2011 Company Report We Pa Enthu Build
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2009 Company Report We Pa Enthu Build
We help our customers to be 2009 Company Report We passionately create successful. We identify their enthusiastic customers and needs and provide them with build a better future. innovative solutions featuring outstanding added value. Hilti. Outperform. Outlast. www.hilti.com Hilti Corporation 2009 Company Report We help our customers to be 2009 Company Report We passionately create successful. We identify their enthusiastic customers and needs and provide them with build a better future. innovative solutions featuring outstanding added value. Hilti. Outperform. Outlast. www.hilti.com Hilti Corporation 2009 Company Report Trades 2009 Hilti Company Report Overview. This is Hilti. Key figures (in CHF million) We supply the construction industry with 2009 2008 Change technologically superior products, systems Net sales 3,845 4,700 –855 and services. We provide innovative solu Operating result 172 450 –278 tions that feature outstanding added value. Interior finishing Sanitary, heating Electrical Diamond business Mining Solar Energy Cash flow from operating activities 487 437 +50 Productivity gains for contrac and air conditioning Electrical installation work Reliable equipment, backed The combination of out The ability to install any We offer our customers in tors in every field of interior Our product range offers a becomes particularly efficient by reliable services, is particu standing technology, type of solar panel while the energy industries inno Net income 78 243 –165 finishing including drywall and multitude of efficient solutions – and virtually dustless – when larly relevant to diamond ser onsite requirement analy using just six system com vative solutions to boost Employees (as at December 31) 19,709* 20,994 –1,285 We passionately create enthusiastic cus ceiling installation, tiling and for fastening pipes and ducts our direct fastening tools are vice contractors. -
Download Financial Report
2012 Financial Report Contents Page 3 This is Hilti 4 Key figures 5 Management report 7 The Board of Directors 10 Other key management personnel 12 Corporate governance 15 Consolidated financial statements of Hilti Group 19 Auditors’ report on the consolidated financial statements 78 Financial statements of Hilti Corporation 81 Auditors’ report on the financial statements of Hilti Corporation 92 Contact information 94 Next information 94 This is Hilti Page 4 This is Hilti We supply the construction industry with technologically superior products, systems and services. We provide innovative solutions that feature outstanding added value. We passionately create enthusiastic customers and build a better future with approximately 21,000 team members located in more than 120 countries around the world. We live clear values. Integrity, the courage to embrace change, teamwork and commitment are the foundations of our corporate culture. We combine long-term financial success with comprehensive responsibility toward society and the environment. Reciprocal tenets of openness, honesty and tolerance apply to team members, partners and suppliers alike. The goal of our strategy is to sustainably increase the value of the company. 201 Financial Report 2012 Financial Report Key figures Page 5 Key figures Key figures Page 6 Key financial information of Hilti Group 2012 2011 2010 2009 2008 Results (CHF million / %) Net sales 4,204 3,998 3,930 3,845 4,700 Depreciation and amortization 196 216 213 200 185 Operating result 301 207 268 172 450 Net income before -
2010 Financial Report Web 2.Pdf
Contents Page 2 This is Hilti 3 Our mission statement – and how we live its values 4 Key figures 5 Management report 7 The Board of Directors 10 Other key management personnel 13 Corporate governance 15 Consolidated financial statements of Hilti Group 19 Auditors’ report on the consolidated financial statements 79 Financial statements of Hilti Corporation Ltd 83 Auditors’ report on the financial statements 94 Contact information 95 Next information 95 2010 Financial Report This is Hilti Page 3 This is Hilti We supply the construction industry with technologically superior products, systems and services. We provide innovative solutions that feature outstanding added value. We passionately create enthusiastic customers and build a better future with approximately 20,000 team members located in more than 120 countries around the world. We live clear values. Integrity, the courage to embrace change, teamwork and commitment are the foundations of our corporate culture. We combine long-term financial success with comprehensive responsibility toward society and the environment. Reciprocal tenets of openness, honesty, and tolerance apply to team members, partners and suppliers alike. Our corporate goal is to generate sustainable profitable growth. Our Mission Statement – and how we live its values Page 4 Our mission statement – and how we live its values Mission statement We create enthusiastic customers and build a better future! Enthusiastic customers We create success for our customers by identifying their needs and providing innovative and value-adding solutions. Build a better future We foster a company climate in which every team member is valued and able to grow. We develop win-win relationships with our partners and suppliers. -
Hilti Cop by 2011 En.Pdf
2011 Company Report Hilti. Outperform. Outlast. Hilti Corporation 2011 Company Report www.hilti.com We passionately create enthusiastic customers and build a better future. Overview. Key figures (in CHF million) 2011 2010 Change Net sales 3,998 3,930 +68 Operating result 207 268 –61 Cash flow from operating activities 242 376 –134 Net income 97 142 –45 Employees (as at December 31) 21,848 20,305 +1,543 Net sales (in CHF million) 2007 2008 2009 2010 2011 6,000 5,000 4,000 3,000 2,000 1,000 4,667 4,700 3,845 3,930 3,998 Operating result (in CHF million) 2007 2008 2009 2010 2011 600 500 400 300 200 100 533 450 172 268 207 This is Hilti. We supply the construction industry with technologically superior products, systems and services. We provide innovative solu- tions that feature outstanding added value. We passionately create enthusiastic custom- ers and build a better future with approxi- mately 22,000 team members located in more than 120 countries around the world. We live clear values. Integrity, the courage to embrace change, teamwork and commit- ment are the foundations of our corporate culture. We combine long-term financial success with comprehensive responsibility toward society and the environment. Reciprocal tenets of openness, honesty and tolerance apply to team members, partners and suppliers alike. Our corporate goal is to generate sustain- able profitable growth. Topics. 04 Editorial 06 Strategy 10 Customers 16 Areas of business 22 Products 28 Research and development 34 Team members 40 Executive Board 42 Board of Directors -
Family Firms, Minority Investor Protection, and Firm Performance
Family Firms, Minority Investor Protection, and Firm Performance Pascal Gantenbeina • Christophe Volontéa,b January 2020 Abstract Minority investor protection becomes especially important within the corporate governance framework in the presence of controlling shareholders. In this study, we investigate the relationship between family ownership and four elements related to minority investor protection in Switzerland, namely dual class structures, voting rights restrictions, opting-out/up clauses from the duty to make a takeover offer, and board independence. Using a sample of 2,035 firm-year observations from 2005 to 2015, our results indicate that dual class family firms are negatively correlated with firm performance measured by Tobin’s Q. In those firms, minority investors typically have substantially fewer voting rights compared to the economic ownership. Furthermore, dual class family firms significantly differ in their investment decisions. In contrast, the other elements connected to minority investor protection, such as voting rights restrictions, opting-out/up clauses, and board independence, have no significant effect on firm performance and investment decisions. The results suggest that family control obtained by dual class equity structures may influence corporate decisions that harm co-shareholders and firm value. As a result, such structures may be abolished and replaced by shareholder democracy. Keywords: Corporate governance, family firms, minority investor protection, board independence, Tobin’s Q a University of Basel, -
The International Journal of Accounting Education and Research
ILir ^': LIBRARY AT URbANM CHAMPAIGN LOQKSTACKS CENTRAL CIRCULATION BOOKSTACKS The person charging this material is re- library from sponsible for its return to the or before the which it was borrowed on Latest Date stamped below. underlining of books ore reoso«s Theft, mutltetlon, ond may rewit In dUmlssol from tor dls«lplln«ry oeHon ond Unlv«-»lty. tlie 333-8400 TO RENEW CALL TEUPHONE CENTER, URBANA-CHAMPAIGN UNIVERSITY Of ILLINOIS IIBRARY AT "7^ 2? SEP 2 1933 ^ffi^: ^992 $EP 7 9 1993 NOV 2 1993 Lt Buiix>i?J''i use ^ OCT 2 1993 ^':0 9 n 'QQ'V SEP 2 t992 DEC 03l9fi. below When renewing by phone, write new due date 78733 L162 previous due date. i^itrv rvyiv 1 i c i\ iti i I IN 1^ /^ v^ M L C L> U «.M I I VJ IN AINU KtitAKLM IN ACCOUNT (^ei^CVOE 4^^-~:2s \ '-'S'M^, II HERTZBERG - ^"="' c>j ;JAU /J, J ]•• 1052. " CLOTH COLOR \^ THRU SEW ON TAPE /, t^Y EDUCATION AND RESEARCH UNIVERSITY OF ILLINOIS AT URBANA-CHAMPAIGN CENTER FOR INTERNATIONAL EDUCATION AND RESEARCH IN ACCOUNTING OF THE COLLEGE OF COMMERCE AND BUSINESS ADMINISTRATION The Center for International Education and Research in Ac- counting was estabhshed to foster the international development of education and research in the accounting discipline, to provide a base for the international exchange of ideas and materials relating to accounting education, to encourage and assist both accounting faculty personnel and students from other countries to come to the University of Illinois at Urbana-Champaign for study and research in accounting, and to provide faculty members for assignment to universities in other countries. -
2009 Financial Report
2009 Financial Report Including: Chairman and CEO Review, Consolidated Financial Statements of the Hilti Group, Financial Statements of Hilti Corporation Contents Page 2 Contents – This is Hilti 3 – Our Mission Statement – and how we live its values 4 – Key figures 5, 6 – Chairman and CEO review 7 – Board of Directors 8–10 – Other key management personnel 11, 12 – Corporate governance 13, 14 – Details of Group companies 15–17 – Consolidated financial statements of Hilti Group 19–75 – Financial statements of Hilti Corporation Ltd 77–88 – Auditors’ report on consolidated financial statements of Hilti Group 89 – Auditors’ report on financial statements of Hilti Corporation Ltd 90 – Contact information 91 – Next information 91 2009 Financial Report This is Hilti Page 3 Hilti in brief We supply the construction industry with technologically superior products, systems and services. We provide innovative solutions that feature outstanding added value. We passionately create enthusiastic customers and build a better future with almost 20,000 team members located in more than 120 countries around the world. We live clear values. Integrity, the courage to embrace change, teamwork and commitment are the foundations of our corporate culture. We combine long-term financial success with comprehensive responsibility toward society and the environment. Reciprocal tenets of openness, honesty and tolerance apply to team members, partners and suppliers alike. Our corporate goal is to generate sustainable profitable growth. Our Mission Statement – and how we live its values Page 4 Our Mission Statement – and how we live its values Mission Statement We create enthusiastic customers and build a better future! Enthusiastic customers We create success for our customers by identifying their needs and providing innovative and value-adding solutions. -
Jahresbericht 2014 Zürcher Handelskammer Wirtschaft Und Politik Netzwerk Für 2 Wort Der Präsidentin 3
Zürcher Handelskammer Zürich. Schaffhausen. Zug. Jahresbericht 2014 Zürcher Handelskammer Wirtschaft und Politik Netzwerk für 2 Wort der Präsidentin 3 Liebe Leserinnen und Leser und dadurch Spitzenleistungen zu er- Konkurrenz, die OECD verlangt ulti- bringen. Es ist mir aber auch wichtig, mativ, dass wir unser Steuersystem Nun schon seit fast zwei Jahren darf mit diesen positiven Botschaften den anpassen, und der schwache Euro ich mit der Zürcher Handelskammer Hinweis zu verbinden, dass dies nicht führt dazu, dass wir für unsere Pro- (ZHK) einer Organisation vorstehen, selbstverständlich ist. Auch das ist die dukte und Leistungen plötzlich viel deren Aufgabe es ist, sich für die Aufgabe der ZHK, Bewusstsein dafür weniger erhalten. Im Inland scheint Interessen der Wirtschaft starkzuma- zu schaffen, dass man dem Wirt- man zusätzlich mit Kräften daran chen. Ich tue dies mit grosser Freude, schaftsstandort Sorge tragen muss. zu arbeiten, dass unsere guten Rah- denn ich bin überzeugt davon, dass Denn wie robust unsere Wirtschaft menbedingungen verschlechtert wer- den. So stehen wegen der Annahme der Masseneinwanderungsinitiative plötzlich unsere guten Beziehungen zur EU auf dem Spiel, welche wir mit den bilateralen Verträgen auf eine er- folgreiche Basis stellen konnten. Die Regulierung unseres Arbeitsmarktes nimmt laufend zu, beispielhaft kann die flächendeckende Einführung der Arbeitszeiterfassung genannt wer- den. Dabei war gerade der liberale Arbeitsmarkt bis anhin einer unserer grössten Pluspunkte. Weitere Beispie- le liessen sich problemlos aufzählen. Als Präsidentin der ZHK und als Unter- nehmerin liegt mir unser Wirtschafts- standort sehr am Herzen. Ich werde mich deshalb mit grossem Engage- ment dafür einsetzen, dass dieser es heute wichtiger ist denn je, dass ist, welche Schocks sie aushalten und auch weiterhin attraktiv bleibt: für die Stimme der Wirtschaft gehört welche Krisen sie noch überstehen kleine und mittlere Unternehmen ge- wird. -
2014 Company Report
207 mm 210 mm 210 mm 4 105mm 102 mm 108mm 102 mm Long-term studies on fasten- ing elements installed in marine environments have shown that the expected life span in extremely corrosive environ- ments is more than 40 years. This proves that the X-BT system is unbeatable not only in terms of installation productivity, but also with regard to operation and main- tenance costs. 2014 Company Report Hilti . Outperform . Outlast . Corporation Hilti 2014 COMPANY REPORT www.hilti.com Hilti_UB14_01_Umschlag_en.indd 1-4 19.02.2015 17:46:54 210 mm 4 210 mm 207 mm 102mm 108 mm A fastening element from our X-BT system compris- ing high-grade and corrosion-resistant stain- less steel quite literally forms the centerpiece of this year’s Company Report. Since its launch in 2003, the X-BT system has proved its worth in a variety of projects on every continent, with a total of over 30 million fas- tening elements installed to date. The system enabled Hilti to lay the foundation stone for the most recent unit in the Energy and Industry division. There is a video showing just how the X-BT threaded stud was integrated into our 2014 Company Report. To view the video, simply scan this QR code. Hilti_UB14_01_Umschlag_en.indd 5-8 19.02.2015 17:46:55 Hilti 2014 Company Report CONTENT . Editorial 2 Overview 4 CEO interview 8 Company strategy 11 Moments of enthusiasm in 2014 12 Executive Board 36 Board of Directors 38 Corporate responsibility 41 Key fi gures 51 Hilti 2014 Company Report Apart from these positive business results, 2014 was mainly marked by the hard work of detailing Champion 2020 at market and division level as well as its execution at large. -
2013 Company Report
2013 Company Report Hilti. Outperform. Outlast. Hilti Corporation │ 2013 Company Report www.hilti.com MUCH MORE THAN EMPTY SPACE. How many holes have been drilled by Hilti drill bits? In the more than 70 years of our company history the number has to be close to a billion. This is a point of pride, because a hole created by a Hilti bit serves a purpose, fulfills a duty. It’s rare that our holes remain empty. They’re filled with anchors or screws and become elemental components of a solid object. A hole that has been precisely drilled by a Hilti drill bit, whether in concrete, steel, masonry or wood, is more than empty space. It opens myriad possibilities and forms the basis for stability and safety. It’s the beginning of something new. The reports from construction sites around the world contained in this publication bear witness to this. There’s a story behind every hole. Scan the QR code to see the unusual way that holes found their way into our 2013 Company Report. 3 A YEAR OF CHANGES. 4 Dear Readers Some years are particularly decisive in the his- strategy. To motivate our team members we en- tory of companies because they are like cross- sure a positive working environment and em power roads for the future. 2013 was such a year for Hilti. them with responsibility and trust. In return, our In a persistently volatile market environment, we employees go the extra mile and fully identify with succeeded in continuing our course of growth and their company, which is more than ever reflected bringing our profitability back to the level before in the satisfaction ratings of our anonymous 2013 the economic and currency crisis. -
Focus and Diversify
ceo* The magazine for decision makers. july-sept. 2005 Eastern European market. Romania, Bulgaria, Ukraine – towards Europe. Internet. The secret money-making machine: Fat earnings in online business. sia Abrasives. Number three on the global market with the ultimate finish. Crans-Montana. How a small village in the Valais is profiting from golf. Publisher: PricewaterhouseCoopers AG ceo magazine, Stampfenbachstrasse 73, CH-8035 Zurich, Switzerland Editors-in-chief: Alexander Fleischer, [email protected], Franziska Zydek, [email protected] Creative director: Dario Benassa, [email protected] Concept, editing and design: purpur ag, publishing and communication, zurich, [email protected] Photos: cover/page 40: Didier Maillac/REA/laif, page 3: Thomas Eugster, page 5: Martin Kollar/VU/laif, page 13: Ian Hanning/REA/laif, page 19: Nik Hunger, page 30/32: Marc Wetli, page 38/39/41/45: Roemers/laif, page 42: Hans Madej/Bilderberg, page 43: Pierre-Antoine Grisoni/strates, page 50: Courtesy Global Fund Lithography: CMS Sticher AG, Printing: Sticher Printing, Lucerne Copyright: ceo magazine PricewaterhouseCoopers. The opinions and views expressed by the authors do not necessarily reflect those of the publisher. ceo magazine appears three times a year in English, German and French. Circulation 40,000 00Free ceo/editorial subscriptions and changes of address: [email protected] Whether the issue is competing for location or potential migration of people and suppliers, changes in Europe loom larger for Switzerland than changes in Asia. We must get involved in these changes, help to influence them, play an active role. Markus R. Neuhaus, CEO PricewaterhouseCoopers, Switzerland What is happening with the Chinese econ- The up-and-coming European countries important determinant of location policy. -
SECA Yearbook 2009 C • E • S 630 4 Z U G P O St F Ac H4 G R a Fen Uw Eg SECA 332 1 0
S • E S • E • C • A • C Swiss PrivateEquity &CorporateFinanceAssociation • A 9 0 20 ook b r a e Y CA SE A • SECA Yearbook 2009 C • E • S 630 P G SECA o r a st 4 fen f ac Z u a h4 g uw 332 eg 1 0 SECA Grafenauweg 10 f r a Postfach4332 nkie B i tt CH-6304Zug e r en www.seca.ch S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn SECAYearbOOk2009 S •� E •� CC •� AA SSwwiissss PPrriivvaateteEEqquuityity &C&CoorprpoorraateteFFiinnaanncceeAAssssoociciaatitioonn I. Report from the President 3 II. SECA, Switzerlandand Private Equity 11 III. Chaptersand Working Groups 27 Reporting Seed Money &VentureCapital 28 Reporting PrivateEquity 60 ReportingCorporateFinance 104 Reporting Legal &Tax 125 IV.Events and TrendLuncheons 141 V. Financial &Audit Report153 VI. Membership Reporting 157 FullMembers 159 AssociateMembers 301 Individual Members 361 VII. Articles of Associations 365 VIII. Model Documentation 369 SwissLimited Partnership 370 TermSheet für BusinessAngels undVentureCapitalists386 IX.Code of Conductfor Private Equity Investments 401 X. Code of Conduct for Corporate FinanceProfessionals 427 XI. National Associations 429 XII. Index of Persons 437 Printrun:2,000examples Publisher: SECA Swiss PrivateEquity&CorporateFinance Association, 6304Zug,Switzerland Conception: MauricePedergnana ([email protected]) Editor-in-chief: Philipp Dialer ([email protected]) Support: AndreaVilliger ([email protected]) Production: Speck Print AG, 6342 Baar, Switzerland (www.speck-print.ch)