group overview… · key facts 2014 – conzzeta operates worldwide in a variety of business...

Group Overview

CoverMain picture: Claudia Dietrich, employee in the Sheet Metal Processing business unit

Publication detailsPublisher: Conzzeta AG, ZurichConcept, design and text: Prime Communications AG, ZurichPhotography: Dani Arnold, Jolanda Flubacher Derungs, David Lama, Michael Meier, Rainer Wolfsberger, et al.Translation: Hill Johnson Associates GmbH, Zurich Printing: Staffel Medien AG, ZurichBasic map: Kober-Kümmerly + Frey, Cologne© Conzzeta – March 2015

Conzzeta at a glanceConzzeta is an internationally active Swiss holding company with broadly diversified busi-nesses. Its activities are in the areas of machinery engineering, sporting goods, foam mate-rials, 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 ProcessingBystronic: Solutions for the processing of sheet metal and other sheet materials

Sporting GoodsMammut Sports Group: Clothing and equipment for mountaineering, climbing and winter sports

Foam MaterialsFoamPartner: Foam products for industry and comfort applications

Glass ProcessingBystronic glass: Systems for processing flat glass

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

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

Conzzeta – Group Overview

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“ 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

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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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.

Share in total revenues by region in 2014 (CHF 1 195.7 million)

Employees per region in 2014

Countries with Group-owned companies

AustriaBrazilCanadaChinaCzech RepublicFranceGermanyGreat BritainIndia

ItalyJapanKoreaMexicoNetherlandsNorwayPolandRomaniaRussia

SingaporeSpainSwedenSwitzerlandTaiwanTurkeyUkraineUSA

Conzzeta growing worldwide from Swiss roots


216

North and South America:share of net revenues and employees

16.5%CHF 197.5 million

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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


2481

Europe and Africa:share of net revenues and employees

63.4%CHF 758 million

640

Asia and Pacific:share of net revenues and employees

20.1%CHF 240.2 million

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Key figures

Kaspar W. Kelterborn, Group Chief Financial Officer


“ Conzzeta has a strong financial base, with a return on net operating assets (RONOA) of 15.9%. ”

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– Sales up slightly to CHF 1 196 million.

– EBIT increases by 16% to CHF 104 million.

– EBIT margin reaches 8.7%.

– Free cash flow amounts to approx. CHF 73 million at the end of 2014.

– Conzzeta reorganizes its share and ownership structure.

– The dividend is set at CHF 50 per registered share A.

– The family shareholders form a shareholder group which will hold a majority stake in Conzzeta until at least 2022.

– A capital increase brings an inflow of funds to Conzzeta of CHF 124 million, intended largely for the financing of the “Im Glattgarten” property development.

– The Group had liquid assets of CHF 609 million; the equity ratio stands at 78%.

– Conzzeta sells Automation Systems business unit.

Key Facts 2014

Net revenue (in CHF m) Operating result (in CHF m)

Group result per registered share A (in CHF) Net operating assets (NOA; in CHF m)

00_GB2014_Umschlag_en.indd 6 24.03.2015 09:32:58

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Key Facts 2014




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Key Facts 2014




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Key Facts 2014




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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

Consolidated balance sheet

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

Shareholders’ equity as % of total assets % 78.1 75.6 75.4 74.9 76.3

Net operating assets/employees

Free Cashflow CHF m 73.4 111.7 73.2 – 1.3 17.6

Net operating assets CHF m 517.4 507.0 551.9 547.0 480.7

Employees at year-end Number 3 337 3 548 3 627 3 576 3 322

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

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.

Share information

Share capital CHF m 5.2 46.0 46.0 46.0 46.0

Number of shares issued at 12 / 31

Registered shares A (par CHF 10) Number 456 750 406 0002 406 000 406 000 406 000

Registered shares B (par CHF 2) Number 303 750 270 0002 270 000 270 000 270 000

Market prices of registered shares A

High/low 5 CHF 3 803 / 1 953 2 027 / 1 566 2 084 / 1 530 2 534 / 1 654 1 912 / 1 616

Year-end CHF 3 385 1 983 1 591 1 720 1 816

Group result 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

Gross dividend 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

Total dividend CHF m 25.93 41.44 18.4 99.8 18.4

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

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

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

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

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

The values we build on

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

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Alex Waser, CEO Bystronic


“ With our expertise in cutting and bending, we develop market-oriented products and services that set new standards worldwide. ”

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 compre-hensive package of services covering the entire process chain, with measurable benefits for customers. Bystronic systems are used in a wide range of indus-tries, including metalworking, machinery, commercial ve hi-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

Sheet Metal Processing – Bystronic

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

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

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

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Rolf G. Schmid, CEO Mammut Sports Group


“ Mammut is an established presence in the global mountain sports market, a position we consolidated in 2014. Onwards and upwards from here. ”

Mammut is “absolute alpine”. For over 150 years, the brand has stood for safety, innovation and strong customer ser-vice. The alpine sports lines – from clothing, shoes, back-packs, and sleeping bags, to avalanche rescue equipment, climbing harnesses, ropes and biners – combine functional-ity, technology and design, all made to Swiss quality stand-ards. Alpine sports are demanding and focus on high per-formance. Mammut is continuously improving its products to meet the demands of professionals and amateurs alike. The company’s specialists develop products in close col-laboration 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, spec-tacular climbing routes such as the north face of the Eiger were filmed using 360º cameras. Thanks to this break-through, it is now possible for the first time in the history

Sporting Goods – Mammut Sports Group

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 (Switzer land). Mammut has grown into one of the most popular brands in the mountain sports and outdoor sec-tor. The fully automated logistics center, inaugurated in Wolfert schwenden (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

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

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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 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 func-tional 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 specifi-cations, 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.

Foam Materials – FoamPartner

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 Foam Partner master brand in 2000 brought the foam materials special-ists on three continents together under one roof.

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

Overview FoamPartner– Annual net revenue 2014: CHF 163.3 million– Number of employees: 581– Presence: worldwide sales network in 54 coun-

tries; 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

Bart J. ten Brink, CEO FoamPartner


“ We are on course to keep growing, expanding our offering in line with trends and strengthening our global position in the foam materials market. ”

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Jakob Rohner, CEO Schmid Rhyner


“ Schmid Rhyner sets groundbreaking market trends with innovative varnishes. Our relief varnishes from the Touch & Feel range trigger positive emotions through texture. ”

Founded in 1973, Schmid Rhyner is a leading supplier of print finishing products. The overprint varnishes can be used for partial or full varnishing, on high-quality printed matter and in printed packaging for the pharma ceutical, 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 devel-ops, 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 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: from graphic design to safety issues in food packaging.

Graphic Coatings – Schmid Rhyner

Schmid Rhyner was founded in 1880 and has a long tra-dition in the manufacture of coating materials. The com-pany 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

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

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Burghard Schneider, CEO Bystronic glass


“ Our customers worldwide may have high expectations, but as acknowledged experts in the treatment and processing of flat glass, we can deliver. ”

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, grind-ing 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 port folio 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 coop-erates 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

Glass Processing – Bystronic glass

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

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Plazza Immobilien manages the Conzzeta Group's port-folio 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 devel-opment 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 Ziege-leien 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 apart-ments 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.

Real Estate – Plazza Immobilien

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.

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

Overview Plazza Immobilien– Annual net revenue 2014: CHF 19.3 million– Number of employees: 16– Presence: properties throughout Switzerlandwww.plazza-immobilien.ch

Ralph Siegle, CEO Plazza Immobilien


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

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1980

1982

1987

1912–1

979

A hundred years of tradition and change

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

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

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

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

The Conzzeta Group traces its origins back to the 19th 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 com-pany began a program of cautious diversification, aimed at better risk distribution.

As a first step, in 1980, the company took up the manu-facture 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 busi-ness area, with worldwide operations. Systematic imple-mentation of the diversification strategy away from building materials led to the sale of the original core business with construction products in 1999. This coin-cided 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.

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


1818

1992

1994

20122014

Entry into machinery and systems engineering with acquisition of Bystronic Group

Conzzeta celebrates its 100th anniversary

Foundation of ZZ Immobilien AG, today Plazza Immobilien AG


A worker places tiles in a ring kiln.

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

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

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

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

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

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Conzzeta AGGiesshuebelstrasse 45CH-8045 Zurich

www.conzzeta.ch

group overview… · key facts 2014 – conzzeta operates worldwide in a variety of business...

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