Group Overview
Cover Main picture: Martina Binz, employee in Sporting Goods business unit Publication details Publisher: Conzzeta AG, Zurich Concept, design and text: Prime, Zurich Photography: Jolanda Flubacher Derungs, Sebastian Derungs, Zurich, et al. Translation: Hill Johnson Associates GmbH, Zollikon Printing: Staffel Druck AG, Zurich Basic map: Kober-Kümmerly + Frey, Cologne © Conzzeta – March 2011
Conzzeta – Group Overview
Conzzeta at a glance Conzzeta is an internationally active Swiss holding company with broadly diversified businesses. 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 Systems Bystronic: Solutions for the processing of sheet metal and other sheet materials
Glass Processing Systems Bystronic glass: Systems for processing flat glass
Automation Systems ixmation: Systems for automation of assembly and testing
Foam Materials FoamPartner: Foam products for industry and comfort applications
Sporting Goods Mammut Sports Group: Mountaineering, climbing and winter sports equipment
Graphic Coatings Schmid Rhyner: Print varnishes and laminating adhesives for the graphical industry
Real Estate Plazza Immobilien: Management of the Conzzeta Group’s portfolio of properties
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Conzzeta – Group Overview
“
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
“
The people in a company are what really make the difference. Robert Suter, Group Chief Executive Officer
”
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Conzzeta – Group Overview
Key Facts 2010 – Conzzeta operates worldwide in a variety of business sectors and geographical markets. – Consolidated net revenues are CHF 1 051.9 million. – Around 60 percent of sales are generated in machinery and systems engineering. – 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 2010 (CHF m)
Sheet Metal Processing Systems 410.9 Glass Processing Systems 167.5 Automation Systems 56.4 Foam Materials 127.9 Sporting Goods 221.2 Graphic Coatings 46.6 Real Estate and miscellaneous revenue 21.4 Total Group CHF 1 051.9 million
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Conzzeta – Group Overview
Conzzeta growing worldwide from Swiss roots The seven business units of the Conzzeta Group serve customers in more than 100 countries, and are represented through their own companies in 25 different countries.
North and South America: share of net revenues and employees
Share of net revenues per region in consolidated net revenues of CHF 1 051.9 million in 2010 Employees per region in 2010 Countries with Group-owned companies Austria Brazil Canada China Czech Republic France Germany Great Britain India
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Italy Japan Korea Malaysia Mexico Netherlands Norway Poland Romania
Russia Singapore Spain Sweden Switzerland Turkey USA
13.7% CHF 143.9 million 323
Conzzeta – Group Overview
Europe Net revenues 2010 in CHF million – Switzerland: 160.3 – Euro area: 360.2 – Rest of Europe: 140.5 – Total Europe: 661.0
Number of employees 2010 – Switzerland: 1 145 – Germany: 875 – Rest of Europe: 344 – Total Europe: 2 364
Europe and Africa: share of net revenues and employees
2364 63.3% CHF 665.9 million
Asia and Pacific: share of net revenues and employees
635
23% CHF 242.1 million
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Conzzeta – Group Overview
Key figures
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Conzzeta has a strong financial basis, with an equity ratio of 76 percent.
Kaspar W. Kelterborn, Group Chief Financial Officer
Ordinary result Extraordinary result Operating result (EBIT)
25
250
0
0
-25
10
-50
0 20 1
20
20
20
20
21.1
56.0
49.0
28.0
20 10
0
09
20
20
50
08
30
20
100
07
40
20
150
20
50
0
200
09
60
08
250
07
70
06
300
06
31.8
17.6
141.8
-30.8
195.9
70.1
20 0
0
20 0
20 0
20 0
20 0
20 1
Investments in property, plant and equipment and intangible assets (in CHF million)
Free cash flow (in CHF million)
8
0
500
9
50
20 1
750
8
75
20 0
1000
20 0
100
6
1250
9
125
8
1500
7
150
6
1750
7
175
20 0
1 051.9
EBIT and Group result (in CHF million)
955.2
1 472.5
1 507.0
2000
1 273.6
Net revenue (in CHF million)
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Conzzeta – Group Overview
Conzzeta – Annual report 2010 Further information
Five-year summary Five-year summary
2010
2009
2008
2007
2006
CHF m
410.9
356.1
745.1
793.5
632.0
%
39.1
37.3
50.6
52.7
49.6
CHF m
167.5
145.6
244.6
237.3
219.2
%
15.9
15.3
16.6
15.7
17.2
CHF m
56.4
56.1
73.6
76.7
49.6
%
5.4
5.9
5.0
5.1
3.9
CHF m
127.9
116.8
146.3
156.5
147.5
%
12.2
12.2
9.9
10.4
11.6
CHF m
221.2
215.3
192.6
177.1
164.7
%
21.0
22.5
13.1
11.7
12.9
CHF m
46.6
43.2
47.5
44.1
36.5
%
4.4
4.5
3.2
2.9
2.9
CHF m
21.4
22.1
22.8
21.8
21.9
%
2.0
2.3
1.6
1.5
1.7
Net revenue by business unit Sheet Metal Processing Systems Glass Processing Systems Automation Systems Foam Materials Sporting Goods Graphic Coatings Real Estate and miscellaneous revenue Revenue from discontinued activities
Total
CHF m
2.2
%
0.2
CHF m
1 051.9
955.2
1 472.5
1 507.0
1 273.6
Net revenue
CHF m
1 051.9
955.2
1 472.5
1 507.0
1 273.6
Operating result
CHF m
56.9
– 1.4
97.8
132.1
80.6
Extraordinary result
CHF m
5.4
10.1
3.9
56.5
9.6
Group result
CHF m
51.5
3.3
78.8
161.4
71.1
Current assets
CHF m
915.1
853.8
914.5
970.0
799.0
Fixed assets
CHF m
372.5
401.0
418.4
413.7
418.2
Short-term liabilities
CHF m
231.5
198.1
247.7
318.3
286.2
Long-term liabilities
CHF m
73.4
78.4
84.3
74.5
78.2
Shareholders’ equity
CHF m
982.7
978.3
1 000.9
990.9
852.8
Total assets
CHF m
1 287.6
1 254.8
1 332.9
1 383.7
1 217.2
%
76.3
78.0
75.1
71.6
70.1
CHF m
21.1
28.0
56.0
49.0
31.8
Employees at year-end
Number
3 322
3 257
3 760
3 444
3 273
Ø Employees in full-time positions
Number
3 238
3 180
3 509
3 267
3 008
Net revenue per full-time positions
CHF thousand
324.9
300.4
419.6
461.3
423.4
Personnel expenses per full-time position
CHF thousand
83.1
90.2
96.1
99.7
99.2
Consolidated income statement
Consolidated balance sheet
Shareholders’ equity as % of total assets Investment in fixed assets / employees Investments in property, plant and equipment and intangible assets
84
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Conzzeta – Group Overview
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Solid financing and a long-term perspective are the basis for healthy growth of Conzzeta.
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The values we build on Values that are not just written down, but lived up to – these are what our companies are built on.
Responsibility We invest in companies in order to offer useful products and services, create attractive jobs and generate healthy revenues.
Scope for development We create a framework that enables our executives and employees to act self-reliantly and develop their full potential.
Innovation We foster innovation on all levels to help our companies consolidate and develop their strong market positions.
Respect We 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 standing We 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.
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Conzzeta – Group Overview
“ 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.
”
Sheet Metal Processing Systems – Bystronic Bystronic is a world-leading supplier of solutions for the processing of sheet metal and other sheet materials.
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, this linking of the chain from 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 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 mild steel, stainless steel and aluminium, nonferrous metals such as copper and brass, while waterjet cutting can be applied to all kinds of materials. Many Bystronic customers are small- and medium-sized enterprises – component suppliers or manufacturers of finished products – in
a lmost all branches of industry. Bystronic Laser AG was founded in Niederönz (Switzerland) in 1986. The company joined the Conzzeta Group in 1994.
Overview Bystronic – Annual net revenue 2010: CHF 410.9 million – Number of employees: 1 393 – Presence: worldwide, over 20 sales and service companies; 3 development and production sites in Switzerland, Germany and China www.bystronic.com
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Conzzeta – Group Overview
“ Richard Jakob, CEO Bystronic glass
Our customers appreciate our reliability and expertise in responding to their very diverse requirements.
”
Glass Processing Systems – Bystronic glass Bystronic glass offers high-quality system solutions for the processing of architectural and automotive glass.
Every customer involved in processing flat glass has different requirements. Bystronic glass gears its offering to this diversity, with a broad spectrum of products ranging from stand-alone machines via production lines to turnkey production facilities that cover all steps in the processing chain. All this is backed up by expert and reliable 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 efficiency and noise protection. The offering also includes systems for cutting architectural glass, for the manufacture of laminated glass, and for handling equipment used in the storage and transportation of glass. In the automotive segment, Bystronic glass provides systems 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. 12
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 2010: CHF 167.5 million – Number of employees: 670 – Presence: worldwide sales and service network, with 6 subsidiaries and several representative offices; 3 technology centers (development and production) in Germany and Switzerland; 1 production site in China www.bystronic-glass.com
Conzzeta – Group Overview
“ Martin Pfister, CEO ixmation
We are creative, flexible and quick, d elivering highly efficient automation solutions for globally active customers.
”
Automation Systems – ixmation ixmation is an international supplier of customized automation systems for assembly and quality assurance in mass production.
ixmation automation systems are used in the manufacture and testing of a wide variety of components and products. For example, auto seat adjusters, dental implants, solar panels, medical self-test kits and mobile telephones are all assembled cost-effectively and in consistent 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 helium in vacuum chambers, test the integrity of materials and welded joints, for example in cooling units, air-conditioning systems and diesel fuel injectors. ixmation systems thereby contribute significantly to the protection of end-users. ixmation customers are mostly international hightech companies, operating in the fields of renewable energy (solar and wind power), medical technology, consumer 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
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.
Overview ixmation – Annual net revenue 2010: CHF 56.4 million – Number of employees: 353 – Presence: 5 locations in China, Malaysia, the USA and Switzerland www.ixmation.com
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Conzzeta – Group Overview
“ Bart J. ten Brink, CEO FoamPartner
We set trends with innovative products and services that we are continuously developing and bringing to the marketplace.
”
Foam Materials – FoamPartner FoamPartner manufactures high-quality foam materials and offers customized solutions for the Industry and Comfort business segments. FoamPartner develops, manufactures and processes highquality 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 areas: “Comfort” comprises foam products for manufacturers of mattresses, pillows and cushions. FoamPartner produces premium comfort foams for the most demanding specifications, guaranteeing a good night’s sleep. The “Technical Foams” area is focused on industrial applications, 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 14
of Conzzeta in 1980. The FoamPartner master brand was established in 2000, bringing together foam specialists on three continents.
Overview FoamPartner – Annual net revenue: CHF 127.9 million – Number of employees: 450 – Presence: 9 production, processing and sales locations in Europe, Asia and the USA; worldwide marketing through a partner sales network www.foampartner.com
Conzzeta – Group Overview
“ Rolf G. Schmid, CEO Mammut Sports Group
Mammut is focused more than ever on innovation, quality and sustainability, setting standards in the continuing outdoor trend.
”
Sporting Goods – Mammut Sports Group Mammut Sports Group develops, manufactures and markets innovative mountaineering, climbing and winter sports equipment. For nearly 150 years, the Mammut Sports Group has stood for safety, innovation and strong customer service. The alpine sports lines – clothing, shoes, backpacks, sleeping bags, climbing harnesses, ropes and biners – combine functionality, technology and design, all made to Swiss quality standards. Alpine sports are demanding and focus on high performance. Mammut is continuously improving its products 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 marketing. At Mammut test events, customers and employees meet and interact on a regular basis. Strikingly unusual photographs are the result – for example, an arrow made up of 150 ski tourers (see picture above), 100 climbers on a rock face or 200 skiers in triangular formation. Apart from the unique experience, participants get a taste of the brand world as “Mammut photo models”, making them key ambassadors for the brand world. The final test event and high point of the campaign is sched-
uled for 2012 to mark the company’s 150th anniversary. It will begin with the recruitment and selection of summit teams and end with 150 summit tours all over the world. With this final test event, Mammut is set to realize the largest mountain summit project of all time. 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 (Switzerland). Mammut has grown into one of the most popular brands in the mountain sports and outdoor sector.
Overview Mammut Sports Group – Annual net revenue 2010: CHF 221.2 million – Number of employees: 376 – 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
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Conzzeta – Group Overview
“ Serge Entleitner, CEO Schmid Rhyner
We have a competitive edge thanks to our wide-ranging expertise in print finishing processes and environmentally friendly products.
”
Graphic Coatings – Schmid Rhyner Schmid Rhyner develops and manufactures environmentally friendly print varnishes and laminating adhesives for the graphical industry. 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 varnishing, 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 design element, adding considerable 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 environmentally friendly, solvent-free and recyclable. Schmid Rhyner products are developed in close collaboration with customers and printing machine manufacturers 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 16
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 acquired by Conzzeta in 1987. Its products are now sold in more than 100 countries.
Overview Schmid Rhyner – Annual net revenue 2010: CHF 46.6 million – Number of employees: 47 – Presence: worldwide sales network in over 100 countries; 1 production site in Adliswil (Switzerland); 1 subsidiary in New Jersey (USA) www.schmid-rhyner.ch
Conzzeta – Group Overview
“ Ralph Siegle, CEO Plazza Immobilien
As custodians of long-term investments – real estate – we are part of the solid foundations of the Conzzeta Group.
”
Real Estate – Plazza Immobilien Plazza Immobilien manages the Conzzeta Group’s portfolio of properties. With a wide range of properties, from apartments and office buildings to a gravel pit, Plazza Immobilien is a multifaceted business, with the corresponding management know-how. A small, highly efficient team manages residential and commercial property, providing a comprehensive 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 industrial business units in matters concerning real estate. In addition to managing the Group’s property assets, Plazza Immobilien provides services to third parties.
Overview Plazza Immobilien – Annual net revenue 2010: CHF 20.9 million – Number of employees: 16 – Presence: properties throughout Switzerland www.plazza-immobilien.ch
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Conzzeta – Group Overview
Tradition and change The Conzzeta Group, which now operates worldwide, looks back on a long history that began with tile and brick works in Zurich.
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Concentration on construction materials and tile and brick products; steady expansion and growth
Entry into rope and sporting goods business with acquisition of Arova- Lenzburg AG, today Mammut Sports Group
2
0
Beginning of diversifi cation. Entry into foam materials business with acquisition of Fritz Nauer AG, today FoamPartner
19 8
19 –1 13 97 9
19 12
Establishment of joint stock company Zürcher Ziegeleien
As a first step, in 1980, the company took up the manufacture of foam materials; in 1982 it entered the rope and sporting goods sector; and in 1987, paint and varnish production 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 diversification 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.
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The Conzzeta Group traces its origins back to the 19th century when a number of modern tile and brick works grew up within the present city boundaries of Zurich. The pressure 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 corporation 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 better risk distribution.
Conzzeta – Group Overview
Built in 1984: Bystronic’s first laser cutting system with a laser output of 0.5 kW.
A worker places tiles in the firing channel of a ring kiln.
Built in 2010: the latest laser cutting machine is equipped with a fiber laser with an output of 2 kW, which can cut thin sheet metal extremely rapidly and with a high degree of precision.
Two letters in the name recall the origins of the Group – in the Zürcher Ziegeleien tile and brick works.
Conzzeta’s parent company – Mechanische Backsteinfabrik Zürich – started production in 1865.
Foundation of ZZ Immobilien AG, today Plazza Immobilien AG
Entry into automation sector
00 20
4
Entry into machinery and systems engineering with acquisition of Bystronic Group
19 9
2 19 9
19 8
7
Entry into architectural paints and varnish production with acquisi tion of Schmid Rhyner AG
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Conzzeta AG Giesshuebelstrasse 45 P.O. Box CH-8045 Zurich www.conzzeta.ch