Business cycle trends SNB regional network

Report for the attention of the Governing Board of the Swiss National Bank for its quarterly assessment of December 2012

Fourth quarter of 2012 The Swiss National Bank’s delegates for regional economic relations are constantly in touch with companies from the different economic sectors and industries. Their reports, which contain evaluations by these companies, are a valuable source of information for assessing the economic situation. The following pages contain a summary of the most important results of the talks held in October and November 2012 with 244 representatives of various industries on the current and future situation of their companies and the economy in general. The selection of companies is made according to a model that reflects Switzerland’s industrial structure. The reference parameter is GDP excluding agriculture and public services. The companies selected differ from one quarter to the next.

Region Delegate

Central Switzerland Walter Näf Eastern Switzerland Jean-Pierre Jetzer Geneva Marco Föllmi Jean-Marc Falter Italian-speaking Switzerland Fabio Bossi Mittelland Martin Wyss Northwestern Switzerland Daniel Hanimann Vaud-Valais Aline Chabloz Zurich Markus Zimmerli

SNB 30 Quarterly Bulletin 4/2012 Summary The outlook for real growth in turnover over the next few months remains cautiously optimistic In the fourth quarter of 2012, the survey indi­ in all industries. Demand for staff is likely to cated that economic activity was once again stable ­continue to stagnate. Respondents in manufacturing at the level of the previous quarter. There was evi­ and services considered the average utilisation of dence of a very slight improvement in business technical production capacity and infrastructure to activity in the services sector, whereas business be normal, whereas in the construction sector, it stagnated in manufacturing and construction. The was viewed once again as relatively high. variations between industries have become less The principal concerns regarding future devel­ pronounced. Sections of the export industry experi­ opment continue to revolve around the European enced a slowdown, but the dynamism of domestic debt crisis, although these are not as pronounced demand remained unchanged. Many respondents as previously. The weak global economy is contrib­ stressed the continuing importance of the minimum uting to the uncertainty, while many companies rate that has been set for the Swiss franc against are also keeping a close eye on exchange rate the euro. developments. The pressure on margins has persisted, forcing companies to continue to optimise processes, cut costs and increase efficiency. Overall, demand for labour remained unchanged from the previous quarter.

SNB 31 Quarterly Bulletin 4/2012 1 Business activity migration of demand to neighbouring areas. In certain market segments – such as the luxury apart­ Manufacturing ment segment in urban centres, for example – In manufacturing, business activity remained respondents have identified a degree of oversupply stable. Real turnover was largely unchanged from which is resulting in significant price falls. the previous quarter, as well as from the year-­ earlier quarter. However, substantial variation was Services evident between the different industries, as well as In the services sector, overall real turnover between individual companies. The exchange rate was slightly up on both the previous quarter and remains a dominant theme in most branches of the year-earlier quarter. The situation has improved industry, despite the clear success of measures somewhat since the previous survey. taken so far to boost efficiency. Business activity developed dynamically in The chemicals, watchmaking, electrical equip­ architectural and engineering firms, as well as in ment and food industries recorded rises in turnover services connected with facility management and compared to the previous quarter. Suppliers to the maintenance. Travel agencies also enjoyed brisk watchmaking industry experienced a slowdown in demand. Business activity improved in both the what had previously been very dynamic growth in financial industry and in retailing. In the banking turnover. This did not apply to the luxury segment, segment, most areas contributed to growth; but however. In the pharmaceutical industry, real turn­ fee and commission business remains stagnant. In over remained at the level of the previous quarter. By retailing, the phenomenon of cross-border shop­ contrast, turnover declined in the metals and machin­ ping remains an issue, although the situation has ery industry, as well as in textiles and clothing. eased slightly in some border regions. Some respondents from the export sector Transport operators and parts of the IT indus­ reported hesitant demand from the emerging mar­ try experienced a noticeable slowdown in what had kets of Asia, most notably China. Demand from the previously been dynamic business activity. Many IT US, South America, the Arab countries and Russia companies attribute this to cost-cutting measures remains solid. European demand is predominantly in the banking industry. Providers of business- coming from Germany, Scandinavia and Eastern related services are also observing a more pronounced Europe. The recession in southern Europe is making degree of cost awareness on the part of their clients. itself felt in many areas. By contrast, domestic In both the hotel and catering industries, demand is holding up relatively well. turnover stagnated at the level of the previous quarter. Hotels in holiday regions again expressed Construction their concern at the low numbers of European In construction, real turnover stagnated at guests; nevertheless, business in these regions was the level of the previous quarter; the momentum supported by vibrant tourist demand from Asia, observed three months ago has therefore evapor­ Russia and, to a lesser degree, Japan. The business ated. However, quarterly sales remained signifi­ of seminar hotels is holding up relatively well. A cantly higher than a year earlier. Favourable weather number of recruitment agencies reported a slight conditions and a continued backlog from the first quarter-on-quarter decline in business activity. quarter of this year had a positive impact on business activity. Turnover in structural engineering remained robust, particularly in residential construction, whereas turnover in civil engineering and the con­ struction-related industries stagnated at the level of the previous quarter. Commercial and industrial construction remained subdued. Real estate market risks were again mentioned by a number of respondents. In the area of credit lending policy, there was some evidence that the regulations for the banks, which entered into force in July, were starting to have a restrictive effect. A number of regions remain overheated, however, with high real estate prices leading to a partial

SNB 32 Quarterly Bulletin 4/2012 2 Capacity utilisation 3 Demand for labour

Overall, the utilisation of capacity and infra­ As in the previous quarter, the overall demand structure was judged to be normal, and the for labour remained virtually unchanged. In the ­differences between industries have become less manufacturing industry, the surveyed companies ­pronounced. once again assessed their staff numbers as being Companies in manufacturing rated their over­ slightly too high. They continue to exercise restraint all capacity utilisation as normal. Utilisation was in their personnel policy; departing employees are high in the chemical industry, as well as in parts of often not replaced, while short-term working was the machinery and vehicle construction industries. a measure cited by a number of companies. A phe­ Watchmaking is another area in which capacity nomenon mentioned by several respondents was an utilisation remains high. On the other hand, capacity increase in unsolicited job applications from both in the metals industry was regarded as low to very Switzerland and elsewhere. low, and significantly down on the values recorded In construction, staff numbers were generally in the previous quarter. Low capacity utilisation assessed as being slightly too low. Specialists was also reported by plastic processing companies remain in short supply, particularly foremen and and a number of individual companies in the textile site managers. However, recruitment problems have industry. become more acute in all areas of construction. In construction, technical capacity utilisation In the services sector, staff levels were con­ remained persistently high, although slightly lower sidered appropriate overall. A fairly high demand than in the previous quarter. for staff was reported by architectural and engin­ In the services sector, infrastructure utilisa­ eering firms, as well as by a number of IT compan­ tion was rated as normal overall. A relatively high ies. The hotel industry remained overstaffed. level of capacity utilisation was recorded by archi­ Overall, the surveyed companies rated the pro­ tectural and engineering firms, as well as by pro­ cess of recruiting staff generally to be as challen­ viders of facility management services. By contrast, ging and time-consuming as ever. In areas where hotels once again reported low occupancy rates. the labour market appears to have surplus supply, The reasons cited for this phenomenon were the the profiles of job-seekers frequently fail to meet continued low numbers of foreign tourists, greater companies’ requirements. In many industries, the cost awareness on the part of companies, and the required personnel can only be found abroad. By ongoing restructuring of the banking industry. The contrast, companies in the MEM (machinery, elec­ tendency to book lower hotel categories for cost tronics and metals) industries, transport operators reasons remains clearly apparent. A number of and banks were finding the process of recruitment hotels are adjusting their offers accordingly. rather easier than usual. Recruitment agencies reported a strong shift in demand from permanent to temporary positions. Tour operators and engin­ eering firms were finding recruitment rather more difficult than usual.

SNB 33 Quarterly Bulletin 4/2012 4 Prices, margins and earnings In construction, respondents from the finish­ situation ing trade, in particular, reported below-average margins; in the structural and civil engineering Overall, there has been virtually no change in industries, they were considered to be slightly the assessment of the margin situation compared lower than usual. The expectation of slightly higher to the previous quarter. Once again, margins were prices on the purchase side, together with more or rated as weaker than normal in all sectors. Compan­ less stable construction prices, suggests that the ies are experiencing continued pressure to optimise pressure on margins will persist here. According to costs and boost efficiency. They are also making a respondents, the market presence of foreign com­ concerted effort to tap into new markets. Supple­ panies or companies from outside the region was mentary services are being offered to achieve dif­ an increasingly prevalent phenomenon. ferentiation from the competition. Many companies­ In the services sector, the majority of industry from all three sectors of the economy stressed the branches found themselves confronted with un- continued importance of the minimum exchange usually low margins. The worst-affected industries rate against the euro for their company and indus­ were once again the hotel industry, transport try. While some welcome the planning security that and logistics companies, and wholesalers. As in the this affords, others view it as being crucial to their previous quarter, IT companies reported increased existence. pressure on margins. By contrast, the margin situ­ Representatives of the manufacturing indus­ ation in the financial sector was viewed as slightly try once again mentioned the problem of squeezed less negative than in the previous quarter. profit margins. All sectors have been affected, but the phenomenon is particularly pronounced in the metals and machinery industry, as well as for timber and plastic processing firms. The situation also appeared rather problematic for various companies in the food industry. On average, companies are expecting purchase prices to remain unchanged or to fall slightly over the next few months. In ­contrast to the previous quarter, companies are actually anticipating slightly rising prices on the sales side. This would suggest an easing of the pressure on margins in the manufacturing industry.

SNB 34 Quarterly Bulletin 4/2012 5 Outlook In general, companies in the services sector are cautiously upbeat about their business pro­ Uncertainty about future developments has spects in the next six months. Most industries in hardly changed since the third quarter. In terms of this sector expect to see sales remaining unchanged global risks, concern over the development of the or rising slightly. The financial industry is looking European debt crisis remains predominant, albeit to the future with much more confidence than in slightly less pronounced than previously. Another the previous quarter, and the outlook for retailers contributory factor to uncertainty is modest growth has improved further. Audit and consultancy firms, in China and other parts of the world. engineering firms and the travel industry have Companies remain cautious with respect to expressed relatively optimistic turnover expectations. their employment plans. Despite the potential By contrast, the outlook of the hotel industry and risks, turnover expectations for the next six months recruitment agencies is slightly negative in this are cautiously positive, just as they were one quar­ respect. Capacity utilisation and headcounts are ter earlier. likely to remain unchanged from their current levels. In manufacturing, the commercial outlook of The slight improvement in overall prospects companies generally has brightened slightly in for future business development is reflected in comparison to the previous quarter. Representa­ slightly less cautious investment plans. Indeed, tives of almost all industries are anticipating slight some companies are planning substantial invest­ rises in sales over the next six months. Companies ment with a view to achieving further productivity from the metals industry, where a decline in new gains at their Swiss locations. orders could manifest itself, are an exception in this respect. Representatives of the pharmaceutical and plastic processing industries are expecting sales to more or less stagnate. The outlook in the watchmaking industry and its suppliers is slightly subdued. In construction, seasonally adjusted turnover should rise slightly over the next few months, while capacity utilisation can be expected to remain vir­ tually unchanged. Many companies report that order books are well filled or even very full until the middle of next year. No substantial slowdown is anticipated in 2013 by the majority of companies, even though the implementation of the second homes initiative has caused some uncertainty regarding medium-term construction activity in holiday regions. On the other hand, no additional stimulus is to be anticipated as far as employment is concerned.

SNB 35 Quarterly Bulletin 4/2012 Acknowledgements

The SNB would like to thank representatives from some 900 companies that consented to take part in interviews with the delegates for regional economic relations during the course of 2012. In doing so, they have made a significant contribution to the evaluation of economic developments. The companies listed below have agreed that their names may be published:

A BeMore Holding SA. Benninger Guss AG. Bergbahnen Aaretal Reisen AG. Aargauische Kantonalbank. Beckenried-Emmetten AG. Bergbahnen Destination ABACUS Research AG. ABB Schweiz AG. Accenture Gstaad AG. Bergbahnen Engelberg-Trübsee-Titlis AG. AG. Acino. AdCubum AG. Adecco Ressources Humaines Bergeon SA. Berlac AG. Bern Tourismus. Best Western SA. AD-Hôtels SA. Adler Adelboden. Adobe Systems Hotel Bristol und Bären, Bern. Beutler Nova AG. GmbH. Aduno Gruppe. Aeschlimann AG Décolletages. Bezirks-Sparkasse Dielsdorf. Bezzola Denoth AG. AF-Consult Switzerland AG. AFG Management Con­ Biences Swiss Cosmetics SA. Biene Bank im Rheintal sulting SA. Agathon AG. Agie Charmilles SA. Agritur ­­- Genossenschaft. Bindella Handwerksbetriebe AG. ismo La Vigna. Airport Altenrhein AG. Albergo Losone. Bindella Terra vite vita SA. Birs Terminal AG. Bison Aldo Lepori SA Impresa Costruzioni. Alex Gemperle Schweiz AG. Blaser Café AG. Blumenbörse Rothrist. AG. Alfred Müller. Aligro – Demaurex & Cie SA. Allianz BMW (Schweiz) AG. BOBST SA. Boehringer Ingel­ Suisse. Alloboissons SA. Alltitude SA. Alpar Flug- heim (Schweiz) GmbH. Bolle & Cie SA. Bolliger & und Flugplatzgesellschaft AG Bern. Alpha RHEIN­ Tanzi SA. Bordier & Cie. Bossard Holding AG. TAL Bank AG. Alpnach Norm AG. ALSO Schweiz AG. Brac-Werke AG. BRAINFORCE AG. Brauchli SA. Altherr Nutzfahrzeuge AG. AMAG. Ameron Hotel Flora Brenntag Schweizerhall AG. Brolliet SA. Bruhin AG Luzern AG. Ameropa AG. Amiconi Consulting SA. druck | media. Brülhart & Partners SA. BS MediaVision. Amsler Bombeli et Associés SA. Andrea Pitsch AG. BSI SA. Buchbinderei Schumacher AG. Bucher Indu­ Angela Bruderer AG. Anliker AG Bauunternehmung. stries AG. Bucher Transport AG. Bühler + Scherler Antalis AG. Anthamatten meubles SA. Anton Häfli­ AG. Burckhardt Compression AG, Winterthur. BÜWE ger AG. Apco Technologies SA. Aregger AG Bauun­ Tiefbau AG. BVZ Holding AG. ternehmung. Art Furrer Stammhaus AG. Ascenseurs C Menétrey SA. ASS AG. ASSOS of Switzerland SA. Astoria C. Vanoli AG. Cafim SA. Calida Holding AG. Betriebs AG. Audemars Piguet & Cie SA. Auto Marti Camillo Vismara SA. Camion Transport AG. Canoo. AG. Auto Schwarz AG. Auto Zollikofer AG. Autolinee Cantina Sociale Mendrisio. Caran d’Ache SA. Carlson Bleniesi SA. Autoneum. Autorama Hergiswil AG. Wagonlit Travel. Carte Blanche SA; ABCD Ciné-Dance autoschweiz. AXA Winterthur. AZ Medien AG. SA. Carthesio SA. CasaInvest Rheintal AG. Caseifi­ B cio dimostrativo del Gottardo SA. CC A Cash + Carry B. Braun Medical SA. Bachem SA. Bachmann Angehrn. CDM Hôtels & Restauration SA. Censi & Mobile Kommunikation AG. Banca del Sempione. Ferrari SA. Centro Stampa Ticino SA. Ceramaret SA. Banca dello Stato del Cantone Ticino. Banca Migros. Cerbios-Pharma SA. Cercle des Agriculteurs de Genève Bangerter Microtechnik AG. Bank Coop. Bank EEK et Environs. Chaletbau Matti Holding AG. Chaussures AG. Bank Julius Bär & Co AG. BANK SPARHAFEN Aeschbach SA. Chiquita Brands International Sàrl. ZÜRICH AG. bank thalwil genossenschaft. Bank Von­ Chocolat Ammann AG. Chocolat Schönenberger AG. tobel AG. BANK ZIMMERBERG AG. Banque Cantonale Chocolats Camille Bloch SA. Chromos AG. Ciolina de Fribourg. Banque Cantonale de Genève. Banque AG. Cité des Bains SA. Citroën (Suisse) SA. Clariant Cantonale du Jura. Banque Cantonale du Valais. AG. Clariden Leu SA. Cleaning Service. Clientis EB Banque Cantonale Neuchâteloise. Banque Cantona­ Entlebucher Bank AG. Clientis Zürcher Regional­ le Vaudoise. Banque CIC Suisse SA. Banque Privée bank. Cofely AG. Compagnie d’assurances Nationale Edmond de Rothschild SA. Bär & Karrer AG. Barry Suisse SA. Condor Films AG. Construction Perret SA. Callebaut AG. Basellandschaftliche Kantonalbank. Contexa SA. Coop. Cornèr Banca SA. CORTI Gruppe. BASF Suisse SA. Basilea Pharmaceutica Ltd. Basler & Cotecna Inspection SA. Courtyard by Marriott Basel. Hofmann AG. Basler Versicherungen. Bataillard AG. Covedis SA. CPH Chemie + Papier Holding AG. Créa­ Baumann Federn AG. Baumann Koelliker AG. Bau­ tion Baumann AG. Creative Catering Sagl. Credit werk Parkett AG. BDO AG. Beck Glatz Confiseur AG. Suisse. cronoparty & services sagl. CROSS Research Beckman Coulter Eurocenter SA. Belimport SA. SA. Cross Systems SA. CTA AG Klima-Kälte-Wärme. Belotti Moda Sport SA. Belvédère Hotels, Scuol. CWS-boco Suisse SA.

SNB 36 Quarterly Bulletin 4/2012 D ­eggenberger ag. Good News Productions AG. Gott­ Darest Informatic SA. Datasport AG. DE CAPI­ hard Raststätte A2 Uri AG. GPA Guardian Protection TANI Baugeschäft AG. de Planta et Portier Archi­ SA. Grand Casino Kursaal Bern AG. Grand Hotel Villa tectes. Debiopharm SA. Debrunner Acifer AG. Delcò Castagnola. Grand Hôtel Zermatterhof, Zermatt. Mobili SA. Deloitte. DemoSCOPE AG. Dénériaz SA. Grand Resort Bad Ragaz AG. Grandi Magazzini Der Teufelhof Basel AG. Deutsche Bank. DHL Logi­ Manor Sud SA. Graphax AG. Grau Electricité SA. stics Freight. Diantus Watch SA. Die Securitas Gruppe. Graubündner Kantonalbank. green.ch. gribi theuril­ Diener & Diener Architekten. DKSH Schweiz AG. lat AG. Grisoni-Zaugg SA. Grosspeter AG. Groupe Dolder AG. Dorier SA. Dr. Röthlisberger AG. Dreier Best Mountain Resort, Crans-Montana. Groupe Boas. AG. Druckerei Odermatt AG. DSM Nutritional Pro­ Groupe Cornu. Groupe DSR. Groupe Rhône Média. ducts AG. Dubois & Dépraz SA. Duchosal Révision Güggeli-Express GmbH. Fiscalité Fiduciaire SA. Dufry AG. Düring AG Ebikon. H Dyhrberg AG. H. GOESSLER AG. Hakama. Hans Eberle AG. E Hasler Transport AG. Helsinn Holding SA. Henri E. KOLLER SA. EasyJet Switzerland SA. Eberli Harsch HH SA. Hermann Bühler AG. Hero. Herzog Holding AG. e-boutic.ch SA. ECOPLAN AG. Egg-Telsa Haustechnik AG. Herzog Küchen AG. Heule Werk­ SA. Eichenberger + Siegenthaler AG. Einkaufszentrum zeug AG. Hewlett-Packard (Schweiz) GmbH. Hiag Glatt AG. Eisberg Schweiz AG. Electrolux Schwan­ Immobilien AG. HOCHDORF-Gruppe. Hochstrasser den AG. Elektrisola Feindraht AG. ELEKTRO COMPA­ AG Littau. Holcim (Schweiz) AG. Holinger Solar AG. GNONI AG. Elektro-Material AG. Elementwerk Istig­ Honegger AG. Horst AG. Hotel Adula, Flims-Wald­ hofen AG. ELESTA relays GmbH. Elfo AG. Elite SA. haus. Hotel Bad Bubendorf AG. Hotel Basel. Hotel ElringKlinger Abschirmtechnik (Schweiz) AG. Ema­ Beatus, Merligen. Hotel Belvedere Locarno SA. nuele Centonze SA. Emch + Berger WSB AG. Emch Hotel Bern. Hotel Bernensis AG, Interlaken. Hôtel AG Bauunternehmung. Emil Frey SA, Centre Auto­ Cailler, Charmey. Hotel Coronado Mendrisio. Hôtel mobile aux Vernets. Emile Egger & Cie SA. EMME SA. de la Paix, Lausanne. Hotel de la Paix, Lugano. emmental versicherung. Endress + Hauser AG. Enga­ Hotel Eden Roc, Ascona. Hotel Eden Spiez AG. Hotel din St. Moritz. Ennio Ferrari Impresa Generale SA. Federale, Lugano. Hotel Grischa, Davos. Hôtel Ibis, Entreprise Belloni SA. Erne AG Bauunternehmung. Bulle la Gruyère. Hotel Krafft, Basel. Hotel La Cam­ Ernst & Young Switzerland. Ernst Frey AG. Ernst pagnola SA, Vairano. Hotel Lido Seegarten, Lugano. Marti AG. Ernst Schweizer AG, Metallbau. ESA. Hotel Lugano Dante Center SA. Hotel Schweizerhof, Espace Real Estate AG. Eternit (Schweiz) AG. ewl Lenzerheide. Hotel Simmenhof, Lenk im Simmental. energie wasser luzern. Hotel Unione, Bellinzona. Hotel Waldhaus, Sils-Maria. F Hotel Walther, Pontresina. Hotelplan Suisse (MTCH F. Hoffmann-La Roche AG. Falegnameria Berto­ AG). Huber und Co. AG. HUBER + SUHNER AG. HUGO lini SA. Farnair Switzerland AG. Fassbind SA. Favre BOSS Ticino SA. Hunziker Festwirtschaften AG. Transport international TIR. Federtechnik Kalt­ Hupac Intermodal SA. Hydrel GmbH. Hypothekar­ brunn AG. Felco SA. Ferox SA. Ferring International bank Lenzburg AG. Center SA. FG Groupe SA. Fiduciaire Fidag SA. Fiedler I SA. Fiege Logistik (Schweiz) AG. Firmenich SA. First Iba AG. IBC Insurance Broking and Consulting Industries. Fischer Precise Group AG. Folex AG. SA. IBM Schweiz AG. IFEC consulenze SA. IGP Pulver­ FONCIA Switzerland SA. Fondation Papiliorama. technik AG. Ilem SA. Immoprogramm SA. Implenia Fontana Print SA. Fraisa SA. Francorosso SA. Franke AG. Industrielle Werke Basel. Ineichen AG. Infra- Gruppe. Fratelli Roda SA. Freestudios SA. FRESS- Com Swiss AG. Ing. Marco Taddei SA. Inkasso Küng NAPF Schweiz AG. Frigerio SA. Full Speed Systems AG. AG. Interiman Group. Interprox SA. ISEPPI Frutta G SA. ITS SA. Gadola Unternehmungen, Oetwil am See + Egg. J Garage Berger SA. Garage-Gruppe Galliker AG Kriens. J. Kowner AG. Jacques Francioli SA. Jakob AG, Garaio AG. Garbani AG Bern. GE Money Bank AG. Jakob-Markt. Jaquet SA. Jaquet Technology Group. Gebrüder Hodel AG. Geissbühler & Co AG. GENERALI Jean Gallay SA. JPF Construction SA. Jungfraubahnen. SCHWEIZ Holding. GeoEdil SA. Georges Constantin Jura Elektroapparate AG. SA. Gétaz-Miauton. Gfeller Elektro AG. Giezendanner K Transport AG. Gilles Desplanches SA. Ginsana SA. K. Dysli AG. Kaufmann Oberholzer AG. Kesten­ Givaudan (Suisse) SA. Globe Limousines SA. Globe­ holz AG. KIBAG Bauleistungen AG. Kistler Group. trotter Travel Service AG. Globus Voyages. göldi+ Knecht Brugg Holding AG. Knecht Reisen AG.

SNB 37 Quarterly Bulletin 4/2012 KNF Flodos AG. Koch AG, Strassen- und Tiefbau. N Koenig Feinstahl AG. Kongress und Kursaal AG. Naef & Cie SA. Naef Immobilier SA. Naville SA. KPMG SA. Kramer Gastronomie. Kugler Bimetal SA. Netstal-Maschinen AG. Neue Aargauer Bank. NEW Kühne +­ Nagel AG Schweiz. Kunststoff Schwan- ROCK SA. Newave Energy Holding SA. Nicol. Hart­ den AG. Künzli Swiss­Schuh AG. Kuoni Travel Ltd. mann & Cie. AG. Nidwaldner Kantonalbank. Novae Kuratle & Jaecker AG. Kyburz & Cie SA. Restauration SA. Novartis International AG. NOVO L Business Consultants AG. Nuova Benelli SA. L. Kellenberger & Co. AG. La goccia sa. La Pier­ O rette SA. Laboratoires Biologiques ARVAL SA. Läckerli Obwaldner Kantonalbank. OERTLI Werkzeuge Huus AG. Lagerhäuser der Centralschweiz AG. Land­ AG. Oettinger Davidoff Group. Ofisa SA. OLZ & Part­ gasthof Schönbühl AG. Landhotel Hirschen, Erlins­ ners. OMIDA AG. Omya. Opacc Software AG. Opti­ bach. Landi Frila. Lantal Textiles. Lanz + Marti AG. print AG. Otto Notter Holding AG. Otto Scerri SA. LARAG AG. Lardi & Partners SA. Laubscher Präzision P AG. Laurastar SA. Laurent Membrez SA. Lausanne Pac Team Group. PAMP SA. Panalpina Welt­ Palace & SPA. Lawil Gerüste AG. Le petit-fils de L.U. transport AG. Papyrus Schweiz AG. PARKING ZÜRICH Chopard & Cie SA. Lerch AG Bauunternehmung. Les AG. Parkresort Rheinfelden. Pathé Küchlin AG. Pavag Bains de Lavey SA. Les Boutiques Angéloz SA. LGT Folien AG. PAX Versicherungen. Payot SA. Pedrazzini Bank (Schweiz) AG. Libreria Casagrande Sagl. Liech­ Costruzioni SA. PEMSA Human Resources SA. Perma­ tensteinische Landesbank (Schweiz) AG. lista office pack AG. Perrin Frères SA. Personal Sigma Sursee AG. LO. Livit AG. LN Industries SA. Loeb AG. Logitech Pestalozzi + Co AG. Pfister Case unifamiliari SA. Europe SA. Lonstroff AG. Lonza AG. Loomis Schweiz Pharmacie populaire société coopérative. Philip SA. Losinger Marazzi AG. Lüchinger Metallbau AG. Morris SA. Pilatus-Bahnen AG. Pini & Associati, Lüchinger+Schmid AG. Luftseilbahn Engelberg-Brunni Ingegneri Consulenti SA. Pistor Holding Genossen­ AG. Luisoni Consulenze Professionali SA. Luzerner schaft. PKB Privatbank AG. PKZ Burger-Kehl & Co. Kantonalbank. LV-St. Gallen. LWP Ledermann, Wie- AG. Plaston AG. Poretti SA. Poroli Special Boats. ting & Partners SA. Lyreco Switzerland AG. LZ Medien Pouly Tradition SA. PPCmetrics AG. Prantl Bau­ Holding AG. planer AG. Precicast SA. Priora Generalunter­ M nehmung AG. PRIVERA AG. PRO Entreprise Sociale Magazine zum Globus AG. Maison Dupin SA. Privée. Probst Maveg SA. Pro-Data LGI SA. Prognos Mammut Sports Group AG. MANOMETER AG. Manor AG. Proto Chemicals AG. Provins. Px Group SA. Gruppe. Manotel SA. Manpower SA. Marina Gastro Q AG. Marinello AG. Marti AG Bauunternehmung. Mar- Qoqa Services SA. vinpac SA. Masaba Sagl. MAT SECURITAS EXPRESS R AG. Mathys AG Bettlach. Max Havelaar-Stiftung R. Bühler AG. R. Nussbaum AG. Raiffeisenbanken. (Schweiz). Max Pfister Baubüro AG. Mc PaperLand. RAMADA Hotels. ramatech systems AG. Ramseier McDonalds Suisse Management & Services Sàrl. MCL Holding AG. RAMSEIER Suisse AG. Rapelli SA. Rapp Medizinische Laboratorien AG. Medacta International Gruppe. RE/MAX Immobrokers. Régence Production SA. Media Markt Grancia SA. Media Saturn Schweiz. SA. Regiobank Solothurn AG. Reichle & De-Massari MEI Inc. Menzi Muck AG Maschinenfabrik. MES SA. AG. Reisebüro Mittelthurgau Fluss- und Kreuzfahrten Metaltex SA. Mettler2Invest AG. Meubles Pesse SA. AG. Reise-Meile AG. Reiss & Reber AG. Reitzel (Suisse) Meyer-Mayor AG. Mibelle Group. Michele Arnaboldi- SA. Reka Schweizer Reisekasse. Richter-Dahl Rocha & architetti. Microdiamant AG. Migros. Mikron Tool Associés architectes SA. RICOH SCHWEIZ AG. Rieter SA Agno. Möbel Lehmann AG. Möbel Märki, Filiale Holding AG. Ring Garage AG Chur. Riseria Taverne Ittigen-Bern. Möbelfabrik Fraubrunnen AG. Mobi­ SA. Ristorante Seven. Rivella AG. Roche Diagno­ lière Suisse, Agence générale Genève. Molino SA. stics AG. Rolf Gerber AG. Ronda AG. ROSENMUND Monn SA. Monosuisse AG. Montech AG. Montres Haustechnik AG. Rossignol GmbH. Roth Gerüste AG. Louis Erard SA. Mopac modern packaging AG. Mor­ ROTRONIC AG. Royal Tag SA. Ruckstuhl AG. Ruck­ dasini Maler Gipser AG. Morosoli SA. motomix SA. stuhl Elektrotech AG. Rudolf Wirz-Gruppe. Rüeger SA. Mövenpick Holding AG. MPM facility services SA. Rytz & Cie SA. MSC Crociere SA. MSC Mediterranean Shipping S Agency AG. Muesmatt AG Fenster und Schreinerei. SA di Gestione Shopping Center Morbio Inferiore. Multitime Quartz SA. Mundipharma Medical Com­ SA Vini Bée. SABAG Holding AG. SAFED Suisse SA. pany. Mundo AG. Muttoni SA. Mythencenter AG. SAG SWISS AUTOMOTIVE GROUP. Saia-Burgess Con­ trols SA. Salumificio del Castello Capoferri & Co SA.

SNB 38 Quarterly Bulletin 4/2012 Salvioni Arti Grafiche. Sandro Vanini SA. Sanitas U Troesch AG. Sauter, Bachmann AG. SAVOY HOTEL UBS AG. Ugo Bassi SA. Ultra Précision Holding BAUR EN VILLE, Zürich. SB Saanen Bank AG. SA. UNDERBERG AG. Union AG. Unitechnologies AG. Scana Lebensmittel AG. Schaffhauser Kantonalbank Urner Kantonalbank. USM U. Schärer Söhne AG. Schätti AG, Metallwarenfabrik. Schellenberg Witt­ V mer. Schenk SA. Schenker Storen AG. Scherler AG Vacheron Constantin SA. Valencia Kommuni­ Luzern. Schifffahrtsgesellschaft für den Zugersee kation AG. Valentine Fabrique SA. Valiant Holding AG. SCHILD AG. Schilliger Holz AG. Schindler Auf­ AG. Valora. Valtronic Technologies (Suisse) SA. Van züge AG. Schlagen­hauf Gruppe. Schmolz + Bicken­ Baerle AG. VAT Vakuumventile AG. Vaucher Sport bach AG. Schneider Holding AG, Pratteln. Schoeller Specialist AG. Vaudaux SA. Vecellio Legno. Venner­ Textil AG. Schollglas AG. Schöni Transport AG. hus Weine AG. VICTORIA-JUNGFRAU Grand Hotel & Schöttli AG. Schubarth + Co AG. Schweizer Electro­ Spa, Interlaken. VICTORINOX AG. Villars Maître nic AG. SCHWEIZER HEIMATWERK. Schweizerischer Chocolatier SA. Viollier AG. Visilab SA. Vismara & Co. Versicherungsverband SVV. Schwizer Haustechnik SA. Voyages Rémy Zahler SA. VP Bank (Schweiz) AG. AG. Schwyzer Kantonalbank. SecurArchiv SA. Sedelec W SA. Selmoni Gruppe. Semadeni AG. Sepp Fässler AG. W. Gassmann AG. Wälli AG Ingenieure. Walter Settelen AG. Shoppi­Tivoli. Sieber Transport AG. Matter SA. Wanner + Fankhauser AG. Warteck Invest Siegfried Holding AG. Sihltal Zürich Uetliberg Bahn AG. Wärtsilä Schweiz AG. Weiss + Appetito AG. SZU AG. Silvretta Parkhotel Klosters. Similasan. Welti-Furrer AG. Wenk AG. Werner Marty AG. Westi­ Sintetica S.A. SIPRO STAHL SCHWEIZ. SISKA Heu­ form Holding AG. WICOR Holding AG. Widder Hotel, berger Holding AG. SISTAG AG. Sitag AG. Sitek AG, Zürich. Wilhelm Kaderselektion AG St. Gallen. Wil­ System- und Instrumententechnik. SIX Swiss Ex- helm Schmidlin AG. Winterhalter + Fenner AG. Wirte­ change AG. Società Anonima Giovanni Balmelli verband Basel-Stadt. WOLGENSINGER AG. Wyss Samen Faspea. SOCIETÀ NAVIGAZIONE LAGO DI LUGANO. und Pflanzen AG. Société Fiduciaire et de Gérance SA. Société Géné­ Z rale d’Affichage SA. Société Privée de Gérance SA. zb Zentralbahn AG. ZFV-Unternehmungen. Softec AG. Spaeter Gruppe. Sparkasse Schwyz AG. Zincheria 2000 Sagl. Zindel + Co. AG. Züblin Immo­ Spavetti AG. spirella s.a. Spirig Pharma AG. Spross- bilien Holding AG. Zuger Kantonalbank. Zühlke Holding AG. St. Galler Kantonalbank. Stadler Rail Engineering AG. Zur Rose AG. Zürcher Kantonalbank. AG. Stadtcasino Baden. Stämpfli AG. Starling Zürcher Landbank AG. Zurich Assurance Suisse. Hotels & Resorts SA. Steiger Participations SA. Zürich Marriott Hotel. Zürichsee Schifffahrtsgesell­ Steiner AG. Steiner Transport AG. Sterki Bau AG. schaft AG. Zweifel Pomy-Chips AG. ZWZ AG. Stettler Sapphire AG. STIHL Kettenwerk Schweiz. 1 Stöckli Metall AG. Storchen Zürich. Streck Transport 1a hunkeler AG. AG. Streuli Bau AG, Kilchberg. Strüby Holding AG. Sulzer Mixpac AG. Sunrise Communications AG. ­Sut­tero Ernst Sutter AG. SWAROVSKI Gruppe. Swatch Group SA. Swiss Holiday Park AG. Swiss Interna­ tional Air Lines. Swiss Life AG. Swisslog Holding AG. Swisslos. swissôtel OERLIKON. swisspor Manage­ ment AG. Syngenta AG. Syntax Übersetzungen AG. T Taiana SA. TE connectivity. Tech Insta SA. Technica AG. Techno-Lens SA. Téléverbier SA. Tensol Rail SA. Teo Jakob AG. Tetra Pak International SA. THALMANN LOGISTIK AG. Thermalbad Zurzach AG. Thermes-Parc, Val d’Illiez. Thiébaud & Co SA. Thomann Nutzfahrzeuge AG. Thommen Medical AG. Timcal SA. Top Net Services SA. Tornos SA. Toscano Stahlbau AG. Transcontinental SA. Trendcommerce AG. Trenew Electronic AG. Triba Partner Bank. Trikora AG. TRUMPF Maschinen AG. Tschantré AG. Tschanz Dis­ tribution SA. Tscharner & Co. Tschuggen Grand Hotel, Arosa. Tubofer SA. TUI Suisse Ltd. Tulux AG.

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