2011 - zehnder group · bento neto michel bera marc bera olivier berchtold dominik berckmoes hans...

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Leveque Jean-MarcLeveque LaurentLeys JokeLezzeri FredericLi Bin Li ChaoLi DonghongLi FuyunLi GangLi GuohuaLi HaiboLi HaixiaLi HongxiLi JiangLi JieLi JinliangLi JiuhuiLi LiLi ShujunLi Wei Li XiaomeiLi XiaoweiLi XinLi XiuliangLi YacuiLi Zhi YongLiang LingLiang MengmengLibanet ThomasLibera AndreasLicha StephenLiesch MichaelLightizer JeffLightizer WilliamLignos MichaelLin JianLin XuekunLindblom Liselott Linfield KateLink ThomasLipman HennieLippuner AnjaLischka WilliamList VolkerLiu ChunhuaLiu FengyiLiu HaiyangLiu HongliLiu HongpeiLiu HongqiLiu JiangLiu JianjunLiu JiejieLiu JunLiu LunianLiu ManyiLiu QihuLiu ShiLiu SiyingLiu WeiwenLiu XiaoqinLiu XiaoyueLiu XiuzhiLiu YingchunLiu YulinLiu ZhanbinLiu ZhengLiu ZhiLiu ZhicunLiu ZhijinLiu ZhongxinLivemore AlisonLjatifi RamadanLjatifi RamanLjatifi SeadLloveras Galan EvelyneLocatelli RobertaLogronio MichaelLogutenok SergeyLokhorst BentoLombardi MassimoLootvoet GillesLopez Gene NoemiLori HoweLourenco MarioLoutfi IsmailLu YunjieLucas MichelLudwig RenateLudziak PiotrLueftner RichardLuescher AndreaLuescher ThomasLukasiewicz MarcinLuminati AndreLuo BinLuo MaohuaLurz ClaudiaLutz MathiasLuxembourger CatherineLv DejunLv WieLyss FritzMa LinMa XiaojunMa XiaolinMacaigne Jean-ChristopheMacdiarmid VickyMachnicki FelicityMaciag GrzegorzMaciejun PiotrMadej KrzysztofMaechler MichaelMaechler PhilipMaffre SergeMagyar KarenMakles KrzysztofMalanicz MateuszMalenczak MiroslawMalkowski MatthiasMandaci MuratManesse FredericManikkam ThevakumarManzotti IlarioMao XiaoxiaMaquin PhilippeMarchand AurelienMarchandise Jean-LucMarchandise JoelMarek LukaszMaret EmmanuelMargutti MaraMarie ArnaudMarinac RogerMaringio Mary JaneMarino SimoneMark MarioMarkiewicz Adam

Markstahler IngridMarlot EddyMarozzo AlfonsoMarskamp JohanMarti MicoMarti RomanMartin ElisabethMartin PeggyMartinelli AlessandroMartinez RamiroMarusiak KrzysztofMarx UlrikeMasetti PaoloMassart BenoitMasson MurielleMasson OlivierMassot OlivierMata EngelsMathieu PatrickMathys ThomasMatt RogerMatusic NevenkaMaumary SibylleMaurer MarcelMaurer WalterMauvais CelineMaxenchs David Mayes JohnMayeur PatrickMbungu LuteteMcalevey WandaMcarthur DavidMcculley LacyMcdonald AlexMedlycott AlanMeenhorst JeanetMei DongxiaoMeier AndreaMeier FelixMeier JoelleMeijer GerritMeile StefanMekil Jean-JacquesMelchert BertMelo NarcisoMeng HaiqingMenzemer JonathanMerbecks AchimMercier DominiqueMercier FabriceMercier Jean-ClaudeMercier Jean-NoelMercier Jean-PierreMercier JoelMerle PiusMerrien CatherineMerritt JosephMertkul LeventMetier FrankMetin UlasMetz KevinMetzger ReinerMetzger RolandMeyer DanielMeyer GiselaMeyer Marc-OliverMeyer PeterMeyer SusanneMiatto AlbertoMichalak RomanMichaud FrancoisMichaux EricMichel NadineMichel SylvieMichnowski WieslawMienne SandrineMiezejowski ArturMignone RomoloMilani PaolaMiler KrzysztofMilijic MilanMiljak BernardMimouni MiloudMinck RosemarieMiranda MichaelMiron LuciaMisiak JacekMisita GiuseppeMitic SandraMittendorf FrankMitura IreneuszMizdal KarolinaMizera PeterMoeller AllanMoeller SvenMohamed AdenMohammed AmjadMoiret FranckMolitor DenisMollet BenoitMoneweg DianaMoneweg WalterMonfroy ChristianMonzani Elena Monzani PierangeloMoortgat StefanMoreau EmmanuelMoreau FredericMorelle Jean-PaulMorgan TraceyMorina FloraMorleo RoccoMouellei GauthierMouriaux BertrandMouriaux PascalMszal MariaMueller AstridMueller ChristianMueller GerardMueller GerhardMueller IwanMueller PascalMueller PeterMueller PeterMueller PierreMuench MatthiasMugabe JuliusMukthar YassinMulder PietMulford JeffreyMuller PascalMumenthaler GeorgMunz DorinaMussche ArianMuzyka TomaszNaber RutgerNachef FredericNaciye Sirtlar

Naef MarkusNan XinluNan YangNaughton GarryNaylan ErdincNaylan VolkanNehlin KarinNeleman-Vaandering ChristaNestler MichaelNeumann OliverNevalainen JakkoNewton MichaelNguyen Dinh PhucNguyen ElodieNicholls DavidNicken RobertNicolosi PietroNicomette ThibaultNie YuhaiNiederbacher MarkusNiederer KlausNieman BradleyNierlin HerbertNiero GessicaNijmeijer GerardNikolic BlagojeNitarski RobertNitzsche ChristineNiu HaitaoNiziol GrzegorzNiziol MarekNoiret PatrickNolte RobertNonet JenniferNorbury GarethNordahl StigNordenmark JanNorton SharonNotteghem LoicNotteghem MarcNowacki WieslawNowaczewski RobertNowakowski DariuszNowicka-Dukiel KrystynaNyfeler AlainOakes BruceOberle RainerOberli ElisabethOberlin FrancoisObermeyer AxelObert KlausObleszczuk PatrykOblin BrunoOdin MagnusOettle HerbertOhnemus UrbanOjewski KrzysztofOlcay MustafaOleksiak BlazejOleksy FryderykOleksy TadeuszOner Ahmet MenderesOpala TomaszOppikofer RolfOrda AndrzejOriani OdoacreOrynczak SlawomirOstrouch MalgorzataOulmi FatimaOwczarek AndrzejOwens WesleyOz HuseyinOz KadirOzcan IlhanOzcan MuhammetOzdemir MuratOzden AliOzelmas OrcunOzkan ImdatOztas SevimOeztuerk MehmetPage KavinPahl ArmandPainchart DanielPaleczna MariaPalka DominikPan QiangPan XiaochunPanfil RyanPankiewicz SebastianPappas DavidPapsidero DanielParchitelli TanjaParfait MichelParfait PierreParisse MichaelParlak AhmetParlayan UzeyirParmentier ChristopheParolin Filippo Pasierbiewicz RafalPaterno AngeloPatrice MoukokoPattberg JuliePaul EberhardPaulsen ElenaPauwels EricPavlasek IsabelPawlowski GrzegorzPayne BarbaraPazgrat MartaPecqueux DavidPeng JianhuiPenney LyndseyPepers LouisPere SergePerego MarzioPerlikowski ArkadiuszPertl HansPerusi PatrickPetit LaurentPetscher JoergPeuckert UlrichPeynir AyhanPeysson CyrilPezet MarcPfarrmaier NadiaPfeffer-Gawer RosemariePfeiffer MarcelPfenninger MarkusPferrer NicolePferrer PeterPfister PatricPflaumer NikolaiPhilipp GregorPhilippo DirkPiechocki MarcinPieczarka Waldemar

Pierson ElisabethPietkiewicz JanuszPietrzak JozefPietrzyk MateuszPilard FabienPile NatashaPillonel RaphaelPinazzo AlexandroPinsard GaellePiotrowski AnitaPirog PiotrPiscitelli FulvioPitcher SimonPitsch MichaelPizzica DavidePodburaczynski MiroslawPodpinka RomanPoelman DavePolisoto DavidPopov SergejPoppe OrlandPorsche SteffenPosch WernerPotas DariuszPoulet Jean-PaulPoullain JeannyPoullain JulienPouls WillemPoznanski MiroslawPracht RobertPrat LudovicPreisner LechPreißler HeidrunPrenka LeonardPrentice MarkPreston Lauren-EvePrevost AlainPrevot LoicPrijs ArnoldPrins BarendProtoy AugustinPruvot Jean-PierrePruvot PascalPrzywieczerska GrazynaPugh SaraPulat AysegulPuleo GiuseppePutzi JeanninePyrka PiotrQian YilianQiao ChunjunQiao FenghuaQiao KunQin JianminQneis TawfiqQu WeitaoQuellmalz AnjaQuellmalz EckhardQuercy DanieleQuesnoit CedricQuesnoit PhilippeQuin Lucot NoemieQuinchon DominiqueRadelet LaurentRaeber RogerRaffoux PhilippeRahnefeld HeikoRajczakowski MiroslawRamadani RamizRamazzotti ClaudeRamette ChristianRamirez JoseRammanan RobertRan Hongwei HongweiRast MarcelRastoder DzemalRathmann ChristaRathonie EricRathonie FredericRau AndreaRaymond GabrielReant DavidRegild JonasReichenbach KonradReijers MartinReijnders RoyReijners HenrietteReinholz GerhardReisacher MonjaReisdorf StevenReixelo JoseRektorik TimothyRellstab ThomasRemboldt ValentinRemolu NicolasRemolu OlivierRen BaoguiRen JianweiRen TaoRenault EricRenault LucRendell TonyRenke ValerianResch JohannesRewinska WiolettaReyes JuniorReyes SantiagoReyns KristofRhiner DanielRibbeck DominicRicbourg PatrickRicchi AlessandraRichard ChristopheRichner SabrinaRichter WolfgangRichtsteiger FriederRidolfi JasonRiedo HubertRieger JuergenRiehl GermainRieple MartinRiesebosch JohanRink MarkRinkel ThomasRiquier Anne LaureRitter DietmarRivera StefanRiviera ElisaRiviera ValeriaRizzoli ElenaRoberto AntonioRobinson HeatherRochlitzer ChristianRock NicolaRoctus-Koopman FrancienRodriguez CarlosRodriguez CesarRoederer Thomas

Roelandt NathalieRoelofs PascalRoethlisberger PeterRoger FlorianRoger GerardRoger Jean-MarcRohner RolfRoig Rey Carles Rolleri RomanoRose Jean-PhilippeRoseboom SuzeRosenholm AnnRosfelder ClaudeRosser StephanRoth HubertRoth NicholasRothert NicholausRoudiere DenyRousset ErwanRouxel Perros MurielRozylo PiotrRubin Ann-CathrinRuchala JozefRuchot PascalRudek RobertRueth LisaRufer DietmarRuggerini Chiara Ryffel PatrickRzepecki MiroslawRzepka BartlomiejSabaczuk FrankSabatino AndreaSahin HayriSahin MuammerSailly FrantzSalata ArturSaliba YacoubSample TerrySancakdaroglu IdrisSand KarlSandalci FahriSandalci SonerSandberg HeleneSander PeterSandmeier RetoSanolan MevlutSantalucia CosimoSantalucia TheresSaranca AlexanderSarazin BernardSarcan MetinSari SuleymanSarikan YusufSarikaya OsmanSarrazin FabriceSarteel VeroniqueSartori NicolaSarzynski AndrzejSauer ShawnSawicki ArturScafidi AnthonyScarsi MichelSchaaf PeterSchaarschmidt LarsSchaefer NelliSchaefer SergejSchaefer UweSchaefer ViktorSchaetzle DorisSchaffter MauriceSchappacher PeterSchaer AlfredScharf ViktoriaScharff GuenterScharnagel HelenaSchatzmann AdrianSchaub DominikSchaub JohannesSchaus ThomasScheerer IrmtraudScheibel AndreasScheidegger MarcoScheidegger RetoScheiermann AlexanderSchellenberg BernhardSchenk UrsulaScherer ThomasScherk MichaelSchiavitti KathrynSchiessle NilsSchiff MarioSchilli ChristianeSchiphorst ConnySchlick YvesSchmid JakobSchmid Jean-MarieSchmidt GlennSchmidt MichaelSchmitt AlainSchmitt BertoldSchnebel SilviaSchneider Marie-JoseSchneider SebastienSchneider ThomasSchneider UteSchnell FrancoisSchnorr MichaelScholten AndreScholten Edwin

Scholz NorbertSchopf EduardSchorta IlonaSchreiber FrankSchrempp HaraldSchrempp UschiSchreyer AnnabelleSchreyer RicoSchrijver AndreSchroeder MariusSchuerch UrsulaSchulte OlafSchultis RuedigerSchultz PhilippeSchupp Juergen

Schurink LeniSchurtenberger UrsSchwab KlausSchwab Pirmin-LukasSchwaer CarolaSchweiger MichelSchwendemann HarrySchweyer ChristianSchwoehrer BernardSchwoehrer ChristianSchwoehrer RaymondScicchitano ClaudioScott DouglasSeeburger SimoneSeeholzer BrunoSeeholzer HansSeel SergejSeelig MichaelSeferovic ElvisSegers AlainSegers RudiSegirinya SimonSeifert DetlefSeiler RitaSeiter UdoSeker ErgunSeker HalisSeker MehmetSelimi AslanSelimi EljhamSelimi GaripSelimi SurjanSeljavin IgorSelmi Manuela Selzer HubertSemiz SelcukSen FevziSen MehmetSeng ManfredSenol CuneytSents MarcSererols Trullas AgustiSergent FabienSerusier Jean MarcSerwejuk PrzemyslawSeury MarcSeury YvesSexauer GerdSeydoux CorneliaShan ZhijieShang LiliangSharp RonaldShen HongyiShen JianliangShershenkow DmitrijShi JinliShi PanShumay DenisSichler BenjaminSichler SusanneSiebold JochenSiekierski AndrzejSienkiewicz JaroslawSierink GertSikorski ZbigniewSilin AlexanderSilva CindySilvert EmmanuelSimet WilliamSimmonds CarlSimon MaterneSinem AdilSintobin DidierSitek HenrykSkrzypacz AleksanderSkrzypacz AntoniSkubis KarolinaSlawiak MichaelSlinger JanetSlusarczyk PawelSmit HenkSmith DavidSmith KevinSmith RussellSmitz SusanSmyrek GeorgSoddu SimoneSommerhalder AlexandraSommerhalder PeterSondaj AdamSong ChengguangSong CuipingSong HonggangSong WenbinSorden EricSoriano GaetanoSottomayor Alain-JoseSouth CarleneSoysever BurhanSpadea FrancescoSpecht ReginaSpelgatti TinaSpendowski TomaszSpielmann AlainSpratek StanislavSprimont PatrickSpringer ElkeStachowiak JackyStaehli HanspeterStahel Jakob

Staiger DianaStallings JadaStampfl RobertStang WaldemarStarikov VadimStark ViktorStarvaggi FrancescoStehlin RainerSteimen RetoSteinebach SilvoStelmaszek AndrzejStelmaszek KrzysztofStelz MichaelaStephens BarryStephens Jeffery

Stepien ArturStevens KeithStevens KevinStevens LyndseyStevenson NanStijk RalfStille HarryStille KentStiplosek IvanStocchero VincentStodola LukaszStojakin SergejStolz BurkhardStone MillyStoorvogel DickStork HelmutStosiek JerzyStrauch EricStrebel StefanStrecker WilliStricker KlausStubbs AlexaStucchi MichelaStucki DanielStutz BrunoStutz SandroSu SuleymanSuma GiovanniSun CaoSun FushengSun LiyiSun WenhongSun XuezhengSun ZhengSurdyka PawelSweeney PaulSwiatek StanislawSwietochowski AdamSyddall MarkSykes ChrisSzafek RadoslawSzalach PaulSzalewski MariuszSzast MariuszSzecki AndrzejSzeniawski FrancoisSzewczuk KrzysztofSzewczyk MiroslawSzewczyk PiotrSzewczyk RobertSzweda ElizaSzymankiewicz PiotrSzymanski KyleSzymanski MariuszSzymkiewicz MiroslawTabernero Martinez FernandoTac AlusTaissidre AndreTaissidre JeromeTalukan MeltemTanderys PawelTansel HuseyinTao KuiTao ShaolongTao WeixiongTao YuanTarasov AlexeyTarczynski CzeslawTarhan GurcanTari SaimTarnas PaulinaTarnawski PawelTarre Bohlin MargaretaTasci CavitTasse PatrickTastan IlkerTaylor ChrisTempleton MonikaTeulade Pierre AntoineTezgel OsmanTheeuwes WijnandTheissen RonaldTheodore FritznelThiel JohnThietry DidierThimmesch ChristopheThines BenjaminThiriard WilliamThoeni DominicThoma AlarichThoma MelanieThoma UrsThomas ClementThomas CraigThorpe SamanthaTian FengTian KaiTian KeqinTian XuehuiTian YonggangTian ZhenjiangTibi DorotheaTijmes PeterTinelle Jean-LouisTishuki FehrikTisserand IsabelleTodorov BlazoToischer PetraToivonen MikkoTolsma Rinske

Tomczak AndrzejToomey JamesTrabelsi MarianneTrautmann TobiasTreichel KlausTreichl ArthurTreichler MartinTretjakova OlgaTrevette JacquesTricotteux GuyTrochain ClaudeTrochimowicz MarekTroclet Jean-PierreTrutt MichaelTrzebinski Wojciech

Trzesowski TomaszTschanz HildegardTschirschwitz MichaelTschuppert MarkusTuccillo FrancescaTuink NickyTumer GultenTun AungTunali EnginTuncay YakupTuran MuratTurenko EugenTuresson Carry Turrini Cristina Twardowski JanuszTweed-Rycroft BarryTyralla BerndUhl IlseUitzetter MarkUlli MarioUlmann RolfUlualan KazimUnrein WaldemarUnternehr GerardUrbanczyk RobertUrbaniak MarekUrbanski GilbertUslu HasanUysal IbrahimUysal MuhammedVaillant MoniqueValentin Jean-MichelVallez Didiervan Alen Marcovan Bemmelen Ronnievan Deventer DannyVan De Gucht Stephanevan de Hoek Renevan de Kamp Erikvan de Klok Martinvan de Peppel Martijnvan den Bor Nicolienvan den Brink Henkvan der Vegt Wilmavan de Vendel Andrevan de Weide Bevan de Weide Pietervan den Elzen Marcvan der Veen Janvan Dijk Henkvan Emmerik Keesvan Erp Tonyvan Essen Mathijsvan Heuveln Erikvan Hezel Erwinvan Hezel Petervan Huet Biancavan Huet SonnyVan Ransbeeck Frankvan ’t Ende Tinekevan Wilpe JohanVandaele MichelVandaele KarinVanderpoel KurtVargas MarcianoVasson AlainVeldhuijzen ArieVerbecque StephanieVerboom NicoVerin Jean-LucVeurman JelleVian AlexVie PhilippeVillard ChristineVillate Alberto Vincent JoeVinchon GillesVinchon RobertVisco VincenzoVisscher PaulVladimirova NataliaVoegeli RenateVoegeli ThomasVoinot PatrickVolk SabineVollenweider ViktorVollez PatriceVollmer PeterVosburgh JohnVredeveld RichardVuong TonyWadin PatrickWaelde Klaus-DieterWaeldin YvanWagner AlexandraWagner RolandWagner RoswithaWagner StefanieWaill LioubovWalczak MarcinWalker JermaineWallace KrysWallace SarahWalley ChrisWalsma GekeWalta RemcoWalter MichaelaWalton PaulaWalz FabianWanat Jaroslaw

Wang BaocaiWang ChongmingWang ChunliWang GangWang GuoqunWang HaidongWang HongdanWang HongpengWang HuaiyingWang JiameiWang JianWang JunshengWang KannWang LiWang Min

Wang QingyuWang RanWang TianlinWang WandongWang WeihuaWang WeiweiWang XiaWang XiangfengWang XingangWang XinyanWang YingchuanWang YongrongWang YuwenWang ZhenxiangWarnet PhilippeWarren GlenWarszawski ThomasWasniewski ZbigniewWaszkiel PiotrWatrach EugeniuszWebb NeilWeber AnnetteWeber FrancoisWeber MarkoWeber MartinWeber RonaldWeber WalterWegkamp HarryWegscheider NikolausWehrfritz DanielWehrle BertrandWei DongjunWeijma ErikWeiss MichaelaWeiss NicoleWeiss RobertWeiss TanjaWeiss ThomasWelker MartinWendling PatriciaWeng JunWeng XinqianWentziger Jean-MichelWery PascalWeschle Hans-PeterWessels GeertWestermann WernerWesthuis AlienWetherfield DebbieWhitacre ShawnWhitting JoyWibaut PatrickWiberg JonathanWickersheim NicoWidforss GunnarWidmer BeatriceWidmer DanielaWidmer MarcWiedmer ChristianWiegert FranziskaWiegert MaschaWielgosik GwalbertWiersema GertWiesendanger StefanWiget MarkusWilderdijk RickWiles NatalieWillaerts StefanWillemain Jean-PhilippeWillemain PhilippeWillering PeterWilliams JamesWilliams JonathanWilson WilliamWinkels MarleenWinkler SimonWirschke OksanaWiseur DavidWisniewski PiotrWiss RicoWitek AnnaWith EugenWitz PascalWochnik AndreWochnik RemyWojewodka MartaWojtowicz PiotrWolf IngridWolf MatthiasWolffer ChristopheWolfger RosannaWoloszyn DanielWoning HenkWozniak EwaWu GangWu JiangWu JiayiWu JungangWu YangWu ZhanyuWu ZhengWueest PatrickWunderlin WalterWursthorn ManfredWybraniec ArkadiuszWybraniec PiotrWyrsch-Zurbuchen ManuelaWyskup KrzysztofXiang ChangyouXiao YalingXiong ZhuangXu BeiXu GuangyaoXu HongjiangXu KeXu LiXu LingqingXue PengYagy JoshuaYali FidanYaman MitatYan AihongYan WengguangYan YuguoYang BaominYang GuiquanYang QuYang RuizengYang WenzhuangYang ZhenYao LeiYao XinYapalak ErcanYardimci HasimYardimci YasinYatak GoenuelYavas NiyaziYe Hongzhou

Yenilmez BulentYesilcimen MuratYildirim Mehmet NuriYildiz GurselYildiz MuhittinYildizoglu YuekselYilmaz SerkisYilmaz MusaYin JianxueYin KesongYnoa MarioYnoa MayronYoung RichardYu HaijunYu JialiangYu MingxinYu NingYu WenlongYuan YukunYue SuxiaYuksel MustafaYuerek MevluetYurtkan FatihZabierek BarbaraZajac TomaszZakaszewski BoguslawZakrzewski WladyslawZamaraev VadimZaremba HenrykZaremba TomaszZarowny MarcinZarowny TomaszZbinden BernhardZbinden MarkusZech StefanZehnder Hans-PeterZehnder MaxZehnder MichaelZeier ThomasZeiser Karl-HeinzZennipman ErikZerbini LaurentZhang ChuanjunZhang ChunZhang FengjiaoZhang GongzhengZhang HaitaoZhang HongyinZhang JianminZhang JinqiangZhang JinshanZhang JinyiZhang KezhongZhang LiZhang LianfengZhang LiangliangZhang LihuaZhang ShimingZhang TaoZhang TongxinZhang WeidongZhang WenquanZhang XiapingZhang XiaoyanZhang YangZhang YingZhang YingjunZhang YongZhang YongliangZhang YuwangZhang ZhihuaZhao ChunguangZhao ChuntaoZhao FeiZhao GuangyueZhao JiafuZhao JianguoZhao JunqianZhao LiZhao LiqiangZhao QiongweiZhao WeiiZhao XueZhao YinjianZhao YongjinZhao ZhiyongZhen ZhijunZheng HongliZheng XinrongZhi LijunZhi MeichunZhong ZhaoZhou YuxiaZhu ChunyangZhu HangZhu ShouzhiZhu WeiZhu WeiboZhuang QingZhuang ZhijieZieba MariuszZiegler AloyseZiegler ErichZiegler KlausZiembikiewicz WitoldZiembikiewicz ZdzislawZiemski FredericZiemski Jean Luc LeszekZienkiewicz LucynaZilio Agostino Zimmer IsaZimmer MichaelZimmerli KarlZink LawrenceZipf MeikeZipse AndreasZscherpe JackyZubler ChristianZuo JunZurakowski RadoslawZurowski WalterZwahlen ChristianZwahlen ClaudiaZweifel Andreas

At the end of 2011 Zehnder Group employed 3,100 people in 20 different countries.

We would like to thank our employees for their hard work over the past year.

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Zehnder Group AG · Moortalstrasse 1 · 5722 Gränichen · Switzerland T + 41 62 855 1506 · F + 41 62 855 1515 [email protected] · www.zehndergroup.com

Annual Report

2011

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Europe: 461.1

USA: 27.8

China: 26.5

Radiators: 348.2

Ventilation: 167.1

Sales by regionEUR million

Sales by segmentEUR million

Share price1.1. – 31.12.2011

Locations Europe

Locations Worldwide

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

30 %

20 %

10 %

0 %

– 10 %

– 20 %

– 30 %

Key figures

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At a Glance

2011

Zehnder Group

Swiss Performance Index (SPI)

Published byZehnder Group AG Moortalstrasse 1 5722 Gränichen / Switzerland Phone + 41 62 855 1506 Fax + 41 62 855 1515 [email protected] www.zehndergroup.com

Concept and layout byEclat AG, Erlenbach ZH

Photos byBasil Stücheli, Zurich Pages 1, 6 – 11, 20 – 25, 40 – 45, 58 – 63Stefan Knecht, Zurich Pages 2, 48 – 51

Text / editing byPEPR, Oetwil am See

Lithos byLisa Biedlingmaier, Zurich Roger Bahcic, Zurich

Printed byNeidhart + Schön AG, Zurich

Sustainability consulting bysustainserv, Zurich and Boston

The original German version of this annual report is binding.

© 2012 Zehnder Group AG For photos, © with photographers

2011 2010 %

Net sales EUR million 515.4 475.9 8.3

EBIT EUR million 51.1 50.4 1.3

% of sales 9.9 10.6

Net income [1] EUR million 41.1 38.2 7.4

% of sales 8.0 8.0

Net income before depreciation & amortization [1] EUR million 58.9 55.8 5.4

% of sales 11.4 11.7

Investments in property, plant & equipment EUR million 34.9 20.0 74.1

Depreciation & amortization EUR million 17.8 17.6 1.1

Total assets EUR million 406.0 378.4 7.3

Total fixed assets EUR million 160.1 141.4 13.2

Shareholders’ equity [1] EUR million 239.7 217.4 10.2

% of total assets 59.0 57.5

Number of employees 31 December 3,094 2,945 5.0

Net earnings per bearer share [2] EUR 3.41 3.19 7.0

Net earnings per bearer share before depreciation & amortization [2] EUR 4.93 4.69 5.1

Shareholders’ equity per bearer share [2] EUR 19.42 17.63 10.2

Zehnder Group AG

Share capital CHF million 14.7 29.3 – 50.0

Dividend per bearer share [3] CHF 0.20 0.63 – 68.0

Nominal value repayment per bearer share [3] CHF 1.20 1.25 – 4.0

[1] including minority interests[2] excluding minority interests; the prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).[3] for 2011 as proposed by the board of directors; the prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).

Imprint

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Group Review

01 Topic of the Year 02 Chairman’s Review 04 Zehnder Group in brief 12 Business Development in 2011 18 Outlook for 2012 26 Sustainability 46 Corporate Governance 64 Glossary

Financial Report

67 Consolidated Financial Statements 104 Zehnder Group AG

119 Further Information for Investors

Contents

2011

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IntegrityWhen Paulina Tarnas issued her invitation, she chose as her object a mug symbolizing her home town of Bunzlau in Poland. Pius Merle from Switzerland was delighted to accept Paulina’s invitation, and his choice of object – a dictionary – ensured the best possible preparation.

PassionAmerican Dave Clouden has been a fan of the Buffalo Sabres since he was a child, and the object he brought along was his ice hockey jersey. Alien Westhuis’ passion is jogging. The object Alien, from the Netherlands, brought along to her discussion was her running shoes.

RespectWith her Turkish coffee set, Meltem Talukan almost turned the discussion into a coffee-morning, while Swede Magnus Bladh introduced a mellow groove with his bass guitar.

ToleranceFor Seidou Arouna, a traditional Togolese robe with matching hat symbolizes openness and acceptance towards people who are different. A perfect match for the object chosen by Frenchwoman Muriel Rouxel – a thread, which not only meta- phorically but literally binds individual elements together.

Topic of the Year

Our valuesZehnder Group has various corporate values. And Zehnder Group is active all over the world. What happens when employees from different countries and different areas of activity come together to discuss their company’s values? The Annual Report 2011 documents four moderated discussions between two different employees each time. These discussions took place in December 2011 in Switzerland, Germany, the Nether-lands and Sweden. They also marked the occasion when an employee from the United States had his first-ever trip to Europe, a Polish employee got to know Switzerland and an employee from Turkey found out, after a long day spent travelling, just how cold winter can get in a small Swedish town. As a way of kick-starting the discussion, each individual brought along an object representing the value to be discussed. The meetings were marked by curiosity and warmth. They also made one thing clear: Zehnder Group’s values are “lived”, irrespective of country or position.

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the year up 8 % over the prior-year period. We were able to increase sales revenues in most markets, with our three main markets of France, Germany and Switzer-land in particular proving to be very stable. In an overall market that saw a modest decline, we were able to ex-pand our radiator business by gaining market share.

" With a significant increase in sales and continued high operating margins, Zehnder Group turned in an excellent performance in a year buffeted by global economic turbulence.

The ventilation segment was up even more, which en-abled Zehnder Group to further solidify its market posi-tion in the reporting year. This segment is meeting the clearly growing demand for energy-efficient solutions that can offer an indoor climate that is as comfortable as

Ladies and gentlemenIn a year that was dominated by the debt and financial crises, Zehnder Group once again posted very satisfying results. Turbulence in the global economy has so far not had much of an impact on our business. Sales were up sharply once again, passing the EUR 500 million mark for the first time in our history. Despite increased invest-ments in distribution and marketing as well as the roll-out of SAP and the strong Swiss franc, the operating result was in line with the prior year. This is due to several fac-tors, including numerous product innovations, develop-ments in the individual markets, where competition re-mains fierce, and organizational enhancements. Overall, we were able to maintain our market share almost every-where and even to expand it in some places.

Sales revenues sharply higherSales were very positive in the first half of 2011, and this uptrend continued in the second half, with sales ending

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Chairman’s Review of Operations

Pleasing results in achallenging environment

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Stable dividend payout ratioIn accordance with the long-term policy of generally dis-tributing approximately one third of consolidated net in-come, the board of directors is proposing to the annual general meeting a par value reduction per bearer share of CHF 1.20 and a dividend of CHF 0.20. The resulting dividend payout ratio for the reporting year is 33 %.

" On the basis of a successful 2011 and our strong strategic and operational position, we have good reason to be confident about the 2012 business year in spite of the somewhat gloomier economic outlook overall.

Our thanksOn behalf of the board, I would like to thank our cus-tomers for their loyalty as well as all employees for their unfailing commitment to our Group. I would also like to thank our esteemed shareholders, who time and again have shown their confidence in us.

Hans-Peter ZehnderChairman of the Board of Directors

it is healthy. Due to this demand, the ventilation segment now accounts for one third of the Group’s worldwide sales revenues, with the trend still pointing upward.

Beyond Europe, sales were slightly higher at the Group’s North American companies, while in China sales in-creased substantially with a simultaneous improvement in profitability.

High operating margin maintainedOperating income was up on 2010 despite considerable investments in distribution, marketing, development and internal processes. As a result, we were able to maintain the previous year’s high margin of around 10 % in the reporting year. At net income level, the margin was also on a par with 2010 at 8 %. This stable profitability is due in no small part to the strategic initiative set in motion three years ago. The aim of this initiative was to develop Zehnder Group into a full systems provider for compre-hensive, optimum indoor climate solutions.

Balance sheet remains solidThe good results for the reporting year can also be seen in the continued solidity of the Group’s balance sheet. The equity ratio was strengthened an additional two per-centage points to 59 %. Due to additional investments and the higher distribution, net liquidity decreased from EUR 42.9 million to EUR 31.9 million.

Optimistic going forwardIn light of the somewhat gloomier economic outlook for 2012, it is more difficult to predict the trends in our sales markets at this stage than it was in the previous year. Since we have done our homework in recent years as regards both strategy and operations, we expect a fur-ther modest increase in earnings in the radiator segment, despite the very difficult economic environment overall, and a sharp rise in sales in the ventilation segment.

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1895Jakob Zehnder founded a mechanical workshop in Gränichen, Switzerland.

1923The legendary ‘Zehnderli’, Zehnder’s light motorcycle, set out to conquer Switzerland.

1930Production of the first steel radiators.

1953A first step abroad, to Germany.

1959Gebrüder Zehnder became a limited company. Man-agement was now in the hands of the third generation.

1967Further expansion abroad, this time to France. Produc-tion of the first single-column radiator.

1980Launch of the towel radiator, a revolutionary innovation.

1986Successful IPO on Zurich stock exchange.

1988Hans-Peter Zehnder (fourth generation) took over oper-ational management. Runtal, a major competitor, was acquired, which eased access to new markets in Europe and the USA.

1994Takeover of Acova, the French market leader in the spe-cial radiator sector.

2001Zehnder moved into the comfort ventilation business.

2002Takeover of StorkAir, a Dutch ventilation company.

2006Strengthened market position in the USA and China: Hydro-Air Components (Buffalo / USA) taken over and a third company established in China (Shanghai).

2007Acquisition of a Swedish company, Freshman AB (air cleaning technology), and the British Bisque Group (radiators).

2008Takeover of Greenwood (ventilation products) in the UK and a Swiss company, Cesovent (ventilation compon-ents). Divestment of Faral in Italy. Start of the strategic initiative energiZe (organization, management, logistics, research and development, marketing).

2010Acquisition of a Chinese ventilation company, Shanghai Nather Air Tech Co. Ltd.

2011Takeover of Italian cooling specialist Nest Italia S.r.l.

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Zehnder Group

In brief

Zehnder Group is a listed international group with strong family ties; its headquarters are in Switzerland.

Comfort

Health Energy efficiency

Indoor Climate Solutions

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StrategyIn the interests of all stakeholders, Zehnder Group strives to achieve sustainable and profitable growth. The focus is on organic growth, supplemented by acquisitions in line with corporate strategy and by suitable cooperation agreements.

In the radiator sector we focus on higher-end market niches for steel radiators, and in the ventilation segment on energy-efficient systems. Zehnder Group brands stand for innovation, design and reliability. In the final analysis, the strategy is designed to make Zehnder a comprehensive systems supplier, capable of offering customers intelligent all-in packages for heating, cooling and ventilation to provide a healthy and comfortable indoor climate.

Market positionZehnder Group’s objective is to be a leader in all its tar-get markets. In the radiator business Zehnder has for many years been the market leader in numerous coun-tries. In the ventilation sector, too, the company now has a leading market position in many European countries such as Germany, the Netherlands, Belgium, Austria, Italy, and Switzerland.

VisionBy 2015 we want to be the leading company in the field of indoor climate solutions – in certain product seg-ments worldwide, and in systems for selected market segments in Europe, North America and China.

Mission StatementWe want to be the most attractive provider of energy-efficient, healthy and comfortable indoor climate solu-tions.

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INTEGRITY We are committed to a solid work ethic, integrity, honesty and quality. We take care to ensure sustainability in our business operations.

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“We are committed to a solid work ethic, integrity, honesty and quality. We take care to ensure sustainability in our busi-ness operations.” – What role does this Zehnder-specific under-standing of integrity play in your day-to-day work? Paulina Tarnas — This mindset is important, both in dealings with fellow em-ployees and with customers. It’s about esteem for and loyalty to the company. Pius Merle — In production, I have a responsibility towards the product and towards my team. To me, it goes without saying that you are loyal and that you talk plainly – that you’re honest and fair, basically. P T — Direct contact, that’s the most important thing. Is there a code of conduct within the company? P M — Each employee has a little card with three points detailing how we should communicate with one another. P T — We also have specific communication rules that apply at every level of the work process. For example: “Always be polite to the person you are dealing with.” Do you think enough attention is paid to these rules? P M — Yes, we really have taken them on board. And there are rules on feedback. If somebody commu-nicates in a way that’s not right, it’s brought to that person’s attention. P T — With us, too, everybody receives training on how to respect the rules. There’s extra training if things are not clear, or a meeting is held with the person concerned. Where is integrity-based con-duct most important? P T — These principles are important at every stage. Basically, you should conduct each discussion as if it were with a potential customer. It’s important to show respect and to put yourself in the other person’s situation. What does integrity have to do with sustainability? P T — Sustainability – that’s the result of how we behave. Only consistent behaviour can lead to success. Behaviour that is dishonest and geared only to the short term is never good. It might be profitable in the short term, but it doesn’t generate value over the long run. P M — It’s a long process. You can’t just be content with the result you achieve early on. You have to always go that bit further. Everything changes so quickly. Which is why you only achieve intermediate mile-stones; you never achieve a final objective. P T — That’s the way I see it as well. You work on yourself and your integrity each day. It’s a process that goes on indefinitely. Which of the four Zehnder values do you view as the most important? P T — I think all four values are equally important. It’s like a table with four legs – if one is missing, what you’ve got is a wobbly table. How important is the value of integrity in Switzerland? P M — It can be seen as a characteristic of our system, but it also depends on each and every individual. I think most people strive to abide by values such as reliability and punctuality, and there’s a small minority that doesn’t.... What’s your view in Poland? P T — Polish people are perhaps a bit more easy-going in that respect. It’s difficult for us in Poland, for example, to keep up with Switzerland

Polish environmental protection engineer Paulina Tarnas and Swiss metalworker Pius Merle met at Zehnder Group’s headquarters in Gränichen to discuss the value “integrity”.

SWITZERlaND —

PolaND

SWITZERlaND

Population 7,895,000

Households 3,514,000

Zehnder Group founded in

1895

Employees 331

Locations Gränichen, Wädenswil

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PIUS MERlE “In production, I have a responsibility towards the product and towards my

team. To me, it goes without saying that you are loyal and that you talk plainly – that you’re honest

and fair, basically.”

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PaUlINa TaRNaS “I think you are either fair and proper, or you’re not. It’s about absolutes. There’s no such thing as ‘95 % proper’ or ‘95 %

incorruptible’. I can’t have just a little bit of integrity. I either have it – or I don’t.”

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in terms of values such as solidity and punctuality. For myself per-sonally, I’d rather be a few minutes too early than a few minutes too late. And I expect the same from others, from the people I’m dealing with at work, since it’s a matter of respect. P M — Punctuality is also a mark of quality. What about integrity in the sense of being honest and upright? P M — It’s only once I’ve actually achieved my objective that I can say “Right, I’ve done it – I’ve achieved my objective.” Before that point I don’t know if I will reach the target. I’d never say “I’m finished” if I still needed half an hour to work on something. I have zero tolerance for that. P T — Before the fall of communism in Poland there were a lot of propaganda statements along the lines of “Yes, we can achieve the target of 180 % in three minutes.” There were only state-run factories and no-one looked too closely. Today it’s different. There’s much more pressure to say how things really are and to be honest. What can both countries learn from each other when it comes to integrity? P T — A lot of the characteristics the Swiss have are certainly right and important. But Polish people are different from the Swiss. We are much more ex-pressive and spontaneous. There are undoubtedly values that we in Poland could work on, such as punctuality for example – that would be beneficial for the country as a whole. But it would not be possible, or even worthwhile, to take over everything. Polish people al ready have a lot of positive values that are highly valued by companies out-side Poland. Values such as the desire to work and the ability to work hard – we don’t need to improve on these; we’re already good. P M — What we in Switzerland could improve on is honesty; by that I mean being fair and proper towards work colleagues and fellow human beings. There’s room for improvement there. We could do bet-ter. And that applies to each and every individual. P T — I think you are either fair and proper, or you’re not. It’s about absolutes. There’s no such thing as “95 % proper” or “95 % incorruptible”. I can’t have just a little bit of integrity. I either have it – or I don’t.

Paulina Tarnas, 26, environmental engi-neer, has been working at Zehnder Group in Bole slawiec, Poland since 2009.

Pius Merle, 49, is a metalworker and has worked at Zehnder in Gränichen, Switzer- land, since 1984.

SWITZERlaND —

PolaND

PolaND




1998

Employees 265

Locations Boleslawiec,

Wroclaw

aPRoPoS There is no direct equivalent in Polish for the term “integrity”. The word “integracja” is semantically close, but is closer in meaning to “integration” than to “integrity”. other possible trans la tions, such as “prawość” and “uczciwość”, are used to con- vey the sense of decency, probity, uprightness, honesty – and cover just a fraction of everything that is implied in “integrity”. “Integralność” and “nienaruszalność” tend to be used in a political context. all of which means that the word “integrity” is rarely translated directly in Polish, but is para-phrased instead.

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The ventilation segment followed up on previous years with above-average growth in 2011 as well. Zehnder Group benefited once again from the ongoing trend for energy-efficient solutions. With the exception of the Netherlands and the UK, we posted double-digit growth rates in all of our relevant markets. Sales in the clean air sector were also up significantly, with the Nordic coun-tries dominating. Overall sales for the segment reached EUR 167.1 million (EUR 140.8 million in 2010), an increase of 19 %.

The ventilation segment’s stronger growth compared to the radiator sector boosted ventilation’s share of Group sales to almost one third, at 32.4 %. The ongoing focused expansion of this segment, along with substan-tial capital investments, has vaulted the segment into a leading market position in several European countries, including Germany, the Netherlands, Belgium, Austria, Italy and Switzerland.

" The importance of the ventilation busi-ness increased once again in 2011 and now accounts for just under one third of Group sales at 32.4 %.

Ongoing progress as a system providerZehnder Group’s strategy in the radiator segment is focused on high-value niche markets for steel radiators, while the business with energy-efficient ventilation sys-tems is to be expanded organically and through targeted acquisitions. By combining heating, ventilation and cool-ing, our aim is to be the preferred supplier of all-in pack-ages from one source that can provide energy-efficient solutions for a healthy and comfortable indoor climate. The acquisition of Nest Italia S.r.l. is an important step in expanding our know-how in systems management.

Sales higher in most marketsSales were very positive in the first half of 2011, and this uptrend carried over to the second half, with full-year sales revenues ending the year up 8 % over 2010 at EUR 515.4 million. The somewhat slower growth in the second half of 2011 was due to the base effect brought about by the very strong second half of 2010. The over-all increase in sales is all the more gratifying in that competition remained tough in the reporting year and the overall economic outlook was a cause for concern. Almost every relevant market for Zehnder Group, with just a few exceptions, contributed in varying degrees to this significant growth.

EBIT margin of around 10 % once againIn 2010 we were able to return to a double-digit ope-rating margin after an interval of several years, and in 2011 we just maintained this level at 9.9 %. The strength of the Swiss franc had an adverse impact of around 1 % on the EBIT margin. Operating profit (EBIT) rose by 1 % to EUR 51.1 million year-on-year (EUR 50.4 million in 2010). Net income was EUR 41.1 million (EUR 38.2 mil-lion in 2010), with the margin at 8.0 % (8.0 % in 2010). The continued high level of profitability is due to numer-ous product innovations and to the strategic initiative energiZe, which was introduced three years ago and should continue to have a positive impact on earnings over the next few years.

Growth in both segmentsAs in 2010, Zehnder Group was able to expand the market share of its radiator business further in 2011 in a number of countries. In an overall market that showed a modest decline, sales in this segment rose by 4 % to EUR 348.2 million (EUR 335.1 million in 2010). We were able to gain market share in particular in our main mar-kets, France and Germany. The radiant heating and cool ing systems business rebounded in 2011, with a very dynamic second half of the year in particular.

Business Development in 2011

An excellent performance in a tough year

Despite the difficult economic environment in 2011 Zehnder Group increased sales by 8 % and maintained a high operating EBIT margin of around 10 %. The Group also further expanded its market share in the radiator and ventilation segments.

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Innovation paysZehnder was one of the big winners at the 2011 Plus X Award ceremony in Düsseldorf. The Plus X Award is a prize for innovation that goes to manufacturers who demonstrate that they are on the cutting edge of quality, design and functionality. Zehnder’s proudest achievement was being named the “Most Innovate Brand” in the heating, air conditioning and ventilation industry. To win the prize we had to meet the strict standards of over 130 independent judges from 32 countries. In the heating and air conditioning category, Zehnder also won two separate prizes for Best Product of the Year 2011, one for the Zehnder Fina design radiator, and one for the Zehnder ComfoBox Apart energy centre, which we launched during the reporting year.

Highlight

Most innovativebrand 2011

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Highlight

Heating inpermafrost

No customer is too farThe city of Yakutsk is the capital of Yakutia, a republic located in eastern Russia. Yakutsk is the coldest major city in the world, with temperatures that fluctuate between – 50 °C in winter and + 40 °C in summer. A sport and entertainment centre was built here for the fifth Children of Asia International Sports Games. This is the first building of its kind in the world to be built on pillars on the permafrost. The official opening of the centre, which boasts three remarkable entrances and an observation tower, is planned for 2012. In June 2011 Zehnder delivered 730 m² of radiant ceiling panels, which will keep the building warm in winter and cooler in summer. It was a challenge to get the radiant ceiling panels there, as Yakutsk is more than 9,000 kilometres from the production facility in Lahr, Germany. No railway line or road goes to the city. The city is connected to the outside world in summer by a ferry boat, and in winter only via the frozen River Lena. Despite the considerable difficulty involved, the radiant ceiling panels were delivered on time.

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These measures have produced positive results, with some of these results already visible in the reporting year. As part of our plan to strengthen sales, we have adapted and optimized our organization in line with strategy.

In December, Zehnder Group announced it would be increasing the stake it has held since 2006 in the Turkish firm Sanpan Isitma Sistemleri Sanayi ve Ticaret Ltd from 51 % to 100 %. The company produces bathroom ra di a-tors for the European market.

New ERP platform in roll-out phaseIn 2010 Zehnder Group decided to set up a new, joint ERP platform in order to exploit the synergies being targeted. SAP was appointed as the partner for this ven-ture and was also given responsibility for implementa-tion. The preparatory work for the start of the pilot projects in Lahr and Gränichen was completed in 2011, and at the beginning of the current business year we intro-duced the new system in certain sectors in Switzerland, Germany and Austria.

Overview of individual marketsFranceIn our main market France, the market for electric radia-tors declined due to new legislation, while the hydronic and bathroom radiator segment increased. Against this backdrop, Zehnder Group was able to noticeably in-crease sales of radiators and to expand its market share once again, thanks in part to the introduction of various products, including bathroom radiators and a radiator with ventilation for use in low-temperature heating sys-tems. Sales of radiant ceiling panels were in line with expectations. In the ventilation sector we expanded the team and doubled our market share, although we started at a relatively low level.

Substantial investments in the futureTo work towards turning this vision into a reality, Zehnder Group has for many years been investing considerable sums in areas ranging from development and produc-tion, to logistics and IT as well as sales, marketing and distribution. In the reporting year, for example, invest-ments in tangible fixed assets were EUR 34.9 million, almost 75 % higher than in the prior year and amounting to six percent of sales. Additional material investments are planned for the 2012 business year as well.

We view this capital spending as laying a foundation that will benefit our sales and earnings in the coming years. It underscores the commitment we have to our vision, which we believe we will be able to realize even in the difficult economic environment expected over the next few years.

" 2011 saw an almost 75 % increase in investments in tangible fixed assets, and we plan to increase such investments further in 2012, as they will secure growth opportunities over the long term.

The largest investments in 2011 were for the expan - sion of production capacities in Gränichen (Switzer- land) as well as the construction of a new plant in China near Beijing for manufacturing radiators and ventilation systems. In addition, we made major investments in Lahr, Germany, in Boleslawiec, Poland, and in Châlons, France. In addition, we have purchased property adja-cent to our facilities in Lahr and Gränichen to cover any future expansion.

There was a considerable expansion of sales activities. We hired additional sales staff for our ventilation busi-ness in Europe, and in the United States, too, we sig-nificantly reinforced our sales organization and develop-ment staff despite the uncertain economic outlook.

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Zehnder Group is market leader. As a result, we posted further strong growth in sales in 2011. Although the growth rate slowed towards the end of the year, the ventilation business was still well ahead of the radiator segment. Sales of the ComfoBox, a product family of energy centres, were very strong. The new model Comfo- Box Apart, which is specially designed for smaller hous-ing units and for refurbishment purposes, was added to the line in the reporting year.

UK and IrelandZehnder Group was able to achieve a slight increase in sales revenues against the continued backdrop of a very challenging and extremely competitive market and a construction sector in decline. The radiator business did better than the ventilation segment. In particular, the Carboline heating and cooling system (radiant ceiling panels) that was launched in 2010 was well received, as the issue of cooling in public buildings in the UK, such as schools and universities, has received greater atten-tion lately. In addition, Carboline won the CIBSE Building Performance Award 2011.

The ventilation business with a focus on the sector of extract air ventilators posted a slightly lower sales year-on-year. The segment had to deal with strong price pres-sure in particular. In the industrial clean air sector, we were able to increase the orders received once again thanks to an excellent list of references.

ItalyThe economic environment is challenging in light of the political crisis in Italy. The Italian construction market has tumbled more than 20 % over the last five years, with new construction alone down about 40 %. No recovery is expected before 2013. Nevertheless, we were once again able to increase sales overall. We faced stiff com-petition in the radiator sector; as a result, sales revenues in this segment were below the prior-year level. In con-trast, sales of energy-efficient ventilation systems were

Germany and AustriaAs in the prior year, in 2011 Germany, our second most important market, was only marginally affected by the recession in the construction industry. Public-sector con-struction activity (especially in healthcare and schools) was lower, while commercial-industrial and residential construction increased. The two business segments ex-hibited at the ISH trade fair for the first time as “one com-pany.”

Sales of radiators were slightly higher than in the prior year, while market share increased. Sales of radiant ceil-ing panels showed a slight increase. We expanded our offering in the heating and cooling systems sector.

The ventilation segment posted above-average growth in sales revenues, with a strong increase in market share as well. As a result of this very gratifying development of business, additional employees were hired. The ventila-tion business was very strong not only in Germany but in Austria as well.

" In our ten largest markets, which repre-sent about 90 % of Group sales, we generated higher sales in 2011, with the exception of the Netherlands. In several cases the increase in sales was in the double digits.

SwitzerlandConstruction activity in our third most important market remained at a high level. We were able to increase sales in the radiator segment despite strong price pressure. Sales of radiant ceiling panels lagged behind expecta-tions. Here we are facing new competitors from the German market.

The ventilation business continued to benefit from the trend towards systems with heat recovery, where

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Highlight

Learning inhealthy air

A shower of fresh airOur Dutch Group company in Zwolle in the Netherlands has developed, together with the Dutch research institute TNO, a system solution for use in schools in particular. The system is called Comfoschool and combines a ceiling with high sound absorption, a supply air ventilator and an intelligent regulation system for temperature and air quality. The fresh air is filtered, arriving from the outside into the classrooms via holes in the ceiling. Each hole acts as a kind of nozzle out of which a jet of air flows. Thanks to the effect of induction, the fresh air is evenly mixed with the air in the classroom.Comfoschool satisfies the strict guidelines in the Netherlands for an “A” label for air quality, which means the system guarantees that there will never be more than a maximum of 800 ppm of CO2. The Vuurvogel school in Tilburg is a good example of the successful combination of technology and design in a ventilation system.

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Highlight

Top reference in the Netherlands

Major contract for clean airAs 2011 came to a close we were able to ce lebrate our largest order for a clean air solu tion. The contract is with the client Royal Ahold NV, a retail group with international operations headquartered in Amsterdam. Ahold operates one of the world’s largest supermarket chains, and in the Netherlands alone it has five major distribution centres. As the company was struggling with dust problems in these centres, the management decided to conduct a detailed cost / benefit analysis, after which it decided in favour of Zehnder Clean Air Solutions.The first distribution centre was fitted out in January 2012. If the tests are successful, the other four centres will also be equipped with the system. The contract includes more than 110 units, mainly of the type E12000. The flimmer filter helps achieve drastic reductions in dust particles. The device is equipped with an EC fan as well as a customized control unit, and it is suitable in particular for large volumes of air. Zehnder has to demonstrate that the average amount of dust does not rise above a specific level every day. This order provides us with an excellent reference for obtaining additional orders elsewhere in Europe.

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offset through sales of moderately priced towel radia-tors. In the ventilation segment we started activities such as the sponsoring of a conference on passive houses and active participation in conferences on energy efficiency.

" Through various adjustments, such as a divestment in Belgium and an acquisi-tion in Italy, we have focused the Group strategy even more sharply on indoor climate systems (energy-efficient heat-ing, cooling and ventilation systems).

Eastern EuropeA good second half of the year in Poland in particular helped 2011 sales to significantly exceed the prior-year level, both for radiators and for comfort ventilation. We were able to gain additional market share for bathroom radiators. Work on several notable properties, including the national football stadium in Warsaw, gave an addi-tional boost to our reputation. In Russia we once again posted a clear increase in sales.

North AmericaResidential construction in the United States stabilized at a somewhat higher level in autumn, and the number of construction permits increased. Despite the growing signs of improvement, however, the situation is weak compared with the years before the mortgage crisis. Against this backdrop, radiator sales in 2011 were below the level of the prior year. In contrast, the ventilation seg-ment was up sharply, and the headcount was increased.

ChinaThe construction market showed signs of cooling in the second half of the year, as the central bank restricted lending. The slowdown was most noticeable in the ma-jor cities. Despite this, Zehnder Group posted a growth rate of 26 %, a result in line with the already very gratifying

very gratifying. These sales came mostly from northern Italy. Sales were up sharply once again, and our growth was above that of the market average.

After taking over as market leader in the ventilation segment in 2010, we strengthened this position in 2011 through the takeover of Nest Italia S.r.l. in July. This com-pany develops, produces and sells heating and cooling systems for private as well as commercial construction for use both in new build and refurbishment. Nest is a major player in the growing market for radiative cooling and heating. We also plan to distribute this product through our other sales companies in Europe, the United States and China.

NetherlandsSince radiator sales were unable to match the 2010 level and sales in the ventilation segment remained un-changed, sales volumes overall were just below the prior-year level. The market share of our heat recovery units grew once again even as we raised prices. Our marketing activities in the school segment resulted in a strong increase in the number of projects. The positive trend in the clean air sector also continued as we con-centrated our efforts on specific customer groups.

BelgiumThe sale of the installation business in the ventilation segment for around EUR 6 million at the end of 2010 resulted in lower sales overall. The divestment is in line with the Group strategy to focus rigorously on develop-ment, production, sales and service of indoor climate systems. Sales of radiators increased, and the ventila-tion business saw strong organic growth.

SpainNew construction continued to decline in Spain during the reporting year due to the ongoing difficult economic situation. Zehnder Group’s sales of radiators were below the prior-year level once again. The decline was partially

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In 2011, the marketing of the Runtal brand included the development of a new set of visuals, a revision of the entire catalogue and a redesign of the website.

Innovation as an extensive management processAs part of the ongoing optimization of processes and organization, Zehnder has decided to introduce the Japanese philosophy of kaizen throughout the Group in 2012. Kai means change and transformation; zen means changing for the better. In other words, it signifies a process of constant improvement.

On the basis of this initiative, in 2012 we will expand our existing innovation processes to form an intensive man-agement process which will accompany a product throughout its entire lifecycle, from product manage-ment to procurement, production, quality control and logistics, all the way to marketing and distribution. This move should ensure that product introduction going for-ward is quicker and more target-oriented. The project HarmoniZe, which was realigned at the end of 2011, is aimed at harmonizing and standardizing the develop-ment of control systems and units. This project will be continued in 2012 with various sub-projects and will be completed in the second half of the year.

Numerous awards once againAs in the previous year, our product and system innova-tions received numerous awards in 2011. The awards for radiators are often due to their innovative and functional design, while for the ventilation segment it is primarily thanks to the combination of energy efficiency, comfort and health.

In the UK, we won the 2011 Energy-Using Product award from CIBSE with Zehnder Carboline, the radiant heating and cooling ceiling panel system newly launched on the UK market.

performance in 2010. We more than doubled our sales revenues in the ventilation sector, where we won sev-eral major projects.

In 2010 we acquired Shanghai Nather Air Tech Co Ltd., a company that sells ventilation products (extract air ventilators and heat recovery units) for housing con-struction. The company increased sales, hired additio-nal employees and expanded its warehousing capacity to be ready for the growth that is expected. In addition, the company is ISO 9001 and ISO 14001 certified. To-wards the end of the reporting year the company began to do its own assembly work in the interest of quality control for various products.

Construction on the new production facility outside of Beijing was started in 2010. As at the end of the re porting year, the building frame had been erected and the paint-ing plant installed. The facility will become operational on a step-by-step basis from mid-2012.

Revamping the brandThe goal of the brand repositioning that we implemented in 2010 is to make the Zehnder brand the benchmark for indoor climate solutions and to position Runtal as the premium name for radiators. In the year under review, we continued our work on this goal at the international level.

We have redesigned our website for the Zehnder brand and introduced it in our most important countries. An international reference database we set up shows clients our solutions from the markets and business areas for use in a wide variety of areas. For the first time we put our new stand concept into practice at ISH, the world’s lead-ing trade fair in “Bathroom, Building, Energy, Air-condi-tioning Technology, Renewable Energies”. This concept positions our Group as a solution provider for manufac-turing, industry and residential construction (new build and refurbishment).

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Keeping theball rolling

Heating for the national stadiumA new stadium is being built in Warsaw for the European Football Championship in 2012 in Poland and Ukraine. It will seat 58,000 spectators and will feature a VIP lounge with room for 800 people. More than 400,000 tonnes of cement and 11,000 tonnes of steel will be used for construction. For the heating, Zehnder received a contract to install around 1,300 high performance Zehnder radiavectors designed to withstand high pressure. Most of the radiators are painted a discreet and elegant dark grey, while a few are the colour of sand quartz. The radiavectors are encased in a welded grill and thus protected from vandalism. This project is an excellent reference for the Group, and raises the prospect of more orders from stadium operators in the future.

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Working hard for top resultsThe 2012 summer Olympic Games will start in London on July 27. The Olympic village will house more than 17,000 athletes and sports officials. The Olympic village is located in Stratford, in east London, and covers an area of 73 hectares. The construction costs amount to more than GBP 500 million. Once the Olympic Games are over, the village will provide 2,800 new housing units, most of them for lowincome housing. Zehnder nova, an elegant customized steel radiator, was the ideal solution to meet the special requirements for comfort. Given the limited space available in the corridors, the architect planned for special niches in the walls in which the slender Zehnder nova fits perfectly in the vertical position.

Highlight

Olympic honours

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At the beginning of the year Zehnder received an award for PremiVent, the intelligent ventilation system from Zehnder and profine, in the “Praxis Altbau” competition at BAU München, the leading trade fair for architecture, materials and systems. The Zehnder Avento Neo design radiator, which is particularly suited to low-temperature systems, also won an award in this competition.

The Runtal Splash radiator designed by Christian Ghion won the 2011 Interior Innovation Award and was nomi-nated for the German Design Award.

" Zehnder Group once again received various prizes and awards in 2011 in both segments for outstanding design and optimal functionality.

We are particularly proud of the award the Zehnder brand received as the Most Innovative Brand in the heating, cooling and ventilation industry as part of the “Plus X Award” in November in Düsseldorf. More than 130 independent jurors from 32 countries made the selection. In addition, the jury awarded us prizes for the design radiator Zehnder Fina and the Zehnder Comfo-Box Apart, with both products receiving recognition in the category “Best Product of 2011”.

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that this market, which is attractive for the long term in particular, will see a sharp increase in sales.

Sales up again with high marginBased on these market estimates, Zehnder Group is cautiously optimistic for the 2012 business year, despite the likelihood of an even tougher economic environment overall. As a result, we expect slightly higher earnings in the radiator segment and strong growth in sales once again in the ventilation business. The ventilation seg-ment’s share of Group sales will continue to increase. We expect to gain further market share in both business segments. The operating margin should be slightly above the 2011 level.

The substantial investments in distribution, marketing, processes (SAP, logistics) and infrastructure will be con-tinued in 2012, as investments in tangible fixed assets will be about EUR 20 million higher than in the prior-year level. The main focus will be on a new training and ad-ministration centre in Evry (France), the new production and development premises in Beijing (China), the new logistics centre in Lahr (Germany), the expansion of pro-duction in Gränichen (Switzerland) and the new sheet metal processing centre in Châlons (France).

Well-equipped for the long termThe operational improvements in recent years, together with the ongoing expansion of our position as an in-creasingly integrated provider of energy-efficient solu-tions for a healthy and comfortable indoor climate, let us look to the future with confidence, even on a medium-term perspective.

Inevitably, the expectations expressed in this report are based on certain assumptions. Should these assump-tions later prove to have been incorrect, this would have an impact on these expectations.

Nature of business and subdued economy make forecasts more difficultDetailed statements on the business trend for 2012 are difficult to make for a number of reasons. Firstly, our Group’s business development in the second half of the year impacts strongly on overall development. Secondly, there are generally only a few weeks between receipt of an order and shipment. And thirdly, the debt and finance crisis and the volatile currency situation will make the current business year a difficult one.

Market outlook mostly positiveZehnder Group will therefore face an even more chal-lenging business environment in 2012 than it did in 2011. The crucial factor will be how the year unfolds in the relevant markets for both the radiator and ventilation system segments. In our largest market France, we are forecasting that sales will continue to move higher. We expect to make progress in Germany as well. In Switzer-land we are forecasting minimally higher sales, driven by the ventilation segment, as growth in the construction sector will slow.

In the UK market Zehnder Group expects sales revenues to rise, despite no improvement in the UK econom-ic outlook and a modest decline in the construction sec-tor. Italy will continue to be a challenge, as the construc-tion industry is not expected to recover until 2013. In the Netherlands and Belgium we are forecasting an increase in sales. The Spanish market will see another decline in sales revenues due to the ongoing crisis in the country. Following the decline in Poland in 2010 and a positive trend in 2011, we have budgeted an increase in sales in the country for 2012. We are forecasting that growth will continue in Russia as well.

For North America we expect sales to rise further in line with the previous year, with the focus on the ventilation segment. Although the Chinese construction sector has experienced some easing in recent months, we believe

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Outlook for 2012

Optimistic going forward

For 2012 Zehnder Group is forecasting a slight increase in earnings in the radiator segment and a sharp jump in sales in the ventilation business, despite the gloomy and extremely uncertain economic outlook. The operating profit margin should be slightly above the prior-year level.

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PaSSIoN We are passionate in excee-ding our customers’ expectations.

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How would you define passion? Dave Clouden — I think the easi-est way to describe passion is as a desire or a drive to do or achieve something. Some people have this drive; some don’t. I firmly believe that, to be successful, you’ve got to have passion. alien Westhuis — I think so too. To be successful, you need a goal that you can pursue passionately. Zehnder Group’s view on passion is: “We are passionate in exceeding our customers’ expectations.” – How does passion feature in your day-to-day work? a W — Ventilation is extremely technical. So for me, passion is less about the product itself and much more in the question: how does the end-customer use our products? Communication with customers is my passion. Alongside that, I also like managing projects and organizing things, drawing a group together and pursuing a common goal. That’s nice work; I enjoy it and it’s what drives me. What does your work as a sales support manager involve? D C — We try and keep things balanced between the company and the customer. What I’m most passionate about is ensuring that what we do is good for our custo-mers. What happens if there is not enough passion or com-mitment? D C — In my work, it would mean that the customer does not benefit from the best possible experience and level of ex pertise. That can be a problem in particular if the customer has a complaint or wants something we cannot do. Then it’s not only about passing on information but also about understanding and being intuitive about what is needed. If there were not enough passion, the customer would ulti-mately not remain a customer for very long. a W — If I was no longer passionate about my work, I’d lose my connection with everything around me, both inside and in relation to the outside world. Ultimately, I probably would no longer have any quality contact with customers. Without passion, I could no longer be as enthusiastic about my work as I am now. And that would show. Where in your company is passion most important? a W — I’d say it’s equally important every where. If you are passionate about your own work, you can pass that on to other people, both inside and outside the company. The bottom line is that everyone should be passionate about their work and work towards a shared goal. D C — I agree totally. If people in production are passionate in their work, it makes for a better working environment and you can offer customers first-class, quality products. If people are just doing their job for the sake of doing it, things can go badly wrong. While researching for this discussion, I called the Swiss Embassy in The Hague. Their reaction was: “Passion? In the Netherlands? Is there such a thing?” a W — That says it all. We tend to be more on the reserved side in the Netherlands. In Dutch, we have a saying: “Act normal – that’s crazy enough.” That’s a typical Dutch expression, and it says so much about how we are.

Communication advisor alien Westhuis, from the Netherlands, and US sales support manager Dave Clouden met in the Dutch town of Zwolle to discuss the various ways of understanding the value “passion”.

NETHERlaNDS—

USa

NETHERlaNDS




1992

Employees 203

Location Zwolle

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alIEN WESTHUIS “We tend to be more on the reserved side in the Netherlands. In Dutch, we have a saying: act normal – that’s crazy enough.”

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DavE CloUDEN “People are generally quite outspoken in the US, and I’d say most people are

passionate about something. Whether it be sport, religion or video games – people tend to get deeply involved. In such a big country as

the US, where there are so many people spread out over such a huge distance, being part of

a group is seen as being something worthwhile.”

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Of course we’re passionate about many things; we just don’t express it in the same way as others. What are the Dutch passionate about? a W — Sport, football. That’s typically Dutch. All that stuff with the colour “orange” – that’s our passion. That, and ice-skating. Things like that show just how explosively expressive this small country can suddenly be. We’re not like that in our day-to-day lives, however. What’s it like in the United States? D C — People are generally quite outspoken in the US, and I’d say most people are passionate about something. Whether it be sport, religion or video games – people tend to get deeply involved. In such a big country as the US, where there are so many people spread out over such a huge distance, being part of a group is seen as something worthwhile. Like with football fans (American football that is; not soccer). There are 32 teams and everyone has their favourite team. When their team wins, they think they’ve played a key role in the match. A lot of Americans are looking for something bigger than themselves. a W — It actually frightens me to hear something like that, but it’s probably my Dutch mentality. We don’t get so involved. My impres-sion is that if you’re that involved, you lose yourself and, ultimately, control. D C — I remember overhearing once a comment made in a conversation between a Swiss person and our company. The com-ment was: “You’re cowboys. You have to think with your head more and less with your heart or your gut...” What can both countries learn from each other when it comes to passion? a W — What I sometimes find difficult is when you have a great idea and then every-one says: “It’s not possible because of this and that.” It would be great if there was more enthusiasm for new ideas. D C — And when I think back to some of the goals we have had over the years, they were all great ideas, but we didn’t put them all into practice since we were so caught up in the idea that we forgot about the steps in-between. We need more of the Dutch pragmatism.

alien Westhuis, 37, has been working since 2007 as a marketing and communication advisor at Zehnder Nederland in Zwolle, Netherlands.

Dave Clouden, 36, lives in Orchard Park, NY, in the United States. Since 2000 he has been working at Zehnder Rittling (Hydro- Air Components) in Buffalo, NY as a sales support manager.

NETHERlaNDS—

USa

aPRoPoS In the centre of Zehnder Group’s premises in Zwolle is a courtyard featuring a mosaic created by the em-ployees themselves. When the building was inaugurated in 2003 each individual employee placed his or her own piece in the mo-saic to help complete the colour-ful and eye-catching design. This is a place that stands for team spirit and the commitment of all employees – and was therefore the ideal location to shoot the photo that would represent the value of “passion”.

USa




1988

Employees 217

Locations Buffalo NY,

Greenland NH, Ward Hill Ma

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Transparency for stakeholdersThe dialogue with our stakeholders is a major prerequisite for being able to react to constantly changing challenges. Zehnder Group wants to systematically put this approach into place. To this end, for the second time we are including our sustainability performance in the annual report, in accordance with the standards of the Global Reporting Initiative (GRI). This reporting meets appli cation level C, which was verified and confirmed by the GRI. In addition to sustainable system solutions for the construction sector, the main goals of Zehnder Group in terms of sustainable corporate management are: service and safety for satisfied customers; safe working conditions for skilled employees; the minimization of the environmental footprint in our production facilities; and responsibility towards the community. We are therefore once again providing detailed reporting on these issues. The information is subdivided into the stakeholders that play a role in our success and have a major impact on our business: customers, employees, shareholders, the environment, suppliers and the community. We want to publish transparent information on our goals, our performance and our progress, and in doing so improve on an ongoing basis.

Success thanks to simplificationPutting the Group’s growth on a sustainable footing is one of the greatest challenges over the next few years. An important factor is the training and developing of our partners so that installers and planners have the specialist knowledge they need to put in place lowenergy solutions. In addition, we are continuing to work on simplifying the installation and servicing of our products, without compromising quality. Only in this way will we be able to achieve our ambitious goals.

HansPeter ZehnderChairman of the Board of Directors

A sustainable path in a world full of challengesThe year 2011 featured a series of extraordinary events across the globe, including the debt crisis and the shift in energy policy. Events such as these show clearly the importance of using financial and energy resources care fully. The construction sector is affected in particular by these challenges, and sustainable construction is growing in importance. New regulatory initiatives such as the EU directive “Energy Performance of Buildings”, which calls for all new buildings to meet the standards for the lowest energy use in the EU from 2020, are increasing pressure to find wideranging solutions that can be put in place now for sustainable construction. With our offering of system solutions that are energyefficient, healthy and comfortable, Zehnder Group is making an important contribution to the drive for sustainable construction. We can reach this goal only through consistent innovation focused on the long run. We are therefore all the more proud that our product philosophy received recognition with the prestigious Plus X Award 2011, winning the title of the most innovative brand in the cate gory of heating and ventilation.

We take a comprehensive view of corporate sustainability. It is an integral component of our strategy, and it allows us to always keep the Group’s longterm focus in view. Zehnder Group has clearly stated its support for sustainability, and in 2011 the Group renewed its values as well as its management and organization principles. The company held discussions and workshops that extended over several days to gather input and to develop our values and principles. The workshops were broadbased and included several levels of management. After an initial rollout in 2009, these values and principles will be introduced within the entire Group in the coming year.

Sustainability

An integral part of our success

Zehnder Group has a clear commitment to sustainability. Through rigorous innovation geared to the long term, the company makes a substantial contribution to the increasingly important topic of sustainable construction.

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— We continuously improve our skills and add to our fund of knowledge; we are more than happy to share our ideas, experience and know-how with our customers.

Our colleagues

— Our dealings with our colleagues are based on trust and mutual respect. We tolerate neither intrigues nor discrimination.

— This calls for a fair approach together with open and frank communication.

— We are enthusiastic about and totally com-mitted to our work

Our social commitment

— We are committed to a high work ethic, to integrity, honesty and quality.

— Our business activities are undertaken with a view to sustainability. In our work we are guided by our care and respect for the environ-ment. Moreover, environmental awareness leads to cost savings for our company.

Our management principles

— We work together in a personalised and direct way. This requires open mindedness in order to understand and evaluate differing ideas and opinions, as well as a readiness to cooperate proactively with others.

— Our approach in our day-to-day business life is pragmatic and realistic rather than dogmatic, so that our decision taking, too, is realistic and fact orientated. We do not sing our own praises, nor indulge in smooth talk or hypocrisy. We are loyal to and iden- tify with the company.

— We invest time and effort in our personnel in order to get to know and to develop them, rather than simply expecting them to deliver.

A clear commitment to sustainabilityWith over 100 years of experience and as market leader in the sector of healthy and comfortable indoor climate solutions that combine high energy and cost efficiency, the Zehnder Group proves that sustainable management and market success go well together. With these initiatives we want to set new benchmarks for the industry with respect to integrating improvements for health, comfort and energy efficiency into system solutions.

Zehnder Group is committed to a strong work ethic, integrity, honesty and quality. The values and management principles that we issued in September 2011 address these aspects. They form the worldwide mission statement for the management of our Group.

Our Values

Our Passion – absolute commitment to our customers and employees

Our values have evolved over time, and thus in-evitably reflect the company’s Swiss roots. As our values steadily develop further they also support the ongoing remodelling of our company.

Our values can be summed up as follows:

Our customers

— We make every possible effort to exceed our customers’ expectations.

— We are open-minded, have a thirst for know-ledge and take a genuine interest in other cultures and lifestyles.

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International recognition of our innovative strengthInnovation powers Zehnder Group, especially with respect to product development. This innovative strength has also been recognized internationally. In 2011, Zehnder Group won several awards in the Plus X Award, which is the world’s most prestigious innovation prize for technology, sport and lifestyle products. More than 130 jury members from 32 countries selected the best products of 2011. In addition to the overall award for Most Innovative Brand, the Zehnder Fina design radiator and the Zehnder ComfoBox Apart energy centre won prizes for “Best Product 2011” in their categories. Both products scored impressive ratings in the evaluation categories of innovation, quality, design and functionality.

The innovative PremiVent window ventilation system is a costeffective and complete solution for a healthy and energyefficient exchange of air for existing buildings. This system received the “Renovation in Practice – Prize for Product Innovation 2011”, which was awarded jointly by the Bundesarbeitskreis Altbausanierung BAKA e. V. (Federal Study Group Refurbishment of Old Buildings), Bauverlag GmbH and Messe München GmbH. The Zehnder Carboline radiant heating and cooling panel won the CIBSE Building Performance Award 2011 in the UK. Zehnder products made a major contribution towards winning the Solar Decathlon in Madrid sponsored by the Rosenheim University for Applied Sciences. The comprehensive energy concept of the project building from the Rosenheim team was based on an innovative ventilation system with heat recovery for the entire building.

CustomersLong-term partnership as goalOur diverse customers are our most important partners in pushing ahead with and rolling out innovative products. Zehnder Group’s main customers are installers, who primarily purchase our products wholesale and then install them for the enduser. An enduser may be a private

Our company

— Our company is a market leader and we take pride in contributing actively to the Group’s reputation, productivity and efficiency.

— We invariably want to provide top performance, to give of our best and to meet our challenging targets.

— This naturally includes the right to make mistakes, but also the willingness to correct them and learn from them

— We are ambitious, foster a spirit of enthusiasm in our daily business activities and strive for sustainable achievements beyond mere tran-sient fads and short-term profits.

Goal of continuous improvementClearly defined processes and standards are of cen tral importance to Zehnder Group. The integrated quality and environmental management system applies targets in these areas that are redefined annually and pursued consistently. The continuous improvement in quality and environmental performance is an ongoing task, which is why we rely on our employees’ sense of responsibility. All the major companies in the EU have ISO 9001 and ISO 14001 certification. At our Manisa facility in Turkey, ISO 14001 certification is anticipated for 2012.

" Innovation powers Zehnder Group.

The Group undertakes to continually improve quality and environmental protection, to avoid environmental pollution and waste, to foster the utilization and conservation of resources, to abide by all relevant legal and other requirements. In the reporting year, there were no significant fines payable or infringements of regulations, laws or ordinances in the areas of the environment and quality.

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friend or colleague. The Internet is used by 86 % of the survey participants to obtain the information they need about the Group, which is a confirmation of our online strategy versus paper. We are aware that the website needs to be made more customer friendly. Plans to make this the case are underway.

" Competent training for our customers is important for us as a provider of complex systems to ensure that products are installed correctly and within a proper period of time.

Training and quality for customersCompetent training for our customers is important for us as a provider of complex systems to ensure that products are installed correctly and within a proper period of time. In 2011, about 10,800 fitters, service technicians, planners, and installers attended our courses, which last for at least one day. Last year 7,000 took part. The most important training topics were principles and design of ventilation systems, use and assembly of the various units, function and application of ventilation units with heat recovery and the compact energy centre Zehnder ComfoBox 5.

Trade fairs also play an important role in client contact. In 2011 we exhibited our Clean Air Solutions at the follow ing events: Transport & Logistik (Switzerland), Industrie & Zweckbau (Switzerland), Préventica (France), ISH (Germany), Logistik & Transport (Sweden), Temperature Controlled Storage & Distribution Show (UK), Vakbeurs Bedrijf & Logistiek 2011 (Netherlands).

The safety and quality of our products are a matter of course for us. Before a product leaves our plant it is subject to detailed function and safety tests. In addition, the internal quality team carries out random checks. Should there be a customer complaint despite these

individual or a public sector entity, such as an airport, hospital, school or government department. Endusers are increasingly better informed, with clear ideas about planning and the selection of products. Planners and architects in the fields of heating, ventilation, and indoor climate therefore fulfil an important multiplier function.

Our approach is to foster a close and longterm partnership with our customers. Consequently, local support becomes very important, as this is the best way to take care of the individual needs of customers. It is mandatory for our field service engineers to regularly visit installers to help find optimal solutions.

" Our approach is to foster a close and longterm partnership with our customers.

High customer satisfaction regularly reaffirmedWe measure the satisfaction of our customers annually, with Group companies undertaking customer satisfaction surveys at local level. In the reporting year, we surveyed 2,880 engineers and installers in Switzerland about support provided by field service and inhouse engineers, product innovation and product quality, as well as ease of assembly, availability of products, and product description. In 2011, customers were particularly happy with product quality, product description, aftersales service and the ease of assembly. We saw a considerable increase over the prior year in customer satisfaction regarding delivery times and product availability. Room for improvement remains, however: 86 % of customers are satisfied with this service (2010: 83 %). Across all criteria Zehnder Group Switzerland achieved a satisfaction rate of 87 %.

In the UK, 167 customers were surveyed. Of these, 95 % said that they would recommend Zehnder Group to a

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an elearning course in Switzerland in the technical field. The educational concept ebrain, which offers ongoing training through the intranet, will offer employees access at any time to the latest knowledge. Each course participant can set the time and pace of learning themselves, which makes the organization more efficient with individual development. With modules for beginners, advanced and professional levels, ebrain is set to start groupwide in 2012 so that by the end of 2013 approximately 90 % of employees will have successfully completed their module.

In the annual evaluation meetings with employees, development and performance goals are defined and approved. At the end of the year a review is conducted to see if the goals have been achieved, and the annual bonus, if any, is determined. About 95 % (2010: 95 %) of all employees took part in these evaluation meetings at the end of 2011. Zehnder Group put special emphasis in 2011 on the systematic identification and evaluation of persons holding key positions. The evaluation of performance and potential supports internal career planning and thus also succession planning at the management level. During 2011 we started to review the processes involved for selecting the suitable recruiting method and the right recruiting sources. In addition, the process for introducing new employees to the job was defined.

Healthy and safe work environmentZehnder Group goes beyond currently valid regulations on work safety and encourages learning within the Group through the exchange of best practice. The local management defines, communicates, trains, and monitors the measures necessary to ensure workplace safety and, where required, implements improvements. In the interests of accident prevention, the safe utilization of new machines is a major issue and our employees undergo continual training in order to operate them safely. In the reporting year a total of 85 accidents at work were reported (previous year 79), of which 74 in

efforts, the complaint is recorded on a list as a Customer Improvement Notice. These notices are discussed in weekly management team meetings in order to introduce measures for improvement.

" Zehnder Group employees can and should develop their careers in our constructive work environment.

EmployeesHeadcount grows tooAt end 2011, Zehnder Group offered 3,094 employees worldwide an attractive working environment (2010: 2,945). Of this number, 258 were temporary hires (2010: 246) and 29 were undergoing training (2010: 32). The regional distribution of the workforce was as follows: 2,412 in Europe (2010: 2,311), 217 in the United States (2010: 218) and 465 in China (2010: 416). The percentage of women was 19 % (2010: 18 %), in management 11 % (2010: 10 %). Including employees who left due to retirement, the average fluctuation rate was 8 % (2010: 8 %). To promote growth going forward, we support our employees in their professional development. Our goal is to recruit the best talent possible.

Targeted promotion and leadershipZehnder Group employees can and should develop their careers in our constructive work environment. The numerous internal and external training programmes that we offer include in particular the areas of sales, IT courses, languages (especially English), job safety and leadership. In addition, several refresher courses on basic technical knowledge were held locally in the fields of heating, ventilation and indoor climate. Our Group is thus well on its way to being a system provider at all levels.

The Zehnder Group Academy is a longterm project set to continue until 2016. In the reporting year we started

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Europe (previous year 70), 11 in the US (previous year 9) and 0 in China (previous year 0). Moreover, regular discussions are held with employees on the issue of health care so that suitable measures can be taken should an employee feel overburdened by his or her workload. Zehnder Group actively manages absences. In addition, several companies support the health of their employees by subsidizing fitness club memberships as well as offering information events on preventative health topics and onsite doctor appointments.

In order to foster a good working environment, we have a policy of zero tolerance towards any form of harassment or discrimination. For cases that cannot be resolved locally there is a special reporting system where reports can go up to board level.

" Until then, management will define and realize measures for improvement on the basis of discussions with employees.

Turning feedback into actionEvery two years Zehnder Group surveys its employees on employee satisfaction and on other issues relating to organizational structures, corporate culture, management attitudes, targets and performance incentives. The next survey takes place in 2012. Until then, management will define and realize measures for improvement on the basis of discussions with employees. In 2011, for example, specific leadership principles were developed, progressively implemented and then integrated into the setting of objectives in Switzerland on the basis of survey results from 2010. In Germany the focus was on improving communication with employees, and in particular via the intranet as well as through monthly target information in the departments and bulletin boards in the production facilities.

Employees by functionin fulltime employment

Production: 1,640 Sales and marketing: 807 Logistics: 193 Research and development: 121 Administration and IT: 332" Total employees: 3,094

ShareholdersWithout financial success there can be no sustainable developmentAs owners of Zehnder Group, our shareholders are interested in the financial success of the company. Without the shareholders the longterm existence of the company could not be guaranteed. In this sense, the interests of the investors correspond essentially to the interests of other stakeholders. Zehnder Group is not focused just on shortterm earnings or shortterm rise in the share price, however. It also pursues a longterm strategy so it can increase the company’s value regardless of the economic cycle. In our view, this is the right strategy for the longterm investor to benefit the most.

An investment for the long runOver the threeyear period of 2009 to 2011 our bearer shares, which are traded on the SIX Swiss Exchange, showed a return of 157 % (139 % of which was an effective increase in the share price, the rest being attributable to distributions) in an extremely volatile market

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of continually shrinking its environmental footprint in production.

Total system for sustainable constructionThe trend towards sustainable construction is visible in all areas of activity of Zehnder Group. Whether the standard is Minergie in Switzerland, LEED in the US or DGNB in Germany: sustainable construction is subject to greater regulation throughout the world and is becoming widely available. Optimal energy and resource efficiency as well as high user quality for both new construction as well as modernization and renovation are the hallmarks of sustainable construction. If the focus in buildings is too much on thermal insulation, there is hardly any natural exchange of air. This can lead to increased relative humidity and a lack of oxygen. Hence it is necessary to supply fresh air and extract used air continually, and to provide energyefficient heat distribution in line with the requirements of the people living in or using the building. Our system solutions combine, in optimal fashion, energy efficiency, comfort and health. As a complete provider in the areas of heating, cooling and clean, fresh air, Zehnder enables a building to be operated efficiently, thereby making an important contribution to sustainable, energyefficient construction.

" Our system solutions combine, in optimal fashion, energy efficiency, comfort and health. As a complete provider in the areas of heating, cooling and clean, fresh air, Zehnder enables a building to be operated efficiently, thereby making an important contribution to sustainable, energyefficient construction.

Zehnder Group sees a house as a system in which air, water and heat flow. That is why we integrate and link together our various competencies in product development, where we want to continue our steady improve

environment, clearly outperforming the Swiss Performance Index SPI (plus 17 %). This corresponds to an annual return of 37 % (SPI plus 5 %). Over the past 20 years to end 2011, the value of the bearer share has increased by an annual 13 %, taking all corporate events (such as distributions and splits) into account (SPI plus 8 %).

" We maintain a regular and open dialogue with our shareholders and other interested parties on the capital markets.

Zehnder Group makes it possible for its shareholders to participate in a substantial way and on a regular basis in the ongoing success of the company. The dividend policy that has been in place for years calls for one third of the consolidated annual results to be paid as a dividend.

Regular and open dialogueWe maintain a regular and open dialogue with our shareholders and other interested parties on the capital markets. This duty is primarily the responsibility of the CEO and CFO. Shareholders and other interested parties can obtain the annual and semiannual reports from us. They are also available on our website along with our press releases and other information. Zehnder Group holds a media and analysts conference at least once a year. Personal presentations and meetings are held with individual shareholders and interested investors as needed. The investment newspaper “Finanz und Wirt schaft” has assigned our shareholder relationship a grade of B+ (with A being the best grade possible) in the three categories of growth, investor relations and transparency.

EnvironmentThe system solutions and products of Zehnder Group are significant levers for reducing stress on the environment. At the same time, Zehnder Group has set the goal

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ment going forward. As a result, at the end of 2010 we created the function of Head of Group Innovation in order to push ahead with the central coordination of the systematic inclusion of environmental performance in product development. By increasing the cooperation among developers, the learning effects and synergies can be captured and the duplication of mistakes can be avoided. We are currently putting in place a Product Life Cycle Management system that will deal with finding an environmental balance for various new developments in order to find the right leverage for high environmental performance and quality. For example, the reporting year saw the drawing up of an LCA for the production of radiators in Gränichen, Switzerland.

Products with sustainable performanceNew or improved products in the areas of heating, cooling, ventilation and clean air provide added value for both the environment and the user.

A detailed analysis of all the thermal recovery units, heat pumps and geothermal heat exchangers manufactured by the Zehnder Group from 2005 to 2011 shows that in total about 2,000,000 MWh of energy was saved and about 540,000 tonnes of CO2 were avoided. All of these energyefficient categories of equipment reduce the amount of CO2 emitted by about 173,000 tonnes per year. This is equal to the annual CO2 emissions of about 55,000 automobiles at an average rate of fuel consumption and 15,000 kilometres driving per year.

Some examples of newly developed productsHeating�" Zehnder Group introduced the new models Nova NEO (New Energy Optimised) and Avento NEO in 2011. These radiators are suitable for use in lowtemperature heating systems with heat pumps, where underfloor heating is currently typically used. These heating systems operate with flow temperatures of less than 30 °C. To ensure that a radiator can generate enough heat at such low flow temperatures, the radiators have ventilators that increase the heat transfer from the radiator to the air in the room. These radiators are therefore well suited for building renovations. In this case, the heat pumps are simply joined to the existing heat distribution system and the old radiators are replaced with Zehnder NEO radiators.

" The latest generation of cooling units that will be used in Zehnder air / water heat pumps in future uses inverter technology. These heat pumps can be used not only on an on / off basis, but can also be operated with continuously variable speed compressors. Thus the cooling or heating output can be adjusted to current needs and the efficiency of the heat pumps can be kept high across the entire operating area. In contrast, heat pumps with conventional fixedspeed compressors have only one optimal operating point. As a result of this output regulation, the seasonal performance factor and with it the

Energy saved (MWh), cumulative CO2 emissions (t) avoided, cumulative

2.5 mio.

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1.5 mio.

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0.5 mio.

0

2005 2006 2007 2008 2009 2010 2011

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energy efficiency can be increased by about 20 % to 50 % compared with standard air / water heat pumps with on / off regulation.

Cooling" The ceiling heating and cooling systems of the company Nest Italia S.r.l. – a subsidiary of Zehnder Group since July 2011 – include not only their own radiant ceiling panels but also the entire tubing, heat pumps for heat / cooling, dehumidifiers to prevent condensation as well as controlling for the optimal operation of the entire system. By optimally setting all components, combined with an intelligent control, maximum comfort with minimum energy use is ensured.

Fresh air" With the ComfoBox Apart that was launched in 2011, Zehnder Group offers a heat pump and comfort ventilation solution for buildings on the basis of the Passive House standard, as well as for smaller housing units and for renovations. Comparable solutions (ComfoBox 5) were previously available only for singlefamily homes and new construction. As a result, the ComfoBox Apart was awarded the Plus X Award as “Best Product 2011” in the area of heating and air conditioning.

" We have made significant improvements to the new ComfoAir 160 ventilation unit with heat recovery compared with its predecessor. The unit’s SFP (specific fan power), which is a key to energy efficiency, is less than 0.39 W per m3 / h and is also 3 dB quieter. This SFP level is even well below the one set by the Passive House Institute (SFP level of 0.45 W per m3 / h).

Clean air" Zehnder Clean Air Solutions now uses EC electric motors for its E12000 clean air devices instead of threephase AC electric motors. Since the frequency converter is no longer needed and thanks to the more energyefficient, electronically regulated EC motors, about 75 %

to 80 % less energy is consumed. In addition, Zehnder Clean Air Solutions offers a special environmental conversion service for older E12000 devices.

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Environmental Performance of Zehnder Group [1]

Unit 2011 2010

Energy Total energy consumption MWh 142,853 135,792

Energy consumption per employee (FTE) [2] MWh 46.2 46.1

Energy, direct

Natural gas [6] MWh 25,506 27,467

Coal and propane MWh 59,033 51,673

Heating oil MWh 4,757 5,392

Energy, indirect

Electricity MWh 50,133 47,867

District heating MWh 3,424 3,393

Water Total water consumption m3 273,572 277,905

Water consumption per employee (FTE) [2] m3 88.4 94.4

Drinking water for sanitary installations m3 31,296 26,180

Industrial water for production processes m3 242,276 251,725

Waste Total waste t 7,615 7,461

Waste per employee (FTE) [2] t 2.5 2.5

External recycling [3] t 6,586 6,317

Nonhazardous and nonrecyclable waste [4] t 605 676

Hazardous waste [5] t 425 468

[1] Zehnder Group’s environmental monitoring is continually being enhanced. Individual data points are not yet available for all Group companies. Further information is available in the GRI web index.

[2] FTE (Full Time Equivalent) = fulltime jobs[3] Steel, aluminium, copper, plastics, cardboard[4] Incineration or landfill[5] Ewaste, chemical waste, solvents, filter dust, filter mats, powder[6] As a result of improved data quality, the 2010 figure for natural gas increased slightly.

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Ongoing improvement in productionIntegrated quality and environmental management ensures that production processes in the individual companies are safe and efficient. The Gränichen site in Switzerland serves as a model, as cooperative learning is encouraged through the exchange of best practice. Through optimized processes on the basis of stateoftheart technology, efficiency is boosted and costs lowered. In Gränichen we have installed a new oil burner that uses 13,600 fewer litres of oil each year and also saves about 36.1 tonnes of CO2 emissions. Thanks to a new compressor the basic pressure for the production of compressed air has been reduced, resulting in an energy saving of about 8 %. In 2013, the paint plant will be equipped with solar thermal power, which is expected to result in a 12 % savings in energy and liquefied petroleum gas.

Other locations have also undertaken initiatives to make their production and work conditions more environmentally friendly. In the United States, for example, the plant in Buffalo, New York, has a comprehensive recycling programme in place for all waste generated at the plant there. Our Polish company has reduced its emissions by more than 78 % compared with the prior year thanks to a dust filter in the polishing phase after a radiator has been copper plated. Targeted actions at our facility in the Netherlands, such as the introduction of reusable packaging and a greater awareness among our employees, have helped to reduce nonrecyclable waste by 50 %.

" Other locations have also undertaken initiatives to make their production and work conditions more environmentally friendly.

We use our own technology in our buildings. The office building of Paul Wärmerückgewinnung GmbH, a sub sidiary of Zehnder Group in Reinsdorf, Germany, has

been certified as a Passive House. Using a heat exchanger the company developed itself, it takes used air at the site in order to temper the fresh air. At our company in Campogalliano, Italy, we have installed a comfort ventilation system in the building we moved to at the end of 2010.

SuppliersSolid base of innovative suppliersThe high quality and benefits of our products depend on the cooperation we have with reliable and innovative suppliers. Groupwide, Zehnder Group has a business relationship with around 1,500 suppliers (2010: 1,500), primarily from the steel, electronics and plastics industries. In 2011, the total cost of materials amounted to EUR 189 million (2010: EUR 170 million). Steel is the most important category accounting for 14% of expenditure. This category, along with the other main categories of motors and ventilators, sheet metal and aluminium, is managed with a strategy that is tailored to these categories.

" In selecting suppliers we place great store on short communication routes and longterm relationships.

Zehnder Group is currently working to revamp its global procurement strategy. It will implement the revised strategy progressively over 2012 and 2013. The goal is a sustainable, highquality and innovative base of suppliers that will allow for an optimization of the cost structure and which will also take into consideration our standards for sustainability and innovation. To reach this goal we set our priorities and focus areas annually. Currently, product logistics is one of our top priorities. Except for in the UK and France, Zehnder Group has almost no vehicles of its own. Logistics is almost completely outsourced. We demand a high level of reliability and efficiency from the transport companies we work with. Wherever pos

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sible, doubledecker trucks are used, which helps to reduce both pollution and costs.

Short communication routes, long-term relationshipsWe want to work with business partners who share our values and beliefs. Thus we expect the most important Group suppliers to fill in a threepage questionnaire which, among other things, addresses the inadmissibility of child labour, the observing of environmental standards, ISO 14001 certification, and the handling of toxic materials. Zehnder Group has set a goal to develop this selfevaluation by suppliers and in a later step to include followups in the process. This project is set to start in the second half of 2012. In selecting suppliers we place great store on short communication routes and longterm relationships. This means that local suppliers are usually also invited to tender.

CommunityZehnder Group sees itself as a responsible member of the community. This includes a connection with the regions in which our facilities are located, correct and fair business practices and leadership within the industry

Globally active, locally basedZehnder Group was founded as a mechanical workshop 116 years ago and has been managed since then from Gränichen, in the canton of Aargau, Switzerland. The company is regarded as an employer with a longterm perspective. Zehnder Group will continue its operations in Switzerland, despite the challenges such as a strong Swiss franc. Last year, for example, we acquired additional property near our headquarters in Gränichen for possible future expansion. In addition, we have visibly boosted our local presence through our role as main sponsor of the football team FC Aarau, a team which stands out on account of the impressive way it develops its young talent.

Our investments are based primarily on high standards of quality. For this reason we continued to invest in our facility in Lahr, Germany, where we have purchased additional land. Zehnder Group thus remains true to its values and sees itself as a futureoriented employer in areas more lacking in structures such Vaux Andigny, France, and Buffalo, US. We believe having knowledge of the local market is important. That is why we hire local people for senior management positions. Almost all our business unit heads come from the country in which the company is located.

" Our investments are based primarily on high standards of quality .

Clear rules of behaviour, values and principlesThe Code of Conduct applicable groupwide contains clear regulations regarding such issues as the environment, health and safety, compliance, fairness, and acting in the best interests of the company. Employees are required to sign it when they agree their employment contract. Consistent compliance with the Code is reinforced through regular training sessions and continuous monitoring.

Every three years, the entire top management team attends a training session on anticorruption guidelines. Moreover, every five years all business units are monitored with regard to these issues within the scope of the compliance reviews, which ensures that the stated guidelines are adhered to. So far no case of corruption has been identified. Furthermore, Zehnder Group has never been involved in proceedings arising from any violation of competition laws. In the reporting year there were no significant fines or nonfinancial penalties for infringements of other laws or regulations.

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TOLERANCE We have a personalized and direct way of working with each other. This calls for a high level of tolerance for other ideas and opinions, as well as an ongoing readiness to cooperate proactively with others.

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French field service representative Muriel Rouxel and German packer Seidou Arouna met in Lahr to ex-change ideas about the value of “tolerance”.

You’ve brought thread with you. Why does this object symbolize tolerance in your view? Muriel Rouxel — In 2008, Acova was split up into the divisions hot water and electric, and one of the terms used in French was “fil” – which means cable, or thread. “Fil” symbolizes the work I do. For me, it also represents a direct, close relationship with others; it stands for bonding with others and holding together as a unit. Thread as a symbol of tolerance is what holds us together. What object have you chosen to bring along? Seidou Arouna — This hat, which is a reminder of my African roots. I wear it with pride. I’ve also brought along the traditional robe that goes with the hat. When I meet with other Africans, we all wear them. It’s our tradition, and a sign that we all belong together. When our company held a party in summer, I brought my entire family, wearing these clothes. It was lovely. M R — What sort of material is that? S A — It’s a special mix that you can sometimes find in Germany, too. M R — It’s a very long robe... Is it specially for men? S A — Yes. There are some for women, of course, but they have different prints. M R — Is it something you’d be happy to wear every day? S A — Every day? No, it’d be difficult for work. They were everyday wear for my grandparents, but today they’re more for special occa sions. Whenever there’s a celebration or party, you have to have such an outfit. Absolutely. M R — Because it wouldn’t be tolerated if you didn’t wear it? S A — Absolutely! How would you personally define tolerance as a value? M R — For me, tolerance means accepting difference. S A — That’s right. Basically, tolerance means accepting someone as he is, regardless of any differences. Zehnder Group’s view on tolerance is: “We have a personalized and direct way of working with each other. This calls for a high level of tolerance for other ideas and opinions, as well as an on-going readiness to cooperate proactively with others.” – In other words, it’s not only about tolerance towards other people but also about being open to new ideas... M R — Yes, new ideas have to be discussed. In my work, we attach considerable importance to communicating with each other in the various areas, whether it’s customer services or logistics. We talk about our concerns and share ideas. I find that important, and inspiring as well. S A — In my unit, we talk to each other a lot, and if we have new ideas, we put them forward. We have a system of dealing with new ideas. If someone has a suggestion, they write it down and submit it. It’s then decided whether the idea is a good one and whether it should be implemented or not. Seidou, how important is tolerance as an issue in Germany and in Togo? S A — Oh, oh, oh. Tolerance is quite different in Togo than it is in Germany! Here, everything’s well organized. Integration works. Noone’s too big or too small. In Togo, there are the have’s and the havenot’s:

GERMANY —

FRANCE

GERMANY




1963

Employees 616

Locations Lahr,

Reinsdorf

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SEIdOu AROuNA “Oh, oh, oh. Tolerance is quite different in Togo as it is in Germany! Here,

everything’s well organized. Integration works. No-one’s too big or too small. In Togo, there

are the have’s and the have-not’s: one side has everything and the rest have nothing.”

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MuRIEL ROuxEL “New ideas have to be discussed. In my work, we attach considerable

importance to communicating with each other.”

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one side has everything and the rest have nothing. That’s the problem of Africa as a whole. Sometimes, we take ideas from here back to our home countries. Ideas such as rubbish bins on the streets. Because if people just throw their rubbish on the streets and then it rains – and it rains a lot! – people get sick... Everything’s different in Togo. did you feel welcome when you came to Germany? S A — Yes. It’s good in Germany. It was a bit difficult to start with, but it’s never easy to start out somewhere new. But I’m fine here now. I know all about what you can and cannot do. M R — My impression is that, in Germany, a lot of things are much more regimented than in France... In which context in your respective countries is tolerance discussed the most? M R — Religion. S A — In Germany? Foreigners. Which country do you think is most tolerant? M R — Sweden or Finland. Goethe’s Maxims and Reflections says: “Tolerance should, strictly speaking, be only a passing mood; it ought to lead to acknowledgement and appreciation...” With this in mind, is there anything you would wish to see in respect of tolerance? S A — At Zehnder Group, it doesn’t matter about the colour of my skin, I’m seen as a person, and my ideas and work are acknowledged and respected. My wish is that I could be as integrated outside of work as I am at work. M R — My wish would be that the private life of each and every individual be respected a little bit more; that people wouldn’t be so ready to criticize without really knowing the person involved.

Muriel Rouxel, 40, has been with Zehnder Group in France since 2007. She is division head for the regions of Pays de la Loire and PoitouCharentes.

Seidou Arouna, 56, has been working at the Zehnder packaging plant in Lahr, Germany since 2000.

GERMANY —

FRANCE

APROPOS Zehnder Group has 3,100 employees around the world and this in itself gene- rates considerable creative potential within the company. In order to optimally tap this potential and track down new ideas, Zehnder Germany has developed its own internal ideas management system. This straightforward system allows employees to submit sugges-tions for improvements and, if the suggestions are rated as worthwhile, they can then be implemented. In addition to recei-ving a financial incentive, those who participate in the system are recognized for their contribution. The fact that some 850 ideas were submitted in 2011 alone tes- tifies to an extremely high level of participation, and to a real culture of openness – towards people and ideas.

FRANCE




1967

Employees 546

Locations Châlons-en- Champagne,

Evry, Vaux Andigny

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comprises 9,756,000 bearer shares listed on SIX Swiss Exchange with a nominal value of CHF 1.25 each (a total of CHF 12.2 million), and 9,900,000 unlisted registered shares with a nominal value of CHF 0.25 each (a total of CHF 2.5 million). Total share capital now amounts to CHF 14.7 million and the total number of shares outstanding is 19,656,000. Each share carries one vote, irrespective of its nominal value. The bearer shares have a 49.6 % share of the votes and account for 83.1 % of the share capital, the registered shares a 50.4 % share of the votes and 16.9 % of the share capital. The dividend per registered share is one fifth of the dividend per bearer share.

For additional information on shares please refer to our website [3]. There are no profit sharing certificates. There are no limitations on the transferability of bearer shares. There are no convertible bonds outstanding.

With regard to options granted, please refer to the disclosure of compensation and shareholdings in the individual financial statements of Zehnder Group AG on page 108 ff of the annual report.

Board of directorsElection and period of officeThe articles of association lay down that the board of directors is made up of at least three members elected by the general meeting of shareholders for a period of three years. Reelection is permissible.

At the general meeting of shareholders there is a separate vote on the election or reelection of each candidate.

IntroductionThis Corporate Governance report contains the disclosures required by the Corporate Governance Directive issued by SIX Swiss Exchange effective as at 31 December 2011 and is structured in line with the directive. It also includes disclosures required by law on the compensation and participating interests of the members of the board and of top management.

Group structure and shareholdersThe operational Group structure is presented on pages 48 to 53 of the annual report. Zehnder Group AG is the only listed company included in the consolidation matrix. All the companies included in the consolidation matrix of Zehnder Group AG are shown on pages 99 to 101 of the annual report.

For significant shareholdings please refer to the disclosure of ownership structure in the individual financial statements of Zehnder Group AG on page 113. There are no crossshareholdings.

Capital structureFor details regarding the capital structure please refer to note 3 of the notes to the individual financial statements of Zehnder Group AG on page 107 of the annual report and to the consolidated statement of changes in equity on page 73 of the annual report. There is no authorized and no conditional capital. All changes in equity since going public in 1986 are set out under our website [1].

In addition to a dividend of CHF 25 per bearer share and of CHF 5 per registered share, the Annual General Meeting of Shareholders of Zehnder Group AG held on 20 May 2011 approved the repayment of the par value of CHF 50 per bearer share and CHF 10 per registered share as well as a 1:40 share split [2].

Since the par value repayment and the share split in August 2011, the share capital of Zehnder Group AG

[3] " www.zehndergroup.com/shares

2011

Corporate Governance

[1] " www.zehndergroup.com/capitalstructure[2] " Values per share before share split

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proposing the compensation policy to the board, for determining the various components that make up total compensation, for approving employment contracts and for defining the conditions governing early termination of contract. Moreover, it determines the fees and all other compensation for the chairman of the board. It proposes compensation for the other board members. Every year the compensation committee examines the compensation paid to all Group managers. In 2011 it held three meetings (2010: three meetings).

Areas of responsibility as well as information and control instruments vis-à-vis the Group executive committeeThe allocation of the areas of responsibility between the board and the Group executive committee is based on the law (Swiss Code of Obligations), on the company’s articles of association and on its byelaws. For the articles of association and for the byelaws please refer to our website [4]. As part of re gular reporting practice, the board members receive monthly reports (sales, personnel, liquidity) and quarterly reports (commentary, analyses, sales and earnings development, sixmonth balance sheet and forecast). Once a year the board mem bers receive the balance sheet and income statement, details on selec t ed balance sheet items, and a forecast for the coming years regarding the development of major components of net liquidity. Moreover, the strategic opportunities and risks are discussed once a year.

The current members of the board have held office as follows:

first elected period expires

Hans-Peter Zehnder 1988 2014

Peter Wiesendanger 1988 2012

Thomas Benz 1993 2014

Urs Buchmann 2010 2013

Enrico Tissi 2005 2014

Internal organizationThe articles of association lay down that the chairman (HansPeter Zehnder) or his deputy (Peter Wiesendanger) convenes and chairs the meeting. The board’s duties are carried out by the entire board. For each meeting, all board members receive relevant documentation two weeks in advance. In 2011 the board met four times, in January, March, May, November (in 2010 four times: January, February, May, September). The meetings lasted between half a day and three and a half days. The members of the Group executive committee attended the board meetings. Representatives of the auditors or external consultants are called in to advise on individual items on the agenda. To allow the board to acquire local information direct, a regular rhythm has been established to hold one of the board meetings on the pre mises of an operating company.

The board is supported by a compensation committee, made up of three nonexecutive, independent board members. The board appoints the members of the com pensation committee and its chairman.

The members of the compensation committee are: Thomas Benz, chairman; Urs Buchmann, member; Enrico Tissi, member. The compensation committee has its own regulations, approved by the board. With regard to the members of the Group executive committee and the executive members of the board it is responsible for

[4] " www.zehndergroup.com/corporategovernanceen

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Board of directors

Members of the board of directors, other activities and vested interests

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Hans-Peter Zehnder Member of the Board, Chairman until AGM 2014

Peter Wiesendanger Member of the Board, Deputy Chairman until AGM 2012

Thomas Benz Member of the Board until AGM 2014

Urs Buchmann Member of the Board until AGM 2013

Enrico Tissi Member of the Board until AGM 2014

Hans-Jakob Zehnder Honorary President

KPMG AG Auditors

Hans-Peter Zehnder Swiss citizen, born 1954 Executive member, chairman and delegate of the board (since 1993). For career details, please refer to the disclosure on page 50.

Peter Wiesendanger Swiss citizen, born 1942— Nonexecutive member— Deputy chairman of the board— Studied (doctorate) at ETH (Swiss

Federal Institute of Technology), Zurich, Switzerland

— Degree in economics from the university of Zurich, Switzerland

— Degree in psychology from the university of Zurich, Switzerland

— 1967–1970 High Voltage Engineering and Testing Group

— 1970–1979 project leader at HighVoltage Laboratory, ETH Zurich

— 1977–1979 head of an organization

de partment of Union Bank of Switzerland— 1979–1985 various management

positions at Schindler AG, Switzerland— 1985–1988 chairman of executive board

of Schaffner Elektronik AG, Switzerland— 1988–1997 member of Group executive

committee of Zehnder Group— 1997–2008 responsible

for China operations— 2001–2005 responsible for business

development comfort ventilation— 2002 –2008 responsible for US operations— Chairman of board of directors

of Pewi Holding AG, Switzerland, of Pewi Imco AG, Switzerland, of Klafs AG, Switzerland, and of Timecorner AG, Switzerland

— Deputy chairman of Celpro AG, Switzerland

— Nonmanaging partner of G. Lufft Messund Re geltechnik GmbH and of G. Lufft Beteiligungen GmbH, Germany

Thomas Benz Swiss and German citizen, born 1947 — Nonexecutive member— Chairman of the compensation committee— Degree in electrical engineering

from ETH (Swiss Federal Institute of Techno logy), Zurich

— 1972–1973 Guardian Electric,Chicago, USA

— End 1973 joined Zettler GmbH, Germany— 1977–1996 managing partner

of Zettler GmbH, Germany— Since 1997 man aging partner

of CG International, Germany— Since 3 May 2011 deputy chairman

of the board of Warema Renkhoff SE, Germany

— Since 16 June 2011 member of advisorycouncil Future Climate GmbH, Germany

— Member of the Bavarian Metal Working and Electrical Industry e. V., Germany

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— Member of the Federation

of Catholic Entrepreneurs, Germany— Member of the executive committee

of vbw – Vereinigung der Bayrischen Wirtschaft e. V. (Association of Bavarian Industry), Germany

— At no time was he a member of the Group executive committee of Zehnder Group AG or of any of its subsidiaries

— He has no significant business relations with Zehnder Group AG or with any of its subsidiaries

Urs Buchmann Swiss citizen, born 1957— Studied law (doctorate)

at the university of Bern— Nonexecutive member, member

of the compensation committee— Longterm career in corporate

investment banking in Asia— Currently head of Corporate & Institutional

Clients Asia Pacific in a leading international bank

— Chairman of the board of the SinoSwiss Partnership Fund, member of the board of Zehnder (China) Indoor Climate Co. Ltd.


— He has no significant business relations with Zehnder Group AG or with any of its subsidiaries

Enrico Tissi Swiss citizen, born 1946 — Nonexecutive member— Member of the compensation committee — Degree in engineering from ETH (Swiss

Federal Institute of Technology), Zurich— 1972–1986 various responsibilities

and positions at Rieter AG, Switzerland— 1986–1996 delegate of the board

and CEO of Elco Looser Holding AG, Switzerland

— 1997–2004 delegate of the board and CEO of Sika Corp., USA and a mem ber of group management of Sika AG, Switzerland

— 2005–2007 vice chairman of Sika Corp., USA

— Member of the board of Hermann Buehler AG, Switzerland and Georg Utz Holding AG, Switzerland


— He supports Zehnder’s subsidiaries in the USA and the UK in stra tegic and conceptual issues

Hans-Jakob ZehnderSwiss citizen, born 1923In 1993, after having spent 34 years at the head of the company he served for a total of 39 years, Hans Jakob Zehnder resigned as chairman of the board. In recognition of his outstanding contribution to the development

of Zehnder Group, the board of directors appointed him honorary president. This office carries no vote.

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Group executive committee

Members of the Group executive committee, other activities and vested interests

Hans-Peter Zehnder Chairman

Jürg Ammann Operations Europe

Dominik Berchtold Finance, Controlling and IT

Stephen Grao Americas / AsiaPacific / International & UK

Cyril Peysson Sales and Marketing Western Europe

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Hans-Peter Zehnder Chairman of the Group executive committee— Studied economics (doctorate)

at the University of St. Gallen, Switzerland— 1981–1984 Gebr. Bühler AG— Since 1985 member of the Group

executive committee of Zehnder Group— 1986–1988 head of the instrument

division— 1988–1991 head of the radiator division— 1988–1992 deputy chairman

of the Group executive committee— Since 1993 chairman of the

Group executive committee— President of the board of directors

of Schmolz & Bickenbach AG, Switzerland; member of the board of directors of AZ Medien AG, Switzerland; R. Nuss baum AG, Switzerland; Lagerhäuser der Centralschweiz AG, Switzerland; and Rouge + Blanc Holding AG, Switzerland

Jürg AmmannSwiss citizen, born 1958— Degree in mechanical engineering

and Doctor of Philosophy in Industrial Engineering from ETH (Swiss Federal Institute of Technology), Zurich

— 1984–1985 scientific assistant at the Institute for Lightweight and Aeronautical Structures, ETH Zurich

— 1985–1988 system engineer, Hewlett Packard

— 1988–1994 consultant, Stiftung BWI— 1995–1996 assistant to the CEO,

Systor AG— 1996–2001 senior consultant and

skill group manager, Cap Gemini Ernst & Young

— 2001–2011 chief information officer andhead Multiclient Products, Siegfried Ltd.

— Since June 2011 member of the Group executive committee Zehnder Group (head of Operations Europe)

— A member of the board of directors of Swissinput, Switzerland

Dominik Berchtold Swiss citizen, born 1971 — Degree in business administration

from the University of Freiburg i. Ue., Switzerland

— Executive master of corpor ate finance from the Institute of Financial Services IFZ, Zug, Switzerland

— 1996–1997 finance and marketing assistant at Exsa, Peru; Cervesur, Peru; and Linde, China

— 1997–2005 various management positions in finance and controlling at Pilatus Aircraft Ltd., Switzerland; and Transairco S. A., Switzerland

— 2005–2006 mana ger corporate restructuring at KPMG, Switzerland

— 2006–2008 director business development Zehnder Group

— Since 2008 member of the Group executive committee (Chief Financial Officer)

— A member of the board of directors of Peakmile AG, Switzerland

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Stephen GraoBritish citizen, born 1960— BA from Loughborough University, UK— MBA from Cass Business School,

London, UK— Master of Business in China /Asia

Business Strategy from the University of South Australia

— 1982–1983 marketing assistant at OCP SA, France

— 1984–1999 various management functions in Europe and Asia for Thorn PLC, UK

— 1999–2003 responsible for the North and South American operations of Philips Lighting, Netherlands

— 2004–2006 various international management positions at CompAir Group, UK

— Since 2008 member of the Group executive committee of Zehnder Group (Americas / AsiaPacific / International & UK)

Cyril Peysson French citizen, born 1965— Diploma from Ecole Supérieure

de Commerce et Ad mi nistration, Montpellier, France

— 1990–2000 various responsibilities in exports and sales for French industrial companies; last position held was head of sales at De Dietrich Heiztechnik, Germany

— 2000–2005 head of Zehnder SAS, France; since 2006 member of the Group

executive committee (Sales and Marketing Western Europe, previously Sales and Marketing Radiators)

There are no management contracts.

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Erwin Crommelynck Sales Belgium

Donat Feser Sales Germany and Austria

Lothar Gildenast Radiators

Michael Himmelsbach Radiant ceiling panels and Clean Air Solutions

Heiko Braun Comfosystems

Tony Twohig Sales UK & Ireland

Allan Jones Retail Radiators

Garry Naughton Commercial Radiators and Radiant ceiling panels

Tony Twohig ad int. Ventilation

Elisabeth Bardet Sales France

Jean Pierre Boscher Acova

Eric Le Corre Zehnder

Alexandre Le Trocquer Comfosystems

Erik van Heuveln Sales Netherlands

Oliver Bock Sales International

Paolo Masetti Sales Italy

Rossella Bonfanti Radiators

Odoacre Oriani Comfosystems, Radiant ceiling panels and Clean Air Solutions

Jerzy Stosiek Sales Poland

Vitaly Gritsenko Sales Russia

Alois Bachmann Sales Comfosystems Switzerland

Sales Europe (Status 1.1.2012)

Group functions (Status 1.1.2012)

Elmar Artho Group Logistics

Dominik Berchtold Business Development / M & A

Roberto Cresta International Key Account Management

Franz Furrer Group IT

René Grieder Group Controlling

Felix Heldstab Group Purchasing

Thomas Mathys Group Finance

Roger Räber Group Innovation

Jean-Marie Schmid Group Marketing

Markus Zbinden Group Human Resources

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Sandro Stutz Sales Radiators, Radiant ceiling panels and Clean Air Solutions Switzerland

Peter Krantz Sales Clean Air Solutions Scandinavia

José Ramón Ferrer Sales Spain

Zhangeng Guo Sales and Production Zehnder, China

Jin Chunlin, Jin Yitao Sales Nather, China

Wesley Owens Sales and Production Runtal, USA

Walter Zurowski Sales and Production Hydroair, USA

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Development and Production Europe (Status 1.1.2012)

Jean Marie André Production ChâlonsenChampagne, France

Thierry Baschet Production Vaux Andigny, France

Roland Diethelm Production Gränichen, Switzerland

Tomasz Juda Production Boleslawiec, Poland

Peter Krantz Production Zehnder Group Nordic, Sweden

Paolo Masetti Production Vedelago, Italy

Herbert Oettle Production Lahr, Germany

Eberhard Paul, Michael Pitsch Paul Wärmerückgewinnnung, Reinsdorf, Germany

Orçun Özelmas Production Manisa, Turkey

Gerd Sexauer Radiant Heating and Cooling, Lahr, Germany

Stephen Hood Production Lenham, UK

Stefan Wiesendanger Production Zwolle, Netherlands

Americas / AsiaPacific (Status 1.1.2012)

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54

their annual cash compensation in the form of company bearer shares. The bearer shares are sold with a 30 % discount on the purchase price and are subject to a threeyear restriction period.

Allocated options Options are allocated to management of operating units and at headquarters in accordance with the Long Term Stock Option Plan (LTSOP). The options are not tra deable, are locked up for a period of five years and can thereafter be exercised over a period of three years. Management may decline such options. If the options are not exercised they lapse and become worthless. Each option carries the right to acquire one bearer share at a price fixed at the time of allocation.

Other employee benefitsOther employee benefits are countryspecific and structured in accordance with local practice and are in line with local legal requirements.

Content and procedures for determining compensation for the board of directors and the Group executive committee, and participation in shareholding programsThe board of directors periodically determines the compensation for its members. This fixed compensation is made up of a fee and an expense allowance. Half the fee is paid in bearer shares, which are allocated at a 30 % discount. The bearer shares are subject to a threeyear restriction period.

The compensation committee of the board, made up of three nonexecutive members without vested interests, determines the compensation structure for the Group executive committee and for executive members of the board; it ensures that the compensation structure is complied with. Total compensation is made up of a basic salary and a profitrelated, variable salary. The variable

Disclosure of compensationPrinciplesZehnder Group’s employees are the company’s greatest asset. There would be no entrepreneurial success without their full commitment and their energy. Consequently, the objective of the compensation policy is to recruit qualified new employees, and to retain those already wor king for the Group.

The most important principles are" Rewarding sustainable performance in relation to comparable and relevant markets " Participating in the company’s success" Assuring internal equality" Balancing shortterm and longterm

compensation

Fixed basic salaryThe fixed salary is determined on the basis of the functional responsibility level in the company, the scope and impact of the function, as well as the employee’s experience and skills. This fixed part of the compensation package is reviewed annually. Salary adjustments reflect individual performance, salary history, internal compensation practices, and market salary trends.

Short-term variable compensationShortterm variable compensation is designed to allow Zehnder employees to participate in the current success of the Group on the basis of their personal contribution and the Group targets achieved.

Long-term compensationAcquired sharesThe longterm International Management Stock Ownership Plan (IMSOP), a longterm, globally consistent compensation programme, was designed for management of operating units and at headquarters. Depending on the management level, participants may take 8 – 10 % of

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AuditorsKPMG AG, Basle, have been auditors for Zehnder Group AG since 1984. They also audit the consolidated financial statements of Zehnder Group. The auditor in charge com menced his duties in 2010. The rotation rhythm corresponds to the legal requirement of a maximum of seven years.

The financial statements of Zehnder subsidiaries are audited by various auditing firms, including KPMG. Various auditing firms invoiced a total of EUR 760,000 for audi t ing individual accounts and the consolidated financial statements. EUR 448,000 of this total was paid to the KPMG group.

A total of EUR 863,000 was charged for taxation and legal services throughout the group. Of this, EUR 137,000 was paid to the KPMG group. In the reporting year further consulting services were purchased from the KPMG group in the amount of EUR 199,000.

KPMG AG, Basle, holds regular meetings with the chairman of the board of directors of Zehnder Group AG. KPMG meets with the entire board at least once a year. At these meetings KPMG presents significant infor mation on the financial statements of the companies audited.

Information policyZehnder Group communicates regularly with its shareholders, the capital market and the public. The CEO and the CFO are the designated contact persons. Shareholders receive short reports on business development and six month reports. The annual report is available in German, English and French in printed form and on the Internet under our website [6], which also offers an opportunity for in ter ested parties to subscribe to news publications and to access other information. A meeting for media re pre sentatives and financial analysts is held at least once a year.

part is paid out in the following year. It is calculated using a fixed formula based on the disclosed net income for the year and the individual targets reached. Moreover, in cases of exceptional performance, the board may at its discretion pay out an additional bonus to the Group executive committee.

Overall compensation is in line with that paid in comparable industrial companies in Switzerland and is intended to allow recruitment and retention of the highly qualified personnel necessary for the success of the company. There are no clauses on changes of control, either for members of the board or for members of the Group executive committee. There are no agreements with regard to severance compensation.

The members of the Group executive committee (incl. executive members of the board) may draw 10 % of their compensation in the form of the company’s bearer shares. The regulations governing this IMSOP (International Management Stock Ownership Plan) were approved by the board of directors.

Members of the Group executive committee (incl. executive members of the board) are allocated options on bearer shares (in 2006 for the first time). The regulations governing this (LongTerm Stock Option Plan) were approved by the board of directors.

Shareholders’ participationPlease refer to Swiss company law and also to the Zehn der articles of association at our website [5].

Changes of control and defence measuresThere are no changeofcontrol clauses for members of the board of directors or for members of the Group executive committee. An opting out clause is laid down in Art. 8 of the company’s articles of association.

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[6] " www.zehndergroup.com/reportspresentations[5] " www.zehndergroup.com/corporategovernanceen

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Additional information including the company calendar is set out on page 119 of this annual report.

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RESPECT Our attitude towards our colleagues is one that is positive and built on trust and mutual respect.

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Meltem Talukan — I’ve brought Turkish coffee... Magnus Bladh — It’s very well known. M T — When we have guests in our home, we serve them coffee. Coffee has a strong connection with respect in Turkey. We say that a coffee friendship cannot be destroyed. When you have coffee with someone, you share your secrets, too... M B — I’ve brought a bass guitar from 1966. It was given to me by my father and it’s full of memories. For me, this instrument symbolizes the respect you should show to anyone, whether in business or in your private life. What does respect mean for you? M B — For me, it’s about how you treat your colleagues, your customers and yourself as well. Whatever you do, you should do it with respect. M T — I agree. When I do something, I always think of the person I have in front of me and treat them in the way I would want to be treated myself. That’s what respect means for me. At work, it means being honest with my collea gues and doing my job well. M B — My job as technical manager at Clean Air Solutions is to provide technical support. In music, the bass sets the groove and gives a tune its positive mood. As technical manager, I’m a bit like the bassist who creates the groove. Respect is the baseline, therefore... M B — Exactly. You may not always be aware of the bass, but if you were to take it away, you’d definitely no tice! Zehnder Group’s defines the value of respect as follows: “We have a positive attitude towards colleagues, based on trust and mutual respect.” M B — Respect is indispensable if you want to achieve something. Zehnder Group is a huge company that has to be managed. Although Clean Air Solutions is still small, we’re growing all the time, and in five years we’ll probably be ten times as big. do you think res-pect as a value is “lived” enough in your company? M T — Yes. M B — I think so. A few years ago I had cancer – I received a lot of support from my colleagues, not only in Sweden but from other parts of the world, as well. It was unbelievable. In a situation like that, you can really see whether a value means something and is actually lived. So you received the support you needed... M B — Yes, even more than I could have expected. HansPeter Zehnder himself even sent me an email. do you think success is possible with-out respect? M T — No. In my job I sell products and am in contact with customers the whole time. I have to get on well with people, and put myself in their place. Respect for me is also responding to queries immediately, for example. Leaving people waiting does not show respect. M B — Exactly. Even if, like Zehnder, you have a good product and a strong brand, people still buy from people. You have to build up a social relationship with the customer and then earn respect. To what extent does respect influence your working atmosphere? M T — You have to feel good at your workplace. If you don’t, you

Magnus Bladh, tech-nical manager at Zehnder Group Nor-dic AB, and Meltem Talukan, assistant to the head of sales at Sanpan Ltd. in Turkey, met in Motala, Sweden to discuss the value of “respect”.

SWEdEN —

TuRkEY

SWEdEN




2007

Employees 29

Locations Motala,

Täby

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MAGNuS BLAdH “We don’t talk about respect so much. I think it is simply a part

of our culture.”

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MELTEM TALukAN “You have to feel good at your workplace. If you don’t, you can’t perform

well. That’s why it’s really important to have a good relationship with all your colleagues.”

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can’t perform well. That’s why it’s really important to have a good relationship with all your colleagues. M B — That’s the way I see it as well. Sweden is very similar to Switzerland in terms of a helpful and con siderate attitude towards colleagues. Zehnder’s values are not a million miles away from the Swedish way of thinking and doing business. In summer, we had a big event that brought all employees together. For a whole day, we focused on values. Every single person working at Clean Air Solutions was involved in the value process, because each and every one of us has to do his or her bit. How important is respect in Turkey? M T — Respect is extremely important in Turkey, especially in families. People learn respect from their families, and families are very strict. Children have to respect really strict rules; it’s not like in Europe. For example, we can’t just leave our families as soon as we turn 18... M B — Yes, that’s very different. What role does respect play in Sweden? M B — We don’t talk about respect so much. I think it is simply a part of our culture. But it’s not a word you use every day; it’s not a “buzz word” in Sweden. Is there a country that you see as being particu-larly respectful? M B — Japan maybe, or China. There, business cards are treated like treasure. In Sweden, you just stick them in your pocket – if you were to do that there, it would be taken as an insult. M T — China would be my first choice. M B — In any case, you can’t demand respect; you have to earn it. Respect, and you will be respected? M B — Yes. M T — Exactly. Let’s drink a coffee to that.

Meltem Talukan, 44, has been working at Sanpan in Manisa, Turkey since 2009. She works as an assistant to the head of sales.

Magnus Bladh, 40, is the Technical Manager at Zehnder Group Nordic AB in Täby, Sweden. He has been working since 2000 with the company.

SWEdEN —

TuRkEY

APROPOS Turkish coffee, or mocha, is an important part of Turkish culture. Coffee is not only important in terms of showing hospitality and a well-known mar- riage ritual, it is also used to tell the future. Coffee cup reading is called “fal” in Turkish. Once the coffee has been drunk, the cup is covered, shaken and turned up- side down. A wish is said. As soon as the cup has cooled comple-tely, the shapes left by the coffee grounds in the bottom of the cup are interpreted.

TuRkEY




2006

Employees146

Location Manisa

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Convection and radiation" A radiator gives off heat through convection and radiation. Convection needs a medium (for example air) to transport the heat, whereas radiation does not. Thermal radi ation passes through the air in the room unhindered, but is absorbed by objects and people or reflected by metallic surfaces. The combination of convection and radiation produces the total thermal output.

Cooling with radiators" In principle, radiators can also be used for cooling purposes. The principles of radiation and convection can also cool rooms. Thanks to their increased heat transmission, socalled fan coils are particularly well suited to cooling applications. The same applies to radiation heaters, for example radiant ceiling panels, where the room gives off heat to the cool radiation surface.

Energy efficiency" Energy efficiency is the ratio between energy output and energy input. An energyefficient indoor climate calls for efficient heating and cooling, temperature controls, a ventilation control system and the use of renewable energy. The degree of energy efficiency is in fluenced by many other factors, such as thermal insulation, airtightness and a sunprotected building envelope. Highly airtight buildings require automatic ventilation.

Enthalpy exchangers" A thermal recovery unit fitted with an enthalpy exchanger also transmits moisture through a mem brane. This allows our devices to enhance system efficiency further by using latent heat, and to improve comfort levels by avoiding situations where the air is too dry or too damp.

Health" Health is a state of physical, mental and social wellbeing. Among the many factors which influence our health, our environment clearly plays a major role. Consequently, as we spend more than 70 % of our time indoors, the quality of this en vironment is decisive. Moreover, the freshness and quality of the air around us, as well as the odours, dust, pollen, vermin, humidity, air circulation, room temperature and noise level impact strongly our health.

Heat pumps" Heat pumps use the natural energy in our environment to heat rooms and water. They function in the same way as a refrigerator. Heat is taken from a low to a high temperature level. Just as a refri gerator gives off heat from the cool unit to the warmer room, heat from the earth or exterior air is fed into the indoor heating system. The sys tem uses a refrigerant which vapo rises in the cool area, is compres

Air distribution" The quality of the air indoors is crucial to our wellbeing and health. An air distribution system takes the fresh air prepared in the ventila tion device to the consumer and returns the waste air full of odours and moisture to the unit. In terms of their easy and safe installation and of hygiene (cleaning), our solutions make us market leaders.

Clean air" The limit values applying to fine dust in exterior air are often greatly exceeded indoors. Our clean air devices use unique special filters to filter fine dust out of the indoor air and are usually used in an industrial setting (logistics, production, food stuffs industry). They allow our cus tomers to cut cleaning costs, im prove product quality and protect their employees’ health.

Comfort" Comfort is a state of wellbeing but is also applied to userfriendly pro d ucts. A good indoor climate creates feelings of comfort. Good products and systems are simple to install and easy to handle. It follows that comfort is a result of simplicity in planning, ordering, assembly, service, product ope ration, functionality, longevity and reliability, as well as low maintenance requirements.

Glossary

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sed via a compressor and then gives off heat when it condenses again at a higher temperature. The brine / water heat pump integrated in Zehnder’s ComfoBox 5 uses the most efficient principle for indoor heating.

Lowtemperature radiators" Radiators with a flow temperature of less than 50 °C are known as lowtemperature radiators. They are also suited for use with heat pumps at even lower temperatures or with condensing gas burners.

Radiant ceiling panels" Radiant ceiling panels are as close as we can get to mimicking the way heat is given off by the sun. Our radiant ceiling panels are used wherever convection heating is not economically viable or where the enhanced comfort of air not circulating is appreciated, for exam ple in large indoor areas, and in creasingly also in offices.

Radiators" A radiator transfers heat from a heating medium (usually water or, in electric radiators, oil) to the envi ronment (usually air) to produce and maintain the desired room temper ature. Within only a few days we supply our customers with customised designer radiators directly to their chosen site.

System supplier, systembased business" Alongside our traditional com ponentbased business, we are increasingly supplying customers with complete systems combining heating, hot water preparation, ven tilation and cooling. This guarantees in stallers and our end customers a reliable system for an optimal indoor climate with regard to com fort, health (allergies) and energy efficiency.

Thermal comfort" Thermal comfort is key to ensuring a sense of cosiness in a room. Apart from clothing and human activity, it depends on room tem perature, relative air humidity, air speed and the temperature of the surfaces enclosing the room.

Thermal recovery, thermal recovery unit" Our thermal recovery units transfer up to 95 % of the energy of warm, used indoor air to the cold, fresh exterior air. The performance levels reached (ratio between useful heat and electricity used) clearly exceed even those of the best heat pumps for indoor heating. They also filter out harmful pollen and dust from the air and reliably prevent mould forming indoors.

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Consolidated Financial Statements

67 Fiveyear Overview 68 Data per Share 69 Consolidated Balance Sheet 70 Consolidated Income Statement 71 Consolidated Cash Flow Statement 73 Consolidated Statement

of Changes in Equity 74 Consolidation Matrix and Principles 76 Accounting and Valuation Principles 79 Notes to the Consolidated

Financial Statements 99 Overview of Companies

in Zehnder Group 102 Report of the Statutory Auditor

Zehnder Group AG

104 Balance Sheet 105 Income Statement 10 6 Notes to the Financial Statements 116 Proposed Appropriation of Earnings 117 Report of the Statutory Auditor

119 Further Information for Investors

Contents

Financial Report

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2011 2010 2009 2008 2007

Net sales EUR million 515.4 475.9 436.5 454.1 444.4

change from prior year % 8.3 9.0 – 3.9 2.2 4.0

of which Radiators EUR million 348.2 335.1 317.8 345.9 369.7

change from prior year % 3.9 5.4 – 8.1 – 6.4 0.9

of which Ventilation EUR million 167.1 140.8 118.7 108.2 74.7

change from prior year % 18.7 18.7 9.7 44.8 22.7

EBIT [1] EUR million 51.1 50.4 43.0 33.7 34.0

change from prior year % 1.3 17.3 27.6 – 0.9 – 11.2

% of net sales 9.9 10.6 9.9 7.4 7.7

Net income [2] EUR million 41.1 38.2 33.4 2.8 26.1

change from prior year % 7.4 14.5 1,092.9 – 89.3 – 12.7

% of net sales 8.0 8.0 7.7 0.6 5.9

Net income before depreciation & amortization [2] EUR million 58.9 55.8 51.9 39.8 48.3

change from prior year % 5.4 7.6 30.4 – 17.6 – 11.4

% of net sales 11.4 11.7 11.9 8.8 10.9

Investments in property, plant & equipment EUR million 34.9 20.0 24.5 23.6 23.3

Depreciation & amortization EUR million 17.8 17.6 18.5 18.8 22.2

Total assets EUR million 406.0 378.4 352.5 354.0 373.7

Fixed assets EUR million 160.1 141.4 128.5 125.1 129.4

Shareholders’ equity at 31 December [2] EUR million 239.7 217.4 182.0 152.6 201.3

% of total assets 59.0 57.5 51.6 43.1 53.9

Employees at 31 December 3,094 2,945 2,867 2,990 3,075

Zehnder Group AG

Dividends [3] CHF million 2.3 7.3 15.2 1.3 13.2

Nominal value repayment [3] CHF million 14.1 14.7 – – –

Share capital CHF million 14.7 29.3 29.3 29.3 29.3

Market capitalization [4] CHF million 501.0 553.7 339.0 210.0 458.0

Total market capitalization [5] CHF million 602.6 666.0 407.8 252.1 551.0

[1] before gain / loss on sale of subsidiaries[2] including minority interests[3] for 2011 as proposed by the board of directors[4] market value of all listed bearer shares at year end; excluding value of unlisted registered shares[5] bearer and registered shares; registered shares recognized at 1/5 of the bearer share price at 31 December

Five-year Overview

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Data per Share [1]

2011 2010 2009 2008 2007

Shares outstanding

bearer shares in thousands total 9,756 9,756 9,756 9,756 9,756

each with a par value of CHF 1.25 2.50 2.50 2.50 2.50

registered shares (not listed) in thousands total 9,900 9,900 9,900 9,900 9,900


number of voting rights or shares in thousands total 19,656 19,656 19,656 19,656 19,656

notional number of shares in thousands total 11,736 11,736 11,736 11,736 11,736


Market prices (January – December)

bearer shares high CHF 71.00 58.30 37.50 47.03 84.73

bearer shares low CHF 42.50 34.00 16.30 19.50 43.75

bearer shares at year end CHF 51.35 56.75 34.75 21.48 46.95

Consolidated net income

per bearer share EUR 3.41 3.19 2.80 0.23 2.23

Consolidated net income before depreciation and amortization


Consolidated equity [2]


Dividend (gross) and nominal value repayment [3]

dividend per bearer share CHF 0.20 0.63 1.30 0.11 1.13

nominal value repayment per bearer share CHF 1.20 1.25 – – –

payout ratio % of net income per share 33 43 31 31 31

[1] all data after deduction of minority interests; all data on the basis of total shares outstanding at 31 December; the prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).

[2] before appropriation of earnings[3] for 2011 as proposed by the board of directors

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2011 31 December

2010 31 December

%

Assets

Liquid assets 1 65.5 75.4

Trade accounts receivable 2 91.8 90.7

Other receivables 2 14.4 8.8

Inventories 3 67.7 57.6

Prepayments 3.6 1.8

Accrued income 2.9 2.8

Total current assets 245.9 237.0 3.8

Fixed assets 4 152.3 133.9

Financial assets 4 5.5 5.2

Intangible assets 4 2.3 2.3

Total fixed assets 160.1 141.4 13.2

Total assets 406.0 378.4 7.3

Liabilities & shareholders’ equity

Loans 5 2.6 1.8

Trade accounts payable 5 25.6 24.2

Other liabilities 5 41.1 35.8

Provisions 6 3.9 2.4

Accruals and deferred income 5 28.1 24.8

Current liabilities 101.2 89.1 13.7

Loans 5 31.0 30.7

Other liabilities 5 0.7 0.9

Provisions 6 33.3 40.3

Long-term liabilities 65.1 71.9 – 9.4

Total liabilities 166.3 160.9 3.3

Share capital 10.1 20.1

Capital reserves 33.6 33.6

Own shares – 2.6 – 2.2

Retained earnings 190.9 157.6

Accumulated FX differences – 4.0 – 2.2

Minority interests 11.7 10.5

Total equity 7 239.7 217.4 10.2

Total liabilities & shareholders’ equity 406.0 378.4 7.3

Consolidated

Balance Sheet

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2011 2010 %

Sales revenues net 18 515.4 475.9 8.3

Changes in inventories 1.5 – 0.4

Internal additions to plant and equipment 0.4 0.2

Other income 5.8 5.5

Total income 523.0 481.2 8.7

Cost of materials 19 – 188.8 – 170.1

Personnel costs 19 – 161.1 – 146.4

Depreciation of fixed assets – 17.0 – 16.8

Amortization of intangible assets – 0.8 – 0.8

Other operating expenses 20 – 104.3 – 96.7

Earnings before interest and taxes (EBIT) 51.1 50.4 1.3

Financial result 21 1.3 0.5

Earnings before taxes 52.4 51.0 2.8

Taxes 22 – 11.3 – 12.7

Net income 41.1 38.2 7.4

Minority interests 1.1 0.8

Net income excluding minority interests 40.0 37.4

Consolidated

Income Statement

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Consolidated

Cash Flow Statement

EUR million 2011 2010

Net income 41.1 38.2

Depreciation and amortization 17.8 17.6

Net income before depreciation and amortization 58.9 55.8

Non-cash changes 0.1 0.7

Loss /(gain) on disposals of tangible fixed assets 0.5 0.3

Increase /(decrease) of provisions – 6.1 – 3.2

Increase /(decrease) of trade accounts payable 0.2 5.4

Increase /(decrease) of other short-term liabilities, accruals and deferred income 8.9 0.1

(Increase) /decrease of trade accounts receivable 1.0 – 3.3

(Increase) /decrease of inventories – 8.9 – 3.3

(Increase) /decrease of other receivables, prepayments and accrued income – 7.3 4.3

Cash flows from operating activities 47.3 56.9

Investments in tangible fixed assets – 34.9 – 20.0

Investments in financial assets and securities – 0.3 – 1.8

Investments in intangible assets – 0.7 – 1.2

Investments in subsidiaries [1] – 2.8 – 0.2

Divestment of tangible fixed assets 0.4 0.4

Divestment of subsidiaries [1] – 0.8

Cash flows from investing activities – 38.2 – 22.0

[1] less cash and cash equivalents taken / given over

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Dividends paid to shareholders – 5.7 – 10.6

Dividends paid to minority shareholders – 0.2 –

Nominal value repayment – 11.9 –

(Purchase) /sale of own shares – 0.1 –

Increase /(decrease) of short-term loans 0.2 – 14.4

Increase /(decrease) of long-term loans – 0.5 – 3.1

Increase /(decrease) of other liabilities – 0.2

Cash flows from financing activities – 18.1 – 28.0

Currency effects – 0.8 2.2

Increase /(decrease) of cash and cash equivalents – 9.9 9.1

Cash and cash equivalents at 1.1. 75.4 66.3

Cash and cash equivalents at 31.12. 65.5 75.4

Increase /(decrease) – 9.9 9.1

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Equity at 1.1.2009 20.1 33.6 – 1.1 96.7 – 5.9 143.4 9.2 152.6

Purchase of own shares – – – 1.8 – – – 1.8 – – 1.8

Sale of own shares – – 0.7 0.3 – 1.0 – 1.0

Net income – – – 32.8 – 32.8 0.6 33.4

Additions minority interests – – – – – – – 1.4 – 1.4

Currency effects – – – – – 0.8 – 0.8 – 0.2 – 1.0

Dividends – – – – 0.8 – – 0.8 – – 0.8

Equity at 31.12.2009 20.1 33.6 – 2.2 129.0 – 6.7 173.8 8.2 182.0

Equity at 1.1.2010 20.1 33.6 – 2.2 129.0 – 6.7 173.8 8.2 182.0


Sale of own shares – – 0.6 – – 0.7 – 0.7

Net income – – – 37.4 – 37.4 0.8 38.2

Netted goodwill – – – 1.9 – 1.9 – 1.9

Additions minority interests – – – – – – 0.6 0.6

Currency effects – – – – 4.5 4.5 0.9 5.5

Dividends – – – – 10.6 – – 10.6 – – 10.6

Equity at 31.12.2010 20.1 33.6 – 2.2 157.6 – 2.2 207.0 10.5 217.4

Equity at 1.1.2011 20.1 33.6 – 2.2 157.6 – 2.2 207.0 10.5 217.4

Nominal value repayment – 10.1 0.1 – 10.0 – 10.0


Sale of own shares – – 0.7 0.3 – 1.0 – 1.0

Net income – – – 40.0 – 40.0 1.1 41.1

Netted goodwill – – – – 1.3 – – 1.3 – – 1.3

Currency effects – 1.9 – 1.9 0.3 – 1.5

Dividends – – – – 5.7 – – 5.7 – 0.2 – 5.9

Equity at 31.12.2011 10.1 33.6 – 2.6 190.9 – 4.0 228.0 11.7 239.7

Consolidated

Statement of Changes in Equity

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Consolidation MatrixThe consolidated financial statements include all domestic and foreign companies in which Zehnder Group AG directly or indirectly holds more than 50 % of the voting rights. Assets and liabilities as well as revenues and expenses are included to 100 % in accordance with the full consolidation method. Minority interests in equity and in net income of fully consoli-dated companies are recognized separately under the corresponding items.

Companies in which the participation is 50 % or less can also be fully consolidated provided that legally binding agreements on supervision have been signed.

The following changes were made in the consolidation matrix compared to the previous year:

Takeover of Nest Italia S.r.l. (Italy) by Zehnder Group AG as of 4 July 2011 (major balance sheet items at first consolidation: trade accounts receivable EUR 1.2 million, inventories EUR 0.7 million, trade accounts payable EUR 1.0 million, loans EUR 0.8 million).

The following companies were newly formed in the reporting year:

Zehnder Group Swiss Property AG (Switzerland), Dachang Zehnder Indoor Climate Co. Ltd (China).

Consolidation PrinciplesGeneralThe data presented in the consolidated financial statements are based on uniform consoli-dation principles which apply to all Group companies.

Intergroup receivables and payables as well as revenues and expenses are eliminated in the consolidated statements.

Intercompany business was undertaken at market prices, and intermediate profits in inven-tories were eliminated.

The consolidated balance sheet and income statement of the Zehnder Group are based on the audited financial statements of the companies included in the consolidation matrix for the year ended 31 December.

Consolidation Matrix and Principles

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Foreign currency translationFor the year under review, the financial statements of subsidiaries which report in currencies other than the euro were translated into euro (EUR) as follows:

balance sheet figures at year-end rates, income statement figures at average-for-the-year rates.

Differences arising from applying these disparate exchange rates as well as foreign ex-change differences on long-term loans of an equity nature to Group companies were booked direct to consolidated equity capital.

The most important exchange rates used for consolidation are shown in the following table:

CHF 1 USD 1 GBP 1 CNY 100 PLN 100 TRY 100

Year-end rates

2011 0.8219 0.7723 1.1936 12.16 22.58 40.61

2010 0.8023 0.7546 1.1675 11.45 25.23 48.60

Average-for-the-year rates

2011 0.8127 0.7190 1.1528 11.14 24.41 43.04

2010 0.7247 0.7549 1.1661 11.17 25.10 50.14

Capital consolidationCapital is consolidated to show equity capital as if the Group were one single company. To do this, it is necessary to offset the net worth of consolidated companies against the capital allotted to them.

Basically, capital is consolidated in accordance with the Anglo-Saxon purchase method. The assets and liabilities of the consolidated subsidiary are valued on the date of the first consolidation in accordance with the Group’s guidelines. After this revaluation or “step up”, any goodwill remaining (positive difference between the purchase price and the total dis-closed equity capital of the acquired company after revaluation) is directly charged to the Group’s equity capital in the year of acquisition.

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The balance sheets of all subsidiaries of Zehnder Group AG have been valued according to uniform valuation principles in accordance with the Swiss accounting and reporting recom-mendations (Swiss GAAP FER). The financial reporting gives a true and fair view of the fi-nancial position, the results of operations and the cash flows. The consolidation principles as well as the accounting and valuation principles applied remained unchanged year on year.

1. Liquid assets, financial assets and securitiesCash, postal checking account, and bank balances are shown at nominal values.

2. Trade accounts receivableTrade accounts receivable are shown at nominal value less allowances for specific currency or credit risks as well as general allowances for bad and doubtful debts. The latter are based on experience.

3. InventoriesInventories are valued on the lower of cost or market principle. Purchased products are valued at acquisition cost and manufactured goods at production cost. Production costs comprise variable manufacturing costs and manufacturing overheads. Valuation adjust-ments are under taken for risks arising from time in storage or reduced marketability. Unreal-ized profits in inventories from intergroup deliveries are eliminated. Any supplier discounts are netted with the cost of materials.

4. Property, plant and equipmentProperty, plant and equipment are shown in the consolidated balance sheet at acquisition or manufacturing cost (for self-constructed assets) less depreciation and valuation adjust-ments from impairment. The following terms of useful life are applicable for the main items contained in property, plant and equipment:

Buildings 35 to 50 years

Installations 10 to 20 years

Machines and equipment 5 to 15 years

Furniture 5 to 10 years

Computer hard- and software 3 to 5 years

Vehicles 3 to 5 years

The straight-line method of depreciation is applied for all tangible fixed assets. In general, depreciation commences from the time the asset is put into operation. Plant under con-struction is not depreciated.

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Accounting and Valuation Principles

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Minor assets to a value of up to EUR 3,000 are charged directly as expenses to the income statement. Investments financed through long-term leases are shown on the balance sheet. Expenses for operating leasing are charged directly to the income statement.

Costs for maintenance, repairs, and minor renovations are charged as expenses to the in-come statement when they occur. Major renovations and investments are capitalized if they result in appreciation of value.

Impairment reviews of property, plant and equipment are undertaken annually; this can lead to unplanned write-offs.

5. Financial assets and loans Holdings with a voting interest of less than 20 % and loans are valued at nominal or acquisi-tion cost less appropriate valuation adjustments.

6. Intangible assetsAcquired intangible assets are recognized at acquisition cost and written down over 3 to 10 years. Internally generated intangible assets are fully charged to the income statement.

7. Trade accounts payable and other liabilitiesTrade accounts payable and other liabilities are shown at nominal value. They include short-term tax liabilities, shown in the balance sheet on the basis of the results for the reporting year. This item also includes taxes on the proposed distribution of profits by subsidiaries.

8. ProvisionsProvisions are made for pension and retirement plans, to cover recognizable risks such as warranty, litigation, currency, and country risks, and to fund ongoing restructuring meas-ures. They also include provisions for deferred taxes. These arise from differences in indi-vidual company accounts between Group assessment and assessment for tax purposes. Such differences can lead to a time lag before taxes on income are due. Deferred taxes are calculated on the basis of taxes on earnings payable per country. Actual tax expenditure in the foreseeable future is not taken into consideration. The provisions for taxes also include provisions for offsetting risks resulting from tax audits.

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In most countries, pension and retirement plans are state organised. One of our German companies has a pension plan in addition to the state scheme. Its liabilities in this respect are recognized in the balance sheet under provisions.

9. Pension funds Employees of the Swiss Group companies are registered with a legally independent founda-tion that provides benefits in addition to state pensions. The foundation is funded through investment income and premiums paid by both employers and employees. The contribu-tions payable are set out in the regulations.

Swiss GAAP FER 16 requires that the reserve for employer contributions be disclosed. This reserve is made up of prepayments of future employer contributions to the pension fund.

The economic effects of pension plans on the company are presented as follows: Although the capitalization of economic benefit would be admissible, it is not undertaken because the company does not intend to use this to lower employer contributions. Any benefit resulting from freely disposable employer contribution reserves is recognized as an asset. An eco-nomic liability is recognized if the conditions for forming a provision are met. The employer contributions to the pension fund for the reporting period are recognized in the income statement.

10. Derivative financial instrumentsDerivative financial instruments are used exclusively for hedging purposes. The same valu-ation principles apply as for the hedged underlying transaction: Valuation is undertaken ac-cording to the lower of cost or market principle, i. e. for assets either the current value or the acquisition cost, whichever is lower; for liabilities either the current value or the nominal value.

There are no acquisition costs if the hedged underlying transaction involves contractually agreed future cash outs. Such situations are disclosed in the notes to the financial state-ments. The transaction is only recognized in the income statement once it has been realized.

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1. Liquid assets The reasons for changes in liquid assets are set out in the cash flow statement. Liquid assets amounted to EUR 65.5 million (2010: EUR 75.4 million) whereas interest-bearing financial liabilities reached EUR 33.6 million (2010: EUR 32.5 million). Thus, at year end, net liquidity amounted to EUR 31.9 million (2010: EUR 42.9 million).

2. Accounts receivable All reported accounts receivable from sales and services as well as the other receivables are due within one year.

EUR million 31.12.2011 31.12.2010

Accounts receivable gross * 111.0 104.2

Valuation adjustments – 4.9 – 4.7

Accounts receivable net 106.2 99.4

* of which more than 12 months overdue gross 2.1 0.5

The increase in gross accounts receivable overdue for more than 12 months is primarily attributable to long-term business projects in China.

3. Inventories

EUR million 31.12.2011 31.12.2010

Raw materials 38.3 32.9

Semi-finished products and goods in process 4.7 4.9

Finished products 32.5 27.1

Valuation adjustments – 7.8 – 7.3

Total inventories 67.7 57.6

Notesto the Consolidated Financial Statements

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4. Development of fixed assets

EUR million Tangible fixed assets La

nd /

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Net book value at 1.1.2011 88.4 40.5 5.1 133.9

Acquisition or current book value

Status 1.1.2011 158.0 234.2 5.1 397.3

Investments 8.4 8.2 18.2 34.9

Disposals – 2.4 – 5.2 – – 7.6

Changes in consolidation matrix 0.1 0.4 – 0.5

Reclassifications 0.2 4.8 – 5.2 – 0.2

Currency effects 1.5 0.9 0.6 3.0

Status 31.12.2011 165.8 243.4 18.7 427.9

Accumulated valuation adjustments

Status 1.1.2011 – 69.6 – 193.8 – – 263.4

Ordinary depreciation – 3.9 – 13.1 – – 17.0

Extraordinary depreciation – – – –

Disposals 2.4 4.4 – 6.8

Changes in consolidation matrix – 0.1 – 0.3 – – 0.4

Reclassifications – 0.1 – 0.1

Currency effects – 0.6 – 1.1 – – 1.8

Status 31.12.2011 – 71.9 – 203.8 – – 275.6

Net book value at 31.12.2011 94.0 39.7 18.7 152.3

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EUR million Tangible fixed assets La

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Net book value at 1.1.2010 81.3 38.5 4.2 124.0


Status 1.1.2010 145.6 217.9 4.2 367.7

Investments 3.0 6.5 10.5 20.0

Disposals – 3.6 – 7.9 – – 11.4

Changes in consolidation matrix – – – –

Reclassifications 1.8 7.9 – 9.8 – 0.1

Currency effects 11.1 9.8 0.1 21.1

Status 31.12.2010 158.0 234.2 5.1 397.3


Status 1.1.2010 – 64.3 – 179.4 – – 243.7

Ordinary depreciation – 3.7 – 13.0 – – 16.8

Extraordinary depreciation – – – –

Disposals 3.3 7.4 – 10.7


Reclassifications – – – –

Currency effects – 4.9 – 8.8 – – 13.7

Status 31.12.2010 – 69.6 – 193.8 – – 263.4

Net book value at 31.12.2010 88.4 40.5 5.1 133.9

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Res

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Net book value at 1.1.2011 2.0 0.2 3.0 5.2


Status 1.1.2011 3.8 0.6 3.0 7.5

Investments – 0.2 0.1 0.2

Disposals – – – –



Currency effects – – 0.1 0.1

Status 31.12.2011 3.9 0.8 3.2 7.8


Status 1.1.2011 – 1.8 – 0.5 – – 2.3

Ordinary amortization – – – –

Extraordinary amortization – – – –




Currency effects – – – –

Status 31.12.2011 – 1.8 – 0.5 – – 2.3

Net book value at 31.12.2011 2.0 0.3 3.2 5.5

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EUR million Financial assets Fi

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Net book value at 1.1.2010 0.1 0.2 2.5 2.8


Status 1.1.2010 1.9 0.6 2.5 5.0

Investments 1.8 – – 1.8




Currency effects 0.2 – 0.5 0.7

Status 31.12.2010 3.8 0.6 3.0 7.5


Status 1.1.2010 – 1.8 – 0.4 – – 2.2

Ordinary amortization – – 0.1 – – 0.1

Extraordinary amortization – – – –




Currency effects – – – –

Status 31.12.2010 – 1.8 – 0.5 – – 2.3

Net book value at 31.12.2010 2.0 0.2 3.0 5.2

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EUR Million 2011 2010

Intangible assets

Net book value at 1.1. 2.3 1.7


Status 1.1. 8.3 9.7

Investments 0.7 1.2

Disposals – 0.7 – 3.3

Changes in consolidation matrix – –

Reclassifications 0.2 0.1

Currency effects 0.1 0.6

Status 31.12. 8.6 8.3


Status 1.1. – 6.0 – 8.0

Ordinary amortization – 0.8 – 0.8

Extraordinary amortization – –

Disposals 0.7 3.3

Changes in consolidation matrix – –

Reclassifications – 0.1 –

Currency effects – – 0.5

Status 31.12. – 6.3 – 6.0

Net book value at 31.12. 2.3 2.3

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The insurance value of buildings amounted to EUR 174.4 million (2010: EUR 165.8 million) and that of plant totalled EUR 250.1 million (2010: EUR 245.4 million).

Investments in tangible fixed assets were undertaken in the following regions:


Europe 15.6 15.2

Switzerland 14.0 1.7

Other regions [1] 5.3 3.1

Total 34.9 20.0

[1] China, USA, others

5. Trade accounts payable /other liabilities /accruals and deferred income / loansThe above items fall due as set out in the table below.

EUR million

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Trade accounts payable 25.6 – –

Other liabilities 41.1 0.7 –

Accruals and deferred income 28.1 – –

Loans 2.6 22.7 8.3

Total 97.3 23.4 8.3

The accruals and deferred income item includes current tax liabilities in the amount of EUR 2.5 million (2010: EUR 4.0 million).

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6. Provisions

EUR million

Pro

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Pen

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Book value at 1.1.2011 12.5 8.6 8.2 13.6 42.8

New provisions 0.2 0.6 – 2.1 2.8

Use – – – 3.3 – 3.0 – 6.3

Reversals – 1.0 – – – 1.6 – 2.6

Changes in consolidation matrix – – – 0.1 0.1

Currency effects 0.1 – 0.2 0.2 0.4

Book value at 31.12.2011 11.8 9.2 5.0 11.2 37.2

of which short term – – 3.3 0.6 3.9

Book value at 1.1.2010 12.8 8.0 9.3 12.8 42.9

New provisions – 0.6 – 5.0 5.7

Use – 0.2 – – 1.8 – 2.4 – 4.4

Reversals – 0.9 – 0.1 – 0.9 – 2.5 – 4.4

Changes in consolidation matrix – – – – 0.4 – 0.4

Currency effects 0.8 0.1 1.5 1.1 3.5

Book value at 31.12.2010 12.5 8.6 8.2 13.6 42.8

of which short term – – 2.0 0.4 2.4

The provisions for taxes include deferred taxes as well as other provisions for taxes in accordance with point 8 of the accounting and valuation principles on page 77.

The discount rate for German pension commitments was 6 %.

Provisions for restructuring are calculated annually and adjusted accordingly. We assume that there is a high likelihood of these provisions being used.

The other provisions are primarily provisions for guarantees, for contaminated sites and dismantling real estate, and for pending legal proceedings.

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7. Equity capitalOn 31 December 2011, the equity ratio was 59 % (2010: 57 %). The factors that contributed to changes in consolidated equity are presented in the consolidated statement of changes in equity.

In addition to a dividend of CHF 25 per bearer share and of CHF 5 per registered share, the Annual General Meeting of Shareholders of Zehnder Group AG held on 20 May 2011 approved the repayment of the par value of CHF 50 per bearer share and CHF 10 per reg-istered share as well as a 1:40 share split.

Since the par value repayment and the share split in August 2011, the share capital now totals CHF 14.7 million (2010: CHF 29.3 million), corresponding to EUR 10.1 million (2010: EUR 20.1 million) at the exchange rate on 1.1.2003. It is now made up of 9,756,000 bearer shares with a par value of CHF 1.25 each (2010: 243,900 bearer shares at CHF 100 each), and 9,900,000 registered shares with a par value of CHF 0.25 each (2010: 247,500 regis-tered shares at CHF 20 each).

The statutory and legal reserves and those not available for distribution amounted to EUR 9.2 million (2010: EUR 14.2 million).

Bea

rer

shar

es

units

Valu

e p

er u

nit

EU

R

Valu

e E

UR

1,0

00

Own shares at 1.1.2011 [1] 82,920 [2] 26.70 2,214

Nominal value repayment – 53

Sale at (theoretical) market price – 26,080 38.18 – 996

Loss (gain) from sale 270

Purchase at acquisition price 26,400 42.29 1,116

Own shares at 31.12.2011 83,240 [2] 30.65 2,551

[1] The prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).[2] of which 51,480 (1.1.) or 56,840 (31.12.) reserved for the option program

The shares were sold with a discount of 30 % to management staff participating in a stock ownership plan.

Major shareholders as defined in Art. 663c of the Swiss Code of Obligations (company law) are disclosed in the individual financial statements of Zehnder Group AG.

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8. Contingent liabilities At end 2011 there were guarantee obligations vis-à-vis third parties totalling EUR 24.8 million (2010: EUR 24.7 million).

9. Pledged assetsOf the group’s total assets, EUR 20.6 million served as collateral (2010: EUR 22.1 million). The pledged assets were exclusively land and buildings.

10. Liabilities to pension fundsAt 31 December 2011, the Swiss Group companies had liabilities vis-à-vis mandatory pen-sion funds in the amount of EUR 0.6 million (2010: none).

11. Accounts receivable and payable vis-à-vis not fully consolidated companies and shareholdersAs in the previous year there were no accounts receivable from or payable to not fully consolidated companies. As in the previous year there were no accounts receivable from known shareholders. Accounts payable to known shareholders amounted to EUR 0.4 million (2010: none).

12. Deferred tax assetsThere are a few companies that have tax loss carryforwards. In view of their economic situ-ation and the legally limited period over which such carryforwards can be exploited, de-ferred tax assets are not capitalized.

13. Transactions with closely associated personsIn the reporting year no transactions with closely associated persons were undertaken.

14. Minority interestsDuring the reporting year Zehnder Group undertook no significant transactions with third party shareholders in subsidiaries with the exception of fulfilling existing obligations.

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15. Derivative financial instruments

EUR million 31.12.2011 active value

31.12.2011 passive value

31.12.2010 active value

31.12.2010 passive value

purpose

Foreign exchange 0.3 – 0.6 – hedging

Interest – – – – hedging

Total 0.3 – 0.6 –

16. Operating leasing not recognized in the balance sheetCurrent operating leasing contracts expire as follows:

EUR million 31.12.2011 31.12.2010

within 12 months 2.3 2.5

in 13 – 60 months 5.1 5.6

in more than 60 months 1.7 2.1

Total 9.2 10.2

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17. Employer contribution reserves and pension fund liabilities This disclosure refers to the Swiss pension funds. Please see point 9 of the accounting and valuation principles on page 78.

Employer contribution reserve (ECR) in EUR 1,000 2011 N

omin

al v

alue

31

.12.

2011

Not

util

ized

31

.12.

2011

Oth

er v

alua

tion

adju

stm

ents

31

.12.

2011

Bal

ance

she

et

31.1

2.20

11

Bal

ance

she

et

31.1

2.20

10

Cur

renc

y ef

fect

s re

sulti

ng fr

om E

CR

20

11

Res

ult

from

EC

R in

fina

ncia

l ear

ning

s 20

11

Pension trust fund 3,162 – – 3,162 3,025 75 62

Personnel pension fund Zehnder Group – – – – – – –

Total 3,162 – – 3,162 3,025 75 62

Employer contribution reserve (ECR) in EUR 1,0002010 N

omin

al v

alue

31

.12.

2010

Not

util

ized

31

.12.

2010

Oth

er v

alua

tion

adju

stm

ents

31

.12.

2010

Bal

ance

she

et

31.1

2.20

10

Bal

ance

she

et

31.1

2.20

09

Cur

renc

y ef

fect

s re

sulti

ng fr

om E

CR

20

10

Res

ult

from

EC

R in

per

sonn

el e

xpen

ses

200

9

Pension trust fund 3,025 – – 3,025 2,535 491 – 292

Personnel pension fund Zehnder Group – – – – – – – 10

Total 3,025 – – 3,025 2,535 491 – 302

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Economic benefits / economic liabilities and pension expenses in EUR 1,000 2011 E

xces

s / i

nad

equa

te c

over

31

.12.

2011

Eco

nom

ic s

hare

of o

rgan

izat

ion

31.1

2.20

11

Eco

nom

ic s

hare

of o

rgan

izat

ion

31.1

2.20

10

Cap

italiz

ed in

bus

ines

s ye

ar

2011

Con

trib

utio

ns a

ccru

ed

2011

Pen

sion

exp

ense

s in

per

sonn

el e

xpen

ses

2011

Pen

sion

exp

ense

s in

per

sonn

el e

xpen

ses

2010

Pension trust fund 611 – – – – – –

Pension fund 153 – – – 3,531 3,531 3,399

Total 764 – – – 3,531 3,531 3,399

Economic benefits / economic liabilities and pension expenses in EUR 1,0002010 E

xces

s / i

nad

equa

te c

over

31

.12.

2010

Eco

nom

ic s

hare

of o

rgan

izat

ion

31.1

2.20

10

Eco

nom

ic s

hare

of o

rgan

izat

ion

31.1

2.20

09

Cap

italiz

ed in

bus

ines

s ye

ar

2010

Con

trib

utio

ns a

ccru

ed

2010

Pen

sion

exp

ense

s in

per

sonn

el e

xpen

ses

2010

Pen

sion

exp

ense

s in

per

sonn

el e

xpen

ses

200

9

Pension trust fund 480 – – – – – –

Pension fund 1,377 – – – 3,399 3,399 2,970

Total 1,857 – – – 3,399 3,399 2,970

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18. SalesConsolidated sales in 2011 grew by 8 % to EUR 515.4 million (2010: EUR 475.9 million). Organically and with unchanged exchange rates the increase was also 8 %.

2011 2011 %

2010 2010 %

Sales by region and segment

Radiators Europe EUR Million 307.7 59.7 295.4 62.1

change from prior year % 4.2 3.9

Radiators USA EUR Million 20.8 4.0 21.7 4.6

change from prior year % – 4.5 12.6

Radiators China EUR Million 19.7 3.8 18.0 3.8


Total radiators EUR Million 348.2 67.6 335.1 70.4


Ventilation Europe EUR Million 153.4 29.8 132.6 27.9


Ventilation USA EUR Million 7.0 1.4 5.3 1.1


Ventilation China EUR Million 6.7 1.3 3.0 0.6


Total ventilation EUR Million 167.1 32.4 140.8 29.6


Total Europe EUR Million 461.1 89.5 428.0 89.9


Total USA EUR Million 27.8 5.4 27.0 5.7


Total China EUR Million 26.5 5.1 20.9 4.4


Total EUR Million 515.4 100.0 475.9 100.0


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19. Cost of materials and personnel costs The cost of materials increased by 11% in the reporting year primarily because of higher production volume and changes in the purchase price. Some 2 % (2010: 3 %) of the cost of materials is attributable to services sourced from third parties. Personnel costs rose by 10 %.

Social security and pension fund expenditure amounted to 23 % of total personnel costs. Personnel figures in the past three years developed as follows (as at 31 December):

2011 2010 2009

By region

Europe 2,081 1,998 1,884

Switzerland 331 313 300

Other regions [1] 682 634 683

Total employees 3,094 2,945 2,867

[1] China, USA, others

20. Other operating expensesThe other operating expenses break down as follows:


Operating expenses – 40.2 – 39.9

Marketing and advertising expenses – 41.0 – 38.5

Administration expenses – 23.2 – 18.3

Total – 104.3 – 96.7

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21. Financial result


Financial expenses – 1.9 – 2.0

Financial earnings 0.7 0.7

Exchange gains /(losses) 2.5 1.8

Total financial result 1.3 0.5

22. Taxes The tax ratio (taxes in percent of earnings before taxes) was 22 % (2010: 25 %).


Current taxes – 12.1 – 13.4

Deferred taxes 0.8 0.7

Total taxes – 11.3 – 12.7

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23. GoodwillIn accordance with the consolidation principles, Zehnder Group directly nets acquired goodwill with equity at the time of first consolidation.

If the parts of the acquired goodwill that could be capitalized had been capitalized and writ-ten down over a period of five years, the following figures would have resulted:

31.12.2011 31.12.2010

Impact of theoretical capitalization of goodwill on balance sheet

Disclosed equity inclusive minority interests EUR million 239.7 217.4

Equity ratio % 59.0 57.5

Acquisition value of goodwill

Status at beginning of business year EUR million 93.1 95.0

Additions EUR million 1.9 2.3

Disposals EUR million – 0.6 – 4.2

Status at end of business year EUR million 94.4 93.1

Accumulated amortization

Status at beginning of business year EUR million – 76.6 – 66.2

Amortization in current year EUR million – 8.4 – 10.4

Impairment EUR million – –

Disposals EUR million – –

Status at end of business year EUR million – 85.0 – 76.6

Theoretical net book value of goodwill EUR million 9.4 16.5

Theoretical equity inclusive minority interests and net book value of goodwill EUR million 249.1 233.9

Theoretical equity ratio % 60.0 59.2

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2011 2010

Impact of theoretical capitalization of goodwill on results

Disclosed net income EUR million 41.1 38.2

Theoretical amortization of goodwill EUR million – 8.4 – 10.4

Net income after amortization of goodwill EUR million 32.7 27.8

As in 2010, no impairment of value was noted on the theoretically capitalized and correctly amortized goodwill.

24. Options and shares grantedEvery year, members of Group management are granted options on bearer shares with a subscription ratio of 1:1 (since 2006). 60 –70 % of the allocated options are hedged with shares bought on the market (see note 7, page 87).

Allocated options units [1]

Exercise price CHF [1]

31.12.2011 Outstanding

options units [1]

31.12.2010 Outstanding

options units [1]

Allocated options

Allocation day Exercise period

1 March 2006 2 March 2011 –1 March 2014 13,040 48.53 5,520 8,240





1 March 2011 2 March 2016 –1 March 2019 14,480 62.50 13,760 –

Total 81,840 58,800 50,960

[1] The prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).

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The allocated options are cancelled if a holder leaves the company during the five-year vest-ing period. The number of options and the average exercise price are made up as follows:

2011 Average

exercise price CHF

2011 Options

units

2011 Average

exercise price CHF [1]

2010 Options

units [1]

Outstanding options

Outstanding options at 1.1. 40.01 50,960 40.16 41,680

Allocated options 62.50 14,480 37.93 14,080

Cancelled options 44.01 – 4,400 35.23 – 4,800

Exercised options 48.53 – 2,240 –

Outstanding options at 31.12. 44.25 58,800 40.01 50,960

Exercisable options at 31.12. 48.53 5,520 –


The market value of shares issued is based on the share price, taking into account the conditions under which the shares were allocated (for example the vesting period).

The difference between market value at the time of purchase and the purchase price is recognised in personnel costs.

2011 2010 [1]

Shares granted

Shares granted Number 21,040 23,680

Fair value per share at valuation date CHF 62.75 36.35

Personnel costs CHF 327,000 256,000


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25. Events after the balance sheet dateZehnder Group AG increased its investment in Sanpan Isitma Sistemleri Sanayi ve Ticaret Ltd, which it has held since 2006, from 51% to 100 % as at 5 January 2012. Both parties have agreed not to disclose details of the price.

The financial statements for 2011 were approved by the board of directors on 1 March 2012, subject to approval by the annual general meeting on 24 April 2012.

26. Disclosure of compensation paid to the board of directors and the executive committeePlease refer to the disclosure in the individual financial statements of Zehnder Group AG on page 108.

27. Risk assessmentZehnder Group operates a risk assessment process, which was approved by the board of directors. The risk policy defines a structured process which, in turn, specifies how business risks are to be monitored; it is an integral part of midterm planning. In this process risks are identified, analysed with regard to probability and magnitude, assessed, and measures for risk control are determined. Each member of the Group executive committee is required to implement the measures in his area of responsibility. The board is periodically informed on significant changes in risk assessment as well as on risk management activities undertaken. The internal control system for financial reporting defines control measures to reduce the various risks. Compliance with the internal guidelines is monitored through internal spot checks and periodically by external specialists.

Financial risks are monitored via the treasury department of Zehnder Group under the lead-ership of the CFO. Risk management focuses on the recognition, analysis and hedging of foreign exchange, interest, liquidity and counterparty risks in order to limit their impact on cash flow and net result.

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Act

ivity

Cap

ital s

tock

Inte

rest

in %

Con

solid

ated

Belgium

Mechelen Zehnder Group Belgium nv / sa S 300,000 100 fully

China

Dachang Dachang Zehnder Indoor Climate Co. Ltd P 10,000,000 73 fully

Peking Zehnder (China) Indoor Climate Co. Ltd S / P 228,250,000 73 fully

Shanghai Shanghai Nather Air Tech Co. Ltd S 500,000 51 fully

Shanghai Shanghai Zehnder Comfosystems Co. Ltd S USD 400,000 100 fully

France

Châlons-en-Champagne Zehnder Group Châlons-en-Champagne SAS P 3,300,000 100 fully

Evry Acova SAS S 6,922,350 100 fully

Evry Zehnder Group Participations SAS O 7,744,000 100 fully

Evry Zehnder Group Services SAS S / O 252,500 100 fully

Evry Zehnder SAS S 1,776,000 100 fully

Saint Quentin HET Transport & Logistique SAS O 687,000 100 fully

Vaux Andigny Zehnder Group Vaux Andigny SAS P 4,200,000 100 fully

Germany

LahrZehnder Group Deutschland GmbH (formerly Acova GmbH) O 1,000,000 100 fully

Lahr Zehnder GmbH S / P 15,000,000 100 fully

LahrZehnder Group Deutschland Holding GmbH (formerly Zehnder Group Deutschland GmbH) O 2,100,000 100 fully

Lahr Zehnder Group Grundstücksverwaltungs-GmbH O 1,100,000 100 fully

Reinsdorf Paul Wärmerückgewinnung GmbH S / P 2,100,000 100 fully

Italy

Campogalliano Zehnder Tecnosystems S.r.l. S 80,000 100 fully

Lallio Runtal Italia S.r.l. S 125,000 100 fully

Lallio Zehnder Group Italia S.r.l. S 750,000 100 fully

Vedelago Nest Italia S.r.l. S / P 99,000 100 fully

Overview of

Companies

Status 31.12.2011, only active companies, countries in alphabetical order

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Cap

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tock

Inte

rest

in %

Con

solid

ated

Netherlands

Zwolle Zehnder Group Nederland BV S / P 907,560 100 fully

Zwolle Zehnder Nederland BV S 18,000 100 fully

Poland

Boleslawiec Zehnder Group Boleslawiec Sp. z o.o. P 51,280,000 100 fully

Wroclaw Zehnder Polska Sp. z o.o. S 4,000,000 100 fully

Russia

Moscow OOO «Zehnder GmbH», Russia S 1,866,000 100 fully

Spain

BarcelonaZehnder Group Iberica Indoor Climate SA (formerly Runtal Radiadores S.A.) S 300,500 100 fully

Sweden

Täby Zehnder Group Nordic AB S 6,400,000 100 fully

TäbyZehnder Group Motala AB (formerly Zehnder Group Sweden Holding AB) P 120,000 100 fully

Switzerland

Gränichen Runtal Holding Company SA O 220,000 100 fully

Gränichen Zehnder Group AG O 14,670,000 fully

Gränichen Zehnder Group Management AG O 250,000 100 fully

Gränichen Zehnder Group Produktion Gränichen AG P 2,900,000 100 fully

GränichenZehnder Group International Ltd (formerly Zehnder Group Radimex AG) O 1,000,000 100 fully

Gränichen Zehnder Group Schweiz AG S 500,000 100 fully

Gränichen Zehnder Verkaufs- und Verwaltungs-AG O 100,000 100 fully

Gränichen Zehnder Group Swiss Property AG O 2,000,000 100 fully

Wädenswil Zehnder Comfosystems Cesovent AG S 100,000 100 fully

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Cap

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Inte

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in %

Con

solid

ated

Turkey

Manisa Hotpan Isitma Sistemleri Pazarlama ve Ticaret Ltd S 50,000 51 fully

Manisa Sanpan Isitma Sistemleri Sanayi ve Ticaret Ltd S / P 4,480,000 51 fully

UK

Camberley Zehnder Group UK Limited S 3,500,002 100 fully

London Zehnder Group UK Holdings Limited O 20,000,000 100 fully

RustingtonVentilation Holding UK Ltd (Greenwood Air Management Ltd) S / P 3,400,002 100 fully

St. Peter Port Zehnder Group Finance Ltd O EUR 82,985,738 100 fully

USA

Buffalo NY Hydro-Air Components, Inc. S / P 55,950 100 fully

Greenland NH Zehnder America, Inc. S 10 100 fully

Ward Hill MA Runtal North America, Inc. S / P 193,322 100 fully

Ward Hill MA Steam Radiators Business Trust S 200 100 fully

Ward Hill MA Zehnder Group US Holdings, Inc. O 30 100 fully

Share capital in local currency unless otherwise stated

P: productionS: salesO: other functions

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Aud

itor

As statutory auditor, we have audited the accompanying consolidated financial statements of Zehnder Group Ltd, which comprise the balance sheet, income statement, cash flow statement, statement of changes in equity and notes, as presented on pages 69 through 101, for the year ended 31 December 2011.

Board of Directors’ ResponsibilityThe board of directors is responsible for the preparation and fair presentation of the con-solidated financial statements in accordance with Swiss GAAP FER and the requirements of Swiss law. This responsibility includes designing, implementing and maintaining an inter-nal control system relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. The board of directors is further responsible for selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.

Auditor’s ResponsibilityOur responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Swiss law and Swiss Auditing Standards. Those standards require that we plan and perform the audit to obtain reason-able assurance whether the consolidated financial statements are free from material mis-statement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk as-sessments, the auditor considers the internal control system relevant to the entity’s prepara-tion and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control system. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made, as well as evaluating the overall presentation of the consoli-dated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Report of the

Statutory Auditor

on the Consolidated Financial Statements to the General Meeting of Shareholders of Zehnder Group Ltd, Gränichen

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OpinionIn our opinion, the consolidated financial statements for the year ended 31 December 2011 give a true and fair view of the financial position, the results of operations and the cash flows in accordance with Swiss GAAP FER and comply with Swiss law.

Report on Other Legal RequirementsWe confirm that we meet the legal requirements on licensing according to the Auditor Over-sight Act (AOA) and independence (article 728 CO and article 11 AOA) and that there are no circumstances incompatible with our independence.

In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890, we confirm that an internal control system exists, which has been designed for the prepa-ration of consolidated financial statements according to the instructions of the board of directors.

We recommend that the consolidated financial statements submitted to you be approved.

KPMG AG

Orlando Lanfranchi Daniel SpichigerLicensed Audit Expert Licensed Audit ExpertAuditor in Charge

Basel, 1 March 2012

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Balance SheetZehnder Group AG

CHF million Notes page 106 ff

2011 31 December

2010 31 December

Assets

Current assets

Liquid assets 12.7 9.0

Securities and financial investments 1 4.3 4.7

Accounts receivable from Group companies 13.6 16.7

Prepayments and accrued income 0.1 –

Total current assets 30.8 30.4

Financial assets

Participations 2 298.3 290.7

Loans to Group companies 135.0 94.8

Total financial assets 433.3 385.5

Total assets 464.2 415.9

Liabilities & shareholders’ equity

Short-term liabilities

Short-term liabilities to Group companies 2.1 2.4

Short-term liabilities to third parties 0.5 1.7

Short-term loans to Group companies 55.7 27.8

Accruals and deferred income 0.9 1.3

Total short-term liabilities 59.3 33.2

Long-term liabilities

Long-term liabilities to third parties 0.9 1.1

Long-term loans third parties 10.0 10.0

Provisions 59.8 59.8

Total long-term liabilities 70.7 70.9

Shareholders’ equity

Share capital 3 14.7 29.3

General legal reserves 46.5 46.5

Legal reserve for own shares 3.8 3.1

Special reserves 0.3 0.9

Profit carried forward 224.7 216.1

Net income for the year 44.4 15.9

Total shareholders’ equity 334.2 311.8

Total liabilities and shareholders’ equity 464.2 415.9

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Income StatementZehnder Group AG

CHF million Notes page 106 ff

2011 2010

Income

Dividend income 4 48.3 20.2

Interest income 5.5 5.0

Other operating income 2.2 2.1

Total income 56.0 27.3

Expenses

Personnel expenses – 0.8 – 0.4

Interest and other financial expenses – 8.3 – 8.6

Other expenses – 2.4 – 2.4

Total expenses – 11.6 – 11.4

Net income for the year 44.4 15.9

" In

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General commentsAs Zehnder Group AG has a pure holding-company function, the point must be made that the income development of this company in no way reflects the present or future profitabil-ity of Zehnder Group. Hence the development of the Group as set out in the consolidated financial statements – and not the individual financial statements of Zehnder Group AG – is decisive for the board of directors for their dividend proposal. The aim of the dividend policy laid down by the board of directors is to pay out some 30 % of the consolidated net income of Zehnder Group to its shareholders.

The balance sheet and income statement are drawn up in line with Swiss company law.

1. Securities and financial investments The table below shows the development of this item.

Bea

rer

sh

ares

un

its [1

]

Valu

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er

shar

e

CH

F [1

]

Valu

e

CH

F

Own shares at 1.1.2011, trading portfolio 31,440 56.75 1,784,220

Nominal value repayment – 5,500

Shares sold – 23,840 51.73 – 1,233,252

Loss from sale – 119,668

Shares bought 26,400 52.37 1,382,697

Unrealized price loss at 31.12.2011 – 21,557

Reclassifications – 7,600 56.75 – 431,300

Own shares at 31.12.2011, trading portfolio 26,400 51.35 1,355,640

Own shares at 1.1.2011, Long Term Stock Option Plan 51,480 56.75 2,921,490

Nominal value repayment – 71,350

Shares sold – 2,240 64.84 – 145,231

Gain from sale 3,444

Shares bought –

Unrealized price loss at 31.12.2011 – 220,919

Reclassifications 7,600 56.75 431,300

Own shares at 31.12.2011, Long Term Stock Option Plan 56,840 51.35 2,918,734

Total securities at 1.1.2011 82,920 4,705,710

Total securities at 31.12.2011 83,240 4,274,374


Notes to the Financial Statements

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2. Participations The direct or indirect majority holdings decisive for the total value of the Group are set out in table form on pages 99 to 101 of this report.

3. Share capital

Bea

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ares

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its

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CH

F

Total at 1.1.2011 243,900 24,390,000

Total at 1.1.2011 247,500 4,950,000

Nominal value repayment 14,670,000

Share split 1:40 9,512,100 9,652,500

Total at 31.12.2011 9,756,000 9,900,000 14,670,000

In addition to a dividend of CHF 25 per bearer share and of CHF 5 per registered share, the Annual General Meeting of Shareholders of Zehnder Group AG held on 20 May 2011 ap-proved the repayment of the par value of CHF 50 per bearer share and CHF 10 per regis-tered share as well as a 1:40 share split.

Since the par value repayment and the share split in August 2011, the share capital now totals CHF 14.7 million (2010: CHF 29.3 million), corresponding to EUR 10.1 million (2010: EUR 20.1 million) at the exchange rate on 1.1.2003. It is now made up of 9,756,000 bearer shares with a par value of CHF 1.25 each (2010: 243,900 bearer shares at CHF 100 each), and 9,900,000 registered shares with a par value of CHF 0.25 each (2010: 247,500 regis-tered shares at CHF 20 each).

The unlisted registered shares (CHF 0.25 nominal value) are all directly or indirectly held by members of the Zehnder family or by persons closely associated with the family. The great majority of the registered shares is owned by Graneco AG (Switzerland), which is controlled by Messrs. H. P. Zehnder, H. J. Zehnder, A. Zehnder and P. Wiesendanger.

4. Dividend incomeThe dividend income comprises all dividends received by the company. These are gener-ally recognized before deduction of any withholding taxes.

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Disclosure of compensationCompensation for the present members of the board of directors

Notes page 112 ff

2011 units

2010 units [1]

2011 CHF

2010 CHF

Hans-Peter ZehnderChairman of the board and of the Group executive committee

Fixed cash compensation for board activity 80,000 50,000

Allocated shares for board activity 1 2,200 1,960 115,910 59,819

Fixed cash compensation for GEC activity 699,998 545,805

Variable cash compensation for GEC activity 2 410,000 436,600

Employer social security and pension contributions 3 167,503 140,523

Shares acquired 4 2,160 1,680 35,286 8,854

Options granted 5 320 320 2,659 2,407

Other payments 6 11,512 13,512

Total compensation 1,522,868 1,257,520


Notes page 112 ff

2011 units

2010 units [1]

2011 CHF

2010 CHF

Peter WiesendangerDeputy chairman of the board


Allocated shares for board activity 1 1,080 960 56,901 29,299


Total compensation 101,068 56,227


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Notes page 112 ff

2011 units

2010 units [1]

2011 CHF

2010 CHF

Thomas BenzMember of the board



Fixed cash compensation for additional services 5,906 –




Notes page 112 ff

2011 units

2010 units [1]

2011 CHF

2010 CHF

Paul MeierMember of the board up to 19.5.2010

Fixed cash compensation for board activity – 25,000

Allocated shares for board activity 1 – 960 – 29,299

Employer social security and pension contributions 3 – 3,285

Total compensation – 57,584


Notes page 112 ff

2011 units

2010 units

2011 CHF

2010 CHF

Urs BuchmannMember of the board as of 19.5.2010

Fixed cash compensation for board activity 40,000 –

Allocated shares for board activity 1 1,080 – 56,901 –

Fixed cash compensation for additional services 8,000 –

Employer social security and pension contributions 3 6,056 –

Total compensation 110,957 –

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Notes page 112 ff

2011 units

2010 units [1]

2011 CHF

2010 CHF

Enrico TissiMember of the board



Fixed cash compensation for additional services 238,004 238,004




Each member of the board is paid an expense allowance of CHF 2,000 or – provided the expenses exceed this sum – the actual expenses incurred are reimbursed.

Notes page 112 ff

2011 units

2010 units [1]

2011 CHF

2010 CHF

Total compensation paid to the present members of the board of directors


Allocated shares for board activity 1 6,520 5,800 343,514 177,016

Fixed cash compensation for GEC activity 699,998 545,805

Variable cash compensation for GEC activity 2 410,000 436,600

Fixed cash compensation for additional services 251,910 238,004


Shares acquired 4 2,160 1,680 35,286 8,854

Options granted 5 320 320 2,659 2,407




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Compensation for the Group executive committeeHans-Peter Zehnder is chairman of the Group executive committee. Disclosure of his com-pensation is set out under compensation for present members of the board of directors. Consequently, his compensation is not set out again in this disclosure.

Notes page 112 ff

2011 units

2010 units [1]

2011 CHF

2010 CHF

Total compensation paid to the executive committee excl. Hans-Peter Zehnder

Fixed cash compensation 1,348,510 1,373,273

Variable cash compensation 2 843,853 824,388


Shares acquired 4 3,680 4,400 60,117 23,188

Options granted 5 960 1,280 7,977 9,626




The highest compensation for a member of the executive committee is paid to its chairman, Hans-Peter Zehnder (see compensation for present members of the board of directors).

Compensation for a former member of the board of directors

2011 CHF

2010 CHF

Hans-Jakob ZehnderHonorary president

Fixed cash compensation 80,000 50,000

Employer social security and pension contributions 3,255 1,676


Guarantees, etc.No Zehnder Group company has given guaranties, waivers of claims outstanding, credits or loans to present or former members of the board of directors, to members of the Group executive committee, or to persons closely associated with them.

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Notes to disclosure of compensation1. Allocated sharesCompensation for board activities is fixed and made up of a fee and a small expense allow-ance. Half the compensation must be drawn in bearer shares. These are allocated at a discount of 30 % on the purchase price. The bearer shares are subject to a three-year re-striction period.

Disclosure of the shares allocated in the reporting year is, as required for tax purposes, at market value at the time of allocation (and not at the purchase price less 30 % as described above).

2. Variable cash compensationThe variable cash compensation for the Group executive committee is made up of a profit-related, variable salary and an individual bonus. The variable part is paid out in the following year. It is calculated using a fixed formula based on the disclosed net income for the year as well as on individual compensation factors. The latter reflect such aspects as the complex-ity of the position held, personal experience and personal success. The variable salary can only be earned provided that net income for the year is positive. The targeted variable com-pensation for the chairman of the Group executive committee it ranges from 50 % to 100 % of the fixed basic salary. For all other members of the Group executive committee it ranges from 35 % to 75 % of the fixed basic salary. There is a contractually agreed upper limit for variable compensation for all members of the Group executive committee: for the chairman of the Group executive committee it is 100 %, for all other members 75 %. The individual bonus of up to a maximum of 10 % of the fixed basic salary is linked to reaching individual targets.

3. Employer social security and pension contributionsThese are employer contributions to state social security systems and / or independent pen-sion funds at home and abroad.

4. Acquired sharesMembers of the Group executive committee may take 10 % of their total compensation in the form of bearer shares. The regulations governing this were approved by the board of directors and also apply to other Group management personnel.

The bearer shares are sold with a 30 % discount on the purchase price to those who qual-ify; the shares are subject to a three-year restriction period.

The value disclosed under acquired shares corresponds to the market value for tax pur-poses at the time of purchase less the discounted purchase price.

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5. Options grantedOptions are granted in accordance with the Long Term Stock Option Plan (LTSOP).

This plan was approved by the board of directors and also applies to other Group manage-ment personnel. The options are not tradable, are locked up for a period of five years and – after the lock-up period – can be exercised over a period of three years. Management personnel may decline such options. If the options are not exercised they lapse and become worthless.

Each option carries the right to acquire one bearer share at a price fixed at the time of the allocation. For further information on employee options please refer to note 24 on page 96 in the notes to the consolidated financial statements.

Valuation of the options granted in the reporting year is based on the Black / Scholes for-mula. As this formula does not take into consideration various LTSOP restrictions (such as the lock-up period), the gross value is discounted in line with Black / Scholes.

6. Other paymentsThe other payments primarily include the legally required child benefit payments, the private share in a company car, and the right to eat in the subsidized staff restaurant.

Disclosure of ownership structureAccording to the information available to the board of directors, the following shareholder holds more than 3.0 % of the share capital of Zehnder Group AG:

" Alecta pensionsförsäkring, ömsesidigt, Stockholm (SE), holds 849,224 bearer shares, corresponding to 4.3 % of the votes (2010: 0.0 %).

For notification of disclosure of significant shareholdings please refer to the website of SIX Swiss Exchange [1].

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[1] " www.six-swiss-exchange.com/shares/companies/major_shareholders_en.html?fromDate=19980101&issuer=2375

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Members of the board of directors and of the Group executive committee, including persons closely associated with them, own the following shares and options:

201

1 B

eare

r sh

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its [1

]

2010

B

eare

r sh

ares

un

its [1

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201

1 R

egis

tere

d sh

ares

un

its [2

]

2010

R

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d sh

ares

un

its [2

]

201

1 O

ptio

ns

units

[3]

2010

O

ptio

ns

units

[3]

Hans-Peter Zehnder 102,776 134,800 4,999,701 4,736,160 1,600 1,600Chairman of the board and of the Group executive committee 0.5 % [4] 0.7 % [4] 25.4 % [4] 24.1 % [4]

Peter Wiesendanger 36,880 33,800 1,337,600 1,337,600 960 960Deputy chairman 0.2 % [4] 0.2 % [4] 6.8 % [4] 6.8 % [4]

Thomas Benz 19,600 18,520 – – – –Member of the board

Urs Buchmann 1,920 840 – – – –Member of the board

Enrico Tissi 7,960 6,880 – – – –Member of the board

Dominik Berchtold 7,800 5,880 – – 1,440 1,120Finance and Controlling

Stephen Grao 3,320 2,280 – – 960 640Americas / Asia-Pacific / International & UK

Felix Landert – 1,560 – – – 1,600Operations Europe up to 31.5.2011

Jürg Ammann 100 – – – – –Operations Europe as of 1.6.2011

Cyril Peysson 16,210 14,000 – – 1,920 1,600Sales and Marketing Western Europe

[1] Provided they were acquired under the employee share ownership program, some of these shares may be subject to a restriction period (see Corporate Governance: Content and procedures for determining compensation for the board of directors and the Group executive committee, and participation in shareholding programs, page 54). The prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).

[2] The great majority of the registered shares is owned by Graneco AG (Switzerland), which is controlled by Messrs. H. P. Zehnder, H. J. Zehnder, A. Zehnder and P. Wiesendanger. The registered shares are not listed. The prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).

[3] The prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107). For further details on options granted to management personnel please see note 24 on page 96.

[4] Share of total votes in % (only if > 0.1 %)

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Pledged assets and guaranteesThe company has guarantee obligations and pledged assets in favour of subsidiaries in the amount of EUR 24.2 million (2010: EUR 23.7 million).

The company has taken over a rental guarantee for two subsidiaries. There is no upper limit to this commitment.

The company has taken over a supply guarantee for one subsidiary for the supply of natural gas. There is no upper limit to this commitment.

The company has committed itself to balance the loss in excess of the free reserves of a subsidiary. There is no upper limit to this commitment.

The company has undertaken to guarantee all liabilities of a subsidiary vis-à-vis its creditors. There is no upper limit to this commitment.

The company belongs to a VAT group which comprises all the Swiss companies in Zehnder Group and is thus jointly and severally liable vis-à-vis the Swiss Federal Tax Administration for any VAT debts of this VAT group.

Risk assessmentZehnder Group operates a risk assessment process, which was approved by the board of directors. The risk policy defines a structured process which, in turn, specifies how business risks are to be monitored; it is an integral part of midterm planning. In this process risks are identified, analysed with regard to probability and magnitude, assessed, and measures for risk control are determined. Each member of the Group executive committee is required to implement the measures in his area of responsibility. The board is periodically informed on significant changes in risk assessment as well as on risk management activities undertaken. The internal control system for financial reporting defines control measures to reduce the various risks. Compliance with the internal guidelines is monitored through internal spot checks and periodically by external specialists.

Financial risks are monitored via the treasury department of Zehnder Group under the lead-ership of the CFO. Risk management focuses on the recognition, analysis and hedging of foreign exchange, interest, liquidity and counterparty risks in order to limit their impact on cash flow and net result.

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The balance sheet profit available for distribution comprises

Net income for 2011 according to the income statement 44,350,008

+ retained earnings from previous year 224,651,653

Balance sheet profit available to the general meeting of shareholders 269,001,661

The board of directors proposes the following appropriation of earnings

Payment of a dividend of 16 % on the share capital of CHF 14,670,000 entitled to dividend 2,347,200

To be carried forward to new account 266,654,461

Total 269,001,661

As the legal reserve exceeds 50 % of the share capital, an allocation to the reserves is not required.

Please note:

The board of directors will propose to the general meeting on 24 April 2012 that, in addition to the dividend, a par value repayment be undertaken of CHF 1.20 per bearer share of for-merly CHF 1.25 par value and new CHF 0.05 par, and of CHF 0.24 per registered share of formerly CHF 0.25 par value and new CHF 0.01 par. Thus the absolute par value repayment amounts to CHF 14,083,200.

Proposal on the

Appropriation of Earnings

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Aud

itor

As statutory auditor, we have audited the financial statements of Zehnder Group Ltd, which comprise the balance sheet, income statement and notes as presented on pages 104 through 116 for the year ended 31 December 2011.

Board of Directors’ ResponsibilityThe board of directors is responsible for the preparation of the financial statements in accordance with the requirements of Swiss law and the company’s articles of incorporation. This responsibility includes designing, implementing and maintaining an internal control system relevant to the preparation of financial statements that are free from material mis-statement, whether due to fraud or error. The board of directors is further responsible for selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.

Auditor’s ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Swiss law and Swiss Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control system relevant to the entity’s preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control system. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, the financial statements for the year ended 31 December 2011 comply with Swiss law and the company’s articles of incorporation.

Report of the

Statutory Auditor

on the Financial Statements to the General Meeting of Shareholders of Zehnder Group Ltd, Gränichen, Switzerland

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Report on Other Legal RequirementsWe confirm that we meet the legal requirements on licensing according to the Auditor Over-sight Act (AOA) and independence (article 728 CO and article 11 AOA) and that there are no circumstances incompatible with our independence.

In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890, we confirm that an internal control system exists, which has been designed for the prepar-ation of financial statements according to the instructions of the board of directors.

We further confirm that the proposed appropriation of available earnings complies with Swiss law and the company’s articles of incorporation. We recommend that the financial statements submitted to you be approved.

KPMG AG

Orlando Lanfranchi Daniel SpichigerLicensed Audit Expert Licensed Audit ExpertAuditor in Charge

Basel, 1 March 2012

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For further information please contact: Zehnder Group AG Investor Relations Moortalstrasse 1 5722 Gränichen / Switzerland

Phone + 41 62 855 1506 Fax + 41 62 855 1515 [email protected] www.zehndergroup.com Press releases [1]

Bearer shares

Security number 13 255 733

SIX ZEH

Bloomberg ZEH SW

Reuters ZEH S

In accordance with Art. 8 of the articles of association, the opting out clause applies.

Registered shares (unlisted)Security number 13 312 654

Company calendar

Announcement of sales for 2011 20.1.2012

Annual report 2011 23.3.2012

Press conference on financial statements and analysts’ meeting 23.3.2012

General meeting of shareholders 24.4.2012

Ex-dividend date 27.4.2012

Dividend payout 2.5.2012

Ex-date nominal value repayment (provisional) 16.7.2012

Nominal value repayment (provisional) 19.7.2012

Six-month report 17.8.2012

End of business year 31.12.2012

Announcement of sales for 2012 18.1.2013

Further

Information for Investors

[1] " www.zehndergroup.com/news-events

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Information and reports, as well as this annual report, are available in German, English and French. The German version is binding.

General meeting of shareholders 2013The general meeting of shareholders 2013 will be held on 23 April 2013 in Suhr (Switzerland).

Shareholder informationZehnder Group AG regularly informs interested parties on business developments and major events in the Group. Should you wish to receive such press releases, please contact us at the above address or register direct on our website [2].

[2] " www.zehndergroup.com/news-events

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Europe: 461.1

USA: 27.8

China: 26.5

Radiators: 348.2

Ventilation: 167.1

Sales by regionEUR million

Sales by segmentEUR million

Share price1.1. – 31.12.2011

Locations Europe

Locations Worldwide

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

30 %

20 %

10 %

0 %

– 10 %

– 20 %

– 30 %

Key figures

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11

At a Glance

2011

Zehnder Group

Swiss Performance Index (SPI)

Published byZehnder Group AG Moortalstrasse 1 5722 Gränichen / Switzerland Phone + 41 62 855 1506 Fax + 41 62 855 1515 [email protected] www.zehndergroup.com

Concept and layout byEclat AG, Erlenbach ZH

Photos byBasil Stücheli, Zurich Pages 1, 6 – 11, 20 – 25, 40 – 45, 58 – 63Stefan Knecht, Zurich Pages 2, 48 – 51

Text / editing byPEPR, Oetwil am See

Lithos byLisa Biedlingmaier, Zurich Roger Bahcic, Zurich

Printed byNeidhart + Schön AG, Zurich

Sustainability consulting bysustainserv, Zurich and Boston

The original German version of this annual report is binding.

© 2012 Zehnder Group AG For photos, © with photographers

2011 2010 %

Net sales EUR million 515.4 475.9 8.3

EBIT EUR million 51.1 50.4 1.3

% of sales 9.9 10.6

Net income [1] EUR million 41.1 38.2 7.4

% of sales 8.0 8.0

Net income before depreciation & amortization [1] EUR million 58.9 55.8 5.4

% of sales 11.4 11.7

Investments in property, plant & equipment EUR million 34.9 20.0 74.1

Depreciation & amortization EUR million 17.8 17.6 1.1

Total assets EUR million 406.0 378.4 7.3

Total fixed assets EUR million 160.1 141.4 13.2

Shareholders’ equity [1] EUR million 239.7 217.4 10.2

% of total assets 59.0 57.5

Number of employees 31 December 3,094 2,945 5.0

Net earnings per bearer share [2] EUR 3.41 3.19 7.0

Net earnings per bearer share before depreciation & amortization [2] EUR 4.93 4.69 5.1

Shareholders’ equity per bearer share [2] EUR 19.42 17.63 10.2

Zehnder Group AG

Share capital CHF million 14.7 29.3 – 50.0

Dividend per bearer share [3] CHF 0.20 0.63 – 68.0

Nominal value repayment per bearer share [3] CHF 1.20 1.25 – 4.0

[1] including minority interests[2] excluding minority interests; the prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).[3] for 2011 as proposed by the board of directors; the prior year’s figures were adjusted in accordance with the 1:40 share split on 15 August 2011 (see note 3 on page 107).

Imprint

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Krantz PeterKrasnicki DariuszKrasnicki OlgierdKrasniqi BesimKrasniqi GjevdetKrasniqi IslamKraus ReinerKraut HelenaKraut JennyKrawcow BeataKrebs ThierryKrejter JohannKreulen SanderKrieg BerndKrieg OlafKrieg SabrinaKrim JohannKristensen PerKristiansson BoergeKroetz LaurentKruettli SabineKryczka AleksanderKuegler AndreaKuehnel JochenKueng AndreaKueng SamuelKueng WillyKuhn EvelynKuhn KlausKuhn RudolfKukawski WieslawKumbaraci HaticeKumosz PawelKurdys IreneuszKurlej MariuszKurtiak JozefKurtulan AliKurz DieterKurz WladimirKusmierz AdamKuzu HikmetKwas StanislawKwiatek GrzegorzLa Mela SiraLa Placa CalogeroLaarman JohanLabaszczuk MarekLackmann WaldemarLacomblez ArchangeLacomblez EtienneLaeuppi HeidiLafleur HenriLahanque MarcLaibel AlexanderLaine CatherineLalak ZbigniewLalouette PhilippeLamarche OlivierLamotte BrunoLampart IreneuszLandreat Jean-MichelLang DanielLang DirkLang ShanshanLangeli StianLanger ChristelLanger ChristelLanius CristianLanz MarcelLanzotti RenatoLanzotti SalvatoreLaporte MarcLardieri VitoLarson JoshuaLaruelle DidierLasperini MichelaLasselin WilliamLasseron DominiqueLattanzi GianlucaLaubier ClaudeLauferon SebastienLaurent PascalLavarte ChristopheLawrenson MarianneLazarev IgorLe Berre FredericLe Bescond JeromeLe Coq Jean-FrancoisLe Corre EricLe Danff VincentLe Morvan OlivierLe Trocquer AlexandreLebeau EricLebon BrunoLebon MartialLecamp EricLecat JackyLecompte FannyLecomte AlexandreLeding PatrickLedinko MarioLefebvre DominiqueLefebvre LucLefebvre OlivierLefevre FreddyLefevre Jean-MarcLefort FrancisLefort MichelLegrand BrunoLegrand ChristopheLehmann LutzLehner PeterLeif JohanssonLeistner GerdLejeune NicolasLelickens RalfLemaire ChristianLemaire ChristopheLemoine Jean-PierreLennartz AndrewLenz BeatLepretre MichelLepretre VirginieLequien PatrickLerat Jean-DenisLesage PhilippeLesne FernandLesniowski SebastianLessig DirkLesur DenisLetailleur DidierLeturque AlainLeu TamaraLeung ChloeLeusiere CharlesLeutwiler OliverLeutwyler BeatLeveque Frederic

Leveque Jean-MarcLeveque LaurentLeys JokeLezzeri FredericLi Bin Li ChaoLi DonghongLi FuyunLi GangLi GuohuaLi HaiboLi HaixiaLi HongxiLi JiangLi JieLi JinliangLi JiuhuiLi LiLi ShujunLi Wei Li XiaomeiLi XiaoweiLi XinLi XiuliangLi YacuiLi Zhi YongLiang LingLiang MengmengLibanet ThomasLibera AndreasLicha StephenLiesch MichaelLightizer JeffLightizer WilliamLignos MichaelLin JianLin XuekunLindblom Liselott Linfield KateLink ThomasLipman HennieLippuner AnjaLischka WilliamList VolkerLiu ChunhuaLiu FengyiLiu HaiyangLiu HongliLiu HongpeiLiu HongqiLiu JiangLiu JianjunLiu JiejieLiu JunLiu LunianLiu ManyiLiu QihuLiu ShiLiu SiyingLiu WeiwenLiu XiaoqinLiu XiaoyueLiu XiuzhiLiu YingchunLiu YulinLiu ZhanbinLiu ZhengLiu ZhiLiu ZhicunLiu ZhijinLiu ZhongxinLivemore AlisonLjatifi RamadanLjatifi RamanLjatifi SeadLloveras Galan EvelyneLocatelli RobertaLogronio MichaelLogutenok SergeyLokhorst BentoLombardi MassimoLootvoet GillesLopez Gene NoemiLori HoweLourenco MarioLoutfi IsmailLu YunjieLucas MichelLudwig RenateLudziak PiotrLueftner RichardLuescher AndreaLuescher ThomasLukasiewicz MarcinLuminati AndreLuo BinLuo MaohuaLurz ClaudiaLutz MathiasLuxembourger CatherineLv DejunLv WieLyss FritzMa LinMa XiaojunMa XiaolinMacaigne Jean-ChristopheMacdiarmid VickyMachnicki FelicityMaciag GrzegorzMaciejun PiotrMadej KrzysztofMaechler MichaelMaechler PhilipMaffre SergeMagyar KarenMakles KrzysztofMalanicz MateuszMalenczak MiroslawMalkowski MatthiasMandaci MuratManesse FredericManikkam ThevakumarManzotti IlarioMao XiaoxiaMaquin PhilippeMarchand AurelienMarchandise Jean-LucMarchandise JoelMarek LukaszMaret EmmanuelMargutti MaraMarie ArnaudMarinac RogerMaringio Mary JaneMarino SimoneMark MarioMarkiewicz Adam

Markstahler IngridMarlot EddyMarozzo AlfonsoMarskamp JohanMarti MicoMarti RomanMartin ElisabethMartin PeggyMartinelli AlessandroMartinez RamiroMarusiak KrzysztofMarx UlrikeMasetti PaoloMassart BenoitMasson MurielleMasson OlivierMassot OlivierMata EngelsMathieu PatrickMathys ThomasMatt RogerMatusic NevenkaMaumary SibylleMaurer MarcelMaurer WalterMauvais CelineMaxenchs David Mayes JohnMayeur PatrickMbungu LuteteMcalevey WandaMcarthur DavidMcculley LacyMcdonald AlexMedlycott AlanMeenhorst JeanetMei DongxiaoMeier AndreaMeier FelixMeier JoelleMeijer GerritMeile StefanMekil Jean-JacquesMelchert BertMelo NarcisoMeng HaiqingMenzemer JonathanMerbecks AchimMercier DominiqueMercier FabriceMercier Jean-ClaudeMercier Jean-NoelMercier Jean-PierreMercier JoelMerle PiusMerrien CatherineMerritt JosephMertkul LeventMetier FrankMetin UlasMetz KevinMetzger ReinerMetzger RolandMeyer DanielMeyer GiselaMeyer Marc-OliverMeyer PeterMeyer SusanneMiatto AlbertoMichalak RomanMichaud FrancoisMichaux EricMichel NadineMichel SylvieMichnowski WieslawMienne SandrineMiezejowski ArturMignone RomoloMilani PaolaMiler KrzysztofMilijic MilanMiljak BernardMimouni MiloudMinck RosemarieMiranda MichaelMiron LuciaMisiak JacekMisita GiuseppeMitic SandraMittendorf FrankMitura IreneuszMizdal KarolinaMizera PeterMoeller AllanMoeller SvenMohamed AdenMohammed AmjadMoiret FranckMolitor DenisMollet BenoitMoneweg DianaMoneweg WalterMonfroy ChristianMonzani Elena Monzani PierangeloMoortgat StefanMoreau EmmanuelMoreau FredericMorelle Jean-PaulMorgan TraceyMorina FloraMorleo RoccoMouellei GauthierMouriaux BertrandMouriaux PascalMszal MariaMueller AstridMueller ChristianMueller GerardMueller GerhardMueller IwanMueller PascalMueller PeterMueller PeterMueller PierreMuench MatthiasMugabe JuliusMukthar YassinMulder PietMulford JeffreyMuller PascalMumenthaler GeorgMunz DorinaMussche ArianMuzyka TomaszNaber RutgerNachef FredericNaciye Sirtlar

Naef MarkusNan XinluNan YangNaughton GarryNaylan ErdincNaylan VolkanNehlin KarinNeleman-Vaandering ChristaNestler MichaelNeumann OliverNevalainen JakkoNewton MichaelNguyen Dinh PhucNguyen ElodieNicholls DavidNicken RobertNicolosi PietroNicomette ThibaultNie YuhaiNiederbacher MarkusNiederer KlausNieman BradleyNierlin HerbertNiero GessicaNijmeijer GerardNikolic BlagojeNitarski RobertNitzsche ChristineNiu HaitaoNiziol GrzegorzNiziol MarekNoiret PatrickNolte RobertNonet JenniferNorbury GarethNordahl StigNordenmark JanNorton SharonNotteghem LoicNotteghem MarcNowacki WieslawNowaczewski RobertNowakowski DariuszNowicka-Dukiel KrystynaNyfeler AlainOakes BruceOberle RainerOberli ElisabethOberlin FrancoisObermeyer AxelObert KlausObleszczuk PatrykOblin BrunoOdin MagnusOettle HerbertOhnemus UrbanOjewski KrzysztofOlcay MustafaOleksiak BlazejOleksy FryderykOleksy TadeuszOner Ahmet MenderesOpala TomaszOppikofer RolfOrda AndrzejOriani OdoacreOrynczak SlawomirOstrouch MalgorzataOulmi FatimaOwczarek AndrzejOwens WesleyOz HuseyinOz KadirOzcan IlhanOzcan MuhammetOzdemir MuratOzden AliOzelmas OrcunOzkan ImdatOztas SevimOeztuerk MehmetPage KavinPahl ArmandPainchart DanielPaleczna MariaPalka DominikPan QiangPan XiaochunPanfil RyanPankiewicz SebastianPappas DavidPapsidero DanielParchitelli TanjaParfait MichelParfait PierreParisse MichaelParlak AhmetParlayan UzeyirParmentier ChristopheParolin Filippo Pasierbiewicz RafalPaterno AngeloPatrice MoukokoPattberg JuliePaul EberhardPaulsen ElenaPauwels EricPavlasek IsabelPawlowski GrzegorzPayne BarbaraPazgrat MartaPecqueux DavidPeng JianhuiPenney LyndseyPepers LouisPere SergePerego MarzioPerlikowski ArkadiuszPertl HansPerusi PatrickPetit LaurentPetscher JoergPeuckert UlrichPeynir AyhanPeysson CyrilPezet MarcPfarrmaier NadiaPfeffer-Gawer RosemariePfeiffer MarcelPfenninger MarkusPferrer NicolePferrer PeterPfister PatricPflaumer NikolaiPhilipp GregorPhilippo DirkPiechocki MarcinPieczarka Waldemar

Pierson ElisabethPietkiewicz JanuszPietrzak JozefPietrzyk MateuszPilard FabienPile NatashaPillonel RaphaelPinazzo AlexandroPinsard GaellePiotrowski AnitaPirog PiotrPiscitelli FulvioPitcher SimonPitsch MichaelPizzica DavidePodburaczynski MiroslawPodpinka RomanPoelman DavePolisoto DavidPopov SergejPoppe OrlandPorsche SteffenPosch WernerPotas DariuszPoulet Jean-PaulPoullain JeannyPoullain JulienPouls WillemPoznanski MiroslawPracht RobertPrat LudovicPreisner LechPreißler HeidrunPrenka LeonardPrentice MarkPreston Lauren-EvePrevost AlainPrevot LoicPrijs ArnoldPrins BarendProtoy AugustinPruvot Jean-PierrePruvot PascalPrzywieczerska GrazynaPugh SaraPulat AysegulPuleo GiuseppePutzi JeanninePyrka PiotrQian YilianQiao ChunjunQiao FenghuaQiao KunQin JianminQneis TawfiqQu WeitaoQuellmalz AnjaQuellmalz EckhardQuercy DanieleQuesnoit CedricQuesnoit PhilippeQuin Lucot NoemieQuinchon DominiqueRadelet LaurentRaeber RogerRaffoux PhilippeRahnefeld HeikoRajczakowski MiroslawRamadani RamizRamazzotti ClaudeRamette ChristianRamirez JoseRammanan RobertRan Hongwei HongweiRast MarcelRastoder DzemalRathmann ChristaRathonie EricRathonie FredericRau AndreaRaymond GabrielReant DavidRegild JonasReichenbach KonradReijers MartinReijnders RoyReijners HenrietteReinholz GerhardReisacher MonjaReisdorf StevenReixelo JoseRektorik TimothyRellstab ThomasRemboldt ValentinRemolu NicolasRemolu OlivierRen BaoguiRen JianweiRen TaoRenault EricRenault LucRendell TonyRenke ValerianResch JohannesRewinska WiolettaReyes JuniorReyes SantiagoReyns KristofRhiner DanielRibbeck DominicRicbourg PatrickRicchi AlessandraRichard ChristopheRichner SabrinaRichter WolfgangRichtsteiger FriederRidolfi JasonRiedo HubertRieger JuergenRiehl GermainRieple MartinRiesebosch JohanRink MarkRinkel ThomasRiquier Anne LaureRitter DietmarRivera StefanRiviera ElisaRiviera ValeriaRizzoli ElenaRoberto AntonioRobinson HeatherRochlitzer ChristianRock NicolaRoctus-Koopman FrancienRodriguez CarlosRodriguez CesarRoederer Thomas

Roelandt NathalieRoelofs PascalRoethlisberger PeterRoger FlorianRoger GerardRoger Jean-MarcRohner RolfRoig Rey Carles Rolleri RomanoRose Jean-PhilippeRoseboom SuzeRosenholm AnnRosfelder ClaudeRosser StephanRoth HubertRoth NicholasRothert NicholausRoudiere DenyRousset ErwanRouxel Perros MurielRozylo PiotrRubin Ann-CathrinRuchala JozefRuchot PascalRudek RobertRueth LisaRufer DietmarRuggerini Chiara Ryffel PatrickRzepecki MiroslawRzepka BartlomiejSabaczuk FrankSabatino AndreaSahin HayriSahin MuammerSailly FrantzSalata ArturSaliba YacoubSample TerrySancakdaroglu IdrisSand KarlSandalci FahriSandalci SonerSandberg HeleneSander PeterSandmeier RetoSanolan MevlutSantalucia CosimoSantalucia TheresSaranca AlexanderSarazin BernardSarcan MetinSari SuleymanSarikan YusufSarikaya OsmanSarrazin FabriceSarteel VeroniqueSartori NicolaSarzynski AndrzejSauer ShawnSawicki ArturScafidi AnthonyScarsi MichelSchaaf PeterSchaarschmidt LarsSchaefer NelliSchaefer SergejSchaefer UweSchaefer ViktorSchaetzle DorisSchaffter MauriceSchappacher PeterSchaer AlfredScharf ViktoriaScharff GuenterScharnagel HelenaSchatzmann AdrianSchaub DominikSchaub JohannesSchaus ThomasScheerer IrmtraudScheibel AndreasScheidegger MarcoScheidegger RetoScheiermann AlexanderSchellenberg BernhardSchenk UrsulaScherer ThomasScherk MichaelSchiavitti KathrynSchiessle NilsSchiff MarioSchilli ChristianeSchiphorst ConnySchlick YvesSchmid JakobSchmid Jean-MarieSchmidt GlennSchmidt MichaelSchmitt AlainSchmitt BertoldSchnebel SilviaSchneider Marie-JoseSchneider SebastienSchneider ThomasSchneider UteSchnell FrancoisSchnorr MichaelScholten AndreScholten Edwin

Scholz NorbertSchopf EduardSchorta IlonaSchreiber FrankSchrempp HaraldSchrempp UschiSchreyer AnnabelleSchreyer RicoSchrijver AndreSchroeder MariusSchuerch UrsulaSchulte OlafSchultis RuedigerSchultz PhilippeSchupp Juergen

Schurink LeniSchurtenberger UrsSchwab KlausSchwab Pirmin-LukasSchwaer CarolaSchweiger MichelSchwendemann HarrySchweyer ChristianSchwoehrer BernardSchwoehrer ChristianSchwoehrer RaymondScicchitano ClaudioScott DouglasSeeburger SimoneSeeholzer BrunoSeeholzer HansSeel SergejSeelig MichaelSeferovic ElvisSegers AlainSegers RudiSegirinya SimonSeifert DetlefSeiler RitaSeiter UdoSeker ErgunSeker HalisSeker MehmetSelimi AslanSelimi EljhamSelimi GaripSelimi SurjanSeljavin IgorSelmi Manuela Selzer HubertSemiz SelcukSen FevziSen MehmetSeng ManfredSenol CuneytSents MarcSererols Trullas AgustiSergent FabienSerusier Jean MarcSerwejuk PrzemyslawSeury MarcSeury YvesSexauer GerdSeydoux CorneliaShan ZhijieShang LiliangSharp RonaldShen HongyiShen JianliangShershenkow DmitrijShi JinliShi PanShumay DenisSichler BenjaminSichler SusanneSiebold JochenSiekierski AndrzejSienkiewicz JaroslawSierink GertSikorski ZbigniewSilin AlexanderSilva CindySilvert EmmanuelSimet WilliamSimmonds CarlSimon MaterneSinem AdilSintobin DidierSitek HenrykSkrzypacz AleksanderSkrzypacz AntoniSkubis KarolinaSlawiak MichaelSlinger JanetSlusarczyk PawelSmit HenkSmith DavidSmith KevinSmith RussellSmitz SusanSmyrek GeorgSoddu SimoneSommerhalder AlexandraSommerhalder PeterSondaj AdamSong ChengguangSong CuipingSong HonggangSong WenbinSorden EricSoriano GaetanoSottomayor Alain-JoseSouth CarleneSoysever BurhanSpadea FrancescoSpecht ReginaSpelgatti TinaSpendowski TomaszSpielmann AlainSpratek StanislavSprimont PatrickSpringer ElkeStachowiak JackyStaehli HanspeterStahel Jakob

Staiger DianaStallings JadaStampfl RobertStang WaldemarStarikov VadimStark ViktorStarvaggi FrancescoStehlin RainerSteimen RetoSteinebach SilvoStelmaszek AndrzejStelmaszek KrzysztofStelz MichaelaStephens BarryStephens Jeffery

Stepien ArturStevens KeithStevens KevinStevens LyndseyStevenson NanStijk RalfStille HarryStille KentStiplosek IvanStocchero VincentStodola LukaszStojakin SergejStolz BurkhardStone MillyStoorvogel DickStork HelmutStosiek JerzyStrauch EricStrebel StefanStrecker WilliStricker KlausStubbs AlexaStucchi MichelaStucki DanielStutz BrunoStutz SandroSu SuleymanSuma GiovanniSun CaoSun FushengSun LiyiSun WenhongSun XuezhengSun ZhengSurdyka PawelSweeney PaulSwiatek StanislawSwietochowski AdamSyddall MarkSykes ChrisSzafek RadoslawSzalach PaulSzalewski MariuszSzast MariuszSzecki AndrzejSzeniawski FrancoisSzewczuk KrzysztofSzewczyk MiroslawSzewczyk PiotrSzewczyk RobertSzweda ElizaSzymankiewicz PiotrSzymanski KyleSzymanski MariuszSzymkiewicz MiroslawTabernero Martinez FernandoTac AlusTaissidre AndreTaissidre JeromeTalukan MeltemTanderys PawelTansel HuseyinTao KuiTao ShaolongTao WeixiongTao YuanTarasov AlexeyTarczynski CzeslawTarhan GurcanTari SaimTarnas PaulinaTarnawski PawelTarre Bohlin MargaretaTasci CavitTasse PatrickTastan IlkerTaylor ChrisTempleton MonikaTeulade Pierre AntoineTezgel OsmanTheeuwes WijnandTheissen RonaldTheodore FritznelThiel JohnThietry DidierThimmesch ChristopheThines BenjaminThiriard WilliamThoeni DominicThoma AlarichThoma MelanieThoma UrsThomas ClementThomas CraigThorpe SamanthaTian FengTian KaiTian KeqinTian XuehuiTian YonggangTian ZhenjiangTibi DorotheaTijmes PeterTinelle Jean-LouisTishuki FehrikTisserand IsabelleTodorov BlazoToischer PetraToivonen MikkoTolsma Rinske

Tomczak AndrzejToomey JamesTrabelsi MarianneTrautmann TobiasTreichel KlausTreichl ArthurTreichler MartinTretjakova OlgaTrevette JacquesTricotteux GuyTrochain ClaudeTrochimowicz MarekTroclet Jean-PierreTrutt MichaelTrzebinski Wojciech

Trzesowski TomaszTschanz HildegardTschirschwitz MichaelTschuppert MarkusTuccillo FrancescaTuink NickyTumer GultenTun AungTunali EnginTuncay YakupTuran MuratTurenko EugenTuresson Carry Turrini Cristina Twardowski JanuszTweed-Rycroft BarryTyralla BerndUhl IlseUitzetter MarkUlli MarioUlmann RolfUlualan KazimUnrein WaldemarUnternehr GerardUrbanczyk RobertUrbaniak MarekUrbanski GilbertUslu HasanUysal IbrahimUysal MuhammedVaillant MoniqueValentin Jean-MichelVallez Didiervan Alen Marcovan Bemmelen Ronnievan Deventer DannyVan De Gucht Stephanevan de Hoek Renevan de Kamp Erikvan de Klok Martinvan de Peppel Martijnvan den Bor Nicolienvan den Brink Henkvan der Vegt Wilmavan de Vendel Andrevan de Weide Bevan de Weide Pietervan den Elzen Marcvan der Veen Janvan Dijk Henkvan Emmerik Keesvan Erp Tonyvan Essen Mathijsvan Heuveln Erikvan Hezel Erwinvan Hezel Petervan Huet Biancavan Huet SonnyVan Ransbeeck Frankvan ’t Ende Tinekevan Wilpe JohanVandaele MichelVandaele KarinVanderpoel KurtVargas MarcianoVasson AlainVeldhuijzen ArieVerbecque StephanieVerboom NicoVerin Jean-LucVeurman JelleVian AlexVie PhilippeVillard ChristineVillate Alberto Vincent JoeVinchon GillesVinchon RobertVisco VincenzoVisscher PaulVladimirova NataliaVoegeli RenateVoegeli ThomasVoinot PatrickVolk SabineVollenweider ViktorVollez PatriceVollmer PeterVosburgh JohnVredeveld RichardVuong TonyWadin PatrickWaelde Klaus-DieterWaeldin YvanWagner AlexandraWagner RolandWagner RoswithaWagner StefanieWaill LioubovWalczak MarcinWalker JermaineWallace KrysWallace SarahWalley ChrisWalsma GekeWalta RemcoWalter MichaelaWalton PaulaWalz FabianWanat Jaroslaw

Wang BaocaiWang ChongmingWang ChunliWang GangWang GuoqunWang HaidongWang HongdanWang HongpengWang HuaiyingWang JiameiWang JianWang JunshengWang KannWang LiWang Min

Wang QingyuWang RanWang TianlinWang WandongWang WeihuaWang WeiweiWang XiaWang XiangfengWang XingangWang XinyanWang YingchuanWang YongrongWang YuwenWang ZhenxiangWarnet PhilippeWarren GlenWarszawski ThomasWasniewski ZbigniewWaszkiel PiotrWatrach EugeniuszWebb NeilWeber AnnetteWeber FrancoisWeber MarkoWeber MartinWeber RonaldWeber WalterWegkamp HarryWegscheider NikolausWehrfritz DanielWehrle BertrandWei DongjunWeijma ErikWeiss MichaelaWeiss NicoleWeiss RobertWeiss TanjaWeiss ThomasWelker MartinWendling PatriciaWeng JunWeng XinqianWentziger Jean-MichelWery PascalWeschle Hans-PeterWessels GeertWestermann WernerWesthuis AlienWetherfield DebbieWhitacre ShawnWhitting JoyWibaut PatrickWiberg JonathanWickersheim NicoWidforss GunnarWidmer BeatriceWidmer DanielaWidmer MarcWiedmer ChristianWiegert FranziskaWiegert MaschaWielgosik GwalbertWiersema GertWiesendanger StefanWiget MarkusWilderdijk RickWiles NatalieWillaerts StefanWillemain Jean-PhilippeWillemain PhilippeWillering PeterWilliams JamesWilliams JonathanWilson WilliamWinkels MarleenWinkler SimonWirschke OksanaWiseur DavidWisniewski PiotrWiss RicoWitek AnnaWith EugenWitz PascalWochnik AndreWochnik RemyWojewodka MartaWojtowicz PiotrWolf IngridWolf MatthiasWolffer ChristopheWolfger RosannaWoloszyn DanielWoning HenkWozniak EwaWu GangWu JiangWu JiayiWu JungangWu YangWu ZhanyuWu ZhengWueest PatrickWunderlin WalterWursthorn ManfredWybraniec ArkadiuszWybraniec PiotrWyrsch-Zurbuchen ManuelaWyskup KrzysztofXiang ChangyouXiao YalingXiong ZhuangXu BeiXu GuangyaoXu HongjiangXu KeXu LiXu LingqingXue PengYagy JoshuaYali FidanYaman MitatYan AihongYan WengguangYan YuguoYang BaominYang GuiquanYang QuYang RuizengYang WenzhuangYang ZhenYao LeiYao XinYapalak ErcanYardimci HasimYardimci YasinYatak GoenuelYavas NiyaziYe Hongzhou

Yenilmez BulentYesilcimen MuratYildirim Mehmet NuriYildiz GurselYildiz MuhittinYildizoglu YuekselYilmaz SerkisYilmaz MusaYin JianxueYin KesongYnoa MarioYnoa MayronYoung RichardYu HaijunYu JialiangYu MingxinYu NingYu WenlongYuan YukunYue SuxiaYuksel MustafaYuerek MevluetYurtkan FatihZabierek BarbaraZajac TomaszZakaszewski BoguslawZakrzewski WladyslawZamaraev VadimZaremba HenrykZaremba TomaszZarowny MarcinZarowny TomaszZbinden BernhardZbinden MarkusZech StefanZehnder Hans-PeterZehnder MaxZehnder MichaelZeier ThomasZeiser Karl-HeinzZennipman ErikZerbini LaurentZhang ChuanjunZhang ChunZhang FengjiaoZhang GongzhengZhang HaitaoZhang HongyinZhang JianminZhang JinqiangZhang JinshanZhang JinyiZhang KezhongZhang LiZhang LianfengZhang LiangliangZhang LihuaZhang ShimingZhang TaoZhang TongxinZhang WeidongZhang WenquanZhang XiapingZhang XiaoyanZhang YangZhang YingZhang YingjunZhang YongZhang YongliangZhang YuwangZhang ZhihuaZhao ChunguangZhao ChuntaoZhao FeiZhao GuangyueZhao JiafuZhao JianguoZhao JunqianZhao LiZhao LiqiangZhao QiongweiZhao WeiiZhao XueZhao YinjianZhao YongjinZhao ZhiyongZhen ZhijunZheng HongliZheng XinrongZhi LijunZhi MeichunZhong ZhaoZhou YuxiaZhu ChunyangZhu HangZhu ShouzhiZhu WeiZhu WeiboZhuang QingZhuang ZhijieZieba MariuszZiegler AloyseZiegler ErichZiegler KlausZiembikiewicz WitoldZiembikiewicz ZdzislawZiemski FredericZiemski Jean Luc LeszekZienkiewicz LucynaZilio Agostino Zimmer IsaZimmer MichaelZimmerli KarlZink LawrenceZipf MeikeZipse AndreasZscherpe JackyZubler ChristianZuo JunZurakowski RadoslawZurowski WalterZwahlen ChristianZwahlen ClaudiaZweifel Andreas

At the end of 2011 Zehnder Group employed 3,100 people in 20 different countries.

We would like to thank our employees for their hard work over the past year.

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Zehnder Group AG · Moortalstrasse 1 · 5722 Gränichen · Switzerland T + 41 62 855 1506 · F + 41 62 855 1515 [email protected] · www.zehndergroup.com

Annual Report

2011

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2011 - zehnder group · bento neto michel bera marc bera olivier berchtold dominik berckmoes hans...

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