Hilti . Outperform . Outlast .
www.hilti.com

Hilti Corporation2014 Company Report

Long-term studies on fastening elements installedin marine environments
have shown thatthe expected life
span in extremely
corrosive environments is morethan 40 years. This
proves that the X-BT
system is unbeatable
not only in terms of installation
productivity, but also withregard to operation and maintenance costs.

2014 COMPANY REPORTA fastening element from
our X-BT system comprising high-grade andcorrosion-resistant stainless steel quite literally
forms the centerpiece of
this year’s Company
Report. Since its launch
in 2003, the X-BT system
has proved its worth ina variety of projects on
every continent,with a total of over
30 million fastening elements
installed todate. The systemenabled Hilti tolay the foundationstone for themost recent unit in the
Energy and Industry
division.

There is a video showing just how the
X-BT threaded stud was integrated into our2014 Company Report. To view the video,
simply scan this QR code.

Hilti 2014 Company Report

CONTENT .
Editorial

2

Overview

4

CEO interview

8Company strategy

11

Moments of enthusiasm in 2014
Executive Board

36

Board of Directors

38

Corporate responsibility
Key ﬁgures

51

41

12

Hilti 2014 Company Report

Dear readers2014 was a very good year for Hilti. We have achieved the best ﬁnancial result in the historyof our company. In addition to that, our periodic client and employee satisfaction surveys
have produced the best ratings ever. And we have created the necessary conditions forthe global implementation of our revised Champion 2020 corporate strategy.
At the end of 2013 we decided to go back to investing signiﬁcantly more, to accelerate
growth, to gain market shares and to further increase our proﬁt and return on capital employed. All these targets have been achieved!
We are pleased to report a sales growth of 7.5 percent in local currencies and of 3.6 percent in Swiss francs, thus outperforming the global construction market and gaining newmarket shares. Almost all regions have contributed to this growth, with Emerging Markets
and Northern Europe even posting double - digit growth rates in local currencies. Returnon sales grew from 9.7 to 11.9 percent and RoCE improved from 12.8 percent last year to
16.8 percent in 2014. Thus, both RoS and RoCE ﬁgures lie within the target range deﬁned
in our Champion 2020 strategy. Furthermore, we succeeded in generating a free cash ﬂow
of more than 350 million Swiss francs for the third consecutive time.

2

Apart from these positive business results, 2014 was mainly marked by the hard workof detailing Champion 2020 at market and division level as well as its execution atlarge. All 22,000 employees have undergone standardized training as to the content
of the strategy while all markets, business units and departments have defined andcoordinated their contributions and priorities for Champion 2020 and have launched
the necessary investments. These highly comprehensive and complex efforts will havethe positive effect of creating a commonly agreed and well - focused alignment of all
corporate divisions over the next few years.
However, the successes of 2014 are no reason to rest on our laurels. In Champion 2020,
we have set ourselves ambitious goals for global market share gains. If we want to meetthese goals, our investments will have to bear fruit in the next few years, which calls for a
lot of hard but also highly motivating work.
Our market environment and the global currency landscape will continue to be volatile andthere is no reason to expect strong market growth in the foreseeable future. Nevertheless,
we are looking ahead with great conﬁdence because of our highly targeted focus, thedrive generated by Champion 2020, the wide acceptance of our priorities throughout theorganization and our sound ﬁnancial and structural basis.

With this positive outlook in mind, we wish to thank all our clients and partners for the trust
they have placed in us and the excellent cooperation in the past year. We are equally grateful to our 22,000 employees around the world. It is thanks to their exemplary commitment
and dedication that 2014 was such a successful year for Hilti.

Pius Baschera
Chairman of the Board of Directors

Christoph Loos
Chief Executive Ofﬁcer

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Hilti 2014 Company Report

THE COMPANY .

Hilti offers products, systems and services that haveleading - edge technology and provide professionalcustomers in the construction and energy sectors
with innovative solutions that feature outstanding
added value. Active in more than 120 countries,
Hilti not only operates production facilities and R & D
centers, but is also involved in various international
technology partnerships.
Hilti stands for exceptional innovations, the highest quality and direct customer relationships. Some
two - thirds of Hilti ’s 22,000 worldwide employees
work directly on behalf of customers in Hilti salesorganizations and technical service units. They
generate more than 200,000 daily interactions withcustomers, creating the basis for the ongoing development of new products and services.
The Group ’s strategy is aimed at sustainable value creation through market leadership and differentiation. The overarchinggoal is to create enthusiastic customers on adaily basis and to build a better long-term future.

4

As a result Hilti connects its ﬁnancial success witha comprehensive responsibility towards society andthe environment. A mutual sense of openness, honesty and tolerance applies to team members, partners and suppliers alike.
Guided by the conviction that entrepreneurial growth
also generates personal growth, Hilti pursues an
employee - and performance - oriented corporate
culture. The values of integrity, courage, teamwork
and commitment form a solid foundation and areequally supported by all worldwide employees.
Hilti Group headquarters are located in Schaan, Principality of Liechtenstein, where the company was
founded in 1941 by brothers Eugen and Martin Hilti.
All company shares are held by the Martin Hilti
Family Trust, a fact that ensures long-term
continuity and the ongoing development of
the company.

THE YEAR IN FIGURES .

Key ﬁgures
Net sales in CHF million
2014

4,497

2013

4,340

+ 157

Operating result in CHF million
2014

537

2013

421

+ 116

Free cash ﬂow in CHF million
2014

383

2013

354

+ 29

Net income in CHF million
2014

426

2013

304

+ 122

Employees as at December 31
2014

22,2482013

21,456+ 792

Net sales in CHF million

2014

4,497

2013

4,340

2012

4,205

2011

3,998

2010

3,930

Operating result in CHF million

2014

537

2013

421

2012

301

2011

207

2010

268

5

Hilti 2014 Company Report

SYSTEM SOLUTIONS FOR
THE PROFESSIONALCONSTRUCTION INDUSTRY .

Hilti provides the worldwide construction industry with technologically leading products and systems,
innovative software and comprehensive services. As a company integrated along the entire valueadded chain, Hilti possesses, in addition to its business units, its own network of centers for researchand development, production, logistic and employs a direct sales model complete with consulting andsales units.

Anchor systems
Hilti sets new standards in fastening technology with innovative and comprehensive
solutions. The product portfolio covers theentire range of applications, such as chemical anchors for heavy loads or mechanicalanchors suitable for use in seismically active
areas. In addition to software products, suchas the PROFIS Anchor design software,technical documentation, approvals andassembly information is available to architects and planners.
Firestop systems
Hilti provides sustainable ﬁrestop systems
to effectively prevent the spread of ﬁre,smoke and toxic fumes and also offers
technical ﬁrestop application consulting toarchitects, planners and contractors. All of
Hilti’s ﬁrestop solutions undergo rigorous
testing to speciﬁc international standards
and correspond to current standards for environmentally compatible construction andenergy efﬁciency. A new software solution
helps to efﬁciently manage ﬁrestop documentation both during construction andduring a building’s lifetime.
Diamond coring and sawing
Diamond systems allow precise drilling,
cutting and grinding of concrete and othermineral building materials with virtually no
dust or vibration. Machines perfectly tailored to the application, with accessories
and high - tech cutting tools featuring evenly - spaced diamonds, ensure the best performance and simple, safe operation while
keeping tool wear low.

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Direct fastening and screw fastening
Gas - actuated and environmentally friendly
powder-actuated systems make simple,
fast and efﬁcient work of direct fastening on
steel, concrete, sand - lime brick or masonry surfaces. Signiﬁcantly reduced vibrationand lower exposure to dust and noise, compared to normal fastening methods, also
provide added safety. Coordinated tools
and accessories, and the corresponding
fasteners, ensure innovative screw fastening solutions for interior ﬁnishing and steel
construction applications.
Electric tools and accessories
Hilti’s corded and cordless electric tools
are renowned for optimal performanceand user comfort. Robust and long lasting,these tools are equipped with special safety functions, such as Active Torque Control( ATC ), a safety cutout feature, which greatly
reduces the risk of injury in the event of adrill bit sticking, or Active Vibration Reduction ( AVR ). This makes construction site
work involving demolition, chiseling, grinding and drilling not only safer, but also morereliable and more productive.
Measuring systems
Hilti ’s range of laser, radar and optical tools
for measuring, leveling, aligning and detecting provide support for construction professionals during all phases of their work.
Starting with staking out positions for excavation and measuring and laying out foundations, through to exterior ﬁnishing work,
detecting concealed objects, leveling andaligning in interior ﬁnishing, on to renovation and maintenance work. Firmly established in the so - called building information
modeling process, Hilti brings digital planning directly to the construction site.
Installation systems
Hilti has the suitable solution for suspended pipes or utility installations. The customer has a choice of innovative products,
services and special software programs
designed for installation and industrial operations. Hilti ’s channel systems and piperings, for example, provide simple and efﬁcient solutions for supply line installations inboth private and commercial buildings.

7

Hilti 2014 Company Report

KEEPING UP THE HIGH
MOMENTUM .

CEO Christoph Loos talks about the 2014 business year, the implementation of Hilti’s corporate
strategy and the months ahead.
Mr. Loos, what would you consider the highlightsof the 2014 business year?
All in all, 2014 was a very successful year for us,
marked by a large number of gratifying events. I
would like to mention three highlights in particular:Firstly, we have achieved the best ﬁnancial result inour company’s history and in doing so have outperformed our targets. Secondly, we have managed toanchor our revised Champion 2020 corporate strategy throughout our global workforce of 22,000 employees. And thirdly, we have generated the bestscores ever in our global client andemployee satisfaction surveys. All
this goes to show that we are on theright track – and it also ﬁlls us with acertain amount of pride.
How did the economic context andthe global construction industry
fare in 2014?
Pretty much in line with our expectations, actually. The constructionindustry did quite well in some regions, in particular in North America,“ We have to be conﬁdent
and bold, but must also
remain vigilant and agile .”8

Northern Europe and the Middle East. On the other
hand, regions such as Eastern and Southern Europe,
Japan and parts of Latin America were facing difﬁculties. Apart from the economic context, we wereonce again confronted with signiﬁcant exchange rate
volatility in some markets. In particular the Russian
ruble, the yen and almost all Latin American currencies have negatively impacted our results in 2014.
What does this development entail for Hilti?
We have to get used to the fact that exchange rate
volatilities and different regional growth rates will be
the norm in the foreseeable future. As a result, we
will not see any boom years ahead for the global
economy at large and the construction industry inparticular. In other words, we will have to do twothings at the same time: On the one hand, we haveto invest, be conﬁdent and even bold when it comes
to execute our strategy. On the other hand, we mustremain vigilant and agile in order to respond promptly to changes. Striking the proper balance between
the two will be our most formidable challenge, as far
as I am concerned.
And what about exchange rate volatility?
Well, I don’t expect any major changes in thisrespect as the Swiss franc will continue to be strong.
Therefore, we have to pursue our intensiﬁed natural
hedging policy, i.e. transferring costs to those countries where we generate sales, which will result inChristoph Loos, CEOmore decentralization. As we won’t be able to strikea perfect balance in this respect, we expect to be
faced with negative currency trends over the next
few years.
What has impressed you most in your ﬁrst year
as CEO?
I am very pleased with the harmonious and quiet
way in which we have carried out the changes in
our Executive Board, including the appointment of
a new CEO. I sense a very positive atmosphere in
our company, which enables us to fully devote ourselves to our tasks. This cannot be taken for grantedin the aftermath of a CEO succession, which canpose difﬁculties at times.

The revised corporate strategy
is a further development of theformer one. What is new aboutChampion 2020?
We have clariﬁed a large number ofopen strategic issues, for example
concerning the width of our product portfolio, our priorities in R & D,
the way forward in direct sales orthe achievement of above - average
growth in the US and the emerging
markets. The objective of our corporate strategy is sustainable value
generation by market leadership anddifferentiation. Since we are goingto sharpen our focus on enhanced
capital efﬁciency, we have introduced RoCE as a
key ﬁnancial ratio next to RoS.
What were the main milestones in the implementation of the strategy?
We have focused on three areas. Firstly, intensive
communication throughout the organization. To date,
all of our 22,000 members of staff have been througha half - day training module in order to become familiar with, but most of all to understand our strategy. Secondly, every market organization, every
business unit and every department has deﬁned its
contribution to the corporate strategy along with itspriorities and has aligned them with its matrix partners in the organization. This has resulted in a highly

9Hilti 2014 Company Reporteffective overall set of matching targets and actions.
Thirdly, we have embarked on a number of follow-up
projects, for example to enhance our differentiation
through software and services.
How did the implementation get underway andwhat about the response?
Our employees have shown a very high degree ofidentiﬁcation with Champion 2020 and there was a
noticeable boost of energy going through the organization. Now, everyone sees the road ahead for the
next few years, everyone is pleased to have motivating goals and conﬁdent that the company is stepping
up its investments signiﬁcantly. Last year alone, wehave invested 30 million Swiss francs more in R & D“ All of our 22,000 staff members
have been through a half - daytraining module on the contentsof Champion 2020 .”10and hired 800 additional employees. We are posting above - average growth in Emerging Markets andhave accelerated growth across the board. Thanks
to our strong local presence we can enhance ourclient offering further, which results in higher satisfaction ratings.
So what’s in store for the next few months?
As pointed out before, the market environment willcontinue to be uncertain. If things go well, we expect
this year to be similar to 2014 in terms of growth inlocal currencies. Russia, France and Japan will posechallenges. The Swiss National Bank’s abandonment of the Swiss franc’s minimum exchange rateversus the euro, and the subsequent strong surgeof the Swiss franc that has takenplace since mid-January, make it achallenge for us to repeat our goodresults. In terms of Swiss franc we
expect a single - digit decline in sales
growth and a proﬁt level which, at
best, will mirror that of the previous
year. It is crucial, therefore, that we
keep up our positive energy and behighly motivated. When faced withchallenges, we must not be discouraged, but instead fully concentrateon our work for the beneﬁt of ourcustomers.

THE CHAMPION 2020
CORPORATE STRATEGY .

Against the backdrop of a changed market environment and with a view to sharpening its focus on thechallenges lying ahead, Hilti has revised its corporate
strategy: Champion 2020 is a logical step forward,
taking the former successful Champion 3C Strategy
to the next level.
In the process, essential elements of the former strategy have been conﬁrmed, in particular the company ’s
clear orientation on differentiation and direct customer contact. Other aspects that were left unchanged
are the strategy’s foundation with its strong caring andperformance - oriented corporate culture as well as thecompany’s core purpose: “ We passionately create enthusiastic customers and build a better future. ” With
this, the company is making a strong commitment for a
stakeholder value approach and value - based corporate
management rather than focusing merely on shareholder value - driven proﬁt maximization. The new strategic
objective is “ sustainable value creation through market
leadership and differentiation, ” with market leadershipreferring to the company’s relative market share anddifferentiation being achieved by outstanding products,
services and software. Going forward, the company willuse capital efﬁciency, proﬁtability and cash ﬂow conversion as key performance indicators to measure sustainable value creation. With a view to achieving its ambitious corporate objectives, Hilti has deﬁned four ﬁeldsof action consisting of a clear differentiation of products
and services versus its competitors, direct and trustbased customer relationships, operational excellence
and a high - performing global Hilti team.

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Hilti 2014 Company Report12

“ I draw my greatest motivation fromseeing the genuine added value that our
products and services generate for ourcustomers , enabling them to work witheven higher speed , efficiency and safety .
Achieving this objective is a constantsource of encouragement for me .”Paul Langford

Chemicals Business Unit Head

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Hilti 2014 Company Report

TECHNOLOGY THAT INSPIRESENTHUSIASM .

Getting customers enthusiastic means offering ﬁrst-class products and services each andevery time. The TE 1000 - AVR breaker launchedin a completely revamped version in 2014 underscores Hilti's credo in this respect.
Outperform. Outlast: The TE 1000 - AVR is a productthat embodies Hilti 's claim in a way that is almost
unmatched. It not only provides maximum breaking
performance and impressive vibration values, it isalso extremely reliable and long - lasting. Originallylaunched with success in 2008, 2014 brought thelaunch of the second generation of this producton to the market.
Can the best be made even better? Yes – as the
new TE 1000 - AVR demonstrates in an impressive way. In an intensive researchand development period of around
two years, Hilti completely revamped its 12 kg breaker. The end
result was a breaker that, thanks
to its special HiDrive technology,
provides almost 50 percent more

breaking power and offers the lowest vibration
value on the market at 5 m / s2. That makes it the only
tool in its class to satisfy the stringent requirementsof the European Power Tool Association ( EPTA ) andthat can be used continuously throughout an entire
working day of over eight hours without any problem. EPTA's health and safety guidelines stipulate
maximum operation times for operators per day
based on vibration data.
The new HiDrive technology is a special Hilti
technology for power tools that combines stateof-the-art motors with the latest in transmission and electronic power management. HiDrive
motors are light and compact, yet powerful enoughto perform the most demanding applications.

CHAMPION 2020

We stand out thanks to the high quality of our products and services .

Thanks to over 45 years' experience in the development of electro-pneumatic impact tools, with the
TE 1000 - AVR Hilti has produced a breaker that isextremely robust and guarantees consistent powerfrom the motor to the chuck.
Three discrete lubrication chambers keep dust outof sensitive parts, so the breaker is sure to have alonger lifetime. Hilti's electronic power management is unique, as the separate integrated microprocessor controls power and adjusts as necessary,
providing equal protection for both tool and operator. All these factors come together to ensure
an optimal interplay of all components in order toachieve best performance and continue creating
enthusiastic customers.

Hilti 2014 Company Report

SERVICE THAT LETS YOU SLEEPEASY AT NIGHT .

Who doesn't want to get through work processes faster and more efﬁciently and, at the sametime, ensure that everything has been created
and documented correctly? When it comes to ﬁreprotection for buildings, in particular, such considerations are crucial.
Every building is planned and constructed in line withﬁrestop measures that are laid down by law. Suchmeasures are designed to prevent ﬁre and smokefrom spreading through buildings and, ultimately, tosave lives and protect assets. To this end, there are
a number of authorized ﬁrestop systems certiﬁed on
the basis of international test standards.

As a global market leader, Hilti has been offering innovative systems in this area for over two years. Thesesystems stand out thanks to their straightforward installation and comprehensive coverage of permits andaccreditations. For those involved in construction, it
is often difﬁcult to ensure seamless documentation ofﬁre protection measures, and a great deal of administrative time and effort is involved. In addition, there
is often some doubt as to whether ﬁrestop elements
are installed in line with requirements. Is everything installed correctly? How exactly do I have to document
everything and how do I do it? It goes without sayingthat data has to be as up to date as possible. On topof this, an ever increasing level of precision is being
required in the ﬁrestop documentation that has to be16

Hilti 's software solution allows all ﬁrestop and ﬁre protection installations to be documented reliably, efﬁciently and in compliancewith requirements.

submitted to insurance companies, building authorities and inspectors. Hilti has addressed this gap withits development of the CFS - DM Firestop Documentation Manager. All ﬁrestop installations can be plannedand created using this seamless software solution, aneasy - to - use web application that is accessible using
all standard browsers and available for all standard
operating systems. All data are securely stored thanks
to state - of-the - art cloud computing. No expensive investments in computers or storage media are required.
All data are up to date at all times
The application is geared to planners, speciﬁers,
installers, ofﬁcials and building owners. In short: all
those involved in ﬁre protection in buildings. Creat-ing documents and reports is easy.
The ﬁrestop projects being planned
are created on the PC using astraightforward interface. Images of
all the relevant installations can thenbe captured via smartphone or tablet and transmitted to the database. Since desktop programs andsmartphone apps access the same Hilti database,all data are up to date at all times. Labels equippedwith QR codes can be printed out for maintenancework. During the next maintenance run, the codes
are simply scanned with a smartphone – and all thedata are available on the screen.
Professional and compliant reports on all ﬁrestop installations can be printed out at any time, together
with additional documentation if necessary, since all
the data required is comprehensively stored in one
system. This software thus facilitates coordinationand control for building owners and facility managers
over a building's entire life cycle.

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Hilti 2014 Company Report

Shinji Shimomoto

General Manager Japanese Market Organization

18

“ By working in close partnership withour customers , we are able to develop our
products and services in line with theirindividual requirements . I am impressed
how this enables us to come up withever better solutions .”19

Hilti 2014 Company Report

TOTAL RELIABILITY GENERATESTRUST .

perfectly. On the vessels, operations
run 24 / 7 in a very conﬁned space.
That means that waiting for material,for example, is out of the question.
Every single interruption is criticaland expensive.

Marc Duval, Group Senior Vice President at Technip

French company Technip and Hilti have beenworking together closely for years. They recently concluded a framework agreement withworldwide validity for corrosion-resistant grating
fasteners from the Hilti X - BT system. We talked to Marc Duval, Group Senior Vice President,
Business Services, at Technip, about the expectations with regard to this partnership.
Mr. Duval, why are quality and reliability so vital inyour partnership with Hilti?
We work in a highly complex sector, often in locations that are inaccessible or remote. In subsea
operations in particular, as part of the explorationand development of subsea oil and gas ﬁelds,
we need to be sure that everything will operate

20

Why more critical than with otherconstruction projects?
Usually, if a washer is missing, it’sannoying, but not tragic. You cansimply go to the store and buy one,but that’s not an option when you’re
offshore. Getting a washer to a vessel takes twodays and is very expensive, so it is better if nothingis missing and everything is working just ﬁne.
What do such extreme challenges mean for yourpartners?
We can work only with quality suppliers. They
have to be reliable, able to react swiftly, visible
and proactive. What we want from our partners is
not just to carry out individual transactions with
them: we are looking for a long-term relationshipbased on trust. Ultimately, we’re talking about hundreds of thousands of different parts, all of whichhave to be available and functioning in perfectworking order. Having a partner we can rely on isabsolutely vital for us.

In the complex offshore business Hilti’s partners depend on smooth and professional service.

CHAMPION 2020

We cultivate a deep and direct relationship with our customers .

Why Hilti?
Hilti stands for quality, reliability, and security
worldwide. A company you know will give you ﬁrstclass support. On top of this, Technip and Hilti havethe same focus: both concentrate on the high - end
segment.
How would you personally describe your collaboration with Hilti?
We meet several times a year. Our collaboration
goes beyond a basic supplier / customer - type relationship: we have a partnership between specialists, and that’s precisely what we are interested in.

We can talk frankly with one another, also about
issues that occur from time to time. And we solve
them together.

Technip
Technip is a world leader in project management, engineeringand construction for the energy industry. From the deepest
subsea oil and gas developments to the largest and mostcomplex offshore and onshore infrastructures, our people areconstantly offering the best solutions and most innovativetechnologies to meet the world’s energy challenges. Technip
has state - of - the - art industrial assets on all continents andoperates a ﬂeet of specialized vessels for pipeline installationand subsea construction.

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Hilti 2014 Company Report

EFFICIENT SOLUTIONS FOR
THE WORLD EXHIBITION .

The Italian timber construction company, Stratex,
has been contracted to build all the service
structures for the 2015 Milan Expo, including all
the commercial buildings, cafes, ofﬁces and visitor information stands. Stratex was also asked tobuild the entire Chinese pavilion. This is a signiﬁcant challenge for the traditional family-run company. They have been working closely together
with Hilti since the project began.
As one of the main players in the world of high proﬁle rooﬁng works for civil and industrial buildings and sustainable construction, the Italian - based
Stratex perfectly ﬁt with the 2015 Expo theme:

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Feeding the Planet, Energy for Life. With this theme
the world exhibition offers answers to the major
future challenges of human nutrition.
The Chinese pavilion will be the second largest one
at the Expo, after Germany, which aims to showcase
harmony between modernity and nature by using
cutting edge innovation that utilizes natural sunlight.
Stratex started the partnership with Hilti early in thedevelopment stages of the Expo project, with ﬁrst
meetings right on the job site. Since then, Hilti has
been close to Stratex and other clients at the Expoin order to satisfy demands in a dynamic context.
Hilti offered a series of dedicated services, includingthe delivery and repair of tools on the same day andthe opening of a large container dedicated solely to
Hilti tools and services right in front of the construction site of Expo 2015. A large majority of Stratex ’spurchases are conveniently done right on - site.
Managers for Stratex credit Hilti’s added value not
only to the products, but also to being close andresponsive. Services like Fleet Management allow
the company to accurately budget for tools as well as
respond to short - term peak tool usage. When faceda challenge with a particular application on wood,
Hilti provided a prototype of a new screw fastening
solution which proved to be a great help.

The professionals at Stratex relied on a wide rangeof Hilti solutions to help manage exacting construction demands across about 80 % of their application
range, including wood, insulation and metal ﬁxing,
such as stairways. Hilti products improved performance in optical and distance measuring, drilling,
diamond coring, cutting, and fastening with chemical and mechanical anchor products.
There are numerous similarities between Stratex
and Hilti: Both have roots in the mid - 20th century,and both expanded from a local presence to global
signiﬁcance. Innovation, state - of - the - art researchand development, safety and reliability, plus a commitment to sustainability are evident
in both companies’ product offerings, services and actions.
When the global visitors arrive incentral Milan for the six - month event
Expo, all strategically important elements, such as commercial areas,
restaurants, cafes, ofﬁces and visitor information point, as well as an
overall design theme which promises visitors a captivating experience –and a unique Chinese pavilion – will
be ready for the world.

Stratex solves complex and demanding construction tasks related
to the Expo 2015 in Milan. As their partner, Hilti provides comprehensive on - site solutions and services.

23

Hilti 2014 Company Report“ Lean Management is the key
to efficient customer - and quality centered operations . It’s great
to see that more and more teammembers are making use ofthis approach in their daily work .”Nicolas Roland

Global Head of Transport and Warehousing

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Hilti 2014 Company Report

EFFICIENCY RIGHT ALONG
THE VALUE CHAIN .

One of the strategic pillars of Hilti’s revised corporate strategy is “ Operational Excellence ”. An efﬁcient management of the entire value chain and aculture of continuous improvement are therefore
main focus areas. Essentially this means to ﬁrmly
embed Lean @ Hilti as a lived philosophy in everyorganizational area of the company.
At Hilti, Lean is nothing new. With the implementationof the Champion 2020 corporate strategy, it has again
become more important. More than ever, the focus ison improving quality, ﬂexibility and operational excellence towards the customer while at the same time
avoiding waste, errors and unnecessary costs.

The Hilti business model is the foundation for the
Lean concept, extending from product development
to product introduction through to direct customer contact and its respective services. Lean @ Hilti
started in manufacturing, which is seen in the example from the Hilti plant in Zhanjiang ( southern China ).
Here, amongst other products anchor rods are produced and shipped to customers in the constructionindustry worldwide. A broad-based Lean program
made it possible for the entire manufacturing value
chain to be optimized and production lead - time,from start to end, to be improved by up to 60 percent.
This resulted in a vast improvement in quality and3. DIRECT CUSTOMER CONTACT ANDRVI CESE

Graphic displays
Throughput time prior to the Lean process.
PRODUCT INTRODUCTION
2.

1. PRODUCT

VELOPMENTDE
1. PRODUCT DEVELOPMENT

Eliminating non value - adding activities contributes to the optimization of company processes. Time and ﬂexibility are created within work processes and the quality can be continuously
improved along the entire value - adding chain.

2. PRODUCT INTRODUCTION

Throughput time after introduction of the Lean process.

26

3. DIRECT CUSTOMER CONTACT AND SERVICE

reduced overall costs at the same time – an outcome in which the cross - functional team of eight
members, comprising the supply chain manager,
the mechanical engineer, the sourcing manager,
production staff, the quality manager and a logistics specialist and controller, take particular pride,
as does the supplier.
Another example is the way Lean principles wereapplied to the establishment of a repair center in
California. Keeping distances in the working environment as short as possible and maximizing the
efﬁciency of procedures and keeping processes aslean as feasible, enabled all repairs to be done inhalf the time. In addition, employees
were given the best possible working conditions by improvements totheir working environment, whichfeatured the most modern infrastructure and was designed with aconsistent focus on practicality, witha software solution for tracking orders and showing repair times. At
the same time ergonomic considerations and the health of workers
have also been taken into account.
Improvements to the workplace
included ﬂexible working heights

and the use of special ﬁxtures to reduce the weightof carried tools over a working day by more than
80 percent.
An example of how the Lean idea is making headway in other parts of the company is the rollout of
the DX2 direct fastening device. The applicationof selected Lean development methods such as
Obeya and Shopﬂoor Management helped to further
optimize the product development procedures andprocesses. The impressive result was ultimately to
get the product to the market seven months earlier
than originally planned with the outstanding quality Hilti is known for.

Lean is also making its inﬂuence felt more and morein the company’s sales units, resulting in excellent
customer service with efﬁcient handling and improved quality and ﬂexibility: for example, sales
procedures and processes in the market organization of Turkey have been analyzed to have all detailsof customer enquiries available at an early stage,
avoiding the need for repeated clariﬁcations and cutting customer waiting times to the minimum.

CHAMPION 2020

We stand for excellent operational service.

27

Hilti 2014 Company Report28

“ At Hilti we also understand thatevery person is different . I find it truly
fascinating that individuals fromthe most different walks of life arecoming together to form a strong
and inspired team .”Josep Martinez Pareijo

Head of Marketing Anchors Business Unit

29

Hilti 2014 Company Report

IT’ S THE TEAM THAT MAKES
THE DIFFERENCE .

Since Hilti ’s foundation in 1941, innovation has
been a mainstay of the company ’s success.
A vital factor in this is achieving the very best
through teamwork. This element, which has remained unchanged over time, is reﬂected in the
recently completed Innovation Center at corporate headquarters in Schaan.
Being the most important drivers of progress,
innovations ensure successful business performance over the long term. As part of its revisedChampion 2020 strategy, Hilti intends to reinforce
its already high level of innovative power andstrengthen its position as one of the leader partners
for the construction industry. Accordingly, the company ’s investments focus not only on technologies,
but also on people and the way theywork together, their diversity, andtheir abilities.
Successful innovations do not materialize over night and certainly not
spontaneously. Alongside a clear
strategy, efﬁcient processes, and in depth expertise, what is needed isprimarily a culture that fosters a spiritof inquisitiveness and inventivenessas well as a desire and the courage tostep beyond the conﬁnes of conventional boundaries. What that meansis that anyone looking to blaze a trail in innovation as
Hilti has done has to build on the efforts of a globally networked team of highly qualiﬁed specialists andoffer these specialists the best possible working environment. An environment where employees are not
only at ease but one where they can also develop
their ideas and take them through to fruition.
A place of inspiration and exchange
The new Innovation Center at the headquarters in
Liechtenstein aims to be just such an environment.
With a total investment of some CHF 100 million,
the new center is the largest investment projectin Hilti ’s history. After the Technical Center, whichdates from the 1960 s, started to become too small,

CHAMPION 2020

We build on our strong global team .

Successful innovations are generated by globally networked teams consisting of highly qualiﬁed specialists.

30

Some 400 employees have found an optimal working environment at the new Innovation Center at Hilti ’s corporate headquarters in Liechtenstein.
Here they can develop, test and realize their ideas.

the company looked closely at how the architectureof a building and the innovation process could be
successfully intertwined. The new building wascompleted within three and a half years and is intended to further strengthen innovation as well as
the effectiveness and efﬁciency of research and development processes.
Designed to inspire, the new multifunctional center
will be home to all the functions involved in the innovation process and will combine not only ofﬁces,
but testing premises, laboratories, and workshops
as well. The fact that 400 employees working insuch diverse areas as project management, development, marketing, construction, prototype construction, testing, procurement, and production will
work alongside each other is fully reﬂected in thearchitecture of the center.

It can be described as an enormous cooperation
area. The open - space atmosphere creates transparency as well as encourages and facilitates exchanges between employees. At the same time, quiet
zones provide areas for conﬁdential discussions,groupwork, and informal chats. But Hilti’s productand service innovations do not just come out of
Liechtenstein. The company has other development
sites in Kaufering near Munich, in the United States,in Shanghai and Southern China, as well as in Hungary, all of which work closely together. At eachlocation, Hilti brings together the best experts withthe best technology and an excellent global network of partners, for, against an increasingly toughcompetitive backdrop, only a strong team working
closely together at the global level can stand out on
the strength of its ability to innovate.

31

Hilti 2014 Company Report“ Our corporate culture is like yin andyang . At first sight , a caring andperformance - oriented culture appears
to be a contradiction in terms . Yet
the two principles it embeds are clearlyinterrelated . I love being involved
in shaping this path to Hilti’s future .”Elisa Wong

Head of Human Resources, Asia

32

33

Hilti 2014 Company Report

WHERE PASSION THRIVES .

People shape companies. They are what gives
companies their character, their proﬁle and whatleads them to success. From this conviction Hilti
draws its strength.
“ The Hilti Way ”, the employee- and performanceoriented corporate culture, forms the bedrock of
the Champion 2020 strategy. Its roots go very deep:
even company founder Martin Hilti was convincedthat personal growth and company growth have togo hand in hand if success is to be achieved overthe long term. Employees are given responsibility,
scope and trust and, in return, are more motivated and ready to achieve more. This is the basis forthe innovative solutions with which Hilti enthuses its
customers. It also fosters a high level of identiﬁcation with the company
and its fundamental values: integrity, courage, teamwork, and commitment. These stand for how management works and how everyone treats
each other. The family of owners, theBoard of Directors, and the Executive Board are clearly committed toliving these values. This forms theframework that sets the course andcreates trust.
Role models live values
Whether a corporate culture can be“ lived ” also depends on whether it istangible for employees. This places
a particular responsibility on management as role models. They have34

to be genuine and do what they say. Predictability ina positive sense, honesty, transparency, and being
close to employees are important criteria in this. For
example, top management regularly travels to Hilti
locations and accompanies sales staff on customer
visits. Each month, 20 randomly selected employees meet for breakfast with the Executive Board andexplore and discuss – critically if need be – issues ofcurrent interest. The regular corporate culture workshops are attended by both the Board of Directors
and the Executive Board as well as all the approximately 22,000 members of staff worldwide. Hilti invests around 31,000 working days and CHF 8 million
in this each year.

CHAMPION 2020

We put employees and performance at the heart of our culture .

What is to be implemented also needs to be measured. The instrument used for this is the annual
voluntary employee survey that allows employees
to give their opinion in detail on an anonymous basis. The rate of participation has been continually in excess of 90 percent. In 2014, 93 percent ofrespondents said they were proud to work at Hilti.
82 percent would recommend Hilti as a good employer. And 94 percent are ready to do their very
best for the success of the company. Hilti regularly ranks highly in external employer surveys, too.
For example, Great Place to Work ® put Hilti in 17thplace for the whole of Europe in 2014, after 15th
place the previous year.

Such ﬁgures only become hard currency, however,when the corporate culture is taken seriously anddeveloped on a continual basis. Far from being set
in stone, “ The Hilti Way ” is updated constantly andadapted in line with the business, economic, andsocial environment. A corporate culture with strong
links to a clear corporate strategy and with coherent objectives is a prerequisite for ensuring thateveryone can pull in the same direction together.
Management must act reliably and predictably.
Leaders must identify the relevant themes and convey their signiﬁcance. This is the seedbed for theelement that is vital for long - term success: passion
for the company.

35

Hilti 2014 Company Report

EXECUTIVE BOARD .

The Executive Board in the new
Innovation Center at Corporate
Headquarters in Liechtenstein.
From left: Jörg Kampmeyer, Stefan
Nöken, Jahangir ( Jan ) Doongaji,
Christoph Loos, Matthias Gillnerand Marco Meyrat.

36

Jörg Kampmeyer
Vaduz, Liechtenstein

Dr. Stefan Nöken
Mörschwil, Switzerland

Jörg Kampmeyer (born 1968, Germany) has been CFO and a member of the Executive Board sinceApril 2011. He is responsible for the
Finance, Human Resources, IT andGroup Strategy units. Jörg Kampmeyer studied mechanical engineering and economics at RWTH
Aachen University. After completing his studies he worked for international management consulting
ﬁrms. He began his Hilti career in2002 as the Head of Corporate
Development in Schaan. From 2003
to 2005 he was responsible for thecompany’s Strategic Marketing
unit. In 2006 he moved to Germany, initially serving as Regional
Sales Director, and in the course of
the year he became General Manager at Hilti Germany. Since 2010 hehas also headed the Central Europe
Market Region.

Stefan Nöken (born 1965, Germany) has been a member of the Executive Board since the beginningof 2007. He is responsible for Fastening Technology and Logistics.
Following studies in mechanicalengineering at Aachen University,where he earned a doctorate, hewas employed at the Fraunhofer
Institute for Production Technology in Aachen. In 2000 he joined Hilti
as the Head of Corporate Engineering. In 2004, he was appointed Headof Supply Chain Management. Stefan Nöken is Chairman of the Boardof Trustees of the Fraunhofer Institute for Production Technology in
Aachen and member of the Industry
Executive Advisory Board of the
Executive MBA in Supply Chain
Management at the Swiss Federal
Institute of Technology Zurich.

Jahangir (Jan) Doongaji
Maienfeld, Switzerland

Dr. Christoph Loos
Chief Executive Ofﬁcer
Schaan, Liechtenstein

Matthias Gillner
Grabs, Switzerland

Marco Meyrat
Chur, Switzerland

Jahangir (Jan) Doongaji (born 1967,
India / Switzerland) has been a member of the Executive Board since thebeginning of 2014. He is responsible
for the Electric Tools and Corporate
Research & Technology units. Aftercompleting his master’s degree
in mechanical engineering at the
Swiss Federal Institute of Technology Zurich, Jahangir Doongaji held
various worldwide positions in aninternational industrial corporation
between 1992 and 2000. During thistime he also earned an MBA fromINSEAD in Fontainebleau, France.
He began his Hilti career in 2000, initially leading customer service in the
Swiss market organization. In 2002
he moved to corporate headquarters in Schaan where he held various
positions in Hilti’s various tools business units. Most recently he headed
the Power Tools & Accessories Business Unit. Jahangir Doongaji is amember of the European Power Tool
Association (EPTA) Board.

Christoph Loos (born 1968, Germany) assumed CEO responsibilities inJanuary 2014. He has been a member of the Executive Board since2007. During the ﬁrst four years of
this tenure he was responsible forFinance, Human Resources, IT andGroup Strategy. From 2011 to 2013
he was in charge of the Emerging
Markets and the global Energy &Industry units. After ﬁnishing his
business administration studies
at the University of St. Gallen heworked for an international management consultancy in Germany
and China. Upon joining Hilti in 2001
he ﬁrst led the Corporate Development team and then established theStrategic Marketing unit. At the endof 2003 he moved to Germany, ﬁrst
as a Regional Sales Director andthen, starting in 2005, as General
Manager of Hilti Germany. Christoph Loos is a member of the Boardof Trustees of the St. Gallen Foundation for International Studies.

Matthias Gillner (born 1967, Germany) has been a member of the
Executive Board since April 2011.
He was initially responsible forElectric Tools and Corporate Research & Technology. Since thebeginning of 2014 he has led theEmerging Markets and global Energy & Industry units. Matthias Gillner studied chemical engineering
at Friedrich-Alexander University ofErlangen-Nuremberg, Germany. He
was employed by an international
consulting company from 1993 to
2000. During this time he earned
an MBA at INSEAD in Fontainebleau, France. He began his Hilti
career in 2000 as the Head of Corporate Development. In mid-2001
he was named Head of Corporate
Human Resources and then moved
to lead the Measuring Systems
Business Unit. From 2006 until theend of 2013 Matthias Gillner was
Head of the Electric Tools & Accessories Business Area.

Marco Meyrat (born 1963, Switzerland) has been a member of the Executive Board since the beginningof 2005. He is responsible for themarkets in Europe and North America. With a business degree from the
University of St. Gallen, he beganhis Hilti career in 1989 as ProductManager at Hilti Corporate Headquarters in Schaan. After holding
various positions in Hilti Franceand Hilti Germany, he was named
General Manager of Hilti Switzerland in 1999 and was subsequently
appointed General Manager of Hilti
Germany in 2002. Marco Meyrat
is a member of the Board of Directors of OLMeRO AG, Glattbrugg,
Switzerland.

37

Hilti 2014 Company Report

BOARD OF DIRECTORS .

The Board of Directors in the testing hall of Hilti’s new Innovation
Center.
From left: Michael Jacobi, Giorgio
Behr, Tis Prager, Michael Hilti,
Pius Baschera, Barbara Milian
Thoralfsson, Kim Fausing andHeinrich Fischer.

Dr. Michael Jacobi
Binningen, Switzerland

Prof. Dr. Giorgio Behr
Buchberg, Switzerland

Dr. Tis Prager
Zumikon, Switzerland

Michael Hilti
Schaan, Liechtenstein

Michael Jacobi (born 1953; re-elected until the 2016 Annual General
Meeting) was elected to the Boardof Directors in 2007. He studiedbusiness economics at the University of St. Gallen and at the University of Washington, Seattle, andearned his doctorate from St. Gallen
in 1979. From 1978 until 2007 heheld various management positionsin the ﬁnancial area of Ciba-Geigy
AG and later in Ciba Specialty
Chemicals Inc., Basel. He was thecompany’s Global Chief Financial
Ofﬁcer from 1996 until 2007. Today
Michael Jacobi is an independent
corporate consultant. Since 2003,
he has been a member of the Boardof Directors of Sonova Holding AG,
Stäfa, and since December 2008a Trustee of the Martin Hilti Family
Trust. He was named to the Boardof Directors of Actelion Pharmaceuticals Ltd., Allschwil, in 2009.

Giorgio Behr (born 1948; re-elected
to serve until the 2015 Annual General Meeting), Honorary Professor
at the University of St. Gallen, waspreviously a member of the Boardof Directors of the Hilti Corporation
between 1993 and 2007. Since January 2008, he has been a Trusteeof the Martin Hilti Family Trust andin January 2009 he was again elected to serve on the Board of Directors of the Hilti Corporation. Giorgio
Behr gained his doctorate degree
at the law school of the Universityof Zurich, was admitted to the bar
and obtained a diploma as a Certiﬁed Public Accountant. Today heis an entrepreneur in the industrial
sector (Behr Bircher Cellpack BBC
Group). Giorgio Behr is also Chairman of the Supervisory Board of ZF
Friedrichshafen AG.

Tis Prager (born 1948; re-elected until the 2016 Annual General
Meeting) has been a member of theBoard of Directors since June 2006.
He earned a doctorate in law fromthe University of Zurich in 1975, wasadmitted to the bar of the Cantonof Zurich in 1978 and is a founding member of the Prager Dreifuss
law ﬁrm in Zurich and Bern. Amongother mandates, Tis Prager is the
Chairman of the Board of Scherer &Bühler AG, Meggen, the Hotel Zurich AG (Marriott), Zurich, and Emil
Hitz AG, Bassersdorf. He is also amember of the Board of Directorsof the Bourquin Group, Couvet,
former Chairman of IE Engineering Group AG, Zurich, and Caprez
Ingenieure AG, Chur. He is also
active in STEP, the Society of Trustand Estate Practitioners.

Michael Hilti (born 1946; re-elected to serve until the 2015 Annual
General Meeting), son of company
founder Professor Martin Hilti, hasbeen a member of the Board of
Directors since 1990. After studying business administration at the
University of St. Gallen he worked
in banking in London before joining
Hilti in 1974 as the Deputy Head ofMarketing. Two years later he wasnamed to the company’s Executive
Board and he served as CEO from1990 to 1993. He was Chairman of
the Board of Directors from 1994
to 2006. Michael Hilti is a Trusteeof the Martin Hilti Family Trust anda member of the Board of the Hilti
Foundation.

38

Prof. Dr. Pius Baschera
Chairman of the Board of Directors
Zurich, Switzerland

Barbara Milian Thoralfsson
Oslo, Norway

Kim Fausing
Sonderborg, Denmark

Heinrich Fischer
Rüschlikon, Switzerland

Pius Baschera (born 1950; re-elected to serve until the 2016 Annual
General Meeting) is Chairman of
the Board of Directors. He studied
mechanical engineering and business administration at the Swiss
Federal Institute of Technology Zurich, where he earned his doctorate.
In 1979, he came to Hilti as Headof Financial Controlling in the production area. Before being named
Chairman he served as CEO for 13
years. He is currently a member ofthe Board of Directors of Roche
Holding Ltd, Basel, and the Schindler Group, Hergiswil. He also is amember of the Advisory Boardsof Vorwerk & Co., Wuppertal, andArdex GmbH, Witten, Chairman of
the Board of Directors of Venture
Incubator AG, Zug, and a professor of entrepreneurship at the
Swiss Federal Institute of Technology Zurich.

Barbara Milian Thoralfsson (born1959; elected until the 2016 Annual General Meeting) was elected to
the Board of Directors in September
2014. She has an MBA in marketingand ﬁnance from Columbia University in New York and a BA in psychology from Duke University in North
Carolina. Barbara Milian Thoralfsson
has held CEO positions in the telecom and consumer goods sectors,
and has extensive experience as a
non-executive director, in both public and privately held global companies. Since 2006 she has been an
entrepreneur in the industrial sector(Fleming Industrier AS, Oslo) and,since 2007, an Industrial Advisor of
EQT Partners AS, Oslo. Barbara
Milian Thoralfsson is also a memberof the Board of Directors of SCA AB,
Stockholm, Telenor ASA, Oslo, ColArt
International Holdings Ltd, London,and Norfolier GreenTec AS, Oslo.

Kim Fausing (born 1964; electeduntil the 2016 Annual General Meeting) was elected to the Board of
Directors in 2010. He earned a degree in mechanical engineering at
Aarhus Teknikum, in Denmark, in
1987, and an MBA degree at Henley Business School, in London, in
1996. His professional career led
him to the Hilti Group in 1990, where
he served in various management
functions in Europe and Asia until
2007. After moving to the Danish
Danfoss Group, he was named
Chief Operating Ofﬁcer and member of the executive committee inJanuary 2008. He also is Vice President of the Velux Group in Copenhagen, Denmark.

Heinrich Fischer (born 1950; re-elected until the 2016 Annual General
Meeting) has been a member of theBoard of Directors since 2007. He
graduated in 1973 with an engineering diploma from the Swiss Federal Institute of Technology Zurich,having studied electrical engineering and technical physics. He thenwent on to study business administration at the University of Zurich
while working in this ﬁeld, earning amaster’s degree in 1976. Beginningin 1977, he held senior management positions at Oerlikon-Bührle
Holding, Balzers AG (1980 to 1989),
and ﬁnally at Oerlikon Holding once
again (1990 to 1995). From 1996 to
2007, he was Chief Executive Ofﬁcer at Saurer AG, Arbon. Heinrich
Fischer is a member of the Boardof Directors of Tecan Group AG,
Orell Füssli AG (Chairman), Sensirion AG and SWM Inc.

39

Steel-on-steel fastenings
are traditionally madeusing welding techniques.
This requires not only ahigh level of precision in
installation , but also a
considerable amount ofrework in order toensure the neces sary protection
against corro sion . The X - BT
system replaces
this time - con suming and poten tially fault - prone
process with a solution that is irresistibly sim ple and reliable .

CORPORATERESPONSIBILITY .

Hilti 2014 Company Report

CORPORATE RESPONSIBILITY .
Team
members

User healthand safety

Get employees
enthusiastic about
Hilti and develop
them and their skills

Offer solutions that Make a contribution
enhance safety
to society's sustainand productivity
able development
for our customers

Socialresponsibility

We combine long-term entrepreneurial successwith all - round responsibility towards society andthe environment. Putting this commitment into
practice and making it a living reality from day
to day is something that goes as far back as our
founder, Martin Hilti. That’s why corporate responsibility is an integral part of Hilti’s business model,
so all we do is ethical and sustainable and we exercise our responsibility towards our team members, customers, partners and suppliers aswell as to society and the environment. We
do that because we see responsible action
and long - term business success as inseparable from each other.
Our sense of responsibility is founded on the corporate culture which is lived by our team members, some 22,000 of them. Our values – integrity,

42

Compliance andbusiness ethics

Meet legal and ethicalstandards

Environment

Proactively manage our impact on
the environment

courage to change, teamwork and strong commitment – deﬁne how we get along together. They
guide our everyday actions in every area and at
every location; they also help our employees to dotheir best for Hilti with dedication and passion.
Acting ethically and in accordance with the law
and competing fairly are essential in everything
we do. In our Code of Conduct, all of us, throughout the world, undertake to comply with therules of law and of ethics and agree on thehighest quality standards with our suppliers. In addition, our signing up to the UN
Global Compact and to the Partnering Against
Corruption Initiative is a sign that we stand fortransparency and corruption - free business processes as well as for compliance with socialand environmental standards.

EMPLOYEE SATISFACTION .

Employees who are ready to do their very best for Hilti’s success.

94 % positive
5 % neutral
1% negative

Employees who are proud to work for Hilti.

93 % positive
6 % neutral
1% negative

Employees who recommend Hilti as a good employer.

82 % positive
13 % neutral
5 % negative

Once a year, Hilti carries out an internal survey, the Global Employee Opinion Survey, to measure employee
satisfaction. Last year, 91 percent of its employees took part in this survey.

43

Hilti 2014 Company Report

A CORPORATE CULTURE
WITH EMPLOYEES ANDPERFORMANCE AT ITS CENTER .

The need to hire and keep competent and highly
motivated employees means we rely on a corporate
culture that puts employees and performance ﬁrst.
That ’s why our Champion 2020 strategy focuses on

The people at Hilti

excellent performance, the success that comes fromit and sharing in the rewards they bring. In 2014, a
total of some 31,000 workdays were invested in our
corporate culture workshops.

2014

2013

2012

2011

31,00024,00024,00024,000

8.2

8.9

7.6

8.5

Number of working days employees spent on
corporate culture workshops
Expenditure for corporate culture workshops ( in CHF million )Fluctuation

13.6 %

14.1 %

15 %14 %Integration success rate *83.6 %

82.4 %

78 %

83 %

74.6%

82.2%

88%

81%

333

331

348

366

22,24821,456

21,13921,848Open management positions ﬁ lled with internal
candidates
Number of apprentices worldwide

NUMBER OF EMPLOYEES AT DECEMBER 31* The integration success rate measures the number of employees who joined Hilti in the last two years and are still
employed at the company.

44

CODE OF CONDUCT FOR
SUPPLIERS .

Each potential Hilti supplier must complete a comprehensive audit before they are considered anofﬁcial partner of the company. In addition to topics
such as technology, quality and efﬁciency, their adherence to the stipulations of our Code of Conduct
for Suppliers is also monitored. The Code of Conduct
is based on compliance standards and forms an integral part of the contract. It obligates suppliers to
observe the Code ’s principles. The Code of Conduct
contains clear guidelines for maintaining high stan-dards in terms of social and environmental responsibility and also obligates suppliers to observe zerotolerance regarding any type of corruption.
Compliance with the Code of Conduct is closely
scrutinized by Hilti. All relevant suppliers of direct
production materials and allied products in high - risk
areas are regularly analyzed by an independent andinternationally recognized organization. In 2014 some
28 suppliers in China, Taiwan, Romania, Turkey, andthe United Arab Emirates were monitored.

45

Hilti 2014 Company Report

KEY ENVIRONMENT - RELATED DATAa)

CO₂ emissions of the Hilti Group in t ( CO₂ equiv. )2014

PlantsMarket organizations

95,5132013

94,381

2012

97,507

2011

99,317

2010

87,303CO₂ emissions per employee in t

b)

2014

4.29

2013

4.40

2012

4.61

2011

4.55

2010

4.30

Energy consumption at Hilti Plants in MWh

2014

80,092

2013

80,2802012

80,287

2011

81,048

2010

81,939a) The Hilti Group ’s CO₂ balance increased slightly in 2014 as a result of higher production volumes and more
employees worldwide. Since 2012, overall emissions have fallen by 2.0 percent and emissions per employee havebeen reduced by 6.9 percent. Measures to improve energy efﬁciency in production and the shift to a more fuel - efﬁcient vehicle ﬂeet on the part of our sales employees were key factors in this result.
b) The slight drop in energy consumption in Hilti plants despite the increase in production shows that the numberof activities aimed at boosting energy efﬁciency have started to pay off. For example, in our plant in Liechtensteinalone, equipping air compressors with heat recovery systems has made possible a saving of around 500,000 kWhof heating energy. Hilti has invested some CHF 1.9 million in measures of this kind over the past three years.

46

c)

Fuel consumption in the top 13 market organizations in million liters of fuel

2014

d)

e)

Gasoline

Diesel18.0032013

18.212

2012

18.9182011

19.111

2010

18.936

Water consumption in m ³

2014

147,575

2013

167,8162012

168,415

2011

177,9622010

140,836

Total waste volumes in t

2014

7,632

2013

7,310

2012

6,753

2011

6,851

2010

6,672

c) The use of more fuel - efﬁcient vehicles has allowed fuel consumption in the top 13 market organizations to be
reduced by approximately 900,000 liters since 2012. This corresponds to a reduction of a total of 4.8 percent.
d) The clear reduction in water consumption last year is due primarily to measures in our plants in Mexico and China.
Our aim at these plants is to secure an ongoing improvement in galvanic processes so as to continue to bring down
the volumes of water used in washing. Improved maintenance programs have resulted in additional reductions inwater consumption being possible at our plant in Liechtenstein.
e) Waste production in manufacturing remained on a par with the previous year despite the increase in production
volumes. The rise in overall waste volumes is due to the increase in testing units in our development units, which
resulted in a higher level of requirements in terms of testing concrete and hardware in 2014.

47

Hilti 2014 Company Report

UN GLOBAL COMPACT –PROGRESS REPORT .

Human rights

Labor standards

Code of Conduct for Employees Our Codes of Conduct for Employees and for Suppliers comprise globally binding directives on such matters as the maintenance of human rights and compliance with labor
standards. The Code of Conduct for Employees isavailable in a total of 25 languages and was updated
during the 2014 ﬁnancial year. All new team members
receive a copy of it with their contracts of employment.

Safety at work We give our employees’ health thehighest priority, and it is a permanent element of
all work processes. Around the world, we adopt a
proactive approach, featuring many measures toprevent accidents at work, illness resulting from workor occupational diseases. Safety as well as work andhealth management are covered by our Codes ofConduct for Employees and for Suppliers.

Helplines We encourage our employees to report
every suspected violation of the Code of Conduct,whether directly to the management and our Compliance Ofﬁcers or by using the compliance helplines, which are available around the clock. These
are available to all employees in 70 countries and 40
languages.

Ergonomics In the year under review, workplaces
where repetitive tasks ( e.g. grasping or turning ) are
performed were subject to systematic and repeated examination. Tasks such as these often bring on
conditions and illnesses affecting the upper extremities, neck and back. Our in - house doctors offer our
employees comprehensive advice on how toprevent such occupational conditions.

Corporate culture “ The Hilti Way ” is a description of our culture, which is characterized byshared values, management by example and theconviction that corporate growth and the personal
development of employees are inseparable. In the2014 ﬁnancial year, our employees spent 31,000
workdays taking part in corporate culture workshops.

Global Reporting Initiative ( GRI ): G4 indicators
LA 8 Health and safety topics covered in formal agreements withtrade unions
HR 2 Total hours of employee training on human rights policies orprocedures concerning aspects of human rights that are relevant
to operations, including the percentage of employees trained48

HR 5 Operations and suppliers identiﬁed as having signiﬁcant risk
for incidents of child labor, and measures taken to contribute to theeffective abolition of child labor
HR 6 Operations and suppliers identiﬁed as having signiﬁcantrisk for incidents of forced or compulsory labor, and measures
to contribute to the elimination of all forms of forced or compulsory laborProtection of the environment

Combating corruption

Enhancing efﬁcient production In 2014, at ourplant in Shanghai ( China ), we improved the production technology of a production line: This made it
possible for the volume produced by the line to be
increased by 27 percent. The principal factors contributing to this improvement were reduced idle times
and a reduction in energy consumption by some
160,000 kWh a year.

Prevention We provide our employees with regulartraining on the rules contained in Hilti ’s in - house anticorruption directive. The main event in this context
in 2014 was the global rollout of an e - learning module that some 16,000 employees have now successfully completed. In addition, workshops were run tomake management more aware of speciﬁc problems
related to the ﬁght against corruption.

Optimizing building technology The ventilationequipment at Hilti GmbH Industriegesellschaft( Germany ) in the bonded anchor and ﬁre protection
divisions used to be run at long - established standard
settings. Now that the settings have been modiﬁed
and communication between the production department and the building’s management has been
improved and speeded up, the ventilation
is managed more precisely and adapted to
production times in each area. When no production is in progress, the ventilation can be reduced or switched off altogether. These measuresbrought about a reduction in energy costs of some
275,000 kWh of electricity a year.

Organization A regional compliance structure,
which had already been successfully implemented
in Eastern Europe, was extended this year to otherregions. The Hilti Group’s compliance organization
currently consists of the Chief Compliance Ofﬁcer
and a Compliance Manager in the Group ’s headofﬁce in Liechtenstein, with six regional and66 local Compliance Ofﬁcers.

EN 3 Energy consumption within the organization
EN 6 Reduction of energy consumption
EN 8 Total water withdrawal by source
EN 15 Direct greenhouse gas ( GHG ) emissions
EN 16 Energy indirect greenhouse gas ( GHG ) emissions
EN 19 Reduction of greenhouse gas (GHG ) emissions
EN 23 Total weight of waste by type and disposal method
EN 27 Extent of impact mitigation of environmental impacts ofproducts and services

DM A General information on the management approachSO 4 Communication and training on anticorruption policies andprocedures

Risk assessment A detailed assessment ofcorruption risks in all market organizations was
carried out in 2014. It took the form of a self-assessment by the market organizations’ General Managers
and local Compliance Ofﬁcers using a questionnairewith a total of 23 questions on risk factors at national,
industry and organizational level.

49

The secret of X- BT liesin the way all components
are perfectly combined .
The X- BT fastening
system draws on
Hilti's 50 years ofexperience toproduce a sin gle system
where special ly designed drills ,blunt-tip stainlesssteel studs , direct
fastening equipment andprecision cartridges are
perfectly attuned. Ensuring
the highest level of reli ability, even in the tough est conditions.

KEY FIGURES .

Hilti 2014 Company Report

PROFITABILITY AND CAPITALEFFICIENCY BROUGHT UP TOTARGET LEVEL .

Having generated sales growth of 7.5 percent in local currencies and of 3.6 percent in Swiss francs
resulting in total net sales of CHF 4.5 billion, the Hilti Group has increased its operating result by
27 percent in business year 2014. Return on sales rose further from 9.7 to 11.9 percent, while returnon capital employed was up from 12.8 to 16.8 percent. Free cash ﬂow was at a very good level of
CHF 383 million. Thus, both proﬁtability and cash ﬂow lie within the target range of the Group ’s corporate strategy and the enhanced investments in sales and products were carried out according to plan.
In 2014, the Hilti Group operated in a predominantly positive environment, albeit with considerable
regional differences. While markets in Northern andCentral Europe were generally positive, construction in Western and Southern Europe continued tobe subdued. An exceptionally strong winter that hit
the Eastern part of North America at the beginningof the year dampened what was otherwise a very
positive market performance. The emerging markets were characterized by heterogeneous economic developments: Middle East and parts ofAsia did very well, quite in contrast to Eastern Europe which was severely affected by
the political situation in Russia and Ukraine.
The initial momentum seen in Latin America wasincreasingly tarnished by political and ﬁscal uncertainties later in the year.
Substantial sales growth in local currencies
Against this backdrop, the Hilti Group stood its
ground well and posted growth in all regions. Aftera slightly negative trend in the previous year, ouroverall business in Europe has returned to growth( + 3.5 % ). In North America, a strong second halfallowed to almost completely offset a slow start tothe year ( + 9.5 % ). In the emerging markets, sales
growth reached double - digit ﬁgures in local currencies ( Eastern Europe / Middle East / Africa + 14.9 %,Asia + 10.6 %, Latin America + 14.6 % ).
Overall, sales in local currencies were up 7.5 percent( against 4.5 % in the prior year ).

52

Negative currency impacts
Especially in the ﬁrst half of the year, currencies ofmost regions lost in value against the Swiss franc.
Apart from the US Federal Reserve’s monetary
policy, this was mainly caused by local political andeconomic uncertainties ( particularly in Russia ) as wellas currency depreciations with the aim to boost theeconomy ( e.g. in Japan ). In the second half, the situation stabilized, mainly in the US. After conversion into
Swiss francs, sales growth shrunk by – 3.9 percent.
Hence, in Swiss francs, sales were up 3.6 percent to CHF 4.5 billion.
Enhanced productivity and higher margins
Thanks to accelerated growth, productivity enhancements and increased margins, operating proﬁtability was up further from 9.7 to 11.9 percent( exchange rate impact – 0.5 % ). Net proﬁt grew by
40.2 percent to CHF 426 million.
Return on capital employed improved by 12.8 to
16.8 percent and operating cash ﬂow was again
high at CHF 630 million, supported by reductions of accounts receivable collection period
by one day and of inventory days by four days.
With CHF 383 million, also free cash ﬂow was
at a very good level.
Hence, the company has reached its 2014 target
levels of operating proﬁtability, capital efﬁciency
and free cash ﬂow conversion.
The Hilti Group has stepped up its investments
according to plan. Expenditure for research anddevelopment grew by 17.9 percent ( CHF 222 million )while headcount was up, as of the end of the year,
from 21,456 to 22,248 ( + 4 % ).
Very sound balance sheet structure
Cash and cash equivalents amounted to
CHF 1223 million at year-end (2013: CHF 1538 million).
This CHF 315 million decrease reﬂects dividend
payments of CHF 393 million for 2013 as well as
the CHF 300 million repayment of a bond issue.
As a result, ﬁnancial debt was reduced signiﬁcantly to CHF 553 million as at the end of 2014
( previous year: CHF 879 million ). Net liquidity rose to
CHF 669 million. The equity ratio continues to bevery sound at 53 percent ( unchanged against 2013 ).
For the year 2014, the Board of Directors proposes
an ordinary dividend payment of CHF 214 million( 2013: CHF 153 million ). As a result of the company’s strong cash ﬂow and in continuation of
the repayment of excess liquidity to its ownerinitiated last year, the Board of Directors further proposes the payment of a special dividendof CHF 241 million, which will bring up the aggregate
dividend payout to CHF 455 million.

negative currency effects. Despite this additional
ﬁnancial burden, Hilti’s highly solid proﬁtability,
balance sheet and cash ﬂow positions along withthe ongoing measures to improve productivity, ﬂexibility and capital efﬁciency will enable the Group to
pursue its planned investments into market accessas well as innovative products and services. Thus,
the Hilti Group sees itself well positioned and looks
with conﬁdence into the 2015 business year.

Outlook
According to the economic forecasts for 2015, thebusiness climate is expected to be similar as in2014, strongly marked by increasing geopoliticalvolatilities. The Hilti Group expects growth in local
currencies to be in the solid single - digit range. The
decision taken by the Swiss National Bank on
January 15, 2015, to lift the minimum exchange rateof CHF 1.20 per euro and the subsequent surgeof the Swiss franc also have a signiﬁcant impact on
the globally operating Hilti Group. As a consequence, a number of immediate countermeasures
were initiated that will mitigate the short - term

53

Hilti 2014 Company Report

KEY FIGURESNet sales in CHF million

2014

4,497

2013

4,340

2012

4,205

2011

3,998

2010

3,930

Free cash ﬂow in CHF million

2014

383

2013

354

2012

366

2011

– 28

2010

– 13

Operating result in CHF million

2014

537

2013

421

2012

301

2011

207

2010

268

Please note
The following pages contain extracts from the 2014 Financial Report of the Hilti Group. Because these pages
do not contain the full consolidated ﬁnancial statements, they do not present complete information about theﬁnancial position, ﬁnancial performance and cash ﬂows of the Hilti Group for 2014. Complete information,
including the notes to the consolidated ﬁnancial statements, is contained in the 2014 Financial Report, which will
be available on the Group ’s website ( www.hilti.com ) from late March 2015.The full 2014 consolidated ﬁnancial
statements, which are included in the 2014 Financial Report, have been prepared in accordance with international
ﬁnancial reporting standards ( IFRS ).

54

Net income in CHF million

2014

426

2013

304

2012

187

2011

97

2010

142

Research and development expenditure in CHF million

2014

222

2013

189

2012

175

2011

184

2010

172

Employees as at December 31

2014

22,2482013

21,456

2012

21,1392011

21,8482010

20,30555

Hilti 2014 Company Report

CONSOLIDATED BALANCE SHEETof Hilti Group as at December 31

Assets in CHF million

2014

2013

Intangible assets

360.5

340.0

Property, plant and equipment

791.9

760.8

1.9

2.2

Deferred income tax assets

146.6

126.5

Other ﬁnancial investments

14.3

13.4

Trade and other receivables

404.0

362.4

5.9

–

1,725.1

1,605.3

Investment property

Derivative ﬁnancial instruments
TOTAL NON - CURRENT ASSETSInventories

559.7

548.5

1,004.5

943.2

Current income taxes receivable

9.9

11.4

Accrued income and prepayments

45.4

50.3

Derivative ﬁnancial instruments

7.4

33.8

34.2

32.1

Cash and cash equivalents

1,222.8

1,538.3

TOTAL CURRENT ASSETS

2,883.9

3,157.6

TOTAL ASSETS

4,609.0

4,762.9

Trade and other receivables

Financial assets at fair value through proﬁt or loss

56

Equity and liabilities in CHF million
Non - controlling interests

2014

2013

9.7

9.3

Equity attributable to equity holders of the parent

2,439.7

2,513.5

TOTAL EQUITY

2,449.4

2,522.8

Provisions

68.4

57.5

Employee beneﬁts

526.6

308.4

Deferred income tax liabilities

23.3

26.0

Bonds

378.4

414.7

Long-term bank borrowings

28.5

39.5

Trade and other payables

28.2

24.9

–

1.0

1,053.4

872.0

Provisions

62.8

75.3

Employee beneﬁts

15.8

8.7

Trade and other payables

350.3

342.7

Derivative ﬁnancial instruments
TOTAL NON-CURRENT LIABILITIESCurrent income taxes payable

91.2

89.5

Accrued liabilities and deferred income

425.3

424.9

Bonds

31.9

299.8

Short-term bank borrowings

114.6

125.3

Derivative ﬁnancial instruments

14.3

1.9

TOTAL CURRENT LIABILITIES

1,106.2

1,368.1

TOTAL LIABILITIES

2,159.6

2,240.1

TOTAL EQUITY AND LIABILITIES

4,609.0

4,762.9

Equity comprises share capital (176,000 registered shares with par value of CHF 500 each ) and participation
capital ( 774,400 participation certiﬁcates with par value of CHF 50 each ) as well as reserves. All of the registeredshares and participation certiﬁcates are owned by the Martin Hilti Family Trust.

57

Hilti 2014 Company Report

CONSOLIDATED INCOME STATEMENT
of Hilti Groupin CHF million
Net sales
Other operating revenues
TOTAL OPERATING REVENUES

Change in inventory

2014

2013

4,497.3

4,340.2

102.6

92.3

4,599.9

4,432.5

6.7

1.2

Material costs– 1,363.0– 1,317.9

Personnel expenses– 1,783.9– 1,702.9

Depreciation and amortization– 194.4– 220.3

Other operating expenses– 728.8– 771.5– 4,063.4– 4,011.4

OPERATING RESULT

536.5

421.1

Other revenues and expenses ( net )– 6.1– 16.0Finance costs– 31.6– 51.0NET INCOME BEFORE INCOME TAX EXPENSE

498.8

354.1

Income tax expense– 72.5– 50.0NET INCOME

426.3

304.1

Equity holders of the parent

426.9

305.5

Non - controlling interests

– 0.6

– 1.4

TOTAL OPERATING EXPENSES

Attributable to:

The notes to the consolidated financial statements, which immediately follow the consolidated cash flow
statement, are an integral part of, and should be read in conjunction with, the consolidated balance sheet, theconsolidated income statement, the consolidated statement of comprehensive income and the consolidated
cash flow statement.

58

CONSOLIDATED STATEMENT OFCOMPREHENSIVE INCOME
of Hilti Groupin CHF million

2014

2013

NET INCOME

426.3

304.1

Net movement on cash ﬂow hedges

4.8

0.4

Deferred tax on net movement on cash ﬂow hedges

– 0.6

– 0.1

Foreign currency translation differences

22.8– 21.2ITEMS THAT MAY BE SUBSEQUENTLY RECLASSIFIED TO THE INCOME STATEMENT

27.0– 20.9– 159.3

47.6

25.4

– 5.5

ITEMS THAT WILL NEVER BE RECLASSIFIED TO THE INCOME STATEMENT– 133.9

42.1

OTHER COMPREHENSIVE INCOME ( OCI )– 106.9

21.2

TOTAL COMPREHENSIVE INCOME

319.4

325.3

Equity holders of the parent

319.0

326.9

Non - controlling interests

0.4

– 1.6

Remeasurements on employee beneﬁts
Deferred tax on remeasurements on employee beneﬁts

Attributable to:59

Hilti 2014 Company Report

CONSOLIDATED CASH FLOW STATEMENT
of Hilti Groupin CHF million

2014

2013

NET INCOME

426.3

304.1

Depreciation and amortization

194.4

220.3

( Increase ) / decrease in inventories

– 6.7

– 1.2

( Increase ) / decrease in trade receivables– 10.0– 18.7( Increase ) / decrease in ﬁnance lease receivables– 86.7– 48.5

2.2

25.1

and other net operating assets

110.1

68.4

CASH FLOW FROM OPERATING ACTIVITIES

629.6

549.5

Capital expenditure on intangible assets– 104.8– 79.1

Capital expenditure on property, plant and equipment

Increase / ( decrease ) in trade payables
Change in non - cash items– 152.7– 130.1( Increase ) / decrease in ﬁnancial investments

– 1.0

6.7

Disposal of intangible assets

0.1–

Disposal of property, plant and equipment

11.4

6.9

– 247.0– 195.6

CASH FLOW FROM INVESTING ACTIVITIES

60

in CHF million

2014

2013

0.6

3.7

Repayment of long - term borrowings– 1.3– 21.1

Proceeds from / ( repayment of ) short - term borrowings– 15.2– 19.7–200.0– 300.0– 150.0

Proceeds from long - term borrowings

Proceeds from issuance of bonds
Repayment of bonds
Increase / ( decrease ) in liability to shareholder

0.1

0.2

Dividend paid

– 392.8– 130.5

CASH FLOW FROM FINANCING ACTIVITIES– 708.6– 117.4

10.5

– 4.8

TOTAL INCREASE / ( DECREASE ) IN CASH AND CASH EQUIVALENTS– 315.5

231.7

Cash and cash equivalents at January 1

1,538.3

1,306.6

CASH AND CASH EQUIVALENTS AT DECEMBER 31

1,222.8

1,538.3

5.9

5.3

Interest paid

– 38.4– 51.0

Income tax paid

– 61.9– 53.9Exchange differences

Cash ﬂow from operating activities includes
Interest received

61

Hilti 2014 Company Report

KEY FIGURES INFORMATION
of Hilti Group

Results in CHF million / %

2014

2013

Net sales

4,497

4,340

Depreciation and amortization

194

220

Operating result

537

421

Net income before tax

499

354

Net income

426

304

Return on capital employed ( RoCE ) in % ( operating result )

16.8

12.8

Return on equity ( RoE ) in % ( net income )

17.1

12.5

Free cash ﬂow

383

354

2,449

2,523

53

53

Balance sheet in CHF million / %Total equity
Total equity in % Total equity and liabilities
Total non - current liabilities

1,053

872

Total current liabilities

1,106

1,368

258

209

1,152

1,101

573

504

Total current assets

2,884

3,158

Total assets

4,609

4,763

Dividend*

455

393

22,24821,456

Capital expenditures on intangible assets and on property,
plant and equipment
Intangible assets and property, plant and equipment
Other non - current assets

EMPLOYEES AS AT DECEMBER 31* Proposal by the Board of Directors

62

2014 SALES GROWTH
year on year

Sales growth in CHF million

2014

2013

Changein CHF ( % )Changelocal currencies ( % )Europe

2,221

2,178

2.0

3.5

924

867

6.6

9.5

North America
Latin America

177

168

4.9

14.6

Asia / Paciﬁc

633

603

4.9

10.6

Eastern Europe / Middle East / Africa

543

524

3.7

14.9

4,497

4,340

3.6

7.5

HILTI GROUP

63

IMPRESSUM

Publisher
Hilti Corporation, Corporate Brand & Communication,
PO Box 333, 9494 Schaan, Liechtenstein
Editor - in - chief
Jessica Nowak
Concept
Hilti Corporate Brand & Communication
Editorial team, text
Jessica Nowak, Matthias Hassler, Jagna Jera, Priya Ender,
Jens Schulte, Thierry Mahe, Stefano Paino, Thomas Kähr ( Zurich )DesignMartin et Karczinski ( Zurich )Photography, VideoUli Reitz, Beat Schweizer ( Bern ), Technip ( Paris ), Stratex ( Milan ),Oliver Raudszus, ﬁlmfabrik Anstalt ( Vaduz )Translation
Chris Larson, Christoph Renfer ( Riehen ),CLS Communication AG ( Basel )Image processing
Roger Bahcic ( Zurich )Production coordinator
Lise Santschi
Printed by
BVD Druck + Verlag AG
9494 Schaan, Liechtenstein

We wish to thank our customers and partners for their kind support.
The Company Report is published in German and English. Duplication, even in part, only with permission of the publisher.
The complete Financial Report, the principles of corporate governance, the Group organizational chart, a list of consolidated companies and information on the Martin Hilti Family Trust can be foundon the Internet at www.hilti.com.

Hilti . Outperform . Outlast .
www.hilti.com

Hilti Corporation2014 Company Report

Long-term studies on fastening elements installedin marine environments
have shown thatthe expected life
span in extremely
corrosive environments is morethan 40 years. This
proves that the X-BT
system is unbeatable
not only in terms of installation
productivity, but also withregard to operation and maintenance costs.

2014 COMPANY REPORTHilti . Outperform . Outlast .
www.hilti.com

Hilti Corporation2014 Company Report

Long-term studies on fastening elements installedin marine environments
have shown thatthe expected life
span in extremely
corrosive environments is morethan 40 years. This
proves that the X-BT
system is unbeatable
not only in terms of installation
productivity, but also withregard to operation and maintenance costs.

2014 COMPANY REPORT