Metall Zug Group 2013 Annual Report Annual Report 2013 Metall Zug Group Quicklinks to the topics: Key Figures at a Glance Compensation Report Group Report Financial Report Letter to Shareholders Contents of Financial Report Share Information Consolidated Income Statement Senior Management Consolidated Balance Sheet CEO Interview Consolidated Statement of Cash Flows Strategy Changes in Shareholders’ Equity Customers and Markets Notes to the Consolidated Financial Statements Group Structure Report of the Statutory Auditor Household Appliances on the Consolidated Financial Statements Infection Control Annual Financial Statements Metall Zug AG Wire Processing Report of the Statutory Auditor Sustainability and Corporate Social Responsibility on the Financial Statements Employees Corporate Governance Addresses METALL ZUG GROUP Quality Publishing Information Competence Innovative strength Key dates 2014 April 3, 2014 Annual report 2013, Annual media and financial analysts’ conference May 2, 2014 General meeting of shareholders for the 2013 financial year August 25, 2014 Publication of the half-year report Contact us Corporate Communications & Investor Relations Edith E. Mueller Phone +41 41 748 10 20 [email protected] PERFORMANCE The Metall Zug Group develops, manufactures and distributes innovative products, neutral Chief Financial Officer Printed Matter No. 01-13-663043 – www.myclimate.org and provides services that meet the highest standards. The leading-edge innovations Daniel Keist © myclimate – The Climate Protection Partnership of the Household Appliances Business Unit, the efficient and absolutely reliable Phone +41 41 748 10 20 [email protected] www.myclimate.org solutions of the Infection Control Business Unit, as well as the precision products of the Wire Processing Business Unit form the basis for the business success of the Disclaimer Climate-neutral printing. All statements in this publication which are not based on historical facts are The CO2 emissions of 3.93 tons arising Metall Zug Group and its customers. forward-looking statements that provide no guarantee of future performance. They during printing are compensated for are subject to risks and uncertainties and other factors outside the control of the by international projects conducted by company. myclimate.org. The pursuit of quality and commitment to operational efficiency within the Metall Zug Group underpin the day-to-day work in the three business units, thereby Publisher: Metall Zug AG ensuring an attractive range of high quality, sustainable and resource-efficient Editor: Metall Zug AG, Corporate Communications & Investor Relations, premium products. Design concept: Hotz Brand Consultants, bootzbootz, Photos: S+K Roland Kniel, Translation: bmp translations, Pre-press: gateB AG, Printing: Victor Hotz AG Print run German: 2 700 copies English: 600 copies Product group comprising exemplary forestry and other controlled sources. The annual report is published in German and English. In the event of discrepan- cies between the two versions, the German print version shall prevail. Printed on chlorine-free paper. Metall Zug AG Industriestrasse 66, PO Box 59, CH-6301 Zug Phone +41 41 748 10 20, Fax +41 41 748 10 29 [email protected], www.metallzug.ch CONTENTS For navigation please click on corresponding topic. Key Figures at a Glance 4/5 Group Report Letter to Shareholders 6 Share Information 8 Senior Management 10 CEO Interview 12 Strategy 14 Customers and Markets 16 Group Structure 17 Household Appliances 18 Infection Control 24 Wire Processing 30 Sustainability and Corporate Social Responsibility 36 Employees 37 Corporate Governance 38 Compensation Report 48 Financial Report Contents of Financial Report 54 Consolidated Income Statement 55 Consolidated Balance Sheet 56 Consolidated Statement of Cash Flows 58 Changes in Shareholders’ Equity 59 Notes to the Consolidated Financial Statements 60 Report of the Statutory Auditor 79 on the Consolidated Financial Statements Annual Financial Statements Metall Zug AG 80 Report of the Statutory Auditor 87 on the Financial Statements Addresses 88 Metall Zug Group Annual Report 2013 5 Magic moments Household Appliances Absolute reliability Utmost precision Infection Wire Control Processing The Metall Zug Group Metall Zug AG, an industrial group of companies headquartered in Zug, comprises three business units and has a workforce of around 3 500 employees. The Household Appliances Business Unit includes the Swiss market leader V-ZUG AG and its foreign subsidiaries, V-ZUG Kühltechnik AG, SIBIRGroup AG and Gehrig Group AG. The Infection Control Business Unit is represented by the Belimed Group, and the Schleuniger Group makes up the Wire Processing Business Unit. The holding company Metall Zug AG is listed in the Domestic Standard of SIX Swiss Exchange in Zurich (series B registered shares: Swiss security number 3 982 108, ticker symbol METN). Household Appliances V-ZUG AG V-ZUG AG is the most significant company in the Metall Zug Group. As the Swiss market leader, it develops, manufactures and sells high-quality and resource-efficient kitchen and laundry appliances. Its forward-looking innovations enable it to consistently stand out as a technology leader. Thanks to the refrigeration technology business at its production site in Arbon, Switzerland, V-ZUG has a strong market position in this sector. V-ZUG and its range of premium products is represented in 20 coun- tries on three continents. SIBIRGroup AG SIBIRGroup AG is a full-range supplier of kitchen and laundry appliances for the home. SIBIR has branches and service centers in all parts of Switzerland. Gehrig Group AG Gehrig Group AG specializes in dishwashers and thermal appliances for the hotel and restaurant sector as well as solutions for its professional client base in the care sector. Its core competencies are food and beverage processing as well as hygiene. Gehrig is the Swiss market leader for profes- sional dishwasher solutions. Infection Control Belimed Group The Belimed Group is one of the leading global suppliers of innovative systems for infection control. The group’s cleaning, disinfection and sterilization solutions are used in the medical sector and pharmaceutical industry. Wire Processing Schleuniger Group The Schleuniger Group develops, produces and distributes semiautomatic and fully automatic machines for the cutting, stripping, crimping, sealing, twisting, tinning, and printing of all types of wires and cables. In addition, Schleuniger offers software packages to optimize machine efficiency and utilization, especially for complex applications. KEY FIGURES Key Figures at a Glance Metall Zug Group in CHF million 2013 2012 2011 2010 2009 Gross sales 908.6 856.4 864.2 852.3 790.2 Revenue from real estate operations 0.0 25.8 49.4 45.9 36.4 Operating income (EBIT) 69.8 66.6 96.7 105.4 61.8 Net income 124.1 61.5 63.4 92.3 71.7 Cash flow from operating activities 162.3 113.0 115.4 134.5 108.7 in % of sales 17.9 13.2 13.3 15.8 13.8 Total assets 994 955 1 380 1 253 1 153 Current assets 702 654 755 684 636 in % of total assets 71 69 55 55 55 Fixed assets 291 300 625 569 517 in % of total assets 29 31 45 45 45 Total liabilities 246 263 525 436 412 in % of total assets 25 28 38 35 36 Shareholders’ equity 748 692 855 818 740 in % of total assets 75 72 62 65 64 Investments 32.1 84.2 116.4 106.5 160.1 Employees 3 507 3 233 3 261 3 045 3 016 Metall Zug AG in CHF million 2013 2012 2011 2010 2009 Total assets 670.9 628.2 577.4 530.7 498.3 Total liabilities 356.9 278.7 254.0 208.0 180.9 Shareholders’ equity 314.0 349.5 323.4 322.7 317.4 Net income 26.4 62.1 25.0 25.0 20.4 Dividend in % 2441) 560 220 220 180 1) According to the proposal of the Board of Directors. 2013 2012 % Household Appliances Gross sales in CHF million 579.4 556.9 +4.0 Employees 1 747 1 633 +7.0 Infection Control Gross sales in CHF million 221.1 199.6 +10.8 Employees 1 174 1 146 +2.5 Wire Processing Gross sales in CHF million 110.9 103.0 +7.6 Employees 574 450 +27.6 Real Estate 2) Revenue in CHF million 0.0 25.8 – 100.0 Employees 0 0 Corporate Revenue in CHF million 0.7 0.1 +537.5 Employees 11 4 +175.0 2) No longer included in the scope of consolidation as of June 30, 2012. Gross sales Net income Cash flow from Employees operating activities CHF million CHF million CHF million 900 120 175 3 500 100 150 700 125 3 000 80 100 500 60 2 500 75 40 50 300 2 000 20 25 100 0 0 1 500 09 10 11 12 13 09 10 11 12 13 09 10 11 12 13 09 10 11 12 13 The Metall Zug Group posted gross sales of CHF 908.6 million The financial result was increased due to the sale of part of in the reporting year (previous year: CHF 856.4 million). the shares of Zug Estates Holding AG and the valuation at market value of the remaining shares, and as a result of the Net sales achieved abroad increased from 35.8 % in 2012 to favorable stock market trend, to CHF 70.2 million (previous 36.9 % in 2013, to stand at CHF 326.2 million (previous year: year: CHF 8.4 million). CHF 299.5 million). Tax expenditure increased from CHF 13.4 million in the previ- The Metall Zug Group increased its operating income (EBIT) ous year to CHF 15.7 million. In relation to income before to CHF 69.8 million. The previous year’s result of CHF 66.6 mil- taxes, this represents a decrease in the tax burden to 11.2 %, lion still included a contribution of CHF 7.5 million from the compared to the previous year’s figure of 17.9 %.