ru t mpf - trumpf gmbh · pdf file115 consolidated profit ... p g > m helsinki moscow...

Trumpf

Ditzingen

48°N 9°E Trumpf annual reporT 2011/12

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tRUMPF group 2009/10 2010/11 2011/12 Changes to 2010/11

Sales in million € 1,340.0 2,023.8 2,328.2 +15.0%

Overseas Share in percent 71.8 70.8 71.2

Orders received in million € 1,488.4 2,219.3 2,347.7 +5.8%

Income before taxes in million € –59.4 185.3 210.9 +13.8%

Group net income/loss for the year in million € –70.3 139.5 167.1 +19.8%

Net operating margin before taxes in percent –4.4 9.2 9.1

Cash flow after taxes * in million € 4.0 207.7 221.7 +6.7%

Expenditure on fixed assets in million € 57.2 60.7 152.5 +151.2%

Expenditure for research and development in million € 129.4 158.0 193.4 +22.4%

Balance sheet total in million € 1,508.6 1,776.3 2,042.9 +15.0%

Equity in million € 758.7 833.1 924.7 +11.0%

Equity ratio in percent 50.3 46.9 45.3

Employees on June 30 number 7,928 8,546 9,555 +11.8%

Personnel expenses in million € 460.5 551.1 638.8 +15.9%

tRUMPF group figures

* Group net income/loss for the year after partners’ taxes plus depreciation and change in accruals for pensions and similar obligations

as well as special effects through first-time consolidation.

at a Glance>

TRUMPF annual report 2011/12fIGurES

chap.

Our WorldTrumpfannual reporT2011/12

360°

001TRUMPF annual report 2011/12

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03chaP. 04 05

00chaP. 01 02

Content

03083 group Management Report

085 Organization and fields of activity

086 Economic situation

089 Business development

092 results of operations, net assets and financial position

095 research and development

099 Procurement

100 Production

101 Processes and organization

102 Employees

104 risk report

110 Events since the end of

the fiscal year

110 Outlook

04113 consolidated

Financial Statements

114 Consolidated Balance Sheet

115 Consolidated Profit and Loss Account

116 Statement of Shareholders‘ Equity

118 Development of the Consolidated fixed Assets

119 Consolidated Cash flow Statement

120 Notes to the Consolidated financial Statements

140 Audit Opinion

05141 information

142 Global presence

143 Our responsibility to society

145 Imprint

003 Editorial

004 Our World

006 TruMPf

01007 Our World

009 Germany

025 Europe

041 The Americas

057 Asia

02071 company

073 Message of the management

074 Management of the TruMPf GmbH + Co. KG

077 Supervisory Board report

078 Company information

080 Milestones

002 TRUMPF annual report 2011/12CONTENT

> editorial

48°north 9°east

Those are the coordinates of Ditzingen in Germany, where we are based. and we are also active wherever our customers need us.

machine tools for flexible sheet-metal and tube processing, lasers and laser systems for production technology, high-performance electronics and high-quality medical technology for operating rooms and intensive care units: In all these complex and highly specialized sectors, we have made a name for ourselves with our expertise and our high quality standards. not only in Germany but across the whole of europe, asia and america, we offer our customers innova-tive solutions that are tailored precisely to their requirements. With a constant eye on the future and the long-term, we are working steadily on our own success story.

This annual report describes some of our most outstanding projects of the past fiscal year – with stories about growth from four regions.

FOUR RegiOnS. One WORlD.THE WOrLD Of TruMPf

>

003TRUMPF annual report 2011/12 EDITOrIAL

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9,555 employees53 locations29 Countries

360°

PRincetOn

ShelbURne FallS

FaRMingtOn

SÃO PaUlO

03 – The Americasr E A D M O r E PA G E 041

Trumpf

W O r L D W I D E S I N C E 19 2 3

004 TRUMPF annual report 2011/12our world

F G H I J

Shanghai

taicang

lOnDOn

Ditzingen

hettingen

MilanO

cleRMOnt-FeRRanD

PaRiS

rEPOrTS

04 – Asiar E A D M O r E PA G E 057

02 – Europer E A D M O r E PA G E 025

01 – Germany r E A D M O r E PA G E 009

METrOPOLITANrEGION INHABITANTS

005TRUMPF annual report 2011/12 our world

> Trumpf

Who we are. What we can do. and what we consider important.

Trumpf is a leading global technology company. With our innovative high-quality products, we offer our customers solutions to meet their needs. We demand outstanding results: in our products, our technologies, and our processes.

Headquartered in Ditzingen, we stand for quality “made in Germany”. Trumpf has around 60 subsidiaries, so the company is at home all over the world. as a family-owned company, our thoughts and actions are focused on the long term: for our employees and our customers, and in our relations with suppliers.

We are the market and technology leader for machine tools used in flexible sheet metal and tube processing, as well as for lasers and laser systems in production technology. In the electronics sector we provide process power supplies for high-tech applications. We also develop and produce high-quality medical technology for operating rooms and intensive care units. as a committed and competent partner to our customers, we develop solutions that give them the competitive edge.

WWW.tRUMPF.cOMTHE WOrLD Of TruMPf

>


Our World2011/12

01chaP.

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Europe

The Americas

Asia

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EurOPE

four regions. one world.the world of trUMPf

GermanyEurope

The AmericasAsia

THE AMErICAS ASIA

GErMANy


Germany


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Berlin/Brandenburg

5.9Region Hannover-Braunschweig-Göttingen-Wolfsburg

3.9

Rhein-Ruhr

11.7Rhein-Main

5.5

Stuttgart

5.3 Munich

5.6

Central Germany

6.9

neUkiRch

hettingen

SaalFelD

SchRaMbeRg

FReibURg

Hamburg

4.3

500 1500PErSONS IN EMPLOyMENT

PeRSOnS in eMPlOyMent accORDing tO SegMent

PuBLIC AND PrIvATE SErvICE PrOvIDErS

fINANCING, LEASING AND COrPOrATE SErvICES

INDuSTry, MANufACTurING

TrADE, HOTELS AND rESTAurANTS, TrANSPOrT LOGISTICS

AGrICuLTurE, fISHING, MINING

Ditzingen

geRlingen

PUchheiM

Germany48°norTH 9°eaST*I N H A B I TA N T S 81.7 millionG r O S S D O M E S T I C P r O D u C T ( 2 011) 2,570 billion EuroL O C AT I O N S 8E M P L O y E E S 5,207


F G H I J

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helSinki

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< NEW yOrK


>

>

Ditzingen

Gerlingen

2,512employees

OFFice SPace

aRea

PRODUctiOn

HEADquArTErS

Punch laser machines, laser systems, CO2 lasers

PRODUctS

Baden-Wurttemberg

FeDeRal State

92employees

MACHINE TOOLS

Punching tools

PRODUctS

Baden-Wurttemberg

FeDeRal State


>

>

> freiburg

Hettingen

445employees

461employees

High and medium frequency generators

PRODUctS

Punching machines, laser tube cutting machines, laser cutting machines

PRODUctS

ELECTrONICS

MACHINE TOOLS

Baden-Wurttemberg

FeDeRal State

Baden-Wurttemberg

FeDeRal State


Saalfeld>

neukirch>

32apprentices

Laser cutting machines, automation components

PRODUctS

Saxony

FeDeRal State

Thuringia

FeDeRal State

Operating tables, patient transport systems

PRODUctS

MEDICAL TECHNOLOGy

396employees

393employees

OFFice SPace

aRea

PRODUctiOn

MACHINE TOOLS


Schramberg>

puchheim>

Baden-Wurttemberg

FeDeRal State

Solid-state lasers, laser systems

PRODUctS

LASEr TECHNOLOGy

734employees

Surgical lights, supply units

PRODUctS

Bavaria

FeDeRal State

MEDICAL TECHNOLOGy

174employees

„Schramberg has a long tradition in

high technology. our employees develop

solid-state lasers for the manufacturing of tomorrow‘s products.“

/ Dr. peTer leIBInGer



FromDitzingento Ditzingen –via the World48°norTH 9°eaST

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evelyn konradfrom Ditzingen to Ditzingen – via the World

evelyn konrad‘s break

Evelyn Konrad dealt with the last recession in her own special way: she decided to take a 18-month sabbatical. First she went to Edinburgh, where she obtained a Master’s degree in International Business and Emerging Markets. Then a round-the-world trip took her to Thailand, Hong-kong, Singapore and Malaysia, followed by Australia and New Zealand, then on to Chile, Argentina, and Easter Island, followed by Bolivia and Peru. And fi nally a Carib-bean cruise to round everything off. Today, TRUMPF is happy to have her back in Ditzingen! The freedom to have experiences like these is something the company has been granting its employees since 2009. 2011, the company made it a part of a highly fl exible worktime model that is oriented toward the different phases in a person’s life. With its new Work Alliance 2016, TRUMPF is not only enabling its employees to take long sabbaticals but also allowing them shorter breaks from work. They have the chance to individually defi ne their weekly worktime – and can also redefi ne it every two years.


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E v E Ly N KO N r A D

S t e F F e n b R a U n

A N D r E A S K E T T N E r

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Modernizationin TRUMPF’sSwabian gem48°norTH 9°eaST


Steffen braunmodernization in Trumpf’s Swabian gem

Steffen braun has a double function

Steffen Braun is the plant manager in charge of productionin Hettingen, where TRUMPF produces punching machines, laser tube cutting systems, laser fl atbed machines and sub-assemblies for punching and laser machines. Currently, Steffen Braun is busy mastering a further challenge: He has to coordinate extensive conversion and rebuilding work at the facility, while making sure there are no drops in pro-duction capacity. The plan is to deconstruct the existing halls and replace them with new ones by 2019, in four construc-tion phases. After the conversion work, the site will have production space of 31,000 square meters – and manufac-turing conditions there will remain competitive for decades. Braun’s mission statement is clear: “Production has torun smoothly“.


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Havinga choice48°norTH 9°eaST


andreas kettnerHaving a choice

andreas kettner – a visionary

Andreas Kettner believed in the trend to equip machine tools with solid-state lasers. That they were the only sensible laser type of choice, however, he did not. He had his own vision of the 2D laser world of the future. Now, within just three years, TRUMPF has provided its entire fl atbed laser machine portfolio with a choice of lasers. Customers can now decide individually, according to their specifi c needs, whether they want to equip their TruLaser machines with a CO2 laser or a solid-state laser. The reason it’s all so simple is because TRUMPF has the right laser and the right model to suit every application. And Andreas Kettner already has new visions.

Europe

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IMPOrT / in billion USD

ExPOrT / in billion USD

1 METAL INDuSTry2 MECHANICAL

ENGINEErING3 SHIP BuILDING4 AuTOMOTIvE

INDuSTry

5 AErOSPACE ENGINEErING

6 ELECTrICAL ENGINEErING

7 ELECTrONICS8 OPTICS/PHOTONICS

Moscow

17.1

pOznan

praha

WarSaW

zagreB

zielOnka

PaSching

SOUthaMPtOn

baaR

gRüSch

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14.3

Île-de-France

12.0

North-West

14.0

Istanbul

15.0

hengelO

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lutOn

pariS

alingSÅS

Europe55°norTH 37°eaST*I N H A B I TA N T S 1.5 billion G r O S S D O M E S T I C P r O D u C T ( 2 011) 12,640.8 billion EuroL O C AT I O N S 21E M P L O y E E S 2,479

madrid

604

527

431

432

689

796

hagUenaU

milanO

562

558

BrnO


I JGf H I

B a r e n t sS e a

GEOATLAS® WORLD VECTOR - GRAPHI-OGRE® - France - 1997

Kairo

18.1Katar

1.7

Dubai

1.8

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duBai

B l a c k S e a

mOScOW

SALESAND SErvICE

PrODuCTIONLOCATION


Middle EastL O C AT I O N S 2


>

>

Baar

Haguenau

247employees

MACHINE TOOLS

Components for laser, punching and bending machines

PRODUctS

Switzerland

cOUntRy

129employees Machine frames

PRODUctS

france

cOUntRy

OFFice SPace

aRea

PRODUctiOn

MACHINE TOOLS


>

liberec>

> Grüsch

1700

1500

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1100

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700

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5 10 15 2 0 2 5 3 0

1900

Automation components

PRODUctS

91employees

527employees Laser cutting machines, laser marking

systems, power tools

PRODUctS

MACHINE TOOLS, LASEr TECHNOLOGy

Switzerland

cOUntRy

Czech republic

cOUntRy

kM

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Pr

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MACHINE TOOLS


> pasching

Zielonka>

414employees Bending machines, bending tools,

bending cells

PRODUctS

Austria

cOUntRy

DC generators

PRODUctS

Poland

cOUntRy

ELECTrONICS

140employees

MACHINE TOOLS


>

Southampton>

employees

fiber lasers

PRODUctS

Great Britain

cOUntRy

241employees

yeaR

eMPlOyeeS

LASEr TECHNOLOGy

2500

2250

2000

1750

1500

1250

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0 7 / 0 8 0 8 / 0 9 0 9 / 10 10 / 11 11 / 12

EurOPE (ExCLuDING GErMANy)



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t h i e R R y b e R g e R

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C H r I S T O P H H E r T z L E r

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WorkingTogether48°norTH 2°eaST45°norTH 3°eaST


thierry berger und Ulrich haasWorking Together

thierry berger and Ulrich haas are happy to cooperate

Thierry Berger and Ulrich Haas believe in cooperation. Both are responsible for TRUMPF’s business in France – Berger is in charge of the medical technology division in Clermont-Ferrand, and Haas is responsible for machine tools and laser technology in Paris. Until a short while ago they only bumped into each other now and then, but this year they’ve been a close-knit team – thanks to a joint showroom for production technology and medical tech-nology in Paris. The machine tools and lasers there have now been joined by two real-life replica operating theaters and one intensive care unit, all equipped with the latest TRUMPF technology. This is where surgeons, healthcare staff, clinic managers and planning experts can experience the workplaces of the future. And since this cooperation has gone so smoothly, Berger and Haas will soon be opening a small showroom for machine tools and lasers at the medical technology facility in Clermont-Ferrand.


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T H I E r r y B E r G E r

A N D u L r I C H H A A S

U t e g a U g e R a n D

c h R i S t O P h h e R t z l e R

T O M D I x O N

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Shortwaves48°norTH 9°eaST


Ute gauger and christoph hertzlerShort waves

Waves can‘t be short enough for Ute gaugerand christoph hertzler

Ute Gauger and Christoph Hertzler are working on a Euro-pean-American laser development project, and the target is a light pulse with a wavelength of just 13.5 nanometers. Only a pulse as tiny as that will enable processing of ever smaller structures on chips and processors – and it also upholds the validity of Moore’s Law which states that the performance of computer chips doubles roughly every 20 months, making computers and cell phones faster and more powerful all the time. For the next chip generation an extremely short-wave-length ultraviolet beam will be used to illuminate a mask, serving as a basis for the arrangement of a chip’s conductors and electronic elements. A special optic projects the mask onto a silicon substrate. The CO2 laser plays a crucial role here: its beam hits a droplet of tin inside a vacuum chamber, making it emit the necessary EUV light with the special wave -length. So for Gauger and Hertzler the rule is: the shorter, the better.


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T H I E r r y B E r G E r

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t O M D i x O n

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Madaboutmetal 51°norTH 0°WeST45°norTH 9°eaST


tom Dixonmad about metal

tom Dixon is into sheet metal design

As a material, sheet metal has long fascinated prizewin-ning designer Tom Dixon. This is why he and TRUMPF embarked on an unusual design project together. For the Milan Design Week 2012, Tom Dixon designed products made from sheet metal that he had produced on TRUMPF machines. What’s special is that the machines were not located in a factory hall, but spent the duration of the Design Week in Milan’s Museum of Science and Techno-logy. Machine operators and sales staff from TRUMPF Italy spent six days there manufacturing hundreds of chairs and lampshades on a TruPunch 3000 punching machine and a TruBend 5130 bending machine. The products were then placed in a special location: a former refectory served as Dixon’s pop-up restaurant. Sheet metal is defi nitely a versatile material!

The Americas


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g u l f o fm e x i c o

g u l f o fa l a s k a

B e r i n gS e a

New YorkMetropolitan Area

18.8

Chicago

10.0Greater LosAngeles Area

18.6

Detroit

6.6

Mexico City

19.2

miSSiSSauga

plymOuth

aPODaca

Santa clara

chaRleStOn

PRincetOn

FaRMingtOn

1.78

91.

141

North America41°norTH 72°WeST*I N H A B I TA N T S 528 millionG r O S S D O M E S T I C P r O D u C T ( 2 011) 18,389 billion uSDL O C AT I O N S 7E M P L O y E E S 888

336 36

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226

206

1 2 3 4 5 6 7 8

IMPOrT

ExPOrT/ in billion USD

1 METAL INDuSTry2 MECHANICAL


INDuSTry





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Gran Buenos Aires

15.1Rio de Janeiro

12.8

São Paulo

19.2

SÃO paulO

8210

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South America23°SouTH 46°WeST*I N H A B I TA N T S 400 millionG r O S S D O M E S T I C P r O D u C T ( 2 011) 4,797 billion uSDL O C AT I O N S 1E M P L O y E E S 68

SALESAND SErvICE

PrODuCTIONLOCATION



> Charleston

> farmington

chaRleStOn

2

1

54employees Surgical lights, supply units

PRODUctS

MEDICAL TECHNOLOGy

South Carolina

FeDeRal State

626employees Laser cutting machines, punching

machines, punching tools, CO2 lasers

PRODUctS

Connecticut

FeDeRal State

1 AIrPOrT2 HArBOr

MACHINE TOOLS, LASEr TECHNOLOGy


> princeton

> apodaca

127employees

LASEr TECHNOLOGy

Laser diodes, pump sources, optical components, r f generators

PRODUctS

New Jersey

FeDeRal State

47employees Machine frames

PRODUctS

MACHINE TOOLS

Mexico

cOUntRy

OFFice SPace

aRea

PRODUctiOn



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A High-Tech Beauty41°norTH 72°WeST


Dale Pelletiera High-Tech Beauty

Dale Pelletier loves his job and his harley

Whenever the weather allows, Dale Pelletier rides his Harley to work. And he’s connected with the machine in more ways than one: His job at TRUMPF is helping Harley-Davidson to manufacture its high-quality bikes in the fi rst place. The fender guard and the gas tank are cut using a TruLaser Cell 7040 equipped with a TruFlow 5000. With its cutting speeds of up to 40 meters per minute and up to 5 kilowatts of laser power, the fi ve-axis machining center enables very high cut quality. And motorcyclist Pelletier works on the laser production team at TRUMPF in Farmington that pro-duces the lasers for the TruLaser Cell. That’s why he takesa very special pride in his high-tech beauty.


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Brazilian Games23°SouTH 46°WeST


João visettiBrazilian Games

João visetti and the World cup

Brazil is getting ready for two big sporting events: the 2014 FIFA World Cup, and the Olympic Games in 2016. For the World Cup alone, the country is expecting half a million visitors – and all of them will need transportation and accommodation. Eight stadiums have to be renovated or built. The infrastructure will also require sheet metal – and with this TRUMPF machine tools and lasers. João Visetti, the head of TRUMPF Brazil, is working with his team to ensure that the Brazilian customers will be able to use them. For years now the subsidiary has been achieving double-digit growth rates, helping to make sure that Brazil is optimally equipped to deal with all those visitors from across the globe.


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Fascinating small things40°norTH 74°WeST


carl Miesterfascinating small things

carl Miester puts his heart and mind into the diode

This year Carl Miester is celebrating his tenth year with the company. He was one of the employees who came to TRUMPF in 2002 when TRUMPF Photonics Inc. was founded, and he’s been crazy about the development and production of laser diodes ever since. Each diode is a laser beam source in its own right – a source so uncomplicated, compact, effi cient and inexpensive that it calls into question a lot of conventional methods and laser technologies. Diodes are the most compact form of beam source in existence. They generate laser light within themselves and directly from electric power. They can be manufactured in large quantities using modern chip production technology. They are monolithic, and therefore robust. Their service life is incredibly long, and getting longer all the time. And since they require no pump source, they’re incredibly effi cient – with 50 percent energy utilization on average, and potential of up to 80 percent. Diodes are indeed fascinating.


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Brass, copper,aluminum, stainless steel?42°norTH 72°WeST41°norTH 72°WeST


annette Doyle and brian hayesBrass, copper, aluminum, stainless steel?

annette Doyle and brian hayes are cutting experts

Annette Doyle’s work has a special rhythm to it: she and her team of 70 people on the fl ow assembly line in Farm-ington produce a new TRUMPF laser cutting or punching machine every fi ve hours. For nearly a year now they’vealso been assembling the TruLaser 1030 fi ber there – and the machine is the perfect choice for Brian Hayes. He’sin charge of the oldest cutlery manufacturing company inthe USA. Lamson & Goodnow have produced cutlery and kitchen accessories since 1837 in Shelburne Falls. To continue the proud tradition of his company, Hayes relies on laser cutting using a solid-state laser machine from TRUMPF. With his TruLaser 1030 fiber he can extend his product range considerably. He uses it forcutting brass and copper in addition to aluminum andstainless steel – and his average processing times havenow become 50 percent faster.

Asia


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19.2

Delhi

18.6

pune

1 2 3 4 5 6 7 8

Asia31°norTH 121°eaST*I N H A B I TA N T S 4 billion G r O S S D O M E S T I C P r O D u C T ( 2 011) 31,641 billion uSDL O C AT I O N S 14E M P L O y E E S 913

138

115

IMPOrT

ExPOrT/ in billion USD

1 METALL INDuSTry2 MECHANICAL


INDuSTry





F G H I J

O

ce

an

p

a

ci

Fi

c

O

c e a n

in

di

a n

g u l f o ft h a i l a n d

B e r i n gS e a

Se

a

o

f O

k h o t s k

an

da

ma

n

Se

a

Hongkong-Shenzhen

15.8

Shanghai

16.7

Peking

12.5

Sudogwon

22.6

Tokyo

37.5

Singapore

5.0

Jakarta

18.9

peking

taO-yuan Shien

yOkOhama

hanOi

SingapOre

SeOul

hOng kOng

Shanghai

hO chi minh city

kuala lumpur

tangerang

DOnggUan

taicang

Osaka-Kobe-Kyoto

17,4

589 66

1

274 29

4

663 65

5

204 22

1

SALESAND SErvICE

PrODuCTIONLOCATION



> yokohama

Taicang>

119employees Disk lasers

PRODUctS

LASEr TECHNOLOGy

Japan

cOUntRy

440employees

MACHINE TOOLS, MEDICAL TECHNOLOGy

Laser cutting machines, punching machines, machine frames, supply

units, operating tables

PRODUctS

China

cOUntRy

OFFice SPace

aRea

PRODUctiOn


>

>

500

450

400

350

300

250

200

0 7 / 0 8 0 8 / 0 9 0 9 / 10 10 / 11 11 / 12

55employees

+9.5percent

Laser marking systems

PRODUctS

Singapore

cOUntRy

Singapore

Sales

yeaR

SaleS in million €

ASIA

LASEr TECHNOLOGy



>

0402 0301 050

chap.

R U i h U a n g

J I N G J I N G z H A O

T O N y H u A N D

J E f f E r y x I A

66

68

p

More ofthe same31°norTH 121°eaST


Rui huangmore of the same

Rui hang enlarges the production in taicang

Rui Huang, head of the machine tools production unit at TRUMPF in Taicang, just couldn’t get enough and wanted more of the same! TRUMPF had opened the production facility there in 2009. With space of around 14,000 square meters, it housed the assembly plant for 2D laser cutting machines, a job shop, a laser applications center and the assembly area for our medical technology products. The problem was that within just a few months, steadily grow-ing production volume meant that the whole place was full to capacity: Chinese customers were using the job shop to learn how to implement the very latest production organi-zation; tests were being arranged on behalf of customers at the laser applications center, so it was constantly booked out; and then Medical Technology opted to manufacture further products in Taicang. A quick and easy decision was made and, at the beginning of 2012, TRUMPF’s 10,000 square meter extension began operations. Rui Hang and his colleagues now have double the amount of space.


>

0402 0301 050

chap.

r u I H u A N G

J i n g J i n g z h a O

T O N y H u A N D

J E f f E r y x I A

Transparent development31°norTH 121°eaST

64

68

p


Jingjing zhaoTransparent development

Jingjing zhao improves heat insulation via glass

The majority of the population of Asia is rural rather than urban, but migration to the cities is steadily increas-ing. And so is demand for workspace, living space – and architectural glass. Jingjing Zhao is benefi ting from this development: she and her team are ensuring that modern glazing techniques are also being used in Asia. Coated glass improves heat insulation considerably, reducing heat-ing and air-conditioning costs as well as CO2 emissions. The technology requires micron-thin coatings on glass or plastics. A block of the material used for this coating is physically vaporized in a vacuum. A gas mixture from atomic particles develops. The particles then deposit on the material that is to be coated. Our high-performance gen-erators couple the required ignition and process power into the plasma. It may just be thin glass, but it opens up wide fi elds for Jingjing Zhao.


>

0402 0301 050

chap.

r u I H u A N G

J I N G J I N G z H A O

t O n y h U a n D

J e F F e R y x i a

Keeping China mobile31°norTH 121°eaST

64

66

p


tony hu and Jeffery xiaKeeping China mobile

tony hu and Jeffery xia promotethe laser in the automotive industry

In 2011, with around 18 million vehicles manufactured, China was the largest automotive market in the world. So Tony Hu and Jeffery Xia didn’t need to get industry in China moving. Tony Hu is responsible for service and ensures the 24/7 availability of the customers’ systems. And application engineer Jeffery Xia makes sure that the lasers of the automotive customers both inside and outside China are programmed and set-up. There are certainly enough applications around today. Lasers and machines by TRUMPF are used in the production of nearly every modern automobile – for the chassis, the drivetrain or the controls. The latest fi eld of application is electromobil-ity. Laser-supported production methods are ideal for the manufacture of rapid-charge high-powered batteries as well as production of electromotor components. Whatever direction the automotive sector takes, Tony Hu and Jeffery Xia will be following it closely.

company2011/12

02chaP.

Contentp

Message of the management

Management

Supervisory Board report

Company information

Milestones

073

074

077

078

080


0401 0302 050

COMPANy

chap.

072 TRUMPF annual report 2011/12COMPANy

>

ladies and gentlemen,

2011/12 was the most profitable year in the history of TRUMPF. Following an already very successful previous year we increased our sales yet again and, with sales of 2.33 billion Euro, we exceeded our previous record figure from fiscal 2007/08.

And we managed this despite the fact that the world economic situation has gradually worsened. The sovereign debt crises in Europe and America, combined with weaker growth in former boom regions, have brought uncertainty to the markets and are continuing to do so. Over the past year TRUMPF largely succeeded in avoiding the economic impact of these uncertainties. There were three key reasons for this:

n We have the right products. Thanks to our combination of quality and a culture of innova-tion, we can promise our customers that our products will give them the competitive edge even when times get difficult.

n We are present in the right markets. We take advantage of growth opportunities wherever they arise. In China for instance, still the largest of the growth markets, we doubled our production space and are continuing to expand. And in classic markets like the USA we grew sharply, against the trend, by taking strategic advantage of our opportunities there.

n We have the right employees. In Germany, too, competition to secure the best minds is becoming fiercer, yet despite this we managed to acquire highly-qualified employees and further strengthen our research and development activities in particular. Our new, flex-ible Work Alliance is helping us to better satisfy the wishes of our personnel as a modern employer, and to keep them at TRUMPF on a lasting basis. The TRUMPF Work Alliance is still regarded as something quite unique in all of Germany.

My thanks go to everyone who contributed to this success: our employees, who devoted so much creativity, ideas and hard work to the company; our partners and suppliers, without whom none of our innovative product solutions would have been possible; and above all, our customers, whose requirements and stimulating input helped us to find new solutions.

A lot of evidence suggests that economic and fiscal problems could overshadow the new fiscal year at TRUMPF. We are confident, however, that we will also be able to turn 2012/13 into a good year for our company. TRUMPF intends to keep on growing – and we have the best prerequisites to do so.

Ditzingen, October 2012

DR. Phil . nicOla leibingeR-kaMMülleRPrESIDENT AND CHAIrWOMAN Of THE MANAGING BOArD

message of the management

073TRUMPF annual report 2011/12 COMPANy

> management


ManageMent OF the tRUMPF gMbh + cO. kg

StanDing Dr. PHIL. NICOLA LEIBINGEr-KAMMüLLEr, Dr.- ING. E.H. PETEr LEIBINGEr, Dr. rEr. POL. LArS GrüNErT

Sit t ing Dr.- ING. MATHIAS KAMMüLLEr, DIPL.-ÖK. HArALD vÖLKEr, Dr. rEr. SOC. GErHArD rüBLING


>

ladies and gentlemen,

Despite the continuing sovereign debt crises in Europe and America, the TRUMPF Group ended the 2011/12 fiscal year with astonishingly good results. The company managed to largely steer clear of the uncertainties in the world economy and to continue its growth of the previous year. Sales and profits were sharply higher than those registered one year earlier. This success was based on the company’s competitive products, its international presence, careful decisions made by management, and the commitment of the company’s employees. The Supervisory Board thanks the Managing Board and all employees for this remarkable achievement. We are convinced that we have all the prerequisites for further success in the new fiscal year as well.

The Supervisory Board met three times during the period under review. During those meetings, current developments were presented by the Managing Board and discussed in detail. The finan-cial development of the company was discussed, together with product development and invest-ments scheduled for the coming year.

The Supervisory Board made recommendations with regard to all important developments. The constantly close communication between the Managing Board and the Chairman of the Supervisory Board was very helpful in this regard.

The annual balance of accounts, the consolidated financial statement and the group manage-ment report were audited by Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart, and each section was issued a clean audit certificate. The auditor reported detailed findings concerning the annual balance of accounts and consolidated financial statement to the Supervi-sory Board at its most recent meeting. The Supervisory Board has acknowledged and approved the reports presented, as well as the results of the annual balance of accounts and consolidated financial statement audit. After completing its own audits of the annual balance of accounts, the proposed appropriation of earnings, the consolidated financial statement as well as the group management report, the Supervisory Board accepted without objection the annual balance of accounts and the consolidated financial statement as presented by the Managing Board.

Ditzingen, October 2012

PROF. DR.- ing. e.h. beRthOlD leibingeRCHAIrMAN

Supervisory Board report


Management of the trumpf GmbH + Co. KG

Dr. phil. nicola leibinger-kammüller

President and Chairwoman of the Managing Board,

responsible for strategic development, corporate

communication, as well as real estate and facilities

Dr.-ing. e.h. Peter leibinger

vice-Chairman of the Managing Board, head of the

Laser Technology and Electronics Division, responsible

for group-wide research and development, as well as

new business fields

Dr. rer. pol. lars grünert

responsible for information technology,

organizational development and central

purchasing as well as finance and controlling

Laser Technology / Electronics

Dr.-ing. Mathias kammüller

Head of the Machine Tool Division, responsible for

group-wide production and quality management

Dipl.-ing. Friedrich kilian

responsible for central purchasing and research

and development in the Machine Tool Division

(until 12/31/2011)

Dr. rer. soc. gerhard Rübling

Labor Director, responsible for group-wide human

resources and services in the Machine Tool Division

Dipl.-Ök. harald völker

Chief financial Officer, head of the Medical Techno-

logy Division, responsible for corporate finance and

controlling, legal affairs and acquisition management

Partners

Family leibinger

96.2 percent

berthold leibinger Stiftung gmbh *

3.8 percent

* Indirectly via Berthold Leibinger Beteiligungen GmbH

Company information>


Supervisory boardof the Berthold leibinger GmbH

Prof. Dr.-ing. e.h. berthold leibinger

Gerlingen

Chairman of the Supervisory Board

gerd Duffke *

Bietigheim-Bissingen

vice-Chairman of the Supervisory Board,

Head of Professional qualification,

Personnel Development

at TruMPf GmbH + Co. KG in Ditzingen

hans-Rainer balbach *

Gerlingen

Works council of TruMPf Werkzeug-

maschinen GmbH + Co. KG in Ditzingen

Johann baur * (until 12/31/2011)

herr volker buchmann * (since 01/01/2012)

unterwellenborn

Chairman of the general works council of

TruMPf Medizin Systeme GmbH + Co. KG

Prof. Dr. hermut kormann

Heidenheim

former Chairman of the Board of Management

of voith GmbH

Rupert kraus * (until 12/31/2011)

Doris leibinger

Gerlingen

Prof. Dipl.-ing. / M. arch. Regine leibinger

Berlin

Architect, Barkow Leibinger Architects

Monika lersmacher *

Kornwestheim

union Secretary of the IG Metall

Baden-Württemberg

Martin Röll * (since 01/19/2012)

Tübingen

Second Authorized representative

of IG Metall Baden-Württemberg

Joachim e. Schielke

Stuttgart


Baden-Württembergische Bank, Stuttgart,

former Member of the Board of Management

Landesbank Baden-Württemberg, Stuttgart

andreas Schulz *

Gerlingen

Plant Manager Ditzingen,

TruMPf Werkzeugmaschinen GmbH + Co. KG

Prof. Dr. Dr. oec. h. c. Walther zügel

Stuttgart


Landesgirokasse Stuttgart

* Employee representatives


07.2011 01.2012H 1 H 3

h

> milestones

Fiscal year 2011/12 Special events

07.2011– 01.2012

bosch Supplier award for tRUMPF

TRUMPF has once again been honored with the Bosch Supplier Award in the Machinery and Equip-ment category for the second time in a row. With this award, Bosch recognizes companies that have provided outstanding services in the manufac-ture and delivery of products or services in the past two years, especially with regard to quality, pricing, reliability, technology and continuous improvement.

H 2

environment award of the state of baden- Wurttemberg for skeleton-free punching

TRUMPF is honored with the second prize of the environment award for its technology of skeleton free punching in the category material efficiency. The jury praised the unique concept that perfectly aligns ma-chines, software and new tools with one another and does not leave scrap skeleton after processing.

new Work alliance with high-flexibility worktime model

As of January 1, 2012 TRUMPF offers its employees a new worktime model with a flexibility that is unique in Germany. At the heart of the model is a flexible worktime regulation enabling employees to make new decisions every two years on how many hours a week they want to work. They can choose from anywhere between 15 and 40 hours, adapting their worktime to respective phases in their lives. The new Work Alliance also enables longer absences for, say, sabbaticals, or shorter ones for temporary breaks.


45° bevel cuts

02.2012 03.2012H 4 H 6

h 7 h 7

02.2012– 03.2012

expansion of production location taicang

The company puts the expansion of the Chinese production location Taicang into operation. The as-sembly with 14,000 square meters has been enlarged by additional 10,000 square meters. TRUMPF pro-duces 2D laser cutting machines, punching machines and medical technology products in Taicang.

H 5

1000. trulaser 3030 from grüsch

The one thousandth TruLaser 3030 left the assembly line in Grüsch, Switzerland. It is TRUMPF’s best-selling product, all around the world.

innovation Prize for tRUMPF austria

TRUMPF Maschinen Austria has been awarded the 2012 Innovation Prize, an honor presented by the government of Austria. The company won against a field of 627 competitors for this prize, which is the Aus-trian government’s highest recognition for innovative achievement. Having won the “Factory 2011” award last year, this is the second prize for TRUMPF Maschi-nen Austria within a year.

H 7

new trulaser tube 7000

The Tube industry show, taking place at the Düsseldorf Fairgrounds, is the stage where TRUMPF unveils the new laser tube cutting machine TruLaser Tube 7000 with its numerous unique functions. For the first time ever, it is fitted with a new pivoting laser cutting head. The capacity to make bevel cuts, slanted by up to 45 degrees and superior in quality, opens up entirely new manufacturing options.


>

06.2012H 1104.2012H 8

h h 9

04.2012– 06.2012

06.2012H 10

Medical technology Showroom in Paris

TRUMPF inaugurates a new show-room for its products in Paris. The showroom, a realistic reproduction of the clinical situation in actual practice, comprises two operating rooms equipped with the very latest TRUMPF systems plus an intensive care unit. It provides an oppor-tunity for surgeons, OR nurses, hospital managers and planning engineers to see how state-of-the-art work-places of the future might look.

H 9

World and european Premiere at the in-house trade show intech

At the company’s Intech in-house trade fair, TRUMPF celebrates the world premiere of its new 5-axis laser processing system, the TruLaser Cell 3000 for cutting and welding. A second innovation is the 2D laser cutting machine TruLaser 1030 fiber. The 2D laser unit is equipped with a TruDisk 2001 solid-state laser, expanding the range of applications for the TruLaser Series 1000.

Opening of truDisk assembly in yokohama

TRUMPF opens an Asian production location for disk lasers. Dr. Peter Leibinger, Vice Chairman of the Managing Board, officially inaugurated the new TruDisk production.

ground breaking ceremony for extensive renovation of hettingen plant

TRUMPF starts an extensive renovation and recon-struction of its Hettingen plant on the Swabian Alps. In the years to come, TRUMPF will construct 23,000 square meters of new production and assembly areas. This will enlarge the location by 40 percent.

milestones

Fiscal year 2011/12 Special events


group Management Report2011/12

03chaP.

Contentp

Organization and fields of activity

Economic situation

Business development

results of operations, net assets and financial position

research and development

Procurement

Production

Processes and organization

Employees

risk report

Events since the end of the fiscal year

Outlook

085

086

089

092

095

099

100

101

102

104

110

110

083TRUMPF annual report 2011/12 GrOuP MANAGEMENT rEPOrT

>

01 02 03 05040

chap.

1

2

>

2,328.2 sales in million €

Machine tOOlS

Machine tools

Machine tools for flexible sheet metal and tube processing

laser technology

Lasers for production technology

electronics

Power generators for high technology processes

MeDical technOlOgy

Medical technology

Equipment for operating rooms and intensive care units

Information

laSeR technOlOgy/ electROnicS

084 TRUMPF annual report 2011/12GrOuP MANAGEMENT rEPOrT

Organization and fields of activity

tRUMPF is a manufacturer of machine tools, laser technology, electronics and medical technology. Our mission is to be a worldwide leader in technology and innovation and to bring our customers success in their relevant sectors with our products and technologies.

Under the roof of our holding company, tRUMPF GmbH + Co. KG, are three business divisions encompassing four business fields: Machine tools, Laser technology/Electronics, and Medical technology.

Our largest area of activity comprises machine tools for flexible sheet metal processing, punching and forming, laser processing, combined punching and laser processing, and bending. Standardized system components enable automated production solutions.

In laser technology, the tRUMPF product range includes laser systems for cutting, welding and surface processing of three-dimensional components, high-performance CO2 lasers, lamp, disk and fiber lasers, diode direct lasers, ultra-short pulse lasers, marking lasers and marking systems.

the electronics field includes radio-frequency and medium-frequency generators for induction heating, for surface coating and surface processing via plasma technology, as well as for laser excitation.

In Medical technology, tRUMPF offers system solutions for operating rooms and intensive care departments including operating tables, surgical lights, and ceiling supply units for medical devices.

In all of our divisions we support our customers with comprehensive service that covers the entire life cycle of our products. From financing, consulting, training and technical service to used equipment trade-in, we offer a full service package.

Group management reportfor fiscal year 2011/12

085TRUMPF annual report 2011/12 group management report

the Machine tools and Laser technology divisions are based in Ditzingen, while the Electronics division is centered in Freiburg and the Medical technology division is headquartered in Puchheim and Saalfeld.

the tRUMPF Group is represented in all the world’s important markets with 56 operational subsidiaries – in Europe, the Americas and the Asia/Pacific region. Production plants are located in Germany, China, France, Great Britain, Japan, Mexico, Austria, Poland, Switzerland, Singapore, the Czech Republic and the United States.

Economic situation

World economy defies uncertainties caused by Euro crisis

In the year 2011 the economy was not able to continue the strong growth of 2010. In the first half of the fiscal year there was only a slight increase in the global gross domestic product (GDP). the sharp rise in prices for raw materials had a negative influence. the consequences of the earthquake in Japan had a tangible effect on production, even beyond the country’s borders. In the second half of the fiscal year, the world economy was especially affected by uncertainties in the financial markets resulting from the sovereign debt crisis in the Eurozone.

According to the International Monetary Fund (IMF), global GDP rose by 3.9 percent in 2011. this growth was driven not only by the economic boom of the previous year but also by the strong economic development in emerging countries. their GDP increased by 6.2 percent in relation to 2010. In Asia, with an increase of 9.2 percent, the Chinese economy grew the most rapidly, albeit less dynamically than the previous year. Japan’s gross domestic product fell by 0.7 percent as a result of the earthquake. In the USA, growth was curbed by the high level of public and private debt, as well as by the difficult situation faced by the labor market. According to IMF calculations, GDP grew by 1.7 percent. In Europe, economic development differed greatly and, with a growth of 1.4 percent, was more lateral than anything else. Germany closed 2011 well with an increase of 3.1 percent.

Graphic 01

07 1108 09 10

GROss DOMEsTic PRODUcT WORlDWiDEChange in %

01

5.4

2.8

5.3

–0.6

3.9

Source: International Monetary Fund

086 TRUMPF annual report 2011/12group management report

Demand for capital goods in 2011 was also less brisk than in 2010. Apart from the sharp decline in investments for production equipment in the crisis-hit countries of Greece and Portugal, this development can primarily be regarded as normalization at a satisfactory level. Government anti-recession packages expired worldwide. Investment demand in the USA is still high. Expen-ditures on production equipment there rose by almost 10 percent in relation to the previous year, according to preliminary figures issued by the German Engineering Federation (VDMA). In Germany, investments increased by around 8 percent.

German machine tool industry back to pre-recession level

In 2011, after a strong showing in the previous year, the German machine tool industry saw an additional rise in orders received of 45 percent, amounting to € 16.7 billion. According to figures issued by the German Machine tool Builders’ Association, this means that the industry has now surpassed the pre-recession level of 2007. Foreign demand, from Asia and Europe, was a major contributing factor here, and, as a result, production in 2011 rose from € 9.9 billion to € 12.9 billion.

In 2011, the figure for global production of machine tools increased by 30 percent to € 62.4 billion. the market share of the producing countries continued to develop as it did during the previous year. China remains the largest producer with a share of 23 percent, followed by Japan at 21 percent. Germany comes in third with 15 percent.

laser market growth very dynamic

In 2011, according to a survey carried out by Optech Consulting, the world market of laser systems for material processing reached a volume of € 7.2 billion. this placed it 22 percent ahead of the previous year’s figure. Asia registered the highest growth rates by far. In China, Korea, and taiwan there was a sharp rise in demand for lasers, but demand also rose in other countries, India and Brazil for example, with fast-growing industrial production.


Laser systems for macro-processing achieved a market volume of approximately € 5 billion. Laser systems for micro-processing, systems for the production of semiconductors, flat screens, circuit boards and photovoltaic cells accounted for the remaining € 2 billion. Macro- and micro-processing with lasers contributed equally to the dynamic growth experienced by the industry.

Growth tempo in electronics market normalizing

With a market volume of € 2,998 billion for 2011 predicted by the German industry association ZVEI, the electrical industry is the largest sector in the world. In the past year it registered an increase of 7 percent.

the German electrical industry is also in good shape. Sales rose by 8.9 percent to € 178.4 billion. this puts Germany and its market volume in fourth place. China has the largest national elec-tronics market worldwide, followed by the USA and Japan.the energy technology market, relevant for tRUMPF, achieved sales in 2011 of € 13.7 billion. this corresponds to an increase of 13.8 percent.

Medical technology growth only overseas

In 2011 the medical technology sector registered total revenues of € 21.4 billion. this is an increase of 6.9 percent over the previous year. the sharp sales growth in 2011 resulted primarily from a rise in foreign sales of 10.6 percent to € 14.2 billion.

Domestic sales stagnated, however, and at € 7.2 billion were only 0.4 percent above the previous year’s result. With a quota of 66 percent, the German medical technology industry is strongly export-driven.


Business development

TRUMPF achieves record sales

In fiscal year 2011/12, tRUMPF achieved the highest sales in its company history recording an increase of 15.0 percent to € 2.33 billion (previous year € 2.02 billion).

All of the regions and all of the company’s business divisions contributed to this rise in sales. the highest increases were registered in the first and last quarter.

Machine tools continuing to develop well

Sales in the Machine tools division rose by 16.8 percent to € 1.89 billion (previous year € 1.62 billion).

this development was driven by the positive investment climate worldwide. After the period of investment restraint during the financial and economic crisis, there was pent-up demand where major investments were concerned. Our 2D laser machines, in particular, contributed to the rise in sales. Our new laser tube-cutting machine was also a success in the market.

laser technology with strong growth

Sales in the Laser technology and Electronics division increased by 14.8 percent to € 727 million (previous year € 633 million).

the revenues of the Laser technology business field registered a higher-than-average increase in relation to the Group as a whole. they grew by 24.1 percent to € 636 million (previous year € 512 million). Almost all laser technology product groups contributed to the rise. In the 2011/12 fiscal year tRUMPF earned 66.1 percent or € 1.54 billion of its non-Group sales with laser-related products from the Machine tools division and from Laser technology.

Sales in the Electronics business field is strongly dependent on project-driven, major investments. It decreased by 14.4 percent to € 130 million (previous year € 152 million). the production of flat panel displays and installations for the solar industry is on the verge of a technol ogical leap. As a result, sales in this business field were down from the previous year.

Graphic 02

a — MachIne toolS

1,888 / +16.8 %

b — laSer technologY/ electronIcS 727 / +14.8 %

c — MedIcal technologY 184 / +4.4 %

Total 2,799 / +15.4 % 11/12

salEs By BUsinEss DivisiOn*in million €

02

* consolidated within the business division

c

b

a


Medical technology growth still stable

A sales increase of 4.4 percent to € 184 million (previous year € 176 million) was registered by the Medical technology division. We achieved sales increases in almost all product areas.

the sales shares of the divisions changed only minimally as a result of the balanced growth rates. the sales share of Machine tools amounts to 67.5 percent. Laser technology/Electronics accounts for 25.9 percent off our turnover, and Medical technology for 6.6 percent.

Regional sales shares remain nearly unchanged in relation to previous year

tRUMPF Group revenue increases were double-digit in nearly all regions. Germany, with a sales share totaling 28.8 percent, remains the largest single market. Western Europe without Germany had a share of 21.3 percent of the revenues of the Group. the countries of Central and Eastern Europe achieved a sales share of 8.8 percent. the Americas boosted their sales share by 2.1 percentage points to 18.2 percent. Asia’s share in the tRUMPF Group sales was slightly reduced at 22.3 percent.

Europe achieves high growth

Germany remained tRUMPF’s largest single market. Sales there increased by 13.6 percent to € 671 million (previous year € 591 million).

In the other countries of Western Europe sales rose by 12.1 percent to € 495 million (previous year € 442 million). In addition to Germany France, Italy, and Great Britain were strong markets. In Spain, despite the difficult economic situation as a whole, we also managed to achieve a high increase in revenues. the countries of Central and Eastern Europe increased sales by 16.5 percent to € 204 million (previous year € 175 million). Sales in the Czech Republic turned out to be especially brisk.

Graphic 03

salEs By REGiOnin million €

03

Total07/082,144

08/091,663

09/101,340

10/112,024

11/122,328

gerManY

europe (excludIng gerManY)

aMerIcaS / aSIa-pacIFIc + otherS 618

892

631

553

479 494

816

617

591

671

699

424

534

469

377

634


Highly dynamic growth in the americas – asia also positive

In North, Central and South America sales rose by 30.2 percent to € 424 million (previous year € 326 million). Sales for tRUMPF increased at an especially dynamic pace in the USA. In Canada and Mexico, growth was also above average. After a very strong figure during the previous year, Brazil again achieved an increase in revenues of 47.5 percent.

In the Asia-Pacific region, after years of very dynamic growth, tRUMPF registered a single-digit sales increase. Revenues rose by 9.5 percent to € 519 million (previous year € 474 million). Here our largest absolute increases were achieved in China, which is still the third-largest single market for tRUMPF after Germany and the USA. Sales in Japan also developed positively. Growth in Korea and India, on the other hand, was restrained.

slight rise in orders received

Orders received also broke a new record at tRUMPF. At € 2.35 billion, the figure exceeded the previous year’s value by 5.8 percent (previous year € 2.22 billion).

Since orders received lay above sales, orders on hand rose by 1.7 percent to € 671 million (previous year € 660 million). As a result, the order book reserve amounts to 3.3 months.

Graphic 04

%

07/08 11/1208/09 09/10 10/11

2,153

1,4021,488

2,2192,348

ORDERs REcEivEDin million €

04

+5.8


Results of operations, net assets and financial position

Results of operations

another sharp improvement in earnings

the positive earnings trend of the previous year continued during the year under review. Earnings before taxes rose by 13.8 percent to € 211 million (previous year € 185 million). the result was thus almost proportional to sales in its development.

the increase of overall performance by 13.9 percent to € 2.38 billion (previous year € 2.09 billion) was largely the result of the increase in business volume.

Other operating income rose by 21.6 percent to € 125 million (previous year € 103 million). this was largely due to an increase in currency gains.

Because of the growth in sales, expenses for materials and services purchased increased by 15.5 percent to € 1.14 billion (previous year € 987 million). the material expenditure quota rose slightly by almost one percentage point to 47.9 percent – the result of a change in product mix.

Personnel expenses increased by 15.9 percent to € 639 million (previous year € 551 million). the share of expenses for personnel rose only slightly by 0.4 percentage points to 26.8 percent.

Other operating expenses rose by 12.4 percent to € 427 million (previous year € 380 million). Here, too, the increase was primarily due to higher sales. Determining factors were increased distribution costs in particular, as well as costs for flexible capacities and external services. Expenditure on repairs and maintenance also rose.

In general there was a negative financial result of € 22 million (previous year € 19 million). the change in the financial result in comparison to the previous year resulted primarily from an increase in other interest expenses.

tax expenditure totaling € 44 million (previous year € 46 million) consisted of effective taxes amounting to € 50 million and deferred taxes totaling € 6 million.

the Group net income amounted to € 167 million (previous year € 140 million).

Graphic 05

PROFiT anD lOss accOUnTin million €

11/12 10/11

Sales 2,328 2,024

Income before taxes 211 185

05


net assets and financial position

Equity ratio remains at a high level

the balance sheet total rose during the year under review by 15.0 percent to € 2.04 billion (previous year € 1.78 billion).

Fixed assets increased by 12.5 percent to € 698 million (previous year € 621 million). Growth in tangible assets was especially due to investment projects by our companies in Ditzingen and Schramberg (Germany), Yokohama (Japan) and taicang (China).

Current assets including prepaid expenses rose by 16.4 percent to € 1.34 billion (previous year € 1.16 billion). the 20.0 percent increase in inventories to € 498 million (previous year € 414 million) is in line with the considerable rise in business activities.

Receivables and other assets rose by 45.5 percent to € 622 million (previous year € 427 million). the rise in receivables was disproportionate in relation to sales and largely due to the strong sales development during the last quarter and a reclassification out of securities into other assets. turn-over in receivables sank to 4.8 (previous year 5.4).

Securities and cash fell by 31.0 percent to € 203 million (previous year € 294 million). Cash and cash equivalents decreased by 0.3 percent to € 291 million (previous year € 292 million).

Equity climbed by 11.0 percent to € 925 million (previous year € 833 million). Because of the sharp rise in the balance sheet total, the equity ratio did fall by 1.6 percentage points to 45.3 percent (previous year 46.9 percent).

Accruals rose by 12.8 percent to € 358 million (previous year € 318 million). the increase was mainly due to provisions for pensions as well as a rise in sales-related provisions resulting from higher sales.

Liabilities rose by 23.1 percent to € 719 million (previous year € 584 million). the higher figure related primarily to higher liabilities toward managing partners as well as higher trade payables.

Graphic 06

BalancE sHEET sTRUcTUREin % and million €

06

Total10/111,776

11/122,043

10/111,776

11/122,043

assETs EqUiTy anD liaBiliTiEs

FIxed aSSteSequItY

accrualS

lIabIlItIeS

deFerred tax lIabIlItIeS

SpecIal reServeS and credIt dIFFerence arISIng FroM capItal conSolIdatIon

current aSSetS 65.865.1

34.234.945.346.9

0.40.8

0.6

17.517.9

36.533.8

0.3


investments

TRUMPF increases investments substantially

Investments, which were restrained during the recession years, are now at the pre-crisis level. In the 2011/12 fiscal year, investments in tangible and intangible assets rose to € 153 million (previous year € 61 million).

Land and building projects accounted for 33.6 percent of the investment sum. the Group invested a further 31.8 percent in production resources, and 34.6 percent in office and business equipment.

53.8 percent of the investments took place in Germany, specifically for the building modernization at our headquarters in Ditzingen. 21.3 percent of investments were in the rest of Europe. the Americas accounted for 12.3 percent of our investments. In Asia, investments were 12.6 percent. A significant proportion was spent on expanding production space at our plant in taicang, China.

the investment ratio of fixed assets increased sharply in relation to the previous year to 6.6 percent (previous year 3.0 percent). the tRUMPF Group also invested considerably in research and new product development. the overall share in future investments amounts to 14.9 percent of sales (previous year 10.8 percent).

As in pre-recession years, investments in tangible and intangible assets again sharply exceeded the figure for depreciation and amortization, which totaled € 68 million (previous year € 73 million).

Graphic 07

americas asia europe germany

610

16

29

19 19

33

82

invEsTMEnTs By REGiOnin million €

07

10/11

11/12


Research and development

innovative strength at TRUMPF continues to grow

For us, as a high-tech company, research and development have the highest priority. We want our products to give our customers a competitive edge – whether through higher productivity, increased flexibility, lower utilization of resources, or the opening up of new production possibilities and markets. In the 2011/12 fiscal year tRUMPF once again sharply increased its expenditures on research and development rising by 22.4 percent to € 193 million (previous year € 158 million). the research and development ratio was at 8.3 percent (previous year 7.8 percent). the number of employees active in the research and development sector as of June 30, 2012 increased by 16.9 percent to 1,352 (previous year 1,157 employees). this means that 14.1 percent of our employees are engaged in technological progress – both that of tRUMPF and that of our customers.

Our research and development activities are aligned across all of our divisions according to the following principles:

n For our company, innovative products are a long-term strategic goal. We strive to create first-class products in all sectors. Here we want to be leaders on a global scale while offering solutions that are easy to use.

n the breadth of our technology, especially where machine tools and laser technology are concerned, provide our customers with an important advantage. Different competing methods and tools from a single source give them the certainty of finding exactly the right technology to suit individual needs.

n the total sum of our business fields constitutes value added for our customers. the different sectors exchange ideas, work together and benefit from the tRUMPF synergy – in applications, in technology and in organization. We integrate vertically if the result is an overall perfor-mance improvement for the company.

n In research and development, as in all our entrepreneurial activities, we think ahead with an eye on the long term. this applies as much to the sustainable development of the laser as a tool as it does to the specific portfolio strategy of our divisions.

Graphic 08

Graphic 09

%

07/08 11/1208/09 09/10 10/11

151 155

129

158

193

REsEaRcH anD DEvElOPMEnTin million €

08

+22.4


n In the development of new technologies and opening up of new markets, taking risks is crucial. As a result, our approach to risk in research and development is always thoroughly analyzed and never reckless.

Machine Tools division with unique breadth of technology in 2D laser processing

Since 2012, the machines in the truLaser Series 3000 have been configurable with CO2 lasers as well as solid-state lasers. tRUMPF has now brought the truLaser 3030 fiber to the market. this means that our customers can choose either a CO2 or a solid-state laser across our entire range of 2D laser cutting machines. Both laser types are developed and produced by us.this makes tRUMPF the only company to offer both laser types as equipment options for all of its 2D laser cutting machines. We also introduced the truLaser 1030 fiber during this fiscal year.

For customers working primarily in thick sheet, tRUMPF extended capabilities yet again. the truLaser 5030, equipped with an 8-kilowatt CO2 laser, cuts stainless steel up to 50 mm thick. Moreover, with the BrightLine option, the 2D laser cutting machine improves stainless-steel edge quality in the material range between 20 and 25 mm. these new qualities have been made possible by a truFlow 8000 CO2 laser with 8 kilowatts of output in combination with a mirror cutting head.

We have integrated numerous new functions into our laser tube cutting system, the truLaser tube 7000. It now features a pivoting laser cutting head. this enables ultra-high-quality bevel cuts up to an angle of 45 degrees for the very first time, and opens up entirely new production possibilities not only in mild steel but also with many stainless steel and aluminum applications. Examples include precise miter cuts and chamfers – a prerequisite for the creation of a smooth and direct join during welding.

the new SheetMaster Compact punching automation technology helps our punching customers who are short on space or time. the automation solution, ideal for the truPunch 3000, is located adjacent to the machine frame and partially below the machine table. As a result, the footprint of the entire system is only minimally increased. the automation also enables fully automatic manless operation.

%

07/08 11/1208/09 09/10 10/11

1,070 1,074 1,0971,157

1,352

EMPlOyEEs in REsEaRcH anD DEvElOPMEnT*09

+16.9

* as of balance sheet date


the latest generation of the universal bending cell, truBend Cell 5000, is distinctive for the perfect interplay between the bending machine and the bending robot. Due to the further enhancements of the path control, the movements of the BendMaster are even better coordinated with the machine. this has boosted productivity by as much as 30 percent.

Ground-breaking project in laser technology revolutionizes microchip production

Over the past fiscal year, tRUMPF placed a special development focus on extreme ultraviolet (EUV) photolithography for creating the microchips of the future. this development has been driven by the need for smaller, more powerful and more affordable integrated circuits. EUV technology promises to fulfill this requirement and is thus the basis of next-generation microchip production.Photolithography is a core process in semiconductor technology during chip production. In a multi-stage process, the image of a photo mask is transferred to a silicon wafer via exposure to light. A key role is played here by the CO2 laser system specifically developed for EUV technology by tRUMPF, which generates a high-powered CO2-laser pulse and transports it to a vacuum chamber. there, the pulse encounters a droplet of tin, the plasma of which emits the light required for the mask-silicon wafer exposure process, with a wavelength of 13.5 nano meters. though still in the development stage, the project will revolutionize microchip production in the foreseeable future.

Our new truLaser Cell 3000, a 3D laser processing system, is a compact solution for welding and cutting. It operates with any of the tRUMPF solid-state lasers truFiber, truDisk, truDiode and truPulse, with up to 8 kilowatts of power. Filigree fine blanking of individual parts or rapid processing of larger series can be achieved efficiently and with high precision, in either 2D or 3D. the reason for this is the laser control. Variable beam forming enables the focus position and the focal diameter to be easily adjusted and adapted. the focus position adjusts automatically to the thickness of the sheet requiring processing. the focal diameter can be widened to four times the fiber diameter of the laser light cable. this is especially advantageous during welding, and reduces downtime.

Where beam sources for micro-processing are concerned, tRUMPF introduced two innovations to the market during the year under review. the truMicro 5270 with 60 watts of average power output at green wavelength is especially well suited for processing glass and copper. Its high average power output makes it particularly suitable for broad industrial use.


the same goes for the truMicro 5070 with 100 watts average power output, which generates laser radiation in the infrared range. Its field of application extends from the drilling of circuit boards and ceramic to the cutting of carbides and polycrystalline diamond for cutting and grinding tools.

Our disk laser, truDisk, is now available with 6 kilowatts of power per disk increasing laser power per disk by 50 percent. For our customers this means even greater reliability with less mechanical parts, thereby reducing costs.

new high frequency generators improve production technology in the photovoltaic industry

Our business field Electronics optimized our medium frequency generators for the production of cSi-PV production plants. As a result of its performance features, the truPlasma Bipolar Series 4000 NEW has helped to sharply improve the absorption properties and increase the efficiency of photovoltaic modules. With the development of the truPlasma DC Series 3000 NEW, the business field also has good prospects in the thin-film photovoltaics market segment. Important product features include the patented arc management and the compact, water-cooled design.

In the past fiscal year we successfully established energy-efficient process power supplies in the semiconductor industry on the basis of patented RF technology. Our RF generator, truPlasma RF 1003, is playing an important role here.

We further extended our leading market position with system suppliers for the production of silicon and sapphire crystals. With this high-tech process, reliability of induction generators is a key decision factor for international customers.

Products by TRUMPF Medical Technology facilitating work in operating rooms

Our Medical technology division presented a new premium-class mobile operating table, the truSystem 7000. It can carry patients weighing up to 450 kilos and can be used during 90 percent of all types of surgery. In the development of the new operating table, tRUMPF placed high importance on ergonomic operation and low weight. the truSystem 7000 is the first operating table generation to have the majority of its components and accessories made from aluminum. Nursing staff can prepare the flexible table quickly and easily for the next operation. Following its successful market rollout in the USA, the truSystem 7000 will become available in other countries as well.


tRUMPF now seals the stainless-steel surfaces of the premium-class operating table truSystem 7500 with “NanoProtect”, a quartz-glass layer for increased hygiene in the operating room. the quartz nanoparticles create a micrometer-thin glass-ceramic film on the stainless steel surface offering a hydrophobic effect. Liquids on the surface join together to form droplets that can be easily wiped away, leaving no residue. the improved hygienic properties reduce the build-up of bacteria and facilitate work for the operating room staff. the coating is resistant to chemicals, ultraviolet light and temperature changes, as well as scratch-proof, abrasion-proof and impact-resistant.

Procurement

Relaxed procurement situation toward the end of fiscal year 2011/12

On the procurement side, the 2011/12 fiscal year was divided. In the first quarter of the year under review the supply situation was strained at times. Products connected with rare earth ressources were especially affected here, and we were unable to avoid price increases. With other raw materials, the procurement situation was unproblematic. After the first quarter, the entire market situation gradually normalized. Integration of suppliers into the demand and communi-cation process meant that supply bottlenecks were almost entirely avoided.

Our energy costs – electricity and gas – were successfully reduced via a call for tender. In addition, tRUMPF does not expect any energy shortfalls during the coming fiscal year.

For important product groups and key components, our strategic procurement staff and teams of technology experts inside the procurement organization work closely together with our suppliers. With newly developed products, we are integrating our suppliers even more strongly into the early phase of product development.


We are continuing to extend our supplier portal and are now handling complaint management from it as well. Parallel to this, we have further developed order processing and supplier evaluation within the tRUMPF Group. the number of suppliers with whom tRUMPF communicates via the portal has also sharply increased.

Our procurement organization in Shanghai is becoming increasingly important – also where worldwide demand for tRUMPF is concerned. Over the past fiscal year we increased the share of our sourcing in Asia by around 50 percent.

Production

TRUMPF continues to expand its production network

After a strong first quarter in fiscal 2011/12, we experienced a balanced utilization of capacity at our production plants worldwide.

Our systematic production planning gives us full transparency at all times. Here our flexible production system enables us to react immediately to any change in incoming orders. With our just-in-time production we avoided a disproportionate inventory build-up. Also in the year under review, we successfully managed to keep delivery times constant.

We further expanded our international production network. We were especially active in Asia following the construction of a production plant for marking lasers in Singapore last year. In fiscal year 2011/12 we opened an assembly plant for disk lasers at our Japanese subsidiary in Yokohama. the 10,000 square meter expanded production plant in taicang, China also began operations.


Processes and organization

strategy process enables rapid adjustment to market conditions

In the past year, the organizational development department adjusted the strategy process to the requirements of changing market conditions. this enables the company to adapt its targets with more flexibility to volatile market conditions. A newly created department is supervising the international implementation of the new strategy process. Strategic projects critical to success are being managed by employees from the organizational development department.

the SYNCHRO plus initiative, which tRUMPF launched last year, has been successfully integrated into the production sectors in Ditzingen. Process optimization and problem solving are natural components of daily work here, with a focus on consistency and sustainability. Managers are driving change processes more strongly than ever. SYNCHRO plus will now be introduced to all of our production plants in addition to indirectly related sectors.

Processes and norms guarantee the TRUMPF quality standard

For years now, the tRUMPF quality standard has been mandatory for all of our production sites. Important business processes are subjected to an internal audit each year. In the past fiscal year again, the clear processes and uniform standards successfully provided orientation to the organization as a whole, especially to our new employees.

Regular external certification gives our customers the guarantee that the tRUMPF quality standard is in full compliance with the certification guideline DIN EN ISO 9001. In the Medical technology division we comply with additional legal requirements.

iT adapts structure to international growth

Last year we brought our It organization in line with the growth of our foreign subsidiaries. Regional It centers will be dealing directly with the subsidiaries in their respective regions. Standards and processes will continue to be defined by our central It in Ditzingen. the regional It center in the USA is already responsible for all of the American subsidiaries. In China and in Singapore, similar centers are now being established.


We are also adjusting our ERP system to the requirements of our international growth. A distri-bution template as a standard installation is facilitating introduction and implementation in our smaller subsidiaries. We pre-configured one of these in the past year and have now established it at one of our subsidiaries. Parallel to this we have developed a standardized procedure for introducing the template that is being implemented during fiscal year 2012/13 at two tRUMPF subsidiaries in Asia.

We successfully completed our Group-wide adjustment to a new operating system and a new Office package. In the course of the changeover we also managed to improve administration and client management, reducing operating expenses even in the case of steadily increasing user numbers. the project has also resulted in improvements to the security standards and performance of our It systems.

We support the secure introduction of mobile It devices to the Group via our Mobile Device Management. An admin software inventories the devices and ensures the swift distribution of security patches. Additional security measures protect data and users.

Employees

TRUMPF creates new jobs worldwide

Business development also led to a rise in the number of employees. As of June 30, 2012 9,555 employees were active in the tRUMPF Group (previous year 8,546 employees). this corresponds to an increase of 11.8 percent.

In Germany tRUMPF created 535 new jobs. the number of employees rose by 11.5 percent to 5,207 (previous year 4,672 employees). the number of new jobs outside of Germany increased by 12.2 percent. 4,348 employees worked for tRUMPF internationally (previous year 3,874 employees).

Graphic 10

%

07/08 11/1208/09 09/10 10/11

7,955 7,965 7,9288,546

9,555

EMPlOyEEs10

+11.8


It is still as important as ever for us to take on apprentices within our own company. In the year under review, tRUMPF trained 455 young people as technicians and engineers, or as business administrators in the dual bachelor degree program. Last year we had 435 apprentices and students. this corresponds to an increase of 4.7 percent. the training quota of 4.9 percent approaches last year’s of 5.2 percent.

TRUMPF creates universal concept against shortage of skilled workers

Despite the high demand for qualified workers, we were still able to fill most of the advertised job vacancies. this is also due to the fact that over the past years, we have implemented a compre-hensive personnel concept for securing and promoting highly qualified and committed employees.

As part of the Germany-wide “Wissensfabrik” (knowledge factory) Initiative, our German sites are engaged in numerous cooperative ventures with kindergartens and schools. through different projects, we introduce children and young people at an early stage to the excitement of technical and economic subjects.

We also try to get students interested and engaged in the company very early on. We offer numerous internships in Germany and at our subsidiaries worldwide. We are also participating in the “Deutschland-Stipendium” (“Germany Scholarship”) Initiative of the Federal Ministry of Science and Education. tRUMPF is currently sponsoring a total of 22 students at the RWtH in Aachen and the technical University of Braunschweig with scholarships.

We have implemented a comprehensive support program for junior managers. A succession planning system is in place for all managerial positions. the objective here is to guarantee the future fulfillment of important managerial posts in the company with ideal candidates.this effort is supported by our annual potential analysis, utilized to ascertain the potential of all of our employees and monitor their development. In this way, those with high potential are identified and promoted at a very early stage.

those with potential are developed even further in our focus groups. Here they work on a project in an interdisciplinary team, which gives them the opportunity to demonstrate cross-disciplinary skills. An additional coaching program for managers helps them to expand their own leadership skills, and to cope with challenging management situations.


new worktime model improves work life balance

tRUMPF offers his employees a worktime model which is unique in terms of flexibility in Germany. Our Work Alliance grants our employees a choice of weekly working time, within a corridor of 15 to 40 hours, which can be changed every two years. In addition to this they have a free time account enabling them to take up to six months off, as well as a sabbatical program allowing leaves of up to two years. We introduced this model at all our German locations in fiscal year 2011/12.

With our healthcare and sports programs, we help our employees to maintain a healthy balance between work and recreation. Places like in day nurseries and kindergartens, as well as vacation care for employees’ children make it far easier to combine work and family life.

Risk report

Risk management is part of corporate governance

As an internationally active technology company, tRUMPF is exposed to a multitude of risks. to counter these risks, the company has a sophisticated Risk Management System integrated into its corporate organization. We use it to identify, assess, monitor and control our areas of risk.

the regular analysis and evaluation of risks by the Group management and those responsible for the divisions and central functions takes place by means of key performance indicators. these are recorded on a monthly basis by the Group Information System (GIS) for all divisions, subsidiaries and production facilities. the GIS is further enhanced by daily reporting and, additionally, by monthly and quarterly reports on the results of operations, net assets and financial position. to assess risks, company planning analyzes alternative scenarios in the potential development of the tRUMPF Group. A liquidity reporting system enables largely automated daily evaluation of the Group’s liquidity. An interest rate and currency committee meets monthly to carry out Group-level control and supervision of cash flow, currency, and interest-rate risks. Market and competitor analyses also increase risk transparency.


Moreover, a culture of open communication helps to ensure that emerging risks are quickly recognized and countered. Regular meetings and workshops also contribute to this.

the significant risks that could considerably impact our operations results, net assets and financial position are described below.

Market risks

tRUMPF is exposed to risks in both sales and procurement.

the world economy remained on course for moderate growth. the sharp rise in prices for raw materials and the consequences of the catastrophe in Japan had negative effects. In the second half of 2011, uncertainties in the financial markets resulting from the sovereign debt crisis in the Eurozone had an adverse effect. Asia remained important for the world economy, even though growth in China was not quite as dynamic as it was in previous years.

the opportunities created by the recovery are not without risk on the procurement side. We counter these risks by establishing international purchasing organizations and through intensive supplier management. this is based on open communication about future business expectations and trust in adherence to the agreement. Our general supplies delivered to us by third parties are largely guaranteed by dual sourcing. In the case of some key components, however, we rely on single sourcing. We are in constant contact with these manufacturers and take appropriate mea sures to ensure that the right amounts are delivered in the right quality at the right time.

All processes for selecting and working with suppliers have been defined and documented for both sides. For suppliers who deliver core components there are de-escalation processes and down-time strategies, which include an on-site audit at the supplier’s location. We assess our important suppliers on a regular basis. Our supplier portal ensures the same high and uniform quality in all stages of the procurement process. Last year we also integrated complaints processing into the portal. Here we deal with all of the process stages relating to delivery quality. this guarantees comprehensive transparency in complaints processing, while further increasing the quality level of our suppliers.


Financial risks

the tRUMPF Group took precautions to maintain its liquidity very early on, by implementing measures effective over the medium- to long-term. Firstly, adequate liquidity reserves have been built up. this was accomplished by taking out loans with average payment terms of five years. therefore, there is no refinancing risk in the coming fiscal year. Liquid assets, that are currently not needed, have been invested short-term in the money market. Secondly, in fiscal 2011/12 we extended expiring credit lines at our company’s banks by an additional three years, so that our liquidity provision is also in place for the coming fiscal year. When investing our liquidity reserve, we ensure that we spread the risk by dividing up the investments among several different finan-cial institutes and instruments. We only work with banks that have a good credit rating.

Our liquidity reporting system enables us to establish the liquidity of all our subsidiaries on a daily basis. Internal audits by our Group Accounting and Controlling department create addi-tional transparency when assessing the state of our subsidiaries.

Our leasing and sales financing business meets the risk management requirements set by the German Federal Financial Supervisory Agency (BaFin).

Additional financial risks that we must consider involve exchange-rate fluctuations and interest-rate adjustments. Since Eurozone countries are our main sales market with 54.4 percent of sales shares, and we are partially able to offset foreign currency payments with our international production network and worldwide procurement, we view our exchange-rate risk as limited. Our ongoing currency hedging activities are regulated and, for major currencies, occur centrally through the Group’s holding company. Accounts and control are allocated to the Group treasury Department and the interest rate and currency committee. Currency hedging for regulated markets is done directly by the subsidiaries in close cooperation with the company’s headquarters. this includes, for instance, the Korean won, and China’s renminbi.

Derivative financial instruments are not used for speculation purposes but rather exclusively to hedge underlying business transactions. this hedging is firstly Group-internal, i.e. with the companies of the tRUMPF Group, to cover foreign-currency risks resulting from posted, pending and anticipated underlying transactions. Secondly, in accordance with the internally concluded futures and options trading and after consideration of net exposures, external hedging activities are transacted with banks that have excellent credit ratings.


We hedge against net exposures systematically in the following currencies: US dollars, Japanese yen, British pounds, Swiss francs and Polish zloty, and use standardized foreign-currency hedging instruments such as forward exchange transactions and currency options. Hedging against other currencies is based on individual projects.

One risk lies in the market-price fluctuation of forward exchange transactions, but it is usually countered by contrary market values for the underlying transaction. In the Eurozone we concen-trate our liquidity on a daily basis with the help of a cash pool system that ensures a trans-national liquidity balance. We are currently setting up a similar system in China. Multilateral netting of accounts receivable and payable increases transparency and facilitates processing of Group-internal payments.

Other risks

We use our Quality Management System to constantly review all internal company processes for possible risks and improvement potential. Routine internal and external audits that we have continued to perform during the year under review confirm the sustainability and value of the tRUMPF quality standard. tRUMPF production plants are certified in accordance with DIN EN ISO 9001. Newly founded production locations are directly incorporated into the certi-fication process. Our medical technology sites possess additional certifications.

Requirements regarding environmental protection and resource savings have increased in the last few years. By using appropriate measures, we are committed to protecting the environment and mitigating environmental risks. Our products and product processes are specially designed to be resource-efficient. Resource efficiency throughout our customers’ entire production process is a top priority for us – and in the construction and modernization of buildings, energy efficiency is very important to us.

Gentle treatment of resources of all kinds, an efficient route from concept to product, and consistent avoidance of any type of waste in all sectors have determined our activities since the early 1990s. Our production system SYNCHRO is a perfect example of this. We closely examine the sustainability of our products – from power to gases, supplies and equipment, material and water consumption for each machine, up to and including space requirements for materials and systems.


In research and development we work with a finely-tuned Quality Gate Management in product development as well as in market rollout. Eight quality stages must be passed through before a product can be released for series production. this enables problems to be detected and quickly solved early on during the development process. We also coordinate the product and market rollout process very closely.

tRUMPF utilizes trade marks to actively protect its technologies. In 2011/12, we registered important inventions as patents. In addition to the protection of technological details, it is increasingly important to protect the design of product, especially in Asian markets.

We have defined and taken appropriate precautions against any risks of operating downtime in production, and have investigated and evaluated all critical production processes. Production downtime can be circumvented by increasing the flexibility of our production facilities or via short-term relocation of production. Measures also include numerous emergency scenarios.

Property and fire damage, operating downtime as well as operational and product liability risks are adequately insured against by means of an international insurance policy combined with local coverage. together with our insurance brokers, we have assessed and audited the majority of our production locations.

We routinely monitor our products and processes by checking key figures. From these, we are able to make immediate improvements. Furthermore, we have set up product care teams in all of our divisions. these teams analyze quality-relevant facts and implement measures to ensure ongoing development in the relevant areas. this further improves our products and our workflow.

We consider our It risks to be low. We work group-wide with a common enterprise resource planning system which we monitor constantly, continually improving its security standards. We also regularly develop the security requirements placed on our remaining It infrastructure standards. In both structure and technology, the central computer is state-of-the-art where security is concerned.


At 3.8 percent in the Group and 2.8 percent in Germany, our employee turnover rate is low. Demographic change and the shortage of skilled staff in technical professions are continuing to pose challenges to our human resources and employee benefits department. this is why we continue to place a high priority on recruiting and securing the next generation of highly skilled workers. this includes long-term measures such as projects and school exchanges as part of the “Knowledge Factory” initiative. Our new worktime model makes us very attractive as an employer, especially in Germany.

tRUMPF has a company-wide compliance program. the code of conduct describes the company’s expectations and requires that in their business activities, all employees of the tRUMPF Group stand by the law and comply with ethical standards. It also establishes the basic rules that must be followed.

assessment of the company‘s risk situation

there are no identifiable risks that could endanger the continuity of the Group. the risk manage-ment policy we practice enables us to detect risks in near-real time and to implement suitable countermeasures. Activities are focused primarily on management of financial and market risks.


Events since the end of the fiscal year

Retroactively from July 1, 2012 we acquired a 100-percent share in a Japanese company specializing in software for machine controls.

In September 2012 we acquired a qualified minority stake in an Italian company that develops software solutions for linking and controlling various functions in operating rooms.

Outlook

increased uncertainty is dampening economic prospects

In 2012 the world economy is going through a phase of economic weakness which is affecting all important regions, albeit to differing extents. the main reason for this is continuing uncertainty about how the European sovereign debt crisis will develop. For 2012, the International Monetary Fund is expecting global economic output to grow by 3.5 percent, and the prediction for 2013 is 4.1 percent. this growth is still being driven by the emerging markets of Asia. China is predicted to increase its GDP for 2012 by 8.2 percent, and by 8.8 percent for 2013. Japan will recover from the effects of the natural catastrophe in 2012 and its output will increase by 2.0 percent in 2012 and 1.7 percent in 2013. the USA will recover slightly in relation to 2011; experts predict growth there of 2.1 percent for 2012 and 2.4 percent for 2013.For the Eurozone, the IMF is expecting a fall in GDP of –0.3 percent for 2012. In 2013 output is expected to increase again by 0.9 percent. In Germany, GDP is predicted to rise by 0.6 percent in 2012 and by 1.5 percent in 2013.

In the past months, the global purchasing managers’ indices have remained below the 50-percent mark, which is considered the dividing line between growth and shrinkage. As a result, experts are expecting the investment climate to only become properly dynamic in early 2013. According to predictions by the German Engineering Federation (VDMA), global machine sales should increase in 2012 by 5 percent.


TRUMPF expects further sales growth in fiscal 2012/13

In the last quarter of the year under review we noticed an increase in orders received. We expect this positive trend to continue in the months to come. However, the Euro crisis and overly high government debt in the USA and several countries of Europe are cause for concern, since they pose considerable risks to the world economy.

Our planning for the tRUMPF Group in the 2012/13 fiscal year is based on single-digit sales growth. this could lead to revenues of close to € 2.5 billion.

We are expecting the strongest growth in the Americas. Asia, Western Europe, and the countries of Central and Eastern Europe should also develop well. In our home market of Germany we are expecting sales at the level of fiscal 2011/12.

If sales continue to increase we expect a profit increase once again. For fiscal year 2013/14, we plan for additional growth in sales and income.

indications are for more growth in all divisions

the Machine tools division expects continued growth, albeit at a slower pace. Here the sales shares of the Americas and Asia will continue to increase. the markets of Europe will fall slightly behind in this regard.We have completed and rounded off our laser machine portfolio in a clear and consistent manner, and this provides a good basis for further growth. We also see good growth potential in bending machines and automated bending cells. Services are playing an increasingly important role in our business and we are continuing to extend our service offering internationally.

the growth in the laser market will weaken, after the extraordinarily dynamic development that followed the recession. With the exception of China, the situation is expected to become calmer in all regions. the growth drivers are the powerful expansion of the automotive industry and the high demand for fiber lasers. Sales in our business sector will continue to rise in the coming fiscal year. With its portfolio, tRUMPF possesses more technological breadth and expertise than any other laser manufacturer in the world. We can thus fulfill all application-related requirements with our product range, from diode and disk to fiber and CO2 lasers and, as a result, participate in all of the important growth industries. Over the past fiscal year tRUMPF committed resources


to develop EUV photolithography, for production of the microchips of the future. this technology will revolutionize microchip production and therefore possesses considerable sales potential.

In the Electronics field tRUMPF has to deal with volatile high-tech markets that are strongly influenced by project business. At present this applies in particular to the production of photovol-taic cells and displays. Innovative steps are imminent, so we are expecting the first major orders to impact sales in the 2012/13 fiscal year. As a result, the business field is expecting moderate growth.

the majority of the regions are continuing to invest in healthcare projects, with no slump currently in sight. Our Medical technology division is therefore expecting a sharp increase in sales for the current fiscal year. the drivers here are Germany, the USA, and Asian markets.

the company will be increasing investments sharply yet again during the coming fiscal year. We have embarked on numerous new building and expansion projects worldwide to further improve our international presence. Our investments in research and development also remain high above the average for the industry. Additionally, we will be creating new jobs worldwide.

We are making all of these efforts because we see opportunities for growth worldwide and want to be successful long-term. New growth segments for tRUMPF mean new market opportunities for our customers.

Ditzingen, September 10, 2012

TRUMPF GmbH + Co. KG Berthold Leibinger GmbHDr. phil. Nicola Leibinger-Kammüller (President)Dr.-Ing. E.h. Peter Leibinger (Vice President)Dr. rer. pol. Lars GrünertDr.-Ing. Mathias KammüllerDr. rer. soc. Gerhard RüblingDipl.-Ök. Harald Völker


consolidatedFinancial Statements2011/12

04chaP.

Contentp

Consolidated Balance Sheet

Consolidated Profit and Loss Account

Statement of Shareholders‘ Equity

Development of the Consolidated fixed Assets

Consolidated Cash flow Statement

Notes to the Consolidated financial Statements

Audit Opinion

114

115

116

118

119

120

140


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01 02 03 04 050

CONSOLIDATED fINANCIAL STATEMENTS

chap.

consolidated balance Sheetas of June 30, 2012

EquITy AND LIABILITIES in € ’000s Notes 06/30/2012 06/30/2011

eqUity 9

fixed capital and subscribed capital 98,500 98,500

revenue reserves 748,529 687,472

Equity difference from foreign currency translation 68,586 38,112

Minority interests 9,066 9,032

924,681 833,116

cReDit DiFFeRence aRiSing FROM caPital cOnSOliDatiOn 10 – 4,386

SPecial ReSeRveS 11 8,692 9,660

accRUalS

Accruals for pensions and similar obligations 126,993 113,422

Other accruals 12 231,479 204,294

358,472 317,716

liabilitieS 13 719,316 584,157

DeFeRReD incOMe 14 25,487 16,979

DeFeRReD tax liabilitieS 15 6,300 10,245

2,042,948 1,776,259

ASSETS in € ’000s Notes 06/30/2012 06/30/2011

FixeD aSSetS

Intangible assets 1 27,025 24,946

Tangible assets 2 666,505 588,639

financial assets 3 4,681 6,950

698,211 620,535

cURRent aSSetS

Inventories 4 497,577 414,477

receivables and other assets 5 621,885 427,412

Securities 6 9,944 113,000

Cash 7 192,909 180,867

1,322,315 1,135,756

PRePaiD exPenSeS 8 22,422 19,968

2,042,948 1,776,259

114 TRUMPF annual report 2011/12CONSOLIDATED fINANCIAL STATEMENTS

Consolidated Profit and Loss Accountfor fiscal year 2011/12

in € ’000s Notes 2011/12 2010 /11

Sales 20 2,328,213 2,023,812

Changes in inventories and own work capitalized 21 54,818 67,650

2,383,031 2,091,462

Other operating income 22 125,019 102,813

Cost of materials 23 –1,140,530 –987,165

Personnel expenses 24 –638,827 –551,097

Amortization and depreciationon intangible assets and tangible assets –68,474 –73,336

Other operating expenses 25 –427,052 –379,848

Financial and investment result 26 –22,273 –18,956

Results from ordinary business activities 210,894 183,873

Extraordinary income 0 1,955

Extraordinary expenses 0 –569

Extraordinary result 27 0 1,386

Taxes on income 28 –37,147 –40,777

Other taxes –6,608 –4,950

Group net income/loss for the year 167,139 139,532

Results allocable to minority interests 9 –1,762 –4,846

Group net income/loss for the year excluding results allocable to minority interests 165,377 134,686

For information purposes:

Partners’ taxes 28 –24,556 –13,547

Group net income/loss for the year after partners’ taxes and minority interests 140,821 121,139

115TRUMPF ANNuAl REPORT 2011/12 Consolidated FinanCial statements

Statement of Shareholders’ Equityfor fiscal year 2011/12

Parent company Minority interests

Fixed capitaland subscri-

bedcapital

Equityearned bythe Group

Accumulated othercomprehensive

income

Equity Minoritycapital

Accumulated other

comprehensiveincome

Equity Group equity

in € ’000s Exchange ratedifferences

Other recog-nized

income andexpense

Exchange ratedifferences

As of June 30, 2010 98,500 673,180 52,689 –72,733 751,636 7,023 24 7,047 758,683

Allocations to partners’ accounts – –45,157 – – –45,157 –2,632 – –2,632 –47,789

Changes in consolidated group – 1,670 – – 1,670 –78 – –78 1,592

Reclassification to credit difference arising from capital consolidation – – – –3,902 –3,902 – – – –3,902

Group net income for the year – 134,686 – – 134,686 4,846 – 4,846 139,532

Other changes – –272 –14,577 – –14,849 – –151 –151 –15,000

As of June 30, 2011 98,500 764,107 38,112 –76,635 824,084 9,159 –127 9,032 833,116


Reclassification of credit difference arising from capital consolidation – 590 – – 590 – – – 590


Other changes – –3,104 30,474 – 27,370 – 25 25 27,395

As of June 30, 2012 98,500 825,164 68,586 –76,635 915,615 9,168 –102 9,066 924,681

€ 561,061,000 of the equity earned by the Group is available for distribution to partners on balance sheet date. An amount of € 3,634,000 is subject to legally prescribed limitation

on distribution, and a further € 26,634,000 is subject to a limitation on distribution prescribed by the statutes and partnership agreements respectively.

116 TRUMPF ANNuAl REPORT 2011/12Consolidated FinanCial statements

Parent company Minority interests

Fixed capitaland subscri-

bedcapital

Equityearned bythe Group

Accumulated othercomprehensive

income

Equity Minoritycapital

Accumulated other

comprehensiveincome

Equity Group equity

in € ’000s Exchange ratedifferences

Other recog-nized

income andexpense

Exchange ratedifferences

As of June 30, 2010 98,500 673,180 52,689 –72,733 751,636 7,023 24 7,047 758,683


Changes in consolidated group – 1,670 – – 1,670 –78 – –78 1,592

Reclassification to credit difference arising from capital consolidation – – – –3,902 –3,902 – – – –3,902


Other changes – –272 –14,577 – –14,849 – –151 –151 –15,000

As of June 30, 2011 98,500 764,107 38,112 –76,635 824,084 9,159 –127 9,032 833,116


Reclassification of credit difference arising from capital consolidation – 590 – – 590 – – – 590


Other changes – –3,104 30,474 – 27,370 – 25 25 27,395

As of June 30, 2012 98,500 825,164 68,586 –76,635 915,615 9,168 –102 9,066 924,681

€ 561,061,000 of the equity earned by the Group is available for distribution to partners on balance sheet date. An amount of € 3,634,000 is subject to legally prescribed limitation

on distribution, and a further € 26,634,000 is subject to a limitation on distribution prescribed by the statutes and partnership agreements respectively.


Development of the Consolidated Fixed Assetsfor fiscal year 2011/12

in € ’000s Acquisition costs

7/1/2011

Additions Disposals Transfers Accumulateddepreciation

Book value6/30/2012

Book value6/30/2011

Depreciationfor the year

InTAnGIBLE ASSETS

Acquired concessions, in-dustrial and similar rights and assets and licenses 60,844 6,713 –613 127 –43,815 23,256 22,060 5,747

Payments on account 2,886 1,003 – –120 – 3,769 2,886 –

63,730 7,716 –613 7 –43,815 27,025 24,946 5,747

TAnGIBLE ASSETS

land and buildings 640,010 23,116 –8,615 14,723 –197,059 472,175 447,156 19,134

Technical equipment and machines 223,440 32,093 –22,561 2,503 –165,646 69,828 60,032 17,016

Other equipment, factory and office equipment 258,102 44,495 –16,449 1,320 –199,736 87,732 69,712 26,510

Payments on account 12,779 45,082 –2,538 –18,553 – 36,770 11,739 67

1,134,331 144,786 –50,163 –7 –562,441 666,505 588,639 62,727

FInAnCIAL ASSETS

Shares in affiliated enterprises 177 90 – – – 267 177 –

Shares in associated enterprises 2,475 – –2,420 – – 55 2,475 –

Participations 6,576 – – – –2,304 4,272 4,273 –

long-term investments 451 – – – –451 – – –

Other loans 522 62 – – –497 87 25 –

10,201 152 –2,420 – –3,252 4,681 6,950 –

1,208,262 152,654 –53,196 – –609,508 698,211 620,535 68,474


Consolidated Cash Flow Statementfor fiscal year 2011/12

in € ’000s 2011/12 2010/11

GRoUP nET InCoME 167,139 139,532

+ Depreciation for the year on non-current assets 68,474 73,336

+ / – Increase/decrease of accruals for pensions and similar obligations 13,432 12,725

+ / – Increase/decrease of other accruals and deferred tax liabilities 19,404 57,108

+ / – Other non-cash expenses/income 11,206 –17,606

– / + Profit/loss on disposals of tangible assets 1,288 –286

– / + Increase/decrease in inventories, trade receivables and other assetsnot related to investing or financing activities –153,828 –76,626

+ / – Increase/decrease in trade payables and other liabilities not relatedto investing or financing activities 6,018 12,339

= Cash flow from operating activities 133,133 200,522

+ Proceeds from disposal of tangible assets 15,822 7,478

– Purchase of tangible assets –144,786 –52,649

+ Proceeds from disposal of intangible assets 3 43

– Purchase of intangible assets –7,716 –8,027

+ Proceeds from disposal of non-current financial assets 3,525 –

– Acquisition of non-current financial assets –152 –

+ Proceeds from investment subsidies – 122

– Purchase of consolidated companies – –55

– Cash payments for financial investment as part of short-term cash management –10,000 –

= Cash flow from investing activities –143,304 –53,088

– Cash payments made to partners and minority shareholders –27,220 –22,782

+ Proceeds from long-term loans 47,532 1,041

– Cash repayments of long-term loans –8,026 –37,949

= Cash flow from financing activities 12,286 –59,690

ChAnGE In CASh AnD CASh EqUIvALEnTS 2,115 87,744

+ / – Change in cash and cash equivalents due to exchange rate movements,changes in group structure and in valuation procedures for cash funds –2,939 –289

+ Cash and cash equivalents at the beginning of fiscal year 291,745 204,290

= Cash and cash equivalents at the end of fiscal year 290,921 291,745

CoMPoSITIon oF CASh AnD CASh EqUIvALEnTS

+ Cash, securities and promisory note bonds 318,292 371,494

– Short-term bank loans (current account) –27,371 –79,749

= Cash and cash equivalents at the end of fiscal year 290,921 291,745


Principles and Methods

The consolidated financial statements for fiscal year 2011/12 have been prepared in accordance with sec. 264a HGB (German Commercial Code) and in consideration of sec. 290 et sequentes HGB. The accounting and valuation principles of the HGB for large corporations have been applied while taking into account the regulations for partnerships. In accordance with sec. 298 (1) HGB in conjunction with sec. 244 HGB the consolidated financial statements have been prepared in euro (€). The consolidated profit and loss account has been drawn up using the method of total costs.

Various items on the consolidated balance sheet and the consolidated profit and loss account have been combined. These are disclosed separately in the notes to the consolidated financial statements. The balance sheet was supplemented by the position “Other financial liabilities” in addition to those prescribed by law.

Accounting and valuation

The financial statements of the companies included in the consolidated financial statements have been prepared according to uniform accounting and valuation principles. Any adjustments required to conform with local regulations to ensure uniform group accounting have been made in a “Handelsbilanz II” (balance sheet for consolidation purposes).

Intangible and tangible assets are stated at acquisition or manufacturing cost, net of normal amortization or depreciation. For depreciation the straight-line method is applied. For tangible assets, which have been depreciated according to the declining balance method in previous years, the option to continue this method in accordance with sec. 67 (4) EGHGB has been exercised.

Normal amortization and depreciation is generally based on the following useful lives: 3 to 5 years for software, 25 to 50 years for buildings, 6 to 8 years for technical equipment and machinery, 3 to 20 years for other equipment, factory and office equipment.

notes to the Consolidated Financial Statementsfor fiscal year 2011/12 Shortened presentation


Financial assets are stated at acquisition cost or the net realizable value as of the balance sheet date. For accounting and valuation of shares in associated enterprises, please refer to the expla-nations of the consolidation principles.

Inventories of raw materials, consumables and supplies as well as merchandise are stated at the lower of cost or market. Finished goods and work in progress are valued at manufacturing cost, which includes direct material and production expenses, and appropriate material and production overheads, as well as cost of depreciation which is originated from manufacturing.

Inventories are adjusted to the attributable value at the balance sheet date if this is lower than the acquisition or manufacturing cost due to lower replacement or sales market prices, excess inventories or unsaleability.

Payments on account received are deducted from inventories.

Receivables and other assets are stated at their nominal values or the net realizable value as of the balance sheet date. If the collectibility of receivables is exposed to recognizable risks, appropriate write-downs are made; uncollectible receivables are written-down completely. The general credit risk inherent in trade receivables is covered by lump-sum bad debt allowances on net receivables not affected by specific provisions.

Securities are stated at acquisition cost or the net realizable value as of the balance sheet date.

Prepaid expenses include payments prior to the balance sheet date to the extent they relate to expenses for a certain period after that date. Debt discount is capitalized and amortized over the scheduled term of the loan.

The special reserves include investment subsidies and grants for fixed assets. These are released over the economic life of the subsidized assets.


Accruals for pensions and similar obligations are calculated according to actuarial principles and using the projected unit credit method based on Prof. Dr. Heubeck’s 2005 G mortality tables. In accordance with the regulation in sec. 253 (1) HGB the expected increase in salaries and pensions as well as the predicted employee turnover are taken into account in the actuarial calculation of the accruals. Accruals for pensions and similar obligations are discounted at the average market interest rate prevailing over the past seven fiscal years, working on the assump- tion of a residual term of 15 years. The interest rates are published by Deutsche Bundesbank (German Central Bank).

In fiscal year 2011/12 the calculation was based on the following parameters:

n Interest rate: 5.12 percent p.a.n Increase of salaries and pensions: 2.7 to 2.8 percent p.a.

Other accruals cover all known risks and uncertain liabilities as of the balance sheet date. They are recognized at the amount needed to settle them based on prudent commercial judgment. Accruals with a remaining term of more than one year have been discounted in accordance with sec. 253 (2) sentence 1 HGB. Economic hedging relationships between derivative financial instruments and underlying transactions are accounted for by the creating of valuation units.

Accruals for obligations relating to phased retirement programs in place as of the balance sheet date were offset against assets which will be used exclusively for the settlement of obligations resulting from phased retirement contracts and which cannot be accessed by all other remaining creditors. The net realizable value of the covering assets, which is equivalent to acquisition cost, comes up to € 5,951,000 (previous year € 7,313,000). The repayment amount of the accruals for obligations relating to phased retirement programs which were offset against the assets amounts to € 7,055,000 (previous year € 8,297,000). Due to immateriality the offsetting of expenses and income was waived.

Accruals for obligations relating to the “TRUMPF Familien- und Weiterbildungskonto” were offset against assets that were only used for the fulfillment of the obligation and that other credi-tors did not have access to. The net realizable value of the covering assets, which corresponds to the acquisition costs is € 457,000. The repayment amount of the accruals is also € 457,000. Due to immateriality the offsetting of expenses and income was waived.


Liabilities are stated at the repayment amount.

Deferred taxes result from temporary and quasi-permanent differences between the commercial amounts stated for assets, liabilities and accrued and deferred items and the corresponding tax valuations, or from tax loss carry forwards. To calculate the deferred taxes the amounts of the resulting tax burden or relief are valued applying the individual tax rate expected when the dif-ferences are to be settled; they are not discounted. Deferred tax assets and liabilities are shown net. If a surplus remains on the assets side as of the balance sheet date the option for recognition in accordance with sec. 274 (1) sentence 2 HGB is not exercised.

ownership of Shares and Companies included in Consolidation

Prof. Dr.-Ing. E.h. Berthold Leibinger and his family and Berthold Leibinger Stiftung GmbH hold all shares, directly and indirectly, in TRUMPF GmbH + Co. KG and Berthold Leibinger GmbH, Ditzingen (Germany). Together, the two companies exercise control over all domestic and foreign subsidiaries of the TRUMPF Group. The consolidation process treats these two companies as joint parent companies.

The consolidation group consists of 25 (previous year 25) German subsidiaries and 52 (previous year 53) subsidiaries outside of Germany in addition to the parent companies. A complete list of shareholdings in accordance with sec. 313 HGB is published together with the complete notes to the consolidated financial statements in the “elektronischer Bundesanzeiger” (electronic Federal Gazette).

Three (previous year one) subsidiaries are not included in the consolidated financial statements for reasons of immateriality for the fair presentation of the net assets, financial position and results of operations of the Group. Three (previous year three) companies are included in the consolidated financial statements as associated enterprises, in accordance with sec. 311 et sequentes HGB. For two (previous year two) additional companies, the application of the equity method has been waived for reasons of immateriality for the fair presentation of the net assets, financial position and results of operations of the Group.


Consolidation Principles

Until June 30, 2010 capital consolidation was carried out in accordance with the book value method. This involves offsetting acquisition cost against the pro rata owner’s equity of the subsidiaries at the time of first-time consolidation, foundation or acquisition. From fiscal year 2010/11 onwards the revaluation method in accordance with sec. 301 (1) HGB has been applied. When using this method the equity of the subsidiaries is stated at an amount that approximates the net realizable value of those assets and liabilities that have to be included in the consolidated financial statements.

Until fiscal year 2009/10 a residual debit difference was treated as goodwill and offset against the revenue reserves and minority interests without affecting income. From fiscal year 2010/11 onwards a residual debit difference is shown as goodwill on the assets side and is depreciated based on the expected useful life. If a credit difference results from capital consolidation, it is disclosed as a credit difference arising from capital consolidation below the equity items.

Investments in associated enterprises have been consolidated at equity in accordance with sec. 312 (1) no. 1 HGB according to the book value method.

If there are differences between the commercial amounts stated for assets, liabilities and accrued and deferred items and the corresponding tax values resulting from consolidation measures in accordance with sec. 300 to 305 HGB and if these differences are expected to reverse in the following fiscal years, the prospective tax relief or tax burden is recognized in the consolidated balance sheet as a deferred tax asset or liability respectively. The calculation of deferred taxes is based on the individual tax rate expected for the date of settlement of the differences. The tax rates range from 12 percent to 41 percent. Deferred taxes on the assets side and on the liabilities side are shown net. Deferred taxes resulting from consolidation measures are combined with the deferred taxes resulting from the application of sec. 274 HGB into a single balance sheet item.

Any intercompany profits arising from intercompany sales or services are eliminated with effect on income. Accounts receivable and payable between companies included in the consolidation are offset against each other. Foreign exchange related differences arising from this are not included in the profit and loss account and recognized in the item “equity difference from foreign currency translation”. Revenues from intercompany sales and intercompany income are offset against the corresponding expenses or reclassified as other own work capitalized or changes in inventories.


Foreign Currency Translation

In the individual financial statements, foreign currency receivables and liabilities are translated generally at the average spot exchange rate. In the case of residual terms of more than one year the realization principle (sec. 298 (1) HGB in conjunction with sec. 252 (1) No. 4 clause 2 HGB) and the historical cost principle (sec. 298 (1) HGB in conjunction with sec. 253 (1) sentence 1 HGB) are observed.

Bank balances in foreign currency are translated at the average spot exchange rate prevailing on the balance sheet date. Acquisition costs for shares in foreign subsidiaries or participations – with the exception of other participations – are valued at historical rates. Figures disclosed in the notes to the financial statements are translated at the average spot exchange rate on the balance sheet date.

In the consolidated financial statements, the balance sheet items of subsidiaries with non-euro accounting are translated in accordance with sec. 308a HGB using the modified current-rate method. This means that items on the assets and the liabilities side of the balance sheets prepared in foreign currencies are translated at the average spot exchange rate prevailing on the balance sheet date. An exception to this is equity which is translated at historical rates. The items in the profit and loss accounts of subsidiaries with non-euro accounting are trans-lated at the average exchange rate for the fiscal year. Any resulting differences are shown in accordance with sec. 308a HGB within group equity below the reserves as “equity difference from foreign currency translation”.


Explanations to the Balance Sheet

The numbers given refer to the corresponding items in the consolidated balance sheet or consoli-dated profit and loss account.

The development of the consolidated fixed assets is presented separately. Differences resulting from currency translation have been taken into account in the opening balance and within the accumulated depreciation.

1. Intangible assets

This mainly relates to software and expertise acquired from third parties. Additions mainly include acquired software.

2. Tangible assets

The increase in tangible assets essentially relates to investments in Ditzingen and Schramberg (Germany), Yokohama (Japan) and Taicang (China). The investments result especially from enlargement and refurbishment of buildings as well as the replacement of and investments in new machines.

The additions to payments on accounts are mainly for the expansion and refurbishment of facilities in Ditzingen, Schramberg and Saalfeld (Germany) as well as Gruesch (Switzerland). Also payments on account for investments in machines and equipment in Haguenau (France) have been effected.

3. Financial assets

The shares in affiliated enterprises relate to subsidiaries not included in the consolidation. The decrease in shares in associated enterprises mainly results from the retirement of an associated enterprise. Further differences relate to the changes in the consolidation group.


4. Inventories

in € ’000s 6/30/2012 6/30/2011

Raw materials, consumables and supplies 144,160 126,092

Work in progress 121,820 116,615

Finished goods and merchandise 301,695 249,650

Payments on account 9,709 7,822

577,384 500,179

less: payments on account received –79,807 –85,702

497,577 414,477

5. Receivables and other assets

in € ’000s 6/30/2012 6/30/2011

Trade receivables 480,784 377,553

of which with a residual term of more than one year 17,248 19,352

Receivables from affiliated enterprises 335 150

Receivables from participations 153 153

of which with a residual term of more than one year 150 –

Other assets 140,613 49,556

of which with a residual term of more than one year 6,759 6,472

621,885 427,412

The increase of other assets mainly relates to a reclassification out of securities in the amount of € 85,000,000.


6. Securities

The securities include investment products which are used for short-term investment.

7. Cash and cash equivalents

This relates to checks, cash on hand and bank balances.

8. Prepaid expenses

in € ’000s 6/30/2012 6/30/2011

Debt discount pursuant to sec. 250 (3) HGB 6 12

Other 22,416 19,956

22,422 19,968

Other prepaid expenses include vacation allowances, insurance premiums, maintenance con-tracts, dues, rent and other prepaid costs caused by the divergent fiscal year.

9. Equity

The fixed capital and subscribed capital position corresponds to the compulsory contributions of the limited partners of TRUMPF GmbH + Co. KG and the subscribed capital of the general partner. The compulsory contributions of the limited partners and the risk capital are identical.

The result allocation for the fiscal year 2011/12 is in accordance with the regulations of the partner-ship agreement and has been considered in the preparation of the consolidated financial statements.

Other revenue reserves contain profits and losses generated by the general partner and the domestic and foreign subsidiaries and allocated goodwill of € –76,635,000 (previous year € –76,635,000).

Furthermore in accordance with sec. 308a HGB exchange rate differences are not combined with revenue reserves anymore. From fiscal year 2010/11 on they are recognized separately within equity in the item “equity difference from foreign currency translation”.


Where capital increases have been made from company funds at subsidiaries since foundation or acquisition, the amounts concerned € 13,429,000 (previous year € 13,429,000) have been retransferred to the revenue reserves.

Minority interests mainly relate to investments in TRUMPF-Homberger s.r.l., TRUMPF Sachsen GmbH and HÜTTINGER Elektronik GmbH + Co. KG.

The result allocable to minority interests comprises profit shares of € 2,302,000 (previous year € 4,998,000) and loss shares of € 540,000 (previous year € 152,000). The development of the Group’s equity is shown separately in the statement of changes in group equity.

10. Credit difference arising from capital consolidation

in € ’000s 6/30/2012 6/30/2011

Credit difference from capital consolidation – 4,386

– 4,386

Credit differences of € 4,386,000 were released to income amounting to € 3,796,000 as they correspond to a realized profit due to the sustained positive earnings situation of the subsidiaries involved. In addition, the credit differences of € 590,000 which resulted from the retention of earnings by subsidiaries during the affiliation to the group, but which date back prior to the date of initial consolidation, were included in the revenue reserves without impacting income.

11. Special reserves

in € ’000s 6/30/2012 6/30/2011

Investment subsidies and grants 8,692 9,660

8,692 9,660


12. other accruals

in € ’000s 6/30/2012 6/30/2011

Tax accruals 21,727 22,856

Other accruals 209,752 181,438

231,479 204,294

Other accruals mainly relate to obligations in the personnel and welfare area, warranty obligations, outstanding purchase invoices and other contingent liabilities.

13. Liabilities

Term Term

in € ’000s 6/30/2012 Total

up to 1 year

1 to 5 years

over 5 years

6/30/2011Total

up to 1 year

liabilities to banks 233,374 59,189 105,856 68,329 204,796 39,944

Other financial liabilities 63,870 1,108 25,105 37,657 63,604 843

Trade payables 111,473 111,433 40 – 93,256 93,250

liabilities on bills accepted and drawn 316 316 – – 243 243

liabilities to affiliated companies – – – – 125 125

liabilities to partners 217,722 41,419 176,303 – 131,793 7,585

Payables to participations – – – – 4,313 4,313

Other liabilities 92,561 79,485 12,446 630 86,027 72,536

of which taxes 27,096 27,096 – – 23,072 23,072

of which relating to social security 2,967 2,967 – – 2,107 2,107

719,316 292,950 319,750 106,616 584,157 218,839

Trade payables are subject to the customary retention of title.


Other financial liabilities relate to a private placement on the US stock market in the unchanged amount of € 62,762,000 and the accrued interest.

Liabilities to partners relate to liabilities of TRUMPF GmbH + Co. KG and HÜTTINGER Elektronik GmbH + Co. KG to their limited partners.

Other liabilities include funds lent to the Group by employees in connection with the company profit participation plan. This position also contains commissions, customer credits and other loans. Loans of the indirect stockholder Berthold Leibinger Stiftung GmbH, also contained in this position, amount to € 14,575,000 (previous year € 14,157,000) on the balance sheet date.

Liabilities to banks in the amount of € 68,308,000 are secured by mortgage.

14. Deferred income

This item mainly includes the deferral of revenues or payments already received for maintenance services, training or leasing contracts.

15. Deferred tax liabilities

Deferred tax liabilities amount to € 6,300,000 (previous year € 10,245,000) as of the balance sheet date.

16. Contingent liabilities

in € ’000s 6/30/2012 6/30/2011

Warranty agreements and guarantees 451 905

451 905

Due to the sound net assets, financial position and profit of the companies, for which a guarantee has been put out, the risk of claiming out of the contingent liabilities is seen as low.


17. Derivative financial instruments and valuation units

in € ’000s nominal amount

net realizable value

Book value Balance sheet item

Interest-related transactions 30,000 –830 830 Other accruals

Foreign exchange related transactions 310,828 –7,846 – –

Other transactions 79,498 –4,761 – –

Interest-related transactions contain interest rate swaps. Foreign exchange related transactions concern foreign exchange forwards, swaps and options in the currency pairs EUR/USD, EUR/JPY, EUR/CNY, EUR/GBP, EUR/KRW and EUR/PLN. Other transactions show combined interest and foreign exchange hedging transactions in the currency pairs EUR/USD and EUR/JPY.

Adequate provision has been made for hedging transactions that are not included in a valuation unit, and which show a negative net realizable value as of the balance sheet date. The valuation is conducted in accordance with generally accepted valuation methods, e.g. present value or option pricing models.

The following hedges have been entered into:

Underlying transaction / hedge Risk / Type of valuation unit Included amounts hedged amount

Third party sales and purchasing / Foreign exchange forwards

Foreign exchange risk / Macro hedge € 131,472,000 CNY 1,094,059,000

Third party sales / Foreign exchange forwards

Foreign exchange risk / Macro hedge € 84,964,000 uSD 110,545,000


Foreign exchange risk / Macro hedge € 57,475,000 JPY 6,480,000,000

Third party sales / Foreign exchange forwards and swaps

Foreign exchange risk / Macro hedge € 13,731,000 GBP 11,685 ,000


Foreign exchange risk / Macro hedge € 8,766,000 KRW 13,040,483,000


Foreign exchange risk / Macro hedge € 7,496,000 PlN 32,400,000

Third party sales / Foreign exchange options

Foreign exchange risk / Macro hedge € 6,923,000 uSD 9,000,000

Financial liabilities / Combined interest and foreign exchange hedges

Interest and foreign exchange risk / Micro hedge € 62,762,000 uSD 75,000,000

Financial liabilities / Combined interest and foreign exchange hedges

Interest and foreign exchange risk / Micro hedge € 16,736,000 JPY 2,090,377,000


In respect of the existing hedges as of the balance sheet date the following applies in accordance with sec. 254 HGB:

Economic hedging relationships between derivative financial instruments and underlying trans-actions are reflected in the balance sheet by recognizing valuation units. Due to the consistency of all significant value-determining components, the opposite changes in value from underlying and hedge completely offset one another within the hedge period. The effectiveness of the hedges is monitored on a regular basis within the existing risk management. If necessary, modifications of the hedging strategy are made promptly. Based on that, hedging relationships can be assumed to be effective prospective and retrospective.

For the hedging of foreign exchange risks arising from highly probable forecast transactions, forward contracts are concluded which match the expected net cash flow in terms of duration, nominal value and currency (macro hedges). The highly probable future incoming and outgoing payments arising from sales and sourcing transactions are derived from corporate planning. The verification of former planning has shown that the applied transactions are highly probable.

18. off-balance-sheet transactions

In this fiscal year there are no material off-balance-sheet transactions.

19. other financial commitments

in € ’000s 6/30/2012 6/30/2011

Rent, lease and leasing agreements as well as other commitments 65,753 76,238

Purchase obligations relating to investments 135,119 4,750

200,872 80,988

The amounts are due as follows: within 1 year 160,461 29,175

2 to 4 years 24,433 21,356

5 years and thereafter 15,978 30,457

200,872 80,988

In addition, there are obligations from master agreements and regular purchase commitments on a scale customary for the company as well as obligations to purchase shares in companies.


Explanations to the Profit and Loss Account

20. Sales

Of sales, 29 percent (previous year 29 percent) was generated in Germany and 71 percent (previous year 71 percent) abroad. For sales per business division please refer to the group management report.

in € ’000s 2011/12 2010/11

Sales in Germany 670,915 590,734

Sales outside Germany 1,657,298 1,433,078

2,328,213 2,023,812

21. Changes in inventories and own work capitalized

in € ’000s 2011/12 2010/11

Changes in inventories of finished goods and work in progress 48,481 62,661

Own work capitalized 6,337 4,989

54,818 67,650

22. other operating income

Other operating income mainly relates to income from exchange rate gains, the reversal of accruals, and retirement of fixed assets.

Income from foreign currency translation amounts to € 78,118,000 (previous year € 55,742,000). Other operating income totaling € 13,955,000 is allocable to other fiscal years (previous year € 11,465,000).


23. Cost of materials

in € ’000s 2011/12 2010/11

Cost of raw materials, consumables and supplies and of purchased goods 1,064,090 924,617

Cost of purchased services 76,440 62,548

1,140,530 987,165

24. Personnel expenses

in € ’000s 2011/12 2010/11

Wages and salaries 531,020 457,743

Social security and other welfare costs 91,195 78,157

Pension costs 16,612 15,197

638,827 551,097

Personnel expenses also contain remuneration and pension expenses for our partners.

25. other operating expenses

Other operating expenses mainly contain administrative and selling expenses including sales representative commissions, third party services, maintenance costs, training and travel expenses, freight out, exchange rate losses, advertising expenses as well as rent and lease expenses. Expenses from foreign currency translation amount to € 61,148,000 (previous year € 63,763,000).

26. Financial and investment result

iin € ’000s 2011/12 2010/11

Income from associated enterprises – 1,031

Income from securities and loans 10 2,346

Other interest and similar income 9,744 6,693

Interest and similar expenses –32,027 –29,026

of which from discounting of accruals –6,772 –5,907

–22,273 –18,956


27. Extraordinary result

in € ’000s 2011/12 2010/11

Extraordinary income – 1,955

Extraordinary expenses – –569

– 1,386

Extraordinary income and expenses in the previous year resulted solely from the first-time application of BilMoG (German Accounting Law Modernization Act).

28. Taxes on income

Taxes on income include the effective and deferred trade tax and corporate income tax payable by TRUMPF GmbH + Co. KG, the general partner and the domestic and foreign subsidiaries. Effec-tive income taxes came to € 43,124,000 (previous year € 36,812,000) for the reporting year.

Deferred tax income amounts to € 5,977,000 (previous year € –3,966,000) for this fiscal year. An amount of € 1,016,000 (previous year € –757,000) results from differences between the commercial and the tax balance sheet and € 4,961,000 (previous year € –3,208,000) from consolidation procedure.

Partners’ taxes were presented, for information purposes only, after the figure for the consolidated net income for the year according to sec. 264c (3) HGB. They are not included in the calculation of deferred taxes.


notes to the Cash Flow Statement

29. Composition of cash and cash equivalents

Cash and cash equivalents include cash, highly-liquid securities, promissory note bonds and short-term liabilities to banks. The difference between the cash and cash equivalents reported here and the cash and liquid securities reported in the balance sheet is due to other short-term investments shown in other assets and offsetting current liabilities to banks. For the same reason, there is a difference between the short-term bank loans (current account) reported here and the liabilities to banks with a term of less than one year reported in the notes to the financial state-ments. The cashflow from operating activities includes received interest of € 9,744,000, paid interest of € 31,580,000 as well as income tax paid of € 49,429,000.

other Disclosures

30. Audit fees

The total fee charged by the independent auditor for the fiscal year amounts to € 705,000 (previ-ous year € 596,000) and can be broken down as follows:

in € ’000s 2011/12 2010/11

Audit of financial statements 475 454

Tax consulting services 230 124

Other services – 18


31. Employees

Annual average headcount:

2011/12 2010/11

Germany Employees 4,815 4,281

Trainees 293 309

Abroad Employees 4,086 3,581

Trainees 162 126

9,356 8,297

32. Management

The persons stated below are responsible for the management of the company. The remuneration for the management of the parent company, that covers the execution of the duties and responsibilities within the parent company and subsidiaries, amounts to € 7,486,000 (previous year € 7,732,000).

Pension commitments of € 9,680,000 (previous year € 9,155,000) were made to former members of management. In the fiscal year 2011/12, former general managers or their surviving depend-ents received benefits of € 1,122,000 (previous year € 1,016,000).

33. Exemption in accordance with hGB

The following corporations made use of the exemption from sec. 264 (3) HGB: TRUMPF Werkzeugmaschinen Beteiligungs-GmbH, TRUMPF Werkzeugmaschinen Deutschland Vertrieb + Service Beteiligungs-GmbH, TRUMPF International Beteiligungs-GmbH, TRUMPF Laser- und Systemtechnik GmbH, HÜTTINGER Verwaltung GmbH, Laser Verwaltungs-GmbH, Celtia Verwaltungs-GmbH, TRUMPF Leasing + Service Beteiligungs-GmbH, TRUMPF Medizin Systeme Beteiligungs-GmbH, TRUMPF Capital GmbH, TRUMPF Finance GmbH, TRUMPF Med Beteiligungen GmbH, Berthold Leibinger Immobilien GmbH, TRUMPF Kapitalbeteiligungen GmbH, TRUMPF Sachsen GmbH.


The following commercial partnerships within the meaning of sec. 264a (1) HGB made use of the exemption from the preparation of annual financial statements provided for in sec. 264b HGB in accordance with the commercial law provisions applicable to corporations: TRUMPF GmbH + Co. KG, TRUMPF Werkzeugmaschinen GmbH + Co. KG, HÜTTINGER Elektronik GmbH + Co. KG, TRUMPF Laser GmbH + Co. KG, TRUMPF Medizin Systeme GmbH + Co. KG, TRUMPF Leasing + Service GmbH + Co. KG, TRUMPF Immobilien GmbH + Co. KG, TRUMPF Werkzeug-maschinen Deutschland Vertrieb + Service GmbH + Co. KG.

34. Supervisory Board

Sec. 1 (1) no. 2 of the German Codetermination Law (MitbestG) provides that a company which exceeds a certain size classification must appoint a supervisory board. In accordance with sec. 7 (1) no. 1 MitbestG, Berthold Leibinger GmbH has met this requirement effective since fiscal year 1998/99. The Supervisory Board has twelve members.

The Supervisory Board total remuneration amounts to € 141,000 (previous year € 120,000).

35. Related party transactions

All transactions with affiliated companies and persons were at arm’s length.

Ditzingen, September 10, 2012

TRUMPF GmbH + Co. KG Berthold Leibinger GmbHDr. phil. Nicola Leibinger-Kammüller (President)Dr.-Ing. E.h. Peter Leibinger (Vice President)Dr. rer. pol. Lars GrünertDr.-Ing. Mathias KammüllerDr. rer. soc. Gerhard RüblingDipl.-Ök. Harald Völker


Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart, issued the following audit opinion on the consolidated financial statements and the group management report as published in the “elektronischer Bundesanzeiger” (electronic Federal Gazette):

We have audited the consolidated financial statements prepared by TRUMPF GmbH + Co. KG, Ditzingen, and Berthold Leibinger GmbH, Ditzingen, comprising the balance sheet, the profit and loss account, cash flow statement, statement of changes in Group equity and the notes to the consolidated financial statements, together with the group management report for the fiscal year from July 1, 2011 to June 30, 2012. The preparation of the consolidated financial statements and the group management report in accordance with German commercial law as well as the additional provisions of partnership agreements are the responsibility of the companies’ manage-ment. Our responsibility is to express an opinion on the consolidated financial statements and on the group management report based on our audit.

We conducted our audit of the consolidated financial statements in accordance with sec. 317 HGB (“Handelsgesetzbuch”: German Commercial Code) and German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW, Insti-tute of Public Auditors in Germany). Those standards require that we plan and perform the audit such that misstatements materially affecting the presentation of the net assets, financial position and results of operations in the consolidated financial statements in accordance with German principles of proper accounting and in the group management report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the Group and expectations as to possible misstatements are taken into account in the determina-tion of audit procedures. The effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the consolidated financial statements and the group management report are examined primarily on a test basis within the framework of the audit. The audit includes assessing the annual financial statements of those entities included in consoli-dation, the determination of the entities to be included in consolidation, the accounting and consolidation principles used and significant estimates made by management, as well as evalu-ating the overall presentation of the consolidated financial statements and the group management report. We believe that our audit provides a reasonable basis for our opinion.

Our audit has not led to any reservations.

In our opinion, based on the findings of our audit, the consolidated financial statements comply with the legal requirements as well as the additional provisions of partnership agreements and give a true and fair view of the net assets, financial position and results of operations of the Group in accordance with German principles of proper accounting. The group management report is consistent with the consolidated financial statements and as a whole provides a suitable view of the Group’s position and suitably presents the opportunities and risks of future development.

Stuttgart, September 11, 2012

ERnST & yoUnG GMBhWIRTSCHAFTSPRüFuNGSGESEllSCHAFT

SkIRk hEUBAChGERMAN PuBlIC AuDITOR GERMAN PuBlIC AuDITOR

Audit opinion


information2011/12

05chaP.

Contentp

Global presence

Our responsibility to society

Imprint

142

143

145


>

01 02 03 04 050

INfOrMATION

chap.

1

2a 2 b 2 c 2

a 1 b 1 c 1

3 a 3 b 3 c 3

> Global presence

53 locations worldwide

9,555 EMPLOyEES

TruMPf is present in almost all European countries, in North and South America as well as Asia with its own susidiaries.

lOcatiOnS WOrLDWIDE TOTAL 53

DitzingenHeadquarter

Haguenaufrance

WarsawPoland

PrahaCzech republic

farmingtonuSA

KairoEgypt

yokohamaJapan

freiburg Parisfrance

zielonkaPoland

— CharlestonuSA Dubai

united Arab Emirates

Kuala LumpurMalaysia

Gerlingen Clermont-ferrandfrance

Moscowrussia

— PrincetonuSA

Singapore

Hettingen LutonGreat Britain

AlingsåsSchweden

— PlymouthuSA

ShanghaiChina

SeoulSouth Korea

Neukirch SouthamptonGreat Britain

BaarSwitzerland

— Santa ClarauSA

Hong KongChina

Tao-yuan ShienTaiwan

Puchheim MilanoItaly

GrüschSwitzerland

— São PauloBrasil

DongguanChina

Hanoivietnam

Saalfeld zagrebCroatia

KošiceSlowakia

— MississaugaCanada

PekingChina

Ho Chi Minh Cityvietnam

Schramberg HengeloThe Netherlands

MadridSpain

— ApodacaMexico

TaicangChina

—

— PaschingAustria

BrnoCzech republic

— — PuneIndia

—

— PoznanPoland

LiberecCzech republic

— — TangerangIndonesia

—

geRMany 8

eUROPe 21

the aMeRicaS 8

aSia-PaciFic/OtheR 16

142 TRUMPF annual report 2011/12INfOrMATION

educationEducation is EssEntial for innovation.

_ it provides important impetus for social and economic progress. this

is why we focus on numerous stages in the educational development

of young people, from pre-school and choice of career to university

studies. in cooperation with local schools and universities, we work on

future-oriented education projects, supplying teaching materials and

supporting students with grants and scholarships. our objective here is

to get young people interested in technology at an early stage, and to

further their entrepreneurial talents.

researchinnovation is an intEgral part of our corporatE culturE.

_ We work on the technologies of the future, constantly

seeking a know-how transfer between research and

practice. We cooperate closely with universities and

institutes, and are greatly committed to relevant research

networks. We support university teaching by financing

professorships, organising lectures or making machines

available to institutes. our sponsorship program pro-

motes the scientific, professional and personal further

development of young academics.

Our responsibility to society>

our responsibilityto societysocial rEsponsibility is our culturE.

_ social responsibility is a part of our culture as a family-owned company. We operate according to a value system based on responsibility and sustain-ability. Education, research, sustainable business practices, a commitment to our employees and the values of a family-owned company are all integral to our social responsibility. With innovative approaches and projects, we contribute toward the further development of our society.

143TRUMPF annual report 2011/12 information

substainable business practicesrEsponsibility toWard futurE gEnErations.

_ our actions reflect our responsibility toward future generations. this is why trumpf has set itself

long-term goals that include the conscious and responsible treatment of resources. as a high-tech

company, we ensure that our products, processes and infrastructure are all based on minimal con-

sumption of resources. this efficiency gives our customers the competitive edge while protecting

the environment at the same time. our technologies make it possible to manufacture futureproof

products that are gentle on resources.

employees

for thE dEvElopmEnt of our EmployEEs.

_ our employees are important for our

success. With their qualifications, dedica-

tion and motivation, they determine the

future competitiveness of trumpf. the

satisfaction and well-being of our emplo-

yees are just as important to us as their

professional commitment, and this is why

we invest in their total welfare – their

education, professional qualification, and

health. as a result our employees can

continue to develop not only professio-

nally but also culturally and socially.

family-ownedcompany

thE long tErm commitmEntof family oWnEd companiEs.

_ Ethical business practices are anchored in the corpo-

rate principles of our family-owned company. We are

proud of these values, and of the success of our business

model. in the german economy, family-owned compa-

nies famously foster growth and employment – so it is

in the interests of all of us to secure the success of these

companies in the long term.

Our responsibility to society>

144 TRUMPF annual report 2011/12information

> Imprint

i 1

eDitORialPress and Public relations

TruMPf GmbH + Co. KG

i 2

cOntactTruMPf GmbH + Co. KG

Johann-Maus-Straße 2

71254 Ditzingen, GErMANy

Phone +49.7156 303-0

fax +49.7156 303-930309

[email protected]

i 3

PhOtOgRaPhS

Germany, Europe, The Americas

Sandra Schuck

P. 11 Jonathan Andrew / Corbis

P. 24 Eberhard Streichan / Corbis

P. 27 David yoder / Corbis

P. 34 frédéric Atlan

P. 36 udo Loster

P. 39 Marko Stuke

P. 40 Owen franken / Corbis

P. 50 Tim Matsui / Corbis

Asia

Jan Siefke

P. 68 udo Loster

P. 72 robert Brembeck

P. 74 / 75 robert Brembeck

P. 76 Jürgen Altmann

RealiSatiOn

CONCEPT AND DESIGN

STrICHPuNKT GmbHStuttgart / Berlinwww.strichpunkt-design.de

PRint

EBErL Print GmbH

87509 Immenstadtwww.eberl.de

TRUMPF annual report 2011/12 INfOrMATION

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