GB1617 Remei DRAFT E...2 Annual Report Remei AG 2016/17 Our customer landscape is changing. Online retail leads to declining sales in brick-and-mortar shops with all the obvious consequences

ANNUAL REPORT Remei AG 2016/17

August 2017

It is a real blessing to be so fortunate in Tanzania. After years of struggling through, change has become a reality with bioRe® Tanzania Ltd. The new seed is finally producing more yield for the farmers and better fibre quality. What a success after more than 25 years of efforts. The Tanzanian business now is pretty robust, covering 75% of the total supplies we need. What is more, Tanzania is free from GMOs (genetically modified organisms).

Such success is a great relief for the production businesses, in particular when it comes to coping with the GMO issue in India.

It is our aim to ensure perfect execution for the benefit of our customers, and we are delivering as far as Tanzania is concerned. In the complex world of India, it is not easy to keep promises as the challenges are too big, the systems too complicated, the testing methods too unreliable. The only choice we have is to develop towards best practice.

In India, where GMO cotton accounts for 96% of conventional production, organic farming is extremely difficult. bioRe® India Ltd. checks on each and every farmer and the volumes they supply, with inspectors walking a thin line between suspicion, promotion of organic farming and expulsion. It is a matter of giving the benefit of the

doubt to the ‘accused’, i.e. the farmers, or giving it to the customers to the detriment of the farmers. Obviously, this is a very painful trade-off.

For cotton, bioRe® India Ltd. has come to achieve a good GMO contamination value of 2-3%. In spinning, higher values apply as cotton is entirely homogenised. We are feeling uneasy because we have found only two labs capable of detecting and quantifying GMOs. These labs are giving us results, but are their methods reliable? Are the values correct? We will keep trying.

We are grateful to those consumers who are buying bioRe® products, knowing that we are trying to make possible what is almost impossible. To be entirely free from GMOs in India will hardly be possible. However, given our social commitment, it is our task to persevere in looking for ways to make the world and the social organism healthier.

Dear shareholders, customers, suppliers, and employees, I would like to thank you very cordially for your loyalty and support.

Yours truly,Patrick HohmannChairman of the Board

CHAIRMAN’S EDITORIAL

TABLE OF CONTENTS

Report from management .................................................................................................................. 2Financial result ..................................................................................................................................... 3Outlook .................................................................................................................................................. 5Staff ....................................................................................................................................................... 6Risk and quality management ............................................................................................................ 8

Farming - report from the bioRe® Foundation ............................................................................... 12Spinning .............................................................................................................................................. 20Ready-to-Wear ................................................................................................................................... 23Brands ................................................................................................................................................. 25Coop Naturaline ................................................................................................................................. 27Corporate wear .................................................................................................................................. 28Naturaline international .................................................................................................................... 30

Financial statementsBalance sheet ....................................................................................................................................... 32Income statement ................................................................................................................................. 33Cash-flow statement ............................................................................................................................. 34Statement of change in equity ............................................................................................................... 35Notes to the financial statements ........................................................................................................... 36Proposed appropriation of available earnings ........................................................................................ 43Statutory auditor’s report....................................................................................................................... 44

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2 Annual Report Remei AG 2016/17

Our customer landscape is changing. Online retail leads to declining sales in brick-and-mortar shops with all the obvious consequences such as fiercer competition, price pressure and shop closures across all types of department store. If you want to survive, you need to be convincing on the back of a clear business model or a unique selling proposition. The originality and uniqueness of our business model is a great help, but we must keep developing it the way we have done before.

Our activities were primarily driven by changes to our offer as well as sales and marketing of garments. In response to the winding-up of Switcher, we decided in May 2016 to enter the corporate-wear and retail business with our OC Outfitters of Change brand. We developed a collection for delivery to retailers, printers and embroiderers from B2B-webshop stocks. This step involved staff changes and a considerable expansion of the sales force. In hindsight, we are proud of OC’s successful growth, and confident about the business prospects.

A short while later, we began planning for international expansion of our Naturaline activities. An agreement was concluded between COOP and Remei AG, giving Remei AG exclusive selling rights related to Naturaline International. Our seasonal collection was first presented at three trade fairs in Germany, and it met with success: our trade-fair appearances with Naturaline International helped us gain not only new customers for Naturaline but also the attention of companies interested in developing products for their private labels.

By means of its new brands and organisational changes, Remei AG paved the way for a more broadly based market-treatment strategy.

In the past business year, Remei AG’s situation changed as we set up finished-goods stocks of our own and added numerous small-scale customers, making it possible to serve customers faster and to co-operate more closely and directly with the points of sale. This brought us closer to end users and their response to our range of products, which enabled us to gain important experience in view of future steps.

With a view to addressing and implementing our human-rights approach, we conducted an internal workshop and personal continuing education focused on human rights. The activities related to the Detox commitment made by our supplier Utenos Trikotazas and COOP are likely to be a good basis for further development.

Our business model is based on co-operation in partnership. In the year under review, most of our customers were faced with disruption in brick- and-mortar retail, as mentioned above. We have always considered this as a challenge for all of us and have supported the necessary measures taken by our customers in close consultation with them. As much as our suppliers, we clearly felt the impact on sales and margins, but our partnership approach proved its worth. Flexibility, circumspection and quick solutions from all stakeholders contributed to balancing our business model.

ANOTHER YEAR OF CHANGEReport from management

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PROFITABILITY UNCHANGED OWING TO NEW FIELDS OF BUSINESS

Financial result

In the 2016/17 financial year, Remei AG generated a profit of CHF 426‘850.

The profit of CHF 426,850 fell 22% short of the previous year. Our two new fields of business, i.e. OC at home and Naturaline International abroad, presented challenges with regard to stock-keeping, sales organisation and IT infrastructure. In the past business year, total investments amounted to CHF 350,000, with expenditure for the two fields of business mentioned above accounting for CHF 176,000 in the 2016/17 financial year. Setting off investments made in the 2016/17 financial year against the profit of CHF 426,850, our company’s profitability remained unchanged from the previous year. Aggregate turnover dropped 2% compared to the previous year, with COOP turnover taking a particularly significant hit. Our new businesses Naturaline International and OC generated turn-over of CHF 64,263 and CHF 195,750 respectively. Private labels and brands improved, while the yarn and cotton business posted no significant change to turnover.

In the year under review, bioRe® India Ltd. incurred high expenditure combined with insufficient cotton purchases due to external reasons (banknote demonetisation in India). Remei AG stepped in by taking on additional purchases in the amount of CHF 150,000.

Due to a modest crop, farmer premiums decreased to CHF 338,482, down from CHF 446,105. Risk assessment did not identify any significant changes compared to the previous year. Incoming orders compared as much to the previous year as full-time equivalents did.

As a token of our gratitude for work commitment and the results produced, our employees receive a profit-sharing bonus in the amount of 25% of a monthly salary.

2012/13 2013/14 2014/15 2015/16 2016/17Diff. to prior

year(%)

Sales (CHF) 19‘709‘457 20‘684‘913 23‘033‘520* 18‘348‘809 18‘044‘186 -2%

Profit (CHF) -180‘161 277‘743 740‘603 547‘138 426‘850 -22%

Product breakdown of total sales (CHF)

bioRe® cotton 20.9% 4‘592‘384 5‘377‘046 4‘978‘287* 3‘730‘870 3‘766‘715 1%

bioRe® yarn 25.3% 6‘115‘972 5‘274‘220 4‘881‘797* 4‘179‘213 4‘564‘408 9%

bioRe® garments 52.4% 9‘001‘101 10‘033‘647 13‘173‘436* 10‘438‘726 9‘453‘050 -9%

Naturaline International 0.4% 64‘263 100%

OC Outfitters of Change 1% 195‘750 100%


20.9%

25.3%

52.4%

0.4% 1.1%

bioRe® Baumwolle

bioRe® Garn

bioRe® Bekleidung

Naturaline International

OC - Outfitters of Change

Product breakdown of total sales (%)

50%

11%

6%

4%

29%

Schweiz

Deutschland

Japan

Türkei

Diverse

Total sales by country (%)

-

5'000'000

10'000'000

15'000'000

20'000'000

25'000'000

2012/13 2013/14 2014/15 2015/16 2016/17

bioRe® Baumwolle

bioRe® Garn

bioRe® Bekleidung

Total

Sales over time 2012/13 - 2016/17 (CHF)

Total sales by country

2012/13 2013/14 2014/15 2015/16 2016/17Diff. to prior

year (%)

Switzerland 11'170 11'232 12‘560 10‘945 8‘973 -18%

Germany 1'349 1'255 1‘678 1‘339 2‘052 53%

Japan 1'162 905 1‘014 977 1‘066 9%

Turkey 1'188 985 1‘045 304 779 156%

Various 4'841 6'308 6‘737* 4‘784 5‘174 8%

Total (TCHF) 19'709 20'685 23‘033* 18‘349 18‘044 -2%

* Correction

bioRe® cotton

bioRe® yarn

bioRe® garments

Total

bioRe® cotton

bioRe® yarn

bioRe® garments

Switzerland

Germany

Japan

Turkey

Various


OC Outfitters of Change

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Today, the world of business is complex. It is so complex as to give both companies and politicians very little in the way of predictability, despite information technology and analytics that is complex just as well. Centres of power define goals and terms. Doing business is being viewed a means of making financial profit and serving personal ambitions.

Where do we stand in the face of such complexity? When a T-shirt sells for 3-10 euros and producers in lesser developed countries exploit workers, we are obliged to ask questions.

We need to talk with those involved and show understanding for their situation. We need to include them in our thinking. We want to do business by association of individual players in the economy. Such type of doing business is also based on giving all stakeholders a chance to contribute their personal experience and findings. Successful economic action will result from co-operation among people who contribute to the best of their ability, thus creating harmony.

Our business model is based on co-operation in partnership. We are an unusual vertically organised company faced with many challenges, capable of surviving on the basis of partnership only.

This is the way we want to do business. Of course, we live in a world built on rules different from ours, but there is room for people who dissent in the way they think and act.

It is a matter of willingness, capability and conviction. These are the factors we want to consider in our quest to identify economically sound solutions for all stakeholders.

We are on the right track. Remei AG is astonishingly stable, and we want to keep focusing on good solutions in the world of partnership. I am convinced this is the way to promote organic farming and compliance with human rights. A satisfactory operating performance is the practical result of our efforts.

Our focus is on supporting our OC Outfitters of Change brand, the Naturaline International brand and the private-label business. Detox as a path towards a role model for ecological best practice as well as our human-rights approach in the management of Remei AG are important milestones on the road to widening our unique selling proposition.

WHAT’S NEXT?Outlook

Total sales by country (%)

Turkey

Various


The new market setting, including Naturaline International and the corporate-wear brand OC Outfitters of Change, presents Remei AG’s staff with new challenges. This is the time when good co-operation based on clear communication inside and among units is crucial.

Remei AG has a small but very valuable skilled team. It is important for every member of staff to be familiar with both their own spheres of work and the entire process chain. This is the only way for us to co-operate hand in hand and to manage the complex process from procurement of ginned cotton to delivery of finished pieces of clothing to customers.

The new OC and Naturaline International product ranges give rise to many questions. Which supplier is to produce the goods? Where to keep the garments in store? How to run the webshop? How does shipping work? And how to fund new investments?

Thanks to our highly skilled and qualified team, we found the answers to those questions and identified meaningful solutions. It fills us with pride to be part of this unique international and sustainable supply chain and to take responsibility.

We are committed to our mission statement and to implementing the SA 8000 standard, which results in a healthy and valuable working atmosphere. We co-operate on the basis of a constructive dialogue and mutual appreciation. This is how the Remei team manage, time and again, to provide services to customers in a spirit of partnership among everyone involved.

NEW MARkETS – NEW CHALLENGES FOR STAFF

Staff

Simon Hohmann: since April 2016

Product Manager Cotton & Yarn

Thomas Rast: since August 2016

Area Sales Manager OC Schweiz

Nicole Lehner: since September 2016

Internal sales OC Schweiz

Fiona Kühnle: since July 2016

Logistics & Distribution

Thomas Gemmecke: since June 2016

Area Sales Manager


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2012/13 2013/14 2014/15 2015/16 2016/17

Number of staff 21 21 22 22 22

Full-time positions 14 14 13 13 15

Part-time positions 7 7 9 9 7

Full-time equivalent 18.1 18.2 19.3 19.9 19.8

Number of women 18 17 18 18 16

Number of men 3 4 4 4 6

Number of staff departed 1 4 3 2 5

Number of staff joining 4 4 4 2 5

Average age 35.5 36.0 36.3 36.2 39.5

Average years of service 5.6 5.9 5.8 5.5 5.9

Days of absence for sickness 19 67 66 86.5 36

Average days of absence for sickness per person 1 3 3 4 1.7

Number of persons affected 11 13 15 14 13

Ratio between lowest and highest pay 4.4 4.9 4.6 3.8 3.5

Cost of further training CHF 8'107 22'804 14‘276 21‘346 21‘050

As a percentage of total payroll 0.5% 1.2% 0.60% 0.98% 0.92%

Internal training courses 7 12 10 3 4

Internal training courses on SA8000 2 2 2 2 2

To all staff who left the company in the year under review, we would like to say a cordial thank-you for their activities at Remei AG and wish them all the best:

Neeraj Singh (Supply Chain Manager Cotton & Yarn), Lisa Hohmann (bioRe® Foundation), Laura Elmiger (logistics), Martina Amsler (marketing & corporate communications) and Diane Gerth (Product Manager/Head of Sales).

Mr Helmut Hälker, our Managing Director, has decided to leave Remei AG by mutual agreement. We would like to thank him for his commitment and wish him all the best.


The holistic approach applied in the bioRe® control system is possible only as an objecti-ve shared by all partners in Remei AG’s supply chain and supported by our customers.

As far as the conditions of industrial textile production are concerned, public attention is increasingly on entrepreneurial decisions taken by the trading groups. More and more, civil society tends to see a causal connection between entrepreneurial decisions one the one hand and global overproduction and hyperconsumption of textiles on the other. While conventional retail businesses use the services of an intricate mesh of suppliers, we consider Remei AG’s transparent and uncomplicated value chain to be a powerful basis for our holistic approach to coping with the challenges of sustainable production.

In the past year, we again managed to achieve our goal of good process reliability along the bioRe® textile chain, co-operating with our long-standing partners in the industry. All our partners make significant contributions to implementing the bioRe® values: organic cotton; fair-trade production; ecological and skin-friendly; CO2-neutral; and retraceable right back to farming.

With regard to fair-trade production, Remei AG has, for many years, considered the SA 8000 standard to be a meaningful management approach to focusing on, and giving priority to, social issues and the bioRe® values across the entire textile chain. The production partners we have selected have adopted this management approach, too. It is aimed at continuously improving conditions of work and the company’s social performance by means of a management-based dialogue across nations and sectors as well as supporting and developing individuals. The latest revision of the standard has put more emphasis on the need for employee empowerment and involvement for the benefit of goal achievement. This is very much in line with our human-rights approach to supporting individuals.

In October 2016, Century Apparels based in Tirupur, Tamil Nadu, a long-standing supplier of ours, was one of the first companies in India to obtain certification in agreement with the 2014 revision of SA 8000. The company is now going through the process of including workers’ representatives in developments and decision-making with a view to corporate goal achievement. Solutions aimed at improving conditions of work, safety, pay and staff development opportunities are now being analysed and driven ahead jointly.

Remei AG is also adjusting its organisation to the higher requirements specified in the SA 8000:2014 standard. We are seeking close interaction with our suppliers so as to make use of improvements and lessons learnt in our efforts to reach our corporate objectives.

In co-operation with our partners, we want to continue to identify the benefits of a human-rights approach and generate added value shared by all partners, i.e. farmers, suppliers, employees, and customers.

Aiming for ecological textile production, we apply the principles of strict input management and targeted selection of inputs and process steps within the scope of the bioRe® control system, from designing through finished goods. Applying a best-practice approach, we are working with COOP Switzerland to revise the bioRe® profile of product requirements in agreement with Greenpeace’s DETOX specifications and to raise awareness among the relevant process partners.

OUR JOINT PATH TOWARDS SUSTAINABLE TEXTILE PRODUCTION

Risk and quality management

9

At the beginning of 2017, Utenos Trikotazas, our long-standing production partner in Lithuania, was among the first production businesses to officially sign the Greenpeace DETOX commitment, embedding the quest for zero-emission production in its corporate goals. Remei AG has been supporting this development since 2012. We are convinced we will see more production partners embark on this promising avenue.

Full retraceability of our bioRe® textile products continues to meet the growing demand among retailers and consumers for transparent production. Retraceability of our products is not merely a logical consequence of our input and supply-chain management; it is much rather the result of responsibility taken at all process steps.

While retraceability of textile products is a way of presenting a process going backward, it can only be generated and practised going forward.

Rather than fragmenting and limiting areas of responsibility, we want to consciously face up to the challenges of a full textile chain, from fibres to finished products, including a commitment to planning, funding and checking on raw materials and semi-finished products. We consider this to be a key component of business relations based on fairness and respect and of the integrity of our services to our esteemed customers.

The bioRe® control systemThe bioRe® control system and its continuous management are the basic requirements for ensuring that production is in agreement with the bioRe® values. The system has been implemented across the entire value chain. It includes the bioRe® profile of product requirements, input, quality and environmental management as well as retraceability. Audits, lab tests and process and product inspections are carried out based on the risks identified and at regular intervals. Each and every piece of clothing is fitted with a traceability code to make it retraceable right back to farming by means of the bioRe® Traceability Tool at www.biore.ch.


SA8000 2012/13 2013/14 2014/15 2015/16 2016/17

Number of production sites certified according to SA8000 16(44%)

20(49%)

13(39%)

16 (52%)

16 (46%)

Number of production sites audited according to BSCI 10(28%)

12(29%)

10(30%)

7 (23%)

10 (29%)

Number of production sites in non-risk countries 1(3%)

1 (2%)

1 (3%)

1 (3%)

4 (11%)

Number of production sites yet unaudited (authorised exceptions)

10 (28%)

9(22%)

10(30%)

8 (26%)

9 (26%)

Output in SA8000-certified sewing works (% of sales) 79% 79% 87% 94% 87%

Output in SA8000-certified dye works (% of sales) 75% 83% 74% 75% 75%

Output in SA8000-certified knitting/weaving works (% of sales) 95% 91% 74% 70% 70%

SA8000-certified spinning mills (% of output) 100% 88% 81% 88% 87%

BSCI-audited spinning mills (% of output) 0% 12% 19% 12% 13%

SA8000-certified ginning (% of output) 5% 12% 22% 30% 17%

industry 2012/13 2013/14 2014/15 2015/16 2016/17

Number of implemented production sites in bioRe® control system 36 (100%)

41 (100%)

33 (100%)

31 (100%)

35 (100%)

Number of production sites audited under bioRe® control system 23 (64%)

32 (78%)

22 (67%)

21 (68%)

24 (69%)

Number of production sites unaudited under bioRe® control system * 13 (36%)

9 (22%)

11 (33%)

10 (32%)

11 (31%)

Expenditure for bioRe® control system(labs, inspections, audits, cost of local monitoring of farming)

38‘794 79‘914 105‘333 68‘138 55‘380

Total control expenditure as a percentage of total sales 0.20% 0.38% 0.46% 0.37% 0.31%

Number of sessions of bioRe® Traceability Tool www.biore.ch 0 7‘946 11‘725** 12‘311 13‘606

**Correction

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CO2-neutrality 2012/13 2013/14 2014/15 2015/16 2016/17

CO2 emissions entire supply chain Remei AG 1 4'792 5'928 7‘269.1 5‘615 6‘116

CO2 emissions Naturaline (without suppliers of Remei AG) 2'866 3'187 2‘598 2‘781 3‘113

CO2 emissions production of bioRe® Cotton Inside 0 69 194.8 198 201

Total CO2 emissions (t CO2) 7'658 9'183 10‘062 8‘594 9‘430

Total CO2 compensation (t CO2) 2 12'182 12'694 10‘781.6 8‘811 8‘599

Goal achievement for carbon neutrality 159.1% 138.2% 107.15% 102.52% 91%

1 CO2 emissions entire supply chain Remei AG (Detailed calculation)

Quantity (t Lint)

Emission factor (kg CO2eq/kg Lint) Data quality

CO2 emissions (t CO2eq)

bioRe® India Ltd. 357 2.0 ** 714

bioRe® Tanzania Ltd. 1‘459 0.2 ** 291.8

Farming and ginning total 1‘816 1‘005.80

Average emissions to produce 1 kg of lint (kg CO2 eq/kg lint): 0.6

Quantity (t yarn)

Emission factor (kg CO2eq/kg yarn) Data quality


Eurotex IN 747 2.6 ** 1‘942.2

Sunflag TZ 85 1.6 * 136

Baltas TR 133 3.9 ** 518.7

RSWM (Mélange) IN 70 4.6 ** 322

Spinning total 1‘035 2‘918.9

Average emissions to produce 1 kg of yarn (kg CO2 eq/kg yarn): 2.8

Quantity (t textile)

Emission factor (kg CO2eq/kg textile) Data quality


Century IN 66.2 13.7 * 906.3

Utenos LT 59.2 9.6 *** 569

Wellknit IN 57.5 9.9 * 572.3

Kaytee IN 5.0 8.9 * 44.8

Andere 2.7 13.7 * 36.3

Industrial processing total 190.5 2‘128.7

Average emissions to produce 1 kg of textile (kg CO2 eq/kg textile): 11.2

Total energy consumption (kWh)

Energy (kWh/m2) Data quality


Consumption of electricity 32‘628 30.2 *** 0

Heating energy 32‘740 30.3 *** 10.4

Business trips (flights only) *** 48.5

Print media *** 3.6

Remei AG total 62.5

Data quality: * Uncertainty in excess of 20% | **Uncertainty between 10% and 20% | ***Uncertainty below 10%

2 Total CO2 compensation

on 1.04.2016Reduction/plant

(t CO2/plant*year)CO2 compensation

(t CO2)

Number of biogas plants (India) 3‘277 2.25 7‘325

Number of efficient stoves (Tanzania) 424 3.39 1‘437

Total 8‘811


The purpose of the bioRe® Foundation is to promote organic farming of cotton among smallholders. The past season started out on ideal weather conditions for organic cotton farming in India and Tanzania. Then, sudden demonetisation in India had a dramatic impact on cotton purchases.

bioRe® Tanzania Ltd.In the past year, bioRe® Tanzania Ltd. co-operated with 2,146 registered organic farmers in 16 and 8 villages in the districts of Meatu and Maswa respectively. The season started out on ideal weather conditions for organic cotton farming in Tanzania. However, estimates of a very large cotton crop turned out to be wrong. bioRe® Tanzania Ltd. was able to purchase around 66% of the estimated crop, accounting for 4,406 tonnes of lint. This resulted in a volume of ginned organic cotton of 1,619 tonnes of lint. The purchase volume of organic cotton was lower than crop expectation because many farmers, most of them converters, sold part of their crop to other buyers. This was due to many other buyers moving into the region, heavily wooing the organic farmers registered with bioRe® Tanzania Ltd., as last year’s crop in all of Tanzania fell short of even half the national budget. Furthermore, bioRe® Tanzania Ltd. demands a high level of quality requiring farmers to clean their cotton, which is why they sold poor quality elsewhere.

In the past season, farmers continued to use various types of seed including UK91, the one used so far, as well as UKM08, a new type introduced three years ago. Thus, special attention had to be paid to separating the different types in purchasing and ginning so as to keep them from blending. In the meantime, UKM08 has been distributed to all farmers for the next season.

Training for organic-cotton farmersbioRe® Tanzania Ltd. provides regular training of practices of organic farming. Training is focused on getting the farmers to practise line sowing, observe crop rotation and dung their fields. In the past season, line sowing was applied by 44% of organic-cotton farmers, whether in part or exclusively. Training is provided either in the villages or on the fields. In addition, a total of 113 fields in the 24 villages were carefully designed for the purpose of demonstrating best organic-farming practices. Using the molasses trap, a new method that has been suggested for pest control, we have already achieved good results in fighting the cotton bollworm on selected fields. In an attempt to promote biodiversity, a reforestation project was carried out, involving distribution of a total of 6,687 seedlings to farmers and organisations in the region.

Beginning in the 2015/16 farming season, bioRe® Tanzania Ltd. has been conducting a comparison of systems between organic and conventional methods of farming, both in the field at the bioRe® training centre and with the farmers. This is a three-year research project investigating the potential and sustainability of cotton production for smallholders. It is conducted in co-operation with the Agricultural University of Sokoine, the University of Aarhus (Denmark), the University of Dodoma, the University of Benin and the Office of the Vice-President of Tanzania. All the agricultural projects and training programmes are designed to support farmers who practise organic methods of farming in a sustainable manner.

THE SOURCE OF ORGANIC COTTONFarming: report from the bioRe® Foundation

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What do you appreciate most about bioRe® Tanzania Ltd.?The provision of working tools (stationery) and other services like bicycles, gumboots by the company. Also bicycle maintenance, training on organic farming at bioRe® training centre, which is done three times a year and when it is required.

What do you like about your daily work?First, I like visiting the farmers and advisory service provision which includes inter-cropping of leguminous plant in cotton plots which improves soil fertility. Also, I like row sowing, use of farm implements such as ox-weeder and planter help the farmers to reduce workload and save time.

Additionally row sowing helps to use less cotton seeds per acre, easy to use farm implements, especially during weeding and to attain high plant population per acre.

How can you contribute individual wishes and requests to the company?Each bioRe® village office has its incharge supervisor. If I have requests to the company I report to the village office supervisor who takes my request for further action, e.g. my requests for shortage of working tools like stationeries or new bicycle components.

Portrait from farming

Shada Lubela, Extensionist with bioRe® Tanzania


bioRe® India Ltd. In the past season, weather conditions in India were favourable for cotton production. bioRe® India Ltd. worked with 4,986 registered farmers and expected a crop of 1,000 tonnes of lint. Cotton purchasing began in the third week of October and, just a short while later, the government of India enforced demonetisation of the 500 and 1,000-rupee notes without any prior notice. Cotton purchases are usually settled in cash because some of the farmers, who live in remote places, have neither a bank account nor access to banking services.

The consequences of demonetisation were so dramatic that, for a period of two months, bioRe® India Ltd. had no cash available for purchasing as the banks ran out of cash themselves.

The farmers were unable to keep the cotton and sold it to other buyers aiming to invest in solid commodities. As a result, bioRe® India Ltd. was deprived of some 45% of the cotton crop. The amount of lint produced was 384 tonnes. Furthermore, many farmers failed to pay back their input premiums for seed.

inauguration of the new ginning plantOn a more positive note, bioRe® India Ltd. successfully inaugurated the newly erected ginning plant in November 2016. The new plant is a robust investment in the future of the company. It is the basis for long-term production of organic cotton in the region.

Genetically modified cotton seeds in India continue to be an issue. The internal control system run by bioRe® India Ltd. proved to be effective again last year. Across the entire crop, GMO contamination accounted for around 2%. Essential control elements include GMO-testing of seeds distributed before organic cotton is purchased and after ginning. To make the testing method more demanding still, it is now additionally required for samples of ginned cotton to be taken by Intertek, an independent agency. Furthermore, very small quantities below 50 kilogrammes are no longer purchased because systematic testing would be out of proportion. The GMO issue is going to keep us on our toes for a long time to come. The bioRe® Association has been conducting extensive seeds research for more than six years now, which will enable us to distribute seed of our own to organic farmers two years from now.

15


Efforts for the benefit of the community Organic farmers are provided with free extension services and training in organic farming. With its research projects, the bioRe® Foundation supports the build-up of knowledge and practical improvements on soil fertility, organic pest control and evaluation and breeding of suitable cotton seeds for organic farmers. Agricultural challenges are multi-faceted, ranging from weather conditions, political imponderability and market disruption to genetic interference with seeds. As the weakest link in the chain of production, the farmers depend on long-term partnerships.

Many years of co-operation between the bioRe® businesses and the farmer families have created opportunities to bring about improvements on living conditions in many social respects. The bioRe® Foundation supports farmer families through health projects, education for their children or access to basic infrastructure such as clean drinking-water.

In the past year, the bioRe® Foundation, with generous support from its donors, ran numerous social projects such the 18 animation schools attended by 1,158 children and a secondary school for 720 children in India, 12 additional drinking-water wells and 6 water tanks in Tanzania, construction of 75 toilets in rural India, or biogas plants and efficient stoves for better health and offsetting of CO2 emissions.

The agricultural projects and training programmes are devoted to specific methods of farming. These include prevention of soil erosion, promotion of crop rotation and new methods of soil treatment, or concentrated production and distribution of larger volumes of organic pesticides. The bioRe® Foundation’s largest project is designed to evaluate types of cotton in Indian seeds research. Every year, 70 different types are evaluated and tested for use in various farming conditions such as arid or fertile soil, with or without irrigation. After more than six years of seeds research, as many as eight suitable types have been submitted for clearance by a public agency.

Other projects of the bioRe® Foundation support women’s groups in income-building through targeted activities in the sewing and making of clothes. There is a total of four active women’s groups, three in Tanzania and one in India, who are being trained as seamstresses.

The social initiatives in the farming regions are of varied nature, depending on the farmer families in question. The bioRe® Foundation practises a human rights approach specifically promoting farmer participation and launching initiatives tailored to their needs. Active and rights-based participation with a view to implementing human rights for everyone is one of the core themes of the bioRe® Social and Environmental Standard for organic cotton farming.

17

What do you appreciate most about the company you work with?I have been working with bioRe® organization since 2007. In the beginning I had to work with rural communities on access to social schemes for organic farmers. It was a helpful experience for me and I learned many things. I feel lucky to find myself in an organization like this because it has long-term plans for farmers as well as their families.

What do you like about your daily work? I am responsible for the handloom unit and I like to support persons in need through motivation and awareness of their overall development which is very important for their life.

How can you contribute individual wishes and requests to the company?The management is very important for every organization as it regulates the processes and motivates the employees. We have good communication with our management on a regular basis. Whenever we want help from them, we can easily access our management.

Portrait from the bioRe® Foundation‘s Livelihood project

Mr Sukhdev Patidar, head of the handloom team with Aavran Handlooms

Aavran Handlooms Within this Livelihood-Handloom project initi-ated by the bioRe® Association local organic yarn is spun and woven by handcraft. The women are trained in hand-spinning and -weaving and ensure their livelihood. More over: http://www.biore-stiftung.ch/en/work/


2012/13 2013/14 2014/15 2015/16 2016/17

bioRe® india

Farmers enrolled (incl. satellite project) 5'280 3'233 3‘702 3‘907 4‘986

Output of seed cotton (t) 0 1'138 1‘897 2‘293 974

Output of cotton lint (t Lint) 0 390 647 796 340


bioRe® Tanzania


Output of seed cotton (t) 8'829 9'115 6‘565 4‘986 4‘373

Output of cotton lint (t Lint) 2'984 2'487 2‘310 1‘827 1‘619


Total number


Output of seed cotton (t) 8'829 10'253 8‘462 7‘279 5‘347

Output of cotton lint (t Lint) 2'984 2'877 2‘957 2‘623 1‘959

Number of staff 141 104 109 112 115

0

1'000

2'000

3'000

4'000

5'000

6'000

7'000

8'000

9'000

2012/13 2013/14 2014/15 2015/16 2016/17

Insgesamtregistrierte Bauern

bioRe® farmers over time 2012/13 - 2016/17

Total number of bioRe® farmers enrolled India: bioRe® farmers enrolled

Tanzania: bioRe® farmers enrolled

Farming 2012/13 2013/14 2014/15 2015/16 2016/17

Farming companies certified according to EU 834/2007 2 (100%)

2 (100%)

2 (100%)

2 (100%)

2 (100%)

Farming companies certified according to NOP standard 1 (50%)

1 (50%)

1 (50%)

1 (50%)

1 (50%)

Ginning plants certified according to EU 834/2007 2 (100%)

2 (100%)

2 (100%)

2 (100%)

2 (100%)

Total number of enrolled farmers 7‘954 4‘877 5‘598 5‘924 7‘132

Farmers’ premium (CHF) 620'190 465'298 549‘100 446‘105 338‘482

Remei AG’s contribution to the bioRe® Foundation (CHF) 65'319 104'791 192‘200 140‘010 100‘000

Other donations (CHF) 19'905 11'833 13‘460 13‘375 8‘181

19

43%

22%

7%

21%

7%

Indien

Schweiz

Deutschland

Türkei

Diverse

Sales of bioRe® cotton by country (%)

Purchase and sale of bioRe® cotton

2012/13 2013/14 2014/15 2015/16 2016/17Diff. to prior

year (%)

bioRe® Tanzania 4'484 4'386 4‘171 2‘992 2‘799 -6%

Eurotex - - 28 128 148 16%

Sunflag TZ 99 126 75 52 27 -48%

Various 53 186 80 16 472 2850%

Total purchase (TCHF) 4'636 4'697 4‘354 3‘188 3‘446 8%

Eurotex IN 624 1'299 2‘029 1‘787 1‘336 -25%

Reinhart CH 2‘596 1‘678 997 988 789 -20%

Baltas TR 533 965 864 304 779 156%

Pelz DE 0 0 89 219 241 10%

Various 839 1‘435 999 433 622 44%

Total sales (TCHF) 4'592 5'377 4‘978 3‘731 3‘767 1%

Sales by country (TCHF)

India 624 1'636 2‘451 1‘891 1‘645 -13%

Switzerland 2‘756 1‘679 998 988 818 -17%

Turkey 533 785 1‘044 304 779 156%

Germany 151 89 93 308 252 -18%

Various 528 1'188 329 240 273 14%

India

Switzerland

Germany

Turkey

Various


What do you appreciate most about the collaboration with Remei AG?That bioRe® is a quality brand name, and the fact that the Remei team is socially oriented.

What do you appreciate most about the company you work with?I especially like the open culture and trust in each other. Of course I also appreciate the good reputation in quality regarding our products.

How does your company ensure fair working conditions?Fundamentally we ensure compliance with all social aspects as per law. Furthermore the company is ISO-certified and examined through various quality audits by outside agencies.

Portrait from spinning

S.K. Miglani Sanjay Kumar, head of quality control with RSWM

21

bioRe® yarn is produced by carefully selected spinning-mills required to meet high social standards, to ensure flexibility in production, and to be willing to provide active support with regard to fibre and yarn quality. We want to turn the available bioRe® cotton into yarn of invariably excellent quality.

Eurotex, IndiaEurotex, the largest manufacturer of bioRe® yarn, has developed into a key partner over many years. In the past year, the focus of our co-operation was on the issue of quality as we want to ensure continuity of yarn properties for the benefit of our yarn customers. Eurotex’s support with regard to fibre and yarn properties is extremely valuable. It helps to make sure we can make even more targeted use of bioRe® cotton in future.

Sunflag, TanzaniaThe Sunflag organisation covers all steps from spinning through weaving. For quite a while, Sunflag has focused on damasks, a business that is growing considerably in Africa, giving Sunflag good utilisation in spinning. In recent years, we were increasingly faced with issues regarding yarn quality and prices, which remained unsolved. As a result, Remei AG decided to terminate business with Sunflag and to gradually transfer it to Baltas. Nevertheless, we would like to maintain a mutual exchange on market conditions with Sunflag, and we do not exclude that co-operation may be resumed at a later date.

Baltas, TurkeyBaltas proved to be a good partner again last year. Over the past twelve months, this spinning-mill came considerably closer to BSCI accreditation. We expect a positive audit in the summer of 2017. Due to termination of business with Sunflag, Baltas will be our number-two producer of raw white yarn following Eurotex.

RSWM, IndiaRSWM is a highly flexible melange spinning business owned by the LNJ Bhilwara Group. This group presents us with many possibilities. The concept of ‘blends’, i.e. processing cotton together with other fibres in an intimate blend, drew much of our attention last year. In the year to come, we want to complete a development to make our range of yarns more appealing.

Otto, GermanyOtto Dietenheim stands out for excellent yarn quality. In the past year, we produced Ne 50/1, Ne 60/1 and core yarns. Due to low demand, the volumes produced were very small, which had a major impact on profitability. Together with Otto, we are going to look into options for the future.

Yarn output

2012/13 2013/14 2014/15 2015/16 2016/17

Eurotex IN 0 225'942 423‘526 407‘616 437‘299

Baltas TR 0 142'141 186‘539 114‘347 128‘686

Sunflag TZ 299‘845 426‘529 271‘092 86‘394 105‘371

RSWM IN 0 36‘160 49‘180 35‘076 51‘183

bioRe® India Ltd. 571‘070 104‘462 26‘901 0 18‘227

Total (kg) 870'915 935'234 957‘238 643‘433 740‘766

Tanzania’s share 34% 46% 28% 13% 14%

WHERE BIORE® COTTON IS SPUN INTO YARNSpinning


Purchase and sale of bioRe® yarn

2012/13 2013/14 2014/15 2015/16 2016/17Diff. to prior

year (%)

Eurotex IN 0 1'064 1‘813 1‘676 1‘002 -40%

Baltas TR 0 550 869 481 589 22%

Sunflag TZ 1‘348 1‘751 1‘107 364 420 15%

RSWM IN 0 243 353 236 318 35%

Various 2‘875 702 469 534 1‘045 96%


Panoco JP 1'148 906 964 926 1‘014 10%

Utenos LT 850 1'005 737 563 794 41%

Far East Knitting BD 406 419 596 633 577 -9%

Erko-Textil DE 99 416 409 282 433 54%

Various 3‘612 2‘528 2‘175 1‘775 1‘747 -2%

Total sales (TCHF) 6'116 5'274 4‘881 4‘179 4‘565 9%


Japan 1'148 857 1‘014 926 1‘014 10%

Lithuania 850 873 869 563 801 42%

Germany 837 915 932 728 790 9%

Switzerland 346 411 300 477 411 -14%

Various 2'934 2'218 1‘766 1‘485 1‘549 4%

Sales of bioRe® yarn by country (%)

22%

18%

17%

9%

34% Japan

Litauen

Deutschland

Schweiz

Diverse

Japan

Lithuania

Germany

Switzerland

Various

23

What do you appreciate most about the collaboration with Remei AG?Their attention to detail. Their unswerving intent to ensure all goods manufactured follow all the organic parameters. Their want to ensure all their partners are working in good conditions and are fair with their workers. This has helped our organization in many ways especially in paying that extra attention to detail.

What do you appreciate most about the company you work with?I feel as though we are one big family. Once a person is in the organization, they are considered

to be more than just an employee. They become a trusted part of a tightly knit family. This is demonstrated by many staff members being with us for over 20 or 30 years. It is a fair workplace.

How does your company ensure fair working conditions?We lay great emphasis on good working conditions. We encourage staff to also make suggestions on the same.

Portrait from ready-to-wear

Aditya Udani, operations supervisor with Kaytee Corporation Pvt. Ltd.


The textile industry is going through a process of transformation. The number of collections per annum is rising and B2C business is increasingly shifting to online retail. These changes are having an impact on Remei AG’s supply chain, too.

Due to shorter production times in Europe, the only possibility to place orders from new customers such as Gerry Weber was with Lithuanian supplier Utenos. This caused the volume of bioRe®‘s purchases from Utenos to rise to a total of CHF 3,000,468, up CHF 342,000. This accounted for 46.3% of Remei AG’s total purchasing volume at the level of ready-to-wear, compared to 42% in the 2015/16 financial year. This increasing relocation of production from India to Europe presents Remei AG with new opportunities enabling us to now build up, and place orders with, an additional European supplier subject to the demanding social and ecological bioRe® requirements.

And yet, Remei AG needs to continue to place a sufficient amount of orders in India so as to maintain the bioRe®-compliant chain of production there.

The volume of purchases from Indian supplier Century Apparels Ltd. rose by CHF 430,000 to a total of CHF 1,689,573 owing to new B2B business with our OC Outfitters of Change brand as well as Naturaline International. To this end, Remei AG set up stocks in both Switzerland and Germany last year.

However, Indian supplier Wellknit Industries Ltd. suffered a decline of purchases by CHF 473,000, down to a total of CHF 1,449,048, primarily due to considerably lower purchases from certain customers.

Remei AG is confident that the OC and Naturaline International business will grow and lead to a rise in the production volume of Wellknit Industries Ltd. on the one hand and the building-up of an additional supplier in Europe on the other.

Purchase of bioRe® garments

2012/13 2013/14 2014/15 2015/16 2016/17Diff. to prior

year (%)

Utenos LT 2'199 3'168 3‘657 2‘658 3‘000 13%

Wellknit IN 1'690 1'492 2‘056 1‘922 1‘449 -25%

Century IN 9 804 1‘963 1‘259 1‘689 34%

Kaytee IN 281 101 167 265 300 13%

Sunflag TZ 10 14 262 0 2 100%

Various 463 224 370 212 46 -78%


Purchase by country (pieces)

India 721'147 584'773 869‘030 697‘314 727‘889 4%

Lithuania 280'512 375'159 415‘349 343‘345 380‘795 11%

Tanzania 2‘810 3‘925 56‘128 0 650 100%

Various 16‘530 400 1‘027 52 0 -100%

INCREASING RELOCATION OF PRODUCTION FROM INDIA TO EUROPE

Ready-to-wear

25

The textile business remains a fiercely contested one. Brands are being challenged to find their position in a difficult setting and to stand their ground successfully. And yet, we are confident.

Sales performance varies and stocks are high, which causes uncertainty and puts pressure on the brands. The countless options to place orders online constitute formidable competition for department stores and retailers, as demonstrated by the drop in store frequency and sales in the past year. This situation forced big names to change strategy.

The challenges for our target group of brands remain the same as in the previous year. It takes a great deal of persuasion to ensure customers accept to pay a premium for bioRe® compared to other standards such as GOTS. Our customers are ordering lower quantities and demanding shorter and more flexible lead times for the sampling and ordering processes.

Fortunately, we were able to generate consider-able turnover with Gerry Weber, a new customer of ours. Furthermore, we have been posting steady growth with ZRCL, formerly a very small-scale label. We are confident as far as the next financial year is concerned. We started sampling with a number of renowned brands already and are hoping for the first orders to come in this autumn. Among our customer base, we are taking note that collections are being streamlined and focused on bestsellers. Political uncertainty in Turkey is making itself felt, too. As many brands have their shirts produced primarily in Turkey, they have started to look for other options to minimise risk concentration.

HOPEFUL PROSPECTSBrands

Care what you wear: the GERRY WEBER casual collection


Sales bioRe® garments

2012/13 2013/14 2014/15 2015/16 2016/17Diff. to prior

year (%)

Coop Switzerland CH 6'813 8'120 9‘541 8‘062 6‘164 -24%

Mammut CH 1'096 939 1‘471 1‘259 1‘280 2%

Gerry Weber DE - - - - 714 100%

Grüne Erde AT 295 461 641 453 300 -34%

Various 693 384 1‘438 558 995 50%

Total sales (TCHF) 9‘001 10‘034 13‘173 10‘439 9‘453 -9%


Switzerland 8'036 9'100 11‘109 9‘460 7‘831 -17%

Austria 295 466 660 453 300 -34%

Germany 361 247 650 297 1‘000 237%

Various 309 221 754 229 322 41%

65%

14%

8%

3%10%

Coop Schweiz CH

Mammut CH

Gerry Weber DE

Grüne Erde AT

Diverse

Sales bioRe® garments by customers (%) Sales bioRe® garments by countries (%)

83%

3%

11%

3% Schweiz

Österreich

Deutschland

Diverse

Coop Switzerland CH

Mammut CH

Gerry Weber DE

Grüne Erde AT

Various

Switzerland

Austria

Germany

Various

27

Last year, we continued to put a lot of passion into developing the 2016/17 Naturaline collection. Following the launch two years ago and the first men’s collection in 2015, Melanie Winiger presented her latest collection entitled “Basic with an edge”, 80% of which was produced by Remei AG. Since the end of 2016, the Naturaline range has also included a new ladies’ yoga collection responding to the current well-being trend and meant to be a long-term feature of the Naturaline collection.

And yet, Remei AG suffered a decline of Coop Naturaline sales of some 25% in the 2016/17 financial year, primarily due to the level of Coop stocks. Promotion cuts and a strong reduction in volumes of children’s and babies’ wear also had as much of a negative impact as our efforts to reduce average prices markedly.

In order to promote the exchange between Coop’s operations units and Remei AG following Coop’s internal HR reorganisation at the Wangen headquarters, a Coop Naturaline 2025 Workshop was held at Rotkreuz in February 2017. The workshop was devoted to these five subject matters: growth areas, product innovation, presentation of merchandise, retail product range, and reinforcing fair-trade production. We defined concrete measures to further develop Naturaline and to boost purchase volumes. These measures will hopefully bear fruit in the new business year, bringing sales figures back to the levels expected.

A UNIQUE PARTNERSHIPCoop Naturaline

A piece from the spring/summer 2017 Naturaline collection


In the spring of 2016, Remei AG’s management drafted a strategy for entering the corpora-te-wear business in Switzerland. Up to now, more than 100 partners have signed up.

Going to places like Verbier, Zurich or Bellinzona, Remei AG visited potential customers to proudly present the new product line under the OC Outfitters of Change brand in June, July and August 2016. The focus is on serving retailers specialising in corporate wear, i.e. sports shops and department stores as well as printers, embroiderers and advertising agencies. By the end of the financial year, some 100 retailers throughout Switzerland have signed up, 75% of which have placed a minimum of one order. We are proud to have gained the Loeb department store as a partner and excellent reference for OC.

The idea is not to merely supply to retailers already carrying fully sustainable ranges of products, but to prompt businesses to rethink and to raise awareness of sustainable criteria among retailers. Only eight months into the venture, we can see rethinking for the benefit of sustainable production happening among both retailers and end users, boosting demand for OC pieces of clothing.

Currently, the collection consists of high-grade knitted fabrics such as T-shirts, polo shirts, sweatshirts, sweat jackets and jogging pants for ladies and men in a variety of popular colours. The favourite pieces with great ease of wear are available from selected retailers and may be fitted with custom-made prints or embroideries. Thanks to modern and slim-fit cuts, the un-assuming styles are highly suitable for promotions, events and staff wear. In addition to the basics, we launched spring/summer and autumn/winter collections available to customers upon pre-ordering. This seasonal range of products is an inspiration for retailers wishing to add to their models and colours.

Ordered today, delivered tomorrowOnline ordering of OC pieces of clothing by retailer login has been available since October 2016. Orders placed before 2pm on Monday through Friday will be delivered the following day. Together with retraceability of our products, this is a service our customers appreciate very much.

“Those who care for the environment in life and business will be better off in the long run. With pieces of clothing from Outfitters of Change, I have a great choice of sustainably made products to offer to my customers.” Werner Gröbli, STICK-DESIGN Gröbli AG, Emmetten, CH

For people with respect for man and natureThe world of the OC Outfitters of Change brand is based on the bioRe® values, i.e. organic cotton, fair-trade production, skin-friendly, CO2-neutral, and retraceable right back to farming. Its brand communication uses images depicting scenes from club sports and group activities expressing such emotions as team spirit, connectedness and identification. The timeless OC collection speaks to ladies and men in the 30-to-50 age bracket, looking for quality that makes you feel well and intending to buy responsibly.

It takes somewhat more time to get established in the corporate field (printing & sticking). Companies and associations prefer the same brands and models for re-ordering. Introducing a new brand, a retailer needs to renew the process of sampling with the customer. Furthermore, price stability is more important than with retailers. However, OC certainly has potential, especially among new customers, as the efforts need to be made anyway.

OC OUTFITTERS OF CHANGE: THE NEW NAME FOR CORPORATE WEAR

Corporate Wear

29

Owing to our unique values and our full organic range, partners are willing to add OC pieces of clothing to the conventional products in their offers.

All raring to goWith a view to promoting an exchange of experience among retailers, we are planning to stage an annual event with selected OC partners from various regions of Switzerland. This is to give them an opportunity to participate in developing the collection while we will benefit from important findings to ensure long-term success. The idea is to engage partners and build up a friendly partnership precisely the way we have been doing it along the value chain.

In the business year to come, we want to open up new distribution channels so as to increase the number of points of sale. In the corporate field (companies & associations), we are going to focus on a limited number of large public organisations and major festivals.

In recent months, OC has developed at frantic speed and fundamentally changed Remei AG’s day-to-day business. There has been a great deal of support and encouragement from inside Remei AG in the processes of evaluating stock-keeping sites, building up the webshop or creating the catalogue. For the year to come, we will need more energy and ideas still if we want to reach our goals.

Multi-coloured: Siro, the OC T-shirt, is available in eleven different colours


In Switzerland, the Naturaline brand has had many years of success, gaining a high degree of credibility. This was sufficient reason for us to launch Naturaline internationally. The collection was first presented to an international expert audience at Germany’s three most important trade fairs for sustainable fashion.

The textile retail trade has recognised the signs of the time and is becoming ever more aware that new thinking is required if you want to show respect for man and nature and conserve the world for future generations, in particular because the textile industry is more of a burden to the environment than other industries. This is why Naturaline International attaches top priority to these five values: organic; ecological; fair; CO2-neutral; and transparent.

This is demonstrated by numerous retail and online traders who have committed to this philosophy building on fashion produced on the basis of as many of these values as possible. We moved on from the concept of ‘eco-fashion’ quite a while ago. In the world today, fair-trade fashion is here to stay, gradually moving out of its niche.

We will continue to need specialised retail as a basis for expansion. At the same time, we are reinforcing our activities aimed at getting Naturaline established with department stores and fashion chains. We have made our first appointments for negotiations.

It will be our goal and assignment to gain those retailers for fair-trade fashion whose focus to date has been on conventionally made textiles only.

We can sense rising awareness among them of the need for change. However, they often lack the knowledge, courage and willingness required to get started. For this segment of retailers, we would like to come up with a targeted and convincing range of products. We want consumers at the POS to easily see the difference between Naturaline and conventionally made textiles and the philosophy underlying our approach.

Selgros, a Polish C&C chain owned by the Transgourmet group, is a good example. In February 2017, Selgros launched Naturaline at seventeen sites. Naturaline’s success with Selgros was supported by extensive marketing activities, which underscores the potential our customers see in the brand. Furthermore, Naturaline’s gratifying performance was one of the factors why Selgros decided to add the seasonal collection to its product range, too.

NEW MARkETS FOR NATURALINENaturaline International

31

Balance sheet ....................................................................................................................................... 32Income statement ................................................................................................................................. 33Cash-flow statement ............................................................................................................................. 34Statement of change in equity ............................................................................................................... 35Notes to the financial statements ........................................................................................................... 36Proposed appropriation of available earnings ........................................................................................ 43Statutory auditor’s report. ...................................................................................................................... 44

FINANCIAL STATEMENTS


reporting year previous year

in CHF No. 31.03.2017 31.03.2016

Cash and cash equivalents 535'782.77 856'477.69

Trade accounts receivable 1 3'272'355.47 3'374'319.45

Advance payments to suppliers 2 4'080'988.36 2'722'734.57

Other short-term receivables 29'756.00 69'206.36

Inventories 3 1'888'474.93 1'574'226.00

Unbilled services 0.00 108'000.00

Prepaid expenses 128'149.22 104'867.52

Current assets 9'935'506.75 8'809'831.59

Property, plant and equipment 5 2'148'175.90 2'198'227.00

Financial assets 4 630'126.56 687'435.76

Intangible assets 6 212'316.10 18'177.00

Non-Current assets 2'990'618.56 2'903'839.76

TOTAL ASSETS 12'926'125.31 11'713'671.35

Short-term financial liabilities 3'953'420.00 2'838'270.00

Trade accounts payable 7 457'159.57 237'719.40

Other short-term liabilities 48'814.19 82'413.12

Accrued expenses 346'748.27 635'635.90

Short-term liabilities 4'806'142.03 3'794'038.42

Long-term financial liabilities 9 1'000'000.00 1'000'000.00

Long-term liabilities 1'000'000.00 1'000'000.00

Share capital 1'800'000.00 1'800'000.00

Treasury shares -1'500.00 0.00

Retained earnings 5'321'483.28 5'119'632.93

Shareholders' equity 7'119'983.28 6'919'632.93

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

12'926'125.31 11'713'671.35

BALANCE SHEET

33


in CHF No. 2016/17 2015/16

Net sales 10 17'810'656.05 17'912'925.82

Other operating income 11 327'353.69 131'636.89

Income 18'138'009.74 18'044'562.71

Change of inventory of unbilled services -108'000.00 9'195.00

Operating income from sales 18'030'009.74 18'053'757.71

Cost of goods sold 12 -13'435'483.33 -13'462'309.39

Farmers’ premium 13 -338'482.38 -446'105.23

Gross profit 1 4'256'044.03 4'145'343.09

Personnel expenses 14 -2'861'438.39 -2'694'337.42

Gross profit 2 1'394'605.64 1'451'005.67

Depreciation on property, plant and equipment 15 -173'880.30 -149'512.66

Amortisation on intangible assets 15 -115'639.00 -16'231.98

Other operating expenses 16 -462'601.45 -447'926.58

Operating profit 642'484.89 837'334.45

Financial expenses -156'446.97 -129'132.07

Financial income 85'098.58 75'363.85

Ordinary profit 571'136.50 783'566.23

Extraordinary profit 17 -100'000.00 -140'010.44

Net profit before taxes 471'136.50 643'555.79

Taxes -44'286.15 -96'417.70

NET PROFIT FOR THE YEAR 426'850.35 547'138.09

INCOME STATEMENT



in CHF No. 2016/17 2015/16

Net Profit / Loss 426'850.35 547'138.09

Depreciation and amortisation 15 289'519.30 165'744.64

Value adjustment of financial assets 4 -15'232.70 2'444.80

Increase/decrease in trade accounts receivable 1 101'963.98 92'513.01

Increase/decrease in advance payments to suppliers 2 -1'358'253.79 -481'302.67

Increase/decrease in other short-term receivables 39'450.36 42'332.02

Increase/decrease in inventories 3 -314'248.93 420'201.75

Increase/decrease in unbilled services 108'000.00 -9'195.00

Increase/decrease in prepaid expenses -23'281.70 14'595.05

Increase/decrease in trade accounts payable 7 219'440.17 -251'048.56

Increase/decrease in other short-term liabilities -33'598.93 2'981.87

Increase/decrease in accrued expenses -288'887.63 -46'744.79

Cash flow from operating activities -848'279.52 499'660.21

Investment in property, plant and equipment 5 -152'289.39 -58'738.47

Divestment of property, plant and equipment 5 28'460.19 14'814.81

Divestment of financial assets 4 72'541.90 96'580.00

Investment in intangible assets 6 -309'778.10 -12'277.98

Cash flow from investing activities -361'065.40 40'378.36

Dividend payments -225'000.00 -270'000.00

Increase/Repayment of short-term financial liabilities 1'115'150.00 25'634.00

Disposal of treasury shares -1'500.00 0.00

Cash flow from financing activities 888'650.00 -244'366.00

Change in cash and cash equivalents -320'694.92 295'672.57

Statement of cash and cash equivalents

Cash and cash equivalents as of April 1st 856'477.69 560'805.12

Cash and cash equivalents as of March 31st 535'782.77 856'477.69

Change in Cash and cash equivalents -320'694.92 295'672.57

CASH-FLOW STATEMENT

35

in CHF Share capital Capital reserves Treasury shares Retained earnings

SHAREHOLDERS' TOTAL EQUITY

Equity as of April 1st 2015 1'800'000.00 0.00 0.00 4'842'494.84 6'642'494.84

Profit for the year 2015/16 547'138.09 547'138.09

Dividends for the year 2014/15 -270'000.00 -270'000.00

Equity as of March 31st 2016 1'800'000.00 0.00 0.00 5'119'632.93 6'919'632.93

Disposal of treasury shares -1'500.00 -1'500.00

Profit for the year 2016/17 426'850.35 426'850.35

Dividends for the year 2015/16 -225'000.00 -225'000.00

Equity as of March 31st 2017 1'800'000.00 0.00 -1'500.00 5'321'483.28 7'119'983.28

Remei AG’s share capital is composed of 180,000 registered shares with restricted transferability, each with a par value ofCHF 10.00 (prior year: 180,000 registered shares with restricted transferability, each with a par value of CHF 10.00). RemeiAG has neither contingent nor authorised capital. Its non-distributable statutory retained earnings amount to CHF446'300.00 (previous year: CHF 432'800.00).

STATEMENT OF CHANGE IN EQUITY


Accounting principles according to SWISS GAAP FER

Background

INTANGIBLE ASSETSAcquired intangible assets are recognised if they produce a measurable benefit to thecompany for several years. Intangible assets generated inhouse are recognised to theextent to which conditions for recognition are met. Acquired intangible assets and thosegenerate in-house are recognised at purchasing cost and at manufacturing costrespectively. Intangible assets are subject to linear write-off. Software is written offlinearly over a period of three years. As a general rule, write-off over a period of five yearsapplies in case of impossibility to clearly determine useful life.

IMPAIRMENTSOn each reporting date, all assets must be checked for the presence of any indication ofimpairment. In case of sustained impairment, the book value is reduced to therecoverable value. Impairments are recognised in the income statement.

LIABILITIESLiabilities must be recognised on the basis of nominal value of the means of payment.Foreign-currency items by means of the reporting-date method. This means that priceson the reporting date are applied to convert differences are recognised in the incomestatement.

PROVISIONS FOR WARRANTY CLAIMS AND RISKSAny probable liabilities from past events whose amounts, probability of occurrence anddue dates cannot be determined with certainty, are recognised as provisions, irrespectiveof whether those liabilities may be legal or factual in nature. On each reporting date, thevalue of such provisions is established on the basis probable outflow of and cashequivalent.

CONTINGENT LIABILITIESGuarantees, warranty liabilities and any pledging for the benefit of third parties arereported in the notes as contingent liabilities recognised at net market value.

Co-owned property with construction rights 50 yearsOffice extension 15 - 25 yearsFurniture and fittings 8 yearsOffice and IT equipment 3 years

Passenger cars 5 years

FINANCIAL ASSETSThe value of financial assets is established by subtracting any impairment from thepurchasing cost. This means that securities held over the long term are recognised atpurchasing cost or at current value if the latter is lower.

Remei AG considers it important that its financial statements provide to investors, staff and any interested party a comprehensive true and fair view of the company’s assets, financesand earnings. Accounting at Remei AG is performed in agreement with the guidelines specified by FER, the Swiss accounting and reporting recommendations (entire set of SwissGAAP FER rules). The financial statements established in agreement with Swiss GAAP FER also constitute the statutory financial statements required by commercial law, which is whythey do not include any deferred tax liabilities. Compliance with the accounting principles is checked upon by Remei AG’s external auditors. The annual accounts were approved by

Remei AG’s board of directors on May 19th 2017.

Basics and principles of valuation

FOREIGN-CURRENCY TRANSLATIONForeign currencies are converted by means of the reporting-date method. This meansthat current market prices on the reporting date are applied to convert assets. Translationdifferences are recognised in the income statement.

CASH AND CASH EQUIVALENTCash and cash equivalents are recognised on the basis of nominal value.

TRADE ACCOUNTS RECEIVABLETrade accounts receivable are recognised on the basis of nominal value (market priceson the reporting date). Value adjustments are made on the basis of historical rates, i.e.1%, 5%, 50% and 100% for receivables older than 60, 90, 180 and 360 daysrespectively.

ADVANCE PAYMENTS TO SUPPLIERSAdvance payments to suppliers are recognised on the basis of nominal value, i.e. theface value of the means of payment.

INVENTORIESInventories are recognised according to the principle of lower of cost or market, i.e.purchasing or manufacturing cost vs. net market value. Purchasing or manufacturingcosts includes all expenditure incurred to forward inventories to their current location andachieve their current state. The net market value is established by subtracting any sellingexpenses from the current price in the market. Discounts are considered as reductions ofthe purchasing price. Single-item value adjustments are performed on inventory items ofno value while the following general value adjustment applies to marketable merchandisecurrently in stock: 0% up to 2 years; 20% 3-5 years; and 50% in excess of 5 years.Due to their low risk, cotton inventories are not subject to value adjustment.

PROPERTY, PLANT AND EQUIPMENTThe value of property, plant and equipment is established by subtracting necessaryamortisation from purchasing or manufacturing cost. Assets are subject to linear write-offover their useful life. DERIVATIVE FINANCIAL INSTRUMENTS

Derivative financial instruments are categorised according to their purpose: hedgingtransactions are recognised on the same basis as the underlying business; tradingtransactions are recognised on the basis of market prices on the reporting date;transactions for other purposes are recognised on the basis of market prices on thereporting date or according to the principle of lower of cost or market. Uniform valuationcriteria apply.

PENSION SCHEMERemei AG staffs are insured with CoOpera Sammelstiftung PUK, a group pensionscheme subject to Swiss law. Pension liabilities covering retirement, death and disabilityare funded by contributions from Remei AG and its staff.

TAXESGiven that the financial statements established in agreement with Swiss GAAP FER alsoconstitute the statutory financial statements required by commercial law, there are nodeferred tax liabilities resulting from valuation differences.

NOTES TO THE FINANCIAL STATEMENTS

37


in CHF 2016/17 2015/16No.

1 Trade accounts receivablefrom third parties 3'357'778.31 3'418'094.00

Provision for contingent losses -85'422.84 -43'774.55

Total 3'272'355.47 3'374'319.45

2 Advance payments to suppliers

Vorauszahlung an bioRe India 0.00 0.00

Advance payment to RSWM India 0.00 211'896.52

Advance payment to bioRe® Tanzania 1'702'774.66 1'245'420.40

Advance payment to Eurotex India 2'378'213.70 1'125'698.33

Advance payment to various suppliers 0.00 139'719.32

Total 4'080'988.36 2'722'734.57

3 Inventories

Cotton 134'752.38 359'289.32

Yarns 1'090'367.18 1'377'824.90

Garments 178'363.57 130'131.48

Naturaline International 184'431.82 0.00

Outfitters of Change 525'702.04 0.00

Value adjustment -225'142.06 -293'019.70

Total 1'888'474.93 1'574'226.00

4 Financial assets

Securities:

CoOpera AG 77'900.00 77'900.00

Tropenhaus at costs 79'500.00 79'500.00

Value adjustment on Tropenhaus -78'500.00 -78'500.00

Various certificates / shares 746.56 746.56

Loan:

bioRe® Foundation 0.00 57'948.00

Vivek Kumar 0.00 13'521.20

BIBITI Ginneries Ltd. 400'480.00 386'320.00

Investment

bioRe® India Limited 150'000.00 150'000.00

Total CHF 630'126.56 687'435.76

CoOpera AG securities are held over the long term. Repayment of the loan to Bibiti Ginneries Ltd. in Africa, is divided into fiveyears.The investment include our participation in bioRe® India Limited based in Kasrawad, India. The share capital of bioRe IndiaLimited amounts to Indian rupees 32,093,130. Remei AG holds 787,376 shares of a par value of INR 10.00, which accounts for aparticipation of 24.53%.

NOTES


in CHF

No.

5 Property, plant and equipment Vehicles

Office andadministrative

buildings Total CHF

Net book value as of April 1st 2015 87'093.00 2'190'199.00 2'303'816.00

Purchasing cost

Status on April 1st 2015 117'109.72 3'274'053.00 3'858'197.21

Additions 42'592.59 4'675.93 58'738.47

Disposals - -32'972.22 - -32'972.22

Status on March 31st 2016 126'730.09 3'278'728.93 3'883'963.46

Total impairment

Status on April 1st 2015 -30'016.72 -1'083'854.00 -1'554'381.21

Ordinary depreciation -30'314.69 -103'245.93 -149'512.57

Disposals 18'157.32 - 18'157.32

Status on March 31st 2016 -42'174.09 -1'187'099.93 -1'685'736.46

Net book value as of March 31st 2016 84'556.00 2'091'629.00 2'198'227.00

5 Property, plant and equipment Vehicles

Office andadministrative

buildings Total CHF

Net book value as of April 1st 2016 84'556.00 2'091'629.00 2'198'227.00

Purchasing cost

Status on April 1st 2016 126'730.09 3'278'728.93 3'883'963.46

Additions 73'083.33 - 152'289.39

Disposals -42'592.59 - -42'592.59

Status on March 31st 2017 157'220.83 3'278'728.93 3'993'660.26

Total impairment

Status on April 1st 2016 -42'174.09 -1'187'099.93 -1'685'736.46


Disposals 14'132.40 - 14'132.40

Status on March 31st 2017 -65'099.83 -1'290'345.93 -1'845'484.36

Net book value as of March 31st 2017 92'121.00 1'988'383.00 2'148'175.90

Furniture and fittings

Office and ITequipment,

communications

Furniture and fittings

Office and ITequipment,

communications

12'438.00 55'233.90

-

-234'677.58 -255'361.02

-

247'115.58 310'594.92

-

-232'034.58 -224'427.86

-2'643.00 -30'933.16

-224'427.86

6'961.00

-

231'388.86

-214'056.31

-10'371.55

79'206.06

16'484.00

242'938.18

-

10'040.00

224'096.31

7'292.554'177.40

-

-

15'081.00 6'961.00

247'115.58 231'388.86

247'115.58

-226'454.18

-5'580.40

-232'034.58

15'081.00

-

39

in CHF

No.

6 Intangible assetsBrands /Licences

Development costs OC+NLI

Other intangible assets OC Software Total CHF

Net book value as of April 1st 2015 4'104.00 18'027.00

Purchasing costStatus on April 1st 2015 22'438.00 58'023.73 80'461.73

Additions 12'277.98 - 12'277.98

Disposals - - -

Status on March 31st 2016 34'715.98 58'023.73

Total impairmentStatus on April 1st 2015 -18'334.00 -39'996.73 -58'330.73


Disposals - - -

Status on March 31st 2016 -23'626.98 -50'935.73

Net book value as of March 31 st 2016 11'089.00 7'088.00

Intangible assetsBrands /Licences

Development costs OC+NLI

Other intangible assets OC Software Total CHF

Net book value as of April 1st 2016 11'089.00 0.00 0.00 7'088.00

Purchasing costStatus on April 1st 2016 34'715.98 - - 58'023.73 92'739.71

Additions 1'478.52 217'760.00 24'763.10 65'776.48 309'778.10

Disposals - - - - -

Status on March 31st 2017 36'194.50 217'760.00 24'763.10 123'800.21

Total impairmentStatus on April 1st 2016 -23'626.98 0.00 0.00 -50'935.73 -74'562.71

Ordinary depreciation -5'784.52 -72'587.00 -8'254.10 -29'013.38 -115'639.00

Disposals - - - - -

Status on March 31st 2017 -29'411.50 -72'587.00 -8'254.10 -79'949.11

Net book value as of March 31 st 2017 6'783.00 145'173.00 16'509.00 43'851.10

92'739.71

22'131.00

212'316.10

18'177.00

402'517.81

-190'201.71

-74'562.71

18'177.00



in CHF 2016/17 2015/16No.

7 Trade accounts payable

To third parties 457'159.57 237'719.40

Total CHF 457'159.57 237'719.40

9 Long-term liabilities

10 Net sales

Gross sales 18'044'186.21 18'348'808.65

packaging costs 4'227.44 0.00

Client complaints -24'760.24 -37'716.79

Commissions -15'991.57 -14'072.79

Sales deductions -197'005.79 -384'093.25

Total 17'810'656.05 17'912'925.82

bioRe cotton 3'766'715.00 3'730'870.00

bioRe yarn 4'564'408.00 4'179'213.00

bioRe garments 9'453'050.21 10'438'725.65

Naturaline International 64'263.00 0.00

OC - Outfitters of Change 195'750.00 0.00

Total 18'044'186.21 18'348'808.65

11 Other oparating income

Development costs OC + Naturaline International 217'760.00 0.00

Wage and administration income from bioRe® Foundation 109'593.69 131'636.89

Total 327'353.69 131'636.89

12 Cost of goods sold and farmers’ premium

Cost of goods sold 12'746'886.58 12'823'405.55

Third-party services 268'492.54 253'663.41

Direct purchasing expenses 507'913.31 472'902.12

Cost of complaints charged to suppliers -12'798.55 -21'255.56

Reduction of purchase price -75'010.55 -66'406.13

Total 13'435'483.33 13'462'309.39

Long-term liabilities are in the form of an unsecured support loan from Alternative Bank Schweiz AG in theamount of CHF 1,000,000.00. This loan is perpetual and may be terminated subject to six weeks' notice.

Remei AG reports sales based on Incoterms agreed upon with its customers. Remei AG generates its sales bytrading bioRe® cotton, bioRe® yarn and bioRe® garments. The five segments account for the following sharesof gross sales:

41


2016/17 2015/16No.

13 Farmers’ premium

Farmers’ premium 338'482.38 446'105.23

Total farmers’ premium 338'482.38 446'105.23

14 Personnel expenses

Salaries 2'282'038.30 2'096'174.82

Employee profit sharing 38'562.00 75'340.00

Social-security contributions 370'770.00 337'128.28

Other personnel expenses 170'068.09 185'694.32

Total 2'861'438.39 2'694'337.42

15 Depreciation and amortisation

Ordinary depreciation on property, plant and equipment 173'880.30 149'512.66

Ordinary amortisation on intangible assets 115'639.00 16'231.98

Total 289'519.30 165'744.64

16 Other operating expensesRent 40'286.75 37'691.00

Maintenance, repair 16'362.63 22'128.75

Vehicles 21'136.63 12'806.46

Property insurance 9'550.14 9'085.99

Charges, levies, permits 4'471.99 2'198.01

Energy and disposal 15'235.22 13'845.93

Administration 151'007.33 129'282.57

IT 26'744.59 14'647.10

Advertisement 169'624.68 192'866.17

Donations and contributions 8'181.49 13'374.60

Total 462'601.45 447'926.58

17 Extraordinary profitDonations to the bioRe® Foundation 100'000.00 140'010.44

100'000.00 140'010.44

Sustainability is fundamental to Remei AG’s mission statement. The cotton premium paid to local farmers is reported as a separate item in the income statement. Amounts paid as a premium depend on crop volumes.


in CHF

No.

18 Pension Benefit Obligations

2016/17 2015/16 2016/17 2015/16 2016/17 2015/16

44'329'078.00 31'394'772.00 0.00 0.00 153'483.75 145'914.80

Total 44'329'078.00 31'394'772.00 0.00 0.00 153'483.75 145'914.80

19 Derivative financial instruments

20 Declaration of employees

21 Transactions with related parties and organisations

2016/17 2015/16 2016/17 2015/16 2016/17 2015/16

Status on March 31st 0 0

Purchase of treasury shares 50 0 30.00 30.00

Disposal of treasury shares 0 0Status on March 31 st 50 0


in CHF 2016/17 2015/16No.

22Cash and cash equivalents 535'782.77 856'477.69

Co-owned property * 1'988'383.00 2'091'629.00

Total CHF 2'524'165.77 2'948'106.69

51'155.00 51'155.00

23

24

Surplus coveraccording to FER 26

Economic part of the corporation

Contributions accrued for the period

Surplus and pension benefit expenses

Pension scheme with surplus

Information on transactions involving treasury shares:

The average transaction price corresponds to the net market value. There are no contingent liabilities resulting from treasury sharesacquired or sold. The company holds treasury shares in the amount of CHF 1,500.00 (previous year: CHF 0) as equity instruments ofthe company.

No ongoing forward transactions on reporting date (prior year: 0).

In the 2016/17 business year, a total of 19.8 full-time equivalents were occupied at Remei AG, compared to 19.9 full-time equivalentsin 2015/16.

The term ‘related parties’ applies to all members of the board of directors and the executive management.Neither in the 2016/2017 financial year nor in the 2015/2016 financial year were there any substantial transactions with related parties,and there are no credit or debit balances resulting from such transactions.

Number of shares

Share priceon reporting date

(CHF/share)

Averagetransaction price

(CHF/share)

On the balance-sheet date, material contingent liabilities with regard to open letters of credit amounted to CHF 1'001'220 (prior year CHF 1'437'000) and no warranties vis-à-vis third parties (prior year CHF 0).

Events after the balance-sheet dateNo such events were known when the annual accounts were closed.

Assets pledged as collateral for own liabilities

* Subject to first-rank mortgage note for the benefit of the mortgagee

Contingent receivables and liabilities

43


in CHF 2016/17 2015/16

Available earnings before distribution at the disposal of the Annual General Meeting:

Profit carried forward from prior year 486'285.61 497'647.52

Profit for the year 426'850.35 547'138.09

Total 913'135.96 1'044'785.61

The board of directors proposes for the Annual General Meeting to appropriate available earnings as follows:

Allocation to statutory retained earnings -12'700.00 -13'500.00

Allocation to voluntary retained earnings -200'000.00 -320'000.00

Dividend paid out11.8% (PY 12.5%) of the eligible capital of CHF 1'800'000.00 -212'400.00 -225'000.00

Amount carried forward 488'035.96 486'285.61

Statement of retained earnings

Statutory retained earnings 446'300.00 432'800.00

Voluntary retained earnings 3'820'000.00 3'500'000.00

Revaluation reserves 142'047.32 142'047.32

Available earnings 913'135.96 1'044'785.61

Retained earnings 5'321'483.28 5'119'632.93

PROPOSED APPROPRIATION OFAVAILABLE EARNINGS


STATUTORY AUDITOR’S REPORT

45


Publishing details

Board of DirectorsPatrick HohmannBeat Bernet

managementPatrick Hohmann (from May 2017) | Helmut Hälker (until May 2017)Marion Röttges (Deputy Managing Director)

edited byRemei AGLettenstrasse 9CH-6343 Rotkreuzphone +41 41 798 32 32fax +41 41 798 32 00

[email protected]

editorsReport from management Helmut HälkerFinancial result Helmut HälkerOutlook Helmut HälkerStaff Monika BircherRisk and quality management Marion RöttgesFarming: report from bioRe® Foundation Christa SuterSpinning Simon HohmannReady-to-wear Markus KunzBrands Jasmin KurmannCoop Naturaline Carmen BlättlerCorporate Wear Thomas RastNaturaline International Thomas Gemmecke

Managing editor Salome TscheulinProof-reading & translation René MuhmenthalerDesign & Layout Tanja GschwandlPictures ©Nadia Schärli, ©Remo Nägeli, ©Florian Jaenicke, ©Gerry Weber, ©NaturalineFront-page picture ©Sainath RaviPrinted by Triner Media + Print, 100% FSC-recycled paper

Documents

GB1617 Remei DRAFT E...2 Annual Report Remei AG 2016/17 Our customer landscape is changing. Online retail leads to declining sales in brick-and-mortar shops with all the obvious consequences