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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. All 22,000 employees have undergone standardized training as to the content of the strategy while all markets, business units and departments have defined and coordinated their contributions and priorities for Champion 2020 and have launched the necessary investments. These highly comprehensive and complex efforts will have the positive effect of creating a commonly agreed and well - focused alignment of all corporate divisions over the next few years. However, the successes of 2014 are no reason to rest on our laurels. In Champion 2020, we have set ourselves ambitious goals for global market share gains. If we want to meet these goals, our investments will have to bear fruit in the next few years, which calls for a lot of hard but also highly motivating work. Our market environment and the global currency landscape will continue to be volatile and there is no reason to expect strong market growth in the foreseeable future. Nevertheless, we are looking ahead with great confi dence because of our highly targeted focus, the drive generated by Champion 2020, the wide acceptance of our priorities throughout the organization and our sound fi nancial and structural basis. Dear readers 2014 was a very good year for Hilti. We have achieved the best fi nancial result in the history With this positive outlook in mind, we wish to thank all our clients and partners for the trust of our company. In addition to that, our periodic client and employee satisfaction surveys they have placed in us and the excellent cooperation in the past year. We are equally grate- have produced the best ratings ever. And we have created the necessary conditions for ful to our 22,000 employees around the world. It is thanks to their exemplary commitment the global implementation of our revised Champion 2020 corporate strategy. and dedication that 2014 was such a successful year for Hilti. At the end of 2013 we decided to go back to investing signifi cantly more, to accelerate growth, to gain market shares and to further increase our profi t and return on capital em- ployed. All these targets have been achieved! We are pleased to report a sales growth of 7.5 percent in local currencies and of 3.6 per- cent in Swiss francs, thus outperforming the global construction market and gaining new market shares. Almost all regions have contributed to this growth, with Emerging Markets and Northern Europe even posting double - digit growth rates in local currencies. Return on sales grew from 9.7 to 11.9 percent and RoCE improved from 12.8 percent last year to 16.8 percent in 2014. Thus, both RoS and RoCE fi gures lie within the target range defi ned in our Champion 2020 strategy. Furthermore, we succeeded in generating a free cash fl ow Pius Baschera Christoph Loos of more than 350 million Swiss francs for the third consecutive time. Chairman of the Board of Directors Chief Executive Offi cer 2 3 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. All 22,000 employees have undergone standardized training as to the content of the strategy while all markets, business units and departments have defined and coordinated their contributions and priorities for Champion 2020 and have launched the necessary investments. These highly comprehensive and complex efforts will have the positive effect of creating a commonly agreed and well - focused alignment of all corporate divisions over the next few years. However, the successes of 2014 are no reason to rest on our laurels. In Champion 2020, we have set ourselves ambitious goals for global market share gains. If we want to meet these goals, our investments will have to bear fruit in the next few years, which calls for a lot of hard but also highly motivating work. Our market environment and the global currency landscape will continue to be volatile and there is no reason to expect strong market growth in the foreseeable future. Nevertheless, we are looking ahead with great confi dence because of our highly targeted focus, the drive generated by Champion 2020, the wide acceptance of our priorities throughout the organization and our sound fi nancial and structural basis. Dear readers 2014 was a very good year for Hilti. We have achieved the best fi nancial result in the history With this positive outlook in mind, we wish to thank all our clients and partners for the trust of our company. In addition to that, our periodic client and employee satisfaction surveys they have placed in us and the excellent cooperation in the past year. We are equally grate- have produced the best ratings ever. And we have created the necessary conditions for ful to our 22,000 employees around the world. It is thanks to their exemplary commitment the global implementation of our revised Champion 2020 corporate strategy. and dedication that 2014 was such a successful year for Hilti. At the end of 2013 we decided to go back to investing signifi cantly more, to accelerate growth, to gain market shares and to further increase our profi t and return on capital em- ployed. All these targets have been achieved! We are pleased to report a sales growth of 7.5 percent in local currencies and of 3.6 per- cent in Swiss francs, thus outperforming the global construction market and gaining new market shares. Almost all regions have contributed to this growth, with Emerging Markets and Northern Europe even posting double - digit growth rates in local currencies. Return on sales grew from 9.7 to 11.9 percent and RCE improved from 12.8 percent last year to 16.8 percent in 2014. Thus, both RS and RCE fi gures lie within the target range defi ned in our Champion 2020 strategy. Furthermore, we succeeded in generating a free cash fl ow Pius Baschera Christoph Loos of more than 350 million Swiss francs for the third consecutive time. Chairman of the Board of Directors Chief Executive Offi cer 2 3 Hilti 2014 Company Report THE COMPANY . THE YEAR IN FIGURES . Hilti offers products, systems and services that have As a result Hilti connects its fi nancial success with Key fi gures leading - edge technology and provide professional a comprehensive responsibility towards society and Net sales in CHF million customers in the construction and energy sectors the environment. A mutual sense of openness, hon- 2014 4,497 + 157 with innovative solutions that feature outstanding esty and tolerance applies to team members, part- added value. Active in more than 120 countries, ners and suppliers alike. 2013 4,340 Hilti not only operates production facilities and R & D Operating result in CHF million centers, but is also involved in various international Guided by the conviction that entrepreneurial growth 2014 537 + 116 technology partnerships. also generates personal growth, Hilti pursues an 2013 421 employee - and performance - oriented corporate Hilti stands for exceptional innovations, the high- culture. The values of integrity, courage, teamwork Free cash fl ow in CHF million est quality and direct customer relationships. Some and commitment form a solid foundation and are 2014 383 + 29 two - thirds of Hilti ’s 22,000 worldwide employees equally supported by all worldwide employees. 2013 354 work directly on behalf of customers in Hilti sales Net income in CHF million organizations and technical service units. They Hilti Group headquarters are located in Schaan, Prin- generate more than 200,000 daily interactions with cipality of Liechtenstein, where the company was 2014 426 + 122 customers, creating the basis for the ongoing devel- founded in 1941 by brothers Eugen and Martin Hilti. 2013 304 opment of new products and services. All company shares are held by the Martin Hilti Employees as at December 31 Family Trust, a fact that ensures long-term 2014 22,248 + 792 The Group ’s strategy is aimed at sustain- continuity and the ongoing development of able value creation through market lead- the company.
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