Group Overview
Cover Main picture: Henrik Günthner, trainee in the Glass Processing Systems business unit Publication details Publisher: Conzzeta AG, Zurich Concept, design and text: Prime Communications AG, Zurich Photography: Sebastian Derungs, Jolanda Flubacher Derungs, Christian Eppelt, David Lama, Peter Panayiotou, Thomas Senf, et al. Translation: Hill Johnson Associates GmbH, Zurich Printing: Staffel Druck AG, Zurich Basic map: Kober-Kümmerly + Frey, Cologne © Conzzeta – March 2014
Conzzeta – Group Overview
Conzzeta at a glance Conzzeta 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 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: Automation of assembly and testing lines
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
need employees “ Companies who take responsibility and bring enthusiasm and commitment to their jobs.
”
Jacob Schmidheiny, Chairman of the Board of Directors
people in a company “ The are what give it a personality and determine its success. ” Robert Suter, Group Chief Executive Officer
Conzzeta – Group Overview
Key Facts 2013 – Conzzeta operates worldwide in a variety of business sectors and geographical markets. – Consolidated net revenues are CHF 1 194.0 million. – Over 60 percent of sales are generated in machinery and systems engineering. – The Group has approximately 3 600 employees in over 60 locations worldwide. – 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.
Net revenue by business unit 2013 (CHF m)
Sheet Metal Processing Systems 560.1 Glass Processing Systems 132.2 Automation Systems 41.8 Foam Materials 136.4 Sporting Goods 246.9 Graphic Coatings 56.1 Real Estate and miscellaneous revenue 20.5 Total Group CHF 1 194.0 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 27 different countries.
North and South America: share of net revenues and employees
Share in total revenues by region in 2013 (CHF 1 194.0 million) Employees per region in 2013 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 Taiwan Turkey Ukraine USA
18.2% CHF 216.5 million 344
Conzzeta – Group Overview
Europe Net revenues 2013 in CHF million – Switzerland: 143.1 – Euro area: 365.8 – Rest of Europe: 217.7 – Total Europe: 726.6
Number of employees 2013 – Switzerland: 1 134 – Germany: 858 – Rest of Europe: 381 – Total Europe: 2 373
Europe and Africa: share of net revenues and employees
2373 61.4% CHF 733.8 million
Asia and Pacific: share of net revenues and employees
831
20.4% CHF 243.7 million
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Conzzeta – Group Overview
Key figures has a strong financial basis, with “ Conzzeta an equity ratio of 76 percent. ”
Kaspar W. Kelterborn, Group Chief Financial Officer
Ordinary Ordinary result result Extraordinary Extraordinary result result Ordinary Ordinary result result Extraordinary Extraordinary result result Operating result (EBIT) Operating result (EBIT) Operating Operating result result (EBIT) (EBIT) 125 125 125 125
1 250 1 250 1 250 1 250
100 100 100 100
1 000 1 000 1 000 1 000
75 75 75 75
750 750 750 750
50 50 50 50
500 500 500 500
25 25 25 25 0 0
21.9 21.9
41.8 41.8 21.9 21.9
40.1 40.1 41.8 41.8
p. 82f. 82f. forfor detailed detailed five-year five-year summary summary forfor Group Group
– 50– 50 – 50– 50
See See p.
0 0
20 20 09 09 20 20 20029009 10 10 20 20 20120010 11 11 20 20 20121011 12 12 2 2 2001220012 13 13 20 20 13 13
0 0
p. 82f. 82f. forfor detailed detailed five-year five-year summary summary forfor Group Group
50 50 50 50
See See p.
100 100 100 100
60 60 50 50 40 40 30 30 20 20 10 10 0 0
21.1 21.1 40.1 40.1
111.7 111.7
73.2 73.2 111.7 111.7
– 1.3 – 1.3 73.2 73.2
17.6 17.6 – 1.3 – 1.3
141.8 141.8 17.6 17.6
141.8 141.8
150 150 150 150
60 60 50 50 40 40 30 30 20 20 10 10 0 0
28.0 28.0 21.1 21.1
Investments Investments in property, in property, plant plant andand Investments Investments inand property, in property, plant plant and and equipment equipment and intangible intangible assets assets (in CHF (in CHF m) m) equipment equipment andand intangible intangible assets assets (in CHF (in CHF m) m)
FreeFree cashcash flowflow (in CHF (in CHF m) m) FreeFree cashcash flowflow (in CHF (in CHF m) m)
200 200 200 200
– 25– 25 – 25– 25
28.0 28.0
0 0
0 0
20 20 09 09 20 20 20029009 10 10 20 20 20120010 11 11 20 20 20121011 12 12 20 20 20 1220 12 13 13 20 20 13 13
0 0
20 20 09 09 20 20 20029009 10 10 20 20 20120010 11 11 20 20 20121011 12 12 2 2 2001220012 13 13 20 20 13 13
250 250 250 250
20 20 09 09 20 20 20029009 10 10 20 20 20120010 11 11 20 20 20121011 12 12 2 2 2001220012 13 13 20 20 13 13
1 194.0 1 194.0
EBIT EBIT andand Group Group result result (in CHF (in CHF m) m) EBIT EBIT andand Group Group result result (in CHF (in CHF m) m) 1 161.5 1 161.5 1 194.0 1 194.0
1 128.1 1 128.1 1 161.5 1 161.5
1 051.9 1 051.9 1 128.1 1 128.1
955.2 955.2 1 051.9 1 051.9
1 500 1 500 1 500 1 500
955.2 955.2
NetNet revenue revenue (in CHF (in CHF m) m) NetNet revenue revenue (in CHF (in CHF m) m)
Key Key Facts 2013 Key KeyFacts Facts Facts2013 2013 2013 8
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Conzzeta – Group Overview
Conzzeta – Annual Report 2013 Further information
Five-year summary
Five-year summary 2013
2012
2011
2010
2009
CHF m
560.1
530.6
503.0
410.9
356.1
%
46.9
45.7
44.6
39.1
37.3
CHF m
132.2
141.8
150.2
167.5
145.6
%
11.1
12.2
13.3
15.9
15.3
CHF m
41.8
55.9
70.0
56.4
56.1
%
3.5
4.8
6.2
5.4
5.9
CHF m
136.4
129.9
124.6
127.9
116.8
%
11.4
11.2
11.0
12.2
12.2
CHF m
246.9
232.5
210.8
221.2
215.3
%
20.7
20.0
18.7
21.0
22.5
CHF m
56.1
50.4
48.1
46.6
43.2
%
4.7
4.3
4.3
4.4
4.5
CHF m
20.5
20.4
21.4
21.4
22.1
%
1.7
1.8
1.9
2.0
2.3
CHF m
1 194.0
1 161.5
1 128.1
1 051.9
955.2
Net revenue
CHF m
1 194.0
1 161.5
1 128.1
1 051.9
955.2
Operating result
CHF m
87.7
55.3
61.9
56.9
– 1.4
Extraordinary result
CHF m
3.0
8.5
1.1
5.4
10.1
Group result
CHF m
73.4
46.3
52.1
51.5
3.3
Current assets
CHF m
973.6
904.6
982.8
915.1
853.8
Fixed assets
CHF m
363.0
364.6
369.4
372.5
401.0
Short-term liabilities
CHF m
253.0
242.5
266.1
231.5
198.1
Long-term liabilities
CHF m
72.7
69.3
73.0
73.4
78.4
Shareholders’ equity
CHF m
1 010.9
957.4
1 013.1
982.7
978.3
Total assets
CHF m
1 336.6
1 269.2
1 352.2
1 287.6
1 254.8
%
75.6
75.4
74.9
76.3
78.0
CHF m
21.9
41.8
40.1
21.1
28.0
Employees at year-end
Number
3 548
3 627
3 576
3 322
3 257
Average employees in full-time positions
Number
3 584
3 604
3 507
3 238
3 180
Net revenue per full-time position
CHF thousand
333.1
322.3
321.7
324.9
300.4
Personnel expenses per full-time position
CHF thousand
80.2
84.7
80.2
83.1
90.2
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
Total 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
82
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Conzzeta – Group Overview
financing and a long-term perspective are the “ Solid basis for healthy growth of Conzzeta. ”
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. We first assess whether the company in question will be able to develop successfully within the framework of our Group.
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. 10
Conzzeta – Group Overview
our expertise in cutting and “ With bending, we develop market-oriented Alex Waser, CEO Bystronic
products and services that set new standards worldwide.
”
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, process optimization, 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. The offering is rounded off by a comprehensive package of services covering the entire process chain, with measurable benefits for customers. Bystronic systems are used in a wide range of industries, including metalworking, machinery, commercial vehi cles, 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
and medium-sized enterprises – component suppliers or manufacturers of finished products – in almost all branches of industry. Bystronic L aser AG was founded in Niederönz (Switzerland) in 1986. The company has been a member of the Conzzeta Group since 1994.
Overview Bystronic – Annual net revenue 2013: CHF 560.1 million – Number of employees: 1 553 – Presence: worldwide, 26 sales and service companies; 3 development and production sites in Switzerland, Germany and China; used machinery centers in Romania and the USA www.bystronic.com
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Conzzeta – Group Overview
customers worldwide may have high “ Our expectations, but as acknowledged experts Burghard Schneider, CEO Bystronic glass
in the treatment and processing of flat glass, we can deliver.
”
Glass Processing Systems – Bystronic glass Bystronic glass offers high-quality system solutions for the processing of architectural and automotive glass.
Bystronic glass specializes in machinery and systems for processing architectural and automotive glass. Reflecting the diverse requirements of its customers, the business unit offers a broad spectrum of products ranging from single machines to complete production lines, always backed up by expert and reliable customer service. In the automotive segment, Bystronic glass supplies systems for preprocessing, which involves cutting, grinding and drilling of glass. In the architectural segment, the focus is on systems for the manufacture of insulating glass, which is in growing demand around the world due to the increasingly stringent requirements regarding energy efficiency and noise protection. The portfolio also includes innovative systems for the production of laminated safety glass and efficient handling systems for all aspects of flat-glass and plate processing. In the architectural glass cutting segment, Bystronic glass cooperates with the German machinery manufacturer HEGLA. This enables it to offer customers complete solutions for the manufacture of insulating glass and laminated safety glass. 12
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 2013: CHF 132.2 million – Number of employees: 527 – Presence: worldwide sales and service network, with subsidiaries and several representative offices; Strategic Business Units (SBUs) with development and production sites in Germany, Switzerland and China www.bystronic-glass.com
Conzzeta – Group Overview
strive to deliver state-of-the-art “ We automation machinery to our customers, Guy Sellier, CEO ixmation
to help reduce costs and improve safety within the workplace.
”
Automation Systems – ixmation As a global partner to high-tech companies, ixmation develops and manufactures reliable automation systems for production processes.
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 automation solutions. In addition, ixmation offers helium leakdetection and recovery systems for testing the integrity of materials and the quality of welded joints. ixmation customers are primarily international hightech 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.
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 operated since 2006 under the ixmation brand name.
Overview ixmation – Annual net revenue 2013: CHF 41.8 million – Number of employees: 359 – Presence: 5 locations in China, Malaysia, the USA and Switzerland www.ixmation.com
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Conzzeta – Group Overview
our innovative foam products “ With for sophisticated applications and Bart J. ten Brink, CEO FoamPartner
global presence we help customers build on their s uccess.
”
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 & Pacific and the Americas. 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 and automotive 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. 14
It took up foam manufacture in the 1950s and became part of Conzzeta in 1980. The introduction of the FoamPartner master brand in 2000 brought the foam materials specialists on three continents together under one roof.
Overview FoamPartner – Annual net revenue 2013: CHF 136.4 million – Number of employees: 452 – Presence: 10 production, processing and sales locations in Europe, Asia & Pacific and the USA; worldwide marketing through a partner sales network www.foampartner.com
Conzzeta – Group Overview
is an established presence in the “ Mammut global mountain sports market, a position Rolf G. Schmid, CEO Mammut Sports Group
we consolidated in 2013. Onwards and upwards from here.
”
Sporting Goods – Mammut Sports Group Mammut Sports Group develops, manufactures and markets innovative mountaineering, climbing and winter sports equipment. Mammut is “absolute alpine”. For over 150 years, the brand has stood for safety, innovation and strong customer service. The alpine sports lines – from clothing, shoes, backpacks and sleeping bags, to 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 c ollaboration with professional mountaineers and extreme sports enthusiasts. Mammut made its mark in 2012 with the worldwide “Peak Project” celebrating its 150th anniversary. And in 2013 the company continued to hold the world’s attention thanks to high-quality products and exciting sponsorship activities. The new, fully automated central warehouse in Wolfertschwenden, Germany, has started operations, ensuring rapid and efficient delivery of orders to the sporting world. Mammut’s sales network was extended to the Chinese market in 2013.
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 sector. 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 2013: CHF 246.9 million – Number of employees: 566 – 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
Rhyner sets groundbreaking market trends “ Schmid with innovative, state-of-the-art varnishes. Jakob Rohner, CEO Schmid Rhyner
For example, relief varnishes that trigger positive emotions through texture.
”
Graphic Coatings – Schmid Rhyner Schmid Rhyner develops and manufactures high-quality 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 can be used for partial or full v arnishing, 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 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: from graphic design to safety issues in food packaging. Schmid Rhyner was founded in 1880 and has a long tra16
dition 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 2013: CHF 56.1 million – Number of employees: 60 – 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
custodians of long-term investments – “ Asreal estate – we are part of the solid foundations of the Conzzeta Group. ”
Ralph Siegle, CEO Plazza Immobilien
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 2013: CHF 19.9 million – Number of employees: 16 – Presence: properties throughout Switzerland www.plazza-immobilien.ch
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Conzzeta – Group Overview
A hundred years of tradition and change 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.
18
7
Entry into architectural paints and varnish production with acquisi tion of Schmid Rhyner AG
19 8
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 12 97 9
Establishment of joint stock company Zürcher Ziegeleien. Concentration on construction materials and tile and brick products; steady expansion and growth
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 auto mation sector. The Conzzeta Group today is a holding company, with businesses operating worldwide in a variety of sectors with high growth potential.
19 8
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 Dampf ziegelei 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 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 better risk distribution.
Conzzeta – Group Overview
Workers feeding portions of clay into the rotary presses to be formed into roofing tiles.
FoamPartner has its own quality assurance teams to check its foam products.
Conzzeta celebrates its 100th anniversary
12
00
4
Every touch is perfect: a Bystronic operative assembling a laser cutting system.
Entry into automation sector
Entry into machinery and systems engineering with acquisition of Bystronic Group
19 9
19 9
2
Foundation of ZZ Immobilien AG, today Plazza Immobilien AG
Cutting clay for tile production at the Tiergarten pit in Zurich.
20
Mammut twists the thread for its highquality mountaineering ropes inhouse.
20
A worker places tiles in a ring kiln.
19
Conzzeta AG Giesshuebelstrasse 45 CH-8045 Zurich www.conzzeta.ch