group overview 2012

Group Overview

CoverMain picture: Celeste Michaelson, employee in Automation Systems business unit

Publication detailsPublisher: Conzzeta AG, ZurichConcept, design and text: Prime Communications AG, ZurichPhotography: Robert Bösch, Sebastian Derungs, Jolanda Flubacher Derungs, Rainer Eder, Christian Eppelt, Peter Panayiotou, et al.Translation: Hill Johnson Associates GmbH, Zurich Printing: Staffel Druck AG, ZurichBasic map: Kober-Kümmerly + Frey, Cologne© Conzzeta – March 2013

Conzzeta at a glanceConzzeta is an internationally active Swiss holding company with broadly diversified busi - nesses. Its activities are in the areas of machinery and systems engineering, foam materials, sporting goods, graphic coatings and real estate. In the interests of customers, employees and shareholders, Conzzeta develops its businesses with a long-term perspective.

Sheet Metal Processing SystemsBystronic: Solutions for the processing of sheet metal and other sheet materials

Sporting GoodsMammut Sports Group: Mountaineering, climbing and winter sports equipment

Foam MaterialsFoamPartner: Foam products for industry and comfort applications

Automation Systemsixmation: Automation of assembly and testing lines

Glass Processing SystemsBystronic glass: Systems for processing flat glass

Real EstatePlazza Immobilien: Management of the Conzzeta Group’s portfolio of properties

Graphic CoatingsSchmid Rhyner: Print varnishes and laminating adhesives for the graphical industry

Conzzeta – Group Overview

3


“ The people in a company are what give it a personality and determine its success. ” Robert Suter, Group Chief Executive Officer

“ Companies need employees who take responsibility and bring enthusiasm and commitment to their jobs. ” Jacob Schmidheiny, Chairman of the Board of Directors

Key Facts 2012 – Conzzeta operates worldwide in a variety of business sectors

and geographical markets. – Consolidated net revenues are CHF 1 161.5 million. – Over 60 percent of sales are generated in machinery and systems engineering. – The Group has more than 3 600 employees in over 60 locations worldwide. – The stable shareholder base, with TEGULA AG as the main shareholder, guarantees

a long-term business perspective. TEGULA AG holds 74 percent of the share capital. – Conzzeta’s bearer shares are listed on the SIX Swiss Exchange. – Conzzeta stems from a long industrial tradition. The company’s foundation stone was

laid in the 19th century and in 2012 it celebrated its 100th anniversary.

Net revenue by business unit 2012(CHF m)

Sheet Metal Processing Systems 530.6

Glass Processing Systems 141.8

Automation Systems 55.9

Foam Materials 129.9

Sporting Goods 232.5

Graphic Coatings 50.4

Real Estate and miscellaneous revenue 20.4

Total Group CHF 1 161.5 million


5

The seven business units of the Conzzeta Group serve customers in more than 100 countries, and are represented through their own companies in 26 different countries.

Share in total revenues by region in 2012 (CHF 1 161.5 million)

Employees per region in 2012

Countries with Group-owned companies

AustriaBrazilCanadaChinaCzech RepublicFranceGermanyGreat BritainIndia

ItalyJapanKoreaMalaysiaMexicoNetherlandsNorwayPolandRomania

RussiaSingaporeSpainSwedenSwitzerlandTaiwanTurkeyUSA

Conzzeta growing worldwide from Swiss roots


363

North and South America:share of net revenues and employees

17.5%CHF 203.9 million

6

Europe

Net revenues 2012 in CHF million– Switzerland: 145.9– Euro area: 357.2– Rest of Europe: 197.4– Total Europe: 700.5

Number of employees 2012– Switzerland: 1 136– Germany: 887– Rest of Europe: 369– Total Europe: 2 392


2392

Europe and Africa:share of net revenues and employees

61.5%CHF 713.9 million

872

Asia and Pacific:share of net revenues and employees

21%CHF 243.7 million

7

Key figures

Kaspar W. Kelterborn, Group Chief Financial Officer


“ Conzzeta has a strong financial basis, with an equity ratio of 75 percent. ”

Net revenue (in CHF m)

20082009

20102011

2012

1 47

2.5

955.

2

1 05

1.9

1 12

8.1

1 1

61

.5

1 500

1 750

2 000

1 250

1 000

750

500

250

0

20082009

20102011

2012

EBIT and Group result (in CHF m)

Ordinary result Extraordinary result Operating result (EBIT)

125

100

75

50

25

0

– 25

Free cash flow (in CHF m)

– 30

.8

141.

8

17.6

– 1.

3

73

.2

200

150

100

50

0

– 50

20082009

20102011

2012

Investments in property, plant and equipment and intangible assets (in CHF m)

56.0

28.0

21.1

40.1

41

.8

60

70

50

40

30

20

10

0

20082009

20102011

2012


20082009

20102011

2012

1 47

2.5

955.

2

1 05

1.9

1 12

8.1

1 1

61

.5

1 500

1 750

2 000

1 250

1 000

750

500

250

0

20082009

20102011

2012



125

100

75

50

25

0

– 25


– 30

.8

141.

8

17.6

– 1.

3

73

.2

200

150

100

50

0

– 50

20082009

20102011

2012


56.0

28.0

21.1

40.1

41

.8

60

70

50

40

30

20

10

0

20082009

20102011

2012


20082009

20102011

2012

1 47

2.5

955.

2

1 05

1.9

1 12

8.1

1 1

61

.5

1 500

1 750

2 000

1 250

1 000

750

500

250

0

20082009

20102011

2012



125

100

75

50

25

0

– 25


– 30

.8

141.

8

17.6

– 1.

3

73

.2

200

150

100

50

0

– 50

20082009

20102011

2012


56.0

28.0

21.1

40.1

41

.8

60

70

50

40

30

20

10

0

20082009

20102011

2012


20082009

20102011

2012

1 47

2.5

955.

2

1 05

1.9

1 12

8.1

1 1

61

.5

1 500

1 750

2 000

1 250

1 000

750

500

250

0

20082009

20102011

2012



125

100

75

50

25

0

– 25


– 30

.8

141.

8

17.6

– 1.

3

73

.2

200

150

100

50

0

– 50

20082009

20102011

2012


56.0

28.0

21.1

40.1

41

.8

60

70

50

40

30

20

10

0

20082009

20102011

2012

8

Five-year summary


2012 2011 2010 2009 2008

Net revenue by business unit

Sheet Metal Processing Systems CHF m 530.6 503.0 410.9 356.1 745.1

% 45.7 44.6 39.1 37.3 50.6

Glass Processing Systems CHF m 141.8 150.2 167.5 145.6 244.6

% 12.2 13.3 15.9 15.3 16.6

Automation Systems CHF m 55.9 70.0 56.4 56.1 73.6

% 4.8 6.2 5.4 5.9 5.0

Foam Materials CHF m 129.9 124.6 127.9 116.8 146.3

% 11.2 11.0 12.2 12.2 9.9

Sporting Goods CHF m 232.5 210.8 221.2 215.3 192.6

% 20.0 18.7 21.0 22.5 13.1

Graphic Coatings CHF m 50.4 48.1 46.6 43.2 47.5

% 4.3 4.3 4.4 4.5 3.2

Real Estate and miscellaneous revenue CHF m 20.4 21.4 21.4 22.1 22.8

% 1.8 1.9 2.0 2.3 1.6

Total CHF m 1 161.5 1 128.1 1 051.9 955.2 1 472.5

Consolidated income statement

Net revenue CHF m 1 161.5 1 128.1 1 051.9 955.2 1 472.5

Operating result CHF m 55.3 61.9 56.9 – 1.4 97.8

Extraordinary result CHF m 8.5 1.1 5.4 10.1 3.9

Group result CHF m 46.3 52.1 51.5 3.3 78.8

Consolidated balance sheet

Current assets CHF m 904.6 982.8 915.1 853.8 914.5

Fixed assets CHF m 364.6 369.4 372.5 401.0 418.4

Short-term liabilities CHF m 242.5 266.1 231.5 198.1 247.7

Long-term liabilities CHF m 69.3 73.0 73.4 78.4 84.3

Shareholders’ equity CHF m 957.4 1 013.1 982.7 978.3 1 000.9

Total assets CHF m 1 269.2 1 352.2 1 287.6 1 254.8 1 332.9

Shareholders’ equity as % of total assets % 75.4 74.9 76.3 78.0 75.1

Investment in fixed assets / employees

Investments in property, plant and equipment

and intangible assets CHF m 41.8 40.1 21.1 28.0 56.0

Employees at year-end Number 3 627 3 576 3 322 3 257 3 760

Ø employees in full-time positions Number 3 604 3 507 3 238 3 180 3 509

Net revenue per full-time position CHF thousand 322.3 321.7 324.9 300.4 419.6

Personnel expenses per full-time position CHF thousand 84.7 80.2 83.1 90.2 96.1

Five-year summary

Conzzeta – Annual report 2012

82

Further information

9

ResponsibilityWe invest in companies in order to offer useful products and services, create attractive jobs and generate healthy revenues.

Scope for developmentWe create a framework that enables our executives and employees to act self-reliantly and develop their full potential.

InnovationWe foster innovation on all levels to help our companies consolidate and develop their strong market positions.

RespectWe act with consideration for people and nature, and respect the legal and social frame-work. We build trust, inside and outside the company, through fairness and reliability.

Financial standingWe maintain our strong financial fundamentals so that we can withstand difficult periods with equanimity. That is why we finance our businesses, as far as possible, from our own resources.

The values we build on

Values that are not just written down, but lived up to – these are what our companies are built on.


“ Solid financing and a long-term perspective are the basis for healthy growth of Conzzeta. ”

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Bystronic’s offering includes laser and waterjet cutting systems, as well as pressbrakes. The integrated Bystronic software ensures optimized control of the cutting and bending processes. For Bystronic customers, process op-timization, i.e. linking of the chain from the initial order via computer-aided engineering through to finished workpiece, is all part of the deal. Bystronic also offers automation solutions for cost-effective control of the material flow. A comprehensive service package, from financing through to maintenance of the machinery, completes the offering. Bystronic systems are used in a wide range of indus-tries, including metalworking, machinery, commercial vehi-cle, construction and aeronautical engineering. The ma-chinery is designed to process a variety of materials in a wide range of dimensions, from tiny machine parts to vehicle chassis several meters long. Laser cutting and pressbrakes are used for processing mild steel, stainless steel and aluminium, non-ferrous metals such as copper and brass, while waterjet cutting can be applied to all kinds of materials. Many Bystronic customers are small

Sheet Metal Processing Systems – Bystronic

Bystronic is a world-leading supplier of solutions for the processing of sheet metal and other sheet materials.

Overview Bystronic– Annual net revenue 2012: CHF 530.6 million– Number of employees: 1 536– Presence: worldwide, 25 sales and service

companies; 3 development and production sites in Switzerland, Germany and China; used machinery center in Romania

www.bystronic.com

and medium-sized enter prises – component suppliers or manufacturers of finished products – in almost all branches of industry. Bystronic Laser AG was founded in Niederönz (Switzerland) in 1986. The company has been a member of the Conzzeta Group since 1994.

Ferdi Töngi, CEO Bystronic


“ Closeness to customers, innovative systems which are simple to operate, first-class service, quality and reliability make Bystronic the best choice. ”

11

Bystronic glass specializes in machinery and systems for processing architectural and automotive glass. Reflect-ing the diverse requirements of its customers, the busi-ness unit offers a broad spectrum of products ranging from single machines to complete production lines, al-ways backed up by expert and reliable customer service. In the automotive segment, Bystronic glass supplies systems for preprocessing, which involves cutting, grind-ing and drilling of glass. In the architectural segment, the focus is on systems for the manufacture of insulat-ing glass, which is in growing demand around the world due to the increasingly stringent requirements regard-ing energy efficiency and noise protection. The port-folio also includes innovative systems for the produc-tion of laminated safety glass and efficient handling systems for all aspects of flat-glass and plate process-ing. In the architectural glass cutting segment, Bystronic glass cooperates with the German machinery manufac-turer HEGLA. This enables it to offer customers complete solutions for the manufacture of insulating glass and laminated safety glass.

Glass Processing Systems – Bystronic glass

Bystronic glass offers high-quality system solutions for the processing of architectural and automotive glass.

André Brütsch, CEO Bystronic glass

Bystronic glass looks back on a long history in the devel-opment and manufacture of systems for flat-glass pro-cessing, beginning in 1964 with Bystronic Maschinen AG in Switzerland. The business unit has been part of the Conzzeta Group since 1994.

Overview Bystronic glass– Annual net revenue 2012: CHF 141.8 million– Number of employees: 553– Presence: worldwide sales and service network,

with subsidiaries and several representative offices; technology centers (development and production) in Germany and Switzerland; production site in China

www.bystronic-glass.com


“ We give our customers the means to succeed with reliable systems and innovative glass processing solutions. ”

12

ixmation automation systems are used in the assembly and testing of a wide variety of products such as auto seat adjusters, dental implants, medical self-test kits, solar panels and mobile telephones. ixmation's systems are among the most cost-effective on the automation market, delivering consistently high quality. Quality assurance, including vision applications for inspection of components, is integral to ixmation auto-mation solutions. In addition, ixmation offers helium leak-detection and recovery systems for testing the integrity of materials and the quality of welded joints. ixmation customers are primarily international high-tech companies, operating in the automotive, medical technology, consumer goods and renewable energy fields. Customers get rapid, creative and flexible on-site service. Unlike other industry players, ixmation is at home on several continents, giving it a decisive advantage. For example, it can design a system in teamwork with the customer’s development engineers in the USA and bring it on stream at a production site in Asia.

Automation Systems – ixmation

As a global partner to high-tech companies, ixmation develops and manufactures reliable automation systems for production processes.

Overview ixmation– Annual net revenue 2012: CHF 55.9 million– Number of employees: 431– Presence: 5 locations in China, Malaysia,

the USA and Switzerlandwww.ixmation.com

Guy Sellier, CEO ixmation

The Conzzeta Group merged a number of automation companies located in Europe, the USA and Asia to form the Automation Systems business unit, which has oper-ated since 2006 under the ixmation brand name.


“ We strive to deliver state-of-the-art automation machinery to our customers, to help reduce costs and improve safety within the workplace. ”

13

FoamPartner develops, manufactures and processes high-quality foam materials made from polyurethane. It has a very diverse product portfolio, offering over 200 differ-ent types of foam. The company operates on three conti-nents: Europe, Asia & Pacific and the Americas. In addi-tion to polyurethane foams, the business unit’s processing plants turn poly ethylene and melamine foams into cus-tomer-specified components and complete solutions. FoamPartner focuses on two strategic business areas: “Comfort” comprises foam products for manufacturers of mattresses, pillows and cushions. FoamPartner pro-duces premium comfort foams for the most demanding specifications, guaranteeing a good night’s sleep. The “Technical Foams” area is focused on industrial and auto-motive applications, offering top-class, customized foam products for use as selected acoustic components and systems, polishing pads, seals and cleaning sponges, or for applications in technical installations and automotive technology. The history of FoamPartner goes back to 1937 when the original company began trading in natural sponges.

Foam Materials – FoamPartner

It took up foam manufacture in the 1950s and became part of Conzzeta in 1980. The introduction of the Foam-Partner master brand in 2000 brought the foam materials specialists on three continents together under one roof.

FoamPartner manufactures high-quality foam materials and offers customized solutions for the Industry and Comfort business segments.

Overview FoamPartner– Annual net revenue 2012: CHF 129.9 million– Number of employees: 442– Presence: 10 production, processing and sales

locations in Europe, Asia & Pacific and the USA; worldwide marketing through a partner sales network

www.foampartner.com

Bart J. ten Brink, CEO FoamPartner


“ With our innovative foam products for sophisticated applications and global presence we help customers build on their success. ”

14

In 2012, Mammut Sports Group celebrated a major anni-versary. For 150 years, the brand has stood for safety, innovation and strong customer service. The alpine sports lines – from clothing, shoes, backpacks and sleep-ing bags, to climbing harnesses, ropes and biners – com-bine functionality, technology and design, all made to Swiss quality standards. Alpine sports are demanding and focus on high performance. Mammut is continuous-ly improving its products to meet the demands of pro-fessionals and amateurs alike. The company’s specialists develop products in close collaboration with professional mountaineers and extreme sports enthusiasts. Mammut marked its 150th birthday as only alpinists know how: climbing the world’s most stunning moun-tains. The successful test event campaign reached a cli-max with the biggest mountain summit project of all time. In a single year, 150 groups of climbers conquered 150 peaks all over the world. To realize the summit of their ambitions they were equipped with the latest “Peaks Collection” and led by internationally renowned moun-tain guides.

Sporting Goods – Mammut Sports Group

The foundation stone for the Mammut Sports Group was laid by Kaspar Tanner in 1862 with the establishment of a ropemaking business in Dintikon near Lenzburg (Switzer land). Mammut has grown into one of the most popular brands in the mountain sports and outdoor sec-tor. The fully automated logistics center, inaugurated in Wolfertschwenden (Germany) in October 2012, provides a solid basis for future growth.

Overview Mammut Sports Group– Annual net revenue 2012: CHF 232.5 million– Number of employees: 574– Presence: worldwide sales network in over

80 countries; head offices, product development and rope manufacture in Seon (Switzerland); numerous production partners in Europe and Asia

www.mammut.ch

Mammut Sports Group develops, manufactures and markets innovative mountaineering, climbing and winter sports equipment.

Rolf G. Schmid, CEO Mammut Sports Group


“ After the worldwide success of the 150 Peaks project, we can’t wait to tackle whatever challenges the future brings. The next summits await. ”

15

Founded in 1973, Schmid Rhyner is a leading supplier of print finishing products. The overprint varnishes can be used for partial or full varnishing, on high-quality print-ed matter and in printed packaging for the pharma-ceutical, cosmetics, luxury products and food segments. Apart from their protective function, print finishing prod-ucts serve as a creative design element, adding consider-able value to high-end printed matter. Schmid Rhyner develops, manufactures and markets overprint varnishes and laminating adhesives in two product lines: a UV-hardening range, and water-based dispersions which are dried by applying heat. All the products are environmen-tally friendly, solvent-free and recyclable. Schmid Rhyner products are developed in close col-laboration with customers and printing machine manu-facturers to ensure that they meet the highest quality standards. The company also provides active customer support in the form of wide-ranging theoretical and practical training courses in all aspects of print finishing. These courses are complemented by individual, on-site consulting and technical support for the performance of

Graphic Coatings – Schmid Rhyner

production tests. Schmid Rhyner was founded in 1880 and has a long tradition in the manufacture of coating materials. The company began making products for the printing industry in 1973. Schmid Rhyner was acquired by Conzzeta in 1987. Its products are now sold in more than 100 countries.

Overview Schmid Rhyner– Annual net revenue 2012: CHF 50.4 million– Number of employees: 58– Presence: worldwide sales network

in over 100 countries; 1 production site in Adliswil (Switzerland); 1 subsidiary in New Jersey (USA)

www.schmid-rhyner.ch

Schmid Rhyner develops and manufactures high-quality print varnishes and laminating adhesives for the graphical industry.

Jakob Rohner, CEO Schmid Rhyner


“ Schmid Rhyner sets groundbreaking market trends with innovative, state-of-the-art varnishes. For example, relief varnishes that trigger positive emotions through texture. ”

16

With a wide range of properties, from apartments and office buildings to a gravel pit, Plazza Immobilien is a multifaceted business, with the corresponding manage-ment know-how. A small, highly efficient team manages residential and commercial property, providing a compre-hensive range of services focused on maintenance of value and development of the property and land assets. The Tiergarten development in Zurich is part of the Plazza Immobilien portfolio. This residential estate with over 500 apartments was built on the former premises of the Zürcher Ziegeleien works. It was the first industrial site in the City of Zurich to be rezoned for housing. Plazza Immobilien’s tasks also include support for the in-dustrial business units in matters concerning real estate. In addition to managing the Group’s property assets, Plazza Immobilien provides services to third parties.

Real Estate – Plazza Immobilien

Plazza Immobilien manages the Conzzeta Group’s port folio of properties.

Overview Plazza Immobilien– Annual net revenue 2012: CHF 19.8 million– Number of employees: 16– Presence: properties throughout Switzerlandwww.plazza-immobilien.ch

Ralph Siegle, CEO Plazza Immobilien


“ As custodians of long-term investments – real estate – we are part of the solid foundations of the Conzzeta Group. ”

17

1980

1982

1987

1912–1

979

A hundred years of tradition and change

Establishment of joint stock company Zürcher Ziegeleien. Concentration on construction materials and tile and brick pro - ducts; steady expansion and growth

Beginning of diversifi-cation. Entry into foam materials business with acquisition of Fritz Nauer AG, today FoamPartner

Entry into rope and sporting goods business with acquisition of Arova- Lenzburg AG, today Mammut Sports Group

Entry into architectural paints and varnish production with acquisi-tion of Schmid Rhyner AG

The Conzzeta Group traces its origins back to the 19th cen-tury when a number of modern tile and brick works grew up within the present city boundaries of Zurich. The pres-sure to consolidate led to the merger of the various works in the city. The initiative came from the Dampfziegelei Heurieth works, whose Board of Directors included the brothers Ernst and Jacob Schmidheiny from Heerbrugg. In 1912, Mechanische Backsteinfabrik Zürich and Ziegeleien Albishof-Heurieth joined forces to form a joint stock cor-poration called Zürcher Ziegeleien. The double Z in the name of Conzzeta AG recalls the origins of the Group to this day. Conzzeta celebrated its 100th anniversary in 2012 and can look back on an eventful and successful history. Zürcher Ziegeleien steadily expanded its activities, continuing its business with construction materials until the end of the 20th century. Starting in 1980, the company began a program of cautious diversification, aimed at bet-ter risk distribution.

As a first step, in 1980, the company took up the manufac-ture of foam materials; in 1982 it entered the rope and sport-ing goods sector; and in 1987, paint and varnish produc-tion followed. In 1992, the parent company was transformed into a holding company to meet the needs of the extended group structure. Two years later, the Group entered the machinery and systems engineering sector, which has since developed into the largest business area, with worldwide operations. Systematic implementation of the diversifica-tion strategy away from building materials led to the sale of the original core business with construction products in 1999. This coincided with the renaming of the holding company as Conzzeta. One year later, Conzzeta entered the automation sector. The Conzzeta Group today is a holding company, with businesses operating worldwide in a variety of sectors with high growth potential.

The Conzzeta Group, which now operates worldwide, looks back on a long history that began over 100 years ago with tile and brick works in Zurich.


1818

1992

1994

20002012

Entry into machinery and systems engineering with acquisition of Bystronic Group

Entry into automation sector

Foundation of ZZ Immobilien AG, today Plazza Immobilien AG


Conzzeta celebrates its 100th anniversary

A worker places tiles in a ring kiln.

Workers feeding portions of clay into the rotary presses to be formed into roofing tiles.

Cutting clay for tile production at the Tiergarten pit in Zurich.

Mammut twists the thread for its high- quality mountaineering ropes inhouse.

FoamPartner has its own quality assurance teams to check its foam products.

A specialist assembling an ixmation system.

19

Conzzeta AGGiesshuebelstrasse 45P.O. BoxCH-8045 Zurich

www.conzzeta.ch

group overview 2012

Documents

conzzeta ag

total group chf

systems engineering

cologne conzzeta

conzzeta stems

processing of sheet

tegula ag

business units