group - INTEGRA Holding AG

annual report 2011

table of contents
Editorial 2
Company Locations 4
Company Structure 5
INTEGRA Real Estate Ltd. 6
INTEGRA Biosciences Group 8
Aquametro Group 10
SIGNAL Group 12
INTEGRA Engineering India Ltd. 14
Micronic B.V. 16
Audior's Report 17
INTEGRA Group - Key Figures 18
Development of the Company 19
Addresses 20
1

editorial 2011
INTEGRA Holding Ltd. is an investment company. The ORGU foundation based in
Sarnen in the Swiss Canton of Obwalden holds in excess of 80% of its stock capital. The
primary charter of the foundation is to:
• Ensure the independence of INTEGRA Holding Ltd., and
• Reinvest profits into innovative companies.
As the operating arm of the ORGU foundation, INTEGRA Holding Ltd. pursues the goals
of the foundation while taking an active and farsighted approach to enhancing the value
of the INTEGRA Group.
Historians will record 2011 as a year full of major crises, with an aftermath that will be
remembered for a long time. The year was marked in March by the horrifying magnitude
9,0 earthquake on the eastern seaboard of Japan that triggered a devastating tsunami.
As a result, the cooling system at the Fukushima nuclear reactor was destroyed, leading
to a partial core meltdown. Many governments – with Switzerland taking the lead –
reacted immediately by resolving to opt out of nuclear power. This reaction came without
a fundamental evaluation of the consequences or impacts of their decisions, and did
not appear to be part of a thought through plan.
Today it is evident that while this hasty debate on energy has already subsided, the rash
decisions taken will soon overtake us on political, economic, social, and environmental
fronts. Consequently, one can expect energy costs to keep rising in the short term in
Europe, whilst aspiring nations like China, India, and Russia are definitely not going to
forego nuclear power – because they simply can’t afford to.
We hope that what is affecting us directly and more severely – the financial and monetary
crisis in Europe that does not seem to ebb – is short lived. This crisis has not only
precipitated government reshuffles, notably in Italy and Greece, but has also led to overvaluation
of the Swiss Franc versus other major Western currencies, in particular the
Euro and the US Dollar. Compared to its average prior year exchange rate, the US Dollar
dropped another 25% – reaching a historic low of CHF 0,78/$ against the Swiss Franc.
Similarly the Euro lost another 18% in value compared to the previous year exchange
rate average – touching a low of CHF 1,13/€. It should be noted that both these currencies
had already lost considerable ground versus the Swiss Franc in 2010. The ensuing
grave consequences for our exports caused the Swiss National Bank to take the courageous
and long-awaited decision on September 6, 2011, to set a bottom threshold of
CHF 1,20/€. Even at this rate, however, the Swiss Franc is highly overvalued in terms of
purchasing power parity. Hence, Swiss products are much more expensive than those
of our foreign competitors and correspondingly disadvantaged. This handicap is prevalent
not only in Europe, but in relative terms in other markets too, especially Asia.
In order to uphold their competitiveness as far as possible, Swiss exporters were again
forced to grant big discounts to offset the Franc’s rise and thus accept eroded margins.
This is apparent in financial statements showing low or disappearing profits.
Furthermore, Swiss firms were forced to underpin their differentiation by bolstering
innovation and putting significant pressure on their suppliers to lower prices and/or seek
cheaper alternatives abroad. Such conditions have necessitated increased outsourcing
of direct and indirect jobs, including production, to other countries – a trend that is simply
going to accelerate the ongoing degeneration of Switzerland as a manufacturing
nation.
2

Adrian Oehler
President of the Governing Board
There seems to be a total lack of any sensible, long-term answers or concepts from politicians
to resolve current or future challenges. Instead, for quite a long time politics seems
to be shaped primarily by reactionary measures driven by the short-term interests of
political parties and their representatives. This naturally leaves us disadvantaged, unable
to get any political support to adapt our framework to global developments.
We too have not been fully spared from the effects of this financial and monetary crisis.
To maintain sales growth both Aquametro and INTEGRA Biosciences had to grant significant
discounts throughout 2011. Nevertheless, in view of the prevailing conditions, we
should be pleased with the overall bottom line. Our consolidated operating revenues fell
slightly over the prior year by about 0,8% to CHF 136,2 million. Since our strong currency
reduced the margins, the EBIT dropped in the face of rising labor costs by around 6%
to CHF 18,5 million.
In spite of such negative factors, the Aquametro Group was able to create more value by
expanding its market position in Asia, particularly in Korea, and stay on the prior year’s
path of success. Following its extraordinarily great performance in 2010, Signal Ltd. delivered
its second best performance ever in FY2011. Value creation did decline slightly as a
result of fewer highway and export projects. Although INTEGRA Biosciences grew, it
unfortunately fell just short of the high targets set for this year, because it was seriously
affected by the currency crisis. INTEGRA Real Estate Ltd. had to undergo significant reorganization.
Similarly, we took on the development of our Wil property and conducted an
analysis with four architects. This study highlighted realistic options for converting the
property.
New orders for the contract manufacturing division of the INTEGRA India Group
Company Ltd. did not manage to fully offset a collapse of its standard business of supplying
relays for the Indian Railways. Though profitability was boosted significantly
through cost controls and other measures, the business just failed to reach the
breakeven point. During the year, Schlafhorst Engineering India was renamed INTEGRA
Engineering India, and a major effort was made to reposition ourselves as an engineering
and manufacturing company. This required diverse investments to modernize the unit
and acquire new machinery. We initiated a merger of the two Indian firms for completion
in Q1 of 2012.
It is hard to foresee what other challenges we will face in the years ahead. These are
times of economic uncertainty, which demand that we continually adapt to grow and
retain, or rather, fortify our ability to innovate. The spotlight must be on the operating efficiency,
which means that we need to further optimize our operations – through well educated/trained
and motivated employees at all levels. Such employees are the foundation
of our accomplishments and, hence, I would like to thank each one of you for the daily
contributions you make towards our joint success.
Adrian Oehler
CEO INTEGRA Holding Ltd.
3

Companys of the
INTEGRA Group
Lelystad (NL), Micronic B.V.
company locations
Bremen (D), Aquametro Messtechnik GmbH
Sterrebeek (B), Aquametro Belgium Sprl.
Wallisellen (CH), INTEGRA Holding Ltd.
INTEGRA Real Estate Ltd.
Therwil (CH), Aquametro Ltd.
Büren a. A. (CH), SIGNAL Ltd.
Giubiasco (CH), Segnaletica Mordasini Ltd.
Zizers (CH), INTEGRA Biosciences Ltd.
Tokyo (Japan), Aquametro Representative Office
Busan (South Korea), Aquametro Korea Ltd.
Shanghai (China), Aquametro (China) Pte Ltd.
Hudson, NH (USA), INTEGRA Biosciences Corp.
Dubai (UAE), Aquametro Representative Office
Halol (India), INTEGRA Engineering India Ltd.
Singapore, Aquametro (S.E.A.) Pte Ltd.
4

company structure
INTEGRA Holding Ltd. Board of Directors
Adrian Oehler, Chairman
Heinrich M. Lanz, Vice Chairman
Hans C. Bodmer
Fritz Hauff
Clemens Ruckstuhl (as of 27.06.2012)
INTEGRA Real Estate Ltd. Board of Directors
Adrian Oehler, Chairman
Kurt Balmer
Max Zollinger
Clemens Ruckstuhl
Adrian Oehler, CEO
INTEGRA Biosciences Group Board of Directors
Adrian Oehler, Chairman
Philip Bodmer
Jeffrey Leathe
Gary Nelson
Prof. Dr. Roger Nitsch
Elmar Morscher
John Warren
Elmar Morscher, CEO CH
Gary Nelson, CEO USA
Aquametro Group Board of Directors
Adrian Oehler, Chairman
Dr. Heinz Graf
Fritz Hauff
Anton Lauber (to March 2012)
Cleto de Pedrini
Roger Baumer
Fritz Hauff, CEO
SIGNAL Group Board of Directors
Fritz Hauff, Chairman
Jean Burelle
Laurent Burelle
Hans Peter Klauser
Heinrich M. Lanz
Adrian Oehler
Ernst Moser, CEO
INTEGRA India Group Co. Ltd. Board of Directors
as of 01.06.2012 (Merger) K. Narsim Shenoy, Chairman
Rahul G. Divan
S. R. Divatia
Adrian Oehler
N. Srinivasan
Corinne Räz, CEO
INTEGRA Engineering (India) Ltd. Board of Directors
Adrian Oehler, Chairman
Rahul G. Divan (as of 01.06.2012)
Shalin Divatia
Jayvant Mehta (to 28.04.2012)
Mahendra Sanghvi
Corinne Räz
Swami Prasad, CEO
Micronic B.V.
5

Showroom Bauwerk
integra immobilien
Introduction
INTEGRA Real Estate Ltd. manages the properties of the Integra Group pension fund.
It also develops, builds, and rents its own real estate. In addition, it manages the properties
of Integra Holding’s subsidiaries, and provides construction management services
to other clients.
FY2011
2011 was a year of personnel changes at INTEGRA Real Estate Ltd.. The CEO left the
company in early 2011, after which the president of the board of directors filled the position
on an interim basis. Individuals in accounting and administration as well as marketing
had to be replaced. A new employee was hired for the construction management
department. The additional capacity allowed us to self-manage the finishing work at
IntegraSquare, which had been handled until then by external architects and consultants.
IntegraSquare in Wallisellen
The higher level of efficiency achieved upon reorganization made the position of the CEO
redundant for the time being. We are especially pleased that the lease agreements with
Siemens Mobility could be extended through to 2020, as a result of which we are contributing
to retaining valuable manufacturing jobs in Wallisellen.
We also managed to lease most of the commercial space at IntegraSquare. The
Chinderstern kindergarten moved into Hammerweg 2 and a new pediatric office opened
up in Hammerweg 4. We signed-up another three tenants for stores along the
Industriestrasse for occupation in early 2012. Many top-notch firms have established their
showrooms on this street and the vacancy rate for commercial space is now very low. In
the fall of 2011, we improved the directional signs at IntegraSquare and optimized some
of the outdoor facilities.
6

View of INTEGRA site in Will
Concept for IntegraSquare Wil
View of IntegraSquare Wil
In 2011, we also renovated the property of the INTEGRA company pension fund located
in Wiesgasse, Wallisellen. The facilities were converted and made ready for occupation
on schedule within just three months. We also installed environmentally-friendly solar
panels for water heating.
Moreover, we conducted a study in 2011 on development of the Wil site. Four architectural
offices were involved in presenting concepts for urban development, characterized
by optimized, multi-faceted, quality living and leisure facilities.
A new and more powerful image
Late in the fall of 2011, we redesigned the logos of INTEGRA Real Estate Ltd. and
IntegraSquare. The purpose was to ensure that the IntegraSquare brand is more clearly
recognizable as a product of INTEGRA Real Estate Ltd. and to project our competency
in the fields of construction site and facility management. Focusing on imagery
that exudes professionalism, modernity, and competence, the new logos should benefit
the Wil project.
Outlook
Major new projects are in the pipeline for the year 2012. We will continue to pursue
conversion and detailing of the Wil site. The concepts developed will define the direction
and serve as the basis for the development and partial zoning plan, and should be
submitted for permitting in the first half of the year.
Our construction site management effort in the first quarter will focus on building
more commercial space for new tenants along the Industriestrasse.
Other projects planned for 2012 include renovation of the property in the
Neuwiesenstrasse in Volketswil and the Lehenmattstrasse in Basel. Eighteen new
apartments will be fully renovated in the Neuwiesenstrasse, along with new additions,
at a cost of about CHF 4,8 million. The conversion will be completed in 2013, in time
to rent out the units as of April 1 and July 1, 2013 respectively.
7

integra biosciences group
Introduction
INTEGRA booth at a trade fair 30 th anniversary of pipetting aid PIPETBOY
INTEGRA Biosciences Ltd. was established as a trading business of laboratory equipment
in 1965 in Zurich and is now headquartered in Zizers. This company and
INTEGRA Biosciences Corporation in Hudson, NH (USA), together comprise the
INTEGRA Biosciences Group. The group is a leading global supplier of high-grade laboratory
equipment for precision liquid handling and sterile preparation of cell cultures.
Products are developed, produced, and sold by both companies. The US firm has its
own sales staff, whereas sales in Europe and Asia are managed via a network of 90
independent distributors. In 2011, our subsidiary, the INTEGRA India Group, started
building up a sales network for INTEGRA Biosciences products in India.
Products with an excellent reputation
Products from INTEGRA Biosciences are used in many research labs within the global
life science industry and enjoy an excellent reputation. INTEGRA Biosciences products
are to be found mainly in pharmaceutical and biotech research, clinical diagnostics, and
for quality control in the food and cosmetics industries.
The innovative VIAFLO products including VISION, VOYAGER, and VIAFLO 96 pipettors
and GRIPTIP pipettor tips have set new standards in terms of ease of use and reliability
for precision dispensing of tiny quantities of liquids (microliters). These new products
perfectly compliment popular products that INTEGRA has supplied for years in the
milliliter range including PIPETBOY, DOSE IT, and VACUSAFE.
MEDIACLAVE and MEDIAJET are leading products worldwide for sterile filling of Petri
dishes with cultures; FIREBOY and FLAMEBOY offer laboratories a safe 21st century
alternative to the traditional Bunsen burner. CELLINE, CELLROLL, and CELLSPIN
belong in every research lab that cultures living cells.
8

VIAFLO 96 – 96 channel Hand Held Pipettor
VIAFILL
VIALINK
FY2011
The review of the year 2011 happens with mixed feelings. Profits were below expectations,
but in view of the tough economic conditions we faced, the year could be viewed
a successful one. Worldwide revenues rose by 7% to CHF 17,6 million. In mid-year, we
took action to retain our market share as the strong Swiss Franc made our products too
expensive for our distribution network to remain competitive. Consequently we elected
to offer discounts to offset the negative effects of the rising exchange rate. These discounts
resulted in a loss of 7–8% of revenues. Some of this loss could be offset through
increased sourcing activity in Europe and by paying Euro to Swiss suppliers also. In spite
of the great pressure on margins, we were able to increase our gross profit by
TCHF 250. We hired an additional six employees to reach a total of 80.
The currency crisis drove down European revenues by about 3%, though Europe still
accounts for 42% of overall revenues. Revenues in North and South America rose by
16%, this region now accounts for 31% of total revenues. In Asia, our 2011 revenues
grew strongly, rising by over 50%, as a consequence the share of the total revenues
from Asia rose from 14% to 20%. The remaining 7% of the revenues came from the
rest of the world and private label customers.
We continued to expand our product line in 2011 by launching three new laboratory products:
VIAFLO 96 – a hand-operated 96-channel pipettor; VACUSIP – an aspiration system
for laboratory fluids, and VIAFILL – a fast multi-purpose reagent dispenser. These new
products were well received in the market meeting the needs of our target customers.
We boosted revenues from sale of consumables such as pipette tips by 71% to CHF
2,1 million.
Outlook
We remain focused on aspects of laboratory product innovation that we believe can
make a positive difference for our customers and therefore enhance our business. We
will also continue to concentrate on investment in people.
In 2012, we anticipate more challenges arising from the economic situation in Europe
and the rising value of the Swiss Franc. Unfortunately, these factors are beyond our
control, but we will seek to counter their impact by investing in new and innovative
products. The VIAFLO 96 line will be enhanced with many new software applications.
The new VIAFLO 384 line will be launched as an even more productive pipettor. These
efforts will certainly help raise sales of our profitable consumables. A faster, more productive
version of the MEDIAJET and further optimization of our popular electronic
pipettes are also in the development pipeline. In Europe, Asia, Africa, and South
America our area sales managers will continue to assist distributors in identifying and
securing sales from customers. In the U.S. the sales department will expand its direct
relationship with customers. Future market growth opportunities in China and India
naturally also play an important role in our expansion plans.
9

Diesel Switch
aquametro group
Introduction
Aquametro Ltd. was founded in 1928 in Basel, Switzerland to develop, manufacture
and distribute water meters. Today we develop, produce, calibrate, and market intelligent
measuring devices worldwide for applications involving water, thermal energy,
oil, and other liquids. We support companies and business partners with next-generation
systems for data acquisition, data management and integrated solutions for
other higher level control and assessment systems.
FY2011
During the last year we were able to expand our market position in selected sectors.
Employing a strategy of strict cost-cutting and intense marketing we were able to
counter the negative effects of turbulent currency fluctuations. We achieved worldwide
market leadership in the area of measurement of fuel consumption in ships and
vehicles. Our 185 employees in 2011 achieved group revenues of CHF 52,0 million.
AMBILL ® muc – Aquametro’s smart metering solution
Market segments
In our water supply division, core products include the aquabasic ® mechanical home
water meter, which can be expanded/modified at any time with a broad range of system
modules. The modular aquaconcept ® system with its outstandingly adaptable features
has proven especially popular with water utilities and municipalities. The RUBIN
large volume mechanical water meter and the AMFLO ® MAG PRO / AMFLO ® MAG
SMART magnetic induction flow meters complete our product line.
The Aquametro thermal energy division offers a broad spectrum of volumetric flow
sensors and energy calculators. In 2011, we expanded our line of products in this area
with the introduction of the AMFLO ® SONIC Dry X series. Thanks to the modular
design of this meter, subcomponents can be replaced without interrupting the
process.
10

CONTOIL ® DFM 8
During 2011, we focused on solutions for energy savings in cold and hot water systems.
We enhanced our CALEC ® ST energy calculators and CALEC ® energy master
series with new communication interfaces to ensure compatibility with all system
integrators.
Our division focusing upon measurement of fuel consumption of vehicles and ships
launched a host of new products for measuring diesel fuel. The new dual-chamber
CONTOIL ® DFM 8 EDM and CONTOIL ® DFM 8 ECO series complement our existing,
popular DFM family of products. Through modifications and use of other materials,
the CONTOIL ® meters can be used for a broad range of applications.
Smart metering and wireless M-bus devices were the hot topics in measuring peripheral
forms of energy. Our product range in this area was expanded in 2011 with the
addition of systems and solutions for remote reading of meters, associated data management,
and billing software.
Today, Aquametro offers a wide range of equipment and supplementary parts, like
temperature sensors, to test and calibrate all kinds of volumetric components in the
oil, industrial, and water sectors. This capability covers our own line and third-party
brands. We are certified under the EN 17025 standard, which authenticates the quality
of our products and systems.
Outlook
In 2012, we will seek to re-enforce and expand our positions in the various national and
international markets, through strong emphasis on development and sales of applicationoriented
systems and solutions in all sectors. We will underpin this strategy through participation
in international trade fairs/conferences, more intense training of distributors and
partners, and by bolstering in-house technical expertise.
AMFLO ® SONIC DryX
11
CALEC ST ®

Traffic signals on the Lucerne ring road
signal group
Introduction
For over 65 years SIGNAL Ltd. has been an innovator in the areas of signaling, information,
marking, and traffic control systems – and contributed significantly towards
traffic safety. We are the leader in signaling and traffic-control systems for Swiss highways
and roads. Our product range includes products and systems for parking lot
management, outdoor spaces, tunnel safety and digital signs. The related expert consulting,
planning, engineering, and assembly services that we also offer are often
decisive factors that further boost the success of our business activities. Wherever
there is a need to direct traffic into lanes – whether it involves car drivers, bicycle riders,
pedestrians, or inline skaters – you can count on SIGNAL Ltd. to provide full-scale
solutions.
Our comprehensive network of 11 sales and service branches ensures good customer
relationships in all the language regions of Switzerland. Our local presence throughout
Switzerland offers many advantages: it enables us to respond more quickly, interact
more closely with our customers, and raises our dependability. Signal believes it is
crucial to recognize and incorporate local conditions into traffic control planning, right
from the start.
Head office of SIGNAL Ltd. in Büren a.A.
Our subsidiary, Segnaletica Mordasini Ltd. in the canton of Tessin, is an established
authority in the application of street marking. Our teams are equipped with marking
machines and materials suitable for both indoor and outdoor facilities.
Outside Switzerland we have cooperated for many years with Compagnie Signature
(France). In addition, we work with various sales partners to cater to the key market
of tunnel safety.
In terms of market segmentation our business revenue comes from the Swiss federal
government (30%), the private sector and cities and municipalities (40%). The
remaining 30% of our revenues stem from industrial, commercial, retail, and private
customers.
12

Electrical work in Büren a.A.
Signals along highway A2: Belchen tunnel
Tunnel safety
SIGNAL Ltd. is widely known as a dependable partner. Each of our branches have a
team of advisors and a service bay for assembly and marking tasks. We invest in our
employees to enable them to stay at the cutting-edge and they are fully versed with
all relevant standards, laws, and regulations.
We strive to understand the technical and other needs of our clients to enable us to
deliver what is expected – in a competent manner, from the initial planning stage
through to execution and service.
At SIGNAL Ltd., our highest priority is quality, occupational safety, and environmental
protection. We have been awarded three certifications pursuant to ISO 9001 for quality
management, ISO 14001 for environmental protection, and OHSAS 18001 for occupational
safety. Our prism signals passed the EN 12966 CE certification in 2011.
FY2011
We continued on our path of success in FY2011. Our staff of roughly 210 achieved
operating revenues of over CHF 50,0 million – marking the second best performance
in our 65-year history.
The signals unit saw strong demand for information systems, signs for traffic zones,
and speed limiting signs. The street marking unit grew well, mainly as a result of infrastructure
optimization and lengthy periods of good weather. We successfully completed
large projects during the year, such as the A16 Transjurane highway, the
Belchen tunnel along highway A2, and the traffic information system in Lucerne. The
only strategic goals that remained unfulfilled in 2011 resulted from the strong Swiss
Franc and postponement of some projects.
Outlook
We aim to keep pushing the successful strategy we have pursued over the last few
years. Our head office in Büren a.A. and the 11 branch offices can look forward to continued
success in the short term, with a positive outlook for 2012. We will bolster our
sales and street marking units, with special emphasis on the growing segments – systems
and solutions with electronic barriers, automated bollards, dynamic information
and display systems, and parking control systems. Our order backlog includes major
highway projects for the traffic signals unit and for the stage two overhaul of the
Lucerne ring road, the city tangent of Berne, the six-lane expansion for Blegi-Rütihof
in the canton of Zug, and for further sections of the A16 Transjurane highway.
13

Company offices
integra engineering india
Introduction
On January 3, 2011, INTEGRA Holding significantly increased its presence in India
through the acquisition of a majority share of Schlafhorst Engineering (India) Ltd., following
prolonged negotiations with the former promoter and a public open offer to the minority
shareholders. The company founded in 1981 as Padmatex Engineering Ltd. was
renamed INTEGRA Engineering India Ltd. during the year. INTEGRA Engineering has a
long history of activity in the textile industry, all of which began with a German collaboration
for commercial production of high-speed draw frames and autoconers. Apart from
its operational activities, the company possesses large production facilities and a plot of
approx. 80,000 m2 in size and also considerable cash reserves. Business activities over
the last few years were drawn down to the absolute minimum, because the goals of the
former majority shareholder were unclear.
The INTEGRA India Group Company Ltd. (INTEGRA India), formerly Integra Hindustan
Control Ltd., was founded in 1987 as a joint venture with ABB India to produce signaling
relays for the safety systems of the Indian Railways. It will be merged in early 2012 into
INTEGRA Engineering.
Factory
By combining our machining and fabrication expertise at INTEGRA Engineering with the
electrical engineering and electronic assembly expertise at INTEGRA India, we aim to
deliver integrated products for current and prospective customers. The newly merged
company will be able to fabricate, assemble and install completely integrated apparatus
and device solutions, and/or subassemblies and parts. Our main target segments are
power technology, transportation systems, textile machinery as well as general industry
in India and abroad. We anticipate that INTEGRA Engineering will grow continuously over
the next few years and contribute significantly to the growth of the entire group over the
long-term.
FY2011
The year 2011 was defined by major challenges and changes and thus was a tough one
for the INTEGRA India Group Company. During the year we had to bear a decline of our
traditional railway relay business, while at the same time we adapted our processes and
focused on winning new customers requiring assembly of electro-mechanical products.
14

Plano milling machine
Laser cutter
High speed draw frame
15
Engineering
In spite of a fall of about 45% in revenues to CHF 2,5 million, INTEGRA India managed
to again become profitable in the last quarter and delivered a much better bottom line
over the prior year.
Another challenge in 2011 was to give INTEGRA Engineering a new impetus by restructuring
it as an engineering and manufacturing company and winning new customers. The
machine shop had to be assessed, old equipment was partly overhauled or replaced, and
new priorities and actions had to be put in place. We invested in equipment, including the
purchase of a new CNC turning centre and a new powder coating unit due to go operational
in Q1 of 2012. In addition, we hired and trained new qualified staff.
Orders worth CHF 1,8 million allowed us to beat our prior year operating revenues by
24%, which generated a small profit of TCHF 54. We financed the investments from
leasing and interest income, supplemented by in-house funds. Company management
and the board of directors focused on coming up with a new strategy for the merged
company and preparing both units for the integration.
Outlook
Plans are to continue production of existing textile machines and pursue the spares
business. A new generation of textile machines that meet current operating requirements
will be launched in the fall of 2012 with relatively minimal outlay. In 2012, we will develop
and introduce the high-speed draw frame with new state-of-the-art features. We will use
our in-house expertise to push this business unit and optimize its profits.
The merged and integrated INTEGRA Engineering company will look to grow in other
fields too. In 2011, we became heavily involved in the process of intensifying our profile as
an engineering and manufacturing firm. This effort is still underway, and more work is
needed in marketing to entrench this profile in the market. We also need to improve and
expand specific aspects of our operations expertise, such that we can reliably deliver the
expected quality. We also need to define processes, install systems, and provide targeted
training to our staff. In the first half of 2012, we will still be in the middle of the stepwise
reorganization and integration of the two firms, and will need to invest in more equipment.
Already there are signs of strong demand for powder coating, evidenced by the fact that
we won several orders before the plant was even ready. Our new capabilities will enable
us to also offer European firms interesting solutions and procurement options in the Indian
market. We see many facets for growing the current business and are confident that
INTEGRA Engineering India will grow continuously over the next few years and soon contribute
significantly to the growth of the entire group.

System for reading barcodes on tubes
micronic
FY2011 was again a great year for growth of our own products. Production at the
Philadelphia plant is now at a level where we can cover the requirements of our customers
in North and South America. During the year we added a new 500 m2 cleanroom
facility in Lelystad, and invested in machines and new injection molding tools.
The expansion of our production capacity was to ensure competitive on time deliveries.
As a business driven by innovation we invested in new products, including an amber
tube for light sensitive samples and new high quality 2 ml, 4 ml and 6 ml sample storage
tube.
In addition to these new consumable products, we introduced a scanner and software
able to read the most popular tube coding symbologies. Our success last year
stemmed from the fact that we continued to invest in new products, new packaging,
and made a range of qualitative improvements to our current products.
Furthermore, we kept our customers satisfied by expanding and reorganizing the
company.
New scanner for two kinds of codes New tube with a threaded cap
16

integra holding ltd.
Auditor's report
We have audited the consolidated financial statements of INTEGRA Holding Ltd., for the financial year ended
December 31, 2011, comprising the balance sheet, statement of income, cash flow, shareholders’ equity, and
notes.
Responsibility of the Governing Board
The governing board is responsible for the preparation of the company’s consolidated financial statements in
compliance with the Swiss GAAP FER regulations and Swiss law. Furthermore, the board is required to put into
place and maintain internal controls appropriate for preparing consolidated financial statements free of material
misstatements arising from violations or errors. It is also responsible for selecting the accounting methods to be
applied and for making reasonable estimates.
Responsibility of the auditor
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We
conducted our audit in accordance with Swiss laws and auditing standards, which require that we plan and
perform the audit to obtain reasonable assurance as to whether the consolidated financial statements are free
of material misstatement.
We have examined, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial
statements, using our discretion on the audit procedures to identify the risks of material misstatements arising
from violations or errors. We have also assessed the client’s internal controls over financial reporting, in order
to identify any risks and define the scope of the audit, but not to issue an opinion on the effectiveness of the
client’s system of controls. Furthermore, we also assessed the accounting principles used, significant estimates
made, and the overall presentation of the consolidated financial statements. We believe that our audit provides
a reasonable basis for our opinion.
Auditor’s opinion
In our opinion, the consolidated financial statements present fairly the Group’s assets, financial position, and
profit situation on December 31, 2011, in compliance with the Swiss GAAP FER regulations and Swiss law.
Reporting based on other legal regulations
We hereby confirm that we meet the legal requirements for professional qualifications pursuant to RAG (Auditing
Standards Act) and independence pursuant to §728 of OR (Swiss code of Obligations), and that our independence
was not undermined in any manner under the existing circumstances. Furthermore, we confirm that the
governing board has put internal controls in place pursuant to §728a par. 1(3) of OR and the Swiss Auditing
Standard 890.
We recommend approval of these consolidated financial statements
St. Gallen, April 5, 2012
KPMG Ltd.
17
Daniel Steiner
Charted Accountant
Head Auditor
Andrea Schmid
Certified Auditor

INTEGRA Group –
Facts & Figures
FY2011 was another good year for the
INTEGRA Group. We achieved consolidated
operating revenues of CHF 136,0 million,
just 0,8% less than the prior year.
Our consolidated net revenues rose over
FY2010 by 2,2% to CHF 135,0 million.
Group net income after taxes was CHF
11,9 million, a drop of CHF 2,5 million
over the prior year.
INTEGRA Real Estate Ltd.
Operating revenues reached CHF 16,0
million for the first time ever, rising from
just CHF 10,2 million a decade ago. We
were able to extend the lease agreements
with our main tenant, Siemens
Mobility, through to 2020. Following significant
progress in leasing commercial
space in IntegraSquare, only a small proportion
will be left unoccupied by mid-
2012. As a result we are extremely
pleased with the net income of CHF 4,9
million achieved.
Aquametro Group
In spite of the weak Euro, the Aquametro
Group performed well in 2011, marked by
revenues of CHF 51,6 million and a net
income of CHF 4,4 million. We achieved
major growth in the markets in Asia, the
Middle East, and Eastern Europe, while
the domestic segment remained stable.
We also launched several new products.
INTEGRA Biosciences Group
The INTEGRA Biosciences Group generated
revenues of CHF 17,6 million in
2011. Notwithstanding the difficult conditions
created by turbulent exchange
rates, we replicated our growth of 7%
the prior year. However reduced margins
lowered our EBIT to TCHF 210, which is
below that of the prior year.
integra group
Key Figures 2010 2011
(in 1’000 CHF)
Net turnover and other operating revenues 133’886 137’062
Added value 95’398 95’439
- Per employee 183 147
EBITDA 27’994 27’194
- Percentage of turnover 20.9% 19.8%
EBIT 19’654 18’491
- Percentage of turnover 14.7% 13.5%
Profit after tax 12’335 10’311
Investments in tangible assets 9’769 5’706
Staffing Level (31.12.) 544 660
Return on equity 11.0% 9.2%
Return on net operating assets (RONOA) 5.9% 5.4%
Equity ratio 40.6% 39.7%
SIGNAL Group
The SIGNAL Group had a successful year
with revenues of CHF 51,7% (+6% over
FY2010) and operating revenues of CHF
50,2 million. We achieved operating profits
of CHF 4,6 million, and net income
was high at CHF 3,2 million.
INTEGRA India Group
INTEGRA India was badly affected by
a collapse of its traditional business.
However implementing new strategies
we completed more orders than in the
previous year to achieve revenues of CHF
2,5 million. During 2011 – the business
almost reached a turnaround point, with
losses of only TCHF 134.
18
INTEGRA Engineering India
INTEGRA Engineering is currently in a
phase to transform the barely operational
Schlafhorst unit into an engineering and
manufacturing center. In FY2011, we
expanded our expertise and won new
customers, an effort that should bear fruit
in 2012. Our revenues were CHF 1,2 million
with a tiny profit of TCHF 54.

development of the company
Percentage Share of
FY2011 Revenue and B/S
Total by Company (%)
Revenue
B/S total
Staff Count
Profitability
Revenue
(CHF, millions,
left scale)
Profit after tax
in %
(%, right scale)
Return on Investment
Return on equity
Return on
operating assets
Equity ratio
80%
60%
40%
20%
0%
700
600
500
400
300
200
100
0
160
140
120
100
80
60
40
20
0
20%
10%
0%
-10%
-20%
-30%
50%
40%
30%
20%
10%
19
0%
Aquametro
Group
SIGNAL
Group
INTEGRA
Biosciences
Group
INTEGRA
Engineering
India Ltd.
INTEGRA
Real Estate Ltd.
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
2001
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
15%
10%
5%
0%
-5%
-10%
-15%
-20%

integra addresses
INTEGRA Holding AG
Hammerweg 1
CH-8304 Wallisellen
Tel. +41 (0)43 233 30 10
Fax +41 (0)43 233 30 11
info@integra.ch
www.integra.ch
Integra Immobilien AG
Hammerweg 1
CH-8304 Wallisellen
Tel. +41 (0)43 233 30 20
Fax +41 (0)43 233 30 21
info@integra-immobilien.ch
www.integra-immobilien.ch
INTEGRA Biosciences Group
INTEGRA Biosciences AG
Tardisstrasse 201
CH-7205 Zizers
Tel. +41 (0)81 286 95 30
Fax +41 (0)81 286 95 33
info@integra-biosciences.com
www.integra-biosciences.com
Aquametro Group
Aquametro AG
Ringstrasse 75
CH-4106 Therwil
Tel. +41 (0)61 725 11 22
Fax +41 (0)61 725 15 95
info@aquametro.com
www.aquametro.com
Aquametro Belgium Sprl.
Dallaan, 67
B-1933 Sterrebeek
Tel. +32 2 241 62 01
Fax +32 2 216 22 63
info.amb@aquametro.com
www.aquametro.com
Aquametro (China) Pte Ltd.
Tower A, Room 2209, No.188
Zhang Yang Road Tomson Centre,
Post code: 200122
Shanghai, China
Tel. +86 215 012 6401
Fax +86 215 012 6402
sales.china@aquametro.com.sg
www.aquametro.com
20
INTEGRA Biosciences Corp.
2 Wentworth Drive
Hudson, NH 03051, USA
Tel. +1-603-578-5800
Fax +1-603-577-5529
contact@viaflo.com
www.integra-biosciences.com
Aquametro Messtechnik GmbH
Kurt-Schumacher-Allee 2
D-28329 Bremen
Tel. +49 421 871 64-0
Fax +49 421 871 64-19
info.amd@aquametro.com
www.aquametro.com
Aquametro Korea Ltd.
#501, Centrum IS Tower, 1209
Jaesong-Dong, Haeundae-Gu
Busan 612-050, South Korea
Tel. +82 51 905 55 66
Fax +82 51 905 55 69
aquametro@korea.com
www.aquametro.co.kr
Aquametro (S.E.A.) Pte Ltd.
190 Woodlands Industrial Park E5
#07-15, Woodlands Bizhub
Singapore 757516
Tel. +65 6899 1980
Fax +65 6899 2972
sales.china@aquametro.com.sg
www.aquametro.com
Representative Offices:
Japan, Dubai

SIGNAL Group
SIGNAL AG
Industriezone kleine Ey
CH-3294 Büren a/Aare
Tel. +41 (0)32 352 11 11
Fax +41 (0)32 352 11 01
info@signal.ch
www.signal.ch
INTEGRA Engineering India Ltd.
Post Box No. 55
Chandrapura Village
Taluka: Halol - 389 350
District: Panchmahals, Gujarat
India
Tel. +91 2676 221870
Fax +91 2676 220887
info@integraengineering.in
www.integraengineering.in
Micronic B.V.
Platinastraat 51
NL-8200 AP Lelystad
Tel. +31 320 27 70 77
Fax +31 320 27 70 88
info@micronic.ch
www.micronic.ch
21
Segnaletica Mordasini SA
Via Morobbia 18
CH-6512 Giubiasco
Tel. +41 (0)91 857 58 92
Fax +41 (0)91 857 78 34
segnaleticamordasini@bluewin.ch

INTEGRA Holding AG
Hammerweg 1
CH-8304 Wallisellen
www.integra.ch
Graphic design: aaa-design, Arbenz-Ambühl