At a Glance. Sales by region EUR million. Sales by segment EUR million. Share price Locations Europe. Locations Worldwide

386.indd 1 Roelandt Nathalie Roelofs Pascal Roethlisberger Peter Roger Florian Roger Gerard Roger Jean-Marc Rohner Rolf Roig Rey Carles Rolleri Roman...

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NET SALES (IN EUR MILLION)

117.4* % Net sales. by region 46% Autoneum Annual Report 2014 Autoneum at a glance. CHF million

ANNUAL REPORT 2014 KAPITEL EINSTIEGSSEITE KEY FIGURES SALES REVENUES IN EUR MILLION OPERATING RESULT IN EUR MILLION

Philips reports Q3 sales of EUR 5.5 billion and operational results of EUR 536 million

LAMPIRAN 1. Sales (million IDR)

Philips reports Q1 comparable sales growth of 2% to EUR 5.3 billion and operational results of EUR 327 million

Parker Worldwide Sales Offices. Filtration Group Technical Sales & Services Locations. Lubrication Filtration Systems

Container. Label in Germany. Sales million

Total volume of the Functional Materials Programme EUR 150 million Tekes innovation funding EUR 79 million (53%)

Royal Boskalis Westminster N.V. (Boskalis) achieved net profit of EUR 490 million in 2014 (2013: EUR 366 million)

Profit (before taxes) increased by 10.4 percent to EUR million. Group premiums for the first time above EUR 2.5 billion

221 Locations Worldwide

ING records 2Q13 underlying net profit of EUR 942 million

BIOCARTIS RAISES EUR 100 MILLION IN SUCCESSFUL INITIAL PUBLIC OFFERING

FIRST HALF YEAR Operating EBITA of EUR 56 million (+13%)

ING 2Q16 underlying net result EUR 1,417 million

EUR 95+ Millionen Immobilien-Auktionen EUR 95+ Million Property Auctions Gewerbeimmobilien Dezember Commercial December 2-5

Revenues increased 9.7% to EUR million (2004: EUR m). Recurring revenues 1 are 11% ahead

Price Target: EUR (17.00)

Price & Specifications in EUR

12. Press Release. PUBLICIS GROUPE Q Revenue. 3 rd Quarter 2012 (EUR million) At September 30, 2012 (first 9 months) (EUR million)

4.800,00 EUR 1.200,00 EUR 2.500,00 EUR 550,00 EUR 920,00 EUR 770,00 EUR 500,00 EUR 400,00 EUR 140,00 EUR 700,00 EUR

13. Press Release. PUBLICIS GROUPE Q Revenue. 3rd Quarter 2013 (EUR million) At September 30, 2013 (first 9 months) (EUR million)

A K T I V A angepasst EUR EUR EUR

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 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 [email protected] · 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

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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 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 [email protected] 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 [email protected] 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

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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

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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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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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08.03.2012 12:18:54

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

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“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

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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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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.

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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.

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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.

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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.

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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

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" 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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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.

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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.

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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

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" 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.

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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.

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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.

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" 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”.

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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.

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PASSION

We are passionate in exceeding our customers’ expectations.

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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

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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.”

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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.”

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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.

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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

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" 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.

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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

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" 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

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" 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

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" 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

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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

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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

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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 %

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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.

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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

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" 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.

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" Sustainability

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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.

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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

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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.”

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muriel rouxel “New ideas have to be discussed. In my work, we attach considerable importance to communicating with each other.”

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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.

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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

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[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

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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

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" 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

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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

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" 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

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" 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

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" 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)

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" 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

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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

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" Corporate Governance

Additional information including the company calendar is set out on page 119 of this annual report.

56

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08.03.2012 12:24:21

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08.03.2012 12:24:39

RESPECT

Our attitude towards our colleagues is one that is positive and built on trust and mutual respect.

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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.”

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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.”

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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

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" 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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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 73 Consolidated Statement of Changes in Equity 74 Consolidation Matrix and Principles 76 Accounting and Valuation Principles 79 Notes to the Consolidated Financial Statements 99 Overview of Companies in Zehnder Group 102 Report 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

224.indd 68

08.03.2012 10:06:34

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

224.indd 69

08.03.2012 10:06:34

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

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08.03.2012 10:06:34

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

224.indd 71

08.03.2012 10:06:35

 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

224.indd 72

08.03.2012 10:06:35

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

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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

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 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

94

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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).

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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

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" 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).

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" 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.

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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.

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" 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

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" 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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" 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.

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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.

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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

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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 [email protected] 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

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[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 [email protected] 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 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 [email protected] · 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 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