Annual report mobilezone holding ag
annual report
mobilezone.ch 2011
mobilezone stands for optimal customer service The nearly unlimited options of mobile telecommunication have changed our society in fundamental ways. For example, we can now be reached at any time and everywhere, can always access our business data, and can even do our shopping on the go. However, all this also places great demands on us: the flood of information never ends, and we can less and less afford for our mobile phones to break down. At mobilezone, we are fully aware of this, and that is why we do our best to assist our customers with help and advice regarding all their questions about mobile communication – and we offer the appropriate solution for all their concerns. That is why we have placed the needs of our customers and the corresponding mobilezone services at the center of our 2011 annual report. In few words, but all the more expressively.
3
Contents 4
Key figures
6
mobilezone overview Brief profile Report to Shareholders Events in 2011 Company principles and values
7 8 10 11
12
Business segment reports Trade13 Service Providing 19
20
Corporate Governance
29
Financial report Consolidated financial statements mobilezone Group Financial statements mobilezone holding ag
64
Addresses
30 56
4
Key figures
Consolidated profit (in CHF million) 25 24 23 22 21 20 19 18 17 16
2011
2010
2009
2008
2007
15
EBIT (in CHF million) 30
Group (CHF 000 or as indicated) Net sales Gross profit Operating profit EBITDA Operating profit EBIT Net profit
28
Total assets Net cash & cash equivalents Shareholders’ equity
26 24 22 20
Net cash from operating activities Investments in property, plant & equipment and intangible assets
18 16
2011
2010
2009
2008
2007
14
Number of full-time employees as of December 31 Number of shops as of December 31 Data per title (in CHF or as indicated) Outstanding shares at year end (pieces) Earnings per share – undiluted /diluted Equity per share Payout per share3 Share price (highest /lowest) Share price as of December 31
EBITDA (in CHF million) 40 35 30 25 20
2011
2010
2009
2008
2007
15 as a percentage of net sales as a percentage of the balance sheet total 3 2011: According to the Board of Directors’ proposal to the General Meeting of April 5, 2012 1 2
Net sales (in CHF million) 310 300
Dividend (CHF)
2011
0.10
2010
0.20
220
2009
0.30
230
2008
240
2011
0.40
2010
0.50
250
2009
0.60
260
2008
0.70
270
2007
280
2007
290
5
2011 305 624 93 534 33 139 24 397 20 662
30.61 10.81 8.01 6.81
2010 299 951 98 374 39 170 30 390 25 155
73.82
115 265 31 519 85 526
%
108 019 30 998 79 717
32.81 13.11 10.11 8.41
2009 297 898 95 334 37 898 28 206 23 269
74.22
107 440 27 367 79 909
%
32.01 12.71 9.51 7.81
2008 318 030 95 390 41 105 27 892 22 895
74.22
104 453 23 936 72 060
%
30.01 12.91 8.81 7.21
2007 320 912 78 905 32 389 22 994 18 879
24.61 10.11 7.21 5.91
69.02
108 922 19 438 61 016
56.02
%
36 693 10 387
31 086 7 833
25 290 6 609
30 833 11 222
32 860 14 898
548 140
556 141
523 135
542 131
453 127
35 772 996 0.58 2.23 0.60 11.00/8.30 9.50
35 772 996 0.70 2.39 0.70 10.75/7.70 10.50
35 772 996 0.65 2.23 0.55 7.97/5.94 7.80
35 772 996 0.64 2.01 0.43 7.85/6.10 6.74
35 772 996 0.53 1.71 0.33 8.40/6.90 7.70
Share price since 2005 500% 450% 400% 350% 300% 250% 200% 150%
2011
2010
2009
2008
2007
2006
2005
100%
mobilezone
SPI
%
6
mobilezone overview
mobilezone shows positive result at year’s end. The mobilezone Group concludes fiscal year 2011 with a positive result. A strong second half compensated for the year’s relatively slow start. Net sales rose by 1,9 percent to CHF 305.6 million (2010: CHF 300.0 million). Thus, the company could again strengthen and expand its market position despite a difficult market environment – a clear sign that consumers appreciate mobilezone’s comprehensive range of products and services.
oops!
Help Center Driven over your mobile phone and now the display is totally scratched? Its cover is damaged, or the keypad no longer responds at all even when you tap on it as hard as you can? In such cases the mobilezone Help Center is the ideal one-stop shop for our customers for there they find quick and uncomplicated first aid for their mobile phone emergencies. Thanks to our experienced technicians, who can do minor repairs in a very short time right on the spot.
mobilezone overview • Brief profile
7
The largest independent telecom specialist mobilezone is Switzerland’s leading independent telecom specialist. The company is completely independent of manufacturers and mobile phone service providers (Swisscom, Orange, and Sunrise), and this guarantees customers the greatest possible transparency regarding prices, services, and products. More than 500 employees competently advise individual and business customers. In addition, in its 140 shops all across Switzerland mobilezone offers the largest selection of mobile phones and accessories from all manufacturers. Thanks to mobilezone’s abo-checker.ch, its free comparison service for mobile phones and subscriptions, and other online services, customers can also benefit from mobilezone’s independent consulting expertise on the Internet. Established in 1999, mobilezone is the most important sales partner for all mobile phone service providers in Switzerland.
Business Segments Trade Individual customers • 140 shops centrally located all across the country • Advice regarding price plans and mobile phones • Advice regarding fixed-line, TV, and Internet connection • Comprehensive product range of mobile phones and accessories • Independent partner of Swisscom, Orange, and Sunrise • Independent comparison of price plans at www.abo-checker.ch
Business customers • Consulting services for companies of any size • Fleet management and outsourcing • Customizable web shop
Service Providing Fixed-line telephony • Own fixed-line and Internet subscriptions Repair services • Repair of mobile phones (since January 2012)
Schaffhausen Basel
mobilezone has a presence in all regions of Switzerland with a total of 140 shops in central locations and larger shopping centers.
Aarau Delémont
St. Margrethen
Regensdorf St. Gallen
Thalwil
Biel
La Chaux-de-Fonds
Winterthur
Zurich Solothurn
140 SHOPS ADDRESSES ON PAGE 64
Kreuzlingen
Frauenfeld Baden
Neuchâtel
Rapperswil
Zug Lucerne Bern
Schwyz
Glarus Chur
= Shops = Shops with Help Center
Yverdon
Fribourg
Thun Interlaken
Lausanne Nyon
Altdorf
Montreux
Geneva
Sierre
Locarno
Bellinzona
Martigny Lugano
8
mobilezone overview • Report to the Shareholders
Positive result – Continuation of the dividend policy Dear Shareholders, The mobilezone Group concludes fiscal year 2011 with a positive result. A strong second half partly compensated for the past fiscal year’s relatively slow start. Net sales rose by 1,9 percent to CHF 305.6 million (2010: CHF 300.0 million). Thus, the company was again able to strengthen and expand its market position despite the difficult market environment. This shows that consumers appreciate mobilezone’s comprehensive range of products and services. However, the uncertain mood of the market, the continued pricing pressure, and the declining consumer confidence lowered the group’s profitability. The resulting consolidated profit amounts to CHF 20.7 million (2010: CHF 25.2 million). Accordingly, earnings per share amount to CHF 0.58 (2010: CHF 0.70). Operating profit (EBIT) came to CHF 24.4 million (2010: CHF 30.4 million). The EBIT margin came to 8,0 percent (2010: 10,1 percent). The triumphant success of the smartphones continued unchecked in 2011. The market leaders were Apple and Samsung. This development also is also reflected in mobilezone’s sales figures: the iPhone and the mobile phones of the Galaxy series were the top sellers. Although Apple now faces serious competition from the Android operating system and Samsung, the iPhone still remains the gold standard of smartphones – especially in Switzerland, where the iPhone’s market share at 34 percent is nearly twice as high as in neighboring countries. In contrast, Nokia, the former market leader, has increasingly lagged behind its competitors where smartphones are concerned. However, mobilezone assumes that the introduction of the Lumia 800 – the first Nokia smartphone with Windows operating system – will soon change this. Nokia’s new model came on the market in January 2012.
Urs T. Fischer
Martin Lehmann
In the past two years mobilezone has increasingly invested in its other mainstay: the service segment. With this approach, the company wants to differentiate itself more clearly in the marketplace. By building up its network of Help Centers, mobilezone has completed an important milestone toward that goal. Two Help Centers are already successfully active in the market. This offer will now be expanded: In December 2011 mobilezone announced that it will acquire the mobile phone repair and logistics service provider mobiletouch ag as of January 2012. mobiletouch is a market leader in Switzerland as well as in Austria. With the integration of mobiletouch, mobilezone can open several new Help Centers throughout Switzerland. Taking advantage of the current low interest rates in the capital market, mobilezone financed the acquisition largely with outside capital. The information offered on the Internet is an important part of mobilezone’s service concept. For example, in June 2011 the company launched abo-checker.ch, an Internet service that allows customers to independently compare mobile phone and subscriptions, and at the same time it also provides them with the offers that best meet their needs. In the business customer segment mobilezone succeeded in increasing its market share. In particular the customizable web shop and customized outsourcing solutions are attracting wide interest among companies.
9
Fiscal year 2011 was a challenging year for mobilezone, and the next fiscal year will likely also be challenging. However, mobilezone is convinced that it is optimally positioned to handle even market conditions such as these. The company’s continued extraordinarily high equity and liquidity have led the Board of Directors to propose to the General Meeting, which is to be held on April 5, 2012, a dividend in the amount of CHF 0.60 (2010: CHF 0.70), that is, CHF 0.02 more than the consolidated profit. In economically difficult times it pays to be able to count on the commitment and loyalty of shareholders, employees, customers, and business partners. They are the foundation for mobilezone’s lasting success. At this point, we want to express our sincere gratitude, and we are looking forward to continue writing the success story of mobilezone together with you.
Urs T. Fischer Chairman of the Board of Directors
Martin Lehmann Chief Executive Officer
10
mobilezone overview • Events 2011
2011: An lively year
march mobilezone reports record result mobilezone opens a new shop in Winterthur in the shopping center Rosenberg and again reports a record result for 2010. may second Help Center opens mobilezone opens its second Help Center in the shopping center Letzipark in Zurich and takes over the B2B mobile phone customers of the communication services provider Nägele-Capaul.
june abo-checker.ch goes live mobilezone launches abo-checker.ch, its free service for comparing subscriptions and mobile phones. AUGUST 3D technology arrives mobilezone sells the LG Optimus 3D and the HTC Evo, the first mobile phones with 3D technology. SEPTEMBER iPad 2 added to mobilezone’s range of products mobilezone adds the popular iPad 2 and several other tablets to its product line.
October New shop in Basel mobilezone opens a new shop in a prime location in the Greifengasse in Basel and offers customers the option to preorder the new iPhone 4S, an option that is in great demand. december mobilezone takes over mobiletouch mobilezone announces that it will take over the mobile phone repair service and logistics provider mobiletouch ag as of January 1, 2012.
mobilezone overview • Company principles and values
11
Our focus and objectives In concept and implementation mobilezone’s business strategy is based on independence, customer focus, and collaboration on a partnership basis with all mobile phone service providers and device manufacturers. These three pillars are the foundation for mobilezone’s success. The company always puts its individual and business customers at the center of its comprehensive and expert services. Thus, mobilezone offers both the largest selection of mobile phone and accessories as well as services that go far beyond selling.
Customers
With its consulting and sales activities mobilezone wants to offer its customers a high added value. With its services, such as the free comparison service for mobile phones and subscriptions abo-checker.ch, the customized outsourcing solutions for business customers, and its network of Help Centers, mobilezone offers customers support all the way, from providing information before their mobile phone purchase to the purchase decision itself and even to a potential mobile phone malfunction or breakdown.
Shareholders
mobilezone seeks to continuously increase the company value, to achieve attractive returns, and to follow an earnings-based dividend policy. mobilezone works on ensuring that the company will also in future be valued as a very attractive dividend-paying stock on the Swiss investment scene.
Employees
At the core of mobilezone’s success are its competent, motivated, customer-friendly, and loyal employees. The company offers them an attractive working environment with secure jobs as well as apprentice training, advanced vocational training, and many opportunities for career advancement. The telecommunications sector in very dynamic and is changing our society more and more. Until five years ago, however, it was not possible to train apprentices in this area. For this reason, mobilezone, in cooperation with other telecommunications providers, advocated for the creation of a new job description “telecommunications salesperson”. Currently, mobilezone is training more than 50 apprentices for this occupation.
Partners
mobilezone maintains excellent and long-standing business relationships with its partners. For the mobile phone service providers Swisscom, Orange, and Sunrise mobilezone is the most important independent sales partner. mobilezone buys its products directly from the manufacturers and thus profits from particularly attractive purchasing terms. And mobilezone is committed to dealing fairly and on an equal and cooperative basis with its business partners and vendors.
Public relations
As leading independent telecom specialist, mobilezone contributes in an important and meaningful way to our increasingly mobile society. The company creates and maintains jobs all across the nation and manages natural resources responsibly. In its business activities mobilezone is guided by its commitment to integrity and professionalism.
12
Segment reports
Service meets with approval. In 2011 the mobile phone industry faced an extremely competitive market. Even in this difficult environment, the business segments of mobilezone again held their ground. On the one hand, mobilezone invested in attractive pricing and price plan models; on the other hand, the company also continued to expand its range of services. For example, in June 2011 mobilezone launched www.abo-checker.ch. This Internet service allows customers to directly compare all mobile phone and subscription costs. Moreover, the company continues expanding its network of Help Centers.
Abo-checker Surfer? Chatterbox? Or are you a text messaging pro or a good mix of all these? In any case, thanks to our independent and free comparison service for subscriptions and cell phones at www.abo-checker.ch, you can find the exactly right solution for your individual needs. With this service, customers can easily, quickly, and clearly determine which subscription is best for them and how much their dream mobile phone will cost them.
Segment reports • Trade
13
Smartphones: Sales growing by leaps and bounds
Individual customers Market environment
On the whole, 2011 was a difficult year for the mobile phone industry. Uncertainty regarding the development of the overall economy and the absence of new top mobile phone models led to consumer restraint. Moreover, the replacement cycle for mobile phones has become longer. The new generation of mobile phones, which are becoming both more expensive and more durable, has led consumers to wait longer for the launch of a popular mobile phone model. The number of subscription contracts concluded with the mobile phone service providers Swisscom, Orange, and Sunrise fell slightly in 2011. The competition for customers was again a hard fight in the past year. Nevertheless, mobilezone was able to defend its favorable market position: for the most part, mobilezone in is the absolute price leader in its online shop for cell phones without subscription. To differentiate itself more strongly in the marketplace, mobilezone has increasingly been investing in its service segment. The company’s continued growth in the difficult market environment of 2011 shows that consumers appreciate what mobilezone has to offer.
THIS IS WHAT OUR CUSTOMERS ARE SAYING
Do not agree
Agree
1 2 3 4 5 6 7 8 9 10
1 2 3 4 5 6 7 8 Source: mobilezone customer survey December 2011 / January 2012; 600 respondents
1 I would recommend mobilezone to others. 2 I will buy again at mobilezone. 3 mobilezone’s consulting is of high quality. 4 mobilezone is customer-friendly. 5 The mobilezone consultant was competent. 6 mobilezone has a good price/performance ratio for mobile phones and subscriptions. 7 I was being served within 5 minutes. 8 mobilezone has the best price.
14
Segment reports • Trade
Products
Smartphones were very popular again this past year, and thus smartphone sales once again grew by leaps and bounds in 2011. According to the Canalys market researchers, mobile phones with the Android operating system led the market: 51.9 million units were sold, an increase of 379 percent over the previous year’s figure. This development is also reflected in mobilezone’s sales figures: the iPhone and the mobile phones of the Galaxy series were the top sellers. Although Apple now faces serious competition from the Android operating system and Samsung, the iPhone still remains the gold standard of smartphones. In contrast, while Nokia’s models still sell well among the conventional mobile phones, the company has increasingly had to cede its market leadership to its competitors as a result of the rapid development where smartphones are concerned. However, mobilezone assumes that the introduction of the Lumia 800 – the first Nokia smartphone with Windows operating system – will soon change this. Nokia’s new model came on the market in January 2012.
SHARES OF BRANDS SOLD AT MOBILEZONE* (In percent) 2011 2010 40 35 30 25 20 15 10 5 0 1 2 3 4 5 6 78 1 Apple 2 Nokia 3 Samsung 4 Sony Ericsson 5 HTC 6 Blackberry 7 LG 8 Others * based on number of units sold
15
THE BEST-SELLING MOBILE PHONES OF MAJOR BRANDS AT MOBILEZONE
Apple iPhone 4S
Samsung Galaxy S II
Nokia Lumia 800
Sony Ericsson Xperia arc S
HTC Sensation XL Ur Beats
Samsung Galaxy S Plus
Blackberry 9900 Bold
Nokia N9
LG Optimus 2X
16
Segment reports • Trade
Shops
For its shops mobilezone considers only central and much-frequented locations. In 2011 mobilezone consolidated its network of shops and added more top shops. The new shops were opened in German-speaking Switzerland, for example, in the Greifengasse in Basel, in the shopping center Oberland in Thun, and in the shopping center Rosenberg in Winterthur. In Ticino a new shop was added in Chiasso.
SHOPS OPENED IN 2011 Basel, Greifengasse Chiasso, Polaris Shopping Center Thun, EKZ Oberland Winterthur, EKZ Rosenberg
SHOPS CLOSED IN 2011 Fribourg, Rue de Romont Wettingen, Zentrumsplatz Bern, von Werdt-Passage Nyon, CC La Combe Zurich, Stauffacherstrasse
SHOPS remodeled IN 2011 Aigle, new location in the same shopping center EKZ Bern, Waaghaus-Passage Zurich, EKZ Letzipark, new with Help Center Aarau, Bahnhofstrasse Rorschach, Hauptstrasse
17
Help Center
In the past few years the number of repairs mobilezone carried out has declined steadily, a development mobilezone attributes to mobile phones having become increasingly durable and sturdy. However, the need for quick assistance with mobile phones has grown significantly. That is why mobilezone began operating its so-called Help Centers in 2010. They offer immediate, on-site First Aid in mobile phone emergencies. Just this past year technicians in the two existing Help Centers have already repaired several thousand mobile phones; this is equivalent to ca. 5,4 percent of all cell phone repair orders that mobilezone has received. Therefore, mobilezone wants to expand this offer significantly, and for this purpose it has acquired the repair service provider mobiletouch. That company is a market leader in Switzerland as well as in Austria. Thanks to the integration of mobiletouch, the opening of several additional new Help Centers will be possible.
Subscription comparison: Abo-checker
In the rapidly growing telecommunications market consumers find it increasingly difficult to keep track of everything. This is where mobilezone as the leading independent telecom specialist wants to offer its expertise and make its mark in the marketplace. In June 2011 mobilezone therefore launched its www.abo-checker.ch. This Internet service allows customers to directly compare all cell phone and subscription costs. In addition, this service also provides customers with the offers that best meet their needs.
18
Segment reports • Trade
Business customers Market environment
The segment business customers has great strategic value for mobilezone. With its growing range of customized consulting and other services mobilezone aims to further increase its market share, and it has once again done so successfully in 2011. Compared to the previous year, sales grew by more than 10 percent, and profit increased by more than 100 percent. In Eastern Switzerland mobilezone could expand its market position thanks to a partnership with the communication services provider Nägele-Capaul.
Services
In the mobile communications market mobilezone has become the largest national partner for business customers and offers consulting and other services for businesses of any size. Among other services offered, mobilezone reviews existing contracts, develops customer-specific order processes, provides new and replacement mobile phones in an uncomplicated way, quickly and efficiently solves problems in repair cases, and provides competent one-stop consulting. Thanks to its strong field service organization, mobilezone can offer customers prompt and competent consulting on-site. In addition, customers benefit from the special terms and conditions for new mobile phones and services in mobilezone’s 140 shops all across Switzerland.
Complete outsourcing solutions
Mobile communication is not part of the core business of most companies. Accordingly, they want to spend as little time and effort as possible on managing their mobile communications. mobilezone has identified this need and offers complete fleet management and outsourcing solutions. The experts at mobilezone take over all the work of managing mobile phones and phone service subscriptions. The services mobilezone offers range from managing mobile phone subscriptions and mobile phone maintenance to dealing with insurance companies in case of claims for damages or loss. Thus, mobilezone saves its business customers a great deal of time and money. With one contact person for all their concerns, customers are guaranteed prompt and uncomplicated handling of all their requests.
Customized web shop
What used to be displayed laboriously in a company’s intranet can now be shown directly in mobilezone‘s web shop. Here our customers’ employees can see the mobile phones and pricing plans available to them. And mobilezone makes sure the web shop is continuously updated and monitored.
Business segment reports • Service Providing
19
Service Providing: Fixed-line telephony – an important additional business
Fixed-line telephony Market environment
Even though fixed-line telephony in Switzerland continued its decline in 2011, mobilezone was again able to expand its market share. The number of customers increased by 25 percent from the previous year’s figure of 28 700 to 35 800. The Service Providing business segment is an important additional business for mobilezone.
Services
In the business segment Service Providing mobilezone‘s customers find fixed-line telephony and Internet offers tailored to their needs. Currently, mobilezone is working on additional combined offers so it can provide its customers in the future with even more options at attractive terms. In 2012 mobilezone will begin offering so-called aggregated invoicing as an additional service. Up to now, customers received two invoices: one from their fixed-line provider for their telephone connection and a separate one from mobilezone for the call charges. In the future, both charges can be combined conveniently on one invoice, and customers can pay both directly via mobilezone.
Enhanced customer service
In the past year mobilezone combined the customer service departments of all business segments, thus making it much easier for customers to reach the customer service department. Moreover, in future all customer service agents will be trained in two business segments. This will guarantee a high degree of knowledge transfer and thus enhance the quality of the consulting service mobilezone provides.
20
Corporate Governance
The guidelines for mobilezone’s Corporate Governance. This report on corporate governance defines the general principles that are designed to ensure responsible and purposeful leadership and control on the highest company level. The information on corporate governance corresponds to the guidelines of the SIX Swiss Exchange. mobilezone is committed to all stakeholders and implements this commitment with both a modern corporate management practices that conform to the corporate governance guidelines and a transparent information policy.
whew...
Filed service for business customers Chaos on the construction site and your five new employees need a functioning telephone right away? You have to replace the entire cell phone fleet for 1,500 employees? Whether you need prompt support for a short time or comprehensive consultation regarding the subscription and mobile phones best suited to the needs of your company: the field staff in our business customer segment is available to visit customers on-site, advise them regarding all their concerns, and find the best mobile telecommunications solutions for them.
21
1. Group structure and shareholders 1.1 Group structure The mobilezone Group consists of two business areas: Trade (mobilezone ag, mobilezone business ag, and Europea Trade AG) and Service Providing (mobilezone com ag and mobilezone crm ag). A list of consolidated companies is provided on page 37 of this report. The parent company is mobilezone holding ag, Riedthofstrasse 124, 8105 Regensdorf, Switzerland. It is listed on the Swiss Exchange SIX (Valor no.: 1258340, ISIN: CH 0012583404). As of December 31, 2011, the market capitalization was CHF 339.8 million. 1.2 Significant shareholders A list of significant shareholders is provided in Note 3 on page 59 of this report. There is no shareholder’s agreement between the significant shareholders. 1.3 Cross-shareholdings There are no cross-shareholdings.
2. Capital structure 2.1 Capital The amount of ordinary, authorized, and conditional capital is shown in Note 3 on page 59 of this report. 2.2 Authorized and conditional capital in particular The General Meeting of April 9, 2010, eliminated both the authorized and the conditional capital of the group. 2.3 Changes in capital Changes in capital made in 2010 and 2011 are listed in the consolidated equity statement on page 33 of this report, the changes made in 2009 are listed on page 41 of the 2009 annual report. 2.4 Shares and participation certificates As of December 31, 2011, there were 35 772 996 bearer shares with a par value of CHF 0.01 each. Of these, 150 000 shares (2010:0) were in the Group’s own holdings. The shares in the Group’s own holdings carry neither voting nor dividend rights. All other shares carry equal voting and dividend rights. 2.5 Profit-sharing certificates There are no profit-sharing certificates. 2.6 Limitations on transferability and nominee registrations Not applicable, as only bearer shares exist. 2.7 Convertible bonds and warrants/options As of the balance sheet date, there were no convertible bonds or options issued by Group companies outstanding.
22
Corporate Governance
3. Board of Directors 3.1 Members of the Board of Directors
Urs T. Fischer
Hans-Ulrich Lehmann
Cyrill Schneuwly
Urs T. Fischer Urs T. Fischer (1954, Swiss) has been chairman of the Board of Directors of the mobilezone Group since 2009. After graduating with a diploma in engineering from the ETH Zurich, he held various management positions at IBM Switzerland and Digital Equipment Corporation, Switzerland. He was the CEO of Sunrise Communication AG in Zurich and was CEO and member of the Board of Directors of Ascom Group, Bern. From 2004 to 2007 Urs T. Fischer was general manager of Hewlett-Packard (Switzerland) GmbH in Dübendorf, and since 2009 he has been CEO of the international IT-systems company ACP in Vienna. He is on the Board of Directors of various corporations that are not listed on the stock exchange, and he is also industry adviser of Capvis Equity Partners AG. Hans-Ulrich Lehmann Hans-Ulrich Lehmann (1959, Swiss) has been a member of the mobilezone Group’s Board of Directors since 2001. After his business training, he worked as accountant and financial manager in various companies. From 1989 to 1991 he was managing director of Forbo Stamfloor AG in Eglisau and subsequently managing director of autronic ag in Dübendorf. Since 1996 he has been the owner of Lehmann Holding AG. Hans-Ulrich Lehmann is member of the Board of Directors of autronic ag, of monzoon networks ag, of Immoplaza AG and Artum-Beteiligungs AG. Cyrill Schneuwly Cyrill Schneuwly (1963, Swiss) has been a member of mobilezone Group’s Board of Directors since 2009. He is a business economist and certified accountant, and upon graduation he initially held various positions at a trust company in Zurich. Subsequently, he was accountant in charge in the audit and consulting department of Arthur Andersen AG in Zurich, and then he worked was corporate controller at CWS International AG in Baar. Since 1998 he has been with Intershop Holding AG in Zurich, first as CFO and since 2008 as CEO.
23
3.2 Other activities and vested interests Information about other activities and vested interests of the members of the Board of Directors can be viewed at http://www.mobilezone.ch/uber-uns/investors--en/corporate-governance/ board-of-directors 3.3 Cross-involvement There is no cross-involvement with the boards of other companies listed on the stock exchange. 3.4 Elections and terms of office The Board of Directors is elected individually by the General Meeting of Shareholders for a oneyear term. Unlimited reelection is possible. 3.5 Internal organizational structure Urs T. Fischer is Chairman, and Hans-Ulrich Lehmann and Cyrill Schneuwly are members of the Board of Directors. The Board of Directors meets as often as required by business but at least three times a year. In the past year six meetings were held that usually lasted half a day each; a two-day strategy meeting was also held. In addition to the CEO, the CFO usually attends the meetings, and when necessary other members of the Group management are asked to attend the meetings. In exceptional cases, external consultants are called in for consultation on specific questions. 3.6 Audit Committee Since August 2009 the tasks of the Audit Committee have been carried out by the Board of Directors as a whole. 3.7 Definition of areas of responsibility To the extent allowed by law, the Board of Directors has delegated managerial functions to the Group management. The breakdown of tasks and competencies is established in the bylaws and rules of organization. They can be viewed at any time at http://www.mobilezone.ch/uber-uns/ investors--en/corporate-governance. 3.8 Information and Control instruments vis-à-vis the Group management Each member of the Board of Directors has the right to be informed about the course of business by the Group management, even outside of official meetings, and this includes the right to be informed about individual transactions. The information and control tools the Board of Directors uses vis-à-vis the Group management include the following: • Consolidated budget (annual) • Quarterly reports with budget comparison • Profit and loss forecast (beginning in the 3rd quarter) • Flash- and KPI-Reporting (monthly) • Financial projections (quarterly) • Detailed oral reports of the Group management on the course of business (in every meeting)
24
Corporate Governance
4. Group management 4.1 Members of the Group management
Martin Lehmann CEO
Markus Bernhard CFO
Werner Waldburger CMO
Dino Di Fronzo Sales Director
Fritz Hauser CIO
Martin Lehmann Since 2007 Martin Lehmann (1967, Swiss) has been the CEO of the mobilezone Group. After his business training, he held various positions in accounting and sales. In 1993 he became head of the sales department and member of the management of autronic ag in Dübendorf. From 1998 to 1999 he was managing director of mobile solutions ag. Until 2007 Martin Lehmann was co-founder, head of the sales department, and member of the management of mobilezone Group. In 2010 he received an Executive MBA HSG degree from the university in St. Gallen (HSG St. Gallen). Markus Bernhard Markus Bernhard (1964, Swiss) has been the mobilezone Group’s CFO since 2007. Following his graduation from the university St. Gallen (HSG St. Gallen) with a degree in economics, he received his diploma as certified public accountant. From 1991 to 1997 he worked as auditor at Revisuisse Price Waterhouse AG in Zurich. He was CFO of Cope Inc. in Rotkreuz until 2000 and subsequently was CFO of Mount10 Holding AG, also in Rotkreuz. Markus Bernhard is a member of the Board of Directors of Novavisions AG in Rotkreuz and is on the audit committee of the municipality of Risch. Werner Waldburger Werner Waldburger (1963, Swiss) has been the mobilezone Group’s CMO since 1999. Following his apprenticeship as radio and television electrician, he graduated from the commercial college and passed the advanced examinations in retailing. He held various positions in sales, both in the office and in the field before working as Head of Consumer Electronics Purchasing at Dipl. Ing. Fust AG from 1989 to 1999. In 2009 Werner Waldburger received an advanced education diploma in marketing from the university in St. Gallen. Dino di FronzO Dino Di Fronzo (1968, Swiss) has been the mobilezone Group’s Sales Director since 2007. Following his apprenticeship as technical businessman, he continued his education and received diplomas as marketing planner and business economist. In 1990 he began working as Product Manager at ABB Niederspannungssystem AG in Baden before moving on in 1992 to the position of Sales Manager at Legrand Schweiz AG in Birr. From 1996 to 1999 he was Manager Profit Center M-Electronics at Migros Genossenschaft in Aare. Subsequently, he managed various marketing and sales departments in the Migros Genossenschaftsbund. Dino Di Fronzo is a member of the tax commission of the municipality of Gränichen. Fritz Hauser Fritz Hauser (1971, Swiss) has been the mobilezone Group’s CIO since 2007. He completed an electronics engineer apprenticeship before continuing his education and receiving diplomas as technical businessman and certified computer scientist. From 1991 to 1994 he managed the IT support of an IT-distributor. Subsequently, he worked as Product Manager IT before coming to mobile solutions ag in 1997 as Project Manager. In 1999 he worked first as Product Manager and one year later became Manager Information Technology at mobilezone ag. 4.2 Other activities and vested interests Information about other activities and vested interests of the members of the Board of Directors can be viewed at http://www.mobilezone.ch/uber-uns/investors--en/corporate-governance/groupmanagement. 4.3 Management contracts There are no management contracts regarding the transfer of managerial functions to third parties.
Ah a !
Expert advice in the shop You’ve had your new mobile phone for two days already but are still in the dark when it comes to configuring it? In that case going to the nearest mobilezone shop is just the right thing. Our consultants are so well trained that nobody has to leave the shop with unanswered questions. Here everyone begins to see clearly. And those who are really bright have the mobilezone consultant configure their new mobile phone right there in the shop when they buy it.
25
5. Compensations, shareholdings, and loans 5.1 Content and method of determining the compensation and the shareholding programs The members of the Board of Directors receive compensation independent of profit in an amount set annually by the Board of Directors. The Board of Directors determines the compensation of Group management at the request of the CEO. The Board of Directors determines the CEO’s total compensation. The total compensation of the CEO and the Group management consists of a base salary and a profit-related bonus; in the reporting year this bonus amounted to between 60 and 81 percent of the base salary. For fiscal year 2011 the bonus was based on consolidated earnings and individual goals. There are no profit-sharing programs. Further information on compensations is provided in Note 23 to the financial statement of mobilezone holding ag on page 54 as well as in Note 4 to the financial statements of mobilezone holding ag on page 60. No severance payments were made to parting members of any governing bodies in the reporting year. 5.2 Compensation of former members of governing bodies No compensation was paid to former members of governing bodies. 5.3 Share allotment in the reporting year No shares were allocated to members of governing bodies or parties closely linked to them. 5.4 Share ownership Share ownership information is provided in Note 5 to the financial statements of mobilezone holding ag on page 61. 5.5 Options As of December 31, 2011, there were no options. 5.6 Additional fees and remunerations No additional fees and remunerations were paid to the members of the board of directors, the group management, or parties closely linked to them. 5.7 Loans granted to governing bodies There are no loans or securities for loans to the members of the Board and management, or to parties closely linked to them. 5.8 Highest total compensation In the reporting year, the highest total compensation in the amount of CHF 622 000 (2010: CHF 610 000) was paid to the CEO. No shares or options were allocated to this person in the reporting year or the year before that.
26
Corporate Governance
6. Shareholders’ participation 6.1 Restrictions on voting rights and representation There are no restrictions on voting rights, and the rules in the Articles of Association regarding participation in the General Meeting of Shareholders do not deviate from those mandated by law. 6.2 Statutory quorums There are no statutory voting quorums that deviate from those mandated by law. 6.3 Convocation of the General Meeting of Shareholders There are no statutory rules on convening the General Meeting of Shareholders that deviate from those mandated by law. 6.4 Agenda Shareholders representing shares with a par value of CHF 35 000 may ask to have a subject for discussion entered on the agenda for the General Meeting. Convening the meeting and setting its agenda must be requested in writing, and the item for discussion as well as the proposals and motions must be named in the written request. There are no deadlines. 6.5 Inscriptions into the share register Not applicable, as only bearer shares exist.
7. Changes of control and defense measures 7.1 Obligation to make an offer The opting-out regulation was revoked at the Group’s General Meeting in April 2007. 7.2 Clauses regarding changes of control There are no change-of-control clauses.
27
8. Auditor 8.1 Duration of the mandate and term of office of the lead auditor Since fiscal year 2007, Ernst & Young AG has been the auditor of mobilezone holding ag and all its Group companies. The auditor is chosen annually by the General Meeting. The lead auditor, Michael Bugs, was in charge of the audit mandate for the first time for the 2007 consolidated financial statements. 8.2 Auditing fees The auditing fees for Ernst & Young AG for the reporting year amount to CHF 123 000 (2010: CHF 128 000). 8.3 Additional fees In the past year, Ernst & Young AG did not invoice the Group for any additional fees for consulting. 8.4 Supervisory and control instruments pertaining to the audit At least once per year the Board of Directors attends Ernst & Young AG’s concluding discussion of the Group audit. The auditor reports on the findings from the audit in a report to the Board of Directors.
9. Information policy Every year the mobilezone Group publishes an annual and a semi-annual report pursuant to IFRS (International Financial Reporting Standards) rules. Additional information on important changes and essential business activities is published on an ad-hoc basis. All information, including publication dates and a list of contact addresses, is available at http://www.mobilezone.ch/uber-uns under the headings “Investors (EN)”. Anyone who wishes to receive mobilezone’s media information automatically can register at http://www.mobilezone.ch/uber-uns/investors--en.
28
Financial Report
mobilezone reports sales increase. In the past fiscal year mobilezone group increased its sales by 1,9 percent to CHF 305.6 million (2010: CHF 300.0 million). The group’s consolidated profit fell by 21,7 percent to CHF 20.7 million (2010: CHF 25.2 million). Earnings per share amount to CHF 0.58 (2010: CHF 0.70). The group’s operating profit (EBIT) dropped by 24,6 percent to CHF 24.4 million, and its equity ratio is 73,8 percent.
hey!
norisk insurance Mobile phone gone and then unwanted international calls appear on your bill? Your weekly laundry unfortunately also included your mobile phone? In such cases mobilezone customers can count on our norisk insurance. Our customized insurance service provides protection against many everyday aggravations.
29
Contents Financial Report 30
56
mobilezone Group financial statements Consolidated income statement Consolidated balance sheet Consolidated statement of cash flows Consolidated statement of changes in shareholders’ equity Notes to the consolidated financial statements Report of the Statutory Auditor
30 31 32 33 34 55
mobilezone holding ag financial statements Income statement Balance sheet Notes to the financial statements Proposal by the Board of Directors Report of the Statutory Auditor
56 57 58 62 63
30
Financial Report • mobilezone Group financial statements
Consolidated income statement January 1 to December 31 (CHF 000) Net sales Other operating income Cost of goods and materials Personnel costs Other operating costs Operating profit (EBITDA)
Notes
2011
2010
1
305 624
299 951
85 –212 090 –40 920 –19 560 33 139
212 –201 577 –40 190 –19 226 39 170
2 3
Depreciation of property, plant & equipment Amortization of intangible assets Operating profit (EBIT)
7 8
–4 607 –4 135 24 397
–4 328 –4 452 30 390
Financial income Financial expense Profit before taxes
4 5
428 –82 24 743
398 –172 30 616
Income tax expense Net profit 1
6
–4 081 20 662
–5 461 25 155
CHF 0.58 0.58
CHF 0.70 0.70
Earnings per share Earnings per share – diluted
14 14
Group net profits of 2011 and 2010 correspond to comprehensive incomes of 2011 and 2010, respectively.
1
31
Consolidated balance sheet as of December 31 (CHF 000) Assets Property, plant & equipment Intangible assets Goodwill Deferred tax assets Other accounts receivable Fixed assets Securities Inventories Trade accounts receivable Other accounts receivable Cash & cash equivalents Current assets
Notes
2011
2010
7 8 8 6
11 420 4 262 5 753 1 94 21 530
10 199 4 043 5 753 16 366 20 377
9 10 11 12 13
894 20 004 22 093 12 500 30 998 86 489
0 23 673 23 216 16 480 31 519 94 888
108 019
115 265
14
358 –1 500 9 784 71 075 79 717
358 0 9 784 75 384 85 526
6
2 068 2 068
2 430 2 430
17 120 2 113 7 001 26 234
17 508 2 653 7 148 27 309
108 019
115 265
Total assets Liabilities and shareholders’ equity Share capital Treasury shares Capital reserves Retained earnings Shareholders’ capital Deferred income tax liabilities Long-term liabilities Trade accounts payable Current tax liabilities Other current liabilities Current liabilities Total liabilities and shareholders’ equity
15
32
Financial Report • mobilezone Group financial statements
Consolidated statement of cash flows January 1 to December 31 (CHF 000)
2011
2010
24 743
30 616
–422 8 742 131 69 76 268
–226 8 780 –727 –18 0 151
1 320 4 008 3 341 –389 –1 484 –3 630 36 773
6 051 –10 637 156 5 032 –2 234 –5 858 31 086
7 8
–6 033 –4 354 –970
–4 103 –3 730 0
7
136 404 –10 817
96 398 –7 339
–6 –1 500 0 –24 971 –26 477
–57 0 129 –19 667 –19 595
–521 31 519 30 998
4 152 27 367 31 519
Notes
Profit before income taxes Adjustments to reconcile profit before tax to net cash flow: Non-cash transactions Interest income and expenses, net Depreciation & amortization Changes in provisions, net Loss from disposals of fixed assets Change in fair value of securities Change in assets from employee benefit plans
7,8
Working capital adjustments Trade accounts receivable Other accounts receivable Inventories Trade accounts payable Other accounts payable Income taxes paid Net cash from operating activities Acquisitions of property, plant & equipment intangible assets securities in fixed assets Proceeds from disposals of property, plant & equipment Interest received Net cash from investing activities Interest paid Purchase of treasury shares Sale of treasury shares Dividends paid Net cash from financing activities Net increase/decrease in cash & cash equivalents Cash & cash equivalents at January 1 Cash & cash equivalents at December 31
13
33
Consolidated statement of changes in shareholders’ equity Movements of shareholders’ equity (CHF 000) At December 31, 2009 Net profit 1 Purchase of treasury share Sale of treasury shares Dividends paid At December 31, 2010 Net profit 1 Purchase of treasury shares Sale of treasury shares Dividends paid At December 31, 2011
Share capital
Treasury shares
Capital reserve
Retained earnings
Total
358
–94
9 784
69 861 25 155
79 909 25 155 0 129 –19 667 85 526 20 662 –1 500 0 –24 971 79 717
94 358
0
9 784
35 –19 667 75 384 20 662
–1 500
358
–1 500
9 784
–24 971 71 075
As of December 31, 2011, the line item “Retained Earnings” includes legally required reserves in the amount of CHF 1 648 000 (December 31, 2010: CHF 1 648 000); it is required that they not be distributed. These reserves were established based on the legal requirements of the Swiss Code of Obligations. As of December 31, 2011, mobilezone holding ag held 150 000 treasury shares (December 31, 2010: 0). Additional information regarding the share capital is provided in Note 14.
1
Group net profits of 2011 and 2010 correspond to comprehensive incomes of 2011 and 2010, respectively.
34
Financial Report • mobilezone Group financial statements
Notes to the consolidated financial statements Segment information Income statement (CHF 000)
Net sales revenues with third parties Net sales revenues with other segments Net sales Other operating income Cost of goods and materials Personnel costs Other operating costs Operating profit (EBITDA) Depreciation of property, plant & equipment Amortization of intangible assets Operating profit (EBIT)
Statement of financial position (CHF 000) Fixed assets Current assets Total assets Liabilities Investments in property, plant & equipment and intangible assets The management of mobilezone Group is the main decision maker and determines the business activities. The mobilezone Group has two reportable segments, which correspond to the management structure of the group. The segment Trade consists of mobilezone ag, mobilezone business ag, and Europea Trade AG. The segment Service Providing consists of mobilezone com ag, mobilezone crm ag, and mobilezone net ag which was merged with mobilezone ag in December 2011. The mobilezone Group monitors performance on the basis of the segment operating profit before interests and taxes (EBIT). The total assets of each segment comprise all assets of the segment. Internal reporting of the mobilezone Group is based on the International Financial Reporting Standards (IFRS). The segments’ operations are limited exclusively to Switzerland. The item “Unallocated/Eliminations” comprises transactions between the segments and the holding company. Within the assets, loans between Group companies are eliminated. The contribution of the three largest customers (network operators) to the Group’s net sales amounts to CHF 179.9 million or 59 percent (previous year: CHF 175.5 million or 59 percent). The three largest customers belong to the Trade segment.
Notes to the financial statements
Total mobilezone Group
Trade
Service Providing
35
Unallocated/ Eliminations
2011
2010
2011
2010
2011
2010
2011
2010
305 624 0 305 624
299 951 0 299 951
292 488 310 292 798
285 428 256 285 684
13 136 18 13 154
14 523 302 14 825
0 –328 –328
0 –558 –558
85 –212 090 –40 920 –19 560
212 –201 577 –40 190 –19 226
2 386 –211 440 –38 067 –22 760
4 280 –198 385 –39 205 –21 057
15 –1 745 –1 997 –1 524
151 –4 110 –2 009 –1 583
–2 316 1 095 –856 4 724
–4 219 918 1 024 3 414
33 139
39 170
22 917
31 317
7 903
7 274
2 319
579
–4 607 –4 135 24 397
–4 328 –4 452 30 390
–4 463 –562 17 892
–4 071 –1 586 25 660
–144 –3 573 4 186
–257 –2 866 4 151
0 0 2 319
0 0 579
22 424 85 595 108 019
20 377 94 888 115 265
16 275 79 828 96 103
15 572 83 553 99 125
5 243 4 619 9 862
4 512 6 267 10 779
906 1 148 2 054
293 5 068 5 361
28 302
29 739
103 623
106 974
5 218
6 366
–80 539
–83 601
10 387
7 833
5 939
4 015
4 448
3 818
0
0
36
Financial Report • mobilezone Group financial statements
Principles of Group accounting Corporate information The mobilezone Group (hereinafter: mobilezone) conducts business in the area of mobile and fixed-line telecommunications. Its core activity is in the trade segment with mobilezone ag, which was established in May 1999 and has 140 outlets in all larger Swiss cities and towns, and mobilezone business ag, which as an independent service provider focuses on business clients. The business model of mobilezone is based on agreements with the mobile phone service providers active in Switzerland; they pay mobilezone for finding new customers and for renewing contracts with existing customers. These commissions allow mobilezone to provide its customers with mobile telephones at very low prices or even at no charge. The segment Service Providing consists of the companies mobilezone com ag and mobilezone crm ag. As service providers without networks of their own, they offer customers fixed-line services and products. The services are based on the network capacities of the company Colt Telecom AG. The parent company of the mobilezone Group is mobilezone holding ag, Riedthofstrasse 124, 8105 Regensdorf /Switzerland. The company is listed on the SIX Swiss Exchange: Ticker MOB / Valor no. 1 258 340.
1. Important principles of Group accounting 1.1 Principles of preparation of the financial statements The consolidated financial statements of mobilezone provide a true and fair picture of its financial position, the results of operations, and cash flows in accordance with the International Financial Reporting Standards (IFRS) and comply with Swiss law. They have been prepared on a historical cost basis, except for derivative financial instruments and marketable securities, which are traded in regular organized markets; they are listed at fair market value. The reporting currency is the Swiss franc (CHF). 1.2 Declaration of compliance with IFRS The consolidated financial statements of the mobilezone Group have been prepared in compliance with the International Financial Reporting Standards (IFRS) as published by the International Accounting Standards Board (IASB). 1.3 Changes in accounting and assessment methods The International Accounting Standard Board (IASB) has issued new interpretations regarding various International Accounting Standards (IAS) and has also revised or amended International Financial Reporting Standards (IFRS). mobilezone Group will adopt the new and amended standards in the reporting period following the effective date specified in the standard. Amendments to published standards that are mandatory to apply as of January 1, 2011 The following standards and interpretations adopted as of January 1, 2011, have no significant effects on the financial statements of mobilezone Group: ••IAS 24 Related Party Disclosures (revised) ••IAS 32 Financial Instruments: Presentation – Classification of Rights Issues ••IFRIC 14 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction – voluntary prepaid contributions in the case of a minimum financing requirement ••IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments ••Annual Amendment Procedure – Amendments of standards, 2010 edition.
Notes to the financial statements
37
Amendments to published standards that are not yet mandatory to apply The following new or amended Guidelines (IAS/IFRS) or Interpretations (IFRIC) will become effective for the reporting years beginning on July 1, 2011, or at a later date as indicated below. The following amendments will have no effects on mobilezone Group’s net assets, financial position, and results of operations: ••IAS 12 Income Taxes – limited amendment regarding recovery of the underlying assets (concerning investment property measured at fair value and assets measured using the revaluation method) (January 1, 2012). ••IAS 27 Consolidated and Separate Financial Statements – In consequence of the newly introduced standards IFRS 10 and IFRS 12, the consolidation requirements previously included in IAS 27 were revised and are now included in IFRS 10. IAS 27 is now limited to accounting for investments in subsidiaries, jointly controlled entities, and associates in separate (non-consolidated) financial statements (January 1, 2013). ••IAS 28 Investments in Associates and Joint Ventures – In consequence of the newly introduced standards IFRS 11 and IFRS 12, IAS 28 has been renamed Investments in Associates and Joint Ventures and describes the application of the equity method to investments in associates and joint ventures (January 1, 2013) ••IFRS 10 Consolidated Financial Statements – new (January 1, 2013) ••IFRS 11 Joint Arrangements – new (January 1, 2013) The following amendments to standards concern disclosures only and have no effect on the Group’s consolidated earnings and financial position: ••IAS 1 Presentation of Financial Statements – Amendments regarding the way other comprehensive income is presented (July 1, 2012) ••IFRS 7 Financial Instruments: Disclosures – Amendments to improve disclosures regarding transfer transactions of financial assets (July 1, 2011) ••IFRS 12 Disclosure of Interests in Other Entities – new (January 1, 2013) The following amendments to the standards either are expected to have an effect on mobilezone Group’s net assets, financial position, and results of operations or their potential effects are still being analyzed: ••IAS 19 Employee Benefits – Amendments resulting from projects regarding employee benefits and termination benefits (January 1, 2013). As a result of the discontinuation of the corridor approach, cumulative actuarial gains and losses are recorded in the statement of comprehensive income. Regarding mobilezone Group’s 2012 opening balance, this would reduce shareholders‘ equity by about CHF 3.3 million. The application of the discount rate to the net result from plan assets and defined benefit obligations is expected to lead to an annual deterioration of the consolidated earnings by an estimated CHF 22 000. mobilezone Group expects no further significant adjustments to its net assets, financial position, and results of operations. ••IFRS 9 Financial Instruments: Classification and Measurement – new (January 1, 2015) ••Once the other phases of this project of the IASB have been completed and published, mobilezone Group will evaluate the effects on the Group’s consolidated earnings and financial position. ••IFRS 13 Fair Value Measurement – new (January 1, 2013) ••IFRS 7/IAS 32 Financial Instruments: Disclosures and Presentation – Amendments to improve disclosures regarding offsetting financial assets and financial liabilities (January 1, 2013 / January 1, 2014) ••2011 Annual Improvements process of the IFRS – Adjustments of various standards
38
Financial Report • mobilezone Group financial statements
1.4 Principles of consolidation Scope of consolidation The consolidated financial statements of mobilezone include the financial statements of mobilezone holding ag and all the subsidiaries it controls directly or indirectly by majority of votes or other means. mobilezone net ag was merged with mobilezone ag in December 2011. Direct and indirect subsidiaries At December 31, 2011 mobilezone ag mobilezone business ag mobilezone com ag mobilezone crm ag Europea Trade AG
Corporate headquarters Regensdorf Urnäsch Risch Geneva Urnäsch
Equity capital (in CHF 000) 2 850 100 100 100 100
Shares in the company 100% 100% 100% 100% 100%
These entities are fully consolidated. Assets and liabilities, as well as income and expenses, are incorporated 100 percent on the basis of the method of full consolidation. The acquisition cost of subsidiaries is offset at the time of acquisition against the fair market value of the net assets acquired, liabilities, and contingent liabilities based on their new valuation, and the resulting goodwill is recognized in the financial statements. If the difference should prove to be a negative amount, it is immediately recognized in the income statement. Upon consolidation, all accounts payable to, accounts receivable from, and income and expenses between the companies included in the consolidation are eliminated. Intercompany paper profits within the Group are also eliminated upon consolidation. Segment information The segment reporting format reflects the structure of the mobilezone Group. The assets as well as the liabilities include all balance sheet items that can be directly allocated to a segment. The segment Trade consists of the companies mobilezone ag, mobilezone business ag, and Europea Trade AG. The segment Service Providing consists of the companies mobilezone com ag, mobilezone crm ag and mobilezone net ag, which was merged with mobilezone ag in December 2011. 1.5 Principles of recognition and valuation Foreign currency translation The consolidated financial statements are prepared in Swiss francs. The functional currency of all Group companies is the Swiss franc. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate effective on the balance sheet date. Gains or losses arising from transactions and foreign currency translations of balance sheet items are included in the current year’s income statement. Financial assets mobilezone classifies its financial assets according to the following categories: ••Financial assets affecting net income at fair value ••Loans and receivables ••Financial assets available for sale Classification depends on the purpose for which the financial assets were acquired. The management makes the pertinent decision at acquisition and reviews the allocation in question on each balance sheet date. Financial assets affecting net income at fair value This category contains two subcategories: “Financial assets held for trading purposes” and those initially instituted as “affecting net income at fair value”. A financial asset is allocated to one of these subcategories if it has been acquired with a view to sale in the short term. Derivatives are also classified as being held for trading purposes, unless they are being held for hedging purposes in accordance with IAS 39. Assets in this category are classified as current assets.
Notes to the financial statements
39
Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not listed on any stock exchange. They arise when mobilezone directly makes money, goods, or services available to a debtor and does not intend to trade with the receivable. Receivables from sales of services and products are valued at their nominal value, less the necessary value adjustments for receivables at risk. In addition to individual value adjustments for specific receivables known to be at risk, lump sum value adjustments are made for items that are overdue. These contingency reserves correspond to the difference between the book value of the receivables and the current proceeds of the resulting cash-flows expected. Receivables are offset against the value adjustment when they are no longer recoverable. The changes in the value adjustment are recognized in the income statement. The nominal value corresponds roughly to the market value. With the exception of values maturing more than twelve months after the balance sheet date, they are included in the current assets. The former are classified as fixed assets. Financial assets available for sale Financial assets available for sale are non-derivative assets that, as a result of a management decision, are available for sale or do not belong to any of the other categories. They are included in the fixed assets, unless the management intends to sell them within twelve months after the balance sheet date. Purchases and sales of financial assets are recognized in the financial statements as of the date of the transaction. This is the date on which mobilezone commits itself to the purchase or sale of the asset in question. The assets are initially recognized at fair value, plus transaction costs for all financial assets that are not recognized as “affecting the net income at fair value”. Financial assets are deleted from the accounts as soon as the rights to receive cash flows from them have expired or have been transferred and mobilezone has essentially transferred all risks and advantages from their possession. Financial assets available for sale and financial assets “affecting the net income at fair value” are valued and recognized at fair value. The fair value of the financial assets available for sale and financial assets “affecting the net income at fair value”, which are traded in organized markets, is determined by the market price (buying rate) listed on the balance sheet date. In the case of non-listed securities, the fair value is determined by means of the discounted cash-Flow method or at historical cost, less any necessary value adjustments. Loans and receivables are recognized at the depreciated initial cost by means of the effective interest method. Realized and unrealized profits and losses that result from changes in the fair value of financial assets “affecting the net income at fair value” are recognized in the income statement for the period in which they arise. Unrealized profits and losses that result from changes in the fair value of investments in the category “financial assets available for sale” are included in other income. If these are sold or significant value reductions occur, then the accumulated fair value alterations are reclassified from shareholder equity to the income statement. Property, plant, and equipment Property, plant, and equipment are stated at historical cost or manufacturing cost less accumulated depreciation. Depreciation is charged to the income statement on a straight-line basis on the basis of the following estimated useful lives of items of property, plant, and equipment: ••Office equipment and furniture, including EDP, 2 to 5 years ••Shop equipment 5 to 8 years ••Vehicles 3 to 5 years
40
Financial Report • mobilezone Group financial statements
Intangible assets Acquired rights, such as contracts with clients, lessors, suppliers, and similar rights that generate financial earnings, are capitalized and amortized over the contractual or estimated useful life of usually 5 years. In the business segment Service Providing customer acquisition costs for fixedline customers are capitalized and depreciated over a term of 24 months. Goodwill In all company mergers, the recognizable assets, liabilities, and contingent liabilities are revaluated at their market values and integrated according to the purchase method. Moreover, new intangible assets are identified and entered separately in the income statement if their market value can be reliably determined. These assets are essentially client lists. The remaining difference between purchase price and net assets is recognized as goodwill. Goodwill will not be depreciated but will be tested annually for impairment. Goodwill is allocated to those cash-generating units that can be expected to profit from the acquisition. Impairment Goodwill items and other intangible assets with an indefinite useful life undergo the annual impairment test in the course of the fourth quarter. The “discounted cash flow” model that is used for the impairment test to calculate use value depends on a number of factors. These include estimates of future cash flow, discount rates, and other variable factors. These estimates are based on the forecast figures for the reporting year as well as on the medium-term planning over four more years. Important assumptions are necessary to arrive at these estimates. Factors such as volumes, selling prices, sales growth, gross margin, labor and operating expenses as well as investments in plant and equipment, market conditions, and other economic factors are based on assumptions the management views as realistic. Impairment of goodwill is immediately entered as depreciation in the income statement and is not re-appreciated in the following periods. The value of plant and equipment and other assets, including intangible assets, is always subject to review when, due to events or changed circumstances, an overvaluation of the book values appears possible. If the book value exceeds the realizable value (the higher of utility value and market value minus sales costs), then it is subject to a special depreciation. Treasury shares Treasury shares are included in the shareholders’ equity at historical acquisition cost. Any profits and losses from transactions with treasury shares are treated as not affecting net income and are recognized in the balance sheet profit. Inventories Inventories are stated at cost or net realizable value, whichever is lower. The cost of inventories is calculated using the weighted average cost method. Goods with longer storage periods are subject to appropriate value adjustments. Net realizable value is the estimated selling price in the ordinary course of business, less selling expenses. The price of a mobile phone is determined based on whether the product is sold on a stand-alone basis or in conjunction with a provider subscription. Net realizable value therefore takes into account both components. In addition, price protection arrangements with suppliers are also taken into account in determining the need for any value adjustments on inventories. Cash and cash equivalents Cash and cash equivalents include cash on hand, current credit bank balances, and current deposits with original maturity of less than three months. Cash and cash equivalents are treated as affecting net income and are stated at fair market value. Current financial liabilities Current financial liabilities include trade and other current accounts payable and are stated at depreciated historical cost.
Notes to the financial statements
41
Provisions for liabilities and contingencies Provisions are set aside for current or future legal or de-facto obligations when, on the balance sheet date, as a result of past events, reasonable estimates regarding the future transfer of economic values are possible and when such a transfer is likely. The provisions are determined based on the best possible estimate of the expected expenditures. In cases of considerable importance, provisions are determined by discounting the expected future cash flow on the balance sheet date at a rate that reflects current market rates and assessments of the risks specific to the liability. Contingent liabilities are stated in the Notes if a future obligation is possible or if a present obligation exists, but an outflow of funds is not probable or the amount cannot be reliably determined. Leasing Payments made under operating leases are recognized in the income statement on a straight-line basis over the term of the lease. Revenue-based and other contingent leases are accrued on an estimated basis. Leasing agreements are recognized in the balance sheet when, upon conclusion of the agreement, the majority of significant risks and rewards of ownership devolve to the Group (Financial Leasing). Lease payments are divided according to the annuity method into interest and principal payments. Leased assets are depreciated over the shorter of either the lease term or the asset’s estimated useful life. Pension benefits The mobilezone Group has defined-benefit pension plans. The pension benefit expenses and liabilities are calculated periodically by an actuary using the projected unit credit method. The defined benefit obligations are determined on the basis of the cash value of the estimated future cash flows. In this case, the interest rate for unsubordinated, fixed-interest corporate bonds is used. The plan assets are recognized and stated at fair value. Any profits or losses arising from adjustments to figures based on actuarial calculations are included via the average remaining service period of the insured employees in the income statement if they exceed 10 percent of the higher amount of the pension contributions and the plan assets at the beginning of the reporting year. Revenues Net sales include all revenues from the sale of goods and services, less reductions in earnings, rebates, discounts, and VAT. Revenues from the sale of goods are included in the income statement when the significant risks and rewards of ownership have been transferred to the buyer. One-time commissions from providers are recognized upon conclusion of the contract. Recurring “airtime” profit-sharing commissions from providers are based on the subscribers’ monthly payments of mobile telephone bills to the providers. These amounts are recorded in the income statement based on the providers’ invoices on an accrual basis. Income tax Current income taxes are calculated based on the taxable income of the year and are recorded in the income statement. Deferred income taxes are calculated using the balance sheet liability method on any temporary differences arising from divergences between the book value of assets and liabilities for financial reporting purposes and the value used for tax purposes. Deferred tax is calculated using tax rates enacted or substantially enacted on the balance sheet date and will be offset in future tax periods. Deferred tax loss carry-forwards and deferred income tax credits are activated only to the extent that it is probable that they will be realized in the future.
42
Financial Report • mobilezone Group financial statements
2. Estimates and discretionary decisions The preparation of financial statements in accordance with IFRS requires evaluations, assumptions, and estimates that influence the items in the financial statements as of the balance sheet date. These evaluations, assumptions, and estimates are based on empirical values and other factors that are considered adequate under the given conditions. The actual results may deviate from these estimates. The estimates and the assumptions based on them are subject to continuous revision. Changes to estimates that affect the annual financial statements are included in the reporting period in which the estimate was revised as well as in future reporting periods if they are affected by the revised estimates. Intangible assets / Goodwill For acquisitions, the fair value of acquired intangible assets is determined. The acquired intangible assets have a finite useful life and are therefore depreciated. Any residual value (difference between the purchase price and acquired net assets) represents goodwill. Goodwill has an indeterminate useful life and is not depreciated; however, it is subject to annual review for possible impairment. The estimates regarding intangible assets and goodwill therefore affect write-offs. Furthermore, various assumptions are made when testing goodwill for impairment that require medium-term and long-term estimates. This concerns both internal planning data (cash flow, growth rates, etc.) as well as external parameters (discount rate). Explanations and amounts regarding the impairment test and goodwill can be found in Note 8. Deferred tax obligations Active deferred taxes are calculated primarily on the basis of temporary differences and, in individual cases, also on the basis of loss carry-forwards, in as far as realization seems probable. The recoverability therefore depends on whether future prognoses concerning the relevant tax object materialize over a period of several years. Should these future prognoses prove to be incorrect, then this could lead to value impairment. Explanations and amounts regarding deferred tax obligations can be found in Note 6. Employee benefits The mobilezone Group has defined-benefit pension plans. This status is based on actuarial assumptions, some of them long-term, that may deviate from reality. Actuarial differences above the so-called 10-percent corridor are amortized over the average remaining period of service of the employees. Both the determined status and the amortization of a difference contain estimated values that may affect the company’s position in regard to assets and revenue. Explanations and amounts regarding pension benefits can be found in Note 16.
Notes to the financial statements
43
3. Type and scope of financial risks 3.1 Financial risk management The financial instruments of mobilezone Group predominantly include cash and cash equivalents to provide sufficient funds for the business activities of the Group companies. The Group has various other financial instruments at its disposal, such as trade accounts payable and receivable resulting directly from business activities. The main risks arising from these financial instruments include liquidity risk and risk of loss of receivables. Regarding other financial assets, such as securities and other receivables, the maximum financial risk in the event of a failure of the counterparty corresponds to the book value of these instruments. In the fiscal years ending on December 31, 2011, and December 31, 2010, the mobilezone Group did not use any hedge accounting. 3.2 Foreign currency risk The revenues in the retail business and in the service providing business are all denominated in Swiss francs. Approximately 36 percent (2010: 51 percent) of purchases in the retail business in 2010 were denominated in Euro. The currency volatilities of the Euro have no significant impact on mobilezone’s operating profits and shareholders’ equity. The Group decided generally not to hedge against the currency risk on purchases due to the short-term nature of payments in Euro (7–14 days) and the high inventory turnover. In the reporting year, the Group used only a few future exchange transactions with a short maturity. Any contracts open at the balance sheet date are valued at fair market value with any changes in fair market value recognized in the income statement. As of December 31, 2011, or December 31, 2010, there were no open future exchange transactions. 3.3 Credit risk / risk of loss of receivables The Group is exposed to credit risks arising from its ordinary business activity. Due to the peculiarities of this business sector – a large portion of retail sales is made in cash – the business activity results in relatively few outstanding accounts receivable, compared to total sales. As the number of network operators in Switzerland is limited by law, these accounts receivable in the segment Trade are due from only a small number of counterparties. In 2011, 61 percent (2010: 61 percent) of the net sales revenue in the segment Trade was achieved with the three largest clients (network operators). The company meets this risk by negotiating short terms of payment. To counteract the significantly higher risk of loss of receivables in the segment Service Providing, mobilezone Group employs predetermined hedging strategies, such as appraisal of creditworthiness and the sale of the overdue receivables to a debt collection agency. Limiting and controlling the outstanding receivables also minimize risk. Current bank credit balances and deposits are held exclusively at financial institutions. This risk of default is minimized by maintaining business relationships with several banks and other financial institutions and by continuously monitoring the credit risk. 3.4 Interest rate risk As there are currently no bank loans, current bank liabilities, and other interest-bearing liabilities, there is no interest rate risk. 3.5 Liquidity risk Currently, mobilezone Group bears no liquidity risk as its financial position features a large amount of cash and cash equivalents. Furthermore, there are sufficient credit lines (CHF 10 million) to satisfy peak demands on net current assets. 3.6 Investment control The primary objective of mobilezone Group’s investment control is to ensure that the Group maintains a high degree of creditworthiness and an advantageous proportion of shareholders’ equity in order to support its business activities. Capital includes the shareholder’s equity items capital stock, treasury shares, capital reserves, and retained earnings. For the purposes of adjusting or maintaining its capital structure, the Group may adjust dividend distributions to shareholders, issue new shares, or borrow capital. As of December 31, 2011, or December 31, 2010, no changes were made to the objectives and guidelines.
Financial Report • mobilezone Group financial statements
44
Notes to the consolidated income statement 1
2
Net sales (CHF 000) Sales mobile communication products One-time commissions and recurring “Airtime” of providers Revenue from mobile and fixed-net subscriptions Total net sales
Personnel costs (CHF 000) Wages and salaries Social security costs Pension costs Other personnel costs Total personnel costs
Number of full-time employees as of December 31
3
Other operating costs (CHF 000) Operating lease costs Advertising Repair & maintenance, general and administrative costs less: contributions received from third parties Total other operating costs
2011 111 715
2010 108 971
180 773 13 136 305 624
176 457 14 523 299 951
2011 35 147 3 072 1 444 1 257 40 920
2010 35 493 2 971 1 305 421 40 190
548
556
2011 11 192 8 322 7 727 –7 681 19 560
2010 10 859 11 367 7 687 –10 687 19 226
Advertising costs are essentially covered through cost contributions from business partners.
4
Financial income (CHF 000) Income from interest Total financial income
2011 428 428
2010 398 398
5
Financial expense (CHF 000) Expense of interest Other financial expense Total financial expense
2011 6 76 82
2010 56 116 172
The item “other financial expense” includes the current year's securities price losses and the previous year's total adjustment of the share value of the corporation Peoplefone AG, Zurich. mobilezone holds 2,9 percent of the shares of this corporation.
Notes to the financial statements
6
Income tax expense (CHF 000) Current income taxes Deferred income taxes Total income tax
2011 4 428 –347 4 081
45
2010 5 190 271 5 461
Current income taxes are based solely on the profit in the reporting year. Deferred income taxes are based solely on the changes in temporary differences and the recognition of future tax loss carry-forwards. Taxes on capital are included under “Other operating costs”.
Income tax reconciliation (CHF 000) Profit before taxes Average applicable tax Expected tax expense Impact on tax expense from effect of tax rate changes Effective income tax expense
2011 24 743 16.28% 4 029 52 4 081
2010 30 616 17.80% 5 448 13 5 461
The average tax rate is the weighted average of the tax rates of the individual Group companies and can thus vary from one year to the next.
Deferred tax assets (CHF 000) Tax benefits from loss carry-forwards Total deferred tax assets
2011 1 1
2010 16 16
The amount of CHF 1000 (previous year: CHF 11 000) of the recognized loss carry-forwards relates to mobilezone crm ag and CHF 0 (previous year: CHF 5 000) relate to mobilezone net ag, which was merged with mobilezone ag in December 2011. Based on the available realistic budget figures, it is likely that these loss carry-forwards can be offset in the coming years.
Deferred tax liabilities (CHF 000) Inventories Trade accounts receivable Other receivables Total deferred tax liabilities
2011 1 398 668 2 2 068
2010 1 646 734 50 2 430
As in the previous year, no taxes on earnings were recognized directly in shareholders’ equity or in other profit or loss.
Financial Report • mobilezone Group financial statements
46
Notes to the consolidated statement of financial position 7
Property, plant & equipment (CHF 000)
Shop equipment Other property, plant & equipment
Total
Acquisition costs At December 31, 2009 Additions Disposals At December 31, 2010 Additions Disposals At December 31, 2011
24 559 3 069 0 27 628 2 244 –536 29 336
5 249 1 034 –283 6 000 3 789 –592 9 197
29 808 4 103 –283 33 628 6 033 –1 128 38 533
Accumulated depreciation At December 31, 2009 Additions Disposals At December 31, 2010 Additions Disposals At December 31, 2011
15 887 3 417 0 19 304 3 442 –534 22 212
3 420 911 –206 4 125 1 165 –389 4 901
19 307 4 328 –206 23 429 4 607 –923 27 114
8 324 7 124
1 875 4 296
10 199 11 420
2011 12 000 25 000
2010 12 000 25 000
Book value: At December 31, 2010 At December 31, 2011
Fire insurance value of property, plant & equipment Fire insurance value of inventories
Notes to the financial statements
8
Intangible assets (CHF 000)
47
Customer acquisition costs
Acquired shop location
Goodwill
Total
Acquisition costs At December 31, 2009 Additions Disposals At December 31, 2010 Additions Disposals At December 31, 2011
21 288 3 715 0 25 003 4 354 –8 573 20 784
6 579 15 0 6 594 0 –41 6 553
5 753 0 0 5 753 30 0 5 753
33 620 3 730 0 37 350 4 354 –8 614 33 090
Accumulated amortization At December 31, 2009 Additions Disposals At December 31, 2010 Additions Disposals At December 31, 2011
17 489 3 894 0 21 383 3 808 –8 573 16 618
5 613 558 0 6 171 327 –41 6 457
0 0 0 0 0 0 0
23 102 4 452 0 27 554 4 135 –8 614 23 075
3 620 4 166
423 96
5 753 5 753
9 796 10 015
Book value: At December 31, 2010 At December 31, 2011
Testing goodwill for impaiment In accordance with IAS 36, goodwill is to be tested for impairment at least once a year, and if there are any indications at any time of impairment, such a test is to be carried out immediately. At mobilezone Group, the annual test for impairment is carried out in the course of the fourth quarter. The test of goodwill is done for each cash-generating unit (CGU) on the basis of utility value calculations. The utility value corresponds to the cash value of the discounted cash flow. In this case, the forecast estimates for 2011 and the planning data for the years 2012–2015 were used. The assumptions used in the calculations correspond to the average long-term expected growth rates of the operating business in the relevant CGU. For the impairment tests the growth in sales and operating result (EBIT) are decisive. Even if zero growth formed the basis for the cash-flow prognoses per CGU, the book value would not exceed the calculated utility values. Even an increase of the discount rate by two percentage points would not result in the book value of the goodwill per CGU exceeding the calculated utility values in question. The gross profit margin in the planning period is based on empirical figures. The “risk-free” interest rate of longterm government bonds serves as the basis of the pre-tax discount rate, which is increased in the case of specific market and product risks. The growth rate of the planning period is calculated on the basis of mediumterm planning. The value of the growing perpetuity at the end of the planning period (terminal value) is calculated on the basis of a growth rate of 1 percent or 0 percent, respectively, and is discounted as of the date of evaluation. On the basis of the company values calculated using the DCF method, mobilezone does not have to untertake any value adjustments for the goodwill items.
Financial Report • mobilezone Group financial statements
48
Goodwill can be assigned to the following CGU: Goodwill 2011 (CHF 000)
9
Book value Goodwill Discount rate Sales growth forecast/anticipated Sales growth terminal value
Trade Shops 3 047 7.1% 1.1% 1%
Trade Service Providing B2B Fixed-line 1 792 914 7.1% 7.1% 16.0% 0.7% 1% 0%
Goodwill 2010 (CHF 000) Book value Goodwill Discount rate Sales growth forecast/anticipated Sales growth terminal value
3 047 8.9% 2.7% 1%
1 792 8.9% 18.8% 1%
Securities (CHF 000) Total securities
914 8.9% 0.6% 0%
2011 894
Total 5 753
5 753
2010 0
The securities include a bond quoted at the stock exchange in the amount of CHF 894 000 (market value).
10
Inventories (CHF 000) Inventories, gross less value adjustments Total inventories
2011 21 582 –1 578 20 004
2010 24 923 –1 250 23 673
The gross value of inventories carried at fair value less costs to sell amounted to CHF 3 569 000 (2010: CHF 7 630 000). In the reporting year value adjustments in the costs of goods and materials were formed in the amount CHF 328 000. In the previous year value adjustments in the costs of goods and materials were dissolved in the amount of CHF 831 000.
Notes to the financial statements
11
Trade accounts receivable (CHF 000) Accounts receivable, gross less value adjustments Total trade accounts receivable
2011 22 272 –179 22 093
49
2010 23 592 –376 23 216
Trade accounts receivable are interest-free and are usually payable within 30 days. As of December 31, 2011, receivables in the amount of CHF 17.6 million (previous year: CHF 16.9 million) were outstanding from the company's three biggest customers (mobile phone providers). As of December 31, 2011, mobilezone Group's accounts receivable amounted to CHF 22.3 million (2010: CHF 23.6 million), of which CHF 0.9 million (2010: CHF 0.8 million) are due and not subject to value adjustments. In terms of maturity, this balance of overdue receivables breaks down as follows: CHF 0.8 million (2010: CHF 0.7 million) due within 30 days, CHF 0.1 million (2010: CHF 0.1 million) due in 31 to 60 days. There are no receivables outstanding that are due in more than 60 days.
12
Value adjustments (CHF 000)
2011
2010
At January 1 Allocations Usage Dissolutions At December 31
376 281 –342 –136 179
272 650 –443 –103 376
2011 12 239 261 12 500
2010 16 234 246 16 480
Other accounts receivable (CHF 000) Accruals Other accounts receivable Total other accounts receivable (current)
As of December 31, 2011, of the accruals the amount of CHF 9.4 million (2010: CHF 14.1 million) is related to receivables from the three largest accounts receivable. 13
Cash & cash equivalents (CHF 000) Cash on hand and current bank balances Total cash & cash equivalents
2011 30 998 30 998
2010 31 519 31 519
Cash & cash equivalents are not subject to any restrictions on disposal. The Group has unutilized lines of credit in the amount of CHF 10 million.
Financial Report • mobilezone Group financial statements
50
14
Share capital (bearer shares at CHF 0.01 par value)
Number
Number of shares issued at January 1, 2010 less treasury shares: held for trading purposes Number of shares outstanding at December 31, 2010 less treasury shares: held for trading purposes Number of shares outstanding at December 31, 2011
35 772 996 0 35 772 996 -150 000 35 622 996
The treasury shares do not have any dividend or voting rights at the annual general meeting. All other shares are equally entitled to dividends and voting. Details regarding treasury shares and contingent and authorized capital are included in Note 3 to the financial statements of mobilezone holding ag on page 59. Calculations of earnings per share Consolidated net profit Weighted average number of shares outstanding Earnings per share Consolidated net profit Weighted average number of outstanding and potential shares Earnings per share – diluted
CHF Pieces CHF
2011 20 662 000 35 671 489 0.58
2010 25 153 000 35 766 245 0.70
CHF Pieces
20 662 000 35 671 489
25 153 000 35 766 245
CHF
0.58
0.70
In April 2011 a dividend of CHF 0.70 per share (2010: CHF 0.55) was paid to the shareholders.
15
16
Other current liabilities (CHF 000) Deferrals Wages and salaries Social security costs Other Other liabilities VAT Social security costs Other Total other current liabilities
2011
2010
1 757 131 2 391
2 150 158 1 826
1 586 624 512 7 001
1 744 920 350 7 148
Employee benefit plans The mobilezone Group has several pension plans, wich contain insurance agreements and which have been prepared for the majority of employees for the period after retirement. The pension plans qualify as defined benefit plans in accordance with IAS 19. The obligations and the assets to cover them are examined and revaluated at least once a year by an independet expert (actuary).
The basic assumptions relevant for the calculations were determined as follows: 2011 Discount interest rate 2.5% Expected yield on investment 3.0% Expected wage growth up to 1%
2010 3.0% 3.0% up to 1%
Notes to the financial statements
The changes to the cash value of the liabilities are as follows: (CHF 000) Employee benefit obligations as of January 1 Current service cost Interest expense Employee contributions Actuarial profits Benefits paid Employee benefit obligations as of December 31
51
2011 17 203 1 321 478 946 551 –2 525 17 974
2010 16 195 1 254 490 946 –1 013 –669 17 203
The changes to the current market value of the planning assets are as follows: (CHF 000) 2011 Cash value of plan assets as of January 1 15 423 Expected yield from plan assets 456 Actuarial profits –736 Employer contributions 1 113 Employee contributions 946 Benefits paid –2 525 Cash value of plan assets as of December 31 14 677
2010 14 271 451 –802 1 227 945 –669 15 423
The expected estimated employer contributions for the fiscal year 2012 amount to CHF 1.4 million.
Amounts recognized in the statement of financial position: (CHF 000) Cash value of the defined benefit plan obligation as of December 31 Cash value of plan assets as of December 31 Deficit
2011 17 974 14 677 3 297
2010 17 203 15 423 1 780
Balance of the actuarial profits not yet posted Asset from retirement benefit plan
–3 307 –10
–2 058 –278
Composition of retirement benefit plan expenses: (CHF 000) Current service cost Interest expense Expected yield from plan assets Recognized actuarial losses Total retirement benefit plan expenses
2011 1 321 478 –456 38 1 381
2010 1 255 490 –451 83 1 377
Actual yield from plan assets
–280
–352
The plan assets are concerned exclusively with asset values as a component of the insurance solutions.
Financial Report • mobilezone Group financial statements
52
Data for the current reporting period and the three previous reporting periods: (CHF 000) 2011 2010 2009 2008 Cash value of benefit obligations 17 974 17 203 16 195 15 392 Cash value of plan assets –14 677 –15 423 –14 271 –13 790 Deficit (Surplus) 3 297 1 780 1 924 1 602 Empirical value adjustment to benefit obligations Empirical value adjustment to plan assets Adjustment of obligations due to changes in the basic assumptions
17
–939 –736 388
1 013 –802 0
1 515 –1 439 0
–659 20 0
2007 9 132 –9 316 –184 –402 66 0
Financial instruments The financial assets and liabilities can be assigned to the following categories: 2011 (CHF 000) Book value Assets Securities Other accounts receivable Trade accounts receivable Cash & cash equivalents Liabilities Trade accounts payable Other current accounts payable Total
Loans and Financial assets Receivables affecting net income at fair value
894
17 120 512 17 632
2010 (CHF 000) Book value Assets Securities Other accounts receivable Trade accounts receivable Cash & cash equivalents Liabilities Trade accounts payable Other current accounts payable Total
Loans and Financial assets Receiveables affecting net income at fair value
Financial liabilities stated at amortized cost
0 9 466 22 093 30 998
62 557
0 14 198 23 216 31 519
68 933
Financial liabilities stated at amortized cost
894 0 0 0
0 0 0 0
0
17 508 350 17 858
Due to their short-term maturity, the book values of the financial instruments correspond roughly to their market value. The difference to the book values in the balance sheet items “Other accounts receivable” and “Other current liabilities” concern, above all, accruals and expenses that are not financial instruments according to IFRS.
18
Maturity profile of financial obligations All financial obligations of mobilezone are payable within one year. As of December 31, 2011 (2010: CHF 0), mobilezone has no interest-bearing obligations.
Notes to the financial statements
19
53
Operative Leasing
As of December 31, 2011, mobilezone Group operated in 140 shops (2010: 141) all across Switzerland, all of wich were leased. Leases typically have a fixed term of 5 years, with an option to renew for several years. As of the balance sheet date, future payments for shops and other long-term contracts with fixed term are coming due as follows: 2011 (CHF 000) Less than 1 year Between 1 and 5 years More than 5 years Total
Shops
Other
Total 2011
10 143 25 287 4 079 39 509
226 102 0 328
10 369 25 389 4 079 39 837
Shops 10 196 29 603 2 615 42 414
Other 210 4 0 214
Total 2010 10 406 29 607 2 615 42 628
2010 (CHF 000) Less than 1 year Between 1 and 5 years More than 5 years Total
In the reporting year the amount of CHF 11192 000 (2010: CHF 10 859 000) was recognized as an expense from operating leases in the income statement. These expenses included revenue-based rents, less the minimum rent, amounting to CHF 56 000 (2010: CHF 41 000). The expected lease income from sublease agreements amounts to CHF 538 000 (2010: CHF 545 000).
20
Contingent liabilities and future commitments, capital commitments, and restrictions of ownership
As of December 31, 2011, and December 31, 2010, no items had to be reported under this heading.
21
Risk assessment
As the parent company of the mobilezone Group companies, mobilezone holding ag is deeply involved in the risk assessment process across all group companies. The risk assessment process is integrated into the Group’s annual strategy process. The aim is not to avoid all risk but rather to create options that are intended to help the Group companies to consistently take advantage of existing opportunities and to increase their business success. Risk management supports the companies in reaching their business goals by providing transparency regarding the risk situation (as a basis for strategic and operating decisions), by recognizing potential threats to the Group’s net assets, financial position, and results of operations, and by taking measures to reduce risks to an acceptable level. In connection with risk assessment process, the Board of Directors of mobilezone holding ag is kept informed about any observed risks and opportunities.
22
Relationship with related parties and companies Related parties are members of the Board of Directors, Group Management, their close relatives, and key shareholders, including companies controlled by them. Hans-Ulrich Lehmann, a member of the Board of Directors, is a co-owner of Immoplaza AG. This company rents the central warehouse and the administrative building in Regensdorf to mobilezone ag. Hans-Ulrich Lehmann is also a co-owner of mobiletouch ag, which was sold to mobilezone holding ag effective January 1, 2012. mobiletouch primarily repairs mobile phones. Hans-Ulrich Lehmann is owner of autronic ag, mobile solutions ag, and monzoon networks ag. autronic ag is a distributor of mobile telephones in Switzerland. mobile solutions ag develops content for mobile phone applications. mobile solutions ag was merged with autronic ag in January 2012. monzoon networks ag is a provider of public wireless Internet access and services. All transactions take place at market values.
Financial Report • mobilezone Group financial statements
54
Transactions and balances with related parties and companies (CHF 000) Service revenue from autronic ag Service revenue from monzoon networks ag Service revenue from mobile Solutions ag Service revenue from mobiletouch ag Service revenue from Immoplaza AG Sales of goods to autronic ag Sales of goods to mobile solutions ag Sales of goods to mobiletouch ag Sales of goods to autronic ag Sales of goods to mobile Solutions ag Sales of goods to mobiletouch ag Expense of services from Immoplaza AG Expense of services from mobile solutions ag Expense of services mobiletouch ag Expense of services mobiletouch austria gmbH Accounts receivable autronic ag Accounts receivable mobiletouch ag Accounts receivable mobile solutions ag Accounts receivable Immoplaza AG Accounts payable autronic ag Accounts payable mobile solutions ag Accounts payable mobiletouch ag Accounts payable mobiletouch austria gmbH
2011
2010
50 0 0 118 202 1 866 2 102 1 677 17 2 242 389 37 3 6 0 0 47 18 0 4 357 6
50 1 37 144 60 323 1 0 4 319 0 1 040 424 134 0 0 1 327 15 24 0 3 26 187 0
The shares in mobilezone ag are broadly distributed. Significant shareholders are listed in the Notes to the financial statements of mobilezone holding ag on page 59.
23
Compensation to Members of the Board of Directors and the Group Management Current benefits payable Occupational pension contributions, social security contributions, and insurance premiums Total
2011
2010
2 154 413
2 216 438
2 567
2 654
The item “Current benefits payable” includes the fixed compensation as well as the profit-related variable portion of the total compensation. The amount under “Occupational pension contributions, social security contributions, and insurance premiums” includes the employer's contribution. Additional Information regarding the compensation paid to and the shares held by the members of the Board of Directors and the management are provided in the Notes to the income statement of mobilezone holding ag on pages 60 and 61. 24
Events following the balance sheet date As of January 1, 2012, mobilezone holding ag took over 100 percent of the shares of mobiletouch ag, Zweideln. mobiletouch ag has two wholly-owned subsidiaries (mobiletouch austria gmbH, Vienna, and handyclinic ag, Winterthur). mobiletouch ag and its subsidiaries are active in Switzerland and Austria in the area of mobile phone repair and logistics. The assets and liabilities will be consolidated in fiscal year 2012 as of the acquisition date. The purchase price was CHF 10.9 million. The purchase price allocation was not yet done as of the reporting date. No other significant events have occurred after the balance sheet date. On March 5, 2012, the Board of Directors approved the consolidated financial statements for publication. The proposal of the Board of Directors to the General Meeting to be held on April 5, 2012, is to approve these consolidated financial statements and to distribute from the available retained earnings of mobilezone holding ag a dividend of CHF 0.60 per bearer share.
55
Report of the Statutory Auditor Report of the Group Auditors on the consolidated financial statements to the General Meeting of mobilezone holding ag, Regensdorf As group auditors, we have audited the consolidated financial statements presented on pages 30 to 54 of this report – statement of financial position, income statement, statement of cash flows, statement of changes in equity, and notes – of mobilezone holding ag, Regensdorf, for the fiscal year ended on December 31, 2011. Responsibility of the Board of Directors The Board of Directors is responsible for drawing up the consolidated financial statements in compliance with International Financial Reporting Standards (IFRS) and with legal requirements. This responsibility includes the creation, implementation, and maintenance of a system of internal control regarding the preparation of a consolidated financial statement that is free of material misstatements caused by violations or errors. Furthermore, the Board of Directors is responsible for selecting and using appropriate accounting methods as well as for providing appropriate estimates. Responsibility of the Auditors We are responsible for providing an audit report on the consolidated financial statements based on our audit. We have conducted our audit in compliance with Swiss law and with Swiss auditing standards, as well as with the International Standards on Auditing. According to these standards, we must so plan and perform the audit that we can be reasonably certain that the consolidated financial statements are free of any material misstatements. Performing an audit requires carrying out audit procedures so as to examine audit evidence supporting the valuations and other disclosures in the consolidated financial statements. The audit procedures are chosen by the auditor according to his or her best judgment. This includes assessing the risk of material misstatements in the consolidated financial statements as a result of violations or errors. In assessing these risks, the auditor will examine the internal control system to the extent it is relevant for the preparation of the consolidated financial statements in order to select auditing methods and procedures best suited to the case. However, the auditor will not issue an assessment of the effectiveness of the internal control system. In addition, the audit includes assessing the adequacy of the accounting methods used, the plausibility of the estimates made, and an appraisal of the overall presentation of the consolidated financial statements. We believe that the evidence we have obtained provides a reasonable and adequate basis for our professional audit opinion. Professional opinion In our opinion, the consolidated financial statements for the fiscal year ended on December 31, 2011, provide a true and fair picture of the Group’s net assets, financial position, and results of operations in accordance with IFRS and in compliance with Swiss law. Reporting on the basis of additional legal regulations We hereby confirm that we meet the legal requirements regarding accreditation according to the Audit Supervisory Law (RAG) and regarding independence (Art. 728 OR and Art. 11 RAG), and that there are no circumstances or facts that are incompatible with our independence. In accordance with Art. 728a Section 1 Point 3 OR and with Swiss Auditing Standard 890, we confirm that a system of internal control for the preparation of the consolidated financial statements exists and is set up in accordance with the Board of Directors’ instructions. We recommend that the present consolidated financial statements be approved.
Ernst & Young AG Michael Bugs Swiss Certified Accountant (Lead Auditor) Zurich, March 5, 2012
Stefanie Walter Swiss Certified Accountant
56
Financial Report • mobilezone holding ag financial statements
Income statement January 1 to December 31 (CHF 000) Financial income Income from services provided and other income Total Income Administrative expenses Financial expenses Total Expenses Net profit
2011
2010
18 796 4 732 23 528
58 581 3 178 61 759
3 361 151 3 512
3 181 195 3 376
20 016
58 383
57
Statement of financial position before appropriation of available earnings At December 31 (CHF 000)
Notes
Assets Cash & cash equivalents Treasury shares Accounts receivable from Third parties Group companies Current assets Investments Securities Fixed assets
2
Total Assets Liabilities & shareholders’ equity Current accounts payable to Third parties Group companies Accruals and deferrals Current liabilities Share capital General reserves Reserve for own shares Free reserves Available earnings Balance brought forward Net profit Shareholders’ equity Total liabilities & shareholders’ equity
3 3
2011
2010
10 330 1 425
9 798 0
227 83 831 95 813
61 87 413 97 272
28 917 894 29 811
28 917 0 28 917
125 624
126 189
747 8 767 1 120 10 634
743 4 183 1 248 6 174
358 131 1 500 4 562
358 131 0 6 062
88 423 20 016 114 990
55 081 58 383 120 015
125 62
126 189
Financial Report • mobilezone holding ag financial statements
58
Notes to the financial statements Except for the comments that follow, there are no further facts that require disclosure in accordance with Art. 663b OR. 1
Contingent liabilities/subordinated claims Joint and several liability from VAT – Group taxation Guarantee furnished to a bank for a subsidiary
2
Significant investments in subsidiaries and associates
mobilezone ag, Regensdorf
Equity capital (CHF 000) 2 850
31.12.2011 p.m. 11 000 000
31.12.2010 p.m. 11 000 000
31.12.2011 Shares in the company % 100
31.12.2010 Shares in the company % 100
The companies mobilezone business ag, Europea Trade AG, mobilezone net ag, mobilezone com ag, and mobilezone crm ag were sold to mobilezone ag in July 2010 as part of an internal restructuring. mobilezone net ag was merged with mobilezone ag in December 2011.
59
3
Share capital, authorized and conditional share capital As of December 31, 2011 capital stock consists of 35 772 996 bearer shares at a par value of CHF 0.01 each. As of the balance sheet date, there was no authorized share capital (2010: CHF 0) and no conditional share capital (2010: CHF 0). Change in number of treasury shares At January 1, 2010 Purchases at cost Disposals at sale prices Income from stock price At December 31, 2010 Purchases at cost Disposals at sale prices Income from stock price At December 31, 2011
Number of bearer shares
Maximum
Price in CHF Average
Minimum
14 000 –14 000
109 9.19
9.16
9.15
–128 19 0
10.50
10.00
9.00
1 500
0 150 000
Total (CHF 000)
–75 1 425
150 000
Significant shareholders As of December 31, 2011, the company knew of the following shareholders controlling 3 percent or more of capital/votes of the Group companies: in % Patinex AG, Wilen The Capital Group Companies, Inc., Los Angeles Total
2011 21.5
2010 15.4
5.0 26.5
n.a. 15.4
Financial Report • mobilezone holding ag financial statements
60
4
Compensation to members of the Board of Directors and Group management (CHF 000) Board of Directors Urs T. Fischer Hans-Ulrich Lehmann Cyrill Schneuwly Total Board of Directors
Group Management Martin Lehmann Other members of the Management Total Group Management
Fee Salary fixed
Fee Salary variable
Pension and social security contributions
Health and accident insurance contribution
Total
2011 2010 2011 2010 2011 2010 2011 2010
100 100 75 75 75 75 250 250
0 0 0 0 0 0 0 0
6 6 5 5 5 5 16 16
0 0 0 0 0 0 0 0
106 106 80 80 80 80 266 266
2011 2010 2011 2010 2011 2010
300 288 816 804 1 116 1 092
219 221 569 653 788 874
100 97 283 308 383 405
3 4 11 13 14 17
622 610 1 679 1 778 2 301 2 388
61
5
Shares held by the Board of Directors and by the Group management Name Urs T. Fischer
Position President of the Board of Directors
Hans-Ulrich Lehmann
Member of the Board of Directors
Cyrill Schneuwly
Member of the Board of Directors
Martin Lehmann
Chief Executive Officer
Markus Bernhard
Chief Financial Officer
Dino Di Fronzo
Sales Director
Fritz Hauser
Chief Information Officer
Werner Waldburger
Chief Marketing Officer
Year 2011 2010 2011 2010 2011 2010
Number of shares 1 000 1 000 100 000 100 000 2 000 2 000
2011 2010 2011 2010 2011 2010 2011 2010 2011 2010
1 062 033 1 062 033 28 000 18 000 0 0 0 0 0 0
Risk assessment As the parent company of the mobilezone Group companies, mobilezone holding ag is deeply involved in the risk assessment process across all Group companies. The risk assessment process is integrated into the Group’s annual strategy process. The aim is not to avoid all risk but rather to create options that are intended to help the Group companies to consistently take advantage of existing opportunities and to increase their business success. Risk management supports the companies in reaching their business goals by providing transparency regarding the risk situation (as a basis for strategic and operating decisions), by recognizing potential threats to the Group’s net assets, financial position, and results of operations, and by taking measures to reduce risks to an acceptable level. In connection with risk assessment process, the Board of Directors of mobilezone holding ag is kept informed about any observed risks and opportunities.
62
Financial Report • mobilezone holding ag financial statements
Proposal by the Board of Directors Appropriation of available earnings Balance brought forward Net profit Available earnings at the disposal of the Annual General Meeting
2011
2010
88 423 428 20 015 784 108 439 212
55 081 441 58 383 324 113 464 765
The proposal of the Board of Directors of mobilezone holding ag to the Annual General Meeting to be held on April 5, 2012, is to dispose of the available earnings as follows: Distribution of a dividend of CHF 0 (2010: 0.22426) per bearer share entitled to dividends (based on contributions of capital recognized by the Federal Tax Administration (Eidgenössische Steuerverwaltung) in accordance with Art. 5 para. 1bis VStG). Distribution of a dividend of CHF 0.60 (2010: CHF 0.47574) per bearer share entitled to dividends. Transfer of the difference between the contributions of capital recognized by the Federal Tax Administration and the effective distribution of profit brought forward or the free reserves, respectively, to the statutory reserves from contribution to capital. To be carried forward Total
0
8 022 452
21 463 798
17 018 645
0
240
86 975 414 108 439 212
88 423 428 113 464 765
63
Report of the Statutory Auditor Report of the Group Auditors to the General Meeting of mobilezone holding ag, Regensdorf As group auditors, we have audited the financial statements presented on pages 56 to 62 and consisting of statement of financial position, income statement, and notes for mobilezone holding ag for the fiscal year ended on December 31, 2011. Responsibility of the Board of Directors The Board of Directors is responsible for drawing up the financial statements in compliance with legal requirements and with the Articles of Association. This responsibility includes the creation, implementation, and maintenance of a system of internal control regarding the preparation of a financial statement that is free of material misstatements caused by violations or errors. Furthermore, the Board of Directors is responsible for selecting and using appropriate accounting methods as well as for providing appropriate estimates. Responsibility of the Auditors We are responsible for providing an audit report on the financial statements based on our audit. We have conducted our audit in compliance with Swiss law and with Swiss auditing standards. According to these standards, we must so plan and perform the audit that we can be reasonably certain that the financial statements are free of any material misstatements. Performing an audit requires carrying out audit procedures so as to examine audit evidence supporting the valuations and other disclosures in the financial statements. The audit procedures are chosen by the auditor according to his or her best judgment. This includes assessing the risk of material misstatements in the financial statements as a result of violations or errors. In assessing these risks, the auditor will examine the internal control system to the extent it is relevant for the preparation of the financial statements in order to select auditing methods and procedures best suited to the case. However, the auditor will not issue an assessment of the effectiveness of the internal control system. In addition, the audit includes assessing the adequacy of the accounting methods used, the plausibility of the estimates made, and an appraisal of the overall presentation of the financial statements. We believe that the evidence we have obtained provides a reasonable and adequate basis for our professional audit opinion. Professional opinion In our opinion, the financial statements for the fiscal year ended on December 31, 2011, are in compliance with Swiss law and with the Articles of Association. Reporting on the basis of additional legal regulations We hereby confirm that we meet the legal requirements regarding accreditation according to the Audit Supervisory Law (RAG) and regarding independence (Art. 728 OR and Art. 11 RAG), and that there are no circumstances or facts that are incompatible with our independence. In accordance with Art. 728a Section 1 Point 3 OR and with Swiss Auditing Standard 890, we confirm that a system of internal control for the preparation of the financial statements exists and is set up in accordance with the Board of Directors’ instructions. Furthermore, we confirm that the proposed appropriation of the balance sheet profit complies with Swiss law and with the Articles of Association, and we recommend that the financial statements be approved.
Ernst & Young AG Michael Bugs Stefanie Walter Swiss Certified Accountant Swiss Certified Accountant (Lead Auditor)
Zurich, March 5, 2012
64
Addresses
Shops Aarau Bahnhofstrasse 11 Aigle MMM Chablais Centre, Chemin sous le Grand Pré 4 Altdorf Lehnplatz 20 Arbon Zentrum Novaseta, St. Gallerstrasse 17 Avry-sur-Matran EKZ Avry-Centre, Route de Matran 9 Baden Badstrasse 7 Balerna Centro Breggia, Via S. Gottardo 56a Basel Greifengasse 10 | RailCity Basel, Güterstrasse 115 | Clara-Huus Center, Webergasse 34 | Gerbergasse 70 | St. Jakob Park, St. Jakob-Strasse 397 | Freie-Strasse 20 | Steinenvorstadt 2 | EKZ Stücki, Hochbergerstrasse 70, Postadresse: Badenstrasse 5 Bellinzona Viale Stazione Bern Waaghaus-Passage 8 | c/o Loeb Warenhaus, Spitalgasse 47–51 | EKZ Westside, Gilberte-de-Courgenay-Platz 4 | EKZ Wankdorf, Papiermühlestrasse 85 Biasca Via Lucomagno 17 Biel Centre Boujean, Zürichstrasse 24 | Unionsgasse 20, Nidaugasse 18 | Bahnhofstrasse 6 Bremgarten EKZ Sunne-Märt, Sonnengutstrasse 2 Brig Bahnhofstrasse 4 Brugg Neumarktplatz 5 Buchs AG EKZ Wynecenter, Bresteneggstrasse 9B Buchs SG Bahnhofstrasse 28 BülachSüd EKZ Migros Center Bülach-Süd, Feldstrasse 85 Bulle Grand Rue 30 Burgdorf EKZ Neumarkt 1.OG, Lyssachstrasse 27 ChIASSO Polaris Shopping Center, Via Pietro e Luisita Chiesa 2 Chur Quaderstrasse 8, EKZ City Shop Chur Collombey CC Parc du Rhône, rte du Montagnier Crissier MMM Centre Crissier, Ch. de Closalet 7 Delémont Avenue de la Gare 42 Dietlikon EKZ Coop Megastore, Industriestrasse 28 Ecublens Centre commercial du Croset 1 Effretikon EKZ Effi-Märt, Märtplatz 5 Egerkingen Gäupark, Hausimollstrasse 1, Pavillon Emmenbrücke EmmenCenter Frauenfeld EKZ Passage, Bahnhofstrasse 70 Fribourg EKZ Fribourg-Centre, Avenue de la Gare 10 Genève Rue de Jargonnant 3 | CC Eaux-Vives 2000 | CC Planète Charmilles 11, Promenade de l’Europe | CC Les Cygnes, Rue des alpes 22 | Rue de Carouge 18 | Rue du Mont-Blanc 17 | CC La Praille, Route des Jeunes 10 | CC Balexert, Avenue Louis-Casaï 27 | Genève Bel-Air, Rue de la Confédération 3, Bel-Air | Genève CRM, Rue de Lausanne 45a–47a Genève-Thônex Thônex Centre Commercial, Rue de Genève 106 Glarus Schweizerhofstrasse 7 Glattzentrum Einkaufszentrum Mittlere Verkaufsebene Gossau St. Gallerstrasse 17 Grancia Parco Commerciale Grancia Heimberg EKZ Coop Megastore, Blümlisalpstrasse 61 Hinwil EKZ Coop Megastore, Wässeristrasse 38 Ibach EKZ MythenCenter, Mythencenterstrasse 18 Interlaken Rugenpark, Rugenparkstrasse 1 KÖNIZ EKZ Bläuacker, Bläuacker 10 Kreuzlingen Hauptstrasse 49a Kriens EKZ Pilatus-Markt, Ringstrasse 19 La Chaux-de-Fonds Avenue LéopoldRobert 33 | CC des Eplatures; Bd. des Eplatures 20 | CC Les Entilles, Avenue Léopold-Robert 151 Langendorf Ladedorf Langendorf, Fabrikstrasse 6 Langenthal Bärenplatz, Marktgasse 12–14 Lausanne CC Métropole 2000, Rue de Terreaux 23 | Rue Haldimand 5 | Rue Mauborget 12 Lenzburg-Staufen EKZ Lenzopark, Aarauerstrasse 21 Locarno Largo Zorzi 8 Lugano Palazzo Ransila, Via Pretorio 9, Corso Pestalozzi 3 Luzern Kapellgasse 7 | Kramgasse 5 | Pilatusstrasse 7 | Shoppingcenter Schönbühl, Langensandstrasse 23 Lyss Hirschenplatz 1A Manno Via Cantonale 43 Marin Avenue Champs-Montants, CC Manor Martigny Centre Commercial Manoir Mels Pizol Center, Grossfeldstrasse 63 Meyrin CC de Meyrin, Avenue de Feuillasse 24 Montreux Centre Forum, Place du Marché 6 Neuchâtel Rue de Seyon 6 | CC La Maladière, Rue Pierre-à-Mazel 10 NYOn CC La Combe, Rue de la Morâche 6 Oftringen Perry-Center, Bernerstrasse Oftringen A1 EKZ A1, Spitalweid 2 Olten Baslerstrasse 60 Pfäffikon EKZ Seedamm-Center Passage Pratteln EKZ Grüssen Pratteln, Grüssenweg Rapperswil Obere Bahnhofstrasse 44 REgensdorF Einkaufs-zentrum Regensdorf | Riedthofstrasse 124 Renens CC Migros Métropole | Rue de la mèbre 9 Rorschach Hauptstrasse 67 Sarnen EKZ-MM Sarnen-Center, Nelkenstrasse 5 SchafFhausen EKZ HerblingerMarkt, Stüdliackerstrasse 10 | Vordergasse 41 Schönbühl EKZ Coop, Sandstrasse 8 | Shoppyland, Industriestrasse 20 Sierre Noës Centre Commercial Signy-Centre Rue de Fléchères Sion Rue de la Porte-Neuve 26 Solothurn Marktplatz 45 Spreitenbach EKZ Shoppi-Tivoli, Center Mall, Laden 18 St. Gallen EKZ Shopping Arena, Zürcherstrasse 462 | EKZ Neumarkt 1, St.-Leonhardstrasse 35 | Multergasse 31 St. Margrethen EKZ Rheinpark Stans EKZ Länderpark, Bitzistrasse 2 Steinhausen Einkaufszentrum Zugerland Sursee EKZ Surseepark, Bahnhofstrasse 28 Thalwil Gotthardstrasse 44 Thun Bälliz 62 | EKZ Oberland, Thun Süd Uster EKZ Illuster, Zürichstrasse 14 Uzwil EKZ Mühlehof, Bahnhofstrasse 82 Vernier CC Coop Blandonnet, Route de Meyrin 171 Vevey CC St. Antoine, Avenue du Général-Guisan 15 Villars-sur-Glâne CC Moncor, Route de Moncor 1 Visp Bahnhofstrasse 2 Volketswil Volkiland, Industriestrasse 1 Weinfelden Zentrum-Passage Wil Obere Bahnhofstrasse 21 Winterthur Untertor 13 | EKZ Rosenberg, Schaffhauserstrasse 152 Wohlen Bahnhofstrasse 5 Yverdon Rue du Lac 24 Zug Baarerstrasse 16, EKZ Metalli Zürich EKZ Neumarkt, Hofwiesenstrasse 350 | MMM Altstetten, Altstetterstrasse 145 | EKZ Letzipark, Baslerstrasse 50 | Bahnhofstrasse 87 | Sihlcity, Kalanderplatz 1 | City Shopping, Löwenstrasse 35 | Bellevue, Theaterstrasse 12 | Löwenstrasse 56
Companies MOBILEZONE HOLDING AG Riedthofstrasse 124, 8105 Regensdorf, Telephone: +41 (0)43 388 77 11, Fax: +41 (0)43 388 77 92, E-Mail:
[email protected], www.mobilezone.ch, Investor Relations: Markus Bernhard, Media Relations: Martin Lehmann MOBILEZONE AG Riedthofstrasse 124, 8105 Regensdorf, Telephone: +41 (0)43 388 77 11, E-Mail:
[email protected], www.mobilezone.ch MOBILEZONE COM AG Grundstrasse 12, 6343 Rotkreuz, Telephone: 0800 198 198, E-Mail:
[email protected], www.mobilezonecom.ch MOBILEZONE BUSINESS AG Bahnweg 4, 9107 Urnäsch, Telephone: +41 (0)71 364 11 13, E-Mail:
[email protected] MOBILEZONE CRM AG Rue de Lausanne 45A–47A, 1202 Genève, Telephone: +41 (0)22 732 03 38
Publishing information
Publisher mobilezone holding ag, Regensdorf Concept and Design Hotz Brand Consultants, Steinhausen/Zug Editor Knobel Corporate Communications AG, Steinhausen/Zug Production Victor Hotz AG, Lasting Impressions In Print, Steinhausen/Zug © 2012 mobilezone holding ag
mobilezone stands for optimal customer service The nearly unlimited options of mobile telecommunication have changed our society in fundamental ways. For example, we can now be reached at any time and everywhere, can always access our business data, and can even do our shopping on the go. However, all this also places great demands on us: the flood of information never ends, and we can less and less afford for our mobile phones to break down. At mobilezone, we are fully aware of this, and that is why we do our best to assist our customers with help and advice regarding all their questions about mobile communication – and we offer the appropriate solution for all their concerns. That is why we have placed the needs of our customers and the corresponding mobilezone services at the center of our 2011 annual report. In few words, but all the more expressively.
Annual report mobilezone holding ag
annual report
mobilezone.ch 2011
