Zumtobel Group Light Financial Year
18 20 19 Rossella Dazio 2011 Lion Haag Jonathan Sedding 2010
Corinne Räz Lorenz Brunner 2013 Mevion Famos Manon Mottet 2016 Ria Cavelti 2013 Dear shareholders, business partners and friends of the Zumtobel Group, 6 The 2018/19 financial year was a year Brand Reports acdc 16 of transition for the Zumtobel Thorn, Thorn Eco 20 Tridonic 24 Group. We did our homework Zumtobel 30
and, through the implementation Facts and Figures Five-Year Overview 36 of a restructuring course, Group Management 42 Report improved profitability — which Consolidated Financial 60 also means we met the target Statements Service 68 announced for this financial year. Imprint 70 Now we are looking towards the future. Our goal is to restart our growth course and further improve profitability. The Management Board of the Zumtobel Group sees 2019/20 as a year of transformation, in which the focus of activities will return to the continuous improvement of the operating business and growth — in spite of the weakening market environment. For the 2019/20 financial year, the Management Board expects a slight increase in revenues as well as an improvement in the adjusted EBIT margin to 3 – 5%. The medium-term goal of generating an EBIT margin of roughly 6% by the 2020/21 financial year remains intact.
7 In order to drive revenue growth, the Zumtobel Group intends to strengthen its positioning in the global lighting industry as part of its current reorientation. The strategy approved in September 2018 will be consistently pursued. Its goal for the Lighting Segment — with the core Zumtobel and Thorn brands — is to become the market leader in Europe with a focus on applications in industry, office & education, shop & retail and art & culture. Outdoor appli- cations will concentrate on lighting for urban areas and roads. The Components Segment with its technology brand Tridonic will expand globally based on innovative hard- ware (drivers, LED modules) and software solutions for smart and integrated lighting and lighting systems. The Zumtobel Group will also increase its focus on the future field of digital lighting as well as services and turnkey solutions. Ladies and gentlemen, I look forward to the chal- lenges which the new financial year will bring. We can rely on our dedicated and excellently qualified employees — who I would expressly like to thank on behalf of the entire Management Board for their commitment and perform- ance. My colleagues and I would also like to thank our customers, partners, suppliers and shareholders for their confidence, support and open dialogue.
Alfred Felder Chief Executive Officer (CEO)
8 Do you want to know more about the design concept? Design Concept
Do you want to know more about the design concept? Light is life. Light is perception. Light sets the stage for our lives. Light is energy — yet it has no tangible presence. It is dynamic but has no physical dimensions. We can feel it — yet it cannot be touched. It refracts and reflects, it reveals and extends. Light is versatile — yet it is often not properly interpreted. Light needs to be conveyed — and this is the mission our company is committed to. Zumtobel has a long tradition of engaging in dialogue with the art and culture scene. The result- ant bonds have shaped the development of our company over time and played an important part in establishing the success of the Zumtobel brand. As a sign of our strong links with the creative community, we have a long-established practice of inviting artists, architects and designers to interpret and express their understanding of the interplay between light and our brand. Within the creative dia- logue, artistic freedom is an essential prerequisite for creativity and new insights.
10 Therefore, we are delighted to have won the renowned architect and longstanding friend of our company Professor Dietmar Eberle to design this year’s 28th edition of our artistic Annual Report. Together with Sascha Lötscher from the design agency Gottschalk+Ash Int’l, Professor Eberle deals with the interplay of light and space and the ways in which light can be made visible. The designers look at light from an architectural perspective, using photographs to show a range of lighting scenes in space. These lighting scenes were realised by students as part of Professor Dietmar Eberle’s work at ETH Zurich. Light is made visible with the photographs arranged in sequence, from dark to light. This specific arrangement creates an interplay of contrasts — black and white, dark and light — that merge together, becoming visible in the process. Following the concept of this light play, the Annual Report is arranged in order from Z for Zumtobel through to A for architecture. A core element of this year’s edition is the mention of our employees, whose names are integrated into the Annual Report. Our employees play a vital part in our company’s innovative strength and contribute to a successful future of the Zumtobel Group. For the first time, our artistic Annual Report will also cover the digital dimension by incorporating videos via QR codes, making this edition a truly holistic experience. We hope you enjoy this unique collector’s item.
With best wishes
Jürg Zumtobel Chairman of the Supervisory Board of the Zumtobel Group
11 Thomas Meyer 2009 Tiziana Schirmer 2013
Arthur de Buren Jonatan Egli 2011 16 acdcbrand report acdc shows major growth in outdoor the high-level turquoise turrets washed by acdc 16° acdc continues to grow and develop as part of PLAZA 20 floodlights. The overall result is an incredible Zumtobel Group, with the company taking the lead in yet classic example of a simple, integrated and seamless outdoor architectural lighting within the Group, design. expanding by over 35% within the 2018/19 financial year. Another iconic project within the UK was the The company completed projects all over the world, illumination of the Royal Opera House, London, which with the UK, Middle East and Central Europe represent- was given a new lease of life following a spectacular ing the largest areas of success. programme of refurbishment. The Grade I listed build- acdc has a broad portfolio of products and focuses ing has been opened up — bringing people closer primarily on the areas of outdoor architecture and to the arts. acdc’s PLAZA S3x bring a sparkle to Paul building surrounds with an exciting roadmap and prod- Hamlyn Hall. Once a flower market, it now functions uct development programme. The company’s clearly as a restaurant and champagne bar and occasional defined strategy was rewarded by a 70% increase in out- performance space. Outside, in Covent Garden’s piazza door revenue in the 2018/19 financial year. By combining and retail colonnade, PLAZA floodlights are subtly acdc’s extensive product design and outdoor applica- integrated into the façade. Drawing in the crowds, these tion experience with the very latest in technologies, the compact surface-mounted gems dramatically emphasise company will see the launch of more than eight exciting the building façade’s features. new product ranges in the 2019/20 financial year, a Within MEIA, acdc has had the privilege of pro- strategy underpinned by a dual technology and luminaire viding a lighting solution for the façade of the new platform logic, which it has been working with since Royal Atlantis Hotel in Dubai. Illuminated by BLADE, late 2017. low glare was of high importance. acdc worked closely with the specifiers, including experimenting with louvres Creating amazing experiences and optics. This ensured acdc could provide luminaires with light around the world that met the project requirements. Due to open towards Within acdc’s home ground (the UK!), there have the end of 2019, the resort will feature a mix of con- been a number of key projects throughout the last temporarily styled living areas with apartment balconies financial year— none more so than Tottenham Hotspur and wall ends being illuminated by over 4000 of acdc’s Stadium. A Zumtobel Group project, acdc’s BLADE BLADE linear luminaires. created the instantly recognisable halo of light whilst acdc continues to make progress across Europe, also setting the scene of what’s to come by illuminating where it was selected to supply the lighting for the façade. These RGB Linear luminaires allow the Avala Tower, Belgrade. A landmark well known not only lighting scheme to create a destination for fans and in Belgrade but also in all of Serbia and throughout visitors, guiding them towards the stadium. FUSION 48 the former Yugoslavia, Avala Tower is currently the floodlights illuminated the roof canopy — a blank tallest tower in the Balkan region and a symbol of new canvas where light shows can be created to offer guests a technologies and prosperity for the people of Belgrade. dynamic and memorable visitor experience. A customer- The huge concrete pillar is illuminated by 45FUSION first approach in close cooperation with the project luminaires from the acdc portfolio — installed on all architects and consultants (including several mock-ups three sides. The “legs” of the pillar are illuminated by two and intensive testing) ensured acdc could provide a FUSIONs on each side, with three luminaires on range of fittings to create the next level in stadium guest the antenna. Avala Tower is one of the top five tourist experience. destinations in Belgrade, and thanks to its new When it comes to hotels, take a walk to London’s illumination this symbol will be visible from all over Russell Square and you can’t miss the stunning Principal the city. Hotel — a landmark Grade II listed building originally opened in 1898. With a focus on colour temperature, con- New design logic enabling a dynamic, cern was raised that the terracotta exterior would fast-moving development roadmap produce an overly warm lighting effect. Tests carried out acdc’s dual-platform strategy is enabling the in cooperation with the client showed that 2,700 K company to quickly launch and develop a large number was perfect for all locations — enter acdc’s PLAZA. These of outdoor luminaires, based on the same primary floodlights outline the building and large-scale features. technology and luminaire frameworks, allowing for rapid This includes the tall columns at ground level with portfolio expansion and growth.
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The PrincipalWant to Hotelsee more London, of acdc? The technology platforms combine the latestLED sources with modular electronic components, controls and optics to deliver a solution that is fast, efficient and flexible. With this revolutionary new technology, Bluetooth and DALI protocols can be integrated to con- trol not only colour but beam angle as well. A similar approach to luminaire design has also been taken with castings, mouldings and extrusions being engineered with multiple products in mind. This has minimized time, cost and speed to market, a crucial factor in a sector that is expanding significantly and at a rapid pace. This, combined with acdc’s vast experience in out- door architectural lighting projects, makes for an exciting combination as acdc continues to develop as a technology-leading, fast-moving and innovative lighting brand.
Outlook acdc continues to go from strength to strength, with a rapidly increasing product portfolio and a constantly growing list of projects and clients for 2019/20 and beyond. The company is working on numerous high-end projects including bridges, façades, stadiums and towers, and is also expanding into new geographic markets. 2019/20 will certainly be a year of clarity, focus and growth for the UK-based business.
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The PrincipalWant to Hotelsee more London, of acdc? 20 Thornbrand report Thorn Eco We make light work for you to the bridge from Hong Kong. Thorn provided 120 Having celebrated its ninetieth birthday in 2018, Champion Pro LED, 132 high-power floodlights for the Thorn Lighting is now embarking upon its tenth islands, and 6,000 GTLED Entry and GT58 luminaires decade. Founded by Jules Thorn in 1928, the brand has for the tunnel. established itself as a global leader in indoor and Mercedes-Benz’s newly redeveloped headquarters outdoor lighting, with its mission to make light work in Rome have been lit using Thorn’s OmegaLED fitting, for you. In the past financial year Thorn pursued this integrated in the modular ceiling system, creating a vision as determinedly as ever, with significant inno- welcoming and efficient new workspace, where personal vations in the areas of optics, connectivity and design, well-being and company productivity are combined. and stunning new installations all over the world. Also in the 2018/19 financial year, Thorn won the Thorn benefits from a strong worldwide reputation award for Best Commercial Project at Voltimum’s Smart for smart, reliable, high-performance lighting solutions Solutions Awards, for the lighting of a distribution that serve countless applications. With a comprehensive centre run by logistics firm Wincanton in Doncaster,UK . range of indoor and outdoor lighting products, Thorn This exemplar project brought better quality light to has the right solution for every job. For indoor lighting the 11,000 m2 warehouse, while saving 60% on energy projects, the Thorn brand stands for ease of installation, costs, thanks to Thorn’s HiPak ProLED , CorrosionForce excellent build quality and outstanding performance. and ForceLED luminaires. Meanwhile Thorn’s outdoor solutions support complex, high-profile projects, providing the right light for people, Latest innovations places and the environment — plus smart capabilities The new products released by Thorn in this 2018/19 and connectivity. financial year have brought customers the latest in Our recently completed projects around the world innovative optics, Bluetooth connectivity and intuitive demonstrate the breadth of our expertise in indoor and design. outdoor lighting, and the compelling nature of our offer. Raze is a family of three new outdoor luminaires New lighting from Thorn is helping the City of that create a dramatic grazing effect on walls and Sunderland in the UK to save millions of pounds a year. façades, and smooth, uniform distribution on horizontal More than 27,000 sodium street lights were replaced surfaces such as footpaths and cycleways. Available by Thorn’sR 2L2 and CiviTEQ lanterns, which meet in architectural, wall-mounted or bollard versions, Raze rigorous criteria including improved lighting levels, in- lets the true character of surfaces be revealed. creased energy efficiency, and the ability to be dimmed. The new decorative and intelligent outdoor lumi- The new lighting provides a vastly improved quality naire Volupto brings character and comfort to urban of light, and the council is set to save EUR 2.8 million spaces. With an elegant bowl-shaped design and a gentle a year thanks to lower electricity costs and reduced glow made possible by advanced LED optics, Volupto maintenance. combines the best of the old and the new. Thorn supplied a complete lighting package for The new generation of our Equaline linear lumi- a major upgrade of the Bamble and Kjørholt tunnels, naire is a flexible, modular system that creates clean, which stretch for three kilometres through the mountains unbroken lines of light, putting great aesthetic design of Norway. A total of 950 GTLED PRO luminaires — within the reach of every project. Its homogenous specifically designed for tunnel lighting — were installed. appearance and even illumination create a quality lit The new lighting is robust, highly efficient and creates effect that supports comfort. safe and comfortable conditions for drivers. Katona is a cutting-edge wall light designed to solve At Broughton Primary School in Edinburgh, UK, many of the most common lighting challenges, com- Thorn Lighting provided a low-maintenance, energy- bining market-leading efficiency with easy installation efficient solution for the whole school. Five different and powerful protection against damp, dust and types of luminaire were used, including the innovative damage. It is flexible enough for a range of applications IQ Wave, which uses cutting-edge LED optics to create including hallways and building exteriors. comfortable, homogenous light and benefits from A growing number of Thorn products are now built-in wireless control. The new lighting creates an available with Casambi Ready BasicDIM Wireless, ideal learning environment, and the ability to dim allowing them to be controlled wirelessly from a lights leads to energy savings of up to 75%. smartphone or tablet. Casambi Ready BasicDIM Wire- In China, Thorn provided lighting for the world’s less uses Bluetooth to create a secure and robust longest sea bridge, which connects Hong Kong and mesh network. All that customers need is an iOS or Macao with the Chinese mainland. Luminaires from Android device and the free app. Thorn products Thorn light the two artificial islands to the east and that can be made compatible include IQ Wave, Chalice, west of the 30 km crossing, as well as the tunnel that leads Glacier II LED and Katona.
21 Thorn Eco — success in the electrical wholesale market The Thorn Eco range, launched in 2017, continues to go from strength to strength. This bold new brand is targeted firmly at the electrical wholesale market, serving electricians and electrical contractors. Standing for economical LED lighting, Thorn Eco is a range of LED luminaires designed with the every- day needs of its clearly defined target audience in mind. The highly competitive portfolio of modular, functional LED luminaires is ideal for like-for-like replacement of traditional light sources, as well as for new installa- tions, bringing all the benefits ofLED in better quality light, significant energy savings and reduced maintenance. The past financial year saw tremendous growth for Thorn Eco in the target markets of the UK, Germany, France and Australia, and a successful launch of the brand in New Zealand. Meanwhile Thorn Eco’s products and point-of-sale materials are seeing increasing presence at wholesaler outlets, positioning the brand well for future success. Five new Thorn Eco product families were launched this year: the LED floodlights Leo and Leonie, the bathroom mirror luminaire Elsa, and the LED battens Lucy and Poppy. Existing products continue to be updated with improvements and new features. Thorn Eco has benefited from its distinctive, eye- catching ‘Meet the family’ marketing concept and design, featuring simple, accessible product naming and imagery to cut through the noise in this crowded and price-sensitive market. The concept won two gold DBA Design Effectiveness Awards in 2018 and is proving its effectiveness in the market every day. The Thorn Eco product range continues to adapt to meet the latest technical and application-specific requirements, and the ever-changing demands of electricians. The moisture-proofLED luminaire Julie remains the best-selling Thorn Eco product, followed by the recessed LED panel Anna, the high-power LED floodlight Leo, the IP66-rated bulkhead Tom, and the LED high bay George. The focused positioning, effective strategy and bold marketing of Thorn Eco have seen this new brand become a strong player, well positioned for continued success as we expand the product portfolio and pursue ambitious growth targets in existing and new markets.
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WantHong to see Kong more Bridge, of Thorn
and Thorn Eco?
CN WantHong to see Kong more Bridge, of Thorn
and Thorn Eco?
CN 24 Tridonicbrand report An industry undergoing transformation With its net4more system, Tridonic provides the The industry — and therefore Tridonic, too — is hardware and software for smart lighting systems with undergoing radical change. After the wave of innovation IP connectivity. As the lighting infrastructure enables that ushered in LED lighting, today the focus is on data capture and data processing, this supports connectivity. Thanks to the megatrend of digitalisation, functionalities that range from remote diagnosis and lighting based on LED technology is gaining a signifi- maintenance to space and facility management and cance that extends far beyond providing illumination. indoor navigation. Tridonic supplies the key technology here, positioning net4more includes LED drivers, communication itself as the world’s leading supplier of lighting tech- modules or interfaces, sensors, routers, software and nology as we embark on an era of digitalisation and apps — i.e. everything needed to integrate lighting into connectivity. the Internet of Things. Tridonic was the first lighting LED light sources and modern control systems company to offer a system with open standards and deliver significant quality improvements that directly IP connectivity all the way to the end node, permitting benefit the people experiencing them. Human-centric cross-system, gateway-free communications. As well lighting systems not only support visual tasks in as demonstrating its impressive practical applications sensitive areas such as healthcare, work and education — at company headquarters in Dornbirn, Austria and they can also create specific light moods designed at branch offices in France and Spain, the brand is also to energise people in different ways. Smart lighting deploying net4more in pilot projects — in the UK, concepts offer comfort and enhanced functionality as for example. well as connectivity benefits, including integration A key benefit to our customers here is our intensive with the Internet of Things. collaboration. As well as supplying the hardware, These possibilities are finding concrete applications software and apps, Tridonic is constantly expanding its in the marketplace. At the same time, and in what is network of system integrators, ensuring the necessary a highly competitive environment, LED technology still flexibility to adapt the system or tailor the apps to offers tremendous potential that has yet to be unlocked. specific individual needs. This might mean developing Both LEDs and connectivity/digitalisation require custom solutions for individual rooms, several rooms, significant investment activity. Against this backdrop, whole buildings or facility complexes. which encompasses the whole industry, Tridonic works in partnership with its customers across the full Growth in software development spectrum of current challenges. And as these major For connectivity within spaces that are used in changes gradually unfold across the market, the brand different ways — in office buildings, for example — continues to pursue the ongoing development and Tridonic expanded its basicDIM Wireless product range marketing of its current portfolio. during the year under review. This Casambi Ready Tridonic is well placed for the era that lies ahead. control technology allows interaction via Bluetooth with In the 2018/19 financial year the brand continued all luminaires within an area. The basis for this wireless to develop as a supplier of both hardware and software, lighting management system is located in the luminaires facilitating intelligent lighting solutions with added themselves, which have an LED module, a compatible value. At the same time the company expanded its driver and a basicDIM Wireless module. Tridonic existing portfolio of both indoor and (in particular) out- established an outstanding market position with this door lighting. And Tridonic can continue to build on technology during the year under review, as the its brand equity of strong customer relationships. Beyond only manufacturer already offering a comprehensive its day-to-day business, the brand has further developed portfolio of compact wireless integrated drivers. its extensive network of personal contacts, collabor- Users operate the system using an app or via the user ations and partnerships through conferences, trade fairs interface. Switching on and off or dimming functions and customer events. are as straightforward as grouping luminaires and creating lighting settings. The colour temperature of The connectivity trend Tunable White luminaires can also be controlled “Discover the hidden lighting asset” was Tridonic’s and sensors can easily be integrated into the system. catchphrase as it continued to grow its activities around The system was designed to offer luminaire lighting and digital connectivity. The Internet of Things manufacturers, installers, building operators and facility is generating new business models and services — users extensive functionalities combined with ease the crucial issue here being the ability to facilitate com- of operation. This delivers on Tridonic’s commitment munication between the connected devices. Data to always offer added value to its customers, helping content needs to be collected from different systems or them to differentiate their offering in the marketplace. captured using sensors. Lighting infrastructure, which As a key element of fulfilling this commitment, during is everywhere, is ideally placed to do this. the period under review the brand delivered on its
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Isabel von Bechtolsheim Rafael Zulauf 2013 strategy of offering new software apps with added cus- tomer value alongside its hardware. LED drivers from Tridonic offer ingeniously designed packages of interfaces and programmability, enabling customers to programme the drivers in line with their needs. Soft- ware has become increasingly important. These products include the companionSUITE package specially developed by Tridonic for use in luminaire manufacturing, which was completed during the year under review. This software suite helps luminaire manufacturers with the generation, transmission and control of driver settings — and now also supports wireless connectivity via Near Field Communication (NFC) technology — allowing production processes to be optimised. During subsequent quality management processes the software also makes it easier to analyse and correct potential sources of error.
Smart solutions for outdoor lighting Software also played a key role in the development of smart solutions for outdoor lighting — for example in the street lighting systems operated by Spanish author- ities in Lloret de Mar, Tarragona, Sitges and Granollers. Here, using LED drivers by Tridonic made it possible to retain the existing infrastructure with its centralised controls. The new LED luminaires were fitted with premium dimmable drivers. Using a protocol developed by Tridonic to transmit signals via the mains it is now possible to programme dimming levels and adjust brightness levels in line with actual needs. The new LED luminaires can be controlled centrally by the tele- management controller via the mains. Another smart solution was deployed in the “Digital City” of Darmstadt in Germany. Darmstadt won this title in a competition organised by German telecoms association Bitkom. Now, with its Smart City concept, the city is positioning itself as a pioneer in urban digital- isation — and Tridonic experts, along with the brand’s partners, are supporting this initiative with advice on the digitalisation of street lighting. In a pilot project completed in late March 2019 many LED streetlights were fitted with Tridonic sensors as well as a radio module, set on top of the luminaire. Motion detectors enable the street lighting to react to the presence of pedestrians and cyclists, supplying brighter lighting as and when it is needed. The sensors and radio modules deliver connectivity with the Smart City platform. This provides the city authorities with key information Want to see more of Tridonic? on energy consumption, any faults that may occur and Sitges Promenade, routine scheduled maintenance.
28 ES Want to see more of Tridonic? Sitges Promenade,
ES 30 Zumtobelbrand report With poetry and magic: tects and artists LAAC and Henke Schreieck and graphic Zumtobel creates the lighting solutions of the future designers Sagmeister & Walsh. The Austrian pavilion Blinking up at the sky, feeling the sun’s rays on was curated by Dr. Verena Konrad, Director of our close your skin – it makes your heart leap with joy. Because partner VAI, the Vorarlberger Architektur Institut (Vor- sunlight, through our eyes, acts directly on our brain arlberg institute of architecture). And the brand’s and our psyche. It lifts our spirits and motivates us. cooperation with Sagmeister & Walsh went further still. It energises or calms. Over the course of the day, light What is beauty — in architecture, design and art? changes its intensity and colour temperature, regulating Through to March 2019, visitors to MAK Vienna (the our internal body clock. Designing artificial light that Vienna museum of applied arts) were able to explore is as close as possible to nature — that’s the idea behind Sagmeister & Walsh’s ideas on this subject in the touring Active Light. exhibition Beauty. Our sensory lighting installation plays a major role in the show. The exhibition can be seen Light makes learning easier: from 11 May to 15 September 2019 at the Museum Ange- a Zumtobel study on the effects of Active Light wandte Kunst (museum of applied arts) in Frankfurt How can long schooldays be managed more effect- am Main. ively, for both students and teachers? Active Light Enabling visitors to experience the fascination of is the most important design factor supporting concen- light for themselves is the idea behind the Zumtobel tration and successful learning — whether in schools, Light Centres. Based on the model of the brand’s major universities or nurseries. And the cornerstone of the Light Forum at its Dornbirn head office, these Light concept is tunableWhite technology. By adjusting light Centres are more than just showrooms for customers: colour and intensity this innovative technology connects they are arenas for creative dialogue, designed by architecture and people. In a learning environment, renowned architects and designers including Snøhetta Active Light’s various moods support our creativity and Sauerbruch Hutton. The latest addition, the Paris and concentration. The Dynamic Lighting in Classrooms Light Centre, opened in December 2018. The Light study, by the University of Aalborg in Denmark, Centres in Bologna and Zurich reopened following a investigated in detail which kinds of lighting support conceptual makeover at the start of 2019. And in 2018 student learning most effectively. And the findings we celebrated 25 years of the Zumtobel Light Centre were implemented in Herstedlund Skole in Albertslund, in Berlin. Thanks to a custom lighting solution, James Denmark, where teachers can adapt the lighting mood Turrell’s “Skyspace” light-experience space in Lech, and learning ambience in the room to different teaching Vorarlberg — Zumtobel’s home ground — is immersed situations. in a variety of colours. As the artist’s longstanding lighting partner, we supported him once again with the Towards the lighting solutions of the future realisation of this spectacular art project. Elsewhere, Zumtobel stands for innovation, design and func- Zumtobel provided thirteen kilometres of light for tionality — qualities that have always been developed science for the new University of Applied Sciences build- through the brand’s close, long-term collaborations with ing (Fachhochschule Nordwestschweiz) in Muttenz architects, lighting designers and artists. A shining in Switzerland, with the specially developed linear example here is our longstanding cooperation with the FREELINE luminaire, part of our special collection the Vienna-based design studio EOOS, leading to the editions #02. For this lighting concept we worked creation of our new SUPERSYSTEM integral collection closely with lighting design agency Reflexion and with luminaire. This is an ongoing success story: the architects pool Architekten. And as illustrated by SUPERSYSTEM product family, with its distinctive the lighting solution for Berlin’s Futurium, visionary miniaturised LED spotlight heads, already had years thinking and a passion for innovation are the engines of success behind it. Taking the logical next step that drive our company forwards. Alongside the lighting forwards, this new version of the system integrates the solution in the Futurium foyer we developed three spotlight heads into the lighting channel — hence the custom solutions in collaboration with realities:united. “integral” component of the name. Virtually invisible, Zumtobel’s Active Light concept is also transporting almost magical — in a word, fascinating. EOOS customers of the fashion label Reserved into a world of co-founder and designer Harald Gründl presented the vibrant colours and soft fabrics. Since 2017 we have collection’s versatility and unique attributes using been lighting new Reserved stores throughout Europe in specially developed wall reliefs at the Zumtobel Light line with the Polish fashion label’s design philosophy. Centres in Vienna, Dornbirn and Zurich, and also With Zumtobel Group Services we support our at Milan Design Week 2019. customers from the first handshake all the way to their fully operational lighting system. During the year A year full of highlights — under review, St Martin Tower in Frankfurt am Main Zumtobel in dialogue with design, architecture and art rounded out its existing lighting solution with Zumtobel’s At the 2018 Architecture Biennale in Venice, COMPLETE portfolio of comprehensive lighting ser- Zumtobel not only provided the lighting solution for the vices, as we installed turnkey Zumtobel lighting systems, Austrian pavilion but also — as in previous years — including controls, for the individual rooms and floors. created custom lighting solutions for projects by archi- Lighting-related services were also to the fore in our
31 Marc Hunziker Katarina Savic 2015 Daniel Zielinski 2016 © James Turrell © James Photography: Florian Holzherr Florian Photography:
AT
Skyspace Lech,
Want to see more of Zumtobel? “Internet of Light” pilot project with French retailer E.Leclerc in Langon, France. The vision here is to grow the brand’s interaction with its customers and create unique shopping experiences based on lighting infra- structure — boosting stationary retail in the process. As always, our roadshows were a highlight during the period under review. In the 2018/19 financial year our Lights on Tour event series toured through Germany, Sweden, Norway, Denmark, France, Italy, Romania, Austria and Switzerland. A total of 1,615 visitors took up our invitation, finding inspiration and an opportunity to share experiences with their professional colleagues and learn from keynote presentations by high-profile speakers — including the lighting designer Nitika Agrawal and Professor Matthias Sauerbruch of Sauerbruch Hutton.
Zumtobel: lighting the way forwards Zumtobel stands for design — and not just lumi- naire design. At the 2018 Cannes Corporate Media & TV Awards, Zumtobel won a Golden Dolphin – one of the world’s most important awards for marketing and business films. The short film, produced by Stillrolling Productions, shows how people feel in emergency situations or unfamiliar environments — and shows RESCLITE PRO emergency lighting providing safety and orientation. And the Zumtobel Group also won the iF Design Award for communication for its 2017/18 Annual Report, created by the New York design studio Sagmeister & Walsh. Zumtobel regularly receives © James Turrell © James awards for product design: during the period under review we garnered two iF Design Awards and
Photography: Florian Holzherr Florian Photography: three Red Dot Awards. Two products — the LINETIK pendant luminaire for offices, combining ultra-slim elegance with intelligent lighting technology, and the delightful light sculpture TEELA — actually won both prizes. CLARIS evolution, a revisited design classic, also won a Red Dot Award.
Innovation is our driving force: new luminaires by Zumtobel Creating lighting moods, arousing emotions, generating aesthetic effects, using light and shade to bring a space to life — these are the goals we aspire to as we develop luminaires that constantly set new standards. And our three new luminaires in the editions #02 collection look set to do just that. TEELA, ALVA and FREELINE are extravagant, stylish and — as always — individual and timeless. A fascinating new portfolio of AT special creations by Zumtobel. As we embark on the 2019/20 financial year, we are approaching a momentous landmark in our company’s
Skyspace Lech, history: Zumtobel will be celebrating its 70th anni- versary with an exclusive customer event and the opening of the new Zumtobel Group Light Forum in Dornbirn. Want to see more of Zumtobel? Reaffirmed and energised by the achievements of the past financial year, we are looking forward to more innovations, successful and exciting projects, more innovative lighting solutions and further examples of our unique approach to light. Zumtobel. TheLight .
35 36 facts andOverview figures Five-Year
in EUR million Revenues Adjusted EBIT as a % of revenues Net profit/loss for the year as a % of revenues
Total assets Equity Equity ratio in % Net debt
Cash flow from operating results Investments as a % of revenues R&D total as a % of revenues
Headcount incl. contract workers* *full-time equivalent in EUR million 2018/19 2017/18 2016/17 2015/16 2014/15 Revenues 1,162.0 1,196.5 1,303.9 1,356.5 1,312.6 Adjusted EBIT 27.6 19.7 72.4 58.7 66.5 as a % of revenues 2.4 1.6 5.6 4.3 5.1 Net profit/loss for the year (15.2) (46.7) 25.2 11.9 11.9 as a % of revenues (1.3) (3.9) 1.9 0.9 0.9
Total assets 920.9 986.1 1,019.6 1,068.6 1,086.3 Equity 262.8 268.3 334.0 333.2 322.6 Equity ratio in % 28.5 27.2 32.8 31.2 29.7 Net debt 148.7 146.3 91.0 134.8 148.2
Cash flow from operating results 56.8 53.5 114.1 84.8 103.1 Investments 66.2 69.0 45.2 58.4 76.6 as a % of revenues 5.7 5.8 3.5 4.3 5.8 R&D total 66.2 73.4 82.4 87.9 79.0 as a % of revenues 5.7 6.1 6.3 6.5 6.0
Headcount incl. contract workers* 5,878 6,224 6,562 6,761 7,234 *full-time equivalent
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Daniel Zielinski Robin Schlumpf 2016 Joos Kündig Iso Tambornino 2015 Isabel von Bechtolsheim Rafael Zulauf 2013 ment age 42 Groupfacts and figures Report Man
The following text is an extract from the Group Management Report. The full text version has been published in the context of the 2018/19 Annual Financial Report of Zumtobel Group AG.
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the full Annual Financial Report? General economic environment report. Projections for both the USA decline in the United Kingdom, the most Global economic activity slowed and the euro zone point to a year-on-year important market for the Zumtobel during the 2018/19 financial year. decline. For the United Kingdom, a Group, and by very aggressive price com- The strong growth in 2017 and the first further reduction of 0.2 percentage points petition. The reorientation of the sales half of 2018 has been followed by a to 1.2% is expected. The IMF sees growth organisation which began during the decline as the result of political and eco- in the global economy reaching 3.6% 2018/19 financial year has not yet pro- nomic uncertainties (trade conflict in 2020, but is also warning against duced its full results. In this environ- between the USA and China, budget potential risks: any further intensification ment, revenues in the Lighting Segment dispute between the EU and Italy, of trade conflicts, a no-deal Brexit fell by 3.8% to EUR 873.7 million Brexit). The International Monetary or ongoing fiscal uncertainties, as in ( 2017/18: EUR 908.3 million). After an Fund (IMF) estimated global growth Italy, could lead to substantially slower adjustment for negative foreign exchange in 2018 at 3.6%¹ (2017/18: 3.8%), in development. effects, revenues were 3.6% lower particular due to a substantial reduction than the previous year. In contrast, the during the second half-year (3.2%). Revenues Lighting Segments recorded an increase Europe, in particular, was faced with Revenues recorded by the Zumtobel in revenues for the fourth quarter of growing economic weakness. The Group declined by 2.9% year-on-year to 2018/19, with a plus of EUR 4.2 million euro zone generated GDP growth of 1.8% EUR 1,162.0 million in the 2018/19 to EUR 223.8 million (FX-adjusted: in 2018, compared with 2.4% in the financial year (1 May 2018 to 30 April 3.1%). previous year. Economic growth in the 2019) in a lighting industry environ- Revenues in the Components Seg- D/A/CH region (Germany, Austria, ment that remained challenging. Revenue ment fell by 1.3% (FX-adjusted: plus Switzerland), an important market for development was influenced by 0.2%) in 2018/19. Two factors were the Zumtobel Group, was weaker, negative currency translation effects of responsible for this decline: the devalu- especially in Germany. The German eco- EUR 7.1 million, which resulted primarily ation of the Turkish lira versus the nomy grew by 1.5% (2017: 2.5%), while from the increase in the euro versus reporting currency (euro) and a decrease higher rates were recorded in Austria the Turkish lira, Australian dollar and in the demand for the Lighting Segment. (2.7%) and Switzerland (2.5%). Economic Swedish krona. After an adjustment It is also clearly apparent that a focus momentum in the United Kingdom for these foreign exchange effects, the on margins in an increasingly com- declined further to 1.4% (2017: 1.8%) as decline in revenues amounted to 2.3%. petitive environment leads to satisfactory a result of the political uncertainty. The LED share of Group revenues earnings, but also to slower revenue Other major European economies — increased from 79.7% to 81.7% within growth. France (1.5%) and Italy (0.9%) — were twelve months. faced with only moderate growth. The Lighting Segment is still chal- Distribution of regional revenues The USA, in contrast to Europe, recorded lenged by a difficult industry environ- The 2018/19 financial year was stronger growth of 2.9% due to rising ment. Revenue development in 2018/19 characterised by widely different consumer spending (2017: 2.2%). Eco- was slowed, above all, by a substantial regional developments in a generally nomic growth in China reached 6.6% in 2018, but weakened during the second half-year as a consequence of the trade Segment development dispute (6.0%). in EUR million 2018/19 2017/18 FX-adjusted in % The IMF reduced its forecast for Lighting Segment 873.7 908.3 (3.8) the global economy in its April 2019 Components Segment 348.3 352.7 (1.3) report and now anticipates an increase Reconciliation (60.0) (64.5) (7.1) of only 3.3% in 2019, compared with Zumtobel Group 1,162.0 1,196.5 (2.9) an estimate of 3.9% in the previous year’s
1 Source: IMF forecast, World Economic Outlook, April 2019
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Would you like to read the full Annual Financial Report? difficult industry environment. How- million in 2018/19. The Southern Euro- ever, the fourth quarter saw revenue pean region consists primarily of Italy, growth in all regions — with the exception Spain and France. Italy reported further of Benelux und Eastern Europe. revenue growth, but developments The D/A/CH region, the largest in France and Spain remained below market in the Zumtobel Group, recorded expectations. Revenues in this region fell a 0.5% decline in revenues (FX -adjusted: by 0.4% to EUR 178.2 million but minus 0.6%) to EUR 355.9 million in increased, in total, during the fourth 2018/19. Revenues exceeded the previous quarter. The Asia & Pacific region year in Switzerland (FX-adjusted), generated an increase of 0.4% (FX- but were slightly lower in Austria and adjusted: plus 1.5%) in revenues to Germany. An analysis of the fourth EUR 120.9 million in 2018/19, supported quarter shows substantial revenue by sound fourth-quarter growth in growth, in total, for this region. Revenues Asia. Business development in the in Northern Europe fell by 7.8% to Middle East & Africa region benefited EUR 250.7 million. The Lighting Seg- from higher project activity, which ment, in particular, recorded substan- was reflected in revenue growth of 5.8% tially lower revenues in the United King- (FX -adjusted: plus 4.3%). Revenues dom (ca. minus 15%). However, this in the Americas region fell by 18.2% (FX- region also generated moderate revenue adjusted: minus 20.0%) to EUR 24.3 growth in the final quarter of the year million, but also increased in this region due to positive momentum, above all in during the final quarter of the reporting the Scandinavian countries. The develop- year. ment of revenues in the Benelux & Eastern Europe region was disappointing Earnings and failed to match the growth recorded Group EBIT adjusted for special in earlier years. Revenues fell by 5.0% effects rose to EUR 27.6 million in (FX -adjusted: minus 1.7%) to EUR 173.6 2018/19 (2017/18: EUR 19.7 million), and
Distribution of regional revenues 2018/19 6 7 Revenues in EUR million in % Change in % 5 1 1 D/A/CH 355.9 30.6 (0.5) 2 Northern Europe 250.7 21.6 (7.8) 3 Benelux & Eastern Europe 173.6 14.9 (5.0) 4 4 Southern Europe 178.2 15.3 (0.4) 5 Asia & Pacific 120.9 10.4 0.4 6 Middle East & Africa 58.5 5.0 5.8 3 2 7 Americas 24.3 2.1 (18.2) Total 1,162.0 100.0 (2.9)
44 the return on sales increased from The results of the cost reduction measures are now 1.6% to 2.4%. The visible, especially in the Lighting Segment, and earnings improvement in Group profit- improved despite the aggressive price competition. ability during the reporting period was supported pri- previous year at EUR 9.0 million current tax expense of EUR 4.9 million marily by the Lighting Segment, where ( 2017/18: EUR 9.1 million). and deferred taxes of EUR 0.3 million. adjusted EBIT increased from EUR 9.4 Negative special effects ofEUR 25.0 Net profit for the reporting year there- million to EUR 21.1 million. Adjusted million were recorded in 2018/19 (2017/18: fore totalled minus EUR 15.2 million EBIT in the Components Segment EUR 27.0 million). They resulted from ( 2017/18: minus EUR 46.7 million). equalled EUR 25.4 million (2017/18: restructuring measures involving man- Earnings per share for the shareholders EUR 31.4 million). The results of agement, costs for the shutdown of of Zumtobel Group AG (basic EPS the cost reduction measures are now production in Jennersdorf (Austria) and based on 43.1 million shares) equalled visible, especially in the Lighting the write-off of capitalised development minus EUR 0.35 (2017/18: minus Segment, and earnings improved during projects in connection with the adjust- EUR 1.08). the reporting year despite the ongoing ment of the product portfolio. Also aggressive price competition. Moreover, included here are expenses related to Cash flow, financial adjusted EBIT in the previous year were further changes in the global production and asset position negatively influenced by higher warranty network and adjustments to pension The development of business in provisions related primarily to long- obligations in the United Kingdom. the Zumtobel Group follows a seasonal term road lighting projects. Financial results improved by pattern: during the first half of the The gross profit margin (after devel- EUR 3.6 million year-on-year to minus financial year (1 May to 31 October), the opment costs) for the Zumtobel Group EUR 12.8 million (2017/18: minus volume of business is normally higher fell to 30.3% in 2018/19 (2017/18: 31.2%). EUR 16.4 million). Interest expense is because most construction projects are Development costs included in the attributable primarily to the current concluded during the summer and cost of goods sold were EUR 7.9 million credit agreements and to finance leases. autumn and the installation of the lower at EUR 61.6 million (2017/18: Other financial income and expenses lighting represents one of the last steps EUR 69.5 million). totalled minus EUR 6.3 million (2017/18: prior to completion. During the third The efficiency and cost reduction minus EUR 9.7 million) and include the quarter (1 November to 31 January), measures implemented in spring 2018 interest expense on pension obligations revenues are substantially lower as led to a significant reduction in selling as well as the income and expenses a result of the Christmas and winter break and administrative costs. Selling from exchange rate fluctuations which in the construction industry. In the expenses (incl. research) fell by 5.4% to resulted from the high volatility on fourth quarter (1 February to 30 April), EUR 297.0 million in 2018/19 (2017/18: the foreign currency market. the pace of business begins to accelerate EUR 313.9 million), and administrative Profit before tax amounted to minus again. Earnings (based on adjusted expenses were EUR 13.2 million lower EUR 10.1 million in 2018/19 (2017/18: EBIT) reflect the development of rev- at EUR 36.2 million (2017/18: EUR 49.4 minus EUR 23.7 million), and income enues and are also subject to seasonality, million). Other operating income, taxes totalled EUR 5.2 million (2017/18: which is illustrated by the significantly excluding special effects, reflected the EUR 23.0 million). Income taxes include lower results in the second half of the
45 year. Additionally, earnings for the ment for new products, expansion and unsecured credit lines totalling EUR second half-year are often negatively maintenance investments as well as 61.4 million at its disposal as of 30 April influenced by expenditures for lighting capitalised research and development 2019 (2017/18: EUR 84.5 million). industry trade fairs. costs of EUR 18.2 million (2017/18: The consortium credit agreement Cash flow from operating results EUR 11.1 million). The investments in concluded on 1 December 2015 with rose from EUR 53.5 million in the 2018/19 included EUR 21.7 million for seven banks represents a major financing previous year to EUR 56.8 million due the new plant in Serbia and EUR 26.9 agreement for the Zumtobel Group. to the improvement in profitability. million for the facilities in Dornbirn It has a term ending in November 2022 Working capital was further optimised (including capitalised research and and a maximum line which currently during the reporting year due to strict development costs). Cash flow effects equals EUR 200 million. The consortium inventory management and an increase reported under the “changes in non- credit agreement also contains a clause in advance payments received. Trade current and current financial assets” for an increase in the volume by up to receivables were broadly stable at the resulted chiefly from gains and losses EUR 200 million, which can be drawn prior year level due to consistent realised on interest rate hedges. The under certain circumstances. As of receivables management, compared with increase in cash flow from operating the balance sheet date on 30 April 2019, a reduction in 2017/18 that resulted activities and the reduction in the amount drawn under this credit from the decline in revenues and the investment activity were reflected in agreement totalled EUR 25 million expansion of factoring. The receivables an improvement in free cash flow ( 2017/18: EUR 115 million). In addition sold through factoring agreements to EUR 3.4 million (2017/18: minus to the consortium credit agreement, the totalled EUR 72.9 million as of 30 April EUR 23.9 million). Zumtobel Group concluded a short- 2019 (2017/18: EUR 57.9 million). Cash flow from financing activities term bilateral credit agreement with a Working capital amounted to EUR 172.8 consists primarily of the replacement volume of EUR 40 million (bullet million as of 30 April 2019, which repre- and refinancing of a EUR 40.0 million repayment in January 2020) as well as sents a reduction of EUR 15.3 million fixed-interest loan with a term ending two other long-term credit agreements compared with the balance on 30 April in 2024 as well as a reduction in the of EUR 40 million each with the 2018. As a per cent of rolling 12-month draw-down from the consortium credit European Investment Bank (EIB) revenues, working capital fell from agreement. In view of the net loss (bullet repayment in September 2024, 15.7% in the previous year to 14.9%. The recorded in 2017/18, no dividends were respectively February 2025); all three change in other operating positions distributed to shareholders during credits were fully drawn as of 30 April equalled EUR 6.7 million (2017/18: the reporting year. 2019. These major financing agree- minus EUR 16.8 million). The high cash In order to protect the ability to ments include change of control clauses outflows reported under this position in meet its payment obligations at any that would take effect if there were a the previous year resulted, above all, from time, the Zumtobel Group maintains change in the absolute majority of voting the use of provisions for restructuring liquidity reserves that generally take rights and require compliance with and bonuses. Similarly high payments the form of demand deposits with banks financial covenants (a debt coverage ratio were not made in 2018/19. Cash flow and can be used to service expected of less than 3.5 and an equity ratio of from operating activities increased from operating expenses and financial liabil- more than 25%). The financial covenants EUR 49.7 million to EUR 72.7 million ities. The Zumtobel Group can also were met in full as of 30 April 2019 during the reporting year. access extensive working capital credit with a debt coverage ratio of 2.66 Investments in non-current assets lines to offset liquidity fluctuations ( 2017/18: 2.70) and an equity ratio of were slightly lower year-on-year at arising from business activities. In add- 28.5% (2017/18: 27.2%). EUR 66.2 million in 2018/19 (2017/18: ition to the consortium credit agreement The balance sheet structure was im- EUR 69.0 million). These expenditures and three other credit agreements, proved by a reduction in the balance sheet consisted mainly of tools and equip- the Zumtobel Group had short-term, total to EUR 920.9 million in 2018/19
46
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Patrick Perren 2014 Matthias Winter Nicole Würth 2008 Timothy Allen 2016 Marc Hunziker Katarina Savic 2015 Julian Meier 2016 The Zumtobel Group has established a talent programme 2019, 129 ( 2017/18: 106) to focus and support the internal recruitment of men young men and women were and women for key positions. in apprenticeship programmes ( 2017/18: EUR 986.1 million), which led again in 2018/19. The Zumtobel Group with the Zumtobel Group. This company- to an increase in the equity ratio from had 5,878 full-time employees (including based professional education is an 27.2% as of 30 April 2018 to 28.5% as of contract workers) as of 30 April 2019. important instrument to actively deal 30 April 2019. Net liabilities totalled In addition to external training with the growing shortage of skilled EUR 148.7 million at the end of 2018/19 opportunities, the Zumtobel Group offers workers that has resulted from demo- ( 2017/18: EUR 146.3 million), for an an extensive range of internal training graphic shifts. Apprentices are currently increase of EUR 2.4 million over the programmes for specialised and personal training in the following fields: electrical previous year. Gearing — the ratio development in line with the skills, engineering (incl. automation and of net debt to equity — rose from 54.5% know-how and needs of the respective process control engineering), electronics, to 56.6%. persons. The range of programmes plastics engineering, mechatronics was further expanded in 2018/19. This (incl. a special robotics module) and IT Responsible employer was reflected in an increase in the engineering. Of the apprentices trained The success of the Zumtobel training hours per employee to 13 in the in the Zumtobel Group, 77% remain Group is based on qualified, committed reporting year (2017/18: 12 hours), with the corporation after completing and motivated employees. With its above all due to the addition of new on- their education. wide-ranging product portfolio and open, line options. The online offering was An effective work-life balance for growth-oriented corporate culture, expanded through the introduction of a employees is an important factor the Group offers attractive career new learning management system for strengthening the Zumtobel Group’s opportunities for internal development (“my CAMPUS”) which focused on position as an attractive employer. and advancement. Corporate human training for product know-how, appli- The key points in this context are the resources, a headquarters department, cations and sales skills in 2018/19. fundamentally changing demands defines the strategic focal points for The Zumtobel Group has estab- of new generations on the labour market personnel policies based on the corporate lished a talent programme to focus and measures to support the recon- strategy and in close cooperation and support the internal recruitment of ciliation of career and family life for with the Management Board. The most men and women for key positions. working parents. The Zumtobel Group important sustainability issues in the Special development centres identify the helps to improve the work-life balance personnel area at the Group level are individual potential of these internal by continually increasing the offering training and continuing education, the talents with regard to future responsi- of flexible working time models. Part- work-life balance, and health protection bilities and prepare personal development time employment, educational leave, and occupational safety. plans. This creates the basis for concrete sabbaticals, parental leave for fathers, The adjustment of personnel cap- succession and career planning and home office options or other models acity to reflect the difficult market continuous management development. are arranged where needed and permitted environment and the related necessary The Zumtobel Group views by the respective position. The number restructuring measures led to a decline training for young people as part of its of part-time employees rose from in the workforce in earlier years and social responsibility. As of 30 April 6.9% of the total full-time equivalent
54 Breakdown by activity workforce in the previous year to Board, employees and their represen- in % 8.5% in 2018/19. A works agreement also tatives. Compliance with the legal partici- 1 Europe 82.5 provides for a free-time option under pation rights of employees and the 2 Asia 13.4 which employees can reduce their principles and standards defined by the working hours — for personal reasons International Labour Organization 3 Australia & New Zealand 2.3 and without changing to part-time (ILO) represent an integral part of the 4 Americas 1.8 status — in exchange for waiving part or code of conduct, which is mandatory the entire amount of their salary or wage for all companies in the Zumtobel 34 increase and arrange for paid time-off Group. Collective agreements cover 54% 2 (for example, for age-based work, educa- of the worldwide workforce. tional programmes or to accumulate Diversity among the workforce is longer free-time periods over several an important factor for protecting the years). This free-time option has since Group’s competitive ability and creating been elected by more than 430 em- an innovative working climate. The ployees. At the end of 2018/19, 80 em- men and women employed by the 1 ployees in Austria were on parental Zumtobel Group come from nearly 80 leave (2017/18: 89). Mothers and fathers different nations, whereby the staff at who return to work after maternity the corporate headquarters in Dornbirn, and parental leave are actively supported Austria, represent roughly 50 nations. in their reintegration. The Zumtobel Group believes in equal As an employer with a strong cor- opportunity regardless of gender and porate culture that has grown over many ethnic origin. This policy is also part of decades, the Zumtobel Group is well the Group’s code of conduct, which aware of its social responsibility for the prohibits all forms of discrimination. employees in its many companies Accordingly, the personnel decisions in throughout the world and remains all corporate areas and at all management focused on the further development of levels are based on experience, quali- responsible working conditions. The fications and performance. The share of Zumtobel Group believes in and pro- women in the Zumtobel Group’s work- motes the open and regular exchange of force currently equals 35.7% (2017/18: information between the Management 35.8%). There is no specific target for the
Breakdown by region 2018/19 2017/18 Change in % Production 2,779 2,879 (3.5) R&D 515 542 (5 ) Sales 1,837 1,934 (5 ) Administration 471 540 (12.9) Contract workers 277 329 (15.9) 2018/19 2017/18 Total 5,878 6,224 (5.6)
55 EUR 66.2 mill. R&D investment
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what lies behind our innovative strength? appointment of women to management realisation of additional synergy effects continuously demonstrate its innovative positions, but internal and external in 2018/19 as well as a reduction of strength and increase its brand repu- recruiting and personnel development 9.8% in R&D costs to EUR 66.2 million. tation. measures are increasingly aimed in The Zumtobel Group’s innovative The focal points for R&D activities this direction. strength is closely linked to research are derived from the “functional chain” The Dr Walter Zumtobel Value and development. An extensive patent of lighting: light sources, optics, control Award, which carries the name of portfolio, also in the area of new tech- gears, interfaces, sensor technology the Group’s founder, was also presented nologies, gives the Zumtobel Group a and connectivity, luminaires, light in 2018/19. It is given to persons who competitive advantage as well as access management and comprehensive lighting demonstrate the corporate values in their to strategic cooperation with other com- solutions. Accordingly, the most everyday actions and, in this way, keep panies and the opportunity to conclude important issues include new optical the founder’s values alive. The Zumtobel cross-licensing agreements with key mar- concepts for the direction of light, Group values personal initiative, commit- ket players. In 2018/19 the Lighting Seg- new control gears and concepts for the ment, entrepreneurship and an interest ment registered 40 patents (2017/18: 33) operation of LEDs, new wire-guided in making new discoveries. Reliability, and the Components Segment 59 patents and wireless information transfer with team spirit, solidarity and honesty, ( 2017/18: 95), which underscore the new data formats, sensors to compile as well as a positive approach to change, growing importance of intelligent com- relevant data and new approaches for are also key elements of the corporate ponents. The number of active com- the management of lighting systems. culture. mercial property rights — currently The levelling-out of the efficiency 8,430, including 5,001 patents — speak increase in LEDs and the increased Research and development for the company’s innovative strength. processor and storage performance of Research and development (R&D) Statistics on the share of revenues control gears is shifting the focus of remains a decisive factor for the success generated with new products (products development from the lighting function and economic sustainability of the not older than three years) are compiled and the luminaire to intelligent com- Zumtobel Group through its role in the each year: in 2018/19 the Lighting ponents, communication and services. development of new products and Segment recorded 45.2% (2017/18: 40.4%) R&D is still significantly influenced systems and the application of new tech- and the Components Segment 57.1% by the further development of LED nologies. The goal of R&D is to protect ( 2017/18: 69.5%) of their revenues with technology. The Zumtobel Group plays and expand the competitive product new products. The Zumtobel Group an active role in these changes and portfolio by further strengthening the is also placing a greater focus on the the development of standards through Zumtobel Group’s outstanding tech- expansion of technology partnerships its participation in numerous established nology position and innovative power as a means of protecting its competitive national and international committees with research and development product portfolio. Participation in (International Electrotechnical Commis- investments that reflect industry levels national and international research pro- sion, Commission internationale de as well as an extensive portfolio of jects allows the Zumtobel Group to l’éclairage). However, R&D is also patents, consistent product and system development and extensive cooperation Research and development with external research partners. The in EUR million 2018/19 2017/18 Change in % increased use of product configuration Development costs 61.6 69.5 (11.4) and variant management, efficiency Research costs 4.7 3.9 18.7 improvements in the product develop- R&D total 66.2 73.4 (9.8) ment process, the reduction of R&D as a % of revenues 5.7 6.1 locations and the increased capitalisation Headcount R&D* 515 542 (5.0) of development expenses led to the * full-time equivalent
57
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what lies behind our innovative strength? influenced by the The market-based segments were upgraded, the three increasing intel- ligence of systems core brands were strengthened, and the sales function was and the need for higher- reoriented and positioned closer to customers. performance inter- faces. In addition, the importance of universities in hardware and software The key elements of this strategy include software as a differentiation element is development and communication an even stronger customer orientation, growing. Luminaires and, consequently, technology. Examples, among others, are combined with a reduction in complexity their components are becoming part the Technical University in Eindhoven and lower costs. of the Internet of Things (IoT). However, (Netherlands), NTB Interstate University The new strategy was rolled out and the required interfaces have not yet been of Applied Sciences of Technology Buchs implemented in 2018/19. The market- defined or are still incomplete, and (Switzerland), the Materials Center based segments were upgraded, the three competing interfaces have already Leoben (Austria), FH JOANNEUM core brands were strengthened, and entered the market. Through its partici- Research (Austria), Graz University of the sales function was reoriented and pation in numerous committees, the Technology (Austria), Cambridge Uni- positioned even closer to customers. Zumtobel Group is contributing to the versity (United Kingdom) and the At the same time, corporate functions development of industry standards Instituto de Telecomunicações Aveiro were cut back and administrative costs for these interfaces. OpenAIS (Open (Portugal). The Group also maintains were substantially reduced. The product Architectures for Intelligent Solid State development partnerships with portfolio was also streamlined, and Lighting Systems), an EU research industrial firms like ARM, Bosch, Cisco, operating processes were adjusted to project, was successfully completed in Dialog, IBM, Johnson Controls, NXP, lower production costs. All these steps mid-2018. The Group is also a member NO-ESI, Fraunhofer, VTT and others. combined to improve the Zumtobel of the Zhaga Alliance and the DiiA Group’s competitive position and create (Digital Illumination Interface Alliance), Dividend policy the basis for additional market and which are addressing the standardisation Zumtobel Group AG follows a con- cost savings opportunities. This new of lighting components and digital tinuous dividend policy, which calls strategy reflects the Zumtobel Group’s interfaces for lighting equipment. for a distribution of approximately 30% clear goal to generate added value Active participation in the design of to 50% of consolidated net profit after for all stakeholders (shareholders, standards for Internet-ready lighting the deduction of possible special effects. customers and employees). solutions based on IP is another focus In view of the weak earnings develop- In order to drive revenue growth, of activities, whereby the Thread, ment, a distribution of dividends is not the Zumtobel Group intends to Fairhair and Bluetooth alliances are planned for the 2018/19 financial year. strengthen its positioning in the global important players in this area with lighting industry as part of its current their work on IoT solutions. Outlook and goals reorientation. The goal for the Lighting In addition to established cooper- The new Management Board which Segment — with the core Zumtobel and ation with universities such as Ilmenau, was installed in spring 2018 implemented Thorn brands — is to become the Berlin, Hamburg and Darmstadt a number of urgently required operat- market leader in Europe with a focus on (all in Germany), Graz (Austria) and ing measures during the past financial applications in industry, office & edu- Zurich (Switzerland) in the areas of year to stabilise the business and — with cation, shop & retail and art & culture. lighting and lighting technology as well a significantly streamlined management Outdoor applications will concentrate on as architecture, the Zumtobel Group is team — developed and approved the lighting for urban areas and roads. also increasing its interaction with Zumtobel Group’s new FOCUS strategy. The Components Segment with its tech-
58 nology brand Tridonic will expand globally based on innovative hardware (drivers, LED modules) and software solutions for smart and integrated light- ing and lighting systems. The Zumtobel Group will also increase its focus on the future field of digital lighting as well as services and turnkey solutions. The Management Board of the Zumtobel Group sees the 2019/20 financial year as a year of transformation, in which the focus of activities will return to the continuous improvement of the operating business and growth — in spite of the weakening market environ- ment. For the 2019/20 financial year, the Management Board expects a slight increase in revenues as well as an improvement in the adjusted EBIT margin to 3 – 5% (FY 2018/19: 2.4%). The medium-term goal of generating an EBIT margin of roughly 6% by the 2020/21 financial year remains intact. Dornbirn, 14 June 2019 The Management Board Alfred Felder Chief Executive Officer (CEO) Thomas Tschol Chief Financial Officer (CFO) Bernard Motzko Chief Operating Officer (COO)
59 60 Consolidated facts and figures Financial Statements Consolidated income statement in TEUR 2018/19 2017/18 Change in % Revenues 1,162,017 1,196,516 (2.9) Cost of goods sold (810,196 ) (822,673 ) (1.5)
Gross profit 351,821 373,843 (5.9) as a % of revenues 30.3 31.2
Selling expenses (296,989 ) (313,852 ) (5.4) Administrative expenses (36,217 ) (49,432 ) (26.7) Other operating income 9,217 9,914 (7.0) thereof special effects 175 284 (38.3) Other operating expenses (25,162 ) (27,769 ) (9.4) thereof special effects (25,144 ) (27,235 ) (7.7)
Operating profit/loss 2,670 (7,296 ) >100 as a % of revenues 0.2 (0.6)
Interest expense (6,879 ) (6,855 ) 0.4 Interest income 396 420 (5.7) Other financial income and expenses ( 6,331 ) (9,666 ) (34.5) Result from companies accounted for at equity 56 (273 ) >100
Financial results (12,758 ) (16,374 ) 22.1 as a % of revenues (1.1) (1.4)
Profit/loss before tax (10,088 ) (23,670 ) 57.4 Income taxes (5,157 ) (23,038 ) (77.6)
Net profit/loss for the year (15,245 ) (46,708 ) 67.4 as a % of revenues (1.3) (3.9)
61 Maximilien Durel 2015 Elena Pilotto Lindo Saam 2012
Joos Kündig Iso Tambornino 2015 Consolidated balance sheet in TEUR 30/4/19 in % 30/4/18 in % Goodwill 190,299 20.7 187,895 19.1 Other intangible assets 50,179 5.4 47,824 4.8 Property, plant and equipment 232,690 25.3 222,159 22.4 Financial assets accounted for at equity 3,863 0.4 3,807 0.4 Financial assets 993 0.1 1,012 0.1 Other assets 4,145 0.5 4,468 0.5 Deferred taxes 25,487 2.8 25,597 2.6 Non-current assets 507,656 55.2 492,762 49.9
Inventories 174,827 19.0 198,735 20.2 Trade receivables 162,829 17.7 157,694 16.0 Financial assets 700 0.1 1,664 0.2 Other assets 37,566 3.9 50,161 5.1 Liquid funds 37,332 4.1 85,090 8.6 Current assets 413,254 44.8 493,344 50.1
Assets 920,910 100.0 986,106 100.0
Share capital 108,750 11.8 108,750 11.0 Additional paid-in capital 335,316 36.4 335,316 34.0 Reserves (167,687 ) (18.2) (132,835 ) (13.5)
Net profit/loss for the year (15,267 ) (1.7) (46,690 ) (4.7)
Capital attributed to shareholders of the parent company 261,112 28.3 264,541 26.8 Capital attributed to non-controlling interests 1,666 0.2 3,802 0.4 Equity 262,778 28.5 268,343 27.2
Provisions for pensions 81,752 8.9 83,313 8.4 Provisions for severance compensation 47,479 5.2 49,330 5.0 Provisions for other employee benefits 9,671 1.1 9,534 1.0 Other provisions 10,580 1.1 8,717 0.9 Borrowings 126,167 13.7 175,656 17.8 Other liabilities 634 0.1 2,544 0.3 Deferred taxes 2,583 0.3 3,087 0.3 Non-current liabilities 278,866 30.4 332,181 33.7
Provisions for taxes 23,421 2.5 22,096 2.2 Other provisions 41,839 4.5 39,996 4.1 Borrowings 59,877 6.5 55,763 5.7 Trade payables 137,397 14.9 153,758 15.6 Other liabilities 116,732 12.7 113,969 11.5 Current liabilities 379,266 41.1 385,582 39.1
Equity and liabilities 920,910 100.0 986,106 100.0
66 Consolidated balance sheet Consolidated cash flow in TEUR 30/4/19 in % 30/4/18 in % in TEUR 2018/19 2017/18 Goodwill 190,299 20.7 187,895 19.1 Profit/loss before tax (10,088 ) (23,670 ) Other intangible assets 50,179 5.4 47,824 4.8 Depreciation and amortisation 49,744 49,754 Property, plant and equipment 232,690 25.3 222,159 22.4 Impairment of property, plant and equipment and intangible assets 3,417 11,702 Financial assets accounted for at equity 3,863 0.4 3,807 0.4 Gain/loss on the disposal of property, plant and equipment 810 (625 ) Financial assets 993 0.1 1,012 0.1 and intangible assets Other assets 4,145 0.5 4,468 0.5 Other non-cash financial results 6,331 9,666 Deferred taxes 25,487 2.8 25,597 2.6 Interest income/Interest expense 6,483 6,435 Non-current assets 507,656 55.2 492,762 49.9 Share of profit or loss in companies accounted for at equity 56 273
Inventories 174,827 19.0 198,735 20.2 Cash flow from operating results 56,753 53,535 Trade receivables 162,829 17.7 157,694 16.0 Financial assets 700 0.1 1,664 0.2 Inventories 24,744 1,998 Other assets 37,566 3.9 50,161 5.1 Trade receivables (5,277 ) 34,280 Liquid funds 37,332 4.1 85,090 8.6 Trade payables (18,167 ) (15,727 ) Current assets 413,254 44.8 493,344 50.1 Prepayments received 12,192 (1,735 ) Change in working capital 13,492 18,816 Assets 920,910 100.0 986,106 100.0 Non-current provisions 86 (2,257 ) Share capital 108,750 11.8 108,750 11.0 Current provisions 1,688 (587 ) Additional paid-in capital 335,316 36.4 335,316 34.0 Other assets 13,690 (24,221 ) Reserves (167,687 ) (18.2) (132,835 ) (13.5) Other liabilities (8,794 ) 10,218 Change in other operating items 6,670 (16,848 ) Net profit/loss for the year (15,267 ) (1.7) (46,690 ) (4.7) Income taxes paid (4,211 ) (5,797 )
Capital attributed to shareholders of the parent company 261,112 28.3 264,541 26.8 Cash flow from operating activities 72,704 49,706 Capital attributed to non-controlling interests 1,666 0.2 3,802 0.4 Equity 262,778 28.5 268,343 27.2 Cash inflows from the disposal of property, plant and equipment 1,558 4,164 and other intangible assets Provisions for pensions 81,752 8.9 83,313 8.4 Cash inflows from the sale of associates 0 500 Provisions for severance compensation 47,479 5.2 49,330 5.0 Cash outflows for the purchase of property, plant and equipment (66,240 ) (68,975 ) Provisions for other employee benefits 9,671 1.1 9,534 1.0 and other intangible assets Other provisions 10,580 1.1 8,717 0.9 Cash outflows for the acquisition of associates 0 (3,462 ) Borrowings 126,167 13.7 175,656 17.8 Change in non-current and current financial assets (4,608 ) (2,651 ) Other liabilities 634 0.1 2,544 0.3 Change in liquid funds from changes in the consolidation range 0 (3,179 ) Deferred taxes 2,583 0.3 3,087 0.3 Non-current liabilities 278,866 30.4 332,181 33.7 Cash flow from investing activities (69,290 ) (73,603 )
Provisions for taxes 23,421 2.5 22,096 2.2 Free cash flow 3,414 (23,897 ) Other provisions 41,839 4.5 39,996 4.1 Borrowings 59,877 6.5 55,763 5.7 Cash proceeds from non-current and current borrowings 81,525 56,262 Trade payables 137,397 14.9 153,758 15.6 Cash repayments of non-current and current borrowings (132,147 ) (16,002 ) Other liabilities 116,732 12.7 113,969 11.5 Dividend paid to shareholders of the parent 0 (9,924 ) Current liabilities 379,266 41.1 385,582 39.1 Dividend paid to non-controlling interests (670 ) (557 ) Interest paid (6,742 ) (6,727 ) Equity and liabilities 920,910 100.0 986,106 100.0 Interest received 392 420
Cash flow from financing activities (57,642 ) 23,472
Change in cash and cash equivalents (54,228 ) (425 )
Cash and cash equivalents at the beginning of the year 72,446 77,205 Cash and cash equivalents at the end of the year 19,605 72,446 Effects of exchange rate changes on cash and cash equivalents 1,387 (4,334 ) Change absolute (54,228 ) (425 )
67 Headquarters Lighting Segment Components Segment Zumtobel Group AG acdc Tridonic Höchsterstrasse 8 Wordsworth House Tridonic GmbH & Co KG 6850 Dornbirn Vantage Court, Riverside Way Färbergasse 15 Austria Barrowford BB9 6BP 6850 Dornbirn T +43 5572 509-0 United Kingdom Austria [email protected] T + 44 845 862 6400 T + 43 5572 395-0 www.zumtobelgroup.com [email protected] [email protected] www.acdclighting.co.uk www.tridonic.com
Thorn Thorn Lighting Ltd. Green Lane Industrial Estate Spennymoor Co. Durham DL16 6HL United Kingdom T + 44 844 855 4810 [email protected] www.thornlighting.com
Zumtobel Zumtobel Lighting GmbH Schweizer Strasse 30 6850 Dornbirn Austria T + 43 5572 390-0 [email protected] www.zumtobel.com
68 Further reports of Preview of the 2019/20 financial year the Zumtobel Group Report on the First Quarter 2019/20 (1 May 2019 – 31 July 2019) Annual Financial Report 2018/19 3 September 2019 In addition to the present Annual Report on the First Half-year 2019/20 Report, the Zumtobel Group has (1 May 2019 – 31 October 2019) published an Annual Financial Report 3 December 2019 with the complete consolidated Report on the First Three Quarters 2019/20 financial statements for 2018/19. The (1 May 2019 – 31 January 2020) Annual Financial Report is available 3 March 2020 for download via the following link: zumtobelgroup.com/en/ Contacts financial_information.htm Press Marina Konrad-Märk Corporate Governance Report 2018/19 Head of Corporate Communications The current Zumtobel Group T +43 5572 509 575 Corporate Governance Report was pub- marina.konrad-maerk@ lished in the context of the Annual zumtobelgroup.com Financial Report 2018/19 and can be downloaded from our website: Investor Relations zumtobelgroup.com/en/ Emanuel Hagspiel corporate_governance.htm Head of Investor Relations You can order a print copy of the T +43 5572 509 1125 above reports on our website via: emanuel.hagspiel@ zumtobelgroup.com/en/ordering.htm zumtobelgroup.com or via the following e-mail address: [email protected] Zumtobel Group AG Höchsterstrasse 8 6850 Dornbirn Austria
69 Publisher Editors © 2019 Zumtobel Group AG, Austria Zumtobel Group Zumtobel Group AG Natalie Kreutzer and Höchsterstrasse 8 Artwork Emanuel Hagspiel 6850 Dornbirn A collaboration of acdc Austria Baumschlager Eberle Architects, Tara-Jane Cross T + 43 5572 509-0 Prof. Dietmar Eberle Thorn Lighting [email protected] with Sascha Lötscher from Michelle Reple www.zumtobelgroup.com Gottschalk+Ash Int’l Thorn Eco Sarah Fuchs Reproduction and reprint Tridonic only with express written approval Markus Rademacher of Zumtobel Group AG Zumtobel Lighting Andreas Reimann You can find the addresses of our sales offices and production sites on Translation the websites of the respective brands. Bauer-Boothroyd Übersetzungen GbR, Germany
Proofreading Christine Fitz, Austria Andrew Leslie, Germany
Lithography Fitz Feingrafik, Austria
Printing Druckhaus Gössler GmbH, Austria
Project Management Sebastian Gratzer, Zumtobel Lighting GmbH
Thanks to Karin Zumtobel, Zumtobel Lighting GmbH Herbert Resch, Zumtobel Lighting GmbH
Circulation 5,000
70 Mengxue Zhang Wesley Wuytack Mengen Zhang Reinhardt Wurzer Lynda Zhang Corinna Wurth 2,489 of Liang Zhang Karsten Wünsch Jun Zhang Thomas Wunderlich Hua Zhang Martin Wuerzl 5,878 Employees Hongmei Zhang Christiane Wuensch Deliang Zhang Eva-Maria Wucher from Z to A Thomas Zengerle Yonggui Wu Hubert Zengerer Xiaoxia Wu Lifen Zeng Tingxin Wu Marina Zeibig Qingqing Wu Vittorio Zecchinato Minxia Wu Milos Zdravkovic Keliang Wu Aleksandra Zdravkovic Houyu Wu Hao Zuo Petar Zavisa Houyan Wu Nicholas Zumtobel Andreas Zauner Fang Wu Karin Zumtobel Tomasz Zareba Baosan Wu Isabel Zumtobel Filippo Zalambani Harriett Wrest Andreas Zumbach Daniele Zaccaria Sebastian Wrana Marko Zulj Haijun Yuan Stephen Woolsey Yujun Zou Daiping Yuan Derek Wood Licong Zou Yanyi Yu Dean Wood Daniel Zoller Yankang Yu Dagmar Wood Herbert Zizelsberger Yanhui Yu Alex Wong Marija Zivkovic Xiaochun Yu Thomas Wolf Guntram Zirovnik Xianghua Yu Andrea Wolf Rene Zipper Shucai Yu Barbara Woite Michael Zimmermann Mingdong Yu Rochus Wohlgenannt Christoph Zimmermann Jingxiang Yu Elke Woertz Niccolo Zilioli Chao Yu Philipp Woerner Aleksandra Zikic Bo Yu Tracey Wise Yanlan Zhu Xingxiu You Kelsey Wise Xiaoyun Zhu Guoshen You Klaus Wirthensohn Shasha Zhu Muradiye Yönet Julia Wirrer Lijuan Zhu Meiyuan Ying Mario Wintschnig Junjie Zhu Zekiye Yildirim Thomas Winterhalter Heiliu Zhu Hursit Yildirim Michael Winterhager Guixi Zhu Sanmei Yi Norbert Winter Fangchun Zhu Liping Yi Matthias Winter Wenneng Zhou Jin Yi Jasmin Winter Jianlong Zhou Güler Yeter Andreas Winter Binhao Zhou Burhan Yazici Manfred Winsauer Yunling Zhong Theresa Yard Andreas Winkelheide Yuanjing Zhong Michelle Yard Jonathan Winkel Lina Zhong Jianqiong Yao Stefanie Wingefeld Jinling Zhong Baohong Yao Joerg Windmeier Guomei Zhong Yunhui Yang Michael Winder Zaohua Zheng Yilan Yang Josef Winder Sally Zheng Yanqing Yang Hendrik Winckelmans Yulan Zhao Yangyang Yang Rebecca Wimmer Yuemei Zhao Tongrong Yang Philippa Wilson Wenming Zhao Tongqiang Yang Joan Wilson Reekey Zhao Shenglan Yang Stephen Wilmot Meilian Zhao Shaocong Yang Christine Williamson Ling Zhao Na Yang Peter Wilkinson Zongte Zhang Jinwu Yang Karen Wilkinson Yunyun Zhang Dezhong Yang Christopher Wilkinson Xiuzhen Zhang Chunmei Yang Ed Wilkes Xincai Zhang Irena Yagkan Thomas Wilhelm Wenzhi Zhang Qian Xu Peter Wildner Shuisong Zhang Lianhua Xu Sabine Wiesner-Zimmer Shimei Zhang Jijing Xu Peter Wiesner Pingsheng Zhang Houbing Xu Ewald Wieser Guobang Xu Patrick Wieczorek Chunlan Xu Stephen Whyman Yaohui Xiong Wendy Whyatt Caitao Xiong Brian Whitworth Xiaoqin Xin Alison Whittle Yunbo Xie Paul Whittaker Juan Xie Graham Whittaker Changrong Xie Natalie Whitfield Yuping Xiao Chris Whitehead Yunxiu Xiao Noel Whiffin Yi Xiao Klaus Westen Guochun Xiao Herbert Wessin Yuejun Xia Michael Werner Longjian Xia Thomas Wenzel Dongjun Xia Kerstin Wenzel Dieter Wenzel Milena Vidojkovic Dragica Todic Gerhard Weiss Milos Vidic Gillian Toase Zhenping Wei Andrew Vickers Johnny Toas Yanfen Wei Murielle Viala Joerg Tittelbach Shiyan Wei Dominique Vettier Wu Tian Lidan Wei Bert Verschuren He Tian Guangfang Wei Severine Verriez Michael Thurnher Guangdi Wei Tomas Verner Martin Thurnher Christian Wehrstedt Pieter Verhoeven Franziska Thurnher Sebastian Wegscheider Peter Vercic Nathan Thorpe Manuela Wegler Kim Verboven Christopher Thornton Wolfgang Weber Evelyne Velleman Peter Thorns Bruno Weber Srecko Velanac Claire Thomson Anna Weber Christophe Vedel Pauline Thompson Andreas Weber Raphael Vecchio Neil Thompson Aldona Weber Lidija Vasjuckova Martin Thompson Christopher Watts Vladimir Vasic Kathleen Thompson Emily Waterhouse Yann Varvatsoulis Desmond Thompson Deborah Ward Andrew Varley Nicholas Thomas Brandon Ward Nediljko Varkas Stefan Thiel Xiaxia Wang Katia Vandersnickt Dominique Theologien Xianbo Wang Bernard Van Zyl Daniela Thanner Tao Wang Stefan Van Thillo Zehra Tezcan Rongwei Wang Willem Van Landeghem Shuzhen Teng Rongfei Wang Liam Van Laer Laurin Tempel Rongdan Wang Eline Van Hoof Andre Teixeira Rongbing Wang Brenda Van Hoeck Tina Taylor Qiuhong Wang Erwin Van der Elst Pamela Taylor Qinqin Wang Romanito Van Brabant Michael Taylor Lifen Wang Barbara Valorosi Merrilynn Taylor Lanlan Wang Kathryn Valenti Joanne Taylor Jiudong Wang Jan Vacek Jason Taylor Jingliang Wang Emine Uzun Jason Taylor Jianlong Wang Markus Urbons Diane Taylor Huimin Wang Petri Uotinen Anthony Taylor Gongxun Wang Franz Unterthurner Adam Taylor Gaowei Wang Armin Unternaehrer Franz Tautschnig Dongyou Wang Stefan Unterberger-Hierzer Oliver Taubmann Dongya Wang Semra Ulus Heimo Tastel Cuiying Wang Hatice Ulu Zoltan Tasnadi Bing Wang Werner Ulrich Muzaffer Taskin Sandra Walton Patrick Uitz Hasan Tas Emma Walton Jasna Udovicki Thomas Tappenbeck Richard Walsh Ümmühan Ucar Zhangqing Tang Bernd Juergen Walser Eirys Turuku Yangxin Tang Stefan Wallner Debbie Turner Xiaoqing Tang Freya Wallenta Seymen Turk Mengliu Tang Ray Wall Dilek Tuerk Emilija Tanasijevic Michal Walentek Evgeny Tsys Yuemin Tan Simon Waldner Francis Tschumi Ti Yao Tan Berno Walch Thomas Tschol Mikler Tamas Val Waites Yung Tsai Victor Kinshing Tam David Wainowski Bev Truswll Zolt Takac Guenter Waibel Anja Trommer Assunta Tagliabue Jochen Wagner Alfred Troestl Charlie Tabone Herbert Wagner Christian Triebl Matthew Syer Markus Wagenseil Milos Trickovic Walter Syczek Daniel Waespi Kevin Trenchard Adam Sweger Julia Waeger Oliver Trager Caroline Svensson Tanja Wackerzapp Stefan Trachsler Ashley Sutton Ann Therese Wacker Markus Trabesinger Vahap Suna Jovanka Vuksic Viktoria Toth Xianfeng Sun Ivan Vukajlovic Oezcan Tosun Samuel Sun Pierre Vuillermet Abdulkadir Toraman Mingyan Sun Lidija Vuckovic Ömür Toprak Hayriye Sümer Simon Vovk Leslie Topping Lennart Sulzbach Arrigo Vos Medet Topal Yadigar Sulu Claudia Vonbank Hakan Topal Joanne Suggett Elke Vonach Roberto Toniutti Elvira Suess Stefan von Wartburg Qinggang Tong Chris-Marian Suemnich Burkhard von Kloeden Qingfeng Tong Simona Suciu Anja Volderauer Qingfei Tong Sefika Subasic Martin Vogel Joanna Tome Heidi Stuer Knut Voels Michal Tomczak Florian Stuemmler Sandra Voegeli Susana Toloba Daniela Struth-Grienwald Fabio Vitto Felix Toledo Wolfgang Stroj Barbara Vitali Mustafa Toktas Corinna Ströhle Cesare Vinco Milos Todorovic Manuel Strobl Rene Vinak Gabriela Todorovic Birgit Strele Christina Strauss Jinzhou Song David Schoefmann Susanne Straub Gernot Sonderegger Markus Schobel Martin Straub Milan Solevic Patricia Schneider Sebastian Strassbauer Gabriele Solea Lilli Schneider Tracey Stothard Krzysztof Sokolowski Jessica Stefanie Schneider Lazar Stosic Stefan Sohm Andreas Schneider John Storey Nina Soederstroem Andreas Schmoelzer Bogdan Stojkovic Scott Sobetz Thomas Schmoelz Aleksandar Stojkovic Edmund So Tina Schmidt Nikola Stojilkovic Gillian Snowball Maurice Schmidt Miodrag Stojiljkovic Franz Smodis Ira Schmidt Jelena Stojiljkovic Tony Smith Carsten Schmidt Srdjan Stojanovic Jackie Smith Hannes Schmid Sanja Stojanovic Glen Smith Bernd Schmid Milos Stojanovic Andree Leonel Smillie Velazquez Andreas Schmid Mila Stojanovic Mandy Smailes-Woods Hans Schlumpf Marija Stojanovic Stuart Sloane Sabine Schlue Jelena Stojanovic Christopher Slattery Markus Schlingmann Monika Stoelting Jennifer Slater Ralf Schladoer Paul Stockley Jeff Slaets Bernd Schiffrer Anka Stock Sascha Skergeth Stefan Schiffner Elisa Stigler Senad Sistek Waldemar Schewalje Alexander Stieger Nick Sinclair Peter Scheiwiller Tris Stiadi Michael Simpson Josef Scheiblhofer Lukas Steyer William Simoni Gerhard Schedler Frederick Stevens Carlos Silva Rebecca Schatz Sarah Steven Volker Siggelkow Sven Scharfe Zorana Stevanovic Juergen Siepert Regina Schall Mina Stevanovic Marcel Siebert Georg Schaffgotsch Aleksandra Stevanovic Claudia Siebert Matthias Schaerer Carmen Steurer Marc Sicker Annelie Schaefler Kevan Stephenson Davide Siciliano Olga Schaefer Christian Stengg Nursen Sicakbay Justus Schaefer Lothar Stemer Gary Shutt Gudrun Schach Vivien Steinhart Yongqin Shi Gianantonio Scarpi Sascha Steiner Junhui Shi Elizabeth Scaife Petra Steiner Hualin Shi Shoeb Hasan Sayyed Manfred Steiner Niall Sheridan Anita Savic Johann Steiner Paula Sheldon Miriam Saunders Nina Steinbrenner Graeme Shaw Dejana Sarkov Ilse Steinbauer Claire Shaw Damla Sarikamis Bernd Steidl Linda Seymour Stefan Saric Thomas Steffens Sarah Sewell Luka Saric Ivana Stefanovic Mehmet Sevincli Rodlouie Santos Dietmar Stefanon Kari Severinkangas Giovani Herom Santos Felix Stecher Micael Sevemar Carla Santos Manuel Staudinger Philippe Seutin Alekssander Santiago Brigide Stasch Marijan-Emanuel Sesar Radomir Sandulovic Rudolf Staricky Peter Serto Pius Sandri Christopher Stapleton Agnes Sergent Roland-Dan Sandor Maja Stanojic Ali Sener Gareth Sanders Jelena Stanojevic Anna Sellers Andree Sander Bob Stannard Monica Sella Nerea Sanchez Tamara Stankovic Mehmet Selcik Lenard Samlenski Stevan Stankovic Lisa-Maria Seirer Kado Samardzic Milica Stankovic Mario Seiner Babar Sajjad Darko Stankovic Michele Seidel Safak Sahbaz Aleksandra Stankovic Eduardo Segura-Gonzalez Andreas Sagmeister Stefan Stanisavljevic Alan Scurfield Dieter Safarik Ana Stanimirovic Biljana Scojic Betim Sadiku Stefan Stamenkovic Florian Schweikert Elias Sadaka Nadine Stahlhofer Harald Schwarzer Radovan Sadaic Patrick Staedler Christoph Schwaiger Luis Sa Christoph Stadler Elmar Schwaerzler Diane Rutter Martin Spurgin Peter Schuster Mark Russell Brenda Spratt Stefan Schuppisser Sanja Rusimovic Joachim Spratler Jonathan Schumacher Klaus Rupprecht Pia Spitz Frank Schulz Friedher Rumpel Markus Spiegel Marion Schultz Rafael Ruelas Karl Spiegel Anja Schuetz Hans-Juergen Ruehl David Spence Sebastian Schubnell Christoph Rueggeberg Rebecca Speck Gisbert Schubert Martin Ruef Agata Spatzek Franziska Schubert Karl-Heinz Ruef Stefan Spasojevic Ralf Schroeder Harald Ruedisser Milena Spasic Karin Schreiber Dominik Ruedisser Miriam Sparr Thomas Schrecker Bernhard Ruecker Lorraine Sowerby Jacob Schreck Kim Rowe Mathieu Souhaite Claudia Schramm Laura Rovatti Stephane Sorre Franz Schoepfer David Round James Rouell Philip Raine Jovan Petkovic Adriana Rotar David Rainbird Liam Petitjean Kathryn Ross Vivek Raghu Carol Peters Erika Rosenberger Andreas Raedler Sonja Peter Johanna Sophia Rose Richard Raeburn Lukas Peter Jan Roscam Novica Radovanovic Dominik Peter Roselis Rosales Reinhard Radoszticz Hamiyet Petek Frederic Daniel Ropertz Ivanka Radosavljevic Peter Pessl Fabio Romano Gerhard Radl Marija Pesic Antonio Andrea Romano Gorica Radivojevic Renate Pernikl Kris Roelands Jadranka Radic Christoph Perktold Madlen Roeder Rajeev Radhakrishnan Enrico Perin Laura Rodriguez Kenneth Race Zeljko Peric Janis Roddam Damir Rabic Nemanja Peric Steven Robson Nelli Quiring Borko Peric Corinne Robson Michael Quinn Eduardo Inacio Pereira Stuart Robinson Kayleigh Quinn Maxime Perdu Stephen Robinson Guenole Quideau Karine Perchet Neal Robinson Zhihua Qiu Dinia Peralta Kelvin Robinson Jieshen Qiu Johanna Penz Deborah Robinson Jiandong Qiu Yann Pentiaux Kathleen Rivero Guojing Qiu Andrea Penhofer Werner Ritter Yunyun Qing Xiaofei Peng Stefan Ritter Liqiong Qing Huijing Peng Gabriele Ritter Feng Qing Haimi Peng Gabriele Ritter Libo Qin Claudia Pelz Andreas Ritter Heidrun Purtscher Aleksandra Pejcic Mario Riss Stephen Pulman Sonja Peiker Tony Riseley Lucio Pulieri Wayne Pearson Laurence Riley Manuel Prinz Connor Peacock Martien Rijlaarsdam Joanne Price Saleh Pazouki Juergen Rigling Gary Preston Stefan Pavic Roman Ried Francesco Presepi Mira Pavic Simon Riechsteiner Wolfgang Preisenhammer Olga Paustjan Knut Riechmann Damian Praxmarer Zeljko Paunovic Holger Richter Ramdas Prabhu Sabina Paunovic Nicola Richmond Mark Poulin Galina Pauls Val Richardson Christina Potzmann Maria Paulicsek Stephane Richard Kenneth Potter Marie-Christin Paul Marina Ricchi Krister Poole Benjamin Patschg Julian Ribul Rico Pook Martin Paterno Ivan Reynaud Russell Pollard Patrick Passenegg Thomas Reuther Öszcan Polat Clemente Pascarella Christine Reumiller Aytac Polat Sophia Parry Humberto Osvaldo Retamales Robert Pohner Ahmet Parlak Violetta Resetar Mario Poehs Barbara Parkin Waldemar Repp Martin Podmore Stephen Park Aurelie Renaud Roman Ploner Guillaume Pargeon Liquan Ren Michael Ploner Andre Papoular Steven Remer Markus Plessl Naveen Papanna Caroline Relph Markus Platzer Artem Pankov Thilo Reiter Linda Plattner Xihua Pang Frank Reissig Zeliko Platisa Ronglan Pang Claus Reiner Michael Plaskett Hristina Panajotov Brigitte Reiner Claus Planz Yun Pan Walter Reinberger Markus Plankensteiner Chunyan Pan Werner Reinalter Kurt Plaickner Herbert Pamminger Thomas Rein Alessandro Pireddu Ioannis Pallis David Reimondez Jan Pioske Ginny Palladino Nadine Rehme Michael Pinjusic Ella Paley Christoph Reger Robert Pinfold Bulut Özge Helmut Rebhandl Henrietta Pillwein Halis Özdemir Jayne Reay Patrice Pillion Ayse Özcelik Jackie Reay Gary Pilkington Yangli Ou Sophie Readshaw Thomas Piel Wanmei Ou Ryan Readman Gregory Picouet Andreas Ortmeier Madhav Ravindranath Juergen Pichler Alexis Onno Mark Rauer Martin Pfurtscheller Alfred Olschnoegger Claudia Rath Lisa Pfurtscheller Claus Ollegaard Rafael Rastbichler Ronny Pforr Nezahat Olgun Nivethan Rasiah Franz-Martin Pfanner Cristian Olariu Marija Randjelovic Sven Pettersson Arzu Okutulmus Kristina Rancic Bengt Pettersson Sofie Ohman Derick Ramsay Nikola Petrusijevic Sven Ograjensek Graeme Ramage Natasa Petrovic Nuray Ögmen Marija Rajkovic Ana Petrovic Scott Ogden Neil Raithatha Monika Petrisorovic Hakan Oeztuerk Eileen Raisbeck Tanja Petkovic Bianca Oezkan Chloe Rainey Milena Petkovic Belgin Oezgoec Guelbeyaz Oezel Harald Mueller Elisa Meutzner Markus Oetiker Harald Mueller Susanne Meusburger Thomas Oelz Bianca Mueller Peter Metzler Kemal Odabas Andreas Mueller Bernd Metzler Anika Oberschelp Gerd Muehlbacher Wendy Metcalfe Katharina Obermayr Heike Moylan Aghilas Messaoui Karl Oberhollenzer Julian Moutrey Thomas Mersch Bernd Oberhauser Bernard Motzko Astrid Merker Markus Obererlacher Silke Motaln Vanessa Merkel Michel Oberer Kurt Moser Alex Merega Jake O’Brien Eva-Maria Moser Ahmet Meral Kenneth Nybakk Natascha Morgenegg Marie Pierre Menou Peter Nusser Arturo Javier Morales Robredo Matthias Menke Philipp Nussbaumer Julien Mora Mario Menicocci Hanno Nussbaumer Markus Moosbrugger Meidan Meng Michel Nouhant Richard Moore Mark Mendez Regis Nouet Neil Moore Peter Mellies Peder Nordenback Kevin Mooney Britta Meixner Jianjun Nong Andrea Marco Montinaro Ralf Meierkord Karsten Noltekuhlmann Birgit Monitzer Martin Meierhofer Tobias Noack Paul Monaghan Tilo Meier Diane Noack Deborah Monaghan Siegfried Meier Jianfeng Ning Aleksandar Momcilovic Peggy Meehan Hua Ning Ferenc Molnar Ivan Medina Haicheng Ning Janet Mole Allan McNeill Chrisowalandis Nikteridis Jarkko Mokko Christina McMillan Zoran Nikolic Rolland Mok Natalie McLoughlin Tamara Nikolic Nitin Mohan Robert McIntyre Sladjana Nikolic Adriana Mogosmortean Steve McGowan Radomir Nikolic Myriam Modrok Zoe McGlade Olivera Nikolic Zhiqiang Mo Mike McGee Jovan Nikolic Liumei Mo Iris Mayr Ivan Nikolic Jiangmei Mo Gregor Mayr Irena Nikolic Liuyun Mo Andrew Mayo Denis Nikolic Violeta Mladenovic Peter Mayer Biljana Nikolic Snezana Mladenovic Sylvia Maurel Reto Nieuwenhout Andrija Mladenovic Katrin Matthees Carsten Nieswandt Johannes Mitterrutzner Stephanie Matt Thomas Niedermair Tijana Mitrovic Patrick Matt Peter Niederacher Andjelka Mitrovic Dieter Matt Cherry Qiaomei Nie Dijana Mitic Juraj Matlak Stephan Nicolussi-Moro Julie Mitchell Thomas Mathis Heike Nicolussi Peter Misik Raffael Mathis Dean Nicholls Dalibor Mirkovic Klaus Mathis Lorraine Nicholas Svetlana Miric Christoph Mathis Tracy Newman Olivier Miquel Christa Mathis Clemens Neuner Mario Minzlaff Alexander Mathis Rupert Neumayer Joseph Minns Sabine Mathies Jonas Neumann Milos Milosevic Jean-Pierre Mathias Heidi Maria Neumann Marija Milosevic Jelena Maternicka Dennis Neumann Jovana Milosevic Nadja Matern Gabriel Neubauer Nenad Milosavljevic Pilar Mateos Pascal Netzer Bojan Milosavljevic Liliana Mastrovito Tina Nesic Milica Milojevic Marcel Masson Jelena Nesic Jovan Milojevic Alessandro Massironi Aleksandar Nejcev Sarah Miller Sanela Maslan Nadica Nedeljkovic Marija Miljkovic Renee Marton Philip Naylor Aleksandra Miljkovic Kenneth Martin Dario Natale Milos Milivojevic Gitte Martensson Paul Nasrallah Dragana Milisavljevic Laurene Martel Dominik Nardon Milos Milinkovic Jill Marshall David Nancy Zaklina Milic Paula Marr Anita Nagy Marija Milic Marjan Markovic Evelin Nagel Stefan Miletic Jelica Markovic Michael Naegele Irena Milenkovic Milic Ivica Markovic Anke Naedler Nikola Milenkovic Danica Markovic Andreas Myka Mima Milenkovic Andjelka Markovic Susan Myers Irena Milenkovic Predrag Marinkovic Elvira Christine Muxel Igor Milekic Nikola Marinkovic Olivier Mussche Cheryl Milburn Reinhard Margreitter Paul Murray Violeta Miladinovic Barzan Jamal Marf Deborah Muncaster Miomir Milacic Guenter Marent Raimund Muellner Marko Mikic Giovanna Marchini Sven Mueller Spelca Mikelj Christopher Mansfield Ralf Mueller Petar Mijatovic Stephen Mansell Peter Mueller Vesna Mihajlovic Karen Mann Manfred Mueller Sharon Middleton Stefan Mangold Luca Mueller Tjaco Middel Markus Mangold Jeremias Mueller Hans-Joerg Michaeler Burkhard Mangold Alison Mangles Rong Liu Ian Lawry Cathleen Mangeng Qiuhong Liu Julieann Laverick Natasa Mancic Mike Liu Thomas Lausegger Juergen Malin Liuxie Liu Edward Lau Giuseppe Malacrino Daixian Liu Patricia Large Vlajko Maksimovic Caixia Liu Jean Michel Large Aleksandra Maksimovic Amanda Liu Sladjana Lapadatovic Abdul Majeed Lukas Lirussi Andre Lannert Martyna Majda Hanspeter Lins Lutz Lange Tanja Mairhofer Marco Linhart Peter Lang Thomas Mair Johann Lingenhel Matthias Lang Margit Maierl Zhongying Ling Herbert Lang Mario Maier Knut Lindner Harald Landgraf Philipp Magritsch Joerg Linden Marc Landau Namo Maged Yinglong Lin Liuying Lan Stefan Magdic Quentin Lin Hans Lambrechts Renate Maeser Jingqiang Lin Ian Lamb Mathias Maeser Jon Lim Anne Lamant Guenter Maeser Scott Liew Markus Laesser Norbert Madlener Michael Liedermann Daniela Laager Kevin Maddison Lynne Liddle Susan Kyle Silvia Maddalon Diane Liddle Eduardas Kutavicius Saurabh Madan Domenico Liberatore Nirmal Kurup Andreas Machate Lizhu Liao Sunil Kumar Dario Maccheroni Junfang Liao Zeynep Kulac Laurent Mabilotte Xiangan Liang Christian Kuhn Yujie Ma Qianan Liang Brigitte Kuhn Shengjing Ma Lina Liang Markus Kuenzli Linsheng Ma Fangfen Liang Georg Kuenz Dongqiong Ma Enhui Liang Vera Kuehltau John Lyons Zhenchao Li Thomas Kuch Xiaozai Luo Yong Li Michael Krüger Wei Luo Yanlin Li Monika Kruger Shidi Luo Xuesi Li Andreas Krug Shenghuang Luo Wenbo Li Klaus Krueger Kaiying Luo Suxia Li Nemanja Krstic Jincai Luo Shiyong Li Ivana Krstic Jiechang Luo Newson Chilung Li Dusan Krsmanovic Defei Luo Mina Li Christoph Kroyer Chunyan Luo Ling Li Martin Kronabitter Chenfen Luo Lie Li Zoran Krojnjona Mirco Lukowski Libian Li Erich Kroenberg Srdjan Lukovic Junlu Li Benjamin Kristavcnik Lars Luedkemeier Junjie Li Hareesh Kripakaran Andreas Ludwig Juan Li Simona Kreye Annamaria Luciano Jinlin Li Mihaela Krevh Jack Lubinski Jingyuan Li Natalie Kreutzer Songyan Lu Hongying Li Stefan Kreutz Qing Pan Lu Fangyu Li Uwe Kretzschmar Haimi Lu Cedrik Lhuillier Thomas Kresser Jean Charles Lozat Salima Lhote Katja Krenz Tomaz Lotric Milan Lesina Michael Kremmel Pierre Lory Jean Louis Leroy Caio Kauark Kremer Emilie Loriette Christophe Leromain Martin Kreisl Michele Lori Bernard Lernout Claudia Kreil Juan Antonio Lorente Raphael Leran Anna Kreil Joao Lopes Bertrand Leplay Tino Krause Reinier Lopa Nelson Loureiro Leocádio Peter Krampl Julian Lonsdale Naohmy Lenherr Marion Krammel Mandy Longstaff Angelique Lelievre Katja Kramer Kevin Longstaff Dragana Lekse Baldo Kralj Jianping Long Milan Leitman Maja Kraker Mario Loidl Daniel Leiter Martin Kraemer Patrick Lohstoeter Holger Leibmann Meik Kracht Jens Lohse Meiying Lei Ivan Kovacik Frank Loeffler Junlin Lei Nena Kostic Joan Local Maciej Lehmann Mile Kostic Keith Lobo Jens Lehmann Michael Koster Thomas Lobak Brice Legoux Barbara Koss Gary Lloyd Eric Legoupil Ruslan Koschatajev Zhongmei Llin Seok Jun Lee Gerda Korobtschenko Zhen Liu Martin Lee Stephanie Korf Youning Liu Flavien Lecourt Ales Korbel Yan Liu Karina Lechtaler Klaus Kopsa Xionghua Liu Daniel Lechner Marina Konrad-Maerk Xiaojie Liu Gerd Lecher Detlev Konig Weiya Liu Pedro Leal Maria Konecny Tete Liu Zoran Lazarevic Branko Komes Rui Liu Ivan Lazarevic Helena Kolert Melanie Kohlmann Murat Karatas Nikola Jakovljevic Michael Kohler Ibrahim Karatas Janko Jakovljevic Martin Kohler Alicia Kapheim Irena Jakica Erich Kohler Johannes Kapeller Mohammed Jaisal Martin Kogler Avirachan Kanjirakkattu Ulrike Jaeger Sandra Koenig Regina Kalisch Thomas Jaeger Michael Koenig Christian Kalb Hroar Jacobsen Marisa Koenig Zhao Kai Bruno Jacobs Mario Koenig Miljan Kahrimanovic Andreas Jacobi Jakob Koenig Emine Kahraman Carole Jackson Christian Koenig Daniel Kaempf Carole Jackson Ann-Christin Koenig Christoph Kadisch Zoltan Ivanyi Angelique Koenig Guan Justin Dragan Ivanovic Gerald Koeneke Martin Jussel Ana Ivanovic Michaela Koehlmeier Bert Junghans Emil Isaijevic Anita Koehler Christian Jungen Yusuf Irten Herbert Koeck Adrian Juncanariu Lucia Irsova Markus Kocks Dirk Juilfs Nikolaos Ioannou Saliha Kockmaz Reinhold Juen Rudolf Intihar Marko Kocic Stefan Jovic Mark Ingram Peter Koch Milos Jovic Sharon Ingleby Patrik Yves Koch Valentina Jovanovic Binoy Inchakalody Marc Alexander Koch Nikola Jovanovic Matthew Ince Peter Kobrow Nevenka Jovanovic Nikola Ilic Sven Knopek Miodrag Jovanovic Nenad Ilic Christian Knoeferl Milos Jovanovic Lidija Ilic Linda Knockaert Lidija Jovanovic Igor Ilic Ankica Knezovic Ivan Jovanovic Federico Iannotta Tobias Knaus Filip Jovanovic Alina Iacob Cida Knaus Danijela Jovanovic Typhaine Hyvernat Martin Klotz Danijela Jovanovic Wolfgang Hutter Natascha Klöti Anita Jovanovic Malcolm Hutchinson Daniela Klocker Delphine Jouault Sharren Louise Hussey-Clarke Bernhard Klocker Tamara Josifovic Yuli Huo Daniel Klimmer Carsten Josepeit Shengzhao Huo Laura Klien Sue Jordan Lianfei Huo Dietmar Klien Jackie Jones Dongan Huo Anabel Klien Graeme Jones Ruth Hunter Beate Kleymann Gary Jones Deborah Hunter Elke Klenke Kathleen Johnson Beverley Hunter Veronika Kleinknecht Jeannie Johnson Andreas Humpeler Thomas Kleger Guenther Johler Olivier Humbert Norbert Kleber Nikolaus Johannson Metin Hulku Rolf Klassmeier Alija Jogic Victor Huisinga Thomas Kladensky Wolfgang Jochum Chen Huijuan Antje Kix Petra Jochum Sharon Hughes Florian Kittsteiner Chunlan Jin Andrew Hughes Catriona Kitching Yang Jim Susanne Huelsmann Dragan Kitanovic Yaming Jiang Sabine Huber-Wynnyczenko Manuel Kircher John Keqiang Jiang Reto Huber Nikolaos Kiourtsidis Hongqin Jiang Markus Huber Paul King Bo Jiang Gerhard Huber Claire King Xueqian Jia Bernhard Huber George Lawrence Killip Taotao Jia Zhaohua Huang Alexander Kieslinger Feihu Jia Zexing Huang Lucia Kiacikova Irena Jevtic Yongwen Huang Khaled Khaled Zoran Jevdjenic Yanqiang Huang Ivan Kevric Boris Jerusalimskis Xiu Huang Elias Kernbichler Goran Jeromin Shujiang Huang Siegfried Kernbeiss Martin Jerabek Shuangshuang Huang Stephen Kelly William Jennings Shanli Huang Pauline Kelly Robert Jenkins Ruihong Huang Ian Kelly Sasa Jelaca Rongying Huang Iris Kellner Robert Jehly Ray Huang Nurcan Kelesli Stephen Jefferson Qingyu Huang Alona Kelembet Christopher Jayne Mengna Huang Peter John Keill Tomas Javurek Meijiao Huang Nicolas Keenan Gisela Javornik Maoxin Huang Raymond Keane Natalia Jarygin Jiajian Huang Sally Kay Emir Japic Guangyong Huang Beverley Kay Eugen Janzen Caiqi Huang Florian Kavalierek Alexander Jankovsky Caiping Huang Rajwinder Kaur Cecilija Jankovic Zhihua Hu Jennifer Kater Aleksandar Jankovic Xiaodong Hu Pera Katavic Franz Janisch-Lang Lynn Howells Marion Kaser Raimund Janisch Matt House Sonja Kaschnig-Mertel Milos Jamnik Ruihang Hou Nalan Kartal Joseph Jameson Andreas Hosp Heinz Karmazin Klaudia Jamer Frank Horn Matthew Hopper Stephen Hastie Trevor Griffin Fen Hong Peter David Hassan Kevin Griffin Pawel Homic Robert Hasler Ljubomir Grgurovic Sandra Holtmeier Dusan Hasanovic Georg Greußing Nikolaj Kasper Holmen Martin Hartmann Jean Gregson Lena Holmbeck-Gertsson Philip Hartley Karolina Gregorczyk Christian Hogenmueller Andrew Harrow Elaine Greenwood Johann Hofer David Harris Sirio Greco Reinhard Hofbauer Simon Harrack Sebastian Gratzer Daniel Hoesli Anita Harmat Siegfried Grasmik Engin Hoergueslueoglu Garry Hargreaves Olivier Grandsire Helmut Hoedl Stephan Hardt Hugues Grandemange Armando Christian Hoedl Martin Harding Ian Graham Robert Hoeber-Neuhold Sven Haneke Emma Graham Zehra Hodzic Martina Handle Mark Gradon Stephen Hodgson Petra Handlanger Markus Grabher Robert Hodgson Andreas Handl Elisabeth Grabher Dan Hodgson Ruidong Han Joachim Grab Paul Hoch Bifang Han Luca Govoni Hugh Hoaran Paul Hampton Linda Gosbee Werner Hlina Thomas Hämmerle Thomas Gorrell Rachel Hitchcocks Thomas Hammerer Danijela Gorisek Stephanie Hirsch Petra Hammerer Carrie Anne Gordon Joerg Hinz Theresa Hammer Christopher Gooch Martin Hintzen Adam Hamilton Manye Gong Ben Hillman Dominic Halpin Robert Gollob Dieter Hillebrand Tobias Hall Paul Goldsbrough Michael Hille Judith Hall Nurchiban Göktas Eugen Hildebrandt Gemma Hall Sandra Goerg Benjamin Hildebrandt Denise Hall Andreas Goebl Albert Hickman Bev Hall Matthew Gleeson Stuart Hibbert Kadrija Hajrije Stephan Glauser Karen Hibbert Ahmad Hajikhan Stefan Glaas Güllü Heybeli Sebastian Hahn Romina Giudici John Hewitson Emanuel Hagspiel Omar Gislason Jens Hesselberg Ernst Hager Julia Gisinger Peter Hesse Tobias Hagen Cristina Giovanelli Cornel Hess Sabrina Hagen Juan Andres Gimeno Jens Herter Jens Hagemeister Sharon Gillham Sharon Herring Esther Haemmerle-Djurdjevic Kevin Gillham Nadine Hermsmeier Werner Haemmerle Sascha Gilgen Jan Hermening Thomas Haemmerle Stephane Gilardoni Michael Herdman Natalie Haemmerle Martin Gierse Marijo Herceg Daniel Haemmerle Jonathan Gibbs Katica Herceg Christiane Haemmerle Christoph Geyer Susanne Herburger Beate Haemmerle Loic Gestin Michael Henson Wolfram Haefele Lisa Geser Herve Henry Norbert Haefele Veronique Gerval David Henry Bojana Guzina Jens Gersonde Gunilla Henriksson Sandra Gut Christos Gergidis Christoph Henke Stefan Gustavsson Jakob Geppert Susan Henderson Alain Gurtner Savas Genc Leigh Henderson Nilgün Gurleyen Anke Geller-Zymelka Alan Henderson Yaya Guo Walter Geissler Mark Helm Haiyong Guo Reinhard Geiger Jost Hellmeier Haiyin Guo Matthieu Gehin Steffen Heller Elisabeth Gunz Andreas Gebhard Christoph Heiss Elfriede Gumplmayr Marija Gavrilovic Dirk Heinzel Özcan Gülten Davor Gavric Andreas Heim Semra Güler Vincent Gautier Susann Heil Serap Gülen Manuel Gattinger Lisa Heightley-Goggs Mathieu Guilhen Hannes Gatt Gage Heightley Deming Gui Musa Gastemirov Robert Hehn Michael Gugerbauer Simon Gasser Simon Hehle Catherine Guerin Jana Gassan Edith Hehle Petra Guenther Eric Gase Mark Hegeman Martin Guenther Marta Elena Garriz Claus Hechenberger Lutz Guenther Iris Gardner James Heaton Bernd Guenter Javier Garcia Yongfu He Nilguen Guenduez Xiaojuan Gao Xiaofang He Delia Grundy Terence Ganslandt Xianhua He Martin Grundboeck Sebastian Gann Xianchang He Daniel Gross Hristo Ganev Longfan He Clara Grosjean Benoit Gamas Jumei He Wilfried Gritsch Oscar Galvez Chaoyan He Isabella Maria Grissmann-Boesch Ueli Gallati Stephen Hayers Corina Grigore Johan Galiart Sandra Haupt James Griffiths Michelle Gailberger Stefan Hauer Ian Griffiths Franziska Gaessler Wolfgang Gadner John Fearman Manuela Drexel-Schoen Reinold Gabriel Ovidiu Faur Wolfgang Dreher Werner Fussenegger Tomaz Fartek Miriam Drees Mathias Fussenegger Mark Farrell Stefano Dragonetti Matthew Fusaro Yanrui Fang John Doyle Lothar Fuerst Dengbing Fang Michael Dowling Sarah Fuchs Xiaowei Fan Peter Dorricott Lanlan Fu Lars Fahrenkamp Hannah Dornan Chengcheng Fu Benoit Fafin Paul Doolan Christopher Fryer Stefan Faessler Julie Donnelly Claire Froney Mark Evans Feng Dong Carsten Froh Nikolaus Ess Franz Domig Sammy Froelich-Suleiman Jerome Esperou Pavel Domes Selina Froehle Thibaut Escourrou Nicole Domes Martin Fritz Michaela Escourrou Shaafie Dollie Michael Fritthum Carmen Escobar Marie Dohnalkova Sandrine Friedli-Collon Susanne Ernst Yilmaz Dogan Michelle Friedlaender Reple Martin Erne Nafiye Dogan Joerg Friedhof Wolfgang Ermer Leyla Dogan Natalia Fridrich David Erle Radivoj Djuricic Joachim Frick Rosemarie Erkol Zeljko Djurdjevic Ute Frevert Mathias Eriksson Zlatko Djordjevic Stefan Frevert Salih Erdem Stefan Djordjevic Hanna Freuis Hüseyin Ercedogan Lazar Djelic Paula Freeman Thomas Erath Christopher Dixon Gerhard Franz Theresa Erath Ben Dixon James Frankland Joel Engvert Danny Dix Stefano Franceschi Hanna Engljaehringer Claas Dissen Alan Fox David Engels Uros Dinic Michelle Foster Helga Engellage Nenad Dinic Marie Foster Regina Engelke-Kleinert Kay-Uwe Dingeldein James Foster Michele Engel Maria Dietrich Robert Forster Hermann Engel Pascal Dierkx Thomas Forer Orjan Enehall Fabienne Diemand Annette Forer Thomas Ender Christopher Diel Andrew Fodden Monika Ender Britta Diekmann Peter Floyd Ulrike Eminger Rodrigo Diaz Robin Flotho Steven Emashowski Thomas Di Mario Slavica Floric Sara Elmer Philip Dewey Karl Flax Karen Elliott Paula Devon Daniel Flatz Michael Eidam Frank Devine Thomas Fitz Boris Ehrbar Edith Deutsch Dieter Fitz Alexander Ehm Stefan Determann Daniel Fischer Roswitha Egler Bojan Despotovic Olivera Firulovic Giulia Egger Agnes Desjardins Julie Finn Stuart Edwards Saban Dervisoski Monika Fink Steven Edwards Djejlan Dervishoski Marco Fink Joerg Edler Wolfgang Derka Marcel Fink Martin Ecklbauer Gary Dennis Gian Luca Fink Branko Ecim Danijela Denic Philippe Fillaud Fathah Ebrahim Ian Denholm Andrzej Filla Georg Ebner Yunhua Deng Alexandra Filipenko Martin Eberle Xiuqing Deng Roberta Figini Martin Eberle Xiaofeng Deng Alec Fielding Ferdinand Eberle Francis Deng Oliver Fiedler Daniel Eberle Anthony Dendy Basara Feuzi Ekaterina Dyubanova Ralf Demmeler Markus Fessler Vlatka Duric Kemal Demirel Haritha Fergani Senad Durakovic Bedia Demirel Markus Fenkart Nail Dur Özlem Demirbilek Karl-Heinz Fenkart Jacqueline Dunn Gülten Demir Felix Fenkart Helen Dunn Stacey Dellasala Yiren Feng Caroline Dunn Aurelie Deliry Yaoshu Feng Yasmin Dumanli Miroslav Delcev Shufang Feng Erdinc Dulundu Shauna Deland Limin Feng Carmen Dulin Sabrina Del Rio Guangwen Feng Helen Duffield Maximilian Deiters Johannes Fend Mathias Duenser Peter Dehoff David Fend Dietmar Duenser Hakan Dedeeli Tijana Femic Lisa Duennebacke Fahmeddin Dede Silvia Felici Andreas Duempe Andreas Debor Stefan Feldwehr Jeannette Dubielzig Alexis Deboos Alfred Felder Eiko Dubielzig Judith Dean Thomas Felbermayer Serge Duarte Jack Deakin Joris Feis Xiaosong Du Stefano De Leo Marc Fehr Arnaud Drouin Kevin De Graef Nadine Fehn Slobodan Dropuljic Wolfgang Daz Robert Fechtig Thomas Drohn Osman Dayanik Christiane Fechtig Volker Droege Lewis Dawson Melanie Davy Ibrahim Cesur David Briggs Dawn Davison Xiaoying Ceng Allison Briggs Kingsley Davies Wenping Ceng Kenneth Breitman Henry Davies Fengjiao Cen Simon Brei Chandranath Das Seher Celikkaya Virginie Breda Christian Daniel Erdal Celikkaya Jessica Brazil Dacui Dan Daniel Cathomen Franz Braun Shaun Dainton Marc Castignola Nicole Branner Romain Daignault Dan Cason Annemarie-Hermine Branescu Shengni Dai Martin Caruso Roman Brandstaetter Clement Dahou Scott Cartwright Klaus Brandstaetter Sabina Dahlqvist Sharon Carruthers Michael Brakhage Milisandra Da Silva Mendes Paul Carroll Joanne Brainbridge Alberto D’Ercoli Luis Javier Carracedo Oliver Bradburn Chantal D’Agostino Colin Carr Tom Boydell Dimitrije Cvetkovic Adam Carmichael Anton Bowness Diana Cutkovic Steven Card Michelle Bowman Diane Cunliffe Gilles Carage John Bowman Maurizio Cucciniello Gianni Capelli Jill Bowman Jason Crunden Yujuan Cao Dawn Bowes Janet Crow Xiaorong Cao Michael Bowden Tara-Jane Cross Tianjun Cao Taha Bousbaa Emma Cronin Meimei Cao Nathalie Bourgeois Simone Cristini Jinsi Cao Jacky Bouleau Philip Cremer Jianquan Cao Matthew Boucher Lee Craggs Keighley Cant Rachmat Botter Ales Cpin Julie Cant Senad Botic Terry Cox Bev Cant Dijana Boskovic John Cox Dietmar Canal Aleksandar Boskovic Alison Cox Marie Campbell Ulrike Bork Sharon Cowley Tran Cam-Huong Jan Borjesson Matthias Covi Aitor Calvo Ann Caroline Booty Youssouf Coulibaly Ayse Calim Luca Bono Janine Coronese Zekiye Cakir Vinko Bokanovic Tracy Cook Recai Cakir Lenka Bokajova Matt Connolly Jamie Cairns Dominik Bohny Carlo Concu Xiefeng Cai Ljuba Bohn Ricard Comulada Lijun Cai Brigitte Bohle-Gort Gilles Cohen Vikki Byrne Markus Bohle Alessio Cocilovo Christopher Leonard Byrne Artur Bohle Marc Closter Christian Bylicki Susanne Bohland Sebastien Claveres Samira Buzzo Steven Bogardus Peter Clark Güler Büyüktunalioglu Roland Boesch Jamie Clark Christian Büttner Lisa Boesch Connor Clanfield Julia Butkereit Gerhard Boesch Jelena Ciric Shawn Butcher Alois Boesch Martin Cip Paul Bussoopun Michael Boehnel Seyit Ahmet Cimen James Bushell Wim Boeckxstaens Mustafa Cimen Vesna Burzic Juergen Blum Bernhard Chromy Leonie Burns Waldemar Bluem Markus Christen Jocelyn Burnham Steffen Block Qing Cheng Daniel Burkhardt Benjamin Blin Wilfrid Chenay Sean Bunton Gavin Blenkinsopp Ziren Chen Pierre Bugnot Chris Blenkinsopp Zhengxiong Chen Günter Bugelnig Fred Blanco Yinyin Chen Michal Bugar Maxime Blanchon Yanping Chen Thierry Buffet Alison Blake Weibo Chen Annie Buergel Alison Blake Ting Chen Philipp Buechler Karine Blaise Shuaijun Chen Irmantas Budrys David Blair Saidan Chen Susan Buckley Connor Blackburn Mengyi Chen Daniela Buchert Linda Gust Bjornstad Lixiang Chen Armin Bucher Thomas Bischoff Hao Chen Rainer Bruseberg Martin Birnbaum Evan Chen Gerrit Bruns Beatrice Birkhahn Mehdi Ben Cheikh Susanne Brumen Vehbi Kivanc Bilgin Li Ting Chee Paul Brownbridge Nadine Bilgeri Virginie Chauveau Peter Brown Stefan Bildstein Guillaume Chartoire Nigel Brown Markus Bildstein Victor Chaplain Debra Brown Katerina Bila Stuart Challenger Jacques Brouhier Michaela Biermann Jean Sebastien Chagrot Daniela Broszio Jason Biedermann-Smith Noel Chagnard Scott Brooks Gülten Bicki Ryan Chadwick Andrew Brooks Ayhan Bicki Ibrahim Chaara Mariusz Bronowski Dario Bettiol Vojtech Ceza Lisa Bromley Dagmar Bethke Baris Ceylan Julie Bromley Linda Bestford Tolga Cevik Dominik Brix Andrew Best Sevgi Cevik Saskia Brinkmann Agathe Besnard Markus Besl Milena Atanasovski Matthias Bertsch Fuat Atalay Eric Berthommier Michelle Aston Andrea Berriman Markus Aster Wolfgang Bernsteiner Martina Assmann Marie Pierre Bernard Sedef Aslaner Markus Berktold James Ashton Elias Berktold Tijana Ashtalkoski Ramona Berkmann Adem Arziman Michael Berkmann Peter Arthy Anton Berkmann Semra Arslan Arndt Bergmeister Ayse Arslan Ulrich Bergmeier Arzu Arslan Jelena Berger Yaneth Carolina Arraiz Alexander Berger Michael Armstrong Elmar Berchtold Christian Arlt Martin Benzer Miroslav Ardan Joakim Bengtsson Peter Archer Marina Bender Kai Arbinger Stephen Bell Krasniqi Arber Pamela Bell Bernhard Apsner Jehona Behluli Judith Appleton Wolfgang Beer Ed Apanasovicius Sandra Beecken Goran Antonic Jens Beecken Juergen Andres Wilko Beckmann Nebojsa Andjelkovic Wolfgang Bechter Roger Andersson Wolfgang Bechter Agneta Andersson Thierry Bechtel Yvonne Anastassopoulos Kai Baur Eduard Amuza Christian Bauer Martin Amort Stefano Battaglia Andre Amort Danilo Batdorf Mark Ammon Aslihan Bastug Johannes Ammann Hakan Basaran Lucie Amirat Nazli Bas Virginie Ameingual Gail Bartle Guenter Amann Alexander Barth Bernd Amann Katharina Barteder Nuran Altuntas Roman Bartalsky Joerg Altmann Elaine Barry Peter Althof Alessandro Baresi Nadin Altersberger Reto Bard Meike Alteheld Aleksandar Barac Volker Alstede Hao Baozhong Suzanne Allison Francois Baoudour Dominik Allgaier Anthony Banks Lisa Allan Olga Bangert Nevresa Alikadic Shaozhou Ban Leo Alge Michael Bamforth Tamara Aleksov Lisa Balourdos Marko Aleksov Alper Balkaya Lyn Alderson Selma Balaban Arzu Aksu Hami Balaban Daniel Akers Leroy Baird Elanur Akcay Lynn Baines Metin Akbas Haiyan Bai Sinan Akar Chunhua Bai Zuxiong Ai Anne Baguette Waseem Ahmed Stephen Bagley Nitika Agrawal Tim Baertele Aldijana Aganovic Gerhard Backhaus Frank Adomeit Milica Babic Stephanie Adde Annelore Baak Lynne Adams David Ayre Jordan Adamas Metin Aydemir Gerard Abramowicz Fati Aydemir Christian Abert Nourchen Ayachi Kolja Abendroth Bertrand Aveline Charlie Abboud Seher Avci Kirstie Abbott Erdal Avci Nikica Augustinovic Christian Auer Maelle Audiau Peter Atkinson Paula Atkinson Kevin Atkinson Caitlin Athey Havva Atar