2006 YEAR END RESULTS
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- Percival Norman
- 8 years ago
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1 2006 YEAR END RESULTS By delivering revenue growth of 15.5% (13.9% constant currencies) to CHF 3.8 billion, SGS group achieved an 24.3% improvement in operating income to CHF 624 million as operating margins expanded to 16.3% (15.8% pre-exceptional items). Net profit at CHF 443 million increased 19.4% from the comparable period. The Board of Directors will propose a dividend of CHF 20 per share representing a distribution of 35% of net profit to our shareholders. FINANCIAL HIGHLIGHTS Revenue Change in % 15.5 EBITDA before exceptionals Change in % 21.0 EBITDA Change in % Change in % 24.3 Operating margin in % Profit before tax Change in % 22.9 Profit attributable to Equity holders of SGS SA Change in % 19.4 Operating cash flow Change in % 34.3 Net cash Average number of shares (000 s) Basic earnings per share (CHF) Change in % 18.0 Diluted earnings per share (CHF) Change in % 18.5 Basic earnings per share before exceptionals (CHF) Change in % 14.9 Average number of employees Change in % 10.8 Overview During the year the Group expanded its service lines to serve new markets and clients, increased the scale and breadth of its network, and entered new geographies. This was accomplished through investments and initiatives geared at driving organic growth and targeted business acquisitions. The SGS network now encompasses over forty-eight thousand employees, managing in excess of 1,000 laboratories and facilities worldwide; the largest installed independent laboratory network in the business. Revenue for the group increased to CHF 3.8 billion, 15.5% (13.9% constant currencies) over the comparable period. This growth was achieved in a generally good trading environment across the Groups business lines and geographies. Organic growth for the year was 10.3% in constant currencies. The Group s Consumer Testing, Minerals, Systems & Services Certification, Oil, Gas & Chemicals, and Industrial Services business lines delivered top line organic growth over 13% versus the comparable period. This revenue growth was achieved across a wide geographic distribution with all the Group s reporting regions posting year-over-year growth. The EU, Eastern Europe & Middle East and Africa augmented the positive growth trends in the Asian and Asia Pacific regions. for the Group improved by CHF 122 million or 24.3% to CHF 624 million (CHF 605 million pre-exceptionals basis) during the year. The Group pre-exceptionals operating margin expanded to 15.8% for the year with Consumer Testing, Oil Gas and Chemicals, Systems & Services Certification, and Industrial Services significantly improving business performance, thus absorbing the expected slowdown in Trade Assurance performance. Net financial expense was CHF 0.9 million as the Group s cash position was substantially reduced in the first half of the year due to the exceptional distribution of CHF 50 per share (>100% payout ratio) in March and low yield interest environment. The full year tax rate for the Group was 24.9%. Profit attributable to Equity holders of SGS SA increased to CHF 443 million, an increase of 19.4%. SGS SA 1 place des Alpes P.O. Box 2152 CH-1211 Geneva 1 t +41 (0) f +41 (0)
2 Cash flow from operations was CHF 552 million, a CHF 141 million or 34.3% improvement over the comparable period. This inflow of cash was used to fund net investment in fixed assets of CHF 224 million, a distribution to shareholders of CHF 236 million, and business acquisitions net of disposals of CHF 178 million. Group net cash decreased from CHF 430 to CHF 216 during the period. Acquisitions and Disposals In line with the Group s growth strategy, a number of acquisitions were completed during the year. Aster.cephac, Northview Biosciences, Cotax and Laroute were acquired during the first semester. During the second semester, SGS strengthened its GSM testing capabilities with the acquisition of 7 layers UK Ltd and became the North American Leader in CDMA testing by acquiring Wireless Test System Inc. The acquisition of McMurray Resources Research and Testing Ltd in Canada gave SGS a privileged access to the Oil Sand region of Alberta. With the acquisition of SRS Tech Co Ltd in South Korea, SGS is now a leader in tank leak testing LNG vessels. The Canadian environmental consulting business and Pink Healthcare Services in Australia were disposed in the first semester while Technology Project Services was disposed during the second half of the year. Distribution to shareholders The Board of Directors will recommend to the Annual General Meeting to be held on 19 March 2007 the approval of a dividend of CHF 20 per share. Management Dan Kerpelman relinquished his position as Chief Executive of the Group, on 29 November The Board of Directors appointed Chris Kirk, EVP of both Minerals and Environmental Services as the new Group CEO. Significant shareholders At 31 December 2006, Mr August von Finck and his family held 23.7% of the capital and voting rights of the company; IFIL Investissements SA held 13.16%. Outlook The outlook for 2007 continues the positive trend experienced in 2006, and supports the Group s commitment to achieve CHF 80 earnings per share in Sergio Marchionne Chairman Chris Kirk Chief Executive Officer 15 January
3 AGRICULTURAL SERVICES Revenues Change in % 7.5 Volume and Prices 17.2 Currency Translation 4.9 Acquisitions/(Disposals) -- before exceptionals Change in % 17.6 Margin % Agricultural Services Agricultural Services delivered organic revenue growth of 7.5% to CHF 317 million with a full year operating margin of 12.4% a 100 basis point improvement over the comparable period. This result was accomplished in a decidedly unsteady market in worldwide agricultural trade which saw increased volatility in harvest conditions and commodity prices from the prior year. Eastern Europe & the Middle East, South East Europe, and Africa all positively contributed to the year over year performance of the sector as the Group was able to capitalize on increased agricultural production volume from these regions primarily in grains and cotton, and imported volume increases into the Middle East of foodstuffs. Volume in Central and Western Europe experienced reduced growth rates in the second half as production and demand within the region was evenly balanced; in South America reduced volumes from fish meal related activities were offset by improved performances in grains, soya, and value added services. During the year the Group made further progress in the development of production and supply chain related services as our clients continued to cope with shifting regulatory requirements for traceability and to extract efficiency from the supply chain. Field trial services on behalf of the crop protection and seed industries were introduced into the French and German markets. Soil testing and grading services were introduced into the Hungarian, South African, and Australian markets serving the corporate, cooperative, and private farming industries. In support of the agricultural supply chain, integrated package services were successfully launched in South America for the grain and soya markets covering grading and segregation of product, temporary storage and receipt issuance, to transportation to load port. MINERALS SERVICES Revenues Change in % 21.1 Volume and Prices 62.1 Currency Translation 5.1 Acquisitions/(Disposals) 14.2 before exceptionals Change in % 31.5 Margin % Minerals Services Total revenues for Minerals Services grew by 21.1% to CHF 467 million delivering an operating profit of CHF 80.5 million or 17.2% for the year. Trading conditions remained favorable as market demand for ores, base metals, and precious metals remained robust, and exploration capital and capacity expansion projects were initiated by our clients in support of positive outlook for the sector. The Minerals Services segment revenue performance continued to be driven by those geographies with large concentrations of extractable minerals with Africa, North America, South America and Australia in the forefront. These geographies were augmented by positive developments in Asia and the FSU as the global mining industry drives to open up new sources of supply for which SGS is well positioned. At the end of the period Minerals Services was operating over one hundred and fifty labs in over thirty countries in support of our clients activities. During the year, the Group invested in its laboratory network with new commissions in Africa, South America, and China. In addition, significant investments were made in best-in-class laboratory technologies including QEMScan for ultra-trace mineralogy, sample preparation and analysis robotics in geochemistry. During the year the Minerals Services has significantly broadened its service offering and geographical footprint where it can now supply services throughout the exploration, mining, transformation, and commodity trade lifecycle. 3
4 OIL, GAS & CHEMICALS SERVICES Revenues Change in % 21.8 Volume and Prices 86.0 Currency Translation 9.5 Acquisitions/(Disposals) 44.5 before exceptionals Change in % 38.5 Margin % Oil, Gas & Chemicals Services Oil Gas and Chemicals Services (OGC) revenue increased by 21.8% over the prior year to CHF 783 million. This growth fueled an operating margin improvement of 180 basis points to 14.4% as the sector benefited from the positive influence of its wide geographic network footprint and investments in increased service scope. Revenue growth for the year was geographically broad based with all reporting regions posting increased activities over Central Europe, North America, and South East Asia Pacific all delivered significantly improved performance on the back of large increases in refined products volume. The Group continued to invest in support of good beneficial market conditions with the addition of fifteen new laboratories coupled with instrumentation upgrades to existing facilities. The petroleum and chemicals industry and commodity trading firms were challenged in 2006 having to meet rising consumption particularly in China and India, coping with restricted refining capacity in some markets and environmentally driven changes to product specifications. SGS is responding to these challenges of our clients by diversifying its service portfolio to accommodate the future growth of alternative fuel types (LNG, bio-fuels) and through the introduction of value added activities such as cargo treatment services and bio-fuel test capabilities. Intra-year investments in service scope and network expansion activities were particularly successful as initiatives in plant and terminal operations, and cargo treatment demonstrated robust growth and prior period investments in new laboratories in Asia, Eastern Europe & Middle East have proven to be positioned appropriately. LIFE SCIENCE SERVICES Revenues Change in % 54.3 Volume and Prices 11.4 Currency Translation 2.2 Acquisitions/(Disposals) 54.5 before exceptionals Change in % 28.8 Margin % Life Science Services Revenues in Life Science Services increased by 54.3% driven by the acquisitions of aster.cephac in France and Northview Biosciences, USA in the clinical research and quality control testing segments coupled with initial revenues from start up operations in the Asia region. Full year operating margins declined from 15.2% to 12.7% due to lower than expected revenues in clinical research, in the main attributable to delays in submissions from clients as a result of the implementation of the EU clinical trials directive in France, acquisition related restructuring costs of the European clinical research and the North American quality control testing segments and start-up costs for new laboratories in Asia. Operating margins in the 2 nd semester improved 120 basis points to 13.3%. In quality control testing revenue in the Groups laboratories in the USA, Canada, Taiwan, and Germany all improved. The Northview acquisition in the USA has been fully integrated creating a three lab North American network. Start up labs in China, Singapore, Thailand, and India have all obtained regulatory accreditation. SGS today serves 19 of the largest 20 pharmaceutical companies in quality control testing services. In clinical research, SGS Life Science Services established itself as European market leader for phase I, bio-analysis and biometry services through the acquisition of aster.cephac in France. Despite 2006 revenue delays in France due to a regulatory transition year, now complete, the customer base was broadened by the addition of 20 new pharmaceutical and biotech customers. In 2007, Life Science Services plans to further expand its network of QC testing labs, it s network for early stage clinical research services and resources for clinical trial management. 4
5 CONSUMER TESTING SERVICES Revenues Change in % 24.5 Volume and Prices Currency Translation 7.8 Acquisitions/(Disposals) 3.8 before exceptionals Change in % 34.0 Margin % Consumer Testing Services With full year 2006 revenue of CHF 593 million, the Consumer Testing Services business grew by 24.5% generating an operating margin of 23.1% versus 21.4% in the comparable period. During the reporting period all reporting regions in the CTS network posted comparable revenue growth with the East Asia, China Hong Kong, and South East Asia Pacific regions continuing to be the primary catalysts of performance. Capacity expansion projects in China and Korea were completed during the reporting period in addition to significant additions and refurbishments of laboratory test equipment in the network. Two acquisitions were made in the 2 nd semester - 7 Layers in the UK and the USbased Wireless Test Systems (WTS), both telecoms specialists. With the acquisition of WTS, SGS becomes the North American leader in CDMA (Code Division Multiple Access) testing, rounding out the Group s strong position in services to the mobile telecom device market. These acquisitions will further strengthen the Wireless Unit which doubled in revenue versus As expected, demand for RoHS (Restriction of Hazardous Substances) testing moderated in the second half of the year as compliance deadlines were reached. As similar norms are progressively introduced in other regions and the new REACH (Registration, Evaluation, and Authorization of Chemicals) directive is introduced in 2007, growth in demand for RSTS (Restrictive Substance Testing Services) services is expected. During 2006 the network of laboratories and capabilities were catalogued in an effort to optimize cross lab synergies, manage capacity and investment and share best practice. In addition, a network of specialized competence centers for research and development was instituted to develop new testing methods for clients & internal network benefit. As part of this strategy, a purpose-built multi-lab was opened in a science park in Guangzhou increasing the Groups capacity and capabilities in Southern China. SYSTEMS & SERVICES CERTIFICATION Revenues Change in % 16.3 Volume and Prices 40.9 Currency Translation 3.8 Acquisitions/(Disposals) -- before exceptionals Change in % 26.7 Margin % Systems & Services Certification Systems and Services Certification (SSC) delivered full year revenue of CHF 319 million an increase of CHF 45 million or 16.3% over the comparable period. Operating margin in 2006 improved to 18.5% from 17% in the prior year from a combination of new service line introduction, volume leverage, and reduced back office administrative costs. The sector was successful in growing revenue from the traditional compliance schemes (ISO 9001, ISO 14001) faster than the overall market as the Group was properly positioned in geographies with expanding economies and industrial activity. Industry-specific standards, such as ISO and IECQ HSPM contributed strongly to the revenue progression allowing SGS to gain market share leadership positions in these certification schemes. Customized audit solutions, e.g. audits focusing on performance against defined KPI, continued to increase during the period. Demand notably came from global food supply chains for food safety schemes and from the automotive dealership and aftersales service network for enhancing brand protection and service delivery quality. Service Certification became a part of the service portfolio in several countries with the Qualicert scheme becoming a strong performer particularly in Eastern Asia. 5
6 In 2006, the Group launched several new industry-specific initiatives, such as JPAL medical devices regulatory certification, ISO and various services for the electrical and electronics industries (IECQ HSPM, ANSI/ESD) based on global compliance directives. In new product development, the sector introduced the Six Sigma Benchmarking Standard for program design auditing and introduced the Six Sigma Programme Certificate to validate past and current results. INDUSTRIAL SERVICES Revenues Change in % 14.7 Volume and Prices 58.4 Currency Translation 7.1 Acquisitions/(Disposals) 0.1 before exceptionals Change in % 27.5 Margin % Industrial Services The Industrial Services business delivered revenue growth of 14.7% for the year with operating income increasing to CHF 75 million. Operating margins expanded to 14.6% from 13.2% in the comparable period as the sector benefited from volume leverage, and favorable service and geographic mix. The Group s operations in Western and Central Europe performed well in the fields of statutory inspections, construction code compliance, NDT (Non-Destructive Testing) services, and maintenance related inspection activities. Positive performance strides were made into South East Europe (17% growth) as this geography is accelerating adoption of compliance schemes as mandated by EU regulations. The capabilities for the asset integrity management service offering and services to the upstream oil and gas industry have been strengthened, generating some important project wins during the year, particularly in Eastern Europe and Asia Pacific. Particular success in project monitoring services coupled with on-site material testing was achieved in India during the year with several key contract wins. SGS s investment in service capabilities in geographies undergoing large scale infrastructure and public works growth is a key driver for future business success. In new service development, SGS has become a key partner to the major participants in the onshore/offshore wind energy business. SGS is providing the necessary technical support to clients ensuring that they maintain their quality levels during this period of significant growth and development. With the acquisition of SRS Tech Co., Ltd of Korea in November 2006, Industrial Services has become a leader in the provision of leak testing services to LNG vessels under construction. ENVIRONMENTAL SERVICES Revenues Change in % 6.0 Volume and Prices 14.8 Currency Translation 3.1 Acquisitions/(Disposals) (3.7) before exceptionals Change in % (7.31) Margin % Environmental Services The Environmental services business delivered full year revenue growth of 6.0% despite difficult trading conditions experienced during the 1 st semester. Full year operating margins of 9.7% (11.1% prior year) were negatively impacted by business disposals in June; 2 nd semester core operations operating margins recovered to 10.3% as sample volumes increased and new sites became operational. The Group s operations in Spain, the Benelux, and the United States all delivered comparable growth in excess of 10% as 1 st semester momentum was sustained in construction and infrastructure projects and associated laboratory testing. Solid operating performance was delivered in the sectors operations supporting the mining industry in Africa, with South Africa commencing laboratory operations in the 2nd semester. The Groups start up operation in Korea is the first lab in the region to be NELAC (National Environmental Laboratory Accreditation Conference) accredited and is now operational; an additional start up laboratory is under construction for the Middle East market with operations to commence in the 1 st semester of
7 The focus of the business remains the laboratory analysis for contaminants in soil, water and air; as a result of this strategy the group made the decision to divest of its Australian based hygiene services business during the year. At the conclusion of 2006 the sector launched its data services package which will enable clients to extract maximum value out of the analytical and related data via web access. AUTOMOTIVE SERVICES Revenues Change in % 10.0 Volume and Prices 8.1 Currency Translation 2.4 Acquisitions/(Disposals) 9.6 before exceptionals Change in % 18.3 Margin % Automotive Services Automotive Services revenue increased 10% to CHF 220 million delivering an operating margin of 13.5% for the full year. All of the Groups statutory inspection operations performed well during the year with inspection volumes in France ( + 38%) from the full year effect of the ACO SECURITE acquisition, Ireland (+12%) on the back of increased service scope, Chile (+ 60%), and Ivory Coast (+14%) all meeting their year performance objectives. In the commercial sector, activities in Europe were strengthened through the expansion of lease inspection services. In USA, despite continued difficult trading conditions in the fleet and lease markets, operating margins remained stable due to proactive cost control measures. The Group will continue to align costs with revenues and service offering positioning in a market which is slowly stabilizing but expected to remain challenging for the foreseeable future. In the UK, Transport for London awarded SGS a new contract for licensing and inspection services on all the London Black Cabs, in addition to the Groups existing concession on private hire vehicles. Facilities construction and personnel sourcing commenced in Q4 with the contract on schedule to commence operations in the latter part of In the USA the data management program in California went live in June 2006, later than originally planned but being the most modern and robust application ever built by SGS in this domain. In the USA the Massachusetts Department of Environmental Protection (DEP) has extended the mandate for the audit of emission testing equipment saw the confirmation of the strategy to innovate and develop the offering to Governments and Authorities dealing with transport and road safety. In this context, two new contracts were signed in Ireland. The first one with the Taxi Commission, for licensing small public service vehicles (PSV) and the second one for the provision of practical driver s tests. TRADE ASSURANCE SERVICES Revenues Change in % (26.1) Volume and Prices (59.6) Currency Translation -- Acquisitions/(Disposals) -- before exceptionals Change in % (52.2) Margin % Trade Assurance Services Comparable revenues in Trade Assurance Services (TAS) declined 26.1% due to the full year effect of the discontinuation of pre-shipment inspection contracts on behalf of Nigeria and Venezuela. Operating margins declined to 13.7% due to lost profits on discontinued contracts and start up costs incurred on new contract implementations. In Nigeria the new destination Inspection program became operational in 2006 with the installation and operation of 3 scanners. Scanners were also deployed in Cameroun and Madagascar. A new contract was signed in Madagascar for implementing a TradeNet application through a public-private partnership. The product conformity assessment in Kenya is gaining traction and a new program has been implemented, following the opening of the market in Saudi Arabia. 7
8 The TransitNet service, designed to facilitate the movement of road transport by allowing transporters to submit electronic transit declaration is now live in Turkey and Romania. Due to the success of the ValueNet implementation on behalf of Mexican Customs, the group was awarded a similar mandate for Customs Guatemala. The Groups efforts in developing the service offering in the field of aid efficiency have begun to bear fruit with new mandates being obtained from the Japan Bank for International Cooperation (JBIC) as well as the Inter-American Development Bank (IADB). Furthermore our NGO benchmarking services are gaining international recognition with a doubling of the number of audits performed. It is the group s aspiration to be the globally recognized independent provider of aid efficiency solutions to NGOs, charities, relief funds and development funds. In a climate where the demand for transparency and fund use efficiency is gaining traction due to donor mandate, SGS is uniquely positioned to provide verification, monitoring, and environmental impact assessment services utilizing its worldwide network and reporting technologies. 8
9 CONDENSED CONSOLIDATED INCOME STATEMENT Revenue Personnel and sub-contracted costs (2 081) (1 832) Depreciation and amortization (172) (140) Other operating expenses (963) (834) Operating profit before exceptional items Exceptional items EBIT Financial (expense)/income (1) 5 Profit before tax Taxes (155) (119) Profit for the year Net profit attributable to: - Equity holders of SGS SA Minority interests Profit before recoveries on pre-2002 terminated contracts (net of tax) (1) (1) No recoveries in CONDENSED CONSOLIDATED BALANCE SHEET Non-current assets Land, building and equipment Goodwill and other intangible assets Other assets Total non-current assets Current assets Trade accounts and notes receivables Other assets Cash and investments Total current assets Total assets Total equity Non-current liabilities Loans 7 7 Provisions and other liabilities Total non-current liabilities Current liabilities Trade and other payables Other liabilities Total current liabilities Total equity and liabilities Basis of Preparation CONDENSED CONSOLIDATED CASH FLOW Profit for the year Adjustment for non cash items (Increase)/decrease in net working capital (31) (80) Taxes paid (144) (107) The condensed consolidated financial statements are based on the consolidated financial statements that are prepared in accordance with the accounting policies set out in the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These condensed consolidated accounts are based on the accounts of individual subsidiaries at 31 December, which have been drawn up according to uniform Group Accounting Policies. Operating cash flow Net sale/(purchase) of fixed assets (224) (190) Cash (paid)/received for acquisition/ disposals (178) (95) Other from investing activities 13 6 Cash flow from investing activities (389) (279) Dividend paid to Equity holders of SGS SA (236) (90) Dividend paid to Minority interests (12) (7) Share capital refund (145) -- Movement on treasury shares 43 (1) (Decrease)/increase in short term loans (85) 81 Other from financing activities (17) (14) Cash flow from financing activities (452) (31) Exchange differences on opening balances 1 15 Translation differences on flows (3) (41) Increase/(decrease) in cash and cash equivalents (291) 75 CONDENSED STATEMENT OF RECOGNISED INCOME AND EXPENSE Exchange differences & other Actuarial gains and losses 19 (54) Net income recognised directly in equity 19 (13) Profit for the year Total recognised income and expense for the year Attributable to: Equity holders of SGS SA Minority interests
10 ACQUISITION OF SUBSIDIARIES CHF million Carrying amount Amount recognised before Fair value at the acquisition combination adjustments date Tangible and intangible assets Current assets Cash and cash equivalent Current liabilities (43) (43) Non-current liabilities (8) (1) (9) Net assets acquired Goodwill on acquisitions 180 Total purchase price 264 Less cash & cash equivalents acquired (16) Net cash outflow on acquisitions 248 BASIC EARNINGS PER SHARE DILUTED EARNINGS PER SHARE Profit attributable to Equity holders of SGS SA - CHF million Weighted average number of shares Basic earnings per share - CHF Profit attributable to Equity holders of SGS SA - CHF million Diluted weighted average number of shares Diluted earnings per share - CHF EARNINGS PER SHARE BEFORE EXCEPTIONALS Profit attributable to Equity holders of SGS SA - CHF million Exceptional items net of tax - CHF million (12) -- Profit attributable to Equity holders of SGS SA before exceptionals CHF million Adjusted basic earnings per share - CHF Adjusted diluted earnings per share - CHF EXCHANGE RATES Balance Sheet End of period rates Profit & Loss account Average rates Dec 06 Dec Australia AUD EU EUR Great Britain GBP USA USD
11 Disclaimer This PDF version is an exact copy of the document provided to SGS shareholders. Except where you are a shareholder, this material is provided for information purposes only and is not, in particular, intended to confer any legal rights on you. This document does not constitute an invitation to invest in SGS shares. Any decisions you make in reliance on this information are solely your responsibility. This document is given as of the dates specified, is not updated, and any forward looking statements are made subject to the following reservations: This document contains certain forward looking statements that are neither historical facts nor guarantees of future performance. Because these statements involve risks and uncertainties that are beyond SGS control or estimation, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward looking statements. These statements speak only as of the date of this document. Except as required by any applicable law or regulation, SGS expressly disclaims any obligation to release publicly any updates or revisions to any forward looking statements contained herein to reflect any change in SGS Group s expectations with regard thereto or any change in events or conditions on which any such statements are based. English version is binding CORPORATE OFFICE 1 place des Alpes P.O. Box 2152 CH 1211 Geneva 1 t +41 (0) f +41 (0) e enquiries@sgs.com HALF YEAR RESULTS Monday, 16 July 2007 STOCK EXCHANGE LISTING SWX Swiss Exchange, SGSN STOCK EXCHANGE TRADING virt-x COMMON STOCK SYMBOLS Bloomberg: Registered Share: SGSN Reuters: Registered Share: SGSZn.S Telekurs: Registered Share: SGSN ISIN: Registered Share: CH CORPORATE COMMUNICATIONS & INVESTOR RELATIONS Jean-Luc de Buman SGS SA 1 place des Alpes P.O. Box 2152 CH 1211 Geneva 1 t +41 (0) f +41 (0) ANNUAL GENERAL MEETING OF SHAREHOLDERS Monday, 19 March 2007
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