Group Overview 2009

Group Overview

CoverMain picture: Volfkan Gjokaj, employee in Foam Materials business unit

Publication detailsPublisher: Conzzeta AG, ZurichConcept, design and text: Prime, ZurichPhotography: Jolanda Flubacher Derungs, Sebastian Derungs, Zurich, et al.Translation: Peter Thomas Hill, Stäfa ZHPrinting: Staffel Druck AG, ZurichBasic map: Kober-Kümmerly + Frey, Cologne© Conzzeta – March 2010

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, climbingand winter sports equipment

Foam MaterialsFoamPartner: Foam products for industryand comfort applications

Automation Systemsixmation: Systems for automation of assemblyand testing

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

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Conzzeta – Group Overview

The people in a company are what really make the difference.Robert Suter, Group Chief Executive Officer

“ ”

As an entrepreneur, you have to stand up for your company. I reject the approach to business which sees only short- to medium-term financial goals.Jacob Schmidheiny, Chairman of the Board of Directors

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Key facts 2009

– Conzzeta operates worldwide in a variety of business sectors and geographical markets.

– Around 60 percent of sales are generated in machinery and systems engineering.

– Consolidated net revenues are CHF 955.2 million.

– The Group has 3 300 employees in over 50 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 – its foundation stone was laid in the 19th century.

Net revenue by business unit 2009(CHF m)

Sheet Metal Processing Systems 356.1

Glass Processing Systems 145.6

Automation Systems 56.1

Foam Materials 116.8

Sporting Goods 215.3

Graphic Coatings 43.2

Real Estate and miscellaneous revenue 22.1

Total Group CHF 955.2 million

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North and South America:share of net revenues and employees

326

12.5%CHF 119.4 million

The seven business units of the Conzzeta Group serve customers in more than 90 countries, and are represented through their own companies in 26 different countries.

Share of net revenues per region in consoli-dated net revenues of CHF 955.2 million in 2009

Employees per region in 2009

Countries with Group-owned companies

AustriaBrazilCanadaChinaCzech RepublicFranceGermanyGreat BritainIndia

ItalyJapanKoreaMalaysiaMexicoNetherlandsNorwayPolandRomania

RussiaSingaporeSlovakiaSpainSwedenSwitzerlandTurkeyUSA

Conzzeta growing worldwide from Swiss roots

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Europe and Africa:share of net revenues and employees

2 344



Asia and Pacific:share of net revenues and employees

555

Europe

Net revenues 2009 in CHF million– Switzerland: 156.0– Euro area: 386.3– Rest of Europe: 130.7– Total Europe: 673.0

Number of employees 2009– Switzerland: 1133– Germany: 875– Rest of Europe: 336– Total Europe: 2 344

Conzzeta growing worldwide from Swiss roots

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Key figures

Conzzeta has a strong financial basis, with an equity ratio of 78 percent.

Investments in property, plant andequipment and intangible assets (in CHF million)

28.5

31.8

49.0

56.0

28.0

60

70

50

40

30

20

10

0

Free cash flow (in CHF million)

29.7

70.1

195.

9

– 30

.8

141.

8

250

300

200

150

100

50

0

–50

Net revenue (in CHF million)

2005

2005

2005

2005

2006

2006

2006

2006

2007

2007

2007

2007

2008

2008

2008

2008

2009

2009

2009

2009

1 15

3.4

1 27

3.6

1 50

7.0

1 47

2.5

955.

2

1 500

1 750

2 000

1 250

1 000

750

500

250

0

EBIT and Group result (in CHF million)

Ordinary result Extraordinary result

Operating result (EBIT)

150

175

125

100

75

50

25

0

– 25

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Five-year summary

2009 2008 2007 2006 2005

Net revenue by business unit

Sheet Metal Processing Systems CHF m 356.1 745.1 793.5 632.0 490.0

% 37.3 50.6 52.7 49.6 42.5

Glass Processing Systems CHF m 145.6 244.6 237.3 219.2 196.5

% 15.3 16.6 15.7 17.2 17.0

Automation Systems CHF m 56.1 73.6 76.7 49.6 32.0

% 5.9 5.0 5.1 3.9 2.8

Foam Materials CHF m 116.8 146.3 156.5 147.5 135.2

% 12.2 9.9 10.4 11.6 11.7

Sporting Goods CHF m 215.3 192.6 177.1 164.7 145.0

% 22.5 13.1 11.7 12.9 12.6

Graphic Coatings CHF m 43.2 47.5 44.1 36.5 31.6

% 4.5 3.2 2.9 2.9 2.7

Real Estate and miscellaneous revenue CHF m 22.1 22.8 21.8 21.9 20.3

% 2.3 1.6 1.5 1.7 1.8

Revenue from discontinued activities CHF m 2.2 102.8

% 0.2 8.9

Total CHF m 955.2 1 472.5 1 507.0 1 273.6 1 153.4

Consolidated income statement

Net revenue CHF m 955.2 1 472.5 1 507.0 1 273.6 1 153.4

Operating result CHF m – 1.4 97.8 132.1 80.6 66.8

Extraordinary result CHF m 10.1 3.9 56.5 9.6 9.6

Group result CHF m 3.3 78.8 161.4 71.1 63.6

Consolidated balance sheet

Current assets CHF m 853.8 914.5 970.0 799.0 683.6

Fixed assets CHF m 401.0 418.4 413.7 418.2 443.7

Short-term liabilities CHF m 198.1 247.7 318.3 286.2 232.7

Long-term liabilities CHF m 78.4 84.3 74.5 78.2 95.3

Shareholders’ equity CHF m 978.3 1 000.9 990.9 852.8 799.3

Total assets CHF m 1 254.8 1 332.9 1 383.7 1 217.2 1 127.3

Shareholders’ equity as % of total assets % 78.0 75.1 71.6 70.1 70.9

Investment in fixed assets / employees

Investments in property, plant and equipment and intangible assets CHF m 28.0 56.0 49.0 31.8 28.5

Employees at year-end Number 3 225 3 718 3 444 3 273 3 280

Employees, average Number 3 551 3 581 3 356 3 086 3 069

Net revenue per employee CHF thousand 269.0 411.2 449.0 412.7 375.8

Personnel expenses per employee CHF thousand 80.7 94.1 97.1 96.7 93.0

Five-year summary

Conzzeta – Annual report 2009

84

Further information

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

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 framework. 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.

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

“”

Bystronic’s offering includes laser and waterjet cutting systems, as well as pressbrakes. The integrated software ensures optimized control of the cutting and bending processes. For Bystronic customers, this linking of the chain from computer-aided engineering through to fin-ished 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 machin-ery, completes the offering. Bystronic systems are used in a wide range of industries, including metalworking, machinery, commercial vehicle, construction and aeronautical engineering. The machinery 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 sheet steel, chromium steel and aluminium, while waterjet cutting can be applied to all kinds of mate-rials. Many Bystronic customers are small- and medium-sized enterprises – component suppliers or manufacturers of finished products – in almost all branches of industry.

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 2009: CHF 356.1 million– Number of employees: 1389– Presence: worldwide, over 20 sales and

service companies; 3 development and produc-tion sites in Switzerland, Germany and China

www.bystronic.com

Bystronic Laser AG was founded in Niederönz (Switzer-land) in 1986. The company joined the Conzzeta Group in 1994.

Ferdi Töngi, CEO Bystronic

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Every customer involved in processing flat glass has dif-ferent requirements. Bystronic glass gears its offering to this diversity, with a broad spectrum of products ranging from stand-alone machines via production lines to turn-key production facilities that cover all steps in the processing chain. All this is backed up by expert and reli-able customer service. Bystronic glass is specialized in the architectural and automotive glass segments. In the former, the focus is on systems for the manufacture of insulating glass, which is in growing demand around the world owing to ever more stringent requirements in terms of energy ef-ficiency and noise protection. The offering also includes systems for cutting architectural glass, for the manufac-ture of laminated safety glass, and for handling machin-ery used in the storage and transportation of glass. In the automotive segment, Bystronic glass provides sys-tems for the preprocessing stage, which involves cutting, grinding and drilling. A further area of expertise is in providing solutions for customers in the solar industry, for preprocessing in the front- and back-end segments.

Glass Processing Systems – Bystronic glass

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

Richard Jakob,CEO Bystronic glass

The company has facilities for product development and manufacture at sites in Switzerland, Germany and China, as well as its own worldwide network of sales and service companies and representative offices. Bystronic glass looks back on a long history in the development and manufacture of systems for flat-glass processing, 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 2009: CHF 145.6 million– Number of employees: 668– Presence: worldwide sales and service net-

work, with 6 subsidiaries and several repre-sentative offices; 3 technology centers (development and production) in Germany and Switzerland; 1 production site in China

www.bystronic-glass.com

Our customers appreciate our reliability and expertise in responding to their very diverse requirements.

“”

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ixmation automation systems are used in the manufac-ture and testing of a wide variety of components and products. For example, auto seat adjusters, dental im-plants, solar panels, medical self-test kits and mobile telephones are all assembled cost-effectively and in con-sistent quality using ixmation technology. Visual or analog quality assurance of the components produced is an integral part of the ixmation automation solutions. Leak detection systems, which work with he-lium in vacuum chambers, test the integrity of materials and welded joints, for example in cooling units, air-con-ditioning systems and diesel fuel injectors. ixmation sys-tems thereby contribute significantly to the protection of end-users. ixmation customers are mostly international high-tech companies, operating in the fields of renewable energy (solar and wind power), medical technology, con-sumer goods and the automotive industry. The business unit provides rapid, creative and flexible services on the spot. Unlike other industry players, ixmation is at home on several continents, giving it a decisive advantage. For

Automation Systems – ixmation

ixmation is an international supplier of systems for the automation of assembly and quality assurance for mass products.

Overview ixmation– Annual net revenue 2009: CHF 56.1 million– Number of employees: 305– Presence: 5 locations in China, Malaysia,

the USA and Switzerlandwww.ixmation.com

Martin Pfister,CEO ixmation

example, it can design a system in teamwork with the customer’s development engineers in the USA and then install it and bring it on stream at a production site in Asia. The ixmation business unit was established by the Conzzeta Group in 2005.

Developed in the USA, built and in-stalled in Asia – for customers with global operations we have to be quick, creative and flexible.

“”

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FoamPartner develops, manufactures and processes high-quality foam materials made from polyurethane. It has a very diverse product portfolio, offering over 200 different types of foam. The company operates on three continents: Europe, Asia and North America. In addition to polyurethane foams, the business unit’s processing plants turn polyethylene and melamine foams into customer-specified components and complete solutions. FoamPartner focuses on two strategic business seg-ments: “Comfort” comprises foam products for manufac-turers of mattresses, pillows and cushions. FoamPartner produces premium comfort foams for the most demand-ing specifications, guaranteeing a good night’s sleep. The “Technical Foams” segment is focused on industrial ap-plications, offering top-class, customized foam products for use as 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. It took up foam manufacture in the 1950s and became part

Foam Materials – FoamPartner

of Conzzeta in 1980. The FoamPartner master brand was established in 2000, bringing together foam specialists on three continents.

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

Overview FoamPartner– Annual net revenue 2009: CHF 116.8 million– Number of employees: 444– Presence: 9 production, processing and sales

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

www.foampartner.com

We set trends with innovative products and services that we are continuously developing and bringing to the marketplace.

“”Bart J. ten Brink,

CEO FoamPartner

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For over 145 years, the Mammut Sports Group has stood for safety, innovative solutions and strong customer service. The alpine sports lines – ranging from clothing and shoes, through backpacks, sleeping bags, climbing harnesses, ropes and biners, to care products and Toko brand ski waxes – combine functionality, technology and design, all made to Swiss quality standards. Alpine sports are demanding and the focus is on high performance. Mammut is continuously improving its products in order to meet the demands of professionals and amateurs alike. The company’s specialists develop products in close collaboration with professional mountaineers and extreme sports enthusiasts. Mammut is constantly breaking new ground, also in its marketing activities. At Mammut test events, staged annually since 2007, customers and employees get to meet and interact on a regular basis. The events give rise to strikingly unusual photographs – for example, 200 skiers in a triangular formation, 60 Mammut employees in a sleep laboratory at 2 700 meters of altitude, and 30 mountain guides on an isolated rocky outcrop (see pic-

Sporting Goods – Mammut Sports Group

ture above left). Apart from the unique experience, par-ticipants get a taste of the brand world as “Mammut photo models”, making them key ambassadors for the Swiss alpine and climbing gear specialist. When Kaspar Tanner laid the foundation stone for his rope-making business in Dintikon near Lenzburg (Switzerland) in 1862, he could not have dreamt that, one day, it would grow into such an innovative and successful alpine sports brand. Today, Mammut is one of the most popular brands in the mountain sports and outdoor sector.

Overview Mammut Sports Group– Annual net revenue 2009: CHF 215.3 million– Number of employees: 348– 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

The 2009 business year has shown that, even in economically difficult times, there is a demand for durable, techni-cally advanced products.”

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

Rolf G. Schmid,CEO Mammut Sports Group

“”

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Founded in 1973, Schmid Rhyner is a leading supplier of print finishing products. The overprint varnishes and laminating adhesives can be used for partial or full var-nishing, on high-quality printed matter and in printed packaging for the pharmaceutical, cosmetics, luxury products and food segments. Apart from their protective function, print finishing products serve as a creative de-sign element, adding considerable value to high-end printed matter. Schmid Rhyner develops, manufactures and markets overprint varnishes and laminating adhe-sives in two product lines: a UV-hardening range, and water-based dispersions which are dried by applying heat. All the products are environmentally friendly, sol-vent-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

Graphic Coatings – Schmid Rhyner

consulting and technical support for the performance of 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 ac-quired by Conzzeta in 1987. Its products are now sold in more than 90 countries.

Overview Schmid Rhyner– Annual net revenue 2009: CHF 43.2 million– Number of employees: 45– Presence: worldwide sales network

in over 90 countries; 1 production site in Adliswil (Switzerland); 1 subsidiary in New Jersey (USA)

www.schmid-rhyner.ch

We have a competitive edge thanks to our wide-ranging expertise in print finishing processes and environmentally friendly products.

Schmid Rhyner develops and manufactures environmentally friendly print varnishes and laminating adhesives for the graphical industry.

Serge Entleitner, CEO Schmid Ryhner

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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 2009: CHF 21.4 million– Number of employees: 11– Presence: properties throughout Switzerlandwww.plazza-immobilien.ch

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

“”Ralph Siegle,

CEO Plazza Immobilien

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Tradition and change

Establishment of joint stock company Zürcher Ziegeleien

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

Concentration on construction materials and tile and brick products; steady expansion and growth

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 company we now know as Conzzeta AG. 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 with tile and brick works in Zurich.

1912

1980

1982

1913

–197

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

Entry into machineryand systems engineering with acquisitionof Bystronic Group

Entry into automation sector

Foundation ofZZ Immobilien AG, today Plazza Immobilien AG

Conzzeta’s parent company – Mechanische Backsteinfabrik Zürich –started production in 1865.

6 kilowatt output: the latest laser cutting machine is a powerhouse which cancut sheet metal rapidly, dynamically and with a high degree of precision.

0.5 kilowatt laser output: the first laser cutting system, built in 1984.

Two letters in the name recall the originsof the Group – in the Zürcher Ziegeleien tile and brick works.

A worker places tiles in the firing channelof a ring kiln.

1987

1992

1994

2000

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Conzzeta AGGiesshuebelstrasse 45P.O. BoxCH-8045 Zurich

www.conzzeta.ch

Group Overview 2009

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