annual report 2011 - Walter Meier

annual report
2011

Income statement
in CHF million (except as noted otherwise)
net sales eBIt 1) net InCome
13.9 (–4.8%)
859.8
6.4
126.0 (–4.3%)
64.9 (22.2%)
806.9
5.5
659.0
4.7
645.4
7.9
641.7
8.8
07 08 09 10 11
eBIt margin 1) exceptional effects
1) net of exceptional effects 2007 and 2008
by regIon
net sales
(in cHF million, change to previous year’s values in parentheses)
Group
641.7 (–0.6%)
153.8 (–5.0%)
switzerland
by group dIvIsIons
55.0
15.4
44.0
–26.9
31.1
51.1
56.5
07 08 09 10 11
346.1 (2.5%)
155.7 (–3.7%)
net sales
(in cHF million, change to previous year’s values in parentheses)
Humidification
other europe
Climate
101.3 (1.7%)
333.9 (–3.4%)
tools
111 (87)
211 (209)
30 (45)
81 (72)
235 (211)
58.1
4.1
numBer oF employees
(previous year’s values in parentheses)
Group
1 627 (1 549)
usa/Canada
numBer oF employees
(previous year’s values in parentheses)
22.2
41.2
51.9
07 08 09 10 11
other
machining solutions Corporate Centers
979 (967)
326 (286)
432 (326)
849 (895)

alance sHeet / casH Flow
in CHF million (except as noted otherwise)
WorkInG CapItal
103.9
119.0
55.4
97.9
129.7
42.0
65.0
84.2
35.5
60.0
88.0
34.1
45.6
98.0
31.0
07 08 09 10 11 07 08 09 10 11
172.1
45.3
07 08 09 10 11
44.2
65.9
21.7
132.0
35.8
162.4
48.1
8.1
–16.1
–24.2
170.5
53.2
92.2
198.0
55.6
73.2
–19.0
47.6
41.0
–6.6
61.6
43.6
–18.0
07 08 09 10 11
FInanCInG
25.0
16.8
trade receivables Financial liabilities
Inventories net liquidity/-debt
1)
trade accounts payable 1)
1) less prepayments from customers/to suppliers
equIty return on equIty
(in %)
in % of total assets
CasH FloW
Cash flow from operating activities
Cash flow from investing activities
Free cash flow
30.8
65.4
2.3
–36.3
25.4
28.9
14.4
1.6
45.6
24.5
2.9
60.7
29.6
07 08 09 10 11

sHare InFormatIon
net InCome and proFIt payment
(per -a- registered share, in cHF)
28.3
11.3
5.2
15.0
4.0
0.8
2.0
2.0
07 08 09 10 11
14.4
7.5
10.4
13.4
6.4
7.0
6.9
4.8
07 08 09 10 11
19.1
12.5
25.0
net income profit payment
rate oF proFIt payments
(max./min., in percent)
12.5
stoCk prICe trend
(1/1/2007–1/31/2012, in cHF)
300
270
240
210
180
150
120
90
60
30
20.9%
0.3%
2007 2008 2009 2010 2011
Walter meier n (Wmn, sIX swiss exchange)
swiss performance Index (spIX, adjusted)
sIGnIFICant sHareHolders
(12/31/2011, in share of capital)
silvan G.-r. meier 1)
anja egger-meier
treasury shares
Free float
1) shareholding including Greentec aG
59.2%
19.6%
stock market
capitalization
as of 12/31/2011
CHF 439.5 million

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.
Contents
walter meIer / annual report 2011
annual report 2011
/ 01
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

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.
bad because of the sovereign debt crisis and its causes such as
the abject failure on the part of politicians to comply with
binding regulations, a serious consequence of which has been
a major loss of confidence in the key individuals who share
responsibility. It is a truism to say that trust in the future is
what most keeps the economic engine running smoothly.
but – and this is, if anything, even more important for us – the
financial year was once again a very good one for walter meier.
In a nutshell, this was thanks to a sustained period of favorable
conditions and, in particular, a combination of old and new
strengths in our business operations. both our activities in
climate technology and especially in manufacturing technology
contributed to what were outstanding results overall.
Humidification
our position as the global market leader in humidification
was strengthened considerably by three acquisitions in the uK
and denmark. a range of strategic measures have been initia
ted in this area geared toward solidifying our leading position
even further. every year, the excellent performance of our
north american business in particular should be highlighted.
as of January 1, 2012, Humidification operations will be run
under the leading brand name of condair.
Climate
climate switzerland, the largest of walter meier’s business
areas, was hit by a slight economic slowdown and turmoil on
the currency markets, but it nonetheless succeeded in posting
gratifying results. activities in germany stood out once again,
while austria experienced something of a difficult period.
tools
global tools activities painted a mixed picture. although
business stagnated in switzerland and especially France,
certain international activities, such as in russia, were
pleasing. the us business, by far the largest market, im-
pressed once again, delivering outstanding performance
with its Jet, powermatic and wilton brands.
machining solutions
special praise should be reserved for our core business of
machining solutions. In spite of the major problems facing
switzerland as an industrial center, significant improvements
in performance on what had already been a solid previous
year were recorded, bolstered by our position as the leading
supplier to the watch industry and medical technology.
Figures
contrary to all expectations in an ever more grueling en vi ro nment,
all key performance figures with the exception of sales
were up on those achieved in what had already been a very
positive 2010! most notably, ebIt (cHF 56.5 million) and net
profit (cHF 51.9 million) increased once again in both absolute
and relative terms – despite upheavals on the currency
markets. working capital was kept under control and free
cash flow was positive.
last but not least, and particularly important in these uncertain
times: the balance sheet is healthier than ever, with
no net liabilities – quite the contrary, in fact! the equity ratio
was also very sound, at 55.6 percent.
the bottom line: earnings per share amounted to a healthy
cHF 25.02.

strategy
the board of directors focused once again on corporate
strategy. It became clear that it has become very difficult
to kick-start the engine of growth against an increasingly
strong headwind. For this reason, priority was placed on
many individual strategies, particularly in areas in which
walter meier is a manufacturer.
organization
the ordinary annual shareholders’ meeting re-elected
the members of the board of directors reto e. meier,
Heinz roth and Kurt schiltknecht for a further three-year
term. oliver zimmermann has been appointed to head
up the group division Humidification and will take up his
post on march 1, 2012.
shareholders
the board of directors is to propose to the annual shareholders’
meeting that a profit payment of cHF 12.50 be made.
outlook
next year, the 75th in our company’s history, could also well
be described as schizophrenic. on the one hand, the economic
environment will darken even more in the wake of the sove reign
debt crisis; on the other, however, several of our operations
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.
letter to sHareHolders
walter meIer / annual report 2011
/ 03
my son has been with the company for five years as ceo.
For a long time now he has helped shape our company, and
I firmly believe that taking this step will enable walter meier
to continue to enjoy a productive future and will ensure
continuity. I shall be resigning as chairman of the board of
directors at the next annual shareholders’ meeting – and
this after forty years as an entrepreneur. please allow me two
emotional thoughts. First of all, it is by no means easy to walk
away from “my” company (“partir c’est toujours mourir un
peu”). second, and above all, I would like to extend my most
sincere thanks to everyone who at whatever time accompanied
me on my long journey – indeed, who made it possible in
the first place: colleagues, customers, members of the board
of directors, shareholders, suppliers, bankers, journalists and
many more people besides. once again, thank you!
dr. reto e. meier
chairman of the board of directors

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

tools
walter meier leads the world in the manual woodworking
and metalworking machinery sector.
a select product range in the shop equipment
sector rounds out the product line.
portraIt
walter meIer / annual report 2011
macHInIng solutIons
since 1937, walter meier has been importing
machining systems into switzerland, where
it is now the leading supplier of total solutions
for the highly precise automated cutting
of metal parts.
/ 05

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.
end users
are provided with a need-oriented
and user-friendly offering.
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.
suppliers
are regarded by us as long-term partners
who can rely on us.
the environment and
future generations
benefit from our commitment to
efficient and low-emission technologies.

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.
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.
straIgHtForward
we are uncomplicated in our dealings and
are prepared to give honest and straightforward
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.
cooperatIve
we are unselfish in constantly focusing
on the common interest. we adapt
to situations flexibly to improve our
teamwork. we are reliable in keeping
our promises.
Corporate Culture
walter meIer / annual report 2011
/ 07
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.
result-orIented
because we are focused, we can concentrate
on what is essential. we are
tenacious, unyielding and push forward
to our goals. we are satisfied only
when our determination leads to
consistently good results.

08 / Board oF dIreCtors and Group manaGement
walter meIer / annual report 2011
board oF dIrectors
dr. reto e. meier is the founder of the walter meier group, of
which he was chairman and ceo until 1989. since then he
has been non executive chairman of the board of directors.
He is also an Honorary member of the board of the germanswiss
chamber of commerce. during his career, the doctor of
economics was chairman of the board of directors of a mountain
railway group as well as a member of the board of directors
of an industrial group and a bank. He was, among other things,
a board member of the swiss association of employers,
the zurich chamber of commerce, the zurich association of
employ er organizations and the swiss-Japanese chamber
of commerce. reto e. meier presided over the zurich association
of commercial companies and was vice chairman of the
swiss technorama science center & association for technology
and business in winterthur.
Werner kummer has been an independent, non executive
member of the board of directors since 2003.
Holder of an engineering degree from etH zurich, he is an
independent business consultant, including senior advisor
for m&a at schindler management ag, and is a member of
various boards of directors within the schindler group.
werner Kummer is also chairman of the board of directors
of gebrüder meier ag, a member of the board of directors
and chairman of the audit committee of bâloise Holding and
a board member of the zurich chamber of commerce. He
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.
left to right: dr. reto e. meier, prof. dr. Kurt schiltknecht, paul witschi,
werner Kummer, Heinz roth.
prof. dr. kurt schiltknecht was elected vice chairman in 1990
as an independent, non executive member.
He is also chairman of the board of directors of banca arner
s.a., a member of the boards of directors of the Klosterfrau
Healthcare group and patinex Holding. a professor of economics,
he was previously chairman of the board of directors
of Intershop, member of the bank council and director of the
swiss national bank, chairman of the board of bank leu and
spokesman for the executive board of nord finanzbank. He
has undertaken various research projects at the swiss Federal
Institute of technology (etH) and the organisation for economic
cooperation and development (oecd).
Heinz roth has been an independent non executive member
of the board of directors since 2005 and is also the chairman
of the audit committee.
Heinz roth is also the chairman of the audit committee of
meyer burger technology ag, where he is a member of the
board of directors. He is also a member of the board of
directors of Koras ag (blaser swisslube). as a banking specialist,
he advises companies in the financial sector. previously,
Heinz roth was a member of the board of directors of bank
vontobel and he held various management positions – both in
switzerland and abroad – for the credit suisse group, including
ceo of credit suisse private banking switzerland and as a
member of management of credit suisse Financial services.

left to right: silvan g.-r. meier, Jochen nutz.
paul Witschi was appointed as an independent, non executive
member of the board of directors in 2007.
He is also chairman of the board of directors of arbonia-
Forster-Holding, a member of the board of directors of reichle &
de-massari and a member of the supervisory board of the
vaillant group. as a member of group management as well as
Head of marketing and sales at geberit, he was responsible
among other things for the internationalization of the geberit
group. previously, paul witschi was Head of export, subsequently
Head of group marketing and an executive vice presi-
dent of luwa air engineering.
group management
/ 09
as chief executive officer, silvan G.-r meier has overall
responsibility for the walter meier group and answers to the
board of directors. He also had direct responsibility for the
group division Humidification in 2011. His work focuses on
strategy development and innovation, representing the group
and further developing its organizational structure. the
identification and evaluation of possible acquisitions also fall
within silvan g.-r. meier’s immediate area of responsibility.
In addition, Human resources, corporate communications
and brand management report directly to him.
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
switzerland and to this end establishes the parent company
of the present-day group named after him.
1972 the second generation assumes responsibility for running
the company under the management of dr. reto e. meier.
net sales: cHF 25 million
number of employees: 43
1975 the first acquisition and entry into the air conditioning
market through the purchase of defensor, a pioneering
company and market leader in humidification.
1976 with the establishment of wmH walter meier Holding,
dr. reto e. meier lays the foundation for a long-term strategy
of rapid growth and diversification.
1977 entry into the heating market through the acquisition of
oertli.
1981 strengthening of the group’s position as a global leader
in humidification through the acquisition of condair and the
north american company nortec.
1982 expansion of the heating business and entry into the
heating-systems distribution market through the acquisition
of procalor.
1985 Initial public offering with listing on the swiss stock
exchange.
net sales: cHF 265 million
number of employees: 1 506
1988 First step in the expansion of the processing business
outside of switzerland through the acquisition of Jet
equipment & tools, a us supplier of woodworking and
metal working machines as well as transport and materialhandling
equipment.
1990 acquisition of vestol and its merger with procalor to
form vescal, which subsequently ranks among the leading
providers of heat production and heat supply systems and
components in switzerland.
1991 germany’s leading humidification company,
barth + stöcklein, is acquired.
1994 Further strengthening of the swiss climate business
through the acquisition of climatechnique Kobra.
1997 establishment of a branch in beijing. production of
humidification equipment in china begins.
1999 strengthening of the american woodworking business
through the acquisition of powermatic.
2001 the acquisition of draabe Industrietechnik in germany
strengthens the global humidification business for process
applications.
2002 strengthening and expansion of the metalworking
business through the acquisition of wilton, the leading
supplier of vises in the usa.

1985 1988 2007 2010
2006 continuity of the group is ensured when silvan g.-r. meier
joins walter meier and thus represents the third generation
of family entrepreneurs. at the same time, it is the starting
signal for a strategic realignment and revitalization.
net sales: cHF 774 million
number of employees: 1 800
2007 the group and its business units present a unified
identity under walter meier. In parallel with this, axair Kobra,
vescal and oertli service merge to become the leading
swiss provider in the area of indoor climate.
2008 the acquisition of tosa strengthens the range of
manufacturing technology products and expands specialty
distribution channels in switzerland and France.
2009 tK 3000, the leading company for ventilation hygiene in
switzerland, joins walter meier. the company’s market
presence in climate technology is expanded into austria with
the acquisition of eichler.
2010 the walter meier headquarters building at schwerzenbach
near zurich is ceremoniously opened following a program
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.
2011
mIlestones
walter meIer / annual report 2011
/ 11
February walter meier expands its presence in the humidification
market, moving into denmark with the acquisition of
anderberg Fugtstyring, a distribution partner of several de -
cades’ standing.
april the acquisition of Js Humidifiers, the market leader in
the uK, enables walter meier to both further strengthen its
position as global market leader in humidification and tap into
the Indian market. Js Humidifiers also offers an extremely
attractive range of energy-efficient evaporative humidification
and cooling products.
september ml system becomes the latest commercial and
industrial humidification company to join walter meier.
ml system is the perfect complement to existing activities in
direct room humidification, opening up business oppor tunities
in scandinavia and the usa and further boosting market
expansion in evaporative cooling.
december after 40 years as an entrepreneur, dr. reto e. meier
transfers 100 percent of the shares in his family-owned
holding company greentec to his son silvan g.-r. meier, thus
handing over control of the walter meier group.

12 / Group dIVIsIon HumIdIFICatIon: oVerVIeW
production sites
walter meIer / annual report 2011
own sales organizations
distribution partners
HumIdIFIcatIon &
evaporatIve coolIng
overvIew
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
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.
oliver Zimmermann
Head of group division
Humidification
our powerful own brands

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
“
”

tHe largest outdoor
aIr condItIonIng system
In tHe world
thanks to evaporative cooling by
ml system, millions of pilgrims
can enjoy a pleasant climate in the
midst of the saudi heat.
there are a total of
250 sun umbrellas,
with each one
providing shade for
an area of around
600 m².
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
and dry all year round. In the sun, the
temperature often rises to 50 degrees
celsius. In order to provide visitors to the
15-hectare outdoor site with greater
comfort, large umbrellas have been
erected to provide protection from the
sun. there are a total of 250 sun umbrellas,
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 umbrellas
in medina.
right-hand image:
medina is the second most important
pilgrimage site in Islam.

a solution for extreme conditions
the supplier of the large umbrellas first
attempted to develop a suitable system
himself. when this proved unsuccessful,
he turned to ml system, a danish
business unit of walter meier. within
just a few months, the supply contract
had been signed. ml system then
developed the special parts, including
a special pump station that could
be integrated into the enormous sun
umbrellas. these water pumps are
this results in a pleasant and
appreciable drop in temperature
of up to ten degrees celsius
across this large site.
installed at a height of six meters
directly below the light fixtures. In addition
to the pumps, ml system also
supplied the spray elements that
are installed on the ventilators and
discharge vaporized water.
two of the biggest challenges were
the requirement for an extremely low
noise level and the limited space
available for installing the water pumps.
Further challenges included the extremely
high ambient temperatures
and the exacting hygienic requirements
for the system. the entire system is
designed for operation in ambient
temperatures up to 60 degrees celsius.
because only muslims may access the
prayer site, ml system provided training
for the installation mechanics so they
themselves could manage both the
installation of the pump stations and
the necessary hygienic control for the
entire system. when all the systems
are in operation, 50 000 liters of water
per hour can be vaporized. this results
in a pleasant and appreciable drop in
temperature of up to ten degrees across
this large site.
once the prototypes had been approved
at the end of 2010, all 250 pump
stations were manufactured in spring
2011. the installation was completed
in august 2011 and, since then, pilgrims
to the site have been enjoying cooler
air temperatures thanks to the biggest
outdoor air conditioning system in
the world.
Group dIVIsIon HumIdIFICatIon: eVaporatIVe CoolInG
walter meIer / annual report 2011
evaporative cooling requires only renewable
energy because just air and water are used
as the sources for the cooling generation
system. the process works in the same way
as human perspiration, whereby water
evaporates on the skin and thus takes heat
away from the body.
/ 15

16 /
Group Division Climate: overview
Walter Meier / annual report 2011
HeatinG / CliMate / SerViCe
oVerVieW
Düsseldorf
ostermundigen
Geneva
Vevey/romont
Frankfurt
Hamburg
Hannover
Stuttgart
Schwerzenbach
CH
lumino
n Focus on Switzerland (CH),
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
Head of Group Division
Climate Switzerland
D
oberburen
nuremberg
Munich
leipzig
Berlin
Salzburg
Vienna
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.
Hans-Joachim socher
Head of Group Division
Climate Germany/austria
a
our brand of expertise
and advice

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

oertli DrainMulti – a complete solar station,
preconfigured and ready for installation with
hot water and/or a heating storage system.
the use of solar energy
in summer, every lake or swimming pool shows us how it works: intensive solar radiation heats
up the water. this extremely simple physical phenomenon forms the basis for the unlimited
use of solar energy that is available free of charge. the principle is known as solar thermal energy
and it can be widely used at the cutting edge of technology – it is extremely environmentally
friendly and also very attractive from an economic point of view. solar thermal systems convert
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
or for a shower.
in contrast, a photovoltaic system generates electrical current from the sun’s rays. Solar cells
are used to extract electrical energy from sunlight. this electrical current can either be fed
into the public grid or can be used for one’s own domestic needs.
2
3
4
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 combined
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
the walter meier solar thermal system
offers maximum flexibility and, depending
on requirements, can provide hot water
and heating for around 30 people with a
maximum building height of 25 meters.
1
2
3
4
Meander flat plate collector
oertli DrainMulti (drain-back system)
Hot water and/or heating storage system
Heating system (heat pump, oil or
gas boiler)
/ 19

20 /
Group Division tools: overview
Walter Meier / annual report 2011
Sourcing sites
own sales organizations
Distribution partners
toolS
oVerVieW
n 2 sourcing sites
n 5 countries with dedicated
sales organizations
n More than 40 distribution
partners worldwide
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.
mark lang
Head of Group Division tools
our powerful own brands

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.

the well-known Bryan Fuller Hot rod workshop in atlanta is equipped with Jet machinery.
thanks to consistent brand management,
a wide product range and successful
marketing, Jet is now a strong brand
in north america in woodworking,
metalworking, material handling and
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
of important opinion leaders. one such
influential personality is Bryan Fuller,
a Jet partner of many years’ standing.
thanks to his exceptional creativity
and his enormous mechanical expertise,
this well-known expert has already
achieved cult status in the spare parts
market for the automobile industry.
as the proprietor of the tuning workshop
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.
Group Division tools: bryan fuller
Walter Meier / annual report 2011
/ 23
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.
Bryan Fuller on the “two Guys Garage” program.
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. the Jet products
are totally professional and
i’m proud of that.

24 /
Group Division maCHininG solutions: overview
Walter Meier / annual report 2011
MaCHininG SolutionS
oVerVieW
n Focus on Switzerland
n the leading supplier of total solutions
for precision machining since 1937
Schwerzenbach
Berneck
Since 1937, Walter Meier has been Switzerland’s leading importer of CnC machining
systems along with metal-cutting tools. We plan, program and assemble custo merspecific
total solutions for the highly precise automated manufacture of metal
parts. our customers come from industries such as the watch and medical-technology
sectors. Walter Meier is positioned as a preferred partner for the development
of innovative manufacturing processes and for increasing productivity.
roberto ettlin
Head of Group Division
Machining Solutions
our brand of expertise
and advice

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 port folio of machinery,
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 ntY 3 -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.

a Japanese-swiss friendship
Since its foundation in 1949, nakamura-
tome has developed into one of the world’s
leading manufacturers of multiple-axis
turning and milling centers. Walter Meier
and this Japanese manufacturer enjoy a
close partnership stretching back 30 years.
at the company headquarters in Kanazawa,
Japan, 400 employees continually work on
the further development of the nakamura
machines and build them for the international
market. With sales of models from
the tW and Wt series already in excess of
12 000 units, nakamura-tome is one of the
world’s most successful manufacturers of
multitasking opposed spindle machines and
is a reliable innovator of profitable solutions
to challenging complete machining tasks.
With the new ntY 3 -250 turning center,
the Japanese machine manufacturer
nakamura-tome has launched a high-
performance turning center specially
designed to meet the needs of the
Swiss market. this new development
bears the hallmark of Walter Meier:
specialists from application technology,
Sales and Customer Services played
a decisive role in the development of the
new machine. they established the
specifications for it based on the exact-
ing needs of Swiss customers and
developed it in collaboration with the
engineers from nakamura. the Swiss
market is one of the largest consumers
of nakamura turning centers in europe.
With more than 700 machines installed
in Switzerland, the cooperation between
Walter Meier Machining Solutions
and nakamura is a true success story,
and the joint development of the new
high-performance turning center is
an impressive reflection of this success.
Group Division maCHininG solutions: naKamura-tome
Walter Meier / annual report 2011
/ 27
nakamura-tome ntY 3
With more than 700 machines
installed in Switzerland,
the cooperation between
Walter Meier Machining
Solutions and nakamura is
a true success story.
economical, fast, innovative
the new, impressive and extremely
compact three-turret machine, featuring
three Y-axes and twin spindles, was
introduced to an interested technical
audience at eMo 2011 in Hannover.
the first order by a Swiss customer was
placed right at the trade show booth.
this new turning center allows for even
more profitable cutting, even when
complex workpieces are involved.
the ntY 3 -250 has many outstanding
features such as the longest stroke
lengths in its segment for the three
Y-axes.
the newly designed Fanuc control
system is easy to use thanks to a
touch screen. Machine operators
therefore have a modern, high-performance
workstation at their disposal.
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
CHf 641.7 million despite negative currency effects
n adjusted for currency and consolidation effects,
sales grew by 5.7 percent
n ebit margin increased from 7.9 to 8.8 percent, primarily
due to a marked recovery in machining solutions
n net income amounted to CHf 51.9 million,
up 26.0 percent year-on-year
n proposed profit payment of CHf 12.50 per
-a- registered share, unchanged on the previous year
the climate and manufacturing technology group
Walter Meier generated sales of CHF 641.7 million in 2011
(previous year: CHF 645.4 million), a slight drop of 0.6 percent
compared to the previous year. adjusted for the effects of
currency translation and consolidation, this equates to organic
growth of 5.7 percent. in view of the strong Swiss franc,
healthy growth in parts of the Group Divisions Humidification
and tools, which have a predominantly international focus,
actually translated into a decline in sales. the Group Division
Machining Solutions achieved the largest increase in sales
by some margin, at over 22 percent, chiefly due to a similarly
large and unexpectedly rapid recovery in the Swiss metalworking
industry.
eBit increased by 10.6 percent year-on-year to CHF 56.5
million, corresponding to a further improvement in the eBit
margin from 7.9 percent to 8.8 percent. all Group Divisions
contributed to this pleasing growth in the operating result,
with the Group Division Machining Solutions enjoying
the most marked improvement.
net income amounted to CHF 51.9 million, up from CHF 41.2
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
accrued loss carryforwards, allowing the tax rate to be reduced
to an extremely low 10.0 percent. Following the destruction
of 108 800 -a- registered shares from the now-completed
share buyback program, profit per share increased sharply
year-on-year from CHF 19.09 to CHF 25.02.
on the balance sheet date, total assets had increased from
CHF 320.6 million to CHF 355.8 million, primarily due to the
increase in cash and cash equivalents as well as the acquisition
of new business units and strategic investments. at the
end of 2011, the equity ratio improved once again to 55.6
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,
had a significant impact on the equity level.
net liquidity increased considerably yet again in spite of the
dividend payment, the capital reduction and the financing
required for acquisitions, amounting to CHF 60.7 million on
December 31, 2011 (previous year: CHF 45.6 million). these
funds now form a sound basis for accelerated growth in
strategic business areas. at the end of the year, immaterial
financial liabilities were at a similarly low level as in 2010.
Working capital was maintained roughly at the previous year’s
level, mirroring the sales trend in the 2011 financial year.
at CHF 43.6 million, free cash flow was up slightly on the
previous year (CHF 41.0 million). the marked increase in the
outflows of funds for investments in the Group Divisions
Humidification and Climate was more than offset by greater
cash inflows from operating activities. Funds tied up in
operating assets were subject only to minor changes.
the number of employees increased by 78 in comparison with
the end of 2010 to reach 1 627 (full-time equivalents), mainly
due to acquisitions.

Jochen nutz
Chief Financial officer
review of tHe year
Walter Meier / annual report 2011
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
/ 29

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

32 /
orGanizational CHart
Walter Meier / annual report 2011
organization of the walter meier Group
Climate teCHnoloGy manufaCturinG teCHnoloGy
Humidification
oliver Zimmermann
(until February 29, 2012, Silvan G.-r. Meier)
Climate
Martin Kaufmann, Hans-Joachim Socher
Group management
Silvan G.-r. Meier, Jochen nutz
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
tools
Mark lang
machining solutions
roberto ettlin

Group
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
HumiDifiCation
Condair ltd.
talstrasse 35–37
8808 pfäffikon SZ
Switzerland
phone +41 55 416 61 11
Fax +41 55 416 62 62
info@condair.com
www.condair.com
Condair sasu
le parc aux vignes
2 allée des sarments
77437 Marne la Vallée Cedex 2
France
phone +33 1 60 95 89 40
Fax +33 1 60 95 89 41
fr.info@condair.com
www.condair.com
nortec Humidity ltd.
2740 Fenton road
ottawa, ontario K1t 3t7
Canada
phone +1 866 667 8321
Fax +1 613 822 7964
nortec@humidity.com
www.humidity.com
nortec Humidity inc.
p.o. Box 698, 826 proctor avenue
ogdensburg, new York 13669
uSa
phone +1 866 667 8321
Fax +1 613 822 7964
nortec@humidity.com
www.humidity.com
walter meier
Climate (beijing) ltd.
Building 3, Section C
opto Mechatronics industrial park
Beijing 101111
p.r. China
phone +86 10 8150 3008/3051/3052
Fax +86 10 8150 3841
cn.climate@waltermeier.com
www.waltermeier.com
Js Humidifiers plc
artex avenue, rustington
littlehampton
West Sussex, Bn16 3ln
uK
phone +44 1903 850200
Fax +44 1903 850345
info@jshumidifiers.com
www.jshumidifiers.com
walter meier (services) aG
Bahnstrasse 24
8603 Schwerzenbach
Switzerland
phone +41 44 806 41 41
Fax +41 44 806 47 05
group@waltermeier.com
ml system a/s
parallelvej 2
8680 ry
Denmark
phone +45 87 88 21 00
Fax +45 87 88 21 21
ml@ml-system.dk
www.mlsystem.com
anderberg fugtstyring a/s
Gl. Holbaekvey 6-8
4200 Slagelse
Denmark
phone +45 58 50 12 13
Fax +45 58 50 03 41
fugtstyring@anderberg.dk
www.anderberg.dk
Draabe industrietechnik GmbH
Schnackenburgallee 18
22525 Hamburg
Germany
phone +49 40 85 32 77 0
Fax +49 40 85 32 77 44
draabe@draabe.com
www.draabe.com
eichler Hungária Kft.
Fehévári út 44
1119 Budapest
Hungary
phone +36 1 382 45 80
Fax +36 1 382 45 77
eichler@eichler.hu
www.eichler.hu
axenergy ltd.
talstrasse 35–37
8808 pfäffikon SZ
Switzerland
phone +41 55 416 66 70
Fax +41 55 416 62 62
axenergy@axenergy.com
www.axenergy.com
Climate
walter meier
(Klima schweiz) aG
Bahnstrasse 24
8603 Schwerzenbach
Switzerland
phone +41 44 806 41 41
Fax +41 44 806 41 00
ch.klima@waltermeier.com
www.waltermeier.com
walter meier
(Klima Deutschland) GmbH
Carl-von-linde-Strasse 25
85748 Garching-Hochbrück
Germany
phone +49 89 326 70 0
Fax +49 89 326 70 140
de.klima@waltermeier.com
www.waltermeier.com
tools
walter meier (tool) aG
tämperlistrasse 5
8117 Fällanden
Switzerland
phone +41 44 806 47 48
Fax +41 44 806 47 58
jetinfo.eu@waltermeier.com
www.jettools.com, www.promac.ch
tool (france) s.à.r.l.
57, rue du Bois Chaland
Z.l. du Bois Chaland
C.e. 2935 lisses
91029 evry Cedex
France
phone +33 1 69 11 37 37
Fax +33 1 60 86 32 39
www.promac.fr
walter meier
(manufacturing) inc.
427 new Sanford road
laVergne, tn 37086-4184
uSa
phone +1 615 793 8900
Fax +1 615 793 8905
jetwilton@waltermeier.com
www.jettools.com
www.wiltontools.com
www.powermatic.com
maCHininG solutions
walter meier
(machining solutions) ltd.
Bahnstrasse 24
8603 Schwerzenbach
Switzerland
phone +41 44 806 46 46
Fax +41 44 806 47 47
ch.machining@waltermeier.com
www.waltermeier.com
aDDresses
Walter Meier / annual report 2011
walter meier
(Klima Österreich) GmbH
perfektastrasse 45
1230 Vienna
austria
phone +43 1 60 33 111 0
Fax +43 1 60 33 111 399
at.klima@waltermeier.com
www.waltermeier.com
wmH tool Group (Hong Kong) ltd.
level 28, three pacific place
1 Queen’s road east, Hong Kong
/ 33
wmH tool Group (Hong Kong) ltd.
taiwan branch
11F no.366 pei tun rd.
taichung 40654, taiwan, r.o.C.
phone +886 4 22411420
Fax +886 4 22411248
cn.manufacturing@waltermeier.com
wmH tool Group (Hong Kong) ltd.
Hangzhou representation office
rM 415 Shangkun Building
no. 398 tianmushan road
Hangzhou 310012
p.r. China
phone +86 571 8577 8021/22/23
Fax +86 571 8577 8024
cn.manufacturing@waltermeier.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