Uster Technologies Ltd | Annual Report 2009 Uster Technologies ...

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Table of ContentsInhaltsverzeichnisForeword / Vorwort ........................................................................................................................................ 3Operational Review / Operativer Rückblick ................................................................................................... 8Sales and Marketing / Vertrieb und Marketing ............................................................................................. 16Research and Innovation / Forschung und Entwicklung ............................................................................. 20Operations / Produktion und Logistik ......................................................................................................... 22Outlook / Ausblick ....................................................................................................................................... 24Corporate Governance ................................................................................................................................. 26Comment on the Consolidated Financial Statements .................................................................................. 50Uster Group – Consolidated Financial Statements ...................................................................................... 52Uster Group – Notes to the Consolidated Financial Statements .................................................................. 57Report of the Statutory Auditor on the Consolidated Financial Statements ...............................................98Uster Technologies Ltd – Financial Statements ......................................................................................... 100Uster Technologies Ltd – Notes to the Financial Statements ..................................................................... 102Report of the Statutory Auditor on the Financial Statements ................................................................... 108Information for Investors ........................................................................................................................... 110
ForewordVorwortDear Fellow ShareholdersSehr geehrte Aktionärinnen und AktionäreIn the financial year 2009 we faced an uncertain andweak global economy that affected the entire valuechain in the textile industry, including quality measurementand certification systems. Managementhad to take difficult actions; nevertheless it successfullynavigated the Group through the depressedmarket environment in the overall textile industry.Following the sharp decrease in demand for textilemachinery equipment and quality systems in thefourth quarter 2008, markets remained weak in thefirst half of 2009. As of the second half, the marketenvironment stabilized and the sales decline flattenedout before starting to improve slightly. Positivedevelopments have been seen especially in thecotton classing and yarn clearer areas as well as inthe retrofit business to existing installations.We are confident that the market will continue to recoverin 2010 and allow us to return to the businesslevels seen in 2007 in the mid-term. This view is alsosupported by positive signs from many of our customers,including the textile machinery manufacturers.Successful Navigation through the CrisisFaced with a developing crisis in the textile industry,management pro-actively addressed the ensuingchallenges:• First we implemented the operational measuresapproved by the Board of Directors in November2008 to adjust the cost base of the Group to lowerdemand. In order to achieve maximum benefitfrom these measures, implementation was completeby the end of the first quarter. The plan included,amongst other initiatives, a reduction ofthe world-wide workforce by approximately 10%and the introduction of a short-time working programin Uster.• Second we continued to focus on further developingand strengthening the operational business.We maintained R&D investments at a high level,thereby broadening our product and servicepipeline as well as expanding the global marketorganization as a source of future growth.Das Geschäftsjahr 2009 war von einer unsicheren undgeschwächten Weltwirtschaftslage gekennzeichnet,die sich auf die gesamte Wertschöpfungskette in derTextilindustrie, einschliesslich QualitätsprüfungsundZertifizierungssysteme, auswirkte. Die Geschäftsleitungstand vor schwierigen Aufgaben. Dennochist es dem Unternehmen gelungen, sich in diesembedrückten Marktumfeld erfolgreich zu behaupten.Nach dem deutlichen Nachfragerückgang bei Textilmaschinenund Qualitätssystemen im vierten Quartal2008 entwickelten sich die Märkte im ersten Halbjahr2009 weiterhin verhalten. Im zweiten Halbjahrstabilisierte sich das Marktumfeld. Der negative Umsatztrendwurde gestoppt, und es setzte wieder einleichter Anstieg ein. Positive Entwicklungen wareninsbesondere in den Bereichen Baumwollklassierungund Garnreiniger sowie im Retrofit-Geschäft für bestehendeInstallationen zu beobachten.Wir sind zuversichtlich, dass sich der Markt 2010 weitererholen wird und wir mittelfristig zum Umsatzniveauvon 2007 zurückkehren können. Hierfür sprechen auchdie positiven Signale, die wir von vielen unserer Kunden,einschliesslich der Textilmaschinenhersteller, erhalten.Erfolgreiche Bewältigung der KriseAngesichts der sich fortentwickelnden Krise in derTextilindustrie ergriff die Geschäftsleitung proaktivMassnahmen, um die sich stellenden Herausforderungenzu bewältigen:• Erstens setzten wir die vom Verwaltungsrat im November2008 beschlossenen operativen Massnahmenzur Anpassung der Kostenbasis der Gruppe an diegeringere Nachfrage konsequent um. Um einenoptimalen Nutzen aus diesen Massnahmen zu ziehen,wurde ihre Realisierung bis Ende des erstenQuartals abgeschlossen. Das Programm umfassteu. a. eine Reduzierung der weltweiten Belegschaftum rund 10% und die Einführung von Kurzarbeitin Uster.• Zweitens konzentrierten wir uns auf die Weiterentwicklungund Stärkung des operativen Geschäfts.Mittels nachhaltig hoher Investitionen in ForschungForeword | Vorwort 3
Page 1 and 2: Uster Technologies Ltd | Annual Rep
Page 3 and 4: Achievements 2009• EBITA margin m
Page 5: PortraitThe Uster Group is the lead
Page 10 and 11: Max-Ulrich Zellweger, Geoffrey Scot
Page 12 and 13: Quality means the customercomes bac
Page 14 and 15: Operational ReviewOperativer Rückb
Page 16 and 17: Inconsistent quality meansloss of p
Page 18 and 19: position as the world leader and au
Page 20 and 21: Poor quality can destroybrand reput
Page 22 and 23: Sales and MarketingVertrieb und Mar
Page 24 and 25: The hidden cost of poor qualityThin
Page 26 and 27: Research and InnovationForschung un
Page 28 and 29: OperationsProduktion und LogistikIn
Page 30 and 31: OutlookAusblickSeveral trends and l
Page 32 and 33: Corporate GovernanceThe information
Page 34 and 35: • On February 10, 2009, Lombard O
Page 36 and 37: 2.4 Shares and Participation Certif
Page 38 and 39: Board of DirectorsMembers of the Bo
Page 40 and 41: Harald Rönn, Member of the Board o
Page 42 and 43: The Board of Directors may entrust
Page 44 and 45: Nomination and Compensation Committ
Page 46 and 47: Executive CommitteeMembers of the E
Page 48 and 49: 4 Executive Committee4.1 Members of
Page 50 and 51: Harold R. Hoke Jr., Head of Sales a
Page 52 and 53: 6.2 Statutory QuorumsUnless mandato
Page 54 and 55: 9 Information PolicyUster Technolog
Page 56 and 57: Comment on the Consolidated Financi
Page 58 and 59:
Uster Group - Consolidated Financia
Page 60 and 61:
Consolidated Statement of Cash Flow
Page 62 and 63:
Consolidated Statement of Changes i
Page 64 and 65:
2.5 Impairment of Goodwill and Inta
Page 66 and 67:
Standards, Amendments and Interpret
Page 68 and 69:
3.4 Intangible AssetsBusiness Combi
Page 70 and 71:
3.6 Financial InstrumentsFinancial
Page 72 and 73:
3.7 InventoriesInventories are meas
Page 74 and 75:
3.13 Revenue RecognitionRevenue fro
Page 76 and 77:
The carrying amount of financial as
Page 78 and 79:
The table below sets out the carryi
Page 80 and 81:
The fair value of the bank loans ha
Page 82 and 83:
8.4 Personnel Expensein CHF 1,000 J
Page 84 and 85:
12 Intangible Assetsin CHF 1,000 Cu
Page 86 and 87:
13 Impairment Testing of Goodwill a
Page 88 and 89:
14 Property, Plant and Equipmentin
Page 90 and 91:
The changes in the present value of
Page 92 and 93:
16 Income TaxStatement of Comprehen
Page 94 and 95:
Movements in Temporary DifferencesT
Page 96 and 97:
The ageing of these receivables is
Page 98 and 99:
21.3 DividendsThe holders of regist
Page 100 and 101:
Restructuring ProvisionsThe Company
Page 102 and 103:
26 Operating Lease CommitmentsNon-c
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Report of the Statutory Auditor on
Page 106 and 107:
Uster Technologies Ltd - Financial
Page 108 and 109:
Uster Technologies Ltd - Notes to t
Page 110 and 111:
10 Investments in SubsidiariesAs of
Page 112 and 113:
Executive Committeein CHF 2008Name
Page 114 and 115:
Report of the Statutory Auditor on
Page 116 and 117:
Information for InvestorsShare Info
Page 118 and 119:
Key Figuresin CHF 1,000 Jan 1 -Dec
Page 120 and 121:
in CHF 1,000 2009 2008 2007 2006 1)
Page 122:
ImprintContent Concept and EditingI
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