ANNUAL REPORT 2012 Project focus – The geology of Greina Greina – at the end of 2013, the new map sheet of Greina should appear in the Atlas of Switzerland (Scale of 1:25,000). Structural measurements and mapping were conducted on behalf of swisstopo in the area between Vals, Vrin and Ol- ivone. This data allows supplementing the existing maps and interpreting them for the completion of the map sheet. (Other projects from page 14) CONTENTS

Letter to shareholders 4

Equity holdings 6

Our Business Areas 10

Project focus 14

Economic backdrop 26

HOLINGER FITNESS PROGRAM 27

Outlook and development 28

Organisation and organisation charts 30

FACTS AND FIGURES 32

Locations 38

Annual Report HOLINGER AG 2012 3 Letter to Shareholders

Dear shareholders and colleagues, Environment (BAFU) estimates that around CHF 16 billion will Dear friends and business partners need to be invested in flood protection alone by 2030 at fed- eral, cantonal and municipal level.

The past business year has been one of the most successful in Educating and nurturing young talent the 80-year history of HOLINGER AG – we are right on track with – the foundation for quality and growth regard to both our financial goals and our long-term strategic Motivated professionals will also be needed in future to carry aims. Against a challenging economic backdrop we were able out work of this kind; this will only be possible if companies to improve our competitive advantage and our market position. work together with universities and educational institutions to With annual revenues of CHF 31.8 million – around CHF 1.0 ensure further training and secure the next generation of quali- million more than the previous year – own services of CHF 28.2 fied experts. That said, the long-term backdrop and growth op- million (previous year CHF 27.6 million), as well as the signifi- portunities must be in place in order to attract talented young cant divestment of corporate risk, we have achieved a marked people to take up careers in design and engineering. This re- improvement in our figures and managed to increase overall quires more than fair compensation; society as a whole needs profitability despite the highly problematic market conditions. a greater recognition of design and engineering services. This is Operating cash flow rose by +33.3% to CHF 2.8 million, thereby the only way we will be able to master challenges ahead and exceeding our forecasts and goals for 2012. This can be taken work together with our clients to shape Switzerland, our society as an indication of the success of the measures implemented in and our environment well into the future. different Business Areas to improve efficiency and the increase in HR training and development. Risk hedging for ongoing proj- As a company we must also ensure that we offer and deliver ects and costs for developing new markets, products and tech- engineering services in a way which is responsible, serious and nology were the primary factors which led to a net profit for accompanied by appropriate safety measures. Quality should 2012 of CHF 0.848 million after tax (+94.7% on the previous take precedence over price as the deciding factor. Tenders need year). to be assigned on the basis of innovative, creative engineering services. The current practice in public procurement of offering HOLINGER GROUP Overview and contracting highly demanding engineering services at aver- The HOLINGER GROUP generated consolidated turnover of CHF age rates of below CHF 90 per hour is unjust and inadequate if 33.6 million (previous year CHF 31.8 million) in 2012. we are to encourage young people to choose a career in design This was the first time in the company’s history that own ser- and engineering. vices were in excess of CHF 30 million. The number of staff fell slightly to 248 employees at the end of 2012. Order bookings In recent years we have only succeeded in strengthening our developed very well, amounting to CHF 29.9 million and practi- skills and human resources in multiple areas by hiring foreign cally matching annual own services in 2012. Consequently the skilled labour, engineers and graduates. As long as there is such order backlog was also up on the previous year, by +4.5% to a shortfall in young skilled and qualified workers in Switzerland, CHF 23.6 million. we will continue to hire well-qualified staff, predominantly from the EU. This is why we cannot comprehend the sometimes ill- Performance, innovation and stability – the basis for our informed Swiss political debates on the freedom of movement success of persons. The results are pleasing in many different respects. In 2012 HOLINGER not only managed to acquire important new cus- tomers and longer-term projects, but also saw high levels of customer satisfaction and customer loyalty. We are delighted The 2012 results are highly by all of the positive feedback and it motivates us to continue with our current strategy. Further improvement in our resources satisfactory. We managed to and skills was achieved in almost every Business Area. The dedi- cation, knowledge and creativity of our staff have once again increase output and reduce yielded many solutions without which our society would not corporate risk. There were im- be able to continue providing a functioning transport system, drinking water, hygiene and protection against natural hazards. provements to both organisa- The latter is a HOLINGER business field which will become ever more crucial in the coming years, as the Federal Office for the tion and management.

4 Our promise – satisfied customers through great Our capital – the trust from you, our customers, business performance partners, employees and shareholders In 2012, HOLINGER not only managed to provide solid services The confidence that you, our esteemed shareholders, have in our 9 divisions and 22 locations in Switzerland, Germany, Lux- placed in HOLINGER is critical for us and our colleagues on embourg and Morocco, but also created additional benefits and the Board of Directors and in Senior Management; your strong added value for our customers. This achievement is reflected in backing is essential. Your commitment inspires trust among our the record-breaking number of order bookings of CHF 29.3 mil- clients, as it does among our staff, friends and business part- lion (consolidated CHF 29.9 million) – CHF 4.4 million more than ners. We would like to thank all of you for making the 2012 the previous year. Consequently, reserves of work also increased business year one of the most successful in HOLINGER’s history. to CHF 22.1 million (previous year CHF 21.6 million), or to We are also grateful to every one of HOLINGER’s 248 employees 9.6 months overall. for their dedication and for driving our success in 2012. They have once again applied their creativity, flexibility and incred- Ongoing developments and outlook ible energy for our projects and clients and ultimately justified The financial results for the first quarter of 2013 were uncon- the trust our customers place in us. The Board of Directors has vincing and fell short of expectations. For 2013 as a whole we therefore decided the pay out a special bonus to our staff in rec- assume a variable backdrop riddled with uncertainty and an ognition of their performance and in honour of the company’s overall decline in economic conditions. Given our strengths, the 80-year anniversary; the bonus amounts to 1,500 per full-time well-filled project pipeline and the success of our investments employee and CHF 500 for each trainee. in recent years, we expect HOLINGER GROUP capacity utilisa- tion to be generally stable in 2013 and for earnings to remain As our shareholders you should also profit from the strong per- unchanged. In times of economic turbulence we will continue formance of our company. The Board of Directors will propose to sharpen our competitive edge and generate growth and we an increased dividend of CHF 0.50 per dividend-bearing regis- remain committed to our goal of exceeding CHF 40 million in tered share with par value CHF 0.20, or CHF 5.00 with par value own services in 2015. CHF 2.00, to the Annual General Meeting on 6th June 2013, thereby continuing the attractive dividend policy of recent years. Owing to the growing volume of orders and anticipated deci- This corresponds to a payout of CHF 826,960 (previous year sions on the award of several large-scale tenders, we remain CHF 616,970). With this dividend proposal, equity and share confident about HOLINGER’s medium to long-term prospects value per registered share remain constant and attractive for our and believe we can sustain the growth seen in recent years. employee stock ownership plan. HOLINGER is a forward-looking company and holds a strong position; this is reflected in the results of the last fiscal year. We appreciate your support and hope that you will continue to Thanks to the foresight of our financial policy, we also have a place your trust in us in the future. HOLINGER is a strong, reli- very stable basis for future operations. However, the year 2012 able partner – and we intend to remain so – for our customers also showed us that we did not make the most of every mar- at home and abroad, for our staff, for friends and partners in ket opportunity in every Business Area and location and that the worlds of business, science and society and especially for there is still a need for ongoing improvement and efficiency you, our respected shareholders. increases. HOLINGER has therefore decided to implement a May 2013, Liestal 5-point program for the period 2013 – 2016 involving savings of over CHF 1 million as well as an increase in ROI and operat- Yours sincerely, ing cash flow.

Our strength – customer service and a local presence Another key focus in 2012 was a long-term alignment, secur- ing continuity and the medium-term succession in corporate management. The corporate structure and management set-up was reorganised as of 1st January 2013 and has enabled us to strengthen regions and local sites, as well as putting HOLINGER in an even better position to meet the demands of the markets and the needs of customers. The backdrop for future growth and further development in HOLINGER’s expertise, services and resources has therefore been secured. Werner Meier Dr. Uwe Sollfrank Chairman of the Board CEO

Annual Report HOLINGER AG 2012 5 EQUITY HOLDINGS

ENERSYS SCHWEIZ GMBH Further projects in 2012 included planning, implementing or SOCIETY FOR ENERGY SYSTEMS commissioning small hydropower plants for water supply and EnerSys Schweiz GmbH, based in Liestal (Switzerland) specialises wastewater treatment systems, energy optimization of technical in consulting, developing and planning alternative energy sys- systems, district heating, various cogeneration plants and gas tems, more efficient energy usage, building physics and process turbines as well as geothermal heating systems. engineering for heating, ventilation, refrigeration and air condi- tioning systems. In the 2012 fiscal year we completed feasibility GREEN CARBON ENERGY AG studies for different sites in Switzerland and developing project One priority in 2012 was the development of a concept for ideas for photovoltaic plants, as well as realising three medium- treating and recycling waste wood while producing energy, sized plants. Once again, it was apparent that the long-term, in Switzerland. In cooperation with our technology supplier, clear and reliable political decisions necessary to allow increased we worked intensively on the business plan and design for an investment in this field are missing. But we anticipate a new 80,000 tonne system for the torrefaction of waste wood (2nd boost to this field from the Federal Energy Strategy. generation fuel). In close collaboration with our partners, we ex- plored the technology, energy and profitability as well as Swiss The GALMSSOLAR pilot plant has enabled HOLINGER to realise location options for the process of “roasting” waste wood and its first photovoltaic plant which is not connected to a roof — in a the subsequent transformation into “biochar”. A location for car park in Liestal. The underlying idea is to consolidate and mul- the plant with rail and port connections has been reserved in the tiply the uses of surfaces. The technology employed allows large Basel region. Negotiations with waste wood suppliers are now gaps to be bridged and makes it possible to build large plants underway to acquire sufficient quantities of suitably prepared with several megawatts of output on previously unused spaces waste wood. such as wastewater treatment plants, roads, car parks or landfills. An initial concept and feasibility study has been developed for a To invest, promote and manage the torrefaction plant, GREEN landfill site in the north west of Switzerland. CARBON ENERGY AG (GCEAG), was founded in December

GALMSSOLAR

6 2012 in Liestal (Switzerland) as a 100% subsidiary of EnerSys first projects in France have been successfully completed along Schweiz GmbH. HOLINGER AG is designing the plant and has with numerous projects in German Switzerland and we are con- developed a complete pilot project. The first industrial plant fident that the business will do very well in the current year. of its kind is in Holland and in the first half of 2013, a ma- jor overhaul to stabilise production was undertaken on the SWISSWATER GmbH basis of the process-engineering optimisations proposed by Strong economic growth and increasing urbanisation in China HOLINGER. Once the plant begins operating again, the plan- has led water conservation to be accorded top priority. In addi- ning work in Switzerland will be recommenced and we will find tion to the aesthetic aspects, the authorities have primarily been additional project partners and investors so that we can start urged into action by the fast dwindling water resources. Togeth- construction in 2014. er with SWISSWATER GmbH, based in Zurich (Switzerland), in the past 4 years HOLINGER has successfully implemented nu- ENVILAB AG merous projects in China. A PASSION FOR ANALYSIS ENVILAB AG, based in Zofingen (Switzerland), is a neu- One key focal point is the strategic planning for the clean-up tral, independent laboratory providing analytical studies of heavily polluted water bodies. This multifaceted work in- and consultancy services to the environmental sector. De- volves evaluating water pollution from different sources such spite a difficult economic backdrop in 2012, it achieved ex- as wastewater or agriculture and designing sewage systems cellent results. Nine years since becoming operational, the and wastewater treatment plants. In 2012 HOLINGER acquired 11 employees managed to increase turnover by 8.8% to a stake in SWISSWATER in order to consolidate the successful CHF 1.59 million. The broad, modern service range covers a collaboration. In future all HOLINGER projects in China will be varied selection of analysis types: water (testing spring and/or carried out under the SWISSWATER brand. This name is syn- ground water for suitability as drinking water; analysing landfill onymous with Swiss quality, which is highly acclaimed in China. leachate from various waste sites/landfills; examining waste- Current projects are underway in the sludge processing sector water from industrial operations and water purification plants) at wastewater treatment plants and we are striving for further mud and solid samples (waste, excavated material and soil, acquisitions in the field of environmental planning, particularly building substance etc.), as well as measuring emissions, immis- industrial facilities. sions and indoor air. AQUA-SYSTEM AG Expertise in every field SOLUTIONS FOR WATER AND WASTEWATER SYSTEMS An emphasis on performance and quality As in previous years, 2012 was a year of very limited market The staff’s work was praised during an audit by the Swiss Ac- activity for Aqua-System AG, based in Winterthur (Switzerland), creditation Institute in September 2012 for its high quality and and only a few projects were carried out. A strategic realign- reliability. The laboratory is particularly skilled in analytical proj- ment is set to be implemented in 2013, whereby we will also ects which require background expertise such as overseeing/ examine the possibility of selling the company. examining landfills, wastewater treatment plants, water supply, identifying hazardous building materials, mining and nitrifica- tion trials, monitoring siloxane in sewage gas, or tracer tests. Chemical-environmental and analytical consultancy services complement the laboratory’s testing work. This area underwent massive growth in 2012 accompanied by the expansion of spe- cific environmental mandates and the creation of a new post. The consulting mandates continue to include studies of trace substances, monitoring landfills, testing hazardous substances of polluted sites and landfills as well as hazardous building mate- rials. This is in addition to challenging projects for various waste- water and waste associations, architecture and geology offices, construction companies, commercial and industrial firms, hous- ing managers, municipal authorities, cantonal authorities and federal offices in Switzerland and Germany.

The success achieved in recent years has led to the intensifica- tion of activities in every area, including now in West Switzer- land. One clear advantage is the language skills of the staff and the new bilingual German-French version of the homepage. The

Annual Report HOLINGER AG 2012 7 HOLINGER INGENIEURE GMBH (DEUTSCHLAND) ongoing challenging backdrop. The company broadly succee- MERKLINGEN, CHEMNITZ, FREIBERG IN SAXONY, ded in matching forecasts and achieving the goals for 2012, at HOHENTENGEN AM HOCHRHEIN the same time strengthening the firm. Own services rose by an The stage was set for a reorganisation right at the start of impressive 21.6% against the previous year. There is an order 2012: HOLINGER Ingenieure GmbH and STEINLE Ingenieure backlog of around 13 months – a solid basis for continued suc- GmbH merged on 1st January 2012. Exploiting synergies bet- cessful growth. ween the companies has enabled us to achieve a clear mar- ket positioning by consolidating the Business Areas under Building on the efforts of the past years in which energy and one roof. The positive reaction of our staff and customers process-engineering optimisation at wastewater treatment across the board speaks for itself. As of 1st December 2012 plants has grown into an ever more important sector, we ex- HOLINGER Ingenieure was able to take on 5 employees from pect measures related to developing sludge disposal and sludge a regional engineering firm which had gone into administra- treatment concepts to play a more prominent role in the future. tion, thereby preserving local jobs. The opening of an office in Strong and varied demand for engineering services is expected Chemnitz has enabled us to expand our team with experienced as a result of new legislation and the consequent change in the engineers and construction managers with extensive expertise framework. Another focus for future growth involves qualified in urban drainage, water supply, general civil engineering and sewage rehabilitation in the urban drainage sector; a large num- infrastructure. This allows us to improve our service provision ber of measures are expected here in the future. Several staff and proximity to customers still further and cement our local have received training and qualified as “certified sewage reha- presence in one of the central, major metropolitan areas in Sa- bilitation consultants” in order to meet the future requirements xony. The services of construction managers in particular allow and preconditions of the procurement process. us to offer our local clients efficient service with shorter reaction times. The massive price hikes in electricity resulting from the “energy shift”, combined with state subsidies for renewable energy, are One key focus in wastewater treatment plants is instrumentati- providing an incentive for many plant operators to modernise on and control technology. Numerous new orders were acquired their existing combined heat and power (CHP) plants. We ex- in this field, both for upgrading existing control and instrumen- pect a short to medium-term increase in demand in the energy tation technology and replacing outdated process control tech- efficiency, CHP, energy optimisation and energy recovery sec- nology with migration tasks. One particularly pleasing develop- tors. ment was the fact that many clients not only charged us with the changeover of hardware and software, but in many cases New applications for removing trace substances by directly ad- also entrusted us with conducting the process-engineering and ding activated carbon to clarification basins are also worth men- energy-related assessment of the associated systems. Current tioning. This process eliminates the need for a back-up carbon indicators suggest this trend will continue in the coming ye- reactor, leading to significant cost savings. Application opportu- ars. HOLINGER International’s expertise was applied to develop nities are especially likely to emerge for smaller plants without a study into constructing a wastewater and sludge treatment dry wells in karst regions. plant in Kosovo for the first time. In future HOLINGER Ingenieure will be even more closely in- We were delighted by the reaction of our regular customers tegrated into HOLINGER GROUP projects and increasingly take and our new clients to the consolidation of the wastewater over certain activities, particularly in the Eurozone. We intend to treatment and urban drainage divisions and the associated im- expand cooperation with our Luxembourg subsidiary and inten- provement in local proximity. One initial project in cross-sector sify the acquisitions and knowledge transfer in all core compe- planning arose from an existing requirement planning mandate tencies which is already underway. The organisational measures for the strategic realignment of the Olbernhau wastewater as- which have been passed, should in the medium term, lead to sociation. The plan involves decommissioning small wastewater a broader range of services, growth in staffing levels and even treatment plants of up to 1,000 p.e. by transferring them to a better access to the knowhow and resources of the entire HO- central wastewater treatment facility; this will counteract the LINGER GROUP. impact of demographic developments in catchment areas and reduce the costly external operating sites.

At its headquarters in Merklingen and sites in Chemnitz, Frei- berg/Saxony and Hohentengen am Hochrhein, HOLINGER In- genieure employed 25 staff at the end of 2012 (previous year 20 employees). Order bookings were satisfactory despite the

8 HOLINGER INTERNATIONAL CONSULTANTS GMBH Ongoing close collaboration with various local partners is critical SWISS KNOWHOW FOR INTERNATIONAL MARKETS to the future and the business strategy of HIC. In the medium HOLINGER International Consultants (HIC), based in Liestal term we aim to support local experts through targeted knowl- (Switzerland), represents, bundles and develops the HOLINGER edge transfer with the goal of creating skilled jobs, thereby fa- GROUP’s international business activities. Against a highly com- cilitating sustainable value creation and driving expertise at the petitive and turbulent economic backdrop, the international local level. business of HIC – now in its third year – performed very well and kept pace with the entire group. HOLINGER achieved high The outlook for 2013 is promising – the project pipeline is full of success rates both for prequalifications and tenders and has international development banks orders, plus we have a multi- gained a solid foothold on the international market. Alongside tude of open tender bids and offers as well as new orders that Switzerland, in 2012 the best-performing countries in terms of all point to a bright forecast for the development of the busi- revenue were Luxembourg, Germany, Bosnia Herzegovina and ness. In addition to Western Europe, the most important mar- Kyrgyzstan. The year also saw the first significant acquisitions in kets in 2013 were once again the Balkan countries, Central Asia the wastewater sector in Morocco and Tunisia. Feasibility stud- and the Maghreb region. A cross-sector “knowledge transfer” ies in Bosnia Herzegovina and Kyrgyzstan for the European Bank cooperation project between Swiss professional associations for Reconstruction and Development (EBRD) were successfully and the Moroccan water board was initiated by HIC as part of completed and rated excellent by the client and we managed to our long-term development strategy and HIC will continue to expand the product range with several components which enjoy push ahead with this project in its role as coordinator. strong international demand.

Countries with current projects Countries targeted (without current projects underway) Bosnia and Herzegovina Kosovo Egypt Moldova China Liechtenstein Albania Tajikistan Germany Luxembourg Haiti Turkey France Morocco Jamaica Great Britain Macedonia Croatia Kyrgyzstan Tunisia Kazakhstan Colombia Vietnam Laos

Annual Report HOLINGER AG 2012 9 Our Business Areas

Founded in 1933, HOLINGER is a pioneer in water conservation operational start of the new “Hirsacker lake-water works” in in Switzerland. Many large and small plants bear the hallmarks Horgen. The plant takes water from Lake Zurich and then uses of our engineers, planners and specialists. Knowledge and in- its three treatment processes to provide around 25,000 m3 of novation, practical solutions in combination with experience and drinking water per day. This makes it one of Switzerland’s most foresight, interdisciplinary approaches and actions, backed by advanced and most modern plants. HOLINGER is responsible for ongoing further education and training of our specialists have the entire design and realisation of Hardwasser AG’s new active- always been at the core of our engineering firm. This philosophy carbon filtration plant in Muttenz; the complex project which has been a key driver in making water conservation projects a has attracted broad public interest is set for completion in 2013. reality and in the sustainable success of HOLINGER over the past Hardwasser AG is a regional water works and supplies water to 80 years. And it is a philosophy which will continue to live by in various communities in Basel-Landschaft and the city of Basel. future. Our pioneering services and innovative solutions for our clients once again led to economic success last year. Armasuisse and the Procurement and Technology Office of the Federal Department of Defence, Civil Protection and Sports (VBS) HOLINGER is an independent, internationally-active customer- have placed their trust in us yet again and charged HOLINGER oriented service provider specialised in the construction, energy, with the comprehensive support of construction project manag- process engineering and environmental sectors. Customers and ers, project management and support staff as well as the imple- staff are at the heart of everything we do. We have good regional mentation of emergency measures. We have taken on a number coverage and networks facilitating customer proximity through of different tasks for the Federal Roads Office (ASTRA) in the areas our overall general engineering and project management, our of national roads, maintaining infrastructure facilities and special nine Business Areas and our office locations. We have 16 in Swit- structures as well as the construction of treatment plants for road zerland, one in Luxembourg, one in Morocco and now four in wastewater. HOLINGER is considered one of the leading engi- Germany. Our interdisciplinary experts come from over 20 profes- neering companies in Switzerland in the area of natural hazards, sional groups and cover every area of engineering and natural flood protection and hydraulic engineering. In addition to several sciences; they work together in project-oriented teams. We have cantonal and regional projects, we also had the first opportunity long enjoyed inter-regional cooperation between experts and to present our new applications for flood protection and water- specialists. With the support of modern IT infrastructure and aids, course simulation and contribute to the initial pilot projects. The we are used to dealing with complex tasks in a flexible way what- areas of environment, clean-up of contaminated sites and haz- ever the location and are thereby able to involve the best special- ardous building materials once again proved how critical they are ists for the task on every project – this represents real added value for HOLINGER and for our long-term development. for our clients. Thanks to our flexibility, efficiency and solid finan- cial situation, our customers can count on continuity and security. In recent years, the field of urban drainage has been governed HOLINGER is one of Switzerland’s leading engineering companies by the Swiss manual for drainage master planning (GEP) which in the areas of wastewater technology, renewable energy, urban applies to cities, municipalities and associations; the implemen- drainage, environment, hydraulic engineering and water supply. tation of planned measures will become increasingly important We were able to consolidate and further expand our presence in in the coming years. Not least because of its regional networks, Germany, Luxembourg and on our international target markets HOLINGER will be profiting also from this phase and be able to in 2012. take over substantial tasks. We also gained notable mandates in Germany, Luxembourg, France, Bosnia Herzegovina, China, The 2012 fiscal year once again saw great success across the nine Kyrgyzstan and the first substantial acquisitions in Morocco and Business Areas and brought in significant new orders: with the Tunisia. These orders prove that in 2012 we once again showed support of the Swiss Federal Institute of Aquatic Science and Tech- that we are trustworthy in fulfilling our client’s expectations and nology (Eawag), HOLINGER implemented the world’s most cut- that we can gain a stronger competitive edge even in challeng- ting-edge plant for eliminating micropollutants from wastewater ing markets and economies – this holds true across every target at the Neugut wastewater treatment centre in Dübendorf. As part market and Business Area. of a consortium working for clients including the city of Lausanne, we are involved in one of Europe’s most important wastewater HOLINGER is fortunate to have interdisciplinary experts and be projects, involving the complete overhaul of the Vidy wastewater able to offer all design and engineering services from a single treatment plant – an extremely challenging project with investment source. In the future we will remain a responsible, reliable partner of around CHF 220 million. In the water supply sector HOLINGER for every decisionmaker in the public sector, from industry and provided trailblazing services once again in 2012, including the commerce as well as for private investors. Our goal is to ensure

10 that our services create genuine added value for our customers. WASTEWATER TREATMENT We believe satisfied customers, client benefits and long-term cus- Own services managed to exceed CHF 9.1 million (2011: CHF tomer loyalty to be the yardstick of our performance and a key 7.9 million) for the first time in the company’s history. Despite success factor in the stability and successful growth of HOLINGER. the fiercely contested market, the comparatively high acquisition We strive to continuously extend value creation from existing costs – particularly for public procurement – and the inadequately mandates and customer relationships and to be able to offer our paid project bid processes, this Business Area managed to grow full service range with complete coverage across every region of by a remarkable 16.7% in 2012, thereby surpassing expectations. Switzerland and also, increasingly, abroad. We will continue to With order bookings of CHF 9.6 million (previous year CHF 9.4 develop existing products and services in all our business fields – million), we even managed to exceed last year’s strong results by opening up new market areas with innovative ideas and creating a slight margin. The order backlog is practically the same as the opportunities for targeted growth in our expertise and resources previous year, amounting to CHF 7.6 million. The medium and at both national and international level. long-term project pipeline remains encouraging and our outlook for the coming year remains bright. We managed to further con- HOLINGER is in the market primarily as a project manager, solidate our position on the Swiss market in 2012. Wastewater overall or general planner, technical specialist and consul- treatment technology continues to be the most important Busi- tant. In certain areas and selected markets, we also assume ness Area for HOLINGER, accounting for a share of around 33% the responsibility for turnkey solutions as a general contractor. (previous year 30%) of total own services, and also contributes to HOLINGER provides comprehensive planning and engineer- capacity utilisation in other Business Areas including construction ing services including development, planning, implementation, technology. construction management and construction supervision, plus support for operations and management as well as optimisa- Recent years have seen market consolidation in wastewater tion. Our areas of expertise include municipal and industrial technology and the number of Swiss competitors has fallen by wastewater treatment, exhaust air and sludge treatment, in- more than half in the past decade, with foreign engineering com- vestigation and remediation of contaminated land and build- panies penetrating our domestic market. HOLINGER is strongly ings, construction engineering, cleaner production/resource positioned on the Swiss market and has a presence in every re- management, energy and renewables, electrical measurement, gion. We will make the most of every opportunity to conduct a control and automation, geology/geotechnical engineering, targeted expansion of the Business Area Wastewater Treatment hydrology/hydrogeology, infrastructure level HVAC and refrigera- Technology in the important regions. In view of its size and com- tion, natural hazards, urban drainage, civil engineering, environ- plexity, the project to overhaul the biological treatment and the mental analysis, environmental consulting and planning, environ- filtration of the Werdhölzli wastewater treatment plant in Zurich mental engineering, road construction, hydraulic engineering, – one of Switzerland’s largest plants, with a 620,000 population water supply and utility line construction. equivalent – counts as one of the most serious challenges in the Business Area Wastewater Treatment Technology in recent years. In 2012 water remained HOLINGER’s core business, accounting HOLINGER acquired the project, whose investment exceeds CHF for over 70% of total turnover. Our Business Areas wastewater 72 million, in 2009 as the general contractor and head of a con- treatment, urban drainage, water supply and hydraulic engineer- sortium. The last of the three expansion phases was successfully ing all contributed to this sector. completed at the start of 2013. A final, one-year testing phase will be carried out until spring 2014, at which point the finished In line with expectations, HOLINGER benefited from high utilisa- facility can be handed over to the operators. This project has en- tion and a solid order backlog in almost every Business Area and abled HOLINGER to prove yet again that we have the necessary location in 2012. We again managed to acquire a pleasing number skill to realise complex, large-scale projects in a general contrac- of orders as direct mandates from new and existing customers – a tor or design-build role with great success. testament to the strong customer loyalty we enjoy. With a proj- ect count of around 1,400 in 2012, our average order value was Specialist wastewater engineers continue to be surprised and around CHF 20,000. Owing to the unreasonable outlay required burdened by the uncovered costs involved in preparing public during tendering and the low price levels of Swiss public procure- tenders for engineering competitions. The requirements for pro- ment projects, we only participated in carefully selected tenders. posed solutions and plans must often be produced in such detail Nevertheless, order bookings rose to around CHF 29.3 million that the preliminary design can be dispensed with completely (HOLINGER GROUP: CHF 29.9 million), a CHF 4.4 million increase in the subsequent planning phase. Project competitions should on the previous year. The order backlog also increased slightly to thereby be compensated at least at the level of a preliminary de- CHF 22.1 million or 9.6 months. Thanks to our solid project pipe- sign project. This is an area in which we must work together in line and the identified projects, we have forecast satisfactory ca- the medium term with our clients and developer representatives pacity utilisation in the individual Business Areas and divisions for to come up with a different approach. the coming year, along with significant growth in staffing levels.

Annual Report HOLINGER AG 2012 11 RENEWABLE ENERGY URBAN DRAINAGE HOLINGER is one of the leading engineering companies in Swit- Since HOLINGER was founded over 80 years ago, this Business zerland in the field of renewable energy, biogas and biomass. Area has been one of our core competencies and a key pillar. There has been a steady increase in interest for our expertise in 2012 was a successful year for our second-largest Business Area. improving the energy efficiency of infrastructure facilities, in small Own services for the year amounted to CHF 4.5 million (previ- hydropower plants (generating hydropower from drinking water ous year CHF 4.6 million), practically matching the high level of and wastewater facilities) as well as the valorisation of liquid and the previous year. The share of own services in total output was solid biomass, industrial waste and renewable resources. Our de- 16.3% (previous year 17.5%). Given the gratifying order book- cades of Swiss experience in the field of energy in wastewater ings of almost CHF 4.5 million and an equally high order backlog, treatment plants came into play in Germany, and newly in Tunisia we expect the current year to see repeated high utilisation along and Morocco; an international project subsidised by the German with strong earnings. Satisfied clients, local anchorage and good, Reconstruction Credit Institute KfW involves evaluating over 20 long-term customer relationships have really paid off. We have wastewater treatment plants in terms of energy and proposing developed sustainable solutions and comprehensive applications appropriate optimization measures. which provide our customers with security and represent genuine added value. In recent years this Business Area has had a particular focus on developing projects to produce 2nd generation biofuels, along The cheapest solutions do not always turn out to be the most with alternative technologies for recycling solid and liquid bio- cost efficient in the long run, especially when we assume a life mass. Our goal remains the same – to produce the first plant in expectancy of 80 years. This is why long-term costs are increas- Switzerland as soon as possible (for details see equity holdings, ingly at the forefront of investment decisions and infrastructure GCE AG). The Business Area managed to generate own services measures, and rightly so. Unfortunately this is not always the case at a level similar to last year and own services accounted for 3.4% with public tenders for design and engineering services. Together of the total. Order bookings fell short of expectations at around with our subsidiary, HOLINGER International Consultants GmbH, CHF 0.9 million. In the medium term we are hoping the Busi- we have participated in more and more international competi- ness Area receives a boost from the 2050 federal energy strategy. tions in the urban drainage sector in recent years and have al- Above all, we are expecting greater security for the investment ready enjoyed success with several development banks. We re- projects, which are often long term, and conditions which are main convinced that there are good growth and development easier to calculate. We believe clear, concrete political decisions chances for us, at both national and international level, as long are urgently needed to facilitate a step-by-step withdrawal from as we manage to appoint qualified, experienced professionals at nuclear energy in the long term. short notice.

GEOLOGY / GEOTECHNICS / HYDROLOGY / CIVIL AND STRUCTURAL ENGINEERING/TRANSPORT HYDROGEOLOGY With own services of CHF 3.1 million (previous year This Business Area remains a core competency for HOLINGER for CHF 3.2 million), this Business Area almost managed to repeat which we offer services both within the group and externally. Our the positive results of the previous year; order bookings of CHF two centres of excellence in Bern and Liestal are often involved 3.0 million provide an exceptional basis for the 2013 fiscal year. in complex tasks and projects related to remediation, forecasting, With a revenue share of 11.2% and numerous long-term clients, groundwater modelling and dispersion modelling, carried out in this Business Area is an important pillar in our value chain. Given interdisciplinary teams. Own services managed to rise by +7.7% the fierce, widespread competition and regionally limited market, to almost CHF 1.0 million; own services accounted for 3.4% of this must also be seen as an exceptional achievement. On top total revenue. of this, structural engineering benefits from synergies with other Business Areas, particularly water supply and wastewater tech- INDUSTRIAL TECHNOLOGY/CLEANER PRODUCTION nology. The order backlog suggests that the coming year should In 2012 this Business Area succeeded in increasing own services see capacity utilisation remain at its current high level and we by +29.3%, albeit from a low level, to almost CHF 0.5 million. expect strong earnings. A decisive factor in our growth in the civil The industry continues to be reticent in investing in infrastructure, engineering, structural engineering and traffic sector in 2013 will a trend which is clearly felt, and necessary maintenance and re- be whether we can strengthen our staff team and attract suitable placement work has been kept to an absolute minimum. Pressure construction engineers, draughtsmen and foremen in Switzer- from the authorities has only been seen in exceptional cases and land or in neighbouring countries to join HOLINGER. the economic backdrop and prospects mean that we do not fore- see an ongoing improvement in this area. That said, we acquired ENVIRONMENTAL SECTOR an order in the first quarter 2013 for the new construction of a The Business Area covers waste management, contaminated wastewater pre-treatment plant for Frigemo in Cressier, which sites, fees and financing models, building contaminants, risk/ should enable us to achieve revenue growth for the year. safety and environmental impact. Against a backdrop of compet-

12 ing interests, legal requirements and regulations, we produce vi- inter-regional flood protection measures, revitalisation, ecologi- able concepts and find the best way to fulfil the goals and needs cal measures for rivers and streams and, increasingly, structur- of our clients. As an independent expert on building contami- al maintenance and expert services. Hydraulic engineering is a nants and asbestos, HOLINGER is among the market leaders and highly complex and demanding discipline with a heavy burden of holds all necessary certification and permits for Switzerland and responsibility caused by the conflicting interests which abound. the neighbouring countries. Doing justice to these challenges requires teamwork, reliable partnerships and interdisciplinary collaboration. HOLINGER en- In 2012 the Business Area Environmental generated own services sures this through excellent networks and interdisciplinary project of around CHF 2.4 million; this is similar to the strong level of teams – across regions, offices and Business Areas. We have two the previous year. It contributed around 9% to total group out- specific tools for planning regional and national interventions: put, although order bookings of almost CHF 2.0 million failed to “General Watershed Management Plan” (GWBP) and “Action meet our expectations. Consequently, the order backlog slipped Plan Natural Hazards” (MANAGE). With these two proprietary back to CHF 1.3 million (previous year CHF 1.7 million). This Busi- HOLINGER products and our expertise, we are ready to help solve ness Area could benefit much more from the regional anchorage the tasks that lie ahead in the area of protection against natural haz- and market access of HOLINGER’s various offices and the new ards. Own services fell slightly against the previous year to almost organisation has managed to secure important conditions in this CHF 2.9 million (previous year CHF 3.1 million) and the share regard. The order backlog improved slightly in the first quarter of total output subsequently shrank to 10.3%. Very successful 2013 and the regional development opportunities for 2013 lead acquisitions in 2012 led to an above-average level of order book- us to expect similar results to the previous year. ings of CHF 3.3 million. The long-term order backlog increased to CHF 2.3 million (previous year CHF 1.9 million). WATER SUPPLY Our services cover the entire range of public and private water Despite fierce widespread competition and insufficient remunera- and drinking water supplies – from general planning, wells and tion for public tenders, we managed to fulfil our forecasts. In the springs, pumping, storage and piping to complex treatment and coming year we will once again be very selective in participating distribution of drinking water. Our experienced professionals, proj- in public calls for tender for design and engineering services in ect managers and construction managers accompany the project Switzerland; instead we will increasingly concentrate on expert from planning, the implementation phase and construction man- services, modelling, action plans or concepts and design. Services, agement through to the final handover. But our sense of respon- remuneration and margins will remain a critical topic in 2013, sibility does not end there. We continue to support our customers particularly as regards realising hydraulic engineering projects. after the handover with any operational or optimisation issues. The We therefore intend to intensify our activities in the neighbouring Business Area once again exceeded the high expectations and the countries in the medium term. In view of HOLINGER’s expertise strong results of the previous year with own services of +7.3% or and experience in hydraulic engineering, along with the sharp CHF 3.2 million (previous year CHF 3.0 million). The share of total rise in the order backlog, the company is ideally positioned for own services also increased to 11.6%. further growth in 2013. However, in the long term we will only profit from the anticipated major investments in flood protection Exceptional acquisitions in 2012 led to a record level of new or- if we manage to strengthen our team with qualified profession- ders amounting to almost CHF 3.6 million, thereby outperforming als from Switzerland and the neighbouring countries in step with the previous year’s excellent results. Consequently the order back- the market. log increased to CHF 2.7 million (previous year CHF 2.3 million). The regional market expansion undertaken in the past years suc- cessfully continued. HOLINGER operates in almost every region of Switzerland in the field of water supply. Over the past year we have managed to strengthen our activities in our international target markets and we see great potential and development op- portunities in Luxembourg, Macedonia and Kosovo. In view of the solid order backlog and the exceptional opportunities on the Swiss domestic market and on foreign markets, we expect further earnings growth for the Water Supply Business Area in 2013.

HYDRAULIC ENGINEERING In the field of hydraulic engineering HOLINGER is one of the most renowned engineering companies in Switzerland and is active across many regions. In 2012 this Business Area dealt with a variety of tasks including natural hazards, regional and

Annual Report HOLINGER AG 2012 13 Focus on projects in Switzerland

Clean bathing water for the elephants Rapperswil – certain hygiene standards must be met for the ani- which continually cleans the bathing water. The pipeline, which mals’ bathing water at the children’s zoo. The existing elephant supplies lake water to different basins and ponds in the chil- baths used to be emptied completely and cleaned once a week, dren’s zoo, will also be replaced as it has been damaged by a but the size of the planned new facilities makes this impossible. zebra mussel infestation and is too small for the new facility. To address this issue a modern treatment system was designed

Complete renewal of road and utility lines Charge for storm water Herrliberg – Grütstrasse, the pavement and the utility lines be- Strengelbach – an article in the municipal wastewater regula- neath were overhauled and replaced because of their poor con- tions recently addressed the issue of a charge to be levied for dition. At the same time we took the opportunity to expand the removing storm water. How did this come about? The new fee rainwater pipeline with a reinforced concrete tube from a DN model has been produced using a geographic information sys- 400 to 600 and replaced the 40-year-old paper-insulated, lead- tem and uses information from the general drainage plan, the sheathed cable along with capstones with a protective cable network asset register, aerial shots and landcover inventories. duct. Any faulty building connections were also replaced at the same time.

14 First wastewater plant with purification stage for micropollutants Dübendorf – a decision has been taken to install the first perma- nent, large-scale ozonation at the Neugut wastewater plant; the facility is currently under construction. It will have throughput of 150,000 p.e. and is designed for a water volume of 720 l/s. Once it is operational at the end of 2013, an intensive research programme will develop strategies to optimise the control loop and energy consumption; the research will then be used to de- velop further methods for eliminating micropollutants.

Annual Report HOLINGER AG 2012 15 Water supply turned upside down Wollerau – the planned construction of the Geissboden ground- water pumping station at the highest point of the supply region marks a fundamental change in the way water is pumped and distributed in the area. The spring will produce artesian water, which is many thousands of years old, without the use of en- ergy, at rates of up to 50 l/s from depths of 250 metres. By dis- pensing this water via drinking-water turbines in the zones be- low, the system will produce a remarkable amount of renewable energy. Pumping water from Lake Zurich in the upper zones will no longer be necessary. This system will transform the water supplier from an energy consumer to an energy supplier.

Fish lock in historic setting Lake Sure – the revitalisation of the River Sauer is one of the first revitalisation projects to accord with the Water Protection Ordinance. One part involves removing the fish migration ob- stacles along the course of the river; this includes the fishway at the historical, heritage-protected town mill at Lake Sure. Building regulations have sharply restricted the design options here. However, hydraulic calculations with a high-resolution 2D model have shown that moving the diaphragm walls will have a significant positive impact on the functionality of the fishway. The realisation is considered a success in terms of both design and ecology.

Overhauling infrastructure facilities Liestal – maintaining, overhauling and expanding infrastructure facilities is a core component of civil engineering activities. Me- dium to large infrastructure projects for the public sector have been executed with exceptional expertise.

16 Incorporating environmental concerns into construction projects Lake Sihl/Einsiedeln – the new structure to replace the old Stein- bach viaduct at Lake Sihl was only built after the completion of an environmental impact report, followed by the presence of an environmental supervisor. Both of these ensure that general en- vironmental regulations and the constraints of the building per- mit are adhered to throughout the construction. The environ- mental supervisor specified clear regulations in the tender and periodically conducts on-site checkups. Here concrete solutions to environmental issues are found in negotiations with those responsible for the construction, e.g. whether the excavated material from the bottom of the lake should be sent for landfill.

USES FOR dry waste from wastewater plants? Wastewater treatment plant with surplus power Oftringen – the hydrothermal sludge treatment process trans- Engelberg – energy efficiency was accorded special priority dur- forms sewage sludge into coal, which is useful as a fuel and ing the upgrading of the Engelberg wastewater plant. Thanks to easy to store. Investigations are currently underway, exploring the construction of a photovoltaic plant on the roof and a small how to introduce this technology on a large scale at the Oftrin- hydropower plant at the plant’s outflow, the rate of own energy gen wastewater treatment plant. The issue of how best to reuse supplied increased from around 50% to over 150%. the amount of coal generated has not yet been resolved.

Annual Report HOLINGER AG 2012 17 Exemplary investment planning Uetendorf – the Thunersee wastewater plant knows precisely nance and upkeep costs have also taken the costs of potential what its future expenditure will be: It commissioned a long-term changes to the legislation into account, e.g. measures to remove finance and investment plan up to 2030. This plan describes ev- micropollutants or for recycling phosphorus. Sensible alternative ery measure needed to maintain, optimise and expand the plant energy concepts were also incorporated into the plans. and indicates the period when the measures will be needed. This enables the client to avoid investment peaks. The mainte-

Cutting the cost of preparing drinking water Energy-efficient wastewater treatment Laufen – during the renovation of the Birshalde pumping sta- Bern – wastewater plants contain impressive levels of potential tion, preliminary tests revealed contamination from fluorosur- energy, both in terms of saving power and in terms of generat- factants in the groundwater. Extensive groundwater analysis ing it. These were the findings of a situational analysis for the and tracer tests were able to conclusively identify the origin of Federal Office for the Environment. Concrete optimisation mea- the pollution. Successfully stopping the hazardous substance sures vary depending on the location and processes used. The at its source would save the water supplier significant costs to possible savings mean that, in many cases, construction costs eliminate it in the raw water. can be recouped within a very short time period.

18 Coordinated use of Urtenen drainage basin Urtenen – intensive usage in the Urtenen drainage basin in the the recreational area, will take the other interests into account. Canton of Bern has led to the necessity of a coordinated ap- It includes a guideline which defines the development aims for proach. Therefore the Moossee-Urtenenbach and Fraubrunnen the drainage basin along with a deficit analysis with concrete wastewater associations and the Urtenenbach hydraulic engi- directions on how to manage it. All of the findings were evalu- neering association have joined a collaboration with the Canton ated in consultation with the local authorities and transferred and set up a consortium to develop a regional drainage basin into an action plan. The next steps aim to implement this plan. plan (REP). This REP ensures that every project on the body of water, be it flood protection, urban drainage, aqua ecology or

Annual Report HOLINGER AG 2012 19 Producing biogas from sewage sludge for the natural gas network Solothurn – for the first time in summer 2014 the Solothurn- Emme Wastewater Purification Association (ZASE) will supply biogas to the Regio Solothurn energy network. The new sludge digestion and gas processing plants at the Emmenspitz waste- water treatment plant will recycle the annual raw sludge gener- ated in the wastewater plant (around 3,000t) and the additional 2,350t from the region to produce biogas. This sewage sludge was previously incinerated. But the new digestion process is more energy efficient. Here the organic substances in the sew- age sludge are converted into methane gas and carbon dioxide. Once this gas mix has been purified to the quality of natural gas, it can be fed into the existing natural gas network and used ef- ficiently: annual production is estimated at around 1 million m3 raw biogas or at least 4.5 GWh.

Supply networks agree cooperation Bern/Mühleberg – negotiations have been successfully conclud- ed following a long political discussion process. The two supply networks, Wasserverbund Region Bern AG (WVRB) and Mühle- berg municipality, formed an agreement on the basis of a water supply contract. There are advantages for both sides: Mühle- berg can guarantee supply to the municipality and the BKW nuclear power plant even if the groundwater pumping station fails and WVRB can guarantee that pressure is maintained in cases of fire during the renovation of the old water tower. They will be linked via a 2.5 km-long connection pipe and a pumping station with output of 2 x 1,000 l/min.

Protection against catastrophic floods Laufen – no one can forget the images of the worst flooding in a century, seen on 8th and 9th August 2007: The Birs reached its highest levels in a century and the flooding of the surrounding areas cost around 60 million francs. Now a new flood control concept should make sure this can’t happen again. The concept combines various measures such as lowering the riverbed, wid- ening the body of water, expanding the walls of the bank and much more. These are based on extensive hydraulic calculations which also incorporate protecting the landscape, potential en- ergy generation, infrastructure upgrades and ecological impact.

20 Efficient process for nitrogen cleaning Männedorf – the new purification stage works with the so- called PNAA method (partial nitration and anaerobe ammonium oxidation). The purification process removes around 90% of nitrogen residue, thereby fulfilling the target requirements in the outlet. The system was designed for heavily polluted sludge water resulting from the sludge treatment process in six waste- water plants. The high concentration of ammonia led to exten- sive water contamination and high costs, which can now be avoided.

Annual Report HOLINGER AG 2012 21 Operational start for new lake-water works Horgen – the new Hirsacker lake-water works produces up to carbon filter. The high-quality drinking water is temporarily 25,000 m3 of drinking water a day from Lake Zurich: the un- stored in two clean-water reservoirs each measuring 700 m3 treated water is taken from depths of around 30 metres before and pumped into the supply network. The energy from the un- being submitted to a three-phase process of ultrafiltration with treated water is also used to provide local heating. submerged membrane, an ozone reactor and finally an active

Uniform disposal of road wastewater OVERHAULING GROUNDWATER PUMPING STATION Bern – the new “road wastewater disposal” guidelines for the Adliswil – a camera inspection revealed damage to the verti- Federal Roads Office (ASTRA) stipulate the new requirements cal filter wells at the Sihlweid groundwater pumping station. and dimensions of road wastewater treatment facilities. They The filter slots were damaged, allowing filtration gravel to en- bring together all of the experience gained in planning and real- ter the well and resulting in corrosion. As part of the standard ising numerous road wastewater treatment facilities on national overhaul of the well, a new filter pipe with a smaller diameter roads and provide clear guidelines for future projects. Neverthe- was installed in the existing filter pipe and filled with new filtra- less, producing road wastewater treatment facilities will remain tion gravel. The well’s full functionality is now ensured for many a balancing act between environmental protection, sustainabil- years to come. ity, cost-effectiveness and space constrictions, still requiring an appropriate sensibility from those responsible for the project.

22 Slope stabilisation for building Füllinsdorf – the Bodenacher area is known as a slope which is the special civil engineering works. A skilled construction man- prone to landslides, but this should not stop the planned de- agement team will be responsible for the appropriate realisation velopment. A stabilisation concept was developed on the basis in 2013; they will even be able to draw on monitoring measures of a soil investigation and involves bank protection and slope throughout the construction period. reinforcement. The findings were also applied to the tender for

Strong support for town planning Contemporary drainage system Langenbruck – few if any objections are expected against the Horgen – the newly developed general drainage plan criticised planned renovation of the road through the village. This is due the rainwater storage capacity in the station area as insufficient. to the atypical inclusion of local residents and communities from The consequence was that, when it rained, too much mixed the earliest stages in the planning process and consultation with water flowed into Lake Zurich. This insufficiency has now been the administrative and approval authorities. Completely in line corrected with the newly constructed, adjoining rainwater basin with the principle of the “Bern Model: less is more and coex- (volume: 400 m3). The overflow discharge runs into Lake Zurich istence rather than dominance”, the whole community helped under the SBB rail line. The new drainage pipe was built using a to shape the new traffic design, flow and set-up. This yielded micro-tunnelling method. surprising success.

Annual Report HOLINGER AG 2012 23 Focus on worldwide projects

New wastewater treatment plant for Duitama Water supply in Ferizaj and Gjilan Columbia – until now the city of Duitama, population approx. Kosovo – the project is financed by Seco and plans to improve 120,000, has allowed the bulk of its wastewater to flow un- water supply in the towns of Ferizaj and Gjilan (each with treated into the River Chicamocha. The same river also feeds around 80,000 population). A particular focus is on supporting into the agricultural region’s extensive irrigation plants. It lies the operations’ management and optimising them in economic around 240 km north east of Bogota at a height of 2,600 me- terms. The plan includes measures such as implementing an in- tres above sea level. The poor water quality has been hamper- formation management system, registering consumers, system- ing economic growth and this is why wastewater treatment is atic billing of water usage, the debt collection system and many a priority among the Swiss-funded projects. A feasibility study other aspects. determined the process for a wastewater treatment plant. It is calculated on the basis of a 170,000 population equivalent and Wastewater treatment for the food and drinks takes into account the regional characteristics and the project’s industry financial sustainability. The project has been approved by the Luxembourg – a system for the pretreatment of wastewater State Secretariat for Economic Affairs (Seco). from the food production process was designed and realised for a well-known supermarket chain. During the preliminary puri- Completion of sewage works extension announced fication process the wastewater runs through a slot sieve and a Luxembourg – with a 210,000 population equivalent, the Beg- flotation system. Contamination is far less pronounced by the gen wastewater treatment plant is the largest in Luxembourg. time it enters the sewage system. It is currently undergoing a step-by-step expansion and mod- ernisation. The extension of the waterway was completed in 2011 and has already led to an increase in operational flexibility. The design, tender and construction management for extending the digestion plant was completed in 2012 in partnership with the city of Luxembourg. The majority of the actual construction work has been completed and the parts of the plant’s new pipe system are already operational. The digestion plant are set to become fully operational in spring 2013 following completion of works on the gas system.

24 Seamlessly incorporated into the landscape Luxembourg – the first wastewater treatment plant in Luxem- tion to this technological first, the plant was awarded first prize bourg to use a fluidized bed process has been built in Hesper- by the Luxembourg Association of Architects and Engineers in ange on HOLINGER’s recommendation. The plant was designed the category “technical realisation” for the successful design and realised in collaboration with a local partner office. In addi- and the brilliant way the plant blends into the landscape.

Annual Report HOLINGER AG 2012 25 Economic backdrop

POLITICAL AND LEGAL FRAMEWORK HOLINGER is in a position to better mitigate currency risks. We In recent years the Federal Office for the Environment (BAFU) will intensify knowhow transfer with our subsidiaries and incor- has developed guidelines, strategies and policy instruments to porate the offices in the Eurozone into the international busi- sustainably reduce pollution caused by micropollutants in bod- ness more closely than before. ies of water. Alongside the additional regulations for polluters, a top priority is to expand selected, mainly large-scale wastewater For 2013 we do not expect a decisive rebound in the economy treatment plants in Switzerland or those relevant to drinking on our key markets of Switzerland, Germany and Luxembourg. water production by adding extra treatment phases. This makes it even more important that we work efficiently and productively and focus our power and energy on our markets, A national overview of the risks and dangers of natural hazards customers and projects. We believe that the 2013 business year in Switzerland has been developed in recent years. This is the and the years to come will be subject to a fluctuating, uncer- first study to cover every area and show where action must be tain environment and we expect the economic backdrop to get taken in the years to come. This is a HOLINGER business field increasingly worse. We forecast that industrial investments will which will become ever more crucial in the coming years, as continue to be reticent. The public sector is and will remain our BAFU estimates that around CHF 16 billion will need to be in- most important client. We have observed an increasing reluc- vested in flood protection alone by 2030 at federal, cantonal tance among municipalities and cities to spend on infrastruc- and municipal level. ture, especially with regard to new investment, replacement investment or major maintenance. With regard to “new” renewable energy, the political and eco- nomic backdrop varies sharply between cantons. Some cantons In contrast, support from international development banks and are already very active and provide support for appropriate proj- finance institutions will remain strong, particularly with regard ects. At federal level we expect greater clarity and more security to the sectors that are important to us, namely water, energy for investors following conclusion of the consultation phase of and environment. Switzerland has decided on a further increase the 2050 energy strategy, i.e. higher investment in projects in in financing for development aid and support for infrastructure the fields of energy efficiency, heat, biomass, solar, wind and projects abroad. Around CHF 11 billion should be available by geothermal power. 2015 and our foreign activities will therefore continue to gain in importance. In recent years we have only succeeded in strengthening our skills and human resources in multiple areas by hiring foreign For 2013 as a whole we assume a variable backdrop riddled skilled labour, engineers and graduates and expanding our net- with uncertainty and an overall decline in economic conditions. work. As long as there is such a shortfall in young skilled and Given our strengths, the well-filled project pipeline and the suc- qualified workers in Switzerland, we will continue to hire well- cess of our investments in recent years, we are broadly optimis- qualified staff, predominantly from the EU. tic about HOLINGER in the short to medium term. We assume a significant increase in staffing levels for the year 2013. CURRENCY AND ECONOMIC DEVELOPMENT The continuing strength of the Swiss franc has proven to be a challenge in multiple respects, just as we feared. The minimum EUR-CHF exchange rate only managed to provide partial stabil- ity to our international business. In the 2012 financial state- ments we have had to book currency losses of CHF 0.31 million — a similar level to the previous year.

Exchange rates have put pressure on our ability to compete on foreign projects, particularly in the euro and dollar markets, hampering our ability to offer services at competitive prices. Furthermore, we have seen increasing competition from foreign engineering companies on the Swiss domestic market, with them offering their services at even lower hourly rates. Today,

26 HOLINGER Fitness POINTS 2013 – 2016

Looking at the 2012 business year, we can conclude that should be cut by at least 5% per employee per year. Improve- HOLINGER’s profitability has increased overall. However, there ments are already expected for 2013; for example ROI should are still major differences among the individual Business Areas increase from its current 10.5% to 12% and cash flow should and offices. These differences must be examined in detail rise from 8.7% to 10%. and we need to evaluate targeted changes to improve value creation. The consolidation undertaken in recent years in the Swiss design and engineering sector has not yet been completed. We ex- Looking to the future, we want to perform even better and pect competition rules to lead to further company mergers and grow more sharply in relation to the market. We must not fall takeovers in the future. Not least because of our new organisa- behind our competitors in Switzerland. In order to fulfil the ex- tion and strong financial position, HOLINGER is well placed to pectations which our shareholders, staff and clients have in the explore opportunities for the targeted expansion of our services company, we have resolved to implement a 5-point fitness pro- and skills in the important business sectors and regions. In times gramme for the years 2013 – 2016. The measures involve cost of economic turbulence we will continue to sharpen our com- savings in excess of CHF 1 million in the years 2013 – 2016. petitive edge and generate growth and we remain committed Specific operating expenses (without salaries and related costs) to our goal of exceeding CHF 40 million in own services in 2015.

We want to...... do better in terms of acquisition and customer service, thereby optimis- ... reduce our costs. To achieve this ing our regional market access. Here we must improve the quality and we will become even more flexible efficiency of our processes and project than before in adjusting to regional management and exercise greater conditions and opportunities. discipline with regard to expenditure. ... reduce the complexity of our inter- ... continuously strengthen value nal processes and regulations to allow creation in our home market of regions and offices greater freedom for Switzerland as well as our global entrepreneurship and working with target markets and core business. customers. This will involve expanding our services and skills in important ... enhance cooperation within the areas through targeted acquisitions HOLINGER GROUP, make better – as well as examining less profitable use of synergies and locational ad- areas in detail and making adjust- vantages and intensify the initiated ments so that they do not do long- knowledge transfer in every core term damage to our success. competency.

Annual Report HOLINGER AG 2012 27 OUTLOOK AND DEVELOPMENT

The past business year has confirmed what has held true for ALTERNATIVE PROCESS ENGINEERING more than a decade since HOLINGER AG was subject to a staff HOLINGER has also been involved in intensive research into al- takeover in 2001: we have increased our results significantly, ternative solutions as part of long-term strategies for clients, become more substantial and strengthened the company as a for example on recycling sewage sludge. In addition to recover- whole. In the year 2000 our cash flow in relation to share capital ing nutrients, we have also examined processes which are less lagged behind at just CHF 0.6, while today it exceeds CHF 8.0. well-known, but exceedingly interesting, such as hydrothermal carbonisation (carbonisation of aqueous, organic materials at FINANCIAL PLANNING increased temperatures); we have presented the findings at Thanks to our farsighted financial policy, we also have a very various lectures in Switzerland and abroad. The construction of stable basis for future operations and a high equity ratio. We a large-scale pilot plant for the hydrothermal carbonisation of thereby have the necessary means to invest in our employees sewage sludge in China is thanks in no small part to HOLINGER’s and push ahead with developing our services, products and dedication. Furthermore we are expecting additional project de- technologies. There is no change to the 20% of our cash flow, cisions in the coming year, including realising a plant in Swit- still over CHF 0.5 million, which is available for development of zerland. this type (not including further education). Thanks to our many years of experience in water conservation and the dedication of ENERGY SHIFT IN SWITZERLAND our 248 staff in 22 locations in Switzerland, Germany, Luxem- In the past year HOLINGER has been addressing issues related bourg and Morocco, we play a leading technological role in the to the challenging energy shift in Switzerland, its impact on en- environmental sector. ergy supply and the possibilities related to “new” renewable

MICROPOLLUTANTS IN OUR WATER BODIES Despite the high standards of wastewater treatment in Switzer- Our staff’s dedication, land, our wastewater still leads to substances in bodies of water which, even at low concentrations, can have a negative impact creativity and passion on the water habitat and as a resource for drinking water pro- duction. As things stand at present, we can assume that around are the basis for our 100 of the more than 700 Swiss wastewater treatment plants will be expanded in the coming decade. While the necessity of continued growth. the measures planned is undisputed, there are still some discus- sions about the implementation time frame and the requisite financing as part of the legal consultation period. Discussions energy such as solar, wood, biomass, the use of ambient and have only recently begun in EU countries, Germany in particular, exhaust heat and – to a modest degree – wind and geothermal on evaluating suitable measures to reduce micropollutants. power. We remain convinced that the potential of the “new” renewable energy to supply power to Switzerland has been se- In Switzerland HOLINGER is at the forefront of issues related to verely underestimated. The use of exhaust heat or solar energy developing and implementing the strategy in different projects in particular could make a far more significant contribution even and tasks at both federal and cantonal level. In addition to this, today. Amendments to the Spatial Planning Act and the com- we are involved in national research projects to develop alter- pressed construction methods stipulated will create better pre- native, more cost-efficient processes to eliminate micropollut- conditions for this in the future. ants and to evaluate their practical technical application. We are also in charge of realising the extension of the first large-scale VALUE CREATION ON THE SWISS HOME MARKET AND wastewater treatment plant in Dübendorf, Switzerland. In Ger- TARGET MARKETS WORLDWIDE many we are assisting various federal states with determining We want to continue to strengthen value creation in our home the basis for decision-making as part of preliminary projects for market of Switzerland and in our global target markets along the systematic future reduction of micropollutants in bodies of with our core business. This will involve expanding our services water. We believe that micropollutants will play a larger role and skills in important areas through targeted acquisitions, as in the medium term, also in terms of water supply, and that well as examining less profitable areas in detail and making HOLINGER can benefit from these synergies. adjustments so that they do not do long-term damage to our

28 profitability. We see growth opportunities for HOLINGER in the the reason for already establishing west Switzerland as an inde- field of long-term strategic planning, better usage and optimi- pendent region in our management organisation and steadily sation of infrastructure and institutional support for cantons, expanding the core competencies, specialist technology and hu- cities, municipalities and associations. We also intend to inten- man resources. To this end we have plans to move the Lausanne sify existing customer relationships in the coming years. We will office to modern, larger office space in 2013. In the coming continue to offer our customers all services from a single source, years we will make targeted use of the opportunities in west take on complete responsibility, develop comprehensive solu- Switzerland to improve market coverage and our local presence tions and take on the coordination and management of com- in order to facilitate further growth. plex tasks. 1ST QUARTER 2013 Here we will take an even more flexible approach and adjust The low temperatures and weeks of heavy snow meant that our to regional conditions and opportunities. The new organisa- important construction business and activities on civil engineer- tion is better placed for acquisitions and allows us to optimise ing construction sites could not run as planned. In addition, a our regional market access and offer our services and products flu outbreak led to unusually high sick leave and long absences across the whole of Switzerland. As one of Switzerland’s lead- at the turn of the year (holidays between Christmas and New ing independent engineering companies, HOLINGER is able to Year), causing lower levels of billed hours in the first quarter. offer a wealth of expertise, technology and experience in its Nevertheless we are confident that we can make up this deficit core fields of water, construction, environment and energy to by the end of the year and hit our targets. a degree matched by hardly any other company in Switzerland. OPTIMISM AND OBJECTIVES INTERNATIONAL MARKETS AND Given our strengths, the well-filled project pipeline and the suc- BUILDING UP FOREIGN EXPERIENCE cess of our investments in recent years, we are broadly optimis- Recent years have seen HOLINGER increase its focus on interna- tic about HOLINGER in the short to medium term. In times of tional markets and build up a pool of staff with foreign experi- economic turbulence we will continue to sharpen our competi- ence and the respective language skills; we will press ahead with tive edge and generate growth and we remain committed to this approach. The new organisation has brought together our our goal of exceeding CHF 40 million in own services in 2015. foreign business and group companies abroad under a single The medium-term planning for our regions, offices and Busi- management team with overall responsibility. This step should ness Areas shows that this goal is realistic despite the current not only enable us to reduce currency risks in the Eurozone, but market backdrop. also make better use of existing synergies and resources and intensify knowledge transfer and cooperation within the group.

Expansion and success on international markets requires dedi- cation, energy, resources and – above all – tenacity. The proj- ects we have worked on show that there is demand for our services, along with our expertise and core competencies, on foreign markets. These markets show exceptional growth po- tential. With own services of around CHF 3.6 million, HOLINGER already generates around 11% of our services abroad. This share should rise to around 30% in the next two to three years through a clear concentration on our core areas and a focus on carefully selected target markets.

LONG-TERM DIRECTION AND SUCCESSION For some time now a working group led by the Board of Direc- tors has been examining the company’s long-term direction and succession. Here the corporate and management organisation of the HOLINGER GROUP was fundamentally revised and imple- mented as of January 2013. The west Switzerland region will remain a growth market with massive potential for HOLINGER well into the future. This was

Annual Report HOLINGER AG 2012 29 Organisation and organisation charts

independent region in our management organisation straight Capacity for future growth, away. In the coming years we will steadily expand the core com- petencies, specialist technology and human resources. To this greater flexibility and inde- end we have plans to move the Lausanne office to a more suit- able, modern, larger office space in 2013. We will make target- pendent responsibility for the ed use of the opportunities in west Switzerland to complement regions and offices, as well as our local expertise and continue to improve market coverage. a clear focus on the needs of Effective retrospectively from 1st January 2013, Spring Ing- enieure AG in Thun with all 12 employees has been fully in- the markets and customers. tegrated into HOLINGER AG as part of a long-term succession plan. Ulrich Spring, the former proprietor, has taken over the management of our newly founded subsidiary in Thun and con- For some time now a working group led by the Board of Direc- tinues to be responsible for the business and projects in the tors has been examining the company’s long-term direction and region, supported by his acclaimed team which has now been succession. Here the corporate and management organisation strengthened. of the HOLINGER GROUP was fundamentally revised and imple- mented on 1st January 2013. This has enabled the company to As with the previous organisation, the specialist units and tech- react even more effectively to the requirements of our custom- nology groups fulfil a critical role for HOLINGER in terms of co- ers and markets and to cater to the individual economic regions operation and knowledge transfer between the individual of- and centres Switzerland with greater flexibility. The regions and fices and group companies. These have increased significantly, offices will be given greater entrepreneurial flexibility and inde- along with their functions and competencies, under the new pendent responsibility. In future they will be able to fulfil local corporate organisation. To consolidate and promote knowledge market requirements and customer needs even more precisely. transfer and cooperation with our foreign subsidiaries, the new At the same time the HOLINGER GROUP management has been organisation has brought together all of our international activi- significantly expanded, creating capacity for future growth, in- ties under a single management team with overall responsibility. novation and the further development of our expertise, services and resources. We want to make better use of the chances generated by our wealth of knowledge, to operate more effectively, develop the In recent years we have been able to acquire interesting projects best solutions for our clients and integrate these more rapidly in west Switzerland and significantly improve our position on into projects and into the value chain. We expect to gain more the market. The west Switzerland region will remain a growth benefit from our synergies and resources with the new manage- market with massive potential for HOLINGER well into the fu- ment organisation and to be able to provide complete coverage ture. This was the reason for positioning west Switzerland as an of HOLINGER services. ORGANISATION CHART

aqua-System AG Switzerland EnerSys Concepts Inc. Calgary, Canada EnerSys Schweiz GmbH Switzerland Green Carbon Energy AG Switzerland ENVILAB AG Switzerland

HOLINGER AG SWITZERLAND

HOLINGER SA Luxembourg

HOLINGER Ingenieure GmbH Germany

HOLINGER GROUP HOLINGER Maghreb Sàrl Casablanca, Morocco HOLINGER International Consultants GmbH Switzerland SWISSWATER GmbH* Switzerland

* minority shareholding

30

January 2013 HOLINGER AG

BOARD OF DIRECTORS Werner Meier (President), Helmut Hofer (Deputy), Stephan Künzler, Peter Rudin, Ulrich Steiner, Pascal Fleury

EXECUTIVE BOARD Dr. Uwe Sollfrank (CEO), Beat Gfeller, Werner Kalunder, Stephan Künzler, Werner Meier, Jürg Meyer, Peter Rudin, Ulrich Steiner

Finance & Human Resources Quality & Risk Mangement Andrea Birkhofer Pascal Fleury

Business Development & F+E IT & Services Stephan Künzler Ismaele Giunca

Region Western Berne/Mittelland/ Northwestern Aargau/Central Zurich/Eastern International Switzerland Wallis Switzerland Switzerland/Tessin Switzerland Technology Werner Kalunder Beat Gfeller Werner Meier Jürg Meyer Peter Rudin Ulrich Steiner

Civil and Structural Lausanne Branch Berne Branch Liestal Branch Baden Branch Zurich Branch HOLINGER IC, Switzerland Engineering /Transport Werner Kalunder (Director) Beat Gfeller (Director) Richard Brunner (Director) Gian A. Levy (Director) Philipp Derungs (Director) Ulrich Steiner (Director) Jürg Michel Walter Fasnacht Pascal Fleury Dr. Michael Thomann Kurt Etter Markus Rosenberg Ingo Schoppe Environment/Geology Jürg Schweizer Dr. Manfred Tschui Martin Anderson Pius Neff Stephan Künzler/Philip Küttel

Hydraulic Engineering Thun Branch Lucerne Branch Winterthur Branch HOLINGER Ing., Germany Dr. Roland Hollenstein Ulrich Spring (Director) Dr. Reto v. Schulthess (Dir.) Erich Zobrist (Director) Timo Dittrich (Freiberg/Chemnitz) Beat Gfeller Markus Flory Dr. Roland Hollenstein Günter Rösch (Merklingen) Renewable Energies/ Erich Zobrist (Hohentengen Hrh.) Industrial Technology Oswald Deiss HOLINGER SA, Luxembourg Urban Drainage and Lutwin Gläsener (Director) Sewerage Martin Anderson

Annual Report HOLINGERAG2012 Markus Flückiger Water Supply Philipp Derungs Oberhofen Office Basel Office Schwyz Office Küsnacht Office HOLINGER Maghreb, Marocco Wastewater Treatment Olten Office Dornach Office Frauenfeld Office Nordin Belmokthar (Director) Dr. Manfred Tschui Frick Office Martin Anderson Project Management/ General Planning Pius Neff Interdisciplinary Project Teams 31 Fa cts and Figures

Holinger AG Progress of shareholders’ equity and share value 2008 – 2012

60 8’000

50 6’000

40 4’000

30 2’000

Share value [CHF] Share 20 0 equity [TCHF] Shareholders‘ 2008 2009 2010 2011 2012

Share capital Statutory reserves Profit brought forward Net profit Dividend Share value

The proposed dividend of CHF 5.00 / 0.50 per share corresponds to a gross yield of 11.7 %. The share price after dividend payout is CHF 42.70 / CHF 4.25.

Financial statement

23.0 24.7 Total assets 21.4 22.4 18.0 19.8 Current assets 16.2 17.1 0.5 0.5 Investments 0.6 0.6 15.0 16.6 Capital stock 13.8 14.4 8.1 8.1 Equity capital 7.6 8.0 0510 15 20 [Mio. CHF] 25

2011 2012 Holinger AG Holinger AG

Holinger Group Holinger Group

32

Key figures

Holinger AG Holinger Group

Number of employees 213 − 5 248 − 2

31.12.2012 Change from 31.12.2012 Change from [Mio. CHF] previous year [Mio. CHF] previous year

Business volume 31.8 + 3.2 % 33.6 + 3.1 % Own services (net income 28.2 + 2.2 % 30.1 + 2.0 % minus direct expenses) Cash Flow 2.8 + 33.3% 2.2 + 10.0 %

Incoming orders 29.3 + 17.7 % 29.9 + 10.3 %

Order balance 22.1 + 3.3% 23.1 + 2.2 %

Holinger AG Employee figures

2012 2011

Number of employees 213 218

Female employees 60 51

University degrees (BSc, MSc, PhD) 125 126 Certified engineers and technicians (Construction managers, construction engineers) 11 11 Employees with professional education (Construction supervisors, designer, plant-operators) 36 40

Administration, IT staff 26 26

Apprentices 15 15

Fluctuation of employees [%] 9.4 7.9

Training days per employee (incl. in-firm training of apprentices) 6.7 7.2

Average absence due to illness per employee [hours] 33.6 41.4

Average absence due to accident per employee [hours] 6.5 5.2

Average years with the firm [years] 9.4 7. 8

Annual Report HOLINGER AG 2012 33 Profit and loss account Holinger AG Holinger Group

2012 2011 2012 2011 [TCHF] [TCHF] [TCHF] [TCHF]

Operating income 31’811 30’811 33’609 32’633

Net income 31’205 30’438 32’974 32’285 Own services (net income 28’226 27’587 30’145 29’526 minus direct expenses) Personnel costs 22’417 21’780 24’189 23’456

Operating costs 3’119 4’661 4’670 5’371

Cash Flow 2’758 2’096 2’200 1’982

Profit for the year 848 436 580 322

The rounded figures are an excerpt from the annual accounts 2012 of HOLINGER AG which was audit- ed and approved unconditionally by the auditors of BDO, Liestal, in their report of February 15, 2013.

Balance sheet 2011 · Assets

Holinger AG Holinger Group

31.12.2012 31.12.2011 31.12.2012 31.12.2011 [TCHF] [TCHF] [TCHF] [TCHF]

Current assets 17’969 16’164 19’805 17’142

Non-current assets 5’079 5’242 4’907 5’281

Total asset 23’048 21’406 24’712 22’423

Balance sheet 2011 · Liabilities

Holinger AG Holinger Group

31.12.2012 31.12.2011 31.12.2012 31.12.2011 [TCHF] [TCHF] [TCHF] [TCHF]

Short-term liabilities 6‘513 5’751 8’034 6’287

Long-term liabilities 8’450 8’093 8’554 8’161

Liabilities 14’963 13’844 16’588 14’449

Share capital 340 320 − −

Statutory reserves 183 183 − −

Retained earnings 7’562 7’060 7’600 7’174

Shareholders‘ equity 8’085 7’562 8’123 7’974 Total liabilities and shareholders‘ 23’048 21’407 24’711 22’423 equity

34 Total revenue Own services (net income minus direct expenses)

35’000 35’000

30’000 30’000

25’000 25’000

20’000 20’000

15’000 15’000

10’000 10’000

5’000 5’000

0 0 [TCHF] 2008 2009 2010 2011 2012 [TCHF] 2008 2009 2010 2011 2012

Incoming orders (own services) Order balance (own services)

35’000 35’000

30’000 30’000

25’000 25’000

20’000 20’000

15’000 15’000

10’000 10’000

5’000 5’000

0 0 [TCHF] 2008 2009 2010 2011 2012 [TCHF] 2008 2009 2010 2011 2012

Holinger AG Holinger AG Holinger Group Holinger Group HOLINGER Group figures are not available before 2010.

Annual Report HOLINGER AG 2012 35 Holinger AG Own services per Business Areas (Switzerland)

Hydraulic Engineering 10 % Water Supply 12 %

Wastewater Environmental Sector 9 % Treatment 33 %

Civil and Structural Engineering 11 % Renewable Energies 4 %

Urban Drainage and Geology, Geotechnics and Sewerage 16 % Hydrogeology 3 %

Industrial Environmental Technology 2 %

Holinger AG Own services per countries (abroad)

Macedonia 4 % North America 4 %

Marocco 2 % Asia 7 %

Luxembourg 29 % Bosnia Herzegovina 13%

Kyrgyzstan16 % Germany 16 %

Kosovo 7 % France 2 %

36 We want to provide genuine added value, take on challenges and work together with our clients to find solutions for complex projects. HOLINGER is driven by satisfied clients and succesful growth.

Annual Report HOLINGER AG 2012 37 LOCATIONS

Switzerland International

HOLINGER AG HOLINGER International Consultants GmbH CH-5405 Baden CH-3000 Berne 31 CH-4054 Basel CH-3000 Berne 31 HOLINGER Ingenieure GmbH CH-4143 Dornach D-09116 Chemnitz CH-1024 Ecublens (Lausanne) D-09599 Freiberg CH-8500 Frauenfeld D-79801 Hohentengen a. Hrh. CH-5070 Frick D-89188 Merklingen CH-8700 Küsnacht CH-4410 Liestal HOLINGER SA Luxembourg CH-6005 Lucerne L-5450 Stadtbredimus CH-3653 Oberhofen CH-4601 Olten HOLINGER Maghreb Sàrl CH-6431 Schwyz MA-20090 Casablanca CH-3600 Thun CH-8405 Winterthur CH-8032 Zurich Subsidiaries aqua-System AG CH-8405 Winterthur

EnerSys Schweiz GmbH CH-4410 Liestal

ENVILAB AG CH-4800 Zofingen

CONTACT

For all HOLINGER and subsidiary contact information please visit our homepage: www.holinger.com

Printed in Switzerland

38 holinger .com