Annual Report 2005 - Walter Meier

WMH Annual Report 2005
Customer Benefits

The beginning
In 1937 Walter Meier established a company for tools and machine
tools which has since become an industry leader.
Development
In 1972 the second generation took over managerial responsibility.
With great initiative, Dr. Reto E. Meier subsequently led
the company's expansion into an internationally active group.
In 1976 WMH was established, whose shares have been listed
on the Swiss Exchange since 1985.
Activities
The activities of WMH focus on three areas: tools, air conditioning,
and heating. The main emphasis is on manufacturing and
distributing leading-edge tools, machine tools, and systems
for woodworking and metalworking, air conditioning, and
heating. In all fields of activity the company holds, or strives
for, positions of international market leadership (for heating
systems, in Switzerland only).
WMH operating companies
WMH Tools
WMH Tool Group, Walter Meier, Mato
WMH Air Conditioning
Axair, Axair D, Axair F, Axair Climate, AxEnergy,
Axair Far East, Axair Kobra, Axair Nortec, Draabe,
Charles Hasler, Nordmann, Novasina
WMH Heating
Vescal, Oertli Service
Leading brands
WMH Tools
DC Swiss, Fanuc, Jet, Kennametal, Maier, Nakamura,
Powermatic, Toyoda, Waxmaster, Wilton
WMH Air Conditioning
Airwell, Alco, Axair, Blue Box, Bock, Carrier, Condair,
Copeland, Defensor, Draabe, Fujitsu, Hitachi, Luve Contardo,
Nordmann, Nortec, Novasina, Sanyo, Stulz, Wessamat
WMH Heating
De Dietrich, Elcalor, Kampmann, Lindner, Metalplast,
Oertli, Schrag, tabs, Vogel & Noot

WMH Annual Report 2005
WMH Group and
WMH Walter Meier Holding AG

Contents
Chairman’s report 1
Key figures at a glance 2
Group structure 4
Organization 5
WMH Tools Customer Interview: “Quality is paramount” 9
Decisive progress achieved 10
WMH Air Conditioning Customer Interview: “We work hand in hand” 13
Expectations not quite fulfilled 14
WMH Heating Customer Interview: “Product and services are right” 17
Very strong again 18
Corporate Governance Corporate Governance 22
Group structure and shareholders 22
Capital structure 22
Board of Directors 23
Group Management 26
Compensation, participation programs, and loans 28
Shareholders’ rights of participation 29
Change of control and defense measures 29
Auditors 30
Information policy 30
Addresses 31
Financial Report WMH Group and
WMH Walter Meier Holding AG Inside back flap

Chairman’s report
It was an intensive year, but WMH is now a source of pleasure
again. The extent of the challenges has not diminished. What is
important though, is that successes are on the increase. Almost
everywhere I looked in WMH in the reporting year had pleasing
developments to show.
In the WMH Tools business segment, WMH Tool Group made
decisive progress. Its retail activities, especially in association with
home centers, delivered substantially improved results. Business
where margins are under heavy pressure was deliberately avoided,
which inevitably caused sales to contract. Industrial activities,
for example with metalworking machines and workholding
systems, developed positively. There was new dynamism in our
woodworking machines with the Jet and Powermatic brands. The
market echo from many new activities – especially in marketing
and with innovations – was in many places euphoric. Particularly
dynamic business was experienced by WMH Tool Group in
Europe and the adjacent countries. On the other hand, there is
still potential for improvement in earnings. Also within WMH
Tools, Walter Meier Group put up a successful fight with tools
and machine tools in the still-shrinking Swiss market. It’s also
wonderful that a decades-old vision will become reality: In the
future, there will also be activities in neighboring countries.
WMH Air Conditioning achieved many outstanding successes
and results. This applies to the air conditioning activities of the
Axair Group generally. Especially pleasing were substantial orders
for gas turbine cooling. But there is no rule without exceptions.
In WMH Air Conditioning some of the exceptions were major. In
four European countries the cool summer caused greatly reduced
demand in our unit air conditioning activities. In Great Britain, the
concerns continued, but with patches of light towards year-end.
Regrettably, the remaining goodwill had to be written off. The other
companies and activities in this business segment performed well.
Star of the reporting year was, for once, WMH Heating. The
strong construction industry in conjunction with excellent efforts
of our own brought very good results. This applies to the consistently
good, indeed improved, performance of Oertli Service.
Vescal was especially brilliant. In all of its activities, especially
in heat distribution and heat generation, and particularly with
alternative energy products, strong growth was attained.
Taken overall, the results of WMH have improved enormously,
also with regard to quality. This is partly because one after the
other all WMH business segments are now contributing to the
overall result in proportion to their size. The stock exchange
valuation of WMH increased sharply, but is still not satisfactory.
In 2005, the WMH Group generated net sales of CHF 690.0 million
(CHF 707.9 million). As mentioned above, the decline is due to
partly more selective sales in the American retail business and the
weak unit air conditioners business. EBITA increased to CHF 33.6
million (CHF 26.8 million). Net income rose to CHF 21.3 million
(CHF -9.1 million) and free cash flow was CHF 18.6 million (CHF
36.9 million). Earnings per share were CHF 9.94.
1
WMH Annual Report 2005
The Annual Meeting of Shareholders in 2005 decided to reduce
the WMH share capital by CHF 5 million through retirement of
reserve shares. This will avoid a potential dilution of the earnings
per share. The Board of Directors of WMH is unanimous in its
resolve to enhance shareholder value. This means that in the
future, shareholders will receive a greater share of earnings in the
form of dividends. At the Annual Meeting of Shareholders in
2006, a highest-ever dividend of CHF 5.00 per share will be
proposed.
Heinz Roth, of Uitikon, was newly elected to the Board of Directors.
In the reporting year, the WMH Board of Directors and Group
Management worked intensively together on strategic issues.
Despite largely stagnating markets, the WMH strategy promises
sustainable, if only moderate, growth in sales and, above all,
earnings.
As always, I especially wish to thank our stakeholders most
cordially. Above all, our valued customers, since it has been
clear to us for years that without customers there is no business
and without business no earnings. This year’s annual report
underscores our commitment in this respect. My thanks go next
to our employees, who have our trust and respect, and I hope that
we have theirs as well. My thanks also go to all other stakeholders
without whom we could not achieve anything. Last, but not least,
I thank our shareholders for their patience and their loyalty to
WMH.
WMH Walter Meier Holding AG
Dr. Reto E. Meier
Chairman of the Board of Directors

Key figures at a glance
WMH Group
CHF mil. 2002 2003 2004 2005
Net sales 756.4 693.3 707.9 690.0
EBITA 38.1 17.7 26.8 33.6
Net income/loss 20.6 -9.9 -9.1 21.3
Cash flow from operating activities 36.0 19.8 47.3 27.5
Cash flow from investing activities -30.3 -7.4 -10.4 -8.9
Free cash flow/cash drain(-) 5.7 12.4 36.9 18.6
Current assets 312.5 263.2 267.6 269.2
Long-term assets 141.0 110.9 78.6 82.9
Liabilities 289.1 236.0 223.6 214.1
of which interest-bearing 113.3 80.2 67.5 59.2
Shareholders’ equity 164.4 138.1 122.7 138.0
Return on shareholders’ equity (ROE) % 13.6 -6.5 -6.7 16.3
Return on total assets used for operations (ROA) % 11.9 5.5 8.1 11.2
Return on net sales (ROS) % 2.7 -1.4 -1.3 3.1
Number of employees (year-end) 1903 1779 1834 1763
Key figures in USD and EUR
(All figures are converted at the year-end exchange rate) 2004 2005 2004 2005
USD mil. USD mil. EUR mil. EUR mil.
Net sales 625.5 524.6 458.6 443.2
EBITA 23.7 25.5 17.4 21.6
Net income/loss -8.1 16.2 -5.9 13.7
Cash flow from operating activities 41.8 20.9 30.7 17.7
Cash flow from investing activities -9.2 -6.8 -6.7 -5.7
Free cash flow/cash drain(-) 32.6 14.1 23.9 11.9
Current assets 236.5 204.7 173.4 172.9
Long-term assets 69.5 63.0 51.0 53.3
Liabilities 197.6 162.8 144.9 137.5
of which interest-bearing 59.7 45.0 43.7 38.0
Shareholders’ equity 108.4 104.9 79.5 88.6
Year-end exchange rate USD 1.1316 1.3153
Year-end exchange rate EUR 1.5434 1.5568
WMH Walter Meier Holding AG
2002 2003 2004 2005
Dividend income CHF mil. 24.0 11.5 17.1 27.1
Net income CHF mil. 7.0 2.0 2.9 11.7
Share price year-end (adjusted) CHF 59.45 63.25 64.00 86.30
Dividend per -A- registered share (adjusted) CHF 3.25 0.00 0.00 5.00

Net sales
CHF mil.
800
700
600
500
400
300
200
100
0
Net income/loss
CHF mil.
30
25
20
15
10
5
0
-5
-10
2000 2001 2002 2003 2004 2005
2000 2001 2002 2003 2004 2005
Breakdown of net sales by business segment
CHF mil.
WMH Tools 290.0 (42.0%)
WMH Air Conditioning 231.9 (33.6%)
WMH Heating 168.1 (24.4%)
Breakdown of net sales by geographical segment
CHF mil.
Switzerland 299.8 (43.5%)
Other Europe 128.4 (18.6%)
North America 243.7 (35.3%)
Other markets 18.1 (2.6%)
EBITA
CHF mil.
50
40
30
20
10
0
2 3
WMH Annual Report 2005
2000 2001 2002 2003 2004 2005
Cash flow from operating activities
CHF mil.
50
40
30
20
10
0
2000 2001 2002 2003 2004 2005
Distribution of value added
Share of net sales revenue 2004 2005
CHF mil. CHF mil.
Input (purchases of raw materials, components, supplies, etc.) 563.1 538.6
Depreciation and amortization 37.0 12.2
Employees 151.0 154.1
Shareholders 2.4 0.1
Government 23.3 25.2
Creditors 5.7 4.9
Company (including share of minority interests in net income) -11.6 21.2
Net sales revenue 770.9 756.3

Group structure
WMH Tools
WMH Tool Group
Machines for woodworking and metalworking
Systems for material handling and workholding
Hand tools, power tools
Walter Meier Group
Tools and machine tools
WMH Air Conditioning
Axair Group
Humidification systems
Systems for air conditioning
Adiabatic humidification and cooling systems
Charles Hasler
Refrigeration components
WMH Heating
Vescal
Components for heating systems
Oertli
Maintenance of heating systems
WMH Tools Dr. Jacques Sanche
WMH Tool Group Dr. Jacques Sanche
Industrial (USA) Dr. Jacques Sanche
Retail (USA) Randy Chambers
Europe (CH) Marcel Baumgartner
Walter Meier Group Roberto Ettlin
Machines (CH) Hans Schaad
Tools (CH) Hans Peter Jost
Mato (CH) Bruno Rieser
WMH Air Conditioning Hans-Peter Diener
Axair Group Hans-Peter Diener
Axair (CH) Raimund Baumgartner
Axair (D) Hans-Joachim Socher
Axair (F) Denis Haton
Axair Climate (UK) John Hatton
AxEnergy (CH) Rolf Padrutt
Axair Far East (CN) Lawrence Tse
Axair Kobra (CH) Ueli Grossenbacher
Axair Nortec (CA) Urs X. Schenk
Draabe (D) Tomas Kleitsch
Charles Hasler (CH) Karl Baumann
Nordmann (CH) Christian Werro
Novasina (CH) Moritz Hänsli
WMH Heating Hans-Peter Diener
Vescal (CH) Walter Schärer
Oertli Service (CH) Martin Kaufmann

Organization
Board of Directors
Name and nationality Year of birth Position Elected Term of office ends
Dr. Reto E. Meier 1943 Chairman of the 1976 2008
Swiss Board of Directors
(non-executive)
Prof. Dr. Kurt Schiltknecht 1941 Vice Chairman of the 1990 2008
Swiss Board of Directors
(non-executive)
Gottlieb Knoch 1) 1942 Member of the Board of Directors 2001 2007
Swiss (non-executive)
Werner Kummer 1947 Member of the Board of Directors 2003 2006
Swiss (non-executive)
Heinz Roth 1954 Member of the Board of Directors 2005 2008
Swiss (non-executive)
Group
Management as of December 31, 2005
Name and nationality Year of birth Position
Hans-Peter Diener 1955 CEO, WMH Air Conditioning
Swiss
Daniel Maissen 1959 CFO
Swiss
Dr. Jacques Sanche 1965 WMH Tools
Swiss/Canadian
Martin Scholl 2) 1961 WMH Heating
Swiss
Group
Management as of January 1, 2006
Auditors
1) Retires on date of annual shareholders’ meeting 2006
2) Resigned on December 31, 2005
Name and nationality Year of birth Position
Hans-Peter Diener 1955 CEO, WMH Air Conditioning, WMH Heating
Swiss
Daniel Maissen 1959 CFO
Swiss
Dr. Jacques Sanche 1965 WMH Tools
Swiss/Canadian
Statutory auditors/Group auditors Duration of mandate Auditor in charge Assumption of office of auditor in charge
Ernst & Young AG 1979–2005 Willi Holdener 2003
Zurich
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WMH Annual Report 2005

Correct identification and optimal
satisfaction of customer requirements are crucial.
For everyone!

WMH Tools
“To provide an optimal service to Bobst and
other customers in western Switzerland,
we program the machine controls in French,
for example. We also have a French-speaking
service technician permanently on call.“
Bruno Rieser, President, Mato

Quality
is paramount.
Since 2005, Bobst SA of Lausanne uses four Mato milling
machines for training apprentices. Bobst Group is the worldleading
supplier of equipment and services for the folding
carton, corrugated board, and flexible materials industries. Chief
Purchaser Jean-Michel Jordan, who has been buying tools from
Walter Meier for years, is now convinced by the manufacturing
solutions from Mato.
Jean-Michel Jordan, how many people does Bobst Group employ?
Worldwide, Bobst has about 6 000 employees. In Switzerland, it’s
about 2400.
What corporate values apply to your area of responsibility?
Bobst has high quality standards. Those apply to purchasing.
We buy high quality at good prices. Since we export almost 95%
of our products, we’re exposed to heavy pressure on prices.
However, we don’t compromise on quality, because that’s where
we see our competitive edge over the international competition.
So you chose Quaser milling machines for quality and cost reasons?
Yes, the four Quaser 154 PL milling machines offer very good
CNC technology at a fair price. What also decided us, though,
was the short delivery time. After placing the order, we received
the first two machines within three months. What was also
important for us was the guarantee that we could obtain service
at any time. Round-the-clock service availability is becoming
increasingly important.
Where are the machines used?
We bought them specially for training apprentices. We teach
most of the specialist technical knowledge inside the company.
For that we need state-of-the-art machines. We’re also planning
to use the Quaser milling machines in production.
As a purchasing specialist you were presumably able to negotiate
favorable terms?
Mato gave our apprentice instructors very good training on the
machines.
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WMH Annual Report 2005

WMH Tools
WMH Tools: Decisive progress achieved
WMH Tools delivered even better results and sharply higher
EBITA. The focus was still on stabilizing WMH Tool Group. Its
reorganization was successfully continued.
In the reporting year, WMH Tool Group concentrated on improving
the retail business and increasing its profitability. The Retail
and Industrial divisions were defined more sharply and aligned
more closely to their customer segments. In the retail business, an
efficiently designed logistics chain along with price adjustments
allowed margins to be increased. The product mix was also
improved. In the industrial business, WMH Tool Group increased
its competitiveness through innovative products and a new
corporate identity.
Pleasing results came from the Walter Meier Group with Mato.
The company surpassed its solid result of the previous year.
Upswing in the American industrial business
In the USA, the market for industrial products developed positively.
WMH Tool Group expanded market shares in metalworking and
successfully defended its leading position in North America with
workholding systems. The company convinced with the strong Jet,
Powermatic, and Wilton brands as well as a further attractive
product assortment. Natural disasters and spiking oil prices made
consumers in the USA cautious. This had a negative impact on the
woodworking machines business.
Markets expanded
WMH Tool Group further strengthened its presence in Europe.
Growth was again strongest in the countries of the former Soviet
Union.
Walter Meier asserted itself in a still stagnant market. The company
expanded its product offering with a new distributor and a
targeted acquisition. With Mato, the Walter Meier Group is now
also active in neighboring countries.
Successfully innovative
In 2005, WMH Tools placed great emphasis on innovations. The
new Powermatic table saw from WMH Tool Group was one of
the most innovative products in the industry. For woodworkers,
WMH Tool Group now offers Jet branded workholding systems.
The focus on three brands – Wilton and Jet for metalworking and
Jet and Powermatic for woodworking – was aggressively continued.
Walter Meier successfully added long-bed lathes to its machine
tool offering and completed its product assortment with vertical
machining centers for manufacturing precision parts. The tools
business benefited from the improved market situation as well as
the innovative strength of its main supplier, Kennametal.
Organization strengthened
WMH Tool Group put great efforts into improving its organization
in the USA. Customers were clearly assigned to either the industrial
or retail channel. The product development processes are
now also separated from each other. The clear customer focus
strengthens the competitive position of WMH Tool Group. More
professional logistics processes also enabled inventories to be
reduced.
Committed: to the environment and to employees
WMH Tool Group worked continuously on optimizing freight
routes. With new IT processes it succeeded in reducing the number
of shipments for the same volume of goods. In Taiwan, an employee
benefit plan was introduced.
Top: Maurice Dumas, Head of Apprentice Training at Bobst instructs
Ophélie Girard on the Quaser milling machine.
Bottom: With colleague Enrique Chevalley and Michel Mahon, Mato
representative for western Switzerland, Maurice Dumas tests the functions
of the new machine.

Risk management
Metal and oil prices are the biggest risks for WMH Tool Group.
A further risk factor is decoupling of the Chinese yuan from the
US dollar. The oil price risk was limited by means of an annual
contract and a maximum price agreement for incoming shipments.
Financial results show improvement
WMH Tools made decisive progress in the reporting year. For the
first time in three years, WMH Tool Group earned an operating
profit again. This was despite higher provisions. The profit was
the result of good margin management and efficient cost control.
Even so, WMH Tool Group still did not fulfill all expectations.
Walter Meier improved its income, while Mato remained stable at
a high level.
At the end of the 2005 business year, WMH Tools reported net
sales of CHF 290.0 million, which was a decrease of 6.6% from
2004. EBITA at CHF 6.5 million was 191.6% above the previous
year.
In 2006, WMH Tool Group will strengthen its organization further
with the objective of gaining market shares and increasing sales.
Emphasis will be on sales and marketing activities. With a more
attractive product assortment, Walter Meier will strengthen its
market position and through Mato expand further geographically.
Key figures
CHF mil. 2002 2003 2004 2005
Net sales 394.6 319.6 310.5 290.0
EBITA 13.6 -0.3 2.2 6.5
EBITA margin (%) 3.4 -0.1 0.7 2.2
ROA (%)
*Incl. goodwill
7.5 -0.2 1.2* 4.4*
Number of employees
2002 2003 2004 2005
Average 733 604 569 578
Change Y-on-Y (%) 101.4 -17.6 -5.8 1.6
Net sales 2002–2005
CHF mil.
02
03
04
05
0
Net sales by geographical segment
CHF mil.
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WMH Annual Report 2005
Switzerland 57.1 (19.7%)
Other Europe 10.7 (3.7%)
North America 215.5 (74.3%)
Other markets 6.7 (2.3%)
11
40 80 120 160 200 240 280 320 360 400

WMH Air Conditioning
“When the installation work was complete, together with Philippe Schafroth
we organized a workshop at Manor for everyone involved. At the workshop we
taught the building technicians how to manage the new systems.
The benefit is that they now have personal contact with our service people.”
Albert Pochon, Executive Vice President, Axair Kobra

We work hand
in hand.
Philippe Schafroth is a consulting engineer for heating, ventilation,
and air conditioning (HVAC) systems and manages the consulting
firm KBS Etudes in Lausanne. His company mainly implements
large projects. These frequently involve collaboration with Axair
Kobra. Recently, the two partners created an optimal indoor air
climate in the newly refurbished Manor department store at Vevey.
Philippe Schafroth, how does a good HVAC supplier convince
you?
Primarily through its products. I’m looking for the best technology
with an optimal price/performance relation. The services are also
important.
How long have you been working with Axair Kobra?
For about 20 years!
Why do you go on choosing Axair Kobra?
Axair Kobra offers a complete product assortment. Not many
suppliers do. The collaboration also works very well. There’s trust,
and everyone knows what everyone else needs. For me, Axair
Kobra isn’t just a supplier but a partner. Together, we work out
solutions for an optimal indoor air climate for our customers.
Since 2003 you’ve been implementing a project for Manor in
Vevey. How did Axair Kobra get involved and what’s the project?
At Manor there was a fault in the building cooling system. The
fault had to be corrected immediately, so I contacted Axair Kobra.
Their ability to provide a good service promptly was decisive. For
the HVAC system, Manor wanted a single supplier that could
deliver all the products. That also made Axair Kobra the right
partner. As well as that, the good performance parameters of the
products were convincing.
What systems were installed and what do you mean by performance
parameters?
There were chillers, humidifiers, and hot-air door curtains. The
products installed belong to the latest generation and are all highly
eco-efficient. That’s what I mean by good performance parameters.
How does Manor benefit?
Manor now has the latest technology, which saves it a lot of
money. The systems are so efficient that energy consumption was
cut by about one third.
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WMH Annual Report 2005

WMH Air Conditioning
WMH Air Conditioning: Expectations not quite fulfilled
WMH Air Conditioning suffered from the cool summer, which
was the main reason why targets in some areas were not met.
On the other hand, strong innovations brought good results. In
the intensive fight for market shares, WMH Air Conditioning
asserted itself well.
In the reporting year, WMH Air Conditioning implemented the
corporate strategy as planned. Central to this was building up and
expanding the three core businesses of the Axair Group. This
meant pushing the joint development process in air humidification
and extending the range of distribution products in dehumidification.
Although the activities with adiabatic humidification systems
accelerated, business in the NAFTA market developed slowly.
Hard fight for market shares
Developments in the markets of WMH Air Conditioning were
varied. Whereas the air conditioning market collapsed due to low
temperatures in the summer and strong competition from Asia,
air humidification fulfilled expectations. Efficiency improvements
and price increases largely compensated for the higher raw
material prices.
The fight for market shares became more intense. With few
exceptions, WMH Air Conditioning strengthened its market positions.
In some cases that went hand-in-hand with a realignment
of the product mix. There was pleasing demand for the gas-turbine
cooling products.
Axair Kobra technician Pierre-André Rossier tests
the Carrier chillers at Manor in Vevey.
In all companies, customer requirements were regularly surveyed
and met. Training courses and presentations to customers, backed
up with visits to suppliers, are just as important a part of customer
care as a high level of service. Supply capability and service level
were improved further.
Products added and brands strengthened
In the reporting year, WMH Air Conditioning successfully continued
its concentration on strong brands and kept pace with the innovation
cycle. The unit air conditioners range was expanded with
new units under Axair Air Conditioning’s own brand. Humidification
systems were extended into the lower price segment.
The Mk5 steam humidifier gained further market shares. The GS
range of gas-driven steam humidifiers was consistently strong.
The successful eco-efficient Condair Dual 2 air humidifier was
relaunched with a new post-evaporation concept. In Germany,
the next generation of the service-friendly container system for
printing industry customers was introduced.
Data basis and processes improved
In various areas, WMH Air Conditioning introduced first key
performance indicators. These allow the need for managerial
intervention to be recognized promptly and corresponding
corrective action taken. Parallel, the cross-company organizational
development project that has been running for several
years was continued as planned. It aims to introduce best practice
processes.
Human resources highly important
Company-specific education programs and external training
courses, complemented by a central evaluation system, ensure a
high level of competence and satisfied employees. For many years,
special attention has been given to apprentice training.
Equally important is ongoing education of customers and partners.
The Axair Group, for instance, visited suppliers, customers, and
trade exhibitions with two Roadshow Mobiles. A tradition has
also been established with its “Air Conditioning Forums” in Germany.

New standards for the environment
WMH Air Conditioning is represented on the specialist committees
for environmentally compliant refrigerants and hygiene in
the ventilation and air conditioning area. The main suppliers are
trailblazers in researching and applying environmentally friendly
refrigerants. WMH Air Conditioning further expanded its leading
position in implementing environmentally friendly adiabatic
humidification systems. Adiabatic systems demonstrate constant
growth rates with a top priority being given to hygiene. In this
connection, a company of the Axair Group received an award
from the “Printing and Paper” industry association for exemplary
hygiene.
Minimize risks
Risks are continuously monitored, evaluated, and where necessary,
eliminated. The pressure on margins in recent years caused
individual manufacturers to start, or consider, selling through their
own distribution companies. WMH Air Conditioning expanded its
service offerings to match this trend.
Financial results below expectations
On the whole, WMH Air Conditioning performed less well than
anticipated. On the one hand, air humidification systems and
products for cooling gas turbines surpassed expectations. On the
other, air conditioning activities fell short of their targets, mainly
due to the low summer temperatures.
However, distribution of components for refrigeration, air conditioning,
and heat pump systems delivered pleasing results, even if
the expectations were not completely fulfilled. Although major
orders were received for the gas turbine activities, this business
remains volatile. Highly promising orders were also received from
the American printing industry for humidification systems. Business
development in the NAFTA market will be continued.
In fiscal year 2005, sales by WMH Air Conditioning amounted to
CHF 231.9 million, which relative to 2004 is a decrease of 1.1%.
EBITA at CHF 15.9 million was 13.8% below the previous year.
In 2005, intensive foundations were laid for further success. In the
UK, for instance, WMH Air Conditioning established itself with
humidification activities for the printing industry. Entry into the
Chinese and Japanese markets also opens up attractive prospects.
New innovations promise success. The sales and marketing
companies will strengthen their position with a more clearly
defined profile and comprehensive product range.
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WMH Annual Report 2005
Key figures
CHF mil. 2002 2003 2004 2005
Net sales 205.0 215.7 234.5 231.9
EBITA 18.4 13.7 18.5 15.9
EBITA margin (%) 9.0 6.4 7.9 6.9
ROA (%)
*Incl. goodwill
22.7 15.6 18.8* 16.2*
Number of employees
2002 2003 2004 2005
Average 624 663 693 714
Change Y-on-Y (%) 20.2 6.3 4.5 3.0
Net sales 2002– 2005
CHF mil.
02
03
04
05
0
Net sales by geographical segment
CHF mil.
25 50 75 100 125 150 175 200 225 250
Switzerland 77.1 (33.2%)
Other Europe 115.4 (49.8%)
North America 28.1 (12.1%)
Other markets 11.3 (4.9%)

WMH Heating
“Alpamare is one of the many facilities in Switzerland
where we guarantee a 24-hour service 365 days a year.”
Martin Kaufmann, President of Oertli Service

Product and
services are right.
In Pfäffikon, towering high above the shore of the Lake of Zurich,
is the Alpamare fun and wellness park. Its impressive water slides
can be seen from far away. Alpamare offers water fun for some
500 000 guests throughout the year. Without reliable air and water
heating systems, Alpamare would cease to function. Since 1996,
Alpamare’s head of operations, Bruno Kessler, and Oertli Service
AG have worked together. A successful long-term partnership.
Bruno Kessler, how important is heating to you?
Heating is crucial to us. We can’t afford to have problems with
the heating. If guests are cold, they want their money back.
Fortunately, that’s never happened here.
You’ve been working with Oertli Service since 1996. How did the
partnership come into being?
Oertli convinced us we could switch their burners over from oil to
gas without problem. This has proved to be the case for many years
now. The fuel supply can be changed over both ways perfectly.
Since fuel prices keep on fluctuating sharply, this flexibility is very
important to us. The flue gas from gas combustion is also more
environmentally friendly. That’s something we find important.
The burners are one thing. What do you think of the Oertli Service
services?
We’re very satisfied with the service they give us. Good servicing
is important to us, since we’re open 365 days a year. That’s our
strength. Especially in winter we just can’t afford to have a failed
burner. That’s when we need to have all four running together.
Because of that, we do the annual service in midsummer. But
its the emergency service that’s critical: In winter, the Oertli
Service technician must come immediately if there’s a fault, even
at Christmas! We don’t very often have faults, but we need to be
sure everything will run smoothly if we do.
Do you know the service technicians personally?
Yes, that’s Guido Dobler and Robert Kürsteiner. It’s important for
us always to have contact with the same people.
What else is important about service?
Obviously, the service has to be done perfectly. What we also
appreciate is that the Oertli Service technician not only services the
burner professionally but also gives us suggestions for optimizing
the overall system.
16
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WMH Annual Report 2005

WMH Heating
WMH Heating: Very strong again
WMH Heating again looks back on an extremely successful
business year. Its shares of the Swiss heating market were
strengthened. Sales and income increased again from an already
high level.
As a provider of solutions and systems in the heating sector,
WMH Heating achieved very good results in the new installations,
refurbishment, and maintenance businesses. Factors contributing
to this success were convincing products and services as well as
favorable market conditions, especially the booming construction
of residential buildings. In addition, climbing oil prices and more
stringent air pollution regulations made property owners and
system operators increasingly aware of the need for efficient
heating systems. The replacement business was also good. It was
stimulated further by the severe floods in Switzerland.
Offering efficient solutions
Vescal continued its differentiation strategy in the reporting year.
The focus was on innovative strength and energy efficiency as
well as product and service quality. The three segments of heat
generation, heat distribution, and components were systematically
expanded.
With its new slogan “Heat for Life”, Oertli Service underscored
its competence as a solution provider and its even stronger
alignment to a wide range of customer requirements. Although
its growth potential as a pure service organization is limited, the
company again optimized the efficiency of its services. To reduce
its dependence on oil burner servicing, its spectrum of services
was expanded.
Since Oertli Induflame no longer formed part of the core strategy,
it was sold to one of its main customers in June 2005.
Improved market position
Vescal and Oertli were still operating in saturated markets and
challenged by intensive predatory competition. Both companies
nevertheless asserted themselves excellently and strengthened
their positions. In the underfloor heating segment, Vescal defended
its leading position with its own well-known Metalplast brand. In
individual niches, it succeeded in gaining market shares with new
products or optimized services.
Expanded product portfolio
Vescal expanded its product portfolio with Oertli brand pellet and
wood-piece boilers. It also launched new gas-fired boilers from
Remeha/De Dietrich. With air heaters and floor convectors from
Kampmann, and cooling ceilings from Lindner, Vescal penetrated
new market niches. After a severe setback, thermoactive building
systems under the Vescal tabs brand experienced strong demand
again.
Burner technician Christian Menzi regulates one of
the four Oertli burners at Alpamare.
Oertli Service successfully sold service contracts for gas burners,
heat pumps, pellet boilers, and hot water boilers and thereby
complemented the core business that focuses on oil burners. With
its new Comfort service, Oertli Service accepts total responsibility
for a heating system and, should faults occur, coordinates with
other partner companies like installation contractors, electricians,
chimney sweeps, and heating oil suppliers.
More efficiently organized
Vescal improved its business processes and costs by expanding its
headquarters building in Vevey and integrating storage space.
Optimized follow-up of offers also contributed to increased
efficiency. In addition, a project was launched for more systematic
management of the engineering and architectural consultants. In
view of the breadth and depth of the offerings, and the large
number of new products and services, this consulting function is
of great importance.
Oertli Service expanded its information and reporting system with
further important functions. These allow both service technicians
and service heads to schedule dates online, which increases productivity
even more. The standby service was also optimized.

Environmental awareness
WMH Heating takes care to promote ecological principles.
Whenever possible, goods are transported by rail, and companyinternal
transfer of material is reduced to the absolute minimum.
All drivers of company owned vehicles are given training in
environmentally aware and safe driving at special courses. Ecobalances
are drawn up annually for every company. Vescal, for
instance, particularly promotes eco-efficient products like heat
pumps, solar systems, and combined heating/power generation
plants.
Managing risks
The business activities of WMH Heating are directed toward
sustainable generation of cash flow. Risks are minimized by
constantly analyzing the market’s behavior, as well as the quality
of the services and products, and adapting them to changed
conditions. Suppliers are also carefully selected and customers
evaluated for creditworthiness.
Outstanding financial results
In the reporting year, WMH Heating clearly exceeded its targets
and achieved an outstanding result at an already high level.
At the end of the 2005 business year, WMH Heating reported net
sales of CHF 168.1 million, representing an increase of 3.2% over
2004. EBITA at CHF 17.3 million was 27.5% above the previous
year.
The growth potential for WMH Heating is limited, since its market
exploitation is focused on Switzerland where the markets are
saturated. However, with new products and services, a sustainable
moderate increase in sales should nevertheless be possible.
18
19
WMH Annual Report 2005
Key figures
CHF mil. 2002 2003 2004 2005
Net sales 156.8 158.0 162.9 168.1
EBITA 11.5 12.2 13.5 17.3
EBITA margin (%) 7.3 7.7 8.3 10.3
ROA (%)
*Incl. goodwill
19.5 23.1 24.6* 32.9*
Number of employees
2002 2003 2004 2005
Average 528 527 519 496
Change Y-on-Y (%) 0.6 -0.2 -1.6 -4.4
Net sales 2002– 2005
CHF mil.
02
03
04
05
0
Net sales by geographical segment
CHF mil.
25
50
75
100
125
150
175
Switzerland 165.6 (98.5%)
Other Europe 2.5 (1.5%)
200

In the interests of its shareholders
and other stakeholders, WMH is committed
to good corporate governance.

Corporate Governance
The following information regarding Corporate Governance
complies with the requirements of the SWX Swiss Exchange. For
greater clarity, some individual paragraphs have been combined
under one heading.
1. Group structure and shareholders
Where relevant, reference is made to other information regarding
Corporate Governance contained in this Annual Report or in the
Financial Report. Unless stated otherwise, all information relates
to the status on December 31, 2005.
1.1 Group structure
Operational structure of the Group See page 4
Information on the company’s share See Financial Report, page 5
Consolidated companies See Financial Report, page 25
1.2 Significant shareholders
Information on significant shareholders See Financial Report, page 4
There are no stockholder retainer contracts, or other similar agreements, between significant shareholders regarding the registered
shares of WMH held by them, or regarding the exercise of shareholders’ rights.
1.3 Cross shareholdings
WMH has not entered into any cross shareholdings with other companies regarding shares or voting rights.
2. Capital structure
2.1 Capital
Information on capital See Financial Report, page 4
2.2 Authorized and conditional capital
On December 31, 2005, WMH had no authorized or conditional
capital.
2.3 Changes in capital
At the Annual Meeting of Shareholders on May 2, 2005, the
share capital was reduced by CHF 5 million by retiring 200 000
-A- registered reserve shares of CHF 25.00 nominal. The reduction
in capital was recorded in the Register of Companies on August 5,
2005.
2.4 Shares and participation certificates
Information regarding the share capital is shown on page 4 of
the Financial Report. All registered shares carry equal voting
rights, irrespective of their nominal value. WMH has not issued
any participation certificates.
2.5 Bonus certificates
WMH has not issued any bonus certificates.
2.6 Restrictions on transferability and nominee registrations
All shareholders who are entered in the register of shareholders
are entitled to vote. There are no restrictions on the acquisition or
sale of shares. Registration of a registered share requires evidence
of its acquired ownership or entitlement to a beneficial interest.
2.7 Convertible bonds and options
WMH has not issued any convertible bonds or options.

3. Board of Directors
Dr. Reto E. Meier, non-executive member
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WMH Annual Report 2005
Gottlieb Knoch Werner Kummer Dr. Reto E. Meier Prof. Dr. Kurt Schiltknecht Heinz Roth
3.1– 3.2 Members of the Board of Directors, their activities and business interests
A list of members of the Board of Directors with their nationalities, years of birth, positions held, and terms of office is contained in the
table on page 5. No members of the Board of Directors were in the last three years members of WMH Group Management or of the
management of a WMH company.
Education/qualifications Doctor of Economics (Business Administration)
Former positions included Chairman of the Board of Directors of Walter Meier AG
Chairman of the Board of Directors of a mountain railway group
Member of the Board of Directors of an industrial group and a bank
Board member of the Swiss Association of Employers,
Zurich Chamber of Commerce, Zurich Association of Employer Organizations,
German-Swiss Chamber of Commerce, Japan-Swiss Chamber of Commerce
Chairman of the Zurich Association of Commercial Companies
Vice Chairman of the Swiss Technorama Science Center& Association
for Technology&Business
Present positions Chairman of the Board of Directors of Greentec AG
Chairman of all WMH companies in Switzerland
Chairman of the WMH Pension Foundation
Honorary Member, German-Swiss Chamber of Commerce

Corporate Governance
Professor Dr. Kurt Schiltknecht, non-executive member
Education/qualifications Doctor of Economics
Former positions included Research at the Swiss Federal Institute of Technology, Zurich, and OECD
Director of the Swiss National Bank
Chairman of the management committee of Nordfinanzbank
Chairman of the Board of Directors of Bank Leu
Member of the Governing Board of the Swiss National Bank
Present positions Member of the Boards of Directors of BZ Bank, BZ Trust, Klosterfrau
Chairman of the Board of Directors of Intershop
Honorary professor, University of Basel
Gottlieb Knoch, non-executive member*
Education/qualifications Master of Engineering, Swiss Federal Institute of Technology
MBA, Stanford University
Former positions included McKinsey&Co.
CEO Bachem
Chairman of the Board of Directors and CEO of Tecan
Present positions Member of the Board of Directors of Bachem AG
Member of the Board of Directors of Rothschild Bank AG
Werner Kummer, non-executive member
Education/qualifications Master of Engineering, Swiss Federal Institute of Technology
Doctor of Engineering, Milan Polytechnic
MBA, INSEAD
Former positions included Partner with Braxton Associates Management Consultants, Boston,
London, and Paris
Management positions with Pelikan Corp., Zug, and Feintool AG, Lyss
CEO Schindler Elevator Ltd. (Switzerland)
Executive Vice President Schindler Asia/Pacific
CEO Forbo Holding AG
Present positions Independent consultant incl. Senior Advisor for M&A,
Schindler Management AG
Member of the Board of Directors and Chairman of the Audit Committee
of Bâloise Holding
Chairman of the Board of Directors of Gebrüder Meier AG, Regensdorf
Board Member, Zurich Chamber of Commerce
Heinz Roth, non-executive member
Education/qualifications Swiss Federal Diploma in Banking, Swiss Banking School,
Executive Program, Stanford University
Former positions included Solothurn Kantonalbank
Credit Suisse Group (managerial functions in Switzerland and abroad)
CEO, Credit Suisse Private Banking, Switzerland
Member of Management, Credit Suisse Financial Services
Present positions Independent company advisor on finance
Member of the Board of Directors, Vontobel Holding AG
(member of the Audit Committee, chairman of the IT Committee)
Member of the Board of Directors, Bank Vontobel AG
Chairman of the Davos Musical Festival Foundation
* Gottlieb Knoch, who was elected to the Board of Directors in
2001, has announced that he will relinquish his membership of
the Board of Directors as of the date of the Annual Meeting of
Shareholders on April 25, 2006.
The Annual Meeting of Shareholders on May 2, 2005, elected
Heinz Roth, Uitikon, as new member of the Board of Directors.

3.3 Cross-involvement
There are no cross-memberships between the Board of Directors
of WMH Walter Meier Holding AG and any other listed company.
3.4 Elections and terms of office
The Board of Directors comprises at least three members, who
are each elected for three years by the General Meeting of
Shareholders in different years. Information regarding the date of
first election and remaining term of office of the present members
is shown on page 5.
All members of the Board of Directors must be shareholders,
or representatives of a legal entity or company which is a
shareholder of WMH Walter Meier Holding AG.
3.5–3.6 Internal organization and regulation of authorities
The Board of Directors determines its organization autonomously.
In particular, it determines its Chairman and its secretary, who
minutes the meetings. The secretary need not be a member of the
Board of Directors.
The Board of Directors directs and supervises the management of
the company, represents the company externally, and determines
who is authorized to sign on the company’s behalf. The Board of
Directors definitively resolves all matters which are not specifically
defined by the law or statutes as being the responsibility of any
other governing body.
According to the WMH Organizational Regulations, and subject
to compliance with applicable laws, the Board of Directors may
delegate management in whole or in part, and/or representation
of the company, to one or more members of Group Management
or to third parties.
The most important non-transferable and inalienable responsibilities
of the Board of Directors are the following:
– ultimate direction of the company and issuance of necessary
instructions
– definition of the form of organization
– establishment of systems and procedures for accounting,
financial control, and financial planning, to the extent
necessary for management of the business
– appointment and discharge of persons charged with
managing and representing the business
– ultimate supervision of the persons charged with managing
the business, especially with regard to their compliance
with the law, statutes, bylaws, and instructions
– preparation of the Annual Report, and preparation of General
Meetings of Shareholders and execution of their resolutions
– notification of the legal authorities in case of insolvency.
24
25
WMH Annual Report 2005
Resolutions by the Board of Directors are determined by simple
majority of the members present. Should voting for and against
be equal, the Chairman has the casting vote. In the reporting
year, the Board of Directors held four meetings. Further business
was handled by correspondence.
In view of the small Board of Directors, the formation of special
standing committees was so far not appropriate. On the other
hand, certain special responsibilities are held by the Chairman of
the Board alone. The Board of Directors has delegated the management
of ongoing business to Group Management under the
Chairmanship of the CEO. Group Management provides regular
information to the Board of Directors regarding the state of
business of WMH. In case of need, the members of the Board of
Directors may request all available information about the
company. By tradition, the members of Group Management and,
if necessary, other representatives of management, are invited to
meetings of the Board of Directors.
3.7 Information and control instruments
vis-à-vis Group Management
The Board of Directors bases its information on the standardized
reporting which has been introduced throughout the Group, and
on the associated Group instructions. The information published
in the Annual Report is also based on this reporting. The auditors
report to the Board of Directors any weaknesses detected while
performing the annual audit of the financial statements.

Corporate Governance
4. Group Management
4.1– 4.2 Members of Group Management, their activities and business interests
A list of the members of Group Management, with their nationalities and functions, is contained in the table on page 5.
Hans-Peter Diener, executive member (CEO)
Martin Scholl Dr. Jacques Sanche Hans-Peter Diener Daniel Maissen
Education/qualifications Master of Engineering, Swiss Federal Institute of Technology
MBA, Harvard Business School
Former positions included Jacobs Suchard
Member of the Management Committee of Distral
Member of the Management Committee of Saurer
Present positions Since 1995 member of WMH Group Management
Since 2004 CEO of WMH
Board member of various WMH companies
Executive board member of the Harvard Club
Board Member, German-Swiss Chamber of Commerce

Daniel Maissen, executive member (CFO)
Education/qualifications BSc in Business Administration; MBA, Wake Forest University, USA
Former positions included Head of Finance and Controlling Axair
Area Controller WMH Air Conditioning
Head of Controlling WMH
Present positions 2005 CFO WMH and Member of WMH Group Management
Chairman of the WMH Pension Foundation Investment
Board member of various WMH companies
Secretary of the WMH Board of Directors
Dr. Jacques Sanche, executive member
* Martin Scholl, formerly a member of WMH Group Management,
relinquished this position on December 31, 2005.
Werner Staub, formerly CFO and a member of WMH Group
Management, retired on July 31, 2005.
4.3 Management contracts
Neither WMH nor its Group companies have entered into any
management contracts with third parties except for a fee contract
with Greentec AG. The corresponding payments are included in
the compensation amounts to members of governing bodies shown
on the next page.
26
27
WMH Annual Report 2005
Education/qualifications Doctor of Information Management, University of St. Gallen, Switzerland
Former positions included IMG, Boston Consulting Group
Company President of Novasina, Stäfa Wirz, Oertli Service, Vescal
Present positions Since 2004 member of WMH Group Management
Member of the Board of Directors, Stäfa Wirz Ventilator AG, Bern
Member of WMH Pension Foundation
Board member of various WMH companies
Martin Scholl, executive member*
Education/qualifications MBA, Graduate School of Business Administration, Zurich, and
State University of New York at Albany
Former positions included Swiss Bank Corporation (now UBS)
Company President of Axair Kobra
Head of Axair Distribution Division
Present positions Since 2004 member of WMH Group Management
Vice Chairman of the WMH Pension Foundation
Member of the Investment Committee, WMH Pension Foundation
Board member of various WMH companies

Corporate Governance
5. Compensation, participation programs, and loans
5.1 Content and method of determining compensation
and participation programs
Decisions regarding compensation, participation programs, and
loans to the Board of Directors, the remuneration of the Chairman
of the Board, and fees payable to Greentec AG, are made by the
Board of Directors.
The Chairman of the Board of Directors approves the salaries of
the members of Group Management and informs the Board of
Directors accordingly.
On April 24, 2002, the Board of Directors enacted an option plan
for managerial employees and members of the Board of Directors.
The option plan expired on March 31, 2005, without being
exercised.
5.2 Compensation of active members of governing bodies
The total compensation paid to the members of Group Management
for their services in reporting year 2005 was CHF 2.0 million.
The total compensation paid to the members of the Board of
Directors in the same period was CHF 1.5 million. Of this total,
CHF 1.3 million was paid to the Chairman of the Board of Directors
in his active function.
5.3 Compensation of former members of governing bodies
In the reporting year, severance payments of CHF 0.2 million
were granted and paid to former members of Group Management.
5.4 Allocation of shares in the reporting year
No shares were allocated in the reporting year to members of
the Board of Directors, Group Management, or parties related to
them.
5.5 Share ownership
On December 31, 2005, the members of Group Management
and parties related to them held a total of 3 913 -A- registered
shares. The members of the Board of Directors and parties related
to them held either directly or indirectly a total of 480 895 -A-
registered shares and 3 300 000 -B- registered shares.
5.6 Options
The option plan enacted by the Board of Directors on April 24,
2002, expired on March 31, 2005, because the minimum share
price of CHF 125.00 was not attained.
5.7 Additional fees and remuneration
Neither the members of the Board of Directors or of Group
Management, nor any persons related to them, received during
the reporting year any fees or other remuneration for additional
services to WMH or any of its subsidiary or affiliated companies.
5.8 Loans to members of governing bodies
No loans or guarantees in favor of members of governing bodies
were made or promised during the reporting year.
5.9 Highest total compensation
The highest total remuneration to any single member of the
Board of Directors was CHF 1.4 million. This was paid to the
Chairman of the Board of Directors who, in addition to his fee
of CHF 55 000 as Chairman, also received compensation for his
active function in managing the company.

6. Shareholders’ rights of participation
6.1 Restrictions on voting rights and representation
There are no restrictions on voting rights. Regulations concerning
evidence of share ownership and issuance of voting cards are
determined by the Board of Directors.
Shareholders who do not attend the General Meeting in person
may only be represented at the meeting by written proxy to
another shareholder. To allow voting by proxy, the company proposes
to its shareholders the choice of a member of its governing
bodies, or another person dependent on the company (representative
of a governing body), or an independent third party.
6.2 Statutory quorums
The General Meeting of Shareholders may only approve the
annual financial statements, and decide on the appropriation of
available earnings, if it is presented with an audit report and an
auditor is present at the meeting. By unanimous resolution of the
General Meeting, the requirement for the presence of an auditor
can be waived.
There are no other statutory quorums which deviate from the law.
6.3 Notification of General Meetings of Shareholders
An invitation to the General Meeting is published once at least
twenty days before the date of the meeting in the “Swiss Official
Gazette of Commerce”. In addition, shareholders entered in the
share register are invited by normal mail.
7. Change of control and defense measures
7.1 Duty to make an offer
There is a statutory regulation regarding opting out, according to
which a purchaser of shares in the company need not make a
public offer according to articles 32 and 52 of the Swiss Stock
Exchanges and Securities Trading Act (SESTA).
7.2 Clauses on changes of control
There are no clauses on change of control in favor of members
of the Board of Directors or Group Management, or other
managerial employees of WMH.
28
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WMH Annual Report 2005
6.4 Agenda
The Board of Directors must include on the agenda of the
General Meeting of Shareholders all proposals received in writing,
at least four weeks before the invitation to the meeting is sent,
from shareholders who alone or together represent at least one
tenth of the share capital, or shares with a nominal value of one
million Swiss francs. No resolutions can be made on any matters
not notified in advance according to this rule, except a proposal
for holding an Extraordinary General Meeting or performing a
special audit.
No prior notice is required for proposals to be made in relation
to items on the agenda, or of business not requiring a resolution.
6.5 Entries in the share register
Entries in the share register will be made up to April 18, 2006.
Further entries can only be made after the Annual Shareholders’
Meeting of April 25, 2006.

Corporate Governance
8. Auditors
8.1 Duration of mandate and term of office of the head auditor
For information regarding the duration of mandate and term of
office of the head auditor, see page 5.
8.2 Audit fees
The fees charged by Ernst & Young AG for their services in auditing
the annual financial statements were CHF 0.7 million. In addition,
WMH employed other auditors, whose fees are not disclosed here.
8.3 Additional fees
Ernst & Young AG also invoiced further fees of CHF 0.7 million for
consulting services.
8.4 Supervisory and control instruments vis-à-vis the auditors
There are no supervisory or control instruments vis-à-vis the auditors.
9. Information policy
WMH provides shareholders, financial markets, and the public
with regular information regarding important events. In particular,
annual and semi-annual results are announced in media releases.
A media conference and an analyst conference are held at least
once per year.
The most important information about the company, media
releases, the current share price, and the Annual Report can be
accessed at any time on the internet at www.wmh.ch.
Important dates
Financial year closes December 31
Announcement of sales,
forecast of results Beginning of February
Publication of the Annual Report End of March
Annual Shareholders’ Meeting End of April
First half-year closes June 30
Announcement of first-half results Mid-August

Addresses
WMH Walter Meier Holding AG
Laubisrütistrasse 24
8712 Stäfa
Switzerland
Phone +41 44 928 15 15
Fax +41 44 928 15 00
direct@wmh.ch
www.wmh.ch
WMH Tools
WMH Tool Group Inc.
2420 Vantage Drive
Elgin, IL 60123
USA
Phone +1 847 851 10 00
Fax +1 847 851 10 45
wmh@wmhtoolgroup.com
www.wmhtoolgroup.com
WMH Tool Group AG
Bahnstrasse 24
8603 Schwerzenbach
Switzerland
Phone +41 44 806 47 48
Fax +41 44 806 47 58
info@wmhtoolgroup.ch
www.wmhtoolgroup.ch
WMH Tool Group Shanghai Limited
135 Guang Hua Road
Zhuanqiao
Shanghai, 201108
China
Phone +86 216 489 01 47
Fax +86 216 489 53 74
wmh@wmhtoolgroup.com
www.wmhtoolgroup.com
WMH Tool Group Ltd.
212 A Wilkinson Road
Brampton, ON L6T 4M4
Canada
Phone +1 905 792 97 69
Fax +1 905 792 76 70
wmh@wmhtoolgroup.com
www.wmhtoolgroup.com
Walter Meier AG
Bahnstrasse 24
8603 Schwerzenbach
Switzerland
Phone +41 44 806 46 46
Fax +41 44 806 47 47
info@waltermeier.ch
www.waltermeier.ch
MATO CNC-Maschinen AG
Auerstrasse 32
9442 Berneck
Switzerland
Phone +41 71 722 99 90
Fax +41 71 722 99 92
info@matoag.ch
www.matoag.ch
WMH Air Conditioning
Axair AG
Talstrasse 35–37
8808 Pfäffikon SZ
Switzerland
Phone +41 55 416 61 11
Fax +41 55 416 62 62
axair@axair.ch
www.axair.ch
Axair GmbH
Systeme für die Luftkonditionierung
Carl-von-Linde-Strasse 25
85748 Garching-Hochbrück
Germany
Phone +49 89 326 70 0
Fax +49 89 326 70 140
info@axair.de
www.axair.de
www.klimaplus.de
Axair SAS
100, Bld Louis Armand
Z.l. des Chanoux
93331 Neuilly-sur-Marne
France
Phone +33 820 824 817
Fax +33 143 001 928
axair@axair.fr
www.axair.fr
Axair Climate Limited
Highlands Road, Shirley, Solihull
West Midlands B90 4NL
United Kingdom
Phone +44 121 705 76 01
Fax +44 121 711 86 30
response@axairclimate.co.uk
www.axairclimate.co.uk
AxEnergy Ltd.
Talstrasse 35–37
8808 Pfäffikon SZ
Switzerland
Phone +41 55 416 66 70
Fax +41 55 416 62 62
axenergy_ch@ctfog.com
www.ctfog.com
Axair (Beijing)
Air Humidification Co., Ltd.
Area C, No. 3, Guang Lian Industry Park
Guang Ji Dian Yi Ti Hua Chan Ye Ji Di
Tong Zhou District
Beijing 101111
China
Phone +86 10 815 030 08/51/52
Fax +86 10 815 038 70
mail@axair.com.cn
www.axair.com.cn
Axair Kobra AG
2, route des Barges
1680 Romont
Switzerland
Phone +41 26 651 77 77
Fax +41 26 651 77 70
office@axairkobra.ch
www.axairkobra.ch
Axair Nortec Ltd.
2740 Fenton Road
Ottawa, Ontario K1T 3T7
Canada
Phone +1 613 822 03 35
Fax +1 613 822 79 64
nortec@humidity.com
www.humidity.com
Draabe Industrietechnik GmbH
Schnackenburgallee 18
22525 Hamburg
Germany
Phone +49 40 85 32 77 0
Fax +49 40 85 32 77 79
draabe@draabe.de
www.draabe.de
www.draabe.com
Charles Hasler AG
Komponenten für Kälte und Klima
Althardstrasse 238
8105 Regensdorf
Switzerland
Phone +41 44 843 93 93
Fax +41 44 843 93 99
kaelteklima@charles-hasler.ch
www.charles-hasler.ch
Nordmann Engineering AG
Bruggfeldweg 11
4147 Aesch
Switzerland
Phone +41 61 467 76 66
Fax +41 61 467 76 77
info@nordmann-engineering.com
www.nordmann-engineering.com
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WMH Annual Report 2005
WMH Heating
Vescal SA
Z.I. de la Veyre, St-Légier
Case postale 1224
1800 Vevey 1
Switzerland
Phone +41 21 943 02 22
Fax +41 21 943 02 33
info@vescal.ch
www.heizen.ch
Oertli Service AG
Bahnstrasse 24
8603 Schwerzenbach
Switzerland
Phone +41 44 806 41 41
Fax +41 44 806 41 00
info@oertli-service.ch
www.heizen.ch

WMH Walter Meier Holding AG
Laubisrütistrasse 24
8712 Stäfa
Switzerland
Phone +41 44 928 15 15
Fax +41 44 928 15 00
direct@wmh.ch
www.wmh.ch

WMH Financial Report 2005
WMH Group and
WMH Walter Meier Holding AG

Annual Financial Statements
WMH Group
Summary of the reporting year 2005 3
Information for investors 4
Income statement 6
Balance sheet 7
Cash flow statement 8
Statement of changes in shareholders’ equity 9
Notes to the financial statements 10
Segment information 18
Report of the Group auditors 20
Annual Financial Statements WMH Walter Meier Holding AG 21
Addresses 28

Important dates
Annual Shareholders’ Meeting April 25, 2006
First-half results 2006 August 10, 2006
Full-year results 2006 (press release) February 8, 2007
Media conference annual results 2006 March 27, 2007
Annual Shareholders’ Meeting April 24,2007
Investor relations
Daniel Maissen, CFO
Member of Group Management
Phone +41 44 928 15 15
direct@wmh.ch
Website
www.wmh.ch
The website contains up-to-date information about WMH and links to individual
group companies.
Annual report
The annual report is published in German and in English. Copies may be ordered
from the Group’s headquarters (e-mail: direct@wmh.ch).

Summary of the reporting year 2005
Income statement
Income rebounds despite lower sales
Increased business activity in the second half-year raised performance indicators in
all business segments above the previous year’s values.
Thanks to positive market conditions and greater internal efficiency, WMH Heating
increased both sales and EBITA. WMH Tools withdrew from business with
inadequate margins in the American market, which caused sales to fall but sharply
increased EBITA. WMH Air Conditioning fell short of last year’s performance
indicators due to the still difficult market situation in the UK as well as weak air
conditioning business caused by poor weather.
Sales: Withdrawal from low-margin business
The 2.5% fall in Group sales to CHF 690.0 million is mainly caused by withdrawal
from low-margin business in the North American market and reduced sales in the
air conditioning segment due to poor weather. Net of exchange rate and consolidation
effects, Group sales fell by 2.3%.
There was pleasing growth of 3.2% (net of consolidation effects 6.3%) in WMH
Heating. Both the sales and the service organizations contributed equally to this
encouraging improvement in performance.
Activities in air-inlet cooling for gas turbines partly compensated for lower sales of
unit air conditioners caused by poor weather. Sales of unit humidifiers and humidification
systems also increased, a significant contribution to the increase coming
from adiabatic systems. In total, WMH Air Conditioning suffered a net sales reduction
of 1.1% (net of exchange rate effect 1.5%).
Efforts to improve margins with American home centers caused sales of WMH
Tools to drop sharply by 6.6% (net of exchange rate effect 7.1%). On the other
hand, sales to American specialist distributors rose slightly. In Europe, there was
another pleasing increase in sales of woodworking and metalworking tools. Business
in CNC machine tools also slightly increased.
EBITA increases by 25.4%
Thanks to a pleasing increase in profitability in the second half-year, EBITA at
CHF 33.6 million and return on sales at 4.9% were both higher than last year.
A consistent focus on improving the margins of sales to American home centers,
process optimization measures in WMH Tool Group, and improved performance at
Walter Meier Group raised EBITA of WMH Tools to CHF 4.3 million.
EBITA of the WMH Air Conditioning manufacturing companies was higher than
last year. The performance indicators of the distribution companies did not match
those of the previous year for the reasons already stated. Furthermore, the weak
air conditioning business made additional value adjustments necessary on inventories.
Thanks to positive market conditions and increases in internal efficiency, WMH
Heating produced a steep rise in EBITA of 27.5%.
Low goodwill amortization for impairments
The annual impairment test at Axair Climate showed an impairment caused by
the still difficult market conditions in the United Kingdom. The residual goodwill
of this company had to be completely amortized. The total amount of goodwill
amortization resulting from impairments was CHF 1.3 million.
Net income up sharply by CHF 30.5 million
Although sales were lower, good cost management and lower interest expense
offset by a higher tax rate brought net income of CHF 21.3 million.
Balance sheet
Bank loans reduced
Restructuring of bank loans to take account of expiry of the syndicated credit in
July 2006 caused short-term liabilities to increase. Interest-bearing liabilities declined
by CHF 8.3 million despite acquisition of the minority interests of WMH Tool Group.
Current assets: Lower liquidity, higher receivables
The increased level of sales in the second half-year caused receivables to increase
by CHF 10.8 million. Cash fell by practically the same amount. Inventories increased
only slightly by CHF 2.2 million.
Non-current assets: Slight increase caused by exchange rate effects
Non-current assets rose by CHF 4.3 million to CHF 82.9 million. The increase is
mainly the result of exchange rate fluctuations. The annual impairment test caused
goodwill totaling CHF 1.3 million to be amortized, most of this amount relating to
the complete amortization of goodwill at Axair Climate.
Liabilities: Syndicated credit expires on July 20, 2006
Short-term bank loans increased by CHF 58.6 million due to expiry in July 2006 of
the syndicated credit. Most of the credit that was utilized in USD was hedged up to
the expiry date at the end of 2004.
Other short-term liabilities increased slightly by CHF 2.8 million while long-term provisions
increased by CHF 2.2 million.
Equity ratio climbs to 39.2%
Mainly thanks to the good result in 2005 of CHF 21.3 million and positive exchange
rate effects of CHF 13.2 million, shareholders’ equity excluding minority interests
increased by a total of CHF 38.0 million. This brought the equity ratio up to 39.2%
(28.9%).
Interesting-bearing liabilities less cash expressed as a percentage of shareholders’
equity including minority interests remained unchanged at 20% despite acquisition
of the minority interests of WMH Tool Group amounting to USD 20.0 million.
Group cash flow
2
WMH Financial Report 2005
Free cash flow of CHF 18.6 million
Cash flow from operating activities was CHF 27.5 million (CHF 47.3 million). The
decline relative to the previous year was caused mainly by an increase of CHF 8.0
million in non-cash net current assets as compared with the decrease of CHF 19.5
million last year.
After net investments of CHF 8.9 million, the resulting free cash flow was
CHF 18.6 million.
3

Information for investors
Capital structure
2001 2002 2003 2004 2005
Share capital CHF mil. 60.8 60.8 60.8 60.8 55.8
Adjusted aggregated market value of shares at 12/31 CHF mil. 145.9 144.5 153.8 155.6 192.5
As % of shareholders’ equity % 105.9 106.2 135.9 155.8 139.7
Bearer shares of CHF 500.00 nom., listed Shares 62 040 62 040
Bearer reserved shares of CHF 500.00 nom., listed 1) Shares 10 000 10 000
Registered shares of CHF 100.00 nom., unlisted Shares 247 500 247 500
-A- registered shares of CHF 25.00 nom., listed Shares 1 570 800 1 570 800 1 570 800
-A- registered reserve shares of CHF 25.00 nom., listed 1) Shares 200 000 200 000
-B- registered shares of CHF 5.00 nom., unlisted Shares 3 300 000 3 300 000 3 300 000
1) Without dividend and voting rights
Significant shareholders
Registered shares of CHF 100.00 nom.
– Greentec AG (owned by Dr. Reto E. Meier) Shares 165 000 165 000
– Jürg W. Meier Shares 82 500 82 500
-A- registered shares of CHF 25.00 nom.
– Jürg W. Meier Shares 535 000 536 400 531 757
– Dr. Reto E. Meier Shares 427 711 426 711 473 216
-B- registered shares of CHF 5.00 nom.
– Greentec AG (owned by Dr. Reto E. Meier) Shares 3 297 800 3 297 800 3 297 800
– Dr. Reto E. Meier Shares 2 200 2 200 2 200
Under a lockup agreement, Jürg W. Meier will refrain from placement in the market
of the converted voting registered shares (330 000 -A- registered shares) until May
2007, unless a joint capital market placement with WMH takes place before then.
Dividends (years 2001 and 2002 adjusted)
On December 31, 2005, the free float was 492 899 shares or 31.4%. (Calculation:
Number of listed shares less the shares held by significant shareholders and less own
reserved shares held by WMH divided by the number of listed shares.)
Gross dividend per -A- registered share of CHF 25.00 nom. CHF 3.00 3.25 0.0 0.0 5.00
Dividend yield p.a.
– Maximum % 6.0 5.9 0.0 0.0 8.0
– Minimum % 3.1 3.6 0.0 0.0 5.4
Gross dividend per -B- registered share of CHF 5.00 nom. CHF 0.0 0.0 1.00
Total dividends paid CHF mil. 6.7 7.3 0.0 0.0 11.2
Payout ratio % 35.0 35.4 0.0 0.0 52.5

Data per -A- registered share of CHF 25.00 nom. (years 2001 and 2002 adjusted)
Ticker symbols
Listed at: SWX; Currency: CHF
Securities no. 1594024
ISIN no. CH0015940247
Reuters WMHN.S
Bloomberg WMHN
4
5
WMH Financial Report 2005
2001 2002 2003 2004 2005
Net income/loss CHF 8.92 9.67 -4.67 -4.29 9.94
Diluted net income/loss CHF 8.92 9.67 -4.67 -4.29 9.94
Shareholders’ equity CHF 64.36 64.13 53.30 47.04 64.35
Cash flow from operating activities CHF 15.36 17.94 8.30 22.30 12.87
Price
– Highest CHF 97.95 90.00 83.50 72.00 92.00
– Lowest CHF 50.00 55.00 58.75 55.00 62.50
– Year-end CHF 60.00 59.45 63.25 64.00 86.30
Price-earnings ratio
– Highest 11.0 9.3 n.a. n.a. 9.3
– Lowest 5.6 5.7 n.a. n.a. 6.3
– Year-end 6.7 6.1 n.a. n.a. 8.7
Development of WMH share price
CHF
105
100
95
90
85
80
75
70
65
60
55
1st quarter 2005 2nd quarter 2005 3rd quarter 2005 4th quarter 2005 1/31/06
WMH SPI Small Cap Index Swiss Performance Index (SPI) Source: Bloomberg
Performance
The year-end prices of WMH registered shares resulted in a performance for 2005
of 34.8%.

WMH Group
Consolidated income statement
From January 1 to December 31 Note 2005 2004 + / -
CHF mil. % CHF mil. % CHF mil.
Net sales 5/6 690.0 100.0 707.9 100.0 -17.9
Cost of goods sold/services provided 7 -499.8 -524.6 24.8
Gross profit 190.2 27.6 183.3 25.9 6.9
Other operating income 8 0.6 0.1 1.8 0.3 -1.2
Administration -40.7 -38.5 -2.2
Sales and marketing -87.8 -90.9 3.1
Advertising and promotion -17.8 -17.6 -0.2
Research and development -10.9 -11.3 0.4
Total other operating expenses 7 -157.2 22.8 -158.3 22.4 1.1
EBITA 33.6 4.9 26.8 3.8 6.8
Amortization of intangible assets 17 -1.6 -26.2 24.6
EBIT 32.0 4.6 0.6 0.1 31.4
Financial income/expense, net 9 -4.4 -5.0 0.6
Share in profit of associated companies 0.5 0.2 0.3
Net income/loss before income taxes 28.1 4.1 -4.2 -0.6 32.3
Income taxes 10 -6.8 1.0 -5.0 0.7 -1.8
Net income/loss 21.3 3.1 -9.2 -1.3 30.5
Attributable to:
Minority interests 0.0 -0.1 0.1
Shareholders of the parent company 21.3 -9.1 30.4
21.3 -9.2 30.5
Earnings per share (CHF)
-A- registered share 9.94 -4.29
-A- registered share (diluted) 9.94 -4.29
-B- registered share 1.99 -0.86
-B- registered share (diluted) 1.99 -0.86

Consolidated balance sheet
WMH Financial Report 2005
Note 12/31/05 12/31/04 + / -
CHF mil. % CHF mil. % CHF mil.
Cash 31.3 42.7 -11.4
Trade and other receivables 13 117.0 106.2 10.8
Inventories 14 120.9 118.7 2.2
Total current assets 12 269.2 76.5 267.6 77.3 1.6
Property, plant and equipment 15 28.8 27.6 1.2
Investments 16 16.7 15.2 1.5
Deferred tax assets 20 3.2 2.6 0.6
Intangible assets 17 34.2 33.2 1.0
Total non-current assets 12 82.9 23.5 78.6 22.7 4.3
Total assets 352.1 100.0 346.2 100.0 5.9
Trade and other payables 18 179.4 125.2 54.2
Short-term tax liabilities and provisions 8.5 7.5 1.0
Total short-term liabilities 187.9 53.4 132.7 38.3 55.2
Long-term liabilities 19 0.0 66.8 -66.8
Deferred tax liabilities 20 10.9 10.9 0.0
Long-term provisions 21 15.3 13.1 2.2
Total long-term liabilities 26.2 7.4 90.8 26.2 -64.6
Total liabilities 12 214.1 60.8 223.5 64.6 -9.4
Share capital 55.8 60.8 -5.0
Capital reserves 30.9 30.9 0.0
Treasury shares -6.3 -13.9 7.6
Other reserves 57.5 22.1 35.4
Shareholders’ equity excluding minority interests 22 137.9 39.2 99.9 28.9 38.0
Minority interests 23 0.1 22.8 -22.7
Shareholders’ equity including minority interests 138.0 39.2 122.7 35.4 15.3
Total liabilities and shareholders’ equity 352.1 100.0 346.2 100.0 5.9
6
7

WMH Group
Consolidated cash flow statement
January 1 to December 31 Note 2005 2004
CHF mil. CHF mil.
Net income/loss before income taxes 28.1 -4.2
Adjustments for:
Other operating income -0.2 -0.1
Share in profit of associated companies -0.5 -0.2
Depreciation on property, plant and equipment,
amortization on intangible assets, write-down on investments 12.2 37.0
Financial income/expense, net 4.4 5.0
Increase(-)/decrease in net current assets exclusing cash 1) -8.0 19.5
Increase(-)/decrease in deferred tax assets -0.4 -1.0
Increase/decrease(-) in long-term provisions 2.6 1.2
Cash flow from operating activities 38.2 57.2
Taxes paid -6.3 -5.0
Interest paid -4.4 -4.9
Cash flow from operating activities 27.5 47.3
Expenditures for property, plant and equipment -10.3 -9.2
Expenditures for investments -1.0 0.0
Expenditures for intangible assets 0.0 -1.8
Total investments -11.3 -11.0
Proceeds from the sale of property, plant and equipment 0.9 0.6
Proceeds from the sale of subisidiaries 1.5 0.0
Total divestments 2.4 0.6
Cash flow from investing activities -8.9 -10.4
Free cash flow/cash drain(-) 18.6 36.9
Increase/decrease(-) in short-term bank loans 58.5 -42.4
Increase/decrease(-) in long-term liabilities -66.9 31.8
Total debt financing -8.4 -10.6
Dividend payments, including to minorities -0.1 -2.5
Sale of minority interests 24 -23.2 0.0
Transactions with treasury shares 2.6 0.0
Total equity financing -20.7 -2.5
Cash flow from financing activities -29.1 -13.1
Exchange rate effect on cash -0.9 1.6
Total increase/decrease(-) in cash -11.4 25.4
Balance of cash as of 1/1 42.7 17.3
Balance of cash at year-end 31.3 42.7
1) Change in net current assets excluding cash
Increase(-)/decrease in marketable securities 0.0 1.0
Increase(-)/decrease in receivables -4.3 19.0
Increase(-)/decrease in prepayments to suppliers -0.1 -0.2
Increase(-)/decrease in inventories 6.0 -7.9
Increase/decrease(-) in short-term liabilities -10.0 7.3
Increase/decrease(-) in prepayments from customers 0.4 0.3
Total increase(-)/decrease in net current assets excluding cash -8.0 19.5

Statement of changes in shareholders’ equity
8
9
WMH Financial Report 2005
CHF mil. Note Shareholders’ equity excluding minority interests Minority Total shareinterests
holders’
equity
Share Capital Treasury Other reserves
Total
capital reserves shares
Retained Market Foreign
earnings valuation currency
of financial
instruments
translation
Balance as of 1/1/04 60.8 30.9 -13.9 45.5 -0.6 -9.6 113.1 25.0 138.1
Dividend payment to minorities -2.5 -2.5 -2.5
Net gain from market valuation
of financial instruments 0.2 0.2 0.2
Net loss -9.1 -9.1 -9.1
Foreign currency translation -1.8 -1.8 -2.2 -4.0
Balance as of 12/31/04 60.8 30.9 -13.9 33.9 -0.4 -11.4 99.9 22.8 122.7
Dividend payment to minorities -0.1 -0.1 -0.1
Capital reduction -5.0 5.0 0.0 0.0
Purchase of preferred shares 23 -22.7 -22.7
Transactions with treasury shares 2.6 2.6 2.6
Net gain from market valuation
of financial instruments 1.0 1.0 1.0
Net income 21.3 21.3 21.3
Foreign currency translation 13.2 13.2 13.2
Balance as of 12/31/05 22 55.8 30.9 -6.3 55.1 0.6 1.8 137.9 0.1 138.0

WMH Group
Notes to the financial statements
1 General information
The consolidated financial statements of WMH Walter Meier Holding AG for the
business year closing December 31, 2005, were approved by the Board of Directors
and released for publication on February 23, 2006. The company is a limited
company under Swiss law with its statutory registered office in Stäfa, Switzerland.
The -A- registered shares are listed on the SWX Swiss Exchange under security
number 1594024 (WMHN).
WMH is a globally active group of distribution and industrial companies with three
business segments: WMH Tools, WMH Air Conditioning, and WMH Heating. The
main focus is on manufacturing and distributing leading-edge tools, machine tools,
and systems for woodworking and metalworking, air conditioning, and heating. In all
fields of activity the company holds, or strives for, positions of international market
leadership (for WMH Heating, in Switzerland only).
2 Principles of consolidation and valuation
2.1 Basis of preparation
The consolidated financial statements of WMH Walter Meier Holding AG have
been prepared in accordance with International Financial Reporting Standards
(IFRS) issued by the International Accounting Standards Board (IASB) and unless
otherwise stated are based on historical costs.
2.2 Changes in accounting policies
The accounting policies applied are unchanged from the previous year except for
new or revised IFRS published by the IASB which became binding on January 1,
2005, and were introduced by WMH on that date.
The changes in accounting policies result from application of the following new or
revised standards:
– IFRS 2 Share-based Payment
– IFRS 3 Business Combinations, IAS 36 Impairment of Assets, and IAS 38
Intangible Assets
– IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
– IAS 21 The Effects of Changes in Foreign Exchange Rates.
IFRS 2 Share-based Payment
The target option plan for managerial employees and members of the Board of
Directors dating from 2002 expired on March 31, 2005, without issue of options,
because the conditions for exercising the options were not fulfilled. The target
option plan was enacted by the Board of Directors on April 24, 2002. According to
the Transitional Provisions of IFRS 2, measurement, and recognition in the income
statement, are therefore not required.
IFRS 3 Business Combinations, IAS 36 Impairment of Assets,
and IAS 38 Intangible Assets
The application of IFRS 3 and IAS 36 had the effect that as from January 1, 2005,
goodwill is no longer amortized linearly but tested annually for impairment. The
cumulative goodwill amortization and impairments up to December 31, 2004, of
CHF 27.9 million were offset against the purchase cost of CHF 60.2 million on
January 1, 2005. In the previous year, there was total goodwill amortization of
CHF 26.3 million, of which CHF 16.9 million resulted from impairments.
IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
The industrial burners business, in the form of Oertli Induflame AG, was sold on
June 23, 2005. This discontinued operation had no future strategic significance for
the WMH Heating business segment. Since the discontinued operation was of no
material significance, it has not been included in the income statement, cash flow
statement, or segment reporting for 2005 or the previous year.
IAS 21 The Effects of Changes in Foreign Exchange Rates
The standard was partially revised in December 2005. WMH has already applied
the revisions retrospectively.
2.3 Consolidation
Consolidation
The consolidated financial statements include WMH Walter Meier Holding AG and
all subsidiaries in which the Group has significant control over the financial and
business principles and normally owns more than half of the voting rights. The
individual consolidated financial statements are prepared consistently in accordance
with the accounting principles described below. The balance sheet date of all
consolidated companies is December 31. Group-internal transactions balances,
and unrealized gains on transactions between the companies of the Group are
eliminated. Minority interests are reported separately.
First-time recognition
Acquisitions are accounted for using the purchase method. Subsequently, the
purchase price of the investment is offset against the fair value of the identifiable
assets and the liabilities that were outstanding or estimated on the day of the
acquisition. Any resulting excess in the purchase price (goodwill) is capitalized and
periodically tested for impairment. Should the costs of the acquisition be lower
than the fair value of the identifiable net assets of the acquired subsidiary, the
amount of the difference is recognized immediately in the income statement.
Should the Group not own 100% of the acquired company, the minority interests
are recognized according to their share in the fair value of the identified net assets.
Foreign currency translation
The consolidated financial statements are prepared in Swiss francs (CHF), the
reporting currency of the Group. Each independent unit in the Group determines
its own functional currency and the individual financial statements are prepared in
that currency. For the purpose of inclusion in the consolidated financial statements,
balance sheet accounts of foreign subsidiaries are translated into Swiss
francs at the closing rates on the balance sheet date, and income statement
amounts are translated at the average monthly rates in effect during the fiscal year.
Translation differences arising from the application of these principles are reported
as a separate component of shareholders’ equity. When a business unit in a foreign
currency is sold, the cumulative translation differences are transferred to the income
statement.
The following table shows the exchange rates applied in these consolidated financial
statements.
Average rate
Year-end closing rate income statement/
balance sheet cash flow statement
2005 2004 2005 2004
CHF CHF CHF CHF
1 CAD 1.1331 0.9413 1.0342 0.9551
1 CNY 0.1630 0.1366 0.1529 0.1498
1 EUR 1.5568 1.5434 1.5489 1.5445
1 GBP 2.2692 2.1803 2.2669 2.2746
1 HKD 0.1696 0.1455 0.1608 0.1593
1 USD 1.3153 1.1316 1.2504 1.2410
2.4 Consolidated companies
The consolidation encompasses WMH Walter Meier Holding AG and its domestic
and foreign subsidiaries. A list of the main consolidated companies is shown on
page 25.
The following transactions occurred in the reporting year:
On January 7, 2005, minority interests of WMH Tool Group were purchased from
third parties at a price of USD 20 million. The purchase price corresponds to the
net assets that were recognized in the consolidated financial statements for 2004,
where they were reported on December 31, 2004, as a minority interest of WMH
Tool Group. This transaction did not cause either a positive or a negative purchase
price difference.
According to a legal merger contract of May 2, 2005, WMH Walter Meier Holding AG
acquired WMH Interholding AG on January 1, 2005. Interholding AG is a wholly
owned subsidiary of WMH Walter Meier Holding AG.
As a result of its sale on June 23, 2005, Oertli Induflame AG (WMH Heating) was
removed from the scope of the consolidation. It was deconsolidated as of that date.
Otherwise, the scope of the consolidation remained unchanged in business year 2005.
The following transactions took place in the previous year:
In 2004, there were minor acquisitions of assets and liabilities amounting to
CHF 2.4 million which did not change the scope of the consolidation.

2.5 Significant accounting policies
Preparation of the consolidated financial statements requires management to make
evaluations and estimates which influence the measurement of assets, liabilities,
contingencies, income, and expenses at the time when they were recognized.
Assets and liabilities are recognized at the time when the future economic benefit
to, or obligation for, the Group becomes probable, and the related amounts can be
measured reliably. If, at a later point in time, such evaluations and estimates, which
were made by management based on their best knowledge and belief, turn out to
change, they will be adjusted in the reporting period in which the underlying facts
changed.
Net sales
Net sales comprise the invoiced amount for the delivery of goods and services
excluding value added tax and after deduction of outstanding credits and sales
allowances. Revenues from the delivery of goods are recognized as soon as material
elements of benefit and risk have been transferred to the purchaser. Revenues
from the performance of services are recognized pro rata depending on the services
performed up to balance sheet date in proportion to the total project. In the case
of long-term manufacturing projects, revenues are recognized according to the
progress of the project.
Research and development
All research and development costs arising during the year are expensed wherever
the conditions contained in IAS 38 for recognition of development costs in the
balance sheet are not fulfilled in all respects.
Cash
Cash includes cash on hand, postal accounts, and cash in banks.
Marketable securities
Marketable securities are recognized at market value.
Receivables
Within receivables, individually recognized risks are covered by appropriate
allowances. Other specific risks are covered by a lump sum allowance, whose value
is based on historical information.
Inventories
Inventories comprise raw, auxiliary, and consumable materials, semi-finished and
finished products, and work started but not completed. Inventories are stated at
the lower of average cost (purchase cost or standard manufacturing cost) or
net realizable value at balance sheet date. Production costs comprise materials,
labor, and overhead. Inventories are valued after deduction of necessary value
adjustments for slow-moving and obsolete items.
Property, plant, and equipment
Except for land, which is recorded at historical cost, all fixed assets are recorded at
purchase or production costs less accumulated depreciation and impairments.
Expenditures for repairs and maintenance (as well as for the acquisition of fixed
assets of insignificant value) are charged directly to the income statement. Larger
expenditures which serve to increase the value of a tangible asset are capitalized
and depreciated over the remaining useful life of the improved asset. Depreciation
on fixed assets is taken on a straight-line basis over their estimated useful lives, as
determined at the time of acquisition. The assets are periodically tested for impairment.
The depreciation periods for the Group’s most important categories of fixed assets
are:
Buildings 40 – 66 years
Production equipment 6 – 10 years
Tools 2 – 5 years
Office furniture and IT equipment 3 – 10 years
Vehicles 4 – 10 years
Property, plant, and equipment is derecognized in the balance sheet when sold or
permanently taken out of operation so that no future economic benefit can be
expected from it. Property, plant, and equipment that is intended for sale is valued
at the lower of fair value less selling costs or the carrying amount and reported
separately according to IFRS 5.
10
11
WMH Financial Report 2005
Investments
Associated companies in which WMH Walter Meier Holding AG has a share are
carried in the balance sheet at a value determined by the equity method. These are
companies in which WMH generally holds 20–50% of the voting or capital rights
or over which it exercises significant influence.
Long-term loans are carried at cost or face value; any impairment is recognized by
means of a corresponding revaluation. Financial investments held to maturity are
recorded in the balance sheet at amortized cost.
All other financial investments (available for sale) are valued at fair value. Short-term
financial investments available for sale are reported in other receivables. Any
unrealized gains are credited to shareholders’ equity (net after tax) and shown in a
separate column in the statement of changes in equity.
Intangible assets
Goodwill represents the excess of the purchase costs at the date of the acquisition
over the fair value of that part acquired by WMH of the identifiable net assets of
the acquired subsidiary. Goodwill resulting from the acquisition of subsidiaries is
recognized as an intangible asset and tested at least annually, always on the same
date, for impairment on the basis of pre-defined cash generating units. In the
consolidated financial statements, the carrying value of goodwill is reported at
purchase cost less cumulative impairments.
Other intangible assets are assets with a limited useful life. These are recognized
at purchase or production cost and subsequently amortized linearly over the
expected useful life and tested for impairment should there be corresponding
indications. Service contracts acquired from third parties are normally charged to
the income statement over a period of three years.
Liabilities
Short-term liabilities comprise amounts due within less than twelve months, as
well as prepayments from customers in association with service contracts. Longterm
liabilities comprise financing arrangements with maturities in excess of one
year.
Long-term provisions
Provisions are created when the Group has a current legal or de facto obligation
resulting from past events and it is probable that a cash drain will be required to
cover the obligations and the amount can be reliably estimated.
Pension benefit plans
Most of the Group’s employees are eligible to participate in autonomous definedcontribution
or defined-benefit pension plans. These pension plans are generally
funded by equal payments from participating employees and the relevant
WMH Group companies, which take account of periodic recommendations by
independent qualified actuaries.
For defined-benefit plans, the pension accounting costs are assessed using the
projected-unit-credit method. Under this method, the cost of providing pensions is
charged periodically to the income statement so as to spread the regular cost evenly
over the service lives of the employees. The pension obligation is measured as the
present value of the estimated future cash outflows using interest rates of longterm
Swiss government bonds. Any actuarial gains or losses are spread over the
remaining service lives of the insured employees and charged to the income statement
when the cumulative balance exceeds the corridor of 10%. The contributions by
WMH Group companies to defined contribution pension plans are charged to the
income statement in the year to which they relate.
Leasing
Assets that are acquired under long-term leasing contracts (financial leasing) are
carried in the balance sheet at the net present value of the future lease payments
and depreciated along with other fixed assets. The related liabilities are included
with the respective long-term and short-term financial liabilities. Such lease payments
(operating leasing) in which a significant part of the ownership risk and benefit
remains with the lessor are charged to the income statement.

WMH Group
Deferred taxes
When calculating deferred taxes, all timing differences between tax-based values
and accounting values are valued according to the comprehensive liability method
at the respective local tax rates and corresponding provisions made in the balance
sheet. Changes in the provisions for deferred taxes are reflected in the consolidated
income statement. Deferred tax benefits on tax loss carry forwards are capitalized,
provided there is reasonable expectation that they can be recovered by means of a
reduction of future taxable income. Deferred taxes on non-distributed earnings of
subsidiaries are provided for to the extent that such earnings are not viewed as
being permanently reinvested in the subsidiary.
Related parties
Transactions with related parties are executed at normal market conditions. Information
on individual transactions is given in note 28.
3 Financial risk management/derivative financial instruments
3.1 Financial risk management
Foreign currency risks
Foreign currency risks due to translation differences result from transactions that
are executed in foreign denominations and paid in local currencies. The risks associated
with such transactions are partially hedged by the Group companies using
forward exchange contracts within the scope of the defined hedging policy.
Translation differences also result from consolidation differences on the conversion
of Group companies with foreign reporting currencies into Swiss francs. Currency
translation affects net income and shareholders’ equity. The most significant risk to
the Group regarding translation differences is presented by the United States
dollar. Potential translation risks from the most significant net investments in
US dollars are partially hedged through loans payable in the same currency.
Interest rate risks
As a result of the Group’s net liability position, increases in interest rates have a
negative effect on net income. For this reason, some long-term liabilities are hedged
with interest-rate derivatives.
3.2 Derivative financial instruments
Derivative financial instruments held in association with financial risk management
such as, for example, interest rate swaps, exchange contracts, and certain derivative
financial instruments embedded in underlying contracts, are recognized in the
balance sheet as either short-term or long-term financial investments or liabilities
at market values. Changes in market values are recognized in either the income
statement or shareholders’ equity, depending on the purpose for which these
financial instruments are used.
In the case of fair value hedges (hedging of the amortized purchase value), the
change in market value of the effective part of both the financial instrument and
the hedged underlying transaction are expensed immediately.
In the case of cash flow hedges, the change in market value of the effective part of
the financial instrument is recognized in shareholders’ equity until the hedged
underlying transaction is expensed.
In the case of derivative financial instruments which are not classified as, or do not
qualify as, accounting hedges in the sense stated above, the change in market
value is recognized as a component of financial income/expense. This also applies
to fair value hedges and cash flow hedges handled in the manner stated above,
from the point in time at which they no longer qualify as accounting hedges.
4 Segment reporting
Segment reporting is presented by business segment (primary segmentation) and
by geographical segment (secondary segmentation).
WMH Tools
The WMH Tools business segment distributes tools, woodworking and metalworking
machines, and workholding systems. This business segment is aligned to the American,
Canadian, and European markets.
WMH Air Conditioning
The WMH Air Conditioning business segment manufactures and sells appliances
and systems for air humidification worldwide and distributes unit air conditioners
and air conditioning systems in Europe.
WMH Heating
The WMH Heating business segment, comprising the Vescal and Oertli Service
companies, is active in the Swiss market for heat generation and heat distribution
systems as well as their maintenance and repair.
Sales between the business segments are conducted at normal market conditions.
For further information about the products and services of the individual business
segments, reference should be made to the respective comments on pages 18 and
19.
5 Effects of currency translation and changes in Group
composition on the income statement
The effects of currency translation and changes in Group composition were as follows:
CHF mil. Net sales EBITA
Total deviation -17.9 6.8
Changed scope of consolidation 4.4 -1.1
Currency translation -2.5 -0.1
Adjusted deviation -16.0 5.6
In % -2.3 20.6
6 Net sales
Net sales by economic sector were as follows:
CHF mil. 2005 2004
Production 102.0 98.7
Distribution 517.1 537.0
Customer service 70.9 72.2
Total net sales 690.0 707.9
7 Material and operating expense
The costs of goods sold and services provided, as well as administration, sales,
marketing, and research and development costs comprised the following expense
categories:
CHF mil. 2005 2004
Materials 397.7 430.5
Personnel (including benefits) 154.1 151.0
Other operating expenses 94.9 90.8
Depreciation 10.3 10.6
Total operating expenses 657.0 682.9
Average number of employees 1809 1796

8 Other operating income
Other operating income relates mainly to gains on the sale of Oertli Induflame AG
and property, plant and equipment.
Sale of Oertli Induflame AG
Oertli Induflame was sold on June 23, 2005, and is therefore no longer included
in the consolidation. The industrial burners business was of no further strategic
significance to WMH.
In 2004, Oertli Induflame AG generated net sales of CHF 10 million and finally
employed 25 people. After deduction of the associated costs, the sale resulted in a
positive net cash flow of CHF 1.5 million.
Details of the sale in CHF mil.
Selling price less selling costs 1.5
Assets at date of purchase 3.8
Liabilities at date of purchase 2.5 -1.3
Gain on sale 0.2
9 Financial income/expense, net
CHF mil. 2005 2004
Interest income 0.6 0.8
Value adjustment on loan -0.4 0.0
Interest expense -4.6 -5.8
Total financial income and expense, net -4.4 -5.0
10 Income expenses
Income tax expense includes all taxes accrued or paid by the consolidated companies
on the results of operations for the reporting year, and deferred taxes due to changes
in the revaluations made in the course of the consolidation.
CHF mil. 2005 2004
Current taxes on income from
normal business operations -7.4 -5.9
Deferred taxes on changes in revaluations 0.6 0.9
Total income taxes -6.8 -5.0
The tax rate applicable to the Group is 25% which represents the tax rate expected
to be applied to income of the individual WMH companies in the respective areas
of tax jurisdiction.
The table below shows how the Group tax rate and actual taxes are calculated
from the income taxes and Group taxes.
CHF mil. 2005 2004
Net income/loss before income taxes 28.1 -4.2
Income taxes based on expected
average income tax rate 7.0 -1.0
Effect of uncapitalized losses carried forward -0.3 6.8
Offset of uncapitalized losses carried forward -0.1 -0.7
Retroactive capitalization of losses carried forward
from earlier periods -0.3 -0.9
Taxes at other taxation rates 0.5 0.6
Other, individually immaterial changes 0.2
Total income taxes per income statement 6.8 5.0
11 Earnings per share
12
13
The earnings per share are calculated as follows:
WMH Financial Report 2005
2005 2004
-A- registered shares of CHF 25.00 nom. 1 570 800 1 770 800
Less: -A- reserved registered shares -200 000
Less: -A- registered shares in treasury
(average for year) -88 651 -108 362
Number of -A- registered shares relevant
for the calculation 1 482 149 1 462 438
-B- registered shares of CHF 5.00 nom. 3 300 000 3 300 000
Number of -B- registered shares relevant
for the calculation 3 300 000 3 300 000
Assignable income/loss (CHF mil.)
-A- registered shares 14.7 -6.3
-B- registered shares 6.6 -2.8
Income/loss available to shareholders of the
parent company 21.3 -9.1
Earnings per share (CHF)
-A- registered share 9.94 -4.29
-A- registered share (diluted) 9.94 -4.29
-B- registered share 1.99 -0.86
-B- registered share (diluted) 1.99 -0.86
12 Effects of currency translation and changes in Group
composition on the balance sheet
Deviations to prior year Current Long-term Liabilities
CHF mil. assets assets
Total deviation 1.6 4.3 -9.4
Change in scope of consolidation 2.6 0.1 2.1
Currency translation -18.5 -5.6 -10.9
Adjusted deviation -14.3 -1.2 -18.2
13 Trade accounts receivable and other short-term receivables
CHF mil. 12/31/05 12/31/04
Trade accounts receivable, gross 113.5 108.5
less allowance for doubtful accounts -5.7 -9.3
Trade accounts receivable, net 107.8 99.2
Prepayments to suppliers 0.6 0.4
Other receivables 5.7 4.3
Prepaid expenses and accrued income 2.9 2.3
Total receivables 117.0 106.2
14 Inventories
CHF mil. 12/31/05 12/31/04
Raw materials and supplies 10.6 12.3
Work in process 2.5 6.0
Finished goods (including items purchased for resale) 144.5 133.3
Allowances -36.7 -32.9
Total inventories, net 120.9 118.7
The inventories include spare parts valued at CHF 8.5 (11.4) million.

WMH Group
15 Property, plant and equipment
Land Machinery,
and fixtures, Total Total
CHF mil. buildings motor vehicles 2005 2004
Gross value as of 1/1 7.0 85.6 92.6 94.9
Additions 10.3 10.3 9.2
Disposals -0.5 -7.2 -7.7 -9.0
Additions to/removals from
scope of consolidation -0.2 -0.2 0.0
Foreign currency translation 1.3 5.0 6.3 -2.5
Gross value as of 12/31 7.8 93.5 101.3 92.6
Accumulated depreciation as of 1/1 1.7 63.3 65.0 64.5
Additions 0.2 10.1 10.3 10.6
Disposals -6.9 -6.9 -8.4
Additions to/removals from
scope of consolidation -0.1 -0.1 -1.7
Foreign currency translation 0.3 3.9 4.2 0.0
Accumulated depreciation as of 12/31 2.2 70.3 72.5 65.0
Net property, plant and
equipment as of 12/31 5.6 23.2 28.8 27.6
Insured value 1.4 64.8 66.2 63.6
Capital leases 0.0 0.1
There were no impairments on fixed assets requiring recognition in 2004 or 2005.
16 Investments
Prepaid Loans Investments
pension to third in Total Total
CHF mil. cost parties associates Other 2005 2004
Balance as of 1/1 12.4 0.0 2.4 0.4 15.2 15.3
Additions 1.1 0.3 0.3 1.7 0.3
Reductions 0.0 0.0
Reclassification 0.4 -0.4 0.0 0.0
Write-downs -0.4 -0.4 -0.1
Additions to/removals from
scope of consolidation 0.0 0.0
Foreign currency translation 0.2 0.2 -0.3
Investments as of 12/31 13.5 0.0 2.9 0.3 16.7 15.2
Prepaid pension cost from pension schemes
Details of prepaid pension costs are shown in note 26 “Pension schemes” on
page 16.
Investments in associated companies
WMH has a holding of 33 1 /3% in “Pexca International Limited” with headquarters
in Hong Kong. Pexca is a holding company which owns 100% of the tool
manufacturing company “Laizhou Hongyuan Bench Vise Manufacture Co. Ltd”
with headquarters in China. Pexca is included in the Group result according to the
equity method. WMH exercises control over the business activities of Pexca
through having two members on its board of directors. In 2005, Pexca generated
net sales of CHF 21.5 (17.2) million and income of CHF 0.9 (0.7) million.
17 Intangible assets
Other
intangible
CHF mil. Goodwill assets Total
Gross value as of 1/1/05 60.2 0.9 61.1
Elimination cumulative amortization as of 1/1/05 -27.9 -27.9
Amortization -1.3 -1.3
Foreign currency translation 2.6 2.6
Gross value as of 12/31/05 33.6 0.9 34.5
Accumulated amortization as of 1/1/05 27.9 27.9
Elimination cumulative amortization as of 1/1/05 -27.9 -27.9
Additions 0.3 0.3
Accumulated amortization as of 12/31/05 0.0 0.3 0.3
Net intangible assets as of 12/31/05 33.6 0.6 34.2
Goodwill
Since January 1, 2005, goodwill arising from the acquisition of subsidiaries is no longer
linearly amortized as in the previous year but tested annually for impairment. The
basis for the impairment test are pre-defined cash generating units (CGU). The
cumulative goodwill amortization recognized in the previous years was offset
against the purchase cost on January 1, 2005.
In business year 2005, the impairment test in the WMH Air Conditioning business
segment indicated a need to amortize the goodwill amounting to CHF 1.3 million.
Other intangible assets
Other intangible assets comprise capitalized costs of purchased service contracts.
The useful life for this category is normally 3 years.
There are no other intangible assets with an indefinite or limited useful life.
Other
intangible
CHF mil. Goodwill assets Total
Gross value as of 1/1/04 88.0 88.0
Acquisitions 0.6 0.9 1.5
Disposals -25.4 -25.4
Translation differences -3.0 -3.0
Gross value as of 12/31/04 60.2 0.9 61.1
Cumulative amortization as of 1/1/04 24.4 24.4
Acquisitions 26.2 26.2
Disposals -21.1 -21.1
Translation differences -1.6 -1.6
Cumulative amortization as of 12/31/04 27.9 0.0 27.9
Net intangible assets as of 12/31/04 32.3 0.9 33.2
In business year 2004, goodwill of WMH Tool Group in the Retail Division and
of Axair Climate was reduced by CHF 16.9 as a result of an impairment test. In
addition, the goodwill of WMH Tool Group was reduced by the derecognition of
warrants, i.e. the contractual residual purchase price for the acquisition in February
2002 of Wilton. In 2004, the provision for the warrant could therefore be reversed
in favor of goodwill. This reduction is reported as a disposal in the above table.

Impairment test on goodwill
The goodwill of the various acquisitions was always allocated to the primary cash
generating units (CGUs) on the date of the acquisition. For the CGU, the smallest
possible group of assets was chosen that generates cash by continued use and is
therefore largely independent of the respective other assets. The respective CGUs
were combined into groups, and the groups correspond to the business segments.
The business segments are described in note 4.
Carrying amount of goodwill (CHF mil.) 12/31/05 12/31/04
WMH Tools 21.2 18.8
WMH Air Conditioning 11.8 12.9
WMH Heating 0.6 0.6
Total 33.6 32.3
In the impairment test, the carrying amount of the CGU, including the goodwill
assigned to it, is compared with the calculated enterprise value (value in use).
Should the carrying amount of the CGU exceed the calculated enterprise value,
there is an impairment. The calculated enterprise value is the higher of the fair
value less costs of disposal and the value in use, which is defined as the discounted
value of the future cash flows that are expected to be derived from a CGU.
Basis for calculation of value in use
Group Management has determined the sales income and material and operating
expenses based on the budget and the two following years according to the
strategic plan and the growth rates for the subsequent planning horizon based on
their expectations regarding further market developments. The resulting cash flow
is used as the basis for calculating the value in use. The discount rates are pre-tax
rates and express the specific risks of the respective CGUs.
Significant assumptions (average for CGUs with goodwill):
WMH Tools WMH Air Conditioning WMH Heating
Annual sales growth
in planning period
Annual growth rate of
4.3% 8.5% 3.8%
the residual value 2.0% 1.3% 2.0%
Pre-tax discount rate 10.2% 11.0% 8.4%
18 Trade accounts payable and other short-term liabilities
CHF mil. 12/31/05 12/31/04
Trade accounts payable 59.6 66.8
Short-term bank loans 59.2 0.6
Other short-term liabilities 60.6 57.8
Total short-term liabilities 179.4 125.2
19 Long-term liabilities
The composition of long-term liabilities, including an overview of their respective
maturities, is shown in the table below:
of which amounts due within 12/31/05 12/31/04
up to 1 to more than
CHF mil. 1 years 5 years 5 years Total Total
Loans and mortgages 59.2 59.2 66.8
Leasing liabilities 0.2
Subtotal 59.2 59.2 67.0
Less current portion -59.2 -59.2 -0.2
Total long-term liabilities 0.0 0.0 0.0 0.0 66.8
The existing syndicated credit with a limit of CHF 134.8 million expires on July 20,
2006. On December 31, 2005, a total of CHF 64.8 (70.0) million of the authorized
credit had been utilized. Of this amount, CHF 5.6 (3.5) million was for interest
swap agreements for bank guarantees. The average interest rate for the credit was
3.7% (4.3%) including the effect of the interest swap agreement described in
note 27.
20 Deferred tax assets and liabilities
14
15
WMH Financial Report 2005
This amount comprises the potential tax effects of values which are included in the
consolidated financial statements, but unrealized for accounting and tax purposes
by the subsidiaries, of CHF 10.9 (10.9) million, including deferred taxes on nondistributed
earnings of subsidiaries of CHF 0.3 (0.3) million.
The main components of the deferred tax liabilities are as follows:
CHF mil. 12/31/05 12/31/04
Undistributed earnings from Group companies 0.3 0.3
Allowance for doubtful accounts 0.2 0.2
Machinery, fixtures, motor vehicles 1.0 1.5
Intangible assets 0.8 0.5
Inventories 2.5 2.3
Prepaid pension cost/pension plan obligations 2.7 2.6
Warranty provisions 0.7 0.9
Other short- and long-term provisions 2.7 2.6
Total deferred tax liabilities 10.9 10.9
Uncapitalized losses carried forward (CHF mil.) 12/31/05 12/31/04
Year of expiry 2009 1.3 0.9
Year of expiry 2010 1.4 1.8
Year of expiry 2011 and after 29.1 19.6
Total uncapitalized losses carried forward 31.8 22.3
Deferred tax benefits on tax-loss carry-forwards are not capitalized unless there is
reasonable certainty that they can be recovered by being offset against future
taxable income.
The deferred tax assets of CHF 3.2 (2.6) million relate to tax-loss carry-forwards
which can be offset against future income.
21 Long-term provisions
Long-term provisions totaling CHF 15.3 million comprise warranties of CHF 3.9
million, provisions of CHF 4.4 million for obligations under pension schemes,
and other provisions of CHF 7.0 million. Changes to provisions took place as follows:
Pension plan Earn- Total Total
CHF mil. Warranties obligations out Other 2005 2004
Balance as of 1/1 8.0 3.7 0.8 5.1 17.6 23.0
Additions 5.8 0.7 3.9 10.4 11.2
Disposals -2.6 -2.6 -2.5
Recognized in income statement 5.8 0.7 0.0 1.3 7.8 8.7
Reduction warrant 0.0 -4.8
Removals from scope of
consolidation/divestments -0.2 -0.2 0.0
Additions by acquisitions 0.0 0.3
Amounts used during year -5.2 -0.1 -5.3 -9.1
Exchange differences 0.3 0.7 1.0 -0.5
Subtotal 8.7 4.4 0.8 7.0 20.9 17.6
Less current portion -4.8 -0.8 -5.6 -4.5
Balance as of 12/31 3.9 4.4 0.0 7.0 15.3 13.1
Warranties
The provisions for warranties serve to cover existing and potential losses and
performance obligations arising from product and service warranties. The provisions
are based on existing contracts and statistics of those subsidiaries which have such
potential obligations.
It is estimated that CHF 4.8 million of those obligations will be fulfilled within one
year.
Pension schemes
These provisions are calculated by an independent pension fund expert. The basis
for the calculations is described in note 26.

WMH Group
Earnouts
The remaining earnouts of approximately CHF 0.8 million fall due for payment in
2006.
Other provisions
Other provisions comprise known obligations of CHF 3.0 million arising from the
Group’s internal captive insurance company, as well as obligations from other
contracts, legal proceedings, and miscellaneous risks. The provision for the captive
insurance is calculated by an independent actuary according to actuarial principles.
22 Statement of changes in shareholders’ equity
At the Annual Shareholders’ Meeting on May 2, 2005, it was decided to reduce
the share capital by CHF 5.0 million from CHF 60.8 million to CHF 55.8 million.
The capital was reduced in August 2005 by retiring 200 000 reserved -A- registered
shares in treasury with a nominal value of CHF 25.00 each.
Further information regarding the structure of the share capital is given on page 4,
and holdings of treasury shares are summarized on page 24.
23 Minority interests
In 2004 the minority interests in shareholders’ equity related mainly to preferred
shares of WMH Tool Group. These preferred shares with a value of USD 20 million
were issued to the sellers of Wilton Tool Company as partial financing of the acquisition
price. These preferred shares carry no entitlement to a share in net income,
but only to a fixed dividend. These preferred shares were purchased on January 7,
2005.
The remaining minority interests relate to the WMH Air Conditioning business
segment.
24 Business acquisitions
The table below shows the cash drain due to acquisitions, and the resulting intangible
assets. Further details are presented under “Consolidated companies” on
page 25.
Business acquisitions (CHF mil.) 12/31/05 12/31/04
Purchase price cash-effective 23.2 1.8
Purchase price not cash-effective 0.6
Exchange rate effect -0.5
Carrying amount of minority interests -22.7
Fair value of net assets acquired -1.0
Goodwill 0.0 1.4
The fair value of the net assets acquired comprises the following:
CHF mil. 12/31/05 12/31/04
Inventories 0.0 1.0
Fair value of net assets acquired 0.0 1.0
WMH Tool Group
The acquisition of the minority interests of WMH Tool Group on January 7, 2005,
is recognized according to the parent-entity-extension method. In this method, the
share in the assets of WMH Tool Group is not revalued on the date of acquisition.
The purchase price paid is offset against the carrying amount of the minority interests
on the date of the acquisition. The purchase price paid is offset against
the carrying amount of the minority interests on the date of the acquisition.
There is neither a positive nor a negative purchase price difference.
25 Contingent liabilities
CHF mil. 12/31/05 12/31/04
Guarantees on behalf of others 0.9 1.0
The contingent liabilities relate mainly to securing customer prepayments and
warranty obligations on products already delivered.
26 Pension schemes
The obligations under defined-benefit pension schemes are recalculated every
year by an independent actuary using the projected-unit-credit method.
The amounts recognized in the consolidated balance sheet are as follows:
CHF mil. 12/31/05 12/31/04
Present value of benefit obligations
with separate assets -240.7 -237.4
Fair value of plan assets 274.0 246.4
Subtotal 33.3 9.0
Present value of benefit obligations
without separate assets -2.4 -2.1
Unrecognized actuarial
gains(-)/losses -14.3 9.3
Unrecognized defined benefit assets
according to IAS 19.58 (b) -7.5 -7.5
Attributable to Group 9.1 8.7
On December 31, 2005, actuarial gains(-)/losses of CHF -14.3 (9.3) million were
unrecognized in the consolidated income statement because the amount stated
falls within the permitted corridor of 10% (the greater of 10% of the present
value of the obligations with separate assets and 10% of the fair value of the
assets).
Net periodic pension cost comprises the following components:
CHF mil. 2005 2004
Current service cost -12.6 -11.4
Interest cost -8.9 -8.9
Expected return on plan assets 12.2 12.0
Remeasurement of unrecognized assets
according to IAS 19.58 (b) 0.1 -0.1
Amortization 0.2 -0.1
Recognition of losses according to IAS 19.58 A -0.5 -0.5
Employee contributions 4.2 4.1
Total current service cost -5.3 -4.9
Actual return on plan assets 34.5 9.6
Movement in prepaid pension cost, recognized in the balance sheet:
CHF mil. 2005 2004
Net prepaid pension cost as of 1/1 -8.7 -7.9
Net periodic pension cost 5.3 4.9
Employer’s contributions -5.7 -5.6
Foreign currency translation -0.1
Net prepaid pension cost as of 12/31
recognized in the balance sheet -9.1 -8.7
Investments CHF 13.5 (12.4) million, pension plan obligations CHF 4.4 (3.7) million.
The principal actuarial assumptions used for accounting purposes were:
2005 2004
Discount rate 3.1% 3.8%
Interest on savings 5.1% 5.0%
Future salary increases 2.3% 3.0%
Future pension increases 0.5% 1.0%
In addition, the Group has several defined-contribution plans. The cost of these
plans was CHF 0.4 (0.5) million.

27 Other financial commitments
Rental and leasing contracts
Obligations arising from long-term rental and leasing contracts not recognized in
the balance sheet:
up to 1 to more than
CHF mil. Total 1 year 5 years 5 years
2005 69.2 16.6 41.3 11.3
2004 76.2 16.6 44.8 14.8
Operating leasing consists mainly of leases on buildings, information technology
equipment, and vehicles. The maximum residual life is 17 years for buildings, and
less than 3 years for the other items. The interest rates vary between 3.2% p.a.
and 4.5% p.a. depending on the year in which the respective lease was concluded
and its duration.
Derivative financial instruments
The values of the open transactions for hedging transactions in foreign currencies
are:
CHF mil. 12/31/05 12/31/05 12/31/04 12/31/04
Transaction currency Contract Market Contract Market
value value value value
Forward exchange contracts
EUR 1.6 2.3 -0.1
YEN 0.3 1.2
USD 39.5 5.5 44.8 -0.2
Foreign currency option
YEN 10.6 -0.1 5.0 0.1
Total forward exchange transactions 52.0 5.4 53.3 -0.2
All forward exchange contracts mature in 2006.
The values of the open transactions for hedging interest rate risks are:
12/31/05 12/31/04
Contract Market Market
volume Received value value
Instrument million Payment (variable) CHF mil. CHF mil.
CMS and Collar USD 30 2.10–3.10% 6 months 0.6 -0.2
(Expiry date: 12/31/06) LIBOR
On December 31, 2005, the Group had open a Constant Maturity Swap (CMS)
combined with a Collar for partial hedging of the interest risk on the outstanding
amounts of the syndicated credit. Under this hedging transaction, the Group pays
and receives every quarter variable amounts that are limited on the downside
(2.1%) and the upside (3.1%) by a collar.
Other
In respect of Pan-Isovit GmbH, a former subsidiary, a guarantee was given by
WMH in connection with a fine of EUR 1.5 million. The fine was imposed as a
result of a formal inquiry by the Commission of the European Union regarding a
breach of regulations governing competition by 10 European companies in the
district heating business in October 1998. At the end of 2004, an appeal to the
European Court of Justice against this fine was still in process, after appeal to the
first-level court was rejected. In 2005, the appeal was finally rejected and the fine
became due for payment. At the end of 2004, there were corresponding provisions
for financial payments resulting from the above obligation. In July 2005, the entire
amount owing to the European Commission was paid inclusive of accumulated
interest. The amount paid was equal to the amount of the provision.
28 Related parties
16
17
Within the meaning of IAS 24, related parties are:
WMH Financial Report 2005
– Associated companies
– Pension schemes
– Members of the Board of Directors of WMH Walter Meier Holding AG
– Members of Group Management
– Greentec AG, Zug
– Jürg W. Meier
Pexca International Ltd , Hong Kong
WMH Tool Group holds a 33 1 /3% stake in the holding company “Pexca International
Limited”. The investment was undertaken to secure the business relationship in
the long term. The subsidiary of Pexca with its headquarters in Laizhou (China),
manufactures vises and clamps for WMH Tool Group. There are purchase
agreements for USD 5 million annually. In 2004, products were purchased for
USD 8.1 million. At the end of the reporting year, liabilities of USD 0.2 million were
open with this company.
Option plan for managerial employees of WMH companies,
WMH Group Management, and the Board of Directors
On April 24, 2002, the Board of Directors enacted a new so-called target option
plan, which allows managerial employees and members of the Board of Directors
to purchase during the period from April 1, 2005, to March 31, 2006, registered
shares of WMH at a price of CHF 82.50 (adjusted), provided that the price of the
registered share on March 31, 2005, is at least CHF 125.00 (adjusted). The options
were offered to the recipients free of charge. On March 31, 2005, the price of the
WMH registered shares was CHF 85.50. The minimum price of CHF 125.00 was
therefore not reached and the option was valueless when it expired.
Compensation of members of the Board of Directors and Group Management
2005 2004
Board of Directors (non-executive)
Number of persons 5 4
Fees paid (CHF mil.)
Group Management (executive)
1.5 1.1
Number of persons 4 4
Salaries paid (CHF mil.) 2.0 1.8
Severance payments (CHF mil.) 0.2
Total fees/salaries paid (CHF mil.) 3.7 2.9
Share-based payments
In the reporting year, the members of the Board of Directors received in part-payment
of their fees 1437 shares at an average stock market price of CHF 85.20 per share,
making CHF 0.1 million in total.
Other
There is a long-standing leasing contract with the Chairman of the Board of Directors
for offices used by a WMH company. The annual rental is CHF 0.3 million.
29 Events after the balance sheet date
The Board of Directors proposes to the Annual Shareholders’ Meeting on April 25,
2006, payment of a dividend of CHF 5.00 per listed -A- registered share and
CHF 1.00 per -B- registered share. This would correspond to a total dividend
payment of CHF 11.2 million (see also Proposal Concerning Appropriation of Available
Earnings on page 26).
On January 1, 2006, WMH acquired the assets and employees of the distribution
company Richiger Werkzeugmaschinen in Othmarsingen, Switzerland. With integration
of this business into the existing organization, Walter Meier has completed
its product assortment for manufacturers of precision parts, especially in the
watchmaking industry and in medical engineering. Richiger Werkzeugmaschinen
has 8 employees and in 2005 generated sales of around CHF 7.0 million.
WMH intends to refinance the syndicated credit of CHF 134.8 million that falls
due on July 20, 2006, on a long-term basis. It is expected that the refinancing will
be completed before mid-year.

WMH Group
Segment information
a) By business segment WMH Tools
2005 2004
Net sales CHF mil. 290.0 310.5
% 42.0 43.9
Net sales to other business segments CHF mil. 0.0 0.0
EBITA CHF mil. 6.5 2.2
% 19.3 8.2
Share in profit of associated companies CHF mil. 0.5 0.2
Assets CHF mil. 165.9 156.3
% 47.1 45.1
Liabilities CHF mil. 56.2 78.2
% 26.2 35.1
Investments in property, plant and equipment,
financial assets, intangible assets CHF mil. 2.9 2.7
Depreciation and amortization CHF mil. 3.5 26.4
Research and development CHF mil. 3.2 3.5
Employees (year end) 547 585
% 31.0 31.9
b) By geographical segment Switzerland
CHF mil. 2005 2004
Net sales (based on location of customer) 299.8 290.3
EBITA 27.9 21.0
Assets 147.6 155.0
Liabilities 128.2 116.3
Investments in property, plant and equipment, financial assets, intangible assets 4.5 5.9
Depreciation and amortization 5.2 6.6

WMH Financial Report 2005
WMH Air Conditioning WMH Heating Group headquarters and eliminations Total
2005 2004 2005 2004 2005 2004 2005 2004
231.9 234.5 168.1 162.9 0.0 0.0 690.0 707.9
33.6 33.1 24.4 23.0 0.0 0.0 100.0 100.0
0.2 0.0 0.0 0.4 -0.2 -0.4 0.0 0.0
15.9 18.5 17.3 13.5 -6.1 -7.4 33.6 26.8
47.3 69.0 51.5 50.4 -18.1 -27.6 100.0 100.0
0.0 0.0 0.0 0.0 0.0 0.0 0.5 0.2
105.0 99.4 56.5 57.9 24.7 32.7 352.1 346.2
29.9 28.8 16.0 16.7 7.0 9.4 100.0 100.0
43.8 41.5 68.1 69.7 46.0 34.1 214.1 223.5
20.5 18.6 31.8 31.1 21.5 15.2 100.0 100.0
6.3 4.4 1.0 3.6 1.1 0.3 11.3 11.0
5.7 7.4 2.5 3.0 0.5 0.2 12.2 37.0
5.5 5.1 2.2 2.7 0.0 0.0 10.9 11.3
707 705 486 523 23 21 1763 1834
40.1 38.5 27.6 28.5 1.3 1.1 100.0 100.0
Other Europe North America Other or not allocatable Total
2005 2004 2005 2004 2005 2004 2005 2004
128.4 137.2 243.7 261.4 18.1 19.0 690.0 707.9
2.7 4.4 6.5 -3.0 -3.5 4.4 33.6 26.8
48.9 52.1 137.8 125.3 17.8 13.8 352.1 346.2
28.0 30.7 44.8 65.7 13.1 10.8 214.1 223.5
2.5 1.8 3.0 2.7 1.3 0.6 11.3 11.0
2.6 4.3 4.1 25.7 0.3 0.4 12.2 37.0
18
19

WMH Group
Report of the Group auditors

Annual Financial Statements
WMH Walter Meier Holding AG
Income statement and notes 22
Balance sheet and notes 23
Notes to the financial statements 24
Consolidated companies
and significant investments 25
Proposal of the Board of Directors concerning
appropriation of available earnings 26
Report of the statutory auditors 27
Addresses 28
20
21
WMH Financial Report 2005

WMH Walter Meier Holding AG
Income statement
2005 2004
Income CHF mil. CHF mil.
Dividend income 27.1 17.1
Financial income 4.3 1.7
Realized gains on exchange 4.4 0.0
Total income 35.8 18.8
Expenses
Financial expenses 2.3 2.2
Administrative expenses 2.6 1.5
Depreciation of investments and loans to subsidiaries 19.1 12.1
Income and capital taxes 0.1 0.1
Total expenses 24.1 15.9
Net income for the year 11.7 2.9
Notes to the income statement
The increase of CHF 10.0 million in dividend income results from higher dividend
payments by subsidiaries, a gain on the sale of a subsidiary, and a gain on a legal
merger. The increase of CHF 2.6 million in financial income is mainly derived from an
increase in income from interest and securities. The realized price gains of CHF 4.4
million relate mainly to a gain on a forward exchange contract.
The higher administrative expenses were caused by an increase in personnel and
consulting costs. The depreciation of investments in subsidiaries relates mainly to the
activities of WMH Tool Group.

Balance sheet
12/31/2005 12/31/2004
Assets CHF mil. CHF mil.
Cash 5.6 13.1
Marketable securities 6.3 12.0
Receivables from subsidiaries 4.3 4.6
Prepaid expenses 0.1 0.0
Total current assets 16.3 29.7
Investments in subsidiaries 126.3 120.1
Long-term loans to subsidiaries 57.6 33.1
Total non-current assets 183.9 153.2
Total assets 200.2 182.9
Liabilities
WMH Financial Report 2005
Bank current account overdrafts and loans 24.3 0.0
Payable to subsidiaries 5.5 10.5
Other current liabilities 0.1 0.0
Accrued expenses 1.8 3.8
Other short-term provisions 0.9 1.0
Total current liabilities 32.6 15.3
Long-term loan 0.0 11.1
Loans from subsidiaries 33.8 29.4
Total non-current liabilities 33.8 40.5
Total liabilities 66.4 55.8
Share capital 55.8 60.8
General legal reserve 15.0 15.0
Reserve for treasury shares 6.3 13.9
Unrestricted reserve 33.8 26.2
Retained earnings
Carried forward from prior year 11.2 8.3
Net income for the current year 11.7 2.9
Total shareholders’ equity 133.8 127.1
Total liabilities and shareholders’ equity 200.2 182.9
Notes to the balance sheet
Current assets fell by CHF 13.4 million as a result of retirement of 200 000 reserved
-A- registered shares in association with the capital reduction of CHF 5.0 million
and the decline in cash. The increase of CHF 24.5 million in long-term loans to
subsidiaries results mainly from refinancing the bank loans of WMH Tool Group.
Restructuring of bank loans to take account of expiry of the syndicated credit in
July 2006 caused current liabilities to increase and non-current liabilities to decrease.
The capital reduction of CHF 5.0 million and net income for the year of CHF 11.7
million caused shareholders’ equity to increase by CHF 6.7 million to CHF 133.8
million, with a corresponding equity ratio of 66.8%.
22
23

WMH Walter Meier Holding AG
Notes to the financial statements
Contingent liabilities
CHF mil. 12/31/05 12/31/04
Guarantees to subsidiaries for available credit limits 147.9 134.8
Guarantees on behalf of subsidiaries 16.0 15.4
In association with the contract for the syndicated credit, guarantees were issued:
The company has entered into a guarantee on behalf of most subsidiaries, in each
case for the amount of the respective equity less share capital and statutory
reserves, defined on the date of the balance sheet as the freely disposable equity
according to Swiss law, maximum CHF 165.0 (165.0) million. Conversely, also in
association with this contract, most subsidiaries guarantee the obligations of
WMH Walter Meier Holding AG.
Subordinated loans
CHF mil. 12/31/05 12/31/04
Subordinated loans to subsidiaries 0.5 0.3
Marketable securities
This line item contains treasury shares and other marketable securities. All securities
are valued at market prices.
Registered shares in treasury
Number Purchase price
CHF mil.
Balance at 1/1/05 308 029 13.9
Reduction in capital as decided by the Annual Shareholders’ Meeting on May 2, 2005 -200 000 -5.0
Subtotal 108 029 8.9
Additions 7 491 0.6
Disposals -42 592 -3.2
Balance at 12/31/05 72 928 6.3
The capital was reduced by retiring 200 000 -A- registered reserve shares in treasury
with a nominal value of CHF 25.00 each. The other additions and disposals were
at market prices. As part of the net reduction of CHF 7.6 million, the reserve for
treasury shares was reduced in favor of the free reserves.
Share capital
Information relating to the composition of the share capital is presented on page 4.
Guarantees on behalf of subsidiaries relate mainly to guarantees to lessors for real
estate sold and leased back by subsidiaries, as well as guarantees in relation to
interest hedging and leasing transactions affecting some subsidiaries. The actual
amount utilized on 12.31.05 was CHF 2.7 mil.

Consolidated companies and significant investments
24
25
WMH Financial Report 2005
Company Share capital Percentage of equity held
WMH Tools
WMH Tool Group Inc., Elgin, USA USD 30 180 000 100%
WMH Tool Group AG, Schwerzenbach, Switzerland CHF 2 200 000 100% 1)
WMH Tool Group Shanghai Limited, Shanghai, China CNY 8 292 000 100%
WMH Tool Group Ltd., Brampton, Canada CAD 120 100%
Walter Meier AG, Schwerzenbach, Switzerland CHF 1 150 000 100% 1)
Mato CNC-Maschinen AG, Berneck, Switzerland CHF 1 500 000 100% 1)
WMH Air Conditioning
Axair AG, Pfäffikon, Switzerland CHF 2 150 000 100% 1)
Axair GmbH, Garching, Germany EUR 1 000 000 100%
Axair SAS, Neuilly-sur-Marne, France EUR 1 677 000 100%
Axair Climate Limited, Solihull, UK GBP 50 000 100%
AxEnergy AG, Pfäffikon, Switzerland CHF 500 000 100% 1)
Axair (Far East) Ltd., Hong Kong, China HKD 2 060 000 70% 1)
Axair (Shanghai) Ltd., Shanghai, China CNY 1 655 000 70%
Axair (Beijing) Air Humidification Co., Ltd., Beijing, China CNY 11 000 000 70%
Axair Kobra AG, Romont, Switzerland CHF 1 480 000 100% 1)
Axair Nortec Ltd., Ottawa, Canada CAD 200 100 100%
Axair Nortec Inc., Ogdensburg, USA USD 10 100%
Draabe Industrietechnik GmbH, Hamburg, Germany EUR 77 300 100%
Charles Hasler AG, Regensdorf, Switzerland CHF 1 050 000 100% 1)
Nordmann Engineering AG, Aesch, Switzerland CHF 800 000 100% 1)
WMH Heating
Vescal SA, Vevey, Switzerland CHF 1 000 000 100% 1)
Oertli Service AG, Schwerzenbach, Switzerland CHF 7 300 000 100% 1)
Finance and financial services companies
Exploitatie Maatschappij Vierlo B.V., Amsterdam, Netherlands EUR 11 345 100% 1)
Nivek Beleggingen N.V., Curaçao, Netherlands Antilles EUR 158 900 100% 1)
WMH Walter Meier Holdings Corp., Wilmington, USA USD 48 500 000 100% 1)
WMH Walter Meier Holding Deutschland GmbH, Garching, Germany EUR 2 045 168 100% 1)
WMH Walter Meier Holding Insurance Ltd., Hamilton, Bermuda USD 120 000 100% 1)
WMM Walter Meier Management AG, Stäfa, Switzerland CHF 100 000 100% 1)
1) Directly owned by WMH Walter Meier Holding AG

WMH Walter Meier Holding AG
Proposal of the Board of Directors
concerning appropriation of available earnings
The Board of Directors proposes to the Annual Shareholders’ Meeting the following
appropriation of the available earnings:
CHF mil. 2005 2004
Net income for the fiscal year 11.7 2.9
Earnings brought forward from the prior year 11.2 8.3
Retained earnings 22.9 11.2
Less dividend of CHF 5.00 (0.00) per -A- registered share
dividend of CHF 1.00 (0.00) per -B- registered share -11.2 0.0
Earnings carried forward to the new fiscal year 11.7 11.2
Approval of this proposal by the Annual Shareholders’ Meeting will result in the
following distribution:
CHF -A- registered -B- registered
Gross dividend 5.00 1.00
Less 35% Swiss federal withholding tax -1.75 -0.35
Net dividend 3.25 0.65
The net dividend will be paid to the shareholders on or after April 28, 2006,
by direct transfer to their bank or postal account.

Report of the statutory auditors
26
27
WMH Financial Report 2005

Addresses
WMH Walter Meier Holding AG
Laubisrütistrasse 24
8712 Stäfa
Switzerland
Phone +41 44 928 15 15
Fax +41 44 928 15 00
direct@wmh.ch
www.wmh.ch
WMH Tools
WMH Tool Group Inc.
2420 Vantage Drive
Elgin, IL 60123
USA
Phone +1 847 851 10 00
Fax +1 847 851 10 45
wmh@wmhtoolgroup.com
www.wmhtoolgroup.com
WMH Tool Group AG
Bahnstrasse 24
8603 Schwerzenbach
Switzerland
Phone +41 44 806 47 48
Fax +41 44 806 47 58
info@wmhtoolgroup.ch
www.wmhtoolgroup.ch
WMH Tool Group Shanghai Limited
135 Guang Hua Road
Zhuanqiao
Shanghai, 201108
China
Phone +86 216 489 01 47
Fax +86 216 489 53 74
wmh@wmhtoolgroup.com
www.wmhtoolgroup.com
WMH Tool Group Ltd.
212 A Wilkinson Road
Brampton, ON L6T 4M4
Canada
Phone +1 905 792 97 69
Fax +1 905 792 76 70
wmh@wmhtoolgroup.com
www.wmhtoolgroup.com
Walter Meier AG
Bahnstrasse 24
8603 Schwerzenbach
Switzerland
Phone +41 44 806 46 46
Fax +41 44 806 47 47
info@waltermeier.ch
www.waltermeier.ch
MATO CNC-Maschinen AG
Auerstrasse 32
9442 Berneck
Switzerland
Phone +41 71 722 99 90
Fax +41 71 722 99 92
info@matoag.ch
www.matoag.ch
WMH Air Conditioning
Axair AG
Talstrasse 35–37
8808 Pfäffikon SZ
Switzerland
Phone +41 55 416 61 11
Fax +41 55 416 62 62
axair@axair.ch
www.axair.ch
Axair GmbH
Systeme für die Luftkonditionierung
Carl-von-Linde-Strasse 25
85748 Garching-Hochbrück
Germany
Phone +49 89 326 70 0
Fax +49 89 326 70 140
info@axair.de
www.axair.de
www.klimaplus.de
Axair SAS
100, Bld Louis Armand
Z.l. des Chanoux
93331 Neuilly-sur-Marne
France
Phone +33 820 824 817
Fax +33 143 001 928
axair@axair.fr
www.axair.fr
Axair Climate Limited
Highlands Road, Shirley, Solihull
West Midlands B90 4NL
United Kingdom
Phone +44 121 705 76 01
Fax +44 121 711 86 30
response@axairclimate.co.uk
www.axairclimate.co.uk
AxEnergy Ltd.
Talstrasse 35–37
8808 Pfäffikon SZ
Switzerland
Phone +41 55 416 66 70
Fax +41 55 416 62 62
axenergy_ch@ctfog.com
www.ctfog.com
Axair (Beijing)
Air Humidification Co., Ltd.
Area C, No. 3, Guang Lian Industry Park
Guang Ji Dian Yi Ti Hua Chan Ye Ji Di
Tong Zhou District
Beijing 101111
China
Phone +86 10 815 030 08/51/52
Fax +86 10 815 038 70
mail@axair.com.cn
www.axair.com.cn
Axair Kobra AG
2, route des Barges
1680 Romont
Switzerland
Phone +41 26 651 77 77
Fax +41 26 651 77 70
office@axairkobra.ch
www.axairkobra.ch
Axair Nortec Ltd.
2740 Fenton Road
Ottawa, Ontario K1T 3T7
Canada
Phone +1 613 822 03 35
Fax +1 613 822 79 64
nortec@humidity.com
www.humidity.com
Draabe Industrietechnik GmbH
Schnackenburgallee 18
22525 Hamburg
Germany
Phone +49 40 85 32 77 0
Fax +49 40 85 32 77 79
draabe@draabe.de
www.draabe.de
www.draabe.com
Charles Hasler AG
Komponenten für Kälte und Klima
Althardstrasse 238
8105 Regensdorf
Switzerland
Phone +41 44 843 93 93
Fax +41 44 843 93 99
kaelteklima@charles-hasler.ch
www.charles-hasler.ch
Nordmann Engineering AG
Bruggfeldweg 11
4147 Aesch
Switzerland
Phone +41 61 467 76 66
Fax +41 61 467 76 77
info@nordmann-engineering.com
www.nordmann-engineering.com
28
WMH Financial Report 2005
WMH Heating
Vescal SA
Z.I. de la Veyre, St-Légier
Case postale 1224
1800 Vevey 1
Switzerland
Phone +41 21 943 02 22
Fax +41 21 943 02 33
info@vescal.ch
www.heizen.ch
Oertli Service AG
Bahnstrasse 24
8603 Schwerzenbach
Switzerland
Phone +41 44 806 41 41
Fax +41 44 806 41 00
info@oertli-service.ch
www.heizen.ch

WMH Walter Meier Holding AG
Laubisrütistrasse 24
8712 Stäfa
Switzerland
Phone +41 44 928 15 15
Fax +41 44 928 15 00
direct@wmh.ch
www.wmh.ch