annual report 2012 - Walter Meier

annual report
2012

Income statement
in CHF million (except as noted otherwise)
net sales eBIt 1) net InCome
25.3 (82.3%)
806.9
5.5
192.2 (52.5%)
63.6 (–2.0%)
175.4 (14.0%)
659.0
4.7
645.4
7.9
641.7
8.8
717.8
9.0
08 09 10 11 12
eBIt margin 1) exceptional effects
1) net of exceptional effects 2008
by regIon
net sales
(in cHF million, change to previous year’s values in parentheses)
Group
717.8 (11.9%)
switzerland
by group dIvIsIon
44.0
–26.9
31.1
51.1
56.5
64.7
08 09 10 11 12
340.4 (–1.6%)
159.9 (2.7%)
net sales
(in cHF million, change to previous year’s values in parentheses)
Humidification &
evaporative Cooling
other europe
Climate
165.9 (63.8%)
325.0 (–2.7%)
tools
96 (111)
505 (211)
28 (30)
83 (81)
225 (235)
4.1
22.2
numBer oF employees
(previous year’s values in parentheses)
Group
2 018 (1 627)
usa/Canada
numBer oF employees
(previous year’s values in parentheses)
41.2
51.9
54.1
08 09 10 11 12
other
machining solutions Corporate Centers
1 062 (979)
355 (326)
714 (432)
968 (849)

alance sHeet / casH Flow
in CHF million (except as noted otherwise)
WorkInG CapItal
97.9
129.7
42.0
65.0
84.2
35.5
60.0
88.0
34.1
45.6
98.0
31.0
08 09 10 11 12 08 09 10 11 12
132.0
35.8
162.4
170.5
198.0
08 09 10 11 12
8.1
–16.1
–24.2
48.1
53.2
92.2
73.2
–19.0
55.6
47.6
168.9
41.2
41.0
–6.6
48.7
110.6
34.7
61.6
43.6
–18.0
75.9
15.4
–60.5
08 09 10 11 12
FInanCInG
2.3
65.4
–36.3
25.4
28.9
trade receivables Financial liabilities
Inventories net liquidity
1)
trade accounts payable 1)
1) less prepayments from customers/to suppliers
equIty return on equIty
(in %)
in % of total assets
CasH FloW
Cash flow from operating activities
Cash flow from investing activities
Free cash flow
14.4
1.6
45.6
24.5
2.9
60.7
29.6
76.7
–30.3
27.4
08 09 10 11 12

sHare InFormatIon
net InCome and dIvIdend
(per -a- registered share, in cHF)
2.0
2.0
0.8 4.0
14.4
7.5
10.4
7.0
08 09 10 11 12
13.4
6.4
19.1
6.9
4.8
12.5
08 09 10 11 12
24.5
12.5
26.3
net income profit payment
dIvIdend yIeld
(max./min., in %)
5.2 6.4
12.5
stoCk prICe trend
(1/1/2008–1/31/2013, in cHF)
300
270
240
210
180
150
120
90
60
30
23.9% (20.9%)
10.8% (19.7%)
2008 2009 2010 2011 2012
Walter meier n (Wmn, sIX swiss exchange)
swiss performance Index (spIX, adjusted)
sIGnIFICant sHareHolders
(12/31/2012, previous year’s values in parentheses)
silvan G.-r. meier via Greentec aG
anja egger-meier
Free float
1) in shares in the capital, excluding treasury shares
65.3% (59.4%)
stock market
capitalization
as of 12/31/2012
CHF 452.9 million

Front cover:
the employees of walter meier are the ambassadors
of its high consulting and service competence.
the walter meier annual report is also published
in german. the german version is binding.
Contents
walter meIer / annual report 2012
annual report 2012
/ 01
cHaIrman’s letter 02
portraIt 04
value proposItIon 06
corporate culture 07
board oF dIrectors and group management 08
mIlestones 10
group dIvIsIons 12
Humidification & evaporative cooling 12
climate 16
tools 20
machining solutions 24
revIew oF tHe year 28
5-year overview 31
organIzatIonal cHart 32
addresses 33

02 / CHaIrman’s letter
dear readers,
walter meIer / annual report 2012
75 years old and
In great sHape
walter meier celebrated its three-quarters of a century jubilee
in 2012, a year that also saw us surpass the previous year’s
record result. this was a respectable and encouraging outcome
considering the challenges posed by the general economic
environment. I would like to take this opportunity to thank
everyone who made this success possible – whether you are
a customer, employee or business partner. our shareholders
can once again benefit from a consistently high dividend
payout. walter meier intends to make it a priority to keep
dividends at a stable level in the future because we believe
that, in today’s age, consistency and reliability are more
important than maximizing cash flow on a short-term basis.
we have the north american market to thank for the result we
achieved last year. our acquisition of port-a-cool, on the one
hand, was a groundbreaking master stroke in implementing
our expansion strategy in the area of energy efficiency.
on the other hand, our tools business in the usa continued
to enjoy extremely dynamic growth, driven by the leading
brands Jet, wilton and powermatic. this was partly the result
of a “rebound” effect following the crisis of 2008/09. For
the most part, however, our success in the usa can be attributed
to our team in nashville that, under the leadership of
bob romano, has developed an active and enthusiastic
“winning spirit.” In addition to this, I am convinced that we
are reaping the benefits of the “manufacturing renaissance”:
the americans are starting to get their long-neglected
secondary sector back up and running again.
my grandfather laid the foundation for the walter meier group –
which was named after him – back in 1937 when he began
importing and selling machine tools. nowadays, our group
division machining solutions has developed into a key supplier
and technology partner for the prospering swiss watch
industry. this position enabled us to maintain more or less
constant sales figures within our original business in 2012
in spite of the strength of the swiss franc and the dampening
effect this has had on exports.
to return to the theme of energy efficiency, port-a-cool
produces devices that are, in themselves, remarkably “green.”
while traditional air conditioning systems are based on the
use of harmful greenhouse gases, port-a-cool’s evaporative
coolers primarily consist of recyclable plastic and carbon-
neutral paper. moreover, compared to conventional cooling
methods, evaporative cooling consumes very little electricity,
and instead it uses primarily water, which is the most environmentally
friendly raw material and energy carrier available.
we are proud and thankful to have taken the opportunity to
invest in a business with such a promising future. amid all
the euphoria, however, it is worth remembering that business
involving portable evaporative air coolers is extremely dependent
on the weather. particularly in light of the record
temperatures of 2012, in the usa the warmest year on record,
we must expect downturns sooner or later.
our Humidification business, which is technologically related
to evaporative cooling, faced very challenging conditions in
2012. less than five percent of sales are generated by the
stable swiss domestic market, and large parts of europe are in
recession. nevertheless, I am feeling more optimistic than
ever as far as the long-term prospects of Humidification
are concerned. In recruiting oliver zimmermann, we have
engaged the services of an exceptionally competent and
dynamic manager for this group division. and now, once
again, we finally have an array of genuinely innovative products
in the pipeline that will do justice to our position as a global
leader and, from 2014, will enable our sales team to build up
our market share.

energy efficiency is also the main theme of our domestic
wholesale and service business for heating and air conditioning
systems, which remains our most important and
well-known area of expertise. Having admittedly failed to
take advantage of the heat pump trend in the 2000s, we
managed to gain a substantial share of the market for heat
pumps in 2012. this was primarily due to the new “oertli lsI”
split heat pump, a product with a remarkable back story,
resulting largely from the unique position of walter meier
following the consolidation of our heating and air con di tio ning
businesses in 2007. we drew on the hydraulic ex per -
tise of our heating engineers to develop the internal unit
of the split heat pump, while the external unit came from
our climate product range. moreover, thanks to our distinctive
position across switzerland as a heating, air conditioning
and service provider, we are the only heating specialist able
to offer cooling pipe construction and split heat pumps
together as a packaged solution.
the results from the 2012 financial year were undoubtedly
pleasing, but we cannot ignore the fact that we did not
manage to achieve any noticeable organic growth. with the
exception of tools, all group divisions remained stagnant
or even fell back slightly. aside from an insufficient focus on
growth within our own business, we can surely apportion
some of the “blame” to the general economic environment,
which has been extremely challenging. the real problems
are being ignored or pushed aside at a political level. one
of the most critical, in my opinion, is the lack of cohesion
among monetary and fiscal institutions in europe. Further
problematic issues include unfair subsidies that inhibit
prosperity, trade barriers and other regulations. the european
labor markets in particular are bearing the brunt of this,
especially with youth unemployment in southern europe, for
example, proving to be incredibly and unfairly catastrophic.
CHaIrman’s letter
walter meIer / annual report 2012
/ 03
an entire generation has had its careers snatched away.
In other parts of the world, “extractive Institutions” are
doggedly hanging on in spite of the actions of daring revolutionaries,
or are only being replaced by new institutions
that are not really any less self-serving. meanwhile, environmental
pollution and global warming are on the rise around
the world.
with regard to the latter, walter meier is keen to lend its
support to combating this by developing and selling technologies
that help reduce co2 emissions. In 2013 and in the
years to follow, we plan to step up our focus on this area even
further, which could potentially also lead to our investment
portfolio becoming more focused. yet our success in the
energy efficiency market will be significantly influenced
by politics, as well. energy costs, for example, are still far too
low virtually everywhere in the world, so they are not
providing a sufficient financial incentive for investment in
forward-looking climate technology.
I would like to thank you sincerely for your trust and interest
in walter meier.
silvan g.-r. meier

04 / portraIt
walter meIer / annual report 2012
walter meIer Is an Inter-
natIonal clImate and manu-
FacturIng tecHnology group
walter meier concentrates on attractive market niches in which it can secure a leading position.
we have a long-term focus and seek to deliver sustainable benefits for all our stakeholders.
In particular, we want our shareholders to benefit from a stable dividend policy. one positive
factor is the fact that walter meier has a high level of participation by family members,
which means far-reaching accountability in terms of the family’s own assets and name.
HumIdIFIcatIon &
evaporatIve coolIng
walter meier is the world’s leading manufacturer
of humidification systems for commercial
buildings and portable evaporative coolers.
water treatment systems round out the range
of solutions the company offers.
clImate
as a wholesaler offering expert advice and service,
walter meier is the leading supplier of total
solutions in the heating and cooling sector in
switzerland and is also one of the most important
suppliers of cooling technology in germany
and austria.

tools
walter meier leads the world in the manual woodworking
and metalworking machinery sector.
a select product range in the shop equipment
sector rounds out the product line.
portraIt
walter meIer / annual report 2012
macHInIng solutIons
since 1937, walter meier has been importing
machining systems into switzerland, where
it is now the leading supplier of total solutions
for the highly precise automated cutting
of metal parts.
/ 05

06 / value proposItIon
walter meIer / annual report 2012
tHe value proposItIon
to our staKeHolders
we promise all stakeholders long-term benefits from their cooperation
with walter meier.
end users
are provided with a need-oriented
and user-friendly offering.
distribution partners
will achieve a long-term competitive
advantage thanks to our products.
shareholders
can expect a sustainable
high dividend.
employees
are provided with security,
challenging and fulfilling tasks
plus fair compensation.
suppliers
are regarded by us as long-term partners
who can rely on us.
the environment and
future generations
benefit from our commitment to
efficient and low-emission technologies.

tHe values oF our
corporate culture
the corporate culture of walter meier is based on the moral concepts and mindset
that shape the behavior of all our staff and consequently our image. we live out our
values in our day-to-day work – in dealing with each other, in making decisions, in
appraising performance, in information and communications and in our relationship
with our stakeholders.
open-mInded
we look at everyone and everything in
an unbiased manner, without prejudice.
we think globally when considering
business opportunities around the
world. our innovations are the result of
our enthusiasm for leading-edge
concepts and technologies.
straIgHtForward
we are uncomplicated in our dealings and
are prepared to give honest and straightforward
answers. we are willing to “put
ourselves in other people’s shoes” to make
ourselves comprehensible. because we
are concise, we do not waste time.
cooperatIve
we are unselfish in constantly focusing
on the common interest. we adapt
to situations flexibly to improve our
teamwork. we are reliable in keeping
our promises.
Corporate Culture
walter meIer / annual report 2012
/ 07
dynamIc
we are quick to act and respond.
we do not wait to be prompted into
action by others but instead act on
our own initiative. we do not let
bureaucracy slow us down and instead
strive to act in a decisive manner.
result-orIented
because we are focused, we can concentrate
on what is essential. we are
tenacious, unyielding and push forward
to our goals. we are satisfied only
when our determination leads to
consistently good results.

oard oF dIrectors and group management
Heinz roth has been an independent, non
executive member of the board of directors
since 2005 and vice chairman of the board
of directors since 2012. He additionally
serves as chairman of the audit committee.
Heinz roth is also a member of the board
of directors of meyer burger technology ag,
where he acts as chairman of the audit
committee. He is also a member of the
board of directors and a member of the
audit committee of Koras ag (blaser
swisslube). He advises companies in the
financial sector. Heinz roth is also a member
of the board of directors of various non-
listed companies. previously, Heinz roth was
a member of the board of directors of
bank vontobel and banca arna, and he held
man agement positions – both in switzerland
and abroad – in the credit suisse group, in-
cluding ceo of credit suisse private banking
switzerland and member of the executive
board of credit suisse Financial services.
silvan G.-r. meier has been chairman
of the board of directors since 2012
and ceo since 2006.
as chairman of the board of directors and
chief executive officer, silvan g.-r. meier
is responsible for the development of
corporate strategy. Further focal points of
his work include communications and
human resources. silvan g.-r. meier is
also the major shareholder of walter meier
via greentec ag. after com pleting a
degree in economics at the university of
zurich, he was jointly responsible for
the deve lopment of the swiss branch of
simon-Kucher & partners in his role
as senior consultant.

paul Witschi has been an independent,
non executive member of the board of
directors since 2007 and in addition was
elected chairman of the compensation
committee in 2012.
Further, paul witschi is chairman of the
board of directors of aFg arbonia-Forster-
Holding, a member of the board of
directors of reichle & de-massari and a
member of the supervisory board of
the vaillant group. as a member of group
management as well as Head of marketing
and sales at geberit, he was responsible
among other things for the internationalization
of the geberit group. previously,
paul witschi was Head of export, subsequently
Head of group marketing and
an executive vice president of luwa air
engineering.
alfred Gaffal was appointed as an
inde pendent, non executive member
of the board of directors in 2012.
alfred gaffal was most recently a member
of the management board of the
centrotec group and managing director
of the heating and climate tech nology
company wolf. He guided wolf through
a highly successful innovation and
quality campaign and fo cused the
company on the up-and-coming market
for energy-saving and energy-effi ciency
solutions. He is currently chair man of
the supervisory board of wolf gmbH.
alfred gaffal is also chairman of the
employers’ association for the bavarian
metalworking and electrical Industries.
Board oF dIreCtors and Group manaGement
walter meIer / annual report 2012
/ 09
Jochen nutz has been a member of group
management since 2008 and, as the group
coo, has held managerial responsibility
for the four group divisions since 2012.
In his role as group coo, he focuses
primarily on strategy implementation, the
management of day-to-day operations
(achieving budget goals) and the ongoing
improvement of operational excellence.
He combines these duties with his role as
cFo. during his earlier career, the eco -
no mics graduate was Head of Internal
audit and divisional cFo automotive at
georg Fischer, and previously he held a
variety of managerial positions within the
rehau group in south africa (commercial
management), the uK (company mana gement)
and switzerland (Head of Internal
audit).

10 / mIlestones
walter meIer / annual report 2012
mIlestones
In our HIstory
1937 1972 1975 1977
1937 walter meier begins importing machine tools into
switzerland and to this end establishes the parent company
of the present-day group named after him.
1972 the second generation assumes responsibility for running
the company under the management of dr. reto e. meier.
net sales: cHF 25 million, number of employees: 43
1975 the first acquisition and entry into the air conditioning
market through the purchase of defensor, a pioneering
company and market leader in humidification.
1976 with the establishment of wmH walter meier Holding,
dr. reto e. meier lays the foundation for a long-term strategy
of rapid growth and diversification.
1977 entry into the heating market through the acquisition of
oertli.
1981 strengthening of the group’s position as a global leader
in humidification through the acquisition of condair and the
north american company nortec.
1982 expansion of the heating business and entry into the
heating-systems distribution market through the acquisition
of procalor.
1985 Initial public offering with listing on the swiss stock
exchange.
net sales: cHF 265 million, number of employees: 1 506
1988 First step in the expansion of the processing business
outside of switzerland through the acquisition of Jet
equipment & tools, a us supplier of woodworking and
metal working machines as well as transport and materialhandling
equipment.
1990 acquisition of vestol and its merger with procalor to
form vescal, which subsequently ranks among the leading
providers of heat production and heat supply systems and
components in switzerland.
1991 germany’s leading humidification company,
barth + stöcklein, is acquired.
1994 Further strengthening of the swiss climate business
through the acquisition of climatechnique Kobra.
1997 establishment of a branch in beijing. production of
humidification equipment in china begins.
1999 strengthening of the american woodworking business
through the acquisition of powermatic.
2001 the acquisition of draabe Industrietechnik in germany
strengthens the global humidification business for process
applications.
2002 strengthening and expansion of the metalworking
business through the acquisition of wilton, the leading
supplier of vises in the usa.
2006 continuity of the group is ensured when silvan g.-r. meier
joins walter meier and thus represents the third generation
of family entrepreneurs. at the same time, it is the starting
signal for a strategic realignment and revitalization.
net sales: cHF 774 million, number of employees: 1 800
2007 the group and its business units present a unified
identity under walter meier. In parallel with this, axair Kobra,
vescal and oertli service merge to become the leading
swiss provider in the area of indoor climate.

1985 1988 2010 2012
2008 the acquisition of tosa strengthens the range of
manufacturing technology products and expands specialty
distribution channels in switzerland and France.
2009 tK 3000, the leading company for ventilation hygiene in
switzerland, joins walter meier. the company’s market
presence in climate technology is expanded into austria with
the acquisition of eichler.
2010 the walter meier headquarters building at schwerzenbach
near zurich is ceremoniously opened following a program
to make it more energy-efficient. over a period of
15 months, the building was equipped with the latest heat
pumps and solar technology, cool ceiling systems and a
controlled supply of fresh air. It has now become a benchmark
for an integrated total solution offering an indoor climate
that is both energy-efficient and comfortable at the same
time. It was possible to reduce energy consumption for
heating by over 50 percent and co2 emissions even by more
than 70 percent.
2011 the acquisitions of the danish distribution partner
anderberg Fugtstyring, Js Humidifiers and ml system enable
walter meier to further consolidate its leading position in the
global humidification market. with these key acquisitions,
walter meier is able to establish itself as a market leader in
the united Kingdom and denmark and gains valuable business
in the usa and India. In december, after 40 years as an
entrepreneur, dr. reto e. meier hands over 100 percent of
the shares in his family-owned holding company greentec –
and thus control over the walter meier group – to his son,
silvan g.-r. meier.
2012
mIlestones
walter meIer / annual report 2012
april walter meier significantly expands its position in the
evaporative cooling market with the acquisition of the us
market leader port-a-cool. Founded in 1990, that company
focuses on developing, producing and distributing portable
evaporative coolers for business, industry and private
households. another of the company’s core activities is the
sale of paper-based evaporative cooling media, primarily in
the field of poultry and pig farming.
/ 11
may the climate and manufacturing technology group
estab lished by walter meier in 1937 celebrates its 75th anni -
versary. walter meier uses this occasion as an opportunity
to thank its shareholders for their loyalty and trust by
making an anniversary payout in the form of put options.
this, to gether with a second allocation of put options in
december, reduces the number of outstanding shares by some
ten per cent, which will lead to a sustained increase in the
profit per share. shareholders are also able to benefit from a
tax-free special disbursement of more than cHF 3 through
the sale of the put options in this anniversary year.
november Having acquired a minority stake in mwH barcol-air
the previous year, walter meier now takes over full owner-
ship of this leading manufacturer of cooling ceilings and
incorporates it into the walter meier group as an independent
subsidiary. mwH barcol-air has been involved in the cooling
ceiling business for over 30 years and has made a name for
itself as a highly innovative technological pioneer. with this
takeover, as with its previous acquisitions, walter meier is
focusing on the megatrends of energy efficiency, environmental
sustainability and comfort.

12 / Group dIvIsIon HumIdIFICatIon & evaporatIve CoolInG: overvIeW
walter meIer / annual report 2012
production sites
own sales organizations
distribution partners
HumIdIFIcatIon &
evaporatIve coolIng
overvIew
n 7 production sites
n 13 countries with company-owned
sales organizations
n more than 40 countries with
distribution partners worldwide
n global market leader in air
humidi fication systems and
portable evaporative coolers
walter meier is the world’s leading manufacturer of air humidification systems for
commercial buildings and of portable evaporative coolers. water-treatment systems
round out the range of solutions the company offers. with our main brands condair
and port-a-cool we set standards with regard to energy efficiency, hygiene and
comfort. In geographical terms, we focus on europe, north america and china. In
these regions, we serve ventilation engineers and specialist retailers directly from
our own plants. we also export to over 40 countries throughout the world.
oliver Zimmermann
ceo condair
William lloyd
ceo port-a-cool
our powerful own brands

“ Creating together a successful future
condair is growing from a group of companies that emerged primarily out of
acquisitions into a single integrated enterprise. In this process, we are working
consistently to eliminate overlaps, give all units the same clear performance
indicators to focus on, foster innovation and open up new geographical regions
and technical applications. we embrace “best-in-class” processes and are in a
position to pool our strengths in a targeted manner and eliminate our weaknesses.
while it grows organically, condair is exploiting the global opportunities presented
by energy-efficient, hygienic air humidification and evaporative cooling. this also
strengthens our distribution partners and generates added value for our customers.
”
oliver zimmermann
“
our team has proven that our growth is just the start
port-a-cool enjoyed another outstanding year in 2012 and continued its trend
toward doubling sales in two years. the products, personnel and momentum
are in place to successfully continue this achievement in the future. aggressive
sales goals, and the production requirements to meet this level of demand,
are not attainable without hard work and dedication on the part of our people.
the products and employees at port-a-cool are the reason we are able to continue
to grow and the reason our company will pursue its aim to be recognized globally
as a manufacturer of quality products.
”
william lloyd

preservIng
over 1 000 years oF
uK HIstory
condair humidifiers are successfully
maintaining the humidity at the official
archives of the uK government.
Humidity levels perfectly matched to
requirements guarantee safe storage for
centuries-old documents.

the national archives in the uK holds
over 1 000 years of the nation’s records
for everyone to discover and use.
during 2012, condair supplied, installed
and commissioned 41 humidifiers and
eight water treatment units to help
maintain the environment inside the
repositories holding the uK’s official
documents and history.
over 11 million documents are stored in
the uK’s national archives.
this documentation stretches from
the “doomsday book” and the “magna
carta” through medieval government
records to digital snapshots of websites.
to preserve perfectly this historic
resource, the atmosphere inside the re-
positories is closely controlled with
over 12.5m measurements of temperature
and humidity being recorded per
year. excessively dry or humid conditions
or rapid changes in humidity can
lead to paper, parchment and bindings
degrading over time.
reducing costs and consumption in
every possible way
low energy condair He2 evaporative
humidifiers were installed in the air
handling units (aHus) to supply the
main humidification requirement to the
incoming dry winter air. these fresh air
aHus feed air into re-circulating systems
from which it is ducted to the repositories.
product InnovatIon
Group dIvIsIon HumIdIFICatIon & evaporatIve CoolInG: natIonal arCHIves
the uK’s national archives is among the largest in the world.
on each of these ducts, a condair mK5
steam humidifier was installed to
provide rapid additional humidification
should a local humidity level drop.
energy costs are minimized due to the
majority of the humidification coming
from cold water evaporative humidifiers,
while precise humidity control is obtained
in each individual archive by “topping
up” with the steam humidifiers.
the previous work of an hour
can be done in one third of the
time. thanks to the removable
scale collection tank it only takes
20 minutes to remove the water
tank, empty the scale and
have the humidifier back up
and running again.
reverse osmosis (ro) water filters were
installed alongside the humidifiers to
remove minerals from the humidifier
supply water. this dramatically reduces
maintenance as limescale build-up is
very low. It also saves energy in steam
walter meIer / annual report 2012
humidification by removing the need
to drain hot water to control mineral
build-up in the water tank.
port-a-Cool HurrICane 3600 – tHe ultImate portaBle evaporatIve Cooler
launching in 2013, the port-a-cool Hurricane 3600 has the most desired features of any portable
evaporative cooler on the market. designed for heavy industrial use where large volumes of
cool air are desired, this product will set new standards for portable but still environmentally
friendly evaporative cooling. the all-new housing design offers increased 253-liter water capacity
and 14 500 cFm of cooled air delivery, the most of any 36-inch evaporative cooler offered.
this high-performance model leads the company into new markets while expanding its reach to
existing customers. the introduction of the port-a-cool Hurricane 3600 will create demand for
additional models.
/ 15
the general manager for etde Fm at
the national archives remarks that
they have noticed a big reduction in the
required maintenance on the new
humidifier system, as they do not
experience the scale issues they did
before. previously the units needed to be
serviced a minimum of every three
months to remove the limescale. with
the pureFlo ro filters in place, they now
only need servicing every six months
and even then the scale build-up is
minimal. also, the removable scale
collection tank on the condair mK5
makes scale removal easy. It used to take
about an hour to remove. with the
condair mK5 this can be done in just
20 minutes.

16 /
Group Division Climate: overview
Walter Meier / annual report 2012
CliMate
oVerVieW
Düsseldorf
ostermundigen
Geneva
Vevey/romont
Frankfurt
Hamburg
Hannover
Stuttgart
Schwerzenbach
n Focus on Switzerland (CH),
Germany (D) and austria (a)
n 16 distribution sites
n More than 50 service offices
n leading complete supplier of
heating and climate technology
plus service in Switzerland
n among the top 5 suppliers of
cooling technology in Germany
and austria martin Kaufmann
president
Climate Switzerland
CH
lumino
D
oberburen
nuremberg
Munich
leipzig
Berlin
Salzburg
a
Vienna
Walter Meier operates as a wholesaler offering leading expertise in the provision
of advice and servicing for the heating and cooling of residential and commercial
buildings. We focus on Switzerland, Germany and austria. in Switzerland,
Walter Meier is the leading complete provider of heating/climate/service.
We gear our product portfolio consistently to increasing energy efficiency
and comfort. our end customers, the builder owners, are serviced exclusively
through our distribution partners, which are HVaC installers.
Hans-Joachim socher
president
Climate Germany/austria
our brand of expertise
and advice

“ maximum well-being with minimum energy consumption
We are proud of our unique range of services for the Swiss market: solutions from
Walter Meier deliver maximum well-being with minimum energy consumption
and little impact on the environment. in 2012, our major new and innovative
products once again helped ensure that energy will be used even more efficiently
in the future. Backed by our employees’ extensive knowledge and experience,
we are and will remain the first choice.
”
Martin Kaufmann
“
our success story continues!
the German and austrian economies were already showing a slight decline in 2012.
Yet this, along with the challenge presented by rising raw material prices, did not
prevent us from surpassing the record result we had achieved in 2011. this shows
that we have no reason to fear any crises as long as we understand our market
and customers and offer the right solutions at the right time. particularly when a
company finds itself facing difficult circumstances, it has a better chance than
ever to demonstrate its potential and ability to perform and to distinguish itself
from the competition. With our intensive support in the spirit of partnership
and a consistent focus on energy-efficient technologies, we were able to continue
satisfying our customers in 2012 and increase our market share in almost all
our areas of business. We now intend to systematically expand our service department
over the next few years to enable us to develop our services and make
us less vulnerable to the effects of economic cycles.
”
Hans-Joachim Socher

18 / Group Division Climate: reDunDant CoolinG
Walter Meier / annual report 2012
Combined water and air cooling keeps
a wealth of sensitive data safe and
secure in a 5 500 m 2 server room.
DouBlY SeCure
SerVer CoolinG

When viewed from the outside, there
is nothing particularly remarkable
about the six-story headquarters of the
Geneva-based company “Safe Host.”
its walls, however, conceal a veritable
universe of data with row upon
row of servers covering a total surface
area of 5 500 square meters, whose
data storage capacity is rented to a
wide range of clients for backup pur -
poses. the cooling system supplied
by Walter Meier plays an essential
role in the highly secure storage of
this data.
Greater efficiency thanks to
additional use of ambient air
in order to permit access to and processing
of the data, the servers require
not only power at all times but also
continuous cooling. the cooling system
needed expanding in stages, not least
because the company has been increasing
its server capacity. as a result,
individual water- and air-cooling
components were installed on the roof
of the building, on a specially manufactured
platform in the inner courtyard
as well as in the basement. this also
involved structural alterations such
as constructing a steel structure in the
inner courtyard to hold three heat
exchangers. the roof structure is equally
impressive with six cooling machines
and two separate heat exchangers
installed on a steel frame. it is supported
by a number of columns that run
through the entire building. in addition,
the gaps were filled with concrete in
order to absorb vibrations.
proDuCt innoVation
a redundant cooling system
guarantees operational reliability
in total, there are 12 cold water ma chines
in use with a capacity of 7.3 megawatts,
12 heat exchangers with an output of
9.7 megawatts and 124 air conditioning
cabinets with a capacity of 9 megawatts.
the water- and air-cooled system is
redundant and therefore guarantees
cooling is always available. all cooling
machines and air conditioning units
also function in free cooling mode,
which leads to substantial energy
savings. this design principle is based
on the cooling of the cold water by
means of outside air, i.e. simply through
the operation of blowers. the air-cooled
machines have been specially modified
for this system in the Walter Meier work-
shop in romont. the air conditioning
cabinets have also been equipped with
additional compressors, which means
that they can also use air for cooling
purposes if the chilled water-cooling
system were to fail. the related system
controls were also configured and
supplied by Walter Meier.
maximum performanCe witH minimum spaCe requireD
Group Division Climate: reDunDant CoolinG
Walter Meier / annual report 2012
Diesel generators are on hand in the basement should there be a power outage.
the new air-to-water heat pump consists of the oertli lSi internal unit and the Mitsubishi
external unit. its performance features are opening up completely new possibilities: thanks to
the intelligent Zubadan inverter technology, the heat pump’s external unit can operate at full
capacity even when the outside temperature is as low as –15 °C. the oertli lSi hydraulic internal
unit is the perfect match, allowing highly efficient and economic control of the entire system,
optimally adapted to the prevailing conditions. this unique combination enables the system to
be operated in most situations without generating additional heat. the system is simple to
install and is suitable both for use in new construction and, in particular, for the renovation of
existing heating systems.
/ 19
Because there is an ongoing and in crea s -
ing demand for server space, “Safe Host”
has plans for a much larger server
building in Gland in the Swiss Canton
of Vaud. extending over 18 000 square
meters, this building will offer plenty
of space for additional data servers. this
is a massive project, and one in which
Walter Meier is keen to be involved.
6 refrigerators on the roof and 124 air-
conditioning cabinets inside the building
provide reliable cooling.

20 /
Group Division tools: overview
Walter Meier / annual report 2012
Sourcing sites
own sales organizations
Distribution partners
toolS
oVerVieW
n 2 sourcing sites
n 5 countries with own
sales organizations
n 17 countries with
distribution partners
Walter Meier leads the world in the manual woodworking and metalworking
machinery sector with its Jet brand. no other brand manufacturer can offer a
comparable geographical presence and a similarly broad product portfolio. We also
offer a select product range in the shop equipment sector. We focus on the uSa,
Western europe and russia/ukraine where we are positioned exclusively as a
partner for specialty distributors. We also export to 17 countries throughout
the world through general importers.
robert s. romano
Ceo Jet tools
our powerful own brands

Great brands always need great new products
new product development and innovation have never been more important than
right now. a consistent investment in new designs and technology, as well as
the people and resources to implement them, is paramount to our growth and
development. it has taught us that if we are focusing on machinery, workholding
equipment, lifting systems or striking tools, a continuous flow of new products
builds brand equity, end user loyalty and value for our shareholders.
robert S. romano
“
”

Jet anD Wilton CHallenGe
tHe CoMpetition
Jet and Wilton deployed a co-branded
marketing vehicle to aggressively target
competitors and educate end users.
Deeply entrenched in mature and
competitive markets for many of their
industrial products, the product
management team for the industrial
product lines for both Wilton and
Jet sought a new way to reach both
end users and distributors. their
solution: a state-of-the-art mobile-
marketing vehicle they named the
“Challenger Van.” Starting with a
standard vehicle, the product team
turned the van into a product-demonstration
powerhouse. With the help
of local engineering resources, the van’s
interior was stripped, and custom
hardware was installed in the form of
workbenches, product merchandisers
and demo stations. the van then got
loaded up with the most important
element for a product demonstration:
the products themselves. More than
2 000 kg of products were loaded –
almost outweighing the van itself.

inside, the Challenger Van resembles a fully equipped workshop.
the Challenger Van not only helps
to establish Walter Meier as a
thought-leader on the products in
their categories and as technological
leaders within the industrial
manufacturing space. By utilizing
it, distributors were able to
increase their sales by almost
30 percent.
Jet products meet the toughest requirements
day in, day out.
proDuCt innoVation
the interior of the van shines as
a product showcase
Wilton vises, clamps and BaSH sledgehammers
occupy one side of the van’s
space, while Jet hoists, pullers and air
tools are displayed prominently on the
other side. along with the products and
workbenches, the van was also outfitted
with a 50-inch television screen retrofit
through an exterior window to play
multi-media presentations. Wi-fi
connectivity is also available in the van
to play videos and stream content from
the internet via laptop and ipad. all of
these elements contribute to an experience
for Jet users and distributors
that helps establish Walter Meier as a
thought-leader on the products in their
categories, but also as technological
leaders within the industrial manufacturing
space.
the last major component contributing
to the success of the Challenger Van is
the technical Field representative in
charge of driving the van across the
united States. this position is filled by a
trained product engineer, well-versed in
the specifications of the products, and
also responsible for managing relationships
with distribution partners.
touGH JoBs neeD tHe touGHest tools
Group Division tools: CHallenGer van
Walter Meier / annual report 2012
Hands on: the equipment on display inside
the van is all ready for operation.
/ 23
Busy with more than 1 000 user visits
in year one
to date, the Challenger tour has been
an overwhelming success. in 2012
alone, it has traveled over 60 000 miles
and made more than 1 000 end-user
visits. these visits have included places
like shipyards, oil rigs, refineries and
factories deep in the heart of america’s
industrial centers. Distributors who
have hosted the van have seen 28 percent
sales growth in the past year, for an
incremental increase of almost uSD
2 million.
the success of this program represents
a triumph between field sales, product
management and marketing.
the Wilton BaSH unbreakable Sledge Hammer is the toughest sledge ever built. With molten
steel bars reinforcing the handle and a locking steel plate holding the head to that handle, the
BaSH will hold up when you need it most. u.S. product management, sales and marketing teamed
up to re-commercialize this underperforming category in order to redesign and revitalize it.
the result: the BaSH line grew sales 76% and positioned the category for continued explosive
growth and new market development.

24 /
Group Division maCHininG solutions: overview
Walter Meier / annual report 2012
MaCHininG SolutionS
oVerVieW
n Focus on Switzerland
n the leading supplier of total solutions
for precision machining since 1937
Since 1937, Walter Meier has been Switzerland’s leading importer of CnC machining
systems along with metal-cutting tools. We plan, program and assemble custo merspecific
total solutions for the highly precise automated manufacture of metal
parts. our customers come from industries such as the watch and medical-technology
sectors. Walter Meier is positioned as a preferred partner for the development
of innovative manufacturing processes and for increasing productivity.
roberto ettlin
president
Machining Solutions
Schwerzenbach
Berneck
our brand of expertise
and advice

top quality and always a step ahead
the successful growth of our company is built on our long-standing relationships
with our customers and our high quality standards. these go hand in hand with our
mission to always be a step ahead, an endeavor that has made us a trusted supplier
to the Swiss industry for the past 75 years. our daily challenge remains to continually
meet the high demands that our customers face in the machining sector, and our
dependable partners make a crucial contribution to these efforts.
roberto ettlin
“
”

26 / Group Division maCHininG solutions: 75tH anniversary
Walter Meier / annual report 2012
anniVerSarieS Fill uS
WitH priDe anD alloW
uS to looK to tHe
Future WitH ConFiDenCe
in 2012, Walter Meier Machining Solutions celebrated
its 75th anniversary and looked back over two long-term
partnerships that have been in existence for decades.

the ntJ-100 was shown for the first time at the prodex trade fair booth.
Walter Meier Machining Solutions not
only celebrated its own 75th anniversary
in 2012, it also looked back upon 65 years
of cooperation with Kennametal,
the leading carbide tool manufacturer
from the uSa, as well as 30 years of
successful cooperation with nakamuratome,
Japan’s leading manufacturer
of multiple-axis turning and milling
centers. added together, these figures
represent almost 100 years of success-
ful business partnerships.
the successful partnership between
Walter Meier and Kennametal now
stretches back 65 years.
proDuCt innoVation
a successful supplier to
swiss industry for 75 years
Walter Meier has been supplying machi n-
ing systems and precision machining
tools since 1937. Some 65 years ago,
the company’s founder, Walter Meier,
acquired the exclusive representation
rights for the manufacturer Kennametal,
the technological leader in carbide metal
tools. in doing so, he established a solid
foundation for the tools business. even
today, Kennametal is still the figurehead
in this sector for Walter Meier Machining
Solutions. With innovative standard
and specialized solutions for drilling,
turning and milling applications,
Kennametal is a highly skilled partner.
the highlight at the prodex 2012
trade fair
Walter Meier also enjoys close coope ration
with nakamura-tome, a Japanese
manufacturer of multiple-axis turning
and milling centers, in a partnership
which now stretches back 30 years.
Since its foundation in 1949, nakamuratome
has developed into one of the
world’s leading manufacturers. at the
company headquarters in Kanazawa,
Japan, 400 employees work constantly
to further develop the nakamura ma -
innovative anD effiCient: naKamura-tome ntJ-100
Group Division maCHininG solutions: 75tH anniversary
Walter Meier / annual report 2012
/ 27
chines and construct them for the inter-
national market. this makes nakamura
a reliable partner and innovator that can
provide efficient solutions to challenging
complete machining tasks. through
close cooperation with the specialists at
Walter Meier, the result is machines
specially designed for the Swiss market
and that meet the exacting requirements
of Swiss customers. this tradition
has been continued by the high-quality
ntJ-100 turning center, which was
first shown in Switzerland at this year’s
prodex trade fair, where it also achieved
its first international sales.
the ntJ-100 is the latest example of
the partnership with nakamura-tome.
During its development, this turning
center incorporated state-of-the-art
technological advances in order to
meet customers’ growing demands.
the presentation of the ntJ-100 by
Walter Meier Machining Solutions at
prodex 2012 was a top highlight of
the trade fair because this machine –
the first of its kind – is tailor-made
for the automated complete machining
of complex parts.
the ntJ-100 is more compact, more efficient, more environmentally friendly and more cost-
effective than its predecessors. With its low power consumption, it fully meets customers’
ecological demands in light of growing environmental awareness. the design behind the machine
means that the ntJ-100 is ideally suited for machining in high volume, and the new multi-talented
machine scores highly, particularly in comparison to machines with pivoting milling spindles and
tool changers. parts with beveled drill holes, threads, recesses and milling contours, which
previously involved highly complex machining and often required use of a further machine, can
now be machined completely with the ntJ series in a single set-up. the tool changeover
time has also been significantly reduced, which cuts the unit cost of parts in serial production.

28 / review of tHe year
Walter Meier / annual report 2012
DouBle-DiGit GroWtH
tHanKS to aCquiSitionS
in tHe enerGY
eFFiCienCY SeCtor
n acquisitions lead to a 11.9 percent boost in sales over
the previous year, reaching CHf 717.8 million
n adjusted for currency and consolidation effects,
organic sales growth amounted to 1.9 percent
n 14.5 percent increase in eBit to CHf 64.7 million
n stabilization of the eBit margin at a slightly higher
level than the previous year (9.0 percent)
n net income amounted to CHf 54.1 million
(previous year: CHf 51.9 million)
n another consistent dividend of CHf 12.50 per
-a- registered share
the climate and manufacturing technology group
Walter Meier increased its net sales to CHF 717.8 million
in 2012 (previous year: CHF 641.7 million), which equates
to growth of 11.9 percent year-on-year. adjusted for
currency and consolidation effects, this corresponds to
organic growth of 1.9 percent.
the Group Division Humidification & evaporative Cooling
achieved the largest increase in net sales by some margin, at
64 percent, but this is almost exclusively due to the acquisition
of the american evaporative cooling specialist port-a-Cool.
in organic terms, sales fell slightly and were 0.4 percent down
on the previous year. By contrast, the Group Division tools
recorded organic growth of 9.5 percent compared to 2011.
this was primarily the result of continuing success in the uS
market for construction and industrial equipment.
in the Group Division Climate, the strength of the Swiss franc
prevented the organic growth enjoyed in previous years from
progressing further. it posted a 2.7 percent decline in net
sales for 2012, which in organic terms is reduced to a fall of
0.4 percent. Meanwhile, in spite of faltering growth in the
Swiss metal working industry, the Group Division Machining
Solutions was able to more or less maintain its encouraging
result from the previous year and finished the financial year
with a slight decrease in sales of 2.0 percent.
in the past financial year, Walter Meier achieved eBitDa of
CHF 80.9 million, having posted CHF 69.4 million in the
previous year. eBit increased by 14.5 percent year-on-year to
CHF 64.7 million (previous year: CHF 56.5 million). the
Group Divisions Humidification & evaporative Cooling and
tools contributed particularly to this pleasing growth in
the operating result, with evaporative Cooling benefiting from
the acquisition of port-a-Cool. at the Group level, the eBit
increase helped stabilize the eBit margin at a slightly higher
level than the previous year (9.0 percent).
net income amounted to CHF 54.1 million, up from
CHF 51.9 million in the previous year. this disproportionately
low growth compared to the operating result is mainly
due to the decline in the financial result (caused by factors
such as the rising costs of financing) and the significantly
higher tax rate. this rose from 10.0 percent in the previous
year to a still reasonably modest 14.1 percent, which can
largely be attributed to the meanwhile almost complete
capitalization of tax loss carryforwards available in the uSa
in particular. as a result of various share buybacks, earnings
per share increased at a disproportionately high rate year-
on-year from CHF 24.54 to CHF 26.26.
on the balance sheet date, total assets had increased from
CHF 355.8 million to CHF 410.2 million, primarily due to
the acquisitions of port-a-Cool and the MWH Barcol-air Group.
at the end of 2012, the equity ratio had fallen to 41.2 percent
(previous year: 55.6 percent). the change in the equity
ratio was largely the result of the two treasury share buy-
back programs involving the issue of put options to mark
Walter Meier’s 75th anniversary as well as the regular
dividend payouts.
net liquidity decreased to minus CHF 30.3 million on December
31, 2012, (previous year: plus CHF 60.7 million) primarily
due to the aforementioned payouts and the financing needed
for the acquisitions. at the end of 2012, financial liabilities
amounted to CHF 76.7 million (previous year: CHF 2.9 million).
Working capital increased in the 2012 financial year by around
CHF 12.0 million, reflecting the positive sales trend and as a
result of the new acquisitions.

Jochen nutz
Group Coo
review of tHe year
Walter Meier / annual report 2012
in CHF million 2012 2011 Change in % organic change in %
net sales 717.8 641.7 11.9 1.9
Humidification & evaporative Cooling 165.9 101.3 63.8 –0.4
Climate 325.0 333.9 –2.7 –0.4
tools 175.4 153.8 14.0 9.5
Machining Solutions 63.6 64.9 –2.0 –2.0
inter-segment sales –12.1 –12.2
eBitDa 80.9 69.4 16.6
eBit 64.7 56.5 14.5
as a % of net sales 9.0 8.8
net income for the period 54.1 51.9 4.2
per -a- registered share in CHF 26.26 24.54 7.0
per -B- registered share in CHF 5.25 4.91 6.9
Dividend per -a- registered share in CHF
(proposed) 12.50 12.50 –
Dividend per -B- registered share in CHF
(proposed) 2.50 2.50 –
Cash flow from operating activities 75.9 61.6 23.2
Free cash flow 15.4 43.6 –64.7
in CHF million 12/31/2012 12/31/2011
total assets 410.2 355.8
trade receivables 79.7 80.7
inventories 110.6 98.0
trade payables 36.7 32.8
Financial liabilities 76.7 2.9
net liquidity –30.3 60.7
equity as a % of total assets 41.2 55.6
number of employees (full-time equivalents) 2 018 1 627
/ 29

30 / review of tHe year
Walter Meier / annual report 2012
at CHF 15.4 million, free cash flow was significantly down
on the previous year (CHF 43.6 million). the high outflows
of funds required for investments in the Group Divisions
Humidification & evaporative Cooling and Climate were not
completely offset by increased cash inflows from operating
activities. Funds tied up in operating assets also increased
compared to the previous year as a result of the acquisitions.
acquisitions were primarily responsible for the increase in
the number of employees, which rose by 391 at the end of
2011 to 2 018 (full-time equivalents).
Humidification & evaporative Cooling
the Group Division Humidification & evaporative Cooling once
again underwent some radical changes, mainly due to the
acquisition of the american company port-a-Cool. overall, the
Group Division’s net sales greatly exceeded those achieved in
the previous year (increase of CHF 64.6 million, or 63.8 percent).
adjusted for currency effects and excluding the newly
acquired business units, net sales – which are almost entirely
abroad – had a significantly more negative impact on the
consoli dated financial statements than in the previous year
due to the strong Swiss franc. in organic terms, global sales of
equipment and systems for humidification and evaporative
cooling fell by 0.4 percent in the 2012 financial year.
Climate
the Group Division Climate recorded a slight fall in net sales in
Switzerland and austria year-on-year, but it enjoyed positive
sales growth in Germany. Besides the weakness of the euro,
the Group Division’s recorded decline in sales (minus 2.7 percent
compared to the previous year) resulted mainly from the
transfer of its radiant cooling business line, which meanwhile
belongs to the MWH Barcol-air Group, and the sale of its
uK air conditioning system retail business. the weak euro had
an impact on the currency translation of the German and
austrian business units’ sales figures and resulted in price
concessions that had to be absorbed by the Swiss retail
business. adjusted for currency and consolidation effects, the
Group Division Climate maintained roughly the same level
of sales as the previous year (minus 0.4 percent).
tools
in the Group Division tools, the uS manual wood- and metalworking
equipment business in particular made further
substantial progress on its growth path in 2012. two-thirds of
this Group Division’s net sales are generated in north america,
meaning that currency translation effects have a significant
impact. Boosted by the appreciation of the uS dollar compared
to 2011, among other things, net sales grew by CHF 21.6 million
(14 percent) in terms of the Swiss franc year-on-year.
adjusted for currency effects, the Group Division’s organic
sales growth remained at 9.5 percent. in addition to the
growth in the uS, the Group Division made further advances
in russia in particular.
machining solutions
the Swiss original business, which is based on total solutions
for precision machining, enjoyed an impressive trend reversal
in the 2011 financial year to achieve double-digit sales growth.
net sales remained at almost the same level in the past
financial year. in spite of a slight fall in net sales of 2 percent
compared to the previous year, the current results stand up
well against those of our competitors in the Swiss metalworking
industry. once again, Walter Meier’s strong position
as a supplier and technology partner for the watch and
medtech industries, which have shown resilience in the face
of crisis, proved to have a stabilizing effect.
personnel
oliver Zimmermann took over as Head of Group Division
Humidification on March 1, 2012.
at the ordinary annual shareholders’ meeting of
Walter Meier aG on March 14, 2012, alfred Gaffal and
Silvan G.-r. Meier were newly elected to the Board of
Directors for a three-year term. Silvan G.-r. Meier and
Heinz roth were appointed Chairman and Vice Chairman,
respectively, at the subsequent constituent meeting
of the Board of Directors.
on July 1, 2012, former CFo Jochen nutz assumed the
role of Group Coo and with it the responsibility for
day-to-day operations. at the same time, robert S. romano
was promoted to Head of Group Division tools.
outlook
provided that the general economic situation in the two
core markets of Switzerland and the uSa does not deteriorate
significantly, Walter Meier expects further sales growth
for the current year, although not quite to the extent achieved
in 2012. this sales forecast is based primarily on the effect
of the full-year consolidation of the business units acquired
over the course of 2012 – no substantial organic growth
is anticipated.
assuming stable exchange rates, it should be possible to
achieve an increased eBit, while net income is predicted to
remain stagnant or even fall slightly short of the previous
year due, in particular, to the continued normalization of the
tax rate as well as to higher interest expenses.
these forecasts come with the proviso that no changes are
made to Walter Meier’s investment portfolio in 2013.
However, especially focusing initiatives cannot be ruled out.

5-Year oVerVieW
in CHF million 2008 2009 2010 2011 2012
income statement
net sales 806.9 659.0 645.4 641.7 717.8
Humidification & evaporative Cooling 100.4 87.4 99.6 101.3 165.9
Climate 375.9 366.5 345.5 333.9 325.0
tools 248.8 171.7 161.9 153.8 175.4
Machining Solutions 97.4 47.2 53.1 64.9 63.6
inter-segment sales –15.6 –13.8 –14.7 –12.2 –12.1
eBitDa 1) 52.0 44.5 64.4 69.4 80.9
eBit 1) 44.0 31.1 51.1 56.5 64.7
as a % of net sales 5.5 4.7 7.9 8.8 9.0
exceptional effects –26.9 – – – –
net income for the period 4.1 22.2 41.2 51.9 54.1
Balance sheet
total assets 369.1 337.4 320.6 355.8 410.2
trade receivables 126.2 92.8 90.2 80.7 79.7
inventories 129.7 84.2 88.0 98.0 110.6
trade payables 43.5 36.8 35.0 32.8 36.7
Financial liabilities 65.4 25.4 1.6 2.9 76.7
net liquidity –36.3 28.9 45.6 60.7 –30.3
equity 132.0 162.4 170.5 198.0 168.9
as a % of total assets 35.8 48.1 53.2 55.6 41.2
return of equity in % 2.3 14.4 24.5 29.6 27.4
Cash flow
Cash flow from operating activities 8.1 92.2 47.6 61.6 75.9
Cash flow from investing activities –24.2 –19.0 –6.6 –18.0 –60.5
Free cash flow –16.1 73.2 41.0 43.6 15.4
number of employees (full-time equivalents)
Group 1 650 1 575 1 549 1 627 2 018
Humidification & evaporative Cooling 384 350 326 432 714
Climate 806 887 895 849 968
tools 343 227 211 235 225
Machining Solutions 84 70 72 81 83
Corporate 33 41 45 30 28
share information
earnings per -a- registered share in CHF 2) 2.03 10.37 19.09 24.54 26.26
Dividend per -a- registered share in CHF 2.00 7.00 12.50 12.50 12.50
Share price in CHF 63.00 92.50 191.50 207.10 236.90
number of outstanding shares 3) 2 020 754 2 198 905 2 125 598 2 116 500 1 911 703
Stock market capitalization 127.3 203.4 407.1 438.3 452.9
significant shareholders in % of capital,
without treasury shares 4)
Silvan G.-r. Meier via Greentec aG
anja egger-Meier
Free float
1) net of exceptional effects in 2008.
2) Based on average of outstanding shares.
3) Weighted -a- registered shares and -B- registered shares.
4) treasury shares are essentially only held for cancellation.
5-year overview
Walter Meier / annual report 2012
/ 31
59.4 65.3
19.7 10.8
20.9 23.9

32 /
orGanizational CHart
Walter Meier / annual report 2012
orGaniZation oF tHe
Walter Meier Group
Climate teCHnoloGy manufaCturinG teCHnoloGy
Humidification & evaporative Cooling tools
robert S. romano
Condair
oliver Zimmermann
port-a-Cool
William lloyd
Climate
Climate switzerland
Martin Kaufmann
Climate Germany / austria
Hans-Joachim Socher
mwH Barcol-air
Marcel Stark
Group management
Silvan G.-r. Meier, Jochen nutz
machining solutions
roberto ettlin
the full annual financial statements and the Corporate Governance chapter
are available on our website:
waltermeier.com/investors

Group
walter meier ltd.
Bahnstrasse 24
8603 Schwerzenbach
Switzerland
phone +41 44 806 41 41
Fax +41 44 806 49 49
group@waltermeier.com
www.waltermeier.com
HumiDifiCation &
evaporative CoolinG
Condair ltd.
talstrasse 35–37
8808 pfäffikon SZ
Switzerland
phone +41 55 416 61 11
Fax +41 55 416 62 62
info@condair.com
www.condair.com
port-a-Cool llC
709 Southview Circle
p.o. Box 2167
Center, tX 75935
uSa
phone +1 936 598 5651
Fax +1 936 591 0649
info@port-a-cool.com
www.port-a-cool.com
www.kuulpads.com
www.kuulaire.com
Climate
walter meier
(Klima schweiz) aG
Bahnstrasse 24
8603 Schwerzenbach
Switzerland
phone +41 44 806 41 41
Fax +41 44 806 41 00
ch.klima@waltermeier.com
www.waltermeier.com
walter meier
(Klima Deutschland) GmbH
Carl-von-linde-Strasse 25
85748 Garching-Hochbrück
Germany
phone +49 89 326 70 0
Fax +49 89 326 70 140
de.klima@waltermeier.com
www.waltermeier.com
mwH Barcol-air aG
Wiesenstrasse 5
8603 Schwerzenbach
Switzerland
phone +41 58 219 40 00
Fax +41 58 219 40 01
info@mwh.ch
www.mwh.ch
aDDresses
Walter Meier / annual report 2012
tools
walter meier (manufacturing) inc.
427 new Sanford road
la Vergne, tn 37086-4184
uSa
phone +1 615 793 8900
Fax +1 615 793 8905
jetwilton@waltermeier.com
www.jettools.com
www.wiltontools.com
www.powermatic.com
maCHininG solutions
walter meier (machining solutions) ltd.
Bahnstrasse 24
8603 Schwerzenbach
Switzerland
phone +41 44 806 46 46
Fax +41 44 806 47 47
ch.machining@waltermeier.com
www.waltermeier.com
/ 33

Walter Meier ltd.
Bahnstrasse 24, 8603 Schwerzenbach, Switzerland
phone +41 44 806 41 41, Fax +41 44 806 49 49
group@waltermeier.com, www.waltermeier.com