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Bonus Index Final Results 2009 - Switzerland

Final results of the Obermatt Bonus Index 2009 will be published on April 19, 2010. Shareholder advisories such as Manifest (U.K.) and DSW (Germany) and the company receive their Bonus Index result within 10 days of published annual results.

Novartis

Because of public interest, the assessment of the Obermatt Bonus Index Novartis report can be downloaded here. To verify the result, you can download the sensitivity analysis. Additional Obermatt Bonus Index analysis on Novartis. News coverage: Reuters - Manifest - Sonntagszeitung Nov 09

First Estimates 2009 (based on half-year results)

Report in PDF Format

NZZ coverage (German only)

Finanz & Wirtschaft coverage (German only)

Sonntagszeitung coverage (German only)

I. Executive Summary

79 Swiss management boards have managed to beat their global competitors in the current Obermatt bonus index of the SMI and SPI Companies. As expected, the cantonal banks are the winners of the credit crisis. The best performance was achieved by the Graubündner cantonal bank with a recommended bonus multiple of 1.9. The cantonal banks of Zug, Basel (land and city), Wallis and Bern also achieved a bonus multiple of 1.0 or higher. The positions two and three are held by Actelion and the division Windows & Doors of AFG Arbonia Foster, respectively. A relatively good performance was also accomplished by Syngenta with a bonus multiple recommendation of 1.4. This shows that a company, in an industry strongly affected by the credit crisis, can still attain a good performance if the performance is measured on an indexed basis. The industrial companies StarragHeckert, Leclanche, Zehnder, Gurit and Metraux also performed above average.

II. Bonus Index – First Estimate 2009

The following tables include corrections that have been made after publication of the Bonus Index.

1 Sorted by Bonus Multiplier

Bonus Multiple	Company Name	Ranked by Metric	Metric Value	Operating Index	Operating Alpha	Operating Rank	Peer Universe	Number of Peers
1.9	Banque Cantonale Vaudoise	Delta Income/Equity	1.60%	-0.50%	2.10%	93	National/State Retail Banks Europe	36
1.9	Graubündner Kantonalbank	Delta Income/Equity	1.60%	-0.50%	2.10%	93	National/State Retail Banks Europe	36
1.9	Actelion	Delta EBITDA/Sales	13.80%	-1.40%	15.10%	93	Pharmaceutical & Chemical Industry	178
1.9	AFG - Windows & Doors	Delta EBITDA/Sales	0.00%	-6.30%	6.40%	93	Windows & Doors	33
1.8	Swisslog	Delta EBITDA/Sales	1.90%	-2.30%	4.30%	91	Logistic Solutions	80
1.8	Zuger Kantonalbank	Delta Income/Equity	1.00%	-0.50%	1.50%	90	National/State Retail Banks Europe	36
1.8	Mobimo	Delta EBITDA/Sales	15.30%	-4.60%	19.90%	89	Real Estate	115
1.8	Roche - Pharmaceuticals	Delta EBITDA/Sales	11.00%	0.80%	10.20%	88	Pharma large only	113
1.7	Syngenta - Crop Protection	Delta EBITDA/Sales	5.60%	-0.80%	6.40%	87	Agricultural Crop Protection	94
1.7	Syngenta	Division Average	5.60%	-0.80%	6.40%	86	Division Average	n/a
1.7	Basellandschaftliche Kantonalbank	Delta Income/Equity	0.90%	-0.50%	1.50%	86	National/State Retail Banks Europe	36
1.7	Syngenta - Seeds	Delta EBITDA/Sales	2.50%	-2.40%	4.90%	86	Agricultural Seeds	74
1.7	Loeb	Delta EBITDA/Sales	8.20%	-4.60%	12.80%	86	Real Estate	115
1.7	National Versicherung	Delta Income/Equity	4.00%	-1.00%	5.00%	85	Multi-line Insurer Europe	53
1.7	Warteck Invest	Delta EBIT/Sales	14.20%	-5.30%	19.50%	84	Real Estate	115
1.7	Liechtensteinische Landesbank	Delta Income/Equity	0.40%	-0.50%	0.90%	83	National/State Retail Banks Europe	36
1.6	Walliser Kantonalbank	Delta Income/Equity	0.30%	-0.50%	0.90%	79	National/State Retail Banks Europe	36
1.5	BKW	Delta EBITDA/Sales	6.70%	-0.10%	6.80%	77	Power Production Europe	68
1.5	PSP Swiss Property	Delta EBITDA/Sales	5.40%	-4.60%	10.00%	77	Real Estate	115
1.5	Valiant	Delta Income/Equity	-0.20%	-2.70%	2.50%	76	Wealth Management Europe	39
1.5	Basler Kantonalbank	Delta Income/Equity	0.20%	-0.50%	0.80%	76	National/State Retail Banks Europe	36
1.5	Bucher - Municipal	Delta EBIT/Sales	-2.60%	-10.20%	7.60%	74	Municipal Vehicles Manufacturer	50
1.5	Roche Limited	Division Average	2.20%	0.10%	2.10%	74	Division Average	n/a
1.5	Sulzer	Delta EBITDA/Sales	-0.70%	-3.50%	2.90%	74	Industrial Machinery and Equipment	92
1.5	Raetia Energie	Delta EBITDA/Sales	4.40%	-0.10%	4.50%	73	Power Production Europe	68
1.4	Schindler	Delta EBIT/Sales	1.00%	-0.90%	1.90%	71	Elevator & Escalator	21
1.4	Berner Kantonalbank	Delta Income/Equity	0.10%	-0.50%	0.70%	69	National/State Retail Banks Europe	36
1.4	Sulzer - Pumps	Delta EBITDA/Sales	1.80%	-1.50%	3.20%	69	Pumps	120
1.4	Dätwyler - Cables	Delta EBITDA/Sales	-6.10%	-8.10%	2.00%	69	Cabels	42
1.3	StarragHeckert	Delta EBITDA/Sales	-2.80%	-5.50%	2.60%	67	Machining Centers	52
1.3	Swiss Life	Delta Income/Equity	0.30%	-1.00%	1.30%	67	Multi-line Insurer Europe	53
1.3	Leclanche	Delta EBITDA/Sales	2.20%	-0.70%	2.90%	67	Batteries	54
1.3	Bell	Delta EBITDA/Sales	2.10%	0.80%	1.30%	66	Meat Processing	85
1.3	Zehnder	Delta EBIT/Sales	-1.40%	-2.20%	0.80%	66	Heating/Sanitary Equipment	65
1.3	Bank CA St. Gallen	Delta Income/Equity	0.00%	-0.50%	0.60%	66	National/State Retail Banks Europe	36
1.3	Kaba - Door Systems	Delta EBITDA/Sales	-0.30%	-2.00%	1.70%	65	Door Systems	77
1.3	Calida	Delta EBITDA/Sales	-1.50%	-2.20%	0.80%	65	Underwear	59
1.3	VP Bank	Delta Income/Equity	-1.50%	-2.70%	1.20%	64	Wealth Management Europe	39
1.3	Synthes Inc.	Delta EBITDA/Sales	0.60%	-1.50%	2.00%	64	Operative Treatment Devices	26
1.3	Looser - Coating	Delta EBITDA/Sales	-2.00%	-4.50%	2.50%	63	Coating	53
1.3	Gurit	Delta EBITDA/Sales	-0.90%	-2.30%	1.40%	63	Composite Materials	46
1.2	ABB - Power Products	Delta EBIT/Sales	-2.30%	-3.10%	0.80%	61	Power Products	64
1.2	Looser	Division Average	-1.40%	-1.70%	0.30%	61	Division Average	n/a
1.2	Kühne & Nagel - Rail & Road Logistics	Delta EBITDA/Sales	-0.40%	-2.00%	1.60%	60	Road & Rail	145
1.2	Bank Sarasin	Delta Income/Equity	-1.70%	-2.70%	1.00%	60	Wealth Management Europe	39
1.2	Roche - Diagnostics	Delta EBITDA/Sales	2.20%	0.10%	2.10%	60	Diagnostics	76
1.2	Looser - Doors	Delta EBITDA/Sales	-1.40%	-1.70%	0.30%	59	Doors/Frames	44
1.2	Belimo	Delta EBITDA/Sales	-1.10%	-2.80%	1.70%	59	Actuators for HVAC-Systems	86
1.2	Banque Cantonale De Genève	Delta Income/Equity	-0.20%	-0.50%	0.30%	59	National/State Retail Banks Europe	36
1.1	Hügli	Delta EBITDA/Sales	1.10%	0.00%	1.20%	57	Food Producers	73
1.1	Holcim - Other Construction Material and Services	Delta EBITDA/Sales	-3.40%	-4.70%	1.30%	57	Concrete & Asphalt Producers	120
1.1	Tecan	Delta EBITDA/Sales	-1.70%	-2.60%	1.00%	57	Lab Equipment Producers	36
1.1	Luzerner Kantonalbank	Delta Income/Equity	-0.20%	-0.50%	0.30%	55	National/State Retail Banks Europe	36
1.1	AFG - Heating & Sanitary	Delta EBITDA/Sales	-1.70%	-2.50%	0.80%	55	Heating / Sanitary Equipment	59
1.1	Nestlé - Prepared Dishes	Delta EBIT/Sales	0.40%	0.30%	0.20%	55	Prepared Food	139
1.1	Meyer Burger	Delta EBITDA/Sales	-2.70%	-3.20%	0.50%	55	Semiconductor Machinery	58
1.1	Barry Callebaut - Industrial Customers	Delta EBITDA/Sales	0.70%	0.40%	0.30%	54	Chocolat & Confectionery	156
1.1	VZ	Delta Income/Equity	-1.00%	-2.20%	1.20%	54	Investment Banking	78
1.1	Dätwyler - Pharma	Delta EBITDA/Sales	-0.30%	-0.80%	0.50%	54	Pharma	312
1.1	Metraux	Delta EBITDA/Sales	-0.50%	-0.50%	0.10%	54	Spare Parts	72
1.1	Goldbach Media	Delta EBITDA/Sales	0.90%	0.70%	0.20%	53	Electronic Marketing	34
1.1	Kühne & Nagel - Sea Freight	Delta EBITDA/Sales	-0.20%	-0.90%	0.70%	53	Water Transportation	171
1.1	Kühne & Nagel	Division Average	-1.10%	-1.00%	-0.10%	53	Division Average	n/a
1	Ypsomed	Delta EBITDA/Sales	-2.00%	-2.30%	0.40%	52	Injection Pens Manufacturer	47
1	Baloise	Delta Income/Equity	-0.90%	-1.00%	0.00%	52	Multi-line Insurer Europe	53
1	St. Galler Kantonalbank	Delta Income/Equity	-0.30%	-0.50%	0.30%	52	National/State Retail Banks Europe	36
1	Allreal	Delta EBITDA/Sales	-4.10%	-4.60%	0.50%	51	Real Estate	115
1	Clariant - Functional Chemicals	Delta EBITDA/Sales	-2.80%	-2.90%	0.20%	51	Basic Chemicals	153
1	Kühne & Nagel - Contract Logistics	Delta EBITDA/Sales	-1.50%	-1.80%	0.30%	51	Logistics/Warehouse/Supply Chain	280
1	Dottikon	Delta EBITDA/Sales	-7.00%	-7.00%	0.00%	50	Chemical Reactions / Recycling	74
1	Dätwyler - Rubber	Delta EBITDA/Sales	-9.20%	-9.20%	0.00%	50	Rubber	17
1	Energiedienst	Delta EBITDA/Sales	2.00%	2.00%	0.00%	50	Energy & Clean & Europe	66
1	Swisscom	Delta EBITDA/Sales	-0.90%	-0.90%	0.00%	50	Telecommunications	98
1	Bucher - Kuhn	Delta EBIT/Sales	-4.10%	-4.10%	0.00%	50	Farm Machinery	53
1	Also	Delta EBITDA/Sales	-0.40%	-0.30%	-0.10%	49	IT Retail	94
1	Helvetia	Delta Income/Equity	-1.00%	-1.00%	0.00%	48	Multi-line Insurer Europe	53
1	Julius Bär	Delta Income/Equity	-2.90%	-2.70%	-0.20%	48	Wealth Management Europe	39
1	AFG	Division Average	0.00%	-6.30%	6.40%	48	Division Average	n/a
0.9	Barry Callebaut	Division Average	-0.20%	0.40%	-0.60%	47	Division Average	n/a
0.9	Forbo	Delta EBIT/Sales	-3.80%	-3.50%	-0.30%	47	Flooring & Bonding Material	247
0.9	Nestlé - Confectionery	Delta EBIT/Sales	-0.10%	0.10%	-0.20%	47	Chocolat & Confectionery	156
0.9	Kaba	Division Average	-3.20%	-2.00%	-1.20%	47	Division Average	n/a
0.9	Kühne & Nagel - Air Freigth	Delta EBITDA/Sales	-1.10%	-1.00%	-0.10%	47	Air Freight and Cargo	84
0.9	Ascom	Delta EBITDA/Sales	-3.60%	-3.10%	-0.50%	46	Telecommunication Systems	81
0.9	Nestlé	Division Average	-0.90%	-0.10%	-0.80%	45	Division Average	n/a
0.9	Sopracenerina	Delta EBITDA/Sales	-0.20%	-0.10%	-0.10%	45	Power Production Europe	68
0.9	Nestlé - Beverages	Delta EBIT/Sales	-0.10%	0.30%	-0.40%	44	Beverages (Coffee/Water)	371
0.9	Givaudan - Flavours	Delta EBITDA/Sales	-1.20%	-0.40%	-0.80%	44	Flavoring Extracts and Flavoring Syrups	134
0.9	Vetropack	Delta EBIT/Sales	-2.80%	-1.80%	-1.00%	43	Glass Packaging	52
0.9	Charles Vögele	Delta EBITDA/Sales	-1.30%	-1.00%	-0.40%	43	Clothing Apparel and Shoes	127
0.9	Züblin Immobilien	Delta EBITDA/Sales	-9.70%	-4.60%	-5.10%	43	Real Estate	115
0.8	Holcim - Cement	Delta EBITDA/Sales	-6.80%	-5.50%	-1.30%	42	Cement & Clinker	72
0.8	Holcim	Division Average	-7.90%	-4.30%	-3.60%	42	Division Average	n/a
0.8	Sika	Delta EBITDA/Sales	-4.90%	-1.10%	-3.70%	41	Specialty Chemicals	107
0.8	Affichage	Delta EBITDA/Sales	-10.20%	-8.00%	-2.20%	41	Outdoor Advertising	38
0.8	Orell Füssli - Book Retail	Delta EBITDA/Sales	-5.20%	-2.00%	-3.10%	41	Book Retail	34
0.8	Novartis - Pharmaceuticals	Delta EBITDA/Sales	-0.10%	0.80%	-0.90%	41	Pharma large only	113
0.8	Barry Callebaut - Retail Private Customers	Delta EBITDA/Sales	-0.20%	0.40%	-0.60%	41	Chocolat & Confectionery	156
0.8	Mobilzone	Delta EBITDA/Sales	-1.90%	-1.30%	-0.60%	40	Mobile Phone Retail	37
0.8	Vontobel	Delta Income/Equity	-3.70%	-2.20%	-1.50%	40	Investment Banking	78
0.8	Walter Meier	Delta EBIT/Sales	-3.30%	-2.30%	-1.00%	39	Heating/Cooling Equipment	78
0.8	Elma	Delta EBIT/Sales	-4.40%	-2.70%	-1.70%	39	Electronic Packaging Components	63
0.8	Accu	Delta EBITDA/Sales	-1.50%	-0.70%	-0.70%	39	Batteries	54
0.8	Georg Fischer - AgieCharmilles	Delta EBITDA/Sales	-22.90%	-12.90%	-10.00%	38	AgieCharmilles	36
0.8	Kaba - Key Systems	Delta EBITDA/Sales	-8.00%	-7.10%	-0.90%	38	Key Systems	29
0.8	Givaudan	Division Average	-3.90%	-1.30%	-2.60%	38	Division Average	n/a
0.8	ABB - Power Systems	Delta EBIT/Sales	-3.10%	-1.70%	-1.30%	38	Power Systems	66
0.8	Kuoni	Delta EBITDA/Sales	-3.30%	-1.10%	-2.20%	38	Travel/Tour Operators	61
0.8	Banque Cantonale Du Jura	Delta Income/Equity	-2.10%	-0.50%	-1.60%	38	National/State Retail Banks Europe	36
0.8	Nobel Biocare	Delta EBITDA/Sales	-4.50%	0.60%	-5.10%	38	Dental Implants	17
0.7	Credit Suisse	Delta Income/Equity	-1.70%	-0.70%	-1.00%	37	Very Larg Diversified Gobal Banks	39
0.7	Kardex	Delta EBITDA/Sales	-8.60%	-6.40%	-2.30%	37	Storage Solution	62
0.7	CPH	Delta EBITDA/Sales	-4.20%	-1.50%	-2.70%	37	Paper/Chemicals	133
0.7	Georg Fischer - Piping Systems	Delta EBITDA/Sales	-7.20%	-4.90%	-2.30%	36	Piping Systems	28
0.7	Kaba - Access Systems	Delta EBITDA/Sales	-3.20%	-2.00%	-1.20%	36	Access Control Systems	74
0.7	Von Roll - Insulation	Delta EBITDA/Sales	-10.50%	-7.00%	-3.40%	36	Electrical Division	78
0.7	SGS	Delta EBITDA/Sales	-5.50%	-2.00%	-3.50%	36	Testing/Inspection/Verification	194
0.7	Nestlé - Milk Products	Delta EBIT/Sales	-0.90%	-0.10%	-0.80%	36	Dairy Products	230
0.7	Bellevue Group	Delta Income/Equity	-4.90%	-2.20%	-2.70%	35	Investment Banking	78
0.7	AFG - Kitchens & Refrigeration	Delta EBITDA/Sales	-3.70%	-1.60%	-2.10%	35	Kitchens & Refrigeration	81
0.7	IVF Hartmann	Delta EBITDA/Sales	0.00%	1.80%	-1.80%	35	Injury-care Products	110
0.7	Emmi	Delta EBITDA/Sales	-0.10%	0.30%	-0.50%	35	Milk Products	62
0.7	Bucher	Division Average	-22.20%	-0.90%	-21.30%	34	Division Average	n/a
0.7	Cham Paper Group	Delta EBIT/Sales	-7.10%	-0.70%	-6.30%	34	Paper Industry	121
0.7	Panalpina	Delta EBITDA/Sales	-2.90%	-1.30%	-1.60%	34	Transportation/Logistic Services	160
0.7	Cicor	Delta EBITDA/Sales	-14.00%	-6.30%	-7.70%	33	Electrical Interconnects	33
0.7	Givaudan - Fragrances	Delta EBITDA/Sales	-3.90%	-1.30%	-2.60%	33	Soap Detergents And Cleaning Preparations	416
0.6	Tamedia	Delta EBITDA/Sales	-17.40%	-9.50%	-7.90%	32	Printing/Publishing/Broadcasting	34
0.6	ABB	Division Average	-8.30%	-3.20%	-5.10%	31	Division Average	n/a
0.6	Lindt & Sprüngli	Delta EBITDA/Sales	-1.80%	0.40%	-2.20%	31	Chocolat & Confectionery	156
0.6	Acino	Delta EBITDA/Sales	-5.60%	1.70%	-7.30%	30	Generics / Pharmaceuticals	78
0.6	Lonza - Life Science Ingredients	Delta EBITDA/Sales	-3.20%	1.00%	-4.10%	30	Life Science	88
0.6	EMS-Chemie	Delta EBITDA/Sales	-12.00%	-7.20%	-4.80%	30	Polymers and Chemicals	76
0.6	Clariant	Division Average	-2.80%	-2.90%	0.20%	30	Division Average	n/a
0.6	Schulthess	Delta EBITDA/Sales	-3.10%	0.10%	-3.20%	30	Laundry equipment	81
0.6	Schmolz+Bickenbach	Delta EBITDA/Sales	-32.90%	-13.70%	-19.30%	29	Steel Production/Processing Large	73
0.6	Geberit	Delta EBITDA/Sales	-5.60%	-3.40%	-2.20%	29	Sanitary Systems	67
0.6	Galenica - Logistics	Delta EBITDA/Sales	-1.00%	0.10%	-1.20%	29	Pharmaceutical Retail	66
0.6	Lonza	Division Average	-5.20%	-0.70%	-4.60%	29	Division Average	n/a
0.6	Clariant - Textile Leather Paper	Delta EBITDA/Sales	-9.50%	-3.40%	-6.00%	29	Textile Chemicals	97
0.6	Georg Fischer	Division Average	-19.00%	-3.40%	-15.60%	28	Division Average	n/a
0.6	Edipresse	Delta EBITDA/Sales	-15.70%	-9.00%	-6.70%	28	Publishing	67
0.5	Romande Energie	Delta EBITDA/Sales	-3.20%	-0.10%	-3.10%	27	Power Production Europe	68
0.5	Comet	Delta EBIT/Sales	-24.30%	-2.70%	-21.50%	27	Capacitors/X-Ray	27
0.5	Lonza - Custom Manufacturing	Delta EBITDA/Sales	-5.20%	-0.70%	-4.60%	27	Exklusive Synthesis	96
0.5	Adval Tech	Delta EBITDA/Sales	-10.50%	-5.60%	-4.90%	26	Stamping/Forming Machinery	76
0.5	Novartis -Sandoz	Delta EBITDA/Sales	-1.80%	1.90%	-3.70%	26	Generics & OTC	69
0.5	Holcim - Aggregates	Delta EBITDA/Sales	-7.90%	-4.30%	-3.60%	26	Aggregates Producer	149
0.5	Bucher - Emhart Glass	Delta EBIT/Sales	-7.10%	-2.30%	-4.80%	26	Special Machinery (Glass)	53
0.5	Zurich Financial Services	Delta Income/Equity	-6.10%	-1.00%	-5.20%	26	Multi-line Insurer Europe	53
0.5	Galenica	Division Average	-1.00%	0.10%	-1.20%	26	Division Average	n/a
0.5	Swatch - Watches & Jewelry	Delta EBIT/Sales	-7.10%	-1.30%	-5.70%	26	Watches	83
0.5	Swatch	Division Average	-7.10%	-1.30%	-5.70%	26	Division Average	n/a
0.5	Straumann	Delta EBITDA/Sales	-8.50%	0.60%	-9.00%	25	Dental Implants	17
0.5	Huber & Suhner	Delta EBITDA/Sales	-6.90%	-3.70%	-3.20%	25	Cables / Fibre Optics	42
0.5	Burkhalter	Delta EBITDA/Sales	-4.30%	1.10%	-5.30%	25	Electronic Installation	27
0.5	Carlo Gavazzi	Delta EBITDA/Sales	-11.00%	-4.20%	-6.80%	24	Electric Control Components	106
0.5	LEM	Delta EBITDA/Sales	-16.60%	-9.80%	-6.80%	24	Electronic Components	42
0.5	Swissmetal	Delta EBITDA/Sales	-10.90%	-6.80%	-4.10%	24	Copper Products	66
0.5	Von Roll	Division Average	-10.50%	-7.00%	-3.40%	24	Division Average	n/a
0.5	Orell Füssli	Division Average	-19.50%	-2.50%	-17.00%	23	Division Average	n/a
0.5	ABB - Automation Products	Delta EBIT/Sales	-8.30%	-3.20%	-5.10%	23	Automation Products	105
0.5	Novartis	Division Average	-21.80%	-0.20%	-21.60%	23	Division Average	n/a
0.5	Publigroupe	Delta EBITDA/Sales	-9.40%	-0.90%	-8.50%	23	Market of Advertisement	80
0.5	Feintool	Delta EBITDA/Sales	-25.80%	-4.80%	-21.00%	23	Machine Tools	41
0.5	Galenica - Pharma	Delta EBITDA/Sales	-2.30%	0.10%	-2.40%	23	Pharmaceuticals Manufacturer	83
0.4	Bachem	Delta EBITDA/Sales	-7.60%	1.30%	-8.90%	22	API/Intermediates/Compounds	172
0.4	Flughafen Zurich	Delta EBITDA/Sales	-9.80%	-2.00%	-7.80%	22	Airport/Airline	159
0.4	EFG International	Delta Income/Equity	-7.00%	-2.70%	-4.30%	20	Wealth Management Europe	39
0.4	Coltene	Delta EBITDA/Sales	-6.30%	0.60%	-6.90%	20	Dental Consumables	40
0.4	Mikron	Delta EBITDA/Sales	-29.40%	-4.50%	-24.90%	19	Machine Tools/Assembly Solutions	85
0.4	Uster	Delta EBITDA/Sales	-34.10%	-9.60%	-24.50%	18	Special Textile Machinery	44
0.4	OC Oerlikon - Textile	Delta EBITDA/Sales	-24.40%	-8.70%	-15.70%	18	Textile Industry	40
0.3	Intershop	Delta EBITDA/Sales	-46.60%	-4.60%	-42.10%	17	Real Estate	115
0.3	Partners Group	Delta Income/Equity	-9.80%	-2.20%	-7.60%	17	Investment Banking	78
0.3	Orell Füssli - Security Printing	Delta EBITDA/Sales	-17.10%	-4.40%	-12.70%	17	Security Printing	11
0.3	Dätwyler - Technical Components	Delta EBITDA/Sales	-11.00%	-1.80%	-9.20%	17	Technical Components	840
0.3	Adecco	Delta EBITDA/Sales	-9.10%	-3.30%	-5.80%	16	Employment Services	102
0.3	Valora	Delta EBITDA/Sales	-0.60%	0.10%	-0.70%	16	Grocery	98
0.3	Vaudoise	Delta Income/Equity	-9.10%	-1.00%	-8.10%	15	Multi-line Insurer Europe	53
0.3	Interroll	Delta EBITDA/Sales	-18.80%	-2.10%	-16.70%	15	Conveyors and Industrials	111
0.3	OC Oerlikon	Division Average	-24.40%	-8.70%	-15.70%	14	Division Average	n/a
0.3	Bucher - Hydraulics	Delta EBIT/Sales	-16.40%	-4.10%	-12.20%	13	Hydraulic System Manufacturer	97
0.3	Novartis - Consumer Health	Delta EBITDA/Sales	-2.20%	1.10%	-3.30%	13	Consumer Health	41
0.3	Novartis - Vaccines & Diagnostics	Delta EBITDA/Sales	-21.80%	-0.20%	-21.60%	13	Vaccines/Diagnostics	147
0.3	Orell Füssli - Publishing	Delta EBITDA/Sales	-19.50%	-2.50%	-17.00%	13	Publishing (Books)	98
0.2	Swiss Re	Delta Income/Equity	-5.60%	0.60%	-6.30%	12	Reinsurer	40
0.2	Siegfried	Delta EBITDA/Sales	-27.40%	1.30%	-28.60%	12	API/Intermediates/Compounds	172
0.2	Von Roll - Composites	Delta EBITDA/Sales	-24.30%	-9.40%	-14.90%	11	Industrial Division	85
0.2	Tornos	Delta EBIT/Sales	-40.00%	-5.30%	-34.70%	11	Special Machinery	36
0.2	Clariant - Pigments & Additives	Delta EBITDA/Sales	-18.70%	-6.70%	-12.00%	11	Pigments/Colorants/Additives	116
0.2	OC Oerlikon - Drive Systems	Delta EBITDA/Sales	-15.60%	-1.40%	-14.30%	10	Drive System	102
0.2	Georg Fischer - Automotive	Delta EBITDA/Sales	-19.00%	-3.40%	-15.60%	10	Automotive Products	62
0.2	Swatch	Delta EBITDA/Sales	-10.50%	-1.00%	-9.50%	8	Jewelry & Watches	36
0.2	Logitech	Delta EBITDA/Sales	-23.20%	-3.10%	-20.10%	8	Personal Peripherals	63
0.1	AFG - Steel Technology	Delta EBITDA/Sales	-27.10%	-7.50%	-19.60%	7	Steel Technology	38
0.1	Petroplus	Delta EBITDA/Sales	-7.80%	0.10%	-7.80%	7	Oil Refining and Marketing	123
0.1	Bucher - Process	Delta EBIT/Sales	-22.20%	-0.90%	-21.30%	6	Food Processing Machinery	74
0.1	Quadrant	Delta EBITDA/Sales	-23.30%	-6.10%	-17.30%	6	Plastic Material and Products	82
0.1	Phoenix Mecano	Delta EBITDA/Sales	-22.50%	-0.70%	-21.80%	6	El. Packaging and Rotary Comp.	41
0.1	Micronas	Delta EBITDA/Sales	-108.70%	-11.60%	-97.10%	5	Semiconductors/Integrated Circuits	75
0.1	Brobst	Delta EBITDA/Sales	-24.30%	-4.00%	-20.30%	4	Printing / Packaging Machinery	145
0	Infranor	Delta EBITDA/Sales	-55.00%	-3.70%	-51.20%	2	Automation Solutions	159
0	Rieter - Automotive Systems	Delta EBITDA/Sales	-75.60%	-3.90%	-71.70%	1	Automotive Systems	302
0	Rieter	Division Average	-166.40%	-1.50%	-164.90%	1	Division Average	n/a
0	Komax	Delta EBITDA/Sales	-33.20%	-5.10%	-28.10%	0	Wire Processing and Assembly	91
0	Rieter - Textile Systems	Delta EBITDA/Sales	-166.40%	-1.50%	-164.90%	0	Textile Systems	78
0	UBS	Delta Income/Equity	-15.00%	-0.70%	-14.30%	0	Very Larg Diversified Gobal Banks	39
0	Schlatter	Delta EBITDA/Sales	-17.60%	-3.30%	-14.40%	0	Welding Plants and Machinery	40
0	Schweiter	Delta EBITDA/Sales	-46.50%	-9.80%	-36.70%	0	Textile Machinery	65
0	ABB - Robotics	Delta EBIT/Sales	-19.10%	-1.10%	-18.00%	0	Robotics	49

2 Sorted by Company

Company Name	Ranked by Metric	Metric Value	Operating Index	Operating Alpha	Operating Rank	Bonus Multiple	Peer Universe	Number of Peers
ABB	Division Average	-8.30%	-3.20%	-5.10%	31	0.6	Division Average	n/a
ABB - Automation Products	Delta EBIT/Sales	-8.30%	-3.20%	-5.10%	23	0.5	Automation Products	105
ABB - Power Products	Delta EBIT/Sales	-2.30%	-3.10%	0.80%	61	1.2	Power Products	64
ABB - Power Systems	Delta EBIT/Sales	-3.10%	-1.70%	-1.30%	38	0.8	Power Systems	66
ABB - Robotics	Delta EBIT/Sales	-19.10%	-1.10%	-18.00%	0	0	Robotics	49
Accu	Delta EBITDA/Sales	-1.50%	-0.70%	-0.70%	39	0.8	Batteries	54
Acino	Delta EBITDA/Sales	-5.60%	1.70%	-7.30%	30	0.6	Generics / Pharmaceuticals	78
Actelion	Delta EBITDA/Sales	13.80%	-1.40%	15.10%	93	1.9	Pharmaceutical & Chemical Industry	178
Adecco	Delta EBITDA/Sales	-9.10%	-3.30%	-5.80%	16	0.3	Employment Services	102
Adval Tech	Delta EBITDA/Sales	-10.50%	-5.60%	-4.90%	26	0.5	Stamping/Forming Machinery	76
Affichage	Delta EBITDA/Sales	-10.20%	-8.00%	-2.20%	41	0.8	Outdoor Advertising	38
AFG	Division Average	0.00%	-6.30%	6.40%	48	1	Division Average	n/a
AFG - Heating & Sanitary	Delta EBITDA/Sales	-1.70%	-2.50%	0.80%	55	1.1	Heating / Sanitary Equipment	59
AFG - Kitchens & Refrigeration	Delta EBITDA/Sales	-3.70%	-1.60%	-2.10%	35	0.7	Kitchens & Refrigeration	81
AFG - Steel Technology	Delta EBITDA/Sales	-27.10%	-7.50%	-19.60%	7	0.1	Steel Technology	38
AFG - Windows & Doors	Delta EBITDA/Sales	0.00%	-6.30%	6.40%	93	1.9	Windows & Doors	33
Allreal	Delta EBITDA/Sales	-4.10%	-4.60%	0.50%	51	1	Real Estate	115
Also	Delta EBITDA/Sales	-0.40%	-0.30%	-0.10%	49	1	IT Retail	94
Ascom	Delta EBITDA/Sales	-3.60%	-3.10%	-0.50%	46	0.9	Telecommunication Systems	81
Bachem	Delta EBITDA/Sales	-7.60%	1.30%	-8.90%	22	0.4	API/Intermediates/Compounds	172
Baloise	Delta Income/Equity	-0.90%	-1.00%	0.00%	52	1	Multi-line Insurer Europe	53
Bank CA St. Gallen	Delta Income/Equity	0.00%	-0.50%	0.60%	66	1.3	National/State Retail Banks Europe	36
Bank Sarasin	Delta Income/Equity	-1.70%	-2.70%	1.00%	60	1.2	Wealth Management Europe	39
Banque Cantonale De Genève	Delta Income/Equity	-0.20%	-0.50%	0.30%	59	1.2	National/State Retail Banks Europe	36
Banque Cantonale Du Jura	Delta Income/Equity	-2.10%	-0.50%	-1.60%	38	0.8	National/State Retail Banks Europe	36
Banque Cantonale Vaudoise	Delta Income/Equity	1.60%	-0.50%	2.10%	93	1.9	National/State Retail Banks Europe	36
Barry Callebaut	Division Average	-0.20%	0.40%	-0.60%	47	0.9	Division Average	n/a
Barry Callebaut - Industrial Customers	Delta EBITDA/Sales	0.70%	0.40%	0.30%	54	1.1	Chocolat & Confectionery	156
Barry Callebaut - Retail Private Customers	Delta EBITDA/Sales	-0.20%	0.40%	-0.60%	41	0.8	Chocolat & Confectionery	156
Basellandschaftliche Kantonalbank	Delta Income/Equity	0.90%	-0.50%	1.50%	86	1.7	National/State Retail Banks Europe	36
Basler Kantonalbank	Delta Income/Equity	0.20%	-0.50%	0.80%	76	1.5	National/State Retail Banks Europe	36
Belimo	Delta EBITDA/Sales	-1.10%	-2.80%	1.70%	59	1.2	Actuators for HVAC-Systems	86
Bell	Delta EBITDA/Sales	2.10%	0.80%	1.30%	66	1.3	Meat Processing	85
Bellevue Group	Delta Income/Equity	-4.90%	-2.20%	-2.70%	35	0.7	Investment Banking	78
Berner Kantonalbank	Delta Income/Equity	0.10%	-0.50%	0.70%	69	1.4	National/State Retail Banks Europe	36
BKW	Delta EBITDA/Sales	6.70%	-0.10%	6.80%	77	1.5	Power Production Europe	68
Brobst	Delta EBITDA/Sales	-24.30%	-4.00%	-20.30%	4	0.1	Printing / Packaging Machinery	145
Bucher	Division Average	-22.20%	-0.90%	-21.30%	34	0.7	Division Average	n/a
Bucher - Emhart Glass	Delta EBIT/Sales	-7.10%	-2.30%	-4.80%	26	0.5	Special Machinery (Glass)	53
Bucher - Hydraulics	Delta EBIT/Sales	-16.40%	-4.10%	-12.20%	13	0.3	Hydraulic System Manufacturer	97
Bucher - Kuhn	Delta EBIT/Sales	-4.10%	-4.10%	0.00%	50	1	Farm Machinery	53
Bucher - Municipal	Delta EBIT/Sales	-2.60%	-10.20%	7.60%	74	1.5	Municipal Vehicles Manufacturer	50
Bucher - Process	Delta EBIT/Sales	-22.20%	-0.90%	-21.30%	6	0.1	Food Processing Machinery	74
Burkhalter	Delta EBITDA/Sales	-4.30%	1.10%	-5.30%	25	0.5	Electronic Installation	27
Calida	Delta EBITDA/Sales	-1.50%	-2.20%	0.80%	65	1.3	Underwear	59
Carlo Gavazzi	Delta EBITDA/Sales	-11.00%	-4.20%	-6.80%	24	0.5	Electric Control Components	106
Cham Paper Group	Delta EBIT/Sales	-7.10%	-0.70%	-6.30%	34	0.7	Paper Industry	121
Charles Vögele	Delta EBITDA/Sales	-1.30%	-1.00%	-0.40%	43	0.9	Clothing Apparel and Shoes	127
Cicor	Delta EBITDA/Sales	-14.00%	-6.30%	-7.70%	33	0.7	Electrical Interconnects	33
Clariant	Division Average	-2.80%	-2.90%	0.20%	30	0.6	Division Average	n/a
Clariant - Functional Chemicals	Delta EBITDA/Sales	-2.80%	-2.90%	0.20%	51	1	Basic Chemicals	153
Clariant - Pigments & Additives	Delta EBITDA/Sales	-18.70%	-6.70%	-12.00%	11	0.2	Pigments/Colorants/Additives	116
Clariant - Textile Leather Paper	Delta EBITDA/Sales	-9.50%	-3.40%	-6.00%	29	0.6	Textile Chemicals	97
Coltene	Delta EBITDA/Sales	-6.30%	0.60%	-6.90%	20	0.4	Dental Consumables	40
Comet	Delta EBIT/Sales	-24.30%	-2.70%	-21.50%	27	0.5	Capacitors/X-Ray	27
CPH	Delta EBITDA/Sales	-4.20%	-1.50%	-2.70%	37	0.7	Paper/Chemicals	133
Credit Suisse	Delta Income/Equity	-1.70%	-0.70%	-1.00%	37	0.7	Very Larg Diversified Gobal Banks	39
Dätwyler - Cables	Delta EBITDA/Sales	-6.10%	-8.10%	2.00%	69	1.4	Cabels	42
Dätwyler - Pharma	Delta EBITDA/Sales	-0.30%	-0.80%	0.50%	54	1.1	Pharma	312
Dätwyler - Rubber	Delta EBITDA/Sales	-9.20%	-9.20%	0.00%	50	1	Rubber	17
Dätwyler - Technical Components	Delta EBITDA/Sales	-11.00%	-1.80%	-9.20%	17	0.3	Technical Components	840
Dottikon	Delta EBITDA/Sales	-7.00%	-7.00%	0.00%	50	1	Chemical Reactions / Recycling	74
Edipresse	Delta EBITDA/Sales	-15.70%	-9.00%	-6.70%	28	0.6	Publishing	67
EFG International	Delta Income/Equity	-7.00%	-2.70%	-4.30%	20	0.4	Wealth Management Europe	39
Elma	Delta EBIT/Sales	-4.40%	-2.70%	-1.70%	39	0.8	Electronic Packaging Components	63
Emmi	Delta EBITDA/Sales	-0.10%	0.30%	-0.50%	35	0.7	Milk Products	62
EMS-Chemie	Delta EBITDA/Sales	-12.00%	-7.20%	-4.80%	30	0.6	Polymers and Chemicals	76
Energiedienst	Delta EBITDA/Sales	2.00%	2.00%	0.00%	50	1	Energy & Clean & Europe	66
Feintool	Delta EBITDA/Sales	-25.80%	-4.80%	-21.00%	23	0.5	Machine Tools	41
Flughafen Zurich	Delta EBITDA/Sales	-9.80%	-2.00%	-7.80%	22	0.4	Airport/Airline	159
Forbo	Delta EBIT/Sales	-3.80%	-3.50%	-0.30%	47	0.9	Flooring & Bonding Material	247
Galenica	Division Average	-1.00%	0.10%	-1.20%	26	0.5	Division Average	n/a
Galenica - Logistics	Delta EBITDA/Sales	-1.00%	0.10%	-1.20%	29	0.6	Pharmaceutical Retail	66
Galenica - Pharma	Delta EBITDA/Sales	-2.30%	0.10%	-2.40%	23	0.5	Pharmaceuticals Manufacturer	83
Geberit	Delta EBITDA/Sales	-5.60%	-3.40%	-2.20%	29	0.6	Sanitary Systems	67
Georg Fischer	Division Average	-19.00%	-3.40%	-15.60%	28	0.6	Division Average	n/a
Georg Fischer - AgieCharmilles	Delta EBITDA/Sales	-22.90%	-12.90%	-10.00%	38	0.8	AgieCharmilles	36
Georg Fischer - Automotive	Delta EBITDA/Sales	-19.00%	-3.40%	-15.60%	10	0.2	Automotive Products	62
Georg Fischer - Piping Systems	Delta EBITDA/Sales	-7.20%	-4.90%	-2.30%	36	0.7	Piping Systems	28
Givaudan - Flavours	Delta EBITDA/Sales	-1.20%	-0.40%	-0.80%	44	0.9	Flavoring Extracts and Flavoring Syrups	134
Givaudan - Fragrances	Delta EBITDA/Sales	-3.90%	-1.30%	-2.60%	33	0.7	Soap Detergents And Cleaning Preparations	416
Goldbach Media	Delta EBITDA/Sales	0.90%	0.70%	0.20%	53	1.1	Electronic Marketing	34
Graubündner Kantonalbank	Delta Income/Equity	1.60%	-0.50%	2.10%	93	1.9	National/State Retail Banks Europe	36
Givaudan	Division Average	-3.90%	-1.30%	-2.60%	38	0.8	Division Average	n/a
Gurit	Delta EBITDA/Sales	-0.90%	-2.30%	1.40%	63	1.3	Composite Materials	46
Helvetia	Delta Income/Equity	-1.00%	-1.00%	0.00%	48	1	Multi-line Insurer Europe	53
Holcim	Division Average	-7.90%	-4.30%	-3.60%	42	0.8	Division Average	n/a
Holcim - Cement	Delta EBITDA/Sales	-6.80%	-5.50%	-1.30%	42	0.8	Cement & Clinker	72
Holcim - Other Construction Material and Services	Delta EBITDA/Sales	-3.40%	-4.70%	1.30%	57	1.1	Concrete & Asphalt Producers	120
Holcim - Aggregates	Delta EBITDA/Sales	-7.90%	-4.30%	-3.60%	26	0.5	Aggregates Producer	149
Huber & Suhner	Delta EBITDA/Sales	-6.90%	-3.70%	-3.20%	25	0.5	Cables / Fibre Optics	42
Hügli	Delta EBITDA/Sales	1.10%	0.00%	1.20%	57	1.1	Food Producers	73
Infranor	Delta EBITDA/Sales	-55.00%	-3.70%	-51.20%	2	0	Automation Solutions	159
Interroll	Delta EBITDA/Sales	-18.80%	-2.10%	-16.70%	15	0.3	Conveyors and Industrials	111
Intershop	Delta EBITDA/Sales	-46.60%	-4.60%	-42.10%	17	0.3	Real Estate	115
IVF Hartmann	Delta EBITDA/Sales	0.00%	1.80%	-1.80%	35	0.7	Injury-care Products	110
Julius Bär	Delta Income/Equity	-2.90%	-2.70%	-0.20%	48	1	Wealth Management Europe	39
Kaba	Division Average	-3.20%	-2.00%	-1.20%	47	0.9	Division Average	n/a
Kaba - Access Systems	Delta EBITDA/Sales	-3.20%	-2.00%	-1.20%	36	0.7	Access Control Systems	74
Kaba - Door Systems	Delta EBITDA/Sales	-0.30%	-2.00%	1.70%	65	1.3	Door Systems	77
Kaba - Key Systems	Delta EBITDA/Sales	-8.00%	-7.10%	-0.90%	38	0.8	Key Systems	29
Kardex	Delta EBITDA/Sales	-8.60%	-6.40%	-2.30%	37	0.7	Storage Solution	62
Komax	Delta EBITDA/Sales	-33.20%	-5.10%	-28.10%	0	0	Wire Processing and Assembly	91
Kühne & Nagel	Division Average	-1.10%	-1.00%	-0.10%	53	1.1	Division Average	n/a
Kühne & Nagel - Air Freigth	Delta EBITDA/Sales	-1.10%	-1.00%	-0.10%	47	0.9	Air Freight and Cargo	84
Kühne & Nagel - Contract Logistics	Delta EBITDA/Sales	-1.50%	-1.80%	0.30%	51	1	Logistics/Warehouse/Supply Chain	280
Kühne & Nagel - Rail & Road Logistics	Delta EBITDA/Sales	-0.40%	-2.00%	1.60%	60	1.2	Road & Rail	145
Kühne & Nagel - Sea Freight	Delta EBITDA/Sales	-0.20%	-0.90%	0.70%	53	1.1	Water Transportation	171
Kuoni	Delta EBITDA/Sales	-3.30%	-1.10%	-2.20%	38	0.8	Travel/Tour Operators	61
Leclanche	Delta EBITDA/Sales	2.20%	-0.70%	2.90%	67	1.3	Batteries	54
LEM	Delta EBITDA/Sales	-16.60%	-9.80%	-6.80%	24	0.5	Electronic Components	42
Liechtensteinische Landesbank	Delta Income/Equity	0.40%	-0.50%	0.90%	83	1.7	National/State Retail Banks Europe	36
Lindt & Sprüngli	Delta EBITDA/Sales	-1.80%	0.40%	-2.20%	31	0.6	Chocolat & Confectionery	156
Loeb	Delta EBITDA/Sales	8.20%	-4.60%	12.80%	86	1.7	Real Estate	115
Logitech	Delta EBITDA/Sales	-23.20%	-3.10%	-20.10%	8	0.2	Personal Peripherals	63
Lonza	Division Average	-5.20%	-0.70%	-4.60%	29	0.6	Division Average	n/a
Lonza - Custom Manufacturing	Delta EBITDA/Sales	-5.20%	-0.70%	-4.60%	27	0.5	Exklusive Synthesis	96
Lonza - Life Science Ingredients	Delta EBITDA/Sales	-3.20%	1.00%	-4.10%	30	0.6	Life Science	88
Looser	Division Average	-1.40%	-1.70%	0.30%	61	1.2	Division Average	n/a
Looser - Coating	Delta EBITDA/Sales	-2.00%	-4.50%	2.50%	63	1.3	Coating	53
Looser - Doors	Delta EBITDA/Sales	-1.40%	-1.70%	0.30%	59	1.2	Doors/Frames	44
Luzerner Kantonalbank	Delta Income/Equity	-0.20%	-0.50%	0.30%	55	1.1	National/State Retail Banks Europe	36
Metraux	Delta EBITDA/Sales	-0.50%	-0.50%	0.10%	54	1.1	Spare Parts	72
Meyer Burger	Delta EBITDA/Sales	-2.70%	-3.20%	0.50%	55	1.1	Semiconductor Machinery	58
Micronas	Delta EBITDA/Sales	-108.70%	-11.60%	-97.10%	5	0.1	Semiconductors/Integrated Circuits	75
Mikron	Delta EBITDA/Sales	-29.40%	-4.50%	-24.90%	19	0.4	Machine Tools/Assembly Solutions	85
Mobilzone	Delta EBITDA/Sales	-1.90%	-1.30%	-0.60%	40	0.8	Mobile Phone Retail	37
Mobimo	Delta EBITDA/Sales	15.30%	-4.60%	19.90%	89	1.8	Real Estate	115
National Versicherung	Delta Income/Equity	4.00%	-1.00%	5.00%	85	1.7	Multi-line Insurer Europe	53
Nestlé	Division Average	-0.90%	-0.10%	-0.80%	45	0.9	Division Average	n/a
Nestlé - Beverages	Delta EBIT/Sales	-0.10%	0.30%	-0.40%	44	0.9	Beverages (Coffee/Water)	371
Nestlé - Confectionery	Delta EBIT/Sales	-0.10%	0.10%	-0.20%	47	0.9	Chocolat & Confectionery	156
Nestlé - Milk Products	Delta EBIT/Sales	-0.90%	-0.10%	-0.80%	36	0.7	Dairy Products	230
Nestlé - Prepared Dishes	Delta EBIT/Sales	0.40%	0.30%	0.20%	55	1.1	Prepared Food	139
Nobel Biocare	Delta EBITDA/Sales	-4.50%	0.60%	-5.10%	38	0.8	Dental Implants	17
Novartis	Division Average	-21.80%	-0.20%	-21.60%	23	0.5	Division Average	n/a
Novartis - Consumer Health	Delta EBITDA/Sales	-2.20%	1.10%	-3.30%	13	0.3	Consumer Health	41
Novartis - Pharmaceuticals	Delta EBITDA/Sales	-0.10%	0.80%	-0.90%	41	0.8	Pharma large only	113
Novartis - Vaccines & Diagnostics	Delta EBITDA/Sales	-21.80%	-0.20%	-21.60%	13	0.3	Vaccines/Diagnostics	147
Novartis -Sandoz	Delta EBITDA/Sales	-1.80%	1.90%	-3.70%	26	0.5	Generics & OTC	69
OC Oerlikon	Division Average	-24.40%	-8.70%	-15.70%	14	0.3	Division Average	n/a
OC Oerlikon - Drive Systems	Delta EBITDA/Sales	-15.60%	-1.40%	-14.30%	10	0.2	Drive System	102
OC Oerlikon - Textile	Delta EBITDA/Sales	-24.40%	-8.70%	-15.70%	18	0.4	Textile Industry	40
Orell Füssli	Division Average	-19.50%	-2.50%	-17.00%	23	0.5	Division Average	n/a
Orell Füssli - Book Retail	Delta EBITDA/Sales	-5.20%	-2.00%	-3.10%	41	0.8	Book Retail	34
Orell Füssli - Publishing	Delta EBITDA/Sales	-19.50%	-2.50%	-17.00%	13	0.3	Publishing (Books)	98
Orell Füssli - Security Printing	Delta EBITDA/Sales	-17.10%	-4.40%	-12.70%	17	0.3	Security Printing	11
Panalpina	Delta EBITDA/Sales	-2.90%	-1.30%	-1.60%	34	0.7	Transportation/Logistic Services	160
Partners Group	Delta Income/Equity	-9.80%	-2.20%	-7.60%	17	0.3	Investment Banking	78
Petroplus	Delta EBITDA/Sales	-7.80%	0.10%	-7.80%	7	0.1	Oil Refining and Marketing	123
Phoenix Mecano	Delta EBITDA/Sales	-22.50%	-0.70%	-21.80%	6	0.1	El. Packaging and Rotary Comp.	41
PSP Swiss Property	Delta EBITDA/Sales	5.40%	-4.60%	10.00%	77	1.5	Real Estate	115
Publigroupe	Delta EBITDA/Sales	-9.40%	-0.90%	-8.50%	23	0.5	Market of Advertisement	80
Quadrant	Delta EBITDA/Sales	-23.30%	-6.10%	-17.30%	6	0.1	Plastic Material and Products	82
Raetia Energie	Delta EBITDA/Sales	4.40%	-0.10%	4.50%	73	1.5	Power Production Europe	68
Rieter	Division Average	-166.40%	-1.50%	-164.90%	1	0	Division Average	n/a
Rieter - Automotive Systems	Delta EBITDA/Sales	-75.60%	-3.90%	-71.70%	1	0	Automotive Systems	302
Rieter - Textile Systems	Delta EBITDA/Sales	-166.40%	-1.50%	-164.90%	0	0	Textile Systems	78
Roche - Diagnostics	Delta EBITDA/Sales	2.20%	0.10%	2.10%	60	1.2	Diagnostics	76
Roche - Pharmaceuticals	Delta EBITDA/Sales	11.00%	0.80%	10.20%	88	1.8	Pharma large only	113
Roche Limited	Division Average	2.20%	0.10%	2.10%	74	1.5	Division Average	n/a
Romande Energie	Delta EBITDA/Sales	-3.20%	-0.10%	-3.10%	27	0.5	Power Production Europe	68
Schindler	Delta EBIT/Sales	1.00%	-0.90%	1.90%	71	1.4	Elevator & Escalator	21
Schlatter	Delta EBITDA/Sales	-17.60%	-3.30%	-14.40%	0	0	Welding Plants and Machinery	40
Schmolz+Bickenbach	Delta EBITDA/Sales	-32.90%	-13.70%	-19.30%	29	0.6	Steel Production/Processing Large	73
Schulthess	Delta EBITDA/Sales	-3.10%	0.10%	-3.20%	30	0.6	Laundry equipment	81
Schweiter	Delta EBITDA/Sales	-46.50%	-9.80%	-36.70%	0	0	Textile Machinery	65
SGS	Delta EBITDA/Sales	-5.50%	-2.00%	-3.50%	36	0.7	Testing/Inspection/Verification	194
Siegfried	Delta EBITDA/Sales	-27.40%	1.30%	-28.60%	12	0.2	API/Intermediates/Compounds	172
Sika	Delta EBITDA/Sales	-4.90%	-1.10%	-3.70%	41	0.8	Specialty Chemicals	107
Sopracenerina	Delta EBITDA/Sales	-0.20%	-0.10%	-0.10%	45	0.9	Power Production Europe	68
St. Galler Kantonalbank	Delta Income/Equity	-0.30%	-0.50%	0.30%	52	1	National/State Retail Banks Europe	36
StarragHeckert	Delta EBITDA/Sales	-2.80%	-5.50%	2.60%	67	1.3	Machining Centers	52
Straumann	Delta EBITDA/Sales	-8.50%	0.60%	-9.00%	25	0.5	Dental Implants	17
Sulzer	Delta EBITDA/Sales	-0.70%	-3.50%	2.90%	74	1.5	Industrial Machinery and Equipment	92
Sulzer - Pumps	Delta EBITDA/Sales	1.80%	-1.50%	3.20%	69	1.4	Pumps	120
Swatch	Division Average	-7.10%	-1.30%	-5.70%	26	0.5	Division Average	n/a
Swatch	Delta EBITDA/Sales	-10.50%	-1.00%	-9.50%	8	0.2	Jewelry & Watches	36
Swatch - Watches & Jewelry	Delta EBIT/Sales	-7.10%	-1.30%	-5.70%	26	0.5	Watches	83
Swiss Life	Delta Income/Equity	0.30%	-1.00%	1.30%	67	1.3	Multi-line Insurer Europe	53
Swiss Re	Delta Income/Equity	-5.60%	0.60%	-6.30%	12	0.2	Reinsurer	40
Swisscom	Delta EBITDA/Sales	-0.90%	-0.90%	0.00%	50	1	Telecommunications	98
Swisslog	Delta EBITDA/Sales	1.90%	-2.30%	4.30%	91	1.8	Logistic Solutions	80
Swissmetal	Delta EBITDA/Sales	-10.90%	-6.80%	-4.10%	24	0.5	Copper Products	66
Syngenta	Division Average	5.60%	-0.80%	6.40%	86	1.7	Division Average	n/a
Syngenta - Crop Protection	Delta EBITDA/Sales	5.60%	-0.80%	6.40%	87	1.7	Agricultural Crop Protection	94
Syngenta - Seeds	Delta EBITDA/Sales	2.50%	-2.40%	4.90%	86	1.7	Agricultural Seeds	74
Synthes Inc.	Delta EBITDA/Sales	0.60%	-1.50%	2.00%	64	1.3	Operative Treatment Devices	26
Tamedia	Delta EBITDA/Sales	-17.40%	-9.50%	-7.90%	32	0.6	Printing/Publishing/Broadcasting	34
Tecan	Delta EBITDA/Sales	-1.70%	-2.60%	1.00%	57	1.1	Lab Equipment Producers	36
Tornos	Delta EBIT/Sales	-40.00%	-5.30%	-34.70%	11	0.2	Special Machinery	36
UBS	Delta Income/Equity	-15.00%	-0.70%	-14.30%	0	0	Very Larg Diversified Gobal Banks	39
Uster	Delta EBITDA/Sales	-34.10%	-9.60%	-24.50%	18	0.4	Special Textile Machinery	44
Valiant	Delta Income/Equity	-0.20%	-2.70%	2.50%	76	1.5	Wealth Management Europe	39
Valora	Delta EBITDA/Sales	-0.60%	0.10%	-0.70%	16	0.3	Grocery	98
Vaudoise	Delta Income/Equity	-9.10%	-1.00%	-8.10%	15	0.3	Multi-line Insurer Europe	53
Vetropack	Delta EBIT/Sales	-2.80%	-1.80%	-1.00%	43	0.9	Glass Packaging	52
Von Roll	Division Average	-10.50%	-7.00%	-3.40%	24	0.5	Division Average	n/a
Von Roll - Composites	Delta EBITDA/Sales	-24.30%	-9.40%	-14.90%	11	0.2	Industrial Division	85
Von Roll - Insulation	Delta EBITDA/Sales	-10.50%	-7.00%	-3.40%	36	0.7	Electrical Division	78
Vontobel	Delta Income/Equity	-3.70%	-2.20%	-1.50%	40	0.8	Investment Banking	78
VP Bank	Delta Income/Equity	-1.50%	-2.70%	1.20%	64	1.3	Wealth Management Europe	39
VZ	Delta Income/Equity	-1.00%	-2.20%	1.20%	54	1.1	Investment Banking	78
Walliser Kantonalbank	Delta Income/Equity	0.30%	-0.50%	0.90%	79	1.6	National/State Retail Banks Europe	36
Walter Meier	Delta EBIT/Sales	-3.30%	-2.30%	-1.00%	39	0.8	Heating/Cooling Equipment	78
Warteck Invest	Delta EBIT/Sales	14.20%	-5.30%	19.50%	84	1.7	Real Estate	115
Ypsomed	Delta EBITDA/Sales	-2.00%	-2.30%	0.40%	52	1	Injection Pens Manufacturer	47
Zehnder	Delta EBIT/Sales	-1.40%	-2.20%	0.80%	66	1.3	Heating/Sanitary Equipment	65
Züblin Immobilien	Delta EBITDA/Sales	-9.70%	-4.60%	-5.10%	43	0.9	Real Estate	115
Zuger Kantonalbank	Delta Income/Equity	1.00%	-0.50%	1.50%	90	1.8	National/State Retail Banks Europe	36
Zurich Financial Services	Delta Income/Equity	-6.10%	-1.00%	-5.20%	26	0.5	Multi-line Insurer Europe	53

The bonus multiple in the table is the multiplier by which individual target bonuses (typically expected bonuses or average historic bonuses) are multiplied to calculate the deserved indexed bonus for 2009.

III. Method

1 Purpose

The purpose of the Obermatt Bonus Index is to calculate deserved bonuses based on indexed operating performance for public companies and their significant divisions (business segments). Indexed bonuses have the advantage that they pay appropriate bonuses that are neither too high nor too low. Traditional non-indexed bonus plans typically pay excessively high bonuses in up-cycles and bonuses that are too low in downturns. Indexed bonuses avoid this by assessing performance relative to peers, thereby measuring true operating performance only, not the economy’s performance (external factors such as business cycles, resource price changes, customer demand or market sentiment at the stock exchanges etc.).

This is why indexed bonuses stay fairer even in strong up or down-cycles. Indexed bonuses do not need pre-negotiated financial targets. Therefore, they can be assessed outside-in by the objectively derived Obermatt Bonus Index. Indexed bonuses for assessed companies or divisions are determined in a three stage process:

1.	Obermatt creates a peer universe of comparable companies which defines the relevant market of the assessed company.
2.	Obermatt determines the actual performance of the assessed company as Operating Rank.
3.	Based on the achieved Operating Rank

2 Definition of the Peer Universe

Defining the industry sector and selecting an appropriate peer universe is paramount to the Bonus Index results. Peer selection involves selecting companies which are in the same line of business as the company or division being ranked. For this purpose, Obermatt uses the Standard Industrial Classification (SIC) and the Global Industry Classification Standard (GICS) to categorize the selected companies to their particular industry sector. Additionally, Obermatt performs a keyword and a manual search to narrow the peer universe to represent the company to be ranked as accurately as possible. Each peer universe ideally comprises around 30-200 companies. However, in some cases the peer universe can be smaller than 30 or even larger than 200 companies.

More information on www.obermatt.com/peer-universe.

3 Operating Rank

The Operating Rank converts the absolute values of performance measures to percentile rank values. Operating Rank shows the operating performance on any value driver of a company against the performance of all peer companies for that same metric. The market performance is provided by showing the percentile ranks on a percentile rank chart called Operating Rank. Operating Rank is calculated using actual historic data or deltas of that data from one period to the next. Operating Rank is part of Obermatt's indexed operating performance approach to indexed performance management and investing.

More at www.obermatt.com/operating-rank.

4 Performance Metric

For the Bonus Index, actual performance is based on organic EBITDA or EBIT where EBITDA is not available. For financial institutions, EBITDA is replaced by Net Income. Organic EBITDA (resp. Net Income, not separately mentioned thereafter) is free from extraordinary effects, such as effects from mergers and acquisitions activity and restructuring. Obermatt uses organic EBITDA as reported by the Thomson Reuters Worldscope database. This database adjusts for non operational activities such as sales of divisions, one-off depreciation, restructuring costs and other special items. To further increase the quality and reliability of the Bonus Index, financial data of the 10% best performers were manually verified and, if necessary, adjusted (see notes in this report).

Obermatt indexes EBITDA by calculating the Operating Rank of Delta EBITDA in percent of sales (DEBITDA%sales). This figure is robust against influences by accounting decisions and not affected by base level effects of EBITDA and thus works for negative EBITDA levels as well. For financial institutions, Sales is replaced by Average Equity.

5 Bonus Calculations

Since Operating Ranks are independent of external factors (including investor sentiment) and a standardized performance measure, deserved bonus levels are directly derived from the Operating Rank. The Bonus Index uses the following formula for calculating the Bonus Multiple.

Bonus Multiple = 2 * Operating Rank on DEBITDA in % of sales

The Bonus Multiple is the factor by which individually agreed target bonuses (e.g. typically expected or average historic bonus levels) are multiplied to obtain the actually deserved indexed bonus. For instance, if the agreed target bonus is €10’000 and the Bonus Multiple is 1.2, the deserved actual bonus is €12’000 (1.2 times €10’000).

The following graph illustrates how Operating Rank is converted into Bonus Multiples:

IV. Notes

Obermatt has analyzed 147 SMI/SPI companies.

Excluded are the following companies:

Due to not yet reported financials:

Aryzta
Bank Rothschild
Burkhard Compression
Conzzeta
Golay Buchel
Implenia
Inficon
Metall Zug
Richemont
Swiss Prime Site
Zwahlen & Mayr

Due to lacking size:

Tec-Sem
U-Blox
Edisun
Bondpartners
CIE FIN Trading

Because of the complexity of the branch:

Hospital Operator
Software developer
Railway companies
Hotel chains
Messe Schweiz
Kudelski
Gategroup
Precious Wood
Villars
Duffry
COS
Escor
Ci Com

Due to different reasons:

Biotech companies (due to the fact that benefits usually occur at a future point)
Private equity companies (due to the fact that the portfolio of this companies would have to be analyzed to get relevant results)
Valartis (no clear information about the impact of exceptional items)
Jelmoli
LO Holding

We performed a custom consolidation for the following company:

UBS: due to unclear impact of exceptional write offs and impairments the Investment division was subtracted
Credit Suisse: due to unclear impact of exceptional write offs and impairments the Investment division was subtracted

The following companies were adjusted from fiscal year to calendar year:

Carlo Gavazzi
Dottikon
Feintool
Infranor
LEM
Loeb
Logitech
Schaffner
Sonova
Ypsomed
Züblin Immobilien

V. General Public License

The intellectual property of this report belongs to Obermatt Inc., Zurich, Switzerland and Los Angeles, USA (www.obermatt.com). The content of this report including its graphs and tables may be used, copied and distributed provided it is free of charge to the end user and quoted as follows:

Public quotes under the general public license are kindly requested to be notified to
office@obermatt.com or +41 (43) 344 88 22.

VI. About Obermatt Inc.

Obermatt is an international financial research company focused on indexing corporate operating performance to measure, rank and compare key financial ratios standardized and independent of external factors.

We help corporations, private equity firms and investors add value for their shareholders and to their portfolios through products that make innovative use of indexed performance measurement. The company is employee owned and has offices in Los Angeles, USA and Zurich, Switzerland.

Obermatt AG
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Phone: +41 (43) 344 88 22
E-Mail: office@obermatt.com

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Phone: +1 (626) 487-8668
E-mail: info@obermatt.com