Group Overview
Cover Main picture: Claudia Dietrich, employee in the Sheet Metal Processing business unit Publication details Publisher: Conzzeta AG, Zurich Concept, design and text: Prime Communications AG, Zurich Photography: Dani Arnold, Jolanda Flubacher Derungs, David Lama, Michael Meier, Rainer Wolfsberger, et al. Translation: Hill Johnson Associates GmbH, Zurich Printing: Staffel Medien AG, Zurich Basic map: Kober-Kümmerly + Frey, Cologne © Conzzeta – March 2015
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 engineering, sporting goods, foam materials, graphic coatings, systems engineering and real estate. In the interests of customers, employees and shareholders, Conzzeta develops its businesses with a long-term perspective.
Sheet Metal Processing Bystronic: Solutions for the processing of sheet metal and other sheet materials
Sporting Goods Mammut Sports Group: Clothing and equipment for mountaineering, climbing and winter sports
Foam Materials FoamPartner: Foam products for industry and comfort applications
Graphic Coatings Schmid Rhyner: Print varnishes and laminating adhesives for the graphical industry
Glass Processing Bystronic glass: Systems for processing flat glass
Real Estate Plazza Immobilien: Management of the Conzzeta Group’s portfolio of properties
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Conzzeta – Group Overview
Success is when customers push “ us to the limits and together we
deliver performance at the highest level for their customers. Ernst Bärtschi, Chairman of the Board of Directors
”
Conzzeta – Group Overview
Key Facts 2014 – Conzzeta operates worldwide in a variety of business sectors and geographical markets. – Consolidated net revenues are CHF 1 195.7 million. – Over 60 percent of sales are generated in machinery and systems engineering. – The Group has more than 3 300 employees in over 60 locations worldwide. – Conzzeta’s registered shares A 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 segment 2014 (CHF m)
Sheet Metal Processing 580.7 Sporting Goods 249.9 Chemical Specialties 219.2 Systems Engineering 126.8 Real Estate and miscellaneous revenue 19.1 Total Group CHF 1 195.7 million
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Conzzeta – Group Overview
Conzzeta growing worldwide from Swiss roots The six business units of the Conzzeta Group serve customers in more than 100 countries, and are represented through their own companies in 26 different countries.
North and South America: share of net revenues and employees
Share in total revenues by region in 2014 (CHF 1 195.7 million) Employees per region in 2014 Countries with Group-owned companies Austria Brazil Canada China Czech Republic France Germany Great Britain India
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Italy Japan Korea Mexico Netherlands Norway Poland Romania Russia
Singapore Spain Sweden Switzerland Taiwan Turkey Ukraine USA
16.5% CHF 197.5 million 216
Conzzeta – Group Overview
Europe Net revenues 2014 in CHF million – Switzerland: 145.6 – Euro area: 371.1 – Rest of Europe: 223.4 – Total Europe: 740.1
Number of employees 2014 – Switzerland: 1 173 – Germany: 912 – Rest of Europe: 396 – Total Europe: 2 481
Europe and Africa: share of net revenues and employees
2481 63.4% CHF 758 million
Asia and Pacific: share of net revenues and employees
640
20.1% CHF 240.2 million
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Conzzeta – Group Overview
Key figures has a strong financial base, “ Conzzeta with a return on net operating assets (RONOA) of 15.9%. ”
Kaspar W. Kelterborn, Group Chief Financial Officer
1 250 1 250 1 250 1 250
104.3 104.3
89.7 89.7 104.3 104.3
517.4 517.4
507.0 507.0 517.4 517.4
551.9 551.9 507.0 507.0
547.0 547.0 551.9 551.9
480.7 480.7 547.0 547.0
102f. forfor detailed five-year summary forfor Group p. 102f. detailed five-year summary Group
20 20 10 1 20 20 0 20 120010 11 1 20 20 1 20121011 12 12 20 20 1 1 20 220 2 13 13 2 2 2001230013 1 1 20 240 4 14 14
600600 600 600 500500 500 500 400400 400 400 300300 300 300 200200 200 200 100100 100 100 0 0 0 0
See See p. p. 102f. forfor detailed five-year summary forfor Group 102f. detailed five-year summary Group
20 20 10 1 20 20 0 20 120010 11 1 20 20 1 20 121011 12 12 20 20 20 122012 13 13 20 20 20123013 1 1 20 240 4 14 14
50 50 50 50
NetNet operating assets (NOA; in CHF m) m) operating assets (NOA; in CHF operating assets (NOA; in CHF NetNet operating assets (NOA; in CHF m) m)
See p. See
100100 100 100
0 0
480.7 480.7
124.0 124.0
156.8 156.8 124.0 124.0
96.3 96.3 156.8 156.8
108.3 108.3 96.3 96.3
106.9 106.9 108.3 108.3
106.9 106.9
150150 150 150
0 0
20 20 10 1 20 20 0 20 120010 11 1 20 20 1 20121011 12 12 20 20 1 1 20 220 2 13 13 2 2 2001230013 1 1 20 240 4 14 14
20 20 10 1 20 20 0 20120010 11 11 20 20 20 121011 12 12 20 20 20 122012 13 13 20 20 20 1230 13 1 1 20 240 4 14 14
Group result perper registered share A (in Group result registered share A CHF) (in CHF) Group result registered share A CHF) (in CHF) Group result perper registered share A (in
0 0
55.3 55.3 89.7 89.7
25 25 25 25
250250 250 250
0 0
61.9 61.9 55.3 55.3
50 50 50 50
500500 500 500
200200 200 200
56.9 56.9 61.9 61.9
75 75 75 75
750750 750 750
0 0
125 125 125 125 100 100 100 100
1 000 1 000 1 000 1 000
0 0
56.9 56.9
1 195.7 1 195.7
Operating result (in CHF m) m) Operating result (in CHF Operating result (in CHF Operating result (in CHF m) m) 1 194.0 1 194.0 1 195.7 1 195.7
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
1 500 1 500 1 500 1 500
1 051.9 1 051.9
NetNet revenue (in CHF m) m) revenue (in CHF revenue (in CHF NetNet revenue (in CHF m) m)
Key Facts 2014 KeyFacts Facts2014 2014 Key Facts 2014 Key 8
– Sales up slightly to CHF 1 196 million. – Sales up slightly to CHF 1 196 million.
– The family shareholders formform a shareholder group which – The family shareholders a shareholder group which
Conzzeta – Group Overview
Five-year summary
2014
20131
2012
2011
2010
Consolidated income statement Net revenue
CHF m
1 195.7
1 194.0
1 161.5
1 128.1
1 051.9
Operating result
CHF m
104.3
89.7
55.3
61.9
56.9
Extraordinary result
CHF m
– 23.7
3.0
8.5
1.1
5.4
Group result
CHF m
61.4
75.4
46.3
52.1
51.5
Current assets
CHF m
1 074.7
973.6
904.6
982.8
915.1
Fixed assets
CHF m
376.4
360.8
364.6
369.4
372.5
Short-term liabilities
CHF m
252.9
253.0
242.5
266.1
231.5
Long-term liabilities
CHF m
65.4
72.6
69.3
73.0
73.4
Shareholders’ equity
CHF m
1 132.8
1 008.8
957.4
1 013.1
982.7
Total assets
CHF m
1451.1
1 334.4
1 269.2
1 352.2
1 287.6
%
78.1
75.6
75.4
74.9
76.3
CHF m
73.4
111.7
73.2
– 1.3
17.6
CHF m
517.4
507.0
551.9
547.0
480.7
Number
3 337
3 548
3 627
3 576
3 322
Consolidated balance sheet
Shareholders’ equity as % of total assets Net operating assets/employees Free Cashflow Net operating assets Employees at year-end Average employees in full-time positions
Number
3 500
3 584
3 604
3 507
3 238
Net revenue per full-time position
CHF thousand
341.6
333.1
322.3
321.7
324.9
Personnel expenses per full-time position
CHF thousand
85.2
80.2
84.7
80.2
83.1
CHF m
5.2
46.0
46.0
46.0
46.0
Number
456 750
406 0002
406 000
406 000
406 000
Number
303 750
270 000
270 000
270 000
270 000
Share information Share capital Number of shares issued at 12 / 31 Registered shares A (par CHF 10) Registered shares B (par CHF 2)
2
Market prices of registered shares A 3 803 / 1 953 2 027 / 1 566 2 084 / 1 530 2 534 / 1 654 1 912 / 1 616
High/low 5
CHF
Year-end
CHF
3 385
1 983
1 591
1 720
1 816
per registered share A6
CHF
124.00
156.78
96.33
108.26
106.95
per registered share B 6
CHF
24.80
31.36
19.27
21.65
21.39
per registered share A
CHF
50.003
90.004
40.00
217.00
40.00
per registered share B
CHF
10.003
18.004
8.00
43.40
8.00
CHF m
25.93
41.44
18.4
99.8
18.4
Group result
Gross dividend
Total dividend
1 As of the beginning of 2014, goodwill acquired is no longer capitalized and depreciated, but offset against equity. The previous year’s figures have been adjusted accordingly. The figures for the years 2010 –2012 have not been adjusted. 2 In the previous year, bearer shares (par value: CHF 100) and registered shares (par value: CHF 20) were issued. 3 As proposed by the Board of Directors. 4 Payment by way of a reduction of the share capital through par value reduction. 5 With adjustment of subscription rights. 6 To facilitate comparison, the average number of shares before the capital increase has been adjusted retroactively.
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Conzzeta – Group Overview
Solid financing and a long-term perspective are “ the basis for healthy growth of Conzzeta. ”
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Conzzeta – Group Overview
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 r eliability.
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
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 – Bystronic Bystronic is a world-leading supplier of s olutions 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 12
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 Laser 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 2014: CHF 580.7 million – Number of employees: 1 595 – 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
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 2014. Onwards and upwards from here.
”
Sporting Goods – Mammut Sports Group Mammut Sports Group develops, manufactures and markets innovative clothing and equipment for mountaineering, climbing and winter sports. 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 avalanche rescue equipment, 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 made its mark in 2012 with the worldwide “Peak Project” celebrating its 150th anniversary. And in 2014 the company continued to hold the world’s attention thanks to high-quality products, exciting promotional campaigns and innovations. As part of “Project360”, for example, spectacular climbing routes such as the north face of the Eiger were filmed using 360º cameras. Thanks to this breakthrough, it is now possible for the first time in the history
of mountaineering to film the ascent of famous peaks as an interactive experience with a panoramic, 360º view. 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. 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 2014: CHF 249.9 million – Number of employees: 592 – Presence: worldwide sales network in over 50 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
are on course to keep growing, “ We expanding our offering in line with trends Bart J. ten Brink, CEO FoamPartner
and strengthening our global position in the foam materials market.
”
Foam Materials – FoamPartner FoamPartner manufactures top-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 group 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 as well as functional materials 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 the vehicle construction and processing industry. Customized foam products are used as selected acoustic components and systems, polishing pads, seals and cleaning sponges, or for applications in technical installations and automotive technology.
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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 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 2014: CHF 163.3 million – Number of employees: 581 – Presence: worldwide sales network in 54 countries; 11 production, processing and sales locations as well as an acoustics test center in Europe, Asia & Pacific, and North and South America www.foampartner.com
Conzzeta – Group Overview
Rhyner sets groundbreaking market “ Schmid trends with innovative varnishes. Our relief Jakob Rohner, CEO Schmid Rhyner
varnishes from the Touch & Feel range trigger positive emotions through texture.
”
Graphic Coatings – Schmid Rhyner Schmid Rhyner develops and manufactures high-quality print v arnishes 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 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 2014: CHF 55.9 million – Number of employees: 68 – Presence: worldwide sales network in over 100 countries; 1 production site in Adliswil (Switzerland); 1 subsidiary in New Jersey (USA) www.schmid-rhyner.ch
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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 – 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. Bystronic glass looks back on a long history in the development and manufacture of systems for flat-glass 16
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 2014: CHF 109.5 million – Number of employees: 467 – 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
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. Plazza Immobilien manages the Conzzeta Group's portfolio of nonoperational properties, supports the industrial business units in questions relating to real estate and also provides services to third parties. The business unit's activities are focused on maintenance of value and development of the property and land assets. The Tiergarten development in Zurich, with over 500 apartments, is part of the Plazza Immobilien portfolio. This residential estate 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 currently has two projects on the drawing board. As part of the “Im Glattgarten” project in Wallisellen, on a site covering almost 14,000 square meters, Plazza Immobilien is building some 220 apartments for rent in the medium price range as well as almost 1700 square meters of office and commercial space. The planning application was submitted in October 2014. If no objections are raised, the residential and commercial space will be ready for occupation in 2018. The project is being financed largely from funds that will flow to Plazza Immobilien through a capital increase at Conzzeta.
The “L'Orée de Crissier” project envisages the creation of an entire district complete with apartments, shops and offices on a former industrial and trading estate in the town of Crissier. The development plan was submitted to the canton of Vaud in October 2014; realization is planned in stages, starting in 2018. The project is to be realized by Plazza Immobilien along with co-investors. In 2014 the Board of Directors of Conzzeta AG decided to spin off its Plazza subsidiary as an inde pendent company by 2016. The preparations to complete separate listing of the real estate portfolio on the stock exchange should be in place by summer 2015. The Plazza shares will be allocated to the Conzzeta shareholders.
Overview Plazza Immobilien – Annual net revenue 2014: CHF 19.3 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. 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.
Every touch is perfect: a Bystronic operative assembling a laser cutting system.
Merger of Tegula AG and Conzzeta AG. The founding families form a shareholder group which will retain a majority stake in Conzzeta until at least 2022
14
Conzzeta celebrates its 100th anniversary
12
4
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