annual report 2011 - Walter Meier

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					annual report
         2011
Income statement
in CHF million (except as noted otherwise)



net sales                                                eBIt 1)                                                      net InCome




                                                                                                        56.5
                                                                     55.0




                                                                                                 51.1
                859.8




                                                                               44.0
                        806.9




                                                                                          31.1




                                                                                                                                 58.1
                                659.0

                                        645.4

                                                641.7




                                                                                                                                                            51.9
                                                                        15.4




                                                                                                                                                     41.2
                                                8.8




                                                                                  –26.9




                                                                                                                                              22.2
                                        7.9
                6.4

                        5.5




                                                                                                                                        4.1
                                4.7




                 07     08      09      10      11                     07       08        09     10     11                       07     08    09     10     11

          eBIt margin     1)
                                                            exceptional effects
1)
     net of exceptional effects 2007 and 2008




by regIon
net sales                                                                                  numBer oF employees 
(in cHF million, change to previous year’s values in parentheses)                          (previous year’s values in parentheses)

Group                                                                                      Group
641.7 (–0.6%)                                                                              1 627 (1 549)

13.9 (–4.8%)                                                        346.1 (2.5%)           111 (87)                                                                979 (967)




126.0 (–4.3%)                                                      155.7 (–3.7%)           211 (209)                                                               326 (286)




                                        switzerland            other europe                                usa/Canada                     other




by group dIvIsIons
net sales                                                                                  numBer oF employees  
(in cHF million, change to previous year’s values in parentheses)                          (previous year’s values in parentheses)

                                                                                           30 (45)

64.9 (22.2%)                                                        101.3 (1.7%)           81 (72)                                                                 432 (326)




153.8 (–5.0%)                                                      333.9 (–3.4%)           235 (211)                                                               849 (895)




                                        Humidification       Climate              tools                    machining solutions            Corporate Centers
balance sHeet / casH Flow
in CHF million (except as noted otherwise)



WorkInG CapItal                                                                                      FInanCInG




                                                                                                                               65.4




                                                                                                                                                                 60.7
                                                                                                                                                    45.6
                                                                                                                                           28.9
                                                                                                                      25.0




                                                                                                                                          25.4
                                                                                                                    16.8


                                                                                                                                  –36.3
                    103.9


                                97.9




                                                                                                                                                               2.9
                                                                                                                                                  1.6
                                                                                 45.6
                                                                          60.0
                                                         65.0
                        55.4


                                    42.0


                                                    35.5


                                                                     34.1


                                                                                    31.0
                    119.0


                                129.7


                                                 84.2


                                                                  88.0


                                                                                 98.0




                      07            08              09                  10          11                                   07     08         09      10           11

    trade receivables 1)                                                                               Financial liabilities
    Inventories                                                                                        net liquidity/-debt
    trade accounts payable 1)
    1)
         less prepayments from customers/to suppliers




equIty                                                                                               return on equIty 
                                                                                                     (in %)
                                                           198.0




                                                                                                                  30.8
                    172.1




                                                 170.5




                                                                                                                                                                     29.6
                                    162.4




                                                                                                                                                        24.5
                            132.0




                                                           55.6
                                                 53.2




                                                                                                                                           14.4
                                    48.1
                    45.3

                            35.8




                                                                                                                               2.3




                    07      08       09          10         11                                                    07           08          09           10           11

          in % of total assets




CasH FloW
                                                            92.2
                                         –16.1
                         65.9




                                                         73.2


                                                                                  41.0


                                                                                             43.6
                                                                                           61.6
                                                                             47.6
                    44.2
                        21.7

                                    8.1




                                                                                 –6.6


                                                                                             –18.0
                                                                –19.0
                                         –24.2




                      07               08                  09                    10         11

          Cash flow from operating activities
          Cash flow from investing activities
          Free cash flow
sHare InFormatIon

net InCome and proFIt payment                              stoCk prICe trend
(per -a- registered share, in cHF)                         (1/1/2007–1/31/2012, in cHF)

                                                           300

                                                           270
         28.3




                                                           240

                                                 25.0      210
                                      19.1



                                                                                                                               stock market
            15.0




                                                           180
                                          12.5


                                                    12.5

                                                                                                                               capitalization
                             10.4




                                                           150                                                                 as of 12/31/2011
                                7.0




                                                           120                                                                 CHF 439.5 million
                   2.0
                   2.0




                                                            90

          07          08      09          10      11        60

  net income                    profit payment              30
                                                                       2007        2008        2009     2010    2011

                                                                     Walter meier n (Wmn, sIX swiss exchange)
                                                                     swiss performance Index (spIX, adjusted)




rate oF proFIt payments                                    sIGnIFICant sHareHolders
(max./min., in percent)                                    (12/31/2011, in share of capital)
                      14.4

                             13.4
         11.3




                                                           20.9%                                                       59.2%
                                    6.9
                      7.5




                                                           0.3%                                                        19.6%
                             6.4
                4.0
         5.2




                                    4.8




                                                              silvan G.-r. meier 1)
                0.8




                                                              anja egger-meier
                                                              treasury shares
         07     08    09     10     11                        Free float
                                                              1)
                                                                   shareholding including Greentec aG
                                                                                                  Contents     / 01
                                                                           walter meIer / annual report 2011




                                                   annual report 2011

                                                   letter to sHareHolders                                        02

                                                   portraIt                                                      04

                                                   value proposItIon                                             06

                                                   corporate culture                                             07

                                                   board oF dIrectors and group management                       08

                                                   mIlestones                                                    10

                                                   group dIvIsIons                                               12
                                                     Humidification                                              12
                                                     climate                                                     16
                                                     tools                                                       20
                                                     machining solutions                                         24

                                                   revIew oF tHe year                                            28
                                                     5-year overview                                             31

                                                   organIzatIonal cHart                                          32

                                                   addresses                                                     33




Front cover:
assembly inside a ventilation duct –
the condair dual has grown to become the
leading adiabatic humidification system
in central europe.



the walter meier annual report is also published
in german. the german version is binding.
02 /     letter to sHareHolders
         walter meIer / annual report 2011




a year oF great Joy,
some concern and
Important steps




It has been a rather schizophrenic year: both good and bad.         tools
bad because of the sovereign debt crisis and its causes such as     global tools activities painted a mixed picture. although
the abject failure on the part of politicians to comply with        business stagnated in switzerland and especially France,
binding regulations, a serious consequence of which has been        certain international activities, such as in russia, were
a major loss of confidence in the key individuals who share         pleasing. the us business, by far the largest market, im-
responsibility. It is a truism to say that trust in the future is   pressed once again, delivering outstanding performance
what most keeps the economic engine running smoothly.               with its Jet, powermatic and wilton brands.

but – and this is, if anything, even more important for us – the    machining solutions
financial year was once again a very good one for walter meier.     special praise should be reserved for our core business of
In a nutshell, this was thanks to a sustained period of favor-      machining solutions. In spite of the major problems facing
able conditions and, in particular, a combination of old and new    switzerland as an industrial center, significant improvements
strengths in our business operations. both our activities in        in performance on what had already been a solid previous
climate technology and especially in manufacturing techn-           year were recorded, bolstered by our position as the leading
ology contributed to what were outstanding results overall.         supplier to the watch industry and medical technology.

Humidification                                                      Figures
our position as the global market leader in humidification          contrary to all expectations in an ever more grueling environ-
was strengthened considerably by three acquisitions in the uK       ment, all key performance figures with the exception of sales
and denmark. a range of strategic measures have been initi-         were up on those achieved in what had already been a very
ated in this area geared toward solidifying our leading position    positive 2010! most notably, ebIt (cHF 56.5 million) and net
even further. every year, the excellent performance of our          profit (cHF 51.9 million) increased once again in both absolute
north american business in particular should be highlighted.        and relative terms – despite upheavals on the currency
as of January 1, 2012, Humidification operations will be run        markets. working capital was kept under control and free
under the leading brand name of condair.                            cash flow was positive.
                                                                    last but not least, and particularly important in these uncer-
Climate                                                             tain times: the balance sheet is healthier than ever, with
climate switzerland, the largest of walter meier’s business         no net liabilities – quite the contrary, in fact! the equity ratio
areas, was hit by a slight economic slowdown and turmoil on         was also very sound, at 55.6 percent.
the currency markets, but it nonetheless succeeded in posting
gratifying results. activities in germany stood out once again,     the bottom line: earnings per share amounted to a healthy
while austria experienced something of a difficult period.          cHF 25.02.
                                                                                                        letter to sHareHolders    / 03
                                                                                              walter meIer / annual report 2011




strategy                                                              my son has been with the company for five years as ceo.
the board of directors focused once again on corporate                For a long time now he has helped shape our company, and
strategy. It became clear that it has become very difficult           I firmly believe that taking this step will enable walter meier
to kick-start the engine of growth against an increasingly            to continue to enjoy a productive future and will ensure
strong headwind. For this reason, priority was placed on              continuity. I shall be resigning as chairman of the board of
many individual strategies, particularly in areas in which            directors at the next annual shareholders’ meeting – and
walter meier is a manufacturer.                                       this after forty years as an entrepreneur. please allow me two
                                                                      emotional thoughts. First of all, it is by no means easy to walk
organization                                                          away from “my” company (“partir c’est toujours mourir un
the ordinary annual shareholders’ meeting re-elected                  peu”). second, and above all, I would like to extend my most
the members of the board of directors reto e. meier,                  sincere thanks to everyone who at whatever time accompa-
Heinz roth and Kurt schiltknecht for a further three-year             nied me on my long journey – indeed, who made it possible in
term. oliver zimmermann has been appointed to head                    the first place: colleagues, customers, members of the board
up the group division Humidification and will take up his             of directors, shareholders, suppliers, bankers, journalists and
post on march 1, 2012.                                                many more people besides. once again, thank you!

shareholders
the board of directors is to propose to the annual share-
holders’ meeting that a profit payment of cHF 12.50 be made.

outlook
next year, the 75th in our company’s history, could also well         dr. reto e. meier
be described as schizophrenic. on the one hand, the economic          chairman of the board of directors
environment will darken even more in the wake of the sover-
eign debt crisis; on the other, however, several of our opera-
tions promise considerable potential. although discretion
is the better part of valor, let me venture one prediction: I think
we can expect a healthy financial year.

Farewell
shortly before the end of the year, I transferred my majority
shareholding in walter meier, including voting rights, to
my son silvan g.-r. meier, and I also gave my daughter, anja
egger-meier, a significant package of shares in the company.
I am therefore writing and signing this letter by myself.
04 /     portraIt
         walter meIer / annual report 2011




walter meIer Is an Inter-
natIonal clImate and manu-
FacturIng tecHnology group
walter meier is a diversified and robust niche player with a track record of paying substantial dividends.
we concentrate on attractive market niches in which we occupy a leading position. walter meier takes
a long-term approach and aims to generate sustained value for all stakeholders. In particular, we focus on
generating a healthy cash flow in which shareholders shall participate to a disproportionately high
extent. another positive factor is that walter meier is a family-dominated company with a considerable
commitment in the form of its own funds and the family name.




HumIdIFIcatIon &
evaporatIve coolIng                                               HeatIng / clImate / servIce
with over 20 percent market share, walter meier                  as a wholesaler offering expert advice and service,
is the world’s leading manufacturer of commercial                walter meier is the leading supplier of total
and industrial humidification equipment and                      solutions in the heating and cooling sector in
systems. Here, walter meier sets standards with                  switzerland and is also one of the most important
regard to energy efficiency and hygiene.                         suppliers of cooling technology in germany
                                                                 and austria.
                                                                                               portraIt    / 05
                                                                       walter meIer / annual report 2011




tools                                              macHInIng solutIons
walter meier leads the world in the manual wood-   since 1937, walter meier has been importing
working and metalworking machinery sector.         machining systems into switzerland, where
a select product range in the shop equipment       it is now the leading supplier of total solutions
sector rounds out the product line.                for the highly precise automated cutting
                                                   of metal parts.
06 /     Value proposItIon
         walter meIer / annual report 2011




tHe value proposItIon
to our staKeHolders

we promise all stakeholders long-term benefits from their cooperation
with walter meier.




                                                                                    suppliers
                                                                                    are regarded by us as long-term partners
                                                                                    who can rely on us.

                                             end users                              the environment and
                                             are provided with a need-oriented      future generations
                                             and user-friendly offering.            benefit from our commitment to
                                                                                    efficient and low-emission technologies.
                                             distribution partners
                                             will achieve a long-term competitive
                                             advantage thanks to our products.

                                             shareholders
                                             can expect a disproportionately
                                             high dividend.

                                             employees
                                             are provided with security,
                                             challenging and fulfilling tasks
                                             plus fair compensation.
                                                                                                      Corporate Culture     / 07
                                                                                        walter meIer / annual report 2011




tHe values oF our
corporate culture

the corporate culture of walter meier is based on the moral concepts and mindset
that shape the behavior of all our staff and consequently our image. we live out our
values in our day-to-day work – in dealing with each other, in making decisions, in
appraising performance, in information and communications and in our relationship
with our stakeholders.



                                                                                       dynamIc
                                                                                       we are quick to act and respond.
                                                                                       we do not wait to be prompted into
                                                                                       action by others but instead act on
                                                                                       our own initiative. we do not let
                                                                                       bureaucracy slow us down and instead
                                                                                       strive to act in a decisive manner.




open-mInded
we look at everyone and everything in
an unbiased manner, without prejudice.
we think globally when considering
business opportunities around the
world. our innovations are the result of
our enthusiasm for leading-edge
concepts and technologies.



                                             cooperatIve                               result-orIented
                                             we are unselfish in constantly focusing   because we are focused, we can con-
                                             on the common interest. we adapt          centrate on what is essential. we are
                                             to situations flexibly to improve our     tenacious, unyielding and push forward
                                             teamwork. we are reliable in keeping      to our goals. we are satisfied only
                                             our promises.                             when our determination leads to
                                                                                       consistently good results.




straIgHtForward
we are uncomplicated in our dealings and
are prepared to give honest and straight-
forward answers. we are willing to “put
ourselves in other people's shoes” to make
ourselves comprehensible. because we
are concise, we do not waste time.
08 /     Board oF dIreCtors and Group manaGement
         walter meIer / annual report 2011




                                                                   left to right: dr. reto e. meier, prof. dr. Kurt schiltknecht, paul witschi,
                                                                   werner Kummer, Heinz roth.

board oF dIrectors
dr. reto e. meier is the founder of the walter meier group, of     prof. dr. kurt schiltknecht was elected vice chairman in 1990
which he was chairman and ceo until 1989. since then he            as an independent, non executive member.
has been non executive chairman of the board of directors.
                                                                   He is also chairman of the board of directors of banca arner
He is also an Honorary member of the board of the german-          s.a., a member of the boards of directors of the Klosterfrau
swiss chamber of commerce. during his career, the doctor of        Healthcare group and patinex Holding. a professor of econom-
economics was chairman of the board of directors of a moun-        ics, he was previously chairman of the board of directors
tain railway group as well as a member of the board of directors   of Intershop, member of the bank council and director of the
of an industrial group and a bank. He was, among other things,     swiss national bank, chairman of the board of bank leu and
a board member of the swiss association of employers,              spokesman for the executive board of nordfinanzbank. He
the zurich chamber of commerce, the zurich association of          has undertaken various research projects at the swiss Federal
employer organizations and the swiss-Japanese chamber              Institute of technology (etH) and the organisation for eco-
of commerce. reto e. meier presided over the zurich association    nomic cooperation and development (oecd).
of commercial companies and was vice chairman of the
swiss technorama science center & association for technology
                                                                   Heinz roth has been an independent non executive member
and business in winterthur.
                                                                   of the board of directors since 2005 and is also the chairman
                                                                   of the audit committee.
Werner kummer has been an independent, non executive
                                                                   Heinz roth is also the chairman of the audit committee of
member of the board of directors since 2003.
                                                                   meyer burger technology ag, where he is a member of the
Holder of an engineering degree from etH zurich, he is an          board of directors. He is also a member of the board of
independent business consultant, including senior advisor          directors of Koras ag (blaser swisslube). as a banking special-
for m&a at schindler management ag, and is a member of             ist, he advises companies in the financial sector. previously,
various boards of directors within the schindler group.            Heinz roth was a member of the board of directors of bank
werner Kummer is also chairman of the board of directors           vontobel and he held various management positions – both in
of gebrüder meier ag, a member of the board of directors           switzerland and abroad – for the credit suisse group, includ-
and chairman of the audit committee of bâloise Holding and         ing ceo of credit suisse private banking switzerland and as a
a board member of the zurich chamber of commerce. He               member of management of credit suisse Financial services.
was previously a partner with braxton associates management
consultants, ceo of Forbo Holding, executive vice president
at schindler with responsibility for asia/pacific, and he held
various management positions at pelikan and Feintool.
                                                                                                                              / 09




left to right: silvan g.-r. meier, Jochen nutz.



                                                                   group management
paul Witschi was appointed as an independent, non executive        as chief executive officer, silvan G.-r meier has overall
member of the board of directors in 2007.                          responsibility for the walter meier group and answers to the
                                                                   board of directors. He also had direct responsibility for the
He is also chairman of the board of directors of arbonia-
                                                                   group division Humidification in 2011. His work focuses on
Forster-Holding, a member of the board of directors of reichle &
                                                                   strategy development and innovation, representing the group
de-massari and a member of the supervisory board of the
                                                                   and further developing its organizational structure. the
vaillant group. as a member of group management as well as
                                                                   identification and evaluation of possible acquisitions also fall
Head of marketing and sales at geberit, he was responsible
                                                                   within silvan g.-r. meier’s immediate area of responsibility.
among other things for the internationalization of the geberit
                                                                   In addition, Human resources, corporate communications
group. previously, paul witschi was Head of export, subse-
                                                                   and brand management report directly to him.
quently Head of group marketing and an executive vice presi-
dent of luwa air engineering.
                                                                   as chief Financial officer, Jochen nutz heads the Finance &
                                                                   controlling corporate center. In addition, Information technol-
                                                                   ogy, contract management and Investor relations report
                                                                   directly to him. as a member of group management, he has
                                                                   extensive responsibility for managing operations. He is not
                                                                   only responsible for controlling day-to-day operations but also
                                                                   for devising any corrective actions that might be necessary.
                                                                   His operational work also focuses on the ongoing optimization
                                                                   of process organization with the aim of achieving operational
                                                                   excellence in all processes. His further duties include the
                                                                   integration of newly acquired companies.
10 /      mIlestones
          walter meIer / annual report 2011




mIlestones
In our HIstory




1937                             1972                            1975                                   1977




1937 walter meier begins importing machine tools into               1988 First step in the expansion of the processing business
switzerland and to this end establishes the parent company          outside of switzerland through the acquisition of Jet
of the present-day group named after him.                           equipment & tools, a us supplier of woodworking and
                                                                    metalworking machines as well as transport and material-
1972 the second generation assumes responsibility for running       handling equipment.
the company under the management of dr. reto e. meier.
net sales: cHF 25 million                                           1990 acquisition of vestol and its merger with procalor to
number of employees: 43                                             form vescal, which subsequently ranks among the leading
                                                                    providers of heat production and heat supply systems and
1975 the first acquisition and entry into the air conditioning      components in switzerland.
market through the purchase of defensor, a pioneering
company and market leader in humidification.                        1991 germany’s leading humidification company,
                                                                    barth + stöcklein, is acquired.
1976 with the establishment of wmH walter meier Holding,
dr. reto e. meier lays the foundation for a long-term strategy      1994 Further strengthening of the swiss climate business
of rapid growth and diversification.                                through the acquisition of climatechnique Kobra.

1977 entry into the heating market through the acquisition of       1997 establishment of a branch in beijing. production of
oertli.                                                             humidification equipment in china begins.

1981 strengthening of the group’s position as a global leader       1999 strengthening of the american woodworking business
in humidification through the acquisition of condair and the        through the acquisition of powermatic.
north american company nortec.
                                                                    2001 the acquisition of draabe Industrietechnik in germany
1982 expansion of the heating business and entry into the           strengthens the global humidification business for process
heating-systems distribution market through the acquisition         applications.
of procalor.
                                                                    2002 strengthening and expansion of the metalworking
1985 Initial public offering with listing on the swiss stock        business through the acquisition of wilton, the leading
exchange.                                                           supplier of vises in the usa.
net sales: cHF 265 million
number of employees: 1 506
                                                                                                                mIlestones    / 11
                                                                                          walter meIer / annual report 2011




1985                 1988                           2007                               2010


                                                                   2011
2006 continuity of the group is ensured when silvan g.-r. meier    February walter meier expands its presence in the humidi-
joins walter meier and thus represents the third generation        fication market, moving into denmark with the acquisition of
of family entrepreneurs. at the same time, it is the starting      anderberg Fugtstyring, a distribution partner of several de-
signal for a strategic realignment and revitalization.             cades’ standing.
net sales: cHF 774 million
number of employees: 1 800                                         april the acquisition of Js Humidifiers, the market leader in
                                                                   the uK, enables walter meier to both further strengthen its
2007 the group and its business units present a unified            position as global market leader in humidification and tap into
identity under walter meier. In parallel with this, axair Kobra,   the Indian market. Js Humidifiers also offers an extremely
vescal and oertli service merge to become the leading              attractive range of energy-efficient evaporative humidification
swiss provider in the area of indoor climate.                      and cooling products.

2008 the acquisition of tosa strengthens the range of              september ml system becomes the latest commercial and
manufacturing technology products and expands specialty            industrial humidification company to join walter meier.
distribution channels in switzerland and France.                   ml system is the perfect complement to existing activities in
                                                                   direct room humidification, opening up business opportunities
2009 tK 3000, the leading company for ventilation hygiene in       in scandinavia and the usa and further boosting market
switzerland, joins walter meier. the company’s market              expansion in evaporative cooling.
presence in climate technology is expanded into austria with
the acquisition of eichler.                                        december after 40 years as an entrepreneur, dr. reto e. meier
                                                                   transfers 100 percent of the shares in his family-owned
2010 the walter meier headquarters building at schwerzen-          holding company greentec to his son silvan g.-r. meier, thus
bach near zurich is ceremoniously opened following a pro-          handing over control of the walter meier group.
gram to make it more energy-efficient. over a period of
15 months, the building was equipped with the latest heat
pumps and solar technology, cool ceiling systems and a
controlled supply of fresh air. It has now become a benchmark
for an integrated total solution offering an indoor climate
that is both energy-efficient and comfortable at the same
time. It was possible to reduce energy consumption for
heating by over 50 percent and co2 emissions even by more
than 70 percent.
12 /          Group dIVIsIon HumIdIFICatIon: oVerVIeW
              walter meIer / annual report 2011




    production sites
    own sales organizations
    distribution partners




HumIdIFIcatIon &
evaporatIve coolIng
                                                   walter meier is the world’s leading manufacturer of commercial and industrial
                                                   humidification equipment and systems. with our main brand condair, we set
                                                   standards with regard to energy efficiency and hygiene. In geographical terms,
                                                   we focus on europe, north america and china. In these regions, we serve ventilation
                                                   engineers directly from our own plants. we also export to over 50 countries
                                                   throughout the world. we aim to grow through our energy-efficient evaporation
                                                   systems, which can also be used for cooling.



overvIew                                                                                                         our powerful own brands
n 6 production sites
n 9 company-owned sales organizations

n more than 40 distribution

  partners worldwide
n clear leader with more than

  20% global market share



                                                   oliver Zimmermann
                                                   Head of group division
                                                   Humidification
“
We are the global market leader with grand ambitions.
thanks to the acquisitions in 2011 of uK-based Js Humidifiers and the two
danish companies ml system and anderberg Fugtstyring, we have significantly
improved our market positioning in the uK, scandinavia and India. across the
world, we are now three times larger than our nearest competitor in commercial
and industrial humidification – an extremely promising position from which to
begin 2012. our partners, too, will benefit from this increase in know-how:
we have strengthened our expertise in energy-efficient evaporative cooling in
both direct room applications as well as heat exchangers in ventilation ducts


                                       ”
and can point to outstanding references.
oliver zimmermann
                                                              there are a total of
                                                              250 sun umbrellas,
                                                              with each one
                                                              providing shade for
                                                              an area of around
                                                              600 m².




tHe largest outdoor
aIr condItIonIng system
In tHe world

                                      medina is the second most important
                                      pilgrimage site in Islam and is home to
                                      one of the largest mosques in the world.
                                      millions of muslims make an annual
                                      pilgrimage to the saudi city, which is hot
thanks to evaporative cooling by      and dry all year round. In the sun, the
                                      temperature often rises to 50 degrees
ml system, millions of pilgrims       celsius. In order to provide visitors to the
                                      15-hectare outdoor site with greater
can enjoy a pleasant climate in the   comfort, large umbrellas have been
                                      erected to provide protection from the
midst of the saudi heat.              sun. there are a total of 250 sun um-
                                      brellas, with each one providing shade
                                      for an area of around 600 m². during a
                                      visit to the usa, the King of saudi arabia
                                      saw an outdoor air conditioning system
                                      that vaporized water, thereby cooling the
                                      air. the King was so enthusiastic about
                                      this technology that he wanted to install
                                      a similar system under the sun umbrel-
                                      las in medina.



                                      right-hand image:
                                      medina is the second most important
                                      pilgrimage site in Islam.
                                                                         Group dIVIsIon HumIdIFICatIon: eVaporatIVe CoolInG      / 15
                                                                                          walter meIer / annual report 2011




a solution for extreme conditions           Further challenges included the ex-
the supplier of the large umbrellas first   tremely high ambient temperatures
attempted to develop a suitable system      and the exacting hygienic requirements
himself. when this proved unsuccessful,     for the system. the entire system is
he turned to ml system, a danish            designed for operation in ambient
business unit of walter meier. within       temperatures up to 60 degrees celsius.
just a few months, the supply contract
had been signed. ml system then             because only muslims may access the
developed the special parts, including      prayer site, ml system provided training
a special pump station that could           for the installation mechanics so they
be integrated into the enormous sun         themselves could manage both the
umbrellas. these water pumps are            installation of the pump stations and
                                            the necessary hygienic control for the
                                            entire system. when all the systems
this results in a pleasant and              are in operation, 50 000 liters of water
appreciable drop in temperature             per hour can be vaporized. this results
of up to ten degrees celsius                in a pleasant and appreciable drop in
across this large site.                     temperature of up to ten degrees across
                                            this large site.                             evaporative cooling requires only renewable
                                                                                         energy because just air and water are used
installed at a height of six meters         once the prototypes had been approved        as the sources for the cooling generation
directly below the light fixtures. In ad-   at the end of 2010, all 250 pump             system. the process works in the same way
dition to the pumps, ml system also         stations were manufactured in spring         as human perspiration, whereby water
supplied the spray elements that            2011. the installation was completed         evaporates on the skin and thus takes heat
are installed on the ventilators and        in august 2011 and, since then, pilgrims     away from the body.
discharge vaporized water.                  to the site have been enjoying cooler
                                            air temperatures thanks to the biggest
two of the biggest challenges were          outdoor air conditioning system in
the requirement for an extremely low        the world.
noise level and the limited space
available for installing the water pumps.
16 /     Group Division Climate: overview
         Walter Meier / annual report 2011




                                                                                   Hamburg



                                                                                                               Berlin
                                                                            Hannover




                                                                                                     leipzig
                                                      Düsseldorf                     D



                                                                      Frankfurt


                                                                                              nuremberg



                                                                         Stuttgart

                                                                                                                                       Vienna
                                                                                                 Munich
                                                                                                                        Salzburg
                                                                                  oberburen
                                                                                                                                   a
                                                                   Schwerzenbach
                                             ostermundigen
                                                                         CH
                                                         Vevey/romont

                                             Geneva                      lumino




HeatinG / CliMate / SerViCe
                                                 Walter Meier operates as a wholesaler offering leading expertise in the provision
                                                 of advice and servicing for the heating and cooling of residential and commercial
                                                 buildings. We focus on Switzerland, Germany and austria. in Switzerland,
                                                 Walter Meier is the leading complete provider of Heating / Climate / Service.
                                                 We gear our product portfolio consistently to increasing energy efficiency
                                                 and comfort. our end customers, the builder owners, are serviced exclusively
                                                 through our distribution partners, which are HVaC installers.



oVerVieW                                                                                                                               our brand of expertise
n Focus on Switzerland (CH),                                                                                                                      and advice
  Germany (D) and austria (a)
n 16 distribution sites

n More than 50 service offices

n leading complete supplier of

  heating and climate technology
  plus service in Switzerland
n among the top 5 suppliers of

  cooling technology in Germany
  and austria                                    martin Kaufmann                         Hans-Joachim socher
                                                 Head of Group Division                  Head of Group Division
                                                 Climate Switzerland                     Climate Germany/austria
“
we make the difference!
this promise is backed by every one of our employees together with our range
of products and services. We are proud of the portfolio of services we offer the
market; nobody in Switzerland has greater knowledge or experience in the
heating, climate and service sectors than Walter Meier. Climate and energy are
not just our profession – these are our vocation, our passion and our commitment.
a representative market survey in 2011 underlined this: our customers’ level


                                    ”
of satisfaction is well above average.
Martin Kaufmann



“
everyone talks about customer focus – we put it into practice!
efficiency and sustainability requirements in climate technology have risen con-
tinuously over the past few years, as has the complexity of planning and designing
systems. this is why, in addition to products that meet market requirements, we
offer our customers practical expertise and tailor-made solutions. Customers can
rely on expert advice and comprehensive support during facility planning. More
than 12 000 visits to customers and 35 000 orders per year in Germany and austria


                                                      ”
confirm the success of a strategy built on partnerships.
Hans-Joachim Socher
18 /   Group Division Climate: solar tHermal enerGy
       Walter Meier / annual report 2011




Walter Meier is causing a sensation in
the solar thermal energy industry with an
in-house development: an optimized
collector circuit uses solar energy even
more efficiently and extends
the system’s service life.




Solar Heat

                                            Solar systems have meanwhile achieved       new patented drain-back system
                                            considerable market significance in         With a revolutionary in-house develop-
                                            europe. until now, though, a number of      ment, Walter Meier has succeeded
                                            weaknesses have prevented a standard        in making a major improvement to
                                            system from dominating: changing            conventional drain-back systems. the
                                            weather patterns, differences between       air is actively blocked off, thus prevent-
                                            day and night temperatures plus the         ing the build-up of residual air in the
                                            design of buildings all affect the reli-    collector, which has until now had a
                                            ability and operational safety of this      negative impact on system performance.
                                            renewable energy source.                    the innovative concept therefore
                                                                                        achieves a whole new dimension of
                                            the first remedy to the problem was the     reliability, is highly efficient and so
                                            “drain-back” principle. Here the primary    effective that Walter Meier has applied
                                            pump is switched off when there is a        for a patent.
                                            threat of overheating in summer, when
                                            there is insufficient solar radiation       Walter Meier is also applying for a
                                            during rain, when people are away on        patent on the ingenious sensor and
                                            vacation or when the thermal storage        measurement concept. three tempera-
                                            system is full. the carrier fluid then      ture sensors now permanently record
                                            flows out of the collectors and back into   the collector temperature, the heat
                                            the drain-back container, and it is again   loss in the lines and the temperature in
                                            pumped into the solar collectors only       the thermal storage system. the entire
                                            when solar heat can be used once again.     system can be regulated with much
                                            this significantly reduces the thermal      greater precision and efficiency thanks
                                            load on all parts of the system and         to this comprehensive information,
                                            considerably prolongs service life.         and the cooling down of the thermal
                                                                                        storage system or boiler can be pre-
                                                                                        vented in an effective manner.
                                                                                                                                                  / 19



                                                                                                        a low-consumption solar pump, an
                                                                                                        ingenious hydraulic and regulation
                                                                                                        concept along with an innovative type
                                                                                                        of flat collector complete the intelligent
                                                                                                        solar-heating system. thanks to the
                                                                                                        integral “e-bus” data interface, the
                                                                                                        drain-back system can easily be com-
                                                                                                        bined with a gas or oil burner or even
                                                                                                        a heat pump to produce a complete
                                                                                                        system with centralized control.

                                                                                                        positioning as a solution provider
                                                                                                        the solar specialists at Walter Meier
                                                                                                        have spent two years putting the new
                                                                                                        product through a continuous and
                                                                                                        extensive range of critical tests. During
                                                                                                        the course of system development
                                                                                                        and these tests, detailed expertise has
                                                                                                        been acquired which Walter Meier can
                                                                                                        now also make available to its market
                                                                                                        partners. in addition to planning
                                                                                                        assistance, this technical expertise also
                                                                                                        includes support for installation and
                                                                                                        commissioning as well as a complete
                                                                                                        range of servicing and maintenance
                                                                                                        measures.




                                                                                                        1




oertli DrainMulti – a complete solar station,
preconfigured and ready for installation with
hot water and/or a heating storage system.                                                          4
                                                                                    2


                                                                                           3




 the use of solar energy
 in summer, every lake or swimming pool shows us how it works: intensive solar radiation heats          the walter meier solar thermal system
 up the water. this extremely simple physical phenomenon forms the basis for the unlimited              offers maximum flexibility and, depending
 use of solar energy that is available free of charge. the principle is known as solar thermal energy   on requirements, can provide hot water
 and it can be widely used at the cutting edge of technology – it is extremely environmentally          and heating for around 30 people with a
 friendly and also very attractive from an economic point of view. solar thermal systems convert        maximum building height of 25 meters.
 sunlight into heat, which is transmitted to a carrier fluid with the help of collectors and is
 retained in a thermal storage system. this heat can be used, for example, for heating a building       1 Meander flat plate collector
 or for a shower.                                                                                       2 oertli DrainMulti (drain-back system)
 in contrast, a photovoltaic system generates electrical current from the sun’s rays. Solar cells       3 Hot water and/or heating storage system
 are used to extract electrical energy from sunlight. this electrical current can either be fed         4 Heating system (heat pump, oil or
 into the public grid or can be used for one’s own domestic needs.                                          gas boiler)
20 /          Group Division tools: overview
              Walter Meier / annual report 2011




    Sourcing sites
    own sales organizations
    Distribution partners




toolS
                                                  Walter Meier leads the world in the manual woodworking and metalworking
                                                  machinery sector with its Jet brand. no other brand manufacturer can offer a
                                                  comparable geographical presence and a similarly broad product portfolio. We also
                                                  offer a select product range in the shop equipment sector. We focus on the uSa,
                                                  Western europe and russia/ukraine where we are positioned exclusively as a
                                                  partner for specialty distributors. We also export to over 50 countries throughout
                                                  the world through general importers.



oVerVieW                                                                                                        our powerful own brands
n 2 sourcing sites
n 5 countries with dedicated

  sales organizations
n More than 40 distribution

  partners worldwide




                                                  mark lang
                                                  Head of Group Division tools
“
our core expertise lies in providing our customers with a
tailor-made product range.
as a global manufacturing and trading company, we have our own business
units for production in taiwan and China. under the leadership of a Swiss
manager, 50 local engineers and administrators guarantee perfect quality,
timely deliveries and attractive prices. they are supported by a team of uS and
european project managers and engineers. thus we make sure that we develop
the products that local markets demand and that meet the requirements in


                           ”
north america and europe.
Mark lang
“i’M a CoMplete
 Fan oF Jet.”




          in north america, the Jet brand has been
          very highly regarded in the woodworking
          and metalworking sector for many years.
          part of this success can be attributed
          to consistent marketing. Bryan Fuller, a
          prominent craftsman in the uSa, plays
          an important role in this marketing as an
          ambassador for Jet.
                                                                                           Group Division tools: bryan fuller     / 23
                                                                                            Walter Meier / annual report 2011




                                                                                          in his workshop, Bryan Fuller puts his
                                                                                          trust in Jet tools and machines, making
                                                                                          him an ideal ambassador for our brand.
                                                                                          together with the north american
                                                                                          marketing team at Walter Meier, he has
                                                                                          made the name Jet known to a wide
                                                                                          public. We have been making greater
                                                                                          use of his experience and influence in
                                                                                          the industry since 2011. He represents
                                                                                          Jet at trade fairs and uses videos to
                                                                                          show customers how they can use our
                                                                                          products for specific, challenging metal-
                                                                                          working techniques. as ambassador
                                                                                          for our brand, Bryan Fuller knows just
                                                                                          how important his work is for the
                                                                                          success of Jet. “i’m a complete fan of
                                                                                          the Jet brand and would never give my
                                                                                          name to something that i didn’t believe
                                                                                          in a hundred percent. Jet products are
                                                                                          totally professional and i’m proud of
                                                                                          that.” the partnership between Bryan
                                                                                          Fuller and Jet is an example of brand
                                                                                          management at Walter Meier that
                                                                                          allows us to present innovative products
                                                                                          to end customers with great success.




the well-known Bryan Fuller Hot rod workshop in atlanta is equipped with Jet machinery.



                                        thanks to consistent brand manage-
                                        ment, a wide product range and success-
                                        ful marketing, Jet is now a strong brand
                                        in north america in woodworking,
                                        metalworking, material handling and               Bryan Fuller on the “two Guys Garage” program.
                                        lifting equipment. in order to make
                                        Jet even better known and even more
                                        successful in north america, the mar-
                                        keting team is focusing on the influence          i’m a complete fan of the Jet
                                        of important opinion leaders. one such            brand and would never give
                                        influential personality is Bryan Fuller,
                                        a Jet partner of many years’ standing.
                                                                                          my name to something that
                                        thanks to his exceptional creativity              i didn’t believe in a hundred
                                        and his enormous mechanical expertise,            percent. the Jet products
                                        this well-known expert has already                are totally professional and
                                        achieved cult status in the spare parts
                                        market for the automobile industry.
                                                                                          i’m proud of that.
                                        as the proprietor of the tuning work-
                                        shop for cars and motorcycles that bears
                                        his name, Bryan Fuller can be found
                                        not only at his workshop in atlanta but
                                        also at major events for professional
                                        workshop equipment. He is also the host
                                        of the popular tV program “two Guys
                                        Garage” on the national tV channel
                                        SpeeD.
24 /     Group Division maCHininG solutions: overview
         Walter Meier / annual report 2011




                                                                      Schwerzenbach
                                                                                                              Berneck




MaCHininG SolutionS
                                             Since 1937, Walter Meier has been Switzerland’s leading importer of CnC machining
                                             systems along with metal-cutting tools. We plan, program and assemble customer-
                                             specific total solutions for the highly precise automated manufacture of metal
                                             parts. our customers come from industries such as the watch and medical-technol-
                                             ogy sectors. Walter Meier is positioned as a preferred partner for the development
                                             of innovative manufacturing processes and for increasing productivity.




oVerVieW                                                                                                    our brand of expertise
n Focus on Switzerland                                                                                                 and advice
n the leading supplier of total solutions

  for precision machining since 1937




                                             roberto ettlin
                                             Head of Group Division
                                             Machining Solutions
“
Day in, day out, our highly specialized experts tackle all kinds of manufacturing work
on behalf of our customers. a well-motivated team and a broad product range
allow us to offer the Swiss market the most productive solutions for sophisticated
manufacturing technology and metal-cutting. a prerequisite for this is our excellent
relationship with our suppliers, who guarantee a high-quality portfolio of machin-
ery, tools, cleaning equipment and related devices. in 2012, we intend to increase our
competitiveness with innovative products that are market leaders and constantly


                                                                                   ”
adapt our range of products and services in line with new customer requirements.
roberto ettlin
26 /   Group Division maCHininG solutions: naKamura-tome
       Walter Meier / annual report 2011




tHe “SWiSS naKaMura”:
proFitaBle proCeSSinG oF
CoMplex WorKpieCeS



it took one year from the original idea until the market launch
of the new nakamura-tome ntY3-250 high-performance
turning center with its Swiss roots. at eMo 2011 in Hannover,
the world’s largest trade show for metalworking, the first
“Swiss nakamura” was sold right at the trade show booth.
                                                                              Group Division maCHininG solutions: naKamura-tome       / 27
                                                                                                Walter Meier / annual report 2011




                                                                                                                       nakamura-tome ntY3



                                                  With the new ntY3-250 turning center,
                                                  the Japanese machine manufacturer           With more than 700 machines
                                                  nakamura-tome has launched a high-          installed in Switzerland,
                                                  performance turning center specially
                                                  designed to meet the needs of the
                                                                                              the cooperation between
                                                  Swiss market. this new development          Walter Meier Machining
                                                  bears the hallmark of Walter Meier:         Solutions and nakamura is
                                                  specialists from application technology,    a true success story.
                                                  Sales and Customer Services played
                                                  a decisive role in the development of the
                                                  new machine. they established the           economical, fast, innovative
                                                  specifications for it based on the exact-   the new, impressive and extremely
                                                  ing needs of Swiss customers and            compact three-turret machine, featuring
                                                  developed it in collaboration with the      three Y-axes and twin spindles, was
                                                  engineers from nakamura. the Swiss          introduced to an interested technical
                                                  market is one of the largest consumers      audience at eMo 2011 in Hannover.
                                                  of nakamura turning centers in europe.      the first order by a Swiss customer was
a Japanese-swiss friendship                       With more than 700 machines installed       placed right at the trade show booth.
Since its foundation in 1949, nakamura-           in Switzerland, the cooperation between     this new turning center allows for even
tome has developed into one of the world’s        Walter Meier Machining Solutions            more profitable cutting, even when
leading manufacturers of multiple-axis            and nakamura is a true success story,       complex workpieces are involved.
turning and milling centers. Walter Meier         and the joint development of the new        the ntY3-250 has many outstanding
and this Japanese manufacturer enjoy a            high-performance turning center is          features such as the longest stroke
close partnership stretching back 30 years.       an impressive reflection of this success.   lengths in its segment for the three
at the company headquarters in Kanazawa,                                                      Y-axes.
Japan, 400 employees continually work on
the further development of the nakamura                                                       the newly designed Fanuc control
machines and build them for the inter-                                                        system is easy to use thanks to a
national market. With sales of models from                                                    touch screen. Machine operators
the tW and Wt series already in excess of                                                     therefore have a modern, high-perfor-
12 000 units, nakamura-tome is one of the                                                     mance workstation at their disposal.
world’s most successful manufacturers of
multitasking opposed spindle machines and
is a reliable innovator of profitable solutions
to challenging complete machining tasks.



                                                                                              left-hand image:
                                                                                              Walter Meier has been developing solutions
                                                                                              for precision machining since 1937.
28 /         review of tHe year
             Walter Meier / annual report 2011




SoliD SaleS anD
a FurtHer inCreaSe
in proFitaBilitY


n   sales only slightly down on the previous year at               accrued loss carryforwards, allowing the tax rate to be reduced
    CHf 641.7 million despite negative currency effects            to an extremely low 10.0 percent. Following the destruction
                                                                   of 108 800 -a- registered shares from the now-completed
n   adjusted for currency and consolidation effects,
                                                                   share buyback program, profit per share increased sharply
    sales grew by 5.7 percent
                                                                   year-on-year from CHF 19.09 to CHF 25.02.
n   ebit margin increased from 7.9 to 8.8 percent, primarily
    due to a marked recovery in machining solutions                on the balance sheet date, total assets had increased from
                                                                   CHF 320.6 million to CHF 355.8 million, primarily due to the
n   net income amounted to CHf 51.9 million,
                                                                   increase in cash and cash equivalents as well as the acquisi-
    up 26.0 percent year-on-year
                                                                   tion of new business units and strategic investments. at the
n   proposed profit payment of CHf 12.50 per                       end of 2011, the equity ratio improved once again to 55.6
    -a- registered share, unchanged on the previous year           percent (previous year: 53.2 percent). the profit payments and
                                                                   the repurchase of treasury shares on the second trading line,
                                                                   which was completed ahead of schedule on april 28, 2011,
the climate and manufacturing technology group                     had a significant impact on the equity level.
Walter Meier generated sales of CHF 641.7 million in 2011
(previous year: CHF 645.4 million), a slight drop of 0.6 percent   net liquidity increased considerably yet again in spite of the
compared to the previous year. adjusted for the effects of         dividend payment, the capital reduction and the financing
currency translation and consolidation, this equates to organic    required for acquisitions, amounting to CHF 60.7 million on
growth of 5.7 percent. in view of the strong Swiss franc,          December 31, 2011 (previous year: CHF 45.6 million). these
healthy growth in parts of the Group Divisions Humidification      funds now form a sound basis for accelerated growth in
and tools, which have a predominantly international focus,         strategic business areas. at the end of the year, immaterial
actually translated into a decline in sales. the Group Division    financial liabilities were at a similarly low level as in 2010.
Machining Solutions achieved the largest increase in sales         Working capital was maintained roughly at the previous year’s
by some margin, at over 22 percent, chiefly due to a similarly     level, mirroring the sales trend in the 2011 financial year.
large and unexpectedly rapid recovery in the Swiss metal-
working industry.                                                  at CHF 43.6 million, free cash flow was up slightly on the
                                                                   previous year (CHF 41.0 million). the marked increase in the
eBit increased by 10.6 percent year-on-year to CHF 56.5            outflows of funds for investments in the Group Divisions
million, corresponding to a further improvement in the eBit        Humidification and Climate was more than offset by greater
margin from 7.9 percent to 8.8 percent. all Group Divisions        cash inflows from operating activities. Funds tied up in
contributed to this pleasing growth in the operating result,       operating assets were subject only to minor changes.
with the Group Division Machining Solutions enjoying
the most marked improvement.                                       the number of employees increased by 78 in comparison with
                                                                   the end of 2010 to reach 1 627 (full-time equivalents), mainly
net income amounted to CHF 51.9 million, up from CHF 41.2          due to acquisitions.
million in the previous year. this increase is mainly due to
growth in the operating result. in addition, the net financial
result improved significantly over the past financial year, and
the share in profit of associated companies also increased.
With the continuing positive growth in earnings enjoyed by
the Group Division tools, more use can now be made of its
                                                                                                         review of tHe year      / 29
                                                                                          Walter Meier / annual report 2011




                                      Jochen nutz
                                      Chief Financial officer




in CHF million                                                       2011         2010             Change in %        organic change in %


net sales                                                           641.7        645.4                   –0.6                       5.7
  Humidification                                                    101.3         99.6                    1.7                      –0.9
  Climate                                                           333.9        345.5                   –3.4                       2.9
  tools                                                             153.8        161.9                   –5.0                       7.4
  Machining Solutions                                                64.9         53.1                   22.2                      22.2
  inter-segment sales                                               –12.2        –14.7
eBit                                                                 56.5         51.1                   10.6
 in % of net sales                                                    8.8          7.9
net income                                                           51.9         41.2                   26.0
  per -a- registered share in CHF                                   25.02        19.09                   31.1
  per -B- registered share in CHF                                    5.00         3.82                   30.9
profit payment per -a- registered share in CHF
(proposed)                                                          12.50        12.50                      –
profit payment per -B- registered share in CHF
(proposed)                                                           2.50         2.50                      –

Cash flow from operating activities                                  61.6         47.6                   29.4
Free cash flow                                                       43.6         41.0                    6.3



in CHF million                                                  12/31/2011   12/31/2010


total assets                                                        355.8        320.6
trade receivables                                                    80.7         90.2
inventories                                                          98.0         88.0
trade accounts payable                                               32.8         35.0
Financial liabilities                                                  2.9          1.6
net liquidity                                                        60.7         45.6
equity in % of total assets                                          55.6         53.2
number of employees (Full-time-equivalents)                         1 627        1 549
30 /     review of tHe year
         Walter Meier / annual report 2011




Humidification                                                     tools
the Group Division Humidification saw some significant             the Group Division tools generates some two-thirds of its
changes with its acquisition of JS Humidifiers (uK), Ml System     revenues in north america, meaning that currency translation
(Denmark) and anderberg Fugtstyring (Denmark) as well as           effects had a significant impact on sales, which fell by CHF 8.1
its shift in focus toward the French market. overall, the Group    million (5.0 percent) in terms of the Swiss franc year-on-year.
Division’s sales exceeded those achieved in the previous year,     Viewed in local currencies, the uS manual wood- and metal-
buoyed by the various acquisitions (increase of CHF 1.7 million,   working business in particular made substantial progress
or 1.7 percent). excluding the newly acquired business units,      on its growth path. adjusted for currency effects, the Group
sales – which are generated almost entirely abroad – had a         Division generated organic sales growth of 7.4 percent.
significantly more negative impact on the consolidated
financial statements than last year due to the strong Swiss        machining solutions
franc. adjusted for currency and consolidation effects, global     During the crisis years, the Swiss core business, which consists
sales of humidification equipment and systems fell by 0.9          of total solutions for precision machining, was hit by the
percent in organic terms in the 2011 financial year. this          sharpest decline in sales by a large margin when measured
decline is mainly due to the highly negative currency effects      across all Group Divisions. in contrast, it enjoyed an impressive
that hit the export business of Condair ltd., the Group            trend reversal last year, achieving sales growth of 22.2 percent.
Division’s largest company, which is based in pfäffikon in         Despite this success, the sales figures posted by Machining
the Canton of Schwyz (Switzerland).                                Solutions still lagged clearly behind the record-breaking years
                                                                   of 2007 and 2008.
Climate
With the exception of the Swiss domestic market, all compa-        outlook
nies in the Group Division Climate increased year-on-year sales    provided that the general economic situation in the key
in local currencies. Besides the weakness of the euro, the         markets of Switzerland, Germany and north america does
Group Division’s marked decline in sales (–3.4 percent com-        not deteriorate significantly in comparison with February
pared to the previous year) mainly resulted from the transfer      2012, Walter Meier again expects a low single-digit rise
of its radiant cooling business line to MWH Barcol-air and         in organic sales growth for the current year. assuming stable
the sale of its uK air-conditioning system retail business. the    exchange rates, it should be possible to maintain eBit at
weak euro had an impact on the currency translation of             the previous year’s level, although net income may fall slightly
the German and austrian business units’ sales figures and          year-on-year due to positive exceptional effects in 2011.
resulted in significant price concessions that had to be
absorbed by the Swiss retail business. adjusted for currency
and consolidation effects, the Group Division Climate posted
organic growth of 2.9 percent.
                                                                                                                                  5-year overview        / 31
                                                                                                          Walter Meier / annual report 2011




5-Year oVerVieW
in CHF million                                                                    2007                2008                2009                 2010       2011


income statement
net sales                                                                        859.8              806.9               659.0                 645.4      641.7
  Humidification                                                                 101.9              100.4                87.4                  99.6      101.3
  Climate                                                                        378.7              375.9               366.5                 345.5      333.9
  tools                                                                          281.2              248.8               171.7                 161.9      153.8
  Machining Solutions                                                            111.2               97.4                47.2                  53.1       64.9
  inter-segment sales                                                            –13.2              –15.6               –13.8                 –14.7      –12.2

ebitDa 1)                                                                          64.8               52.0                44.5                 64.4       69.4

ebit 1)                                                                            55.0               44.0                31.1                 51.1       56.5
 in % of the net sales                                                              6.4                5.5                 4.7                  7.9        8.8
exceptional effects                                                                15.4              –26.9                   –                    –          –

net income                                                                         58.1                 4.1               22.2                 41.2       51.9

balance sheet
 total assets                                                                    380.3               369.1              337.4                 320.6      355.8
 trade receivables                                                               127.0               126.2               92.8                  90.2       80.7
 inventories                                                                     119.0               129.7               84.2                  88.0       98.0
 trade accounts payable                                                           58.5                43.5               36.8                  35.0       32.8
 Financial liabilities                                                            25.0                65.4               25.4                   1.6        2.9
 net liquidity                                                                    16.8               –36.3               28.9                  45.6       60.7
 equity                                                                          172.1               132.0              162.4                 170.5      198.0
   in % of total assets                                                           45.3                35.8               48.1                  53.2       55.6
 return of equity in %                                                            30.8                 2.3               14.4                  24.5       29.6

Cash flow
 Cash flow from operating activities                                               44.2                8.1               92.2                  47.6       61.6
 Cash flow from investing activities                                               21.7              –24.2              –19.0                  –6.6      –18.0
 Free cash flow                                                                    65.9              –16.1               73.2                  41.0       43.6

number of employees (full-time-equivalents)
Group                                                                            1 770               1 650              1 575                 1 549       1 627
 Humidification                                                                    399                 384                350                   326         432
 Climate                                                                           802                 806                887                   895         849
 tools                                                                             453                 343                227                   211         235
 Machining Solutions                                                                83                  84                 70                    72          81
 Corporate                                                                          33                  33                 41                    45          30

share information
 net income per -a- registered share in CHF 2)                                 28.28                2.03              10.37               19.09           25.02
 profit payment per -a- registered share in CHF                                15.00                2.00               7.00               12.50           12.50
 Share price in CHF                                                           249.00               63.00              92.50              191.50          207.10
 number of outstanding shares 3)                                           2 028 408           2 020 754          2 198 905           2 125 598       2 075 006
 Stock market capitalization                                                   555.5               140.5              206.4               427.2           439.5

significant shareholders in % of capital
  Greentec aG 4)                                                                   45.4               45.3                54.6                 54.6        57.3
  Silvan G.-r. Meier                                                                2.4                2.4                 2.4                  1.9         1.9
  Dr. reto e. Meier                                                                16.8               17.2                17.2                 17.3           –
  anja egger-Meier                                                                    –                  –                   –                    –        19.6
 treasury shares                                                                    9.1                9.4                 1.4                  4.7         0.3
  Free float                                                                       26.3               25.7                24.4                 21.5        20.9

1)
   net of exceptional effects 2007 and 2008.
2)
   Based on average of outstanding shares.
3)
   Weighted -a- registered shares and -B- registered shares.
4)
   Greentec aG has been owned by Silvan G.-r. Meier since December 23, 2011. prior to December 23, 2011, it was owned by Dr. reto e. Meier.
32 /   orGanizational CHart
       Walter Meier / annual report 2011




                    organization of the walter meier Group




                                                         Group management
                                                         Silvan G.-r. Meier, Jochen nutz




                    Climate teCHnoloGy                                                     manufaCturinG teCHnoloGy

                     Humidification                                                        tools
                     oliver Zimmermann                                                     Mark lang
                     (until February 29, 2012, Silvan G.-r. Meier)

                     Climate                                                               machining solutions
                     Martin Kaufmann, Hans-Joachim Socher                                  roberto ettlin




                    ad hoc Communications/media relations
                    patrick Bossart, Head of Corporate Communications
                    corporate.communications@waltermeier.com

                    regular reporting obligations/share office
                    Marcel Bauckhage, Head of treasury & risk Management
                    marcel.bauckhage@waltermeier.com

                    Human resources
                    Doris Güller, Head of Human resources
                    hrgroup@waltermeier.com
                                                                                                                         aDDresses      / 33
                                                                                                Walter Meier / annual report 2011




Group                                                              Climate
walter meier ltd.                   walter meier (services) aG     walter meier                           walter meier
Bahnstrasse 24                      Bahnstrasse 24                 (Klima schweiz) aG                     (Klima Österreich) GmbH
8603 Schwerzenbach                  8603 Schwerzenbach             Bahnstrasse 24                         perfektastrasse 45
Switzerland                         Switzerland                    8603 Schwerzenbach                     1230 Vienna
phone +41 44 806 41 41              phone +41 44 806 41 41         Switzerland                            austria
Fax     +41 44 806 49 49            Fax     +41 44 806 47 05       phone +41 44 806 41 41                 phone +43 1 60 33 111 0
group@waltermeier.com               group@waltermeier.com          Fax     +41 44 806 41 00               Fax     +43 1 60 33 111 399
www.waltermeier.com                                                ch.klima@waltermeier.com               at.klima@waltermeier.com
                                                                   www.waltermeier.com                    www.waltermeier.com

                                                                   walter meier
                                                                   (Klima Deutschland) GmbH
HumiDifiCation                                                     Carl-von-linde-Strasse 25
                                                                   85748 Garching-Hochbrück
Condair ltd.                        ml system a/s                  Germany
talstrasse 35–37                    parallelvej 2                  phone +49 89 326 70 0
8808 pfäffikon SZ                   8680 ry                        Fax     +49 89 326 70 140
Switzerland                         Denmark                        de.klima@waltermeier.com
phone +41 55 416 61 11              phone +45 87 88 21 00          www.waltermeier.com
Fax     +41 55 416 62 62            Fax      +45 87 88 21 21
info@condair.com                    ml@ml-system.dk
www.condair.com                     www.mlsystem.com

Condair sasu                        anderberg fugtstyring a/s      tools
le parc aux vignes                  Gl. Holbaekvey 6-8
2 allée des sarments                4200 Slagelse                  walter meier (tool) aG                 wmH tool Group (Hong Kong) ltd.
77437 Marne la Vallée Cedex 2       Denmark                        tämperlistrasse 5                      level 28, three pacific place
France                              phone +45 58 50 12 13          8117 Fällanden                         1 Queen’s road east, Hong Kong
phone +33 1 60 95 89 40             Fax     +45 58 50 03 41        Switzerland
Fax      +33 1 60 95 89 41          fugtstyring@anderberg.dk       phone +41 44 806 47 48                 wmH tool Group (Hong Kong) ltd.
fr.info@condair.com                 www.anderberg.dk               Fax      +41 44 806 47 58              taiwan branch
www.condair.com                                                    jetinfo.eu@waltermeier.com             11F no.366 pei tun rd.
                                    Draabe industrietechnik GmbH   www.jettools.com, www.promac.ch        taichung 40654, taiwan, r.o.C.
nortec Humidity ltd.                Schnackenburgallee 18                                                 phone +886 4 22411420
2740 Fenton road                    22525 Hamburg                  tool (france) s.à.r.l.                 Fax    +886 4 22411248
ottawa, ontario K1t 3t7             Germany                        57, rue du Bois Chaland                cn.manufacturing@waltermeier.com
Canada                              phone +49 40 85 32 77 0        Z.l. du Bois Chaland
phone +1 866 667 8321               Fax    +49 40 85 32 77 44      C.e. 2935 lisses                       wmH tool Group (Hong Kong) ltd.
Fax    +1 613 822 7964              draabe@draabe.com              91029 evry Cedex                       Hangzhou representation office
nortec@humidity.com                 www.draabe.com                 France                                 rM 415 Shangkun Building
www.humidity.com                                                   phone +33 1 69 11 37 37                no. 398 tianmushan road
                                    eichler Hungária Kft.          Fax      +33 1 60 86 32 39             Hangzhou 310012
nortec Humidity inc.                Fehévári út 44                 www.promac.fr                          p.r. China
p.o. Box 698, 826 proctor avenue    1119 Budapest                                                         phone +86 571 8577 8021/22/23
ogdensburg, new York 13669          Hungary                        walter meier                           Fax      +86 571 8577 8024
uSa                                 phone +36 1 382 45 80          (manufacturing) inc.                   cn.manufacturing@waltermeier.com
phone +1 866 667 8321               Fax     +36 1 382 45 77        427 new Sanford road
Fax      +1 613 822 7964            eichler@eichler.hu             laVergne, tn 37086-4184
nortec@humidity.com                 www.eichler.hu                 uSa
www.humidity.com                                                   phone +1 615 793 8900
                                    axenergy ltd.                  Fax     +1 615 793 8905
walter meier                        talstrasse 35–37               jetwilton@waltermeier.com
Climate (beijing) ltd.              8808 pfäffikon SZ              www.jettools.com
Building 3, Section C               Switzerland                    www.wiltontools.com
opto Mechatronics industrial park   phone +41 55 416 66 70         www.powermatic.com
Beijing 101111                      Fax     +41 55 416 62 62
p.r. China                          axenergy@axenergy.com
phone +86 10 8150 3008/3051/3052    www.axenergy.com
Fax      +86 10 8150 3841
cn.climate@waltermeier.com                                         maCHininG solutions
www.waltermeier.com
                                                                   walter meier
Js Humidifiers plc                                                 (machining solutions) ltd.
artex avenue, rustington                                           Bahnstrasse 24
littlehampton                                                      8603 Schwerzenbach
West Sussex, Bn16 3ln                                              Switzerland
uK                                                                 phone +41 44 806 46 46
phone +44 1903 850200                                              Fax     +41 44 806 47 47
Fax     +44 1903 850345                                            ch.machining@waltermeier.com
info@jshumidifiers.com                                             www.waltermeier.com
www.jshumidifiers.com
waltermeier.com/investors
the full annual financial statements and the Corporate Governance chapter
are available on our website.




Walter Meier ltd.
Bahnstrasse 24, 8603 Schwerzenbach, Switzerland
phone +41 44 806 41 41, Fax +41 44 806 49 49
group@waltermeier.com, www.waltermeier.com

				
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