Annual Report - Zehnder Group AG

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Roelandt Nathalie
Roelofs Pascal
Roethlisberger Peter
Roger Florian
Roger Gerard
Roger Jean-Marc
Rohner Rolf
Roig Rey Carles
Rolleri Romano
Rose Jean-Philippe
Roseboom Suze
Rosenholm Ann
Rosfelder Claude
Rosser Stephan
Roth Hubert
Roth Nicholas
Rothert Nicholaus
Roudiere Deny
Rousset Erwan
Rouxel Perros Muriel
Rozylo Piotr
Rubin Ann-Cathrin
Ruchala Jozef
Ruchot Pascal
Rudek Robert
Rueth Lisa
Rufer Dietmar
Ruggerini Chiara
Ryffel Patrick
Rzepecki Miroslaw
Rzepka Bartlomiej
Sabaczuk Frank
Sabatino Andrea
Sahin Hayri
Sahin Muammer
Sailly Frantz
Salata Artur
Saliba Yacoub
Sample Terry
Sancakdaroglu Idris
Sand Karl
Sandalci Fahri
Sandalci Soner
Sandberg Helene
Sander Peter
Sandmeier Reto
Sanolan Mevlut
Santalucia Cosimo
Santalucia Theres
Saranca Alexander
Sarazin Bernard
Sarcan Metin
Sari Suleyman
Sarikan Yusuf
Sarikaya Osman
Sarrazin Fabrice
Sarteel Veronique
Sartori Nicola
Sarzynski Andrzej
Sauer Shawn
Sawicki Artur
Scafidi Anthony
Scarsi Michel
Schaaf Peter
Schaarschmidt Lars
Schaefer Nelli
Schaefer Sergej
Schaefer Uwe
Schaefer Viktor
Schaetzle Doris
Schaffter Maurice
Schappacher Peter
Schaer Alfred
Scharf Viktoria
Scharff Guenter
Scharnagel Helena
Schatzmann Adrian
Schaub Dominik
Schaub Johannes
Schaus Thomas
Scheerer Irmtraud
Scheibel Andreas
Scheidegger Marco
Scheidegger Reto
Scheiermann Alexander
Schellenberg Bernhard
Schenk Ursula
Scherer Thomas
Scherk Michael
Schiavitti Kathryn
Schiessle Nils
Schiff Mario
Schilli Christiane
Schiphorst Conny
Schlick Yves
Schmid Jakob
Schmid Jean-Marie
Schmidt Glenn
Schmidt Michael
Schmitt Alain
Schmitt Bertold
Schnebel Silvia
Schneider Marie-Jose
Schneider Sebastien
Schneider Thomas
Schneider Ute
Schnell Francois
Schnorr Michael
Scholten Andre
Scholten Edwin
Schurink Leni
Schurtenberger Urs
Schwab Klaus
Schwab Pirmin-Lukas
Schwaer Carola
Schweiger Michel
Schwendemann Harry
Schweyer Christian
Schwoehrer Bernard
Schwoehrer Christian
Schwoehrer Raymond
Scicchitano Claudio
Scott Douglas
Seeburger Simone
Seeholzer Bruno
Seeholzer Hans
Seel Sergej
Seelig Michael
Seferovic Elvis
Segers Alain
Segers Rudi
Segirinya Simon
Seifert Detlef
Seiler Rita
Seiter Udo
Seker Ergun
Seker Halis
Seker Mehmet
Selimi Aslan
Selimi Eljham
Selimi Garip
Selimi Surjan
Seljavin Igor
Selmi Manuela
Selzer Hubert
Semiz Selcuk
Sen Fevzi
Sen Mehmet
Seng Manfred
Senol Cuneyt
Sents Marc
Sererols Trullas Agusti
Sergent Fabien
Serusier Jean Marc
Serwejuk Przemyslaw
Seury Marc
Seury Yves
Sexauer Gerd
Seydoux Cornelia
Shan Zhijie
Shang Liliang
Sharp Ronald
Shen Hongyi
Shen Jianliang
Shershenkow Dmitrij
Shi Jinli
Shi Pan
Shumay Denis
Sichler Benjamin
Sichler Susanne
Siebold Jochen
Siekierski Andrzej
Sienkiewicz Jaroslaw
Sierink Gert
Sikorski Zbigniew
Silin Alexander
Silva Cindy
Silvert Emmanuel
Simet William
Simmonds Carl
Simon Materne
Sinem Adil
Sintobin Didier
Sitek Henryk
Skrzypacz Aleksander
Skrzypacz Antoni
Skubis Karolina
Slawiak Michael
Slinger Janet
Slusarczyk Pawel
Smit Henk
Smith David
Smith Kevin
Smith Russell
Smitz Susan
Smyrek Georg
Soddu Simone
Sommerhalder Alexandra
Sommerhalder Peter
Sondaj Adam
Song Chengguang
Song Cuiping
Song Honggang
Song Wenbin
Sorden Eric
Soriano Gaetano
Sottomayor Alain-Jose
South Carlene
Soysever Burhan
Spadea Francesco
Specht Regina
Spelgatti Tina
Spendowski Tomasz
Spielmann Alain
Spratek Stanislav
Sprimont Patrick
Springer Elke
Stachowiak Jacky
Staehli Hanspeter
Stahel Jakob
Stepien Artur
Stevens Keith
Stevens Kevin
Stevens Lyndsey
Stevenson Nan
Stijk Ralf
Stille Harry
Stille Kent
Stiplosek Ivan
Stocchero Vincent
Stodola Lukasz
Stojakin Sergej
Stolz Burkhard
Stone Milly
Stoorvogel Dick
Stork Helmut
Stosiek Jerzy
Strauch Eric
Strebel Stefan
Strecker Willi
Stricker Klaus
Stubbs Alexa
Stucchi Michela
Stucki Daniel
Stutz Bruno
Stutz Sandro
Su Suleyman
Suma Giovanni
Sun Cao
Sun Fusheng
Sun Liyi
Sun Wenhong
Sun Xuezheng
Sun Zheng
Surdyka Pawel
Sweeney Paul
Swiatek Stanislaw
Swietochowski Adam
Syddall Mark
Sykes Chris
Szafek Radoslaw
Szalach Paul
Szalewski Mariusz
Szast Mariusz
Szecki Andrzej
Szeniawski Francois
Szewczuk Krzysztof
Szewczyk Miroslaw
Szewczyk Piotr
Szewczyk Robert
Szweda Eliza
Szymankiewicz Piotr
Szymanski Kyle
Szymanski Mariusz
Szymkiewicz Miroslaw
Tabernero Martinez Fernando
Tac Alus
Taissidre Andre
Taissidre Jerome
Talukan Meltem
Tanderys Pawel
Tansel Huseyin
Tao Kui
Tao Shaolong
Tao Weixiong
Tao Yuan
Tarasov Alexey
Tarczynski Czeslaw
Tarhan Gurcan
Tari Saim
Tarnas Paulina
Tarnawski Pawel
Tarre Bohlin Margareta
Tasci Cavit
Tasse Patrick
Tastan Ilker
Taylor Chris
Templeton Monika
Teulade Pierre Antoine
Tezgel Osman
Theeuwes Wijnand
Theissen Ronald
Theodore Fritznel
Thiel John
Thietry Didier
Thimmesch Christophe
Thines Benjamin
Thiriard William
Thoeni Dominic
Thoma Alarich
Thoma Melanie
Thoma Urs
Thomas Clement
Thomas Craig
Thorpe Samantha
Tian Feng
Tian Kai
Tian Keqin
Tian Xuehui
Tian Yonggang
Tian Zhenjiang
Tibi Dorothea
Tijmes Peter
Tinelle Jean-Louis
Tishuki Fehrik
Tisserand Isabelle
Todorov Blazo
Toischer Petra
Toivonen Mikko
Tolsma Rinske
Trzesowski Tomasz
Tschanz Hildegard
Tschirschwitz Michael
Tschuppert Markus
Tuccillo Francesca
Tuink Nicky
Tumer Gulten
Tun Aung
Tunali Engin
Tuncay Yakup
Turan Murat
Turenko Eugen
Turesson Carry
Turrini Cristina
Twardowski Janusz
Tweed-Rycroft Barry
Tyralla Bernd
Uhl Ilse
Uitzetter Mark
Ulli Mario
Ulmann Rolf
Ulualan Kazim
Unrein Waldemar
Unternehr Gerard
Urbanczyk Robert
Urbaniak Marek
Urbanski Gilbert
Uslu Hasan
Uysal Ibrahim
Uysal Muhammed
Vaillant Monique
Valentin Jean-Michel
Vallez Didier
van Alen Marco
van Bemmelen Ronnie
van Deventer Danny
Van De Gucht Stephane
van de Hoek Rene
van de Kamp Erik
van de Klok Martin
van de Peppel Martijn
van den Bor Nicolien
van den Brink Henk
van der Vegt Wilma
van de Vendel Andre
van de Weide Be
van de Weide Pieter
van den Elzen Marc
van der Veen Jan
van Dijk Henk
van Emmerik Kees
van Erp Tony
van Essen Mathijs
van Heuveln Erik
van Hezel Erwin
van Hezel Peter
van Huet Bianca
van Huet Sonny
Van Ransbeeck Frank
van ’t Ende Tineke
van Wilpe Johan
Vandaele Michel
Vandaele Karin
Vanderpoel Kurt
Vargas Marciano
Vasson Alain
Veldhuijzen Arie
Verbecque Stephanie
Verboom Nico
Verin Jean-Luc
Veurman Jelle
Vian Alex
Vie Philippe
Villard Christine
Villate Alberto
Vincent Joe
Vinchon Gilles
Vinchon Robert
Visco Vincenzo
Visscher Paul
Vladimirova Natalia
Voegeli Renate
Voegeli Thomas
Voinot Patrick
Volk Sabine
Vollenweider Viktor
Vollez Patrice
Vollmer Peter
Vosburgh John
Vredeveld Richard
Vuong Tony
Wadin Patrick
Waelde Klaus-Dieter
Waeldin Yvan
Wagner Alexandra
Wagner Roland
Wagner Roswitha
Wagner Stefanie
Waill Lioubov
Walczak Marcin
Walker Jermaine
Wallace Krys
Wallace Sarah
Walley Chris
Walsma Geke
Walta Remco
Walter Michaela
Walton Paula
Walz Fabian
Wanat Jaroslaw
Zehnder Group AG · Moortalstrasse 1 · 5722 Gränichen · Switzerland
T + 41 62 855 1506 · F + 41 62 855 1515
investor-relations@zehndergroup.com · www.zehndergroup.com
Scholz Norbert
Schopf Eduard
Schorta Ilona
Schreiber Frank
Schrempp Harald
Schrempp Uschi
Schreyer Annabelle
Schreyer Rico
Schrijver Andre
Schroeder Marius
Schuerch Ursula
Schulte Olaf
Schultis Ruediger
Schultz Philippe
Schupp Juergen
Staiger Diana
Stallings Jada
Stampfl Robert
Stang Waldemar
Starikov Vadim
Stark Viktor
Starvaggi Francesco
Stehlin Rainer
Steimen Reto
Steinebach Silvo
Stelmaszek Andrzej
Stelmaszek Krzysztof
Stelz Michaela
Stephens Barry
Stephens Jeffery
Tomczak Andrzej
Toomey James
Trabelsi Marianne
Trautmann Tobias
Treichel Klaus
Treichl Arthur
Treichler Martin
Tretjakova Olga
Trevette Jacques
Tricotteux Guy
Trochain Claude
Trochimowicz Marek
Troclet Jean-Pierre
Trutt Michael
Trzebinski Wojciech
Wang
Wang
Wang
Wang
Wang
Wang
Wang
Wang
Wang
Wang
Wang
Wang
Wang
Wang
Wang
Baocai
Chongming
Chunli
Gang
Guoqun
Haidong
Hongdan
Hongpeng
Huaiying
Jiamei
Jian
Junsheng
Kann
Li
Min
Wang Qingyu
Wang Ran
Wang Tianlin
Wang Wandong
Wang Weihua
Wang Weiwei
Wang Xia
Wang Xiangfeng
Wang Xingang
Wang Xinyan
Wang Yingchuan
Wang Yongrong
Wang Yuwen
Wang Zhenxiang
Warnet Philippe
Warren Glen
Warszawski Thomas
Wasniewski Zbigniew
Waszkiel Piotr
Watrach Eugeniusz
Webb Neil
Weber Annette
Weber Francois
Weber Marko
Weber Martin
Weber Ronald
Weber Walter
Wegkamp Harry
Wegscheider Nikolaus
Wehrfritz Daniel
Wehrle Bertrand
Wei Dongjun
Weijma Erik
Weiss Michaela
Weiss Nicole
Weiss Robert
Weiss Tanja
Weiss Thomas
Welker Martin
Wendling Patricia
Weng Jun
Weng Xinqian
Wentziger Jean-Michel
Wery Pascal
Weschle Hans-Peter
Wessels Geert
Westermann Werner
Westhuis Alien
Wetherfield Debbie
Whitacre Shawn
Whitting Joy
Wibaut Patrick
Wiberg Jonathan
Wickersheim Nico
Widforss Gunnar
Widmer Beatrice
Widmer Daniela
Widmer Marc
Wiedmer Christian
Wiegert Franziska
Wiegert Mascha
Wielgosik Gwalbert
Wiersema Gert
Wiesendanger Stefan
Wiget Markus
Wilderdijk Rick
Wiles Natalie
Willaerts Stefan
Willemain Jean-Philippe
Willemain Philippe
Willering Peter
Williams James
Williams Jonathan
Wilson William
Winkels Marleen
Winkler Simon
Wirschke Oksana
Wiseur David
Wisniewski Piotr
Wiss Rico
Witek Anna
With Eugen
Witz Pascal
Wochnik Andre
Wochnik Remy
Wojewodka Marta
Wojtowicz Piotr
Wolf Ingrid
Wolf Matthias
Wolffer Christophe
Wolfger Rosanna
Woloszyn Daniel
Woning Henk
Wozniak Ewa
Wu Gang
Wu Jiang
Wu Jiayi
Wu Jungang
Wu Yang
Wu Zhanyu
Wu Zheng
Wueest Patrick
Wunderlin Walter
Wursthorn Manfred
Wybraniec Arkadiusz
Wybraniec Piotr
Wyrsch-Zurbuchen Manuela
Wyskup Krzysztof
Xiang Changyou
Xiao Yaling
Xiong Zhuang
Xu Bei
Xu Guangyao
Xu Hongjiang
Xu Ke
Xu Li
Xu Lingqing
Xue Peng
Yagy Joshua
Yali Fidan
Yaman Mitat
Yan Aihong
Yan Wengguang
Yan Yuguo
Yang Baomin
Yang Guiquan
Yang Qu
Yang Ruizeng
Yang Wenzhuang
Yang Zhen
Yao Lei
Yao Xin
Yapalak Ercan
Yardimci Hasim
Yardimci Yasin
Yatak Goenuel
Yavas Niyazi
Ye Hongzhou
Yenilmez Bulent
Yesilcimen Murat
Yildirim Mehmet Nuri
Yildiz Gursel
Yildiz Muhittin
Yildizoglu Yueksel
Yilmaz Serkis
Yilmaz Musa
Yin Jianxue
Yin Kesong
Ynoa Mario
Ynoa Mayron
Young Richard
Yu Haijun
Yu Jialiang
Yu Mingxin
Yu Ning
Yu Wenlong
Yuan Yukun
Yue Suxia
Yuksel Mustafa
Yuerek Mevluet
Yurtkan Fatih
Zabierek Barbara
Zajac Tomasz
Zakaszewski Boguslaw
Zakrzewski Wladyslaw
Zamaraev Vadim
Zaremba Henryk
Zaremba Tomasz
Zarowny Marcin
Zarowny Tomasz
Zbinden Bernhard
Zbinden Markus
Zech Stefan
Zehnder Hans-Peter
Zehnder Max
Zehnder Michael
Zeier Thomas
Zeiser Karl-Heinz
Zennipman Erik
Zerbini Laurent
Zhang Chuanjun
Zhang Chun
Zhang Fengjiao
Zhang Gongzheng
Zhang Haitao
Zhang Hongyin
Zhang Jianmin
Zhang Jinqiang
Zhang Jinshan
Zhang Jinyi
Zhang Kezhong
Zhang Li
Zhang Lianfeng
Zhang Liangliang
Zhang Lihua
Zhang Shiming
Zhang Tao
Zhang Tongxin
Zhang Weidong
Zhang Wenquan
Zhang Xiaping
Zhang Xiaoyan
Zhang Yang
Zhang Ying
Zhang Yingjun
Zhang Yong
Zhang Yongliang
Zhang Yuwang
Zhang Zhihua
Zhao Chunguang
Zhao Chuntao
Zhao Fei
Zhao Guangyue
Zhao Jiafu
Zhao Jianguo
Zhao Junqian
Zhao Li
Zhao Liqiang
Zhao Qiongwei
Zhao Weii
Zhao Xue
Zhao Yinjian
Zhao Yongjin
Zhao Zhiyong
Zhen Zhijun
Zheng Hongli
Zheng Xinrong
Zhi Lijun
Zhi Meichun
Zhong Zhao
Zhou Yuxia
Zhu Chunyang
Zhu Hang
Zhu Shouzhi
Zhu Wei
Zhu Weibo
Zhuang Qing
Zhuang Zhijie
Zieba Mariusz
Ziegler Aloyse
Ziegler Erich
Ziegler Klaus
Ziembikiewicz Witold
Ziembikiewicz Zdzislaw
Ziemski Frederic
Ziemski Jean Luc Leszek
Zienkiewicz Lucyna
Zilio Agostino
Zimmer Isa
Zimmer Michael
Zimmerli Karl
Zink Lawrence
Zipf Meike
Zipse Andreas
Zscherpe Jacky
Zubler Christian
Zuo Jun
Zurakowski Radoslaw
Zurowski Walter
Zwahlen Christian
Zwahlen Claudia
Zweifel Andreas
At the end of 2011 Zehnder
Group employed 3,100 people
in 20 different countries.
We would like to thank our
employees for their hard work
over the past year.
Zehnder Group Annual Report 2011
Pierson Elisabeth
Pietkiewicz Janusz
Pietrzak Jozef
Pietrzyk Mateusz
Pilard Fabien
Pile Natasha
Pillonel Raphael
Pinazzo Alexandro
Pinsard Gaelle
Piotrowski Anita
Pirog Piotr
Piscitelli Fulvio
Pitcher Simon
Pitsch Michael
Pizzica Davide
Podburaczynski Miroslaw
Podpinka Roman
Poelman Dave
Polisoto David
Popov Sergej
Poppe Orland
Porsche Steffen
Posch Werner
Potas Dariusz
Poulet Jean-Paul
Poullain Jeanny
Poullain Julien
Pouls Willem
Poznanski Miroslaw
Pracht Robert
Prat Ludovic
Preisner Lech
Preißler Heidrun
Prenka Leonard
Prentice Mark
Preston Lauren-Eve
Prevost Alain
Prevot Loic
Prijs Arnold
Prins Barend
Protoy Augustin
Pruvot Jean-Pierre
Pruvot Pascal
Przywieczerska Grazyna
Pugh Sara
Pulat Aysegul
Puleo Giuseppe
Putzi Jeannine
Pyrka Piotr
Qian Yilian
Qiao Chunjun
Qiao Fenghua
Qiao Kun
Qin Jianmin
Qneis Tawfiq
Qu Weitao
Quellmalz Anja
Quellmalz Eckhard
Quercy Daniele
Quesnoit Cedric
Quesnoit Philippe
Quin Lucot Noemie
Quinchon Dominique
Radelet Laurent
Raeber Roger
Raffoux Philippe
Rahnefeld Heiko
Rajczakowski Miroslaw
Ramadani Ramiz
Ramazzotti Claude
Ramette Christian
Ramirez Jose
Rammanan Robert
Ran Hongwei Hongwei
Rast Marcel
Rastoder Dzemal
Rathmann Christa
Rathonie Eric
Rathonie Frederic
Rau Andrea
Raymond Gabriel
Reant David
Regild Jonas
Reichenbach Konrad
Reijers Martin
Reijnders Roy
Reijners Henriette
Reinholz Gerhard
Reisacher Monja
Reisdorf Steven
Reixelo Jose
Rektorik Timothy
Rellstab Thomas
Remboldt Valentin
Remolu Nicolas
Remolu Olivier
Ren Baogui
Ren Jianwei
Ren Tao
Renault Eric
Renault Luc
Rendell Tony
Renke Valerian
Resch Johannes
Rewinska Wioletta
Reyes Junior
Reyes Santiago
Reyns Kristof
Rhiner Daniel
Ribbeck Dominic
Ricbourg Patrick
Ricchi Alessandra
Richard Christophe
Richner Sabrina
Richter Wolfgang
Richtsteiger Frieder
Ridolfi Jason
Riedo Hubert
Rieger Juergen
Riehl Germain
Rieple Martin
Riesebosch Johan
Rink Mark
Rinkel Thomas
Riquier Anne Laure
Ritter Dietmar
Rivera Stefan
Riviera Elisa
Riviera Valeria
Rizzoli Elena
Roberto Antonio
Robinson Heather
Rochlitzer Christian
Rock Nicola
Roctus-Koopman Francien
Rodriguez Carlos
Rodriguez Cesar
Roederer Thomas
Aafjes Edwin
Abbeel Dirk
Abrue Antinoe
Acar Cuneyt
Acar Ilyas
Acar Oezguer
Accardi Rosario
Aceman Jonathan
Achterkamp Mike
Acket Danny
Adolf Jean-Marc
Adsett Sher
Aerni Andreas
Ahlskog Mikael
Ahman Ulf
Ahmethodzic Sead
Akarca Ahmet
Akay Zekai Ramazan
Akbas Mesut
Akdemir Ali
Akgonul Mehment
Akkaoui Kamal
Akkaya Omur
Akman Kadriye
Akowanou Cynthia
Aksam Mustafa
Aktas Vedat
Akyar Irfan
Al Hussainawi Azeem
Alagoez Himmet
Albaut Sebastien
Albentosa Franck
Alemanno Emmanuel
Alexander Shurland
Ali Abdiaziz
Alig Lotti
Alkan Engin
Altazin Isabelle
Altinkaya Sinan
Altinoz Bayram Ali
Alvarado Alex
Alvarez Georges
Amado-Cattaneo Nicolas
Amaro Carretero Alejandra
Ambrozy Martyna
Amista Giovanna
Ammann Juerg
Ampe Chantal
Ancelot Gerard
Anderegg Philippe
Andre Jean-Marie
Andrzejczyk Grzegorz
Andrieu Dimitry
Anesini Peter
Anindjola Martin
Antenen Pamela
Antonacci Yvonne
Arabaci Halis
Aragones Olive Montserrat
Arends Eric
Arheim Dan
Arias Rafael
Arikan Mustafa
Armati Laurence
Armbruster Katrin
Armento Alexandro
Arnitz Isabelle
Arouna Seidou
Arrajj Richard
Artho Elmar
Artymowicz Andrzej
Ashbury Sharron
Ashby Simon
Aslituerk Kemal
Atalay Sinan
Atoui Mohamed
Aubriet Denis
Aubriet Pascale
Avdal Muhammet
Axtmann Marcus
Aydemir Mehmet
Aydin Mehmet
Ayo Corbera Inaki
Baarslag Karola
Babadag Ercan
Babur Ali
Babur Hueseyin
Bachmann Alois
Bader Claude
Baez Edgar
Baez Julio
Baez Pedro Julio
Bagran Ahmet
Bai Haizhou
Bai Huiying
Bai Jingang
Bai Liushan
Bai Wanquan
Bai Zhanshan
Baier Stefan
Bakker Elmer
Bakker Tristan
Baknali Melek
Baldwin Leslie
Baldwin Ray
Baluch Lukasz
Bammler Bernd
Banach Adrian
Banovci Fadilj
Banz Denise
Bao Daoxin
Baer Otto
Barbara Jean-Marc
Barber Richard
Barbero Alberto Maria
Barbier Bruno
Barbier Dominique
Bardet Elisabeth
Barnard Duane
Barreto Celine
Bartels Fabian
Bartlett Matthew
Barto Christine
Bartusiak Sylwester
Basak Ayla
Baschet Thierry
Bask Juha Matias
Basquin Eric
Basquin Freddy
Basquin Georges
Basquin Gilbert
Basquin Stephane
Bastien Christophe
Bastien Herve
Batrancourt Eric
Baudoux Olivier
Bauer Julia
Bauer Marcel
Bauer Renate
Baumberger Juerg
Baumert Siegfried
Baumli Marcel
Baur Fabienne
Baut Arkadiusz
Baut Jaroslaw
Baut Piotr
Baxter Alan
Baydar Suleyman
Baydo Mustafa
Bayer Stefanie
Bazille Bruno
Beathalter Ralf
Becher Erik
Bechthold Nikolai
Becker Sebastian
Becla Bogumil
Bednarek Aleksander
Beeckman Jan
Behluli Safet
Beier Reiner
Bekius-De Krosse Anita
Bekman-Mooten Marina
Bel Rolf
Bellaiche Damien
Bellasio Roberta
Bellet Jeremie
Beloserow Sergej
Belt Guus
Bembnowska Monika
Benaceur Veronique
Bender Marco
Benedict Uta
Bengtsson Jarl
Benke Manuela
Bennett Jason
Benoit Eric
Bento Neto Michel
Bera Marc
Bera Olivier
Berchtold Dominik
Berckmoes Hans
Berger Andreas
Brasselet Annie
Brauer Maik
Braun Heiko
Braun Robert
Breitner Bernd
Brembilla Grazia
Bremmer Willem
Brenner Waldemar
Brenot David
Brew John
Briffoteau Jean-Pierre
Brimboeuf Nicole
Brink Rene
Brodiez Christophe
Brodziak Conley
Brogniet Bernard
Brokop-Sparwel Siegfried
Bronski Adrian
Brown Ben
Bruegger Josef
Bruggenkamp Rene
Bruins Rick
Bruelhart Marcel
Brunet Patrick
Bruyer Pascal
Brydon Lynn
Buat Laurent
Bucche Narayan
Bucheli Franz
Buchser Beat
Buczko Adrian
Buechele Dieter
Buehler Edwin
Buerstner Larissa
Bugden John
Buhan Sabrina
Buitenhuis Marlies
Buquet Karine
Buran Melih
Burcheri Deborah
Burgos Adolfo
Burkhalter Reto
Burrell Mont’Sho
Burt Jimar
Annual Report
2011
Berggren Mattias
Berghaeuser Thomas
Bernard Sandrine
Bernard Valerie
Berner Beat
Berrocoso Felix
Berrs Lois
Bertalan Peter
Berthold David
Besling Rob
Betrancourt Laurence
Beyer Robby-Torsten
Bi Yonggang
Bi Yonglin
Biechele Guenter
Biehler Georg
Biendine Frederic
Bierfreund James
Bigot Jerome
Bilgin Ibrahim
Bilgin Ramazan
Bilir Ramazan
Billoir Ludovic
Binder Marina
Biondo Marco
Birkenstock Joerg
Bischer Peter
Bisiorek Thomas
Bislin Max
Bladh Magnus
Blaise Catherine
Blaise Christian
Blandin Vincent
Blanquin Jean-Charles
Blaser Andreas
Blattmann Marcel
Blaze Anthony
Blazik Zbigniew
Blodgett Raymond
Blontrock Yoann
Blot Martine
Blount James
Boardway Bruce
Bobaj Arif
Boekhoudt Jasintho
Bogner Thomas
Boike Thilo
Boisliveau Gilles
Boisseau Patrice
Bolger Martin
Bolger Michael
Bonfanti Rossella
Boorsma Agnes
Bordez Benoit
Borejko Arkadiusz
Borowiec Zbigniew
Borras Angulo Pere
Borucki Alfred
Bos Henk
Boscher Jean-Pierre
Bosman Ronny
Bosshard Fritz
Bosson Olivier
Bottier Jerome
Boucher Kevin
Bouchez Regis
Boudin Jean Marc
Boulanger Tony
Boulle Nicolas
Boulle Philippe
Bouman Jos
Bourde Sylvie
Boxum Erik
Boz Asli
Bozkurt Ahmet
Braade Stefan
Brakenhielm Anna-Carin
Burton John
Busam Sabine
Busam Sven
Buscaglia Stefania
Busch Paul
Bush Paula
Bussy Pascal
Butaye Didier
Butland Douglas
Byrtus Lubomir
Cade Luc
Caekebeke Willem
Caiazzo Dominique
Caillot Kim
Caine Greg
Cakir Isa
Callakaj Tahir
Callo Wathique
Camphorst Wilco
Camphorst Willem
Campigotto Luigi
Canli Murat
Canli Neyim
Cantitiz Mustafa
Cao Cuong
Cao Fucheng
Cao Xiaozhang
Cao Xingang
Carlier Didier
Carneiro Eudardo
Carpentier Herve
Carre Franck
Casanova July
Casey Adam
Casseleux Andre
Casteleyn Dominique
Castella Vila Josep
Castillo Damian
Castillo Edwin
Castillo Yosetty
Catalkaya Mehmet Ali
Cebe Sadi
Cebrowski Robert
Cecere Giuseppe
Celik Mehmet
Celik Veysi
Celik Yilmaz
Cesur Serif Ali
Cetin Murat
Cetin Mustafa
Chambeau Caroline
Chang Da
Chang Hui
Chang Ying
Chapel Jean-Pierre
Charbonnel Dominique
Chatail Amaury
Chatillon Lore
Chavis Raymond
Chen Dianguo
Chen Guang
Chen Jianli
Chen Junfen
Chen Keyong
Chen Li
Chen Meng
Chen Sanliang
Chen Xi
Chen Xiaoying
Chen Yiqun
Chen Zhigang
Chen Zhiguo
Chenais Veronique
Cheng Airong
Chick Sue
Child Barbara
Childers Fitzhugh
Chimot Christian
Chimot Dominique
Chimot Patrick
Chiotasso Eric
Chomkowicz Pawel
Chouvelon David
Christmann Yvonne
Chrobot Dariusz
Chronowski Tadeusz
Chrostowski Pawel
Chu Heshen
Chu Xiumei
Chukaeva Svetlana
Chung Sinitta
Ciarrocchi Elena
Ciccone Vito
Ciesla Elzbieta
Cikla Fatih
Cimen Veysel
Claisse Christophe
Claisse Freddy
Claisse Mathieu
Clapson Courtney
Clara Jean-Christophe
Clark Debbie
Clark Sharon
Clarke Sarah
Clarkson Pierre
Claudel Franck
Clot Elodie
Clouden David
Cochet Michel
Colchen Catherine
Cole Marc
Colin-Tocquaine Isabelle
Colombier Philippe
Colombo Laura
Conflant Ewa
Conner Anthony
Conventi Martina
Cooke Franklin
Corazza Patrice
Cordier Coralie
Cornelisse Stefan
Cornu Charles
Cornuz Charles-Albert
Coryn Willem
Coston Nigel
Courtois Colette
Coutinho Fernando
Cresta Roberto
Creswell Caroline
Crommelynck Erwin
Croze Lionel
Cudini Roberto
Cuello Jorge
Culjak Mario
Cusse Jean-Charles
Cuveele Peter
Cuypers Erwin
Cuypers Paul
Czerwinski Igor
Czuba Dianne
Czubak Mariusz
Da Silva Joao
Dabrowski Dariusz
Dages Heiko
Daigler Robert
Damm Sergej
Daniels Charles
Daszkiewicz Marek
Daszkiewicz Miroslaw
Datin Philippe
Daubisse Michel
De Baere Magda
De Bizemont Melchior
de Boer Roel
de Groot Astrid
de Jong Johan
de Jonge Henk
de La Haye Ron
de Lange Willem
De Narda Sergio
de Ost Annick
De Vito Luigi
De Vleeschouwer Christophe
de Wilde Hendrik
de Wilde Martin
Debrue Pascal
Declincourt Patrick
Deelman Marcel
Dehiles Laurent
Dekker Henk
Delamare Jean
Delamare Mathieu
Delande Cecile
Deleau Jean-Luc
Delhaye Laurent
Delibas Murat
Deligny Jean-Luc
Deligny Pascal
Delitzsch Roland
Delitzsch Vanessa
Delle Donne Debora
Deloffre Thierry
Delville Vincent
Demain Jean-Jacques
Demczar Pawel
Demircan Selvet
Demiri Serif
Demirsan Ilker
Demoulin Laurent
Den Oudsten Karin
Den Reek Louis
Deng Chen
Deng Nan
Denis Jennifer
Denis Thomas
Denisse Bruno
Denisse Mario
Deprez Patrick
Dere Erdogan
Descamps Alain
Desmarais Rusty
Desoomer Sebastien
Despotovic Stevan
Destrait Philippe
Deusch Frank
Deusch Iris
Deutscher Thomas
Dewald Andreas
Deyirmenci Turgut
Dick Alexander
Dick Christophe
Dietenbeck Joel
Diethelm Roland
Digot Pascal
Dijk Bertus
Dijkhuizen Bernard
Dijkstra Arthur
Dikop Hilda
Dillenseger Patrick
Dillies Maxence
Dincer Cem
Ding Tongle
Ding Wanbin
Divry Franck
Djaferi Djafer
Dmytrus Yann
Doebeli Max
Dogu-Van Vilsteren Jenny
Dole Michael
Dolensek Josef
Dolle Francis
Domachowski Grzegorz
Dominiak Damian
Dong Bensheng
Dong Wanqing
Dong Yuquan
Dongala Antonio
Donk Adem
Dorde Nathalie
Dorer Manuela
Dorst Sven
Dott Patrick
Douez Jean
Doukas Vaios
Draaijer John
Drohomirecki Wojciech
Druaux Pascal
Duan Conghui
Ducarne Pascal
Duclos Francoise
Duclusaud Pierre
Duda Marta
Duffy Margaret
Dufis Marie-Claire
Dugrain Laurent
Duiveman Jaap
Dujardin Marie-Laure
Duma Arkadiusz
Dumenil Dominique
Dumenil Jacques
Dunnink Albert
Dupont Aurore
Dupont Bruno
Dupont Pascal
Durniat Robert
Dussourt Jean-Marie
Dutoict Nicolas
Dziedzic Remigiusz
Dziubinski Krzysztof
Dziwir Aleksander
Ebersbach Christoph
Ege Erol
Ehret Wolfgang
Eichler Sven
Eken Serhat
Elakattu Thomas
Elbrink Martin
Elli Andrej
Elmi Mohamed
Eloire Robert
Emaille Emmanuelle
Emel Ceyhun
Engel Manfred
Engelke Elke
Engesser Bernhard
Engstrand Dan
Erbeyin Pelin
Erdahl Odd
Erdem Ramazan
Erdener Ozcan
Erdener Ridvan
Erichson Roland
Eriksson Anders
Ernst Katharina
Eroglu Mustafa
Eser Cuma
Ethuin Ludovic
Ettle Susanne
Evenden Christina
Faber Klaas-Jan
Fabian-Pfeffer Anita
Fake Elizabeth
Falchi Remy
Falla Rudi
Faltyn Antoni
Fan Aiqin
Fan Zhongqiang
Fang Xuefu
Farigoul Sebastien
Farone Susan
Farrell Sara
Farrell Paul
Faude Loraine
Faure Zaragoza Margarita
Fautz Peter
Faveaux Isabelle
Favero Loris
Fayola Olivier
Fayola Pascal
Feddes-Spruit Ellen
Fedorowski Marek
Fees Angelika
Felker Andrej
Feng Fei
Feng Shaoling
Feo Domenico
Ferenc Marcin
Ferracci Carole
Ferrante Alfonso
Ferre Audrey
Ferreira Daniele
Ferrer Ferrando Jose Ramon
Ferro Andrea
Feser Donat
Feunekes Henk
Fey Erika
Fey Francis
Fida Gimmi
Fidan Ali
Fidan Sami
Fiedel Oliver
Fila Anna
Fila Czeslaw
Fila Przemyslaw
Fioravanti Luca
Fischer Bernhard
Fischer Cornelia
Fischer Gabriela
Fischer Jutta
Fischer Robert
Fischer Torsten
Fisher Sue
Ficicioglu Yuksel
Flamant Herve
Flecher Eric
Fleck Juergen
Fleck Vitali
Floiras Arnaud
Floor-Westerhof Nynke
Flower Charles
Flura Philippe
Fontaine William
Forder Ashley
Forster Peter
Fortuni Elena
Fossler Andrea
Francais Vanessa
Franceschetti Marcello
Frank Gerlinde
Frank Stefan
Franke Andreas
Franz Michael
Frappart Melody
Freeman Ricky
Frenk Dieter
Frenk Ruediger
Freriksen Marck
Fressle Eva-Maria
Freundel Martina
Frey Karl
Frey Patrick
Frey Stefan
Friedrich Joerg
Friedrich Stefanie
Frisone Dario
Fritsch Mario
Frost Jane
Frost Philip
Frydryk Jacek
Fu Chunhao
Fu Dewei
Fu Quanwang
Fu Weilei
Fuambata Alexis
Fukas Piotr
Fulczynski Pawel
Furrer Franz
Gaberthueel Beat
Gabrus Sylwester
Gairin Virginie
Gajewski Marcin
Gajewski Rafal
Galeotti Nicolas
Gallois Thierry
Galus Herve
Gambert Harald
Gandolfo Jean-Yves
Gao Baohua
Gao Jindong
Gao Junying
Gao Li
Gao Shuanghui
Gao Wie
Gao Yong
Gao Yuhua
Gao Yuquan
Garcia Diomedes
Garcia Philippe
Garnier Sylvain
Gashi Selim
Gasiorowski Zenon
Gaube Florence
Gaudet Eugene
Gaudet Remy
Gauglitz Sebastian
Gauthier Thierry
Gayet Jeremie
Gecer Cengiz
Geiger Manjana
Genart Pascal
Gendre Michel
Gendre Nicolas
Gentet Jerome
Gerber Tanja
Gerhardt Danny
Gewehr Aubrey
Gianfelice Lorenzo
Giesler Brigitte
Giger Tanja
Gil Lopez Enric
Gil Tatje Maria Teresa
Gilbert Eddie
Gildenast Lothar
Gillis John
Ging Noel
Girardot Emilie
Giraud Philippe
Gladieux Thierry
Glander Siegfried
Glavic Franjo
Gloor Armin
Gmuer Agnes
Gnoss Nico
Gobert Philippe
Goblet Sylvain
Godecaux Jean-Luc
Godmet Sabrine
Goehring Daniela
Goeppert Sabine
Goetze Bettina
Gogaert Cathy
Goguillon Dominique
Goekalp Ismail
Golczewski Marek
Golda Anthony
Golda Matthew
Gomes Manuel
Gomes Lisa
Gomes Manuela
Gomez Enrique
Gomez Yobanis
Goncalves Miguel
Gonell Eduardo
Gonen Murat
Gonzales Miguel
Gonzalez Jose
Gorska Boguslawa
Gosden Doreen
Gottschling Dirk
Goetz Renato
Gourmelon Laurent
Graf Kurt
Grafmueller Georg
Graham James
Granier Pascale
Grant Katrin
Grao Stephen
Greco Carine
Greenlaw William
Greuter Philippe
Grieder Rene
Griere Severine
Grieshaber Michael
Gritsenko Vitaly
Gritti Ursula
Groesser Roland
Gronert Rainer
Gross Roland
Groth Benjamin
Groves Matthew
Gruber Bernhard
Gruner Markus
Gruselle Maximilien
Grzyb Marek
Gschweng Daniela
Gu Deming
Gu Wanhua
Guan Zhongyi
Guclu Suleyman
Gueell Carrera Enric
Guenes Memis
Guenther Peter
Guerif Manuelle
Guerin Roger
Guerlin David
Guermeur Michel
Guernieri Roberto
Guidemann Ralf
Guidez Jean Pierre
Gump Jeffrey
Gunaydin Erdal
Gunnarsson Camilla
Guenther Enrico
Guo Yanli
Guo Hua
Guo Zhangeng
Gurbuz Unal
Gutmann Armin
Gygax Patrick
Gysel Dan
Gysin Gabriele
Haag Mark
Haag Tanja
Haas Andreas
Haberland Karina
Habermacher Jakob
Haechler Willy
Hacker Bernd
Haess Uwe
Haga Oejvind
Hagemann Bas
Hageman-Van Olst Ria
Haldemann Cornelia
Hall David
Hall Diana
Hamel Frederic
Hanselmann Ulrike
Hao Lihua
Hapman Ronald
Harding Daniel
Hardy Andre
Hardy Fabien
Harkot Sebastian
Harmsen Cor
Harriman Julie
Harris Louise
Hartmann Gerd
Hartmann Martin
Hartmann Petra
Hasametaj Imer
Hasametaj Musa
Hassan Abdinur
Hassur Anders
Hauenstein Anita
Hauri Astrid
Haustein Andy
Haustein Mario
Haustein Rico
Hay Pamela
He Qiguang
Heaven Laurence
Hebbar Mustapha
Heck Alexander
Hedin Jerome
Heeb Jakob
Heerze Marieke
Heinze Albert
Heitzmann Max
Held Harald
Heldstab Felix
Helf Ivan
Helfferich Stef
Hellendoorn Chris
Heller Martin
Helmcke Nicole
Heloury Martine
Henderikx Michel
Hendriks Gert
Hendriks Johan
Hennequin Michel
Hennequin Nicolas
Henning Viktor
Henot David
Henot Gerard
Henty Leslie
Heppner Darin
Herbin Didier
Herbin Gregory
Herdhuin Dominique
Hermann Susanne
Hernandez Simon
Hernandez Cantin Felix
Hernandez Ramirez Maria Teresa
Herr Angelika
Herrlich Natalia
Herrmann Carmen
Herry Patrick
Hertel Stefan
Hertzog Alain
Herve Karine
Hettinga Anita
Hetzinger Christian
Heyer Stephan
Hicks Adam
Hidalgo Jose
Higginson Emma
Hildwein Sonja
Hiller Andreas
Hiller Edward
Himmelsbach Christian
Himmelsbach Michael
Hinman Matthew
Hirsch Christian
Hitzig Veiko
Hitzler Patrick
Hoch Alois
Hoeijenbosch Bart
Hoek Norbert
Hoek Peter
Hoekman Erik
Hoenig Nicole
Hof Dominik
Hofer Nicole
Hoffmann Bettina
Hofmann Roland
Hofmann Sara
Holl Doris
Holland William
Hollander Stef
Holliger Kurt
Holmgren Lena
Hommann Wolfgang
Hong Changchun
Hong Haoying
Hong Yanbing
Hooge Gerrie
Horak Kathrin
Horsch Florian
Hort Heinz
Hos Alexandra
Hotz Rene
Hou Yuhong
Houtzeel Danielle
Howe Lorraine
Howell Marcus
Hoxha Isuf
Hoynant Coralie
Hu Chengyuan
Hu Wenyi
Hu Yunfang
Huang Fusang
Huang Guizinan
Huang Kui
Huang Minmin
Huang Yumin
Huber Michael
Huber Thomas
Hubiak Sebastian
Hucal Tomasz
Huegli Renate
Huet Patrice
Hug Christiane
Huegli Stefan
Hunziker Manuela
Huo Yangkui
Huon Guillaume
Husejinovic Azmir
Husson Robin
Hutchinson Russell
Huth Manuela
Hutter Yvonne
Iben Markus
Ille Paul
Imhof Hugo
Irdel Elie
Iskanli Ali
Izydorczyk Zdzislaw
Jablonski Chris
Jacobacci Rito Antonio
Jacobs Davy
Jacquens Jean-Benoit
Jaeck Karin
Jakubek Mariusz
Jama Abdinoor
Jama Farah
Jan Alexander
Jandl Dieter
Janicki Pawel
Janiec Feliks
Jankowski Adam
Jankowski Bogdan
Jankowski Dominik
Jankowski Jaroslaw
Jankowski Peter
Jansen Peter
Jansen Sascha
Jansen Sebastiaan
Janvier Sylvain
Jarl Benny
Jarred Susan
Jary Edward
Jarzynski Christophe
Jasharaj Shehrije
Jauch Oliver
Jeannerot Jean-Paul
Jehl Denis
Jehl Frederic
Jehl Ives
Jehl Steve
Jennings Kathryn
Jentz Rudi
Jenzer Peter
Jerczynska Jolanta
Jeuffrault Sylvie
Jeziorna-Turko Dominika
Ji Meng
Jia Bo
Jia Liwei
Jiang Xiying
Jimenez Dionisio
Jimenez Hector F.
Jimenez Hector J.
Jin Chunlin
Jin Yitao
Joggerst Marcus
Johansson Leif
Johansson Linus
Johnson James
Johnson Lyn
Johnson Terrance
Jolink Dirk
Jonas Annika
Jones Allan
Jones David
Jordan Harry
Jordan Jakob
Joris Magendans
Joseph Nico
Joss Thomas
Jost Pascal
Jouble Martial
Jouffroy Claude
Jozipovic Luka
Ju Lihui
Juda Tomasz
Jurasik Ewelina
Jusupovic Senad
Kabalay Mehmet
Kaczmarczyk Andrzej
Kaelin Pia
Kaempf Marcel
Kaeslin Erwin
Kafel Franciszek
Kajder Jozef
Kaleta Grzegorz
Kaleta Krzysztof
Kaleta Robert
Kalis Wilbert
Kalita Mariusz
Kaltenbach Sascha
Kaminski Maria
Kandlin Andreas
Kandzic Amir
Kang Hongan
Kantor Owen
Kapusuz Gulaga
Kapusz Grzegorz
Kara Birgen
Kara Senol
Karakis Hasan Ali
Karbowski Rafal
Karlsson Tommy
Karovic Goran
Karovic Vladan
Kartnaller Ignaz
Kasper Silvia
Kasperek Piotr
Kate Michal
Katirci Ergun
Kats Henk
Katzer Rudolf
Kaufmann Rolf
Kavak Osman
Kay Matthew
Kayser Eric
Keet Fiona
Kehr James
Keller Christian
Keller Markus
Kemmler Juergen
Kepski Remigiusz
Kepski Tomasz
Kern Markus
Kern Michael
Kern Rene
Ketterer Gabi
Keus Aad
Keusch Jean-Marc
Khe Sokhan
Khedim Jean Marc
Khokhlov Denis
Kicaj Feriz
Kiecenka Jaroslaw
Kiener Andreas
Kiepura Michal
Kiesling Andrew
Kiffen John
Kilchenmann Walter
Kilic Mahsum
Kinsfator Jakob
Kircali Tuncel
Kirgoz Adem
Kiss Frank
Klarer Melitta
Klaus Max
Klaus Olga
Klechammer Marek
Klee Beatrix
Klein Franz
Klekot Lukasz
Klich Jacek
Klompjan Martin
Klosowicz Leslaw
Klosowicz Robert
Klug Peter
Kluin Sieb
Knaus Silvia
Knul Hilco
Knutas Wilhelm
Kocan Yener
Koch Serge
Koch Tilo
Kociszewski Darlene
Kociszewski Linda
Kocoglu Isa
Kocon Jolanta
Kodz Krzysztof
Koehler Andre
Koehler Lutz
Koelblin Lukas
Koenig Werner
Koerhuis Jos
Koese Nadiye
Kohler Kurt
Kolk Gerwin
Koller Edith
Kolpak Adam
Konczylo Sebastian
Konkoly Attila
Konyali Yunus
Koole Sjaak
Kopec Andrzej
Kopec Dariusz
Korhan Israfil
Korhan Yetis
Korotusz Andrzej
Korotusz Pawel
Kors Henk
Kosakowski Tomasz
Kosowski Lukasz
Kostelny James
Kosters Rene
Kot Robert
Kotwica Kazimierz
Kotwinski Jaroslav
Kovacevic Nihad
Kowalczyk Grzegorz
Kowalik Marcin
Kowalski Jozef
Kozenov Jurij
Koziarski Robert
Kozlowski Edwin
Kozlowski Leslaw
Kozlowski Mark
Kozyra Pawel
Kraemer Ferdinand
Kramer Waldemar
Krantz Peter
Krasnicki Dariusz
Krasnicki Olgierd
Krasniqi Besim
Krasniqi Gjevdet
Krasniqi Islam
Kraus Reiner
Kraut Helena
Kraut Jenny
Krawcow Beata
Krebs Thierry
Krejter Johann
Kreulen Sander
Krieg Bernd
Krieg Olaf
Krieg Sabrina
Krim Johann
Kristensen Per
Kristiansson Boerge
Kroetz Laurent
Kruettli Sabine
Kryczka Aleksander
Kuegler Andrea
Kuehnel Jochen
Kueng Andrea
Kueng Samuel
Kueng Willy
Kuhn Evelyn
Kuhn Klaus
Kuhn Rudolf
Kukawski Wieslaw
Kumbaraci Hatice
Kumosz Pawel
Kurdys Ireneusz
Kurlej Mariusz
Kurtiak Jozef
Kurtulan Ali
Kurz Dieter
Kurz Wladimir
Kusmierz Adam
Kuzu Hikmet
Kwas Stanislaw
Kwiatek Grzegorz
La Mela Sira
La Placa Calogero
Laarman Johan
Labaszczuk Marek
Lackmann Waldemar
Lacomblez Archange
Lacomblez Etienne
Laeuppi Heidi
Lafleur Henri
Lahanque Marc
Laibel Alexander
Laine Catherine
Lalak Zbigniew
Lalouette Philippe
Lamarche Olivier
Lamotte Bruno
Lampart Ireneusz
Landreat Jean-Michel
Lang Daniel
Lang Dirk
Lang Shanshan
Langeli Stian
Langer Christel
Langer Christel
Lanius Cristian
Lanz Marcel
Lanzotti Renato
Lanzotti Salvatore
Laporte Marc
Lardieri Vito
Larson Joshua
Laruelle Didier
Lasperini Michela
Lasselin William
Lasseron Dominique
Lattanzi Gianluca
Laubier Claude
Lauferon Sebastien
Laurent Pascal
Lavarte Christophe
Lawrenson Marianne
Lazarev Igor
Le Berre Frederic
Le Bescond Jerome
Le Coq Jean-Francois
Le Corre Eric
Le Danff Vincent
Le Morvan Olivier
Le Trocquer Alexandre
Lebeau Eric
Lebon Bruno
Lebon Martial
Lecamp Eric
Lecat Jacky
Lecompte Fanny
Lecomte Alexandre
Leding Patrick
Ledinko Mario
Lefebvre Dominique
Lefebvre Luc
Lefebvre Olivier
Lefevre Freddy
Lefevre Jean-Marc
Lefort Francis
Lefort Michel
Legrand Bruno
Legrand Christophe
Lehmann Lutz
Lehner Peter
Leif Johansson
Leistner Gerd
Lejeune Nicolas
Lelickens Ralf
Lemaire Christian
Lemaire Christophe
Lemoine Jean-Pierre
Lennartz Andrew
Lenz Beat
Lepretre Michel
Lepretre Virginie
Lequien Patrick
Lerat Jean-Denis
Lesage Philippe
Lesne Fernand
Lesniowski Sebastian
Lessig Dirk
Lesur Denis
Letailleur Didier
Leturque Alain
Leu Tamara
Leung Chloe
Leusiere Charles
Leutwiler Oliver
Leutwyler Beat
Leveque Frederic
Leveque Jean-Marc
Leveque Laurent
Leys Joke
Lezzeri Frederic
Li Bin
Li Chao
Li Donghong
Li Fuyun
Li Gang
Li Guohua
Li Haibo
Li Haixia
Li Hongxi
Li Jiang
Li Jie
Li Jinliang
Li Jiuhui
Li Li
Li Shujun
Li Wei
Li Xiaomei
Li Xiaowei
Li Xin
Li Xiuliang
Li Yacui
Li Zhi Yong
Liang Ling
Liang Mengmeng
Libanet Thomas
Libera Andreas
Licha Stephen
Liesch Michael
Lightizer Jeff
Lightizer William
Lignos Michael
Lin Jian
Lin Xuekun
Lindblom Liselott
Linfield Kate
Link Thomas
Lipman Hennie
Lippuner Anja
Lischka William
List Volker
Liu Chunhua
Liu Fengyi
Liu Haiyang
Liu Hongli
Liu Hongpei
Liu Hongqi
Liu Jiang
Liu Jianjun
Liu Jiejie
Liu Jun
Liu Lunian
Liu Manyi
Liu Qihu
Liu Shi
Liu Siying
Liu Weiwen
Liu Xiaoqin
Liu Xiaoyue
Liu Xiuzhi
Liu Yingchun
Liu Yulin
Liu Zhanbin
Liu Zheng
Liu Zhi
Liu Zhicun
Liu Zhijin
Liu Zhongxin
Livemore Alison
Ljatifi Ramadan
Ljatifi Raman
Ljatifi Sead
Lloveras Galan Evelyne
Locatelli Roberta
Logronio Michael
Logutenok Sergey
Lokhorst Bento
Lombardi Massimo
Lootvoet Gilles
Lopez Gene Noemi
Lori Howe
Lourenco Mario
Loutfi Ismail
Lu Yunjie
Lucas Michel
Ludwig Renate
Ludziak Piotr
Lueftner Richard
Luescher Andrea
Luescher Thomas
Lukasiewicz Marcin
Luminati Andre
Luo Bin
Luo Maohua
Lurz Claudia
Lutz Mathias
Luxembourger Catherine
Lv Dejun
Lv Wie
Lyss Fritz
Ma Lin
Ma Xiaojun
Ma Xiaolin
Macaigne Jean-Christophe
Macdiarmid Vicky
Machnicki Felicity
Maciag Grzegorz
Maciejun Piotr
Madej Krzysztof
Maechler Michael
Maechler Philip
Maffre Serge
Magyar Karen
Makles Krzysztof
Malanicz Mateusz
Malenczak Miroslaw
Malkowski Matthias
Mandaci Murat
Manesse Frederic
Manikkam Thevakumar
Manzotti Ilario
Mao Xiaoxia
Maquin Philippe
Marchand Aurelien
Marchandise Jean-Luc
Marchandise Joel
Marek Lukasz
Maret Emmanuel
Margutti Mara
Marie Arnaud
Marinac Roger
Maringio Mary Jane
Marino Simone
Mark Mario
Markiewicz Adam
Markstahler Ingrid
Marlot Eddy
Marozzo Alfonso
Marskamp Johan
Marti Mico
Marti Roman
Martin Elisabeth
Martin Peggy
Martinelli Alessandro
Martinez Ramiro
Marusiak Krzysztof
Marx Ulrike
Masetti Paolo
Massart Benoit
Masson Murielle
Masson Olivier
Massot Olivier
Mata Engels
Mathieu Patrick
Mathys Thomas
Matt Roger
Matusic Nevenka
Maumary Sibylle
Maurer Marcel
Maurer Walter
Mauvais Celine
Maxenchs David
Mayes John
Mayeur Patrick
Mbungu Lutete
Mcalevey Wanda
Mcarthur David
Mcculley Lacy
Mcdonald Alex
Medlycott Alan
Meenhorst Jeanet
Mei Dongxiao
Meier Andrea
Meier Felix
Meier Joelle
Meijer Gerrit
Meile Stefan
Mekil Jean-Jacques
Melchert Bert
Melo Narciso
Meng Haiqing
Menzemer Jonathan
Merbecks Achim
Mercier Dominique
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08.03.2012 11:45:14
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At the end of 2011 Zehnder
Group employed 3,100 people
in 20 different countries.
We would like to thank our
employees for their hard work
over the past year.
Zehnder Group Annual Report 2011
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Bera Marc
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Berckmoes Hans
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Brauer Maik
Braun Heiko
Braun Robert
Breitner Bernd
Brembilla Grazia
Bremmer Willem
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Briffoteau Jean-Pierre
Brimboeuf Nicole
Brink Rene
Brodiez Christophe
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Brogniet Bernard
Brokop-Sparwel Siegfried
Bronski Adrian
Brown Ben
Bruegger Josef
Bruggenkamp Rene
Bruins Rick
Bruelhart Marcel
Brunet Patrick
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Brydon Lynn
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Buchser Beat
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Buechele Dieter
Buehler Edwin
Buerstner Larissa
Bugden John
Buhan Sabrina
Buitenhuis Marlies
Buquet Karine
Buran Melih
Burcheri Deborah
Burgos Adolfo
Burkhalter Reto
Burrell Mont’Sho
Burt Jimar
Annual Report
2011
Berggren Mattias
Berghaeuser Thomas
Bernard Sandrine
Bernard Valerie
Berner Beat
Berrocoso Felix
Berrs Lois
Bertalan Peter
Berthold David
Besling Rob
Betrancourt Laurence
Beyer Robby-Torsten
Bi Yonggang
Bi Yonglin
Biechele Guenter
Biehler Georg
Biendine Frederic
Bierfreund James
Bigot Jerome
Bilgin Ibrahim
Bilgin Ramazan
Bilir Ramazan
Billoir Ludovic
Binder Marina
Biondo Marco
Birkenstock Joerg
Bischer Peter
Bisiorek Thomas
Bislin Max
Bladh Magnus
Blaise Catherine
Blaise Christian
Blandin Vincent
Blanquin Jean-Charles
Blaser Andreas
Blattmann Marcel
Blaze Anthony
Blazik Zbigniew
Blodgett Raymond
Blontrock Yoann
Blot Martine
Blount James
Boardway Bruce
Bobaj Arif
Boekhoudt Jasintho
Bogner Thomas
Boike Thilo
Boisliveau Gilles
Boisseau Patrice
Bolger Martin
Bolger Michael
Bonfanti Rossella
Boorsma Agnes
Bordez Benoit
Borejko Arkadiusz
Borowiec Zbigniew
Borras Angulo Pere
Borucki Alfred
Bos Henk
Boscher Jean-Pierre
Bosman Ronny
Bosshard Fritz
Bosson Olivier
Bottier Jerome
Boucher Kevin
Bouchez Regis
Boudin Jean Marc
Boulanger Tony
Boulle Nicolas
Boulle Philippe
Bouman Jos
Bourde Sylvie
Boxum Erik
Boz Asli
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Braade Stefan
Brakenhielm Anna-Carin
Burton John
Busam Sabine
Busam Sven
Buscaglia Stefania
Busch Paul
Bush Paula
Bussy Pascal
Butaye Didier
Butland Douglas
Byrtus Lubomir
Cade Luc
Caekebeke Willem
Caiazzo Dominique
Caillot Kim
Caine Greg
Cakir Isa
Callakaj Tahir
Callo Wathique
Camphorst Wilco
Camphorst Willem
Campigotto Luigi
Canli Murat
Canli Neyim
Cantitiz Mustafa
Cao Cuong
Cao Fucheng
Cao Xiaozhang
Cao Xingang
Carlier Didier
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Carpentier Herve
Carre Franck
Casanova July
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Castillo Damian
Castillo Edwin
Castillo Yosetty
Catalkaya Mehmet Ali
Cebe Sadi
Cebrowski Robert
Cecere Giuseppe
Celik Mehmet
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Celik Yilmaz
Cesur Serif Ali
Cetin Murat
Cetin Mustafa
Chambeau Caroline
Chang Da
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Chapel Jean-Pierre
Charbonnel Dominique
Chatail Amaury
Chatillon Lore
Chavis Raymond
Chen Dianguo
Chen Guang
Chen Jianli
Chen Junfen
Chen Keyong
Chen Li
Chen Meng
Chen Sanliang
Chen Xi
Chen Xiaoying
Chen Yiqun
Chen Zhigang
Chen Zhiguo
Chenais Veronique
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Chick Sue
Child Barbara
Childers Fitzhugh
Chimot Christian
Chimot Dominique
Chimot Patrick
Chiotasso Eric
Chomkowicz Pawel
Chouvelon David
Christmann Yvonne
Chrobot Dariusz
Chronowski Tadeusz
Chrostowski Pawel
Chu Heshen
Chu Xiumei
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Ciccone Vito
Ciesla Elzbieta
Cikla Fatih
Cimen Veysel
Claisse Christophe
Claisse Freddy
Claisse Mathieu
Clapson Courtney
Clara Jean-Christophe
Clark Debbie
Clark Sharon
Clarke Sarah
Clarkson Pierre
Claudel Franck
Clot Elodie
Clouden David
Cochet Michel
Colchen Catherine
Cole Marc
Colin-Tocquaine Isabelle
Colombier Philippe
Colombo Laura
Conflant Ewa
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Cooke Franklin
Corazza Patrice
Cordier Coralie
Cornelisse Stefan
Cornu Charles
Cornuz Charles-Albert
Coryn Willem
Coston Nigel
Courtois Colette
Coutinho Fernando
Cresta Roberto
Creswell Caroline
Crommelynck Erwin
Croze Lionel
Cudini Roberto
Cuello Jorge
Culjak Mario
Cusse Jean-Charles
Cuveele Peter
Cuypers Erwin
Cuypers Paul
Czerwinski Igor
Czuba Dianne
Czubak Mariusz
Da Silva Joao
Dabrowski Dariusz
Dages Heiko
Daigler Robert
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Daszkiewicz Marek
Daszkiewicz Miroslaw
Datin Philippe
Daubisse Michel
De Baere Magda
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de Boer Roel
de Groot Astrid
de Jong Johan
de Jonge Henk
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Delande Cecile
Deleau Jean-Luc
Delhaye Laurent
Delibas Murat
Deligny Jean-Luc
Deligny Pascal
Delitzsch Roland
Delitzsch Vanessa
Delle Donne Debora
Deloffre Thierry
Delville Vincent
Demain Jean-Jacques
Demczar Pawel
Demircan Selvet
Demiri Serif
Demirsan Ilker
Demoulin Laurent
Den Oudsten Karin
Den Reek Louis
Deng Chen
Deng Nan
Denis Jennifer
Denis Thomas
Denisse Bruno
Denisse Mario
Deprez Patrick
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Despotovic Stevan
Destrait Philippe
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Deusch Iris
Deutscher Thomas
Dewald Andreas
Deyirmenci Turgut
Dick Alexander
Dick Christophe
Dietenbeck Joel
Diethelm Roland
Digot Pascal
Dijk Bertus
Dijkhuizen Bernard
Dijkstra Arthur
Dikop Hilda
Dillenseger Patrick
Dillies Maxence
Dincer Cem
Ding Tongle
Ding Wanbin
Divry Franck
Djaferi Djafer
Dmytrus Yann
Doebeli Max
Dogu-Van Vilsteren Jenny
Dole Michael
Dolensek Josef
Dolle Francis
Domachowski Grzegorz
Dominiak Damian
Dong Bensheng
Dong Wanqing
Dong Yuquan
Dongala Antonio
Donk Adem
Dorde Nathalie
Dorer Manuela
Dorst Sven
Dott Patrick
Douez Jean
Doukas Vaios
Draaijer John
Drohomirecki Wojciech
Druaux Pascal
Duan Conghui
Ducarne Pascal
Duclos Francoise
Duclusaud Pierre
Duda Marta
Duffy Margaret
Dufis Marie-Claire
Dugrain Laurent
Duiveman Jaap
Dujardin Marie-Laure
Duma Arkadiusz
Dumenil Dominique
Dumenil Jacques
Dunnink Albert
Dupont Aurore
Dupont Bruno
Dupont Pascal
Durniat Robert
Dussourt Jean-Marie
Dutoict Nicolas
Dziedzic Remigiusz
Dziubinski Krzysztof
Dziwir Aleksander
Ebersbach Christoph
Ege Erol
Ehret Wolfgang
Eichler Sven
Eken Serhat
Elakattu Thomas
Elbrink Martin
Elli Andrej
Elmi Mohamed
Eloire Robert
Emaille Emmanuelle
Emel Ceyhun
Engel Manfred
Engelke Elke
Engesser Bernhard
Engstrand Dan
Erbeyin Pelin
Erdahl Odd
Erdem Ramazan
Erdener Ozcan
Erdener Ridvan
Erichson Roland
Eriksson Anders
Ernst Katharina
Eroglu Mustafa
Eser Cuma
Ethuin Ludovic
Ettle Susanne
Evenden Christina
Faber Klaas-Jan
Fabian-Pfeffer Anita
Fake Elizabeth
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Falla Rudi
Faltyn Antoni
Fan Aiqin
Fan Zhongqiang
Fang Xuefu
Farigoul Sebastien
Farone Susan
Farrell Sara
Farrell Paul
Faude Loraine
Faure Zaragoza Margarita
Fautz Peter
Faveaux Isabelle
Favero Loris
Fayola Olivier
Fayola Pascal
Feddes-Spruit Ellen
Fedorowski Marek
Fees Angelika
Felker Andrej
Feng Fei
Feng Shaoling
Feo Domenico
Ferenc Marcin
Ferracci Carole
Ferrante Alfonso
Ferre Audrey
Ferreira Daniele
Ferrer Ferrando Jose Ramon
Ferro Andrea
Feser Donat
Feunekes Henk
Fey Erika
Fey Francis
Fida Gimmi
Fidan Ali
Fidan Sami
Fiedel Oliver
Fila Anna
Fila Czeslaw
Fila Przemyslaw
Fioravanti Luca
Fischer Bernhard
Fischer Cornelia
Fischer Gabriela
Fischer Jutta
Fischer Robert
Fischer Torsten
Fisher Sue
Ficicioglu Yuksel
Flamant Herve
Flecher Eric
Fleck Juergen
Fleck Vitali
Floiras Arnaud
Floor-Westerhof Nynke
Flower Charles
Flura Philippe
Fontaine William
Forder Ashley
Forster Peter
Fortuni Elena
Fossler Andrea
Francais Vanessa
Franceschetti Marcello
Frank Gerlinde
Frank Stefan
Franke Andreas
Franz Michael
Frappart Melody
Freeman Ricky
Frenk Dieter
Frenk Ruediger
Freriksen Marck
Fressle Eva-Maria
Freundel Martina
Frey Karl
Frey Patrick
Frey Stefan
Friedrich Joerg
Friedrich Stefanie
Frisone Dario
Fritsch Mario
Frost Jane
Frost Philip
Frydryk Jacek
Fu Chunhao
Fu Dewei
Fu Quanwang
Fu Weilei
Fuambata Alexis
Fukas Piotr
Fulczynski Pawel
Furrer Franz
Gaberthueel Beat
Gabrus Sylwester
Gairin Virginie
Gajewski Marcin
Gajewski Rafal
Galeotti Nicolas
Gallois Thierry
Galus Herve
Gambert Harald
Gandolfo Jean-Yves
Gao Baohua
Gao Jindong
Gao Junying
Gao Li
Gao Shuanghui
Gao Wie
Gao Yong
Gao Yuhua
Gao Yuquan
Garcia Diomedes
Garcia Philippe
Garnier Sylvain
Gashi Selim
Gasiorowski Zenon
Gaube Florence
Gaudet Eugene
Gaudet Remy
Gauglitz Sebastian
Gauthier Thierry
Gayet Jeremie
Gecer Cengiz
Geiger Manjana
Genart Pascal
Gendre Michel
Gendre Nicolas
Gentet Jerome
Gerber Tanja
Gerhardt Danny
Gewehr Aubrey
Gianfelice Lorenzo
Giesler Brigitte
Giger Tanja
Gil Lopez Enric
Gil Tatje Maria Teresa
Gilbert Eddie
Gildenast Lothar
Gillis John
Ging Noel
Girardot Emilie
Giraud Philippe
Gladieux Thierry
Glander Siegfried
Glavic Franjo
Gloor Armin
Gmuer Agnes
Gnoss Nico
Gobert Philippe
Goblet Sylvain
Godecaux Jean-Luc
Godmet Sabrine
Goehring Daniela
Goeppert Sabine
Goetze Bettina
Gogaert Cathy
Goguillon Dominique
Goekalp Ismail
Golczewski Marek
Golda Anthony
Golda Matthew
Gomes Manuel
Gomes Lisa
Gomes Manuela
Gomez Enrique
Gomez Yobanis
Goncalves Miguel
Gonell Eduardo
Gonen Murat
Gonzales Miguel
Gonzalez Jose
Gorska Boguslawa
Gosden Doreen
Gottschling Dirk
Goetz Renato
Gourmelon Laurent
Graf Kurt
Grafmueller Georg
Graham James
Granier Pascale
Grant Katrin
Grao Stephen
Greco Carine
Greenlaw William
Greuter Philippe
Grieder Rene
Griere Severine
Grieshaber Michael
Gritsenko Vitaly
Gritti Ursula
Groesser Roland
Gronert Rainer
Gross Roland
Groth Benjamin
Groves Matthew
Gruber Bernhard
Gruner Markus
Gruselle Maximilien
Grzyb Marek
Gschweng Daniela
Gu Deming
Gu Wanhua
Guan Zhongyi
Guclu Suleyman
Gueell Carrera Enric
Guenes Memis
Guenther Peter
Guerif Manuelle
Guerin Roger
Guerlin David
Guermeur Michel
Guernieri Roberto
Guidemann Ralf
Guidez Jean Pierre
Gump Jeffrey
Gunaydin Erdal
Gunnarsson Camilla
Guenther Enrico
Guo Yanli
Guo Hua
Guo Zhangeng
Gurbuz Unal
Gutmann Armin
Gygax Patrick
Gysel Dan
Gysin Gabriele
Haag Mark
Haag Tanja
Haas Andreas
Haberland Karina
Habermacher Jakob
Haechler Willy
Hacker Bernd
Haess Uwe
Haga Oejvind
Hagemann Bas
Hageman-Van Olst Ria
Haldemann Cornelia
Hall David
Hall Diana
Hamel Frederic
Hanselmann Ulrike
Hao Lihua
Hapman Ronald
Harding Daniel
Hardy Andre
Hardy Fabien
Harkot Sebastian
Harmsen Cor
Harriman Julie
Harris Louise
Hartmann Gerd
Hartmann Martin
Hartmann Petra
Hasametaj Imer
Hasametaj Musa
Hassan Abdinur
Hassur Anders
Hauenstein Anita
Hauri Astrid
Haustein Andy
Haustein Mario
Haustein Rico
Hay Pamela
He Qiguang
Heaven Laurence
Hebbar Mustapha
Heck Alexander
Hedin Jerome
Heeb Jakob
Heerze Marieke
Heinze Albert
Heitzmann Max
Held Harald
Heldstab Felix
Helf Ivan
Helfferich Stef
Hellendoorn Chris
Heller Martin
Helmcke Nicole
Heloury Martine
Henderikx Michel
Hendriks Gert
Hendriks Johan
Hennequin Michel
Hennequin Nicolas
Henning Viktor
Henot David
Henot Gerard
Henty Leslie
Heppner Darin
Herbin Didier
Herbin Gregory
Herdhuin Dominique
Hermann Susanne
Hernandez Simon
Hernandez Cantin Felix
Hernandez Ramirez Maria Teresa
Herr Angelika
Herrlich Natalia
Herrmann Carmen
Herry Patrick
Hertel Stefan
Hertzog Alain
Herve Karine
Hettinga Anita
Hetzinger Christian
Heyer Stephan
Hicks Adam
Hidalgo Jose
Higginson Emma
Hildwein Sonja
Hiller Andreas
Hiller Edward
Himmelsbach Christian
Himmelsbach Michael
Hinman Matthew
Hirsch Christian
Hitzig Veiko
Hitzler Patrick
Hoch Alois
Hoeijenbosch Bart
Hoek Norbert
Hoek Peter
Hoekman Erik
Hoenig Nicole
Hof Dominik
Hofer Nicole
Hoffmann Bettina
Hofmann Roland
Hofmann Sara
Holl Doris
Holland William
Hollander Stef
Holliger Kurt
Holmgren Lena
Hommann Wolfgang
Hong Changchun
Hong Haoying
Hong Yanbing
Hooge Gerrie
Horak Kathrin
Horsch Florian
Hort Heinz
Hos Alexandra
Hotz Rene
Hou Yuhong
Houtzeel Danielle
Howe Lorraine
Howell Marcus
Hoxha Isuf
Hoynant Coralie
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Hu Wenyi
Hu Yunfang
Huang Fusang
Huang Guizinan
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Huang Yumin
Huber Michael
Huber Thomas
Hubiak Sebastian
Hucal Tomasz
Huegli Renate
Huet Patrice
Hug Christiane
Huegli Stefan
Hunziker Manuela
Huo Yangkui
Huon Guillaume
Husejinovic Azmir
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Hutchinson Russell
Huth Manuela
Hutter Yvonne
Iben Markus
Ille Paul
Imhof Hugo
Irdel Elie
Iskanli Ali
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Jablonski Chris
Jacobacci Rito Antonio
Jacobs Davy
Jacquens Jean-Benoit
Jaeck Karin
Jakubek Mariusz
Jama Abdinoor
Jama Farah
Jan Alexander
Jandl Dieter
Janicki Pawel
Janiec Feliks
Jankowski Adam
Jankowski Bogdan
Jankowski Dominik
Jankowski Jaroslaw
Jankowski Peter
Jansen Peter
Jansen Sascha
Jansen Sebastiaan
Janvier Sylvain
Jarl Benny
Jarred Susan
Jary Edward
Jarzynski Christophe
Jasharaj Shehrije
Jauch Oliver
Jeannerot Jean-Paul
Jehl Denis
Jehl Frederic
Jehl Ives
Jehl Steve
Jennings Kathryn
Jentz Rudi
Jenzer Peter
Jerczynska Jolanta
Jeuffrault Sylvie
Jeziorna-Turko Dominika
Ji Meng
Jia Bo
Jia Liwei
Jiang Xiying
Jimenez Dionisio
Jimenez Hector F.
Jimenez Hector J.
Jin Chunlin
Jin Yitao
Joggerst Marcus
Johansson Leif
Johansson Linus
Johnson James
Johnson Lyn
Johnson Terrance
Jolink Dirk
Jonas Annika
Jones Allan
Jones David
Jordan Harry
Jordan Jakob
Joris Magendans
Joseph Nico
Joss Thomas
Jost Pascal
Jouble Martial
Jouffroy Claude
Jozipovic Luka
Ju Lihui
Juda Tomasz
Jurasik Ewelina
Jusupovic Senad
Kabalay Mehmet
Kaczmarczyk Andrzej
Kaelin Pia
Kaempf Marcel
Kaeslin Erwin
Kafel Franciszek
Kajder Jozef
Kaleta Grzegorz
Kaleta Krzysztof
Kaleta Robert
Kalis Wilbert
Kalita Mariusz
Kaltenbach Sascha
Kaminski Maria
Kandlin Andreas
Kandzic Amir
Kang Hongan
Kantor Owen
Kapusuz Gulaga
Kapusz Grzegorz
Kara Birgen
Kara Senol
Karakis Hasan Ali
Karbowski Rafal
Karlsson Tommy
Karovic Goran
Karovic Vladan
Kartnaller Ignaz
Kasper Silvia
Kasperek Piotr
Kate Michal
Katirci Ergun
Kats Henk
Katzer Rudolf
Kaufmann Rolf
Kavak Osman
Kay Matthew
Kayser Eric
Keet Fiona
Kehr James
Keller Christian
Keller Markus
Kemmler Juergen
Kepski Remigiusz
Kepski Tomasz
Kern Markus
Kern Michael
Kern Rene
Ketterer Gabi
Keus Aad
Keusch Jean-Marc
Khe Sokhan
Khedim Jean Marc
Khokhlov Denis
Kicaj Feriz
Kiecenka Jaroslaw
Kiener Andreas
Kiepura Michal
Kiesling Andrew
Kiffen John
Kilchenmann Walter
Kilic Mahsum
Kinsfator Jakob
Kircali Tuncel
Kirgoz Adem
Kiss Frank
Klarer Melitta
Klaus Max
Klaus Olga
Klechammer Marek
Klee Beatrix
Klein Franz
Klekot Lukasz
Klich Jacek
Klompjan Martin
Klosowicz Leslaw
Klosowicz Robert
Klug Peter
Kluin Sieb
Knaus Silvia
Knul Hilco
Knutas Wilhelm
Kocan Yener
Koch Serge
Koch Tilo
Kociszewski Darlene
Kociszewski Linda
Kocoglu Isa
Kocon Jolanta
Kodz Krzysztof
Koehler Andre
Koehler Lutz
Koelblin Lukas
Koenig Werner
Koerhuis Jos
Koese Nadiye
Kohler Kurt
Kolk Gerwin
Koller Edith
Kolpak Adam
Konczylo Sebastian
Konkoly Attila
Konyali Yunus
Koole Sjaak
Kopec Andrzej
Kopec Dariusz
Korhan Israfil
Korhan Yetis
Korotusz Andrzej
Korotusz Pawel
Kors Henk
Kosakowski Tomasz
Kosowski Lukasz
Kostelny James
Kosters Rene
Kot Robert
Kotwica Kazimierz
Kotwinski Jaroslav
Kovacevic Nihad
Kowalczyk Grzegorz
Kowalik Marcin
Kowalski Jozef
Kozenov Jurij
Koziarski Robert
Kozlowski Edwin
Kozlowski Leslaw
Kozlowski Mark
Kozyra Pawel
Kraemer Ferdinand
Kramer Waldemar
Krantz Peter
Krasnicki Dariusz
Krasnicki Olgierd
Krasniqi Besim
Krasniqi Gjevdet
Krasniqi Islam
Kraus Reiner
Kraut Helena
Kraut Jenny
Krawcow Beata
Krebs Thierry
Krejter Johann
Kreulen Sander
Krieg Bernd
Krieg Olaf
Krieg Sabrina
Krim Johann
Kristensen Per
Kristiansson Boerge
Kroetz Laurent
Kruettli Sabine
Kryczka Aleksander
Kuegler Andrea
Kuehnel Jochen
Kueng Andrea
Kueng Samuel
Kueng Willy
Kuhn Evelyn
Kuhn Klaus
Kuhn Rudolf
Kukawski Wieslaw
Kumbaraci Hatice
Kumosz Pawel
Kurdys Ireneusz
Kurlej Mariusz
Kurtiak Jozef
Kurtulan Ali
Kurz Dieter
Kurz Wladimir
Kusmierz Adam
Kuzu Hikmet
Kwas Stanislaw
Kwiatek Grzegorz
La Mela Sira
La Placa Calogero
Laarman Johan
Labaszczuk Marek
Lackmann Waldemar
Lacomblez Archange
Lacomblez Etienne
Laeuppi Heidi
Lafleur Henri
Lahanque Marc
Laibel Alexander
Laine Catherine
Lalak Zbigniew
Lalouette Philippe
Lamarche Olivier
Lamotte Bruno
Lampart Ireneusz
Landreat Jean-Michel
Lang Daniel
Lang Dirk
Lang Shanshan
Langeli Stian
Langer Christel
Langer Christel
Lanius Cristian
Lanz Marcel
Lanzotti Renato
Lanzotti Salvatore
Laporte Marc
Lardieri Vito
Larson Joshua
Laruelle Didier
Lasperini Michela
Lasselin William
Lasseron Dominique
Lattanzi Gianluca
Laubier Claude
Lauferon Sebastien
Laurent Pascal
Lavarte Christophe
Lawrenson Marianne
Lazarev Igor
Le Berre Frederic
Le Bescond Jerome
Le Coq Jean-Francois
Le Corre Eric
Le Danff Vincent
Le Morvan Olivier
Le Trocquer Alexandre
Lebeau Eric
Lebon Bruno
Lebon Martial
Lecamp Eric
Lecat Jacky
Lecompte Fanny
Lecomte Alexandre
Leding Patrick
Ledinko Mario
Lefebvre Dominique
Lefebvre Luc
Lefebvre Olivier
Lefevre Freddy
Lefevre Jean-Marc
Lefort Francis
Lefort Michel
Legrand Bruno
Legrand Christophe
Lehmann Lutz
Lehner Peter
Leif Johansson
Leistner Gerd
Lejeune Nicolas
Lelickens Ralf
Lemaire Christian
Lemaire Christophe
Lemoine Jean-Pierre
Lennartz Andrew
Lenz Beat
Lepretre Michel
Lepretre Virginie
Lequien Patrick
Lerat Jean-Denis
Lesage Philippe
Lesne Fernand
Lesniowski Sebastian
Lessig Dirk
Lesur Denis
Letailleur Didier
Leturque Alain
Leu Tamara
Leung Chloe
Leusiere Charles
Leutwiler Oliver
Leutwyler Beat
Leveque Frederic
Leveque Jean-Marc
Leveque Laurent
Leys Joke
Lezzeri Frederic
Li Bin
Li Chao
Li Donghong
Li Fuyun
Li Gang
Li Guohua
Li Haibo
Li Haixia
Li Hongxi
Li Jiang
Li Jie
Li Jinliang
Li Jiuhui
Li Li
Li Shujun
Li Wei
Li Xiaomei
Li Xiaowei
Li Xin
Li Xiuliang
Li Yacui
Li Zhi Yong
Liang Ling
Liang Mengmeng
Libanet Thomas
Libera Andreas
Licha Stephen
Liesch Michael
Lightizer Jeff
Lightizer William
Lignos Michael
Lin Jian
Lin Xuekun
Lindblom Liselott
Linfield Kate
Link Thomas
Lipman Hennie
Lippuner Anja
Lischka William
List Volker
Liu Chunhua
Liu Fengyi
Liu Haiyang
Liu Hongli
Liu Hongpei
Liu Hongqi
Liu Jiang
Liu Jianjun
Liu Jiejie
Liu Jun
Liu Lunian
Liu Manyi
Liu Qihu
Liu Shi
Liu Siying
Liu Weiwen
Liu Xiaoqin
Liu Xiaoyue
Liu Xiuzhi
Liu Yingchun
Liu Yulin
Liu Zhanbin
Liu Zheng
Liu Zhi
Liu Zhicun
Liu Zhijin
Liu Zhongxin
Livemore Alison
Ljatifi Ramadan
Ljatifi Raman
Ljatifi Sead
Lloveras Galan Evelyne
Locatelli Roberta
Logronio Michael
Logutenok Sergey
Lokhorst Bento
Lombardi Massimo
Lootvoet Gilles
Lopez Gene Noemi
Lori Howe
Lourenco Mario
Loutfi Ismail
Lu Yunjie
Lucas Michel
Ludwig Renate
Ludziak Piotr
Lueftner Richard
Luescher Andrea
Luescher Thomas
Lukasiewicz Marcin
Luminati Andre
Luo Bin
Luo Maohua
Lurz Claudia
Lutz Mathias
Luxembourger Catherine
Lv Dejun
Lv Wie
Lyss Fritz
Ma Lin
Ma Xiaojun
Ma Xiaolin
Macaigne Jean-Christophe
Macdiarmid Vicky
Machnicki Felicity
Maciag Grzegorz
Maciejun Piotr
Madej Krzysztof
Maechler Michael
Maechler Philip
Maffre Serge
Magyar Karen
Makles Krzysztof
Malanicz Mateusz
Malenczak Miroslaw
Malkowski Matthias
Mandaci Murat
Manesse Frederic
Manikkam Thevakumar
Manzotti Ilario
Mao Xiaoxia
Maquin Philippe
Marchand Aurelien
Marchandise Jean-Luc
Marchandise Joel
Marek Lukasz
Maret Emmanuel
Margutti Mara
Marie Arnaud
Marinac Roger
Maringio Mary Jane
Marino Simone
Mark Mario
Markiewicz Adam
Markstahler Ingrid
Marlot Eddy
Marozzo Alfonso
Marskamp Johan
Marti Mico
Marti Roman
Martin Elisabeth
Martin Peggy
Martinelli Alessandro
Martinez Ramiro
Marusiak Krzysztof
Marx Ulrike
Masetti Paolo
Massart Benoit
Masson Murielle
Masson Olivier
Massot Olivier
Mata Engels
Mathieu Patrick
Mathys Thomas
Matt Roger
Matusic Nevenka
Maumary Sibylle
Maurer Marcel
Maurer Walter
Mauvais Celine
Maxenchs David
Mayes John
Mayeur Patrick
Mbungu Lutete
Mcalevey Wanda
Mcarthur David
Mcculley Lacy
Mcdonald Alex
Medlycott Alan
Meenhorst Jeanet
Mei Dongxiao
Meier Andrea
Meier Felix
Meier Joelle
Meijer Gerrit
Meile Stefan
Mekil Jean-Jacques
Melchert Bert
Melo Narciso
Meng Haiqing
Menzemer Jonathan
Merbecks Achim
Mercier Dominique
Mercier Fabrice
Mercier Jean-Claude
Mercier Jean-Noel
Mercier Jean-Pierre
Mercier Joel
Merle Pius
Merrien Catherine
Merritt Joseph
Mertkul Levent
Metier Frank
Metin Ulas
Metz Kevin
Metzger Reiner
Metzger Roland
Meyer Daniel
Meyer Gisela
Meyer Marc-Oliver
Meyer Peter
Meyer Susanne
Miatto Alberto
Michalak Roman
Michaud Francois
Michaux Eric
Michel Nadine
Michel Sylvie
Michnowski Wieslaw
Mienne Sandrine
Miezejowski Artur
Mignone Romolo
Milani Paola
Miler Krzysztof
Milijic Milan
Miljak Bernard
Mimouni Miloud
Minck Rosemarie
Miranda Michael
Miron Lucia
Misiak Jacek
Misita Giuseppe
Mitic Sandra
Mittendorf Frank
Mitura Ireneusz
Mizdal Karolina
Mizera Peter
Moeller Allan
Moeller Sven
Mohamed Aden
Mohammed Amjad
Moiret Franck
Molitor Denis
Mollet Benoit
Moneweg Diana
Moneweg Walter
Monfroy Christian
Monzani Elena
Monzani Pierangelo
Moortgat Stefan
Moreau Emmanuel
Moreau Frederic
Morelle Jean-Paul
Morgan Tracey
Morina Flora
Morleo Rocco
Mouellei Gauthier
Mouriaux Bertrand
Mouriaux Pascal
Mszal Maria
Mueller Astrid
Mueller Christian
Mueller Gerard
Mueller Gerhard
Mueller Iwan
Mueller Pascal
Mueller Peter
Mueller Peter
Mueller Pierre
Muench Matthias
Mugabe Julius
Mukthar Yassin
Mulder Piet
Mulford Jeffrey
Muller Pascal
Mumenthaler Georg
Munz Dorina
Mussche Arian
Muzyka Tomasz
Naber Rutger
Nachef Frederic
Naciye Sirtlar
Naef Markus
Nan Xinlu
Nan Yang
Naughton Garry
Naylan Erdinc
Naylan Volkan
Nehlin Karin
Neleman-Vaandering Christa
Nestler Michael
Neumann Oliver
Nevalainen Jakko
Newton Michael
Nguyen Dinh Phuc
Nguyen Elodie
Nicholls David
Nicken Robert
Nicolosi Pietro
Nicomette Thibault
Nie Yuhai
Niederbacher Markus
Niederer Klaus
Nieman Bradley
Nierlin Herbert
Niero Gessica
Nijmeijer Gerard
Nikolic Blagoje
Nitarski Robert
Nitzsche Christine
Niu Haitao
Niziol Grzegorz
Niziol Marek
Noiret Patrick
Nolte Robert
Nonet Jennifer
Norbury Gareth
Nordahl Stig
Nordenmark Jan
Norton Sharon
Notteghem Loic
Notteghem Marc
Nowacki Wieslaw
Nowaczewski Robert
Nowakowski Dariusz
Nowicka-Dukiel Krystyna
Nyfeler Alain
Oakes Bruce
Oberle Rainer
Oberli Elisabeth
Oberlin Francois
Obermeyer Axel
Obert Klaus
Obleszczuk Patryk
Oblin Bruno
Odin Magnus
Oettle Herbert
Ohnemus Urban
Ojewski Krzysztof
Olcay Mustafa
Oleksiak Blazej
Oleksy Fryderyk
Oleksy Tadeusz
Oner Ahmet Menderes
Opala Tomasz
Oppikofer Rolf
Orda Andrzej
Oriani Odoacre
Orynczak Slawomir
Ostrouch Malgorzata
Oulmi Fatima
Owczarek Andrzej
Owens Wesley
Oz Huseyin
Oz Kadir
Ozcan Ilhan
Ozcan Muhammet
Ozdemir Murat
Ozden Ali
Ozelmas Orcun
Ozkan Imdat
Oztas Sevim
Oeztuerk Mehmet
Page Kavin
Pahl Armand
Painchart Daniel
Paleczna Maria
Palka Dominik
Pan Qiang
Pan Xiaochun
Panfil Ryan
Pankiewicz Sebastian
Pappas David
Papsidero Daniel
Parchitelli Tanja
Parfait Michel
Parfait Pierre
Parisse Michael
Parlak Ahmet
Parlayan Uzeyir
Parmentier Christophe
Parolin Filippo
Pasierbiewicz Rafal
Paterno Angelo
Patrice Moukoko
Pattberg Julie
Paul Eberhard
Paulsen Elena
Pauwels Eric
Pavlasek Isabel
Pawlowski Grzegorz
Payne Barbara
Pazgrat Marta
Pecqueux David
Peng Jianhui
Penney Lyndsey
Pepers Louis
Pere Serge
Perego Marzio
Perlikowski Arkadiusz
Pertl Hans
Perusi Patrick
Petit Laurent
Petscher Joerg
Peuckert Ulrich
Peynir Ayhan
Peysson Cyril
Pezet Marc
Pfarrmaier Nadia
Pfeffer-Gawer Rosemarie
Pfeiffer Marcel
Pfenninger Markus
Pferrer Nicole
Pferrer Peter
Pfister Patric
Pflaumer Nikolai
Philipp Gregor
Philippo Dirk
Piechocki Marcin
Pieczarka Waldemar
08.03.2012 11:45:14
At a Glance
Imprint
 At a Glance 2011
2011
Sales by region
Sales by segment
EUR million
EUR million
Europe: 461.1
USA: 27.8
China: 26.5
Radiators: 348.2
Ventilation: 167.1
Key figures
Zehnder Group
Swiss Performance Index (SPI)
30 %
20 %
10 %
0 %
– 10 %
475.9
8.3
EBIT
EUR million
51.1
50.4
1.3
% of sales
9.9
10.6
EUR million
41.1
38.2
% of sales
8.0
8.0
EUR million
58.9
55.8
% of sales
11.4
11.7
Investments in property, plant & equipment
EUR million
34.9
20.0
74.1
Depreciation & amortization
EUR million
17.8
17.6
1.1
Total assets
EUR million
406.0
378.4
7.3
Total fixed assets
EUR million
160.1
141.4
13.2
Shareholders’ equity [1]
EUR million
239.7
217.4
10.2
% of total assets
59.0
57.5
31 December
3,094
2,945
5.0
Net earnings per bearer share [2]
EUR
3.41
3.19
7.0
Net earnings per bearer share
before depreciation & amortization [2]
EUR
4.93
4.69
5.1
Shareholders’ equity per bearer share [2]
EUR
19.42
17.63
10.2
Number of employees
Jan
Feb
Locations
 Europe
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
7.4
5.4
Zehnder Group AG
Moortalstrasse 1
5722 Gränichen / Switzerland
Phone + 41 62 855 1506
Fax + 41 62 855 1515
investor-relations@zehndergroup.com
www.zehndergroup.com
Concept and layout by
Eclat AG, Erlenbach ZH
Photos by
Basil Stücheli, Zurich  Pages 1, 6 – 11, 20 – 25, 40 – 45, 58 – 63
Stefan Knecht, Zurich  Pages 2, 48 – 51
Text / editing by
PEPR, Oetwil am See
Lithos by
Dec
Locations
 Worldwide
%
515.4
– 20 %
– 3 0 %
2010
EUR million
Net income before depreciation & amortization [1]
1.1. – 31.12.2011
2011
Net sales
Net income [1]
Share price
Published by
Lisa Biedlingmaier, Zurich
Roger Bahcic, Zurich
Printed by
Neidhart + Schön AG, Zurich
Sustainability consulting by
sustainserv, Zurich and Boston
Zehnder Group AG
Share capital
CHF million
14.7
29.3
– 50.0
Dividend per bearer share [3]
CHF
0.20
0.63
– 68.0
Nominal value repayment per bearer share [3]
CHF
1.20
1.25
– 4.0
[1]including minority interests
[2]excluding minority interests; the prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).
[3]for 2011 as proposed by the board of directors; the prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).
386.indd 2
The original German version of this annual report is binding.
© 2012 Zehnder Group AG
For photos, © with photographers
08.03.2012 11:45:16
At a Glance
Imprint
 At a Glance 2011
2011
Sales by region
Sales by segment
EUR million
EUR million
Europe: 461.1
USA: 27.8
China: 26.5
Radiators: 348.2
Ventilation: 167.1
Key figures
Zehnder Group
Swiss Performance Index (SPI)
30 %
20 %
10 %
0 %
– 10 %
475.9
8.3
EBIT
EUR million
51.1
50.4
1.3
% of sales
9.9
10.6
EUR million
41.1
38.2
% of sales
8.0
8.0
EUR million
58.9
55.8
% of sales
11.4
11.7
Investments in property, plant & equipment
EUR million
34.9
20.0
74.1
Depreciation & amortization
EUR million
17.8
17.6
1.1
Total assets
EUR million
406.0
378.4
7.3
Total fixed assets
EUR million
160.1
141.4
13.2
Shareholders’ equity [1]
EUR million
239.7
217.4
10.2
% of total assets
59.0
57.5
31 December
3,094
2,945
5.0
Net earnings per bearer share [2]
EUR
3.41
3.19
7.0
Net earnings per bearer share
before depreciation & amortization [2]
EUR
4.93
4.69
5.1
Shareholders’ equity per bearer share [2]
EUR
19.42
17.63
10.2
Number of employees
Jan
Feb
Locations
 Europe
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
7.4
5.4
Zehnder Group AG
Moortalstrasse 1
5722 Gränichen / Switzerland
Phone + 41 62 855 1506
Fax + 41 62 855 1515
investor-relations@zehndergroup.com
www.zehndergroup.com
Concept and layout by
Eclat AG, Erlenbach ZH
Photos by
Basil Stücheli, Zurich  Pages 1, 6 – 11, 20 – 25, 40 – 45, 58 – 63
Stefan Knecht, Zurich  Pages 2, 48 – 51
Text / editing by
PEPR, Oetwil am See
Lithos by
Dec
Locations
 Worldwide
%
515.4
– 20 %
– 3 0 %
2010
EUR million
Net income before depreciation & amortization [1]
1.1. – 31.12.2011
2011
Net sales
Net income [1]
Share price
Published by
Lisa Biedlingmaier, Zurich
Roger Bahcic, Zurich
Printed by
Neidhart + Schön AG, Zurich
Sustainability consulting by
sustainserv, Zurich and Boston
Zehnder Group AG
Share capital
CHF million
14.7
29.3
– 50.0
Dividend per bearer share [3]
CHF
0.20
0.63
– 68.0
Nominal value repayment per bearer share [3]
CHF
1.20
1.25
– 4.0
[1]including minority interests
[2]excluding minority interests; the prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).
[3]for 2011 as proposed by the board of directors; the prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).
386.indd 2
The original German version of this annual report is binding.
© 2012 Zehnder Group AG
For photos, © with photographers
08.03.2012 11:45:16
d 10
Contents
2011
Group Review
01 Topic of the Year
02 Chairman’s Review
04 Zehnder Group in brief
12 Business Development in 2011
18 Outlook for 2012
26 Sustainability
46 Corporate Governance
64 Glossary
Financial Report
67 Consolidated Financial Statements
104 Zehnder Group AG
119 Further Information for Investors
08.03.2012 10:5
d 11
08.03.2012 10:5
Topic of the Year
Our values
" Topic of the Year
Zehnder Group has various corporate values. And Zehnder Group is active all over
the world. What happens when employees from different countries and different areas
of activity come together to discuss their company’s values? The Annual Report 2011
documents four moderated discussions between two different employees each time.
These discussions took place in December 2011 in Switzerland, Germany, the Netherlands and Sweden. They also marked the occasion when an employee from the United
States had his first-ever trip to Europe, a Polish employee got to know Switzerland
and an employee from Turkey found out, after a long day spent travelling, just how
cold winter can get in a small Swedish town. As a way of kick-starting the discussion,
each individual brought along an object representing the value to be discussed. The
meetings were marked by curiosity and warmth. They also made one thing clear:
Zehnder Group’s values are “lived”, irrespective of country or position.
 Switzerland / Poland
Integrity
When Paulina Tarnas issued her invitation, she chose as her
object a mug symbolizing her home town of Bunzlau in Poland.
Pius Merle from Switzerland was delighted to accept Paulina’s
invitation, and his choice of object – a dictionary – ensured the
best possible preparation.
 Netherlands / USA
Passion
American Dave Clouden has been a fan of the Buffalo Sabres
since he was a child, and the object he brought along was
his ice hockey jersey. Alien Westhuis’ passion is jogging. The
object Alien, from the Netherlands, brought along to her
discussion was her running shoes.
For Seidou Arouna, a traditional Togolese robe with matching
hat symbolizes openness and acceptance towards people
who are different. A perfect match for the object chosen by
Frenchwoman Muriel Rouxel – a thread, which not only metaphorically but literally binds individual elements together.
Zehnder Group Annual Report 2011
 Germany / France
Tolerance
 Sweden / Turkey
Respect
With her Turkish coffee set, Meltem Talukan almost turned
the discussion into a coffee-morning, while Swede Magnus
Bladh introduced a mellow groove with his bass guitar.
1
Chairman’s Review of Operations
 Hans-Peter Zehnder, Chairman of the Board of Directors
" Chairman’s Review
Pleasing results in a
challenging environment
Ladies and gentlemen
In a year that was dominated by the debt and financial
crises, Zehnder Group once again posted very satisfying
results. Turbulence in the global economy has so far not
had much of an impact on our business. Sales were up
sharply once again, passing the EUR 500 million mark
for the first time in our history. Despite increased investments in distribution and marketing as well as the roll-out
of SAP and the strong Swiss franc, the operating result
was in line with the prior year. This is due to several factors, including numerous product innovations, developments in the individual markets, where competition remains fierce, and organizational enhancements. Overall,
we were able to maintain our market share almost everywhere and even to expand it in some places.
Sales revenues sharply higher
Sales were very positive in the first half of 2011, and this
uptrend continued in the second half, with sales ending
the year up 8 % over the prior-year period. We were able
to increase sales revenues in most markets, with our
three main markets of France, Germany and Switzerland in particular proving to be very stable. In an overall
market that saw a modest decline, we were able to expand our radiator business by gaining market share.
 With a significant increase in sales
and continued high operating margins,
Zehnder Group turned in an excellent
performance in a year buffeted by
global economic turbulence.
The ventilation segment was up even more, which enabled Zehnder Group to further solidify its market position in the reporting year. This segment is meeting the
clearly growing demand for energy-efficient solutions
that can offer an indoor climate that is as comfortable as
2
340.indd 2
08.03.2012 12:18:34
" Chairman’s Review
Beyond Europe, sales were slightly higher at the Group’s
North American companies, while in China sales increased substantially with a simultaneous improvement
in profitability.
High operating margin maintained
Operating income was up on 2010 despite considerable
investments in distribution, marketing, development and
internal processes. As a result, we were able to maintain
the previous year’s high margin of around 10 % in the
reporting year. At net income level, the margin was also
on a par with 2010 at 8 %. This stable profitability is due
in no small part to the strategic initiative set in motion
three years ago. The aim of this initiative was to develop
Zehnder Group into a full systems provider for comprehensive, optimum indoor climate solutions.
Stable dividend payout ratio
In accordance with the long-term policy of generally distributing approximately one third of consolidated net income, the board of directors is proposing to the annual
general meeting a par value reduction per bearer share
of CHF 1.20 and a dividend of CHF 0.20. The resulting
dividend payout ratio for the reporting year is 33 %.
O
n the basis of a successful 2011 and
our strong strategic and operational
position, we have good reason to be
confident about the 2012 business
year in spite of the somewhat gloomier
economic outlook overall.
Our thanks
Balance sheet remains solid
On behalf of the board, I would like to thank our cus­
tomers for their loyalty as well as all employees for their
unfailing commitment to our Group. I would also like to
thank our esteemed shareholders, who time and again
have shown their confidence in us.
The good results for the reporting year can also be seen
in the continued solidity of the Group’s balance sheet.
The equity ratio was strengthened an additional two percentage points to 59 %. Due to additional investments
and the higher distribution, net liquidity decreased from
EUR 42.9 million to EUR 31.9 million.
Hans-Peter Zehnder
Chairman of the Board of Directors
Zehnder Group Annual Report 2011
it is healthy. Due to this demand, the ventilation segment
now accounts for one third of the Group’s worldwide
sales revenues, with the trend still pointing upward.
Optimistic going forward
In light of the somewhat gloomier economic outlook for
2012, it is more difficult to predict the trends in our sales
markets at this stage than it was in the previous year.
Since we have done our homework in recent years as
regards both strategy and operations, we expect a further modest increase in earnings in the radiator segment,
despite the very difficult economic environment overall,
and a sharp rise in sales in the ventilation segment.
3
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08.03.2012 12:18:34
Zehnder Group
In brief
 2001
 1980
 1923
 1930
" Zehnder Group in brief
Zehnder Group is a listed international group with strong family
ties; its headquarters are in Switzerland.
1895
1994
Jakob Zehnder founded a mechanical workshop in
Gränichen, Switzerland.
Takeover of Acova, the French market leader in the special radiator sector.
1923
2001
The legendary ‘Zehnderli’, Zehnder’s light motorcycle,
set out to conquer Switzerland.
Zehnder moved into the comfort ventilation business.
1930
2002
Takeover of StorkAir, a Dutch ventilation company.
Production of the first steel radiators.
1953
A first step abroad, to Germany.
1959
Gebrüder Zehnder became a limited company. Management was now in the hands of the third generation.
2006
Strengthened market position in the USA and China:
Hydro-Air Components (Buffalo / USA) taken over and a
third company established in China (Shanghai).
2007
1967
Acquisition of a Swedish company, Freshman AB (air
cleaning technology), and the British Bisque Group
(radiators).
Further expansion abroad, this time to France. Production of the first single-column radiator.
2008
1980
Launch of the towel radiator, a revolutionary innovation.
1986
Takeover of Greenwood (ventilation products) in the UK
and a Swiss company, Cesovent (ventilation compon­
ents). Divestment of Faral in Italy. Start of the strategic
initiative energiZe (organization, management, logistics,
research and development, marketing).
Successful IPO on Zurich stock exchange.
1988
Hans-Peter Zehnder (fourth generation) took over oper­
ational management. Runtal, a major competitor, was
acquired, which eased access to new markets in
Europe and the USA.
4
2010
Acquisition of a Chinese ventilation company, Shanghai
Nather Air Tech Co. Ltd.
2011
Takeover of Italian cooling specialist Nest Italia S.r.l.
" Zehnder Group in brief
Strategy
Market position
In the interests of all stakeholders, Zehnder Group strives
to achieve sustainable and profitable growth. The focus
is on organic growth, supplemented by acquisitions in
line with corporate strategy and by suitable ­cooperation
agreements.
Zehnder Group’s objective is to be a leader in all its target markets. In the radiator business Zehnder has for
many years been the market leader in numerous countries. In the ventilation sector, too, the company now has
a leading market position in many European countries
such as Germany, the Netherlands, Belgium, Austria,
Italy, and Switzerland.
In the radiator sector we focus on higher-end market
niches for steel radiators, and in the ventilation segment
on energy-efficient systems. Zehnder Group brands
stand for innovation, design and reliability. In the final
analysis, the strategy is designed to make Zehnder a
comprehensive systems supplier, capable of offering
customers intelligent all-in packages for heating, cooling
and ventilation to provide a healthy and comfortable
­indoor climate.
Vision
By 2015 we want to be the leading company in the field
of indoor climate solutions – in certain product segments worldwide, and in systems for selected market
segments in Europe, North America and China.
Mission Statement
Comfort
Zehnder Group Annual Report 2011
We want to be the most attractive provider of energyefficient, healthy and comfortable indoor climate solutions.
Indoor Climate Solutions
Health
Energy efficiency
5
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INTEGRITY We are committed to
a solid work ethic, integrity, honesty and quality.
We take care to ensure sustainability in our
business operations.
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08.03.2012 12:19:05
­
Switzerland
—
Poland Polish environmental
protection engineer
Paulina Tarnas and
Swiss metalworker Pius
Merle met at Zehnder
Group’s headquarters
in Gränichen to discuss
the value “integrity”.
Switzerland
Population
7,895,000
Households
3,514,000
Zehnder Group
founded in
1895
Employees
331
Locations
Gränichen,
Wädenswil
340.indd 8
“We are committed to a solid work ethic, integrity, honesty
and quality. We take care to ensure sustainability in our business ­operations.” – What role does this Zehnder-specific under­
standing of integrity play in your day-to-day work? Paulina
Tarnas — This mindset is important, both in dealings with fellow em­
ployees and with customers. It’s about esteem for and loyalty to the
company. Pius Merle — In production, I have a responsibility towards
the product and towards my team. To me, it goes without saying that you
are loyal and that you talk plainly – that you’re honest and fair, basically.
P T — Direct contact, that’s the most important thing. Is there a
code of conduct within the company? P M — Each employee has
a little card with three points detailing how we should communicate
with one another. P T — We also have specific communication rules
that apply at every level of the work process. For example: “Always be
polite to the person you are dealing with.” Do you think enough
attention is paid to these rules? P M — Yes, we really have taken
them on board. And there are rules on feedback. If somebody communicates in a way that’s not right, it’s brought to that person’s attention.
P T — With us, too, everybody receives training on how to respect
the rules. There’s extra training if things are not clear, or a meeting is
held with the person concerned. Where is integrity-based conduct most important? P T — These principles are important at every
­stage. ­Basically, you should conduct each discussion as if it were with
a potential customer. It’s important to show respect and to put yourself
in the other person’s situation. What does integrity have to do
with sustainability? P T — Sustainability – that’s the result of how we
behave. Only consistent behaviour can lead to success. Behaviour that
is dishonest and geared only to the short term is never good. It might
be profitable in the short term, but it doesn’t generate value over the long
run. P M — It’s a long process. You can’t just be content with the result
you achieve early on. You have to always go that bit further. Everything
­changes so quickly. Which is why you only achieve intermediate mile­
stones; you never achieve a final objective. P T — That’s the way I see
it as well. You work on yourself and your integrity each day. It’s a process
that goes on indefinitely. Which of the four Zehnder values do you
view as the most important? P T — I think all four values are equally
important. It’s like a table with four legs – if one is missing, what you’ve
got is a wobbly table. How important is the value of integrity in
Switzerland? P M — It can be seen as a characteristic of our system,
but it also depends on each and every individual. I think most people
strive to abide by values such as reliability and punctuality, and there’s
a small minority that doesn’t.... What’s your view in Poland?
P T — Polish people are perhaps a bit more easy-going in that ­respect.
It’s difficult for us in Poland, for example, to keep up with Switzerland
08.03.2012 12:19:05
PIUS MERLE “In production, I have a
­responsibility towards the product and towards my
team. To me, it goes without saying that you are
loyal and that you talk plainly – that you’re honest
and fair, basically.”
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08.03.2012 12:19:21
PAULINA TARNAS “I think you are either fair
and proper, or you’re not. It’s about ­absolutes.
There’s no such thing as ‘95 % proper’ or ‘95 %
incorruptible’. I can’t have just a little bit of
­integrity. I either have it – or I don’t.”
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Switzerland
—
Poland Poland
Population
" Toleranz
in terms of values such as solidity and punctuality. For myself personally, I’d rather be a few minutes too early than a few ­minutes too
late. And I expect the same from others, from the people I’m dealing
with at work, since it’s a matter of respect. P M — Punctuality is also
a mark of quality. What about integrity in the sense of being
honest and upright? P M — It’s only once I’ve actually achieved
my objective that I can say “Right, I’ve done it – I’ve achieved my
objective.” Before that point I don’t know if I will reach the target.
I’d never say “I’m finished” if I still needed half an hour to work on
something. I have zero tolerance for that. P T — Before the fall of
communism in Poland there were a lot of propaganda statements
along the lines of “Yes, we can achieve the target of 180 % in three
minutes.” There were only state-run factories and no-one looked too
closely. ­Today it’s different. There’s much more pressure to say how
things really are and to be honest. What can both countries learn
from each other when it comes to integrity? P T — A lot of the
characteristics the Swiss have are certainly right and important. But
Polish people are different from the Swiss. We are much more ex­
pressive and spontaneous. There are undoubtedly values that we in
Poland could work on, such as punctuality for example – that would
be beneficial for the country as a whole. But it would not be ­possible,
or even worthwhile, to take over everything. Polish people al­ready
have a lot of positive values that are highly valued by companies outside Poland. Values such as the desire to work and the ability to
work hard – we don’t need to improve on these; we’re already good.
P M — What we in Switzerland could improve on is honesty; by that
I mean being fair and proper towards work colleagues and fellow
­human beings. There’s room for improvement there. We could do better. And that applies to each and every individual. P T — I think you
are either fair and proper, or you’re not. It’s about absolutes. There’s
no such thing as “95 % proper” or “95 % incorruptible”. I can’t have
just a little bit of integrity. I either have it – or I don’t.
Paulina Tarnas, 26,
­environmental engineer, has been working
at Zehnder Group in
­Bole­slawiec, Poland
since 2009.
340.indd 11
Pius Merle, 49,
is a ­metalworker and
has worked at Zehnder
in Gränichen, Switzerland, since 1984.
38,092,000
Households
14,440,000
Zehnder Group
founded in
1998
Employees
265
Locations
Boleslawiec,
Wroclaw
APROPOS There is no
direct equivalent in Polish for
the term “integrity”. The word
­“integracja” is semantically
close, but is closer in meaning
to “integration” than to “integrity”. Other possible trans­
la­tions, such as “prawość” and
“uczciwość”, are used to convey the sense of decency,
probity, uprightness, honesty –
and cover just a fraction of
everything that is implied in
“integrity”. “Integralność” and
“nienaruszalność” tend to be
used in a political context. All
of which means that the word
“integrity” is rarely translated
directly in Polish, but is paraphrased instead.
08.03.2012 12:19:50
Business Development in 2011
An excellent performance
in a tough year
" Business Development in 2011
Despite the difficult economic environment in 2011 Zehnder
Group increased sales by 8 % and maintained a high operating
EBIT margin of around 10 %. The Group also further expanded
its market share in the radiator and ventilation segments.
Sales higher in most markets
Sales were very positive in the first half of 2011, and
this uptrend carried over to the second half, with fullyear sales revenues ending the year up 8 % over 2010 at
EUR 515.4 million. The somewhat slower growth in the
second half of 2011 was due to the base effect brought
about by the very strong second half of 2010. The overall increase in sales is all the more gratifying in that
­competition remained tough in the reporting year and
the overall economic outlook was a cause for concern.
­Almost every relevant market for Zehnder Group, with
just a few exceptions, contributed in varying degrees to
this significant growth.
EBIT margin of around 10 % once again
In 2010 we were able to return to a double-digit ope­
rating margin after an interval of several years, and in
2011 we just maintained this level at 9.9 %. The strength
of the Swiss franc had an adverse impact of around 1 %
on the EBIT margin. Operating profit (EBIT) rose by 1 %
to EUR 51.1 million year-on-year (EUR 50.4 million in
2010). Net income was EUR 41.1 million (EUR 38.2 million in 2010), with the margin at 8.0 % (8.0 % in 2010).
The continued high level of profitability is due to numerous ­product innovations and to the strategic initiative
energiZe, which was introduced three years ago and
should continue to have a positive impact on earnings
over the next few years.
Growth in both segments
As in 2010, Zehnder Group was able to expand the
­market share of its radiator business further in 2011 in a
number of countries. In an overall market that showed a
modest decline, sales in this segment rose by 4 % to
EUR 348.2 million (EUR 335.1 million in 2010). We were
able to gain market share in particular in our main markets, France and Germany. The radiant heating and
­cool­ing systems business rebounded in 2011, with a
very ­dynamic second half of the year in particular.
The ventilation segment followed up on previous years
with above-average growth in 2011 as well. Zehnder
Group benefited once again from the ongoing trend for
energy-efficient solutions. With the exception of the
Netherlands and the UK, we posted double-digit growth
rates in all of our relevant markets. Sales in the clean air
sector were also up significantly, with the Nordic countries dominating. Overall sales for the segment reached
EUR 167.1 million (EUR 140.8 million in 2010), an increase of 19 %.
The ventilation segment’s stronger growth compared
to the radiator sector boosted ventilation’s share of
Group sales to almost one third, at 32.4 %. The ongoing
­focused expansion of this segment, along with substantial capital investments, has vaulted the segment into a
leading market position in several European countries,
including Germany, the Netherlands, Belgium, Austria,
Italy and Switzerland.
 The importance of the ventilation business increased once again in 2011 and
now accounts for just under one third
of Group sales at 32.4 %.
Ongoing progress as a system provider
Zehnder Group’s strategy in the radiator segment is
focused on high-value niche markets for steel radiators,
while the business with energy-efficient ventilation systems is to be expanded organically and through targeted
acquisitions. By combining heating, ventilation and cooling, our aim is to be the preferred supplier of all-in packages from one source that can provide energy-efficient
solutions for a healthy and comfortable indoor climate.
The acquisition of Nest Italia S.r.l. is an important step in
expanding our know-how in systems management.
12
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d 12
Highlight
Most innovative
brand 2011
Innovation pays
Zehnder was one of the big winners at the
2011 Plus X Award ceremony in Düsseldorf. The
Plus X Award is a prize for innovation that goes
to manufacturers who demonstrate that they
are on the cutting edge of quality, design and
functionality. Zehnder’s proudest achievement
was being named the “Most Innovate Brand” in
the heating, air conditioning and ventilation in­
dustry. To win the prize we had to meet the strict
standards of over 130 independent judges from
32 countries. In the heating and air conditioning
category, Zehnder also won two separate priz­
es for Best Product of the Year 2011, one for the
Zehnder Fina design radiator, and one for the
Zehnder ComfoBox Apart energy centre, which
we launched during the reporting year.
08.03.2012 10:5
d 13
Highlight
Heating in
permafrost
No customer is too far
The city of Yakutsk is the capital of Yakutia, a
republic located in eastern Russia. Yakutsk is
the coldest major city in the world, with tem­
peratures that fluctuate between – 50 °C in win­
ter and + 40 °C in summer. A sport and enter­
tainment centre was built here for the fifth
Children of Asia International Sports Games.
This is the first building of its kind in the world to
be built on pillars on the permafrost. The official
opening of the centre, which boasts three re­
markable entrances and an observation tower,
is planned for 2012. In June 2011 Zehnder de­
livered 730 m² of radiant ceiling panels, which
will keep the building warm in winter and cooler
in summer. It was a challenge to get the radiant
ceiling panels there, as Yakutsk is more than
9,000 kilometres from the production facility in
Lahr, Germany. No railway line or road goes to
the city. The city is connected to the outside
world in summer by a ferry boat, and in winter
only via the frozen River Lena. Despite the con­
siderable difficulty involved, the radiant ceiling
panels were delivered on time.
08.03.2012 10:5
We view this capital spending as laying a foundation that
will benefit our sales and earnings in the coming years.
It underscores the commitment we have to our vision,
which we believe we will be able to realize even in the
difficult economic environment expected over the next
few years.
 2011 saw an almost 75 % increase in
investments in tangible fixed assets, and
we plan to increase such investments
further in 2012, as they will secure
growth opportunities over the long term.
The largest investments in 2011 were for the expan­sion of production capacities in Gränichen (Switzerland) as well as the construction of a new plant in China
near Beijing for manufacturing radiators and ventilation
systems. In addition, we made major investments in
Lahr, Germany, in Boleslawiec, Poland, and in Châlons,
France. In addition, we have purchased property adjacent to our facilities in Lahr and Gränichen to cover any
future expansion.
There was a considerable expansion of sales activities.
We hired additional sales staff for our ventilation business in Europe, and in the United States, too, we significantly reinforced our sales organization and development staff despite the uncertain economic outlook.
" Business Development in 2011
To work towards turning this vision into a reality, Zehnder
Group has for many years been investing considerable
sums in areas ranging from development and production, to logistics and IT as well as sales, marketing and
distribution. In the reporting year, for example, investments in tangible fixed assets were EUR 34.9 million,
almost 75 % higher than in the prior year and amounting
to six percent of sales. Additional material investments
are planned for the 2012 business year as well.
These measures have produced positive results, with
some of these results already visible in the reporting
year. As part of our plan to strengthen sales, we have
adapted and optimized our organization in line with
strategy.
In December, Zehnder Group announced it would be
increasing the stake it has held since 2006 in the Turkish
firm Sanpan Isitma Sistemleri Sanayi ve Ticaret Ltd from
51 % to 100 %. The company produces bathroom ra­di­a­
tors for the European market.
New ERP platform in roll-out phase
In 2010 Zehnder Group decided to set up a new, joint
ERP platform in order to exploit the synergies being
­targeted. SAP was appointed as the partner for this venture and was also given responsibility for implementation. The preparatory work for the start of the pilot projects in Lahr and Gränichen was completed in 2011, and
at the beginning of the current business year we introduced the new system in certain sectors in Switzerland,
Germany and Austria.
Overview of individual markets
France
In our main market France, the market for electric radiators declined due to new legislation, while the hydronic
and bathroom radiator segment increased. Against this
backdrop, Zehnder Group was able to noticeably increase sales of radiators and to expand its market share
once again, thanks in part to the introduction of various
products, including bathroom radiators and a radiator
with ventilation for use in low-temperature heating systems. Sales of radiant ceiling panels were in line with
expectations. In the ventilation sector we expanded the
team and doubled our market share, although we
­started at a relatively low level.
Zehnder Group Annual Report 2011
Substantial investments in the future
13
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08.03.2012 12:19:50
" Business Development in 2011
Germany and Austria
As in the prior year, in 2011 Germany, our second most
important market, was only marginally affected by the
recession in the construction industry. Public-sector construction activity (especially in healthcare and schools)
was lower, while commercial-industrial and residential
construction increased. The two business segments exhibited at the ISH trade fair for the first time as “one company.”
Sales of radiators were slightly higher than in the prior
year, while market share increased. Sales of radiant ceiling panels showed a slight increase. We expanded our
offering in the heating and cooling systems sector.
The ventilation segment posted above-average growth
in sales revenues, with a strong increase in market share
as well. As a result of this very gratifying development of
business, additional employees were hired. The ventilation business was very strong not only in Germany but
in Austria as well.
 In our ten largest markets, which represent about 90 % of Group sales, we
generated higher sales in 2011, with the
exception of the Netherlands. In several
cases the increase in sales was in the
double digits.
Zehnder Group is market leader. As a result, we posted
further strong growth in sales in 2011. Although the
growth rate slowed towards the end of the year, the
­ventilation business was still well ahead of the radiator
segment. Sales of the ComfoBox, a product family of
­energy centres, were very strong. The new model ComfoBox Apart, which is specially designed for smaller housing units and for refurbishment purposes, was added to
the line in the reporting year.
UK and Ireland
Zehnder Group was able to achieve a slight increase
in sales revenues against the continued backdrop of a
very challenging and extremely competitive market and
a construction sector in decline. The radiator business
did better than the ventilation segment. In particular, the
Carboline heating and cooling system (radiant ceiling
panels) that was launched in 2010 was well received, as
the issue of cooling in public buildings in the UK, such
as schools and universities, has received greater attention lately. In addition, Carboline won the CIBSE Building
Performance Award 2011.
The ventilation business with a focus on the sector of
extract air ventilators posted a slightly lower sales yearon-year. The segment had to deal with strong price pressure in particular. In the industrial clean air sector, we
were able to increase the orders received once again
thanks to an excellent list of references.
Switzerland
Italy
Construction activity in our third most important market
remained at a high level. We were able to increase sales
in the radiator segment despite strong price pressure.
Sales of radiant ceiling panels lagged behind expectations. Here we are facing new competitors from the
­German market.
The economic environment is challenging in light of the
political crisis in Italy. The Italian construction market has
tumbled more than 20 % over the last five years, with
new construction alone down about 40 %. No recovery
is expected before 2013. Nevertheless, we were once
again able to increase sales overall. We faced stiff competition in the radiator sector; as a result, sales revenues
in this segment were below the prior-year level. In contrast, sales of energy-efficient ventilation systems were
The ventilation business continued to benefit from
the trend towards systems with heat recovery, where
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d 14
Highlight
Learning in
healthy air
A shower of fresh air
Our Dutch Group company in Zwolle in the
Netherlands has developed, together with the
Dutch research institute TNO, a system solution
for use in schools in particular. The system is
called Comfoschool and combines a ceiling
with high sound absorption, a supply air ventila­
tor and an intelligent regulation system for tem­
perature and air quality. The fresh air is filtered,
arriving from the outside into the classrooms via
holes in the ceiling. Each hole acts as a kind of
nozzle out of which a jet of air flows. Thanks to
the effect of induction, the fresh air is evenly
mixed with the air in the classroom.
Comfoschool satisfies the strict guidelines in
the Netherlands for an “A” label for air quality,
which means the system guarantees that there
will never be more than a maximum of 800 ppm
of CO2. The Vuurvogel school in Tilburg is a
good example of the successful combination of
technology and design in a ventilation system.
08.03.2012 11:0
d 15
Highlight
Top reference in
the Netherlands
Major contract for clean air
As 2011 came to a close we were able to ce­le­
brate our largest order for a clean air solution. The contract is with the client Royal Ahold
NV, a retail group with international operations
headquartered in Amsterdam. Ahold operates
one of the world’s largest supermarket chains,
and in the Netherlands alone it has five major
distribution centres. As the company was strug­
gling with dust problems in these centres, the
management decided to conduct a detailed
cost / benefit analysis, after which it decided in
favour of Zehnder Clean Air Solutions.
The first distribution centre was fitted out in
January 2012. If the tests are successful, the
other four centres will also be equipped with
the system. The contract includes more than
110 units, mainly of the type E12000. The flim­
mer filter helps achieve drastic reductions in
dust particles. The device is equipped with an
EC fan as well as a customized control unit, and
it is suitable in particular for large volumes of air.
Zehnder has to demonstrate that the average
amount of dust does not rise above a specific
level every day. This order provides us with an
excellent reference for obtaining additional or­
ders elsewhere in Europe.
08.03.2012 11:0
After taking over as market leader in the ventilation
­segment in 2010, we strengthened this position in 2011
through the takeover of Nest Italia S.r.l. in July. This company develops, produces and sells heating and cooling
systems for private as well as commercial construction
for use both in new build and refurbishment. Nest is a
major player in the growing market for radiative cooling
and heating. We also plan to distribute this product
through our other sales companies in Europe, the ­United
States and China.
Netherlands
Since radiator sales were unable to match the 2010
level and sales in the ventilation segment remained unchanged, sales volumes overall were just below the
prior-year level. The market share of our heat recovery
units grew once again even as we raised prices. Our
marketing activities in the school segment resulted in a
strong increase in the number of projects. The positive
trend in the clean air sector also continued as we concentrated our efforts on specific customer groups.
Belgium
The sale of the installation business in the ventilation
segment for around EUR 6 million at the end of 2010
resulted in lower sales overall. The divestment is in line
with the Group strategy to focus rigorously on development, production, sales and service of indoor climate
systems. Sales of radiators increased, and the ventilation business saw strong organic growth.
Spain
New construction continued to decline in Spain during
the reporting year due to the ongoing difficult economic
situation. Zehnder Group’s sales of radiators were ­below
the prior-year level once again. The decline was ­partially
" Business Development in 2011
offset through sales of moderately priced towel radiators. In the ventilation segment we started activities
such as the sponsoring of a conference on passive
houses and active participation in conferences on
­energy efficiency.
 Through various adjustments, such as
a divestment in Belgium and an acquisition in Italy, we have focused the Group
strategy even more sharply on indoor
climate systems (energy-efficient heating, cooling and ventilation systems).
Eastern Europe
A good second half of the year in Poland in particular
helped 2011 sales to significantly exceed the prior-year
level, both for radiators and for comfort ventilation. We
were able to gain additional market share for bathroom
radiators. Work on several notable properties, including
the national football stadium in Warsaw, gave an additional boost to our reputation. In Russia we once again
posted a clear increase in sales.
North America
Residential construction in the United States stabilized
at a somewhat higher level in autumn, and the number
of construction permits increased. Despite the growing
signs of improvement, however, the situation is weak
compared with the years before the mortgage crisis.
Against this backdrop, radiator sales in 2011 were below
the level of the prior year. In contrast, the ventilation segment was up sharply, and the headcount was increased.
Zehnder Group Annual Report 2011
very gratifying. These sales came mostly from northern
Italy. Sales were up sharply once again, and our growth
was above that of the market average.
China
The construction market showed signs of cooling in the
second half of the year, as the central bank restricted
lending. The slowdown was most noticeable in the major cities. Despite this, Zehnder Group posted a growth
rate of 26 %, a result in line with the already very ­gratifying
15
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08.03.2012 12:19:50
" Business Development in 2011
performance in 2010. We more than doubled our sales
revenues in the ventilation sector, where we won several major projects.
In 2011, the marketing of the Runtal brand included the
development of a new set of visuals, a revision of the
entire catalogue and a redesign of the website.
In 2010 we acquired Shanghai Nather Air Tech Co Ltd.,
a company that sells ventilation products (extract air
ventilators and heat recovery units) for housing construction. The company increased sales, hired additio­
nal employees and expanded its warehousing capacity
to be ready for the growth that is expected. In addition,
the company is ISO 9001 and ISO 14001 certified. Towards the end of the reporting year the company began
to do its own assembly work in the interest of quality
control for various products.
Innovation as an extensive
management process
Construction on the new production facility outside of
Beijing was started in 2010. As at the end of the re­porting
year, the building frame had been erected and the painting plant installed. The facility will become ­operational on
a step-by-step basis from mid-2012.
Revamping the brand
The goal of the brand repositioning that we implemented
in 2010 is to make the Zehnder brand the benchmark for
indoor climate solutions and to position Runtal as the
premium name for radiators. In the year under review, we
continued our work on this goal at the international level.
As part of the ongoing optimization of processes and
organization, Zehnder has decided to introduce the
Japanese philosophy of kaizen throughout the Group in
2012. Kai means change and transformation; zen means
changing for the better. In other words, it signifies a
­process of constant improvement.
On the basis of this initiative, in 2012 we will expand our
existing innovation processes to form an intensive management process which will accompany a product
throughout its entire lifecycle, from product management to procurement, production, quality control and
logistics, all the way to marketing and distribution. This
move should ensure that product introduction going forward is quicker and more target-oriented. The project
HarmoniZe, which was realigned at the end of 2011, is
aimed at harmonizing and standardizing the development of control systems and units. This project will be
continued in 2012 with various sub-projects and will be
completed in the second half of the year.
Numerous awards once again
We have redesigned our website for the Zehnder brand
and introduced it in our most important countries. An
international reference database we set up shows clients
our solutions from the markets and business areas for
use in a wide variety of areas. For the first time we put our
new stand concept into practice at ISH, the world’s leading trade fair in “Bathroom, Building, Energy, Air-conditioning Technology, Renewable Energies”. This concept
positions our Group as a solution provider for manufacturing, industry and residential construction (new build
and refurbishment).
As in the previous year, our product and system innovations received numerous awards in 2011. The awards for
radiators are often due to their innovative and functional
design, while for the ventilation segment it is primarily
thanks to the combination of energy efficiency, comfort
and health.
In the UK, we won the 2011 Energy-Using Product award
from CIBSE with Zehnder Carboline, the radiant heating
and cooling ceiling panel system newly launched on the
UK market.
16
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d 16
Highlight
Keeping the
ball rolling
Heating for the national stadium
A new stadium is being built in Warsaw for
the European Football Championship in 2012 in
­Poland and Ukraine. It will seat 58,000 specta­
tors and will feature a VIP lounge with room for
800 people. More than 400,000 tonnes of ce­
ment and 11,000 tonnes of steel will be used for
construction. For the heating, Zehnder received
a contract to install around 1,300 high perfor­
mance Zehnder radiavectors designed to with­
stand high pressure. Most of the radiators are
painted a discreet and elegant dark grey, while
a few are the colour of sand quartz. The radia­
vectors are encased in a welded grill and thus
protected from vandalism. This project is an ex­
cellent reference for the Group, and raises the
prospect of more orders from stadium opera­
tors in the future.
08.03.2012 11:0
d 17
Highlight
Olympic honours
Working hard for top results
The 2012 summer Olympic Games will start
in London on July 27. The Olympic village will
house more than 17,000 athletes and sports of­
ficials. The Olympic village is located in Strat­
ford, in east London, and covers an area of 73
hectares. The construction costs amount to
more than GBP 500 million. Once the Olympic
Games are over, the village will provide 2,800
new housing units, most of them for low-income
housing. Zehnder nova, an elegant customized
steel radiator, was the ideal solution to meet the
special requirements for comfort. Given the lim­
ited space available in the corridors, the archi­
tect planned for special niches in the walls in
which the slender Zehnder nova fits perfectly in
the vertical position.
08.03.2012 11:0
" Business Development in 2011
At the beginning of the year Zehnder received an award
for PremiVent, the intelligent ventilation system from
Zehnder and profine, in the “Praxis Altbau” competition
at BAU München, the leading trade fair for architecture,
materials and systems. The Zehnder Avento Neo design
radiator, which is particularly suited to low-temperature
systems, also won an award in this competition.
The Runtal Splash radiator designed by Christian Ghion
won the 2011 Interior Innovation Award and was nominated for the German Design Award.
 Zehnder Group once again received
various prizes and awards in 2011 in
both segments for outstanding design
and optimal functionality.
Zehnder Group Annual Report 2011
We are particularly proud of the award the Zehnder
brand received as the Most Innovative Brand in the
heating, cooling and ventilation industry as part of the
“Plus X Award” in November in Düsseldorf. More than
130 independent jurors from 32 countries made the
­selection. In addition, the jury awarded us prizes for the
design radiator Zehnder Fina and the Zehnder ComfoBox Apart, with both products receiving recognition in
the category “Best Product of 2011”.
17
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Outlook for 2012
Optimistic going forward
" Outlook for 2012
For 2012 Zehnder Group is forecasting a slight increase in
earnings in the radiator segment and a sharp jump in sales in
the ventilation business, despite the gloomy and extremely
uncertain economic outlook. The operating profit margin should
be slightly above the prior-year level.
Nature of business and subdued economy
make forecasts more difficult
Detailed statements on the business trend for 2012 are
difficult to make for a number of reasons. Firstly, our
Group’s business development in the second half of the
year impacts strongly on overall development. ­Secondly,
there are generally only a few weeks between receipt of
an order and shipment. And thirdly, the debt and ­finance
crisis and the volatile currency situation will make the
current business year a difficult one.
Market outlook mostly positive
Zehnder Group will therefore face an even more challenging business environment in 2012 than it did in 2011.
The crucial factor will be how the year unfolds in the
relevant markets for both the radiator and ventilation
system segments. In our largest market France, we are
forecasting that sales will continue to move higher. We
expect to make progress in Germany as well. In Switzerland we are forecasting minimally higher sales, driven by
the ventilation segment, as growth in the construction
sector will slow.
In the UK market Zehnder Group expects sales revenues to rise, despite no improvement in the UK economic outlook and a modest decline in the construction sector. Italy will continue to be a challenge, as the construction industry is not expected to recover until 2013. In the
Netherlands and Belgium we are forecasting an increase
in sales. The Spanish market will see another decline in
sales revenues due to the ongoing crisis in the country.
Following the decline in Poland in 2010 and a positive
trend in 2011, we have budgeted an increase in sales in
the country for 2012. We are forecasting that growth will
continue in Russia as well.
For North America we expect sales to rise further in line
with the previous year, with the focus on the ventilation
segment. Although the Chinese construction sector has
experienced some easing in recent months, we believe
that this market, which is attractive for the long term in
particular, will see a sharp increase in sales.
Sales up again with high margin
Based on these market estimates, Zehnder Group is
cautiously optimistic for the 2012 business year, despite
the likelihood of an even tougher economic environment
overall. As a result, we expect slightly higher earnings in
the radiator segment and strong growth in sales once
again in the ventilation business. The ventilation segment’s share of Group sales will continue to increase. We
expect to gain further market share in both business
segments. The operating margin should be slightly above
the 2011 level.
The substantial investments in distribution, marketing,
processes (SAP, logistics) and infrastructure will be continued in 2012, as investments in tangible fixed assets
will be about EUR 20 million higher than in the prior-year
level. The main focus will be on a new training and administration centre in Evry (France), the new production
and development premises in Beijing (China), the new
logistics centre in Lahr (Germany), the expansion of production in Gränichen (Switzerland) and the new sheet
metal processing centre in Châlons (France).
Well-equipped for the long term
The operational improvements in recent years, together
with the ongoing expansion of our position as an increasingly integrated provider of energy-efficient solutions for a healthy and comfortable indoor climate, let us
look to the future with confidence, even on a mediumterm perspective.
Inevitably, the expectations expressed in this report are
based on certain assumptions. Should these assumptions later prove to have been incorrect, this would have
an impact on these expectations.
18
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08.03.2012 12:19:50
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08.03.2012 12:20:05
PASSION We are passionate in exceeding our customers’ expectations.
340.indd 21
08.03.2012 12:20:20
netherlands
—
usa
Communication ­advisor
Alien Westhuis, from
the Netherlands, and US
sales support mana­ger Dave Clouden met
in the Dutch town of
Zwolle to discuss the
various ways of ­understanding the value
“passion”.
Netherlands
Population
16,656,000
Households
7,473,000
Zehnder Group
founded in
1992
Employees
203
Location
Zwolle
340.indd 22
How would you define passion? Dave Clouden — I think the easiest way to describe passion is as a desire or a drive to do or achieve
something. Some people have this drive; some don’t. I firmly believe
that, to be successful, you’ve got to have passion. Alien Westhuis —
I think so too. To be successful, you need a goal that you can pursue
passionately. Zehnder Group’s view on passion is: “We are
passionate in exceeding our customers’ expectations.” – How
does passion feature in your day-to-day work? A W — Ventilation
is extremely technical. So for me, passion is less about the product
itself and much more in the question: how does the end-customer
use our products? Communication with customers is my passion.
Alongside that, I also like managing projects and organizing things,
drawing a group together and pursuing a common goal. That’s nice
work; I enjoy it and it’s what drives me. What does your work as
a sales support manager involve? D C — We try and keep things
balanced between the company and the customer. What I’m most
passionate about is ensuring that what we do is good for our customers. What happens if there is not enough passion or commitment? D C — In my work, it would mean that the customer does
not benefit from the best possible experience and level of ex­pertise.
That can be a problem in particular if the customer has a complaint or
wants something we cannot do. Then it’s not only about passing on
­information but also about understanding and being intuitive about what
is needed. If there were not enough passion, the customer would ultimately not remain a customer for very long. A W — If I was no ­longer
passionate about my work, I’d lose my connection with everything
around me, both inside and in relation to the outside world. Ultimately,
I probably would no longer have any quality contact with customers.
Without passion, I could no longer be as enthusiastic about my work
as I am now. And that would show. Where in your company
is passion most important? A W — I’d say it’s equally important
every­where. If you are passionate about your own work, you can pass
that on to other people, both inside and outside the company. The
bottom line is that everyone should be passionate about their work
and work towards a shared goal. D C — I agree totally. If people in
production are passionate in their work, it makes for a better working
environment and you can offer customers first-class, quality products.
If people are just doing their job for the sake of doing it, things can
go badly wrong. While researching for this discussion, I called
the Swiss Embassy in The Hague. Their reaction was: “Passion?
In the Netherlands? Is there such a thing?” A W — That says it
all. We tend to be more on the reserved side in the Netherlands. In
Dutch, we have a saying: “Act normal – that’s crazy enough.” That’s
a typical Dutch expression, and it says so much about how we are.
08.03.2012 12:20:20
Alien westhuis “We tend to be more on
the reserved side in the Netherlands. In Dutch, we
have a saying: Act normal – that’s crazy enough.”
340.indd 23
08.03.2012 12:20:28
Dave Clouden “People are generally ­quite
outspoken in the US, and I’d say most people are
passionate about something. Whether it be
sport, religion or video games – people tend to
get deeply involved. In such a big country as
the US, where there are so many people spread
out over such a huge distance, being part of
a group is seen as being something worthwhile.”
340.indd 24
08.03.2012 12:20:44
netherlands
—
usa
USA
Population
" Toleranz
Of course we’re passionate about many things; we just don’t express
it in the same way as others. What are the Dutch passionate
about? A W — Sport, football. That’s typically Dutch. All that stuff
with the colour “orange” – that’s our passion. That, and ice-skating.
Things like that show just how explosively expressive this small
­country can suddenly be. We’re not like that in our day-to-day lives,
however. What’s it like in the United States? D C — People
are generally quite outspoken in the US, and I’d say most people are
passionate about something. Whether it be sport, religion or video
games – people tend to get deeply involved. In such a big country as
the US, where there are so many people spread out over such a huge
distance, being part of a group is seen as something worthwhile. Like
with football fans (American football that is; not soccer). There are
32 teams and everyone has their favourite team. When their team
wins, they think they’ve played a key role in the match. A lot of
­Americans are looking for something bigger than themselves.
A W — It actually frightens me to hear something like that, but it’s
probably my Dutch mentality. We don’t get so involved. My impression is that if you’re that involved, you lose yourself and, ultimately,
control. D C — I remember overhearing once a comment made in a
conversation ­between a Swiss person and our company. The comment was: “You’re cowboys. You have to think with your head more
and less with your heart or your gut...” What can both countries
learn from each other when it comes to passion? A W — What I
sometimes find difficult is when you have a great idea and then everyone says: “It’s not ­possible because of this and that.” It would be great
if there was more ­enthusiasm for new ideas. D C — And when I think
back to some of the goals we have had over the years, they were all
great ideas, but we didn’t put them all into practice since we were so
caught up in the idea that we forgot about the steps in-between. We
need more of the Dutch pragmatism.
Alien Westhuis, 37,
has been working since
2007 as a marketing and
communication advisor
at Zehnder Nederland in
Zwolle, Netherlands.
340.indd 25
Dave Clouden, 36,
lives in Orchard Park, NY,
in the United States. Since
2000 he has been working
at Zehnder Rittling (HydroAir Components) in Buffalo,
NY as a sales support
manager.
308,745,000
Households
105,480,000
Zehnder Group
founded in
1988
Employees
217
Locations
Buffalo NY,
Greenland NH,
Ward Hill MA
APROPOS In the centre of
Zehnder Group’s premises in
Zwolle is a courtyard featuring
a mosaic created by the employees themselves. When the
building was inaugurated in 2003
each individual employee placed
his or her own piece in the mosaic to help complete the colourful and eye-catching design. This
is a place that stands for team
spirit and the commitment of all
employees – and was therefore
the ideal location to shoot the
photo that would represent the
value of “passion”.
08.03.2012 12:20:57
Sustainability
An integral part
of our success
" Sustainability
Zehnder Group has a clear commitment to sustainability.
Through rigorous innovation geared to the long term,
the company makes a substantial contribution to the in­
creasingly important topic of sustainable construction.
A sustainable path in a world
full of challenges
The year 2011 featured a series of extraordinary events
across the globe, including the debt crisis and the shift
in energy policy. Events such as these show clearly the
importance of using financial and energy resources carefully. The construction sector is affected in particular by
these challenges, and sustainable construction is grow­
ing in importance. New regulatory initiatives such as the
EU directive “Energy Performance of Buildings”, which
calls for all new buildings to meet the standards for the
lowest energy use in the EU from 2020, are increasing
pressure to find wide-ranging solutions that can be
put in place now for sustainable construction. With our
­offering of system solutions that are energy-efficient,
healthy and comfortable, Zehnder Group is making an
important contribution to the drive for sustainable con­
struction. We can reach this goal only through consistent
innovation focused on the long run. We are therefore all
the more proud that our product philosophy received
recognition with the prestigious Plus X Award 2011, win­
ning the title of the most innovative brand in the cate­gory
of heating and ventilation.
We take a comprehensive view of corporate sustain­
ability. It is an integral component of our strategy, and it
allows us to always keep the Group’s long-term focus in
view. Zehnder Group has clearly stated its support for
sustainability, and in 2011 the Group renewed its values
as well as its management and organization principles.
The company held discussions and workshops that ex­
tended over several days to gather input and to develop
our values and principles. The workshops were broadbased and included several levels of management. After
an initial roll-out in 2009, these values and principles will
be introduced within the entire Group in the coming year.
Transparency for stakeholders
The dialogue with our stakeholders is a major prerequi­
site for being able to react to constantly changing chal­
lenges. Zehnder Group wants to systematically put this
approach into place. To this end, for the second time we
are including our sustainability performance in the an­
nual report, in accordance with the standards of the
Global Reporting Initiative (GRI). This reporting meets
appli­cation level C, which was verified and confirmed
by the GRI. In addition to sustainable system solutions
for the construction sector, the main goals of Zehnder
Group in terms of sustainable corporate management
are: service and safety for satisfied customers; safe
working conditions for skilled employees; the minimi­
zation of the environmental footprint in our production
facilities; and responsibility towards the community. We
are therefore once again providing detailed reporting on
these issues. The information is subdivided into the
stakeholders that play a role in our success and have a
major impact on our business: customers, employees,
shareholders, the environment, suppliers and the com­
munity. We want to publish transparent information on
our goals, our performance and our progress, and in
doing so improve on an ongoing basis.
Success thanks to simplification
Putting the Group’s growth on a sustainable footing is
one of the greatest challenges over the next few years.
An important factor is the training and developing of our
partners so that installers and planners have the spe­
cialist knowledge they need to put in place low-energy
solutions. In addition, we are continuing to work on sim­
plifying the installation and servicing of our products,
without compromising quality. Only in this way will we
be able to achieve our ambitious goals.
Hans-Peter Zehnder
Chairman of the Board of Directors
26
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08.03.2012 12:22:55
" Sustainability
A clear commitment to sustainability
With over 100 years of experience and as market leader
in the sector of healthy and comfortable indoor climate
solutions that combine high energy and cost efficiency,
the Zehnder Group proves that sustainable manage­
ment and market success go well together. With these
initiatives we want to set new benchmarks for the indus­
try with respect to integrating improvements for health,
comfort and energy efficiency into system solutions.
Zehnder Group is committed to a strong work ethic,
­integrity, honesty and quality. The values and manage­
ment principles that we issued in September 2011 ad­
dress these aspects. They form the worldwide mission
statement for the management of our Group.
— We continuously improve our skills and
add to our fund of knowledge; we are more
than happy to share our ideas, experience
and know-how with our customers.
Our colleagues
— Our dealings with our colleagues are based
on trust and mutual respect. We tolerate neither
intrigues nor discrimination.
— This calls for a fair approach together with
open and frank communication.
— We are enthusiastic about and totally com­
mitted to our work
Our social commitment
— We are committed to a high work ethic,
to integrity, honesty and quality.
Our Values
Our Passion – absolute
­commitment to our customers
and employees
— Our business activities are undertaken with
a view to sustainability. In our work we are
guided by our care and respect for the environment. Moreover, environmental awareness
leads to cost savings for our company.
Our management principles
Our values can be summed up as follows:
Our customers
— We make every possible effort to exceed our
customers’ expectations.
— We are open-minded, have a thirst for know­
ledge and take a genuine interest in other
cultures and lifestyles.
— We work together in a personalised and
direct way. This requires open mindedness
in order to understand and evaluate differing
ideas and opinions, as well as a readiness
to cooperate proactively with others.
Zehnder Group Annual Report 2011
Our values have evolved over time, and thus inevitably reflect the company’s Swiss roots. As our
values steadily develop further they also support
the ongoing remodelling of our company.
— O ur approach in our day-to-day business
life is pragmatic and realistic rather than
dogmatic, so that our decision taking, too,
is realistic and fact orientated. We do not
sing our own praises, nor indulge in smooth
talk or hypocrisy. We are loyal to and identify with the company.
— We invest time and effort in our personnel in
order to get to know and to develop them,
rather than simply expecting them to deliver.
27
341.indd 27
08.03.2012 12:22:55
" Sustainability
Our company
— Our company is a market leader and we take
pride in contributing actively to the Group’s
reputation, productivity and efficiency.
— We invariably want to provide top performance,
to give of our best and to meet our challenging
targets.
— This naturally includes the right to make
­mistakes, but also the willingness to correct
them and learn from them
— We are ambitious, foster a spirit of enthusiasm
in our daily business activities and strive for
sustainable achievements beyond mere transient fads and short-term profits.
Goal of continuous improvement
Clearly defined processes and standards are of cen­tral
importance to Zehnder Group. The integrated quality and
environmental management system applies targets in
these areas that are redefined annually and pursued
consistently. The continuous improvement in quality and
environmental performance is an ongoing task, which is
why we rely on our employees’ sense of responsibility.
All the major companies in the EU have ISO 9001 and
ISO 14001 certification. At our Manisa facility in Turkey,
ISO 14001 certification is anticipated for 2012.
 Innovation powers Zehnder Group.
The Group undertakes to continually improve quality and
environmental protection, to avoid environmental pollu­
tion and waste, to foster the utilization and conservation
of resources, to abide by all relevant legal and other re­
quirements. In the reporting year, there were no signifi­
cant fines payable or infringements of regulations, laws
or ordinances in the areas of the environment and quality.
International recognition
of our innovative strength
Innovation powers Zehnder Group, especially with re­
spect to product development. This innovative strength
has also been recognized internationally. In 2011, Zehnder
Group won several awards in the Plus X Award, which is
the world’s most prestigious innovation prize for tech­
nology, sport and lifestyle products. More than 130 jury
members from 32 countries selected the best products
of 2011. In addition to the overall award for Most Inno­
vative Brand, the Zehnder Fina design radiator and the
Zehnder ComfoBox Apart energy centre won prizes for
“Best Product 2011” in their categories. Both products
scored impressive ratings in the evaluation categories of
innovation, quality, design and functionality.
The innovative PremiVent window ventilation system is a
cost-effective and complete solution for a healthy and
energy-efficient exchange of air for existing buildings.
This system received the “Renovation in Practice – Prize
for Product Innovation 2011”, which was awarded jointly
by the Bundesarbeitskreis Altbausanierung BAKA e. V.
(Federal Study Group Refurbishment of Old Buildings),
Bauverlag GmbH and Messe München GmbH. The
Zehnder Carboline radiant heating and cooling panel won
the CIBSE Building Performance Award 2011 in the UK.
Zehnder products made a major contribution towards
winning the Solar Decathlon in Madrid sponsored by the
Rosenheim University for Applied Sciences. The com­
prehensive energy concept of the project building from
the Rosenheim team was based on an innovative venti­
lation system with heat recovery for the entire building.
Customers
Long-term partnership as goal
Our diverse customers are our most important partners
in pushing ahead with and rolling out innovative products.
Zehnder Group’s main customers are installers, who pri­
marily purchase our products wholesale and then install
them for the end-user. An end-user may be a private
28
341.indd 28
08.03.2012 12:22:55
" Sustainability
i­ndividual or a public sector entity, such as an airport,
­hospital, school or government department. End-users
are increasingly better informed, with clear ideas about
planning and the selection of products. Planners and
­architects in the fields of heating, ventilation, and indoor
climate therefore fulfil an important multiplier function.
friend or colleague. The Internet is used by 86 % of the
survey participants to obtain the information they need
about the Group, which is a confirmation of our online
strategy versus paper. We are aware that the website
needs to be made more customer friendly. Plans to make
this the case are underway.
Our approach is to foster a close and long-term partner­
ship with our customers. Consequently, local support
becomes very important, as this is the best way to take
care of the individual needs of customers. It is manda­
tory for our field service engineers to regularly visit in­
stallers to help find optimal solutions.
 Competent training for our customers is
important for us as a provider of com­
plex systems to ensure that products are
installed correctly and within a proper
period of time.
High customer satisfaction
regularly reaffirmed
We measure the satisfaction of our customers annually,
with Group companies undertaking customer satisfac­
tion surveys at local level. In the reporting year, we sur­
veyed 2,880 engineers and installers in Switzerland
about support provided by field service and in-house
engineers, product innovation and product quality, as
well as ease of assembly, availability of products, and
product description. In 2011, customers were particu­
larly happy with product quality, product description,
after-sales service and the ease of assembly. We saw a
considerable increase over the prior year in customer
satisfaction regarding delivery times and product avail­
ability. Room for improvement remains, however: 86 %
of customers are satisfied with this service (2010: 83 %).
Across all criteria Zehnder Group Switzerland achieved
a satisfaction rate of 87 %.
In the UK, 167 customers were surveyed. Of these, 95 %
said that they would recommend Zehnder Group to a
Training and quality for customers
Competent training for our customers is important for us
as a provider of complex systems to ensure that prod­
ucts are installed correctly and within a proper period of
time. In 2011, about 10,800 fitters, service technicians,
planners, and installers attended our courses, which last
for at least one day. Last year 7,000 took part. The most
important training topics were principles and design of
ventilation systems, use and assembly of the various
units, function and application of ventilation units with
heat recovery and the compact energy centre Zehnder
ComfoBox 5.
Trade fairs also play an important role in client contact. In
2011 we exhibited our Clean Air Solutions at the following events: Transport & Logistik (Switzerland), Industrie- & Zweckbau (Switzerland), Préventica (France), ISH (Ger­
many), Logistik & Transport (Sweden), Temperature Con­
trolled Storage & Distribution Show (UK), Vakbeurs Bed­
rijf & Logistiek 2011 (Netherlands).
Zehnder Group Annual Report 2011
 Our approach is to foster a close
and long-term partnership with our
customers.
The safety and quality of our products are a matter of
course for us. Before a product leaves our plant it is
subject to detailed function and safety tests. In addition,
the internal quality team carries out random checks.
Should there be a customer complaint despite these
29
341.indd 29
08.03.2012 12:22:55
" Sustainability
efforts, the complaint is recorded on a list as a Custo­
mer Improvement Notice. These notices are discussed
in weekly management team meetings in order to intro­
duce measures for improvement.
 Zehnder Group employees can and
should develop their careers in our
constructive work environment.
Employees
Headcount grows too
At end 2011, Zehnder Group offered 3,094 employees
worldwide an attractive working environment (2010:
2,945). Of this number, 258 were temporary hires (2010:
246) and 29 were undergoing training (2010: 32). The re­
gional distribution of the workforce was as follows: 2,412
in Europe (2010: 2,311), 217 in the United States (2010:
218) and 465 in China (2010: 416). The percentage of
women was 19 % (2010: 18 %), in management 11 %
(2010: 10 %). Including employees who left due to retire­
ment, the average fluctuation rate was 8 % (2010: 8 %).
To promote growth going forward, we support our em­
ployees in their professional development. Our goal is to
recruit the best talent possible.
Targeted promotion and leadership
Zehnder Group employees can and should develop
their careers in our constructive work environment. The
numerous internal and external training programmes
that we offer include in particular the areas of sales, IT
courses, languages (especially English), job safety and
leadership. In addition, several refresher courses on ba­
sic technical knowledge were held locally in the fields of
heating, ventilation and indoor climate. Our Group is
thus well on its way to being a system provider at all
levels.
The Zehnder Group Academy is a long-term project set
to continue until 2016. In the reporting year we started
an e-learning course in Switzerland in the technical field.
The educational concept e-brain, which offers ongoing
training through the intranet, will offer employees access at any time to the latest knowledge. Each course
participant can set the time and pace of learning them­
selves, which makes the organization more efficient with
individual development. With modules for beginners,
advanced and professional levels, e-brain is set to start
groupwide in 2012 so that by the end of 2013 approxi­
mately 90 % of employees will have successfully com­
pleted their module.
In the annual evaluation meetings with employees, de­
velopment and performance goals are defined and ap­
proved. At the end of the year a review is conducted to
see if the goals have been achieved, and the annual
bonus, if any, is determined. About 95 % (2010: 95 %) of
all employees took part in these evaluation meetings at
the end of 2011. Zehnder Group put special emphasis in
2011 on the systematic identification and evaluation of
persons holding key positions. The evaluation of perfor­
mance and potential supports internal career planning
and thus also succession planning at the management
level. During 2011 we started to review the processes
involved for selecting the suitable recruiting method and
the right recruiting sources. In addition, the process for
introducing new employees to the job was defined.
Healthy and safe work environment
Zehnder Group goes beyond currently valid regulations
on work safety and encourages learning within the
Group through the exchange of best practice. The local
management defines, communicates, trains, and moni­
tors the measures necessary to ensure workplace
­safety and, where required, implements improvements.
In the interests of accident prevention, the safe utiliza­
tion of new machines is a major issue and our employ­
ees undergo continual training in order to operate them
safely. In the reporting year a total of 85 accidents at
work were reported (previous year 79), of which 74 in
30
341.indd 30
08.03.2012 12:22:55
" Sustainability
Europe (previous year 70), 11 in the US (previous year 9)
and 0 in China (previous year 0). Moreover, regular dis­
cussions are held with employees on the issue of health
care so that suitable measures can be taken should an
employee feel overburdened by his or her workload.
Zehnder Group actively manages absences. In addition,
several companies support the health of their employ­
ees by subsidizing fitness club memberships as well as
offering information events on preventative health topics
and onsite doctor appointments.
Employees by function
In order to foster a good working environment, we have
a policy of zero tolerance towards any form of harass­
ment or discrimination. For cases that cannot be re­
solved locally there is a special reporting system where
reports can go up to board level.
Production: 1,640
Sales and marketing: 807
Logistics: 193
Research and development: 121
Administration and IT: 332
 Total employees: 3,094
Turning feedback into action
Every two years Zehnder Group surveys its employees
on employee satisfaction and on other issues relating to
organizational structures, corporate culture, manage­
ment attitudes, targets and performance incentives. The
next survey takes place in 2012. Until then, management
will define and realize measures for improvement on the
basis of discussions with employees. In 2011, for exam­
ple, specific leadership principles were developed, pro­
gressively implemented and then integrated into the set­
ting of objectives in Switzerland on the basis of survey
results from 2010. In Germany the focus was on improv­
ing communication with employees, and in particular via
the intranet as well as through monthly target informa­
tion in the departments and bulletin boards in the pro­
duction facilities.
Shareholders
Without financial success there
can be no sustainable development
As owners of Zehnder Group, our shareholders are inter­
ested in the financial success of the company. Without
the shareholders the long-term existence of the com­
pany could not be guaranteed. In this sense, the inter­
ests of the investors correspond essentially to the inter­
ests of other stakeholders. Zehnder Group is not focused
just on short-term earnings or short-term rise in the
share price, however. It also pursues a long-term strat­
egy so it can increase the company’s value regardless of
the economic cycle. In our view, this is the right strategy
for the long-term investor to benefit the most.
Zehnder Group Annual Report 2011
 Until then, management will define and
realize measures for improvement on the
basis of discussions with employees.
in full-time employment
An investment for the long run
Over the three-year period of 2009 to 2011 our bearer
shares, which are traded on the SIX Swiss Exchange,
showed a return of 157 % (139 % of which was an effec­
tive increase in the share price, the rest being attri­
butable to distributions) in an extremely volatile market
31
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" Sustainability
­ nvironment, clearly outperforming the Swiss Perfor­
e
mance Index SPI (plus 17 %). This corresponds to an an­
nual return of 37 % (SPI plus 5 %). Over the past 20 years
to end 2011, the value of the bearer share has ­increased
by an annual 13 %, taking all corporate events (such as
distributions and splits) into account (SPI plus 8 %).
 We maintain a regular and open
dialogue with our shareholders
and other interested parties on the
capital markets.
Zehnder Group makes it possible for its shareholders to
participate in a substantial way and on a regular basis in
the ongoing success of the company. The dividend po­
licy that has been in place for years calls for one third of
the consolidated annual results to be paid as a dividend.
Regular and open dialogue
We maintain a regular and open dialogue with our
shareholders and other interested parties on the capital
markets. This duty is primarily the responsibility of the
CEO and CFO. Shareholders and other interested par­
ties can obtain the annual and semi-annual reports from
us. They are also available on our website along with our
press releases and other information. Zehnder Group
holds a media and analysts conference at least once a
year. Personal presentations and meetings are held with
individual shareholders and interested investors as
needed. The investment newspaper “Finanz und Wirtschaft” has assigned our shareholder relationship a
grade of B+ (with A being the best grade possible) in
the three categories of growth, investor relations and
transparency.
Environment
The system solutions and products of Zehnder Group
are significant levers for reducing stress on the environ­
ment. At the same time, Zehnder Group has set the goal
of continually shrinking its environmental footprint in
production.
Total system for sustainable construction
The trend towards sustainable construction is visible in
all areas of activity of Zehnder Group. Whether the stan­
dard is Minergie in Switzerland, LEED in the US or DGNB
in Germany: sustainable construction is subject to great­
er regulation throughout the world and is becoming
widely available. Optimal energy and resource efficiency
as well as high user quality for both new construction as
well as modernization and renovation are the hallmarks
of sustainable construction. If the focus in buildings is too
much on thermal insulation, there is hardly any natural
exchange of air. This can lead to increased relative hu­
midity and a lack of oxygen. Hence it is necessary to
supply fresh air and extract used air continually, and to
provide energy-efficient heat distribution in line with the
requirements of the people living in or using the building.
Our system solutions combine, in optimal fashion, en­
ergy efficiency, comfort and health. As a complete pro­
vider in the areas of heating, cooling and clean, fresh air,
Zehnder enables a building to be operated efficiently,
thereby making an important contribution to sustainable,
energy-efficient construction.
 Our system solutions combine, in opti­
mal fashion, energy efficiency, comfort
and health. As a complete provider in
the areas of heating, cooling and clean,
fresh air, Zehnder enables a building
to be operated efficiently, thereby mak­
ing an important contribution to sus­
tainable, energy-efficient construction.
Zehnder Group sees a house as a system in which air,
water and heat flow. That is why we integrate and link
together our various competencies in product develop­
ment, where we want to continue our steady improve­
32
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" Sustainability
Products with sustainable performance
New or improved products in the areas of heating, cool­
ing, ventilation and clean air provide added value for both
the environment and the user.
2.5 mio.
2 mio.
1.5 mio.
1 mio.
0.5 mio.
0
2005 2006 2007 2008 2009 2010 2011
Energy saved (MWh), cumulative
CO2 emissions (t) avoided, cumulative
A detailed analysis of all the thermal recovery units, heat
pumps and geothermal heat exchangers manufactured
by the Zehnder Group from 2005 to 2011 shows that in
total about 2,000,000 MWh of energy was saved and
about 540,000 tonnes of CO2 were avoided. All of these
energy-efficient categories of equipment reduce the
amount of CO2 emitted by about 173,000 tonnes per
year. This is equal to the annual CO2 emissions of about
55,000 automobiles at an average rate of fuel consump­
tion and 15,000 kilometres driving per year.
Some examples of newly
developed products
Heating
Zehnder Group introduced the new models Nova

NEO (New Energy Optimised) and Avento NEO in 2011.
These radiators are suitable for use in low-temperature
heating systems with heat pumps, where underfloor
heating is currently typically used. These heating sys­
tems operate with flow temperatures of less than 30 °C.
To ensure that a radiator can generate enough heat at
such low flow temperatures, the radiators have ventila­
tors that increase the heat transfer from the radiator to
the air in the room. These radiators are therefore well
suited for building renovations. In this case, the heat
pumps are simply joined to the existing heat distribution
system and the old radiators are replaced with Zehnder
NEO radiators.
Zehnder Group Annual Report 2011
ment going forward. As a result, at the end of 2010 we
created the function of Head of Group Innovation in order
to push ahead with the central coordination of the sys­
tematic inclusion of environmental performance in pro­
duct development. By increasing the cooperation among
developers, the learning effects and synergies can be
captured and the duplication of mistakes can be ­avoided.
We are currently putting in place a Product Life Cycle
Management system that will deal with finding an en­
vironmental balance for various new developments in
­order to find the right leverage for high environmental
per-formance and quality. For example, the reporting
year saw the drawing up of an LCA for the production of
radiators in Gränichen, Switzerland.
 The latest generation of cooling units that will be used
in Zehnder air / water heat pumps in future uses inverter
technology. These heat pumps can be used not only on
an on / off basis, but can also be operated with continu­
ously variable speed compressors. Thus the cooling or
heating output can be adjusted to current needs and the
efficiency of the heat pumps can be kept high across
the entire operating area. In contrast, heat pumps with
conventional fixed-speed compressors have only one
optimal operating point. As a result of this output regula­
tion, the seasonal performance factor and with it the
33
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" Sustainability
energy efficiency can be increased by about 20 % to
50 % compared with standard air / water heat pumps
with on / off regulation.
to 80 % less energy is consumed. In addition, Zehnder
Clean Air Solutions offers a special environmental con­
version service for older E12000 devices.
Cooling
 The ceiling heating and cooling systems of the com­
pany Nest Italia S.r.l. – a subsidiary of Zehnder Group
since July 2011 – include not only their own radiant ceil­
ing panels but also the entire tubing, heat pumps for
heat / cooling, dehumidifiers to prevent condensation as
well as controlling for the optimal operation of the entire
system. By optimally setting all components, combined
with an intelligent control, maximum comfort with mini­
mum energy use is ensured.
Fresh air
 With the ComfoBox Apart that was launched in 2011,
Zehnder Group offers a heat pump and comfort ventila­
tion solution for buildings on the basis of the Passive
House standard, as well as for smaller housing units
and for renovations. Comparable solutions (ComfoBox 5)
were previously available only for single-family homes
and new construction. As a result, the ComfoBox Apart
was awarded the Plus X Award as “Best Product 2011”
in the area of heating and air conditioning.
 We have made significant improvements to the new
ComfoAir 160 ventilation unit with heat recovery com­
pared with its predecessor. The unit’s SFP (specific fan
power), which is a key to energy efficiency, is less than
0.39 W per m3 / h and is also 3 dB quieter. This SFP level
is even well below the one set by the Passive House
Institute (SFP level of 0.45 W per m3 / h).
Clean air
 Zehnder Clean Air Solutions now uses EC electric
motors for its E12000 clean air devices instead of threephase AC electric motors. Since the frequency convert­
er is no longer needed and thanks to the more energyefficient, electronically regulated EC motors, about 75 %
34
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" Sustainability
Environmental Performance
of Zehnder Group [1]
Energy
Unit
2011
2010
Total energy consumption
MWh
142,853
135,792
Energy consumption per employee (FTE) [2]
MWh
46.2
46.1
Natural gas [6]
MWh
25,506
27,467
Coal and propane
MWh
59,033
51,673
Heating oil
MWh
4,757
5,392
Electricity
MWh
50,133
47,867
District heating
MWh
3,424
3,393
Total water consumption
m3
273,572
277,905
Water consumption per employee (FTE) [2]
m3
88.4
94.4
Drinking water for sanitary installations
m3
31,296
26,180
Industrial water for production processes
m3
242,276
251,725
Total waste
t
7,615
7,461
Waste per employee (FTE) [2]
t
2.5
2.5
External recycling [3]
t
6,586
6,317
Non-hazardous and non-recyclable waste [4]
t
605
676
Hazardous waste [5]
t
425
468
Energy, direct
Water
Waste
Zehnder Group Annual Report 2011
Energy, indirect
[1]Zehnder Group’s environmental monitoring is continually being enhanced. Individual data points are not yet available for all Group companies.
Further information is available in the GRI web index.
[2]FTE (Full Time Equivalent) = full-time jobs
[3]Steel, aluminium, copper, plastics, cardboard
[4]Incineration or landfill
[5]E-waste, chemical waste, solvents, filter dust, filter mats, powder
[6]As a result of improved data quality, the 2010 figure for natural gas increased slightly.
35
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" Sustainability
Ongoing improvement in production
Integrated quality and environmental management en­
sures that production processes in the individual com­
panies are safe and efficient. The Gränichen site in Swit­
zerland serves as a model, as cooperative learning is
encouraged through the exchange of best practice.
Through optimized processes on the basis of state-ofthe-art technology, efficiency is boosted and costs low­
ered. In Gränichen we have installed a new oil burner
that uses 13,600 fewer litres of oil each year and also
saves about 36.1 tonnes of CO2 emissions. Thanks to a
new compressor the basic pressure for the production
of compressed air has been reduced, resulting in an
energy saving of about 8 %. In 2013, the paint plant will
be equipped with solar thermal power, which is ex­
pected to result in a 12 % savings in energy and liquefied
petroleum gas.
Other locations have also undertaken initiatives to make
their production and work conditions more environmen­
tally friendly. In the United States, for example, the plant
in Buffalo, New York, has a comprehensive recycling
­programme in place for all waste generated at the plant
there. Our Polish company has reduced its emissions by
more than 78 % compared with the prior year thanks to
a dust filter in the polishing phase after a radiator has
been copper plated. Targeted actions at our facility in the
Netherlands, such as the introduction of reusable pack­
aging and a greater awareness among our employees,
have helped to reduce non-recyclable waste by 50 %.
 Other locations have also undertaken
initiatives to make their production
and work conditions more environmen­
tally friendly.
We use our own technology in our buildings. The office
building of Paul Wärmerückgewinnung GmbH, a sub­­­­
sidiary of Zehnder Group in Reinsdorf, Germany, has
been certified as a Passive House. Using a heat ex­
changer the company developed itself, it takes used air
at the site in order to temper the fresh air. At our com­
pany in Campogalliano, Italy, we have installed a com­
fort ventilation system in the building we moved to at the
end of 2010.
Suppliers
Solid base of innovative suppliers
The high quality and benefits of our products depend on
the cooperation we have with reliable and innovative
suppliers. Group-wide, Zehnder Group has a business
relationship with around 1,500 suppliers (2010: 1,500),
primarily from the steel, electronics and plastics indus­
tries. In 2011, the total cost of materials amounted to
EUR 189 million (2010: EUR 170 million). Steel is the most
important category accounting for 14% of expenditure.
This category, along with the other main categories of
motors and ventilators, sheet metal and aluminium, is
managed with a strategy that is tailored to these cate­
gories.
 In selecting suppliers we place great
store on short communication routes
and long-term relationships.
Zehnder Group is currently working to revamp its global
procurement strategy. It will implement the revised strat­
egy progressively over 2012 and 2013. The goal is a sus­
tainable, high-quality and innovative base of suppliers
that will allow for an optimization of the cost structure
and which will also take into consideration our standards
for sustainability and innovation. To reach this goal we set
our priorities and focus areas annually. Currently, pro­
duct logistics is one of our top priorities. Except for in the
UK and France, Zehnder Group has almost no vehicles
of its own. Logistics is almost completely outsourced.
We demand a high level of reliability and efficiency from
the transport companies we work with. Wherever pos­
36
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08.03.2012 12:22:56
" Sustainability
Short communication routes,
long-term relationships
We want to work with business partners who share our
values and beliefs. Thus we expect the most important
Group suppliers to fill in a three-page questionnaire
which, among other things, addresses the inadmissi­
bility of child labour, the observing of environmental
standards, ISO 14001 certification, and the handling of
toxic materials. Zehnder Group has set a goal to deve­
lop this self-evaluation by suppliers and in a later step to
include follow-ups in the process. This project is set to
start in the second half of 2012. In selecting suppliers we
place great store on short communication routes and
long-term relationships. This means that local suppliers
are usually also invited to tender.
Community
Zehnder Group sees itself as a responsible member of
the community. This includes a connection with the re­
gions in which our facilities are located, correct and fair
business practices and leadership within the industry
Globally active, locally based
Zehnder Group was founded as a mechanical work­
shop 116 years ago and has been managed since then
from Gränichen, in the canton of Aargau, Switzerland.
The company is regarded as an employer with a longterm perspective. Zehnder Group will continue its ope­
rations in Switzerland, despite the challenges such as a
strong Swiss franc. Last year, for example, we acquired
additional property near our headquarters in Gränichen
for possible future expansion. In addition, we have visi­
bly boosted our local presence through our role as main
sponsor of the football team FC Aarau, a team which
stands out on account of the impressive way it develops
its young talent.
Our investments are based primarily on high standards
of quality. For this reason we continued to invest in our
facility in Lahr, Germany, where we have purchased ad­
ditional land. Zehnder Group thus remains true to its
values and sees itself as a future-oriented employer in
areas more lacking in structures such Vaux Andigny,
France, and Buffalo, US. We believe having knowledge
of the local market is important. That is why we hire local
people for senior management positions. Almost all our
business unit heads come from the country in which the
company is located.
 Our investments are based primarily
on high standards of quality­.
Clear rules of behaviour, values
and principles
The Code of Conduct applicable group-wide contains
clear regulations regarding such issues as the environ­
ment, health and safety, compliance, fairness, and act­
ing in the best interests of the company. Employees are
required to sign it when they agree their employment
contract. Consistent compliance with the Code is rein­
forced through regular training sessions and continuous
monitoring.
Every three years, the entire top management team at­
tends a training session on anti-corruption guidelines.
Moreover, every five years all business units are moni­
tored with regard to these issues within the scope of the
compliance reviews, which ensures that the stated
guidelines are adhered to. So far no case of corruption
has been identified. Furthermore, Zehnder Group has
never been involved in proceedings arising from any
­violation of competition laws. In the reporting year there
were no significant fines or non-financial penalties for
infringements of other laws or regulations.
Zehnder Group Annual Report 2011
sible, double-decker trucks are used, which helps to
reduce both pollution and costs.
37
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08.03.2012 12:22:57
" Sustainability
38
341.indd 38
08.03.2012 12:23:03
341.indd 39
08.03.2012 12:23:04
341.indd 40
08.03.2012 12:23:15
TOLERANCE We have a personalized
and direct way of working with each other. This
calls for a high level of tolerance for other ideas and
opinions, as well as an on-going readiness to co­
operate proactively with others.
341.indd 41
08.03.2012 12:23:25
­
germany
—
france
French field service
representative Muriel
Rouxel and German
packer Seidou ­Arouna
met in Lahr to exchange ideas about
the value of “tolerance”.
Germany
Population
81,700,000
Households
40,000,000
Zehnder Group
founded in
1963
Employees
616
Locations
Lahr,
Reinsdorf
341.indd 42
You’ve brought thread with you. Why does this object symbolize
tolerance in your view? Muriel Rouxel — In 2008, Acova was split
up into the divisions hot water and electric, and one of the terms used
in French was “fil” – which means cable, or thread. “Fil” symbolizes
the work I do. For me, it also represents a direct, close relationship
with others; it stands for bonding with others and holding together
as a unit. Thread as a symbol of tolerance is what holds us to­
gether. What object have you chosen to bring along? Seidou
Arouna — This hat, which is a reminder of my African roots. I wear it
with pride. I’ve also brought along the traditional robe that goes with
the hat. When I meet with other Africans, we all wear them. It’s our tra­
dition, and a sign that we all belong together. When our company held
a party in summer, I brought my entire family, wearing these clothes.
It was lovely. M R — What sort of material is that? S A — It’s a
special mix that you can sometimes find in ­Germany, too. M R — It’s
a very long robe... Is it specially for men? S A — Yes. There are
some for women, of course, but they have ­different prints. M R — Is
it something you’d be happy to wear every day? S A — Every day?
No, it’d be difficult for work. They were everyday wear for my grand­
parents, but today they’re more for special occa­sions. Whenever
there’s a celebration or party, you have to have such an outfit. Abso­
lutely. M R — Because it wouldn’t be tolerated if you didn’t wear it?
S A — Absolutely! How would you personally ­define tolerance
as a value? M R — For me, tolerance means ­accepting difference.
S A — That’s right. Basically, tolerance means ­accepting ­someone
as he is, regardless of any differences. Zehnder Group’s view
on tolerance is: “We have a personalized and ­direct way of
working with each other. This calls for a high level of ­tolerance
for other ideas and opinions, as well as an on-going readiness
to cooperate proactively with others.” – In other words, it’s
not only about tolerance towards other people but also about
being open to new ideas... M R — Yes, new ideas have to be dis­
cussed. In my work, we attach considerable importance to commu­
nicating with each other in the various areas, whether it’s customer
services or logistics. We talk about our concerns and share ideas.
I find that important, and inspiring as well. S A — In my unit, we talk
to each other a lot, and if we have new ideas, we put them forward. We
have a system of dealing with new ideas. If someone has a suggestion,
they write it down and submit it. It’s then decided whether the idea is a
good one and whether it should be implemented or not. Seidou,
how important is tolerance as an issue in Germany and in Togo?
S A — Oh, oh, oh. Tolerance is quite different in Togo than it is in
­Germany! Here, everything’s well organized. Integration works. No-one’s
too big or too small. In Togo, there are the have’s and the have-not’s:
08.03.2012 12:23:25
seidou arouna “Oh, oh, oh. Tolerance
is quite different in Togo as it is in Germany! Here,
everything’s well organized. Integration works.
­No-one’s too big or too small. In Togo, there
are the have’s and the have-not’s: one side has
­everything and the rest have nothing.”
341.indd 43
08.03.2012 12:23:40
muriel rouxel “New ideas have to
be ­discussed. In my work, we attach considerable
­importance to communicating with each other.”
341.indd 44
08.03.2012 12:23:57
germany
—
france
France
Population
one side has everything and the rest have nothing. That’s the ­problem
of Africa as a whole. Sometimes, we take ideas from here back to our
home countries. Ideas such as rubbish bins on the streets. Because
if people just throw their rubbish on the streets and then it rains – and
it rains a lot! – people get sick... Everything’s different in Togo. Did
you feel welcome when you came to Germany? S A — Yes. It’s
good in Germany. It was a bit difficult to start with, but it’s never easy to
start out somewhere new. But I’m fine here now. I know all about what
you can and cannot do. M R — My impression is that, in Germany,
a lot of things are much more regimented than in France... In which
context in your respective countries is tolerance discussed the
most? M R — Religion. S A — In Germany? Foreigners. Which
country do you think is most tolerant? M R — Sweden or Fin­
land. Goethe’s Maxims and Reflections says: “Tolerance
should, strictly speaking, be only a passing mood; it ought to
lead to acknowledgement and appreciation...” With this in mind,
is there anything you would wish to see in respect of tolerance?
S A — At Zehnder Group, it doesn’t matter about the colour of my skin,
I’m seen as a person, and my ideas and work are acknowledged and
respected. My wish is that I could be as integrated outside of work as
I am at work. M R — My wish would be that the private life of each
and every individual be respected a little bit more; that people wouldn’t
be so ready to criticize without really knowing the person involved.
" Toleranz
Muriel Rouxel, 40,
has been with Zehnder
Group in France since
2007. She is division
head for the regions of
Pays de la Loire and
Poitou-Charentes.
341.indd 45
Seidou Arouna, 56,
has been working at the
Zehnder packaging
plant in Lahr, Germany
since 2000.
62,793,000
Households
27,271,000
Zehnder Group
founded in
1967
Employees
546
Locations
Châlons-enChampagne,
Evry,
Vaux Andigny
APROPOS Zehnder Group
has 3,100 employees around
the world and this in itself generates considerable creative
potential within the company.
In order to optimally tap this
potential and track down new
ideas, ­Zehnder Germany has
developed its own internal ideas
management system. This
straightforward system allows
employees to submit sugges­
tions for improvements and, if
the suggestions are rated as
worthwhile, they can then be implemented. In addition to receiving a financial incentive, those
who participate in the system are
recognized for their contribution.
The fact that some 850 ideas
were submitted in 2011 alone testifies to an extremely high level
of participation, and to a real
culture of openness – towards
people and ideas.
08.03.2012 12:24:07
2011
" Corporate Governance
Corporate Governance
Introduction
This Corporate Governance report contains the disclos­
ures required by the Corporate Governance Directive
issued by SIX Swiss Exchange effective as at 31 Decem­
ber 2011 and is structured in line with the directive. It also
includes disclosures required by law on the compensa­
tion and participating interests of the members of the
board and of top management.
Group structure and shareholders
The operational Group structure is presented on pages
48 to 53 of the annual report. Zehnder Group AG is the
only listed company included in the consolidation ­matrix.
All the companies included in the consolidation matrix of
Zehnder Group AG are shown on pages 99 to 101 of the
annual report.
For significant shareholdings please refer to the dis­
closure of ownership structure in the individual financial
statements of Zehnder Group AG on page 113. There are
no cross-shareholdings.
Capital structure
For details regarding the capital structure please refer to
note 3 of the notes to the individual financial statements
of Zehnder Group AG on page 107 of the annual report
and to the consolidated statement of changes in equity
on page 73 of the annual report. There is no authorized
and no conditional capital. All changes in equity since
going public in 1986 are set out under our website [1].
In addition to a dividend of CHF 25 per bearer share
and of CHF 5 per registered share, the Annual General
Meeting of Shareholders of Zehnder Group AG held on
20 May 2011 approved the repayment of the par value
of CHF 50 per bearer share and CHF 10 per registered
share as well as a 1:40 share split [2].
comprises 9,756,000 bearer shares listed on SIX Swiss
Exchange with a nominal value of CHF 1.25 each (a total
of CHF 12.2 million), and 9,900,000 unlisted registered
shares with a nominal value of CHF 0.25 each (a total of
CHF 2.5 million). Total share capital now amounts to
CHF 14.7 million and the total number of shares out­
standing is 19,656,000. Each share carries one vote, ir­
respective of its nominal value. The bearer shares have
a 49.6 % share of the votes and account for 83.1 % of
the share capital, the registered shares a 50.4 % share
of the votes and 16.9 % of the share capital. The divi­
dend per registered share is one fifth of the dividend per
bearer share.
For additional information on shares please refer to our
website [3]. There are no profit sharing certificates. There
are no limitations on the transferability of bearer shares.
There are no convertible bonds outstanding.
With regard to options granted, please refer to the dis­
closure of compensation and shareholdings in the in­
dividual financial statements of Zehnder Group AG on
page 108 ff of the annual report.
Board of directors
Election and period of office
The articles of association lay down that the board of
directors is made up of at least three members elected
by the general meeting of shareholders for a period of
three years. Re-election is permissible.
At the general meeting of shareholders there is a separ­
ate vote on the election or re-election of each candidate.
Since the par value repayment and the share split in
August 2011, the share capital of Zehnder Group AG
46
341.indd 46
[1]  www.zehndergroup.com/capital-structure
[2]  Values per share before share split
[3]  www.zehndergroup.com/shares
08.03.2012 12:24:08
" Corporate Governance
The current members of the board have held office­ proposing the compensation policy to the board, for
as follows:
­determining the various components that make up total
compensation, for approving employment contracts and
for defining the conditions governing early termination of
first elected
period expires
contract. Moreover, it determines the fees and all other
Hans-Peter Zehnder
1988
2014
compensation for the chairman of the board. It proposes
Peter Wiesendanger
1988
2012
compensation for the other board members. Every year
Thomas Benz
1993
2014
the compensation committee examines the compensa­
Urs Buchmann
2010
2013
tion paid to all Group managers. In 2011 it held three
Enrico Tissi
2005
2014
meetings (2010: three meetings).
The articles of association lay down that the chairman
(Hans-Peter Zehnder) or his deputy (Peter Wiesendanger)­
convenes and chairs the meeting. The board’s duties
are carried out by the entire board. For each meeting, all
board members receive relevant documentation two
weeks in advance. In 2011 the board met four times, in
January, March, May, November (in 2010 four times:
January, February, May, September). The meetings last­
ed between half a day and three and a half days. The
members of the Group executive committee attended
the board meetings. Representatives of the auditors or
external consultants are called in to advise on individual
items on the agenda. To allow the board to acquire local
information direct, a regular rhythm has been estab­
lished to hold one of the board meetings on the pre­m­
ises of an operating company.
Areas of responsibility as well as ­information and control instruments vis-à-vis
the Group executive committee
The allocation of the areas of responsibility between ­the
board and the Group executive committee is based on
the law (Swiss Code of Obligations), on the company’s
articles of association and on its bye-laws. For the art­
icles of association and for the bye-laws please refer to
our website [4]. As part of re­gular reporting practice, the
board members receive monthly reports (sales, person­
nel, liquidity) and quarterly reports (commentary, analy­
ses, sales and earnings development, six-month bal­
ance sheet and forecast). Once a year the board members receive the balance sheet and income statement,
details on selec­t­ed balance sheet items, and a forecast
for the coming years regarding the development of major
components of net liquidity. Moreover, the strategic op­
portunities and risks are ­discussed once a year.
Zehnder Group Annual Report 2011
Internal organization
The board is supported by a compensation committee,
made up of three non-executive, independent board
members. The board appoints the members of the com­pensation committee and its chairman.
The members of the compensation committee are:
Thomas Benz, chairman; Urs Buchmann, member; Enrico
Tissi, member. The compensation committee has its
own regulations, approved by the board. With regard to
the members of the Group executive committee and the
executive members of the board it is responsible for
[4]  www.zehndergroup.com/corporate-governance-en
341.indd 47
47
08.03.2012 12:24:08
Board of directors
 Thomas Benz
 Hans-Peter Zehnder
 Peter Wiesendanger
" Corporate Governance
Members of the board of directors, other activities
and vested interests
Hans-Peter Zehnder
Member of the Board, Chairman
until AGM 2014
Peter Wiesendanger
Member of the Board, Deputy Chairman
until AGM 2012
Thomas Benz
Member of the Board
until AGM 2014
Urs Buchmann
Member of the Board
until AGM 2013
Enrico Tissi
Member of the Board
until AGM 2014
Hans-Jakob Zehnder
Honorary President
KPMG AG
Auditors
Hans-Peter Zehnder
Swiss citizen, born 1954
Executive member, chairman and delegate
of the board (since 1993). For career details,
please refer to the disclosure on page 50.
Peter Wiesendanger
Swiss citizen, born 1942
— Non-executive member
— Deputy chairman of the board
— Studied (doctorate) at ETH (Swiss
Federal Institute of Technology),
Zurich, Switzerland
— Degree in economics from
the university of Zurich, Switzerland
— Degree in ­psychology from
the university of Zurich, Switzerland
— 1967–1970 High Voltage Engineering
and Testing Group
— 1970–1979 project leader at High
Voltage Laboratory, ETH Zurich
— 1977–1979 head of an organization
de­partment of Union Bank of Switzerland
— 1979 –1985 various management
positions at Schindler AG, ­Switzerland
— 1985–1988 chairman of executive board ­
of Schaffner Elektronik AG, Switzerland
— 1988–1997 member of Group executive
committee of Zehnder Group
— 1997–2008 responsible
for China operations
— 2001–2005 responsible for business
development ­comfort ventilation
— 2002­– 2008 responsible for US ­operations
— Chairman of board of directors
of Pewi Holding AG, Switzerland,
of Pewi Imco AG, Switzerland,
of Klafs AG, Switzerland, and
of Timecorner AG, ­Switzerland
— Deputy chairman of Celpro AG,
Switzerland
— Non-managing partner of G. Lufft Messund Re­geltechnik GmbH and of G. Lufft
Beteiligungen GmbH, Germany
Thomas Benz
Swiss and German citizen,
born 1947
— Non-executive member
— Chairman of the compensation committee
— Degree in electrical engineering
from ETH (Swiss Federal Institute
of Techno­logy), Zurich
— 1972–1973 Guardian Electric,
Chicago, USA
— End 1973 joined Zettler GmbH, Germany
— 1977–1996 managing partner
of Zettler GmbH, Germany
— Since 1997 man­aging partner
of CG International, Germany
— Since 3 May 2011 deputy chairman
of the board of Warema Renkhoff SE,
Germany
— Since 16 June 2011 member of advisory
council Future Climate GmbH, Germany
— Member of the Bavarian Metal Working
and Electrical Industry e. V., Germany
48
341.indd 48
08.03.2012 12:24:09
" Corporate Governance
— Studied law (doctorate)
at the university of Bern
— Non-executive member, member
of the compensation committee
— Long-term career in corporate
investment banking in Asia
— Currently head of Corporate & Institutional
Clients Asia Pacific in a leading inter­
national bank
— Chairman of the board of the SinoSwiss Partnership Fund, member
of the board of Zehnder (China) Indoor
Climate Co. Ltd.
— At no time was he a member of the
Group executive committee of Zehnder
Group AG or of any of its subsidiaries
— He has no significant business relations
with Zehnder Group AG or with any
of its subsidiaries
Enrico Tissi
Swiss citizen, born 1946
— Non-executive member
— Member of the compensation committee
— Degree in engineering from ETH (Swiss
Federal Institute of Technology), Zurich
— 1972–1986 various responsibilities
and positions at Rieter AG, Switzerland
— 1986–1996 delegate of the board
and CEO of Elco Looser Holding AG,
Switzerland
— 1997–2004 delegate of the board and
CEO of Sika Corp., USA and a mem­ber
of group management of Sika AG,
Switzerland
— 2005–2007 vice chairman
of Sika Corp., USA
— Member of the board of Hermann
Buehler AG, Switzerland and Georg Utz
Holding AG, Switzerland
— At no time was he a member of the Group
executive committee of Zehnder Group AG
or of any of its subsidiaries
— He supports ­Zehnder’s subsidiaries
in the USA and the UK in stra­tegic and
conceptual issues
of Zehnder Group, the board of directors
appointed him honorary president. This
office carries no vote.
Zehnder Group Annual Report 2011
Urs Buchmann
Swiss citizen, born 1957
 Enrico Tissi
 Urs Buchmann
— Member of the Federation
of Catholic Entrepreneurs, Germany
— Member of the executive committee
of vbw – Vereinigung der Bayrischen
Wirtschaft e. V. (Association of Bavarian
Industry), Germany
— At no time was he a member of the Group
executive committee of Zehnder Group
AG or of any of its subsidiaries
— He has no significant business relations
with Zehnder Group AG or with any
of its subsidiaries
Hans-Jakob Zehnder
Swiss citizen, born 1923
In 1993, after having spent 34 years at the
head of the company he served for a total of
39 years, Hans Jakob Zehnder resigned as
chairman of the board. In recognition of his
outstanding contribution to the development
49
341.indd 49
08.03.2012 12:24:10
Group executive committee
 Dominik Berchtold
 Jürg Ammann
 Hans-Peter Zehnder
" Corporate Governance
Members of the Group executive committee, other activities
and vested interests
Hans-Peter Zehnder
Chairman
Jürg Ammann
Operations Europe
Dominik Berchtold
Finance, Controlling and IT
Stephen Grao
Americas / A sia-Pacific / International & UK
Cyril Peysson
Sales and Marketing Western Europe
Hans-Peter Zehnder
Chairman of the Group
executive committee
Jürg Ammann
Swiss citizen, born 1958
— Degree in mechanical engineering
and Doctor of Philosophy in Industrial
— Studied economics (doctorate)
Engineering from ETH (Swiss Federal
at the University of St. Gallen, Switzerland
Institute of Technology), Zurich
— 1981–1984 Gebr. Bühler AG
— 1984–1985 scientific assistant
— Since 1985 member of the Group
at the Institute for Lightweight and
executive committee of Zehnder Group
Aeronautical Structures, ETH Zurich
— 1986–1988 head of the instrument
— 1985–1988 system engineer,
division
Hewlett Packard
— 1988–1991 head of the radiator division
— 1988–1994 consultant, Stiftung BWI
— 1988–1992 deputy chairman
— 1995–1996 assistant to the CEO,
of the Group executive committee
Systor AG
— Since 1993 chairman of the
— 1996–2001 senior consultant and
Group executive committee
skill group manager, Cap Gemini
— President of the board of directors
Ernst & Young
of Schmolz & Bickenbach AG, Switzerland;
— 2001–2011 chief information officer and
member of the board of directors
head Multiclient Products, Siegfried Ltd.
of AZ Medien AG, Switzerland; R. Nuss— Since June 2011 member of the Group
baum AG, Switzerland; Lagerhäuser
executive committee Zehnder Group
der Centralschweiz AG, Switzerland; and
(head of Operations Europe)
Rouge + Blanc Holding AG, Switzerland
— A member of the board of directors
of Swissinput, Switzerland
Dominik Berchtold
Swiss citizen, born 1971
— Degree in business administration
from the University ­of Freiburg i. Ue.,
Switzerland
— E xecutive master of corpor­ate finance
from the Institute of Financial Services
IFZ, Zug, Switzerland
— 1996–1997 finance and marketing
­assistant at Exsa, Peru; Cervesur, Peru;
and Linde, ­China
— 1997–2005 various management
positions in finance and controlling
at Pilatus Aircraft Ltd., Switzerland;
and Transairco S. A., Switzerland
— 2005–2006 mana­ger corporate
restructuring at KPMG, Switzerland
— 2006–2008 director business
­development Zehnder Group
— Since 2008 member of the Group
executive committee (Chief Financial
Officer)
— A member of the board of directors
of Peakmile AG, Switzerland
50
341.indd 50
08.03.2012 12:24:19
" Corporate Governance
 Cyril Peysson
 Stephen Grao
Stephen Grao
British citizen, born 1960
executive committee (Sales and
Marketing Western ­Europe, previously
Sales and Marketing Radiators)
Zehnder Group Annual Report 2011
— BA from Loughborough University, UK
— MBA from Cass Business School,
There are no management contracts.
London, UK
— Master of Business in China /Asia
Business Strategy from the University
of South Australia
— 1982–1983 marketing assistant
at OCP SA, France
— 1984–1999 various management
functions in Europe and Asia
for Thorn PLC, UK
— 1999–2003 ­responsible for the North
and South American operations of Philips
Lighting, Netherlands
— 2004–2006 ­various international
management positions at CompAir
Group, UK
— Since 2008 member of the Group
executive committee of Zehnder Group
(Americas / Asia-Pacific / International & UK)
Cyril Peysson
French citizen, born 1965
— Diploma from Ecole Supérieure
de Commerce et Ad­mi­nistration,
Montpellier, France
— 1990–2000 various responsibilities
in exports and sales for French industrial
companies; last position held was head
of sales at De Dietrich Heiztechnik,
Germany
— 2000–2005 head of Zehnder SAS,
France; since 2006 member of the Group
51
341.indd 51
08.03.2012 12:24:21
" Corporate Governance
Group functions (Status 1.1.2012)
Elmar Artho
Group Logistics
Dominik Berchtold
Business Development / M & A
Roberto Cresta
International Key Account Management
Franz Furrer
Group IT
René Grieder
Group Controlling
Felix Heldstab
Group Purchasing
Thomas Mathys
Group Finance
Roger Räber
Group Innovation
Jean-Marie Schmid
Group Marketing
Markus Zbinden
Group Human Resources
Sales Europe (Status 1.1.2012)
Erwin Crommelynck
Sales Belgium
Donat Feser
Sales Germany and Austria
Lothar Gildenast
Radiators
Michael Himmelsbach
Radiant ceiling panels and Clean Air Solutions
Heiko Braun
Comfosystems
Tony Twohig
Sales UK & Ireland
Allan Jones
Retail Radiators
Garry Naughton
Commercial Radiators and Radiant ceiling panels
Tony Twohig ad int.
Ventilation
Elisabeth Bardet
Sales France
Jean Pierre Boscher
Acova
Eric Le Corre
Zehnder
Alexandre Le Trocquer
Comfosystems
Erik van Heuveln
Sales Netherlands
Oliver Bock
Sales International
Paolo Masetti
Sales Italy
Rossella Bonfanti
Radiators
Odoacre Oriani
Comfosystems, Radiant ceiling panels and Clean Air Solutions
Jerzy Stosiek
Sales Poland
Vitaly Gritsenko
Sales Russia
Alois Bachmann
Sales Comfosystems Switzerland
52
341.indd 52
08.03.2012 12:24:21
" Corporate Governance
Sandro Stutz
Sales Radiators, Radiant ceiling panels and Clean Air Solutions Switzerland
Peter Krantz
Sales Clean Air Solutions Scandinavia
José Ramón Ferrer
Sales Spain
Development and Production Europe (Status 1.1.2012)
Jean Marie André
Production Châlons-en-Champagne, France
Thierry Baschet
Production Vaux Andigny, France
Roland Diethelm
Production Gränichen, Switzerland
Tomasz Juda
Production Boleslawiec, Poland
Peter Krantz
Production Zehnder Group Nordic, Sweden
Paolo Masetti
Production Vedelago, Italy
Herbert Oettle
Production Lahr, Germany
Eberhard Paul, Michael Pitsch
Paul Wärmerückgewinnnung, Reinsdorf, Germany
Orçun Özelmas
Production Manisa, Turkey
Gerd Sexauer
Radiant Heating and Cooling, Lahr, Germany
Stephen Hood
Production Lenham, UK
Stefan Wiesendanger
Production Zwolle, Netherlands
Zhangeng Guo
Sales and Production Zehnder, China
Jin Chunlin, Jin Yitao
Sales Nather, China
Wesley Owens
Sales and Production Runtal, USA
Walter Zurowski
Sales and Production Hydroair, USA
Zehnder Group Annual Report 2011
Americas / Asia-Pacific (Status 1.1.2012)
53
341.indd 53
08.03.2012 12:24:21
" Corporate Governance
Disclosure of compensation
Principles
Zehnder Group’s employees are the company’s greatest
asset. There would be no entrepreneurial success with­
out their full commitment and their energy. Consequent­
ly, the objective of the compensation policy is to recruit
qualified new employees, and to retain those already working for the Group.
The most important principles are
 Rewarding sustainable performance
in relation to comparable and relevant
markets
 Participating in the company’s success
 Assuring internal equality
 Balancing short-term and long-term
compensation
Fixed basic salary
The fixed salary is determined on the basis of the func­
tional responsibility level in the company, the scope and
impact of the function, as well as the employee’s ex­
perience and skills. This fixed part of the compensation
package is reviewed annually. Salary adjustments re­
flect individual performance, salary history, internal com­
pensation practices, and market salary trends.
Short-term variable compensation
Short-term variable compensation is designed to allow
Zehnder employees to participate in the current success
of the Group on the basis of their personal contribution
and the Group targets achieved.
Long-term compensation
Acquired shares
The long-term International Management Stock Owner­
ship Plan (IMSOP), a long-term, globally consistent com­
pensation programme, was designed for management
of operating units and at headquarters. Depending on
the management level, participants may take 8 – 10 % of
their annual cash compensation in the form of company
bearer shares. The bearer shares are sold with a 30 ­%
discount on the purchase price and are subject to a
three-year restriction period.
Allocated options
Options are allocated to management of operating units
and at headquarters in accordance with the Long Term
Stock Option Plan (LTSOP). The options are not tra­de­
able, are locked up for a period of five years and ­can
thereafter be exercised over a period of three years.
Management may decline such options. If the ­options
are not exercised they lapse and become ­worthless.
Each option carries the right to acquire one bearer share
at a price fixed at the time of allocation.
Other employee benefits
Other employee benefits are country-specific and struc­
tured in accordance with local practice and are in line
with local legal requirements.
Content and procedures for determining compensation for the board
of directors and the Group exe-­
cutive committee, and participation
in shareholding programs
The board of directors periodically determines the com­
pensation for its members. This fixed compensation is
made up of a fee and an expense allowance. Half the fee
is paid in bearer shares, which are allocated at a 30 %
discount. The bearer shares are subject to a three-year
restriction period.
The compensation committee of the board, made up of
three non-executive members without vested interests,
determines the compensation structure for the Group
executive committee and for executive members of the
board; it ensures that the compensation structure is
complied with. Total compensation is made up of a ­basic
salary and a profit-related, variable salary. The variable
54
341.indd 54
08.03.2012 12:24:21
Overall compensation is in line with that paid in com­
parable industrial companies in Switzerland and is in­
tended to allow recruitment and retention of the highly
qualified personnel necessary for the success of the
company. There are no clauses on changes of control,
either for members of the board or for members of the
Group executive committee. There are no agreements
with regard to severance compensation.
The members of the Group executive committee (incl.
executive members of the board) may draw 10 % of their
compensation in the form of the company’s bearer
shares. The regulations governing this IMSOP (Interna­
tional Management Stock Ownership Plan) were ap­
proved by the board of directors.
Members of the Group executive committee (incl. ex­
ecutive members of the board) are allocated options on
bearer shares (in 2006 for the first time). The regulations
governing this (Long-Term Stock Option Plan) were
­approved by the board of directors.
The financial statements of Zehnder subsidiaries are au­
dited by various auditing firms, including KPMG. Various
auditing firms invoiced a total of EUR 760,000 for audi­ting individual accounts and the consolidated financial
statements. EUR 448,000 of this total was paid to the
KPMG group.
A total of EUR 863,000 was charged for taxation and
legal services throughout the group. Of this, EUR 137,000
was paid to the KPMG group. In the reporting year
­further consulting services were purchased from the
KPMG group in the amount of EUR 199,000.
KPMG AG, Basle, holds regular meetings with the chair­
man of the board of directors of Zehnder Group AG.
KPMG meets with the entire board at least once a year.
At these meetings KPMG presents significant infor­mation
on the financial statements of the companies ­audited.
Information policy
There are no change-of-control clauses for members of
the board of directors or for members of the Group ex­
ecutive committee. An opting out clause is laid down in
Art. 8 of the company’s articles of association.
[5]  www.zehndergroup.com/corporate-governance-en
[6]  www.zehndergroup.com/reports-presentations
Please refer to Swiss company law and also to the
Zehn­der articles of association at our website [5].
Changes of control
and defence measures
" Corporate Governance
KPMG AG, Basle, have been auditors for Zehnder Group
AG since 1984. They also audit the consolidated financial
statements of Zehnder Group.The auditor in charge commenced his duties in 2010. The rotation rhythm corre­
sponds to the legal requirement of a maximum of ­seven
years.
Zehnder Group communicates regularly with its share­
holders, the capital market and the public. The CEO and
the CFO are the designated contact persons. Share­
holders receive short reports on business development
and six month reports. The annual report is available in
German, English and French in printed form and on the
Internet under our website [6], which also offers an op­
portunity for in­ter­ested parties to subscribe to news
publications and to access other information. A meeting
for media re­pre­sentatives and financial analysts is held
at least once a year.
Shareholders’ participation
341.indd 55
Auditors
Zehnder Group Annual Report 2011
part is paid out in the following year. It is calculated using
a fixed formula based on the disclosed net income for
the year and the individual targets reached. Moreover, in
cases of exceptional performance, the board may at its
discretion pay out an additional bonus to the Group ex­
ecutive committee.
55
08.03.2012 12:24:21
" Corporate Governance
Additional information including the company calendar
is set out on page 119 of this annual report.
56
341.indd 56
08.03.2012 12:24:21
341.indd 57
08.03.2012 12:24:21
341.indd 58
08.03.2012 12:24:39
RESPECT Our attitude towards our
colleagues is one that is positive and built on trust
and mutual respect.
341.indd 59
08.03.2012 12:24:57
sweden
—
turkey
Magnus Bladh, tech­
nical manager at
Zehnder Group Nordic AB, and Meltem
Talukan, assistant
to the head of sales
at Sanpan Ltd. in
Turkey, met in Motala,
Sweden to discuss
the value of “respect”.
Sweden
Population
9,385,000
Households
4,465,000
Zehnder Group
founded in
2007
Employees
29
Locations
Motala,
Täby
341.indd 60
Meltem Talukan — I’ve brought Turkish coffee... Magnus Bladh — It’s very well known. M T — When we have guests in our home, we
serve them coffee. Coffee has a strong connection with respect in
Turkey. We say that a coffee friendship cannot be destroyed. When
you have ­coffee with someone, you share your secrets, too...
M B — I’ve brought a bass guitar from 1966. It was given to me by
my father and it’s full of memories. For me, this instrument symbolizes
the respect you should show to anyone, whether in business or in
your private life. What does respect mean for you? M B — For
me, it’s about how you treat your colleagues, your customers and
yourself as well. Whatever you do, you should do it with respect.
M T — I agree. When I do something, I always think of the person
I have in front of me and treat them in the way I would want to be
treated myself. That’s what respect means for me. At work, it means
being honest with my collea­gues and doing my job well. M B — My
job as technical manager at Clean Air Solutions is to provide tech­
nical support. In music, the bass sets the groove and gives a tune
its positive mood. As technical ­manager, I’m a bit like the bassist
who creates the groove. Respect is the baseline, therefore...
M B — Exactly. You may not always be aware of the bass, but if you
were to take it away, you’d definitely no­tice! Zehnder Group’s
defines the value of respect as follows: “We have a positive
attitude towards colleagues, based on trust and mutual respect.”
M B — Respect is indispensable if you want to achieve something.
Zehnder Group is a huge company that has to be managed. Although
Clean Air Solutions is still small, we’re growing all the time, and in
five years we’ll probably be ten times as big. Do you think respect as a value is “lived” enough in your company? M T — Yes.
M B — I think so. A few years ago I had cancer – I received a lot
of support from my colleagues, not only in Sweden but from other
parts of the world, as well. It was unbelievable. In a situation like that,
you can really see whether a value means something and is actually
lived. So you received the support you needed... M B — Yes,
even more than I could have expected. Hans-Peter Zehnder himself
even sent me an e-mail. Do you think success is possible with­
out respect? M T — No. In my job I sell products and am in contact
with customers the whole time. I have to get on well with people, and
put myself in their place. Respect for me is also responding to queries
immediately, for example. Leaving people waiting does not show res­
pect. M B — Exactly. Even if, like Zehnder, you have a good product
and a strong brand, people still buy from people. You have to build up
a social relationship with the customer and then earn respect. To
what extent does respect influence your working atmosphere?
M T — You have to feel good at your workplace. If you don’t, you
08.03.2012 12:24:57
magnus bladh “We don’t talk about
­respect so much. I think it is simply a part
of our culture.”
341.indd 61
08.03.2012 12:25:08
meltem talukan “You have to feel good
at your workplace. If you don’t, you can’t perform
well. That’s why it’s really important to have
a good relationship with all your colleagues.”
341.indd 62
08.03.2012 12:25:30
sweden
—
turkey
Turkey
Population
can’t perform well. That’s why it’s really important to have a good
relationship with all your colleagues. M B — That’s the way I see it
as well. Sweden is very similar to Switzerland in terms of a helpful
and con­siderate attitude towards colleagues. Zehnder’s values are
not a ­million miles away from the Swedish way of thinking and doing
business. In summer, we had a big event that brought all employees
together. For a whole day, we focused on values. ­Every single person
working at Clean Air Solutions was involved in the ­value process,
because each and every one of us has to do his or her bit. How
important is respect in Turkey? M T — Respect is extremely im­
portant in ­Turkey, especially in families. People learn ­respect from
their families, and families are very strict. Children have to respect
really strict rules; it’s not like in Europe. For example, we can’t just
leave our families as soon as we turn 18... M B — Yes, that’s very
different. What role does respect play in Sweden? M B — We
don’t talk about respect so much. I think it is simply a part of our
­culture. But it’s not a word you use every day; it’s not a “buzz word”
in Sweden. Is there a country that you see as being particu­
larly respectful? M B — Japan maybe, or China. There, business
cards are treated like treasure. In Sweden, you just stick them in your
pocket – if you were to do that there, it would be taken as an insult.
M T — China would be my first choice. M B — In any case, you
can’t demand respect; you have to earn it. Respect, and you
will be respected? M B — Yes. M T — Exactly. Let’s drink a
coffee to that.
" Toleranz
Meltem Talukan, 44,
has been working at
Sanpan in Manisa, Turkey
since 2009. She works
as an assistant to the
head of sales.
341.indd 63
Magnus Bladh, 40,
is the Technical Manager
at Zehnder Group Nordic
AB in Täby, Sweden. He
has been working since
2000 with the company.
73,723,000
Households
17,690,000
Zehnder Group
founded in
2006
Employees
146
Location
Manisa
APROPOS Turkish coffee, or
mocha, is an important part of
Turkish culture. Coffee is not only
important in terms of showing
hospitality and a well-known marriage ritual, it is also used to tell
the future. Coffee cup reading is
called “fal” in Turkish. Once the
coffee has been drunk, the cup is
covered, shaken and turned upside down. A wish is said. As soon
as the cup has cooled comple­
tely, the shapes left by the coffee
grounds in the bottom of the
cup are interpreted.
08.03.2012 12:25:48
" Glossary
Glossary
Air distribution
Convection and radiation
Enthalpy exchangers
 The quality of the air indoors is
crucial to our wellbeing and health.
An air distribution system takes
the fresh air prepared in the ventilation device to the consumer and
returns the waste air full of odours
and moisture to the unit. In terms of
their easy and safe installation and
of hygiene (cleaning), our solutions
make us market leaders.
 A radiator gives off heat through
convection and radiation. Convec­
tion needs a medium (for example
air) to transport the heat, whereas
radiation does not. Thermal radiation passes through the air in the
room unhindered, but is absorbed
by objects and people or reflected
by metallic surfaces. The combi­
nation of convection and radiation
produces the total thermal output.
 A thermal recovery unit fitted
with an enthalpy exchanger also
transmits moisture through a membrane. This allows our devices to
enhance system efficiency further
by using latent heat, and to improve
comfort levels by avoiding situa­
tions where the air is too dry or
too damp.
Clean air
 The limit values applying to fine
dust in exterior air are often greatly
exceeded indoors. Our clean air
devices use unique special filters to
filter fine dust out of the indoor air
and are usually used in an industrial
setting (logistics, production, foodstuffs industry). They allow our customers to cut cleaning costs, improve product quality and protect
their employees’ health.
Comfort
 Comfort is a state of well-being
but is also applied to user-friendly
pro­d­ucts. A good indoor climate
creates feelings of comfort. Good
products and systems are simple
to install and easy to handle. It
follows that comfort is a result of
simplicity in planning, ordering,
assembly, service, product operation, functionality, longevity and
reliability, as well as low mainte­
nance requirements.
Cooling with radiators
 In principle, radiators can also
be used for cooling purposes. The
principles of radiation and convec­
tion can also cool rooms. Thanks to
their increased heat transmission,
so-called fan coils are particularly
well suited to cooling applications.
The same applies to radiation
heaters, for example radiant ceiling
panels, where the room gives off
heat to the cool radiation surface.
Energy efficiency
 Energy efficiency is the ratio
between energy output and energy
input. An energy-efficient indoor
climate calls for efficient heating
and cooling, temperature controls,
a ventilation control system and
the use of renewable energy. The
degree of energy efficiency is influenced by many other factors,
such as thermal insulation, air-tight­
ness and a sun-protected building
envelope. Highly airtight buildings
require automatic ventilation.
Health
 Health is a state of physical,
­­mental and social wellbeing. Among
the many factors which influence
our health, our environment clearly
plays a major role. Consequently,
as we spend more than 70 % of our
time indoors, the quality of this environment is decisive. Moreover,
the freshness and quality of the air
around us, as well as the odours,
dust, pollen, vermin, humidity, air
circulation, room temperature and
noise level impact strongly our
health.
Heat pumps
 Heat pumps use the natural
energy in our environment to heat
rooms and water. They function in
the same way as a refrigerator.
Heat is taken from a low to a high
temperature ­level. Just as a refrigerator gives off heat from the cool
unit to the warmer room, heat from
the earth or exterior air is fed into
the indoor heating system. The system uses a refrigerant which vaporises in the cool area, is compres-
64
341.indd 64
08.03.2012 12:25:49
" Glossary
Low-temperature radiators
 Radiators with a flow tempera­
ture of less than 50 °C are known
as low-temperature radiators. They
are also suited for use with heat
pumps at even lower temperatures
or with ­condensing gas burners.
Radiant ceiling panels
 Radiant ceiling panels are as
close as we can get to mimicking
the way heat is given off by the
sun. Our radiant ceiling panels are
used wherever convection heating
is not economically viable or where
the enhanced comfort of air not
circulating is appreciated, for example in large indoor areas, and increasingly also in offices.
Radiators
 A radiator transfers heat from a
heating medium (usually water or,
in electric radiators, oil) to the envi­­­­­ronment (usually air) to produce and
maintain the desired room temperature. Within only a few days we
supply our customers with custom­
ised designer radiators directly to
their chosen site.
System supplier,
system-based business
 Alongside our traditional comp
­ onent-based business, we are
increasingly supplying customers
with complete systems combining
heating, hot water preparation, ventilation and cooling. This guaran­
tees in­stallers and our end custom­
ers a ­reliable system for an optimal
indoor climate with regard to comfort, health (allergies) and energy
efficiency.
Thermal comfort
 Thermal comfort is key to ensuring a sense of cosiness in a room.
Apart from clothing and human
activity, it depends on room temperature, relative air humidity, air
speed and the temperature of the
surfaces enclosing the room.
Thermal recovery,
thermal recovery unit
 Our thermal recovery units transfer up to 95 % of the energy of
warm, used indoor air to the cold,
fresh exterior air. The performance
levels reached (ratio between useful
heat and electricity used) clearly
exceed even those of the best heat
pumps for indoor heating. They
also filter out harmful pollen and
dust from the air and reliably
prevent mould forming indoors.
Zehnder Group Annual Report 2011
sed via a compressor and then
gives off heat when it condenses
again at a higher temperature. The
brine / water heat pump integrated
in Zehnder’s ComfoBox 5 uses the
most efficient principle for indoor
heating.
65
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341.indd 66
08.03.2012 12:25:49
d 18
Contents
Financial
Report
Consolidated
Financial Statements
67 Five-year Overview
68 Data per Share
69 Consolidated Balance Sheet
70 Consolidated Income Statement
71 Consolidated Cash Flow Statement
73Consolidated Statement
of Changes in Equity
74 Consolidation Matrix and Principles
76Accounting and Valuation Principles
79Notes to the Consolidated
Financial Statements
99Overview of Companies
in Zehnder Group
102Report of the Statutory Auditor
Zehnder Group AG
104
105
10 6
116
117
Balance Sheet
Income Statement
Notes to the Financial Statements
Proposed Appropriation of Earnings
Report of the Statutory Auditor
119 Further Information for Investors
08.03.2012 11:0
d 19
08.03.2012 11:0
Net sales
change from prior year
of which Radiators
change from prior year
of which Ventilation
change from prior year
EBIT [1]
change from prior year
Net income [2]
change from prior year
2011
2010
2009
2008
2007
EUR million
515.4
475.9
436.5
454.1
444.4
%
8.3
9.0
– 3.9
2.2
4.0
EUR million
348.2
335.1
317.8
345.9
369.7
%
3.9
5.4
– 8.1
– 6.4
0.9
EUR million
167.1
140.8
118.7
108.2
74.7
%
18.7
18.7
9.7
44.8
22.7
EUR million
51.1
50.4
43.0
33.7
34.0
%
1.3
17.3
27.6
– 0.9
– 11.2
% of net sales
9.9
10.6
9.9
7.4
7.7
EUR million
41.1
38.2
33.4
2.8
26.1
%
7.4
14.5
1,092.9
– 89.3
– 12.7
% of net sales
8.0
8.0
7.7
0.6
5.9
EUR million
58.9
55.8
51.9
39.8
48.3
%
5.4
7.6
30.4
– 17.6
– 11.4
% of net sales
11.4
11.7
11.9
8.8
10.9
Investments in property, plant & equipment
EUR million
34.9
20.0
24.5
23.6
23.3
Depreciation & amortization
EUR million
17.8
17.6
18.5
18.8
22.2
Total assets
EUR million
406.0
378.4
352.5
354.0
373.7
Fixed assets
EUR million
160.1
141.4
128.5
125.1
129.4
EUR million
239.7
217.4
182.0
152.6
201.3
59.0
57.5
51.6
43.1
53.9
3,094
2,945
2,867
2,990
3,075
13.2
Net income before depreciation & amortization [2]
change from prior year
Shareholders’ equity at 31 December [2]
% of total assets
Employees at 31 December
Zehnder Group Annual Report 2011
 Five-year Overview
Five-year Overview
Zehnder Group AG
Dividends [3]
CHF million
2.3
7.3
15.2
1.3
Nominal value repayment [3]
CHF million
14.1
14.7
–
–
–
Share capital
CHF million
14.7
29.3
29.3
29.3
29.3
CHF million
501.0
553.7
339.0
210.0
458.0
CHF million
602.6
666.0
407.8
252.1
551.0
Market capitalization [4]
Total market capitalization [5]
[1]b efore gain / loss on sale of subsidiaries
[2]including minority interests
[3]for 2011 as proposed by the board of directors
[4]m arket value of all listed bearer shares at year end; excluding value of unlisted registered shares
[5]b earer and registered shares; registered shares recognized at 1/5 of the bearer share price at 31 December
67
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08.03.2012 10:06:34
Data per Share  Data per Share
[1]
2011
2010
2009
2008
2007
9,756
9,756
9,756
9,756
9,756
Shares outstanding
bearer shares
in thousands
total
each with
a par value of
CHF
1.25
2.50
2.50
2.50
2.50
in thousands
total
9,900
9,900
9,900
9,900
9,900
each with
a par value of
CHF
0.25
0.50
0.50
0.50
0.50
number of voting rights or shares
in thousands
total
19,656
19,656
19,656
19,656
19,656
notional number of shares
in thousands
total
11,736
11,736
11,736
11,736
11,736
each with
a par value of
CHF
1.25
2.50
2.50
2.50
2.50
bearer shares
high
CHF
71.00
58.30
37.50
47.03
84.73
bearer shares
low
CHF
42.50
34.00
16.30
19.50
43.75
bearer shares
at year end
CHF
51.35
56.75
34.75
21.48
46.95
EUR
3.41
3.19
2.80
0.23
2.23
EUR
4.93
4.69
4.33
3.30
4.05
EUR
19.42
17.63
14.80
12.23
16.48
dividend per bearer share
CHF
0.20
0.63
1.30
0.11
1.13
nominal value repayment
per bearer share
CHF
1.20
1.25
–
–
–
% of net income per share
33
43
31
31
31
registered shares (not listed)
Market prices (January – December)
Consolidated net income
per bearer share
Consolidated net income before
depreciation and amortization
per bearer share
Consolidated equity [2]
per bearer share
Dividend (gross) and
nominal value repayment [3]
payout ratio
[1]a ll data after deduction of minority interests; all data on the basis of total shares outstanding at 31 December;
the prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).
[2]b efore appropriation of earnings
[3]for 2011 as proposed by the board of directors
68
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Consolidated
EUR million
Notes
page 79 ff
2011
31 December
2010
31 December
 Consolidated Balance Sheet
Balance Sheet
%
Assets
Liquid assets
1
65.5
75.4
Trade accounts receivable
2
91.8
90.7
Other receivables
2
14.4
8.8
Inventories
3
67.7
57.6
Prepayments
3.6
1.8
Accrued income
2.9
2.8
245.9
237.0
Total current assets
3.8
Fixed assets
4
152.3
133.9
Financial assets
4
5.5
5.2
Intangible assets
4
2.3
2.3
Total fixed assets
160.1
141.4
13.2
Total assets
406.0
378.4
7.3
Liabilities & shareholders’ equity
5
2.6
1.8
5
25.6
24.2
Other liabilities
5
41.1
35.8
Provisions
6
3.9
2.4
Accruals and deferred income
5
Current liabilities
28.1
24.8
101.2
89.1
30.7
Loans
5
31.0
Other liabilities
5
0.7
0.9
Provisions
6
33.3
40.3
Long-term liabilities
Total liabilities
Share capital
13.7
65.1
71.9
– 9.4
166.3
160.9
3.3
10.1
20.1
Capital reserves
33.6
33.6
Own shares
– 2.6
– 2.2
190.9
157.6
Accumulated FX differences
– 4.0
– 2.2
Minority interests
11.7
10.5
239.7
217.4
10.2
406.0
378.4
7.3
Retained earnings
Total equity
Total liabilities & shareholders’ equity
7
Zehnder Group Annual Report 2011
Loans
Trade accounts payable
69
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Consolidated
 Consolidated Income Statement
Income Statement
EUR million
Notes
page 79 ff
Sales revenues net
18
2011
2010
%
515.4
475.9
8.3
Changes in inventories
1.5
– 0.4
Internal additions to plant and equipment
0.4
0.2
Other income
5.8
5.5
523.0
481.2
Total income
Cost of materials
19
– 188.8
– 170.1
Personnel costs
19
– 161.1
– 146.4
– 17.0
– 16.8
– 0.8
– 0.8
– 104.3
– 96.7
51.1
50.4
21
1.3
0.5
52.4
51.0
22
– 11.3
– 12.7
41.1
38.2
1.1
0.8
40.0
37.4
Depreciation of fixed assets
Amortization of intangible assets
Other operating expenses
20
Earnings before interest and taxes (EBIT)
Financial result
Earnings before taxes
Taxes
Net income
Minority interests
Net income excluding minority interests
8.7
1.3
2.8
7.4
70
224.indd 70
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Consolidated
EUR million
2011
2010
Net income
41.1
38.2
Depreciation and amortization
17.8
17.6
Net income before depreciation and amortization
58.9
55.8
Non-cash changes
0.1
0.7
Loss /(gain) on disposals of tangible fixed assets
0.5
0.3
Increase /(decrease) of provisions
– 6.1
– 3.2
Increase /(decrease) of trade accounts payable
0.2
5.4
Increase /(decrease) of other short-term liabilities, accruals and deferred income
8.9
0.1
(Increase) /decrease of trade accounts receivable
1.0
– 3.3
(Increase) /decrease of inventories
– 8.9
– 3.3
(Increase) /decrease of other receivables, prepayments and accrued income
– 7.3
4.3
Cash flows from operating activities
47.3
56.9
– 34.9
– 20.0
Investments in tangible fixed assets
Investments in financial assets and securities
– 0.3
– 1.8
Investments in intangible assets
– 0.7
– 1.2
Investments in subsidiaries [1]
– 2.8
– 0.2
Divestment of tangible fixed assets
Divestment of subsidiaries [1]
Cash flows from investing activities
0.4
0.4
–
0.8
– 38.2
– 22.0
 Consolidated Cash Flow Statement
Cash Flow Statement
Zehnder Group Annual Report 2011
[1]less cash and cash equivalents taken / given over
71
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 Consolidated Cash Flow Statement
2011
2010
Dividends paid to shareholders
– 5.7
– 10.6
Dividends paid to minority shareholders
– 0.2
–
– 11.9
–
EUR million
Nominal value repayment
(Purchase) /sale of own shares
Increase /(decrease) of short-term loans
Increase /(decrease) of long-term loans
Increase /(decrease) of other liabilities
– 0.1
–
0.2
– 14.4
– 0.5
– 3.1
–
0.2
– 18.1
– 28.0
Currency effects
– 0.8
2.2
Increase /(decrease) of cash and cash equivalents
– 9.9
9.1
Cash flows from financing activities
Cash and cash equivalents at 1.1.
75.4
66.3
Cash and cash equivalents at 31.12.
65.5
75.4
Increase /(decrease)
– 9.9
9.1
72
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Consolidated
Retained earnings
Accumulated FX
differences
33.6
– 1.1
96.7
– 5.9
143.4
9.2
152.6
–
–
– 1.8
–
–
– 1.8
–
– 1.8
Sale of own shares
–
–
0.7
0.3
–
1.0
–
1.0
Net income
–
–
–
32.8
–
32.8
0.6
33.4
Additions minority interests
–
–
–
–
–
–
– 1.4
– 1.4
Currency effects
–
–
–
–
– 0.8
– 0.8
– 0.2
– 1.0
Dividends
–
–
–
– 0.8
–
– 0.8
–
– 0.8
Equity at 31.12.2009
20.1
33.6
– 2.2
129.0
– 6.7
173.8
8.2
182.0
Equity at 1.1.2010
20.1
33.6
– 2.2
129.0
– 6.7
173.8
8.2
182.0
Purchase of own shares
–
–
– 0.7
–
–
– 0.7
–
– 0.7
Sale of own shares
–
–
0.6
–
–
0.7
–
0.7
Net income
–
–
–
37.4
–
37.4
0.8
38.2
Netted goodwill
–
–
–
1.9
–
1.9
–
1.9
Additions minority interests
–
–
–
–
–
–
0.6
0.6
Currency effects
–
–
–
–
4.5
4.5
0.9
5.5
Dividends
–
–
–
– 10.6
–
– 10.6
–
– 10.6
20.1
33.6
– 2.2
157.6
– 2.2
207.0
10.5
217.4
20.1
33.6
– 2.2
157.6
– 2.2
207.0
10.5
Equity at 31.12.2010
Equity at 1.1.2011
Nominal value repayment
– 10.1
0.1
Purchase of own shares
–
–
– 1.1
Sale of own shares
–
–
Net income
–
–
Netted goodwill
–
–
– 10.0
–
–
0.7
0.3
–
1.0
–
1.0
–
40.0
–
40.0
1.1
41.1
–
– 1.3
Currency effects
Dividends
Equity at 31.12.2011
217.4
– 10.0
– 1.1
–
– 1.1
–
– 1.3
–
– 1.3
– 1.9
– 1.9
0.3
– 1.5
–
–
–
– 5.7
–
– 5.7
– 0.2
– 5.9
10.1
33.6
– 2.6
190.9
– 4.0
228.0
11.7
239.7
Zehnder Group Annual Report 2011
Equity at 1.1.2009
 Consolidated Statement of Changes in Equity
Own shares
Total including
minority interests
Capital reserves
20.1
Purchase of own shares
EUR million
Minority interests
Share capital
Total excluding
minority interests
Statement of Changes
in Equity
73
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 Consolidation Matrix and Principles
Consolidation Matrix
and Principles
Consolidation Matrix
The consolidated financial statements include all domestic and foreign companies in which
Zehnder Group AG directly or indirectly holds more than 50 % of the voting rights. Assets
and liabilities as well as revenues and expenses are included to 100 % in accordance with
the full consolidation method. Minority interests in equity and in net income of fully consolidated companies are recognized separately under the corresponding items.
Companies in which the participation is 50 % or less can also be fully consolidated provided
that legally binding agreements on supervision have been signed.
The following changes were made in the consolidation matrix compared to the previous year:
 Takeover of Nest Italia S.r.l. (Italy) by Zehnder Group AG as of 4 July 2011
(major balance sheet items at first consolidation: trade accounts receivable
EUR 1.2 million, inventories EUR 0.7 million, trade accounts payable EUR 1.0 million,
loans EUR 0.8 million).
The following companies were newly formed in the reporting year:
 Zehnder Group Swiss Property AG (Switzerland),
 Dachang Zehnder Indoor Climate Co. Ltd (China).
Consolidation Principles
General
The data presented in the consolidated financial statements are based on uniform consolidation principles which apply to all Group companies.
Intergroup receivables and payables as well as revenues and expenses are eliminated in the
consolidated statements.
Intercompany business was undertaken at market prices, and intermediate profits in inventories were eliminated.
The consolidated balance sheet and income statement of the Zehnder Group are based on
the audited financial statements of the companies included in the consolidation matrix for
the year ended 31 December.
74
224.indd 74
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 Consolidation Matrix and Principles
Foreign currency translation
For the year under review, the financial statements of subsidiaries which report in currencies
other than the euro were translated into euro (EUR) as follows:
 balance sheet figures at year-end rates,
 income statement figures at average-for-the-year rates.
Differences arising from applying these disparate exchange rates as well as foreign exchange differences on long-term loans of an equity nature to Group companies were
booked direct to consolidated equity capital.
The most important exchange rates used for consolidation are shown in the following table:
CHF 1
USD 1
GBP 1
CNY 100
PLN 100
TRY 100
Year-end rates
2011
0.8219
0.7723
1.1936
12.16
22.58
40.61
2010
0.8023
0.7546
1.1675
11.45
25.23
48.60
Average-for-the-year rates
2011
0.8127
0.7190
1.1528
11.14
24.41
43.04
2010
0.7247
0.7549
1.1661
11.17
25.10
50.14
Capital consolidation
Capital is consolidated to show equity capital as if the Group were one single company. To
do this, it is necessary to offset the net worth of consolidated companies against the capital
allotted to them.
Zehnder Group Annual Report 2011
Basically, capital is consolidated in accordance with the Anglo-Saxon purchase method.
The assets and liabilities of the consolidated subsidiary are valued on the date of the first
consolidation in accordance with the Group’s guidelines. After this revaluation or “step up”,
any goodwill remaining (positive difference between the purchase price and the total disclosed equity capital of the acquired company after revaluation) is directly charged to the
Group’s equity capital in the year of acquisition.
75
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 Accounting and Valuation Principles
Accounting and
Valuation Principles
The balance sheets of all subsidiaries of Zehnder Group AG have been valued according to
uniform valuation principles in accordance with the Swiss accounting and reporting recommendations (Swiss GAAP FER). The financial reporting gives a true and fair view of the financial position, the results of operations and the cash flows. The consolidation principles
as well as the accounting and valuation principles applied remained unchanged year on year.
1. Liquid assets, financial assets and securities
Cash, postal checking account, and bank balances are shown at nominal values.
2. Trade accounts receivable
Trade accounts receivable are shown at nominal value less allowances for specific currency
or credit risks as well as general allowances for bad and doubtful debts. The latter are based
on experience.
3. Inventories
Inventories are valued on the lower of cost or market principle. Purchased products are
valued at acquisition cost and manufactured goods at production cost. Production costs
comprise variable manufacturing costs and manufacturing overheads. Valuation adjustments are under­taken for risks arising from time in storage or reduced marketability. Unrealized profits in inventories from intergroup deliveries are eliminated. Any supplier discounts
are netted with the cost of materials.
4. Property, plant and equipment
Property, plant and equipment are shown in the consolidated balance sheet at acquisition
or manufacturing cost (for self-constructed assets) less depreciation and valuation adjustments from impairment. The following terms of useful life are applicable for the main items
contained in property, plant and equipment:
Buildings
35 to 50 years
Installations
10 to 20 years
Machines and equipment
5 to 15 years
Furniture
5 to 10 years
Computer hard- and software
3 to 5 years
Vehicles
3 to 5 years
The straight-line method of depreciation is applied for all tangible fixed assets. In general,
depreciation commences from the time the asset is put into operation. Plant under construction is not depreciated.
76
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 Accounting and Valuation Principles
Minor assets to a value of up to EUR 3,000 are charged directly as expenses to the income
statement. Investments financed through long-term leases are shown on the balance sheet.
Expenses for operating leasing are charged directly to the income statement.
Costs for maintenance, repairs, and minor renovations are charged as expenses to the income statement when they occur. Major renovations and investments are capitalized if they
result in appreciation of value.
Impairment reviews of property, plant and equipment are undertaken annually; this can lead
to unplanned write-offs.
5. Financial assets and loans
Holdings with a voting interest of less than 20 % and loans are valued at nominal or acquisition cost less appropriate valuation adjustments.
6. Intangible assets
Acquired intangible assets are recognized at acquisition cost and written down over 3 to 10
years. Internally generated intangible assets are fully charged to the income statement.
7. Trade accounts payable and other liabilities
Trade accounts payable and other liabilities are shown at nominal value. They include shortterm tax liabilities, shown in the balance sheet on the basis of the results for the reporting
year. This item also includes taxes on the proposed distribution of profits by subsidiaries.
8. Provisions
Zehnder Group Annual Report 2011
Provisions are made for pension and retirement plans, to cover recognizable risks such as
warranty, litigation, currency, and country risks, and to fund ongoing restructuring measures. They also include provisions for deferred taxes. These arise from differences in individual company accounts between Group assessment and assessment for tax purposes.
Such differences can lead to a time lag before taxes on income are due. Deferred taxes are
calculated on the basis of taxes on earnings payable per country. Actual tax expenditure in
the foreseeable future is not taken into consideration. The provisions for taxes also include
provisions for offsetting risks resulting from tax audits.
77
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 Accounting and Valuation Principles
In most countries, pension and retirement plans are state organised. One of our German
companies has a pension plan in addition to the state scheme. Its liabilities in this respect
are recognized in the balance sheet under provisions.
9. Pension funds
Employees of the Swiss Group companies are registered with a legally independent foundation that provides benefits in addition to state pensions. The foundation is funded through
investment income and premiums paid by both employers and employees. The contributions payable are set out in the regulations.
Swiss GAAP FER 16 requires that the reserve for employer contributions be disclosed. This
reserve is made up of prepayments of future employer contributions to the pension fund.
The economic effects of pension plans on the company are presented as follows: Although
the capitalization of economic benefit would be admissible, it is not undertaken because the
company does not intend to use this to lower employer contributions. Any benefit resulting
from freely disposable employer contribution reserves is recognized as an asset. An economic liability is recognized if the conditions for forming a provision are met. The employer
contributions to the pension fund for the reporting period are recognized in the income
statement.
10. Derivative financial instruments
Derivative financial instruments are used exclusively for hedging purposes. The same valu­
ation principles apply as for the hedged underlying transaction: Valuation is undertaken according to the lower of cost or market principle, i. e. for assets either the current value or the
acquisition cost, whichever is lower; for liabilities either the current value or the nominal value.
There are no acquisition costs if the hedged underlying transaction involves contractually
agreed future cash outs. Such situations are disclosed in the notes to the financial statements. The transaction is only recognized in the income statement once it has been realized.
78
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Notes
 Notes to the Consolidated Financial Statements
to the Consolidated Financial Statements
1. Liquid assets
The reasons for changes in liquid assets are set out in the cash flow statement. Liquid
assets amounted to EUR 65.5 million (2010: EUR 75.4 million) whereas interest-bearing
financial liabilities reached EUR 33.6 million (2010: EUR 32.5 million). Thus, at year end, net
liquidity amounted to EUR 31.9 million (2010: EUR 42.9 million).
2. Accounts receivable
All reported accounts receivable from sales and services as well as the other receivables
are due within one year.
EUR million
Accounts receivable gross *
Valuation adjustments
Accounts receivable net
* of which more than 12 months overdue gross
31.12.2011
31.12.2010
111.0
104.2
– 4.9
– 4.7
106.2
99.4
2.1
0.5
The increase in gross accounts receivable overdue for more than 12 months is primarily
attributable to long-term business projects in China.
EUR million
Raw materials
Semi-finished products and goods in process
31.12.2011
31.12.2010
38.3
32.9
4.7
4.9
Finished products
32.5
27.1
Valuation adjustments
– 7.8
– 7.3
Total inventories
67.7
57.6
Zehnder Group Annual Report 2011
3. Inventories
79
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 Notes to the Consolidated Financial Statements
Plant under
construction
Total
40.5
5.1
133.9
234.2
5.1
397.3
8.2
18.2
34.9
– 2.4
– 5.2
–
– 7.6
Changes in consolidation matrix
0.1
0.4
–
0.5
Reclassifications
0.2
4.8
– 5.2
– 0.2
EUR million
Tangible fixed assets
Net book value at 1.1.2011
Land /
buildings /
installations
in buildings
Machinery /
plant /
other fixed assets
4. Development of fixed assets
88.4
158.0
8.4
Acquisition or current book value
Status 1.1.2011
Investments
Disposals
Currency effects
1.5
0.9
0.6
3.0
165.8
243.4
18.7
427.9
– 69.6
– 193.8
–
– 263.4
– 3.9
– 13.1
–
– 17.0
–
–
–
–
2.4
4.4
–
6.8
– 0.1
– 0.3
–
– 0.4
Reclassifications
–
0.1
–
0.1
Currency effects
– 0.6
– 1.1
–
– 1.8
Status 31.12.2011
– 71.9
– 203.8
–
– 275.6
94.0
39.7
18.7
152.3
Status 31.12.2011
Accumulated valuation adjustments
Status 1.1.2011
Ordinary depreciation
Extraordinary depreciation
Disposals
Changes in consolidation matrix
Net book value at 31.12.2011
80
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3.0
– 3.6
38.5
4.2
124.0
217.9
4.2
367.7
6.5
10.5
20.0
– 7.9
–
– 11.4
 Notes to the Consolidated Financial Statements
145.6
Total
81.3
Plant under
construction
Net book value at 1.1.2010
Machinery /
plant /
other fixed assets
Tangible fixed assets
Land /
buildings /
installations in
buildings
EUR million
Acquisition or current book value
Status 1.1.2010
Investments
Disposals
–
–
–
–
Reclassifications
Changes in consolidation matrix
1.8
7.9
– 9.8
– 0.1
Currency effects
11.1
9.8
0.1
21.1
158.0
234.2
5.1
397.3
– 64.3
– 179.4
–
– 243.7
– 3.7
– 13.0
–
– 16.8
–
–
–
–
3.3
7.4
–
10.7
Status 31.12.2010
Status 1.1.2010
Ordinary depreciation
Extraordinary depreciation
Disposals
Changes in consolidation matrix
–
–
–
–
Reclassifications
–
–
–
–
Currency effects
– 4.9
– 8.8
–
– 13.7
Status 31.12.2010
– 69.6
– 193.8
–
– 263.4
88.4
40.5
5.1
133.9
Net book value at 31.12.2010
Zehnder Group Annual Report 2011
Accumulated valuation adjustments
81
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Reserves for employer
contributions
Total
Net book value at 1.1.2011
Loans
Financial assets
Financial assets
 Notes to the Consolidated Financial Statements
EUR million
2.0
0.2
3.0
5.2
3.8
0.6
3.0
7.5
–
0.2
0.1
0.2
Acquisition or current book value
Status 1.1.2011
Investments
Disposals
–
–
–
–
Changes in consolidation matrix
–
–
–
–
Reclassifications
–
–
–
–
Currency effects
–
–
0.1
0.1
3.9
0.8
3.2
7.8
– 2.3
Status 31.12.2011
Accumulated valuation adjustments
– 1.8
– 0.5
–
Ordinary amortization
Status 1.1.2011
–
–
–
–
Extraordinary amortization
–
–
–
–
Disposals
–
–
–
–
Changes in consolidation matrix
–
–
–
–
Reclassifications
–
–
–
–
Currency effects
–
–
–
–
– 1.8
– 0.5
–
– 2.3
2.0
0.3
3.2
5.5
Status 31.12.2011
Net book value at 31.12.2011
82
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Loans
Reserves for employer
contributions
Total
0.2
2.5
2.8
Status 1.1.2010
1.9
0.6
2.5
5.0
Investments
1.8
–
–
1.8
Disposals
–
–
–
–
Changes in consolidation matrix
–
–
–
–
Financial assets
Net book value at 1.1.2010
 Notes to the Consolidated Financial Statements
Financial assets
0.1
EUR million
Acquisition or current book value
Reclassifications
–
–
–
–
Currency effects
0.2
–
0.5
0.7
Status 31.12.2010
3.8
0.6
3.0
7.5
Accumulated valuation adjustments
– 1.8
– 0.4
–
– 2.2
Ordinary amortization
Status 1.1.2010
–
– 0.1
–
– 0.1
Extraordinary amortization
–
–
–
–
Disposals
–
–
–
–
Changes in consolidation matrix
–
–
–
–
Reclassifications
–
–
–
–
Currency effects
–
–
–
–
– 1.8
– 0.5
–
– 2.3
2.0
0.2
3.0
5.2
Status 31.12.2010
Zehnder Group Annual Report 2011
Net book value at 31.12.2010
83
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 Notes to the Consolidated Financial Statements
2011
2010
2.3
1.7
Status 1.1.
8.3
9.7
Investments
0.7
1.2
– 0.7
– 3.3
–
–
EUR Million
Intangible assets
Net book value at 1.1.
Acquisition or current book value
Disposals
Changes in consolidation matrix
Reclassifications
0.2
0.1
Currency effects
0.1
0.6
Status 31.12.
8.6
8.3
Status 1.1.
– 6.0
– 8.0
Ordinary amortization
– 0.8
– 0.8
Accumulated valuation adjustments
Extraordinary amortization
Disposals
Changes in consolidation matrix
–
–
0.7
3.3
–
–
Reclassifications
– 0.1
–
Currency effects
–
– 0.5
– 6.3
– 6.0
2.3
2.3
Status 31.12.
Net book value at 31.12.
84
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 Notes to the Consolidated Financial Statements
The insurance value of buildings amounted to EUR 174.4 million (2010: EUR 165.8 million)
and that of plant totalled EUR 250.1 million (2010: EUR 245.4 million).
Investments in tangible fixed assets were undertaken in the following regions:
EUR million
2011
2010
Europe
15.6
15.2
Switzerland
14.0
1.7
5.3
3.1
34.9
20.0
Other regions [1]
Total
[1]C hina, USA, others
5. Trade accounts payable /other liabilities /accruals
and deferred income / loans
12 months to
60 months
more than
60 months
Trade accounts payable
25.6
–
–
Other liabilities
41.1
0.7
–
Accruals and deferred income
28.1
–
–
Loans
2.6
22.7
8.3
Total
97.3
23.4
8.3
Zehnder Group Annual Report 2011
EUR million
less than
12 months
The above items fall due as set out in the table below.
The accruals and deferred income item includes current tax liabilities in the amount of
EUR 2.5 million (2010: EUR 4.0 million).
85
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 Notes to the Consolidated Financial Statements
EUR million
Provisions
for deferred taxes
Pension commitments
Provisions
for restructuring
Other provisions
Total
6. Provisions
Book value at 1.1.2011
12.5
8.6
8.2
13.6
42.8
0.2
0.6
–
2.1
2.8
–
–
– 3.3
– 3.0
– 6.3
– 2.6
New provisions
Use
Reversals
Changes in consolidation matrix
Currency effects
Book value at 31.12.2011
of which short term
Book value at 1.1.2010
New provisions
– 1.0
–
–
– 1.6
–
–
–
0.1
0.1
0.1
–
0.2
0.2
0.4
11.8
9.2
5.0
11.2
37.2
–
–
3.3
0.6
3.9
12.8
8.0
9.3
12.8
42.9
–
0.6
–
5.0
5.7
Use
– 0.2
–
– 1.8
– 2.4
– 4.4
Reversals
– 0.9
– 0.1
– 0.9
– 2.5
– 4.4
–
–
–
– 0.4
– 0.4
0.8
0.1
1.5
1.1
3.5
12.5
8.6
8.2
13.6
42.8
–
–
2.0
0.4
2.4
Changes in consolidation matrix
Currency effects
Book value at 31.12.2010
of which short term
The provisions for taxes include deferred taxes as well as other provisions for taxes in
accordance with point 8 of the accounting and valuation principles on page 77.
The discount rate for German pension commitments was 6 %.
Provisions for restructuring are calculated annually and adjusted accordingly. We assume
that there is a high likelihood of these provisions being used.
The other provisions are primarily provisions for guarantees, for contaminated sites and
dismantling real estate, and for pending legal proceedings.
86
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 Notes to the Consolidated Financial Statements
7. Equity capital
On 31 December 2011, the equity ratio was 59 % (2010: 57 %). The factors that contributed
to changes in consolidated equity are presented in the consolidated statement of changes
in equity.
In addition to a dividend of CHF 25 per bearer share and of CHF 5 per registered share, the
Annual General Meeting of Shareholders of Zehnder Group AG held on 20 May 2011
approved the repayment of the par value of CHF 50 per bearer share and CHF 10 per registered share as well as a 1:40 share split.
Since the par value repayment and the share split in August 2011, the share capital now
totals CHF 14.7 million (2010: CHF 29.3 million), corresponding to EUR 10.1 million (2010:
EUR 20.1 million) at the exchange rate on 1.1.2003. It is now made up of 9,756,000 bearer
shares with a par value of CHF 1.25 each (2010: 243,900 bearer shares at CHF 100 each),
and 9,900,000 registered shares with a par value of CHF 0.25 each (2010: 247,500 registered shares at CHF 20 each).
Value per unit
EUR
Value
EUR 1,000
Bearer shares
units
The statutory and legal reserves and those not available for distribution amounted to
EUR 9.2 million (2010: EUR 14.2 million).
26.70
2,214
– 26,080
38.18
– 996
Purchase at acquisition price
26,400
42.29
1,116
Own shares at 31.12.2011
83,240 [2]
30.65
2,551
82,920 [2]
Sale at (theoretical) market price
– 53
Loss (gain) from sale
Zehnder Group Annual Report 2011
Own shares at 1.1.2011 [1]
Nominal value repayment
270
[1]T he prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).
[2]o f which 51,480 (1.1.) or 56,840 (31.12.) reserved for the option program
The shares were sold with a discount of 30 % to management staff participating in a stock
ownership plan.
Major shareholders as defined in Art. 663c of the Swiss Code of Obligations (company law)
are disclosed in the individual financial statements of Zehnder Group AG.
87
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 Notes to the Consolidated Financial Statements
8. Contingent liabilities
At end 2011 there were guarantee obligations vis-à-vis third parties totalling EUR 24.8 million
(2010: EUR 24.7 million).
9. Pledged assets
Of the group’s total assets, EUR 20.6 million served as collateral (2010: EUR 22.1 million).
The pledged assets were exclusively land and buildings.
10. Liabilities to pension funds
At 31 December 2011, the Swiss Group companies had liabilities vis-à-vis mandatory pension funds in the amount of EUR 0.6 million (2010: none).
11. Accounts receivable and payable vis-à-vis
not fully consolidated companies and shareholders
As in the previous year there were no accounts receivable from or payable to not fully
consolidated companies. As in the previous year there were no accounts receivable from
known shareholders. Accounts payable to known shareholders amounted to EUR 0.4 million
(2010: none).
12. Deferred tax assets
There are a few companies that have tax loss carryforwards. In view of their economic situation and the legally limited period over which such carryforwards can be exploited, deferred tax assets are not capitalized.
13. Transactions with closely associated persons
In the reporting year no transactions with closely associated persons were undertaken.
14. Minority interests
During the reporting year Zehnder Group undertook no significant transactions with third
party shareholders in subsidiaries with the exception of fulfilling existing obligations.
88
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 Notes to the Consolidated Financial Statements
15. Derivative financial instruments
EUR million
Foreign exchange
Interest
Total
31.12.2011
active value
31.12.2011
passive value
31.12.2010
active value
0.3
–
0.6
–
hedging
–
–
–
–
hedging
0.3
–
0.6
–
31.12.2010
passive value
purpose
16. Operating leasing not recognized in the balance sheet
Current operating leasing contracts expire as follows:
EUR million
31.12.2011
31.12.2010
2.3
2.5
in 13 – 60 months
5.1
5.6
in more than 60 months
1.7
2.1
Total
9.2
10.2
Zehnder Group Annual Report 2011
within 12 months
89
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 Notes to the Consolidated Financial Statements
17. Employer contribution reserves and pension fund liabilities
Employer contribution reserve (ECR)
in EUR 1,000
2011
Nominal value
31.12.2011
Not utilized
31.12.2011
Other valuation adjustments
31.12.2011
Balance sheet
31.12.2011
Balance sheet
31.12.2010
Currency effects resulting from ECR
2011
Result from ECR in financial earnings
2011
Pension trust fund
3,162
–
–
3,162
3,025
75
62
–
–
–
–
–
–
–
3,162
–
–
3,162
3,025
75
62
Nominal value
31.12.2010
Not utilized
31.12.2010
Other valuation adjustments
31.12.2010
Balance sheet
31.12.2010
Balance sheet
31.12.2009
Currency effects resulting from ECR
2010
Result from ECR in personnel expenses
2009
This disclosure refers to the Swiss pension funds. Please see point 9 of the accounting and
valuation principles on page 78.
3,025
–
–
3,025
2,535
491
– 292
Personnel pension fund Zehnder Group
Total
Employer contribution reserve (ECR)
in EUR 1,000
2010
Pension trust fund
Personnel pension fund Zehnder Group
Total
–
–
–
–
–
–
– 10
3,025
–
–
3,025
2,535
491
– 302
90
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224.indd 91
–
–
–
–
–
–
–
3,531
3,531
3,399
Total
764
–
–
–
3,531
3,531
3,399
Capitalized in business year
2010
Contributions accrued
2010
Pension expenses in personnel expenses
2010
Pension expenses in personnel expenses
2009
480
–
–
–
–
–
–
Pension fund
1,377
–
–
–
3,399
3,399
2,970
Total
1,857
–
–
–
3,399
3,399
2,970
Zehnder Group Annual Report 2011
–
–
Economic share of organization
31.12.2009
Pension trust fund
611
153
Economic share of organization
31.12.2010
Economic benefits / economic liabilities
and pension expenses
in EUR 1,000
2010
Pension trust fund
Pension fund
Excess / inadequate cover
31.12.2010
 Notes to the Consolidated Financial Statements
Pension expenses in personnel expenses
2010
Pension expenses in personnel expenses
2011
Contributions accrued
2011
Capitalized in business year
2011
Economic share of organization
31.12.2010
Economic share of organization
31.12.2011
Excess / inadequate cover
31.12.2011
Economic benefits / economic liabilities
and pension expenses
in EUR 1,000
2011
91
08.03.2012 10:06:37
 Notes to the Consolidated Financial Statements
18. Sales
Consolidated sales in 2011 grew by 8 % to EUR 515.4 million (2010: EUR 475.9 million).
Organically and with unchanged exchange rates the increase was also 8 %.
2011
2011
%
2010
2010
%
EUR Million
307.7
59.7
295.4
62.1
%
4.2
Sales by region and segment
Radiators Europe
change from prior year
Radiators USA
change from prior year
Radiators China
change from prior year
Total radiators
change from prior year
Ventilation Europe
change from prior year
Ventilation USA
change from prior year
Ventilation China
change from prior year
Total ventilation
change from prior year
Total Europe
change from prior year
Total USA
change from prior year
Total China
change from prior year
Total
change from prior year
EUR Million
20.8
%
– 4.5
EUR Million
19.7
%
9.8
EUR Million
348.2
%
3.9
EUR Million
153.4
%
15.7
EUR Million
7.0
%
33.6
EUR Million
6.7
%
126.9
EUR Million
167.1
%
18.7
EUR Million
461.1
%
7.7
EUR Million
27.8
%
2.9
EUR Million
26.5
%
26.4
EUR Million
515.4
%
8.3
3.9
4.0
21.7
4.6
12.6
3.8
18.0
3.8
26.5
67.6
335.1
70.4
5.4
29.8
132.6
27.9
16.9
1.4
5.3
1.1
25.1
1.3
3.0
0.6
170.3
32.4
140.8
29.6
18.7
89.5
428.0
89.9
7.6
5.4
27.0
5.7
14.8
5.1
20.9
4.4
36.8
100.0
475.9
100.0
9.0
92
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 Notes to the Consolidated Financial Statements
19. Cost of materials and personnel costs
The cost of materials increased by 11% in the reporting year primarily because of higher
production volume and changes in the purchase price. Some 2 % (2010: 3 %) of the cost of
materials is attributable to services sourced from third parties. Personnel costs rose by 10 %.
Social security and pension fund expenditure amounted to 23 % of total personnel costs.
Personnel figures in the past three years developed as follows (as at 31 December):
2011
2010
2009
By region
Europe
2,081
1,998
1,884
Switzerland
331
313
300
Other regions [1]
682
634
683
3,094
2,945
2,867
Total employees
[1]C hina, USA, others
20. Other operating expenses
The other operating expenses break down as follows:
EUR million
2011
2010
Operating expenses
– 40.2
– 39.9
Marketing and advertising expenses
– 41.0
– 38.5
Administration expenses
– 23.2
– 18.3
– 104.3
– 96.7
Zehnder Group Annual Report 2011
Total
93
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 Notes to the Consolidated Financial Statements
21. Financial result
EUR million
2011
2010
Financial expenses
– 1.9
– 2.0
Financial earnings
0.7
0.7
Exchange gains /(losses)
2.5
1.8
Total financial result
1.3
0.5
22. Taxes
The tax ratio (taxes in percent of earnings before taxes) was 22 % (2010: 25 %).
EUR million
Current taxes
Deferred taxes
Total taxes
2011
2010
– 12.1
– 13.4
0.8
0.7
– 11.3
– 12.7
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 Notes to the Consolidated Financial Statements
23. Goodwill
In accordance with the consolidation principles, Zehnder Group directly nets acquired
goodwill with equity at the time of first consolidation.
If the parts of the acquired goodwill that could be capitalized had been capitalized and written down over a period of five years, the following figures would have resulted:
31.12.2011
31.12.2010
EUR million
239.7
217.4
%
59.0
57.5
Status at beginning of business year
EUR million
93.1
95.0
Additions
EUR million
1.9
2.3
Disposals
EUR million
– 0.6
– 4.2
Status at end of business year
EUR million
94.4
93.1
Impact of theoretical capitalization of goodwill on balance sheet
Disclosed equity inclusive minority interests
Equity ratio
Acquisition value of goodwill
Status at beginning of business year
EUR million
– 76.6
– 66.2
Amortization in current year
EUR million
– 8.4
– 10.4
Impairment
EUR million
–
–
Disposals
EUR million
–
–
Status at end of business year
EUR million
– 85.0
– 76.6
Theoretical net book value of goodwill
EUR million
9.4
16.5
Theoretical equity inclusive minority interests
and net book value of goodwill
EUR million
249.1
233.9
%
60.0
59.2
Theoretical equity ratio
Zehnder Group Annual Report 2011
Accumulated amortization
95
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 Notes to the Consolidated Financial Statements
2011
2010
Impact of theoretical capitalization of goodwill on results
Disclosed net income
EUR million
41.1
38.2
Theoretical amortization of goodwill
EUR million
– 8.4
– 10.4
Net income after amortization of goodwill
EUR million
32.7
27.8
31.12.2011
Outstanding
options
units [1]
31.12.2010
Outstanding
options
units [1]
As in 2010, no impairment of value was noted on the theoretically capitalized and correctly
amortized goodwill.
24. Options and shares granted
Every year, members of Group management are granted options on bearer shares with a
subscription ratio of 1:1 (since 2006). 60 –70 % of the allocated options are hedged with
shares bought on the market (see note 7, page 87).
Allocated
options
units [1]
Exercise price
CHF [1]
Allocated options
Allocation day
Exercise period
1 March 2006
2 March 2011 – 1 March 2014
13,040
48.53
5,520
8,240
1 March 2007
2 March 2012 – 1 March 2015
13,920
66.25
8,640
9,440
1 March 2008
2 March 2013 – 1 March 2016
13,440
35.25
9,360
10,160
1 March 2009
2 March 2014 – 1 March 2017
12,880
17.28
9,920
10,720
1 March 2010
2 March 2015 – 1 March 2018
14,080
37.93
11,600
12,400
1 March 2011
2 March 2016 –1 March 2019
14,480
62.50
13,760
–
58,800
50,960
Total
81,840
[1]T he prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).
96
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 Notes to the Consolidated Financial Statements
The allocated options are cancelled if a holder leaves the company during the five-year vesting period. The number of options and the average exercise price are made up as follows:
2011
Average
exercise price
CHF
2011
Options
units
2011
Average
exercise price
CHF [1]
2010
Options
units [1]
Outstanding options at 1.1.
40.01
50,960
40.16
41,680
Allocated options
62.50
14,480
37.93
14,080
Cancelled options
44.01
– 4,400
35.23
– 4,800
40.01
50,960
Outstanding options
Exercised options
48.53
– 2,240
Outstanding options at 31.12.
44.25
58,800
Exercisable options at 31.12.
48.53
5,520
–
–
[1]T he prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).
The market value of shares issued is based on the share price, taking into account the
conditions under which the shares were allocated (for example the vesting period).
The difference between market value at the time of purchase and the purchase price is
recognised in personnel costs.
2011
2010 [1]
21,040
23,680
Shares granted
Number
Fair value per share at valuation date
CHF
62.75
36.35
Personnel costs
CHF
327,000
256,000
Zehnder Group Annual Report 2011
Shares granted
[1]T he prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).
97
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 Notes to the Consolidated Financial Statements
25. Events after the balance sheet date
Zehnder Group AG increased its investment in Sanpan Isitma Sistemleri Sanayi ve Ticaret
Ltd, which it has held since 2006, from 51% to 100 % as at 5 January 2012. Both parties
have agreed not to disclose details of the price.
The financial statements for 2011 were approved by the board of directors on 1 March 2012,
subject to approval by the annual general meeting on 24 April 2012.
26. Disclosure of compensation paid
to the board of directors and the executive committee
Please refer to the disclosure in the individual financial statements of Zehnder Group AG on
page 108.
27. Risk assessment
Zehnder Group operates a risk assessment process, which was approved by the board of
directors. The risk policy defines a structured process which, in turn, specifies how business
risks are to be monitored; it is an integral part of midterm planning. In this process risks are
identified, analysed with regard to probability and magnitude, assessed, and measures for
risk control are determined. Each member of the Group executive committee is required to
implement the measures in his area of responsibility. The board is periodically informed on
significant changes in risk assessment as well as on risk management activities undertaken.
The internal control system for financial reporting defines control measures to reduce the
various risks. Compliance with the internal guidelines is monitored through internal spot
checks and periodically by external specialists.
Financial risks are monitored via the treasury department of Zehnder Group under the leadership of the CFO. Risk management focuses on the recognition, analysis and hedging of
foreign exchange, interest, liquidity and counterparty risks in order to limit their impact on
cash flow and net result.
98
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Overview of
Companies
Capital stock
Interest in %
Consolidated
S
300,000
100
fully
" Overview of Companies
Activity
Status 31.12.2011, only active companies,
countries in alphabetical order
Belgium
Mechelen
Zehnder Group Belgium nv / sa
China
Dachang
Dachang Zehnder Indoor Climate Co. Ltd
Peking
Zehnder (China) Indoor Climate Co. Ltd
Shanghai
Shanghai
P
10,000,000
73
fully
S / P
228,250,000
73
fully
Shanghai Nather Air Tech Co. Ltd
S
500,000
51
fully
Shanghai Zehnder Comfosystems Co. Ltd
S
USD 400,000
100
fully
Châlons-en-Champagne
Zehnder Group Châlons-en-Champagne SAS
P
3,300,000
100
fully
Evry
Acova SAS
S
6,922,350
100
fully
Evry
Zehnder Group Participations SAS
Evry
Zehnder Group Services SAS
Evry
Saint Quentin
Vaux Andigny
France
O
7,744,000
100
fully
S / O
252,500
100
fully
Zehnder SAS
S
1,776,000
100
fully
HET Transport & Logistique SAS
O
687,000
100
fully
Zehnder Group Vaux Andigny SAS
P
4,200,000
100
fully
Lahr
Zehnder Group Deutschland GmbH
(formerly Acova GmbH)
Lahr
Zehnder GmbH
O
1,000,000
100
fully
S / P
15,000,000
100
fully
Lahr
Zehnder Group Deutschland Holding GmbH
(formerly Zehnder Group Deutschland GmbH)
O
2,100,000
100
fully
Lahr
Zehnder Group Grundstücksverwaltungs-GmbH
O
1,100,000
100
fully
Reinsdorf
Paul Wärmerückgewinnung GmbH
S / P
2,100,000
100
fully
80,000
100
fully
Zehnder Group Annual Report 2011
Germany
Italy
Campogalliano
Zehnder Tecnosystems S.r.l.
S
Lallio
Runtal Italia S.r.l.
S
125,000
100
fully
Lallio
Zehnder Group Italia S.r.l.
S
750,000
100
fully
Vedelago
Nest Italia S.r.l.
S / P
99,000
100
fully
99
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Activity
Capital stock
Interest in %
Consolidated
" Overview of Companies
Zwolle
Zehnder Group Nederland BV
S / P
907,560
100
fully
Zwolle
Zehnder Nederland BV
S
18,000
100
fully
Boleslawiec
Zehnder Group Boleslawiec Sp. z o.o.
P
51,280,000
100
fully
Wroclaw
Zehnder Polska Sp. z o.o.
S
4,000,000
100
fully
OOO «Zehnder GmbH», Russia
S
1,866,000
100
fully
Zehnder Group Iberica Indoor Climate SA
(formerly Runtal Radiadores S.A.)
S
300,500
100
fully
Täby
Zehnder Group Nordic AB
S
6,400,000
100
fully
Täby
Zehnder Group Motala AB
(formerly Zehnder Group Sweden Holding AB)
P
120,000
100
fully
Gränichen
Runtal Holding Company SA
O
220,000
100
fully
Gränichen
Zehnder Group AG
O
14,670,000
Gränichen
Zehnder Group Management AG
O
250,000
100
fully
Gränichen
Zehnder Group Produktion Gränichen AG
P
2,900,000
100
fully
Gränichen
Zehnder Group International Ltd
(formerly Zehnder Group Radimex AG)
O
1,000,000
100
fully
Gränichen
Zehnder Group Schweiz AG
S
500,000
100
fully
Gränichen
Zehnder Verkaufs- und Verwaltungs-AG
O
100,000
100
fully
Gränichen
Zehnder Group Swiss Property AG
O
2,000,000
100
fully
Wädenswil
Zehnder Comfosystems Cesovent AG
S
100,000
100
fully
Netherlands
Poland
Russia
Moscow
Spain
Barcelona
Sweden
Switzerland
fully
100
225.indd 100
08.03.2012 10:07:29
Interest in %
Consolidated
51
fully
51
fully
" Overview of Companies
Capital stock
50,000
4,480,000
Activity
S
S / P
Turkey
Manisa
Hotpan Isitma Sistemleri Pazarlama ve Ticaret Ltd
Manisa
Sanpan Isitma Sistemleri Sanayi ve Ticaret Ltd
UK
Camberley
Zehnder Group UK Limited
S
3,500,002
100
fully
London
Zehnder Group UK Holdings Limited
O
20,000,000
100
fully
Rustington
Ventilation Holding UK Ltd
(Greenwood Air Management Ltd)
S / P
St. Peter Port
Zehnder Group Finance Ltd
3,400,002
100
fully
O EUR 82,985,738
100
fully
S / P
55,950
100
fully
S
10
100
fully
S / P
193,322
100
fully
USA
Buffalo NY
Hydro-Air Components, Inc.
Greenland NH
Zehnder America, Inc.
Ward Hill MA
Runtal North America, Inc.
Ward Hill MA
Steam Radiators Business Trust
S
200
100
fully
Ward Hill MA
Zehnder Group US Holdings, Inc.
O
30
100
fully
Share capital in local currency unless otherwise stated
Zehnder Group Annual Report 2011
P: production
S: sales
O: other functions
101
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Report of the
Statutory Auditor
" Report of the Statutory Auditor
on the Consolidated Financial Statements to the General Meeting
of Shareholders of Zehnder Group Ltd, Gränichen
As statutory auditor, we have audited the accompanying consolidated financial statements
of Zehnder Group Ltd, which comprise the balance sheet, income statement, cash flow
statement, statement of changes in equity and notes, as presented on pages 69 through 101,
for the year ended 31 December 2011.
Board of Directors’ Responsibility
The board of directors is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with Swiss GAAP FER and the requirements
of Swiss law. This responsibility includes designing, implementing and maintaining an internal control system relevant to the preparation and fair presentation of consolidated financial
statements that are free from material misstatement, whether due to fraud or error. The
board of directors is further responsible for selecting and applying appropriate accounting
policies and making accounting estimates that are reasonable in the circumstances.
Auditor’s Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based
on our audit. We conducted our audit in accordance with Swiss law and Swiss Auditing
Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the consolidated financial statements. The procedures selected depend on
the auditor’s judgment, including the assessment of the risks of material misstatement of the
consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control system relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the entity’s internal control system. An audit also includes
evaluating the appropriateness of the accounting policies used and the reasonableness of
accounting estimates made, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
102
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" Report of the Statutory Auditor
Opinion
In our opinion, the consolidated financial statements for the year ended 31 December 2011
give a true and fair view of the financial position, the results of operations and the cash flows
in accordance with Swiss GAAP FER and comply with Swiss law.
Report on Other Legal Requirements
We confirm that we meet the legal requirements on licensing according to the Auditor Oversight Act (AOA) and independence (article 728 CO and article 11 AOA) and that there are no
circumstances incompatible with our independence.
In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890,
we confirm that an internal control system exists, which has been designed for the preparation of consolidated financial statements according to the instructions of the board of
directors.
We recommend that the consolidated financial statements submitted to you be approved.
KPMG AG
Daniel Spichiger
Licensed Audit Expert
Zehnder Group Annual Report 2011
Orlando Lanfranchi
Licensed Audit Expert
Auditor in Charge
Basel, 1 March 2012
103
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Balance Sheet
" Balance Sheet Zehnder Group AG
Zehnder Group AG
CHF million
Notes
page 106 ff
2011
31 December
2010
31 December
12.7
9.0
Assets
Current assets
Liquid assets
Securities and financial investments
1
Accounts receivable from Group companies
Prepayments and accrued income
Total current assets
4.3
4.7
13.6
16.7
0.1
–
30.8
30.4
298.3
290.7
Financial assets
Participations
2
Loans to Group companies
135.0
94.8
Total financial assets
433.3
385.5
Total assets
464.2
415.9
2.1
2.4
Liabilities & shareholders’ equity
Short-term liabilities
Short-term liabilities to Group companies
Short-term liabilities to third parties
Short-term loans to Group companies
Accruals and deferred income
Total short-term liabilities
0.5
1.7
55.7
27.8
0.9
1.3
59.3
33.2
Long-term liabilities
Long-term liabilities to third parties
0.9
1.1
Long-term loans third parties
10.0
10.0
Provisions
59.8
59.8
Total long-term liabilities
70.7
70.9
Shareholders’ equity
Share capital
General legal reserves
3
14.7
29.3
46.5
46.5
Legal reserve for own shares
3.8
3.1
Special reserves
0.3
0.9
224.7
216.1
Profit carried forward
44.4
15.9
Total shareholders’ equity
Net income for the year
334.2
311.8
Total liabilities and shareholders’ equity
464.2
415.9
104
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Income Statement
CHF million
Notes
page 106 ff
2011
2010
4
" Income Statement Zehnder Group AG
Zehnder Group AG
Income
Dividend income
48.3
20.2
Interest income
5.5
5.0
Other operating income
2.2
2.1
56.0
27.3
Total income
Expenses
Personnel expenses
– 0.8
– 0.4
Interest and other financial expenses
– 8.3
– 8.6
Other expenses
– 2.4
– 2.4
Total expenses
– 11.6
– 11.4
44.4
15.9
Zehnder Group Annual Report 2011
Net income for the year
105
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Notes
" Notes to the Financial Statements
to the Financial Statements
General comments
As Zehnder Group AG has a pure holding-company function, the point must be made that
the income development of this company in no way reflects the present or future profitability of Zehnder Group. Hence the development of the Group as set out in the consolidated
financial statements – and not the individual financial statements of Zehnder Group AG – is
decisive for the board of directors for their dividend proposal. The aim of the dividend policy
laid down by the board of directors is to pay out some 30 % of the consolidated net income
of Zehnder Group to its shareholders.
The balance sheet and income statement are drawn up in line with Swiss company law.
1. Securities and financial investments
Value per
share
CHF [1]
Value
CHF
Own shares at 1.1.2011, trading portfolio
Bearer
shares
units [1]
The table below shows the development of this item.
31,440
56.75
1,784,220
Nominal value repayment
Shares sold
– 5,500
– 23,840
51.73
– 1,233,252
26,400
52.37
1,382,697
Reclassifications
– 7,600
56.75
– 431,300
Own shares at 31.12.2011, trading portfolio
26,400
51.35
1,355,640
Own shares at 1.1.2011, Long Term Stock Option Plan
51,480
56.75
2,921,490
– 2,240
64.84
– 145,231
Loss from sale
Shares bought
– 119,668
Unrealized price loss at 31.12.2011
– 21,557
Nominal value repayment
Shares sold
– 71,350
Gain from sale
3,444
Shares bought
–
Unrealized price loss at 31.12.2011
Reclassifications
Own shares at 31.12.2011, Long Term Stock Option Plan
– 220,919
7,600
56.75
431,300
56,840
51.35
2,918,734
Total securities at 1.1.2011
82,920
4,705,710
Total securities at 31.12.2011
83,240
4,274,374
[1]T he prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).
106
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" Notes to the Financial Statements
2. Participations
The direct or indirect majority holdings decisive for the total value of the Group are set out
in table form on pages 99 to 101 of this report.
Total at 1.1.2011
243,900
Total at 1.1.2011
24,390,000
247,500
Nominal value repayment
Share split 1:40
Total at 31.12.2011
Value
CHF
Registered
shares
units
Bearer
shares
units
3. Share capital
4,950,000
14,670,000
9,512,100
9,652,500
9,756,000
9,900,000
14,670,000
In addition to a dividend of CHF 25 per bearer share and of CHF 5 per registered share, the
Annual General Meeting of Shareholders of Zehnder Group AG held on 20 May 2011 approved the repayment of the par value of CHF 50 per bearer share and CHF 10 per registered share as well as a 1:40 share split.
Zehnder Group Annual Report 2011
Since the par value repayment and the share split in August 2011, the share capital now
totals CHF 14.7 million (2010: CHF 29.3 million), corresponding to EUR 10.1 million (2010:
EUR 20.1 million) at the exchange rate on 1.1.2003. It is now made up of 9,756,000 bearer
shares with a par value of CHF 1.25 each (2010: 243,900 bearer shares at CHF 100 each),
and 9,900,000 registered shares with a par value of CHF 0.25 each (2010: 247,500 registered shares at CHF 20 each).
The unlisted registered shares (CHF 0.25 nominal value) are all directly or indirectly held by
members of the Zehnder family or by persons closely associated with the family. The great
majority of the registered shares is owned by Graneco AG (Switzerland), which is controlled
by Messrs. H. P. Zehnder, H. J. Zehnder, A. Zehnder and P. Wiesendanger.
4. Dividend income
The dividend income comprises all dividends received by the company. These are generally recognized before deduction of any withholding taxes.
107
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" Notes to the Financial Statements
Disclosure of compensation
Compensation for the present members of the board of directors
Notes
page 112 ff
2011
units
2010
units [1]
2011
CHF
2010
CHF
80,000
50,000
2,200
1,960
115,910
59,819
699,998
545,805
Hans-Peter Zehnder
Chairman of the board and of the Group executive committee
Fixed cash compensation for board activity
Allocated shares for board activity
1
Fixed cash compensation for GEC activity
Variable cash compensation for GEC activity
2
410,000
436,600
Employer social security and pension contributions
3
167,503
140,523
Shares acquired
4
2,160
1,680
35,286
8,854
Options granted
5
320
320
2,659
2,407
Other payments
6
11,512
13,512
1,522,868
1,257,520
2011
CHF
2010
CHF
40,000
25,000
56,901
29,299
4,167
1,928
101,068
56,227
Total compensation
[1]T he prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).
Notes
page 112 ff
2011
units
2010
units [1]
1,080
960
Peter Wiesendanger
Deputy chairman of the board
Fixed cash compensation for board activity
Allocated shares for board activity
1
Employer social security and pension contributions
3
Total compensation
[1]T he prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).
108
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2011
units
2010
units [1]
1,080
960
2011
CHF
2010
CHF
40,000
25,000
56,901
29,299
" Notes to the Financial Statements
Notes
page 112 ff
Thomas Benz
Member of the board
Fixed cash compensation for board activity
Allocated shares for board activity
1
Fixed cash compensation for additional services
Employer social security and pension contributions
3
Total compensation
5,906
–
7,828
3,285
110,635
57,584
2011
CHF
2010
CHF
–
25,000
–
29,299
[1]T he prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).
Notes
page 112 ff
2011
units
2010
units [1]
–
960
Paul Meier
Member of the board up to 19.5.2010
Fixed cash compensation for board activity
Allocated shares for board activity
1
Employer social security and pension contributions
3
Total compensation
–
3,285
–
57,584
2011
CHF
2010
CHF
[1]T he prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).
Notes
page 112 ff
2011
units
2010
units
1,080
–
Fixed cash compensation for board activity
Allocated shares for board activity
1
Fixed cash compensation for additional services
Employer social security and pension contributions
Total compensation
3
40,000
–
56,901
–
8,000
–
6,056
–
110,957
–
Zehnder Group Annual Report 2011
Urs Buchmann
Member of the board as of 19.5.2010
109
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08.03.2012 10:07:30
" Notes to the Financial Statements
Notes
page 112 ff
2011
units
2010
units [1]
1,080
960
2011
CHF
2010
CHF
40,000
25,000
Enrico Tissi
Member of the board
Fixed cash compensation for board activity
Allocated shares for board activity
1
Fixed cash compensation for additional services
Employer social security and pension contributions
3
Total compensation
56,901
29,299
238,004
238,004
20,932
17,684
355,837
309,987
2011
CHF
2010
CHF
240,000
150,000
[1]T he prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).
Each member of the board is paid an expense allowance of CHF 2,000 or – provided the
expenses exceed this sum – the actual expenses incurred are reimbursed.
Notes
page 112 ff
2011
units
2010
units [1]
Total compensation paid to the present members
of the board of directors
Fixed cash compensation for board activity
Allocated shares for board activity
1
6,520
5,800
Fixed cash compensation for GEC activity
Variable cash compensation for GEC activity
2
Fixed cash compensation for additional services
Employer social security and pension contributions
3
Shares acquired
4
2,160
1,680
Options granted
5
320
320
Other payments
6
Total compensation
343,514
177,016
699,998
545,805
410,000
436,600
251,910
238,004
206,486
166,705
35,286
8,854
2,659
2,407
11,512
13,512
2,201,365
1,738,903
[1]T he prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).
110
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08.03.2012 10:07:31
" Notes to the Financial Statements
Compensation for the Group executive committee
Hans-Peter Zehnder is chairman of the Group executive committee. Disclosure of his compensation is set out under compensation for present members of the board of directors.
Consequently, his compensation is not set out again in this disclosure.
2011
units
Notes
page 112 ff
2010
units [1]
2011
CHF
2010
CHF
Total compensation paid to the executive committee
excl. Hans-Peter Zehnder
1,348,510
1,373,273
Variable cash compensation
Fixed cash compensation
2
843,853
824,388
Employer social security and pension contributions
3
472,452
427,335
Shares acquired
4
3,680
4,400
60,117
23,188
Options granted
5
960
1,280
7,977
9,626
Other payments
6
Total compensation
23,635
27,698
2,756,544
2,685,508
[1]T he prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).
The highest compensation for a member of the executive committee is paid to its chairman,
Hans-Peter Zehnder (see compensation for present members of the board of directors).
Compensation for a former member of the board of directors
2011
CHF
2010
CHF
80,000
50,000
Fixed cash compensation
Employer social security and pension contributions
Total compensation
3,255
1,676
83,255
51,676
Zehnder Group Annual Report 2011
Hans-Jakob Zehnder
Honorary president
Guarantees, etc.
No Zehnder Group company has given guaranties, waivers of claims outstanding, credits
or loans to present or former members of the board of directors, to members of the Group
executive committee, or to persons closely associated with them.
111
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" Notes to the Financial Statements
Notes to disclosure of compensation
1. Allocated shares
Compensation for board activities is fixed and made up of a fee and a small expense allowance. Half the compensation must be drawn in bearer shares. These are allocated at a
discount of 30 % on the purchase price. The bearer shares are subject to a three-year restriction period.
Disclosure of the shares allocated in the reporting year is, as required for tax purposes, at
market value at the time of allocation (and not at the purchase price less 30 % as described
above).
2. Variable cash compensation
The variable cash compensation for the Group executive committee is made up of a profitrelated, variable salary and an individual bonus. The variable part is paid out in the following
year. It is calculated using a fixed formula based on the disclosed net income for the year as
well as on individual compensation factors. The latter reflect such aspects as the complexity of the position held, personal experience and personal success. The variable salary can
only be earned provided that net income for the year is positive. The targeted variable compensation for the chairman of the Group executive committee it ranges from 50 % to 100 %
of the fixed basic salary. For all other members of the Group executive committee it ranges
from 35 % to 75 % of the fixed basic salary. There is a contractually agreed upper limit for
variable compensation for all members of the Group executive committee: for the chairman
of the Group executive committee it is 100 %, for all other members 75 %. The individual
bonus of up to a maximum of 10 % of the fixed basic salary is linked to reaching individual
targets.
3. Employer social security and pension contributions
These are employer contributions to state social security systems and / or independent pension funds at home and abroad.
4. Acquired shares
Members of the Group executive committee may take 10 % of their total compensation in
the form of bearer shares. The regulations governing this were approved by the board of
directors and also apply to other Group management personnel.
The bearer shares are sold with a 30 % discount on the purchase price to those who qualify; the shares are subject to a three-year restriction period.
The value disclosed under acquired shares corresponds to the market value for tax purposes at the time of purchase less the discounted purchase price.
112
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08.03.2012 10:07:31
" Notes to the Financial Statements
5. Options granted
Options are granted in accordance with the Long Term Stock Option Plan (LTSOP).
This plan was approved by the board of directors and also applies to other Group management personnel. The options are not tradable, are locked up for a period of five years and –
after the lock-up period – can be exercised over a period of three years. Management
personnel may decline such options. If the options are not exercised they lapse and become
worthless.
Each option carries the right to acquire one bearer share at a price fixed at the time of the
allocation. For further information on employee options please refer to note 24 on page 96
in the notes to the consolidated financial statements.
Valuation of the options granted in the reporting year is based on the Black / Scholes formula. As this formula does not take into consideration various LTSOP restrictions (such as
the lock-up period), the gross value is discounted in line with Black / Scholes.
6. Other payments
The other payments primarily include the legally required child benefit payments, the private
share in a company car, and the right to eat in the subsidized staff restaurant.
Disclosure of ownership structure
According to the information available to the board of directors, the following shareholder
holds more than 3.0 % of the share capital of Zehnder Group AG:
 Alecta pensionsförsäkring, ömsesidigt, Stockholm (SE), holds 849,224 bearer shares,
corresponding to 4.3 % of the votes (2010: 0.0 %).
[1]  w ww.six-swiss-exchange.com/shares/companies/major_shareholders_en.html?fromDate=19980101&issuer=2375
225.indd 113
Zehnder Group Annual Report 2011
For notification of disclosure of significant shareholdings please refer to the website of SIX
Swiss Exchange [1].
113
08.03.2012 10:07:31
" Notes to the Financial Statements
2011
Bearer shares
units [1]
2010
Bearer shares
units [1]
2011
Registered shares
units [2]
2010
Registered shares
units [2]
2011
Options
units [3]
2010
Options
units [3]
Members of the board of directors and of the Group executive committee, including persons
closely associated with them, own the following shares and options:
Hans-Peter Zehnder
Chairman of the board and of the Group executive committee
102,776
0.5 % [4]
134,800
0.7 % [4]
4,999,701
25.4 % [4]
4,736,160
24.1 % [4]
1,600
1,600
Peter Wiesendanger
Deputy chairman
36,880
0.2 % [4]
33,800
0.2 % [4]
1,337,600
6.8 % [4]
1,337,600
6.8 % [4]
960
960
Thomas Benz
Member of the board
19,600
18,520
–
–
–
–
Urs Buchmann
Member of the board
1,920
840
–
–
–
–
Enrico Tissi
Member of the board
7,960
6,880
–
–
–
–
Dominik Berchtold
Finance and Controlling
7,800
5,880
–
–
1,440
1,120
Stephen Grao
Americas / Asia-Pacific / International & UK
3,320
2,280
–
–
960
640
–
1,560
–
–
–
1,600
100
–
–
–
–
–
16,210
14,000
–
–
1,920
1,600
Felix Landert
Operations Europe up to 31.5.2011
Jürg Ammann
Operations Europe as of 1.6.2011
Cyril Peysson
Sales and Marketing Western Europe
[1]P rovided they were acquired under the employee share ownership program, some of these shares may be subject to a restriction period (see
Corporate Governance: Content and procedures for determining compensation for the board of directors and the Group executive committee, and
participation in shareholding programs, page 54). The prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011
(see note 3 on page 107).
[2]T he great majority of the registered shares is owned by Graneco AG (Switzerland), which is controlled by Messrs. H. P. Zehnder, H. J. Zehnder,
A. Zehnder and P. Wiesendanger. The registered shares are not listed. The prior year’s figures were adjusted in accordance with the 1:40 share split
on 15 August 2011 (see note 3 on page 107).
[3]T he prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107). For further details on
options granted to management personnel please see note 24 on page 96.
[4]S hare of total votes in % (only if > 0.1 %)
114
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08.03.2012 10:07:31
" Notes to the Financial Statements
Pledged assets and guarantees
The company has guarantee obligations and pledged assets in favour of subsidiaries in the
amount of EUR 24.2 million (2010: EUR 23.7 million).
The company has taken over a rental guarantee for two subsidiaries. There is no upper
limit to this commitment.
The company has taken over a supply guarantee for one subsidiary for the supply of natural
gas. There is no upper limit to this commitment.
The company has committed itself to balance the loss in excess of the free reserves of a
subsidiary. There is no upper limit to this commitment.
The company has undertaken to guarantee all liabilities of a subsidiary vis-à-vis its creditors.
There is no upper limit to this commitment.
The company belongs to a VAT group which comprises all the Swiss companies in Zehnder
Group and is thus jointly and severally liable vis-à-vis the Swiss Federal Tax Administration
for any VAT debts of this VAT group.
Risk assessment
Zehnder Group Annual Report 2011
Zehnder Group operates a risk assessment process, which was approved by the board of
directors. The risk policy defines a structured process which, in turn, specifies how business
risks are to be monitored; it is an integral part of midterm planning. In this process risks are
identified, analysed with regard to probability and magnitude, assessed, and measures for
risk control are determined. Each member of the Group executive committee is required to
implement the measures in his area of responsibility. The board is periodically informed on
significant changes in risk assessment as well as on risk management activities undertaken.
The internal control system for financial reporting defines control measures to reduce the
various risks. Compliance with the internal guidelines is monitored through internal spot
checks and periodically by external specialists.
Financial risks are monitored via the treasury department of Zehnder Group under the leadership of the CFO. Risk management focuses on the recognition, analysis and hedging of
foreign exchange, interest, liquidity and counterparty risks in order to limit their impact on
cash flow and net result.
115
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08.03.2012 10:07:31
Proposal on the
" Proposed Appropriation of Earnings
Appropriation of Earnings
CHF
The balance sheet profit available for distribution comprises
Net income for 2011 according to the income statement
44,350,008
+ retained earnings from previous year
224,651,653
Balance sheet profit available to the general meeting of shareholders
269,001,661
The board of directors proposes the following appropriation of earnings
Payment of a dividend of 16 % on the share capital
of CHF 14,670,000 entitled to dividend
2,347,200
To be carried forward to new account
266,654,461
Total
269,001,661
As the legal reserve exceeds 50 % of the share capital, an allocation to the reserves is not
required.
Please note:
The board of directors will propose to the general meeting on 24 April 2012 that, in addition
to the dividend, a par value repayment be undertaken of CHF 1.20 per bearer share of formerly CHF 1.25 par value and new CHF 0.05 par, and of CHF 0.24 per registered share of
formerly CHF 0.25 par value and new CHF 0.01 par. Thus the absolute par value repayment
amounts to CHF 14,083,200.
116
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Report of the
Statutory Auditor
" Report of the Statutory Auditor
on the Financial Statements to the General Meeting
of Shareholders of Zehnder Group Ltd, Gränichen, Switzerland
As statutory auditor, we have audited the financial statements of Zehnder Group Ltd, which
comprise the balance sheet, income statement and notes as presented on pages 104
through 116 for the year ended 31 December 2011.
Board of Directors’ Responsibility
The board of directors is responsible for the preparation of the financial statements in
accordance with the requirements of Swiss law and the company’s articles of incorporation.
This responsibility includes designing, implementing and maintaining an internal control
system relevant to the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The board of directors is further responsible for
selecting and applying appropriate accounting policies and making accounting estimates
that are reasonable in the circumstances.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with Swiss law and Swiss Auditing Standards.
Those standards require that we plan and perform the audit to obtain reasonable assurance
whether the financial statements are free from material misstatement.
Zehnder Group Annual Report 2011
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers the internal control system relevant to the entity’s preparation of the financial
statements in order to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal
control system. An audit also includes evaluating the appropriateness of the accounting
policies used and the reasonableness of accounting estimates made, as well as evaluating
the overall presentation of the financial statements. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements for the year ended 31 December 2011 comply with
Swiss law and the company’s articles of incorporation.
117
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" Report of the Statutory Auditor
Report on Other Legal Requirements
We confirm that we meet the legal requirements on licensing according to the Auditor Oversight Act (AOA) and independence (article 728 CO and article 11 AOA) and that there are no
circumstances incompatible with our independence.
In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890,
we confirm that an internal control system exists, which has been designed for the prepar­
ation of financial statements according to the instructions of the board of directors.
We further confirm that the proposed appropriation of available earnings complies with
Swiss law and the company’s articles of incorporation. We recommend that the financial
statements submitted to you be approved.
KPMG AG
Orlando Lanfranchi
Licensed Audit Expert
Auditor in Charge
Daniel Spichiger
Licensed Audit Expert
Basel, 1 March 2012
118
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08.03.2012 10:07:31
Further
" Further Information for Investors
Information for Investors
For further information please contact:
Zehnder Group AG
Investor Relations
Moortalstrasse 1
5722 Gränichen / Switzerland
Phone + 41 62 855 1506
Fax + 41 62 855 1515
investor-relations@zehndergroup.com
www.zehndergroup.com
Press releases [1]
Bearer shares
Security number
SIX
Bloomberg
Reuters
13 255 733
ZEH
ZEH SW
ZEH S
In accordance with Art. 8 of the articles of association, the opting out clause applies.
Registered shares (unlisted)
Security number 13 312 654
Announcement of sales for 2011
20.1.2012
Annual report 2011
23.3.2012
Press conference on financial statements and analysts’ meeting
23.3.2012
General meeting of shareholders
24.4.2012
Ex-dividend date
27.4.2012
Dividend payout
Ex-date nominal value repayment (provisional)
19.7.2012
Six-month report
17.8.2012
Announcement of sales for 2012
[1]  www.zehndergroup.com/news-events
225.indd 119
2.5.2012
16.7.2012
Nominal value repayment (provisional)
End of business year
Zehnder Group Annual Report 2011
Company calendar
31.12.2012
18.1.2013
119
08.03.2012 10:07:31
 Further Information for Investors
Information and reports, as well as this annual report, are available in German, English and
French. The German version is binding.
General meeting of shareholders 2013
The general meeting of shareholders 2013 will be held on 23 April 2013 in Suhr (Switzerland).
Shareholder information
Zehnder Group AG regularly informs interested parties on business developments and
major events in the Group. Should you wish to receive such press releases, please contact
us at the above address or register direct on our website [2].
120
225.indd 120
[2]  www.zehndergroup.com/news-events
08.03.2012 10:07:31
At a Glance
Imprint
 At a Glance 2011
2011
Sales by region
Sales by segment
EUR million
EUR million
Europe: 461.1
USA: 27.8
China: 26.5
Radiators: 348.2
Ventilation: 167.1
Key figures
Zehnder Group
Swiss Performance Index (SPI)
30 %
20 %
10 %
0 %
– 10 %
475.9
8.3
EBIT
EUR million
51.1
50.4
1.3
% of sales
9.9
10.6
EUR million
41.1
38.2
% of sales
8.0
8.0
EUR million
58.9
55.8
% of sales
11.4
11.7
Investments in property, plant & equipment
EUR million
34.9
20.0
74.1
Depreciation & amortization
EUR million
17.8
17.6
1.1
Total assets
EUR million
406.0
378.4
7.3
Total fixed assets
EUR million
160.1
141.4
13.2
Shareholders’ equity [1]
EUR million
239.7
217.4
10.2
% of total assets
59.0
57.5
31 December
3,094
2,945
5.0
Net earnings per bearer share [2]
EUR
3.41
3.19
7.0
Net earnings per bearer share
before depreciation & amortization [2]
EUR
4.93
4.69
5.1
Shareholders’ equity per bearer share [2]
EUR
19.42
17.63
10.2
Number of employees
Jan
Feb
Locations
 Europe
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
7.4
5.4
Zehnder Group AG
Moortalstrasse 1
5722 Gränichen / Switzerland
Phone + 41 62 855 1506
Fax + 41 62 855 1515
investor-relations@zehndergroup.com
www.zehndergroup.com
Concept and layout by
Eclat AG, Erlenbach ZH
Photos by
Basil Stücheli, Zurich  Pages 1, 6 – 11, 20 – 25, 40 – 45, 58 – 63
Stefan Knecht, Zurich  Pages 2, 48 – 51
Text / editing by
PEPR, Oetwil am See
Lithos by
Dec
Locations
 Worldwide
%
515.4
– 20 %
– 3 0 %
2010
EUR million
Net income before depreciation & amortization [1]
1.1. – 31.12.2011
2011
Net sales
Net income [1]
Share price
Published by
Lisa Biedlingmaier, Zurich
Roger Bahcic, Zurich
Printed by
Neidhart + Schön AG, Zurich
Sustainability consulting by
sustainserv, Zurich and Boston
Zehnder Group AG
Share capital
CHF million
14.7
29.3
– 50.0
Dividend per bearer share [3]
CHF
0.20
0.63
– 68.0
Nominal value repayment per bearer share [3]
CHF
1.20
1.25
– 4.0
[1]including minority interests
[2]excluding minority interests; the prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).
[3]for 2011 as proposed by the board of directors; the prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).
386.indd 2
The original German version of this annual report is binding.
© 2012 Zehnder Group AG
For photos, © with photographers
08.03.2012 11:45:16
386.indd 1
Roelandt Nathalie
Roelofs Pascal
Roethlisberger Peter
Roger Florian
Roger Gerard
Roger Jean-Marc
Rohner Rolf
Roig Rey Carles
Rolleri Romano
Rose Jean-Philippe
Roseboom Suze
Rosenholm Ann
Rosfelder Claude
Rosser Stephan
Roth Hubert
Roth Nicholas
Rothert Nicholaus
Roudiere Deny
Rousset Erwan
Rouxel Perros Muriel
Rozylo Piotr
Rubin Ann-Cathrin
Ruchala Jozef
Ruchot Pascal
Rudek Robert
Rueth Lisa
Rufer Dietmar
Ruggerini Chiara
Ryffel Patrick
Rzepecki Miroslaw
Rzepka Bartlomiej
Sabaczuk Frank
Sabatino Andrea
Sahin Hayri
Sahin Muammer
Sailly Frantz
Salata Artur
Saliba Yacoub
Sample Terry
Sancakdaroglu Idris
Sand Karl
Sandalci Fahri
Sandalci Soner
Sandberg Helene
Sander Peter
Sandmeier Reto
Sanolan Mevlut
Santalucia Cosimo
Santalucia Theres
Saranca Alexander
Sarazin Bernard
Sarcan Metin
Sari Suleyman
Sarikan Yusuf
Sarikaya Osman
Sarrazin Fabrice
Sarteel Veronique
Sartori Nicola
Sarzynski Andrzej
Sauer Shawn
Sawicki Artur
Scafidi Anthony
Scarsi Michel
Schaaf Peter
Schaarschmidt Lars
Schaefer Nelli
Schaefer Sergej
Schaefer Uwe
Schaefer Viktor
Schaetzle Doris
Schaffter Maurice
Schappacher Peter
Schaer Alfred
Scharf Viktoria
Scharff Guenter
Scharnagel Helena
Schatzmann Adrian
Schaub Dominik
Schaub Johannes
Schaus Thomas
Scheerer Irmtraud
Scheibel Andreas
Scheidegger Marco
Scheidegger Reto
Scheiermann Alexander
Schellenberg Bernhard
Schenk Ursula
Scherer Thomas
Scherk Michael
Schiavitti Kathryn
Schiessle Nils
Schiff Mario
Schilli Christiane
Schiphorst Conny
Schlick Yves
Schmid Jakob
Schmid Jean-Marie
Schmidt Glenn
Schmidt Michael
Schmitt Alain
Schmitt Bertold
Schnebel Silvia
Schneider Marie-Jose
Schneider Sebastien
Schneider Thomas
Schneider Ute
Schnell Francois
Schnorr Michael
Scholten Andre
Scholten Edwin
Schurink Leni
Schurtenberger Urs
Schwab Klaus
Schwab Pirmin-Lukas
Schwaer Carola
Schweiger Michel
Schwendemann Harry
Schweyer Christian
Schwoehrer Bernard
Schwoehrer Christian
Schwoehrer Raymond
Scicchitano Claudio
Scott Douglas
Seeburger Simone
Seeholzer Bruno
Seeholzer Hans
Seel Sergej
Seelig Michael
Seferovic Elvis
Segers Alain
Segers Rudi
Segirinya Simon
Seifert Detlef
Seiler Rita
Seiter Udo
Seker Ergun
Seker Halis
Seker Mehmet
Selimi Aslan
Selimi Eljham
Selimi Garip
Selimi Surjan
Seljavin Igor
Selmi Manuela
Selzer Hubert
Semiz Selcuk
Sen Fevzi
Sen Mehmet
Seng Manfred
Senol Cuneyt
Sents Marc
Sererols Trullas Agusti
Sergent Fabien
Serusier Jean Marc
Serwejuk Przemyslaw
Seury Marc
Seury Yves
Sexauer Gerd
Seydoux Cornelia
Shan Zhijie
Shang Liliang
Sharp Ronald
Shen Hongyi
Shen Jianliang
Shershenkow Dmitrij
Shi Jinli
Shi Pan
Shumay Denis
Sichler Benjamin
Sichler Susanne
Siebold Jochen
Siekierski Andrzej
Sienkiewicz Jaroslaw
Sierink Gert
Sikorski Zbigniew
Silin Alexander
Silva Cindy
Silvert Emmanuel
Simet William
Simmonds Carl
Simon Materne
Sinem Adil
Sintobin Didier
Sitek Henryk
Skrzypacz Aleksander
Skrzypacz Antoni
Skubis Karolina
Slawiak Michael
Slinger Janet
Slusarczyk Pawel
Smit Henk
Smith David
Smith Kevin
Smith Russell
Smitz Susan
Smyrek Georg
Soddu Simone
Sommerhalder Alexandra
Sommerhalder Peter
Sondaj Adam
Song Chengguang
Song Cuiping
Song Honggang
Song Wenbin
Sorden Eric
Soriano Gaetano
Sottomayor Alain-Jose
South Carlene
Soysever Burhan
Spadea Francesco
Specht Regina
Spelgatti Tina
Spendowski Tomasz
Spielmann Alain
Spratek Stanislav
Sprimont Patrick
Springer Elke
Stachowiak Jacky
Staehli Hanspeter
Stahel Jakob
Stepien Artur
Stevens Keith
Stevens Kevin
Stevens Lyndsey
Stevenson Nan
Stijk Ralf
Stille Harry
Stille Kent
Stiplosek Ivan
Stocchero Vincent
Stodola Lukasz
Stojakin Sergej
Stolz Burkhard
Stone Milly
Stoorvogel Dick
Stork Helmut
Stosiek Jerzy
Strauch Eric
Strebel Stefan
Strecker Willi
Stricker Klaus
Stubbs Alexa
Stucchi Michela
Stucki Daniel
Stutz Bruno
Stutz Sandro
Su Suleyman
Suma Giovanni
Sun Cao
Sun Fusheng
Sun Liyi
Sun Wenhong
Sun Xuezheng
Sun Zheng
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Zehnder Group AG · Moortalstrasse 1 · 5722 Gränichen · Switzerland
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Zweifel Andreas
At the end of 2011 Zehnder
Group employed 3,100 people
in 20 different countries.
We would like to thank our
employees for their hard work
over the past year.
Zehnder Group Annual Report 2011
Pierson Elisabeth
Pietkiewicz Janusz
Pietrzak Jozef
Pietrzyk Mateusz
Pilard Fabien
Pile Natasha
Pillonel Raphael
Pinazzo Alexandro
Pinsard Gaelle
Piotrowski Anita
Pirog Piotr
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Pitcher Simon
Pitsch Michael
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Podpinka Roman
Poelman Dave
Polisoto David
Popov Sergej
Poppe Orland
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Posch Werner
Potas Dariusz
Poulet Jean-Paul
Poullain Jeanny
Poullain Julien
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Pracht Robert
Prat Ludovic
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Preißler Heidrun
Prenka Leonard
Prentice Mark
Preston Lauren-Eve
Prevost Alain
Prevot Loic
Prijs Arnold
Prins Barend
Protoy Augustin
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Pruvot Pascal
Przywieczerska Grazyna
Pugh Sara
Pulat Aysegul
Puleo Giuseppe
Putzi Jeannine
Pyrka Piotr
Qian Yilian
Qiao Chunjun
Qiao Fenghua
Qiao Kun
Qin Jianmin
Qneis Tawfiq
Qu Weitao
Quellmalz Anja
Quellmalz Eckhard
Quercy Daniele
Quesnoit Cedric
Quesnoit Philippe
Quin Lucot Noemie
Quinchon Dominique
Radelet Laurent
Raeber Roger
Raffoux Philippe
Rahnefeld Heiko
Rajczakowski Miroslaw
Ramadani Ramiz
Ramazzotti Claude
Ramette Christian
Ramirez Jose
Rammanan Robert
Ran Hongwei Hongwei
Rast Marcel
Rastoder Dzemal
Rathmann Christa
Rathonie Eric
Rathonie Frederic
Rau Andrea
Raymond Gabriel
Reant David
Regild Jonas
Reichenbach Konrad
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Reijnders Roy
Reijners Henriette
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Reisacher Monja
Reisdorf Steven
Reixelo Jose
Rektorik Timothy
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Remolu Olivier
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Renault Luc
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Reyes Junior
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Ribbeck Dominic
Ricbourg Patrick
Ricchi Alessandra
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Richner Sabrina
Richter Wolfgang
Richtsteiger Frieder
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Riedo Hubert
Rieger Juergen
Riehl Germain
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Rinkel Thomas
Riquier Anne Laure
Ritter Dietmar
Rivera Stefan
Riviera Elisa
Riviera Valeria
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Robinson Heather
Rochlitzer Christian
Rock Nicola
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Rodriguez Carlos
Rodriguez Cesar
Roederer Thomas
Aafjes Edwin
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Abrue Antinoe
Acar Cuneyt
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Acket Danny
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Adsett Sher
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Ahman Ulf
Ahmethodzic Sead
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Akay Zekai Ramazan
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Akgonul Mehment
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Akkaya Omur
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Altinkaya Sinan
Altinoz Bayram Ali
Alvarado Alex
Alvarez Georges
Amado-Cattaneo Nicolas
Amaro Carretero Alejandra
Ambrozy Martyna
Amista Giovanna
Ammann Juerg
Ampe Chantal
Ancelot Gerard
Anderegg Philippe
Andre Jean-Marie
Andrzejczyk Grzegorz
Andrieu Dimitry
Anesini Peter
Anindjola Martin
Antenen Pamela
Antonacci Yvonne
Arabaci Halis
Aragones Olive Montserrat
Arends Eric
Arheim Dan
Arias Rafael
Arikan Mustafa
Armati Laurence
Armbruster Katrin
Armento Alexandro
Arnitz Isabelle
Arouna Seidou
Arrajj Richard
Artho Elmar
Artymowicz Andrzej
Ashbury Sharron
Ashby Simon
Aslituerk Kemal
Atalay Sinan
Atoui Mohamed
Aubriet Denis
Aubriet Pascale
Avdal Muhammet
Axtmann Marcus
Aydemir Mehmet
Aydin Mehmet
Ayo Corbera Inaki
Baarslag Karola
Babadag Ercan
Babur Ali
Babur Hueseyin
Bachmann Alois
Bader Claude
Baez Edgar
Baez Julio
Baez Pedro Julio
Bagran Ahmet
Bai Haizhou
Bai Huiying
Bai Jingang
Bai Liushan
Bai Wanquan
Bai Zhanshan
Baier Stefan
Bakker Elmer
Bakker Tristan
Baknali Melek
Baldwin Leslie
Baldwin Ray
Baluch Lukasz
Bammler Bernd
Banach Adrian
Banovci Fadilj
Banz Denise
Bao Daoxin
Baer Otto
Barbara Jean-Marc
Barber Richard
Barbero Alberto Maria
Barbier Bruno
Barbier Dominique
Bardet Elisabeth
Barnard Duane
Barreto Celine
Bartels Fabian
Bartlett Matthew
Barto Christine
Bartusiak Sylwester
Basak Ayla
Baschet Thierry
Bask Juha Matias
Basquin Eric
Basquin Freddy
Basquin Georges
Basquin Gilbert
Basquin Stephane
Bastien Christophe
Bastien Herve
Batrancourt Eric
Baudoux Olivier
Bauer Julia
Bauer Marcel
Bauer Renate
Baumberger Juerg
Baumert Siegfried
Baumli Marcel
Baur Fabienne
Baut Arkadiusz
Baut Jaroslaw
Baut Piotr
Baxter Alan
Baydar Suleyman
Baydo Mustafa
Bayer Stefanie
Bazille Bruno
Beathalter Ralf
Becher Erik
Bechthold Nikolai
Becker Sebastian
Becla Bogumil
Bednarek Aleksander
Beeckman Jan
Behluli Safet
Beier Reiner
Bekius-De Krosse Anita
Bekman-Mooten Marina
Bel Rolf
Bellaiche Damien
Bellasio Roberta
Bellet Jeremie
Beloserow Sergej
Belt Guus
Bembnowska Monika
Benaceur Veronique
Bender Marco
Benedict Uta
Bengtsson Jarl
Benke Manuela
Bennett Jason
Benoit Eric
Bento Neto Michel
Bera Marc
Bera Olivier
Berchtold Dominik
Berckmoes Hans
Berger Andreas
Brasselet Annie
Brauer Maik
Braun Heiko
Braun Robert
Breitner Bernd
Brembilla Grazia
Bremmer Willem
Brenner Waldemar
Brenot David
Brew John
Briffoteau Jean-Pierre
Brimboeuf Nicole
Brink Rene
Brodiez Christophe
Brodziak Conley
Brogniet Bernard
Brokop-Sparwel Siegfried
Bronski Adrian
Brown Ben
Bruegger Josef
Bruggenkamp Rene
Bruins Rick
Bruelhart Marcel
Brunet Patrick
Bruyer Pascal
Brydon Lynn
Buat Laurent
Bucche Narayan
Bucheli Franz
Buchser Beat
Buczko Adrian
Buechele Dieter
Buehler Edwin
Buerstner Larissa
Bugden John
Buhan Sabrina
Buitenhuis Marlies
Buquet Karine
Buran Melih
Burcheri Deborah
Burgos Adolfo
Burkhalter Reto
Burrell Mont’Sho
Burt Jimar
Annual Report
2011
Berggren Mattias
Berghaeuser Thomas
Bernard Sandrine
Bernard Valerie
Berner Beat
Berrocoso Felix
Berrs Lois
Bertalan Peter
Berthold David
Besling Rob
Betrancourt Laurence
Beyer Robby-Torsten
Bi Yonggang
Bi Yonglin
Biechele Guenter
Biehler Georg
Biendine Frederic
Bierfreund James
Bigot Jerome
Bilgin Ibrahim
Bilgin Ramazan
Bilir Ramazan
Billoir Ludovic
Binder Marina
Biondo Marco
Birkenstock Joerg
Bischer Peter
Bisiorek Thomas
Bislin Max
Bladh Magnus
Blaise Catherine
Blaise Christian
Blandin Vincent
Blanquin Jean-Charles
Blaser Andreas
Blattmann Marcel
Blaze Anthony
Blazik Zbigniew
Blodgett Raymond
Blontrock Yoann
Blot Martine
Blount James
Boardway Bruce
Bobaj Arif
Boekhoudt Jasintho
Bogner Thomas
Boike Thilo
Boisliveau Gilles
Boisseau Patrice
Bolger Martin
Bolger Michael
Bonfanti Rossella
Boorsma Agnes
Bordez Benoit
Borejko Arkadiusz
Borowiec Zbigniew
Borras Angulo Pere
Borucki Alfred
Bos Henk
Boscher Jean-Pierre
Bosman Ronny
Bosshard Fritz
Bosson Olivier
Bottier Jerome
Boucher Kevin
Bouchez Regis
Boudin Jean Marc
Boulanger Tony
Boulle Nicolas
Boulle Philippe
Bouman Jos
Bourde Sylvie
Boxum Erik
Boz Asli
Bozkurt Ahmet
Braade Stefan
Brakenhielm Anna-Carin
Burton John
Busam Sabine
Busam Sven
Buscaglia Stefania
Busch Paul
Bush Paula
Bussy Pascal
Butaye Didier
Butland Douglas
Byrtus Lubomir
Cade Luc
Caekebeke Willem
Caiazzo Dominique
Caillot Kim
Caine Greg
Cakir Isa
Callakaj Tahir
Callo Wathique
Camphorst Wilco
Camphorst Willem
Campigotto Luigi
Canli Murat
Canli Neyim
Cantitiz Mustafa
Cao Cuong
Cao Fucheng
Cao Xiaozhang
Cao Xingang
Carlier Didier
Carneiro Eudardo
Carpentier Herve
Carre Franck
Casanova July
Casey Adam
Casseleux Andre
Casteleyn Dominique
Castella Vila Josep
Castillo Damian
Castillo Edwin
Castillo Yosetty
Catalkaya Mehmet Ali
Cebe Sadi
Cebrowski Robert
Cecere Giuseppe
Celik Mehmet
Celik Veysi
Celik Yilmaz
Cesur Serif Ali
Cetin Murat
Cetin Mustafa
Chambeau Caroline
Chang Da
Chang Hui
Chang Ying
Chapel Jean-Pierre
Charbonnel Dominique
Chatail Amaury
Chatillon Lore
Chavis Raymond
Chen Dianguo
Chen Guang
Chen Jianli
Chen Junfen
Chen Keyong
Chen Li
Chen Meng
Chen Sanliang
Chen Xi
Chen Xiaoying
Chen Yiqun
Chen Zhigang
Chen Zhiguo
Chenais Veronique
Cheng Airong
Chick Sue
Child Barbara
Childers Fitzhugh
Chimot Christian
Chimot Dominique
Chimot Patrick
Chiotasso Eric
Chomkowicz Pawel
Chouvelon David
Christmann Yvonne
Chrobot Dariusz
Chronowski Tadeusz
Chrostowski Pawel
Chu Heshen
Chu Xiumei
Chukaeva Svetlana
Chung Sinitta
Ciarrocchi Elena
Ciccone Vito
Ciesla Elzbieta
Cikla Fatih
Cimen Veysel
Claisse Christophe
Claisse Freddy
Claisse Mathieu
Clapson Courtney
Clara Jean-Christophe
Clark Debbie
Clark Sharon
Clarke Sarah
Clarkson Pierre
Claudel Franck
Clot Elodie
Clouden David
Cochet Michel
Colchen Catherine
Cole Marc
Colin-Tocquaine Isabelle
Colombier Philippe
Colombo Laura
Conflant Ewa
Conner Anthony
Conventi Martina
Cooke Franklin
Corazza Patrice
Cordier Coralie
Cornelisse Stefan
Cornu Charles
Cornuz Charles-Albert
Coryn Willem
Coston Nigel
Courtois Colette
Coutinho Fernando
Cresta Roberto
Creswell Caroline
Crommelynck Erwin
Croze Lionel
Cudini Roberto
Cuello Jorge
Culjak Mario
Cusse Jean-Charles
Cuveele Peter
Cuypers Erwin
Cuypers Paul
Czerwinski Igor
Czuba Dianne
Czubak Mariusz
Da Silva Joao
Dabrowski Dariusz
Dages Heiko
Daigler Robert
Damm Sergej
Daniels Charles
Daszkiewicz Marek
Daszkiewicz Miroslaw
Datin Philippe
Daubisse Michel
De Baere Magda
De Bizemont Melchior
de Boer Roel
de Groot Astrid
de Jong Johan
de Jonge Henk
de La Haye Ron
de Lange Willem
De Narda Sergio
de Ost Annick
De Vito Luigi
De Vleeschouwer Christophe
de Wilde Hendrik
de Wilde Martin
Debrue Pascal
Declincourt Patrick
Deelman Marcel
Dehiles Laurent
Dekker Henk
Delamare Jean
Delamare Mathieu
Delande Cecile
Deleau Jean-Luc
Delhaye Laurent
Delibas Murat
Deligny Jean-Luc
Deligny Pascal
Delitzsch Roland
Delitzsch Vanessa
Delle Donne Debora
Deloffre Thierry
Delville Vincent
Demain Jean-Jacques
Demczar Pawel
Demircan Selvet
Demiri Serif
Demirsan Ilker
Demoulin Laurent
Den Oudsten Karin
Den Reek Louis
Deng Chen
Deng Nan
Denis Jennifer
Denis Thomas
Denisse Bruno
Denisse Mario
Deprez Patrick
Dere Erdogan
Descamps Alain
Desmarais Rusty
Desoomer Sebastien
Despotovic Stevan
Destrait Philippe
Deusch Frank
Deusch Iris
Deutscher Thomas
Dewald Andreas
Deyirmenci Turgut
Dick Alexander
Dick Christophe
Dietenbeck Joel
Diethelm Roland
Digot Pascal
Dijk Bertus
Dijkhuizen Bernard
Dijkstra Arthur
Dikop Hilda
Dillenseger Patrick
Dillies Maxence
Dincer Cem
Ding Tongle
Ding Wanbin
Divry Franck
Djaferi Djafer
Dmytrus Yann
Doebeli Max
Dogu-Van Vilsteren Jenny
Dole Michael
Dolensek Josef
Dolle Francis
Domachowski Grzegorz
Dominiak Damian
Dong Bensheng
Dong Wanqing
Dong Yuquan
Dongala Antonio
Donk Adem
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Dorer Manuela
Dorst Sven
Dott Patrick
Douez Jean
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Draaijer John
Drohomirecki Wojciech
Druaux Pascal
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Duclusaud Pierre
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Duma Arkadiusz
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Dumenil Jacques
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Durniat Robert
Dussourt Jean-Marie
Dutoict Nicolas
Dziedzic Remigiusz
Dziubinski Krzysztof
Dziwir Aleksander
Ebersbach Christoph
Ege Erol
Ehret Wolfgang
Eichler Sven
Eken Serhat
Elakattu Thomas
Elbrink Martin
Elli Andrej
Elmi Mohamed
Eloire Robert
Emaille Emmanuelle
Emel Ceyhun
Engel Manfred
Engelke Elke
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Engstrand Dan
Erbeyin Pelin
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Erichson Roland
Eriksson Anders
Ernst Katharina
Eroglu Mustafa
Eser Cuma
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Ettle Susanne
Evenden Christina
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Fake Elizabeth
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Farone Susan
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Farrell Paul
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Fautz Peter
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Feddes-Spruit Ellen
Fedorowski Marek
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Felker Andrej
Feng Fei
Feng Shaoling
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Ferre Audrey
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Ferrer Ferrando Jose Ramon
Ferro Andrea
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Gao Baohua
Gao Jindong
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Gentet Jerome
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Giger Tanja
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Hartmann Petra
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Jankowski Dominik
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Jarl Benny
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Jauch Oliver
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Jimenez Hector J.
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Johnson Lyn
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Kaleta Robert
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Kaltenbach Sascha
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Keet Fiona
Kehr James
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Keller Markus
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Kern Rene
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Khe Sokhan
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Kiffen John
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Kilic Mahsum
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Klarer Melitta
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Klaus Olga
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Klug Peter
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Kociszewski Linda
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Koehler Lutz
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Kuehnel Jochen
Kueng Andrea
Kueng Samuel
Kueng Willy
Kuhn Evelyn
Kuhn Klaus
Kuhn Rudolf
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Laine Catherine
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Lang Daniel
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Lefebvre Luc
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Lefevre Jean-Marc
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Lefort Michel
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Lehner Peter
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Leistner Gerd
Lejeune Nicolas
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Lennartz Andrew
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Lesage Philippe
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Leveque Jean-Marc
Leveque Laurent
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Lightizer Jeff
Lightizer William
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Luescher Thomas
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Ma Lin
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Macdiarmid Vicky
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Maciejun Piotr
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Maechler Philip
Maffre Serge
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Marchandise Joel
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Markiewicz Adam
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Marx Ulrike
Masetti Paolo
Massart Benoit
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Mathys Thomas
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Moneweg Walter
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Morelle Jean-Paul
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Notteghem Marc
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Nowakowski Dariusz
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Philipp Gregor
Philippo Dirk
Piechocki Marcin
Pieczarka Waldemar
08.03.2012 11:45:14