Jacobs Holding AG Annual Report 2010 (PDF, 3.7 - Jacobsag.com

JACOBS HOLDING AG ANNUAL REPORT 2010
ANNUAL REPORT 2010
HOLDING AG

TABLE OF CONTENTS
PAGE
JACOBS HOLDING AG AND THE JACOBS FOUNDATION 2
HIGHLIGHTS OF 2010 5
REPORT FROM THE CHAIRMAN AND
THE CHIEF EXECUTIVE OFFICER 7
STAKEHOLDERS’ MANUAL
OUR PRINCIPLES 12
OUR ORGANIZATIONAL MODEL 14
OUR GOVERNANCE STRUCTURE 15
PERFORMANCE METRICS 16
JACOBS HOLDING AG BOARD OF DIRECTORS 19
JACOBS HOLDING AG MANAGEMENT 23
PORTFOLIO
ADECCO SA 30
BARRY CALLEBAUT AG 34
INFRONT SPORTS & MEDIA AG 37
AGRI BUSINESS 40
FINANCIAL STATEMENTS 2010
BALANCE SHEET JACOBS HOLDING AG 44
STATEMENT OF INCOME JACOBS HOLDING AG 46

ANNUAL REPORT 2010
HOLDING AG

2
JACOBS HOLDING AG AND
THE JACOBS FOUNDATION
Jacobs Holding AG optimally enhances the Jacobs Foundation’s ability to influence the
social dimension of the world in which we live, thereby continuing our family’s long-held
commitment to the improvement of society.
JACOBS HOLDING AG
HISTORY Jacobs Holding AG is a professional investment company founded on our
family’s entrepreneurial legacy. Over generations, the Jacobs family has been involved in
business operations which are united in Jacobs Holding AG, our holding company
domiciled in Zurich. To understand Jacobs Holding AG, it is important to bear in mind
the dynamic relationship we maintain with the Jacobs family. While our past endeavours
may have focussed primarily on entrepreneurial business achievements, these ambitions
were always underpinned by a commitment to social betterment.
MISSION Jacobs Holding AG’s goal as an investment firm is to create value by investing
in a select group of companies with the potential and promise of achieving and maintaining
global leadership positions in their sectors. The resulting dividends are used
exclusively to fund the philanthropic endeavours of the Jacobs Foundation.
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THE JACOBS FOUNDATION
HISTORY The Jacobs Foundation was established in 1988 to equip young people for a
changing world and help them become productive and socially responsible members of
society. In order to be able to fulfill the Foundation’s mission for an indefinite period,
Klaus J. Jacobs donated his stake in Jacobs Holding AG to the Foundation in 2001,
making it one of the world’s best-capitalized non-profit organizations devoted to youth
development. These assets are intended to secure the financing of the Foundation’s
activities in the future.
MISSION The Jacobs Foundation primary purpose is to contribute to the welfare, social
productivity, and social inclusion of current and future generations of children and youth
by understanding and promoting their personal development and employability, their
respect for and integration with nature and culture, as well as by understanding the
challenges they face due to social, economic, or technological changes. Consequently we
are committed to:
> making children and youth (0 – 24 years) better equipped to grow up and live in
a changing world and to be productive, socially responsible members of society;
> supporting societies in improving their capacities of child and youth development;
> pursuing this vision worldwide without national limitation but with respect for
cultural diversity.
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3

HIGHLIGHTS OF 2010
In financial year 2010 (1.10.2009 – 30.9.2010) the net asset value of the Jacobs Holding
AG investment pool increased by CHF 299m, from CHF 2’577m to CHF 2’876m.
The total shareholder return (TSR) of CHF 343m, or 13.3%, overperformed the Swiss
Market Dividend Adjusted Index (SMIC), which yielded 2.5% during the same period.
A negative development in the share price of Adecco SA (-6.8%) and a positive
development in the share price of Barry Callebaut AG (+25.3%) yielded an overall
positive performance.
Jacobs Holding AG posted an after-tax loss of CHF 42.9m for 2010, compared with
a profit of CHF 93.9m in 2009.
Adecco was confronted with an exceptional turnover decrease in 2009, followed
by positive recovery in the first half of fiscal year 2010. Its new business setup and
organizational adjustments will allow Adecco to profit from the next upswing.
Barry Callebaut reported solid financial figures for the financial year ending
31.08.2010. Volumes and revenues increased along with earnings despite a flat global
market. Barry Callebaut has continued its focused growth strategy.
Infront enjoyed yet another strong financial performance despite the difficult
economic environment. The company successfully delivered the FIFA World Cup in
South Africa, winning an award for the first 3D production of a football tournament.
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READ MORE ON PAGE 46
READ MORE ON PAGES 8, 30
READ MORE ON PAGES 7, 34
READ MORE ON PAGES 8, 37
5

TOTAL SHAREHOLDER RETURN INDEX (TSR)
SWISS MARKET DIVIDEND ADJ. INDEX (SMIC)
TARGET PERFORMANCE 2001 – 2010
6
ADECCO (INCL. JACOBS VENTURE
& TRIVENTURA)
BARRY CALLEBAUT
INFRONT SPORTS & MEDIA
CASH AND CASH EQUIVALENTS
TOTAL SHAREHOLDER RETURN (TSR) 2001 – 2010
KEY FACTORS 2009/10 TSR +13.3%
SMIC +2.5%
TARGET +7.2%
300
260
220
180
140
100
60
SEP
01
MAR
02
SEP
02
MAR
03
SEP
03
MAR
04
SEP
04
MAR
05
NET ASSET VALUE DEVELOPMENT IN FINANCIAL YEAR 2009/2010
CHF MILLION
3’500
3’000
2’500
2’000
1’500
1’000
500
0
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2‘577
NET
ASSET
VALUE
2009
132
LIABILITY
2009
SEP
05
ASSET
ALLOCATION
2009
MAR
06
SEP
06
25
CHANGE
IN
LIABILITY
MAR
07
SEP
07
CHANGE
IN NET
ASSET
VALUE
MAR
08
SEP
08
ASSET
ALLOCATION
2010
MAR
09
SEP
09
299 157
LIABILITY
2010
MAR
10
SEP
10
2‘876
NET
ASSET
VALUE
2010

REPORT FROM THE CHAIRMAN AND
THE CHIEF EXECUTIVE OFFICER
Overall, our portfolio companies look back at a successful year in a difficult environ ment.
In July 2010 the world GDP growth consensus for 2010 was 4.6%: a good-looking
number at first sight, but not that great for our major markets when you realize that the
BRIC states make up 8.8% while the advanced economies account for 2.7% and
Euroland for just 1.1%. At least a recovery from the recession is in the offing and we
believe that a double dip is not very likely, although we remain concerned about the risk of
sovereign defaults (Greece and Spain) and other systemic risks.
Last year our outlook was cautiously positive and we hoped that our portfolio would
generate value above the standard indices. We are happy to see that our views have
material ized in performance of 13.3%, clearly above our benchmarks.
The cautious outlook for Europe and the USA, the unknown systemic risks and their
effect on GDP growth have had a strong influence on Adecco’s stock price development,
which was not what we had expected. Barry Callebaut and Infront, on the other hand,
have been expanding their competitive advantages in their field of business and we see
solid EBIT development for both companies relatively independent of the macro-environment.
The fact that the two companies are less correlated to GDP development means
healthy diversification for Jacobs Holding AG’s portfolio.
JACOBS HOLDING (JAG)
JAG maintained its investment in three main portfolio companies as well as its traditional
credo business. JAG has transferred CHF 35 million of dividends received from these
companies to the Jacobs Foundation.
Our portfolio companies have seen total shareholder return, or TSR, of 13.3%, or
14.3% better than the Morgan Stanley Capital Index (MSCI, -1.0%) and 10.8% above
the Swiss Market Dividend Adjusted Index (SMIC 2.5%).
BARRY CALLEBAUT (BC) increased its volume by 7.6% to 1.3 million metric tons,
its revenue by 6.8% to CHF 5.2 billion, and its EBIT by 5.6% to CHF 370 million,
which represents an EBIT improvement in local currency of 7.9%. This operational
performance translated into TSR of 25.3% for the fiscal year under review.
Under the leadership of Jürgen Steinemann, the BC management team continued to
uphold the main strategic pillars: cost leadership, geographic expansion, and innovation.
The outsourcing transaction with Hershey was brought to its full implementation level
of approx. 80k metric tons per year.
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8
IN OCTOBER 2009 BC joined the UTZ certified programme and in May 2010 BC
and the Malaysian Cocoa Board signed a collaborative research
agreement on controlled fermentation of cocoa beans. These
efforts, along with the “Partenaire de Qualité” programme in
Ivory Coast, aim to improve cocoa bean quality and increase
plantation yield in order to improve the living conditions of BC’s
suppliers (farmers) and employees.
IN DECEMBER 2009 Spain’s Chocovic was acquired and successfully integrated.
IN MAY 2010 the new chocolate factory in Brazil was inaugurated.
IN SEPTEMBER 2010 Kraft Foods and Barry Callebaut signed a long-term global
supply agreement.
ADECCO once again experienced a trying period with negative growth rates for its top
line until December 2009. Since then Adecco has been in recovery, with growth back to
+ 13% and EBITA at 3.8% between April and June. The closing price at the end of JAG’s
fiscal year was CHF 51.35, resulting in TSR of -6.8%. Patrick de Maeseneire and the
Adecco management team made substantial efforts, both professional and financial, to
improve Adecco’s corporate efficiency and give it the extra leverage required for the next
upswing. The result: a new EBITA target of 5.5%.
Management has demonstrated that Adecco’s business model is flexible and highly
adaptive to economic change. MPS and Spring, the two companies recently acquired, are
in the midst of successful integration and are delivering the desired results. MPS in
particular has shifted Adecco’s revenue mix towards professional staffing.
INFRONT
In 2010 Infront successfully delivered on close to 1’900 event days, including 13 World
Championships. The company maintains 24 offices in ten countries world-wide,
employs more than 500 people and serves around 130 rights-in clients, as well as hun -
dreds of media companies and sponsor brands around the world. In its role as exclusive
media rights advisor to the Lega Calcio, Infront has helped to close agreements on national
media rights for Italy. In the most important sports event of the year, the FIFA World
Cup, Infront delivered excellent performance in both media sales for Asia (JV with
Dentsu) and host broadcasting, with the first 3D live coverage of a major sports event.
Infront has been profitable since its inception and this was also the case in 2009, where
despite the challenging overall economic situation an increase in operating performance
has been achieved. Further growth is forecasted for 2010, underpinning the company’s
solid financial performance and confirming its strategy of seeking the “number one”
position in each of its key business segments.
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We are a trifle uncertain about this year’s OUTLOOK. Fundamentally, however, we see no
indications that value creation will not continue at BC, Adecco and Infront. We wish to
thank all members of the Board, the management and employees of JAG and our investment
companies, as well as the Family Council, for their continued support during the
past year.
DR. W. ANDREAS JACOBS
CHAIRMAN OF THE BOARD
MARKUS FIECHTER
CHIEF EXECUTIVE OFFICER (CEO)
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9

STAKEHOLDERS’ MANUAL
11

12
OUR PRINCIPLES
OUR BUSINESS MODEL Jacobs Holding AG invests in companies around the world
that hold out the promise of attaining – and maintaining – significant positions in their
markets. The model we have adopted concentrates on the long-term development of the
companies in our portfolio, and we focus our energies on a few selected industries,
notably people and food. Furthermore, it is one of our declared principles not to invest in
companies that specialize in alcohol, cigarettes, or military-related activities.
Active participation and responsible ownership are central to our identity as a professional
investment firm. We fulfill our responsibilities through our work on the boards of
the companies in our portfolio, exercising appropriate influence over each one individually.
Jacobs Holding AG, the professional investment company, and the Jacobs Foundation,
the charitable non-profit organization, are separate and distinct organizations; both
maintain separate boards of directors and management.
The two institutions are linked by the Family Council, which proposes the board members
of Jacobs Holding AG and has a right of veto when candidates are proposed for the
board of the Jacobs Foundation. Through the Family Council, the Jacobs family ensures
that Jacobs Holding AG’s activities are a true reflection of their values and spirit.
OUR GUIDING PRINCIPLES Jacobs Holding AG’s primary objective is to function as a
competitive, professional investment firm safeguarding the entrepreneurial tradition of
the Jacobs family through an active approach to investments.
Our mission is to create sustained value for and deliver dividends to the Jacobs
Foundation, ultimately contributing to the personal development of young people
around the world.
Our strategy for realizing this mission is to invest in a limited number of holdings with
the potential to achieve or maintain global leadership positions in their respective
industries, and to create value.
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OUR CORPORATE PRINCIPLES
LONG-TERM VALUE The objective of the enterprise is to create long-term value. Total
Shareholder Return is our principal performance metric.
TALENTED PEOPLE We believe that the skills and abilities of our people ensure
successful business growth.
ENTREPRENEURSHIP We believe that entrepreneurial spirit and risk-taking are an
essential part of an entrepreneurial team effort.
BEST PRACTICE IN CORPORATE GOVERNANCE We believe that excellence in corporate
governance is a key driver of value.
TRUST AND ACCOUNTABILITY We believe that trust and accountability are paramount
principles in linking entrepreneurship to value creation.
SPEED We believe that speed is essential in a rapidly changing business environment.
SIMPLICITY We believe in simple and effective organization and communication.
OUR PEOPLE People are the single most important drivers of success. As spelled out in
our corporate principles, our employees are central to our vision of success, as are high
standards in corporate governance.
Our employees boast specialist expertise, a professional attitude, solid ethics and flexibility.
At all levels, it is they who determine the financial success of our enterprise, and
their performance and impact are reflected in their remuneration. We help to increase
their market value by means of appropriate employment, job rotation, and further
education and training.
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14
OUR ORGANIZATIONAL MODEL
Jacobs Holding AG is governed by a two-tier organizational structure comprising the
Board of Directors and Management.
Jacobs Holding AG’s Board of Directors is the company’s ultimate decision-making
body. It bears responsibility for the long-term success of Jacobs Holding AG. The posts
of the members are non-executive. The Family Council appoints the Chairman of the
Board, who has an executive function and is a member of the Jacobs family.
Our Business Regulations set out certain criteria for the ideal composition of our Board.
Accordingly, Board members must have the experience and ability to fulfill their individual
responsibilities.
Collectively, the Board should display a proven entrepreneurial track record and know -
ledge of the specific industries in which we invest. It must also offer international expertise
and experience in the fields of investment management, corporate finance, strategy development
and implementation, family businesses, human resources and talent management.
Jacobs Holding AG Management comprises a CEO (Chief Executive Officer), a CFO
(Chief Financial Officer), two investment managers, a financial controller, a treasurer
and a corporate secretary. The CEO is responsible for day-to-day decisions at Jacobs
Holding AG. The CFO is responsible for all finance-related activities at Jacobs Holding
AG, including financial controlling/accounting and treasury operations. The CEO and
CFO both work closely with the Chairman and the investment managers to monitor and
support Jacobs Holding AG’s holdings.
The Board has formed the following committees: The MDC (Management Development
Committee) and the ARC (Audit & Risk Committee). The MDC – which is known in
other companies as the Nomination & Compensation Committee – is responsible for the
selection and compensation of the members of Jacobs Holding AG’s Board and
Management. The MDC also evaluates the performance of the CEO and the CFO.
Furthermore, it ensures that Human Resources policies are set up and implemented
throughout the Group so that Jacobs Holding AG achieves its target of attracting and
retaining outstanding talent.
The ARC has focused mainly on establishing corporate governance rules for Jacobs
Holding AG. One of its main achievements has been the implementation and improvement
of a risk management process to assess portfolio company risk. In line with new
legislation, the ARC actively monitors the implementation of the IKS, the internal
control system required by the Swiss Code of Obligation.
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OUR GOVERNANCE STRUCTURE
BOARD OF DIRECTORS
W. Andreas Jacobs Executive Chairman (ALSO CHAIRMAN OF THE MDC AND
Michael Hilti Member
Franz B. Humer Member
MEMBER OF THE ARC)
Nicolas Jacobs Member (ALSO MEMBER OF THE MDC)
Philippe Jacobs Member (ALSO MEMBER OF THE ARC)
Renata Jacobs Member
Conrad Meyer Member (ALSO CHAIRMAN OF THE ARC AND MEMBER OF THE MDC)
MANAGEMENT
Markus Fiechter CEO
Daniel Pfister CFO
Johan Fahlén Investment Manager
Thomas Hagmann Investment Manager
Michael Albert Head of Controlling and Accounting
Andreas Zimmermann Treasurer
Michael Tuchschmid Corporate Secretary
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15

16
PERFORMANCE METRICS
Traditionally, the Annual Report has focused on the financial statements of Jacobs
Holding AG on the one hand and the consolidated financial statements of the Jacobs
Group on the other hand. During the process of defining Jacobs Holding AG’s strategy
it became clear that these financial statements have some significant shortcomings as
measures of performance.
In recent years, we introduced a new set of metrics and units that more properly reflect
the essence of Jacobs Holding AG as an investment company. These metrics were selected
from a range of possible factors in line with Jacobs Holding AG parameters:
Investment pool, NAV (Net Asset Value) and TSR (Total Shareholder Return).
Jacobs Holding AG holds assets that can be grouped into three different classes:
Asset class A: consists of holdings in publicly traded companies like Adecco SA
and Barry Callebaut AG
Asset class B: consists of private companies like Infront Sports & Media AG
Asset class C: consists of the family-tradition “credo” businesses (agribusiness)
and other businesses
Asset classes A and B make up the investment pool, i.e. the assets that Jacobs Holding
AG manages as an active investor for the purpose of long-term value creation.
We carefully monitor the net asset value development of our holdings in the investment
pool. The net asset value of the investment pool itself is defined as the market value of
the investment pool, less its financing.
We take a conservative approach to valuing our assets. Our holdings in public companies
are valued using the share price on the last trading day of the financial year.
We currently hold shares in two public companies:
> Adecco SA (ADEN VX)
> Barry Callebaut AG (BARN SW)
Our holdings in private companies are at book value unless a market valuation can be
estimated with reasonable accuracy using comparable companies or from an arm’slength
transaction. This includes all necessary write-offs on the basis of impairment
tests or revaluations. In case of a divestiture, the resulting book profit or book loss is
automatically taken into account in the calculation of NAV performance.
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The financing of the investment pool is represented by the balance sheet debt. The NAV
of the investment pool at the end of financial year 2010 was CHF 2.9bn – up by 13.3%
over the previous financial year.
The key performance metric for the Board and the Management is TSR, which is defined
as the sum of the annual change in the NAV of the investment pool, plus the dividend
paid out to the Jacobs Foundation, if any, and the cash transfers required to fund businesses
outside the investment pool during the financial year, less the net asset value at the
beginning of that year.
In financial year 2010 the NAV increased by CHF 299.3m. Net cash outflows from the
investment pool amounted to CHF 43.3m. This implies a TSR of CHF 342.6m, or
13.3%. Over the same period, the total return produced by the SMIC was 2.5%.
FAIR MARKET VALUE CALCULATION SEP 10 SEP 09 CHANGE
ADECCO SA
Share price CHF 51.35 55.10 -6.8%
x Number of shares MILLIONS 15.07 15.07
= Market value of Jacobs Holding AG shares
+ Value creation additional Adecco Investment
CHFM 774 830
Jacobs Venture AG and Triventura AG CHFM -18 -11
= Total value of Jacobs Holding AG Adecco Investment CHFM 756 819
BARRY CALLEBAUT AG
Share price CHF 768.50 613.50 +25.3%
x Number of shares MILLIONS 2.59 2.59
= Market value of Jacobs Holding AG shares CHFM 1’991 1’589
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17

JACOBS HOLDING AG BOARD OF DIRECTORS
FROM LEFT TO RIGHT
COMMITTEES FIRST ELECTION
W. Andreas Jacobs (1963) Chairman Jacobs Holding AG A, B* 2004
Michael Hilti (1946) Board of Directors Hilti Group 2009
Franz B. Humer (1946) Chairman Roche Holding AG 2009
Nicolas Jacobs (1982) Director Business Development Western Europe
Barry Callebaut B 2008
Philippe Jacobs (1984) Investment Banker Royal Bank of Scotland A 2008
Renata Jacobs President Jacobs Family Council 2008
Conrad Meyer (1949) Prof. University Zurich; Chairman NZZ Group A*, B 2000
A AUDIT & RISK COMMITTEE (ARC), B MANAGEMENT DEVELOPMENT COMMITTEE (MDC), * COMMITTEE CHAIRMAN
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19

W. ANDREAS JACOBS
20
W. ANDREAS JACOBS CHAIRMAN
W. Andreas Jacobs, born in Bremen in 1963, has been an independent entrepreneur since
1992 with a stake in several European and North American companies. He is currently the
principal shareholder of Minibar AG and Acentic GmbH, and a minority investor in
several other companies. Since 2001, W. Andreas Jacobs has taken over several executive
functions of the Jacobs Family business. He serves as Executive Chairman of Jacobs
Holding AG, Executive Chairman of Barry Callebaut AG, and Chairman of Infront
Sports & Media AG. In May 2006, Jacobs became Member of the Board of Directors of
Adecco SA.
Before embarking on his entrepreneurial activities, W. Andreas Jacobs worked as a
consultant and project manager with The Boston Consulting Group in Munich from
1991 to 1993.
W. Andreas Jacobs studied law at the universities of Freiburg im Breisgau, Munich and
Montpellier, and subsequently obtained a post-graduate degree in European competition
law (Dr. iur.) from the university of Freiburg. He was later awarded a Master of Business
Administration by INSEAD in Fontainebleau.
W. Andreas Jacobs is married to Natalie Jacobs and has four children.
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JACOBS HOLDING AG MANAGEMENT
FROM LEFT TO RIGHT
Michael Albert
Johan Fahlén
Markus Fiechter
Thomas Hagmann
Daniel Pfister
Michael Tuchschmid
Andreas Zimmermann
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23

MARKUS FIECHTER
DANIEL PFISTER
24
MARKUS FIECHTER CHIEF EXECUTIVE OFFICER
Markus Fiechter, born in Switzerland in 1956, joined Jacobs Holding AG as Chief
Executive Officer in September 2004. In close cooperation with the board and the chairman
of the board, W. Andreas Jacobs, he manages Jacobs Holding AG, supports existing
portfolio investments with a focus on shareholder interests, and develops investment
plans for non-invested financial resources.
From 1994 to 2004, Markus Fiechter was the CEO of the Minibar Group. Minibar is a
major worldwide supplier of mini-bars, safes and pay-TV systems to the hospitality
industry.
Before managing the Minibar Group, he was with Boston Consulting Group for three
years in the role of Project Leader and Manager. Markus Fiechter’s business activities
started with Mettler Toledo in Greifensee, the world’s leading manufacturer of balances,
scales and analytical instruments, where he worked as head of distribution logistics, as
Sales Manager Switzerland, and as manager global business unit Titration.
Markus Fiechter holds a Master’s degree in Chemical Engineering from the Swiss Federal
Institute of Technology (dipl. Chem. Ing. ETH) and a Master of Business Administration
from the University of St. Gallen (lic. oec. HSG).
Markus Fiechter is married to Monica Triner Fiechter and has two daughters.
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DANIEL PFISTER CHIEF FINANCIAL OFFICER
Daniel Pfister, born in Zurich in 1960, joined Jacobs Holding AG in April 2000. He is
Chief Financial Officer at Jacobs Holding AG. In addition to his duties as CFO, he serves
on the boards of various portfolio companies. In recent years, much of his work has
involved leading restructuring, financing and divestment projects. At Jacobs Holding AG
he heads up the investment group managing Infront Sports & Media AG and, in this
capacity, has a seat on the Infront Board.
Before joining Jacobs Holding AG, he worked from 1991 to 2000 with Klosterfrau AG,
Zurich, a Swiss holding company that controls various investments in Europe and the
USA. During this time he was involved in controlling, investment management, mergers
and acquisitions, and various projects.
Daniel Pfister’s early career included banking at Credit Suisse, finance and treasury
activities at Marc Rich & Co. and the Commercial Metals Company (both commodity
trading companies), as well as sales and marketing at Trisport AG, an importer of
sporting goods into Switzerland.
Daniel Pfister has a business administration degree in finance and accounting from FHS
Lucerne and is also a chartered financial controller, SIB.
He is married to Erika Pfister and has three children.
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25

JOHAN FAHLÉN
THOMAS HAGMANN
26
JOHAN FAHLÉN INVESTMENT MANAGER
Johan Fahlén was born in 1978 in Falkenberg, Sweden. He joined Jacobs Holding AG in
December 2006 as the investment manager responsible for Adecco SA and Infront Sports
& Media AG.
Johan Fahlén’s professional career started at McKinsey&Company in Stockholm, where
he worked as a management consultant for three years. During this time he conducted
various projects in strategy, turnaround, due diligence and operational improvement in
various sectors. Prior to joining Jacobs Holding AG, he worked as Group Management
Coordinator and Senior Project Manager at Nybron Flooring International, Europe’s
largest wood flooring company. His responsibilities involved developing corporate strategy,
conducting due diligence on acquisition targets, managing parts of the corporate
sales process, and identifying and leading operational improvement projects.
Johan Fahlén holds an MSc degree in Industrial Engineering and Management from
Chalmers University of Technology, Gothenburg, Sweden, and was an exchange student
at Haas Business School, UC Berkeley, California, and the ETH Zurich. He has also
studied business and administration at the Gothenburg School of Economics,
Gothenburg, Sweden.
THOMAS HAGMANN INVESTMENT MANAGER
Thomas Hagmann, born in 1978 in Zurich, joined Jacobs Holding AG in May 2008 as
the investment manager responsible for Barry Callebaut AG. His responsibilities in this
role include strategy development, M&A, financial and operational analysis, implementation
work, and the development of Jacobs Holding AG’s investment strategy.
Prior to joining Jacobs Holding AG Thomas Hagmann worked as a strategy consultant
for Deloitte and Bain & Company, where he assisted leading organizations in the manufacturing,
financial services, and service and airline industries. His experience covers
strategy, commercial due diligence, new business set-up, organization design and process
improvement.
Thomas Hagmann holds a Master’s degree of Business Administration from the
University of St. Gallen (lic. oec. HSG). He was an MBA exchange student at Nanyang
Business School in Singapore.
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MICHAEL ALBERT HEAD OF CONTROLLING AND ACCOUNTING
Michael Albert, born in 1970 in Lucerne, joined the Jacobs Holding AG team in July
2003 as Head of Controlling and Accounting. In this function he is responsible for
Jacobs Holding AG’s year-end closing and coordination of Group consolidation. Other
main tasks include the monitoring of reporting within the Jacobs Group, responsibility
for the accounting of some Group companies, and supporting Jacobs Group companies
in controlling and financial matters. Before joining Jacobs Holding AG, from 1997 to
2002, he worked as a Group Controller for Komax Holding AG. During this time he was
responsible for consolidation, for managerial support to subsidiaries, and for controlling
functions within the Group.
Michael Albert holds a Business Administration degree in Finance and Controlling from
the Hochschule für Wirtschaft Zürich (HWZ) and a Master of Advanced Studies (MAS)
in Corporate Finance from the Fachhochschule Nordwestschweiz.
ANDREAS ZIMMERMANN TREASURER
Andreas Zimmermann, born in 1973 in Visp, joined the Jacobs Holding AG team in
November 2000 as Assistant Treasurer. In this function he is responsible for cash management,
insurance and risk management. In September 2004 he was also made responsible
for monitoring Adecco SA.
Andreas Zimmermann holds a Business Administration degree in Finance from the
Fachhochschule Visp, and is a certified financial analyst (CIIA). He is married to Reyhan
Zimmermann and has two daughters.
MICHAEL TUCHSCHMID CORPORATE SECRETARY
Michael Tuchschmid, born in 1973 in Geneva, joined Jacobs Holding AG in January
2009 as a Corporate Secretary. He serves as Secretary to the Board of Directors and is
responsible for corporate legal affairs, contracts, records and compliance within the
company. Michael Tuchschmid worked with KPMG as an auditor and as a law clerk at
the Commercial Court of the Canton of Aargau. Before joining Jacobs Holding AG,
he worked as an attorney at law in Zurich. The focus of his practice was in sports law,
contract law, commercial litigation and arbitration.
He published various works in the field of civil procedure law and sports law. Michael
Tuchschmid has completed a Master of Law at the University of Zurich and, in addition,
has studied at the University of Paris X. He was awarded a Master of Laws (LL.M.) by
the Bond University, Australia. He is a member of the Zurich Bar Association (inactive
status).
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MICHAEL ALBERT
ANDREAS ZIMMERMANN
MICHAEL TUCHSCHMID
27

PORTFOLIO
29

30
ADECCO SA
SMI INDEX
ADECCO SA
WWW.ADECCO.COM
KEY FINANCIAL DATA 31.12.09 31.12.08 31.12.07 31.12.06 31.12.05
CHFM
Market cap 9’909 6’232 11’175 15’388 11’278
Share price in CHF 57.05 35.78 61.25 83.25 60.60
Dividend/share in CHF 0.75 1.50 1.50 1.20 1.00
EURM
Net sales 14’797 19’965 21’090 20’417 18’303
Gross profit 2’649 3’673 3’927 3’546 3’086
EBITA 299 908 1’054 816 614
Net income 8 495 735 611 453
Cash flows from operating activities 477 1’054 1’062 747 298
SHARE PRICE DEVELOPMENT Between September 2001 and September 2010,
Adecco SA underperformed its benchmark, the SMI, by 14.7%.
120%
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THE COMPANY Adecco SA is the world leader in human-resource solutions, with a comprehensive
service offering that includes temporary and contract staffing, outsourcing,
permanent recruitment, outplacement and career services, training and consulting. The
Adecco Group network connects over 700’000 associates with clients each day through
its network of over 31’000 employees (FTEs) and more than 5’500 offices in over 60
countries and territories around the world. Adecco SA is ranked 427 in the Fortune
Global 500 list. Adecco SA is registered in Switzerland (ISIN: CH0012138605) and listed
on the Swiss Stock Exchange with trading on SWX Europe (SWX: ADEN) and the
Euronext Paris (EURONEXT: ADE).
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PERFORMANCE FOR FINANCIAL YEAR 2009 The Adecco Group was confronted
with an exceptionally challenging business environment. Revenues decreased in 2009
compared to 2008 by 26% to EUR 14’797m or by 27% excluding acquisitions and currency
impact. Revenues declined in 2009 by doubledigit percentages in all geographies
except in the emerging markets.
PERFORMANCE DURING THE FIRST HALF OF FINANCIAL YEAR 2010 Revenues
for the first six months of 2010 were EUR 8’608m. Compared to the same period last
year, revenues increased by 18%, or 16% in constant currency. Acquisitions, chiefly of
the MPS Group, made up 10% of revenues. EBITA increased from EUR 75m to EUR
281m, net income from EUR -124m to EUR 154m. Patrick De Maeseneire, CEO of the
Adecco Group, notes: “Business conditions in Q2 2010 improved considerably. We
delivered strong growth in our main markets of France and North America. Germany,
Italy, the Nordic countries and emerging markets posted strong double-digit revenue
growth as well. Demand was particularly strong in the industrial segment, but our professional
staffing business also returned to growth in the second quarter. We achieved a
gross margin of 17.8%, thanks to continued strict price discipline and our increased
exposure to professional staffing. Costs were tightly controlled and remained flat, both
organically and adjusted. As a result, we achieved an EBITA margin of 3.8%, an
im prove ment of 100 bps compared to the previous year adjusted. To date, we see no
evidence of a slowdown in our business and demand is robust across most markets.”
OUTLOOK The revenue trend improved strongly throughout the second quarter of 2010,
and there is no slowdown in the third quarter of 2010. Despite current concerns about
the sustainability of the economic recovery, developments in the staffing industry continue
to signal healthy demand, and management is confident of strong revenue development
near term. The acquired businesses, Spring and MPS, are delivering results exceeding
expectations and the integration and achievement of targeted synergies are well on track.
The good results attained in the third quarter of this year show that the Adecco Group is
delivering on its strategy and is making sound progress towards achieving its mid-term
EBITA margin target of above 5.5%.
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ADECCO SA
CONTINUED
SENIOR MANAGEMENT
Patrick De Maeseneire CHIEF EXECUTIVE OFFICER, Dominik de Daniel CHIEF FINANCIAL OFFICER,
Christian Vasino CHIEF HUMAN RESOURCES, Sergio Picarelli CHIEF SALES OFFICER, Francois
Davy REGIONAL HEAD OF FRANCE, SWITZERLAND & INDIA, Tig Gilliam REGIONAL HEAD OF NORTH
AMERICA, Alain Dehaze REGIONAL HEAD OF NORTHERN EUROPE, Mark du Ree REGIONAL HEAD OF
JAPAN & ASIA, Andreas Dinges REGIONAL HEAD OF GERMANY & AUSTRIA, Federico Vione REGIONAL
HEAD OF ITALY & EASTERN EUROPE, Enrique Sanchez REGIONAL HEAD OF IBERIA & SOUTH AMERICA,
Peter Searle REGIONAL HEAD OF UK & IRELAND
BOARD MEMBERS
Rolf Dörig CHAIRMAN, Thomas O’Neill VICE-CHAIRMAN, Jakob Baer, W. Andreas Jacobs,
Francis Mer, David Prince, Judith A. Sprieser, Wanda Rapaczynsk, Alexander Gut OTHER
MEMBERS
JACOBS HOLDING AG’S STAKE IN ADECCO SA AT 30.9.2010
DIRECT OWNERSHIP 5.4%, JACOBS HOLDING AG, JACOBS VENTURE AG* AND TRIVENTURA AG’S* NET
VALUE OF ADECCO INVESTMENT CHF 755m, PERCENTAGE OF JACOBS HOLDING AG’S INVESTMENT
POOL 24.9%, TOTAL OWNERSHIP TOGETHER WITH MEMBERS OF THE JACOBS FAMILY 18.6%
*JACOBS VENTURE AG AND TRIVENTURA AG ARE SINGLE-PURPOSE VEHICLES.
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JACOBS VENTURE AG
THE COMPANY Jacobs Venture AG is owned 50.5% by Jacobs Holding AG and 49.5%
by Jacobs family members. It is a single-purpose vehicle. Jacobs Venture AG conducts no
other business and serves only as a financing company.
FINANCING AGREEMENT WITH DEUTSCHE BANK On 5 December 2005, Jacobs
Venture AG entered into a share-purchase agreement with Akila Finance SA to buy
12’000’000 Adecco SA shares. The transaction was financed by way of a collateralized
equity-linked limited liability obligation (CELLO) in the amount of CHF 756m, issued
by Deutsche Bank through Sonata Securities SA. The CELLO bond was a new and innovative
non-recourse financing tool, offered to institutional investors and successfully
placed on 9 December 2005. The bond was issued at 100% and has a coupon of 1.5%
p.a. The shareholders of Jacobs Venture AG have pledged 20’170’829 Adecco shares as
sole collateral for the bond. The financing’s maturity date is 9 December 2010.
CELLO-BOND DEVELOPMENT From its inception in December 2005 until September
2010, the CELLO bond has posted performance of 7.8%. The bond is traded on the
Luxembourg Stock Exchange’s Euro MTF Market (ISIN: XS0238008709).
80%
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BOARD MEMBERS
W. Andreas Jacobs CHAIRMAN, Nicolas Jacobs, Philippe Jacobs, Renata Jacobs, Conrad
Meyer MEMBERS
JACOBS VENTURE AG’S STAKE IN ADECCO SA AT 30.9.2010
OWNERSHIP 6.5%
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ADECCO SA
CELLO-BOND
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BARRY CALLEBAUT AG
SPI INDEX
BARRY CALLEBAUT AG
WWW.BARRY-CALLEBAUT.COM
KEY FINANCIAL DATA 31.08.10 31.08.09 31.08.08 31.08.07 31.08.06
CHFM
Market cap 3’631.9 2’967.6 3’743.1 4’510.8 2’833.2
Net debt 870.8 942.7 1’041.2 930.2 906.9
Sales volume (in k tons) 1’305.3 1’213.6 1’166.0 1’059.2 976.7
Net sales 5’213.8 4’880.2 4’815.4 4’106.8 3’713.2
EBITDA 470.7 456.1 443.7 427.1 392.5
EBIT 370.4 350.8 341.1 324.0 295.0
Net profit 251.7 226.9 209.1 207.0 189.70
Pay-out per share in CHF 14.00* 12.5* 11.5* 11.5* 10.5*
* PAR VALUE REDUCTION
SHARE PRICE DEVELOPMENT Between September 2001 and September 2010, Barry
Callebaut AG overperformed its benchmark, the SPI, by 408%.
700%
600%
500%
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300%
200%
100%
0%
-100%
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THE COMPANY Barry Callebaut AG, the world’s leading manufacturer of high-quality
cocoa and chocolate products, was created in the 1996 merger of Callebaut SA, a leading
Belgian industrial chocolate company, and Group Barry, with its complementary sourcing
activities and semi-finished products. Today Barry Callebaut is active in 26 countries,
operates 43 production facilities, employs approximately 7’500 people, and generates
sales of some CHF 5 billion.
PERFORMANCE Barry Callebaut AG has consistently exceeded the long-term global
chocolate confectionery market growth of 2-3% p.a. and has delivered impressive average
annual volume growth of 7.5% in the last five years. This growth is driven by cutting-edge
products, intensive geographic expansion and continuous cost leadership.
Major outsourcing contracts with Nestlé, Hershey’s, Cadbury, Morinaga and, recently,
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Kraft Foods are a result of the company’s unique position as the only fully integrated
chocolate company, able to serve its customers on a world-wide level.
Between September 2009 and August 2010, Barry Callebaut AG increased its volume by
7.6%, from 1’213’610 tons to 1’305’280 tons, on a flat global market. In the same period,
EBIT increased from CHF 351m to CHF 370.4m, which represents an increase in Swiss
francs of 5.6%, or 7.9% in local currencies. Hence the company was able to deliver in line
with its ambitious three-year targets despite only slowly recovering chocolate markets,
high and volatile raw material prices, historically low butter prices, and unfavorable currency
translation effects due to the strong Swiss franc.
Barry Callebaut AG has continued its focused growth efforts during financial year 09/10
in line with its three strategic pillars. The company expanded its geographic presence to
South America and inaugurated a factory in Extrema, Brazil. Furthermore, Barry
Callebaut strengthened its market leader position in Western Europe by completing the
acquisition of Chocovic in December 2009. The long-term supply agreement signed with
Kraft Foods in September 2010 is a key milestone in the history of Barry Callebaut and
exemplifies the strength of the company and the success of its global expansion. The
existing outsourcing agreements, as for instance with Hershey’s, were successfully
ramped-up and the company is prepared to execute the most recent agreement.
Barry Callebaut AG continues its efforts to ensure a sustainable cocoa supply chain.
Having joined the UTZ certified cocoa programme, the company has also launched multiple
certification projects with selected cooperatives in Ivory Coast. Barry Callebaut
thus intends to further improve living conditions for farmers in its origin countries. In
Malaysia, Barry Callebaut and the Malaysian Cocoa Board signed a Memorandum of
Understanding on a collaborative research project that is expected to result in higher
quality chocolate from Malaysian cocoa beans. Specifically, the collaboration aims to
improve Malaysian cocoa bean quality, focusing on optimizing cocoa taste, enhancing
the amount of functional components, and altering color.
OUTLOOK For the next financial year, Barry Callebaut will continue to grow its industrial
segment by further ramping-up the growth in emerging markets, making market share
gains in mature and consolidating markets, and implementing existing outsourcing contracts
as well as targeting new ones. Tight cost control and continuous operational and
commercial improvements will help sustain profitable growth. A specific focus will be on
further expanding the company’s “Gourmet and Specialty” business by leveraging the
leading position of its global brands in the premium segment and the strong position of its
various local brands and labels.
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BARRY CALLEBAUT AG
CONTINUED
SENIOR MANAGEMENT
Juergen B. Steinemann CHIEF EXECUTIVE OFFICER, Victor Balli CHIEF FINANCIAL OFFICER,
Massimo Garavaglia PRESIDENT EUROPE, David S. Johnson PRESIDENT NORTH AMERICA,
Steven Retzlaff PRESIDENT GLOBAL SOURCING & COCOA, Dirk Poelman CHIEF OPERATIONS
OFFICER, Hans Vriens CHIEF INNOVATION OFFICER
BOARD MEMBERS
W. Andreas Jacobs CHAIRMAN, Andreas Schmid VICE-CHAIRMAN, Rolando Benedick, James
L. Donald, Markus Fiechter, Stefan Pfander, Urs Widmer OTHER MEMBERS
JACOBS HOLDING AG’S STAKE IN BARRY CALLEBAUT AG AT 30.9.2010
OWNERSHIP 50.1%, MARKET VALUE OF HOLDING CHF 1’991m, PERCENTAGE OF JACOBS HOLDING
AG’S INVESTMENT POOL 65.6%
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INFRONT SPORTS & MEDIA AG
WWW.INFRONTSPORTS.COM
THE COMPANY Infront Sports & Media AG (Infront), based in Zug, Switzerland, is one
of the three top international full-service sports marketing companies in the world. It has
an exceptional track record in major events and a passionate team of experts helping to
transform the industry. Infront has enhanced every area of sports marketing, including
distribution of rights, host broadcast, programme production, event operations, brand
development, marketing and sponsorship, and even online entertainment.
Infront is a renowned player in the football sector. The Group works with top European
Football Leagues, including Italy’s Lega Calcio as its exclusive global media rights advisor
and production partner for Serie A. Infront has been cooperating with the French
Football League for Ligue 1 since 2008 and, since 2010, for Ligue 2, for which it handles
host broadcast for its divisions until the 2011/2012 season. It works with ten national
football associations including the DFB in Germany and several clubs, including Werder
Bremen, FC Schalke 04, SC Freiburg, Fortuna Düsseldorf, AC Milan, U.S. Città di
Palermo, CFC Genua, Cagliari Calcio and S.S. Lazio Roma. Infront is best known for
working with football’s governing bodies. It successfully delivered the global media
rights sales and host broadcast of the 2002 and 2006 FIFA World Cups and continues
to be involved in the distribution of Asian media rights to the 2010 and 2014 FIFA
World Cups (in a joint venture with Dentsu). The company’s dedicated and highly specialized
host broadcast organization, Host Broadcast Services (HBS), delivered an excellent
host broadcast of the 2010 FIFA World Cup with the first 3D live coverage of a
major sports event. It has also been appointed to handle the host broadcast of the 2014
FIFA World Cup, and contributes to UEFA Euro events.
In the winter sports arena, Infront is the strongest, most experienced marketing agency,
representing six out of seven Olympic winter sports federations at the international level.
This includes exclusive partnerships with the international federations responsible for
biathlon (IBU), curling (WCF), ice hockey (IIHF), luge (FIL), skeleton and bob (FIBT),
and skiing (FIS), covering the respective top events at World Cup and/or World
Championship level. Infront’s involvement in skiing is comprehensive. It markets the
majority of the races in FIS World Cup series (media and marketing rights) on a collective
basis, through agreements with 22 National Ski Associations and several Local
Organizing Committees. The newly introduced marketing concept for FIS has shown significant
benefits for FIS, the marketing partners and Infront. Currently, Infront also distributes
title and presenting sponsorships for all FIS World Cup events in the Nordic disciplines
and represents the prestigious Four Hills ski jumping tournament.
Infront has successfully entered the Asian market with China as its base. It has already
made a real impact via its key strategic partnership with the Chinese Basketball
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38
Association (CBA) for China’s top sport – basketball – at both professional league and
national team level.
FINANCIAL PERFORMANCE Infront has been profitable since its inception. This was
also the case in 2009, when despite the challenging overall economic situation an
increase in operating performance was achieved. Further growth is forecasted for 2010,
underpinning the company’s solid financial performance and confirming its strategy of
seeking the “number one” position in each of its key business segments.
OPERATIONAL PERFORMANCE In 2010 Infront successfully delivered on close to
1’900 event days, including 13 World Championships. The company maintains 24
offices in ten countries world-wide, employs more than 500 people, and serves around
130 rights-in clients, as well as hundreds of media companies and sponsor brands
around the world. In its role as exclusive media rights advisor to the Lega Calcio, Infront
has helped to close agreements on national media rights for Italy. In summer sports,
Infront delivered two EHF Euro events, the FIVB Volleyball World Championship
as well as the NBA Europe Live Tour Opening Game in Milan. It has also successfully
distributed the rights to the 2010 IIHF World Championship in Germany (media/
marketing) and co-organized the world-record open game between Germany and the
USA, with 77’803 spectators attending.
Infront has introduced a new marketing platform for the FIS Alpine World Cup, implemented
at the start of the 2009/2010 season, and has signed a new marketing agreement
for the Four Hills ski jumping tournament until 2013/14. In the area of new business
development, Infront has further expanded its rights portfolio through successful contract
extensions, acquisitions and new business wins. It has increased its Italian football business
by contracting AC Milan and CFC Genua. Infront took over the management of the
Iffezheim Racecourse and has already managed to significantly improve performance
there.
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OUTLOOK The sports industry continues to generate attractive growth rates. Infront
aims to outperform industry growth by fully capitalizing on acquisition synergies in
cross-selling as well as on the cost side. Asia remains an attractive growth market and the
company will lead the development of the Chinese market. Infront will continue to focus
on many new business opportunities in the sports marketing area.
SENIOR MANAGEMENT
GROUP MANAGEMENT COMMITTEE (GMC): Philippe Blatter PRESIDENT & CEO, Stephan
Herth EXECUTIVE DIRECTOR SUMMER SPORTS, Bruno Marty EXECUTIVE DIRECTOR WINTER SPORTS,
Wolfgang Streit EXECUTIVE DIRECTOR FINANCE & ADMINISTRATION
EXTENDED MANAGEMENT TEAM (XMT): Thomas Lessenich DIRECTOR SPORTS SERVICES,
Thomas Oehninger DIRECTOR LEGAL & TAX AFFAIRS, Uwe Ploch DIRECTOR SUMMER SPORTS,
Francis Tellier CEO HOST BROADCAST SERVICES (RESPONSIBLE FOR PRODUCTION SERVICES), Hans-
Peter Zurbruegg DIRECTOR BUSINESS DEVELOPMENT
BOARD MEMBERS
W. Andreas Jacobs CHAIRMAN, Nicole Junkermann VICE-CHAIRMAN, Marco Bogarelli,
Günter Netzer, Daniel Pfister, Uli Sigg, Martin Steinmeyer OTHER MEMBERS
JACOBS HOLDING AG’S STAKE IN INFRONT SPORTS & MEDIA AG AT 30.9.2010
OWNERSHIP 59.8%
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40
AGRI BUSINESS
NEWSELLS PARK
THE COMPANY Newsells Park Stud owns around 550 hectares of land near Newmarket,
UK, one of the world’s foremost horse-breeding centres. The stud accommodates 100
high-quality broodmares, producing approximately 80 foals each year. The majority of
these foals are sold as yearlings the following year at all the key auctions in the UK,
Ireland, France and Germany. A small number are retained to race to provide further
commercial sales opportunities or future breeding stock for the stud.
Newsells Park Stud’s initial crops of yearlings have already demonstrated their class on
the racecourse, winning Group races in England, France and Germany, while sales prices
obtained for the more recent crop of yearlings sold have been extremely encouraging,
indicating success and strength for the future. Newsells Park Stud has recently invested in
the infrastructure required to stand stallions in the belief that the addition of a commercial
stallion operation will assist Newsells in achieving its long term plans.
INVERSORA ROLAND
THE COMPANY Inversora Roland owns two estancias in Argentina: San Ramón and
Garaia. Both farms breed cattle for meat and sheep for wool. A special herd of
Herefordshire has made a successful contribution to the business of both farms, while
the sheep herd has been producing high-quality wool of an average of 19 microns. Both
products – meat and wool – have been a success for Inversora Roland.
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FINANCIAL STATEMENTS 2010
43

44
BALANCE SHEET JACOBS HOLDING AG
FOR THE YEAR ENDED 30 SEPTEMBER 2010
CHF 2010
ASSETS
CURRENT ASSETS
Cash and cash equivalents 63’589’631
Other receivables third parties 549’684
Other receivables group companies 311’793
Other receivables related parties 20’913’197
Marketable securities 13’427’675
Accrued income third parties 34’745
TOTAL CURRENT ASSETS 98’826’725
NON-CURRENT ASSETS
Investments 975’660’255
Long-term receivables group companies 90’445’500
Tangible fixed assets 93’115
TOTAL NON-CURRENT ASSETS 1’066’198’870
TOTAL ASSETS 1’165’025’595
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2009
69’120’825
21’409’028
253’666
22’166’198
14’159’550
17’995
127’127’262
1’015’932’352
90’445’500
129’960
1’106’507’812
1’233’635’074

CHF 2010
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable third parties 255’055
Short-term loan group companies 2’906’839
Provisions 84’612’107
Tax provisions 209’260
Accrued expenses 43’604
TOTAL CURRENT LIABILITIES 88’026’865
TOTAL LIABILITIES 88’026’865
SHAREHOLDERS’ EQUITY
Share capital 170’000’000
80’000 registered shares cat. A, CHF 1’000 nominal
9’000 registered shares cat. B, CHF 10’000 nominal
Participation certificate capital 330’000’000
(330’000 participation certificates, CHF 1’000 nominal)
Legal reserves 271’993’263
Retained earnings
Profit brought forward from the previous year 347’942’955
Loss / profit for the year -42’937’488
TOTAL SHAREHOLDERS’ EQUITY 1’076’998’730
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 1’165’025’595
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2009
396’381
4’941’163
73’089’378
244’424
27’510
78’698’856
78’698’856
170’000’000
330’000’000
271’993’263
289’022’404
93’920’551
1’154’936’218
1’233’635’074
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46
STATEMENT OF INCOME JACOBS HOLDING AG
FOR THE YEAR ENDED 30 SEPTEMBER 2010
CHF 2010
ORDINARY INCOME HOLDINGS
Dividend income / Income from capital reductions 34’438’479
Financial income on assets 4’170’683
Management fee income 2’322’405
GROSS ORDINARY INCOME HOLDINGS 40’931’567
ORDINARY EXPENSES HOLDINGS
Interest expenses 138’401
Financial losses on assets 2’377’474
Provision for Portfolio Companies 11’700’000
Other financial expenses 29’511
GROSS ORDINARY EXPENSES HOLDINGS 14’245’386
NET ORDINARY RESULT HOLDINGS 26’686’181
Profits on Portfolio Companies 0
Losses on Portfolio Companies -59’514’711
NET RESULT PORTFOLIO COMPANIES -59’514’711
NET RESULT HOLDINGS -32’828’530
Personnel expenses 5’890’709
Operating and administrative expenses 3’791’724
Depreciation on tangible fixed assets 82’962
TOTAL OPERATING EXPENSES 9’765’395
OPERATING INCOME -42’593’925
Non operating income items 12’638
LOSS / PROFIT BEFORE TAX (PBT) -42’581’287
Taxes -356’201
LOSS / PROFIT AFTER TAX (PAT) -42’937’488
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2009
39’292’971
5’008’761
2’334’905
46’636’637
276’880
3’613’248
-56’100’000
29’070
- 52’180’802
98’817’439
8’638’738
-17’504
8’621’234
107’438’673
5’738’848
7’313’780
83’169
13’135’797
94’302’876
0
94’302’876
-382’325
93’920’551

© 2010 JACOBS HOLDING AG
ALL RIGHTS RESERVED
JACOBS HOLDING AG
SEEFELDQUAI 17
P.O. BOX
CH-8034 ZURICH
TELEPHONE +41 44 388 61 61
FAX +41 44 388 61 55
E-MAIL info@jacobsag.ch
WEB www.jacobsag.ch
DESIGN MIFFLIN-SCHMID DESIGN, ZURICH
PORTRAITS PAGES 19 – 27: CHRISTIAN KURZ
PHOTOS ADECCO SA, BARRY CALLEBAUT AG,
ACTION IMAGES, VANESSA VON ZITZEWITZ,
ANDREA BADRUTT