Annual Report 2008 - Pfisterer

GROUP
Annual Report
2008

Contents
Editorial 3
Strategy and Organisation 4
PFISTERER INTERNATIONAL 5
Cable Systems 6
Components 7
Overhead Lines 8
Railway Catenary Systems 9
Quality and Technology 10
Finances 12
PFISTERER Photo Gallery 14
“Production Technology”

GROUP
Editorial
As we look back over the past year, it is clear that 2008 was hit by the most dramatic economic downturn
since the global economic crisis in the 1930s. Triggered initially by the so-called “sub-prime” crisis – which
had already started in the USA during 2007 – a crisis swept over the financial markets and brought the
banking sector worldwide to the verge of collapse. The shock wave reached the real (i.e. non-banking)
economy during the second half of 2008, with many sectors experiencing a massive loss of business. The
statistical figures that have since become available are now revealing the true magnitude of the downturn:
economic growth dropped during the second half of the year, resulting in a growth rate of only 2% for the
full year 2008. Forecasts are increasingly predicting that the global economy could even contract in 2009.
What was unique about this situation – in a negative sense – was the fact that most of the world’s major
economies had to face a massive downturn simultaneously. The German gross domestic product for the fourth
quarter of 2008 fell by 2.1% compared with the same quarter one year earlier, reflecting the above-average
dependence of the German economy on exports.
At this stage last year, we were asking ourselves the question “quo vadis, power industry?” In the face of the
developments in 2008, this question has taken on a new meaning. Fortunately, our sector has, to a large
extent, stood up well to the worldwide turbulences over the past year and has been able to maintain sales at
the previous year’s level. Investments of approximately EUR 12.4 billion are planned for the German power
industry alone in 2009.
In our opinion, this development also reflects the long-term nature of business in the energy sector, which is
normally not as extremely affected as many other sectors by short-term economic cycles. The worldwide
demand for energy, and hence the need to invest in energy infrastructure, has grown continuously in recent
years. This trend has not changed. In the long term, investment activities in the field of energy infrastructure
are likely to increase as a result of the growing proportion of alternative energies being used for power
generation and in order to meet the additional demand for energy due to the more widespread use of
electrically powered vehicles.
This background information explains the apparent contradiction that the PFISTERER-Group was able to
record the best year in the company’s history in 2008. With sales revenues growing to over EUR 250 million
and earnings rising faster than sales, the past year considerably exceeded our expectations.
Apart from proving the power industry’s ability to cope well in times of crisis, the progress made also reflects
the success of the long-term strategies adopted by the PFISTERER-Group. In the explanations of our strategy
on page 4 and in the relevant sections on the Group’s various centres of competence, you will be able to see the
contributions made by those successful business strategies in the areas of sales, production and development.
In this report, we have focused in particular on the international sales structure of PFISTERER International
AG and on the strategies applied to ensure product quality throughout the PFISTERER-Group. Information on
this aspect of the business is highlighted on page 5 and from page 10 onwards. We also provide you with an
overview of the Group’s production technologies in the photo gallery.
Our review of the past year shows we were fortunate that the stability of the power industry provided
a good basis for PFISTERER’s pleasing business performance in 2008. However, no one knows at the present
moment in time how things will develop in the near future. For this reason, it is still pertinent to ask
“quo vadis, power industry?”
We hope you enjoy your read.
Management Board and Supervisory Board
Dr K. O. Papailiou
Dr R. Walthert
D. Hertweck
Dr J. Baumgärtner
3
K.−H. Pfisterer

Strategy and Organisation
PFISTERER
Kontaktsysteme
GmbH
D-Winterbach
PFISTERER
IXOSIL AG
CH-Altdorf
The 2008 financial year was dominated worldwide
by the most dramatic economic downturn since the
global economic crisis in the 1930s. Fortunately,
the power industry was able to buck the negative
trend to a large extent. However, there is no
reason to say that we are back to “business as
usual”. With its four-pillar strategy of innovation,
quality, flexibility and customer proximity,
PFISTERER is well equipped in all four divisions
(Centres of Competence/CoCs) to deal with
rising demands from customers and with the
growing intensity of competition.
The redesign of the CONNEX® connectors, the
expansion of the 2DIREKT transformer terminal
clamp and the complete revision of the KP-Test 5
voltage detector range stand for the ongoing
product update. In the medium term we are
confident that new product developments will
continue to bring further success.
PFISTERER
SEFAG AG
CH-Malters
PFISTERER
(Pty.) Ltd.
ZA-Pietermaritzburg
Speedcraft
Manufacturing
(Pty.) Ltd.
ZA-Pietermaritzburg
PFISTERER-Group
PFISTERER
Holding
AG
D-Winterbach
PFISTERER
Ges.m.b.H.
A-Vienna
PFISTERER
Sp. z o.o.
PL-Ozarow Maz.
PFISTERER
Representative Office
CZ-Pardubice
PFISTERER
Kft.
H-Budapest
The newly developed and patented HICCON
connector system has been developed on the
basis of PFISTERER’s long-standing experience
gained in the area of electrical drives for trains.
With this new connector system for hybrid or
electrically powered vehicles, PFISTERER is
making new and innovative inroads into the
automotive sector. The new generation of
PFISTERER TENSOREX® C+, the automatic springcharged
compensation system is based on a
completely new technical concept and will offer
a genuine alternative to traditional systems for
customers operating in the railway sector.
PFISTERER
s.r.l.
I-Passirana di Rho (MI)
PFISTERER UPRESA
S.A.U.
E-Barcelona
PFISTERER
SAS
F-Illzach
PFISTERER
Ltd.
UK-Grantham
PFISTERER
AB
S-Stockholm
Investments made in previous years on new production
technologies bore fruit in the 2008 financial year,
making a significant contribution to the Group’s
positive performance. The switch in production of HV-
CONNEX® components to a liquid silicone rubber (LSR)
production process has led to a far greater degree of
flexibility. Several major projects involving composite
high-voltage insulators were completed using the
Automated Continuous Injection Moulding (ACIM)
system developed by PFISTERER. In order to meet our
own very high quality requirements and as the basis
for further product developments in the Cable Systems
division, PFISTERER decided to erect a further highvoltage
laboratory in addition to the existing facility
in Altdorf, Switzerland. The new building in Winterbach,
Germany, sets new standards and guarantees that
our customers will be supplied with products of the
highest quality (see also page 11 onwards).
With respect to PFISTERER’s sales organisation, the
establishment of a representative office in Moscow
has proved to be a
4
Dated 30.6.2009
PFISTERER
INTERNATIONAL
AG
CH-Malters
PFISTERER
Representative Office
CN-Hong Kong
PFISTERER
Representative Office
CN-Beijing
PFISTERER
Representative Office
UAE-Dubai
PFISTERER
Representative Office
SN-Singapore
PFISTERER
Representative Office
RU-Moscow
PFISTERER
S.A.
RA-Buenos Aires
successful move and
is seen as a useful
port of call by our
customers in Russia.
In view of the
considerable growth
recorded in other
Eastern European
markets, we have
decided to organise
our activities on
these markets under
the umbrella of
PFISTERER
International AG
(see also page 5).
Now that the Czech
Republic has become
a member state of
the European Union,
we have also
converted the sales
company there into a
representative office.
Developments in 2008 made it evident that alongside
product, production and market strategies it is also
increasingly important to practice a coherent financing
strategy. The financial independence of the PFISTERER-
Group proved its worth in 2008: the growth achieved
over the past years has been exclusively financed from
cash flow. This conservative financing strategy is the
basis for the successful implementation of our
strategies, and will remain so in the future.

GROUP
PFISTERER I INTERNATIONAL
In addition to product management and its
own sales companies, the PFISTERER-Group has
a third strong sales organisation in the form of
PFISTERER International AG. The company
coordinates the worldwide sale of PFISTERER
products with the benefit of around 30 years’
experience and an excellent network of connections.
It also acts as the extended arm of the CoCs in
the field of exports.
PFISTERER International AG actively supports the
CoCs in all locations where there are no PFISTERER
sales companies. The company is located in Malters,
Switzerland, where its success story began.
Worldwide presence
In the period since 2006, representative offices
have been established in all of the most important
sales regions (Middle East, Far East, Russia and
China), thus bringing the PFISTERER-Group closer
to its customers. As a global sales organisation,
PFISTERER International supports the CoCs by
providing all the market data they require, thus
increasing their chances of success in the tendering
process. International customers are looked
after directly by the sales offices, agents and
delegates, or by employees from the head office,
who are responsible for engaging directly in
other markets and coordinating the interests of
Good connections worldwide
Since commencing export activities in 1981, the
specialists at that time of SEFAG EXPORT AG
succeeded in establishing a broad network of
business contacts with a loyal base of long-term
customers from all around the globe. PFISTERER
SEFAG AG enjoyed great success initially, supplying
fittings and components for overhead lines and
later, in particular, in the area of insulators.
The Group’s Centre of Competence for exports
With the introduction of a divisional group
structure based on CoCs in 2006, the valuable
know-how previously gained in the area of international
business became established at
PFISTERER-Group level. SEFAG EXPORT AG’s successor
organisation transferred its engineering expertise
to the CoCs and thus reinforced its activities on
the market. The results, particularly in lines of
business that had previously only had a low
export share, are quite respectable: sales
generated in PFISTERER International markets
have more than doubled since 2005.
all four CoCs. The advantage of this approach is
that the customer only needs to address one familiar
and trusted person at PFISTERER.
Ensuring sustainable growth for the Group
PFISTERER International AG is operated as a
service organisation within the Group. In 2009
the focus was on integrating sales activities in
the Russian Federation and Central Asia and on
optimising and expanding the company’s own
organisation. These are all seen by PFISTERER
International AG as important factors in its
endeavours to achieve the stated objective,
namely to be the most important and largest
sales partner of the CoCs on a sustainable basis.
5

Cable Systems
CoC Cable Systems is a strongly growing division in the PFISTERER-Group.
The combination of the CONNEX® and IXOSIL product groups from Winterbach
(Germany) and Altdorf (Switzerland) respectively, makes PFISTERER a full-range
supplier of connections for medium- and high-voltage cables.
The programme comprises:
• CONNEX® – the dry plug-in connection system
• IXOSIL – silicone terminators and sleeves
• IXOLINE – assembled cables
• Global installation services
The positive performance in the high-voltage
field continued unbroken throughout 2008.
Sales revenues for CoC Cable Systems
outperformed the market growth rate by a
considerable margin. The pleasing development
is partly due to the benefits gained by
the application of CONNEX® and IXOSIL
products and also as a result of the enhancement
of the product range coupled with a
timely adaptation to changing market trends.
In Germany, for example: according to BDEW
(the German federal association for energy
and water management), network operators
are expected to invest double-digit billion
figures just on maintaining and expanding
German networks up to the year 2020.
Complete solutions in the high-voltage field
are experiencing growing demand, particularly
the rapid implementation of short
connections. PFISTERER caters to this need
with the range of high-voltage cable systems
it established in 2007, consisting of turnkey
cable systems, including project planning,
installation and testing. In a short time a
whole series of projects at the 110 kV level
were implemented. The quality of the cable
systems provided was confirmed by an
independent institute in 2008.
The use of wind power in the North Sea is a
further important trend for the coming years.
German energy suppliers are planning to
install offshore wind parks that will generate
a total of 20 GW of electricity. The Dutch
government has set itself the target of
installing offshore wind power stations with
a total capacity of 6 GW by the year 2020.
In the first offshore wind park built by the
Netherlands outside the 12-sea-mile zone,
CONNEX® plug-in systems were already
responsible for reliably connecting the
wind park transformers with the switchgear.
Apart from its seagoing technology,
PFISTERER also provides specially trained
personnel who can prove their seaworthiness
with the Norwegian offshore certificate.
High-voltage products manufactured by
the Cable Systems division are also being
increasingly used in the colder regions of
the world such as in Siberia or Canada. For
this reason, PFISTERER was one of the first
suppliers worldwide to document the
suitability of its cable connection systems
to function at temperatures as low as
–50 °C by means of extensive tests carried
out by independent experts.
PFISTERER was also involved in the
Olympic Games in China in 2008:
CONNEX® plug-in systems and IXOSIL
high-voltage sleeves were used for the
energy supply system of the Olympic
village and the new Beijing airport.
In the course of enhancing our existing
range of products, the trend towards larger
cable cross-sections was taken into account.
A redesign of the CONNEX® connectors now
allows for far greater cable thicknesses. At
the same time the length of the connector
was reduced, which considerably simplified
its handling. The new connector design is
backward-compatible and smoothly
integrated in the comprehensive CONNEX®
range. When it comes to the IXOSIL MSA
high-voltage sleeves, our customers are
increasingly selecting the SICON screw
connectors instead of the press connectors
commonly used in the past. The advantages
of SICON connectors are particularly
apparent when used in the very sensitive
high-voltage connections of IXOSIL sleeves.
6

GROUP
Components
The year 2008 was mainly influenced by
strategic realignment measures. CoC
Components positioned itself with new,
innovative products on the market.
Product lines that had come to the end of
their life cycles and those with obsolete
production technology were relocated to
make way for the complete redesigning of
production workflows.
Bolted technology
ISICOMPACT, the revolutionary tap
connector for low-voltage networks, was
given the ultimate accolade: it was the
first and only tap connector to gain
approval for installation without the need
for additional protective equipment
against electrical hazards. The approval in
accordance with strict German regulations
confirms that ISICOMPACT is both the
simplest and safest cable tap connector
on the world market.
The advantages of SICON bolted technology
as compared to conventional bolted
connectors were impressively confirmed by
the market in 2008. Already today worldwide
leading manufacturers of joints are
using SICON connectors as standard OEM
products. Suppliers of medium-voltage
outside-cone connectors and mediumvoltage
connections for switchgear and
transformers are also increasingly turning
to SICON.
Industry technology
With over 100,000 systems sold, PLUG
connectors have meanwhile become
CoC Components looks back on a rich tradition, and is responsible for the
greatest variety of products in the PFISTERER-Group. Numerous developments
for low-voltage networks have become the industry standard and shape the sector
to this day. At our locations in Gussenstadt (Germany), Malters (Switzerland),
Pietermaritzburg (South Africa) and Buenos Aires (Argentina) we manufacture:
• Contact and connection elements for cable networks
• Safety equipment
• High-current connectors for industry
• Connection elements for overhead line networks
• Components and systems for low-voltage distribution
market leaders for pluggable high-current
connectors in various types of rail cars. Sales
increased by a further 8% in the field of
customer-specific bus bar configuration
covered by our Swiss plant in 2008. This
growth made it necessary to increase
production space at our plant in Malters,
Switzerland. The newly gained space made
it possible to reorganise and optimise the
production layout to enable it to handle
future requirements.
Performance is currently displaying a high
level of dynamism in the automotive field.
As frequently reported in the media, the
development of both hybrid and electric
vehicles is continuing at a great pace. Over
eight years of company experience in the
development and production of connector
systems for electric drive systems in rail cars
were a good basis for handling the sharp rise
in demand for new connector and adaptor
concepts in a very short time. Our newly
developed connector, which is fitted with
the patented HICCON contact system, is far
more compact than the components currently
being used in hybrid vehicles.
Safety equipment
The current range of safety equipment
products was designed to meet the needs
of international markets. Thereby the highly
varying regional requirements of various
safety philosophies have been covered by a
new modular product concept. The increasing
market requirements with regard to
high flexibility in the field of earthing
equipment and its components have been
consistently implemented in production
processes and workflows. This activity has
paved the way for expanding business to
cover areas outside of Europe.
7

Overhead Lines
CoC Overhead Lines offers tailor-made, global solutions for above-ground
power supplies, from the medium-voltage range to the very highest
voltages. CoC Overhead Lines consists of two plants, one in Malters
(Switzerland) and one in Pietermaritzburg (South Africa).
The plant in Malters concentrates on high-voltage products, while
Pietermaritzburg focuses on the field of medium-voltage products.
The product range covers:
• Insulator strings
• Composite insulators
• Hardware chain fittings
• Vibration-damping products
• Vibration recorders
In 2008 CoC Overhead Lines continued to
display the successful performance seen in
the previous years. Partly due to the favourable
economic situation, the division was able to
increase sales in all areas.
In the home market of our South African
company the volume of investment rose
sharply towards the end of the year. This
development shows that the major projects
from Eskom which had previously been
signalised are now being implemented.
We were successful in gaining ground in
the market for line insulators for the highest
voltages and delivered major orders in Saudi
Arabia for 400 kV and in Uzbekistan for 525 kV.
In addition, technically sophisticated long-rod,
line post and hollow core insulators for an
800 kV DC voltage system in China were
delivered to Siemens within the prescribed
time. As a result of these orders we were
able to achieve our goal of attaining aboveaverage
growth in the higher-voltage market
and gathering important references. In
addition, we had the ability to further
enhance our reputation as a technically
competent manufacturer of insulators.
The market development in the Sultanate of
Oman was also very pleasing, where we were
able to secure an order for renewing the
network, which is to be delivered in the
course of 2009. Due to the great cost of
cleaning porcelain insulators, the national
power supplier in Oman (OETC) decided to
replace them with composite insulators.
The deciding factor for this decision was
that the new insulators were exactly as
long as the old ones. By designing the
insulator with a relatively large shield
width it was possible to satisfy the
conflicting needs for a large creepage
path and short design length. The OEM
business, in which we supply specific
insulators to various device manufacturers,
also performed to our satisfaction. Thanks
to the development of new types of
insulators that were optimised for a
certain application, we were able to
further expand this particular line of
business. In South Africa the first 40,000
hex-spacer dampers for 765 kV lines were
delivered to Eskom.
This success was impressive proof that the
company’s long-term strategy of investing
in progressive process technology pays
dividends. Particularly for the division’s
location in Switzerland it is of primary
importance to gain the corresponding
competitive edge by means of innovative
and efficient production technologies, as
we were able to achieve in the case of the
ACIM (Automated Continuous Injection
Moulding) process.
Targeted investment in research and
development made it possible for us to
build up the necessary in-house know-how.
At our South African plant, too, we have
continually expanded our R&D capability
in recent years. The aluminium foundry
extended one year ago achieved a significant
productivity average during the last year,
which is crucial to success in a highly
competitive business environment. We
wish to consistently build upon this performance,
despite the difficult business
environment expected in the years to come.
8

GROUP
Railway Catenary Systems
PFISTERER expanded its presence in 2008
on international markets such as China,
South Africa and Turkey. For instance, in
the Far East the Jiaoji and Shitai projects,
which were started in 2007, were successfully
completed. PFISTERER supplied contact
wire systems such as the TENSOREX®
automatic compensation system. In China,
PFISTERER was also awarded an order to
supply accessories for catenary systems
for the Fuxia project, the high-speed train
line from Fuzhou to the southern city of
Xiamen located on the highly important
coastal corridor. This project will be
completed during the first half of 2009.
In South Africa, 25 kV AC composite
insulators were supplied and installed for
the Gautrain project, an 80-km-long highspeed
railway line in the province of
Gauteng, which will connect Johannesburg,
Pretoria and OR Tambo International
Airport. The new line is to relieve the
overcrowded roads along the corridor
between Johannesburg and Pretoria
and offer commuters a real alternative
to road transportation.
In Turkey, PFISTERER has begun with the
delivery of 18,000 25 kV AC composite
insulators for the extraordinary Marmaray
project. The 76.3-km-long newly built
stretch includes a 13.6-km-long tunnel
through the Bosporus, which will connect
Asia with Europe. Furthermore, in Turkey
the 15-km-long Sincan-Esenkent section
will be supplied with electricity by a local
installation company, which will also be using
products manufactured by PFISTERER. A
further important event in 2008 was the
launching of the composite insulator on the
German railway market. These 15 kV AC insulators
have already been installed on a test
stretch and the prospects are highly positive.
CoC Railway Catenary Systems, with locations in Barcelona (Spain) and Milan (Italy),
supplies railway companies around the world with components for the erection and
operation of catenary systems. It claims to be the cost leader in the field of catenary
connection clamps, especially forged and stamped copper components. This business
area is also the technology leader for catenary compensation systems.
The range includes:
• Connecting terminals for catenary wires
• Silicone insulators and section insulators
• TENSOREX® and TENSOREX® C+, the automatic spring-charged compensation system
• Contact wire position-measuring devices
• Safety-related products
In Spain, work has already started on the
catenary systems for the high-speed line
from Madrid to Valencia, which is designed
to carry trains moving at speeds of up to
350 km/h. PFISTERER has already begun
with the extensive supply of connections
and parts to the main contractors and
several local companies. The line, with a
total length of 365 km, is to be commissioned
in 2010. Again in Spain, catenary products
from PFISTERER were used for the construction
of the international 350-km/h high-speed
train line running from Figueras in Spain to
Perpignan in France. This 44.4-km-long
section runs under the border through the
8.3-km-long Pertus tunnel and was opened
in February 2009.
The first TENSOREX® automatic compensation
system in England was installed at
London’s King’s Cross and St. Pancras stations.
TENSOREX® Phantom was successfully
commissioned on tram lines in Seville,
Vitoria and Venice. TENSOREX® C+, the
latest generation of automatic compensation
systems, was installed and tested on tram
lines in Berlin and Leipzig. It was also installed
in the tram network of Rotterdam and in
Italy on Milan’s metropolitan train lines.
9

Quality and Technology
Expanded testing facilities for assessing the
erosion resistance and hydrophobia of
insulating materials and insulators
Composite insulators pass through various
stages from their development to production,
delivery, installation and finally their operational
use. At the development stage, in the
context of product qualification it is necessary
to prove that the products are suitable for use
in outdoor situations, i.e. for the simultaneous
environmental and electrical demands they
will be exposed to. The product qualification is
oriented on existing IEC standards, which have
achieved a high degree of maturity due to long
years of experience. A key property to be
proven is the so-called tracking or erosion
resistance. This is assessed both on complete
insulators in so-called time-lapse heat cycle
tests (picture ➊) and primarily as material
property on simple plate-shaped test items
(picture ➋).
In spring 2007 an automatic testing system as
shown in picture ➋ was installed in Malters. Its
additional features were directly derived from
current topics being dealt with by the CIGRE
D1.14 working group. Apart from the measurement
of the tracking and erosion resistance in
accordance with the standards IEC 60587 and
ASTM D2303 the outstanding property of
hydrophobicity can also be assessed (picture ➌).
The device with this capability is unique and
enables routine measurements for acceptance
tests as well as tests for material developments.
The testing of the tracking and erosion
resistance in accordance with the standard
ends with the simple statement whether
the test item is still intact after six hours’
testing, i.e. whether a threshold value of
the leakage current of 60 mA is not
exceeded or whether the test item has not
been completely destroyed by erosion.
Although the product qualification in the
standards is purposefully described, power
supply companies often ask the question
regarding the quality of the delivered
products or the bindingness of the test
certificates which accompany the goods
in the tender phase. The product standards
have not yet dealt with this subject
(e.g. IEC 61109 for composite long-rod
insulators). PFISTERER SEFAG, however,
has dealt with this issue and worked out
a solution. The insulating cover can be
removed from the rods of the insulators
in the delivery batch (picture ➍). Thus test
items are created which can be affixed in
the existing testing facilities (picture ➎).
Compared with the plate-shaped test
items (picture ➋), a smaller rectangular
area is formed and thus the discharges will
stabilise in local concentrations. Under
these conditions the test is stricter than
the standardised material test. The results
to date have, however, shown that highgrade
materials pass even the modified
test (picture ➎).
Further tests with various insulators will be
carried out in order to gather experience
and to statistically ensure a possible
proposal for the standardisation work in
IEC. PFISTERER SEFAG also offers this test
as a service to power supply companies.
➊
➋
➌
➍
➎
10

GROUP
➏
➐
➑
➒
➓
High-voltage test laboratory in Winterbach
The growing demand for cable systems and
bushings in recent years has also led to an
increased requirement for the testing
facilities for each of the components. The
higher number of tests to be carried out
with the required individual routine test
already repeatedly brought the existing
testing facilities to the brink of their
capabilities in the past, and for this reason
the decision was made to construct a new,
more efficient testing facility. For this
reason, as of this year in Winterbach the
routine test of insulating parts, bushings
and dummy connectors will be carried out
in the new high-voltage laboratory with
1,000 m 2 of floor space. A high-voltage
transformer with attached GIS equipment
(gas-insulated switchgear) provides a
number of connections for testing various
cable components (picture ➏), and is even
capable of carrying out tests on complete
assembled cable systems.
The high-voltage source (picture ➐) has a
maximum output voltage of 600 kV and
can deliver secondary-side power of up to
1 A. This means that not only all components
of connector systems can be tested, but
also outdoor bushings as well as complete
cable lines and testing circuits of up to
100 metres’ cable length and all types of
fittings (sleeves, outdoor terminations).
The mainly capacitive load of the test items
has been taken into account by means of
corresponding compensation facilities, so
that a high output voltage can be employed
without unnecessarily burdening the power
feed. The high output voltage of the testing
facility not only makes it possible to test
the voltage levels of the existing PFISTERER
product series, but also enables routine
tests of the next voltage level with
nominal voltage of up to 420 kV. The
facility is equipped with a highly sensitive
partial discharge test device, which enables
a partial discharge level measurement
throughout the entire voltage range up
to 600 kV at a basic background R.I. level of
under 2 pC. In order to protect the facility
from disturbing influences when carrying
out the partial discharge test, both the GIS
equipment and the test items are fully
accommodated in a shielded cabin.
This enables partial discharge measurements
on outdoor bushing with a very low basic
interference level.
A total of three shielded testing cabins will be
erected within the building, so that not only
the high-voltage routine test but also the
medium-voltage testing facility and a room for
special tests can all be accommodated in the
new building. If necessary the high-voltage and
the medium-voltage testing facilities can be
coupled to enable combined tests to be carried
out.
The facility ensures a high throughput of
routine tests in accordance with international
standards, also with a view to the future, with
regard to new products and voltage levels.
Test laboratory in Gussenstadt
Voltage detectors protect human life. Testing
for the absence of voltage is one of the most
sensitive working steps when dealing with
electrical equipment and facilities, and
therefore the reliability of voltage detectors
needs to be correspondingly high.
For this reason, every voltage detector or phase
comparator and every earthing pole is subjected
to a thorough safety check before it is delivered
(pictures ➑–➓). In order to ensure this, the
production in Gussenstadt has its own highvoltage
laboratory with testing instruments
that were partly developed in-house. Apart from
the 100% testing of new devices, preparatory
type tests and reference measurements are
also carried out in this laboratory. Both the
final tests and the type tests are subject to
international standards. The PFISTERER
specialists for safety engineering contribute
with their experience to the further development
of these international standards, e.g. in the
technical committee for updating the IEC 61481
on phase comparators.
The laboratory is also used for carrying out the
mandatory maintenance tests. Every device in
use must be checked for operating safety after
a certain period of time. The length of the time
period is subject to national standards. In
Germany, for example, it is every six years.
11

Finances
The following data is taken from the audited consolidated accounts of
PFISTERER Holding AG, 31 December 2008.
Sales
The macroeconomic climate has worsened significantly over the past year as a result of the
so-called “financial crisis”, which has meanwhile turned into a worldwide economic crisis.
After a phase of liberalisation and privatisation in the electricity market in Germany and
European neighbouring countries and in an increasingly competitive environment, levels of
investment on electrical networks increased sharply right through to the second half of 2008,
particularly in foreign markets.
After the rapid growth in sales achieved in the previous year, the PFISTERER-Group reports
further growth for the financial year 2008: Group sales rose by approximately EUR 22 million
(+9.2%) to EUR 256 million (unconsolidated figure, including proportional inter-Group sales of
approximately 19%). This growth continues to be founded on the internationalisation strategy
of the PFISTERER-Group as well as a consistently applied approach of engaging in target
markets with the PFISTERER-Group’s entire range of products. It should also be taken into
account that in 2008 sales of certain product groups declined as part of a phasing-out strategy.
At present, it is extremely difficult to assess where the economy stands. In the face of current
adverse developments, we forecast that there will be a sharp reduction in electrification
projects carried out in conjunction with new industrial plants and other construction projects.
As a result, the PFISTERER-Group’s sales development could also come under pressure.
However, on the basis of the information available to us we do not expect a drastic collapse in
sales. Taking all aspects into account, we forecast that earnings of the PFISTERER-Group will
decrease whilst nevertheless remaining at a pleasing level.
275
250
225
200
175
150
125
100
75
50
25
0
Sales (EUR million)
2006 2007 2008
Sales breakdown by division
A breakdown of the sales trends across the four business areas of the Group shows that the
Cable Systems division continues to show the highest growth rate. The Overhead Lines and
Components divisions also reported highly pleasing growth rates in their core product ranges
in 2008. Sales in the Railway Catenary Systems division also continued to rise in 2008 due to
additional projects in new growth markets. Overall, the sales breakdown of the PFISTERER-
Group shows that its business operations are built on a broad and solid foundation. Particularly
in the prevailing economic situation, PFISTERER’s international presence and its broad range of
products have turned out to be highly advantageous.
Sales breakdown by division (in %)
Cable Systems
Components
Overhead Lines
Railway Cantenary S.
Other
Human resources
Continuing growth in Group sales and the expansion of PFISTERER’s international market
presence are reflected in the creation of new jobs at all locations of the PFISTERER-Group:
the workforce increased by almost 100 to a total of 1,320 employees. This sustained growth
in employment occurred mainly in our European production locations, to which we expressly
reaffirm our commitment.
This corporate policy is, in combination with substantial investments in more efficient production
technologies, the basis for a sustained rise in productivity – a trend that also continued
throughout the 2008 financial year.
12
Human resources (number of employees)
1,400
1,200
1,000
800
600
400
200
0
2006 2007 2008

GROUP
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0
Investments (EUR million)
2006 2007 2008
Investments
Investments (on property, plant and equipment) amounting to EUR 10.3 million was higher
than in the previous year and mostly related to production facilities and buildings as well
as land acquired for future development. The steady Investment ratio of approximately 5%
(referred to consolidated turnover) remained well above the depreciation rate, underlining
the unchanged sustainable growth and innovation strategy employed by the PFISTERER-
Group. This forward-thinking investment policy will also be continued in broad terms
during the 2009 financial year.
50
40
30
20
10
0
Equity ratio (in %)
2006 2007 2008
Equity ratio
The stable and healthy performance of the PFISTERER-Group is reflected in the gratifying
development of earnings. The growth in sales, combined with a focus on the core range
of products and rigorous cost management, was transposed into an even faster growth
rate for earnings. One fundamental advantage of family enterprises is the close attachment
between the proprietors and the company. The associated conservative equity policy and
the very strong earnings situation resulted in a considerable increase in the equity ratio
by five percentage points to 43.0%, which is indicative of a very sound capital structure
for the PFISTERER-Group.
18
16
14
12
10
8
6
4
2
0
Cash flow return on total assets (in %)
2006 2007 2008
Cash flow return on total assets
Thanks to the continuing growth in sales revenues during the 2008 financial year,
it again proved possible to continue the corporate policy of financing growth internally.
The cash flow (return on total assets with reference to the balance sheet total on an
annual average) was, at 17.0%, well above the previous year’s level, thanks to the strong
earnings performance. The basis for this stable development is the PFISTERER-Group’s
ability to generate cash flows as well as rigorous management of working capital.
13

PFISTERER – Production Technology
Assembly of mechanical
connectors with fully automatic
assembly system
Kanban-controlled assembly
of MV-CONNEX® connectors
Production of metal
parts for HV-CONNEX®
bushings
Cast-resin production of
HV-CONNEX® bushings
Machining on CNC turningmilling
centre G 200
Machinery for silicone
injection moulding (LSR)
Machining production of
mechanical connectors
on CNC rotary transfer
machine
Manufacture of HV-CONNEX®
insulators using LSR processing
14

GROUP
ACIM (Automatic Continuous
Injection Moulding), production
of long-rod insulators
CNC drilling and
milling machine
ACIM detailed view
Hot-forming press for
railway connectors
Injection mould production
of HV insulators
Automatic thread-cutting
machine for railway connectors
Aluminium foundry
(conductor fittings)
Assembly of the tensioning
system TENSOREX® C+
15

PFISTERER worldwide
PFISTERER Holding AG
Rosenstraße 44
73650 Winterbach
Germany
Phone +49 (0)7181 7005 0
Fax +49 (0)7181 7005 106
E-mail infoholding@pfisterer.de
PFISTERER Kontaktsysteme GmbH
Rosenstraße 44
73650 Winterbach
Germany
Phone +49 (0)7181 7005 0
Fax +49 (0)7181 7005 565
E-mail dialog@pfisterer.de
Bahnhofstraße 30
89547 Gerstetten-Gussenstadt
Germany
Phone +49 (0)7323 83 601
Fax +49 (0)7323 83 603
E-mail dialog@pfisterer.de
PFISTERER IXOSIL AG
Gotthardstraße 31
6460 Altdorf
Switzerland
Phone +41 (0)41 8747 575
Fax +41 (0)41 8747 576
E-mail power@ixosil.ch
PFISTERER SEFAG AG
Werkstraße 7
6102 Malters, Luzern
Switzerland
Phone +41 (0)41 4997 272
Fax +41 (0)41 4972 269
E-mail connect@sefag.ch
PFISTERER (Pty.) Ltd.
9 Willowton Road
Pietermaritzburg 3201
South Africa
Phone +27 (0)33 397 5400
Fax +27 (0)33 387 6377
E-mail info@pfisterer.co.za
PFISTERER Ges.m.b.H.
Augasse 17
1090 Vienna
Austria
Phone +43 (0)1 3176531 0
Fax +43 (0)1 3176531 12
E-mail info@pfisterer.at
PFISTERER Pardubice
Representative Office
17. Listopadu c.p. 342
Zelene Predmesti
53002 Pardubice
Czech Republic
Phone +420 (0)466 657490
Fax +420 (0)466 613581
E-mail dialog@pfisterer.cz
PFISTERER Sp.z o.o.
Ul. Poznanska 258
05-850 Ozarow Mazowiecki
Poland
Phone +48 (0)22 72241 68
Fax +48 (0)22 72127 81
E-mail info@pfisterer.pl
PFISTERER Kereskedelmi Kft.
Gyarmat u. 67/ C
1147 Budapest
Hungary
Phone +36 (0)1 2513441
Fax +36 (0)1 2511713
E-mail office@pfisterer.hu
PFISTERER s.r.l.
Via Sirtori 45 d
20017 Passirana di Rho (MI)
Italy
Phone +39 (0)02 93158 11
Fax +39 (0)02 93158 37
E-mail pfisterer@pfisterer.it
PFISTERER UPRESA S.A.U.
Calle Industria 90–92
08025 Barcelona
Spain
Phone +34 (0)93 4367409
Fax +34 (0)93 4367701
E-mail pfisterer.upresa@
pfistererupresa.eu
PFISTERER SAS
35 avenue d’ Italie
68110 Illzach
France
Phone +33 (0)389 319029
Fax +33 (0)389 319028
E-mail info@pfisterer.fr
PFISTERER Ltd.
Unit 9, Ellesmere Business Park
Off Swingbridge Road
Grantham N631 7XT
United Kingdom
Phone +44 (0)1476 578657
Fax +44 (0)1476 568631
E-mail info.uk@pfisterer.com
PFISTERER Komponent & System AB
Flygfältsgatan 2 D
128 30 Skarpnäck
Sweden
Phone +46 (0)8 7240 150
Fax +46 (0)8 6054 750
E-mail info@pfisterer.se
PFISTERER S.A.
Av. Valez Sarsfield 464
C1282AFR Buenos Aires
Argentina
Phone +54 (0)11 4306 3595
Fax +54 (0)11 4362 2381
E-mail pfisterer@pfisterer.com.ar
PFISTERER International AG
Werkstraße 7
6102 Malters, Lucerne
Switzerland
Phone +41 (0)41 4997 474
Fax +41 (0)41 4997 426
E-mail export@sefag.ch
PFISTERER Hong Kong
Representative Office
Room 2606, 26/ F.,
Paul Y. Centre
51 Hung To Road,
Kwun Tong, Kowloon, Hong Kong
China
Phone +85 (0)226872826
Fax +85 (0)226880663
E-mail info.hk@pfisterer.com
PFISTERER Beijing
Representative Office
Unit 520, Landmark Tower 2
8 North Dongsanhuan Road
Chaoyang District
Beijing 100004
China
Phone +86 (0)10 6590 6272
Fax +86 (0)10 6590 6105
E-mail info.cn@pfisterer.com
PFISTERER Singapore
Representative Office
32 Tanjong Rhu Road
# 03-12 Pebble Bay
Singapore 436919
Singapore
Phone +65 (0)6346 4042
Fax +65 (0)6346 7110
E-mail info@pfisterer.sg
PFISTERER Dubai
Representative Office
P.O. Box 184090
Hamarain Centre, Gate 7, Floor 3, Dubai
United Arab Emirates
Phone +971 (0)4 2690147
Fax +971 (0)4 2690148
E-mail info@pfisterer.ae
PFISTERER Moscow
Representative Office
Ostapovsky proezd
dom 5, stroeniye 4, Office 223
109316 Moscow
Russia
Phone +7 (0)495 787 4530
E-mail info.ru@pfisterer.com
www.pfisterer.com