ANNUAL REPORT 2002 - Investor Relations

ANNUAL REPORT 2002

CONTENTS 

Highlights/Price trend 

Cover page 

Report of the non-executive Board of Directors 1 

Cham Paper Group 6 

Hammer Retex Group 14 

Kardex Remstar Group 20 

Consolidated financial statements 26 

Financial statements of Industrieholding Cham AG 44 

Affiliate companies as of 31 December 2002 49 

Corporate Governance 52 

Addresses 61 

Further information on Industrieholding Cham 

is available on the internet at www.iccham.com 

E-mail address: info@iccham.com

CONSOLIDATED KEY FIGURES 

2002 2001 


TCHF 

TCHF 

TCHF 

TCHF 

Net revenue 974 452 1 018 017 

EBIT 1) 53 119 9 767 

Profit/loss for the financial year 23 831 –33 324 

Total assets 972 282 1 032 711 

Equity 282 947 258 691 

Equity incl. minority interests 399 576 377 197 

Dividend (CHF per share) 0 0 

Employees 3 114 3 240 

1) 

EBIT: Profit before financial expenses, taxes and non-operating 

expenses/income (new definition: Prior year restated). 

CHAM PAPER GROUP (SPECIALITY PAPER) 

Internationally, the Cham Paper Group is one of the most respected and important 

manufacturers of high-quality speciality base papers. The Group has five paper mills 

in three countries, Switzerland, Italy and Norway, with a total annual capacity of 

265’000 tonnes of speciality base papers for flexible packaging, pressure-sensitive 

applications, labels, technical-industrial applications, inkjet and transfer printing applications, 

inner liners for the tobacco industry and wallpaper. 

Share of turnover 

Share of assets* 

HAMMER RETEX GROUP (REAL ESTATE) 

The Hammer Retex Group is one of the leading real estate companies in Central Switzerland. 

In the course of recent years, it has become a major provider of real estate 

services in the fields of general contracting, property management, real estate consultancy 

and real estate sales. In addition it actively manages its own real estate in 

Cham and the construction land reserves are used for new properties in tune with the 

development of the market. 



KARDEX REMSTAR GROUP (MATERIALS HANDLING) 

The Kardex Remstar Group produces and distributes throughout the world static and 

dynamic system solutions for stock retrieval, automation and conveying logistic. The 

main product groups are on the one hand vertical and horizontal rotating racks and 

high-rack modules and, on the other hand, conveyor equipment which is used in major 

automation solutions, particularly in the car industry. 



*2.31% of the assets belong 

to the non-operating holding 

companies

PRICE TREND, ZURICH STOCK EXCHANGE 

JANUARY–DECEMBER 2002 

CONDITIONS OF SHARE OWNERSHIP 

A shareholder is registered in the share register with a maximum of 3% of voting rights 

to the share capital. Under the provisions of the Lex Friedrich, foreign holders of 

registered shares have no voting rights. 

At the Annual General Meeting the voting rights of an individual shareholder are 

limited to 5% of the share capital. 

AVERAGE OF DEALT IC-SHARES 

PER BUSINESS DAY 

1998 1 170 

1999 3 431 

2000 3 662 

2001 308 

2002 2 015

REPORT OF THE 

NON-EXECUTIVE BOARD 

OF DIRECTORS 

Dear Sir or Madam 

Having reported a massive loss in 2001, 

Industrieholding Cham AG has returned 

to profitability in the year under review. 

2002 was characterized by measures 

to ensure the turnaround, to improve 

liquidity, and to reduce debt. 

Priority was given to: 

• the implementation of restructuring 

programmes at Kardex Remstar 

Group to keep costs in line with the 

weak demand for capital goods, 

• strict management of net working 

capital in all three subsidiary companies, 

• strengthening of the Cham Paper 

Groups’ sales organisation, 

• sale of non-operating assets 

of the Cham Paper Group, 

• sale of real estate of the 

Hammer Retex Group, 

• reorganisation of equity and third-party 

financing of the Cham Paper Group, 

• early repayment of the Industrieholding 

Cham AG CHF 30 million bond issue. 

Even though profitability targets could 

not be fully attained, the result is pleasing 

in view of the adverse economic environment. 

The subsidiary companies of Industrieholding 

Cham AG generated consolidated 

turnover of CHF 974.5 million 

(2001: CHF 1 018.0 million), EBIT of CHF 

53.1 million (2001: CHF 9.8 million), and 

a net profit of CHF 23.8 million (2001: 

CHF –33.3 million). 

Consolidated debt declined from CHF 

309.4 million (31.12.2001) to CHF 242.2 

million (31.12.2002). This resulted in an 

improved equity ratio from 25% to 29%, 

or, if minorities are included, from 37% to 

41%. 

The three subsidiary companies show 

varying levels of success: 

1

The Speciality Paper division can look 

back on a pleasing business year. After 

two consecutive negative years, the 

Cham Paper Group reported an EBIT 

of CHF 24.0 million for 2002 (2001: 

CHF –14.9 million). Machine loading at 

the five mills ranged from satisfactory to 

good, with the Swiss and Italian mills 

even setting new turnover records. Progress 

was also made at the Hunsfos mill 

in Norway, but it will take further improvements 

in productivity and the product 

mix to generate more satisfactory results. 

The Hammer Retex Group again had a 

profitable year. All business areas (general 

contracting, property management, real 

estate consultancy, and real estate sales) 

were successful. The company presents 

an EBIT of CHF 13.0 million (2001: CHF 

9.6 million), which contains profits of sale 

of property of CHF 9.5 million (2001: 

CHF 5.4 million). In addition, the company 

provided valuable assistance to 

the Cham Paper Group in selling nonoperating 

assets. 

Despite the ongoing economic weakness 

and restrained capital spending, the 

Kardex Remstar Group generated an 

EBIT of CHF 18.4 million (2001: CHF 

17.2 million). Substantial efforts to improve 

profitability were largely offset by 

lacklustre markets. In view of these circumstances, 

the positive result can be 

deemed a success. Three of the four 

Kardex divisions, “Dynamic Storage and 

Retrieval Systems” (KRM), “Industrial 

Automation and Conveyor Technology” 

(AFT), and “Static Storage Systems” 

(Stow) generated profits, whereas the 

fourth and smallest division, “Special- 

Purpose Handling Systems” (STE), suffered 

a loss. 

Outlook 

For 2003, Industrieholding Cham AG 

expects the economic environment to 

remain difficult. Despite improved positioning 

and restructuring measures implemented 

in 2002, it is likely that all 

three subsidiary companies will again be 

exposed to difficult markets and fierce 

competition. 

2

Proposed allocation of profit 

The non-executive Board of Directors will 

propose to the Annual General Meeting 

to waive payment of a dividend for 2002 

and to carry balance sheet profits of CHF 

15.1 million forward to the new financial 

year. The profit will be used to safeguard 

liquidity and further reduce the level of 

debt of Industrieholding Cham AG. 

A word of thanks 

The non-executive Board of Directors of 

Industrieholding Cham AG would like to 

express its sincere gratitude to all members 

of the workforce for their dedication 

and extraordinary performance in a highly 

challenging year. The non-executive 

Board would also like to thank the shareholders 

for their unfaltering confidence 

and loyalty. 

Head of the Cham Paper Group 

Effective 1 August 2002, Mr. Beat U. 

Semadeni handed over the position of 

CEO to Mr. Axel W. Wappler. Mr. Semadeni 

had served for more than ten years 

as CEO of Cham Paper Group. The 

non-executive Board would like to thank 

Mr. Semadeni for his enormous commitment 

and wishes Mr. Wappler well for his 

new and challenging task. 

Elections 

The terms of office of Michael Funk, 

Dr. René Furler and Rolf Schweiger 

expire on the date of the forthcoming 

Annual General Meeting. All three gentlemen 

are available for re-election. 

On behalf of the non-executive 

Board of Directors 

Heinrich C. Spoerry 

Chairman of the non-executive Board 

of Directors 

Heinrich C. Spoerry 

3

INDUSTRIEHOLDING CHAM 

CONSOLIDATED KEY FIGURES 1998–2002 

Net revenue 

EBITDA 

EBITDA margin 2) 

Operating profit (EBIT) 

EBIT margin 3) 

Profit/loss (–) for the year 

Return on sales 4) 

2002 

TCHF 

974 452 

98 317 

10.09% 

53 119 

5.45% 

23 831 

2.45% 

2001 

TCHF 

1 018 017 

52 998 

5.21% 

9 767 

0.96% 

–33 324 

–3.27% 

2000 1) 

TCHF 

Restated 

942 628 

68 842 

7.30% 

25 801 

2.74% 

–4 371 

–0.46% 

1999 

TCHF 

720 002 

89 877 

12.48% 

59 428 

8.25% 

23 384 

3.25% 

1998 

TCHF 

568 461 

71 626 

12.60% 

49 399 

8.69% 

21 824 

3.84% 

Cash flow from operating activities 

Investments in fixed assets 

Free cash flow 5) 

76 752 

31 592 

83 133 

75 134 

62 582 

–15 726 

–7 575 

44 888 

–123 884 

23 332 

49 582 

–36 350 

48 338 

53 893 

–49 686 

Current assets 

Non-current assets 

Total assets 

451 451 

520 831 

972 282 

498 965 

533 746 

1 032 711 

504 470 

460 445 

964 915 

411 168 

369 083 

780 251 

364 549 

336 654 

701 203 

Liabilities 

Share capital 

Shareholders’ equity 

Minority interests 

Total liabilities and shareholders’ equity 

572 706 

80 640 

282 947 

116 629 

972 282 

655 514 

80 640 

258 691 

118 506 

1 032 711 

550 455 

80 640 

292 101 

122 359 

964 915 

479 637 

40 320 

236 819 

63 795 

780 251 

453 653 

20 160 

189 252 

58 298 

701 203 

Equity ratio 6) 

Dividend 

41.10% 

0 

36.52% 

0 

42.95% 

0 

38.53% 

8 064 

35.30% 

7 056 

Net working capital 7) 

Net interest-bearing liabilities 8) 

153 261 

242 242 

93 391 

309 423 

176 429 

258 684 

148 522 

249 445 

138 616 

224 250 

Employees (full-time equivalents) 9) 

Net sales per employee 10) 

FTE 

3 114 

307 

3 240 

333 

2 882 

352 

2 480 

324 

1 967 

300 

Consolidated group profit per share 

in CHF 

29.55 

–41.32 

–5.42 

58.00 

111.01 

1) 

Restated, mainly capitalization and amortization of goodwill. 

2) 

EBITDAllllllllll 

Net revenue 

3) 

EBITlllllllllllllllll 

Net revenue 

4) 


Net revenue 

5) 

Cash flow from operating activities + cash flow 

from investing activities 

6) 

Including minority interests 

7) 

Current assets ./. short-term liabilities 

8) 

Short-term bank loans + other short-term interest-bearing liabilities 

+ long-term interest-bearing liabilities./. cash and cash equivalents 

./. securities ./. other interest-bearing short-term liabilities 

9) 

Full-time equivalent (exclusive trainees) 

10) 

Net revenuexxxxxxxxxxxxxxxxxxxxxxxxxxl 

Average employees (full-time equivalents) 

4

TOTAL ASSETS INDUSTRIEHOLDING CHAM 



Liabilities 

Shareholders’ equity (including minority interests) 

DEVELOPMENT OF SALES & EBIT INDUSTRIEHOLDING CHAM 

Sales (Net revenue) 


5

Whether it’s bread, marmalade or coffee: creative packaging 

sells products. Around the world, well-known manufacturers 

label, package, and present their popular brand products with 

speciality papers made by the Cham Paper Group.

CHAM PAPER GROUP 

The year under review was positive for 

the Cham Paper Group. In a difficult 

economic environment it succeeded in 

returning to profitability. For 2002 the 

Group reports a profit of CHF 15.8 million 

(2001: CHF –38.7 million). Several factors 

contributed to this success: 

• a higher gross margin due to an 

improved product mix and declining 

pulp prices, 

• strict management of net working 

capital, 

• a profit on a book value basis 

of CHF 7.5 million resulting from 

assets not forming part of core 

business operations. 

The medium-term financing of the Cham 

Paper Group was secured with a share 

capital increase of CHF 20.0 million and 

the conclusion of a syndicated loan. 

The company’s consistent policy of 

customer orientation and its focus on 

speciality paper have paid off. Despite 

considerable adjustments to its range, 

sales of own-manufactured products 

rose by 2.8% to 256’000 tonnes. A 28% 

increase in overseas sales more than 

compensated for the 2.2% decline in 

sales in Europe. Net turnover fell by 7.4% 

to CHF 413.2 million; 3.6% of the drop in 

sales were due to exchange rate effects. 

Net sales price declined as an indirect effect 

of the fall in pulp prices. Moreover, 

net turnover from distribution of thirdparty 

papers dropped by CHF 10.9 million. 

The Cham Paper Group continued to expand 

its share in strategically important 

markets, e.g. Germany, USA, China 

and South Korea. Progress was made 

especially in technical papers for the 

tobacco industry and wet-strength 

labels for beer and wine bottles, as well 

as inkjet papers. In the field of base 

papers for pressure-sensitive materials, 

quickly shifting customer requirements 

were promptly recognised. In particular, 

sustained growth was achieved with clay 

coated papers from Cham and glassine 

from Condino (Italy). In base papers for 

flexible packaging the Group succeeded 

in holding its position and even expanding 

in certain market segments. The wallpaper 

market has recovered worldwide 

but is still suffering from overcapacity. 

The Hunsfos mill in Norway benefited 

from increased orders for wallpaper 

base. However, the reorientation of this 

mill towards products with a potential for 

long-term success is still under way. 

Axel W. Wappler, CEO 

7

The current trend: 

From label to postage 

stamp, it’s all selfadhesive. 

Success with fast food requires systematic brand management. 

For this reason, successful fast food chains use the 

Cham Paper Group’s special Tenwax paper. It is easy to print 

and reusable – and cheeseburgers taste like cheeseburgers, 

not like paper. 

Production 

Overall, capacity utilization at the five 

mills was good. Cham, Carmignano and 

Condino increased production to new 

record levels: The Swiss mills produced 

together 102’000 tonnes and the two 

Italian mills 89’000 tonnes. The Hunsfos 

mill in Norway made progress. Despite 

various incidents, e.g. fire damaging a 

paper machine transformer and water 

supply problems, the mill improved its 

EBIT in comparison with the previous 

year by CHF 13.4 million. This success is 

due mainly to cost reduction, including 

job cuts in administration. From the 

fourth quarter 2002, Mr. Morten Persen 

(Chairman of the non-executive Board of 

Directors) and Mr. Hans Peter Müller 

(General Manager) have been responsible 

for the mill. Further measures to 

implement the approved strategy will be 

enacted in 2003.

Indispensable: 

Top-quality paper for 

inkjet and dye-sublimation 

printing. 

Do it yourself: 

More and more people 

want to vary their wallpaper 

choice more 

often. 

In the spotlight: 

Consumer goods stand 

out when presented 

with metallized papers. 

Investments 

Investments by the Cham Paper Group 

during the year were spent to ensure 

continuous modernization of production 

equipment and to increase productivity. 

The construction of a new warehouse in 

Cham for finished rolls will help reduce 

future logistical costs. In Italy, the Cham 

Paper Group invested in a new drive for 

the Condino paper machine and in headbox 

improvements for the Carmignano 

paper machine. 

In mid 2002 the implementation of new 

IT applications was initiated. The software 

will be installed first in Cham and 

then group-wide through 2004. The strategy 

supports optimization and unification 

of business procedures within the Group 

and thus enhances productivity. 

Another major project involves a heat 

and electricity cogeneration plant to be 

built during 2003 and 2004 in cooperation 

with an electrical utility company in 

Condino. More economical electrical 

energy will lead to further cost savings. 

Outlook 

The Cham Paper Group shall again face a 

highly challenging market as geopolitical 

risks add to economic uncertainty. 

Nevertheless top management is confident 

that, together with their dedicated 

workforce, they will be able to satisfy 

expectations. 

The focus this year will be on Technical 

Speciality Papers. The highest growth 

rates are expected from the Far East and 

Eastern European markets. Customers 

are demanding products that offer them 

greater functionality and benefits. 

Many new products are being developed 

and markets built for innovative 

papers, which address a wide range of 

applications. These include, amongst 

others, speciality papers for improved 

inventory tracking, and papers that 

contribute to process optimization in 

brewery bottling. 

9

CHAM PAPER GROUP 


Net sales per employee 13) 391 


TCHF 

Net revenue 

EBITDA 











Total assets 

Liabilities 

Share capital 





Dividend 



Debt ratio 9) 

Coverage ratio 10) 

Gearing 11) 


FTE 

413 232 

48 024 

11.62% 

24 000 

5.81% 

15 840 

3.83% 

42 286 

16 177 

32 852 

177 477 

245 869 

423 346 

273 962 

130 000 

149 384 

0 

423 346 

35.29% 

0 

62 480 

164 626 

3.43 

2.94 

1.10 

1 041 

2001 

TCHF 

446 136 

9 974 

2.24% 

–14 859 

–3.33% 

–38 685 

–8.67% 

34 744 

26 546 

12 140 

184 689 

249 299 

433 988 

322 612 

110 000 

111 376 

0 

433 988 

25.66% 

0 

–23 532 

215 453 

21.60 

–1.12 

1.93 

1 073 

404 

2000 1) 

TCHF 

Restated 

490 362 

24 298 

4.96% 

–5 126 

–1.05% 

–10 665 

–2.17% 

–9 933 

23 341 

–32 008 

240 434 

261 602 

502 036 

352 656 

110 000 

149 380 

0 

502 036 

29.75% 

4 000 

46 971 

225 049 

9.26 

–0.41 

1.51 

1 135 

422 

1999 

TCHF 

419 417 

47 819 

11.40% 

23 461 

5.59% 

13 501 

3.22% 

–9 976 

31 164 

–41 835 

234 049 

272 671 

506 720 

354 639 

90 000 

152 081 

0 

506 720 

30.01% 

4 048 

48 672 

230 430 

4.82 

2.69 

1.52 

1 188 

428 

1998 

TCHF 

295 437 

36 915 

12.50% 

20 042 

6.78% 

14 727 

4.98% 

40 775 

41 889 

–27 566 

191 101 

253 132 

444 233 

303 602 

90 000 

139 761 

870 

444 233 

31.66% 

4 021 

49 924 

180 358 

4.89 

4.23 

1.29 

771 

383 

10 

1) 


2) 


Net revenue 

3) 


Net revenue 

4) 


Net revenue 

5) 



6) 


7) 


8) 




9) 

Net interest-bearing liabilities 

EBITDA 

10) 

EBITxxxxxxxxxxxxxxxxxxxxxxxxxxxx 

Interest expenses ./. interest earned 

11) 



12) 


13) 


Average employees (full-time equivalents)

TOTAL ASSETS CHAM PAPER GROUP 



Liabilities 


DEVELOPMENT OF NET INTEREST-BEARING LIABILITIES 

0 


11

DEVELOPMENT OF SALES BY REGION (OWN PRODUCTION) 

2001 


DEVELOPMENT OF SALES BY PRODUCT GROUP 

(OWN PRODUCTION) 

Sales 2002 (in tonnes) 

Sales 2001 (in tonnes) 

12 

Graphic papers 

Base wallpapers 

Flexible packaging 

Base papers for self-adhesives 

Technical papers

DEVELOPMENT OF PULP PRICE CHAM PAPER GROUP 

NBSK in USD/tonnes 

13

Interdisciplinary planning processes as well as networked 

thinking and acting are welcome challenges for a general 

contractor.

HAMMER RETEX GROUP 

2002 was another successful year for the 

Hammer Retex Group. This success 

confirms the soundness of its business 

strategy, as it generated a profit of CHF 

10.3 million (2001: CHF 7.3 million). 

The Hammer Retex Group offers comprehensive 

real estate services in Central 

Switzerland: 

• General contracting 

• Property management 

• Real estate consultancy 

• Real estate sales 

Within the strategy to develop building 

land reserves and to realize capital gains 

from sales of real estate, the 2002 result 

was influenced by the sale of a major 

residential property. The development of 

building land reserves is being pursued in 

step with the market trend. About 60 

apartments are under construction. 

These will generate profit in 2003. 

Despite difficult economic conditions, all 

business areas of the Hammer Retex 

Group were successful. In general contracting, 

the Group was involved in the 

construction of buildings worth about 

CHF 60.0 million. In property management, 

fee revenues increased by about 

19% to CHF 2.3 million. 

In 2002, the Hammer Retex Group turnover 

from ordinary activities amounted to 

CHF 11.3 million. Combined with property 

sales, the Group reported an EBIT of 

CHF 13.0 million. Profit from the sale of 

real estate totalled CHF 9.5 million before 

taxes. 

The Group has a solid financial foundation. 

With total assets closing at CHF 

91.0 million and shareholders’ equity of 

CHF 63.4 million, the equity ratio is 70%. 

Claude Ebnöther, CEO 

With the acquisition of Hans Schmidlin 

AG, effective 30 September 2002, the 

Hammer Retex Group further reinforced 

its market position as a real estate company 

in the canton of Zug. Hans Schmidlin 

AG manages and sells real estate with 

a workforce of ten employees. 

15

General contracting: 

Walking his dog allows 

Daniel Amrein to take a 

breather from the complexities 

of his job. 

The “Schutzengel” development project in Baar, carried out 

in cooperation with the Zurich-based architectural firm 

RRP, is a typical example of the successful interdisciplinary 

service package Hammer Retex Group strives to offer. 

Reference: 

The “Schutzengel” project in Baar 

One of the great assets of the Hammer 

Retex Group is that it can offer its 

customers a full complement of services 

in turn-key packages. Smooth coordination, 

direct communication and short 

decision-making paths are important prerequisites 

for success. During every 

phase of a project, competent partners 

are at the disposal of the customers. 

The “Schutzengel” development project 

in Baar is a typical example of the successful 

interdisciplinary service package 

offered by Hammer Retex. The builder, 

Obermühle Immobilien AG, decided to 

develop roughly 6500 square metres of 

land and sell the buildings in the form of 

flats. The major objectives were a high 

standard of urban architecture, aboveaverage 

construction quality, and optimised 

cost-effectiveness. Hammer Retex 

implemented this total vision, providing a 

comprehensive partnership that encompassed 

planning, sale, and management. 

RRP Architekten, a Zurich-based architectural 

firm already well known in the 

“Schutzengel” district, has created with 

this project a landmark of urban architectural 

design. Despite a nearly saturated 

market, the 43 flats have met with lively 

demand. Construction will be completed 

as scheduled by late May 2003.

General contracting: 

Hiking gives Irene 

Broch fresh energy 

that lets her master 

the daily challenges 

at work. 

Real estate sales: 

Yvonne Koch plays golf 

to relax after intensive 

talks with customers. 

Property management: 

After many meetings 

with owners and tenants, 

Brigitte Vogel 

enjoys time off and 

goes skiing. 

Outlook 

Although institutional and private investors 

as well as purchasers of flats are 

currently favouring a wait-and-see 

attitude, the Hammer Retex Group is 

confident about the future outlook. 

Despite uncertainty in the markets, the 

strong position and solid finances offer 

opportunities which need to be perceived. 

By entering the growth sector of facility 

management, the Hammer Retex Group 

will gradually expand its range of activities. 

This expansion will advance in 

small steps, accompanied by rigorous 

performance assessments. With the 

existing activities in real estate maintenance 

as a firm base, the aim is to focus 

on high-yield projects with high customer 

benefit. 

In the general contracting sector, a few 

projects will be developed on companyowned 

land reserves in order to be in a 

good position for any future economic 

upturn. In property management, the 

Hammer Retex Group aims to achieve 

profitable growth. An important step in 

this direction will be the integration of 

Hans Schmidlin AG and its customers. 

17

HAMMER RETEX GROUP 




TCHF 

Net revenue 

EBITDA 











Thereof Non-current assets rented out 

Total assets 

Liabilities 

Share capital 




Dividend 



Debt ratio 9) 


Gearing 11) 


FTE 

11 285 

14 281 

126.55% 

13 034 

115.50% 

10 301 

91.28% 

–5 299 

1 141 

12 002 

27 057 

63 964 

50 676 

91 021 

27 593 

4 500 

63 428 

91 021 

69.69% 

2 150 

17 509 

–6 761 

–0.47 

22.47 

–0.11 

36 

2001 

TCHF 

11 413 

10 713 

93.87% 

9 628 

84.36% 

7 281 

63.80% 

14 341 

13 676 

8 391 

15 439 

69 496 

57 207 

84 935 

29 659 

4 500 

55 276 

84 935 

65.08% 

2 000 

6 763 

8 617 

0.80 

12.80 

0.16 

32 

368 

2000 1) 

TCHF 

Restated 

11 210 

5 983 

53.37% 

4 427 

39.49% 

3 077 

27.45% 

9 170 

7 922 

1 469 

14 329 

64 021 

48 408 

78 350 

28 355 

4 500 

49 995 

78 350 

63.81% 

2 000 

9 146 

19 788 

3.31 

5.89 

0.40 

30 

374 

1999 

TCHF 

9 533 

8 438 

88.51% 

7 290 

76.47% 

5 581 

58.54% 

4 652 

4 172 

–1 491 

18 586 

57 772 

49 540 

76 358 

27 200 

4 500 

49 158 

76 358 

64.38% 

2 000 

14 224 

19 256 

2.28 

13.38 

0.39 

30 

303 

1998 

TCHF 

12 003 

5 059 

42.15% 

3 844 

32.03% 

2 891 

24.09% 

–2 553 

6 875 

–3 744 

18 269 

57 640 

47 033 

75 909 

30 419 

4 500 

45 490 

75 909 

59.93% 

2 000 

13 510 

18 303 

3.62 

5.53 

0.40 

33 

364 

18 

1) 


2) 


Net revenue 

3) 


Net revenue 

4) 


Net revenue 

5) 



6) 


7) 


8) 




9) 


EBITDA 

10) 



11) 



12) 


13) 



TOTAL ASSETS HAMMER RETEX GROUP 


Non-current assets rented out 

Rest non-current assets 

Liabilities 


19

Two paternoster systems function as rotating 

showcases but are also exhibits in their own right.

KARDEX REMSTAR GROUP 

As a typical supplier of capital goods, the 

Kardex Remstar Group was hit particularly 

hard by the adverse economic trend. 

As a result, original financial targets had 

to be revised substantially downward 

in the 2002 half yearly report and the 

yearly forecast was readjusted to 2001 

levels. This assessment was confirmed 

by developments in the year under 

review. The hostile economic climate 

showed no signs of improvement, and 

many (prospective) customers either 

delayed or minimized investments. 

The unsatisfactory overall trend of the first 

six months continued unabated during 

the second half of the year. Thanks to the 

restructuring measures implemented in 

2001, operating costs were reduced by 

about 11%. For the full year, the Kardex 

Remstar Group reported an EBIT of CHF 

18.4 million (2001: CHF 17.2 million). 

Profit after taxes (and after minority interests) 

closed at CHF 3.0 million compared 

to CHF 4.1 million in 2001. Three of the 

four Kardex divisions, “Dynamic Storage 

and Retrieval Systems” (KRM), “Industrial 


(AFT), and “Static Storage Systems” 

(Stow) generated profit, whereas the 

fourth and smallest unit, “Special-Purpose 

Handling Systems” (STE) reported a loss. 

Weak demand, combined with currencyfluctuation 

losses, reduced consolidated 

net turnover of the Kardex Remstar 

Group in financial 2002 by 2%, from CHF 

560.5 million to CHF 549.9 million. It 

must be noted that 2002 was the first 

year in which Stow was consolidated for 

the full twelve-month period (2001: nine 

months). On a comparable basis, the 

decline in turnover was 7%. 

In 2002, the four divisions contributed to 

turnover as follows: 

•“Dynamic Storage and Retrieval 

Systems” (KRM) 48% 

(2001: 53%) 

•“Industrial Automation and Conveyor 

Technology” (AFT) 26% 

(2001: 26%) 

•“Static Storage Systems” (Stow) 22% 

(2001: 16%) 

•“Special-Purpose Handling Systems” 

(STE) 4% 

(2001: 5%) 

Richard Flury, CEO 

21

For a globally active electronics company, Kardex installed 

20 Kardex Shuttle NT units and 5 Kardex Industrievers 

in the customer’s new manufacturing plant in the Czech 

Republic. 

Megamat’s new 

Megaload storage 

system (3-axis lift) 

provides more storage 

space and greater 

retrieval and picking 

performance. 

The decline in demand affected worst the 

“Dynamic Storage and Retrieval Systems” 

(KRM) division, whose turnover fell 

by 12% (or 9% in local currencies). 

The turnover generated by the “Industrial 


(AFT) division remained at the 2001 level, 

whereas the newly acquired Stow Group 

increased annualized turnover by 3% (or 

7% in local currencies). This increase reflects 

the systematic expansion of the 

sales organizations in Germany as well as 

in Eastern Central Europe. 

The Kardex Remstar Group cut back 

bank debt, accounts receivables, and inventory 

as far as possible, thus improving 

liquidity and operating cash flow.

The inductive electric 

monorail system was 

the major innovation of 

the year 2002. 

Storage system, shelving, 

and mezzanine 

system in a large 

sportswear shipping 

centre. 

Carousel system: seven 

horizontal carousels 

with lifting tables and 

LAKOS inventory 

management software. 

Expansion of market shares 

All business units are fully focused on expanding 

their market shares worldwide. 

They can rely on many successfully completed 

projects, excellent references, and 

newly developed hardware and software. 

Outside core markets in Europe, the Kardex 

Remstar Group is undertaking great 

efforts to gain market share in the USA 

and the Far East. With production facilities 

in South Korea and China as well as 

the support of highly effective sales 

organizations, the Kardex Remstar Group 

is already working successfully in these 

countries. 

Investments 

All business units invested judiciously. 

The “Dynamic Storage and Retrieval 

Systems” (KRM) division spent capital to 

refurbish machinery and equipment in 

Bellheim and Neuburg, as well as procuring 

equipment for the production of the 

new “Shuttle” generation. 

The “Industrial Automation and Conveyor 

Technology” (AFT) division invested 

primarily in the construction or expansion 

of test installations in Schopfheim and 

in South Korea. 

The “Static Storage Systems” (Stow) 

division concentrated on the automation 

of shipping operations at Dottenijs, the 

expansion of its commercial IT and the 

reinforcement of its sales organization. 

Outlook 

For 2003, the Kardex Remstar Group 

expects the economy to remain sluggish; 

this will hamper the demand for capital 

goods. The focus will therefore be on 

tight cost management. The Kardex 

Remstar Group will continue to invest 

prudently in order to increase free cash 

flow. In addition, the Kardex Remstar 

Group will expedite innovative processes 

and continuously improve quality at every 

level with regard to all products and 

services. 

Proposed allocation of profit 

For the first time since the Group went 

public in 1987, no dividend was paid in 

2001. For 2002, the non-executive Board 

of Directors will again propose that the 

Annual General Meeting waive the 

payment of a dividend. This proposal is 

justified in view of low net profit and the 

necessity to reduce debt. However, it 

remains the declared intention of the nonexecutive 

Board to pay a dividend again 

as soon as warranted by the financial 

results. 

With its comprehensive line-up of products 

and services, the Kardex Remstar Group 

is ideally equipped and positioned for the 

future. A modest upturn in the markets 

will lead to substantial increases in sales 

and profits. 

23

KARDEX REMSTAR GROUP 




TCHF 

Net revenue 

EBITDA 











Total assets 

Liabilities 

Share capital 





Dividend 



Debt ratio 9) 


Gearing 11) 


FTE 

549 935 

36 807 

6.69% 

18 439 

3.35% 

3 007 

0.55% 

42 153 

14 264 

22 615 

240 547 

194 948 

435 495 

280 118 

79 950 

150 827 

4 550 

435 495 

35.68% 

0 

57 631 

100 479 

2.73 

2.57 

0.65 

2 034 

2001 

TCHF 

560 468 

32 339 

5.77% 

17 203 

3.07% 

4 051 

0.72% 

28 622 

25 303 

–34 448 

257 162 

197 351 

454 513 

296 288 

79 950 

154 602 

3 623 

454 513 

34.81% 

0 

65 137 

120 564 

3.73 

2.39 

0.76 

2 132 

291 

2000 1) 

TCHF 

Restated 

441 056 

39 502 

8.96% 

28 945 

6.56% 

19 490 

4.42% 

–10 577 

13 544 

–77 198 

211 476 

115 902 

327 378 

162 697 

79 950 

164 681 

0 

327 378 

50.30% 

10 127 

78 526 

42 080 

1.07 

8.13 

0.26 

1 714 

297 

1999 

TCHF 

290 616 

34 232 

11.78% 

29 291 

10.08% 

20 604 

7.09% 

17 100 

14 234 

–3 282 

152 755 

37 895 

190 650 

105 855 

53 300 

84 795 

0 

190 650 

44.48% 

9 540 

61 489 

29 028 

0.85 

n.a. 

0.34 

1 259 

240 

1998 

TCHF 

261 209 

30 830 

11.80% 

26 100 

10.22% 

18 974 

7.26% 

10 406 

5 129 

1 063 

142 361 

25 882 

168 243 

90 754 

53 300 

77 489 

0 

168 243 

46.06% 

9 061 

63 725 

6 835 

0.22 

n.a. 

0.09 

1 160 

225 

24 

1) 


2) 


Net revenue 

3) 


Net revenue 

4) 


Net revenue 

5) 



6) 


7) 


8) 




9) 


EBITDA 

10) 



11) 



12) 


13) 



TOTAL ASSETS KARDEX REMSTAR GROUP 



Liabilities 


DEVELOPMENT OF SALES BY REGION 

Sales 2002 (in CHF million) 

Sales 2001 (in CHF million) 

EU countries 

Other Europe 

North, Middle, South America 

Middle and Far East, Oceania 

25

Consolidated Balance Sheet at 31 December 2002 

Assets 

Note 

31. 12. 2002 

TCHF % 

31. 12. 2001 

TCHF % 

Cash and cash equivalents 

Securities 

Accounts receivables – trade, services, net 

Other non-interest-bearing current assets 

Inventories 3 

Prepaid expenses and accrued income 


63 703 

8 384 

216 635 

15 163 

137 399 

10 167 

451 451 46.4 

71 665 

30 707 

233 997 

18 814 

134 662 

9 120 

498 965 48.3 

Land and buildings 5 

Machinery, equipment and vehicles 5 

Major production machines 5 

Assets under construction 5 

Assets under financial lease 5 

Loans 

Investments 

Other financial assets 4 

Goodwill 6 

Other intangible assets 6 


Total assets 

183 409 

105 479 

92 221 

12 742 

7 887 

1 251 

716 

5 251 

95 824 

16 051 

520 831 53.6 

972 282 100.0 

182 335 

104 380 

95 173 

26 375 

8 191 

1 036 

695 

4 860 

98 964 

11 737 

533 746 51.7 

1 032 711 100.0 

Equity and Liabilities 

Note 


TCHF % 

31. 12. 2001 

TCHF % 

Short-term bank loans 

Accounts payable – trade, services 

Other non-interest-bearing short-term liabilities 

Accrued expenses and deferred taxes 

Short-term provisions 9 

Short-term liabilities 

78 145 

121 237 

35 163 

47 261 

16 384 

298 190 30.7 

201 092 

107 121 

32 432 

49 707 

15 222 

405 574 39.3 

Bonds 

Long-term bank loans 7 

Other interest-bearing long-term liabilities 8 

Subordinated loans (interest-bearing) 8 

Long-term provisions 9 

Provisions for deferred taxes 

Long-term liabilities 

0 

216 394 

15 671 

4 119 

27 282 

11 050 

274 516 28.2 

30 000 

160 552 

20 151 

0 

26 123 

13 114 

249 940 24.2 

Share capital 

Capital reserves 

Restricted reserves for treasury stock 

Retained earnings 


Shareholders’ equity 10 

80 640 

78 047 

177 

100 252 

23 831 

282 947 29.1 

80 640 

78 047 

0 

133 328 

–33 324 

258 691 25.0 

26 


Total shareholders’ equity (including minority interests) 


116 629 12.0 

399 576 41.1 

972 282 100.0 

118 506 11.5 

377 197 36.5 

1 032 711 100.0

Consolidated Income Statement 2002 

Note 


TCHF % 

2001 

TCHF % 

Net revenue 20 

Costs of goods sold 

Own production capitalized 

Gross profit 

974 452 

–778 922 

0 

195 530 100.0 

1 018 017 

–835 026 

177 

183 168 100.0 

Other operating income 11 

Administration expenses 

Marketing and selling expenses 

Research and development expenses 

Amortization of goodwill 

Other operating expenses 14 

Gains on disposal of operating fixed assets 

Operating profit 

11 772 6.0 

–65 629 –33.6 

–77 416 –39.6 

–12 418 –6.4 

–6 429 –3.3 

–2 049 –1.0 

9 758 5.0 

53 119 27.2 

5 345 2.9 

–69 060 –37.7 

–84 226 –46.0 

–13 091 –7.1 

–6 260 –3.4 

–12 079 –6.6 

5 970 3.3 

9 767 5.3 

Net financial result 15 

Net non-operating expenses 16 

Profit/loss (–) for the year before tax 

–21 427 

7 605 

39 297 

–22 637 

–14 

–12 884 

Taxes 17 



Profit/loss (–) for the year (excluding minority interests) 

–12 141 

27 156 

–3 325 

23 831 

–15 355 

–28 239 

–5 085 

–33 324 

27

Consolidated Cash Flow Statement 2002 


TCHF 

2001 

TCHF 

Profit/loss (–) for the financial year (excluding minority interests) 


Depreciation 

Gains on disposal of fixed assets 

Losses on disposal of fixed assets 

Other non-cash income/expenses 

Depreciation of loans – investments 

Amortization 

Increase/decrease (–) of provisions 

Increase/decrease (–) of provisions and deferred taxes 

Increase/decrease (–) of pension provisions 

Share of associates’ net profit 

Increase/decrease (–) of non-cash net working capital 


23 831 

3 325 

38 341 

–17 315 

422 

428 

0 

6 429 

4 029 

–1 927 

526 

–12 

18 675 

76 752 

–33 324 

5 085 

35 233 

–5 970 

1 108 

1 738 

1 000 

6 260 

10 918 

3 254 

647 

–128 

49 313 

75 134 

Application of funds for acquisition of subsidiaries 

Investments in securities 

Disposal of securities 

Increase of loans and long-term securities 

Decrease of loans and long-term securities 

Investment in tangible fixed assets 

Disposal of tangible fixed assets 

Investment in intangible fixed assets 

Disposal of intangible fixed assets 

Cash flow from investing activities 

–1 392 

–165 

22 112 

–269 

25 

–31 592 

27 283 

–9 755 

134 

6 381 

–41 573 

753 

1 000 

560 

1 398 

–62 582 

15 101 

–5 517 

0 

–90 860 

28

Note 


TCHF 

2001 

TCHF 

Increase/decrease (–) in bonds 

Increase/decrease (–) in bank loans 

Increase/decrease (–) in other long-term liabilities 

Share capital increase (including share premium) 

Dividend payments to minorities 

Cash flow from financing activities 

–30 000 

–67 069 

–618 

–200 

0 

–97 887 

0 

14 597 

41 090 

0 

–8 317 

47 370 

Increase/decrease (–) in cash and cash equivalents 

–14 754 

31 644 

Exchange effect on cash and cash equivalents 

6 792 

1 316 

Change in cash and cash equivalents 18 

–7 962 

32 960 

Cash and cash equivalents at the start of the financial year 

71 665 

38 705 

Cash and cash equivalents at the end of the financial year 

63 703 

71 665 

Change in cash and cash equivalents 

–7 962 

32 960 

29

Notes to the consolidated financial statements 2002 


Balance sheet 

Note 1 

Accounting principles 

1.1 General 

The consolidated accounts of Industrieholding Cham AG are 

based on the accounts of the individual subsidiary companies, 

which were prepared in accordance with the historical cost principle 

and with Swiss GAAP FER. 

The new Standards 20 (Impairment of assets) and 22 (Long-term 

contracts) were applied in 2002 for the first time. 

The financial statements have been approved by the nonexecutive 

Board of Directors of Industrieholding Cham AG on 

24 March 2003. 

subsidiaries at the date of purchase or first-time consolidation. 

Transactions and balances between the consolidated companies, 

including income and expenses, as well as assets and 

liabilities, are eliminated in the consolidation process. Profits 

occurring on intercompany supplies of goods and services are 

eliminated in the profit consolidation. 

Companies in which Industrieholding Cham AG holds between 

20% and 50% of the voting rights are valued according to the 

equity method. The profit and loss account includes only the 

proportion of profit accruing to Industrieholding Cham AG, and 

the balance sheet the corresponding proportion of equity. 

Investments in companies below 20% are valued at historical 

cost (less any necessary valuation reserves). 

1.2 Principles of consolidation 

1.3 Cash and cash equivalents 

The consolidated financial statements comprise of the holding 

and all subsidiaries, where Industrieholding Cham AG holds 

directly or indirectly more than 50% of the voting rights. 

Cash and cash equivalents comprise cash in hand, post deposits, 

bank deposits and term deposits. Foreign currency amounts are 

translated at the exchange rates on balance sheet date. 

Assets and liabilities as well as income and expenses are reported 

in their entirety in accordance with the guidelines on full 

consolidation. The minority interest in the shareholders’ equity 

and profit or loss of consolidated companies is to be disclosed 

separately. 

1.4 Marketable securities 

Marketable securities are publicly traded securities, and are 

carried at the lower of cost or market value. 

Companies that are acquired during the year will be consolidated 

as from the date of incorporation. 

1.5 Inventories 

All balance sheet items (with the exception of shareholders’ 

equity) are to be translated into the reporting currency at the 

exchange rate ruling at the balance sheet date. The items in the 

profit and loss accounts are translated at an average rate of the 

period. The translation differences are booked into the shareholders’ 

equity account. 

Consolidation of shareholders’ equity is calculated according to 

the purchase method. According to this method the purchase 

costs of the consolidated subsidiaries, as valued in the subsidiary 

accounts, are offset against the shareholders’ equity of the 

Raw materials and trade inventories are recorded at the lower of the 

initial purchase price or the market value. Finished and semi-finished 

products are valued at manufacturing cost. The values are generally 

based on the first-in-first-out (FIFO) or average price method. Settlement 

discounts (in the sense of deduction for a quick payment) are 

dealt with as purchase price reductions. Intercompany profits are 

eliminated. 

30

Long-term contracts (Real Estate and Materials Handling division) 

are recognized according to the percentage-of-completion method 

(POC) in the consolidated financial statements. With the POC method 

any profit is recognized based on the stage of completion. The stage 

of completion is determined by the cost-to-cost method (Real Estate 

and Materials Handling division). The Materials Handling division 

uses the efforts-expended method as an additional check. 

1.6 Tangible fixed assets 

Tangible fixed assets (machinery, furniture, buildings and land) are 

stated in the balance sheet at purchase price less accumulated 

depreciation. Depreciation is calculated on the basis of the expected 

useful life (see note 13: Depreciation). 

Real Estate division: Long-term projects, which will be used as 

investment property, will be recognized at cost, less any impairment 

losses. Borrowing costs are expensed as financial costs (no 

capitalization). 

1.9 Taxes 

Provisions have been made for the taxes incurred on the taxable 

profits of the individual companies, as well as for non-reclaimable 

taxes withheld from the distributable profits of the subsidiaries. 

The provisions for deferred taxes take into consideration the 

taxation effects of the differences between the values applying for 

taxation purposes and those calculated according to companyinternal 

principles. Deferred taxes are calculated on the basis of 

locally applicable tax rates. The relevant tax rates are those which 

were anticipated at the date of the balance sheet (liability method). 

In accordance with Swiss GAAP FER 11/25, deferred tax assets 

on temporary differences and on tax losses carried forward may 

only be shown as an asset when it is probable that sufficient 

taxable profits will be generated within the respective accounting 

periods. 

1.10 Foreign currencies 

1.7 Liabilities 

Short-term liabilities include all financial obligations which are due 

within one year. In contrast, long-term liabilities reflect all obligations 

with more than one year until maturity. 

1.8 Provisions 

Provisions are created if a legal requirement or past event gives 

rise to an obligation that is likely to cause a negative cash flow 

which can be reliably estimated. The amount of the provision corresponds 

to the best-possible current estimate of the respective 

obligation. 

The consolidated balance sheet and income statement are presented 

in Swiss francs (CHF). 

Foreign exchange rates Balance sheet Income stateyear-end 

rate ment/Average 

rate for the year 

2002 2001 2002 2001 

USA USD 1 1.39 1.69 1.56 1.69 

Great Britain GBP 1 2.23 2.46 2.34 2.43 

Norway NOK 100 19.96 18.62 19.54 18.78 

EURO EUR 1 1.45 1.49 1.47 1.51 

31



Balance sheet 

1.11 Employee benefit plans 

In addition to participating in state pension plans, the individual 

group companies also have their own pension schemes of which 

the majority of employees are members. Most of these are defined 

contribution pension plans, but in some cases there are 

also defined benefit pension plans. 

The definitions of defined contribution and defined benefit pension 

plans comply with the definitive version of Swiss GAAP FER 

16, which was published in the collection of valid Standard for the 

year 2002. In the case of a defined contribution pension plan, the 

contributions of the employees are fixed in the valid rules of the 

plan. The employer is not responsible for prevailing contribution 

gaps in the pension plan. All due surpluses are effected, as a rule, 

to the benefit of the insured. Without further commitment on 

coverage from the employer, the Swiss pension plans, in accordance 

with the Swiss Federal Law on Occupational Benefit Plans 

(BV), will be treated as defined contribution pension plans. 

The pension fund costs of the defined benefit pension plans have 

been calculated according to the accrued benefit valuation method. 

This takes into account expectations regarding return on capital, 

salary development and pension indexing. The initial 

calculation of the difference between the pension liability and the 

net assets of the pension fund is calculated and recognized in the 

income statement using the straight-line method over the average 

remaining period of service of the respective employees. The 

annual pension fund costs of the group are charged to personnel 

expenses. 

1.12 Intangible fixed assets 

Any difference between the purchase price and the acquired net 

assets (goodwill) valued according to group policies, is capitalized 

and amortized over its useful economic life. 

Internally generated intangibles (research & development, software, 

patents, licences) can only be capitalized if they meet all 

the conditions outlined in Swiss GAAP FER 9. Intangible assets 

are valued at the lower of acquisition or production costs and net 

realizable value. The useful life is estimated carefully, using the 

straight-line method (see note 13: Depreciation). 

Note 2 – Changes in group companies 

During 2002, the group expanded to include the following 

company which was consolidated for the first time: real estate 

company Hans Schmidlin AG, Steinhausen/ZG (acquired as of 

1 October 2002). The real estate company is subconsolidated 

within the Real Estate division. 

Note 3 – Inventories 


TCHF TCHF 

Raw materials 41 633 40 605 

Production supplies 3 795 3 290 

Semi-finished goods 17 574 12 652 

Finished goods 56 540 59 957 

Spare parts 15 277 16 564 

Trade merchandise 1 291 1 137 

Agriculture 83 105 

Property held for sale 1 206 352 

Total 137 399 134 662 

Above figures include depreciation on inventory of TCHF 3 234 

(2001: TCHF 3 697) and received prepayments from customers 

of TCHF 12 409 (2001: TCHF 20 158). 

32

Note 4 – Other financial investments 

31.12.02 31.12.01 

TCHF TCHF 

Pension plans 612 1 093 

Deferred tax credits 4 559 3 692 

Long-term securities 80 75 

Total 5 251 4 860 

Deferred tax 

The capitalized deferred tax assets of TCHF 4 559 (2001: TCHF 

3 692) take into account the effects on income tax of existing 

tax losses carried forward against future taxable profits in the 

Materials Handling division. 

As of 31 December 2002, the value of the tax losses carried 

forward, which for reasons of prudence has not been capitalized, 

amounts to TCHF 13 900 (2001: TCHF 20 385). 

Pension plan assets 

The calculations were based on the assumptions listed below. 

Variations within the group result from varying parameters in the 

individual business divisions and countries of the group. 

Employee benefit plans exist both within the Speciality Paper and 

Materials Handling divisions. Recalculations on the assets and 

obligations are done on an annual basis. 

2001/2002 NO D UK 

Discount rate 6% 5.75% 5.4% 

Expected yield on 

pension fund capital 7% 5.25% 7.75% 

Salary increase 3% 2.3% 4.5% 

Benefit progression 3% 2% 2.3% 

Excess Unfunded Excess Unfunded 

cover 

cover 

2002 2002 2001 2001 

TCHF TCHF TCHF TCHF 

Calculated pension fund liabilities 27 446 11 582 26 603 19 743 

– Market value of assets –28 756 –7 514 –28 918 –9 219 

+ Funded portion not eligible for capitalization 0 –1 407 0 0 

+/– Difference from initial application 23 –913 271 –5 368 

+/– Accrued pension fund costs for defined benefit plans 0 94 0 1 116 

Net assets (–)/provision for employee benefit plans –1 287 1 842 –2 044 6 272 

Net capitalized pension plan receivables –555 –4 228 

– thereof capitalized pension plan receivables Materials Handling division 612 1 093 

– thereof provisions Hunsfos / Speciality Paper division –1 167 –5 321 

The provisions of the Speciality Paper division are booked in the 

long-term provisions for pensions and similar obligations (see 

Note 9). 

33



Balance sheet 

Note 5 – Movements in tangible fixed assets 

Land and Machinery Major Assets Assets Total 

buildings equipment production under under finan- 2002 

vehicles machines construction cial lease 

TCHF TCHF TCHF TCHF TCHF TCHF 

Gross value 01.01.2002 

Additions from initial consolidation 

Additions 

Disposals 

Restatement 

Other adjustments 

Exchange rate differences 

Gross value 31.12.2002 

Accumulated depreciation 01.01.2002 

Additions 

Disposals 

Restatement 

Other adjustments 


Accumulated depreciation 31.12.2002 

Net tangible fixed assets 01.01.2002 

Net tangible fixed assets 31.12.2002 

Insurance value 

246 346 308 060 216 894 29 253 12 007 812 560 

0 219 0 0 0 219 

7 161 14 478 508 9 191 1 336 32 674 

–13 307 –7 188 0 –1 633 –348 –22 476 

–645 2 813 0 –1 245 –355 568 

10 635 6 489 2 648 –22 684 180 –2 732 

–702 –4 714 2 388 –140 –40 –3 208 

249 488 320 157 222 438 12 742 12 780 817 605 

64 011 203 680 121 721 2 878 3 816 396 106 

6 605 18 420 8 097 0 1 367 34 489 

–4 786 –5 210 0 –1 633 –173 –11 802 

688 1 282 0 –1 245 –157 568 

0 –140 2 0 0 –138 

–439 –3 354 397 0 40 –3 356 

66 079 214 678 130 217 0 4 893 415 867 

182 335 104 380 95 173 26 375 8 191 416 454 

183 409 105 479 92 221 12 742 7 887 401 738 

505 880 552 879 864 052 29 291 9 953 1 962 055 

Group landholdings (in m 2 ) 31.12.2002 

Switzerland 

Germany 

Italy 

Norway 

Others 

Total 

1 057 497 

157 763 

187 939 

242 200 

189 594 

1 834 993 

Prepayments of TCHF 616 (2001: TCHF 79) and other disbursements 

for current capital or building projects are recorded as 

assets under construction. The amounts are transferred to the 

respective asset categories when the project is completed. In 

2002, assets under construction, amounting to TCHF 22’684, 

have been relocated to the other tangible fixed assets categories 

and intangible fixed assets. 

The gross values at the end of 2002 are made up of the assets 

of the Speciality Paper, Real Estate and Materials Handling divisions. 

Included are also the gross values of the additions from 

initial consolidation less exchange rate differences. 

The total amount of the liabilities related to finance lease as per 

31.12.2002 is TCHF 7’205 (2001: TCHF 7’117). 

34

Note 6 – Intangible fixed assets 

Goodwill Licences & Capitalized Others Total 

intercompany patents research and 2002 

development 

costs 

Gross value 01.01.2002 121 307 1 869 7 806 18 515 149 497 

Additions from initial consolidation 757 0 0 0 757 

Additions 3 535 120 1 731 4 369 9 755 

Disposals –34 –140 0 –732 –906 

Restatement 0 91 75 59 225 

Other adjustments 0 0 0 2 731 2 731 

Exchange differences –1 194 –22 –542 –261 –2 019 

Gross value 31.12.2002 124 371 1 918 9 070 24 681 160 040 

Accumulated depreciation 01.01.2002 22 343 289 1 542 14 622 38 796 

Additions 6 429 351 1 470 2 031 10 281 

Disposals –35 0 0 –726 –761 

Restatement 0 116 70 39 225 

Other adjustments 0 0 0 138 138 

Exchange differences –190 –5 –122 –197 –514 

Accumulated depreciation 31.12.2002 28 547 751 2 960 15 907 48 165 

Net intangible assets 01.01.2002 98 964 1 580 6 264 3 893 110 701 

Net intangible assets 31.12.2002 95 824 1 167 6 110 8 774 111 875 

The goodwill of TCHF 95 824 includes TCHF 79 478 from the 

Materials Handling division, TCHF 15 608 from the Holding 

division and TCHF 738 from the Real Estate division. On the 

goodwill from the Materials Handling divisions an impairment 

test has been performed based on the business plan. As per 

31.12.02, no adjustment was necessary. The other intangible 

assets consist mainly of software. 

Note 7 – Long-term bank loans 

31.12.2001 31.12.2002 


Years until maturity 

Unsecured bank loans 

Secured bank loans 

Mortgages 

Total long-term bank loans 

1 2–3 4–5 >5 Total 

27 879 1 117 97 309 14 924 19 857 133 207 

54 808 6 920 16 894 4 966 17 915 46 695 

77 865 2 849 12 539 10 443 10 661 36 492 

160 552 10 886 126 742 30 333 48 433 216 394 

Secured loans are covered by land, buildings, operating machinery 

and parts of currents assets. 

The mortgages included with a remaining time of up to one year 

are legally redeemable at six months’ notice. In practice, however, 

they are treated as long-term borrowing because they are 

usually extended automatically. The same holds true for other 

loans, as long as it is the clear intention to extend these loans on 

an ongoing basis. 

35



Balance sheet 

Note 8 – Other long-term liabilities 

31.12.02 31.12.01 

Saving funds 1 840 1 979 

Other long-term liabilities 

of non-banks 13 831 18 172 

Subordinated loans 4 119 0 

Total 19 790 20 151 

In other long-term liabilities of non-banks of TCHF 13’831 (2001: 

TCHF 18’172) pension plan liabilities of TCHF 16 (2001: TCHF 

186) are included. 

Note 9 – Provisions 

Total Pensions Guarantees Process Restruc- Other Total 

short-term and similar and risks turing provisions long-term 

provisions obligations warranties provisions 

Opening balance 01.01.2002 

Increase 

Decrease for obligations incurred 

Unused amounts reversed 

Changes from long-term 

to short-term provisions 


Closing balance 31.12.2002 

15 222 13 363 2 398 146 6 595 3 621 26 123 

12 908 1 935 1 124 264 1 875 1 899 7 097 

–5 763 –1 652 –361 –101 –6 105 –1 717 –9 936 

–1 556 0 –312 0 –94 0 –406 

–4 508 221 0 0 4 287 0 4 508 

81 –218 –17 –1 129 3 –104 

16 384 13 649 2 832 308 6 687 3 806 27 282 

36

Note 10 – Changes in shareholders’ equity 

Share Capital Retained Profit/ Total sharecapital 

reserve profit loss (–) holders’ 

equity 

TCHF TCHF TCHF TCHF TCHF 

Value 01.01.2001 80 640 78 047 137 785 –4 371 292 101 

Retained loss 0 0 –4 371 4 371 0 

Other changes 0 0 –767 0 –767 

Exchange differences on intercompany loans 0 0 897 0 897 

Exchange differences 0 0 –216 0 –216 

Loss for the financial year 0 0 0 –33 324 –33 324 

Value 31.12.2001 80 640 78 047 133 328 –33 324 258 691 

Value 01.01.2002 80 640 78 047 133 328 –33 324 258 691 

Retained profit 0 0 –33 324 33 324 0 

Other changes 0 0 –200 0 –200 

Exchange differences on intercompany loans 0 0 –96 0 –96 

Exchange differences 0 0 721 0 721 

Profit for the financial year 0 0 0 23 831 23 831 

Value 31.12.2002 80 640 78 047 100 429 23 831 282 947 

Minority interests 0 0 0 0 116 629 

Total value 31.12.2002 80 640 78 047 100 429 23 831 399 576 

The share capital of TCHF 80’640, representing 806’400 shares 

with a nominal value of CHF 100 per share, together with the 

capital reserve of TCHF 78’047, comprise the paid-in capital. 

The retained profit contains retained group profits and group 

exchange differences resulting from currency translations. 

37



Income statement 

Note 11 – Other operating income 

Note 13 – Depreciation 

In 2002 the amount of TCHF 11’772 includes TCHF 7’734 

(2001: TCHF 3’038) from the Speciality Paper division (rent, 

paper refinement and subsidies) and TCHF 4’038 (2001: TCHF 

2’253) from the Materials Handling division (rent, subsidies and 

release of unused provisions). 


Holding 

Goodwill 5% 5% 

Office and business equipment 20–33% 20–33% 

Note 12 – Personnel expenses 


TCHF TCHF 

Wages and salaries 187 571 189 164 

Pension plan expenses 7 857 8 389 

Other social security expenses 36 322 33 497 

Other personnel expenses 5 078 5 505 

Total 236 828 236 555 

The pension plan expenses were calculated as follows: 


TCHF TCHF 

Contribution made to 

defined contribution plans 6 045 6 560 

Contribution made to 

defined benefit plans 1 847 2 088 

Accrual of expenses under 

defined benefit plans –35 –259 

Total pension plan expenses 7 857 8 389 

Employees (with apprentices/ 31.12.02 31.12.01 

trainees, including part-time employees) 

Speciality Paper division 

Land 0% 0% 

Buildings 4% 4% 

Large industrial machinery 4% 4% 

Machinery, plant and equipment 10–33% 10–33% 

Office and business equipment, 

vehicles 5–20% 5–20% 

Real Estate division 

Land, buildings under construction 0% 0% 

Rental housing 2.5% 2.5% 

Real estate built after 1990 2.5% 2.5% 

Farm buildings 2.5% 2.5% 

Machinery and equipment 20–33% 20–33% 

Vehicles 20% 20% 

Materials Handling division 

Buildings 2.5–5% 2.5–5% 

Fixtures according according 

in tented premises 

to contract to contract 

Machinery and equipment 7–20% 7–20% 

Office and business equipment, 

vehicles 5–33% 5–33% 

Research and development costs 20% 20% 

Goodwill 5% 5% 

Full-time employees 3 114 3 240 

Apprentices/trainees 35 33 

Total 3 149 3 273 

38

Note 14 – Other operating expenses 


TCHF TCHF 

Other operating expenses –2 754 –2 241 

Restructuring expenses –1 076 –9 838 

Extraordinary income 1 781 0 

Other operating expenses –2 049 –12 079 

The TCHF 1 781 comprises the release of restructuring provisions 

in the Speciality Paper division. 

Note 16 – Net non-operating expenses 


TCHF TCHF 

Gains on disposal 

of non-operating fixed assets 7 557 0 

Losses on disposal 

of non-operating fixed assets 0 0 

Non-operating income 48 6 

Non-operating expenses 0 –20 

Net non-operating expenses 7 605 –14 

Note 15 – Net financial result 


TCHF TCHF 

Income from investments 13 128 

Interest earned 1 712 2 671 

Other financial income 8 421 7 871 

Interest expenses –20 273 –24 005 

Depreciation of loans (assets) –50 0 

Other financial expenses –11 250 –9 302 

Net financial result –21 427 –22 637 

Note 17 – Taxes 


TCHF TCHF 

Current taxes –15 675 –11 153 

Deferred taxes 3 534 –4 202 

Total –12 141 –15 355 

The reported taxes include taxes on the profit for the year, as well 

as capital tax, the change in deferred tax charged to the income 

statement and non-reclaimable taxes deducted at source on 

dividends of foreign subsidiaries. 

The other financial expenses include mainly exchange losses of 

TCHF –5 062 (2001: TCHF –3 283) from the Materials Handling 

division and TCHF –1’925 (2001: TCHF –4’167) from the 

Speciality Paper division. 

Note 18 – Change in cash and cash equivalents 

Recently, the cash flow statement is based on the fund “cash and 

cash equivalents”, excluding short-term bank loans. 

39



Other notes 

Note 19 – Segment reporting by business activity 

Consolidated Income Speciality Real Estate Materials Holding Elimination Consoli- 

Statement 2002 Paper Handling dated 


Net revenue 

Cost of goods sold 

Own production capitalized 

Gross profit 

413 232 

–357 868 

0 

55 364 

11 285 

–7 053 

0 

4 232 

549 935 

–414 001 

0 

135 934 

0 

0 

0 

0 

0 

0 

0 

0 

974 452 

–778 922 

0 

195 530 

Other operating income 

Administration expenses 

Marketing and selling expenses 

Research and development costs 

Amortization of goodwill 

Other operating expenses 

Gains on disposal of operating fixed assets 

Operating profit 

7 734 

–21 864 

–14 067 

–3 329 

0 

–5 

167 

24 000 

0 

–428 

–95 

0 

–19 

–113 

9 457 

13 034 

4 038 

–42 097 

–63 254 

–9 089 

–4 909 

–2 318 

134 

18 439 

0 

–1 240 

0 

0 

0 

387 

0 

–853 

0 

0 

0 

0 

–1 501 

0 

0 

–1 501 

11 772 

–65 629 

–77 416 

–12 418 

–6 429 

–2 049 

9 758 

53 119 

Net financial result 

Net non-operating expenses 

Profit for the year before tax 

–21 427 

7 605 

39 297 

Taxes 

Profit for the year 


Profit for the year (excluding minority interests) 

–12 141 

27 156 

–3 325 

23 831 

Consolidated Balance Sheet Speciality Real Estate Materials Holding Elimination Consoliat 

31 December 2002 Paper Handling dated 


Current assets 177 477 27 057 240 547 17 471 –11 101 451 451 

Non-current assets 245 869 63 964 194 948 218 120 –202 070 520 831 

Total assets 423 346 91 021 435 495 235 591 –213 171 972 282 

Short-term liabilities 114 997 9 548 182 916 1 930 –11 201 298 190 

Long-term liabilities 158 965 18 045 97 202 24 804 –24 500 274 516 

Shareholders’ equity 149 384 63 428 155 377 208 857 –177 470 399 576 

Liabilities and shareholders’ equity 423 346 91 021 435 495 235 591 –213 171 972 282 

Operating profit 24 000 13 034 18 439 –853 –1 501 53 119 

Depreciation and losses on disposal 

of fixed assets 24 024 1 228 13 459 52 0 38 763 

Amortization 0 19 4 909 1 501 0 6 429 

40

Note 20 – Segment reporting by geographic region 

Net sales turnover by country 


TCHF in % TCHF in % 

Switzerland 60 262 6.3 57 614 5.7 

Italy 56 608 5.8 72 841 7.2 

Norway 10 945 1.1 14 394 1.4 

Germany 263 423 27.0 244 880 24.1 

United Kingdom 106 092 10.9 115 352 11.3 

Netherlands 63 301 6.5 70 063 6.9 

Belgium 53 386 5.5 54 561 5.4 

Spain 28 316 2.9 26 430 2.6 

France 77 001 7.9 80 040 7.8 

Rest of EU 37 140 3.8 40 251 4.0 

Rest of Europe 34 894 3.6 44 190 4.3 

USA 86 983 8.9 84 451 8.3 

Canada 5 807 0.6 5 317 0.5 

Latin America 8 547 0.9 14 687 1.4 

Asia 68 630 7.0 78 638 7.7 

Oceania 5 131 0.5 7 295 0.7 

Africa 7 986 0.8 7 013 0.7 

Total 974 452 100.0 1 018 017 100.0 

Note 22 – Contingent liabilities 

31.12.02 31.12.01 

TCHF TCHF 

Guarantees of the indebtedness 

of others 291 0 

Guarantees 3 366 4 434 

Other liabilities 0 1 740 

Tax obligations 4 488 476 

Total 8 145 6 650 

Note 23 – Security on own liabilities 

31.12.02 31.12.01 

TCHF TCHF 

For mortgaged loans 90 592 62 324 

For other loans 46 521 33 031 

Total 137 113 95 355 

Note 21 – Unrecorded rental and leasing liabilities 

Unrecorded rental and leasing liabilities (Operating Leasing) 

amounted to TCHF 23’070 at the end of 2002 versus TCHF 

26’443 in the prior year. The future minimum rental and leasing 

commitments as of 31 December 2002 will become due as 

follows: 

Maturity date 

TCHF 

2003 8 094 

2004 5 275 

2005 3 450 

2006 2 515 

2007 2 086 

Later 1 650 

Total 23 070 

41



Other notes 

Note 24 – Financial instruments 

Contract amounts Positive Negative 

replacement value replacement value 

2002 2001 2002 2001 2002 2001 


Exchange instruments 

Currency futures –587 24 569 94 17 88 –735 

Exchange options 2 541 7 871 70 151 0 80 

Total exchange instruments 1 954 32 440 164 168 88 –655 

Interest instruments 

Interest rate swaps 50 194 35 902 0 591 –2 174 0 

Forward rate agreements 12 500 25 000 0 9 66 9 

Total interest instruments 62 694 60 902 0 600 –2 108 9 

Other derivative financial instruments 0 0 0 0 0 0 

Total financial instruments 64 648 93 342 164 768 –2 020 –646 

The above contract values are presented in order to provide 

information concerning the outstanding transaction volume at the 

date of the balance sheet. The replacement value represents the 

profit/loss which would have been realized at the daily prices 

applicable on 31 December 2002. 

For derivative financial instruments which are exclusively held for 

hedging purposes, the positive and negative replacement values 

are not recorded in the accounts. 

Note 25 – Transaction with related parties 

There were no outstanding receivables or payables with related 

parties as of 31 December 2002. Nor did any considerable transactions 

with related parties take place. 

42

Report of the group auditors 

To the Annual General Meeting of 

Industrieholding Cham AG, Cham 

As auditors of the group, we have audited the consolidated financial statements (income statement, 

balance sheet, cash flow statement and notes, pages 26 to 42) of Industrieholding Cham AG for the year 

ending 31 December 2002. 

These consolidated financial statements are the responsibility of the non-executive Board of Directors. Our 

responsibility is to express an opinion on these consolidated financial statements based on our audit. We 

confirm that we meet the legal requirements concerning professional qualifications and independence. 

Our audit was conducted in accordance with auditing standards promulgated by the Swiss profession and 

with the International Standards on Auditing (ISA), which require that an audit to be so planned and performed 

as to obtain reasonable assurance about whether the consolidated financial statements are free from material 

misstatement. We have examined on a test basis evidence supporting the amounts and disclosures in the 

consolidated financial statements. We have also assessed the accounting principles used, significant estimates 

made, and the overall consolidated financial statement presentation. We believe that our audit provides a 

reasonable basis for our opinion. 

In our opinion, the consolidated financial statements give a true and fair view of the financial position, the results 

of operations and the cash flows in accordance with Swiss GAAP FER and comply with Swiss law as well as 

the principles of consolidation and valuation contained in the notes. 

We recommend that the consolidated financial statements submitted to you be approved. 

Zurich, 20 March 2003 

Ernst & Young AG 

Thomas Huwyler 

Certified Accountant 

(Auditor in Charge) 

Reto Fierz 


43

Balance Sheet of Industrieholding Cham AG at 31 December 2002 

Assets 


TCHF % 

31. 12. 2001 

TCHF % 

Cash and cash equivalents 

Receivables from group companies 

Prepayment and deferrals 


16 071 

954 

287 

17 312 8.5 

41 173 

4 446 

579 

46 198 19.9 

Investments 

Loans to group companies 

Land 


161 918 

24 500 

1 

186 419 91.5 

141 918 

44 500 

1 

186 419 80.1 

Total assets 

203 731 100.0 

232 617 100.0 

Equity and Liabilities 


TCHF % 

31. 12. 2001 

TCHF % 

Accruals 

Bond issue 

Liabilities 

788 

0 

788 0.4 

1 118 

30 000 

31 118 13.4 

Share capital 

General legal reserve 

Restricted reserves for treasury stock 

Free reserve 

Brought forward 



80 640 

80 765 

177 

26 223 

13 694 

1 444 

202 943 99.6 

80 640 

80 765 

0 

26 400 

10 090 

3 604 

201 499 86.6 


203 731 100.0 

232 617 100.0 

44

Income Statement of Industrieholding Cham AG 2002 

Income 


TCHF % 

2001 

TCHF % 

Investment income 

Net financial income 

Interest earned 

Gains on disposal of non-operating fixed assets 

Total income 

2 150 64.0 

–285 –8.5 

1 395 41.5 

100 3.0 

3 360 100.0 

4 004 68.2 

–389 –6.6 

2 253 38.4 

0 0.0 

5 868 100.0 

Expenses 

Financial expenses 

Administrative expenses 

Taxes 

Total expenses 

1 180 61.6 

709 37.0 

27 1.4 

1 916 100.0 

1 432 63.3 

702 31.0 

130 5.7 

2 264 100.0 


1 444 

3 604 

45

Notes to the financial statements 2002 

(Art. 663b Swiss CO) 

Note 1 – Contingent liabilities 

As of 31 December 2002, similar to the previous year, no guarantees 

or mortgage bonds existed in favour of third parties. 

Note 7 – Reversal of hidden reserves 

No hidden reserves were reversed in 2002. 

Note 2 – Assets assigned as security 

for own obligations 

As of 31 December 2002, there were no assets assigned as security 

for own obligations. 

Note 3 – Lease commitments 

As of 31 December 2002, similar to the previous year, no unrecorded 

commitments arising out of leasing transactions existed. 

Note 8 – Revaluations 

As in the prior year, no revaluations were made during the current 

period. 

Note 9 – Treasury shares 

of Industrieholding Cham AG 

In 2002 Industrieholding Cham AG bought 1 000 own treasury 

shares in the amount of CHF 176 575. Its affiliate companies 

held no shares in the parent company. 

Note 4 – Fire insurance value of fixed assets 

Industrieholding Cham AG owns no insurable fixed assets. 

Note 10 – Authorized or conditional capital 

As of 31 December 2002, as in the year before, there was no 

authorized or conditional capital. 

Note 5 – Commitments to pension schemes 

As of 31 December 2002, similar to the previous year, there 

existed no commitments towards pension schemes. 

Note 6 – Investments 

The affiliated companies of Industrieholding Cham AG are listed 

on pages 49 to 51. 

Note 11 – Significant shareholders as 

per Art. 663c CO (shareholding of more than 5%) 

As of 31 December 2002, Tuxedo AG, Zug, and Pensionskasse 

des Basler Staatspersonals, Basel, are registered in the Industrieholding 

Cham AG share register as a shareholder with a capital 

quota in excess of 5%. The respective participation of Tuxedo 

AG is 30.17% and the participation of Pensionskasse des Basler 

Staatspersonals is 9.92%. 

46

Note 12 – Other supplementary information 

Net financial income 2002 2001 

TCHF TCHF 

Interest and dividend income 846 1 098 

Price and exchange gains 761 88 

Price and exchange losses –1 525 –1 392 

Administrative costs –258 –141 

Portfolio performance –176 –347 

Change in provision 

for net unrealized price gains –109 –42 

Net income 

as per income statement –285 –389 

Proposed appropriation of profit 


TCHF TCHF 

Profit brought forward 13 694 10 090 

Profit for the year 1 444 3 604 

Distributable profit 15 138 13 694 

Carried forward to new period 15 138 13 694 

The non-executive Board proposes to the Annual General 

Meeting that no dividend be distributed. Upon acceptance of this 

proposal, the distributable profit of CHF 15.1 million will be 

carried forward to the new period. 

47

Report of the group auditors 

To the Annual General Meeting of 


As statutory auditors we have audited the accounting records and the financial statements (balance sheet, 

income statement and notes, pages 44 to 47) of Industrieholding Cham AG, for the financial year ending 

31 December 2002. 

The financial statements are the responsibility of the non-executive Board of Directors. Our responsibility is to 

express an opinion on these statements based on our audit. We confirm that we meet the legal requirements 

concerning professional qualifications and independence. 

Our audit was conducted in accordance with auditing standards promulgated by the Swiss profession and with 

the International Standards on Auditing which require that an audit be so planned and performed as to obtain 

reasonable assurance about whether the financial statements are free from material misstatement. We have 

examined on a test basis evidence supporting the amounts and disclosures in the financial statements. We have 

also assessed the accounting principles used, significant estimates made and the overall financial statement 

presentation. We believe that our audit provides a reasonable basis for our opinion. 

In our opinion the accounting records and financial statements and the proposed appropriation of available 

earnings comply with Swiss law and the company’s articles of incorporation. 

We recommend that the financial statements submitted to you be approved. 

Zurich, 20 March 2003 

Ernst & Young AG 

Thomas Huwyler 


(Auditor in charge) 

Reto Fierz 


48

Affiliate companies as of 31 December 2002 

Name of company Location Activity Currency Share Holding 

capital direct indirect 

in million % % 

Cham Paper Group 

Papierfabriken Cham-Tenero AG CH Cham ■ ▲ ● CHF 130.0 100 

Papierfabrik Cham AG CH Cham ▲ CHF 5.0 100 

Aerofiber AG CH Cham ▲ CHF 0.1 100 

Cartiera di Locarno S.A. CH Tenero ■ ▲ CHF 9.0 100 

Cham Paper Group Deutschland GmbH DE Düsseldorf ● EUR 0.0256 100 

Cham Paper Group (France) S. à r. l. FR Paris ● EUR 0.0318 100 

Cham Paper Group (UK) Ltd. GB Tunbridge Wells ● GBP 0.01 100 

Cartiera di Carmignano S.p.A. IT Carmignano ■ ▲ ● EUR 15.0 100 

Saetersdalen AS NO Bykle ▲ NOK 0.051 33 

Hunsfos Fabrikker ASA NO Vennesla ■ ▲ ● NOK 330.0 100 

Cham Paper Group (Atlantic) Inc. US King of Prussia ● USD 0.0002 80 

Condino Energia S.r.l. 1) IT Condino EUR 0.03 100 

Kardex Remstar Group 

Kardex AG CH Zurich ▲ CHF 37.50 54.8 2) 

Kardex Organisationssysteme GmbH AT Vienna ● EUR 0.30 54.8 3) 

Stow GmbH Austria AT Vienna ● EUR 0.11 32.9 4) 

Kardex VCA Pty Ltd. AU Wodonga ■ ● AUD 0.20 54.8 3) 

S.A. Kardex N.V. BE Brussels ● EUR 0.35 54.8 3) 

Stow International nv BE Wevelgem ■ ▲ ● EUR 4.4 32.9 4) 

AFT Benelux NV BE Zandhoven ● EUR 0.061 54.8 3) 

RETIS Software AG CH Jona ■ ● CHF 0.33 54.8 3) 

System Schultheis AG CH Rapperswil ■ ● CHF 0.50 54.8 3) 

Dreier Systemtechnik AG CH Reinach ■ ● CHF 0.25 43.7 5) 

Kardex Systems AG CH Volketswil ● CHF 1.00 54.8 3) 

AFT Automation and Conveying Systems 

(Shanghai) Co. Ltd. CN Shanghai ● CNY 24.9 54.8 3) 

Shanghai Stow Storage Equipment Co. Ltd. CN Shanghai ■ ● USD 0.20 32.9 4) 

Kardex Systems Ltd. CY Limassol ● CYP 0.25 54.8 3) 

KRI Logistik Ltd. CY Limassol ● CYP 0.016 54.8 3) 

Megamat Overseas Ltd. CY Limassol ● CYP 0.01 54.8 3) 

Kardex s.r.o. CZ Prague ● CSK 0.50 54.8 3) 

1) The subsidiary Condino Energia S.r.l. was established on 

19.12.2002. In view of the minor significance of this subsidiary 

and its low level of business activity in 2002, it has not been 

included in the consolidation. 

2) Proportion of voting rights of Industrieholding Cham AG 

■ Research, Development, Production, Product- and 

Software development 

▲ Financing, Real Estate, Services 

● Marketing, Sales 

on share capital 

3) Kardex AG holds 100% 


5) Kardex AG holds 79.7% 

49

Affiliate companies as of 31 December 2002 





Stow Ceska Republika s.r.o. CZ Prague ● CSK 0.50 32.9 4) 

AFT Förderanlagen Bautzen GmbH & Co. KG DE Bautzen ■ ● EUR 0.205 54.8 3) 

Bellheimer Metallwerk GmbH DE Bellheim ■ ● EUR 4.24 54.8 3) 

GSS Global Software Solutions GmbH DE Filderstadt ■ ● EUR 0.03 54.8 3) 

Kardex Organisationssysteme GmbH DE Kronberg ● EUR 1.02 54.8 3) 

fam Fördertechnik GmbH DE Memmingen ■ ● EUR 0.03 54.8 3) 

Megamat GmbH DE Neuburg ■ ● EUR 2.05 54.8 3) 

AFT Automatisierungs- und Fördertechnik 

GmbH & Co. KG DE Schopfheim ■ ▲ ● EUR 0.23 54.8 3) 

AFT Immobilien GmbH DE Schopfheim ▲ EUR 0.03 54.8 3) 

AFT Verwaltungs GmbH DE Schopfheim ▲ EUR 0.03 54.8 3) 

Stow Deutschland GmbH DE Wiesbaden ● EUR 0.51 32.9 4) 

Kardex Sistemas S.A. ES Madrid ● EUR 0.30 54.8 3) 

ET Systems S.L. ES Sant Just Desvern ● EUR 0.003 54.8 3) 

JKL-Logistics OY FI Muurame ■ ● EUR 0.13 54.8 3) 

Kardex S.A. 

FR Neuilly-Plaisance 

Cedex ● EUR 0.76 54.8 3) 

Stow France S.A. 

FR Saint Pierre du 

Perray ● EUR 0.68 32.9 4) 

Kardex Systems (UK) Ltd. GB London ● GBP 0.83 54.8 3) 

Stow U.K. Co. Ltd. GB Middlesex ● GBP 0.22 32.9 4) 

Megamat (UK) Ltd. GB Milton Keynes ● GBP 0.001 54.8 3) 

AFT Automation and Conveying 

Systems UK, Ltd. GB Telford Shropshire ● GBP 0.03 54.8 3) 

Kardex Systems Ireland Ltd. IE Dublin ● EUR 0.001 54.8 3) 

Kardex TE-CO SpA IT Opera (Mi) ● EUR 0.31 54.8 3) 

Seo Kwang AFT Co. Ltd. KR Kyeonggi-Do ■ ● KRW 1176.0 54.8 3) 

AFT Automatización y Sistemas 

de Transportación de México S.A. de C.V. MX Mexico ● MXP 0.05 54.8 3) 

Stow Nederland bv NL TZ Hoeven ● EUR 0.02 32.9 4) 

Kardex Systemen B.V. NL HE Woerden ● EUR 0.09 54.8 3) 

Kardex System AS NO Oslo ● NOK 0.90 54.8 3) 

Stow Polska Sp.z.o.o. PL Warsaw ● PLZ 0.50 32.9 4) 

AFT Slovakia S.R.O. SK Bratislava ● SLK 0.20 54.8 3) 

AFT Automation and Conveying Systems Ltd. US Auburn Hills ● USD 0.055 54.8 3) 

MHAT Inc. US Auburn Hills ▲ USD 0.050 54.8 3) 

Remstar International Inc. US Westbrook ● USD 2.05 54.8 3) 

50 



■ Research, Development, Production, Product- and 



● Marketing, Sales




Hammer Retex Group 

Hammer Retex AG CH Cham ● ▲ CHF 4.00 100 

Valorit AG CH Cham ● ▲ CHF 0.50 100 

Hans Schmidlin AG CH Steinhausen ● ▲ CHF 0.1 100 

Holding and finance companies 

Ibemo AG CH Cham ▲ CHF 2.00 100 

Industrieverwaltungsgesellschaft Cham AG CH Cham ▲ CHF 0.05 100 

Sistemco AG CH Cham ▲ CHF 1.00 54.8 3) 

Kardimo AG CH Zurich ▲ CHF 0.50 54.8 3) 

Kardex Deutschland GmbH DE Bellheim ▲ EUR 0.51 54.8 3) 

Kardex Megamat Beteiligungs GmbH DE Neuburg ▲ EUR 5.11 54.8 3) 

Kardex Holdings Ltd. GB London ▲ GBP 1.83 54.8 3) 

Kardex Europe B.V. NL Amsterdam ▲ EUR 0.01 54.8 3) 

Kardex Nederland B.V. NL HE Woerden ▲ EUR 0.09 54.8 3) 

3) Kardex AG holds 100% ■ Research, Development, Production, Product- and 



● Marketing, Sales 

51

Corporate Governance 

Industrieholding Cham AG is aware of its responsibilities in 

communication with the public and the financial markets; its 

policy is therefore to provide transparent information to all stakeholders. 

Apart from the annual report, further details on the 

company, including the articles of incorporation, are available at 

www.iccham.com. 

Kardex AG has been deliberately omitted in the following section 

to eliminate redundancy. The relevant information is available in 

the annual report published by Kardex Remstar Group. It can be 

obtained on request from Industrieholding Cham AG. 

1. Group structure and shareholders 

Group structure 31 December 2002 

52

At 31 December 2002, the share register of Industrieholding 

Cham AG lists Tuxedo AG, Zug, and the pension fund of the 

Basel Civil Servants Assn., Basel, as shareholders with a capital 

quota in excess of 5%. Tuxedo AG owns 30.17% and the pension 

fund of the Basel Civil Servants Assn. 9.92% of the shares. 

Industrieholding Cham AG is not aware of any shareholders’ 

agreements or other forms of consensus among significant 

shareholders with respect to the registered shares of Industrieholding 

Cham AG or with respect to the exercise of shareholders’ 

rights. 

Industrieholding Cham AG does not maintain any capital or voting-rights-related 

cross-shareholdings with other companies 

beyond the 5% limit. 

2. Capital structure 

The nominal value of the share capital of Industrieholding Cham 

AG is CHF 80’640’000, divided into 806’400 fully paid-up 

registered shares with a par value of CHF 100 each. 

Industrieholding Cham AG does not have any outstanding convertible 

bonds and options. 

Information for investors 

Number of dividend-bearing shares 

at 31 December 


2001 

2000 

1999 

1998 

Registered shares (CHF 100 par) 

806 400 

806 400 

806 400 

403 200 

201 600 

Total outstanding 

806 400 

806 400 

806 400 

403 200 

196 600 

Per-share figures in CHF 

Net income 

Equity capital 

Dividend 

29.55 

350.88 

– 

–41.32 

320.80 

– 

–5.42 

362.23 

– 

58.00 

587.35 

20.00 

111.01 

962.62 

35.00 

Registered share 

Market prices High 

Low 

End-of-year price 

P/E ratio 

203 

110 

175 

5.9 

620 

161 

175 

n.a. 

850 

530 

620 

n.a. 

1 310 

518 

1 290 

22.2 

1 410 

700 

940 

8.50 

53


3. Members of the non-executive Board of Directors 

Name Industrieholding Hammer Retex AG Papierfabriken Kardex AG 

Cham AG 

Cham-Tenero AG 

Function Term expires Function Term expires Function Term expires Function Term expires 

Heinrich C. Spoerry CBD 2005 CBD 2003 M 2004 

Michael Funk VCBD 2003 CBD 2003 M 2003 CBD 2004 

Dr. René Furler M 2003 M 2003 

Dr. Peter R. Isler M 2004 M 2005 

Dr. Reinhard von Meiss M 2005 M 2003 

Rolf Schweiger M 2003 M 2003 

Prof. Dr. Armin Seiler M 2005 

Beat U. Semadeni M 2003 

Claude Ebnöther CEO 2003 

Richard Flury CEO 2004 

Ernst Meiss M 2005 

Legend: 

CBD: Chairman of the non-executive Board of Directors 

VCBD: Vice-Chairman of the non-executive Board of Directors 

M: Member of the non-executive Board of Directors 

CEO: Chief Executive Officer 

The non-executive Boards of Directors of the 100% subsidiaries 

of Hammer Retex AG and Papierfabriken Cham-Tenero AG consist 

of members of the non-executive and executive Boards of Directors. 

Short-form portraits 

Name, nationality 

Professional background 

Education 

Activities in governing and supervisory bodies 

Heinrich C. Spoerry (51), Swiss citizen 

since 1999 CEO SFS Group, Heerbrugg 

1986–1998 Elektrowatt/Siemens Building Technologies, Zurich 

1981–1986 SFS Group, Heerbrugg 

1979–1981 BCG, Munich 

Lic. oec. HSG, S.M. MIT 

Board member, SFS Holding AG, Heerbrugg 

Board member, Mikron Holding AG, Biel 



Education 


Michael Funk (61), Swiss citizen 

since 1991 independent entrepreneur and director 

1969–1990 Oerlikon-Bührle Group, Zurich 

Dipl. El. Ing., ETH Zurich 

VCBD, Feintool International Holding, Lyss 

54



Education 


Dr. René Furler (53), Swiss citizen 

since 2001 Managing Director of HG Commerciale, Zurich 

1999–2001 ZZ Wancor AG, Regensdorf 

1994–1999 Zürcher Ziegeleien AG (now Conzzeta), Zurich 

1985–1994 Hard AG, Volketswil 

1980–1984 Zürcher Ziegeleien AG (now Conzzeta), Zurich 

Dipl. Ing., ETH Zurich 

Lic. oec. publ., University of Zurich 

Dr. sc. techn., ETH Zurich 

Various directorships of participating interests of HG Commerciale, Zurich 

Board member, Alcover AG, Zug 



Education 


Public and political functions 

Dr. Peter R. Isler (56), Swiss citizen 

since 1981 partner with Niederer Kraft & Frey, Zurich 

1977–1981 Niederer Kraft & Frey, Zurich 

1974–1977 Advokaturbüro Homburger, Zurich 

Dr. iur., attorney, University of Zurich 

Master of Laws, Harvard Law School, Cambridge (USA) 

Board member, Bank Leu AG, Zurich 

Board member, Schulthess Group AG, Bubikon 

Board member, Zellweger Luwa AG, Uster 

Lecturer at the University of Zurich for commercial and economic law 

Member of the lawyer examination commission of the canton of Zurich 



Education 

Dr. Reinhard von Meiss (62), Swiss citizen 

since 2003 independent consultant 

1979–2002 SIG Holding AG, Neuhausen 

1975–1979 Industrieholding Cham AG, Cham 

Dr. iur., University of Zurich 



Education 


Rolf Schweiger (57), Swiss citizen 

since 1975 Senior Partner Schweiger Advokatur/Notariat, Zug 

Lic. iur., University of Zurich 

Attorney and notary public 

Government councillor 



Education 


Prof. Dr. Armin Seiler (63), Swiss citizen 

since 1983 Professor of business administration, ETH Zurich 

1978–1983 Cham Paper Group, Cham 

1975–1977 Koenig AG, Dietikon 

1969–1974 McKinsey & Co., Zurich and Chicago 

Dipl. Masch. Ing., ETH Zurich 

Dr. oec. publ., University of Zurich 

Board member, Tuxedo Invest AG, Zug 

Board member, Tecan Group AG, Männedorf 

55


Due to their independence, the non-executive members of the 

Board of Directors assure effective corporate governance. None 

of the non-executive members of the Board belonged to the executive 

management of Industrieholding Cham AG in the past five 

years. None of the members of the non-executive Board has a 

mandate with other listed companies that maintain significant 

business relationships with Industrieholding Cham AG. 

Organisation and responsibilities 

of the non-executive Board of Directors 

The members of the non-executive Board are elected for threeyear 

terms. If replacement elections are necessary during a term, 

the newly elected person completes the term of office of the 

predecessor (Art. 17 of the articles of incorporation). 

The non-executive Board convenes as often as necessary but at 

least once quarterly. In 2002, the non-executive Board of Industrieholding 

Cham AG convened six times, the non-executive 

Board of Papierfabriken Cham-Tenero AG five times, and the 

non-executive Board of Hammer Retex AG four times. 

The meetings of the non-executive Board of Industrieholding 

Cham AG are attended by the CEOs of the principal affiliated 

companies, and, depending on the agenda, by other executive 

members. The non-executive Board of Industrieholding Cham AG 

convenes privately on business issues that pertain exclusively to 

Industrieholding Cham AG. Requests for meetings of this kind 

must be submitted to the Chairman prior to the meeting. 

The non-executive Board is the body responsible for business 

policy and management. The key tasks are: 

• Definition of the organization and strategic direction 

of Industrieholding Cham AG and its subsidiaries, 

• Definition of reporting principles for Industrieholding Cham AG 

and its subsidiaries, 

• Approval of budgets for subsidiaries, 

• Monitoring of the course of business at subsidiaries, 

• Appointment of executives and signatories, 

• Approval of investments, divestitures, acquisitions, 

incorporations and financing of subsidiaries, 

• Proposals to the Annual General Meeting and presentation 

of the financial statements. 

The organization regulations list the competencies of the nonexecutive 

and executive Boards. 

The subsidiaries report the course of business to the non-executive 

Board of Directors on a monthly basis. Apart from budget 

comparisons, three extrapolations are performed. Additionally, 

the non-executive Board can request ad hoc analyses. 

So far, the holding company has waived the creation of special 

committees to prevent the dilution of the Board’s overall responsibility. 

An Audit Committee (Chairman: Dr. P. Isler, Members: H. Spoerry 

and Prof. Dr. A. Seiler) and a Compensation Committee 

(Chairman: R. Schweiger, Members: H. Spoerry and M. Funk) 

will be formed in 2003. 

56

4. Executive Board of Directors 

Industrieholding Cham AG does not have its own executive 

Board. For this reason, this section lists the executives of the 

subsidiaries (except Kardex AG). 




Education 


Beat U. Semadeni (60), Swiss citizen 

since 1.8.2002 Non-executive Board member, Papierfabriken Cham-Tenero AG, Cham 

1990–31.7.2002 CEO, Cham Paper Group, Cham 

1981–1989 Eduard Züblin & Cie AG, Zurich 

1973–1980 KIBAG AG, Zurich and Bäch 

Dipl. El. Ing., ETH Zurich 

MBA Columbia University, New York (USA) 

Board member, ZPK, Zurich 

Board member, CEPI, Brussels 



Education 

Axel W. Wappler (42), German citizen 

since 1.8.2002 CEO Cham Paper Group, Cham 

2001–31.7.2002 Cham Paper Group, Cham 

1999–2001 Swissmetal Group, Dornach 

1998–1999 KPCL-Deutschland, Selb 

1989–1997 Timcal AG, Sins and Cleveland (USA) 

1986–1989 Metro International AG, Baar 

Lic. oec. HSG 



Education 

Peter O. Knüsel (52), Swiss citizen 

since 1996 CFO Cham Paper Group, Cham 

1981–1996 Eurodis Group, Regensdorf 

1978–1981 Escor Group, Basel 

Grad. Controller 



Education 

Dr. Giuseppe Bardini (54), Italian citizen 

since 1997 General Manager of Cartiera di Carmignano S.p.A., Carmignano 

1986–1997 Saffa SpA-Sarrio SA., Milan 

1984–1986 M&A Bonomi Group, Milan 

1977–1983 McKinsey & Co., Cleveland (USA) and Milan 

1973–1976 GEA, Milan 

1977 MBA MIT Sloan School of Management, Cambridge (USA) 

1971 Dr. Engineering Politecnico di Milano 

57




Education 

Dr. Hans-Ulrich Körner (48), German citizen 

since 1989 Vice-Director Research and Development, Cham Paper Group, Cham 

1986–1989 Ziegler Papier AG, Grellingen 

1985–1986 Betz GmbH, Düsseldorf 

Grad. forestry eng., University of Hamburg 

Dr. rer. nat., University of Hamburg 



Education 

Klaus Kranich (63), Swiss citizen 

since 2001 Director Special Tasks, Cham Paper Group, Cham 

1965–2001 Cham Paper Group, Cham 

Grad. eng. paper machinery, FH Munich 

Grad. eng. paper production, FH Munich 



Education 


Hans Peter Müller (58), Swiss citizen 

since 2002 Managing Director Hunsfos 

since 1999 Director Production and Engineering, Cham Paper Group, Cham 

1983–1999 Papierfabriken Cham-Tenero AG, Cham 

Grad. eng., FH Munich 

Board member, SUVA, Lucerne 

ASPI, Zurich (until mid-2002) 

Hammer Retex AG 



Education 


Claude Ebnöther (53), Swiss citizen 

since 1980 CEO Hammer Retex Group, Cham 

1974–1980 Ortobau GU, Zurich 

Real estate fiduciary 

Member of the Security Commission of the community of Kilchberg/Rüschlikon 



Education 

Bruno Kryenbühl (50), Swiss citizen 

since 1992 member of the executive Board of Hammer Retex AG, Cham 

1975–1992 Retex AG, Zug 

1973–1975 Fitrag AG, Zug 

Grad. real estate fiduciary 

Industrieholding Cham AG 



Education 

Ageeth Walti-Slob (35), Swiss citizen 

since 2002 Head of Corporate Services and 

secretary to the non-executive Board of Directors of Industrieholding Cham AG, Cham 

2000–2002 PricewaterhouseCoopers, Zurich 

1991–2000 Unilever (Schweiz) AG, Zug 

Lic. rer. publ. HSG 

58

Responsibilities of the executive Boards 

The non-executive Board of Directors of Industrieholding Cham 

AG has delegated operations management duties to the affiliated 

companies. 

The principal responsibilities of the executive Boards are: 

• Ongoing implementation of the business strategy 

defined by the non-executive Board, 

• Representation of Industrieholding Cham AG 

and its constituents, 

• Implementation of changes within the organization 

to optimize consolidated results, 

• Promotion of internal and external communication policy. 

There is no participation programme within the scope of which 

shares are allotted to members of the non-executive and executive 

Boards of Directors. 

At 31 December 2002, the members of the non-executive Board 

held a total of 5575 shares and the members of the executive 

Boards a total of 1118 shares of Industrieholding Cham AG. 

In financial year 2002, no additional honorariums and remunerations 

attaining or exceeding half of the ordinary remuneration of 

the respective governing body were paid to members of the nonexecutive 

and executive Boards. 

No loans were granted to governing bodies in financial year 2002. 

5. Compensations, shareholdings, and loans 

Members of the non-executive Board of Industrieholding 

Cham AG and its subsidiaries are remunerated with net salaries 

(excluding employers’ and employees’ contributions) and with 

lump-sum expense accounts. The remuneration amount depends 

on the complexity of the affiliated company. Total remuneration 

amounts are listed for persons who are members of the non-executive 

Board of Industrieholding Cham AG and also of the nonexecutive 

Board of a subsidiary (except Kardex AG). 

The sum of all remunerations of the seven members of the nonexecutive 

Board of Industrieholding Cham AG was CHF 475 000 

for financial year 2002. 

The maximum remuneration paid to a member of the nonexecutive 

Board of Industrieholding Cham AG in financial 2002 

was CHF 120 000 (net salary). 

The sum of all remunerations of the members of the executive 

Boards consist of gross salaries (excluding employers’ contributions, 

including employees’ contributions), lump-sum expense 

accounts, contributions in kind (company vehicles), and expenditures 

for executive insurance. 

The ten members of the executive Boards received a total of CHF 

2 763 498 in financial year 2002. 

No severance payments were made in financial year 2002, 

neither to persons who withdrew during the year under review 

nor to persons who withdrew in prior periods. 

6. Shareholders’ participation rights 

Shareholders with voting rights are entered in the share register 

only if approved by the non-executive Board of Directors. 

The non-executive Board of Directors may refuse approval only 

(Art. 7 of the articles of incorporation): 

• if the purchaser is not purchasing the shares in his/her own 

name or for his/her own account, 

• if the purchaser is neither a Swiss citizen nor the holder of a 

type C residence permit, 

• if the purchaser would directly or indirectly own more than 3% 

of the share capital entered in the commercial register. 

In special cases, with a majority of two-thirds of its members, the 

non-executive Board of Directors may approve exceptions to 

these rules. 

No exceptions were approved in financial year 2002. 

If the registration of a shareholder with voting rights is refused, 

the purchaser is registered as a shareholder without voting rights. 

Every person registered in the share register as a shareholder 

with voting rights is eligible to attend the Annual General Meeting. 

With a written power of attorney, the voting right can be assigned 

to other persons registered as shareholders with voting rights. 

However, a shareholder – directly or indirectly, and for own and 

represented shares together – may exercise a voting right equivalent 

to no more than 5% of all votes (Art. 13, para. 3 of the 

articles of incorporation). With a two-thirds majority, the nonexecutive 

Board may approve exceptions to this limitation of voting 

rights. 

59


No exceptions of this kind were approved in financial year 2002. 

The recognition of proxies is determined by the attending members 

of the non-executive Board. 

At least two-thirds of all represented votes are required for resolutions 

pursuant to Art. 704 of the Swiss Code of Obligations. 

A resolution passed by the Annual General Meeting with at least 

two-thirds of all represented votes and at least half of the votes 

of all outstanding shares is required for: 

• the conversion of registered shares into bearer shares, 

• the annulment of Art. 7 of the articles of incorporation as well 

as the abolishment or alleviation of the limitations it contains 

regarding registration of registered shares with voting rights in 

the share register, 

• the annulment of Art. 13 para. 3 of the articles of incorporation 

as well as the abolishment or alleviation of the voting rights 

limitations it contains, 

• the annulment of Art. 17 of the articles of incorporation 

(eligibility for election, duration of the term of office of members 

of the non-executive Board) as well as the abolishment or 

alleviation limitations it contains and the voting down of more 

than one-fourth of the members of the non-executive Board 

• the dissolution of the company, 

• the annulment of this statutory clause as well as the 

abolishment or alleviation of the quorum it specifies. 

The convocation of an Annual General Meeting is governed by 

Art. 699.3 of the Swiss Code of Obligations. Shareholders who 

represent shares with a par value of one million Swiss francs may 

request that an issue be placed on the agenda by submitting 

their motions in writing. Such a request must be submitted in 

writing to the non-executive Board at least sixty days prior to the 

Annual General Meeting. 

As a rule, shareholders may be entered into the share register 

until ten days prior to the Annual General Meeting. 

7. Changes of control 

and defensive measures 

There are no statutory clauses with respect to “opting out” and 

“opting up” (Art. 22 BEHG). 

8. Auditors 

Ernst & Young AG has been the auditing company since 1977. 

Thomas Huwyler has been serving Industrieholding Cham AG 

as Lead Auditor since financial year 2000. For financial year 2002 

(except for Kardex AG), E&Y invoiced Industrieholding Cham AG 

CHF 352 000 for its auditing activities and CHF 216 000 for consulting 

activities. 

The non-executive Board of Directors of Industrieholding Cham AG 

meets with the Lead Auditor twice a year to discuss the Auditors’ 

Report, weaknesses, and optimization possibilities. 

9. Information policy 

Industrieholding Cham AG provides regular information on 

business developments and current events. 

The most important sources of information are the Annual General 

Meeting as well as media releases and letters to shareholders. 

General Meeting 2002: 28 May 2003 

Annual report: 30 April 2003 

Letters to shareholders: 28 March 2003, 18 August 2003 

Media releases: 28 March 2003, 30 April 2003, 

18 August 2003, 6 November 2003 

Further details on the company and its subsidiaries 

are provided on: www.iccham.com 

E-mail: info@iccham.com 

Investor Relations: 

Mrs Ageeth Walti-Slob 

Tel. +41 41 785 18 80 

Fax +41 41 785 18 87 

60

Addresses 

Industrieholding Cham 


HAMMERTOR, Sinserstrasse 67, CH-6330 Cham 

Tel. +41 41 785 18 88, Fax +41 41 785 18 87 

Internet: www.iccham.com 

E-mail: info@iccham.com 

Ageeth Walti-Slob 


Papierfabriken Cham-Tenero AG 

Fabrikstrasse, CH-6330 Cham 

Tel. +41 41 785 33 33, Fax +41 41 785 31 50 

Internet: www.champaper.ch 

E-mail: mail.cham@cham-group.com 

Axel W. Wappler 

Hammer Retex Group 

Hammer Retex AG 

HAMMERTOR, Sinserstrasse 67, CH-6330 Cham 

Tel. +41 41 785 18 51, Fax +41 41 780 90 81 

Internet: www.hammerretex.ch 

E-mail: info@hammerretex.ch 

Claude Ebnöther 


Kardex AG (Holding) 

Bellerivestrasse 3, CH-8008 Zurich 

Tel. +41 1 386 44 10, Fax +41 1 386 44 18 

Internet: www.kri-group.com 

E-mail: info@kri-group.com 

Richard Flury 

Printed in Switzerland 

61

The Group publishes Annual Reports in English and German. 

The German version is legally binding. 

Editor 


Concept & Design 

DDB Corporate, Zollikerberg-Zurich 

Proofreader 

text control ag, Zurich 

Photos 

Christian Höfliger, Jona 

Printing 

printlink AG, Wetzikon 

62


HAMMERTOR 

Sinserstrasse 67 

CH-6330 Cham 

Tel. +41 41 785 18 88 

Fax +41 41 785 18 87 

Internet: www.iccham.com 

E-mail: info@iccham.com

ANNUAL REPORT 2002 - Investor Relations

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