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PROVEN Proven Productivity: our promise. ANNUAL REPORT 2019 PROVEN With Bossard you increase your productivity sustainably: through optimized, lean processes. Short profile Bossard is a leading international supplier of product solutions and services in industrial fastener technology. Its product range includes over 1,000,000 fasteners and customer-specific application solutions. In combination with services in the areas of Smart Factory Logistics and Assembly Technology Expert, Bossard enables its customers to in- crease their productivity sustainably. Success is measurable: Proven Productivity. With 2,500 employees in 80 locations, the Group reported CHF 876.2 million in sales in 2019. Bossard is listed on the SIX Swiss Exchange. CONTENTS 02 At a glance 04 Report to the shareholders 07 Proven The Company 22 Business Model 26 Strategy and History 28 Values and Sustainability 36 Risk Management 38 Corporate Governance 62 Compensation Report 79 Financial Report PDF Online report Annual report Short report You can access the Online Report and the full Annual Report in PDF format at annualreport.bossard.com AT A GLANCE Slower growth – vigorous investment activity Even in the face of deteriorating global market conditions, the Bossard Group again posted growth in the financial year 2019. The more challenging market environment, along with investments in expanding our engineering and Smart Factory Logistics services, brought about a lower annual result. Key figures in CHF 1,000 2019 2018 Net sales 876,224 871,070 Change to prior year in % 0.6 10.8 Gross profit 273,253 275,768 Personnel expenses 180,920 176,483 in % of net sales 20.6 20.3 EBITDA 113,612 124,940 in % of net sales 13.0 14.3 EBIT 95,705 108,821 in % of net sales 10.9 12.5 Net income 75,959 85,410 in % of net sales 8.7 9.8 Cash flow 1) 93,866 101,529 in % of net sales 10.7 11.7 Capital expenditures 34,649 27,791 Operating net working capital 2) 359,745 333,010 in % of net sales 41.1 38.2 Net debt 187,716 130,162 Shareholders’ equity 304,524 309,650 in % of total assets 46.7 51.3 Total assets 652,729 604,094 Return on equity 24.7 29.8 Return on average capital employed (ROCE) 16.8 21.5 Dividend yield in % (Basis: share price at Dec. 31) 2.3 3.2 1) Net income + depreciation and amortization Earnings per share 3) 4) 2) Accounts receivable, inventories, Registered A share in CHF 9.73 10.95 less accounts payable Registered B share in CHF 1.95 2.19 3) Basis: Average capital entitled to dividend Price/earnings ratio (Basis: share price at Dec. 31) 18.0 12.8 4) Basis: Share attributable to Price/book value per share 4.4 3.4 shareholders of Bossard Holding AG Annual weighted average number of employees 5) 2,447 2,307 5) Average full time equivalent 6) Basis: Annual weighted average 6) Net sales per employee 358.1 377.6 number of employees 2 BOSSARD ANNUAL REPORT 2019 | AT A GLANCE Net Sales Geographic in CHF million Sales Distribution 2018 2019 in % 871 876 2017 17 As ia 786 2016 2015 695 2 5 5 8 656 A E m u r e o r i p c e a EBIT Net Income in CHF million in CHF million 2018 2018 2017 2017 109 2019 85 2019 80 97 96 76 2016 2016 2015 79 2015 62 70 54 Cost pressure is forcing many industrial en- customers. With our Assembly Technology terprises to focus on leaner processes and cost Expert services, we support our customers structures. Together with our customers, we with engineering expertise from product analyze ways and opportunities to optimize design to production. In addition, our Smart costs and reduce lead times, thus boosting Factory Logistics solutions offer our custom- efficiency and productivity. Our methods and ers not only a smooth and reliable supply of technologies support this effort and today are B- and C-parts but also make their production core elements of profitable growth for our ready for the future. AT A GLANCE | BOSSARD ANNUAL REPORT 2019 3 REPORT TO THE SHAREHOLDERS Solid results in a tough environment Dear Shareholders, infrastructures. In spite of the trade dispute be- In a globally challenging market environment, the tween the USA and China, we recorded high growth Bossard Group achieved solid results in 2019. Even rates, particularly in China but also in India and though demand was flagging and the Swiss franc Taiwan. was strengthening over the course of the year, Bossard managed to grow sales by 0.6 percent to Investments in growing industry and market CHF 876.2 million. Among other things, difficult eco- segments nomic conditions put greater pressure on the prod- Dear Shareholders, acquisitions also pave our way to uct margin. Together with investments in expand- new, innovative companies and create opportuni- ing our services in engineering and Smart Factory ties to secure markets and industry segments more Logistics, this resulted overall in a lower EBIT of CHF effectively. Bossard remained true to this strategy in 95.7 million. The EBIT margin amounted to 10.9 per- the financial year 2019. We view our acquisition of cent and hit the targeted range of 10 percent to 13 Boysen as a milestone that has allowed us to sub- percent. The Bossard Group achieved a net income of stantially expand our position in the aerospace in- CHF 76.0 million in financial year 2019. Our targeted dustry. We firmly believe that this sector, with its investment policy, our willingness to invest in fu- high quality and reliability requirements, is a per- ture markets, and last but not least our solid balance fect fit for Bossard. Bossard undertook appropriate sheet create a firm basis on which our company can efforts to this end in recent years, acquiring the nec- grow profitably in the future. essary AS9120 aerospace certification in several countries. This includes the USA, France, Italy, Respectable growth in Europe Germany and Switzerland – countries with major Our committed acquisition policy in recent years aerospace industries and an associated network of contributed substantially to solidifying our market suppliers. position in Europe. In 2019, we took over the distri- bution business of the German company Boysen, Other investments include acquiring a financial thus significantly expanding our presence in the stake of 30 percent in the Swiss company Ecoparts, aerospace industry. In addition, our acquisition of a pioneer in the additive production of metal parts. BRUMA broadened our expertise in the field of high- Ecoparts has extensive expertise in this market of quality fastening solutions in Germany. Pursuing the future, especially in regard to the technologies this acquisition policy helped Bossard to increase and materials used. This allows us to support our sales in Europe by 5.6 percent in local currency. customers from the design of complex metal and plastic parts all the way to their production. In addi- In America, we faced headwinds in 2019. Among tion, Bossard is also a competent partner when it other things, the decline in sales was due to lower comes to selecting suitable 3D printers and associat- demand from several major customers partly as a ed manufacturing techniques. result of the trade dispute between the USA and China. Furthermore, the introduction of its third In 2019, we also signed a cooperation agreement model series fundamentally changed the product with SES-imagotag, the global market leader for di- mix of the largest US electric vehicle manufacturer, gital in-store technologies in the retail sector. This which had a negative impact on demand for our fas- cooperation is represented in the joint venture PDi tening solutions. To counter this trend and in order Digital GmbH in which Bossard holds a 30 percent to generate new profitable growth, we are confident- stake. PDi Digital combines Bossard’s many years of ly focusing on future industrial segments, which are experience in automated logistics solutions and railway, robotics, medical technology and electric ve- SES-imagotag’s expertise in Electronic Shelf Label hicles (cars, busses, scooters and battery technology). (ESL) technologies for the retail industry. The goal is to offer smart logistics solutions to non-industrial In Asia, we reached further, satisfactory growth. We sectors. continued to benefit from the investments we have made in recent years to expand and modernize our 4 BOSSARD ANNUAL REPORT 2019 | REPORT TO THE SHAREHOLDERS Assembly Technology Expert – expanding our We are developing a new e-commerce platform to development partnership with customers market products more efficiently. To expand our In 2019, Bossard introduced six engineering mod- range of engineering services, we are currently ules under the name Assembly Technology Expert. working on a new platform using artificial intelli- Based on our many years of technical experience in gence to substantially increase the speed of the of- fastening technologies, Assembly Technology Expert fering process towards our customers for drawing helps us pursue a strategic cooperation with our parts. As for customer logistics, we are investing in customers. We want to show our customers right in expanding of our proven Smart Factory Logistics the design phase of a new product how to reduce solutions (hardware and software) to make C-parts costs for C-parts, streamline product ranges, reduce logistics processes even more intelligent and cost- complexity, and make entire production processes efficient. leaner. This results in cost savings that are typically many times higher than the cost of the fasteners In addition, we have launched a digital initiative in used. In keeping with our promise of “Proven Pro- intelligent assembly designed not only to get fasten- ductivity”, we thereby make a substantial contribu- ers to the right place at the right time but also to en- tion to increasing our customers’ competitiveness.

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