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osec.ch 20 12 FINANCIAL REPORT
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osec.ch
2012FINANCIAL
REPORT
Balance Sheet as of 31.12.2012 (in CHF)
Statement of Operations 1 January – 31 December 2012 (in CHF)
NAME
Assets
Liquid assets
Trade accounts receivable
Other receivables
Accruals
Current assets
Fixed assets
Financial assets
Property
IT hardware
Fixed assets
TOTAL ASSETS
LIABILITIES
Current liabilities
Trade accounts payable
Other current liabilities
Deferrals
Current provisions
Current liabilities
Non-current liabilities
Non-current provisions
Non-current liabilities
Fund capital
Fund capital (committed funds 1)
Fund capital (committed funds 2)
Fund capital
Business development fund
Business development fund
Business development fund
Organisation capital
Paid-in capital
Revaluation reserves
Acquired free capital
Annual result
Organisation capital
TOTAL LIABILITIES
Appendix
1
2.1
2.2
3
4.1
4.2
4.2
Appendix
5.1
5.2
6
7
7
8
2012
10’136’697
1’517’098
279’108
2’441’459
14’374’362
725’486
8’683’480
50’075
9’459’041
23’833’403
2012
2’967’970
558’828
6’059’217
0
9’586’015
0
0
4’759’198
3’136’789
7’895’987
239’064
239’064
4’900’006
818’238
360’911
33’182
6’112’337
23’833’403
2011
10’905’804
1’219’360
29’494
2’404’671
14’559’329
721’877
8’875’760
94’638
9’692’275
24’251’604
2011
2’793’450
161’264
5’313’357
0
8’268’071
0
0
6’161’376
3’743’002
9’904’378
0
0
4’900’006
818’238
300’640
60’271
6’079’155
24’251’604
NAME
Operating income
Sponsoring
Consulting
Trade fairs, events
Other operating income
Turnover on customer accounts
Member contributions
Payments from the Confederation
Payments from the cantons
Operating income
Operating expenses
Personnel expenses
Infrastructure, IT, administrative expenses
Contributions to third parties
Marketing, representation
Other operating expenses
Depreciation and amortisation
Operating expenses
Operating result
Financial result
Result
Fund movements
Movements funds 1, net
Movements funds 2, net
Movements, business development fund
Fund movements
Annual result
Appendix
9
10
11
2012
647’297
2’497’867
4’048’698
455’098
7’648’960
1’351’112
30’713’994
1’203’716
40’917’783
16’863’772
7’472’073
2’871’745
8’936’081
6’215’815
247’571
42’607’058
–1’689’275
5’520
–1’683’755
1’402’178
553’823
–239’064
1’716’937
33’182
2011
994’292
2’532’070
3’493’298
740’058
7’759’718
1’310’628
28’328’973
1’204’144
38’603’463
16’215’803
7’122’152
1’985’403
8’286’186
4’471’903
292’669
38’374’115
229’348
41’881
271’229
–185’704
–25’252
0
–210’956
60’272
Changes in Capital (in CHF)
Cash Flow Statement (in CHF)
Cash flow from operations
Annual result
Depreciation of tangible assets
Decrease/increase in receivables
Decrease/increase in accruals
Decrease/increase in current financial liabilities
Increase in financial assets
Net creation of provisions
ncrease/decrease in deferrals
Total Cash flow from operations
Cash flow from investment activity
Investments
Divestments
Total cash flow from investment activity
Cash flow from financing activity
Net decrease in committed funds
Total Cash flow from financing activity
Change in cash and cash equivalents
Substantiation
Opening cash balance
Closing cash balance
Total change in cash and cash equivalents
2012
33’182
247’571
–547’352
-27’788
572’084
-3’609
0
736’860
1’010’948
–10’728
0
–10’728
–1’769’327
–1’769’327
–769’107
10’905’804
10’136’697
–769’107
2011
60’271
292’669
62’003
–674’187
–535’358
0
–2’204’244
704’079
–2’294’767
–128’750
0
–128’750
–390’294
–390’294
–2’813’811
13’719’615
10’905’804
–2’813’811
1. Funds
1.1 Committed funds 1
Balance as of 1.1.2011
Credits
Additions
Use
Disposals/use
Balance as of 31.12.2011
Balance as of 1.1.2012
Credits
Additions
Use
Disposals/use
Balance as of 31.12.2012
IPSSA
54’027
0
0
0
–54’027
0
0
0
0
0
0
0
Location
promotion
851’000
0
230’000
0
–180’000
901’000
901’000
0
0
0
–287’000
614’000
Import
promotion
365’000
0
520’000
0
–180’000
705’000
705’000
0
260’000
0
0
965’000
Export
promotion
4’705’645
0
2’552’000
0
–2’702’269
4’555’376
4’555’376
0
0
0
–1’375’178
3’180’198
Total
5’975’672
0
3’302’000
0
–3’116’296
6’161’376
6’161’376
0
260’000
0
–1’662’178
4’759’198
The committed funds 1 in question are funds for the current service mandates.1. Fonds
1.2 Committed funds 2
Balance as of 1.1.2011
Credits
Additions
Use
Disposals/use
Balance as of 31.12.2011
Balance as of 1.1.2012
Credits
Additions
Use
Disposals/use
Balance as of 31.12.2012
Special funds
Stabilo 1 4)
270’000
0
0
-157’100
-112’900
0
0
0
0
0
0
0
Diplomatic and
economic
measures 3)
0
600’000
0
-600’000
0
0
0
600’000
0
-600’000
0
0
Third-party
supporters and
trade fairs 2)
637’080
1’100’000
138’152
-1’544’150
0
331’082
331’082
1’360’310
176’178
-1’412’700
0
454’870
Former export
promotion ser-
vice mandate 1)
3’411’920
0
0
0
0
3’411’920
3’411’920
0
0
0
-730’000
2’681’920
Total
4’319’000
1’700’000
138’152
-2’301’250
-112’900
3’743’002
3’743’002
1’960’310
176’178
-2’012’700
-730’000
3’136’7901) This fund contains resources from previous service mandates and is intended to cover the costs of expiring service mandates and other export promotion activities.2) This fund is to be used to make awards of contributions to trade fairs and events abroad.3) This fund is intended for SECO but will be wound up at the end of the year.4) This fund is intended for the export promotion projects of third parties, with a focus on Swiss SMEs. The resources have been allocated to Osec by the federal govern-
ment under Stimulus Programme 1.
(in CHF)
2. Business development fund
Balance as of 1.1.2011
Credits
Additions
Consumption
Disposals/use
Balance as of 31.12.2011
Balance as of 1.1.2012
Credits
Additions
Consumption
Disposals/use
Balance as of 31.12.2012 0 0
0
0
Business
development
fund 1
0
0
0
0
0
0
0
0
239’064
0
0
239’064
Total
0
0
0
0
0
0
0
0
239’064
0
0
239’0641) This fund contains resources which the Supervisory Board may dispose of in accordance with Article 1.2 of the articles of incorporation.
3. Organisation capital
Balance as of 1.1.2011
Allocation to free capital
Annual result
Balance as of 31.12.2011
Balance as of 1.1.2012
Allocation to free capital
Annual result
Balance as of 31.12.2012
Acquired
free capital
300’640
0
60’271
360’911
360’911
0
33’182
394’093
Revaluation
reserves
818’238
0
0
818’238
818’238
0
0
818’238
Paid-in
capital
4’900’006
0
0
4’900’006
4’900’006
0
0
4’900’006
Total
6’018’884
0
60’271
6’079’155
6’079’155
0
33’182
6’112’337
Appendix
Accounting and Valuation Guidelines
Accounting principles
Osec’s financial accounting complies with Swiss GAAP ARR accounting standards and provides a true and fair view of the
organisation’s assets, financial and earnings position.
The historic cost principle based on the individual valuation of assets and liabilities is essentially applied to the annual accounts.
The most important principles of accounting are displayed below:
Valuation of receivablesValuation was based on the balance of accounts receivable as of 31 December 2011 minus the necessary specific value adjust-
ments as well as a flat-rate adjustment of 3 % to what are mainly domestic receivables.
Financial assetsIn 2012 the employer‘s reserves are included in the annual financial statement for the first time. The previous year‘s figures have
been adjusted accordingly.
Valuation of tangible and intangible assetsThe tangible and intangible assets are reported as historical cost values minus depreciation and amortisation necessary for
operational reasons. With the exception of land, depreciation and amortisation are in principle calculated on a straight-line basis
over the assets’ estimated useful life. The materiality threshold is CHF 5,000 per individual asset.
The estimated useful life of the assets is asfollows:
Property in Zurich, excluding land 50 years
Building installations 10 years
IT hardware 3 years
ProvisionsProvisions are created for legal and factual obligations which are likely to involve an outflow of funds.
The level of provisions is based on the estimation of the Supervisory Board and reflects the future expenditure to be expected on
the balance sheet date.
Other current and non-current liabilitiesOther current and non-current liabilities are recognised at nominal value.
Statement of operations 2012The discounts contained in ‚Other operating income‘ have been reclassified under ‚Consulting‘ and ‚Trade fairs‘ and ‚events‘.
(in CHF)
1. Liquid assets
The liquid assets include cash balances, post office and bank accounts as well as sight and time deposits with a remaining
term of no more than 90 days. These are recognised at nominal value.
2. Receivables
2.1 Trade accounts receivable
Receivables against third parties
./. Del credere
Balance of receivables as of 31 December
2012
1’698’898
-181’800
1’517’098
2011
1’320’360
-101’000
1’219’360
3. Accruals
Expenses for projects in the new accounting year (trade fairs)
Employee insurance
Receivables against customer
Other accruals
Balance of accruals as of 31 December
2012
2’021’652
215’329
9’000
195’478
2’441’459
2011
1’936’931
957
0
466’784
2’404’672
4. Fixed assets
4.1 Financial assets
Employer contributions reserve
Balance of accruals as of 31 December
2012
725’486
725’486
2011
721’877
721’877
On the balance sheet date and in the previous year there was no unreported leasing business. The fire insurance values for the building amounted to CHF 17,969,800 (previous year: CHF 17,969,800), and for tangible assets they amounted to CHF 2,500,000 (previous year: CHF 2,500,000).
2.2 Other receivablesVorsteuerforderung
Input tax receivable
Deposits and securities
SBH operational budgets
Miscellaneous other receivables
Balance of other receivables as of 31 December
0
20’000
206’033
53’075
279’108
9’184
20’000
0
310
29’494
4.2 Tangible assets
Net book value 1.1.2012
Acquisition values
Status as of 1.1.2012
Additions
Disposals
As of 31/12/2012
Cumulative adjustments
Status as of 1.1.2012
Regular depreciation
Disposals
Status as of 31.12.2012
Net book values 31.12.2012
IT hardware
94’637
501’299
10’728
0
512’027
406’662
55’291
0
461’953
50’074
Conversions
154’000
281’630
0
0
281’630
127’630
22’000
0
149’630
132’000
Land and
buildings
8’721’760
11’104’000
0
0
11’104’000
2’382’240
170’280
0
2’552’520
8’551’480
Total
8’970’397
11’886’929
10’728
0
11’897’657
2’916’532
247’571
0
3’164’103
8’733’555
(in CHF) (in CHF)
5. Liabilities
5.1 Trade accounts payable
Third party liabilities
Occupational pension fund
Community liabilities
Balance of liabilities as of 31 December
5.2 Other current liabilities
VAT due
Misc. other liabilities
Balance of other liabilities as of 31 December
2012
2’167’868
203’172
596’930
2’967’970
459’445
99’383
558’828
2011
1’149’771
192’563
1’451’116
2’793’450
0
161’264
161’264
10. Other operating expenses
Fees, charges
Other operating expenses
Total operating expenses
2012
6’164’579
51’236
6’215’815
2011
5’529’183
–1’057’280
4’471’903
11. Financial result
Financial expenditure
– Financial expenditure
– Exchange rate differences, expenditure
Total Financial expenditure
Financial income
– Interest income
– Exchange rate differences, income
Total Financial income
Net financial income
2012
63
106’194
106’257
23’149
88’628
111’777
5’520
2011
0
18’646
18’646
50’533
9’994
60’527
41’881
12. Transactions with associates
The company of a Supervisory Board member provided services amounting to CHF 44,861 in the 2012 financial year
(previous year: CHF 0).
13. Compensation to members of management bodies
The members of the Supervisory Board (including President) of Osec were paid a total of CHF 110,000
(previous year: CHF 89,500) in attendance fees and expenses in the reporting year.
14. Events after the balance sheet date
No events occurred after the balance sheet date which could have had a significant effect on the balance sheet and statement
of operations.
15. Assessment of risk
We have taken internal precautions in order to ensure that the annual accounts are compliant with the applicable accounting
regulations and to ensure correctness of company reporting. These precautions are related to up-to-date accounting system-
sand processes as well as to preparation of the annual accounts. In the past financial year we have not identified any risks
whichmight lead to a permanent or substantial adverse effect on the assets, financial and earnings position.
16. Pledge of assets in favour of third parties
As security for a confirmed line of credit limited to CHF 500,000, a bearer mortgage note encumbering the property at
Stampfenbachstrasse 85 in Zurich has been deposited with the creditor bank.
6. Deferrals
Income for projects in the new accounting year (trade fairs)
Personnel expenses
Customer’s prepayments
Other accruals
Balance of deferrals as of 31 December
2012
1’878’331
1’467’073
0
2’713’813
6’059’217
2011
2’035’680
1’375’104
29’000
1’873’573
5’313’357
7. Provisions
Book value 1.1.2011
Accumulation
Use
Dissolution
Book value as of 31.12.2011
Buchwert 1.1.2012
Accumulation
Use
Dissolution
Book value as of 31.12.2012
Legal cases**
1’704’244
0
0
–1’704’244
0
0
0
0
0
0
Other provisions*
500’000
0
0
–500’000
0
0
0
0
0
0
Total
2’204’244
0
0
-2’204’244
0
0
0
0
0
0
* Provision associated with planned organisational changes.** A clarification of the legal situation established that the risk no longer exists, and the provision was therefore released to the statement of operations.
8. Organisation capital
The capital paid in was generated by the Confederation. If there is a surplus balance in the event of liquidation, it will go to the
Federal Department of Economic Affairs, Education and Research.
9. Occupational pension
Osec employees are insured with Publica, the state pension fund. Insurance covers the economic consequences of age, death
and invalidity. This is a federal institution which is independent of Osec and provides a contribution-based pension plan into
which employees and the employer make defined payments. The employer‘s contributions are recorded in the period in which
they occurred and for the current year amount to CHF 1,321,40 (previous year: CHF 1,232,239).
There is an employer‘s reserve of CHF 725,486 (previous year: CHF 721,877).
In 2012, Osec decided to initiate a process of reorientation on the basis of a shared value system and value promise as well as
greater synergy among the three service mandates: Export, Import and Invest. The aim was to create an even more effective
platform for the customer services and benefits it provides. One consequence was the presentation of Osec’s new direction,
value system and services in mid-April 2013 under a new brand: Switzerland Global Enterprise.
Under the Switzerland Global Enterprise brand, Osec works all over the world to support Swiss entrepreneurs and promote
Switzerland as a business location. As a centre of excellence for the Swiss economy, we foster exports, imports and investment,
and help clients develop new potential for their businesses. We are a strong and trusted partner for our clients, the cantons and
the Swiss government, with a global network of experienced advisers and experts.
ExportSwitzerland Global Enterprise uses its expertise in internationalisation to help Swiss companies, especially SMEs, identify and
develop new business potential on a worldwide basis. It provides regular information about relevant trends in the global mar-
kets, as well as professional advice and support in finding contacts and partners and recognising new business opportunities.
ImportSwitzerland Global Enterprise supports SMEs from selected partner countries, facilitating market access and opening up new
business opportunities in Switzerland and the European Union. In this way, Switzerland Global Enterprise helps to strengthen
the competitiveness of these companies and foster cooperation and trade relations between Switzerland, the EU and the part-
ner countries. Importers in Switzerland and Europe benefit from contacts with reliable suppliers in the partner countries.
InvestSwitzerland Global Enterprise provides potential foreign investors with information about the particular strengths and opera-
ting conditions of Switzerland as a business location. Switzerland Global Enterprise assists the cantons with the relocation of
foreign companies, providing market and trend analyses and coordinating the activities of all the bodies involved in the promoti-
on of Switzerland as a business location.
In the 2012 business year, Osec posted a further increase in membership numbers: at the end of the year under review, the
membership reached 2012 companies and institutions, an increase of over 9%. As a result of this positive development, the
income from membership subscriptions also rose for the first time in several years, despite the fact that the average contribu-
tion per company is falling. This is because small and medium enterprises, which make up a high proportion of the membership,
benefit from lower subscription rates.
With turnover of around CHF 41 million and CHF 33,182 in profit, Osec achieved a balanced result in 2012. Following the reorga-
nisation in spring 2011, there were no changes in the organisation’s structure during the year under review. With the increased
emphasis on location promotion and stronger orientation towards French-speaking Switzerland and Ticino, Osec was well pre-
pared to carry out its mandates of export, import and location promotion, which were renewed on 1 January 2012.
Turnover on customer accounts amounted to CHF 7.65 million, almost the same level as the previous year. The difficult economic
conditions led to a marked year-on-year decrease in sponsors’ contributions. At the same time, consulting revenues held firm.
Osec generated a substantial increase in revenue from trade fairs and events thanks to a more wide-ranging trade fair program-
me and an increase in the exhibition space used. Other operating income fell due to the surrender of certain management man-
dates and the effect of one-off revenues from the reimbursement of services relating to the federal stimulus package in 2011.
Performance Report 2012
Payments from the Confederation rose by CHF 2.4 million, which was attributable to the budget increases for all three service
mandates. The extra funds made it possible to expand the information and consulting services on behalf of SMEs, necessitating
a modest increase in the number of staff. On 31 December 2012, Osec had 120 employees at its offices in Zurich, Lausanne and
Lugano, accounting for 105 full-time positions.
On the basis of the performance management system, fixed gross salaries and variable performance-related components were
paid in the reporting year as follows:
The details of the management bodies and persons responsible for general management are to be found on the following pages.
The introduction of more powerful IT systems and preparations for essential and wide-ranging renovation work on the office
premises were the main factors contributing to the increased expenses under “Infrastructure, IT, administrative expenses”.
Higher expenses under “Contributions to third parties” are attributable to expansion of the network abroad and an increased
contribution to the Trade Fair and Project Committee.
The additional measures in support of SMEs were provided in close collaboration with private service providers, leading to a
rise in “Other operating expenses”. In the previous year, this item benefited from the release of provisions amounting to CHF 1.7
million.
(in CHF)
Gross salries Performance- related salary components
Total
2011 Executive management 1’233’953 282’418 1’516’370
Other staff 10’649’721 1’266’158 11’915’879
2012 Executive management 1’101’513 207’460 1’308’973
Other staff 10’712’376 989’257 11’701’633
Report of the Auditors
PRESIDENT
RUTH METZLER-ARNOLD
Member of Auditing and Human
Resources Committee; partner at
Klaus-Metzler-Eckmann Strategy,
Management, Communications
Elected until 2013
VICE-PRESIDENT
CHARLES PHILLOT
CEO Frewitt Fabrique de Machines
Elected until 2014
DORIS ALBISSER
CEO and Supervisory Board member,
CLS Communication AG
Elected until 2015
THOMAS D. MEYER
Chairman of Auditing and Human
Resources Committee; Country Mana-
ging Director, Accenture AG
Elected until 2013
PIERRE-OLIVER CHAVE
President of Supervisory Board and
CEO, PX Group Holding SA
Elected until 2015
BEAT W. KÜNDIG
President of Supervisory Board and
owner, W. Kündig & Cie AG
Elected until 2015
VICE-PRESIDENT
EVA JAISLI
Member of the Auditing and Human
Resources Committee; CEO and joint
owner, PB Swiss Tools
Elected until 2015
Supervisory Board as of 31.12.2012
AUDITORS
Deloitte AG, Zürich
JEAN-MARC PROBST
President of Supervisory Board and
CEO, Probst Group Holding SA
Elected until 2015
THOMAS STAEHELIN
Member of Auditing and Human Re-
sources Committee; partner at Fromer
Advokatur und Notariat law practice
Elected until 2013
Organisational Chart of 31.12.2012
CEODaniel Küng
Markets and ConsultingMarkus Wyss
Americas Region
Asia Pacific Region
Europa Region
Local Markets
Lausanne Office
Lugano Office
Distant Markets
IMEA Region
Office Services
Communication + MarketingRemo Daguati (ad interim)
Communication
Account Management
Marketing
Business SupportFranz Steiger
Human Resources
RW/Controlling
Sourcing + Services
Strategic Projects + IT
Foreign PromotionsRemo Daguati
Development Services
Non-Food
Food/Tourism
MARKUS WYSS Markets and Consulting
REMO DAGUATI
Foreign Promotions Communication + Marketing
(ad interim)
FRANZ STEIGER
Business Support
DANIEL KÜNG
CEO
Export Development
Channel Management
E-Business
Technical Products
Import Development
Location Promotion
Safety Officer
Special ProjectsCommunication + Marketing
Trade Fairs
ExportHelp
