Zumtobel Group
FinancialLight
Year
2018 19
Rossella Dazio 2011
Lion Haag Jonathan Sedding 2010
Corinne Räz Lorenz Brunner 2013
Mevion Famos Manon Mottet 2016
Ria Cavelti 2013
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Dear shareholders, business partners and friends of the Zumtobel Group,
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The 2018/19 financial year was a year of transition for the Zumtobel Group. We did our homework and, through the implementation of a restructuring course, improved profitability — which also means we met the target announced for this financial year. Now we are looking towards the future. Our goal is to restart our growth course and further improve profitability. The Management Board of the Zumtobel Group sees 2019/20 as a year of transformation, in which the focus of activities will return to the continuous improvement of the operating business and growth — in spite of the weakening market environment. For the 2019/20 financial year, the Management Board expects a slight increase in revenues as well as an improvement in the adjusted EBIT margin to 3 – 5%. The medium-term goal of generating an EBIT margin of roughly 6% by the 2020/21 financial year remains intact.
Brand Reports acdc 16 Thorn, Thorn Eco 20 Tridonic 24 Zumtobel 30
Facts and Figures Five-Year Overview 36 Group Management 42 Report
Consolidated Financial 60 Statements
Service 68 Imprint 70
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In order to drive revenue growth, the Zumtobel Group intends to strengthen its positioning in the global lighting industry as part of its current reorientation. The strategy approved in September 2018 will be consistently pursued. Its goal for the Lighting Segment — with the core Zumtobel and Thorn brands — is to become the market leader in Europe with a focus on applications in industry, office & education, shop & retail and art & culture. Outdoor appli- cations will concentrate on lighting for urban areas and roads. The Components Segment with its technology brand Tridonic will expand globally based on innovative hard- ware (drivers, LED modules) and software solutions for smart and integrated lighting and lighting systems. The Zumtobel Group will also increase its focus on the future field of digital lighting as well as services and turnkey solutions. Ladies and gentlemen, I look forward to the chal- lenges which the new financial year will bring. We can rely on our dedicated and excellently qualified employees — who I would expressly like to thank on behalf of the entire Management Board for their commitment and perform- ance. My colleagues and I would also like to thank our customers, partners, suppliers and shareholders for their confidence, support and open dialogue. Alfred Felder Chief Executive Officer (CEO)
Design Concept
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Light is life. Light is perception. Light sets the stage for our lives. Light is energy — yet it has no tangible presence. It is dynamic but has no physical dimensions. We can feel it — yet it cannot be touched. It refracts and reflects, it reveals and extends. Light is versatile — yet it is often not properly interpreted. Light needs to be conveyed — and this is the mission our company is committed to. Zumtobel has a long tradition of engaging in dialogue with the art and culture scene. The result- ant bonds have shaped the development of our company over time and played an important part in establishing the success of the Zumtobel brand. As a sign of our strong links with the creative community, we have a long-established practice of inviting artists, architects and designers to interpret and express their understanding of the interplay between light and our brand. Within the creative dia-logue, artistic freedom is an essential prerequisite for creativity and new insights.
Therefore, we are delighted to have won the renowned architect and longstanding friend of our company Professor Dietmar Eberle to design this year’s 28th edition of our artistic Annual Report. Together with Sascha Lötscher from the design agency Gottschalk+Ash Int’l, Professor Eberle deals with the interplay of light and space and the ways in which light can be made visible. The designers look at light from an architectural perspective, using photographs to show a range of lighting scenes in space. These lighting scenes were realised by students as part of Professor Dietmar Eberle’s work at ETH Zurich. Light is made visible with the photographs arranged in sequence, from dark to light. This specific arrangement creates an interplay of contrasts — black and white, dark and light — that merge together, becoming visible in the process. Following the concept of this light play, the Annual Report is arranged in order from Z for Zumtobel through to A for architecture. A core element of this year’s edition is the mention of our employees, whose names are integrated into the Annual Report. Our employees play a vital part in our company’s innovative strength and contribute to a successful future of the Zumtobel Group. For the first time, our artistic Annual Report will also cover the digital dimension by incorporating videos via QR codes, making this edition a truly holistic experience.
We hope you enjoy this unique collector’s item. With best wishes Jürg Zumtobel Chairman of the Supervisory Board of the Zumtobel Group
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Thomas Meyer 2009
Tiziana Schirmer 2013
Arthur de Buren Jonatan Egli 2011
acdcbrand report16
acdc shows major growth in outdoor acdc continues to grow and develop as part of Zumtobel Group, with the company taking the lead in outdoor architectural lighting within the Group, expanding by over 35% within the 2018/19 financial year. The company completed projects all over the world, with the UK, Middle East and Central Europe represent- ing the largest areas of success. acdc has a broad portfolio of products and focuses primarily on the areas of outdoor architecture and building surrounds with an exciting roadmap and prod- uct development programme. The company’s clearly defined strategy was rewarded by a 70% increase in out- door revenue in the 2018/19 financial year. By combining acdc’s extensive product design and outdoor applica- tion experience with the very latest in technologies, the company will see the launch of more than eight exciting new product ranges in the 2019/20 financial year, a strategy underpinned by a dual technology and luminaire platform logic, which it has been working with since late 2017.
Creating amazing experiences with light around the world Within acdc’s home ground (the UK!), there have been a number of key projects throughout the last financial year — none more so than Tottenham Hotspur Stadium. A Zumtobel Group project, acdc’s BLADE created the instantly recognisable halo of light whilst also setting the scene of what’s to come by illuminating the façade. These RGB Linear luminaires allow the lighting scheme to create a destination for fans and visitors, guiding them towards the stadium. FUSION 48 floodlights illuminated the roof canopy — a blank canvas where light shows can be created to offer guests a dynamic and memorable visitor experience. A customer- first approach in close cooperation with the project architects and consultants (including several mock-ups and intensive testing) ensured acdc could provide a range of fittings to create the next level in stadium guest experience. When it comes to hotels, take a walk to London’s Russell Square and you can’t miss the stunning Principal Hotel — a landmark Grade II listed building originally opened in 1898. With a focus on colour temperature, con- cern was raised that the terracotta exterior would produce an overly warm lighting effect. Tests carried out in cooperation with the client showed that 2,700 K was perfect for all locations — enter acdc’s PLAZA. These floodlights outline the building and large-scale features. This includes the tall columns at ground level with
the high-level turquoise turrets washed by acdc 16 ° PLAZA 20 floodlights. The overall result is an incredible yet classic example of a simple, integrated and seamless design. Another iconic project within the UK was the illumination of the Royal Opera House, London, which was given a new lease of life following a spectacular programme of refurbishment. The Grade I listed build- ing has been opened up — bringing people closer to the arts. acdc’s PLAZA S3x bring a sparkle to Paul Hamlyn Hall. Once a flower market, it now functions as a restaurant and champagne bar and occasional performance space. Outside, in Covent Garden’s piazza and retail colonnade, PLAZA floodlights are subtly integrated into the façade. Drawing in the crowds, these compact surface-mounted gems dramatically emphasise the building façade’s features. Within MEIA, acdc has had the privilege of pro- viding a lighting solution for the façade of the new Royal Atlantis Hotel in Dubai. Illuminated by BLADE, low glare was of high importance. acdc worked closely with the specifiers, including experimenting with louvres and optics. This ensured acdc could provide luminaires that met the project requirements. Due to open towards the end of 2019, the resort will feature a mix of con- temporarily styled living areas with apartment balconies and wall ends being illuminated by over 4000 of acdc’s BLADE linear luminaires. acdc continues to make progress across Europe, where it was selected to supply the lighting for Avala Tower, Belgrade. A landmark well known not only in Belgrade but also in all of Serbia and throughout the former Yugoslavia, Avala Tower is currently the tallest tower in the Balkan region and a symbol of new technologies and prosperity for the people of Belgrade. The huge concrete pillar is illuminated by 45 FUSION luminaires from the acdc portfolio — installed on all three sides. The “legs” of the pillar are illuminated by two FUSIONs on each side, with three luminaires on the antenna. Avala Tower is one of the top five tourist destinations in Belgrade, and thanks to its new illumination this symbol will be visible from all over the city.
New design logic enabling a dynamic, fast-moving development roadmap acdc’s dual-platform strategy is enabling the company to quickly launch and develop a large number of outdoor luminaires, based on the same primary technology and luminaire frameworks, allowing for rapid portfolio expansion and growth.
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The technology platforms combine the latest LED sources with modular electronic components, controls and optics to deliver a solution that is fast, efficient and flexible. With this revolutionary new technology, Bluetooth and DALI protocols can be integrated to con- trol not only colour but beam angle as well. A similar approach to luminaire design has also been taken with castings, mouldings and extrusions being engineered with multiple products in mind. This has minimized time, cost and speed to market, a crucial factor in a sector that is expanding significantly and at a rapid pace. This, combined with acdc’s vast experience in out- door architectural lighting projects, makes for an exciting combination as acdc continues to develop as a technology-leading, fast-moving and innovative lighting brand.
Outlook acdc continues to go from strength to strength, with a rapidly increasing product portfolio and a constantly growing list of projects and clients for 2019/20 and beyond. The company is working on numerous high-end projects including bridges, façades, stadiums and towers, and is also expanding into new geographic markets. 2019/20 will certainly be a year of clarity, focus and growth for the UK-based business.
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ThornThorn Eco
brand report20
We make light work for you Having celebrated its ninetieth birthday in 2018, Thorn Lighting is now embarking upon its tenth decade. Founded by Jules Thorn in 1928, the brand has established itself as a global leader in indoor and outdoor lighting, with its mission to make light work for you. In the past financial year Thorn pursued this vision as determinedly as ever, with significant inno- vations in the areas of optics, connectivity and design, and stunning new installations all over the world. Thorn benefits from a strong worldwide reputation for smart, reliable, high-performance lighting solutions that serve countless applications. With a comprehensive range of indoor and outdoor lighting products, Thorn has the right solution for every job. For indoor lighting projects, the Thorn brand stands for ease of installation, excellent build quality and outstanding performance. Meanwhile Thorn’s outdoor solutions support complex, high-profile projects, providing the right light for people, places and the environment — plus smart capabilities and connectivity. Our recently completed projects around the world demonstrate the breadth of our expertise in indoor and outdoor lighting, and the compelling nature of our offer. New lighting from Thorn is helping the City of Sunderland in the UK to save millions of pounds a year. More than 27,000 sodium street lights were replaced by Thorn’s R2L2 and CiviTEQ lanterns, which meet rigorous criteria including improved lighting levels, in- creased energy efficiency, and the ability to be dimmed. The new lighting provides a vastly improved quality of light, and the council is set to save EUR 2.8 million a year thanks to lower electricity costs and reduced maintenance. Thorn supplied a complete lighting package for a major upgrade of the Bamble and Kjørholt tunnels, which stretch for three kilometres through the mountains of Norway. A total of 950 GTLED PRO luminaires — specifically designed for tunnel lighting — were installed. The new lighting is robust, highly efficient and creates safe and comfortable conditions for drivers. At Broughton Primary School in Edinburgh, UK, Thorn Lighting provided a low-maintenance, energy- efficient solution for the whole school. Five different types of luminaire were used, including the innovative IQ Wave, which uses cutting-edge LED optics to create comfortable, homogenous light and benefits from built-in wireless control. The new lighting creates an ideal learning environment, and the ability to dim lights leads to energy savings of up to 75%. In China, Thorn provided lighting for the world’s longest sea bridge, which connects Hong Kong and Macao with the Chinese mainland. Luminaires from Thorn light the two artificial islands to the east and west of the 30 km crossing, as well as the tunnel that leads
to the bridge from Hong Kong. Thorn provided 120 Champion Pro LED, 132 high-power floodlights for the islands, and 6,000 GTLED Entry and GT58 luminaires for the tunnel. Mercedes-Benz’s newly redeveloped headquarters in Rome have been lit using Thorn’s Omega LED fitting, integrated in the modular ceiling system, creating a welcoming and efficient new workspace, where personal well-being and company productivity are combined. Also in the 2018/19 financial year, Thorn won the award for Best Commercial Project at Voltimum’s Smart Solutions Awards, for the lighting of a distribution centre run by logistics firm Wincanton in Doncaster, UK. This exemplar project brought better quality light to the 11,000 m2 warehouse, while saving 60% on energy costs, thanks to Thorn’s HiPak Pro LED, CorrosionForce and ForceLED luminaires.
Latest innovations The new products released by Thorn in this 2018/19 financial year have brought customers the latest in innovative optics, Bluetooth connectivity and intuitive design. Raze is a family of three new outdoor luminaires that create a dramatic grazing effect on walls and façades, and smooth, uniform distribution on horizontal surfaces such as footpaths and cycleways. Available in architectural, wall-mounted or bollard versions, Raze lets the true character of surfaces be revealed. The new decorative and intelligent outdoor lumi- naire Volupto brings character and comfort to urban spaces. With an elegant bowl-shaped design and a gentle glow made possible by advanced LED optics, Volupto combines the best of the old and the new. The new generation of our Equaline linear lumi- naire is a flexible, modular system that creates clean, unbroken lines of light, putting great aesthetic design within the reach of every project. Its homogenous appearance and even illumination create a quality lit effect that supports comfort. Katona is a cutting-edge wall light designed to solve many of the most common lighting challenges, com- bining market-leading efficiency with easy installation and powerful protection against damp, dust and damage. It is flexible enough for a range of applications including hallways and building exteriors. A growing number of Thorn products are now available with Casambi Ready BasicDIM Wireless, allowing them to be controlled wirelessly from a smartphone or tablet. Casambi Ready BasicDIM Wire- less uses Bluetooth to create a secure and robust mesh network. All that customers need is an iOS or Android device and the free app. Thorn products that can be made compatible include IQ Wave, Chalice, Glacier II LED and Katona.
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Thorn Eco — success in the electrical wholesale market The Thorn Eco range, launched in 2017, continues to go from strength to strength. This bold new brand is targeted firmly at the electrical wholesale market, serving electricians and electrical contractors. Standing for economical LED lighting, Thorn Eco is a range of LED luminaires designed with the every- day needs of its clearly defined target audience in mind. The highly competitive portfolio of modular, functional LED luminaires is ideal for like-for-like replacement of traditional light sources, as well as for new installa- tions, bringing all the benefits of LED in better quality light, significant energy savings and reduced maintenance. The past financial year saw tremendous growth for Thorn Eco in the target markets of the UK, Germany, France and Australia, and a successful launch of the brand in New Zealand. Meanwhile Thorn Eco’s products and point-of-sale materials are seeing increasing presence at wholesaler outlets, positioning the brand well for future success. Five new Thorn Eco product families were launched this year: the LED floodlights Leo and Leonie, the bathroom mirror luminaire Elsa, and the LED battens Lucy and Poppy. Existing products continue to be updated with improvements and new features. Thorn Eco has benefited from its distinctive, eye- catching ‘Meet the family’ marketing concept and design, featuring simple, accessible product naming and imagery to cut through the noise in this crowded and price-sensitive market. The concept won two gold DBA Design Effectiveness Awards in 2018 and is proving its effectiveness in the market every day. The Thorn Eco product range continues to adapt to meet the latest technical and application-specific requirements, and the ever-changing demands of electricians. The moisture-proof LED luminaire Julie remains the best-selling Thorn Eco product, followed by the recessed LED panel Anna, the high-power LED floodlight Leo, the IP66-rated bulkhead Tom, and the LED high bay George. The focused positioning, effective strategy and bold marketing of Thorn Eco have seen this new brand become a strong player, well positioned for continued success as we expand the product portfolio and pursue ambitious growth targets in existing and new markets.
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Hong Kong Bridge, CN
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Tridonicbrand report24
An industry undergoing transformation The industry — and therefore Tridonic, too — is undergoing radical change. After the wave of innovation that ushered in LED lighting, today the focus is on connectivity. Thanks to the megatrend of digitalisation, lighting based on LED technology is gaining a signifi- cance that extends far beyond providing illumination. Tridonic supplies the key technology here, positioning itself as the world’s leading supplier of lighting tech- nology as we embark on an era of digitalisation and connectivity. LED light sources and modern control systems deliver significant quality improvements that directly benefit the people experiencing them. Human-centric lighting systems not only support visual tasks in sensitive areas such as healthcare, work and education — they can also create specific light moods designed to energise people in different ways. Smart lighting concepts offer comfort and enhanced functionality as well as connectivity benefits, including integration with the Internet of Things. These possibilities are finding concrete applications in the marketplace. At the same time, and in what is a highly competitive environment, LED technology still offers tremendous potential that has yet to be unlocked. Both LEDs and connectivity /digitalisation require significant investment activity. Against this backdrop, which encompasses the whole industry, Tridonic works in partnership with its customers across the full spectrum of current challenges. And as these major changes gradually unfold across the market, the brand continues to pursue the ongoing development and marketing of its current portfolio. Tridonic is well placed for the era that lies ahead. In the 2018/19 financial year the brand continued to develop as a supplier of both hardware and software, facilitating intelligent lighting solutions with added value. At the same time the company expanded its existing portfolio of both indoor and (in particular) out- door lighting. And Tridonic can continue to build on its brand equity of strong customer relationships. Beyond its day-to-day business, the brand has further developed its extensive network of personal contacts, collabor- ations and partnerships through conferences, trade fairs and customer events.
The connectivity trend “Discover the hidden lighting asset” was Tridonic’s catchphrase as it continued to grow its activities around lighting and digital connectivity. The Internet of Things is generating new business models and services — the crucial issue here being the ability to facilitate com- munication between the connected devices. Data content needs to be collected from different systems or captured using sensors. Lighting infrastructure, which is everywhere, is ideally placed to do this.
With its net4more system, Tridonic provides the hardware and software for smart lighting systems with IP connectivity. As the lighting infrastructure enables data capture and data processing, this supports functionalities that range from remote diagnosis and maintenance to space and facility management and indoor navigation. net4more includes LED drivers, communication modules or interfaces, sensors, routers, software and apps — i.e. everything needed to integrate lighting into the Internet of Things. Tridonic was the first lighting company to offer a system with open standards and IP connectivity all the way to the end node, permitting cross-system, gateway-free communications. As well as demonstrating its impressive practical applications at company headquarters in Dornbirn, Austria and at branch offices in France and Spain, the brand is also deploying net4more in pilot projects — in the UK, for example. A key benefit to our customers here is our intensive collaboration. As well as supplying the hardware, software and apps, Tridonic is constantly expanding its network of system integrators, ensuring the necessary flexibility to adapt the system or tailor the apps to specific individual needs. This might mean developing custom solutions for individual rooms, several rooms, whole buildings or facility complexes.
Growth in software development For connectivity within spaces that are used in different ways — in office buildings, for example — Tridonic expanded its basicDIM Wireless product range during the year under review. This Casambi Ready control technology allows interaction via Bluetooth with all luminaires within an area. The basis for this wireless lighting management system is located in the luminaires themselves, which have an LED module, a compatible driver and a basicDIM Wireless module. Tridonic established an outstanding market position with this technology during the year under review, as the only manufacturer already offering a comprehensive portfolio of compact wireless integrated drivers. Users operate the system using an app or via the user interface. Switching on and off or dimming functions are as straightforward as grouping luminaires and creating lighting settings. The colour temperature of Tunable White luminaires can also be controlled and sensors can easily be integrated into the system. The system was designed to offer luminaire manufacturers, installers, building operators and facility users extensive functionalities combined with ease of operation. This delivers on Tridonic’s commitment to always offer added value to its customers, helping them to differentiate their offering in the marketplace. As a key element of fulfilling this commitment, during the period under review the brand delivered on its
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Isabel von Bechtolsheim Rafael Zulauf 2013
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strategy of offering new software apps with added cus- tomer value alongside its hardware. LED drivers from Tridonic offer ingeniously designed packages of interfaces and programmability, enabling customers to programme the drivers in line with their needs. Soft- ware has become increasingly important. These products include the companionSUITE package specially developed by Tridonic for use in luminaire manufacturing, which was completed during the year under review. This software suite helps luminaire manufacturers with the generation, transmission and control of driver settings — and now also supports wireless connectivity via Near Field Communication (NFC) technology — allowing production processes to be optimised. During subsequent quality management processes the software also makes it easier to analyse and correct potential sources of error.
Smart solutions for outdoor lighting Software also played a key role in the development of smart solutions for outdoor lighting — for example in the street lighting systems operated by Spanish author- ities in Lloret de Mar, Tarragona, Sitges and Granollers. Here, using LED drivers by Tridonic made it possible to retain the existing infrastructure with its centralised controls. The new LED luminaires were fitted with premium dimmable drivers. Using a protocol developed by Tridonic to transmit signals via the mains it is now possible to programme dimming levels and adjust brightness levels in line with actual needs. The new LED luminaires can be controlled centrally by the tele- management controller via the mains. Another smart solution was deployed in the “Digital City” of Darmstadt in Germany. Darmstadt won this title in a competition organised by German telecoms association Bitkom. Now, with its Smart City concept, the city is positioning itself as a pioneer in urban digital- isation — and Tridonic experts, along with the brand’s partners, are supporting this initiative with advice on the digitalisation of street lighting. In a pilot project completed in late March 2019 many LED streetlights were fitted with Tridonic sensors as well as a radio module, set on top of the luminaire. Motion detectors enable the street lighting to react to the presence of pedestrians and cyclists, supplying brighter lighting as and when it is needed. The sensors and radio modules deliver connectivity with the Smart City platform. This provides the city authorities with key information on energy consumption, any faults that may occur and routine scheduled maintenance.
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Zumtobelbrand report30
With poetry and magic: Zumtobel creates the lighting solutions of the future Blinking up at the sky, feeling the sun’s rays on your skin – it makes your heart leap with joy. Because sunlight, through our eyes, acts directly on our brain and our psyche. It lifts our spirits and motivates us. It energises or calms. Over the course of the day, light changes its intensity and colour temperature, regulating our internal body clock. Designing artificial light that is as close as possible to nature — that’s the idea behind Active Light.
Light makes learning easier: a Zumtobel study on the effects of Active Light How can long schooldays be managed more effect- ively, for both students and teachers? Active Light is the most important design factor supporting concen- tration and successful learning — whether in schools, universities or nurseries. And the cornerstone of the concept is tunableWhite technology. By adjusting light colour and intensity this innovative technology connects architecture and people. In a learning environment, Active Light’s various moods support our creativity and concentration. The Dynamic Lighting in Classrooms study, by the University of Aalborg in Denmark, investigated in detail which kinds of lighting support student learning most effectively. And the findings were implemented in Herstedlund Skole in Albertslund, Denmark, where teachers can adapt the lighting mood and learning ambience in the room to different teaching situations.
Towards the lighting solutions of the future Zumtobel stands for innovation, design and func- tionality — qualities that have always been developed through the brand’s close, long-term collaborations with architects, lighting designers and artists. A shining example here is our longstanding cooperation with the Vienna-based design studio EOOS, leading to the creation of our new SUPERSYSTEM integral collection luminaire. This is an ongoing success story: the SUPERSYSTEM product family, with its distinctive miniaturised LED spotlight heads, already had years of success behind it. Taking the logical next step forwards, this new version of the system integrates the spotlight heads into the lighting channel — hence the “integral” component of the name. Virtually invisible, almost magical — in a word, fascinating. EOOS co-founder and designer Harald Gründl presented the collection’s versatility and unique attributes using specially developed wall reliefs at the Zumtobel Light Centres in Vienna, Dornbirn and Zurich, and also at Milan Design Week 2019.
A year full of highlights — Zumtobel in dialogue with design, architecture and art At the 2018 Architecture Biennale in Venice, Zumtobel not only provided the lighting solution for the Austrian pavilion but also — as in previous years — created custom lighting solutions for projects by archi-
tects and artists LAAC and Henke Schreieck and graphic designers Sagmeister & Walsh. The Austrian pavilion was curated by Dr. Verena Konrad, Director of our close partner VAI, the Vorarlberger Architektur Institut (Vor- arlberg institute of architecture). And the brand’s cooperation with Sagmeister & Walsh went further still. What is beauty — in architecture, design and art? Through to March 2019, visitors to MAK Vienna (the Vienna museum of applied arts) were able to explore Sagmeister & Walsh’s ideas on this subject in the touring exhibition Beauty. Our sensory lighting installation plays a major role in the show. The exhibition can be seen from 11 May to 15 September 2019 at the Museum Ange- wandte Kunst (museum of applied arts) in Frankfurt am Main. Enabling visitors to experience the fascination of light for themselves is the idea behind the Zumtobel Light Centres. Based on the model of the brand’s major Light Forum at its Dornbirn head office, these Light Centres are more than just showrooms for customers: they are arenas for creative dialogue, designed by renowned architects and designers including Snøhetta and Sauerbruch Hutton. The latest addition, the Paris Light Centre, opened in December 2018. The Light Centres in Bologna and Zurich reopened following a conceptual makeover at the start of 2019. And in 2018 we celebrated 25 years of the Zumtobel Light Centre in Berlin. Thanks to a custom lighting solution, James Turrell’s “Skyspace” light-experience space in Lech, Vorarlberg — Zumtobel’s home ground — is immersed in a variety of colours. As the artist’s longstanding lighting partner, we supported him once again with the realisation of this spectacular art project. Elsewhere, Zumtobel provided thirteen kilometres of light for science for the new University of Applied Sciences build-ing (Fachhochschule Nordwestschweiz) in Muttenz in Switzerland, with the specially developed linear FREELINE luminaire, part of our special collection the editions #02. For this lighting concept we worked closely with lighting design agency Reflexion and with architects pool Architekten. And as illustrated by the lighting solution for Berlin’s Futurium, visionary thinking and a passion for innovation are the engines that drive our company forwards. Alongside the lighting solution in the Futurium foyer we developed three custom solutions in collaboration with realities:united. Zumtobel’s Active Light concept is also transporting customers of the fashion label Reserved into a world of vibrant colours and soft fabrics. Since 2017 we have been lighting new Reserved stores throughout Europe in line with the Polish fashion label’s design philosophy. With Zumtobel Group Services we support our customers from the first handshake all the way to their fully operational lighting system. During the year under review, St Martin Tower in Frankfurt am Main rounded out its existing lighting solution with Zumtobel’s COMPLETE portfolio of comprehensive lighting ser- vices, as we installed turnkey Zumtobel lighting systems, including controls, for the individual rooms and floors. Lighting-related services were also to the fore in our
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Marc Hunziker Katarina Savic 2015
Daniel Zielinski 2016
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“Internet of Light” pilot project with French retailer E.Leclerc in Langon, France. The vision here is to grow the brand’s interaction with its customers and create unique shopping experiences based on lighting infra-structure — boosting stationary retail in the process. As always, our roadshows were a highlight during the period under review. In the 2018/19 financial year our Lights on Tour event series toured through Germany, Sweden, Norway, Denmark, France, Italy, Romania, Austria and Switzerland. A total of 1,615 visitors took up our invitation, finding inspiration and an opportunity to share experiences with their professional colleagues and learn from keynote presentations by high-profile speakers — including the lighting designer Nitika Agrawal and Professor Matthias Sauerbruch of Sauerbruch Hutton.
Zumtobel: lighting the way forwards Zumtobel stands for design — and not just lumi- naire design. At the 2018 Cannes Corporate Media & TV Awards, Zumtobel won a Golden Dolphin – one of the world’s most important awards for marketing and business films. The short film, produced by Stillrolling Productions, shows how people feel in emergency situations or unfamiliar environments — and shows RESCLITE PRO emergency lighting providing safety and orientation. And the Zumtobel Group also won the iF Design Award for communication for its 2017/18 Annual Report, created by the New York design studio Sagmeister & Walsh. Zumtobel regularly receives awards for product design: during the period under review we garnered two iF Design Awards and three Red Dot Awards. Two products — the LINETIK pendant luminaire for offices, combining ultra-slim elegance with intelligent lighting technology, and the delightful light sculpture TEELA — actually won both prizes. CLARIS evolution, a revisited design classic, also won a Red Dot Award.
Innovation is our driving force: new luminaires by Zumtobel Creating lighting moods, arousing emotions, generating aesthetic effects, using light and shade to bring a space to life — these are the goals we aspire to as we develop luminaires that constantly set new standards. And our three new luminaires in the editions #02 collection look set to do just that. TEELA, ALVA and FREELINE are extravagant, stylish and — as always — individual and timeless. A fascinating new portfolio of special creations by Zumtobel. As we embark on the 2019/20 financial year, we are approaching a momentous landmark in our company’s history: Zumtobel will be celebrating its 70th anni- versary with an exclusive customer event and the opening of the new Zumtobel Group Light Forum in Dornbirn. Reaffirmed and energised by the achievements of the past financial year, we are looking forward to more innovations, successful and exciting projects, more innovative lighting solutions and further examples of our unique approach to light. Zumtobel. The Light.
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Five-Year Overview
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in EUR million
RevenuesAdjusted EBIT as a % of revenuesNet profit / loss for the year as a % of revenues
Total assetsEquity Equity ratio in %Net debt
Cash flow from operating resultsInvestments as a % of revenuesR&D total as a % of revenues
Headcount incl. contract workers * *full-time equivalent
facts and figures
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2 0 1 8 / 1 9 2 0 1 7 / 1 8 2 0 1 6 / 1 7 2 0 1 5 / 1 6 2 0 1 4 / 1 5
1,162.0 1,196.5 1,303.9 1,356.5 1,312.6 27.6 19.7 72.4 58.7 66.5 2.4 1.6 5.6 4.3 5.1 (15.2) (46.7) 25.2 11.9 11.9 (1.3) (3.9) 1.9 0.9 0.9 920.9 986.1 1,019.6 1,068.6 1,086.3 262.8 268.3 334.0 333.2 322.6 28.5 27.2 32.8 31.2 29.7 148.7 146.3 91.0 134.8 148.2 56.8 53.5 114.1 84.8 103.1 66.2 69.0 45.2 58.4 76.6 5.7 5.8 3.5 4.3 5.8 66.2 73.4 82.4 87.9 79.0 5.7 6.1 6.3 6.5 6.0
5,878 6,224 6,562 6,761 7,234
in EUR million
RevenuesAdjusted EBIT as a % of revenuesNet profit / loss for the year as a % of revenues
Total assetsEquity Equity ratio in %Net debt
Cash flow from operating resultsInvestments as a % of revenuesR&D total as a % of revenues
Headcount incl. contract workers * *full-time equivalent
Daniel Zielinski Robin Schlumpf 2016
Joos Kündig Iso Tambornino 2015
Isabel von Bechtolsheim Rafael Zulauf 2013
Group Report42
Manage
ment
The following text is an extract from the Group Management Report.
The full text version has been published in the context of the 2018/19 Annual Financial Report
of Zumtobel Group AG.
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facts and figures
General economic environment Global economic activity slowed during the 2018/19 financial year. The strong growth in 2017 and the first half of 2018 has been followed by a decline as the result of political and eco- nomic uncertainties (trade conflict between the USA and China, budget dispute between the EU and Italy, Brexit). The International Monetary Fund (IMF) estimated global growth in 2018 at 3.6%¹ (2017/18: 3.8%), in particular due to a substantial reduction during the second half-year (3.2%). Europe, in particular, was faced with growing economic weakness. The euro zone generated GDP growth of 1.8% in 2018, compared with 2.4% in the previous year. Economic growth in the D/A/CH region (Germany, Austria, Switzerland), an important market for the Zumtobel Group, was weaker, especially in Germany. The German eco- nomy grew by 1.5% (2017: 2.5%), while higher rates were recorded in Austria (2.7%) and Switzerland (2.5%). Economic momentum in the United Kingdom declined further to 1.4% (2017: 1.8%) as a result of the political uncertainty. Other major European economies — France (1.5%) and Italy (0.9%) — were faced with only moderate growth. The USA, in contrast to Europe, recorded stronger growth of 2.9% due to rising consumer spending (2017: 2.2%). Eco- nomic growth in China reached 6.6% in 2018, but weakened during the second half-year as a consequence of the trade dispute (6.0%). The IMF reduced its forecast for the global economy in its April 2019 report and now anticipates an increase of only 3.3% in 2019, compared with an estimate of 3.9% in the previous year’s
report. Projections for both the USA and the euro zone point to a year-on-year decline. For the United Kingdom, a further reduction of 0.2 percentage points to 1.2% is expected. The IMF sees growth in the global economy reaching 3.6% in 2020, but is also warning against potential risks: any further intensification of trade conflicts, a no-deal Brexit or ongoing fiscal uncertainties, as in Italy, could lead to substantially slower development.
Revenues Revenues recorded by the Zumtobel Group declined by 2.9% year-on-year to EUR 1,162.0 million in the 2018/19 financial year (1 May 2018 to 30 April 2019) in a lighting industry environ- ment that remained challenging. Revenue development was influenced by negative currency translation effects of EUR 7.1 million, which resulted primarily from the increase in the euro versus the Turkish lira, Australian dollar and Swedish krona. After an adjustment for these foreign exchange effects, the decline in revenues amounted to 2.3%. The LED share of Group revenues increased from 79.7% to 81.7% within twelve months. The Lighting Segment is still chal- lenged by a difficult industry environ- ment. Revenue development in 2018/19 was slowed, above all, by a substantial
decline in the United Kingdom, the most important market for the Zumtobel Group, and by very aggressive price com- petition. The reorientation of the sales organisation which began during the 2018/19 financial year has not yet pro- duced its full results. In this environ-ment, revenues in the Lighting Segment fell by 3.8% to EUR 873.7 million (2017/18: EUR 908.3 million). After an adjustment for negative foreign exchange effects, revenues were 3.6% lower than the previous year. In contrast, the Lighting Segments recorded an increase in revenues for the fourth quarter of 2018/19, with a plus of EUR 4.2 million to EUR 223.8 million (FX-adjusted: 3.1%). Revenues in the Components Seg- ment fell by 1.3% (FX-adjusted: plus 0.2%) in 2018/19. Two factors were responsible for this decline: the devalu- ation of the Turkish lira versus the reporting currency (euro) and a decrease in the demand for the Lighting Segment. It is also clearly apparent that a focus on margins in an increasingly com- petitive environment leads to satisfactory earnings, but also to slower revenue growth.
Distribution of regional revenues The 2018/19 financial year was characterised by widely different regional developments in a generally
43
1 Source: IMF forecast, World Economic Outlook, April 2019
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Segment development in EUR million 2 0 1 8 / 1 9 2 0 1 7 / 1 8 FX-adjusted in % Lighting Segment 873.7 908.3 (3.8) Components Segment 348.3 352.7 (1.3) Reconciliation (60.0) (64.5) (7.1) Zumtobel Group 1,162.0 1,196.5 (2.9)
44
difficult industry environment. How- ever, the fourth quarter saw revenue growth in all regions — with the exception of Benelux und Eastern Europe. The D/A/CH region, the largest market in the Zumtobel Group, recorded a 0.5% decline in revenues (FX-adjusted: minus 0.6%) to EUR 355.9 million in 2018/19. Revenues exceeded the previous year in Switzerland (FX-adjusted), but were slightly lower in Austria and Germany. An analysis of the fourth quarter shows substantial revenue growth, in total, for this region. Revenues in Northern Europe fell by 7.8% to EUR 250.7 million. The Lighting Seg- ment, in particular, recorded substan- tially lower revenues in the United King- dom (ca. minus 15%). However, this region also generated moderate revenue growth in the final quarter of the year due to positive momentum, above all in the Scandinavian countries. The develop-ment of revenues in the Benelux & Eastern Europe region was disappointing and failed to match the growth recorded in earlier years. Revenues fell by 5.0% (FX-adjusted: minus 1.7%) to EUR 173.6
million in 2018/19. The Southern Euro- pean region consists primarily of Italy, Spain and France. Italy reported further revenue growth, but developments in France and Spain remained below expectations. Revenues in this region fell by 0.4% to EUR 178.2 million but increased, in total, during the fourth quarter. The Asia & Pacific region generated an increase of 0.4% (FX- adjusted: plus 1.5%) in revenues to EUR 120.9 million in 2018/19, supported by sound fourth-quarter growth in Asia. Business development in the Middle East & Africa region benefited from higher project activity, which was reflected in revenue growth of 5.8% (FX-adjusted: plus 4.3%). Revenues in the Americas region fell by 18.2% (FX- adjusted: minus 20.0%) to EUR 24.3 million, but also increased in this region during the final quarter of the reporting year.
Earnings Group EBIT adjusted for special effects rose to EUR 27.6 million in 2018/19 (2017/18: EUR 19.7 million), and
Distribution of regional revenues 2018/19 Revenues in EUR million in % Change in % 1 D/A/CH 355.9 30.6 (0.5) 2 Northern Europe 250.7 21.6 (7.8) 3 Benelux & Eastern Europe 173.6 14.9 (5.0) 4 Southern Europe 178.2 15.3 (0.4) 5 Asia & Pacific 120.9 10.4 0.4 6 Middle East & Africa 58.5 5.0 5.8 7 Americas 24.3 2.1 (18.2) Total 1,162.0 100.0 (2.9)
1
23
4
56 7
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the return on sales increased from 1.6% to 2.4%. The improvement in Group profit- ability during the reporting period was supported pri- marily by the Lighting Segment, where adjusted EBIT increased from EUR 9.4 million to EUR 21.1 million. Adjusted EBIT in the Components Segment equalled EUR 25.4 million (2017/18: EUR 31.4 million). The results of the cost reduction measures are now visible, especially in the Lighting Segment, and earnings improved during the reporting year despite the ongoing aggressive price competition. Moreover, adjusted EBIT in the previous year were negatively influenced by higher warranty provisions related primarily to long- term road lighting projects. The gross profit margin (after devel- opment costs) for the Zumtobel Group fell to 30.3% in 2018/19 (2017/18: 31.2%). Development costs included in the cost of goods sold were EUR 7.9 million lower at EUR 61.6 million (2017/18: EUR 69.5 million). The efficiency and cost reduction measures implemented in spring 2018 led to a significant reduction in selling and administrative costs. Selling expenses (incl. research) fell by 5.4% to EUR 297.0 million in 2018/19 (2017/18: EUR 313.9 million), and administrative expenses were EUR 13.2 million lower at EUR 36.2 million (2017/18: EUR 49.4 million). Other operating income, excluding special effects, reflected the
previous year at EUR 9.0 million (2017/18: EUR 9.1 million). Negative special effects of EUR 25.0 million were recorded in 2018/19 (2017/18: EUR 27.0 million). They resulted from restructuring measures involving man- agement, costs for the shutdown of production in Jennersdorf (Austria) and the write-off of capitalised development projects in connection with the adjust- ment of the product portfolio. Also included here are expenses related to further changes in the global production network and adjustments to pension obligations in the United Kingdom. Financial results improved by EUR 3.6 million year-on-year to minus EUR 12.8 million (2017/18: minus EUR 16.4 million). Interest expense is attributable primarily to the current credit agreements and to finance leases. Other financial income and expenses totalled minus EUR 6.3 million (2017/18: minus EUR 9.7 million) and include the interest expense on pension obligations as well as the income and expenses from exchange rate fluctuations which resulted from the high volatility on the foreign currency market. Profit before tax amounted to minus EUR 10.1 million in 2018/19 (2017/18: minus EUR 23.7 million), and income taxes totalled EUR 5.2 million (2017/18: EUR 23.0 million). Income taxes include
current tax expense of EUR 4.9 million and deferred taxes of EUR 0.3 million. Net profit for the reporting year there- fore totalled minus EUR 15.2 million (2017/18: minus EUR 46.7 million). Earnings per share for the shareholders of Zumtobel Group AG (basic EPS based on 43.1 million shares) equalled minus EUR 0.35 (2017/18: minus EUR 1.08).
Cash flow, financial and asset position The development of business in the Zumtobel Group follows a seasonal pattern: during the first half of the financial year (1 May to 31 October), the volume of business is normally higher because most construction projects are concluded during the summer and autumn and the installation of the lighting represents one of the last steps prior to completion. During the third quarter (1 November to 31 January), revenues are substantially lower as a result of the Christmas and winter break in the construction industry. In the fourth quarter (1 February to 30 April), the pace of business begins to accelerate again. Earnings (based on adjusted EBIT) reflect the development of rev- enues and are also subject to seasonality, which is illustrated by the significantly lower results in the second half of the
The results of the cost reduction measures are now visible, especially in the Lighting Segment, and earnings improved despite the aggressive price competition.
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year. Additionally, earnings for the second half-year are often negatively influenced by expenditures for lighting industry trade fairs. Cash flow from operating results rose from EUR 53.5 million in the previous year to EUR 56.8 million due to the improvement in profitability. Working capital was further optimised during the reporting year due to strict inventory management and an increase in advance payments received. Trade receivables were broadly stable at the prior year level due to consistent receivables management, compared with a reduction in 2017/18 that resulted from the decline in revenues and the expansion of factoring. The receivables sold through factoring agreements totalled EUR 72.9 million as of 30 April 2019 (2017/18: EUR 57.9 million). Working capital amounted to EUR 172.8 million as of 30 April 2019, which repre- sents a reduction of EUR 15.3 million compared with the balance on 30 April 2018. As a per cent of rolling 12-month revenues, working capital fell from 15.7% in the previous year to 14.9%. The change in other operating positions equalled EUR 6.7 million (2017/18: minus EUR 16.8 million). The high cash outflows reported under this position in the previous year resulted, above all, from the use of provisions for restructuring and bonuses. Similarly high payments were not made in 2018/19. Cash flow from operating activities increased from EUR 49.7 million to EUR 72.7 million during the reporting year. Investments in non-current assets were slightly lower year-on-year at EUR 66.2 million in 2018/19 (2017/18: EUR 69.0 million). These expenditures consisted mainly of tools and equip-
ment for new products, expansion and maintenance investments as well as capitalised research and development costs of EUR 18.2 million (2017/18: EUR 11.1 million). The investments in 2018/19 included EUR 21.7 million for the new plant in Serbia and EUR 26.9 million for the facilities in Dornbirn (including capitalised research and development costs). Cash flow effects reported under the “changes in non- current and current financial assets” resulted chiefly from gains and losses realised on interest rate hedges. The increase in cash flow from operating activities and the reduction in investment activity were reflected in an improvement in free cash flow to EUR 3.4 million (2017/18: minus EUR 23.9 million). Cash flow from financing activities consists primarily of the replacement and refinancing of a EUR 40.0 million fixed-interest loan with a term ending in 2024 as well as a reduction in the draw-down from the consortium credit agreement. In view of the net loss recorded in 2017/18, no dividends were distributed to shareholders during the reporting year. In order to protect the ability to meet its payment obligations at any time, the Zumtobel Group maintains liquidity reserves that generally take the form of demand deposits with banks and can be used to service expected operating expenses and financial liabil- ities. The Zumtobel Group can also access extensive working capital credit lines to offset liquidity fluctuations arising from business activities. In add- ition to the consortium credit agreement and three other credit agreements, the Zumtobel Group had short-term,
unsecured credit lines totalling EUR 61.4 million at its disposal as of 30 April 2019 (2017/18: EUR 84.5 million). The consortium credit agreement concluded on 1 December 2015 with seven banks represents a major financing agreement for the Zumtobel Group. It has a term ending in November 2022 and a maximum line which currently equals EUR 200 million. The consortium credit agreement also contains a clause for an increase in the volume by up to EUR 200 million, which can be drawn under certain circumstances. As of the balance sheet date on 30 April 2019, the amount drawn under this credit agreement totalled EUR 25 million (2017/18: EUR 115 million). In addition to the consortium credit agreement, the Zumtobel Group concluded a short- term bilateral credit agreement with a volume of EUR 40 million (bullet repayment in January 2020) as well as two other long-term credit agreements of EUR 40 million each with the European Investment Bank (EIB) (bullet repayment in September 2024, respectively February 2025); all three credits were fully drawn as of 30 April 2019. These major financing agree- ments include change of control clauses that would take effect if there were a change in the absolute majority of voting rights and require compliance with financial covenants (a debt coverage ratio of less than 3.5 and an equity ratio of more than 25%). The financial covenants were met in full as of 30 April 2019 with a debt coverage ratio of 2.66 (2017/18: 2.70) and an equity ratio of 28.5% (2017/18: 27.2%). The balance sheet structure was im- proved by a reduction in the balance sheet total to EUR 920.9 million in 2018/19
46
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Patrick Perren 2014
Matthias Winter Nicole Würth 2008
Timothy Allen 2016
Marc Hunziker Katarina Savic 2015
Julian Meier 2016
(2017/18: EUR 986.1 million), which led to an increase in the equity ratio from 27.2% as of 30 April 2018 to 28.5% as of 30 April 2019. Net liabilities totalled EUR 148.7 million at the end of 2018/19 (2017/18: EUR 146.3 million), for an increase of EUR 2.4 million over the previous year. Gearing — the ratio of net debt to equity — rose from 54.5% to 56.6%. Responsible employer The success of the Zumtobel Group is based on qualified, committed and motivated employees. With its wide-ranging product portfolio and open, growth-oriented corporate culture, the Group offers attractive career opportunities for internal development and advancement. Corporate human resources, a headquarters department, defines the strategic focal points for personnel policies based on the corporate strategy and in close cooperation with the Management Board. The most important sustainability issues in the personnel area at the Group level are training and continuing education, the work-life balance, and health protection and occupational safety. The adjustment of personnel cap- acity to reflect the difficult market environment and the related necessary restructuring measures led to a decline in the workforce in earlier years and
again in 2018/19. The Zumtobel Group had 5,878 full-time employees (including contract workers) as of 30 April 2019. In addition to external training opportunities, the Zumtobel Group offers an extensive range of internal training programmes for specialised and personal development in line with the skills, know-how and needs of the respective persons. The range of programmes was further expanded in 2018/19. This was reflected in an increase in the training hours per employee to 13 in the reporting year (2017/18: 12 hours), above all due to the addition of new on- line options. The online offering was expanded through the introduction of a new learning management system (“myCAMPUS”) which focused on training for product know-how, appli- cations and sales skills in 2018/19. The Zumtobel Group has estab- lished a talent programme to focus and support the internal recruitment of men and women for key positions. Special development centres identify the individual potential of these internal talents with regard to future responsi- bilities and prepare personal development plans. This creates the basis for concrete succession and career planning and continuous management development. The Zumtobel Group views training for young people as part of its social responsibility. As of 30 April
2019, 129 (2017/18: 106) young men and women were in apprenticeship programmes with the Zumtobel Group. This company- based professional education is an important instrument to actively deal with the growing shortage of skilled workers that has resulted from demo- graphic shifts. Apprentices are currently training in the following fields: electrical engineering (incl. automation and process control engineering), electronics, plastics engineering, mechatronics (incl. a special robotics module) and IT engineering. Of the apprentices trained in the Zumtobel Group, 77% remain with the corporation after completing their education. An effective work-life balance for employees is an important factor for strengthening the Zumtobel Group’s position as an attractive employer. The key points in this context are the fundamentally changing demands of new generations on the labour market and measures to support the recon- ciliation of career and family life for working parents. The Zumtobel Group helps to improve the work-life balance by continually increasing the offering of flexible working time models. Part- time employment, educational leave, sabbaticals, parental leave for fathers, home office options or other models are arranged where needed and permitted by the respective position. The number of part-time employees rose from 6.9% of the total full-time equivalent
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The Zumtobel Group has established a talent programme to focus and support the internal recruitment of men and women for key positions.
workforce in the previous year to 8.5% in 2018/19. A works agreement also provides for a free-time option under which employees can reduce their working hours — for personal reasons and without changing to part-time status — in exchange for waiving part or the entire amount of their salary or wage increase and arrange for paid time-off (for example, for age-based work, educa- tional programmes or to accumulate longer free-time periods over several years). This free-time option has since been elected by more than 430 em- ployees. At the end of 2018/19, 80 em- ployees in Austria were on parental leave (2017/18: 89). Mothers and fathers who return to work after maternity and parental leave are actively supported in their reintegration. As an employer with a strong cor- porate culture that has grown over many decades, the Zumtobel Group is well aware of its social responsibility for the employees in its many companies throughout the world and remains focused on the further development of responsible working conditions. The Zumtobel Group believes in and pro- motes the open and regular exchange of information between the Management
Board, employees and their represen- tatives. Compliance with the legal partici- pation rights of employees and the principles and standards defined by the International Labour Organization (ILO) represent an integral part of the code of conduct, which is mandatory for all companies in the Zumtobel Group. Collective agreements cover 54% of the worldwide workforce. Diversity among the workforce is an important factor for protecting the Group’s competitive ability and creating an innovative working climate. The men and women employed by the Zumtobel Group come from nearly 80 different nations, whereby the staff at the corporate headquarters in Dornbirn, Austria, represent roughly 50 nations. The Zumtobel Group believes in equal opportunity regardless of gender and ethnic origin. This policy is also part of the Group’s code of conduct, which prohibits all forms of discrimination. Accordingly, the personnel decisions in all corporate areas and at all management levels are based on experience, quali- fications and performance. The share of women in the Zumtobel Group’s work- force currently equals 35.7% (2017/18: 35.8%). There is no specific target for the
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Breakdown by activity in % 1 Europe 82.5 2 Asia 13.4 3 Australia & New Zealand 2.3 4 Americas 1.8
1
23 4
Breakdown by region 2 0 1 8 / 1 9 2 0 1 7 / 1 8 Change in % Production 2,779 2,879 (3.5) R&D 515 542 (5 ) Sales 1,837 1,934 (5 ) Administration 471 540 (12.9) Contract workers 277 329 (15.9) Total 5,878 6,224 (5.6) 2018/19
2017/18
EUR 66.2 mill.R&D investment
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appointment of women to management positions, but internal and external recruiting and personnel development measures are increasingly aimed in this direction. The Dr Walter Zumtobel Value Award, which carries the name of the Group’s founder, was also presented in 2018/19. It is given to persons who demonstrate the corporate values in their everyday actions and, in this way, keep the founder’s values alive. The Zumtobel Group values personal initiative, commit- ment, entrepreneurship and an interest in making new discoveries. Reliability, team spirit, solidarity and honesty, as well as a positive approach to change, are also key elements of the corporate culture.
Research and development Research and development (R&D) remains a decisive factor for the success and economic sustainability of the Zumtobel Group through its role in the development of new products and systems and the application of new tech- nologies. The goal of R&D is to protect and expand the competitive product portfolio by further strengthening the Zumtobel Group’s outstanding tech- nology position and innovative power with research and development investments that reflect industry levels as well as an extensive portfolio of patents, consistent product and system development and extensive cooperation with external research partners. The increased use of product configuration and variant management, efficiency improvements in the product develop- ment process, the reduction of R&D locations and the increased capitalisation of development expenses led to the
realisation of additional synergy effects in 2018/19 as well as a reduction of 9.8% in R&D costs to EUR 66.2 million. The Zumtobel Group’s innovative strength is closely linked to research and development. An extensive patent portfolio, also in the area of new tech- nologies, gives the Zumtobel Group a competitive advantage as well as access to strategic cooperation with other com- panies and the opportunity to conclude cross-licensing agreements with key mar- ket players. In 2018/19 the Lighting Seg- ment registered 40 patents (2017/18: 33) and the Components Segment 59 patents (2017/18: 95), which underscore the growing importance of intelligent com- ponents. The number of active com-mercial property rights — currently 8,430, including 5,001 patents — speak for the company’s innovative strength. Statistics on the share of revenues generated with new products (products not older than three years) are compiled each year: in 2018/19 the Lighting Segment recorded 45.2% (2017/18: 40.4%) and the Components Segment 57.1% (2017/18: 69.5%) of their revenues with new products. The Zumtobel Group is also placing a greater focus on the expansion of technology partnerships as a means of protecting its competitive product portfolio. Participation in national and international research pro- jects allows the Zumtobel Group to
continuously demonstrate its innovative strength and increase its brand repu- tation. The focal points for R&D activities are derived from the “functional chain” of lighting: light sources, optics, control gears, interfaces, sensor technology and connectivity, luminaires, light management and comprehensive lighting solutions. Accordingly, the most important issues include new optical concepts for the direction of light, new control gears and concepts for the operation of LEDs, new wire-guided and wireless information transfer with new data formats, sensors to compile relevant data and new approaches for the management of lighting systems. The levelling-out of the efficiency increase in LEDs and the increased processor and storage performance of control gears is shifting the focus of development from the lighting function and the luminaire to intelligent com- ponents, communication and services. R&D is still significantly influenced by the further development of LED technology. The Zumtobel Group plays an active role in these changes and the development of standards through its participation in numerous established national and international committees (International Electrotechnical Commis- sion, Commission internationale de l’éclairage). However, R&D is also
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Research and development in EUR million 2 0 1 8 / 1 9 2 0 1 7 / 1 8 Change in % Development costs 61.6 69.5 (11.4) Research costs 4.7 3.9 18.7 R&D total 66.2 73.4 (9.8) as a % of revenues 5.7 6.1 Headcount R&D * 515 542 (5.0) * * full-time equivalent
universities in hardware and software development and communication technology. Examples, among others, are the Technical University in Eindhoven (Netherlands), NTB Interstate University of Applied Sciences of Technology Buchs (Switzerland), the Materials Center Leoben (Austria), FH JOANNEUM Research (Austria), Graz University of Technology (Austria), Cambridge Uni- versity (United Kingdom) and the Instituto de Telecomunicações Aveiro (Portugal). The Group also maintains development partnerships with industrial firms like ARM, Bosch, Cisco, Dialog, IBM, Johnson Controls, NXP, NO-ESI, Fraunhofer, VTT and others.
Dividend policy Zumtobel Group AG follows a con- tinuous dividend policy, which calls for a distribution of approximately 30% to 50% of consolidated net profit after the deduction of possible special effects. In view of the weak earnings develop-ment, a distribution of dividends is not planned for the 2018/19 financial year.
Outlook and goals The new Management Board which was installed in spring 2018 implemented a number of urgently required operat- ing measures during the past financial year to stabilise the business and — with a significantly streamlined management team — developed and approved the Zumtobel Group’s new FOCUS strategy.
The key elements of this strategy include an even stronger customer orientation, combined with a reduction in complexity and lower costs. The new strategy was rolled out and implemented in 2018/19. The market- based segments were upgraded, the three core brands were strengthened, and the sales function was reoriented and positioned even closer to customers. At the same time, corporate functions were cut back and administrative costs were substantially reduced. The product portfolio was also streamlined, and operating processes were adjusted to lower production costs. All these steps combined to improve the Zumtobel Group’s competitive position and create the basis for additional market and cost savings opportunities. This new strategy reflects the Zumtobel Group’s clear goal to generate added value for all stakeholders (shareholders, customers and employees). In order to drive revenue growth, the Zumtobel Group intends to strengthen its positioning in the global lighting industry as part of its current reorientation. The goal for the Lighting Segment — with the core Zumtobel and Thorn brands — is to become the market leader in Europe with a focus on applications in industry, office & edu- cation, shop & retail and art & culture. Outdoor applications will concentrate on lighting for urban areas and roads. The Components Segment with its tech-
influenced by the increasing intel- ligence of systems and the need for higher- performance inter- faces. In addition, the importance of software as a differentiation element is growing. Luminaires and, consequently, their components are becoming part of the Internet of Things (IoT). However, the required interfaces have not yet been defined or are still incomplete, and competing interfaces have already entered the market. Through its partici- pation in numerous committees, the Zumtobel Group is contributing to the development of industry standards for these interfaces. OpenAIS (Open Architectures for Intelligent Solid State Lighting Systems), an EU research project, was successfully completed in mid-2018. The Group is also a member of the Zhaga Alliance and the DiiA (Digital Illumination Interface Alliance), which are addressing the standardisation of lighting components and digital interfaces for lighting equipment. Active participation in the design of standards for Internet-ready lighting solutions based on IP is another focus of activities, whereby the Thread, Fairhair and Bluetooth alliances are important players in this area with their work on IoT solutions. In addition to established cooper- ation with universities such as Ilmenau, Berlin, Hamburg and Darmstadt (all in Germany), Graz (Austria) and Zurich (Switzerland) in the areas of lighting and lighting technology as well as architecture, the Zumtobel Group is also increasing its interaction with
The market-based segments were upgraded, the three core brands were strengthened, and the sales function was reoriented and positioned closer to customers.
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nology brand Tridonic will expand globally based on innovative hardware (drivers, LED modules) and software solutions for smart and integrated light- ing and lighting systems. The Zumtobel Group will also increase its focus on the future field of digital lighting as well as services and turnkey solutions. The Management Board of the Zumtobel Group sees the 2019/20 financial year as a year of transformation, in which the focus of activities will return to the continuous improvement of the operating business and growth — in spite of the weakening market environ- ment. For the 2019/20 financial year, the Management Board expects a slight increase in revenues as well as an improvement in the adjusted EBIT margin to 3 – 5% (FY 2018/19: 2.4%). The medium-term goal of generating an EBIT margin of roughly 6% by the 2020/21 financial year remains intact.
Dornbirn, 14 June 2019 The Management Board
Alfred Felder Chief Executive Officer (CEO)
Thomas Tschol Chief Financial Officer (CFO)
Bernard Motzko Chief Operating Officer (COO)
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ConsolidatedFinancial Statements
60 facts and figures
Consolidated income statement in TEUR 2 0 1 8 / 1 9 2 0 1 7 / 1 8 Change in % Revenues 1,162,017 1,196,516 (2.9) Cost of goods sold ( 810,196 ) ( 822,673 ) (1.5)
Gross profit 351,821 373,843 (5.9) as a % of revenues 30.3 31.2 Selling expenses ( 296,989 ) ( 313,852 ) (5.4) Administrative expenses ( 36,217 ) ( 49,432 ) (26.7) Other operating income 9,217 9,914 (7.0) thereof special effects 175 284 (38.3) Other operating expenses ( 25,162 ) (27,769 ) (9.4) thereof special effects ( 25,144 ) ( 27,235 ) (7.7)
Operating profit / loss 2,670 ( 7,296 ) >100 as a % of revenues 0.2 (0.6) Interest expense ( 6,879 ) ( 6,855 ) 0.4 Interest income 396 420 (5.7) Other financial income and expenses ( 6,331 ) ( 9,666 ) (34.5) Result from companies accounted for at equity 56 ( 273 ) >100
Financial results ( 12,758 ) ( 16,374 ) 22.1 as a % of revenues (1.1) (1.4) Profit / loss before tax (10,088 ) ( 23,670 ) 57.4 Income taxes ( 5,157 ) ( 23,038 ) (77.6)
Net profit / loss for the year (15,245 ) ( 46,708 ) 67.4 as a % of revenues (1.3) (3.9)
61
Maximilien Durel 2015
Elena Pilotto Lindo Saam 2012
Joos Kündig Iso Tambornino 2015
Consolidated balance sheet in TEUR 3 0 / 4 / 1 9 in % 3 0 / 4 / 1 8 in % Goodwill 190,299 20.7 187,895 19.1 Other intangible assets 50,179 5.4 47,824 4.8 Property, plant and equipment 232,690 25.3 222,159 22.4 Financial assets accounted for at equity 3,863 0.4 3,807 0.4 Financial assets 993 0.1 1,012 0.1 Other assets 4,145 0.5 4,468 0.5 Deferred taxes 25,487 2.8 25,597 2.6 Non-current assets 507,656 55.2 492,762 49.9
Inventories 174,827 19.0 198,735 20.2 Trade receivables 162,829 17.7 157,694 16.0 Financial assets 700 0.1 1,664 0.2 Other assets 37,566 3.9 50,161 5.1 Liquid funds 37,332 4.1 85,090 8.6 Current assets 413,254 44.8 493,344 50.1
Assets 920,910 100.0 986,106 100.0
Share capital 108,750 11.8 108,750 11.0 Additional paid-in capital 335,316 36.4 335,316 34.0 Reserves (167,687 ) (18.2) (132,835 ) (13.5)
Net profit / loss for the year (15,267 ) (1.7) (46,690 ) (4.7)
Capital attributed to shareholders of the parent company 261,112 28.3 264,541 26.8 Capital attributed to non-controlling interests 1,666 0.2 3,802 0.4 Equity 262,778 28.5 268,343 27.2
Provisions for pensions 81,752 8.9 83,313 8.4 Provisions for severance compensation 47,479 5.2 49,330 5.0 Provisions for other employee benefits 9,671 1.1 9,534 1.0 Other provisions 10,580 1.1 8,717 0.9 Borrowings 126,167 13.7 175,656 17.8 Other liabilities 634 0.1 2,544 0.3 Deferred taxes 2,583 0.3 3,087 0.3 Non-current liabilities 278,866 30.4 332,181 33.7
Provisions for taxes 23,421 2.5 22,096 2.2 Other provisions 41,839 4.5 39,996 4.1 Borrowings 59,877 6.5 55,763 5.7 Trade payables 137,397 14.9 153,758 15.6 Other liabilities 116,732 12.7 113,969 11.5 Current liabilities 379,266 41.1 385,582 39.1
Equity and liabilities 920,910 100.0 986,106 100.0
66
Consolidated cash flow in TEUR 2 0 1 8 / 1 9 2 0 1 7 / 1 8 Profit / loss before tax (10,088 ) (23,670 ) Depreciation and amortisation 49,744 49,754 Impairment of property, plant and equipment and intangible assets 3,417 11,702 Gain / loss on the disposal of property, plant and equipment 810 ( 625 ) and intangible assets Other non-cash financial results 6,331 9,666 Interest income / Interest expense 6,483 6,435 Share of profit or loss in companies accounted for at equity 56 273
Cash flow from operating results 56,753 53,535
Inventories 24,744 1,998 Trade receivables (5,277 ) 34,280 Trade payables (18,167 ) (15,727 ) Prepayments received 12,192 (1,735 ) Change in working capital 13,492 18,816
Non-current provisions 86 (2,257 ) Current provisions 1,688 ( 587 ) Other assets 13,690 (24,221 ) Other liabilities (8,794 ) 10,218 Change in other operating items 6,670 ( 16,848 ) Income taxes paid ( 4,211 ) ( 5,797 )
Cash flow from operating activities 72,704 49,706
Cash inflows from the disposal of property, plant and equipment 1,558 4,164 and other intangible assets Cash inflows from the sale of associates 0 500 Cash outflows for the purchase of property, plant and equipment (66,240 ) ( 68,975 ) and other intangible assets Cash outflows for the acquisition of associates 0 (3,462 ) Change in non-current and current financial assets (4,608 ) ( 2,651 ) Change in liquid funds from changes in the consolidation range 0 ( 3,179 )
Cash flow from investing activities (69,290 ) ( 73,603 )
Free cash flow 3,414 ( 23,897 )
Cash proceeds from non-current and current borrowings 81,525 56,262 Cash repayments of non-current and current borrowings (132,147 ) (16,002 ) Dividend paid to shareholders of the parent 0 (9,924 ) Dividend paid to non-controlling interests (670 ) (557 ) Interest paid (6,742 ) (6,727 ) Interest received 392 420
Cash flow from financing activities (57,642 ) 23,472
Change in cash and cash equivalents (54,228 ) (425 ) Cash and cash equivalents at the beginning of the year 72,446 77,205 Cash and cash equivalents at the end of the year 19,605 72,446 Effects of exchange rate changes on cash and cash equivalents 1,387 (4,334 ) Change absolute (54,228 ) (425 )
67
Consolidated balance sheet in TEUR 3 0 / 4 / 1 9 in % 3 0 / 4 / 1 8 in % Goodwill 190,299 20.7 187,895 19.1 Other intangible assets 50,179 5.4 47,824 4.8 Property, plant and equipment 232,690 25.3 222,159 22.4 Financial assets accounted for at equity 3,863 0.4 3,807 0.4 Financial assets 993 0.1 1,012 0.1 Other assets 4,145 0.5 4,468 0.5 Deferred taxes 25,487 2.8 25,597 2.6 Non-current assets 507,656 55.2 492,762 49.9
Inventories 174,827 19.0 198,735 20.2 Trade receivables 162,829 17.7 157,694 16.0 Financial assets 700 0.1 1,664 0.2 Other assets 37,566 3.9 50,161 5.1 Liquid funds 37,332 4.1 85,090 8.6 Current assets 413,254 44.8 493,344 50.1
Assets 920,910 100.0 986,106 100.0
Share capital 108,750 11.8 108,750 11.0 Additional paid-in capital 335,316 36.4 335,316 34.0 Reserves (167,687 ) (18.2) (132,835 ) (13.5)
Net profit / loss for the year (15,267 ) (1.7) (46,690 ) (4.7)
Capital attributed to shareholders of the parent company 261,112 28.3 264,541 26.8 Capital attributed to non-controlling interests 1,666 0.2 3,802 0.4 Equity 262,778 28.5 268,343 27.2
Provisions for pensions 81,752 8.9 83,313 8.4 Provisions for severance compensation 47,479 5.2 49,330 5.0 Provisions for other employee benefits 9,671 1.1 9,534 1.0 Other provisions 10,580 1.1 8,717 0.9 Borrowings 126,167 13.7 175,656 17.8 Other liabilities 634 0.1 2,544 0.3 Deferred taxes 2,583 0.3 3,087 0.3 Non-current liabilities 278,866 30.4 332,181 33.7
Provisions for taxes 23,421 2.5 22,096 2.2 Other provisions 41,839 4.5 39,996 4.1 Borrowings 59,877 6.5 55,763 5.7 Trade payables 137,397 14.9 153,758 15.6 Other liabilities 116,732 12.7 113,969 11.5 Current liabilities 379,266 41.1 385,582 39.1
Equity and liabilities 920,910 100.0 986,106 100.0
Headquarters Zumtobel Group AG Höchsterstrasse 8 6850 Dornbirn Austria T +43 5572 509-0 [email protected] www.zumtobelgroup.com
Lighting Segment acdc Wordsworth House Vantage Court, Riverside Way Barrowford BB9 6BP United Kingdom T +44 845 862 6400 [email protected] www.acdclighting.co.uk
Thorn Thorn Lighting Ltd. Green Lane Industrial Estate Spennymoor Co. Durham DL16 6HL United Kingdom T +44 844 855 4810 [email protected] www.thornlighting.com
Zumtobel Zumtobel Lighting GmbH Schweizer Strasse 30 6850 Dornbirn Austria T +43 5572 390-0 [email protected] www.zumtobel.com
Components Segment Tridonic Tridonic GmbH & Co KG Färbergasse 15 6850 Dornbirn Austria T +43 5572 395-0 [email protected] www.tridonic.com
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Preview of the 2019/20 financial year Report on the First Quarter 2019/20 (1 May 2019 – 31 July 2019) 3 September 2019 Report on the First Half-year 2019/20 (1 May 2019 – 31 October 2019) 3 December 2019 Report on the First Three Quarters 2019/20 (1 May 2019 – 31 January 2020) 3 March 2020
Contacts Press Marina Konrad-Märk Head of Corporate Communications T +43 5572 509 575 marina.konrad-maerk@ zumtobelgroup.com
Investor Relations Emanuel Hagspiel Head of Investor Relations T +43 5572 509 1125 emanuel.hagspiel@ zumtobelgroup.com
Zumtobel Group AG Höchsterstrasse 8 6850 Dornbirn Austria
69
Further reports of the Zumtobel Group
Annual Financial Report 2018/19 In addition to the present Annual Report, the Zumtobel Group has published an Annual Financial Report with the complete consolidated financial statements for 2018/19. The Annual Financial Report is available for download via the following link:zumtobelgroup.com/en/ financial_information.htm
Corporate Governance Report 2018/19 The current Zumtobel Group Corporate Governance Report was pub- lished in the context of the Annual Financial Report 2018/19 and can be downloaded from our website:zumtobelgroup.com/en/ corporate_governance.htm You can order a print copy of the above reports on our website via:zumtobelgroup.com/en/ordering.htmor via the following e-mail address:[email protected]
Publisher Zumtobel Group AG, Austria
Artwork A collaboration of Baumschlager Eberle Architects, Prof. Dietmar Eberle with Sascha Lötscher from Gottschalk+Ash Int’l
Editors Zumtobel Group Natalie Kreutzer and Emanuel Hagspiel acdc Tara-Jane Cross Thorn Lighting Michelle Reple Thorn Eco Sarah Fuchs Tridonic Markus Rademacher Zumtobel Lighting Andreas Reimann
Translation Bauer-Boothroyd Übersetzungen GbR, Germany
Proofreading Christine Fitz, Austria Andrew Leslie, Germany
Lithography Fitz Feingrafik, Austria
Printing Druckhaus Gössler GmbH, Austria
Project Management Sebastian Gratzer, Zumtobel Lighting GmbH
Thanks to Karin Zumtobel, Zumtobel Lighting GmbH Herbert Resch, Zumtobel Lighting GmbH
Circulation 5,000
© 2019 Zumtobel Group AG Höchsterstrasse 8 6850 Dornbirn Austria T +43 5572 509-0 [email protected] www.zumtobelgroup.com
Reproduction and reprint only with express written approval of Zumtobel Group AG You can find the addresses of our sales offices and production sites on the websites of the respective brands.
70
Hao ZuoNicholas Zumtobel
Karin ZumtobelIsabel Zumtobel
Andreas ZumbachMarko ZuljYujun ZouLicong Zou
Daniel ZollerHerbert Zizelsberger
Marija ZivkovicGuntram Zirovnik
Rene ZipperMichael Zimmermann
Christoph ZimmermannNiccolo Zilioli
Aleksandra ZikicYanlan Zhu
Xiaoyun ZhuShasha ZhuLijuan ZhuJunjie ZhuHeiliu ZhuGuixi Zhu
Fangchun ZhuWenneng ZhouJianlong ZhouBinhao Zhou
Yunling ZhongYuanjing Zhong
Lina ZhongJinling Zhong
Guomei ZhongZaohua Zheng
Sally ZhengYulan Zhao
Yuemei ZhaoWenming Zhao
Reekey ZhaoMeilian Zhao
Ling ZhaoZongte ZhangYunyun ZhangXiuzhen ZhangXincai Zhang
Wenzhi ZhangShuisong Zhang
Shimei ZhangPingsheng Zhang
2,489 of 5,878 Employees
from Z to A
Mengxue ZhangMengen ZhangLynda ZhangLiang Zhang
Jun ZhangHua Zhang
Hongmei ZhangDeliang Zhang
Thomas ZengerleHubert Zengerer
Lifen ZengMarina Zeibig
Vittorio ZecchinatoMilos Zdravkovic
Aleksandra ZdravkovicPetar Zavisa
Andreas ZaunerTomasz Zareba
Filippo ZalambaniDaniele Zaccaria
Haijun YuanDaiping Yuan
Yanyi YuYankang YuYanhui Yu
Xiaochun YuXianghua Yu
Shucai YuMingdong YuJingxiang Yu
Chao YuBo Yu
Xingxiu YouGuoshen You
Muradiye YönetMeiyuan Ying
Zekiye YildirimHursit Yildirim
Sanmei YiLiping Yi
Jin YiGüler Yeter
Burhan YaziciTheresa YardMichelle YardJianqiong YaoBaohong YaoYunhui YangYilan Yang
Yanqing YangYangyang YangTongrong YangTongqiang YangShenglan YangShaocong Yang
Na YangJinwu Yang
Dezhong YangChunmei YangIrena Yagkan
Qian XuLianhua Xu
Jijing XuHoubing XuGuobang XuChunlan Xu
Yaohui XiongCaitao XiongXiaoqin XinYunbo XieJuan Xie
Changrong XieYuping XiaoYunxiu Xiao
Yi XiaoGuochun Xiao
Yuejun XiaLongjian XiaDongjun Xia
Wesley WuytackReinhardt Wurzer
Corinna WurthKarsten Wünsch
Thomas WunderlichMartin Wuerzl
Christiane WuenschEva-Maria Wucher
Yonggui WuXiaoxia WuTingxin Wu
Qingqing WuMinxia WuKeliang WuHouyu Wu
Houyan WuFang Wu
Baosan WuHarriett Wrest
Sebastian WranaStephen Woolsey
Derek WoodDean Wood
Dagmar WoodAlex Wong
Thomas WolfAndrea Wolf
Barbara WoiteRochus Wohlgenannt
Elke WoertzPhilipp Woerner
Tracey WiseKelsey Wise
Klaus WirthensohnJulia Wirrer
Mario WintschnigThomas WinterhalterMichael Winterhager
Norbert WinterMatthias WinterJasmin Winter
Andreas WinterManfred Winsauer
Andreas WinkelheideJonathan Winkel
Stefanie WingefeldJoerg WindmeierMichael Winder
Josef WinderHendrik Winckelmans
Rebecca WimmerPhilippa Wilson
Joan WilsonStephen Wilmot
Christine WilliamsonPeter WilkinsonKaren Wilkinson
Christopher WilkinsonEd Wilkes
Thomas WilhelmPeter Wildner
Sabine Wiesner-ZimmerPeter WiesnerEwald Wieser
Patrick WieczorekStephen Whyman
Wendy WhyattBrian Whitworth
Alison WhittlePaul Whittaker
Graham WhittakerNatalie WhitfieldChris Whitehead
Noel WhiffinKlaus Westen
Herbert WessinMichael WernerThomas WenzelKerstin Wenzel
Dieter WenzelGerhard WeissZhenping Wei
Yanfen WeiShiyan WeiLidan Wei
Guangfang WeiGuangdi Wei
Christian WehrstedtSebastian Wegscheider
Manuela WeglerWolfgang Weber
Bruno WeberAnna Weber
Andreas WeberAldona Weber
Christopher WattsEmily Waterhouse
Deborah WardBrandon WardXiaxia WangXianbo Wang
Tao WangRongwei WangRongfei Wang
Rongdan WangRongbing WangQiuhong WangQinqin WangLifen Wang
Lanlan WangJiudong Wang
Jingliang WangJianlong WangHuimin Wang
Gongxun WangGaowei Wang
Dongyou WangDongya WangCuiying Wang
Bing WangSandra WaltonEmma WaltonRichard Walsh
Bernd Juergen WalserStefan WallnerFreya Wallenta
Ray WallMichal WalentekSimon Waldner
Berno WalchVal Waites
David WainowskiGuenter WaibelJochen WagnerHerbert Wagner
Markus WagenseilDaniel WaespiJulia Waeger
Tanja WackerzappAnn Therese Wacker
Jovanka VuksicIvan Vukajlovic
Pierre VuillermetLidija Vuckovic
Simon VovkArrigo Vos
Claudia VonbankElke Vonach
Stefan von WartburgBurkhard von Kloeden
Anja VolderauerMartin Vogel
Knut VoelsSandra Voegeli
Fabio VittoBarbara VitaliCesare VincoRene Vinak
Milena VidojkovicMilos Vidic
Andrew VickersMurielle Viala
Dominique VettierBert VerschurenSeverine Verriez
Tomas VernerPieter Verhoeven
Peter VercicKim Verboven
Evelyne VellemanSrecko Velanac
Christophe VedelRaphael VecchioLidija Vasjuckova
Vladimir VasicYann Varvatsoulis
Andrew VarleyNediljko Varkas
Katia VandersnicktBernard Van ZylStefan Van Thillo
Willem Van LandeghemLiam Van LaerEline Van Hoof
Brenda Van HoeckErwin Van der Elst
Romanito Van BrabantBarbara ValorosiKathryn Valenti
Jan VacekEmine Uzun
Markus UrbonsPetri Uotinen
Franz UnterthurnerArmin Unternaehrer
Stefan Unterberger-HierzerSemra UlusHatice Ulu
Werner UlrichPatrick Uitz
Jasna UdovickiÜmmühan Ucar
Eirys TurukuDebbie TurnerSeymen TurkDilek TuerkEvgeny Tsys
Francis TschumiThomas Tschol
Yung TsaiBev Truswll
Anja TrommerAlfred Troestl
Christian TrieblMilos Trickovic
Kevin TrenchardOliver Trager
Stefan TrachslerMarkus Trabesinger
Viktoria TothOezcan Tosun
Abdulkadir ToramanÖmür ToprakLeslie ToppingMedet TopalHakan Topal
Roberto ToniuttiQinggang TongQingfeng TongQingfei TongJoanna Tome
Michal TomczakSusana TolobaFelix Toledo
Mustafa ToktasMilos Todorovic
Gabriela Todorovic
Dragica TodicGillian ToaseJohnny Toas
Joerg TittelbachWu TianHe Tian
Michael ThurnherMartin Thurnher
Franziska ThurnherNathan Thorpe
Christopher ThorntonPeter Thorns
Claire ThomsonPauline Thompson
Neil ThompsonMartin Thompson
Kathleen ThompsonDesmond Thompson
Nicholas ThomasStefan Thiel
Dominique TheologienDaniela Thanner
Zehra TezcanShuzhen TengLaurin TempelAndre Teixeira
Tina TaylorPamela TaylorMichael Taylor
Merrilynn TaylorJoanne TaylorJason TaylorJason TaylorDiane Taylor
Anthony TaylorAdam Taylor
Franz TautschnigOliver Taubmann
Heimo TastelZoltan Tasnadi
Muzaffer TaskinHasan Tas
Thomas TappenbeckZhangqing Tang
Yangxin TangXiaoqing TangMengliu Tang
Emilija TanasijevicYuemin TanTi Yao Tan
Mikler TamasVictor Kinshing Tam
Zolt TakacAssunta Tagliabue
Charlie TaboneMatthew SyerWalter SyczekAdam Sweger
Caroline SvenssonAshley SuttonVahap Suna
Xianfeng SunSamuel Sun
Mingyan SunHayriye Sümer
Lennart SulzbachYadigar Sulu
Joanne SuggettElvira Suess
Chris-Marian SuemnichSimona SuciuSefika Subasic
Heidi StuerFlorian Stuemmler
Daniela Struth-GrienwaldWolfgang Stroj
Corinna StröhleManuel Strobl
Birgit Strele
Christina StraussSusanne StraubMartin Straub
Sebastian StrassbauerTracey Stothard
Lazar StosicJohn Storey
Bogdan StojkovicAleksandar Stojkovic
Nikola StojilkovicMiodrag Stojiljkovic
Jelena StojiljkovicSrdjan StojanovicSanja StojanovicMilos StojanovicMila Stojanovic
Marija StojanovicJelena StojanovicMonika Stoelting
Paul StockleyAnka StockElisa Stigler
Alexander StiegerTris Stiadi
Lukas SteyerFrederick Stevens
Sarah StevenZorana StevanovicMina Stevanovic
Aleksandra StevanovicCarmen Steurer
Kevan StephensonChristian Stengg
Lothar StemerVivien SteinhartSascha SteinerPetra Steiner
Manfred SteinerJohann Steiner
Nina SteinbrennerIlse Steinbauer
Bernd SteidlThomas SteffensIvana Stefanovic
Dietmar StefanonFelix Stecher
Manuel StaudingerBrigide Stasch
Rudolf StarickyChristopher Stapleton
Maja StanojicJelena Stanojevic
Bob StannardTamara StankovicStevan StankovicMilica StankovicDarko Stankovic
Aleksandra StankovicStefan Stanisavljevic
Ana StanimirovicStefan StamenkovicNadine Stahlhofer
Patrick StaedlerChristoph Stadler
Martin SpurginBrenda Spratt
Joachim SpratlerPia Spitz
Markus SpiegelKarl Spiegel
David SpenceRebecca SpeckAgata Spatzek
Stefan SpasojevicMilena SpasicMiriam Sparr
Lorraine SowerbyMathieu Souhaite
Stephane Sorre
Jinzhou SongGernot Sonderegger
Milan SolevicGabriele Solea
Krzysztof SokolowskiStefan Sohm
Nina SoederstroemScott SobetzEdmund So
Gillian SnowballFranz Smodis
Tony SmithJackie SmithGlen Smith
Andree Leonel Smillie VelazquezMandy Smailes-Woods
Stuart SloaneChristopher Slattery
Jennifer SlaterJeff Slaets
Sascha SkergethSenad SistekNick Sinclair
Michael SimpsonWilliam Simoni
Carlos SilvaVolker SiggelkowJuergen SiepertMarcel SiebertClaudia Siebert
Marc SickerDavide SicilianoNursen Sicakbay
Gary ShuttYongqin ShiJunhui ShiHualin Shi
Niall SheridanPaula SheldonGraeme ShawClaire Shaw
Linda SeymourSarah Sewell
Mehmet SevincliKari Severinkangas
Micael SevemarPhilippe Seutin
Marijan-Emanuel SesarPeter Serto
Agnes SergentAli Sener
Anna SellersMonica Sella
Mehmet SelcikLisa-Maria Seirer
Mario SeinerMichele Seidel
Eduardo Segura-GonzalezAlan ScurfieldBiljana Scojic
Florian SchweikertHarald Schwarzer
Christoph SchwaigerElmar Schwaerzler
Peter SchusterStefan Schuppisser
Jonathan SchumacherFrank Schulz
Marion SchultzAnja Schuetz
Sebastian SchubnellGisbert Schubert
Franziska SchubertRalf SchroederKarin Schreiber
Thomas SchreckerJacob Schreck
Claudia SchrammFranz Schoepfer
David SchoefmannMarkus Schobel
Patricia SchneiderLilli Schneider
Jessica Stefanie SchneiderAndreas Schneider
Andreas SchmoelzerThomas Schmoelz
Tina SchmidtMaurice Schmidt
Ira SchmidtCarsten SchmidtHannes SchmidBernd Schmid
Andreas SchmidHans SchlumpfSabine Schlue
Markus SchlingmannRalf SchladoerBernd SchiffrerStefan Schiffner
Waldemar SchewaljePeter Scheiwiller
Josef ScheiblhoferGerhard Schedler
Rebecca SchatzSven ScharfeRegina Schall
Georg SchaffgotschMatthias SchaererAnnelie Schaefler
Olga SchaeferJustus SchaeferGudrun Schach
Gianantonio ScarpiElizabeth Scaife
Shoeb Hasan SayyedAnita Savic
Miriam SaundersDejana Sarkov
Damla SarikamisStefan SaricLuka Saric
Rodlouie SantosGiovani Herom Santos
Carla SantosAlekssander SantiagoRadomir Sandulovic
Pius SandriRoland-Dan Sandor
Gareth SandersAndree SanderNerea Sanchez
Lenard SamlenskiKado Samardzic
Babar SajjadSafak Sahbaz
Andreas SagmeisterDieter SafarikBetim SadikuElias Sadaka
Radovan SadaicLuis Sa
Diane RutterMark Russell
Sanja RusimovicKlaus RupprechtFriedher Rumpel
Rafael RuelasHans-Juergen Ruehl
Christoph RueggebergMartin Ruef
Karl-Heinz RuefHarald Ruedisser
Dominik RuedisserBernhard Ruecker
Kim RoweLaura RovattiDavid Round
James RouellAdriana RotarKathryn Ross
Erika RosenbergerJohanna Sophia Rose
Jan RoscamRoselis Rosales
Frederic Daniel RopertzFabio Romano
Antonio Andrea RomanoKris Roelands
Madlen RoederLaura Rodriguez
Janis RoddamSteven Robson
Corinne RobsonStuart Robinson
Stephen RobinsonNeal Robinson
Kelvin RobinsonDeborah Robinson
Kathleen RiveroWerner RitterStefan Ritter
Gabriele RitterGabriele RitterAndreas Ritter
Mario RissTony Riseley
Laurence RileyMartien Rijlaarsdam
Juergen RiglingRoman Ried
Simon RiechsteinerKnut Riechmann
Holger RichterNicola Richmond
Val RichardsonStephane Richard
Marina RicchiJulian Ribul
Ivan ReynaudThomas Reuther
Christine ReumillerHumberto Osvaldo Retamales
Violetta ResetarWaldemar ReppAurelie Renaud
Liquan RenSteven Remer
Caroline RelphThilo Reiter
Frank ReissigClaus Reiner
Brigitte ReinerWalter ReinbergerWerner Reinalter
Thomas ReinDavid Reimondez
Nadine RehmeChristoph Reger
Helmut RebhandlJayne ReayJackie Reay
Sophie ReadshawRyan Readman
Madhav RavindranathMark Rauer
Claudia RathRafael RastbichlerNivethan Rasiah
Marija RandjelovicKristina RancicDerick Ramsay
Graeme RamageMarija RajkovicNeil Raithatha
Eileen RaisbeckChloe Rainey
Philip RaineDavid Rainbird
Vivek RaghuAndreas RaedlerRichard Raeburn
Novica RadovanovicReinhard RadoszticzIvanka Radosavljevic
Gerhard RadlGorica Radivojevic
Jadranka RadicRajeev Radhakrishnan
Kenneth RaceDamir RabicNelli Quiring
Michael QuinnKayleigh Quinn
Guenole QuideauZhihua QiuJieshen Qiu
Jiandong QiuGuojing QiuYunyun QingLiqiong Qing
Feng QingLibo Qin
Heidrun PurtscherStephen Pulman
Lucio PulieriManuel PrinzJoanne PriceGary Preston
Francesco PresepiWolfgang Preisenhammer
Damian PraxmarerRamdas Prabhu
Mark PoulinChristina Potzmann
Kenneth PotterKrister Poole
Rico PookRussell PollardÖszcan PolatAytac Polat
Robert PohnerMario Poehs
Martin PodmoreRoman PlonerMichael PlonerMarkus Plessl
Markus PlatzerLinda PlattnerZeliko Platisa
Michael PlaskettClaus Planz
Markus PlankensteinerKurt Plaickner
Alessandro PiredduJan Pioske
Michael PinjusicRobert Pinfold
Henrietta PillweinPatrice Pillion
Gary PilkingtonThomas Piel
Gregory PicouetJuergen Pichler
Martin PfurtschellerLisa Pfurtscheller
Ronny PforrFranz-Martin Pfanner
Sven PetterssonBengt Pettersson
Nikola PetrusijevicNatasa Petrovic
Ana PetrovicMonika Petrisorovic
Tanja PetkovicMilena Petkovic
Jovan PetkovicLiam Petitjean
Carol PetersSonja PeterLukas Peter
Dominik PeterHamiyet Petek
Peter PesslMarija Pesic
Renate PerniklChristoph Perktold
Enrico PerinZeljko Peric
Nemanja PericBorko Peric
Eduardo Inacio PereiraMaxime PerduKarine PerchetDinia PeraltaJohanna PenzYann Pentiaux
Andrea PenhoferXiaofei PengHuijing PengHaimi PengClaudia Pelz
Aleksandra PejcicSonja Peiker
Wayne PearsonConnor Peacock
Saleh PazoukiStefan PavicMira Pavic
Olga PaustjanZeljko PaunovicSabina Paunovic
Galina PaulsMaria Paulicsek
Marie-Christin PaulBenjamin Patschg
Martin PaternoPatrick Passenegg
Clemente PascarellaSophia ParryAhmet Parlak
Barbara ParkinStephen Park
Guillaume PargeonAndre PapoularNaveen Papanna
Artem PankovXihua Pang
Ronglan PangHristina Panajotov
Yun PanChunyan Pan
Herbert PammingerIoannis Pallis
Ginny PalladinoElla Paley
Bulut ÖzgeHalis ÖzdemirAyse Özcelik
Yangli OuWanmei Ou
Andreas OrtmeierAlexis Onno
Alfred OlschnoeggerClaus OllegaardNezahat OlgunCristian Olariu
Arzu OkutulmusSofie Ohman
Sven OgrajensekNuray ÖgmenScott Ogden
Hakan OeztuerkBianca OezkanBelgin Oezgoec
Guelbeyaz OezelMarkus Oetiker
Thomas OelzKemal Odabas
Anika OberschelpKatharina ObermayrKarl OberhollenzerBernd Oberhauser
Markus ObererlacherMichel ObererJake O’Brien
Kenneth NybakkPeter Nusser
Philipp NussbaumerHanno Nussbaumer
Michel NouhantRegis Nouet
Peder NordenbackJianjun Nong
Karsten NoltekuhlmannTobias NoackDiane NoackJianfeng Ning
Hua NingHaicheng Ning
Chrisowalandis NikteridisZoran Nikolic
Tamara NikolicSladjana NikolicRadomir NikolicOlivera NikolicJovan NikolicIvan NikolicIrena NikolicDenis Nikolic
Biljana NikolicReto NieuwenhoutCarsten NieswandtThomas NiedermairPeter Niederacher
Cherry Qiaomei NieStephan Nicolussi-Moro
Heike NicolussiDean Nicholls
Lorraine NicholasTracy Newman
Clemens NeunerRupert NeumayerJonas Neumann
Heidi Maria NeumannDennis NeumannGabriel Neubauer
Pascal NetzerTina Nesic
Jelena NesicAleksandar NejcevNadica Nedeljkovic
Philip NaylorDario Natale
Paul NasrallahDominik Nardon
David NancyAnita Nagy
Evelin NagelMichael Naegele
Anke NaedlerAndreas MykaSusan Myers
Elvira Christine MuxelOlivier Mussche
Paul MurrayDeborah MuncasterRaimund Muellner
Sven MuellerRalf MuellerPeter Mueller
Manfred MuellerLuca Mueller
Jeremias Mueller
Harald MuellerHarald MuellerBianca Mueller
Andreas MuellerGerd Muehlbacher
Heike MoylanJulian Moutrey
Bernard MotzkoSilke MotalnKurt Moser
Eva-Maria MoserNatascha Morgenegg
Arturo Javier Morales RobredoJulien Mora
Markus MoosbruggerRichard Moore
Neil MooreKevin Mooney
Andrea Marco MontinaroBirgit MonitzerPaul Monaghan
Deborah MonaghanAleksandar Momcilovic
Ferenc MolnarJanet Mole
Jarkko MokkoRolland MokNitin Mohan
Adriana MogosmorteanMyriam Modrok
Zhiqiang MoLiumei Mo
Jiangmei MoLiuyun Mo
Violeta MladenovicSnezana MladenovicAndrija Mladenovic
Johannes MitterrutznerTijana Mitrovic
Andjelka MitrovicDijana MiticJulie MitchellPeter Misik
Dalibor MirkovicSvetlana MiricOlivier MiquelMario MinzlaffJoseph Minns
Milos MilosevicMarija MilosevicJovana Milosevic
Nenad MilosavljevicBojan Milosavljevic
Milica MilojevicJovan Milojevic
Sarah MillerMarija Miljkovic
Aleksandra MiljkovicMilos Milivojevic
Dragana MilisavljevicMilos Milinkovic
Zaklina MilicMarija Milic
Stefan MileticIrena Milenkovic Milic
Nikola MilenkovicMima MilenkovicIrena Milenkovic
Igor MilekicCheryl Milburn
Violeta MiladinovicMiomir Milacic
Marko MikicSpelca Mikelj
Petar MijatovicVesna MihajlovicSharon Middleton
Tjaco MiddelHans-Joerg Michaeler
Elisa MeutznerSusanne Meusburger
Peter MetzlerBernd Metzler
Wendy MetcalfeAghilas MessaouiThomas MerschAstrid Merker
Vanessa MerkelAlex MeregaAhmet Meral
Marie Pierre MenouMatthias MenkeMario Menicocci
Meidan MengMark MendezPeter Mellies
Britta MeixnerRalf Meierkord
Martin MeierhoferTilo Meier
Siegfried MeierPeggy MeehanIvan Medina
Allan McNeillChristina McMillanNatalie McLoughlin
Robert McIntyreSteve McGowan
Zoe McGladeMike McGee
Iris MayrGregor Mayr
Andrew MayoPeter Mayer
Sylvia MaurelKatrin MattheesStephanie Matt
Patrick MattDieter MattJuraj Matlak
Thomas MathisRaffael MathisKlaus Mathis
Christoph MathisChrista Mathis
Alexander MathisSabine Mathies
Jean-Pierre MathiasJelena Maternicka
Nadja MaternPilar Mateos
Liliana MastrovitoMarcel Masson
Alessandro MassironiSanela MaslanRenee Marton
Kenneth MartinGitte MartenssonLaurene Martel
Jill MarshallPaula Marr
Marjan MarkovicJelica MarkovicIvica Markovic
Danica MarkovicAndjelka MarkovicPredrag MarinkovicNikola Marinkovic
Reinhard MargreitterBarzan Jamal Marf
Guenter MarentGiovanna Marchini
Christopher MansfieldStephen Mansell
Karen MannStefan Mangold
Markus MangoldBurkhard Mangold
Alison ManglesCathleen Mangeng
Natasa MancicJuergen Malin
Giuseppe MalacrinoVlajko Maksimovic
Aleksandra MaksimovicAbdul Majeed
Martyna MajdaTanja Mairhofer
Thomas MairMargit MaierlMario Maier
Philipp MagritschNamo MagedStefan MagdicRenate Maeser
Mathias MaeserGuenter Maeser
Norbert MadlenerKevin MaddisonSilvia MaddalonSaurabh Madan
Andreas MachateDario MaccheroniLaurent Mabilotte
Yujie MaShengjing MaLinsheng Ma
Dongqiong MaJohn LyonsXiaozai Luo
Wei LuoShidi Luo
Shenghuang LuoKaiying LuoJincai Luo
Jiechang LuoDefei Luo
Chunyan LuoChenfen Luo
Mirco LukowskiSrdjan Lukovic
Lars LuedkemeierAndreas Ludwig
Annamaria LucianoJack LubinskiSongyan LuQing Pan Lu
Haimi LuJean Charles Lozat
Tomaz LotricPierre Lory
Emilie LorietteMichele Lori
Juan Antonio LorenteJoao Lopes
Reinier LopaJulian Lonsdale
Mandy LongstaffKevin LongstaffJianping LongMario Loidl
Patrick LohstoeterJens Lohse
Frank LoefflerJoan LocalKeith Lobo
Thomas LobakGary Lloyd
Zhongmei LlinZhen Liu
Youning LiuYan Liu
Xionghua LiuXiaojie LiuWeiya LiuTete LiuRui Liu
Rong LiuQiuhong Liu
Mike LiuLiuxie Liu
Daixian LiuCaixia Liu
Amanda LiuLukas Lirussi
Hanspeter LinsMarco Linhart
Johann LingenhelZhongying Ling
Knut LindnerJoerg LindenYinglong LinQuentin Lin
Jingqiang LinJon Lim
Scott LiewMichael Liedermann
Lynne LiddleDiane Liddle
Domenico LiberatoreLizhu Liao
Junfang LiaoXiangan LiangQianan Liang
Lina LiangFangfen LiangEnhui LiangZhenchao Li
Yong LiYanlin LiXuesi Li
Wenbo LiSuxia Li
Shiyong LiNewson Chilung Li
Mina LiLing LiLie Li
Libian LiJunlu LiJunjie LiJuan LiJinlin Li
Jingyuan LiHongying Li
Fangyu LiCedrik Lhuillier
Salima LhoteMilan Lesina
Jean Louis LeroyChristophe Leromain
Bernard LernoutRaphael Leran
Bertrand LeplayNelson Loureiro Leocádio
Naohmy LenherrAngelique Lelievre
Dragana LekseMilan LeitmanDaniel Leiter
Holger LeibmannMeiying LeiJunlin Lei
Maciej LehmannJens LehmannBrice LegouxEric LegoupilSeok Jun LeeMartin Lee
Flavien LecourtKarina LechtalerDaniel Lechner
Gerd LecherPedro Leal
Zoran LazarevicIvan Lazarevic
Ian LawryJulieann Laverick
Thomas LauseggerEdward Lau
Patricia LargeJean Michel Large
Sladjana LapadatovicAndre Lannert
Lutz LangePeter Lang
Matthias LangHerbert Lang
Harald LandgrafMarc LandauLiuying Lan
Hans LambrechtsIan Lamb
Anne LamantMarkus LaesserDaniela Laager
Susan KyleEduardas Kutavicius
Nirmal KurupSunil KumarZeynep Kulac
Christian KuhnBrigitte Kuhn
Markus KuenzliGeorg Kuenz
Vera KuehltauThomas Kuch
Michael KrügerMonika KrugerAndreas KrugKlaus Krueger
Nemanja KrsticIvana Krstic
Dusan KrsmanovicChristoph Kroyer
Martin KronabitterZoran KrojnjonaErich Kroenberg
Benjamin KristavcnikHareesh Kripakaran
Simona KreyeMihaela Krevh
Natalie KreutzerStefan Kreutz
Uwe KretzschmarThomas Kresser
Katja KrenzMichael Kremmel
Caio Kauark KremerMartin KreislClaudia Kreil
Anna KreilTino KrausePeter Krampl
Marion KrammelKatja KramerBaldo KraljMaja Kraker
Martin KraemerMeik KrachtIvan KovacikNena KosticMile Kostic
Michael KosterBarbara Koss
Ruslan KoschatajevGerda Korobtschenko
Stephanie KorfAles KorbelKlaus Kopsa
Marina Konrad-MaerkDetlev Konig
Maria KonecnyBranko KomesHelena Kolert
Melanie KohlmannMichael KohlerMartin KohlerErich Kohler
Martin KoglerSandra KoenigMichael KoenigMarisa KoenigMario KoenigJakob Koenig
Christian KoenigAnn-Christin Koenig
Angelique KoenigGerald Koeneke
Michaela KoehlmeierAnita KoehlerHerbert KoeckMarkus Kocks
Saliha KockmazMarko KocicPeter Koch
Patrik Yves KochMarc Alexander Koch
Peter KobrowSven Knopek
Christian KnoeferlLinda KnockaertAnkica Knezovic
Tobias KnausCida Knaus
Martin KlotzNatascha Klöti
Daniela KlockerBernhard KlockerDaniel Klimmer
Laura KlienDietmar KlienAnabel Klien
Beate KleymannElke Klenke
Veronika KleinknechtThomas KlegerNorbert KleberRolf Klassmeier
Thomas KladenskyAntje Kix
Florian KittsteinerCatriona KitchingDragan KitanovicManuel Kircher
Nikolaos KiourtsidisPaul King
Claire KingGeorge Lawrence Killip
Alexander KieslingerLucia KiacikovaKhaled Khaled
Ivan KevricElias Kernbichler
Siegfried KernbeissStephen KellyPauline Kelly
Ian KellyIris Kellner
Nurcan KelesliAlona KelembetPeter John KeillNicolas KeenanRaymond Keane
Sally KayBeverley Kay
Florian KavalierekRajwinder KaurJennifer KaterPera Katavic
Marion KaserSonja Kaschnig-Mertel
Nalan KartalHeinz Karmazin
Murat KaratasIbrahim KaratasAlicia Kapheim
Johannes KapellerAvirachan Kanjirakkattu
Regina KalischChristian Kalb
Zhao KaiMiljan Kahrimanovic
Emine KahramanDaniel Kaempf
Christoph KadischGuan Justin
Martin JusselBert Junghans
Christian JungenAdrian Juncanariu
Dirk JuilfsReinhold Juen
Stefan JovicMilos Jovic
Valentina JovanovicNikola Jovanovic
Nevenka JovanovicMiodrag Jovanovic
Milos JovanovicLidija JovanovicIvan JovanovicFilip Jovanovic
Danijela JovanovicDanijela Jovanovic
Anita JovanovicDelphine JouaultTamara JosifovicCarsten Josepeit
Sue JordanJackie Jones
Graeme JonesGary Jones
Kathleen JohnsonJeannie JohnsonGuenther Johler
Nikolaus JohannsonAlija Jogic
Wolfgang JochumPetra JochumChunlan Jin
Yang JimYaming Jiang
John Keqiang JiangHongqin Jiang
Bo JiangXueqian JiaTaotao JiaFeihu Jia
Irena JevticZoran Jevdjenic
Boris JerusalimskisGoran JerominMartin Jerabek
William JenningsRobert Jenkins
Sasa JelacaRobert Jehly
Stephen JeffersonChristopher Jayne
Tomas JavurekGisela JavornikNatalia Jarygin
Emir JapicEugen Janzen
Alexander JankovskyCecilija Jankovic
Aleksandar JankovicFranz Janisch-Lang
Raimund JanischMilos Jamnik
Joseph JamesonKlaudia Jamer
Nikola JakovljevicJanko Jakovljevic
Irena JakicaMohammed Jaisal
Ulrike JaegerThomas JaegerHroar JacobsenBruno Jacobs
Andreas JacobiCarole JacksonCarole JacksonZoltan Ivanyi
Dragan IvanovicAna IvanovicEmil Isaijevic
Yusuf IrtenLucia Irsova
Nikolaos IoannouRudolf IntiharMark Ingram
Sharon InglebyBinoy Inchakalody
Matthew InceNikola IlicNenad IlicLidija IlicIgor Ilic
Federico IannottaAlina Iacob
Typhaine HyvernatWolfgang Hutter
Malcolm HutchinsonSharren Louise Hussey-Clarke
Yuli HuoShengzhao Huo
Lianfei HuoDongan HuoRuth Hunter
Deborah HunterBeverley Hunter
Andreas HumpelerOlivier Humbert
Metin HulkuVictor HuisingaChen Huijuan
Sharon HughesAndrew Hughes
Susanne HuelsmannSabine Huber-Wynnyczenko
Reto HuberMarkus HuberGerhard Huber
Bernhard HuberZhaohua HuangZexing Huang
Yongwen HuangYanqiang Huang
Xiu HuangShujiang Huang
Shuangshuang HuangShanli Huang
Ruihong HuangRongying Huang
Ray HuangQingyu HuangMengna HuangMeijiao HuangMaoxin HuangJiajian Huang
Guangyong HuangCaiqi Huang
Caiping HuangZhihua Hu
Xiaodong HuLynn HowellsMatt House
Ruihang HouAndreas Hosp
Frank Horn
Matthew HopperFen Hong
Pawel HomicSandra Holtmeier
Nikolaj Kasper HolmenLena Holmbeck-GertssonChristian Hogenmueller
Johann HoferReinhard Hofbauer
Daniel HoesliEngin Hoergueslueoglu
Helmut HoedlArmando Christian HoedlRobert Hoeber-Neuhold
Zehra HodzicStephen HodgsonRobert Hodgson
Dan HodgsonPaul Hoch
Hugh HoaranWerner Hlina
Rachel HitchcocksStephanie Hirsch
Joerg HinzMartin Hintzen
Ben HillmanDieter Hillebrand
Michael HilleEugen Hildebrandt
Benjamin HildebrandtAlbert HickmanStuart HibbertKaren HibbertGüllü HeybeliJohn HewitsonJens Hesselberg
Peter HesseCornel HessJens Herter
Sharon HerringNadine Hermsmeier
Jan HermeningMichael Herdman
Marijo HercegKatica Herceg
Susanne HerburgerMichael Henson
Herve HenryDavid Henry
Gunilla HenrikssonChristoph HenkeSusan HendersonLeigh HendersonAlan Henderson
Mark HelmJost HellmeierSteffen Heller
Christoph HeissDirk Heinzel
Andreas HeimSusann Heil
Lisa Heightley-GoggsGage Heightley
Robert HehnSimon HehleEdith Hehle
Mark HegemanClaus Hechenberger
James HeatonYongfu He
Xiaofang HeXianhua He
Xianchang HeLongfan He
Jumei HeChaoyan He
Stephen HayersSandra HauptStefan Hauer
Stephen HastiePeter David Hassan
Robert HaslerDusan HasanovicMartin Hartmann
Philip HartleyAndrew Harrow
David HarrisSimon HarrackAnita Harmat
Garry HargreavesStephan Hardt
Martin HardingSven Haneke
Martina HandlePetra Handlanger
Andreas HandlRuidong HanBifang Han
Paul HamptonThomas HämmerleThomas Hammerer
Petra HammererTheresa HammerAdam HamiltonDominic Halpin
Tobias HallJudith Hall
Gemma HallDenise Hall
Bev HallKadrija Hajrije
Ahmad HajikhanSebastian Hahn
Emanuel HagspielErnst Hager
Tobias HagenSabrina Hagen
Jens HagemeisterEsther Haemmerle-Djurdjevic
Werner HaemmerleThomas HaemmerleNatalie HaemmerleDaniel Haemmerle
Christiane HaemmerleBeate HaemmerleWolfram HaefeleNorbert HaefeleBojana Guzina
Sandra GutStefan Gustavsson
Alain GurtnerNilgün Gurleyen
Yaya GuoHaiyong GuoHaiyin Guo
Elisabeth GunzElfriede Gumplmayr
Özcan GültenSemra GülerSerap Gülen
Mathieu GuilhenDeming Gui
Michael GugerbauerCatherine Guerin
Petra GuentherMartin Guenther
Lutz GuentherBernd Guenter
Nilguen GuenduezDelia Grundy
Martin GrundboeckDaniel Gross
Clara GrosjeanWilfried Gritsch
Isabella Maria Grissmann-BoeschCorina GrigoreJames Griffiths
Ian Griffiths
Trevor GriffinKevin Griffin
Ljubomir GrgurovicGeorg Greußing
Jean GregsonKarolina Gregorczyk
Elaine GreenwoodSirio Greco
Sebastian GratzerSiegfried GrasmikOlivier Grandsire
Hugues GrandemangeIan Graham
Emma GrahamMark Gradon
Markus GrabherElisabeth Grabher
Joachim GrabLuca GovoniLinda Gosbee
Thomas GorrellDanijela Gorisek
Carrie Anne GordonChristopher Gooch
Manye GongRobert Gollob
Paul GoldsbroughNurchiban Göktas
Sandra GoergAndreas Goebl
Matthew GleesonStephan Glauser
Stefan GlaasRomina GiudiciOmar GislasonJulia Gisinger
Cristina GiovanelliJuan Andres Gimeno
Sharon GillhamKevin GillhamSascha Gilgen
Stephane GilardoniMartin Gierse
Jonathan GibbsChristoph Geyer
Loic GestinLisa Geser
Veronique GervalJens Gersonde
Christos GergidisJakob Geppert
Savas GencAnke Geller-Zymelka
Walter GeisslerReinhard GeigerMatthieu Gehin
Andreas GebhardMarija Gavrilovic
Davor GavricVincent Gautier
Manuel GattingerHannes Gatt
Musa GastemirovSimon GasserJana Gassan
Eric GaseMarta Elena Garriz
Iris GardnerJavier GarciaXiaojuan Gao
Terence GanslandtSebastian Gann
Hristo GanevBenoit GamasOscar GalvezUeli Gallati
Johan GaliartMichelle GailbergerFranziska Gaessler
Wolfgang GadnerReinold Gabriel
Werner FusseneggerMathias Fussenegger
Matthew FusaroLothar FuerstSarah FuchsLanlan Fu
Chengcheng FuChristopher Fryer
Claire FroneyCarsten Froh
Sammy Froelich-SuleimanSelina FroehleMartin Fritz
Michael FritthumSandrine Friedli-Collon
Michelle Friedlaender RepleJoerg Friedhof
Natalia FridrichJoachim Frick
Ute FrevertStefan FrevertHanna Freuis
Paula FreemanGerhard Franz
James FranklandStefano Franceschi
Alan FoxMichelle Foster
Marie FosterJames Foster
Robert ForsterThomas ForerAnnette Forer
Andrew FoddenPeter Floyd
Robin FlothoSlavica Floric
Karl FlaxDaniel FlatzThomas FitzDieter Fitz
Daniel FischerOlivera Firulovic
Julie FinnMonika FinkMarco FinkMarcel Fink
Gian Luca FinkPhilippe Fillaud
Andrzej FillaAlexandra Filipenko
Roberta FiginiAlec FieldingOliver FiedlerBasara Feuzi
Markus FesslerHaritha FerganiMarkus Fenkart
Karl-Heinz FenkartFelix Fenkart
Yiren FengYaoshu FengShufang FengLimin Feng
Guangwen FengJohannes Fend
David FendTijana FemicSilvia Felici
Stefan FeldwehrAlfred Felder
Thomas FelbermayerJoris Feis
Marc FehrNadine Fehn
Robert FechtigChristiane Fechtig
John FearmanOvidiu Faur
Tomaz FartekMark FarrellYanrui Fang
Dengbing FangXiaowei Fan
Lars FahrenkampBenoit Fafin
Stefan FaesslerMark EvansNikolaus Ess
Jerome EsperouThibaut Escourrou
Michaela EscourrouCarmen Escobar
Susanne ErnstMartin Erne
Wolfgang ErmerDavid Erle
Rosemarie ErkolMathias Eriksson
Salih ErdemHüseyin Ercedogan
Thomas ErathTheresa ErathJoel Engvert
Hanna EngljaehringerDavid Engels
Helga EngellageRegina Engelke-Kleinert
Michele EngelHermann EngelOrjan EnehallThomas EnderMonika Ender
Ulrike EmingerSteven Emashowski
Sara ElmerKaren Elliott
Michael EidamBoris Ehrbar
Alexander EhmRoswitha Egler
Giulia EggerStuart EdwardsSteven Edwards
Joerg EdlerMartin Ecklbauer
Branko EcimFathah Ebrahim
Georg EbnerMartin EberleMartin Eberle
Ferdinand EberleDaniel Eberle
Ekaterina DyubanovaVlatka Duric
Senad DurakovicNail Dur
Jacqueline DunnHelen Dunn
Caroline DunnYasmin DumanliErdinc DulunduCarmen DulinHelen Duffield
Mathias DuenserDietmar DuenserLisa DuennebackeAndreas Duempe
Jeannette DubielzigEiko DubielzigSerge DuarteXiaosong Du
Arnaud DrouinSlobodan Dropuljic
Thomas DrohnVolker Droege
Manuela Drexel-SchoenWolfgang Dreher
Miriam DreesStefano Dragonetti
John DoyleMichael DowlingPeter Dorricott
Hannah DornanPaul Doolan
Julie DonnellyFeng Dong
Franz DomigPavel Domes
Nicole DomesShaafie Dollie
Marie DohnalkovaYilmaz DoganNafiye DoganLeyla Dogan
Radivoj DjuricicZeljko DjurdjevicZlatko DjordjevicStefan Djordjevic
Lazar DjelicChristopher Dixon
Ben DixonDanny Dix
Claas DissenUros Dinic
Nenad DinicKay-Uwe Dingeldein
Maria DietrichPascal Dierkx
Fabienne DiemandChristopher DielBritta Diekmann
Rodrigo DiazThomas Di Mario
Philip DeweyPaula DevonFrank DevineEdith Deutsch
Stefan DetermannBojan DespotovicAgnes DesjardinsSaban Dervisoski
Djejlan DervishoskiWolfgang Derka
Gary DennisDanijela DenicIan DenholmYunhua DengXiuqing DengXiaofeng DengFrancis Deng
Anthony DendyRalf DemmelerKemal DemirelBedia Demirel
Özlem DemirbilekGülten Demir
Stacey DellasalaAurelie Deliry
Miroslav DelcevShauna DelandSabrina Del Rio
Maximilian DeitersPeter Dehoff
Hakan DedeeliFahmeddin DedeAndreas DeborAlexis Deboos
Judith DeanJack Deakin
Stefano De LeoKevin De GraefWolfgang Daz
Osman DayanikLewis Dawson
Melanie DavyDawn Davison
Kingsley DaviesHenry Davies
Chandranath DasChristian Daniel
Dacui DanShaun Dainton
Romain DaignaultShengni Dai
Clement DahouSabina Dahlqvist
Milisandra Da Silva MendesAlberto D’Ercoli
Chantal D’AgostinoDimitrije Cvetkovic
Diana CutkovicDiane Cunliffe
Maurizio CuccinielloJason Crunden
Janet CrowTara-Jane CrossEmma Cronin
Simone CristiniPhilip Cremer
Lee CraggsAles CpinTerry CoxJohn Cox
Alison CoxSharon CowleyMatthias Covi
Youssouf CoulibalyJanine Coronese
Tracy CookMatt ConnollyCarlo Concu
Ricard ComuladaGilles Cohen
Alessio CocilovoMarc Closter
Sebastien ClaveresPeter ClarkJamie Clark
Connor ClanfieldJelena CiricMartin Cip
Seyit Ahmet CimenMustafa Cimen
Bernhard ChromyMarkus Christen
Qing ChengWilfrid Chenay
Ziren ChenZhengxiong Chen
Yinyin ChenYanping ChenWeibo ChenTing Chen
Shuaijun ChenSaidan ChenMengyi ChenLixiang Chen
Hao ChenEvan Chen
Mehdi Ben CheikhLi Ting Chee
Virginie ChauveauGuillaume Chartoire
Victor ChaplainStuart Challenger
Jean Sebastien ChagrotNoel ChagnardRyan ChadwickIbrahim Chaara
Vojtech CezaBaris CeylanTolga CevikSevgi Cevik
Ibrahim CesurXiaoying CengWenping CengFengjiao Cen
Seher CelikkayaErdal Celikkaya
Daniel CathomenMarc Castignola
Dan CasonMartin Caruso
Scott CartwrightSharon Carruthers
Paul CarrollLuis Javier Carracedo
Colin CarrAdam Carmichael
Steven CardGilles Carage
Gianni CapelliYujuan Cao
Xiaorong CaoTianjun CaoMeimei Cao
Jinsi CaoJianquan CaoKeighley Cant
Julie CantBev Cant
Dietmar CanalMarie Campbell
Tran Cam-HuongAitor CalvoAyse Calim
Zekiye CakirRecai Cakir
Jamie CairnsXiefeng Cai
Lijun CaiVikki Byrne
Christopher Leonard ByrneChristian Bylicki
Samira BuzzoGüler Büyüktunalioglu
Christian BüttnerJulia ButkereitShawn ButcherPaul Bussoopun
James BushellVesna BurzicLeonie Burns
Jocelyn BurnhamDaniel Burkhardt
Sean BuntonPierre Bugnot
Günter BugelnigMichal BugarThierry BuffetAnnie Buergel
Philipp BuechlerIrmantas Budrys
Susan BuckleyDaniela BuchertArmin Bucher
Rainer BrusebergGerrit Bruns
Susanne BrumenPaul Brownbridge
Peter BrownNigel BrownDebra Brown
Jacques BrouhierDaniela Broszio
Scott BrooksAndrew Brooks
Mariusz BronowskiLisa BromleyJulie BromleyDominik Brix
Saskia Brinkmann
David BriggsAllison Briggs
Kenneth BreitmanSimon Brei
Virginie BredaJessica BrazilFranz Braun
Nicole BrannerAnnemarie-Hermine Branescu
Roman BrandstaetterKlaus BrandstaetterMichael Brakhage
Joanne BrainbridgeOliver Bradburn
Tom BoydellAnton Bowness
Michelle BowmanJohn BowmanJill BowmanDawn Bowes
Michael BowdenTaha Bousbaa
Nathalie BourgeoisJacky Bouleau
Matthew BoucherRachmat Botter
Senad BoticDijana Boskovic
Aleksandar BoskovicUlrike Bork
Jan BorjessonAnn Caroline Booty
Luca BonoVinko BokanovicLenka BokajovaDominik Bohny
Ljuba BohnBrigitte Bohle-Gort
Markus BohleArtur Bohle
Susanne BohlandSteven BogardusRoland Boesch
Lisa BoeschGerhard Boesch
Alois BoeschMichael Boehnel
Wim BoeckxstaensJuergen Blum
Waldemar BluemSteffen Block
Benjamin BlinGavin BlenkinsoppChris Blenkinsopp
Fred BlancoMaxime Blanchon
Alison BlakeAlison BlakeKarine BlaiseDavid Blair
Connor BlackburnLinda Gust Bjornstad
Thomas BischoffMartin BirnbaumBeatrice Birkhahn
Vehbi Kivanc BilginNadine Bilgeri
Stefan BildsteinMarkus Bildstein
Katerina BilaMichaela Biermann
Jason Biedermann-SmithGülten BickiAyhan BickiDario Bettiol
Dagmar BethkeLinda BestfordAndrew Best
Agathe Besnard
Markus BeslMatthias Bertsch
Eric BerthommierAndrea Berriman
Wolfgang BernsteinerMarie Pierre Bernard
Markus BerktoldElias Berktold
Ramona BerkmannMichael BerkmannAnton Berkmann
Arndt BergmeisterUlrich Bergmeier
Jelena BergerAlexander BergerElmar BerchtoldMartin Benzer
Joakim BengtssonMarina Bender
Stephen BellPamela Bell
Jehona BehluliWolfgang Beer
Sandra BeeckenJens Beecken
Wilko BeckmannWolfgang BechterWolfgang Bechter
Thierry BechtelKai Baur
Christian BauerStefano BattagliaDanilo BatdorfAslihan BastugHakan Basaran
Nazli BasGail Bartle
Alexander BarthKatharina BartederRoman Bartalsky
Elaine BarryAlessandro Baresi
Reto BardAleksandar Barac
Hao BaozhongFrancois Baoudour
Anthony BanksOlga Bangert
Shaozhou BanMichael Bamforth
Lisa BalourdosAlper BalkayaSelma BalabanHami Balaban
Leroy BairdLynn BainesHaiyan Bai
Chunhua BaiAnne BaguetteStephen Bagley
Tim BaerteleGerhard Backhaus
Milica BabicAnnelore Baak
David AyreMetin Aydemir
Fati AydemirNourchen AyachiBertrand Aveline
Seher AvciErdal Avci
Nikica AugustinovicChristian AuerMaelle AudiauPeter AtkinsonPaula AtkinsonKevin Atkinson
Caitlin AtheyHavva Atar
Milena AtanasovskiFuat Atalay
Michelle AstonMarkus Aster
Martina AssmannSedef AslanerJames Ashton
Tijana AshtalkoskiAdem Arziman
Peter ArthySemra ArslanAyse ArslanArzu Arslan
Yaneth Carolina ArraizMichael Armstrong
Christian ArltMiroslav Ardan
Peter ArcherKai Arbinger
Krasniqi ArberBernhard ApsnerJudith Appleton
Ed ApanasoviciusGoran AntonicJuergen Andres
Nebojsa AndjelkovicRoger Andersson
Agneta AnderssonYvonne Anastassopoulos
Eduard AmuzaMartin AmortAndre AmortMark Ammon
Johannes AmmannLucie Amirat
Virginie AmeingualGuenter AmannBernd Amann
Nuran AltuntasJoerg Altmann
Peter AlthofNadin Altersberger
Meike AlteheldVolker Alstede
Suzanne AllisonDominik Allgaier
Lisa AllanNevresa Alikadic
Leo AlgeTamara AleksovMarko AleksovLyn Alderson
Arzu AksuDaniel AkersElanur AkcayMetin AkbasSinan AkarZuxiong Ai
Waseem AhmedNitika Agrawal
Aldijana AganovicFrank AdomeitStephanie AddeLynne Adams
Jordan AdamasGerard Abramowicz
Christian AbertKolja AbendrothCharlie AbboudKirstie Abbott