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Innovation 2001 12 Innovations to Benefit the Customer

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Innovation 2001 12 Innovations to Benefit the Customer Annual Report 2001 Activity Report Schindler Contents 2 Key figures Statement of the Board of Directors 5 Good result despite complex environment Innovation 2001 12 Innovations to benefit the customer Market profile elevators and escalators 16 Europe 22 Americas 28 Asia/Pacific 34 IMEA 41 ALSO 44 Corporate Governance 50 Financial statements Group, Condensed 52 Financial statements Schindler Holding Ltd., Condensed 54 Information for shareholders Charts Schindler’s environmental performance 64 Multidimensional thinking to benefit the environment 68 Important addresses Illustration concept The full-page illustrations high- light Schindler’s latest products and innovations, while the smal- ler pictures in the text document noteworthy installations made during the 2001 reporting year. The back cover of the annual report is devoted to the work of young artists whose creativity enlivens our business premises. Activity Report 2001 of the Board of Directors of Schindler Holding Ltd. CH-6052 Hergiswil NW, Schweiz, to the Ordinary General Meeting of March 26, 2002 74th Financial Year Schindler Key figures 2001 Group 2000 2001 Mio. CHF Mio. CHF ∆ % ∆ % local currency Operating revenue 8 530 8 327 –2.4 +0.6 EBITDA• Group 624 680 +9.0 EBITDA Elevators and Escalators in % 9.2 9.9 EBITDA ALSO in % 1.0 1.9 Profit before taxes 374 443 +18.4 Net profit 299 379••• +26.8 Cash flow•• 417 555••• +33.1 Orders received Elevators and Escalators 6 852 6 658 –2.8 +0.9 Orders received ALSO 1 898 1 768 –6.8 –5.6 Shareholders’ equity 1 317 1 329 +0.9 Personnel at year-end 43 334 41 524 –4.2 • EBITDA: Operating profit and depreciation/amortization •• Cash flow: Net profit before minorities and depreciation/amortization +/– change of provisions ••• See Financial Statements, page 28, note 22, effect of deferred taxes Dividends proposed by the Board of Directors of Schindler Holding Ltd. 2000 2001 Registered share CHF 50.– CHF 50.– Bearer participation certificate CHF 50.– CHF 50.– You will find further key figures starting on page 54 Orders received Return on equity ROE In million CHF In % 6 362 6 604 7 695 8750 8426 9 000 8 000 25 Schindler uses the 7 000 telecommunica- tions tower of 6 000 20 Deutsche Telekom • 5 000 in Frankfurt for tasting the 4 000 15 Schindler 700 3 000 high-speed eleva- tor. The market 2 000 10 launch is planned 1000 for the fall of 2002. Speeds up to 10 meters per 1997 1998 1999 2000 2001 1997 1998 1999 2000 2001 second are stan- dard for Schindler 700 elevators; • 1998: IAS-Restatement Germany 2 Annual Report 2001 Schindler Group 4 Geschäftsbericht 2001 Schindler-Konzern Statement of the Board of Directors Good result despite complex environment End of a long phase of growth Higher net profit Operational progress, modest The reporting year saw the end of a Our intensive efforts in both busi- growth period of euphoric investment with ness areas yielded a substantially Relative to 31.12.2000 the scope rapidly rising expenditure which improved result in the reporting of consolidation was expanded to had lasted for several years. Many year. Consolidated net profit before include Schindler India PVT Ltd., nations and companies are deeply in taxes reached CHF 443 million, India, and Schindler Electronics debt. Demand has been falling since which was 18% more than the pre- (Suzhou) Co. Ltd., China. The effect the end of 2000, and disillusionment vious year. The increase in consoli- of these first-time consolidations on is steadily spreading. The recession- dated net profit after taxes, and in Group operating revenue and Group Schindler ary tendencies were already pre- the cash flow, was even better but operating profit was less than one sent, have intensified in the fourth was entirely attributable to the percent. quarter and are weighing on the change in deferred taxes (see also psychology of the financial markets. page 28 of the financial statements). In China, there was success in trans- For the first time in the postwar forming the China-Schindler Eleva- period, practically all early economic In the elevator and escalator busi- tor Co. (CSE) joint venture into a indicators are pointing down simul- ness, renewal of the product port- wholly owned subsidiary company taneously all over the world. China folio and standardization of internal with headquarters in Shanghai. may be one of the few exceptions. processes moved ahead. Although Schindler now has four wholly Global overcapacity is becoming vis- ALSO’s contribution to net profit owned subsidiaries in China, and ible, especially in a number of highly was less than originally expected, one with a majority interest of 55%. exposed industries such as aircraft, it was still 144% more than the pre- IT, and telecommunications. This vious year. Consolidated operating revenue fell macroeconomic environment will in the reporting year by 2.4% from only affect Schindler with a certain On the other hand, the result suf- CHF 8 530 million to CHF 8 327 mil- delay. fered from substantial negative lion. In local currencies, there was effects of currency exchange rates, modest growth of 0.6%. notably devaluation of the Brazilian real and weakening of the euro. Consolidated operating profit before These effects reduced consolidated interest, taxes, and depreciation/ operating revenue by CHF 258 mil- amortization (EBITDA) increased 9% lion or 3%. from CHF 624 million to CHF 680 mil- lion. In the future, Schindler will use Despite the operational improve- ments, and particularly in view of the new economic environment des- cribed at the outset, the Group will have to make further substantial improvements in productivity in the current year. SchindlerEuroLift in the Europe Hotel in Lucerne, Switzerland. This elevator system is designed for the mid-range market segment 5 Annual Report 2001 Schindler Group 1 EBITDA as the benchmark and com- Operational improvements in ment on it, since this figure is also the elevators and escalators published by competing companies business and allows more meaningful com- Operating revenue in the elevators parisons to be made. However, EBIT and escalators business fell by 1.0% will also still be published in the from CHF 6 669 million to CHF 6 601 Financial Report. million, although in local currencies it increased by 2.5%. Negative Since the end of 2000 the number effects of currency exchange rates of employees went down by 1 810, caused a fall in the reported operat- or 4.2%, to 41 524. In the elevator ing revenue of around CHF 240 mil- and escalator business, the number lion. However, expressed in local employed fell by 1 594, or 3.8%, currencies, operating revenue rose roughly half of which was attribut- by 4.4% in North and South Amer- 2 ica, 2.1% in Asia, and 1.1% in Europe. rencies they rose by 0.9%. The pro- portion of new products in the EBITDA improved by 6.9% from CHF orders increased to 70%. The new 612 million to CHF 654 million, and SchindlerEuroLift line of elevators the EBITDA margin rose from 9.2 % met with a very good reception in to 9.9%. EBIT changed by 11.6% the European market. In North from CHF 422 million to CHF 471 mil- America, order bookings increased lion, and the EBIT margin from 6.3% thanks to the newly launched to 7.1%. The operational improve- Schindler 330 A hydraulic elevator. ment is proceeding steadily, but not Schindler also took a successful as rapidly as hoped. Although the step toward re-entering the Ameri- proportion of orders comprising can high-performance segment with new products with a more favorable 3 cost structure has increased able to adjustments in China. At sharply, this is not yet reflected in 1 Several SchindlerSmart MRL systems are installed in the ALSO there was an overall decline in the operating revenue due to the Quartiere Via Adriano resi- the workforce of 216 employees, or long throughput time of the related dential complex; Milan, Italy 13.7%, due to restructuring in the construction projects. For example, (Photo: Peter Gunti, Solothurn) systems business. orders for the SchindlerEurolift, which was launched in the reporting 2 The Gateway project in Dur- Consolidated order intake fell by year, will only start being executed ban, with two Schindler 9300 outdoor escalators in 3.7% from CHF 8 750 million to CHF in 2002. Also in relation to the the main entrance. Numer- 8 426 million. Expressed in local cur- processes, some of the present ous other Schindler prod- best practices can only be enforced ucts are also installed in the rencies, orders were 0.5% below Gateway shopping center; the previous year’s value. The con- within the scope of the reorganiza- South Africa solidated order backlog at the end tion described later in this report. 3 The ultramodern Media of 2001 was 8.8% above the previ- And in China, the delay in obtaining House in Hanover is fitted ous year’s value (9.9% in local cur- approval for 100% ownership of CSE with 4 SchindlerEuroLift rencies) at CHF 4 039 million. caused the structural optimization elevators; Germany (Photo: there to fall behind schedule. Thies Ibold, Hamburg) Order bookings for elevators and escalators closed at CHF 6 658 mil- lion, which was 2.8% less than the preceding year, although in local cur- 6 Annual Report 2001 Schindler Group 1 operational handover of the first ele- For this purpose, at the Manage- vator installations at the 5 Times ment Committee level, the Euro- Square building in New York. In Asia, pean market has been placed under there was an overall falloff in orders the single management of Miguel A.
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