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  • C AR

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    CARLO GAVAZZI HOLDING AG P.O. Box 152

    CH-6312 Steinhausen, Switzerland Phone: +41 41 747 45 25 Telefax: +41 41 740 45 60

    Internet: www.carlogavazzi.com E-Mail: [email protected] C

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    At a Glance Five-Year Financial SummaryAnnual Report 2010 / 11

    Publisher Carlo Gavazzi Holding AG Sumpfstrasse 32 CH-6312 Steinhausen, Switzerland www.carlogavazzi.com

    Layout and typesetting gabrielabeutter gmbh, Meilen, Switzerland www.gabrielabeutter.ch

    Print Kalt-Zehnder-Druck AG, Zug, Switzerland www.kalt.ch

    Portraits Fotostudio Peter Hofstetter, Cham, Switzerland www.peterhofstetter.ch

    Information for Investors

  • C AR

    LO G

    AV AZ

    ZI G

    R O

    U P

    A nn

    ua l R

    ep or

    t 2 00

    9 / 10

    CARLO GAVAZZI HOLDING AG P.O. Box 152

    CH-6312 Steinhausen, Switzerland Phone: +41 41 747 45 25 Telefax: +41 41 740 45 60

    Internet: www.carlogavazzi.com E-Mail: [email protected] C

    AR LO

    G AV

    AZ ZI

    A N

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    A L

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    O R

    T 20

    10 /1

    1

    At a Glance Five-Year Financial SummaryAnnual Report 2010 / 11

    Publisher Carlo Gavazzi Holding AG Sumpfstrasse 32 CH-6312 Steinhausen, Switzerland www.carlogavazzi.com

    Layout and typesetting gabrielabeutter gmbh, Meilen, Switzerland www.gabrielabeutter.ch

    Print Kalt-Zehnder-Druck AG, Zug, Switzerland www.kalt.ch

    Portraits Fotostudio Peter Hofstetter, Cham, Switzerland www.peterhofstetter.ch

    Information for Investors

  • Five-Year Financial Summary

    (in CHF million) 2010/11 2009/ 10* 2008 / 09** 2007 / 08 2006 / 07

    Bookings 185.6 152.7 172.7 228.2 221.6

    Order backlog 29.8 30.0 29.0 49.5 50.8

    Operating revenue 181.9 149.6 174.9 223.4 215.7

    Gross profit 98.5 81.3 91.7 109.4 100.9

    EBITDA 35.7 16.6 20.2 31.3 25.0

    EBIT 31.8 12.7 16.2 26.7 20.2

    Earnings before taxes 31.2 12.5 17.0 23.7 19.0

    Net income from continuing operations 22.7 7.7 12.2 16.8 14.9

    Net income including discontinued operations 8.0 11.5

    Cash flow*** 26.6 11.7 17.9 23.6 18.8

    Depreciation and amortization 3.9 3.9 4.0 4.7 4.8

    Additions to fixed and intangible assets 4.8 3.6 4.0 4.3 5.1

    Trade receivables 37.7 34.7 34.5 55.5 59.3

    Inventories 28.8 25.9 28.0 31.2 40.4

    Net working capital 29.8 28.8 43.2 47.3 58.7

    Current assets 130.9 115.1 116.7 124.6 126.8

    Property, plant and equipment, net 12.4 13.0 14.4 16.5 23.2

    Intangible assets, net 7.3 8.0 23.7 28.6 29.7

    Interest-bearing debt, net -55.1 -44.4 -29.7 -21.1 7.2

    Current liabilities 44.9 40.2 41.8 53.4 71.3

    Non-current liabilities 6.1 8.4 7.7 9.9 11.9

    Shareholders‘ equity 104.1 92.0 106.9 107.9 98.9

    Total liabilities and shareholders‘ equity 155.1 140.6 156.4 171.1 182.2

    Number of employees (average) 1 002 975 1 040 1 204 1 192

    Not comparable with previous periods due to change to IFRS from US GAAP Not comparable with previous periods due to discontinuance of the Computing Solutions Business Unit Net income + depreciation + amortization

    * **

    ***

  • *

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    Five-Year Financial Summary At a Glance Information for Investors Information for Investors

    2009 / 10

    EMEA

    NORTh AMERIcA

    ASIA

    Revenue distribution by geographical region

    (in CHF million ) 2010/11 2009/10 %

    Bookings 185.6 152.7 +21.5

    Operating revenue 181.9 149.6 +21.6

    EBITDA 35.7 16.6 +115.1

    EBIT 31.8 12.7 +150.4

    Net income 22.7 7.7 +194.8

    cash flow 26.6 11.7 +122.2

    Shareholders‘ equity 104.1 92.0 +13.2

    ROE 21.8% 8.4%

    ROcE 64.8% 26.7%

    (in CHF million) 2010/11 2009/ 10* 2008 / 09** 2007 / 08 2006 / 07

    Bookings 185.6 152.7 172.7 228.2 221.6

    Order backlog 29.8 30.0 29.0 49.5 50.8

    Operating revenue 181.9 149.6 174.9 223.4 215.7

    Gross profit 98.5 81.3 91.7 109.4 100.9

    EBITDA 35.7 16.6 20.2 31.3 25.0

    EBIT 31.8 12.7 16.2 26.7 20.2

    Earnings before taxes 31.2 12.5 17.0 23.7 19.0

    Net income from continuing operations 22.7 7.7 12.2 16.8 14.9

    Net income including discontinued operations 8.0 11.5

    Cash flow*** 26.6 11.7 17.9 23.6 18.8

    Depreciation and amortization 3.9 3.9 4.0 4.7 4.8

    Additions to fixed and intangible assets 4.8 3.6 4.0 4.3 5.1

    Trade receivables 37.7 34.7 34.5 55.5 59.3

    Inventories 28.8 25.9 28.0 31.2 40.4

    Net working capital 29.8 28.8 43.2 47.3 58.7

    Current assets 130.9 115.1 116.7 124.6 126.8

    Property, plant and equipment, net 12.4 13.0 14.4 16.5 23.2

    Intangible assets, net 7.3 8.0 23.7 28.6 29.7

    Interest-bearing debt, net -55.1 -44.4 -29.7 -21.1 7.2

    Current liabilities 44.9 40.2 41.8 53.4 71.3

    Non-current liabilities 6.1 8.4 7.7 9.9 11.9

    Shareholders‘ equity 104.1 92.0 106.9 107.9 98.9

    Total liabilities and shareholders‘ equity 155.1 140.6 156.4 171.1 182.2

    Number of employees (average) 1 002 975 1 040 1 204 1 192

    2010 / 11 2009 / 10

    Distribution of employees by geographical region

    79%8%

    13%

    2010/11 2009 / 10** 2008 / 09 2007/08 2006 / 07

    Registered shares

    Nominal value CHF 3

    Shares issued Number 1 600 000 1 600 000 1 600 000 1 600 000 1 600 000

    Share of capital % 45.0 45.0 45.0 45.0 45.0

    Share of voting rights % 80.4 80.4 80.4 80.4 80.4

    Share price The registered shares are not traded on the stock exchange.

    Bearer shares

    Nominal value CHF 15

    Shares issued Number 390 710 390 710 390 710 390 710 390 710

    Share of capital % 55.0 55.0 55.0 55.0 55.0

    Share of voting rights % 19.6 19.6 19.6 19.6 19.6

    Share price as of March 31 CHF 211 150 90 190 275

    Share price - high CHF 219 155 200 319 278

    Share price - low CHF 148 86 85 180 183

    Average daily volume Number 444 305 311 624 922

    P/E Ratio Factor 6.6 13.8 8.0 8.0 16.9

    Basic earnings per share CHF 32.0 10.9 11.3 23.8 16.3

    Book value per share CHF 147 129 150 152 139

    Stock market capitalization CHF 1 000 149 960 106 606 63 964 135 035 195 445

    - in percentage of revenue % 82.5 71.2 36.6 60.5 90.6

    - in percentage of equity % 144.0 115.9 59.8 125.1 197.6

    Dividend per share (ordinary)*** CHF 10.0* 5.0 5.0 10.0 7.0

    - dividend yield % 4.7* 3.3 5.6 5.3 2.5

    - total pay-out CHF 1 000 7 107* 3 554 3 554 7 107 4 975

    - pay-out ratio % 31.3* 44.2 44.6 42.3 43.2

    Dividend per share (jubilee) CHF 15.0* - - - -

    - dividend yield % 7.1* - - - -

    - total pay-out CHF 1 000 10 661* - - - -

    - pay-out ratio % 46.9* - - - -

    Restriction of voting rights There are no limits on registration of voting rights

    Financial calendar Shareholders’ meeting 2010 / 11: July 28, 2011, at the Parkhotel, Zug Interim report 2011 / 12: November 22, 2011 Press and financial analysts‘ meeting 2011 / 12: June 28, 2012, at the Widder Hotel, Zurich Shareholders’ meeting 2011 /12: July 26, 2012

    Share price 1.4.2006- 31.3.2011 (CHF)

    350

    300

    250

    200

    150

    100

    50

    2006 / 07 2007 / 08 2008 / 09 2009 / 10 2010 / 11

    cARLO GAvAzzI BEARER ShARE

    SPI ExTRATM (REBASED)

    Not comparable with previous periods due to change to IFRS from US GAAP Not comparable with previous periods due to discontinuance of the Computing Solutions Business Unit Net income + depreciation + amortization

    Proposal of the board of directors

    Certain numbers not comparable with previous periods due to change to IFRS from US GAAP

    of this amount for 2010/11, CHF 2.00 will be paid from the reserve for capital contribution

    * **

    ***

    Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.

    Share volume 1.4.2010- 31.3.2011 (Number)

    6 000

    5 000

    4 000

    3 000

    2 000

    1 000

    0

    Share price 1.4.2010- 31.3.2011 (CHF)

    220

    210

    200

    190

    180

    170

    160

    150

    140

    130

    Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.

    173

    749

    51

    2010 / 11

    79%9%

    12%

    204

    744

    54

  • *

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    Five-Year Financial Summary At a Glance Information for Investors Information for Investors

    2009 / 10

    EMEA

    NORTh AMERIcA

    ASIA

    Revenue distribution by geographical region

    (in CHF million ) 2010/11 2009/10 %

    Bookings 185.6 152.7 +21.5

    Operating revenue 181.9 149.6 +21.6

    EBITDA 35.7 16.6 +115.1

    EBIT 31.8 12.7 +150.4

    Net income 22.7 7.7 +194.8

    cash flow 26.6 11.7 +122.2

    Shareholders‘ equity 104.1 92.0 +13.2

    ROE 21.8% 8.4%

    ROcE 64.8% 26.7%

    (in CHF million) 2010/11 2009/ 10* 2008 / 09** 2007 / 08 2006 / 07

    Bookings 185.6 152.7 172.7