Welcome - Starragheckert
Welcome - Starragheckert
Welcome - Starragheckert
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<strong>Welcome</strong><br />
to the Media and Analysts<br />
Conference<br />
Starrag Heckert SIP TTL<br />
Agenda<br />
Overview Walter Fust, Chairman<br />
Markets and Technologies Frank Brinken, CEO<br />
Financials Gerold Brütsch, CFO<br />
Q & A<br />
Starrag Heckert SIP TTL<br />
Media and Analysts Conference in Zurich<br />
2<br />
1
Agenda<br />
Overview Walter Fust, Chairman<br />
Markets and Technologies Frank Brinken, CEO<br />
Financials Gerold Brütsch, CFO<br />
Q & A<br />
Starrag Heckert SIP TTL<br />
Overview 2008<br />
Sales in excess of CHF 300 million<br />
EBIT improved from 9.3% to 11.4%<br />
Starrag Heckert SIP TTL<br />
Media and Analysts Conference in Zurich<br />
Net profit from CHF 18 million to CHF 25 million<br />
Media and Analysts Conference in Zurich<br />
3<br />
4<br />
2
CHF<br />
Overview 2008<br />
900<br />
800<br />
700<br />
600<br />
500<br />
400<br />
300<br />
200<br />
Jan<br />
08<br />
Feb<br />
08<br />
Mrz<br />
08<br />
Apr<br />
08<br />
Mai<br />
08<br />
Starrag Heckert SIP TTL<br />
Overview 2008<br />
Jun<br />
08<br />
Jul<br />
08<br />
Aug<br />
08<br />
STGN SPI<br />
Sep<br />
08<br />
Okt<br />
08<br />
Nov<br />
08<br />
Dez<br />
08<br />
Target markets with growth potential<br />
Technology leader<br />
Dividend increase to CHF 20 per share<br />
Starrag Heckert SIP TTL<br />
Jan<br />
09<br />
Feb<br />
09<br />
Mrz<br />
09<br />
Media and Analysts Conference in Zurich<br />
Media and Analysts Conference in Zurich<br />
5<br />
6<br />
3
Agenda<br />
Overview Walter Fust, Chairman<br />
Markets and Technologies Frank Brinken, CEO<br />
Financials Gerold Brütsch, CFO<br />
Q & A<br />
Starrag Heckert SIP TTL<br />
Markets and Technologies<br />
Review 2008<br />
Strategy<br />
Projects<br />
Outlook 2009<br />
Starrag Heckert SIP TTL<br />
Media and Analysts Conference in Zurich<br />
Media and Analysts Conference in Zurich<br />
7<br />
8<br />
4
CHF million<br />
Markets and Technologies<br />
Review 2008<br />
Strategy<br />
Projects<br />
Outlook 2009<br />
Starrag Heckert SIP TTL<br />
Review 2008<br />
Order Intake<br />
400<br />
350<br />
300<br />
250<br />
200<br />
150<br />
100<br />
50<br />
0<br />
158<br />
Order Intake<br />
Backlog<br />
60<br />
186<br />
67<br />
166<br />
58<br />
153<br />
Starrag Heckert SIP TTL<br />
45<br />
160<br />
53<br />
168<br />
64<br />
206<br />
80<br />
Media and Analysts Conference in Zurich<br />
Order Intake +4%<br />
Record Backlog CHF 188 million<br />
2000 2001 2002 2003 2004 2005 2006 2007 2008<br />
328<br />
165<br />
341<br />
188<br />
Media and Analysts Conference in Zurich<br />
9<br />
10<br />
5
Review 2008<br />
Outpacing the market again<br />
10%<br />
5%<br />
0%<br />
-5%<br />
-10%<br />
-15%<br />
-20%<br />
-25%<br />
CHF million<br />
4%<br />
Starrag<br />
1%<br />
DMG<br />
Hermle<br />
-11%<br />
Starrag Heckert SIP TTL<br />
Review 2008<br />
EBIT Bridge Chart<br />
60<br />
50<br />
40<br />
30<br />
20<br />
10<br />
0<br />
9.3 %<br />
22.8<br />
32.5<br />
Moriseiki<br />
3.1<br />
Starrag Heckert SIP TTL<br />
-19%<br />
Makino<br />
2.9<br />
-15%<br />
2007 Volume Margin/Mix Operating<br />
expenses<br />
YoY Growth in Order Income<br />
GF ACM<br />
13.8<br />
-11%<br />
Tornos<br />
-18%<br />
Cecimo<br />
-17%<br />
Media and Analysts Conference in Zurich<br />
0.2<br />
11.4 %<br />
35.1<br />
Personnel Misc. 2008<br />
Media and Analysts Conference in Zurich<br />
11<br />
12<br />
6
Review 2008<br />
Target Market Development<br />
400<br />
350<br />
300<br />
250<br />
200<br />
150<br />
100<br />
50<br />
0<br />
28<br />
36<br />
39<br />
20<br />
27<br />
37<br />
62<br />
39<br />
36<br />
40 60 73<br />
53<br />
Aerospace<br />
Energy<br />
Machinery<br />
Transport<br />
61<br />
Starrag Heckert SIP TTL<br />
44 33<br />
49<br />
60<br />
71 67<br />
121 136<br />
87 75<br />
2003 2004 2005 2006 2007 2008<br />
Review 2008<br />
Target Markets<br />
Aerospace<br />
18%<br />
Strong Market<br />
Global Investments<br />
Technology Driven<br />
New Materials<br />
New Engines<br />
Military Programs<br />
Energy<br />
20%<br />
Growth Asia<br />
Revival Europe<br />
Nuclear Revival<br />
Starrag Heckert SIP TTL<br />
Target Markets<br />
Transport<br />
22%<br />
Performance Cars<br />
Rail transport<br />
Construction Equipm.<br />
Agriculture<br />
Media and Analysts Conference in Zurich<br />
Machinery<br />
39%<br />
Gearboxes<br />
Asia<br />
Transplants<br />
Media and Analysts Conference in Zurich<br />
13<br />
14<br />
7
CHF million<br />
Review 2008<br />
Regional Booking Development<br />
400<br />
350<br />
300<br />
250<br />
200<br />
150<br />
100<br />
50<br />
0<br />
6 3 6 12<br />
29<br />
46<br />
36 44<br />
120<br />
America<br />
Asia<br />
Europe<br />
Starrag Heckert SIP TTL<br />
27<br />
59<br />
102 117 111 120<br />
31<br />
107<br />
190<br />
19<br />
85<br />
237<br />
2002 2003 2004 2005 2006 2007 2008<br />
Review 2008<br />
Technology Leader Turbine Blades<br />
STC 100<br />
2009<br />
Starrag Heckert SIP TTL<br />
Media and Analysts Conference in Zurich<br />
2007 2008<br />
LX 051 LX 151 LX 251<br />
Blade Length<br />
Media and Analysts Conference in Zurich<br />
15<br />
16<br />
8
Review 2008<br />
Technology Leader Jet Engine Components<br />
STC 100<br />
2008<br />
Starrag Heckert SIP TTL<br />
STC 800 STC 1000 STC 1250<br />
Review 2008<br />
Technology Leader Titanium Airframe Structures<br />
2008<br />
STC 800<br />
Starrag Heckert SIP TTL<br />
Engine Size<br />
Media and Analysts Conference in Zurich<br />
STC 1000 STC 1250 STC 1600<br />
Part Size<br />
Media and Analysts Conference in Zurich<br />
17<br />
18<br />
9
Review 2008<br />
Technology Leader Wind Energy Gearboxes<br />
HEC 1000<br />
Starrag Heckert SIP TTL<br />
2008<br />
HEC 1250 HEC 1600 HEC 1800<br />
Review 2008<br />
Cost Leadership Agricultural Equipment<br />
HEC 800<br />
Starrag Heckert SIP TTL<br />
Part Size<br />
Media and Analysts Conference in Zurich<br />
2008<br />
HEC 1000 HEC 1250 HEC 1600 HEC 1800<br />
Part Size<br />
Media and Analysts Conference in Zurich<br />
19<br />
20<br />
10
Competitors<br />
Markets and Technologies<br />
Review 2008<br />
Strategy<br />
Projects<br />
Outlook 2009<br />
Starrag Heckert SIP TTL<br />
Development Strategy<br />
I<br />
400<br />
Verticals<br />
II<br />
500<br />
Germany<br />
Japan<br />
III<br />
630<br />
Starrag Heckert SIP TTL<br />
IV<br />
800<br />
V<br />
1000<br />
Media and Analysts Conference in Zurich<br />
VI<br />
1250<br />
VII<br />
1600<br />
Future Playing Field<br />
VII<br />
> 1600<br />
Media and Analysts Conference in Zurich<br />
21<br />
22<br />
11
Products<br />
Regional Expansion<br />
AUT<br />
CZ<br />
UK<br />
CAN<br />
BNL<br />
TK<br />
ESP<br />
Scan<br />
SUI<br />
MEX<br />
FRA<br />
IND<br />
BRA<br />
ROC<br />
KOR<br />
ITA<br />
USA<br />
JAP<br />
GER<br />
PRC<br />
0.8<br />
0.8<br />
0.9<br />
1.0<br />
1.1<br />
1.2<br />
1.2<br />
1.3<br />
1.4<br />
1.7<br />
1.8<br />
1.9<br />
2.5<br />
2.8<br />
4.2<br />
5.8<br />
6.8<br />
Starrag Heckert SIP TTL<br />
8.0<br />
0 2 4 6 8 10 12 14 16 18 20<br />
Source: Gardner / 2009<br />
We are playing in 15 of the top 20 machine tool markets<br />
10.0<br />
billion USD<br />
Strategic Growth Initiatives<br />
Existing New<br />
Big Machining Centers<br />
Product Lines Renewals<br />
Starrag Heckert SIP TTL<br />
India<br />
Canada<br />
Turkey<br />
Existing New<br />
Markets<br />
19.4<br />
Media and Analysts Conference in Zurich<br />
Media and Analysts Conference in Zurich<br />
23<br />
24<br />
12
Strategy Focus Unchanged<br />
Attractive target markets<br />
Regional expansion<br />
Customer-driven product innovation<br />
Expansion of customer service<br />
Continuous operational improvement<br />
Very solid financial basis<br />
Starrag Heckert SIP TTL<br />
Markets and Technologies<br />
Review 2008<br />
Strategy<br />
Projects<br />
Outlook 2009<br />
Starrag Heckert SIP TTL<br />
Media and Analysts Conference in Zurich<br />
Media and Analysts Conference in Zurich<br />
25<br />
26<br />
13
StarragHeckert India<br />
28.000 Heckert Maschines sold 1965 - 1989<br />
Established Heckert Brand Name WMW<br />
Fast Developing Market<br />
Dynamic Transport Market<br />
Dynamic Infrastructure Market<br />
Significant Import Hurdles<br />
Engineering Talent Base<br />
Sourcing Opportunities Incredible !ndia<br />
Starrag Heckert SIP TTL<br />
StarragHeckert India<br />
Light Trucks, Vans<br />
Heavy Trucks, Buses<br />
Agricultural Equipment<br />
Construction Equipment<br />
Power Generation<br />
Defense Industry<br />
Starrag Heckert SIP TTL<br />
Media and Analysts Conference in Zurich<br />
Media and Analysts Conference in Zurich<br />
27<br />
28<br />
14
Target Market India<br />
Local<br />
Production<br />
CNC<br />
Entry<br />
Starrag Heckert SIP TTL<br />
The Solution<br />
Global<br />
Standard<br />
High<br />
Precision<br />
German precision: Made in India<br />
Starrag Heckert SIP TTL<br />
Import<br />
Super<br />
Precision<br />
Ultra<br />
Precision<br />
Media and Analysts Conference in Zurich<br />
Media and Analysts Conference in Zurich<br />
29<br />
30<br />
15
Ramp-Up Plan<br />
I<br />
Assembling<br />
II<br />
Local<br />
Sourcing<br />
III<br />
Engineering<br />
Starrag Heckert SIP TTL<br />
IV<br />
Manufacturing<br />
Markets and Technologies<br />
Review 2008<br />
Strategy<br />
Projects<br />
Outlook 2009<br />
1<br />
Starrag Heckert SIP TTL<br />
V<br />
Training<br />
VI<br />
Export<br />
2<br />
VII<br />
R & D<br />
Media and Analysts Conference in Zurich<br />
Media and Analysts Conference in Zurich<br />
31<br />
32<br />
16
Outlook 2009<br />
Solid Order Backlog End 2008 = CHF 188 million<br />
Launch of three new Products in 2009<br />
Solid Growth Perspectives in Aerospace<br />
and Energy Markets<br />
Dynamic Wind Energy Industry<br />
Limited Visibility Transport Market<br />
Limited Visibility Precision Machinery<br />
Decreasing Bookings in 2009<br />
in billion EUR<br />
Starrag Heckert SIP TTL<br />
Outlook 2009<br />
30<br />
25<br />
20<br />
15<br />
10<br />
5<br />
0<br />
10.8<br />
9.7<br />
8.2<br />
7.4<br />
7.7<br />
9.3<br />
10.9<br />
11.5<br />
12.6<br />
14.3<br />
15.5<br />
14.9<br />
Starrag Heckert SIP TTL<br />
12.3<br />
9.8<br />
10.4<br />
12.6<br />
13.8<br />
14.5<br />
16.2<br />
16.8<br />
18.5<br />
20.0<br />
17.3<br />
15.8<br />
Media and Analysts Conference in Zurich<br />
CECIMO Machine Tool Production Europe Forecast 2009<br />
16.5<br />
18.0<br />
19.8<br />
22.7<br />
24.5<br />
1980<br />
1982<br />
1984<br />
1986<br />
1988<br />
1990<br />
1992<br />
1994<br />
1996<br />
1998<br />
2000<br />
2002<br />
2004<br />
2006<br />
2008<br />
21.5<br />
Media and Analysts Conference in Zurich<br />
33<br />
34<br />
17
Positive Mid Term Outlook<br />
Solid Growth Perspectives in Aerospace and Energy Markets<br />
Market Share Growth in Transport and Precision Machinery<br />
Capture Opportunities in BRIC Markets, Regional Expansion<br />
Expansion of Customer Service<br />
Dynamic Organic Growth<br />
Starrag Heckert SIP TTL<br />
Agenda<br />
Media and Analysts Conference in Zurich<br />
Overview Walter Fust, Chairman<br />
Markets and Technologies Frank Brinken, CEO<br />
Financials Gerold Brütsch, CFO<br />
Q & A<br />
Starrag Heckert SIP TTL<br />
Media and Analysts Conference in Zurich<br />
35<br />
36<br />
18
Financials<br />
Orders<br />
Financial Statements<br />
Share Information<br />
Summary<br />
Starrag Heckert SIP TTL<br />
Financials<br />
Orders<br />
Financial Statements<br />
Share Information<br />
Summary<br />
Starrag Heckert SIP TTL<br />
Media and Analysts Conference in Zurich<br />
Media and Analysts Conference in Zurich<br />
37<br />
38<br />
19
CHF million<br />
quarterly<br />
400<br />
350<br />
300<br />
250<br />
200<br />
150<br />
100<br />
50<br />
0<br />
Orders<br />
155 160 168<br />
206<br />
328<br />
Starrag Heckert SIP TTL<br />
341<br />
2003 2004 2005 2006 2007 2008<br />
Order Intake<br />
200<br />
175<br />
150<br />
125<br />
100<br />
75<br />
50<br />
25<br />
0<br />
58 53<br />
64<br />
81<br />
165<br />
188<br />
2003 2004 2005 2006 2007 2008<br />
Order Backlog<br />
Record Order Intake +4% Solid High Order Backlog<br />
Quarterly Order Intake<br />
CHF million<br />
120<br />
110<br />
100<br />
90<br />
80<br />
70<br />
60<br />
50<br />
40<br />
30<br />
20<br />
10<br />
0<br />
-10<br />
-20<br />
26<br />
48<br />
40<br />
45 52<br />
29<br />
42 46 40 45<br />
Starrag Heckert SIP TTL<br />
CHF million<br />
63 59<br />
89<br />
57<br />
Media and Analysts Conference in Zurich<br />
92 89<br />
80<br />
109<br />
104<br />
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4<br />
04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 -80<br />
80<br />
40<br />
0<br />
-40<br />
Significant quarterly fluctuation<br />
Quarterly analysis with limited significance<br />
48<br />
480<br />
440<br />
400<br />
360<br />
320<br />
280<br />
240<br />
200<br />
160<br />
120<br />
Media and Analysts Conference in Zurich<br />
39<br />
40<br />
20
quarterly<br />
Annual Order Intake<br />
CHF million<br />
120<br />
110<br />
100<br />
90<br />
80<br />
70<br />
60<br />
50<br />
40<br />
30<br />
20<br />
10<br />
0<br />
-10<br />
-20<br />
328<br />
341<br />
160<br />
168<br />
206<br />
Q1 Q2 Q3 Q4 Q1<br />
04 04 04 04 05<br />
Q2 Q3 Q4 Q1 Q2<br />
05 05 05 06 06<br />
Q3 Q4 Q1 Q2 Q3<br />
06 06 07 07 07<br />
Q4 Q1 Q2 Q3 Q4<br />
07 08 08 08 08 -80<br />
480<br />
440<br />
400<br />
360<br />
320<br />
280<br />
240<br />
200<br />
160<br />
120<br />
80<br />
40<br />
0<br />
-40<br />
In Q3 record moving average order intake of CHF 382 million<br />
In Q4 decrease by 11% (especially due to cancellations)<br />
Starrag Heckert SIP TTL<br />
Financials<br />
Orders<br />
Financial Statements<br />
Share information<br />
Summary<br />
Starrag Heckert SIP TTL<br />
Media and Analysts Conference in Zurich<br />
Media and Analysts Conference in Zurich<br />
Moving Average<br />
41<br />
42<br />
21
CHF million<br />
Income Statement - EBIT<br />
350<br />
300<br />
250<br />
200<br />
150<br />
100<br />
50<br />
0<br />
307<br />
Income Expense<br />
+26%<br />
244<br />
10 10<br />
Starrag Heckert SIP TTL<br />
159<br />
77<br />
+26%<br />
+22%<br />
126<br />
63<br />
40 +8%<br />
37<br />
5<br />
35 +54% 5<br />
23<br />
2008 2007 2008 2007<br />
Strict cost discipline leads to large increase in EBIT<br />
Development Cost Structure<br />
100%<br />
80%<br />
60%<br />
40%<br />
20%<br />
0%<br />
53%<br />
30%<br />
14%<br />
3.2%<br />
47%<br />
27%<br />
15% 14%<br />
5.7%<br />
Starrag Heckert SIP TTL<br />
52% 52%<br />
26%<br />
9.3%<br />
25%<br />
13%<br />
11.4%<br />
2005 2006 2007 2008<br />
Reduction of personnel expense to 25%<br />
Sales revenue<br />
Material expense<br />
Personnel expense<br />
Operating expense<br />
Other<br />
EBIT<br />
Media and Analysts Conference in Zurich<br />
Material expense<br />
Personnel expense<br />
Operating expense<br />
Other<br />
EBIT<br />
Media and Analysts Conference in Zurich<br />
43<br />
44<br />
22
CHF million<br />
From EBIT to Net Profit<br />
CHF million 2008 2007<br />
EBIT 35.1 22.8<br />
Interest -0.9 -0.4<br />
FX result 0.7 0.1<br />
Other -0.7 -0.7<br />
Earnings before tax EBT 34.2 21.8<br />
Income tax 1) -9.4 -3.8<br />
Earnings after tax EAT 24.8 18.0<br />
1) Prior period tax credits -0.1 3.8<br />
Average interest rate 4.1% 4.5%<br />
Tax rate (adjusted for prior year effects) 27% 35%<br />
Interest rate reduction thanks to clear borrowing agreements<br />
Decrease of tax rate in Germany as well as higher increase in<br />
earnings in Switzerland lead to reduced tax rate<br />
Starrag Heckert SIP TTL<br />
Balance Sheet<br />
250<br />
200<br />
150<br />
100<br />
50<br />
0<br />
Assets Liabilities<br />
10<br />
24<br />
95<br />
70<br />
11<br />
81<br />
52<br />
49 48<br />
92<br />
108 97<br />
Starrag Heckert SIP TTL<br />
12<br />
82<br />
12/08 12/07 12/08 12/07<br />
Total assets 224 191<br />
Equity ratio 48% 51%<br />
+17%<br />
Media and Analysts Conference in Zurich<br />
Cash and cash equivalents<br />
Receivables<br />
Inventories<br />
Fixed assets<br />
Financial liabilities<br />
Operating liabilities<br />
Shareholders' equity<br />
Increase of inventory spare parts as an investment in customer<br />
service and volume-driven (shortage in supply chain)<br />
Media and Analysts Conference in Zurich<br />
45<br />
46<br />
23
CHF million<br />
CHF million<br />
50<br />
40<br />
30<br />
20<br />
10<br />
Capital Employed<br />
360<br />
300<br />
240<br />
180<br />
120<br />
0<br />
-10<br />
-20<br />
60<br />
0<br />
54%<br />
45%<br />
160<br />
190<br />
87 85<br />
43%<br />
104<br />
244<br />
43%<br />
131<br />
Starrag Heckert SIP TTL<br />
307<br />
2005 2006 2007 2008<br />
60%<br />
50%<br />
40%<br />
30%<br />
20%<br />
10%<br />
0%<br />
Operating net assets (NOA)<br />
Sales revenue<br />
NOA to sales revenue<br />
Increase of capital employed in line with sales growth<br />
Cash Flow<br />
-1<br />
24 25<br />
5<br />
Dec 07 Net Depre-<br />
Income ciation<br />
10<br />
39<br />
Starrag Heckert SIP TTL<br />
-26<br />
-5<br />
Other Cash Flow Change Income<br />
in net<br />
current<br />
assets<br />
taxes<br />
-10 8<br />
Capital<br />
expanditure<br />
Volume-driven increase in net current assets results in<br />
acceptable increas of net debt<br />
Low net debt (= 13% of shareholders‘ equity)<br />
-5<br />
Media and Analysts Conference in Zurich<br />
Dividend Own<br />
shares<br />
Interest Currency<br />
Dec 08<br />
-2<br />
Net debt<br />
-1<br />
-2<br />
-14<br />
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Financials<br />
Orders<br />
Financial Statements<br />
Share Information<br />
Summary<br />
Starrag Heckert SIP TTL<br />
Share Information<br />
Starrag Heckert SIP TTL<br />
Media and Analysts Conference in Zurich<br />
CHF million 2008 2007<br />
Stock exchange capitalization 129.8 190.5<br />
- in % of Shareholders' equity 120% 197%<br />
Share price at year end (in CHF) 515.00 756.00<br />
Earnings per share (in CHF) 98.64 71.57<br />
Dividend per share (in CHF) 20.00 18.00<br />
P/E ratio 5.2x 10.6x<br />
Dividend yield 3.9% 2.4%<br />
Share price does not reflect positive business development<br />
-32%<br />
+38%<br />
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Financials<br />
Orders<br />
Financial Statements<br />
Share Information<br />
Summary<br />
Starrag Heckert SIP TTL<br />
Summary<br />
Solid Financing<br />
Listed on the Swiss Stock Exchange SIX<br />
Full Financial Transparency for Customers,<br />
Suppliers, Employees, Investors<br />
Continuous Financial Improvement<br />
Equity Financing (also for acquisition)<br />
Renewed credit agreements with<br />
house banks<br />
Adequate availability of credit lines<br />
Low debt ratio<br />
Favourable financing conditions<br />
Steady Shareholder Structure<br />
Supporting Long-term Strategy<br />
Starrag Heckert SIP TTL<br />
Free Float<br />
32%<br />
Eduard<br />
Stürm AG<br />
13%<br />
Media and Analysts Conference in Zurich<br />
Walter Fust<br />
55%<br />
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Summary 2008<br />
CHF million<br />
CHF million<br />
Sales revenue<br />
350<br />
300<br />
250<br />
200<br />
150<br />
100<br />
50<br />
0<br />
152<br />
Net Profit<br />
30<br />
20<br />
10<br />
0<br />
-10<br />
-20<br />
-30<br />
160<br />
190<br />
244<br />
307<br />
2004 2005 2006 2007 2008<br />
-22.9<br />
2.4<br />
7.5<br />
18.0<br />
Starrag Heckert SIP TTL<br />
EBIT-Margin<br />
15%<br />
10%<br />
5%<br />
0%<br />
-5%<br />
-10%<br />
-15%<br />
-13.0%<br />
3.1%<br />
5.7%<br />
9.3%<br />
11.4%<br />
2004 2005 2006 2007 2008<br />
Return on Equity<br />
30%<br />
20%<br />
10%<br />
0%<br />
-10%<br />
-20%<br />
-30%<br />
-40%<br />
-32.0%<br />
All key figures again increased significantly<br />
24.8<br />
2004 2005 2006 2007 2008<br />
Agenda / Contact<br />
4.8%<br />
9.4%<br />
18.6%<br />
23.0%<br />
2004 2005 2006 2007 2008<br />
16.05.2009 Annual general meeting in Rorschacherberg<br />
18.05.2009 Interim information Q1 2009<br />
07.08.2009 Shareholders’ letter and media release on<br />
half-year results<br />
09.11.2009 Interim information Q3 2009<br />
29.01.2010 Preliminary information on annual results<br />
12.03.2010 Media and analysts conference in Zurich<br />
Starrag Heckert SIP TTL<br />
Media and Analysts Conference in Zurich<br />
Dr. Frank Brinken, CEO, Phone +41 71 858 81 11, Fax +41 71 858 82 09<br />
Gerold Brütsch, CFO, Phone +41 71 858 81 11, Fax +41 71 858 82 30<br />
Further informationen:<br />
http://www.starragheckert.com<br />
media@starragheckert.com, investor@starragheckert.com<br />
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Disclaimer<br />
This presentation includes „anticipatory statements“ that involve<br />
risks, uncertainties and changes in circumstances. These may<br />
lead to results which defer significantly from our forecast. Political,<br />
economic, climatic conditions as well as currency or tax-related,<br />
regulatory, technological, or competitive factors can cause results<br />
to differ materially from those anticipated in the anticipatory<br />
statements. Additional information regarding these risk factors and<br />
uncertainties is published from time-to-time by the Swiss Stock<br />
Exchange (SIX) and also in the Annual Reports, as well as in<br />
various media sources.<br />
Starrag Heckert SIP TTL<br />
Media- and Analysts Conference<br />
Media and Analysts Conference in Zurich<br />
We look forward to your questions!<br />
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Leaders never sleep<br />
We would be pleased to invite you to<br />
a buffet lunch.<br />
Thank you for your interest!<br />
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