS
2009 2008 31.12.2009 31.12.2008
1 caD 0.954 1.012 0.982 0.870
1 eUR 1.509 1.580 1.484 1.484
1 USD 1.084 1.075 1.029 1.063
1 GBp 1.695 1.977 1.664 1.552
1 SGD 0.746 0.762 0.734 0.732
1 cnY 0.159 0.155 0.151 0.156
1 JpY 0.012 0.010 0.011 0.012
1 tHB 0.032 0.032 0.031 0.031
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58
Financial RepoRt
noteS to tHe Financial StateMentS
Current/Non-current distinction
current assets are assets expected to be realised or consumed in the normal course of the Group’s operating
cycle or assets held for trading purposes. all other assets are classified as non-current assets.
current liabilities are liabilities expected to be settled by use of cash generated in the normal course of the
Group’s operating cycle or liabilities due within one year from the reporting date. these also include short term
borrowings made as part of credit limits granted for an indefinite period, but subject to a termination period of
less than one year from reporting date. all other liabilities are classified as non-current liabilities.
Derivative financial instruments (derivatives)
Derivatives are stated at fair value. the method of recognizing gains or losses depends on the type of the
underlying transaction. the Group designates certain transactions with derivatives as either (i) hedges of the
fair value of recognised assets or liabilities or a firm commitment at market value (fair value hedges); or (ii)
hedges of probable future financial transactions (cash flow hedges). the Group documents at the inception of
the transaction the relationship between hedging instruments and hedged items within the context of its risk
management objective and strategy. the Group also documents its assessment of the effectiveness of the
derivatives at acquisition and during its term that are related to hedging transactions.
the fair value of various derivatives is disclosed in note 5.7. changes in fair value are recognised as follows:
(i) Fair value hedges
changes in the fair value of derivatives designated and qualified as fair value hedges are recorded in the
statement of comprehensive income, together with any changes in the fair value of the hedged assets or
liabilities.
(ii) cash flow hedges
changes in fair value of derivatives designated and qualified as cash flow hedges are recognised in equity.
amounts accumulated in equity are recycled to the statement of comprehensive income in the periods
when the hedged item will affect profit or loss. when a hedging instrument expires or is sold, or when a
hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at
that time remains in equity and is recognised when the initial transaction is ultimately recognized in the
statement of comprehensive income. when a forecast transaction is no longer expected to occur, the
cumulative gain or loss that was reported in equity is immediately transferred to the statement of comprehensive
income.
(iii) certain derivatives do not qualify for hedge accounting. changes in the fair value of such hedging instruments
are recognised immediately in the statement of comprehensive income.
the fair value of derivatives traded in public markets is based on quoted market prices at the balance sheet
date. the quoted market price used for financial assets is the current bid price; the appropriate quoted market
price for financial liabilities is the current ask price. the fair value of derivatives which are not traded publicly (for
example, over-the-counter derivatives) is determined by a valuation provided by the financial institution from
whom the derivative has been acquired.

2.4 Principles of valuation
Financial RepoRt
noteS to tHe Financial StateMentS
Cash and cash equivalents/statement of cash flows
cash and cash equivalents include cash on hand, postal and bank accounts, as well as credit balances payable
on demand and deposits with an original maturity of not more than 90 days. these balances are stated
at nominal value.
the statement of cash flows presents, net of any foreign exchange rate effects, cash flows during the year
classified by operating, investing and financing activities, thereby providing information about the changes of
cash and cash equivalents during the reporting period. cash equivalents are held for the purpose of meeting
the Group’s short term cash commitments rather than for investment or any other purposes.
net cash from operating activities is determined using the indirect method, whereby the net profit for the year
is adjusted for:
• effects of transactions of non-cash nature;
• deferrals or accruals of past or future operating cash receipts or payments; and
• items of income or expense associated with investing or financing cash flows.
the effect of exchange rate changes on cash and cash equivalents in foreign currencies is presented separately.
Trade and other accounts receivable
trade and other accounts receivable are stated at amortised cost, generally equalling nominal value less any
valuation adjustments for bad debts. the valuation adjustments include individual impairment for specifically
identified positions, where indication exists that the outstanding amount might not be fully recovered.
lump sum impairment covers expected losses that cannot be excluded based on historical data and payment
statistics. as soon as sufficient evidence is available that the receivable will definitively not be recovered, the
related amount is directly written off and offset with the specific individual impairment respectively.
Marketable securities
Marketable securities are stated at their fair value as of balance sheet date. Unrealised gains and losses are
included in the financial result.
Inventories
inventories are stated at the lower of cost (purchase price or Group production cost) and net realisable value.
the cost of inventories is calculated using the weighted average method. production overheads are allocated
to inventories on a proportional basis. Slow moving goods and obsolete stocks are written down. intercompany
profits included in inventories are eliminated from net income.
59

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Financial RepoRt
noteS to tHe Financial StateMentS
Property, plant and equipment
property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses.
assets acquired by way of finance leases are recognised at the lower of the present value of future minimum
lease payments and fair value, and depreciated accordingly. the related leasing liabilities are presented at their
present value.
assets under construction are capitalised based on incurred costs. Depreciation is recognised when the construction
can be used. interests directly related to the acquisition or construction of property, plant and equipment,
is capitalised and allocated to the related asset.
Depreciation is recognised on a straight-line basis over the estimated useful life and considering a potential
residual value. the following useful economic life terms apply to the main asset categories:
Buildings 25 years
Machinery 10 years
vehicles 5 years
office machines and furniture 5 years
tools and moulds 5 years
it 3 years
components of major investments in fixed assets with different estimated useful lives are recognised separately
and depreciated accordingly. estimated useful lives and estimated residual values are revised on a
yearly basis as per reporting date and resulting adjustments are recorded in the statement of comprehensive
income.
Intangible assets
intangible assets include goodwill, intangible assets purchased in the course of business combinations (patented
and unpatented technology, customer relationships), licences and patents and similar rights acquired
from third parties as well as software acquired from third parties. these assets are stated at cost and, if their
useful life can be reliably estimated, amortised on a straight-line basis over their useful life which ranges from
3 to 10 years. Goodwill and intangible assets with an indefinite useful life are allocated to specific cash generating
units in order to allow the identification of possible impairment. Such impairment tests are carried out on
a yearly basis and any impairment is recognised in the statement of comprehensive income. Goodwill arising
from the acquisition of a foreign entity is attributed to that entity’s net assets and reported in the reporting currency
of that entity being translated to the Group’s reporting currency at the year end rate.
Financial assets
Financial assets mainly comprise loans receivable that are stated at amortised cost less any valuation allowance.
the recognition of interest income is based on the effective interest rate method. Moreover this item
includes investments of less than 20 percent. they are not consolidated but stated at their estimated fair value.
any fair value adjustments are recognised in retained earnings and are recycled in the statement of comprehensive
income only at the date of disposal or when impairment arises.
Impairment
the recoverability of non-current assets is reviewed at least on an annual basis. if there is any indication of an
impairment, the recoverable amount is determined based on an impairment test. an impairment loss is recognised
in the statement of comprehensive income if an asset’s carrying amount exceeds its recoverable amount.
Goodwill and intangible assets with an indefinite useful life, and therefore not subject to amortisation, are
tested on impairment on a yearly basis.

Financial RepoRt
noteS to tHe Financial StateMentS
Fixed assets held for sale
tangible assets or a group of assets are classified as “assets held for sale” if their carrying value will most
probably be realised in a divestment transaction rather than by being used in the normal course of business.
Such assets are brought actively onto market and should be sold within one year. Fixed assets held for sale
are presented at the recoverable amount, which is the lower of book value or fair value less costs to sell.
Trade accounts payable and other current liabilities
trade accounts payable and other current liabilities are stated at amortised cost, generally equalling nominal
value. other current liabilities include mainly advances received from customers and vat payable.
Financial liabilities
Financial liabilities consist of loans payable and overdrafts and are stated at amortised cost. the recognition of
interest expenses is based on the effective interest rate method.
Provisions
provisions relate to work and services yet to be performed, warranties, social security costs, impending losses
and other present obligations whose amount and timing is uncertain. they are recognised upon a probable
obligation due to past events which will result in a future economic charge. the amounts recognised represent
management’s best estimate of the expenditure that will be required to settle the obligation. providing the effect
is material, long term provisions are discounted.
Shareholders’ equity
Shareholders’ equity is categorised as following:
a) Share capital
the share capital contains the fully paid in registered shares.
b) Share premium
Share premium comprises payments from shareholders that exceed the par value as well as realised gains/
losses including tax on transactions with own shares.
c) Reserve for own shares
the acquisition price of own shares is disclosed as a reduction of shareholders` equity. Realised gains and
losses on own shares are recognised in share premium. compensation and cash inflows resulting from the
issue and subsequent possible exercise of share options are credited to share premium.
d) translation reserve
at the closing date, foreign currency items are translated at a consistant Group wide rate. currency translation
differences on group internal investments as well as Group internal loans characterised as equity are
reported separately in the “translation reserves”. the change of the translation reserve is disclosed in other
comprehensive income.
e) Hedge Reserve
change of cash flow hedges is disclosed separately as realised or non realised gains/losses in the hedge
reserve.
f) Dividends/reduction of par value
Dividends or reduction of par value are charged to equity in the period in which the approval by the shareholders`
general assembly has taken place.
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noteS to tHe Financial StateMentS
Revenue recognition
Revenue is generally recognised upon delivery or, depending on the size and the complexity of the order, when
technically approved by the customer. For production orders in the sense of iaS 11, the poc (percentage of
completion) method is applied, if revenue, total costs of the project and percent of completion can be reliably
measured and the contractual benefit is likely to be realised. the Group establishes appropriate warranty
provisions relating to provisioned services in order to cover expected claims.
Revenue from services
interroll performs services to third parties in connection with administrative tasks and it support. the revenue
resulting from these services is recognised in the statement of comprehensive income as other operating income.
Material expenses
Material expenses include all costs of raw materials and consumables used, goods purchased and third-party
manufacturing, processing or conversion of the Group’s products (services purchased).
Research and development
expenditure on research and development is only capitalised when the recognition criteria of iaS 38 are met.
expenses for research and development include wages and salaries, material costs, depreciation of technical
equipment and machinery dedicated to research and development, as well as proportional overhead costs.
Such expenses are included in the respective line item of the statement of comprehensive income.
Intercompany transactions
Group internal transactions across segments as well as across legal units are performed at arm’s length.
Retirement benefits
the Group sponsors pension plans according to the national regulations of the countries in which it operates.
all significant pension plans are operated through pension funds that are legally independent from the Group.
Generally, they are funded by employees’ and employers’ contributions. the foreign pension schemes are
normally defined contribution plans whereby the pension expense for a period equals the companies’ contributions
during that period. the Swiss and French pension schemes have certain characteristics of a defined
benefit plan; the financial impact of this plan on the consolidated financial statements is determined based on
the projected Unit credit Method.
actuarial gains and losses arising from the periodical reassessments of defined benefit plans are recognised
to the extent that they exceed 10 % of the higher of the present value of the defined benefit obligation and the
fair value of plan assets. the amount exceeding this “corridor” is amortised over the expected average remaining
duration of employment of the employees participating in the plan.
Employee participation plans
certain employees participate in equity based compensation plans of inteRRoll HolDinG ltD. all equity
based compensation granted to these employees is valued at fair value at grant date and recognised as personnel
expense over the period until vesting date. the fair value is calculated on the basis of the Binomial
method. Discounts granted to beneficiaries on the unconditional purchase of interroll shares are recognised in
the statement of comprehensive income at grant date. cash inflows resulting from equity based participation
plans are recognised as an increase of equity. cash compensated participation plans are recognised as other
liabilities and are valued at fair value at balance sheet date.

Financial RepoRt
noteS to tHe Financial StateMentS
Operating lease expenses
property, plant and equipment that are held under operating leases are not recognised on the statement of
financial position. the operating lease expense is recognised in the statement of comprehensive income on a
straight-line basis over the lease contract period. operating lease obligations depending on revenues are estimated
and accrued as they become due.
Financial result
interest expenses on loans and finance lease liabilities are recognised as financial expenses, whereas interest
income on financial assets is recognised in financial income, both on an accrual basis. Moreover the financial
result includes foreign exchange gains and losses arising from the translation of items of the statement of financial
position and transactions in foreign currencies as well as changes in fair value of financial instruments.
Income taxes
current income taxes are calculated on the statutory results of the Group companies at the enacted or substantively
enacted tax rate. they also include adjustment charges and credit notes issued on previous years’
results.
Deferred taxes are generally recognised on any temporary difference between the carrying amount of an asset
or a liability and its tax base (Balance Sheet liability Method). changes in deferred taxes are generally presented
as income tax expense, unless they relate to temporary differences that arose through direct recognition
in equity or through business combinations.
Deferred taxes are calculated using local enacted or substantively enacted tax rates. the future benefits of tax
loss carry-forwards are recognised as an asset if it is probable that future taxable profits will be available to
realise such benefits.
Segment information
the management structure of the interroll Group is governed by organizational regulations. all strategic and
major operational decisions lie within the competence of the Board of Directors who also decides on the allocation
of financial resources. the interroll Group is managed through two organisational segments which
primarily are defined through their products and their sales and distribution channels.
a) components
the segment “components” develops, produces and sells rollers, roller drives and drum motors combining
these components to become a solution for its customers and uniquely sells to oeMs. the production process
is optimized for a large number of orders and follows the principle of mass production.
b) Subsystems
the segment “Subsystems” develops, produces and sells flow storage modules for heavy and light duty
applications as well as modules for the internal unit load handling logistic such as belt curves, sorters and
roller-/belt conveyors. customers are on one hand oeMs and on the other hand especially system integrators
and end users. the production process consists on one hand of module production and on the other
hand of modules engineered/assembled to subsystems.
the major assessment drivers are the eBitDa/eBit and the yield on the net invested assets (Rona). in view
of the centralized financing by Group treasury no financial expenses are allocated to segments. Further-more
the legal structure clearly deviates from the management structure which is the reason for non-allocation of
income taxes to the segments.
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noteS to tHe Financial StateMentS
2.5 Financial risk management
General
the Group’s activities expose it to a variety of financial risks: market risk (currency risk, interest rate risk and
price risk), credit risk, liquidity risk and cash flow risk. the Group’s risk management program focuses on the
unpredictability of financial markets and seeks to minimize potential adverse effects on Group’s financial performance.
the Board of Directors has the supreme responsibility for risk management. the Board of Directors appoints
thereto the audit committee, who is responsible for the development and the supervision of the risk manage-
ment principles. the audit committee reports regularly to the Board of Directors.
the principles established for risk management are geared to identify and analyze those risks that may impact
the Group, to define adequate limits and to perform controls over the risks and their adherence to. the risk
management principles and the related procedures are regularly verified in order to consider changing market
conditions and operations of the Group. the target is to develop management regulations and management
processes and a disciplined and constructive control environment through existing training and guidelines
ensuring a disciplined and conscious handling of risks.
the audit committee supervises management in the control of compliance with principles and processes.
their adequacy is permanently verified in respect of the risks that the Group is exposed to. the audit commit-
tee is supported in this respect by the internal audit department. Financial risk management is carried out by
the central treasury department. Group treasury identifies, evaluates and hedges financial risks in close cooperation
with the Group’s operating units and reports at regular intervals to the audit committee.
the following sections provide a summary of the scope of individual risks and on the targets, principles and
processes implemented for measuring, monitoring and hedging financial risks. additional information on the
financial risks is included in the other notes to the consolidated financial statements.
Market Risk
Market risks to which the interroll Group is exposed to can be summarised into the following three main risk
categories:
a) Foreign exchange risk
the Group operates internationally and is exposed to foreign exchange risk arising from various currencies.
Foreign exchange risks arise from future commercial transactions and from recognised assets and liabilities.
to manage its foreign exchange risk arising from future commercial transactions and recognised assets and
liabilities, the Group operates an internal monthly “netting” process. net exposure is partially hedged using
forward currency contracts. Such contracts are entered into only with high-credit-quality financial institutions.
b) interest rate risk
the Group has long term loans with fixed interest rates. the related interest risks have no significant impact
on the Group’s income and operating cash flows. Borrowings issued at variable rates expose the Group to
volatility. Borrowings issued at fixed rates expose the Group to changes in their net present value. the
Group manages its interest rate risk by entering into interest rate swaps to partially hedge its exposure
c) price risk
the Group is exposed to price risk. Such risk is generally not hedged.

Financial RepoRt
noteS to tHe Financial StateMentS
Credit Risk
the risk of default is the risk to incur a financial loss when a customer or a counterparty to a financial instrument
does not fulfill its legal obligation. the default risk at interroll exists on trade and other accounts receivable and
on cash and cash equivalents.
customers exceeding eUR 5 000 credit limit are verified for their creditworthiness before the order is executed.
the creditworthiness verification is also based on the credit information database provided by an international
service provider leading in this sector. their software allows determining a credit limit per single customer,
based on specifically determined calculation formulas. the calculation formulas have been defined by the interroll
Group.
accumulation of credit risks in trade and other accounts receivable is limited due to numerous customers and
their worldwide location. the extent of credit risks is mainly determined by the individual characteristics of each
single customer. the risk evaluation includes an assessment of the creditworthiness by considering the customer’s
financial situation, its credit history and other factors. Sales and revenue from services are performed
only with customers whose credit worthiness is proved through the above process. a credit limit is defined for
each customer. these limits are verified at least once a year.
interroll invests its funds in short term deposits at a multitude of banks with whom long standing relationships
exist. Such deposits have a maturity date shorter than twelve months. likewise transactions with derivative
financial instruments are entered into only with major financial institutions. interroll does not hold material open
positions with these institutions.
the maximum credit risk from financial instruments corresponds to the balance sheet amount of each single
financial asset. there are no guarantees or other liabilities that could increase the risk over the corresponding
amount in the statement of financial position.
Liquidity Risk
liquidity risk is the risk that the Group cannot fulfil its financial obligations on time.
prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability
of funding through an adequate amount of committed credit facilities and the ability to close market positions
at any time. Due to the dynamic nature of the underlying business, Group treasury aims to ensure funding
by keeping committed credit limits available.
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Financial RepoRt
noteS to tHe Financial StateMentS
3 CHANGES TO THE SCOPE OF CONSOLIDATION
The following changes in the scope of consolidation have taken place during the year under review:
1) interroll Dynamic Storage inc., Hiram/atlanta/USa 100 %
as per 5 February 2009 assets valued at cHF 2.7 millions have been acquired from “BMw Metal Fabrication
inc. and acF partners inc”. assets and personnel have been transferred thereafter to the newly founded
company “interroll Dynamic Storage inc.” located in Hiram close to atlanta/USa. cHF 2.4 millions of the total
acquisition price have been settled shortly after closing by cash. the remaining portion of the acquisition
price of cHF 0.3 million has been settled against transfer of 921 interroll registered shares from the com-
pany’s own shares held. the new company manufactures and sells modules for storage systems and thus
is fully allocated to the segment “subsystems”.
2) assets acquired from Maxwell Manufacturing company inc., St. louis/USa
Furthermore on 22 april 2009 interroll components canada ltd. acquired assets from Maxwell Manufacturing
company located in St. louis/USa valued at cHF 0.8 million. the acquisition results in an increase of
the value-added chain in connection with the manufacturing of checkout motors and is thus fully allocated
to the segment “components”. the acquisition value has been settled shortly after closing by cash.
the goodwill of each acquisition reflects improved competitive advantages and synergy effects.
In the previous year, the following changes in the scope of consolidation took place:
1) interroll australia pty. ltd. Dandenong, South australia 100 %
in the previous year, a share purchase agreement was signed to acquire 49 % of the shares of Sipa Roller
australia pty. ltd. Melbourne/australia. the interroll Group had already held for years 51 % of the shares of
this entity. those shares had no voting- and dividend rights and were classified under financial assets. with
the acquisition of the remaining shares with voting and dividend rights as of January 1st 2008, this company
was added to the scope of consolidation. Sipa Roller australia pty. ltd. exclusively operates in engineering
and distributing dynamic storage systems and thus is fully allocated to the “Subsystems” segment.
the acquisition price amounted to cHF 0.7 million of which cHF 0.6 million have been paid shortly after
closing. the amount has been settled from cash. the remaining amount was paid in early 2009. the transaction
costs were immaterial.
2) interroll logistica ltda, pindamonhangaba, São paolo, Brazil 100 %
on January 22, 2008, interroll logistica located close to São paolo/Brazil started its activities. the company
is a wholly owned subsidiary of the interroll Group. the company acquired net assets from the previous
franchisee for an amount of cHF 0.5 million. the amount was settled in cash shortly after the acquisition
date.the company specializes in the engineering, manufacturing and sale of products for both segments
and is allocated onto the segments accordingly.

Financial RepoRt
noteS to tHe Financial StateMentS
the following assets and liabilities in the years under review were acquired resp. settled within the frame of acquiring participations:
in thousands cHF
caRRYinG
aMoUnt
BeFoRe aDJ.
FaiR valUe
aDJUStMent
FAIR vALUE
2009 2008
caRRYinG
aMoUnt
BeFoRe aDJ.
FaiR valUe
aDJUStMent
FAIR vALUE
property, plant and equipment 1 613 1 613 158 158
intangible assets 1 122 159 1 281 6 386 392
Total non-current assets 2 735 159 2 894 164 386 550
inventory 91 91 726 726
trade and other accounts receivable – – 1 388 1 388
cash and cash equivalents – – 84 84
Total current assets 91 – 91 2 198 – 2 198
Total assets 2 826 159 2 985 2 362 386 2 748
trade and other accounts payable – – 1 308 1 308
current tax liabilities – – 22 22
Deferred tax liabilities – 159 159 – 116 116
Total liabilities – 159 159 1 330 116 1 446
Total net assets acquired 2 826 – 2 826 1 032 270 1 302
Goodwill acquired 615 –
Total acquisitions 3 441 1 302
Settled by cash and cash equivalents – 3 179 – 1 100
Settled by equity instruments – 262 –
Settled in previous periods – – 51
liability for deferred payment – – 151
Total acquisition costs – 3 441 – 1 302
Cash flow from Acquisitions
Settled by cash and cash equivalents – 3 179 – 1 100
acquired cash and cash equivalents
Settlement of outstanding acquisition
– 84
price from previous years – 1 467 – 1 124
Net cash used in acquisitions – 4 646 – 2 140
acquired intangible assets relate to customer value of cHF 0.3 million (2008: cHF 0.4 million), technical know-how of cHF 0.2 million
(2008: 0) and a compensation for a non-competition clause for a selling party of cHF 0.8 million (2008: 0).
the acquired participation and net assets contribute approximately cHF 1.2 million to net sales. their respective profit has no major
impact on the Group’s consolidated result. consolidated net sales and result would not have been materially different if the business
was acquired at January 1 st , 2009. the acquisitions of the previous year increased net sales by cHF 1.5 million whereas the result
contribution was insignificant.
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4 SEGMENT INFORMATION
Revenues and tangible assets as per operational segment
coMponentS SUBSYSteMS
in thousands cHF 2009 2008 2009 2008
net sales with third party 157 917 98.8 % 223 702 99.7 % 76 070 97.5 % 134 218 97.2 %
net sales with other segments 1 914 1.2 % 569 0.3 % 1 936 2.5 % 3 828 2.8 %
Net sales segment 159 831 100.0 % 224 271 100.0 % 78 006 100.0 % 138 046 100.0 %
Material expenses – 60 606 – 37.9 % – 90 839 – 40.5 % – 41 993 – 53.8 % – 60 939 – 44.1 %
personnel expenses – 53 009 – 33.2 % – 60 419 – 26.9 % – 28 513 – 36.6 % – 34 822 – 25.2 %
change in wip/FG – 959 – 0.6 % – 1 522 – 0.7 % 5 580 7.2 % – 7 511 – 5.4 %
other operating expenses – 32 360 – 20.2 % – 39 807 – 17.7 % – 16 005 – 20.5 % – 21 731 – 15.7 %
other operating income 6 716 4.2 % 8 823 3.9 % 2 140 2.7 % 4 663 3.4 %
EBITDA 19 613 12.3 % 40 507 18.1 % – 785 – 1.0 % 17 706 12.8 %
Depreciation – 7 725 – 4.8 % – 7 179 – 3.2 % – 3 131 – 4.0 % – 2 861 – 2.1 %
impairment of ppe – – – 143 – 0.1 % – – – –
EBITA 11 888 7.4 % 33 185 14.8 % – 3 916 – 5.0 % 14 845 10.8 %
amortisation – 4 456 – 2.8 % – 4 436 – 2.0 % – 414 – 0.5 % – 223 – 0.2 %
EBIT 7 432 4.6 % 28 749 12.8 % – 4 330 – 5.6 % 14 622 10.6 %
Rona** 5.0 % 18.5 % – 9.8 % 36.9 %
total assets* 145 173 154 295 60 405 59 975
total liabilities* 22 991 29 619 30 464 24 709
investments*** 13 173 16 864 9 686 5 520
average number of employees 770 814 436 501
Research and development 7 277 5 501 1 311 1 432
* the “reconciliation to Group figures” results from the fact that cash and cash equivalents, prepaid and deferred taxes as well as non-current financial assets resp. liabilities
are not allocated to the segments.
** “Rona” is calculated as the percentage of eBit less tax calculated at the expected tax rate, divided by average net assets.
*** investments are related to property, plant and equipment as well as to intangible assets.

TOTAL SEGMENTS
Reconciliation to
GRoUp FiGUReS
Financial RepoRt
noteS to tHe Financial StateMentS
TOTAL GROUP
2009 2008 2009 2008 2009 2008
233 987 357 920 233 987 357 920
3 850 4 397 – 3 850 – 4 397 – –
237 837 362 317 – 3 850 – 4 397 233 987 357 920
– 102 599 – 151 778 3 850 4 397 – 98 749 – 147 381
– 81 522 – 95 241 – 81 522 – 95 241
4 621 – 9 033 4 621 – 9 033
– 48 365 – 61 538 236 – 48 129 – 61 538
8 856 13 486 – 236 8 620 13 486
18 828 58 213 – – 18 828 58 213
– 10 856 – 10 040 – 10 856 – 10 040
– – 143 – – 143
7 972 48 030 – – 7 972 48 030
– 4 870 – 4 659 – 4 870 – 4 659
3 102 43 371 – – 3 102 43 371
1.6 % 22.3 %
205 578 214 270 10 115 22 493 215 693 236 763
53 455 54 328 29 214 51 704 82 669 106 032
22 859 22 384 22 859 22 384
1 206 1 315 1 206 1 315
8 588 6 933 8 588 6 933
69

70
Financial RepoRt
noteS to tHe Financial StateMentS
Net sales with third parties and fixed assets as per geographical location
net SaleS witH tHiRD paRtieS aSSetS*
in thousands cHF 2009 in % 2008 in % 2009 in % 2008 in %
central europe 30 247 12.9 47 294 13.2 – – – –
western europe 24 198 10.3 33 912 9.5 2 368 1.9 2 786 2.4
north europe 21 437 9.2 35 644 10.0 8 647 6.9 11 021 9.5
east europe and Middle east 14 257 6.1 31 317 8.7 149 0.1 195 0.2
africa 3 759 1.6 7 722 2.2 198 0.2 198 0.2
Germany 47 613 20.3 78 993 22.1 59 488 47.6 56 126 48.4
France 19 468 8.3 24 568 6.9 11 799 9.4 12 547 10.8
Switzerland 3 856 1.6 5 473 1.5 26 670 21.3 19 911 17.2
Total Europe 164 835 70.4 264 923 74.0 109 319 87.4 102 784 88.6
USa 38 793 16.6 47 227 13.2 9 432 7.5 8 975 7.7
other america 7 867 3.4 14 928 4.2 3 058 2.4 2 007 1.7
South america 1 959 0.8 2 552 0.7 342 0.3 257 0.2
Total America 48 619 20.8 64 707 18.1 12 832 10.3 11 239 9.7
east asia 8 876 3.8 12 291 3.4 1 272 1.0 1 184 1.0
South east asia 8 502 3.6 10 747 3.0 1 407 1.1 535 0.5
South asia incl. australia 3 155 1.3 5 252 1.5 274 0.2 248 0.2
Total Asia 20 533 8.8 28 290 7.9 2 953 2.4 1 967 1.7
Total Group 233 987 100.0 357 920 100.0 125 104 100.0 115 990 100.0
* assets are disclosed excluding financial assets and deferred tax assets.
the grouping of the geographical split into regions/group of countries was performed as following:
central europe austria, Benelux-countries, italy
western europe Great Britain, Spain, portugal
north europe Denmark, Finland, Sweden, norway, iceland
eastern europe and Middle east poland, czech Republic, Baltic countries, ex-Yugoslavian countries, Greece
africa particularly South africa
Germany
France
Switzerland
USa
other america canada, Mexico, central america
South america Brazil, argentina, chile
east asia china, Japan, Korea
South east asia Singapore, thailand
South asia incl. australia australia, india
the key definition of turnover has been defined according to the invoice address. Switzerland is the country of domicile of inteRRoll
HolDinG ltD.
Material turnover with specific customers
turnover is realized with approx. 23 000 customers. no customer achieves a turnover of more than 5 % of group sales.

5 Notes to the coNsolidated statemeNt of fiNaNcial positioN
5.1 movements of property, plant and equipment
land and Building
pRoduction
equipment and
machineRy
oFFice equipment
and motoR
vehicles
Financial RepoRt
notes to the Financial statements
assets undeR
constRuction
total
property, plaNt
aNd equipmeNt
in thousands chF 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008
cost
at 1.1. 62 539 67 215 85 047 82 575 10 223 10 450 5 024 4 248 162 833 164 488
currency translation adj. – 461 – 6 099 – 56 – 7 012 59 – 1 015 32 – 554 – 426 – 14 680
additions 1 767 5 157 11 220 11 403 721 2 061 2 784 1 330 16 492 19 951
disposals – 433 – 340 – 5 380 – 2 070 – 798 – 1 280 – – – 6 611 – 3 690
Reclassifications
changes in scope of
5 617 – 3 394 44 – – 44 – – 4 461 – 1 156 – 3 394
consolidation** 929 – 661 151 23 7 – – 1 613 158
at 31.12. 69 958 62 539 91 536 85 047 10 184 10 223 3 379 5 024 175 057 162 833
depreciation &
impairments, cumulated
at 1.1. – 20 240 – 22 167 – 55 969 – 55 990 – 6 761 – 7 050 – 82 970 – 85 207
currency translation adj. 178 2 037 156 4 438 – 15 633 319 7 108
depreciation – 2 521 – 2 375 – 7 010 – 6 270 – 1 325 – 1 395 – 10 856 – 10 040
impairment losses – – – – 143 – – – – 143
disposals 335 323 4 414 1 996 541 1 051 5 290 3 370
Reclassifications – 1 261 1 942 – 22 – 22 – – 1 261 1 942
at 31.12. – 23 509 – 20 240 – 58 431 – 55 969 – 7 538 – 6 761 – 89 478 – 82 970
property, plant and
equipment at 31.12. 46 449 42 299 33 105 29 078 2 646 3 462 3 379 5 024 85 579 79 863
thereof finance leases* 1 318 1 395 497 2 285 11 27 1 826 3 707
capital commitments 13 714 8 964 168 1 718 16 96 13 898 10 778
insurance value*** 94 526 83 373 123 246 118 557 – – 217 772 201 930
* in the year under review as well as in the previous year there were no additions not involving the movement of cash & cash equivalents.
** detailed information on the changes in scope of consolidation is disclosed in note 3.
*** the insurance value of production equipment and machinery also covers other tangible assets.
in the previous year, the spanish subsidiary granted an option to a third party to buy its premises that were formerly used for production
and which are not used anymore. the price for the option of chF 0.2 million will be taken into account upon exercise of the option.
in the previous year, a building at the location in Wassenberg (germany) was put to sales and reclassified from fixed assets to
assets held for sale. in the meantime, the building is used again for operational purposes by the local entity. the book value of chF
0.4 million has therefore been reclassified back to fixed assets. in the current year, as a result of local restructuring in denmark, a
building has been put to sale. the property with a book value of chF 0.5 million has been reclassified from fixed assets to assets held
for sale.
in the previous year, tools & equipment were impaired by chF 0.2 million. capital commitments in the year under review are related
to the construction of the new centre of excellence for belt conveyors and curves, the finalization of the extension of the centre of
excellence for Rollers and production equipment.
71

72
Financial RepoRt
notes to the Financial statements
5.2 movements of goodwill and intangible assets
goodWill soFtWaRe
patents,
technology and
licences
customeR
Relationship
total
iNtaNgible
assets
in thousands chF 2009 2008 2009 2008 2009 2008 2009 2008 2009 2008
cost
at 1.1. 13 501 14 639 7 791 5 623 18 320 20 385 24 263 26 726 63 875 67 373
currency translation adj. – 4 – 1 138 8 – 200 – 75 – 2 065 66 – 2 855 – 5 – 6 258
additions – – 6 367 2 433 – – – – 6 367 2 433
disposals
changes in scope of
– – – 2 027 – 65 – – – – – 2 027 – 65
consolidation* 615 – 22 – 938 – 321 392 1 896 392
at 31.12. 14 112 13 501 12 161 7 791 19 183 18 320 24 650 24 263 70 106 63 875
amortisation &
impairments, cumulated
at 1.1. – 3 126 – 3 126 – 4 933 – 4 926 – 12 977 – 12 552 – 6 712 – 4 754 – 27 748 – 25 358
currency translation adj. – – – 12 181 38 1 368 25 657 51 2 206
amortisation – – – 403 – 251 – 1 921 – 1 793 – 2 546 – 2 615 – 4 870 – 4 659
disposals – – 1 986 63 – – – – 1 986 63
at 31.12. – 3 126 – 3 126 – 3 362 – 4 933 – 14 860 – 12 977 – 9 233 – 6 712 – 30 581 – 27 748
total intangible assets
net at 31.12. 10 986 10 375 8 799 2 858 4 323 5 343 15 417 17 551 39 525 36 127
capital commitments – – 7 942 5 567 – – – – 7 942 5 567
*detailed information on the changes in scope of consolidastion is disclosed in note 3.
capital commitments in the year under review and those for the previous year are related to the investment of a new eRp system.

impairment test goodwill
Financial RepoRt
notes to the Financial statements
goodwill is allocated to the following cash generating units that are equal to the operating segments:
in thousands chF 31.12.2009 31.12.2008
components 8 959 8 546
subsystems 2 027 1 829
total goodwill 10 986 10 375
the impairment tests are generally based on a three year plan and on the present value of future (pre-tax) cash
flows (value in use)determined using a discount rate of 9.7 % (previous year: 7.2 %). the growth rate and the
discount rate were defined as key assumptions. no further growth rate was assumed for the extrapolation of
free cash flows. the sensitivity analysis performed for both cash generating units resulted in the conclusion that
the discounted value of future free cash flows exceeds their current goodwill position.
goodwill increased following the acquisition of the assets of “BmW metal Fabrication inc. and acF partners
inc.” as well as of the assets of “maxwell manufacturing company” and results from the difference between
the assets valued at fair value and the purchase price. the change of the goodwill position in the previous
year is only related to effects from currency translation adjustments.
other intangible assets
customer relationship is normally amortised on a straght line basis over 10 years. at 31.12.2009, an amortisation
term of additional 6 years remains on the major portion of customer relationship. a review of the book
values is performed annually whereas the actual reduction of the number of customers is measured against its
expected useful lifetime.
5.3 assets pledged or assigned
in thousands chF 31.12.2009 31.12.2008
land and buildings 2 911 2 988
production equipment and machinery 497 2 285
office equipment 11 22
inventory 982 870
trade receivables 337 781
total assets pledged or assigned 4 738 6 946
these assets are pledged respectively assigned to local credit lines granted (see note 5.11).
73

74
Financial RepoRt
notes to the Financial statements
5.4 inventory
a detailed overview on the positions belonging to the inventory is as follows:
in thousands chF 31.12.2009 31.12.2008
Raw materials 24 837 32 225
Work in progress 13 770 9 659
Finished products 1 871 2 279
advance payments 1 160 887
valuation allowance – 2 386 – 3 291
total inventory, net 39 252 41 759
valuation allowance on inventory developed as follows:
in thousands chF 2009 2008
balance as per 1.1. – 3 291 – 3 203
currency translation adjustment – 20 312
additions – 608 – 634
Reductions 1 533 234
total valuation allowance on inventory as per 31.12. – 2 386 – 3 291
information on the carrying amount of pledged inventory is disclosed in note 5.3.
the reduction of valuation allowance on inventory is related to sale or scrap of items, as well as to a reassessment
of the valuation allowance affecting the statement of comprehensive income of the group.
5.5 trade and other accounts receivable
trade accounts receivable arise from deliveries and services relating to the group’s operating activities.
in thousands chF 31.12.2009 31.12.2008
trade accounts receivable from third parties 35 238 48 723
valuation allowance – 2 578 – 2 591
total trade accounts receivable, net 32 660 46 132
derivative financial instruments* – 1 424
prepaid expenses and accrued income 1 089 1 208
other accounts receivable from third parties 5 065 5 802
total other accounts receivable, net 6 154 8 434
total trade and other accounts receivable, net
* see note 5.7.
38 814 54 566

trade accounts receivables are due and specific/general valuation allowance have been evaluated as follows:
Financial RepoRt
notes to the Financial statements
in thousands chF 31.12.2009 31.12.2008
gRoss valuation alloWance Net gRoss valuation alloWance Net
individually collectively individually collectively
not past due 23 773 23 773 30 150 30 150
past due 1– 30 days 6 590 6 590 12 174 12 174
past due 31– 60 days 1 961 1 961 3 097 3 097
past due 61– 90 days 751 – 415 336 790 – 79 711
past due over 90 days 2 163 – 976 – 1 187 – 2 512 – 1 325 – 1 187 –
total trade accounts
receivable 35 238 – 1 391 – 1 187 32 660 48 723 – 1 404 – 1 187 46 132
the valuation allowance on trade accounts receivable from third parties developed as follows:
in thousands chF 2009 2008
total
revalued
individually
Revalued
collectively
Revalued
total
revalued
individually
Revalued
collectively
Revalued
at 1.1. – 2 591 – 1 404 – 1 187 – 2 233 – 1 240 – 993
currency translation
adjustment 48 48 347 225 122
additions – 377 – 377 – 1 232 – 916 – 316
alllowance used 101 101 388 388
allowance reversed 241 241 139 139
at 31.12. – 2 578 – 1 391 – 1 187 – 2 591 – 1 404 – 1 187
during the year under review, total chF 0.1 million (previous year: chF 0.4 million) irrecoverable trade receivable was written off.
currently, no other risks are identifiable in the net trade accounts receivables. sales are broadly diversified across geographical and
industrial markets. thus, the risk of unexpected losses from trade receivables is assessed to be low.
75

76
Financial RepoRt
notes to the Financial statements
5.6 cash and cash equivalents
cash and cash equivalents include the following:
in thousands chF 31.12.2009 31.12.2008
cash on hand, bank and postal accounts 8 163 11 685
short term deposits 224 9 947
total cash and cash equivalents 8 387 21 632
the interest rates vary between 0 % (for chF) and 5 % (for ZaR). the respective rates of the previous year were 0.1 % (chF) and 9 %
(ZaR) respectively .
cash positions are held to 38 % in euR (previous year: 29 %), 2 % in chF (previous year: 44 %), 16 % in usd (previous year: 10 %),
and the remaining 44 % (previous year: 17 %) in other currencies.
cash and cash equivalents at interroll south africa as well as at interroll Brasil are subject to transfer limitations of chF 2.1 millions
(2008: chF 1.3 million). these transfer limitations do not have any impact on their operating activities.
5.7 financial instruments and currency risks
the table below shows an overview of financial instruments held by valuation category according to ias 39:
in thousands chF 31.12.2009 31.12.2008
cash and cash equivalents 8 387 21 632
trade and other accounts receivable 38 814 53 142
Financial assets 923 757
total financial assets 48 124 75 531
derivatives for hedge accounting* – 453 1 424
total financial instruments at fair value – 453 1 424
trade and other accounts payable 46 516 46 656
Financial liabilities 12 562 17 263
total financial liabilities at carrying value
* see notes 5.5 resp. 5.15.
59 078 63 919
Book values of cash and cash equivalents, trade and other accounts receivable and payable as well as financial assets amount closely
to fair value due to their short term maturity.
most financial liabilities are also due in 2010. therefore, fair values are also very close to book value.

analysis of currency risk exposure
Financial RepoRt
notes to the Financial statements
due to its international focus, the interroll group is exposed to foreign currency risks. Risk exposures result from transactions in
currencies deviating from the entities’ functional currency.
the following table shows the major currency risks at the respective balance sheet date:
in thousands chF 31.12.2009 31.12.2008
euR usd cad gBp others euR usd cad gBp others
Financial assets 64 2 367 587 61 547
trade and other accounts
receivable 864 4 348 1 116 3 476 3 705 631 11 228 5 999 863 3 511
cash and cash equivalents
Financial liabilities
trade and other accounts
19 461 3 611 12 009 1 778 169 41 589 3 451 2 244 8 256
payable 2 496 4 715 3 364 1 803 1 246 3 073 5 649 1 676 75 1 210
short term liabilities
currency risks on the
1 052 3 976 11 148 241 97 1 187 352 8 922
balance sheet (gross)
Risk elimination due to
23 937 16 650 27 637 9 665 5 804 45 354 21 515 10 271 938 22 446
equal currency
currency risks on the
– 5 384 – 6 012 – 23 489 – 2 477 – 2 678 – 4 543 – 3 896 – 3 102 – 20 264
balance sheet (net) 18 553 10 638 4 148 7 188 3 126 40 811 17 619 7 169 938 2 182
natural hedges – 5 017 – 4 945 – 487 – 12 560 – 12 121 – 133 – 42
Fair value hedges* – 8 643 – 2 845 – 1 360 – 4 495 – 1 314 – 20 989 – 2 092 – 2 946 – 1 618 – 3 223
Net currency risk exposure 4 893 2 848 2 301 2 693 1 812 7 262 3 406 4 090 – 722 – 1 041
* Forward contracts.
the curency risk on the balance sheet (gross) is equal to the sum of the value of all positions in the balance sheet that are held in a
different currency than the functional currency of a company. such positions contain both, group internal as well as external amounts.
in a first step, all of those risks are added up because a currency risk can arise on the debit as well as on the credit side of the balance
sheet. the total is then disclosed as currency risk on the balance sheet (gross). the risk of each currency group is translated into
chF at the closing rate and added up to total group values. “Risk elimination due to equal currency” results from netting out currrency
risks which exists in the same foreign currency deviating from the functional currency and which are presented in the same group
entity. natural hedges result from netting out currency risks among all group entities. the amount disclosed in line “fair value hedges”
corresponds to the amount actually hedged and translated into chF. changes in the valuation of fair value hedges are recognized in
the financing result (see note 6.5).
all other net currency risks are immaterial in both years under review.
77

78
Financial RepoRt
notes to the Financial statements
sensitivity analysis
as per year end, a sensitivity analysis was carried in respect to financial instruments. a currency fluctuation of 10 % would have the
following effects on result and equity of the group:
in thousands chF 31.12.2009 31.12.2008
currency couple euR/chF usd/chF cad/usd euR/chF usd/chF cad/usd
Foreign exchange change 10 % 10 % 10 % 10 % 10 % 10 %
effect on result (positive) 86 24 21 113 25 1
effect on result (negative) – 86 – 24 – 21 – 113 – 25 – 1
the sensitivity analysis for the effects on the equity leads to immaterial effects of cumulated less than chF 0.1 million. as per end of
2009, there are no cash flow hedges which spares a sensitivity analysis on equity.
foreign currency forward contracts
the following table shows the contractual and fair values of the hedges held by the group:
in thousands chF 31.12.2009 31.12.2008
notional amount FaiR value notional amount FaiR value
Fair value hedges (forward contracts) original currency chf original currency chf
usd 4 340 – 177 6 561 586
gBp 791 – 43 1 697 523
thB 36 200 – 55 48 000 126
euR 4 108 – 138
others – 40 – 66
fair value hedges – 453 1 169
cash flow hedges (forward contracts)
usd 2 736 255
cash flow hedges – 255
total foreign currency forward
contracts* – 453 1 424
* see notes 5.5 resp. 5.15.
the fair values of the derivative financial instruments are classified as hierarchy 2 in the sense of iFRs 7. the valuation in hierarchy 2
is based on factors which cannot be tracked to actively listed prices on public markets. instead, they can be monitored directly (as a
price) or indirectly (as a derivative of the price). the cash flow deriving from the derivative instruments as well as the reclassification of
unrealised profits and losses recognised in the equity to the statement of comprehensive income is expected to be realised within one
year. Realised gains and losses on cash flow hedges are reported in in the positions “other operating income” and “other operating
expenses” respectively.
the group prepares regularly a rolling forecast of foreign currency cash flows. 0– 50 % of such budgeted, future foreign currency flows
are hedged through forward contracts.
With fair value hedges, the group hedges 50– 100 % of its net currency risks on the balance sheet.

5.8 equity management
the objectives, principles and processes applied in capital management are:
• safe-guarding of the going concern,
• definition of a range of equity margins that reflects the operational and balance sheet risks,
• a financial liability structure adapted to the asset structure,
• adequate relation between equity and liabilities,
• realisation of an appropriate return on equity,
• distribution of a stable portion of the profit.
Financial RepoRt
notes to the Financial statements
Based on above targets, group management aims at a long term equity ratio of approx. 50 %. the ordinary pay-out ratio corresponds
to approx 30 % of the result. this ratio may deviate based on the general economic outlook and the planned future investment activi-
ties.
5.9 information on shareholder’s equity
reconciliation from total issued shares to the outstanding shares
2009 2008
issued shares par value chf 15.00 each (previous year: chf 20.00) 854 000 854 000
own shares held by the group as per 1.1. 85 042 91 888
purchase of own shares – 8 598
sale of own shares – – 13 434
attribution of shares relating to bonus plan – 1 896 – 1 410
attribution of shares related to options exercised – – 600
attribution of shares related to settlement of acquisitions – 921 –
own shares held by the group as per 31.12. 82 225 85 042
thereof reserved for issuance under option program 52 965 52 965
thereof unreserved 29 260 32 077
shares outstanding at 31.12. 771 775 768 958
Note to the movements in the shareholder’s equity
potential claims of chF 1.6 million for withholding tax were recognised as accrued expenses against share premium. those accrued
expenses are an effect of acquisitions of own shares.
79

80
Financial RepoRt
notes to the Financial statements
5.10 earnings per share
basic earnings per average share outstanding
the basic earnings per average share outstanding in 2009 amount to chF 7.41 (2008: chF 44.38). the calcu-
lation is based on the profit attributable to the equity holders of the parent company, divided by the weighted
average of shares outstanding.
2009 2008
result attributable to the equity holders 5 716 33 833
shares outstanding as of 1.1. 768 958 762 112
effect of the purchase of own shares – – 8 287
effect of the sale/attribution of own shares 2 517 8 160
effect of the issue of shares under option plans – 338
Weighted average of shares outstanding 771 475 762 323
basic earnings (result) per average share oustanding (chf 1) 7.41 44.38
diluted earnings per average share outstanding
the diluted earnings per average share outstanding in 2009 amount to chF 7.41 (2008: chF 43.60). they are
calculated by adjusting the weighted average number of ordinary shares outstanding to include all dilutive
potential ordinary shares.
the potential ordinary shares resulting from the issue of options under the employee stock option plan (see
note 6.1) had no dilutive effect due to the fact that the strike price (chF 323) was above the average share
price (chF 271) during the year under review (previous year: dilutive effect because the average share price of
chF 435 was above the strike price).
2009 2008
result attributable to the equity holders 5 716 33 833
Weighted average of shares outstanding 771 475 762 323
dilutive effect of share options – 13 743
Weighted average of shares outstanding (diluted) 771 475 776 066
diluted earnings (result) per average share outstanding (chf 1) 7.41 43.60

5.11 financial liabilities
detailed disclosure of current and non-current financial liabilities
Financial RepoRt
notes to the Financial statements
in thousands chF 31.12.2009 31.12.2008
Bank overdrafts 394 665
Bank loans 10 511 6 199
Finance leases 213 729
other loans – 1 189
total current financial liabilities 11 118 8 782
Bank loans 107 6 158
Finance leases – 214
other loans 1 337 2 109
total non-current financial liabilities 1 444 8 481
total financial liabilities 12 562 17 263
Net financial liabilities to adjusted equity ratio
in thousands chF 31.12.2009 31.12.2008
total financial liabilities 12 562 17 263
./. cash and cash equivalents – 8 387 – 21 632
Net financial liabilities (-net cash) 4 175 – 4 369
total shareholders’ equity 133 024 130 731
./. cash flow hedge recognised in equity – – 228
adjusted capital 133 024 130 503
Net debt in % to adjusted equity 3.14 n/a
81

82
Financial RepoRt
notes to the Financial statements
loan structure
in thousands chF 2009 2008
cuRRency
Weighted
aveRage
inteRest Rate
Fix/ yeaR oF
vaRiaBle matuRity
Face
value
caRRying
amount
Face
value
caRRying
amount
Bank loans chF 2.70 % F 2010 7 037 6 900 12 486 12 000
euR 1.15 % F/v 2012 3 725 3 718 378 356
total bank loans 10 762 10 618 12 864 12 356
Finance leases euR 6.12 % F/v 2010 221 213 1 001 942
thB 0.00 % F 2009 – – 1 1
total finance leases 221 213 1 002 943
other loans euR 0.00 % F 2012 1 337 1 337 3 147 3 147
aud 0.00 % F 2009 – – 151 151
total other loans 1 337 1 337 3 298 3 298
total loans 12 320 12 168 17 164 16 597
as of december 31, 2009 no loans (previous year: chF 0.1 million) were secured by mortgage deeds. the difference from total loans
to total financial liabilities consists of the bank overdrafts that are reported as current financial liabilities in line with ias 39.
liquidity risks
the financial liabilities as per december 31, 2009 are due as follows:
in thousands chF Book value
coNtractual
amouNt
Within
6 months
Within
6 – 12 months
Within
1 – 2 yeaRs
Within
2 – 5 yeaRs
Bank loans 10 618 10 762 10 629 22 88 23
Finance leases 213 221 213 8
other loans 1 337 1 337 851 486
Bank overdrafts 394 394 394
trade and other accounts
payable* 46 969 46 969 46 969
total financial liabilities 59 531 59 683 58 205 30 939 509
* an ageing analysis is not readily available. Based on past experience, it can be reliably assumed that the full amount is due within less than 6 months.
the financial liabilities as per december 31, 2008 were due as follows:
in thousands chF Book value
coNtractual
amouNt
Within
6 months
Within
6 – 12 months
Within
1 – 2 yeaRs
Within
2 – 5 yeaRs
Bank loans 12 357 12 864 6 415 117 6 262 70
Finance leases 943 1 002 593 189 221
other loans 3 298 3 298 2 556 742
Bank overdrafts 665 665 666
trade and other accounts
payable* 46 656 46 656 46 656
total financial liabilities 63 919 64 485 56 886 306 7 225 70
* an ageing analysis is not readily available. Based on past experience, it can be reliably assumed that the full amount is due within less than 6 months.

Financial RepoRt
notes to the Financial statements
interest sensitivity
considering the limited amount of net cash resp. net debt, a change of 100 basis points in the interest rates would not have a significant
effect (2009: +/– 40, 2008: +/– 80) on the shareholders’ equity, result and cash flows of the group.
credit facilities
the amount of unused credit facilities as per end of the reporting year amounted to chF 71.9 millions (previous year: chF 47.2 millions).
new and committed credit lines for an amount of chF 40 millions with a duration of 3 years were agreed upon. these credit lines are
included in the amount of chF 71.9 millions. they ensure the funding of the future investment program and serve generally for the
business financing. the debt covenants to be complied with are the following:
eBitda : net interest costs = min. 3.0
net debt : eBitda = max. 3.0
equity : total assets = min. 35 %
For all credit lines, debt covenants have always been complied with.
loans
in the course of the acquisition of the Bdl group in 2006, two unsecured loans of totally chF 24 millions were taken up at an interest
rate of 2.7 % with four years repayment term. the loans were to be settled through annually equal instalments. the last instalment was
settled as per end of February 2010.
5.12 leasing liabilities
finance leases
the financial lease liabilities are due as follows:
pResent value inteRest
miNimum lease
paymeNts
as per year end, in thousands chF 2009 2008 2009 2008 2009 2008
within 1 year 213 729 8 51 221 780
between 1 and 5 years – 214 – 8 – 222
over 5 years – – – – – –
total finance leases 213 943 8 59 221 1 002
operating leases
liabilities from operating leases mainly relate to building rentals and will become due as follows:
in thousands chF 31.12.2009 31.12.2008
within 1 year 2 779 2 961
between 1 and 5 years 4 395 4 456
over 5 years 1 069 1 190
total operating leases 8 243 8 607
in the year under review, operating lease expense include contingent rent in the amount of chF 0.2 million (2008: chF 0.1 million).
83

84
Financial RepoRt
notes to the Financial statements
5.13 provisions
WaRRanties otheR pRovisions total provisioNs
in thousands chF 2009 2008 2009 2008 2009 2008
at 1.1. 6 102 7 942 1 569 1 772 7 671 9 714
currency translation adj. 113 – 841 – – 161 113 – 1 002
provisions made 2 581 3 489 412 418 2 993 3 907
provisions used – 2 350 – 3 065 – 209 – – 2 559 – 3 065
provisions reversed – 1 796 – 1 423 – 119 – 460 – 1 915 – 1 883
at 31.12. 4 650 6 102 1 653 1 569 6 303 7 671
the group companies normally grant a 24-month warranty. the warranty provision is recognised based on
past experience as well as on specific projects. the warranty provision corresponds to roughly 2 % (previous
year: 1.7 %) of net sales. the reduction follows an analysis of previous years’ actual warranty expenses which
resulted in a reduction of warranty provision required. data from the past indicates that between 30 % and
50 % of the warranty provision will be used in the subsequent year.
in 2007, an onerous contract provision in the amount of chF 1.2 million was recognised in “other provisions”
that relates to a long term building rental contract that will be terminated before its final term and that will not
be used anymore as from late 2010. the impending loss corresponds to the rental amount for the period during
which the building will no longer be used. the other provisions include pension liabilities according to ias 19.

5.14 pension obligations and pension costs
Financial RepoRt
notes to the Financial statements
the pension costs for 2009 amounted to chF 1.7 million (2008: chF 1.9 million). such costs consist of em-
ployer contributions relating to the defined contribution plans and pension costs relating to the defined benefit
plans.
the pension plans in switzerland and France are regarded as defined benefits plans in line with ias 19. in both
years under review, approximately 190 employees participated in the defined benefit plans. the swiss plan is
outsourced to a collective foundation whereas the plan of France is outsourced to an insurance company. it
can be assumed that the assets of both plans do not include interroll shares.
components of pension costs
in thousands chF 2009 2008
costs of the defined contribution plans – 913 – 1 282
current service costs, gross – 950 – 880
employee contributions 336 316
interest costs – 357 – 235
amortisation of actuarial losses – 40 – 61
expected return on plan assets 237 219
costs of the defined benefit plans – 774 – 641
total pension costs – 1 687 – 1 923
the actual return on plan assets is in line with the return that can generally be expected based on the agreement
with the collective foundation. the expected future contributions will not change materially in future years
provided the number of insured employees remains stable.
funded status for the defined benefit plans
in thousands chF, as per year end 2009 2008 2007 2006 2005
present value of defined benefit obligation – 10 770 – 9 478 – 7 606 – 6 943 – 5 486
Fair value of plan assets 9 357 8 402 6 381 5 760 4 536
pension liability – 1 413 – 1 076 – 1 225 – 1 183 – 950
unfunded fair value of benefit obligations – 243 – 205 – – –
unrecognised actuarial (losses)/gains 1 174 923 1 038 1 183 950
defined benefit obligation, net – 482 – 358 – 187 – –
85

86
Financial RepoRt
notes to the Financial statements
roll forward of the defined benefit obligation
in thousands chF 2009 2008
benefit obligation as per 1.1. – 9 683 – 7 606
current service costs, net – 614 – 564
interest costs – 357 – 235
contributions from plan participants – 336 – 316
actuarial gain/(loss) on obligation – 228 98
insurance premiums 267 330
Benefits funded/(paid), net – 62 – 1 390
benefit obligation as per 31.12. – 11 013 – 9 683
roll forward of the present value of plan assets
in thousands chF 2009 2008
fair value of plan assets as per 1.1. 8 402 6 381
expected return on plan assets 237 220
actuarial gain/(loss) on plan assets – 66 – 25
insurance premiums – 267 – 330
employer contributions 653 608
employee contributions 336 316
Benefits funded/(paid), net 62 1 232
fair value of plan assets as per 31.12. 9 357 8 402
investments of the pension plan are done in the following categories:
• 2.5 % equity securities (previous year: 3.2 %) • 16.8 % real estate (previous year: 17.9 %)
• 72.8 % debt securities (previous year: 69.9 %) • 7.9 % other investments (previous year: 9.3 %)
roll forward of the unrecognised pension deficit
in thousands chF 2009 2008
unrecognised pension liabilities as of 1.1. – 358 – 187
pension costs – 774 – 640
contributions 653 608
currency translation/plan expansion – 3 – 139
unrecognised pension liabilities as of 31.12. – 482 – 358
actuarial assumptions
2009 2008
discount rate 3.4 % 3.7 %
expected return on plan assets 2.9 % 2.7 %
expected benefit increases 0.5 % 0.5 %
average future salary increases 1.9 % 2.1 %
average fluctuation rate 10.0 % 10.0 %

5.15 trade and other accounts payable
Financial RepoRt
notes to the Financial statements
in thousands chF 31.12.2009 31.12.2008
trade accounts payable to third parties 12 312 16 131
advances received from customers 12 266 5 543
other liabilities 6 797 7 828
accrued personnel expenses 6 118 9 278
accrued interest 178 345
other accrued expenses 8 845 7 531
derivative financial instruments* 453 –
total trade and other accounts payable 46 969 46 656
* see note 5.7.
advances received from customers mainly relate to larger projects within the subsystems segment. other
liabilities include vat and social security related liabilities. accrued personnel expenses relate to accrued
vacation and bonuses.
87

88
Financial RepoRt
notes to the Financial statements
6 Notes to the coNsolidated statemeNt of compreheNsive iNcome
6.1 personnel expenses
in thousands chF 2009 2008
Wages and salaries 66 515 77 956
social security costs 10 384 11 908
pension costs (see note 5.14) 1 687 1 923
other employee benefit costs 2 340 2 739
share based personnel expenses to management personnel 596 715
total personnel expenses 81 522 95 241
thereof production related personnel expenses 39 992 49 842
average number of employees 1 206 1 315
option plan
on march 3, 2006 the Board of directors approved a management share option plan for the next five years. the key data for this plan
is as follows:
option life: april 3, 2006 – september 30, 2011
Blocked period: april 3, 2006 –april 2, 2010
excercise period: april 3, 2010 – september 30, 2011
strike price: chF 323/registered share inRn
Reference price: average inRn price from march 27, 2006 – march 31, 2006 less 4 %
option/share: 1 option entitles to acquire 1 registered share inRn
option price: chF 15 per option
the following movements took place in the years under review:
all outstanding options have been attributed in 2006. the fair value at the grant date was chF 4.7 millions (chF 88.64/option). the
employees contribution amounted to chF 0.8 million (chF 15/option). the valuation of the option was calculated on the basis of the
binomial method and has been carried out by a bank. Besides from above key data on the option plan, the following parameters
were used for the valuation:
• risk free interest rate of 2.82 %
• volatility 25 %
• yearly unchanged profit distribution of CHF 6/INRN
• average share price: CHF 337
31.12.2009 attributed exercised 31.12.2008 attributed exercised 1.1.2008
options outstanding 52 965 52 965 – 600 53 565
thereof granted 52 965 52 965 – 600 53 565
thereof not vested 52 965 52 965 – 600 53 565
thereof exercisable – – –
thereof in company’s portfolio – – –
the plan option is not subject to any vesting condition after the vesting period has become effective.

6.2 research and development
Financial RepoRt
notes to the Financial statements
the group incurred the following expenses for research and development during the years under review:
in thousands chF 2009 2008
research and development 8 588 6 933
these expenses are mostly incurred to further develop and complete the product range of the segments. they
are included in personnell- and other operational expenses as well as in depreciation on fixed tangible assets.
no expenses have been capitalized as the preconditions stated in ias 38 are not met cumulatively.
6.3 other operating expenses
in thousands chF 2009 2008
office and administration 6 074 7 238
provisions and allowances, net 323 1 976
non-income taxes 1 267 2 050
consultancy, auditing 3 423 4 738
marketing 5 930 4 942
Freight 7 937 11 195
commissions, bad debt adjustments 2 390 3 221
Building rent 3 388 3 258
Building maintenance 2 391 3 117
maintenance on machinery, tools and moulds 2 726 3 695
travelling and transportation 4 870 6 809
consumables for production 2 931 3 843
insurances 732 820
other expenses 3 349 4 587
loss on disposal of property, plant and equipment / intangible assets 398 49
total other operating expenses 48 129 61 538
6.4 other operating income
in thousands chF 2009 2008
income from commissions, licences and freight 7 329 10 413
income from services 864 643
Realised gains on cash flow hedges 344 2 420
government grants received 83 10
total other operating income 8 620 13 486
89

90
Financial RepoRt
notes to the Financial statements
6.5 financing result
in thousands chF 2009 2008
Foreign exchange loss, net – 213 –
unrealized losses on fair value hedges – 1 742 –
Realized losses on fair value hedges – – 1 948
Realized translation differences, net – 659 –
interest expenses – 538 – 797
financing expenses – 3 152 – 2 745
Foreign exchange gain, net – 862
unrealized gains on fair value hedges – 987
Realized gains on fair value hedges 1 432 –
Realized translation differences, net – 2 691
interest income 311 882
financing income 1 743 5 422
financing result, net – 1 409 2 677
the result from realized cash flow hedges is presented in the other operating income/expenses (see notes 6.3
resp. 6.4). as per year-end 2009 no cash flow hedges existed (see note 5.7). the non-realized effects on cash
flow hedges were presented in equity in the previous year. lines “realized translation differences, net” are related
to repayments of equity or equity like loans of consolidated subsidiaries.
6.6 income tax expense
components of income tax expense
in thousands chF 2009 2008
income taxes relating to the current period 2 241 9 858
income taxes relating to past periods, net – 306 – 474
current income tax expense 1 935 9 384
due to temporary differences – 5 073 3 802
due to tax rate changes – 104 – 329
due to (recognition)/use of tax loss carry-forwards – 471 – 701
adjustments to deferred tax assets – 314 119
other effects 4 – 60
deferred income tax expense/(income) – 5 958 2 831
total income tax expense – 4 023 12 215
taxes on capital are included in other operating expenses (see ote 6.3).
deferred tax liabilities of chF 0.2 million (previous year: chF 0.1 million) have not been recognised for withhol-
ding and other taxes on the un-remitted earnings.

econciliation of effective tax rate
Financial RepoRt
notes to the Financial statements
in thousands chF 2009 2008
result before income taxes 1 693 46 048
income tax expenses at the expected tax rate of 20.1 % (2008: 20.7 %) 340 9 546
(non-taxable income)/non-tax deductible expenses, net – 1 494 4 697
(Reversal of)/write offs on deferred tax assets, net – 314 119
tax rate changes, net – 104 – 329
effect from deviation to tax rates in group companies – 1 854 – 3 844
(tax credits)/tax charges on prior years’ results, net
(use of unrecognised tax losses)/effect of unrecognised tax losses on the
– 306 – 474
current year’s result, net – 361 2 590
other effects 70 – 90
effective (total) income tax expense – 4 023 12 215
the income tax expense analysis is based on the expected tax rate for an ordinarily taxed company in switzerland.
unrecognised and recognised tax losses
in thousands chF 31.12.2009 31.12.2008
expiry not activated activated not activated activated
2009 – 269 –
2010 155 – 470 –
2011 925 – 383 1 564
2012 404 – 399 –
2013 826 – – –
2014 and later 21 814 1 239 18 414 1 799
unlimited 3 869 4 228 7 894 985
total 27 993 5 467 27 829 4 348
tax benefit 9 882 1 188 10 276 680
thereof unrecognised – 9 882 – 10 276
netted out within tax units
deferred tax assets
– 997 – 325
capitalized 191 355
a tax effect of chF 2.8 millions resulted from new tax losses carried forward in the amount of chF 10.0 millions.
thereof chF 0.7 million was capitalized (previous year: new tax losses of 12.1 millions with a tax effect of chF
3.5 millions, whereof chF 0.4 million was activated).
deferred tax assets on unused tax losses carried forward and tax-deductible temporary differences are capitalized
in case it is probable that such assets can be set off against future taxable profits. due to the probability
to set off current tax losses carried forward against future profits in various subsidiaries, an amount of
chF 0.2 million has been capitalized in 2009 (2008: chF 0.4 million). interroll considers the future set off probable
based on approved business plans.
91

92
Financial RepoRt
notes to the Financial statements
attribution of defered tax assets/liabilities to items of the statement of financial position
in thousands chF 31.12.2009 31.12.2008
deFeRRed tax deFeRRed tax
assets liaBilities assets liaBilities
intangible assets 2 685 4 641 105 6 259
property, plant and equipment 170 3 740 102 4 322
Financial assets – 136 – 180
inventory 142 92 – –
Benefits of loss carry forwards 1 188 355
Receivables 110 429 – –
other assets 1 – 504 616
total assets 4 296 9 038 1 066 11 377
long term debts – 233 – –
provisions 702 6 472 1 106 8 769
short term debts 520 128 – –
other liabilities 79 – 299 104
total liabilities 1 301 6 833 3 537 31 627
set-off – 5 395 – 5 395 – 2 116 – 2 116
total net 202 10 476 355 18 134
deferred tax assets and deferred tax liabilities are netted within and between companies belonging to the same
taxable unit.
the reduction of deferred tax assets and liabilities of net chF 7.5 millions (previous year: increase of chF 1.9
millions) corresponds to net deferred tax income recognised in the statement of comprehensive income of chF
6.0 millions (previous year: deferred tax expense of chF 2.8 millions), the increase due to acquisition through
business combinations of chF 0.2 million (previous year chF 0.1 million) and currency translation adjuste-
ments of chF 0.1 million (previous year: chF – 1.0 million). the remaining portion corresponds to a reclassifi-
cation to accrued expenses.
in both years under review, current income taxes of chF 0.1 million were credited to equity. no taxes were
recognised in the other comprehensive income in both years under review.

7 other disclosures
7.1 contingent liabilities
there are no contingent liabilities in the years under review.
7.2 related party transactions
transactions with related parties
Financial RepoRt
notes to the Financial statements
category volume open payaBles
in thousands chF 2009 2008 31.12.2009 31.12.2008
purchase of materials a 4 402 10 519 624 1 005
it investments/it services a 1 230 1 479 145 97
other costs a+b 817 1 246 2 10
total purchases 6 449 13 243 771 1 112
category volume open ReceivaBles
in thousands chF 2009 2008 31.12.2009 31.12.2008
sale of material a 5 540 10 442 1 019 1 200
other income b 385 405 94 113
total services 5 926 10 847 1 114 1 313
Related parties are defined and categorised as following:
a) shareholders of inteRRoll holding ltd. holding more than 3 % of the shareholder capital
b) members of the Board of directors of inteRRoll holding ltd. and legal entities that are directly controlled by them
c) members of the group management of interroll group and legal entities that are directly controlled by them
d) local managing directors as well as people reporting to them (only for substantial transactions)
compensation to group management
in thousands chF 2009 2008
salaries incl. bonus 3 540 3 494
post-employment benefits 465 538
other long term benefits 18 16
equity based compensation 450 505
total compensation to group management 4 473 4 553
total compensation in the year 2009 to the Board of directors of inteRRoll holding ltd. is chF 0.45 million (2008: 0.43 million).
the detailed disclosure on the compensation to and shares owned by the Board of directors and the group management required
by swiss law are included in the notes to the financial statements of inteRRoll holding ltd.
93

94
Financial RepoRt
notes to the Financial statements
7.3 subsequent events
the consolidated financial statements were approved by the Board of directors on march 3, 2010 and are subject to further approval
by the general meeting of the shareholders on may 7, 2010.
no event has occurred between december 31, 2009 and march 3, 2010 which would require adjustment to the carrying amount of
the group’s assets and liabilities as of december 31, 2009, or would require disclosure in accordance with ias 10.
7.4 scope of consolidation
country Name & domicile function owner share capital in 1 000
ch interroll holding ag, s. antonino F chF 12 810.0
ownership
in %
ch interroll sa, s. antonino p hd chF 100.0 100 %
interroll (schweiz) ag, s. antonino s hd chF 5 000.0 100 %
interroll management ag, s. antonino F hd chF 100.0 100 %
au interroll australia pty. ltd., victoria s hd/F aud 51.2 100 %
BR interroll logistica ltda, sao paolo p/s hd BRl 1 000.0 100 %
ca interroll canada ltd., aurora p/s hd cad 1 720.0 100 %
interroll Financial canada ltd., aurora F hd cad 0.1 100 %
interroll components canada ltd., concord p/s hd cad 0.1 100 %
cn interroll suzhou co. ltd., suzhou p/s sgp cny 16 959.9 100 %
cZ interroll cZ sro., Breclav s hde cZk 1 000.0 100 %
de interroll Fördertechnik gmbh , Wermelskirchen s dho euR 25.6 100 %
interroll engineering gmbh, Wermelskirchen p dho euR 1 662.2 100 %
interroll automation gmbh, sinsheim p/s dho euR 2 000.0 100 %
interroll holding gmbh, Wermelskirchen F hd euR 500.0 100 %
interroll gmbh, Wermelskirchen d hd euR 25.0 100 %
interroll trommelmotoren gmbh, Wassenberg p/s dho euR 77.0 100 %
transtechnik gmbh, Wassenberg p/s dho euR 25.6 100 %
dk interroll nordic as, hvidovre s dkh euR 67.1 100 %
interroll Joki as, hvidovre p dkh euR 2 013.8 100 %
interroll holding as, hvidovre F hd euR 2 126.1 100 %
es interroll españa sa, Barbera del valles s hde/hd euR 600.0 100 %
FR interroll sas, saint-pol-de-léon (ex dijon) F hde euR 2 808.0 100 %
interroll sas, la Roche sur yon p/s F euR 2 660.0 100 %
interroll sas, saint-pol de leon s F euR 61.0 100 %
gB interroll ltd., corby s hde euR 0.0 100 %
interroll engineering ltd., corby d hde euR 0.1 100 %
Jp interroll Japan co. ltd., tokio s sgp Jpy 10 000.0 100 %
kR interroll (korea) corporation, seoul p/s sgp kRW 100 000.0 100 %
my interroll (malaysia) sdn. Bhd., petaling Jaya selangor d sgp myR 50.0 100 %
nl interroll europe Bv, emmeloord F hd euR 90.8 100 %
pl interroll polska sp.z.o.o., Warszaw s hd plZ 100.0 100 %
sg interroll (asia) pte. ltd., singapur p/s hde sgd 3 000.0 100 %
th interroll (thailand) co. ltd., Bangkok p/s sgp thB 47 000.0 100 %
interroll ds asia pacific co. ltd, Bangkok p/s hd thB 100 000.0 100 %

Financial RepoRt
notes to the Financial statements
country Name & domicile function owner share capital in 1 000
ownership
in %
us interroll corporation, Wilmington/n.c. s hd usd 65.0 100 %
interroll automation llc, Jeffersonville p/s hde usd 0.1 100 %
interroll dynamic storage inc., hiram/atlanta p/s hd usd 0.0 100 %
vg inroll ltd., tortola F hd chF 100 000.0 100 %
Za interroll sa (proprietary) ltd., Johannesburg p/s hd ZaR 1 500.0 100 %
Function: p = production, s = sales, F = Finance, d = inaktiv
owner: hd = inteRRoll holding ag, hde = interroll europe Bv, dho = interroll holding gmbh, dkh = interroll holding as,
F = interroll sas, saint-pol-de-léon, sgp = interroll (asia) pte. ltd., singapur
interroll dynamic storage inc., hiram (usa) as well as interroll ds asia pacific co., thailand, were consolidated for the first time in
2009. interroll manufacturing llc, Wilmington/n.c. was merged into interroll corporation, Wilmington in 2009. Bdl drum motors sa
(pty), ltd., Johannesburg (south africa) and interroll trommelmotoren Bv in herkenbosch were liquidated in 2009. Further notes to
changes in the consolidation range are disclosed in note 3.
95

96
Financial RepoRt
RepoRt oF the gRoup auditoR
8 report of the group auditor
report of the statutory auditor on the consolidated financial
statements to the general meeting of shareholders of iNterroll
holdiNg ltd., sant’antonino
as statutory auditor, we have audited the accompanying consolidated financial statements of inteRRoll
holding ltd, presented on pages 48 to 95, which comprise the consolidated statement of financial position,
consolidated statement of comprehensive income, consolidated statement of cash flows, consolidated statement
of changes in equity and notes to the consolidated financial statements for the year ended december
31, 2009.
board of directors’ responsibility
the board of directors is responsible for the preparation and fair presentation of the consolidated financial
statements in accordance with international Financial Reporting standards (iFRs) and the requirements of
swiss law. this responsibility includes designing, implementing and maintaining an internal control system
relevant to the preparation and fair presentation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error. the board of directors is further responsible for selecting and
applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.
auditor’s responsibility
our responsibility is to express an opinion on these consolidated financial statements based on our audit. We
conducted our audit in accordance with swiss law and swiss auditing standards as well as international
standards on auditing. those standards require that we plan and perform the audit to obtain reasonable assurance
whether the consolidated financial statements are free from material misstatement.
an audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
consolidated financial statements. the procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the consolidated financial statements, whether due to
fraud or error. in making those risk assessments, the auditor considers the internal control system relevant to
the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity’s internal control system. an audit also includes evaluating the appropriateness of
the accounting policies used and the reasonableness of accounting estimates made, as well as evaluating the
overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our audit opinion.
opinion
in our opinion, the consolidated financial statements for the year ended december 31, 2009 give a true and
fair view of the financial position, the results of operations and the cash flows in accordance with international
Financial Reporting standards (iFRs) and comply with swiss law.

Financial RepoRt
RepoRt oF the gRoup auditoR
report on other legal requirements
We confirm that we meet the legal requirements on licensing according to the auditor oversight act (aoa) and
independence (article 728 co and article 11 aoa) and that there are no circumstances incompatible with our
independence.
in accordance with article 728a paragraph 1 item 3 co and swiss auditing standard 890, we confirm that an
internal control system exists, which has been designed for the preparation of consolidated financial statements
according to the instructions of the board of directors.
We recommend that the consolidated financial statements submitted to you be approved.
kpmg ag
christoph schwarz samuel samuel dini
licensed audit expert
auditor in charge
licensed audit expert
lugano, march 3, 2010
97

Financial statements
of INTERROLL HOLDING LTD.
Financial REpoRt
intERRoll Holding ltd.
1 Financial statements of INTERROLL HOLDING LTD. 100
1.1 Balance sheet 100
1.2 income statement 101
1.3 Statement of changes in equity 101
2 General information to the financial statements 102
2.1 accounting policies and principle of valuation 102
3 Notes to the financial statements 103
3.1 accounts receivable 103
3.2 own shares and options 103
3.3 loans due from group companies 103
3.4 trade and other accounts payable 103
3.5 Financial liabilities 104
3.6 provision for investment risks 104
3.7 Shareholder equity 104
3.8 contingent liabilities 105
4 Other disclosures according to Swiss law 106
4.1 Risk assessment 106
4.2 internal control system 106
4.3 compensation of and shares held by the Board of directors 107
4.4 compensation of and shares held by the group Management 108
5 Proposed appropriation of available earnings 109
6 Report of the statutory auditor 110
99

100
Financial REpoRt
Financial StatEMEntS oF intERRoll Holding ltd.
1 FINaNcIaL STaTEmENTS OF INTERROLL HOLDING LTD.
1.1 Balance sheet
in thousands cHF see notes* 31.12.2009 31.12.2008
aSSEtS
cash and cash equivalents 112 1 738
accounts receivable 3.1 2 889 9 724
own shares 3.7 25 016 21 772
Total current assets 28 017 33 234
investments 188 074 153 605
loans due from group companies 3.3 48 105 73 937
Total non-current assets 236 179 227 542
Total assets 264 196 260 776
EQUitY and liaBilitiES
trade and other accounts payable 3.4 7 348 1 413
tax provision 71 1 513
Financial liabilities 3.5 6 000 6 000
Total current liabilities 13 419 8 926
Financial liabilities 3.5 14 893 38 566
provision for investment risks 3.6 100 771 93 871
other provisions 804 804
Total non-current liabilities 116 468 133 241
Share capital 3.7 12 810 17 080
Share premium 3.7 19 078 18 144
general legal reserve 5 209 5 209
Reserve for own shares 3.7 32 386 34 308
available earnings 64 826 43 868
Total shareholder’s equity 134 309 118 609
Total liabilities and equity 264 196 260 776
* See notes to the financial statements.

1.2 Income statement
Financial REpoRt
Financial StatEMEntS oF intERRoll Holding ltd.
in thousands cHF 2009 2008
investment income 22 262 45 405
Royalty income 2 274 3 426
interest income 3 463 3 870
other operating income 6 895 4 197
Foreign currency exchange gains 549 –
Total income 35 443 56 898
administrative expenses – 692 – 466
Financial expenses – 1 113 – 1 679
Foreign currency exchange losses – – 4 673
personnel expenses – 1 430 – 1 662
other operating expenses – 5 311 – 16 381
investment expenses – 6 900 – 20 000
Total Expenses – 15 446 – 44 861
Profit before income taxes 19 997 12 037
income tax expenses – 27 – 60
Result 19 970 11 977
1.3 Statement of changes in equity
in thousands cHF
SHaRE
capital
SHaRE
pREMiUM
lEgal
RESERvE
RESERvE FoR
own SHaRES
availaBlE
EaRningS
as of 1.1.2008 26 047 13 024 3 788 39 428 33 312 115 599
Result 2008 11 977 11 977
Reduction in par value – 8 967 – 8 967
transfer to legal reserve 1 421 – 1 421 –
change of reserve for own shares 5 120 – 5 120 –
at 31.12.2008 17 080 18 144 5 209 34 308 43 868 118 609
Result 2009 19 970 19 970
Reduction in par value – 4 270 – 4 270
change of reserve for
own shares 934 – 1 922 988 –
at 31.12.2009 12 810 19 078 5 209 32 386 64 826 134 309
TOTaL
101

102
Financial REpoRt
notES to tHE Financial StatEMEntS
2 GENERaL INFORmaTION TO THE FINaNcIaL STaTEmENTS
2.1 accounting Policies and Principles of Valuation
SigniFicant accoUnting policiES
current/Non-current distinction
current assets are assets expected to be realised or consumed in the normal course of the company’s operating
cycle or assets held for trading purposes. all other assets are classified as non-current assets.
current liabilities are liabilities expected to be settled by use of cash generated in the normal course of the
company’s operating cycle or liabilities due within one year from the reporting date. all other liabilities are
classified as non-current liabilities.
Foreign currency translation
transactions in foreign currencies are recorded using exchange rates prevailing at the time of the transaction.
gains or losses arising on settlement of these transactions are included in the current year’s income under the
line item foreign currency exchange losses/gains, net. Monetary assets and liabilities denominated in foreign
currencies are translated using the exchange rates prevailing at the balance sheet date. any gains or losses
resulting from this translation are also included in the current year’s income, except for unrealised gains which
are deferred.
pRinciplES oF valUation
cash and cash equivalents
cash and cash equivalents are stated at nominal value.
accounts receivable and payable
accounts receivable are stated at nominal value less any valuation adjustment for credit risks. accounts payable
are stated at nominal value.
accounts receivable from group companies arise from services provided by intERRoll Holding ltd. and
related interest and royalties billed. these services are recognised on an accrual basis.
Own shares and options
own shares and options to buy own shares are stated at the lower of cost and fair value.
Loans
non-current loans receivable are stated at nominal value less any valuation adjustments deemed necessary to
reflect the credit risk. non-current loans payable are stated at nominal value.
Investments
investments are stated at cost less any valuation adjustments deemed necessary to recognise a decline other
than temporary in value (impairment). additional provisions are recognised for general investment risks.
accrued expenses
accrued expenses primarily relate to interest due on loans payable. they are stated at nominal value.

3 NOTES TO THE FINaNcIaL STaTEmENTS
3.1 accounts receivable
3.2 Own shares and options
Financial REpoRt
notES to tHE Financial StatEMEntS
in thousands cHF 31.12.2009 31.12.2008
accounts receivable from third parties 1 817 1 857
accounts receivable from group companies 879 7 867
advance payments 193 –
Total accounts receivable 2 889 9 724
in the year under review the company neither acquired nor sold any own shares. in the previous year 8 598
own shares were acquired for an average consideration of cHF 494 per share and 13 434 own shares were
sold for an average consideration of cHF 403 per share.
1 896 shares (previous year: 1 410) with a fair value of cHF 0.5 million (previous year: cHF 0.7 million) were
granted to employees. no shares were attributed from the share option plan. in the previous year 600 shares
were attributed to a member of the share option plan through exercise of option. Moreover 921 own shares
were allocated to the seller of an entity acquired during the period under review as part of the acquisition price.
as of december 31, 2009 the company held 82 225 own shares with a carrying amount of cHF 25.0 millions
(previous year: 85 042 own shares with a carrying amount of cHF 21.8 millions). a reserve for own shares equal
to the original cost of cHF 32.4 millions has been established out of available earnings. 52 965 own shares are
reserved to cover the management share option plan (see note 6.1 to the consolidated financial statements).
3.3 Loans due from Group companies
the interest rates used were the following: lowest highest
in the year 2008 3.25 % 7.50 %
in the year 2009 1.00 % 6.00 %
the loans due from group companies are normally redeemable with a notification period of three months. as
of year end, the total outstanding group loans amounted to cHF 48.1 millions (2008: cHF 73.9 millions.).
3.4 Trade and other accounts payable
in thousands cHF 31.12.2009 31.12.2008
accounts payable to third parties 59 2
accounts payable to group companies 2 330 216
other accounts payable 37 185
accrued expenses 4 922 1 010
Total trade and other accounts payable 7 348 1 413
103

104
Financial REpoRt
notES to tHE Financial StatEMEntS
3.5 Financial liabilities
in thousands cHF 31.12.2009 31.12.2008
Bank loans 6 000 6 000
Total current financial liabilities 6 000 6 000
Bank loans – 6 000
loans due from group companies 14 893 32 566
Total non current financial liabilities 14 893 38 566
Total financial liabilities 20 893 44 566
the following interest rates were used: lowest highest
in the year 2008 3.25 % 5.50 %
in the year 2009 2.50 % 5.00 %
3.6 Provision for investment risks
during the year 2003 as well as in 2008, the group implemented internal changes in the financing structure
that generated an unrealised capital gain. therefore the company created a provision for investment risks that
relates to investments in and loans due from group companies. thereby, it is ensured that the amount of
shareholders’ equity presented of the parent company appears reasonable compared to the consolidated
shareholders’ equity.
3.7 Shareholder equity
composition of the share capital
the share capital consists of 854 000 fully paid-in registered shares with a par value of cHF 15 each (previous
year: cHF 20). Each share entitles to equal dividend and voting rights.
Significant Shareholders (at least 3 % of the share capital)
the following table shows the number of shares held by resp. the participation of the most significant shareholders.
31.12.2009 31.12.2008
nUMBER oF paRticipation nUMBER oF paRticipation
Shareholder/Shareholder group
SHaRES
in %
SHaRES
in %
d. Specht and family 108 645 12.72 108 645 12.72
B. ghisalberti/E. Moreschi and family 112 543 13.18 112 443 13.17
n. axmann and family 39 017 4.57 36 917 4.32
Sarasin investmentfonds ag 82 727 9.69 80 475 9.42
vontobel Fonds Service ag – – 29 939 3.51
chase nominees ltd. 10 092 1.18 29 934 3.51
corisol Holding ag 34 587 4.05 – –
public (floating) 466 389 54.61 455 647 53.35
Total 854 000 100.00 854 000 100.00

Financial REpoRt
notES to tHE Financial StatEMEntS
Share premium
in connection with the capital increase due to the initial public offering in 1997, the company received a share
premium of cHF 28.5 millions. the transaction cost of the initial public offering (cHF 9.4 millions) was deducted
from this amount. in the year 2007, cHF 6.1 millions have been transferred from the share premium to
the reserve for own shares. in the year 2008, cHF 5.1 millions was reclassified to share premium due to the
reduction of the reserve for own shares. in the year under review, additional cHF 1.0 million was added back
to share premium with the consequence that the original amount of cHF 6.1 millions was credited back to
share premium.
Reserve for own shares
the reserve for own shares equals the purchase price of own shares held as of balance sheet date (see note
3.2).
3.8 contingent liabilities
intERRoll Holding ltd. has issued a guarantee for an existing shared credit facility in the amount of cHF
42 millions in favour of interroll (Schweiz) ag.
in addition, intERRoll Holding ltd. issued letters of continuing financial support in favour of the following
group companies:
country company
germany interroll automation gmbH, Sinsheim
interroll Holding gmbH, wermelskirchen
France interroll SaS, la Roche sur Yon
Switzerland interroll (Schweiz) ag, Sant’antonino
canada interroll canada ltd., aurora
interroll components canada ltd., concord
intERRoll Holding ltd. carries joint liability in respect of the federal tax authorities for value added tax
debts of all Swiss subsidiaries.
105

106
Financial REpoRt
notES to tHE Financial StatEMEntS
4 DIScLOSuRES accORDING TO SwISS LEGISLaTION
4.1 Risk assessment
the risk management coordinates and aligns the risk management processes and reports to the Board of
directors on a regular basis on risk assessment and risk management. organizational and process measures
designed to identify and mitigate risks at an early stage have been assessed to be satisfactory by the Board of
directors.
4.2 Internal control system
the Board of directors and management of the group are responsible for establishing and maintaining adequate
internal control over financial reporting. intERRoll Holding ltd.’s and the interroll group’s internal
control system was designed to provide reasonable assurance to the interroll group’s management and Board
of directors regarding the reliability of financial reporting and the preparation and fair presentation of its published
consolidated financial statements.
all internal control systems no matter how well designed have inherent limitations. therefore, even those systems
determined to be effective may not prevent or detect misstatements and can provide only reasonable
assurance with respect to financial statement preparation and presentation. also, projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may become inadequate because of
changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.
interroll group management assessed the effectiveness of the group’s internal control over financial reporting
as of december 31, 2009. Based on its assessment, management has concluded that, as of december 31,
2009, the interroll group’s internal control over financial reporting was effective based on those criteria (see
notes to the consolidated financials statements. principles of consolidation.)

Financial REpoRt
notES to tHE Financial StatEMEntS
4.3 compensation of and shares held by the Board of Directors
the compensation of the members of the Board (Bod) and the shares held by them at year end are disclosed in accordance with the
Swiss code of obligations 663 bis and 663c. the total compensation amounted to:
in thousands cHF caSH
SHaRES/
optionS
Social
SEcURitY* otHER BEnEFitS
TOTaL
cOmPENSaTION
SHaRES HEld
aS oF 31.12.
paRticipation
in %
Kurt Rudolf
2008 p, cc 150 17 167 500 0.06
2009
Paolo Bottini
p, cc 150 17 167 700 0.08
2008 ac 50 7 57 20 0.00
2009 ac 50 7 57 20 0.00
Philippe Dubois
2008 ac 50 7 57 100 0.01
2009 ac 50 7 57 100 0.01
Horst wildemann
2008 cc 50 4 54 – 0.00
2009 cc 50 6 56 – 0.00
marco Ghisalberti
2008 50 7 57 112 443 13.17
2009
Ingo Specht
50 7 57 112 543 13.18
2008 – – – 108 645 12.72
2009
urs Tanner
– – – 108 645 12.72
2008 vp 29 4 33 – 0.00
2009 vp 50 7 57 – 0.00
Total Board of
Directors
2008 379 – 46 – 425 221 708 25.96
2009 400 – 51 – 451 222 008 26.00
p: chairman of the Bod ac: audit committee
vp: vice chairman of the Bod cc: compensation committee
* Social Security costs consist of contributions to the state run Swiss social security system.
the Board of directors does not hold any options to buy shares of intERRoll Holding ltd.
107

108
Financial REpoRt
notES to tHE Financial StatEMEntS
4.4 compensation of and shares held by the Group management
the compensation of the members of the group Management and the shares held by them at year end are disclosed in accordance
with the Swiss code of obligations 663bis and 663c. the total compensation amounted to:
REMUnERation (nEt) SHaRE BaSEd paYMEnt
Fix vaRiaBlE* SHaRES optionS
Social
SEcURitY
otHER
BEnEFitS
TOTaL
cOmPENSaTION
cEO (highest)
2008 472 613 264 – 443 41 1 833
2009
other
595 432 260 – 389 41 1 717
2008 1 581 305 120 – 519 77 2 602
2009
Total Group
management
1 517 451 82 – 494 75 2 619
2008 2 053 918 384 – 962 118 4 435
2009 2 112 883 342 – 883 116 4 336
* the difference between provisions made in the previous year and the actually paid-out bonuses is netted with the variable compensation planned for the year under review.
Shares and options owned by the members of group management and their related parties were the following:
SHaRES aS oF 31.12. optionS aS oF 31.12.
2009 2008 2009 2008
paul Zumbühl 10 198 8 998 10 000 10 000
Ralf garlichs – – 2 500 2 500
didier lermite – 2 474 2 970 2 970
Heinrich droste 532 532 2 970 2 970
Jürg Häusermann 600 993 3 340 3 340
Kwang-Heng Seng 220 195 1 200 1 200
lorenz Köhler – – – –
Flavio Zanatta – – 1 000 1 000
christian Hähni – – – –
Total 11 550 13 192 23 980 23 980

Financial REpoRt
pRopoSEd appRopRiation oF availaBlE EaRningS
5 PROPOSED aPPROPRIaTION OF aVaILaBLE EaRNINGS
the Board of directors proposes to the general assembly to appropriate the available earnings as per end of
the year under review as follows:
in thousands cHF 2009 2008
Result 19 970 11 977
available earnings carried over from previous year 43 868 33 312
change of reserve for own shares 988 –
transfer to legal reserve (share of Result) – – 1 421
appropriation of a dividend – –
available earnings 64 826 43 868
the Board of directors proposes to the general assembly a nominal capital repayment of cHF 5 per share
(previous year: cHF 5). if the reduction in par value from cHF 15 to cHF 10 is aproved, the respective settlement
will be processed during the third quarter of 2010.
109

110
Financial REpoRt
REpoRt oF tHE StatUtoRY aUditoR
6 REPORT OF THE STaTuTORy auDITOR
Report of the Statutory auditor on the Financial Statements to the
General meeting of Shareholders of INTERROLL HOLDING LTD,
Sant’antonino
as statutory auditor, we have audited the accompanying financial statements of intERRoll Holding ltd,
presented on pages 100 to 109, which comprise the balance sheet, income statement, statement of changes
in equity and notes for the year ended december 31, 2009.
Board of Directors’ Responsibility
the board of directors is responsible for the preparation of the financial statements in accordance with the
requirements of Swiss law and the company’s articles of incorporation. this responsibility includes designing,
implementing and maintaining an internal control system relevant to the preparation of financial statements that
are free from material misstatement, whether due to fraud or error. the board of directors is further responsible
for selecting and applying appropriate accounting policies and making accounting estimates that are reasonable
in the circumstances.
auditor’s Responsibility
our responsibility is to express an opinion on these financial statements based on our audit. we conducted
our audit in accordance with Swiss law and Swiss auditing Standards. those standards require that we plan
and perform the audit to obtain reasonable assurance whether the financial statements are free from material
misstatement.
an audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. the procedures selected depend on the auditor’s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error. in making those
risk assessments, the auditor considers the internal control system relevant to the entity’s preparation of the
financial statements in order to design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the entity’s internal control system. an audit also
includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting
estimates made, as well as evaluating the overall presentation of the financial statements. we believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
in our opinion, the financial statements for the year ended december 31, 2009 comply with Swiss law and the
company’s articles of incorporation.

Financial REpoRt
REpoRt oF tHE StatUtoRY aUditoR oF intERRoll Holding ltd.
Report on Other Legal Requirements
we confirm that we meet the legal requirements on licensing according to the auditor oversight act (aoa) and
independence (article 728 co and article 11 aoa) and that there are no circumstances incompatible with our
independence.
in accordance with article 728a paragraph 1 item 3 co and Swiss auditing Standard 890, we confirm that an
internal control system exists, which has been designed for the preparation of financial statements according
to the instructions of the board of directors.
we further confirm that the proposed appropriation of available earnings complies with Swiss law and the company’s
articles of incorporation. we recommend that the financial statements submitted to you be approved.
KpMg ag
christoph Schwarz Samuel dini
licensed audit Expert
auditor in charge
licensed audit Expert
lugano, March 3, 2010
111

Imprint
Concept and coordination:
Interroll Holding Ltd., Investor Relations
Layout/DTP:
Victor Hotz AG, Corporate Publishing & Print, Steinhausen
The Annual Report was translated from the German original version.
Dieser Geschäftsbericht liegt auch in der deutschen Originalfassung vor.
Interroll Holding Ltd.
Via Gorelle 3
CH 6592 Sant’Antonino, Switzerland
Tel. +41 91 850 25 25
Fax +41 91 850 25 05
www.interroll.com
www.interroll.com/ir (Investor Relations)
Contact
Paul Zumbühl
CEO
Tel. +41 91 850 25 25
investor.relations@interroll.com