Zumtobel Group

FinancialLight

Year

2018 19

Rossella Dazio 2011

Lion Haag Jonathan Sedding 2010

Corinne Räz Lorenz Brunner 2013

Mevion Famos Manon Mottet 2016

Ria Cavelti 2013

6

Dear shareholders, business partners and friends of the Zumtobel Group,

7

The 2018/19 financial year was a year of transition for the Zumtobel Group. We did our homework and, through the implementation of a restructuring course, improved profitability — which also means we met the target announced for this financial year. Now we are looking towards the future. Our goal is to restart our growth course and further improve profitability. The Management Board of the Zumtobel Group sees 2019/20 as a year of transformation, in which the focus of activities will return to the continuous improvement of the operating business and growth — in spite of the weakening market environment. For the 2019/20 financial year, the Management Board expects a slight increase in revenues as well as an improvement in the adjusted EBIT margin to 3 – 5%. The medium-term goal of generating an EBIT margin of roughly 6% by the 2020/21 financial year remains intact.

Brand Reports acdc 16 Thorn, Thorn Eco 20 Tridonic 24 Zumtobel 30

Facts and Figures Five-Year Overview 36 Group Management 42 Report

Consolidated Financial 60 Statements

Service 68 Imprint 70

Do you want to know more

about the design concept?

8

In order to drive revenue growth, the Zumtobel Group intends to strengthen its positioning in the global lighting industry as part of its current reorientation. The strategy approved in September 2018 will be consistently pursued. Its goal for the Lighting Segment — with the core Zumtobel and Thorn brands — is to become the market leader in Europe with a focus on applications in industry, office & education, shop & retail and art & culture. Outdoor appli- cations will concentrate on lighting for urban areas and roads. The Components Segment with its technology brand Tridonic will expand globally based on innovative hard- ware (drivers, LED modules) and software solutions for smart and integrated lighting and lighting systems. The Zumtobel Group will also increase its focus on the future field of digital lighting as well as services and turnkey solutions. Ladies and gentlemen, I look forward to the chal- lenges which the new financial year will bring. We can rely on our dedicated and excellently qualified employees — who I would expressly like to thank on behalf of the entire Management Board for their commitment and perform- ance. My colleagues and I would also like to thank our customers, partners, suppliers and shareholders for their confidence, support and open dialogue. Alfred Felder Chief Executive Officer (CEO)

Design Concept

Do you want to know more

about the design concept?

10

Light is life. Light is perception. Light sets the stage for our lives. Light is energy — yet it has no tangible presence. It is dynamic but has no physical dimensions. We can feel it — yet it cannot be touched. It refracts and reflects, it reveals and extends. Light is versatile — yet it is often not properly interpreted. Light needs to be conveyed — and this is the mission our company is committed to. Zumtobel has a long tradition of engaging in dialogue with the art and culture scene. The result- ant bonds have shaped the development of our company over time and played an important part in establishing the success of the Zumtobel brand. As a sign of our strong links with the creative community, we have a long-established practice of inviting artists, architects and designers to interpret and express their understanding of the interplay between light and our brand. Within the creative dia-logue, artistic freedom is an essential prerequisite for creativity and new insights.

Therefore, we are delighted to have won the renowned architect and longstanding friend of our company Professor Dietmar Eberle to design this year’s 28th edition of our artistic Annual Report. Together with Sascha Lötscher from the design agency Gottschalk+Ash Int’l, Professor Eberle deals with the interplay of light and space and the ways in which light can be made visible. The designers look at light from an architectural perspective, using photographs to show a range of lighting scenes in space. These lighting scenes were realised by students as part of Professor Dietmar Eberle’s work at ETH Zurich. Light is made visible with the photographs arranged in sequence, from dark to light. This specific arrangement creates an interplay of contrasts — black and white, dark and light — that merge together, becoming visible in the process. Following the concept of this light play, the Annual Report is arranged in order from Z for Zumtobel through to A for architecture. A core element of this year’s edition is the mention of our employees, whose names are integrated into the Annual Report. Our employees play a vital part in our company’s innovative strength and contribute to a successful future of the Zumtobel Group. For the first time, our artistic Annual Report will also cover the digital dimension by incorporating videos via QR codes, making this edition a truly holistic experience.

We hope you enjoy this unique collector’s item. With best wishes Jürg Zumtobel Chairman of the Supervisory Board of the Zumtobel Group

11

Thomas Meyer 2009

Tiziana Schirmer 2013

Arthur de Buren Jonatan Egli 2011

acdcbrand report16

acdc shows major growth in outdoor acdc continues to grow and develop as part of Zumtobel Group, with the company taking the lead in outdoor architectural lighting within the Group, expanding by over 35% within the 2018/19 financial year. The company completed projects all over the world, with the UK, Middle East and Central Europe represent- ing the largest areas of success. acdc has a broad portfolio of products and focuses primarily on the areas of outdoor architecture and building surrounds with an exciting roadmap and prod- uct development programme. The company’s clearly defined strategy was rewarded by a 70% increase in out- door revenue in the 2018/19 financial year. By combining acdc’s extensive product design and outdoor applica- tion experience with the very latest in technologies, the company will see the launch of more than eight exciting new product ranges in the 2019/20 financial year, a strategy underpinned by a dual technology and luminaire platform logic, which it has been working with since late 2017.

Creating amazing experiences with light around the world Within acdc’s home ground (the UK!), there have been a number of key projects throughout the last financial year — none more so than Tottenham Hotspur Stadium. A Zumtobel Group project, acdc’s BLADE created the instantly recognisable halo of light whilst also setting the scene of what’s to come by illuminating the façade. These RGB Linear luminaires allow the lighting scheme to create a destination for fans and visitors, guiding them towards the stadium. FUSION 48 floodlights illuminated the roof canopy — a blank canvas where light shows can be created to offer guests a dynamic and memorable visitor experience. A customer- first approach in close cooperation with the project architects and consultants (including several mock-ups and intensive testing) ensured acdc could provide a range of fittings to create the next level in stadium guest experience. When it comes to hotels, take a walk to London’s Russell Square and you can’t miss the stunning Principal Hotel — a landmark Grade II listed building originally opened in 1898. With a focus on colour temperature, con- cern was raised that the terracotta exterior would produce an overly warm lighting effect. Tests carried out in cooperation with the client showed that 2,700 K was perfect for all locations — enter acdc’s PLAZA. These floodlights outline the building and large-scale features. This includes the tall columns at ground level with

the high-level turquoise turrets washed by acdc 16 ° PLAZA 20 floodlights. The overall result is an incredible yet classic example of a simple, integrated and seamless design. Another iconic project within the UK was the illumination of the Royal Opera House, London, which was given a new lease of life following a spectacular programme of refurbishment. The Grade I listed build- ing has been opened up — bringing people closer to the arts. acdc’s PLAZA S3x bring a sparkle to Paul Hamlyn Hall. Once a flower market, it now functions as a restaurant and champagne bar and occasional performance space. Outside, in Covent Garden’s piazza and retail colonnade, PLAZA floodlights are subtly integrated into the façade. Drawing in the crowds, these compact surface-mounted gems dramatically emphasise the building façade’s features. Within MEIA, acdc has had the privilege of pro- viding a lighting solution for the façade of the new Royal Atlantis Hotel in Dubai. Illuminated by BLADE, low glare was of high importance. acdc worked closely with the specifiers, including experimenting with louvres and optics. This ensured acdc could provide luminaires that met the project requirements. Due to open towards the end of 2019, the resort will feature a mix of con- temporarily styled living areas with apartment balconies and wall ends being illuminated by over 4000 of acdc’s BLADE linear luminaires. acdc continues to make progress across Europe, where it was selected to supply the lighting for Avala Tower, Belgrade. A landmark well known not only in Belgrade but also in all of Serbia and throughout the former Yugoslavia, Avala Tower is currently the tallest tower in the Balkan region and a symbol of new technologies and prosperity for the people of Belgrade. The huge concrete pillar is illuminated by 45 FUSION luminaires from the acdc portfolio — installed on all three sides. The “legs” of the pillar are illuminated by two FUSIONs on each side, with three luminaires on the antenna. Avala Tower is one of the top five tourist destinations in Belgrade, and thanks to its new illumination this symbol will be visible from all over the city.

New design logic enabling a dynamic, fast-moving development roadmap acdc’s dual-platform strategy is enabling the company to quickly launch and develop a large number of outdoor luminaires, based on the same primary technology and luminaire frameworks, allowing for rapid portfolio expansion and growth.

17

The Prin

cipal

Hotel London, U

K

Want to

see m

ore of a

cdc?

The technology platforms combine the latest LED sources with modular electronic components, controls and optics to deliver a solution that is fast, efficient and flexible. With this revolutionary new technology, Bluetooth and DALI protocols can be integrated to con- trol not only colour but beam angle as well. A similar approach to luminaire design has also been taken with castings, mouldings and extrusions being engineered with multiple products in mind. This has minimized time, cost and speed to market, a crucial factor in a sector that is expanding significantly and at a rapid pace. This, combined with acdc’s vast experience in out- door architectural lighting projects, makes for an exciting combination as acdc continues to develop as a technology-leading, fast-moving and innovative lighting brand.

Outlook acdc continues to go from strength to strength, with a rapidly increasing product portfolio and a constantly growing list of projects and clients for 2019/20 and beyond. The company is working on numerous high-end projects including bridges, façades, stadiums and towers, and is also expanding into new geographic markets. 2019/20 will certainly be a year of clarity, focus and growth for the UK-based business.

19

The Prin

cipal

Hotel London, U

K

Want to

see m

ore of a

cdc?

ThornThorn Eco

brand report20

We make light work for you Having celebrated its ninetieth birthday in 2018, Thorn Lighting is now embarking upon its tenth decade. Founded by Jules Thorn in 1928, the brand has established itself as a global leader in indoor and outdoor lighting, with its mission to make light work for you. In the past financial year Thorn pursued this vision as determinedly as ever, with significant inno- vations in the areas of optics, connectivity and design, and stunning new installations all over the world. Thorn benefits from a strong worldwide reputation for smart, reliable, high-performance lighting solutions that serve countless applications. With a comprehensive range of indoor and outdoor lighting products, Thorn has the right solution for every job. For indoor lighting projects, the Thorn brand stands for ease of installation, excellent build quality and outstanding performance. Meanwhile Thorn’s outdoor solutions support complex, high-profile projects, providing the right light for people, places and the environment — plus smart capabilities and connectivity. Our recently completed projects around the world demonstrate the breadth of our expertise in indoor and outdoor lighting, and the compelling nature of our offer. New lighting from Thorn is helping the City of Sunderland in the UK to save millions of pounds a year. More than 27,000 sodium street lights were replaced by Thorn’s R2L2 and CiviTEQ lanterns, which meet rigorous criteria including improved lighting levels, in- creased energy efficiency, and the ability to be dimmed. The new lighting provides a vastly improved quality of light, and the council is set to save EUR 2.8 million a year thanks to lower electricity costs and reduced maintenance. Thorn supplied a complete lighting package for a major upgrade of the Bamble and Kjørholt tunnels, which stretch for three kilometres through the mountains of Norway. A total of 950 GTLED PRO luminaires — specifically designed for tunnel lighting — were installed. The new lighting is robust, highly efficient and creates safe and comfortable conditions for drivers. At Broughton Primary School in Edinburgh, UK, Thorn Lighting provided a low-maintenance, energy- efficient solution for the whole school. Five different types of luminaire were used, including the innovative IQ Wave, which uses cutting-edge LED optics to create comfortable, homogenous light and benefits from built-in wireless control. The new lighting creates an ideal learning environment, and the ability to dim lights leads to energy savings of up to 75%. In China, Thorn provided lighting for the world’s longest sea bridge, which connects Hong Kong and Macao with the Chinese mainland. Luminaires from Thorn light the two artificial islands to the east and west of the 30 km crossing, as well as the tunnel that leads

to the bridge from Hong Kong. Thorn provided 120 Champion Pro LED, 132 high-power floodlights for the islands, and 6,000 GTLED Entry and GT58 luminaires for the tunnel. Mercedes-Benz’s newly redeveloped headquarters in Rome have been lit using Thorn’s Omega LED fitting, integrated in the modular ceiling system, creating a welcoming and efficient new workspace, where personal well-being and company productivity are combined. Also in the 2018/19 financial year, Thorn won the award for Best Commercial Project at Voltimum’s Smart Solutions Awards, for the lighting of a distribution centre run by logistics firm Wincanton in Doncaster, UK. This exemplar project brought better quality light to the 11,000 m2 warehouse, while saving 60% on energy costs, thanks to Thorn’s HiPak Pro LED, CorrosionForce and ForceLED luminaires.

Latest innovations The new products released by Thorn in this 2018/19 financial year have brought customers the latest in innovative optics, Bluetooth connectivity and intuitive design. Raze is a family of three new outdoor luminaires that create a dramatic grazing effect on walls and façades, and smooth, uniform distribution on horizontal surfaces such as footpaths and cycleways. Available in architectural, wall-mounted or bollard versions, Raze lets the true character of surfaces be revealed. The new decorative and intelligent outdoor lumi- naire Volupto brings character and comfort to urban spaces. With an elegant bowl-shaped design and a gentle glow made possible by advanced LED optics, Volupto combines the best of the old and the new. The new generation of our Equaline linear lumi- naire is a flexible, modular system that creates clean, unbroken lines of light, putting great aesthetic design within the reach of every project. Its homogenous appearance and even illumination create a quality lit effect that supports comfort. Katona is a cutting-edge wall light designed to solve many of the most common lighting challenges, com- bining market-leading efficiency with easy installation and powerful protection against damp, dust and damage. It is flexible enough for a range of applications including hallways and building exteriors. A growing number of Thorn products are now available with Casambi Ready BasicDIM Wireless, allowing them to be controlled wirelessly from a smartphone or tablet. Casambi Ready BasicDIM Wire- less uses Bluetooth to create a secure and robust mesh network. All that customers need is an iOS or Android device and the free app. Thorn products that can be made compatible include IQ Wave, Chalice, Glacier II LED and Katona.

21

Thorn Eco — success in the electrical wholesale market The Thorn Eco range, launched in 2017, continues to go from strength to strength. This bold new brand is targeted firmly at the electrical wholesale market, serving electricians and electrical contractors. Standing for economical LED lighting, Thorn Eco is a range of LED luminaires designed with the every- day needs of its clearly defined target audience in mind. The highly competitive portfolio of modular, functional LED luminaires is ideal for like-for-like replacement of traditional light sources, as well as for new installa- tions, bringing all the benefits of LED in better quality light, significant energy savings and reduced maintenance. The past financial year saw tremendous growth for Thorn Eco in the target markets of the UK, Germany, France and Australia, and a successful launch of the brand in New Zealand. Meanwhile Thorn Eco’s products and point-of-sale materials are seeing increasing presence at wholesaler outlets, positioning the brand well for future success. Five new Thorn Eco product families were launched this year: the LED floodlights Leo and Leonie, the bathroom mirror luminaire Elsa, and the LED battens Lucy and Poppy. Existing products continue to be updated with improvements and new features. Thorn Eco has benefited from its distinctive, eye- catching ‘Meet the family’ marketing concept and design, featuring simple, accessible product naming and imagery to cut through the noise in this crowded and price-sensitive market. The concept won two gold DBA Design Effectiveness Awards in 2018 and is proving its effectiveness in the market every day. The Thorn Eco product range continues to adapt to meet the latest technical and application-specific requirements, and the ever-changing demands of electricians. The moisture-proof LED luminaire Julie remains the best-selling Thorn Eco product, followed by the recessed LED panel Anna, the high-power LED floodlight Leo, the IP66-rated bulkhead Tom, and the LED high bay George. The focused positioning, effective strategy and bold marketing of Thorn Eco have seen this new brand become a strong player, well positioned for continued success as we expand the product portfolio and pursue ambitious growth targets in existing and new markets.

22

Hong Kong Bridge, CN

Want to see more of Thorn

and Thorn Eco?

Hong Kong Bridge, CN

Want to see more of Thorn

and Thorn Eco?

Tridonicbrand report24

An industry undergoing transformation The industry — and therefore Tridonic, too — is undergoing radical change. After the wave of innovation that ushered in LED lighting, today the focus is on connectivity. Thanks to the megatrend of digitalisation, lighting based on LED technology is gaining a signifi- cance that extends far beyond providing illumination. Tridonic supplies the key technology here, positioning itself as the world’s leading supplier of lighting tech- nology as we embark on an era of digitalisation and connectivity. LED light sources and modern control systems deliver significant quality improvements that directly benefit the people experiencing them. Human-centric lighting systems not only support visual tasks in sensitive areas such as healthcare, work and education — they can also create specific light moods designed to energise people in different ways. Smart lighting concepts offer comfort and enhanced functionality as well as connectivity benefits, including integration with the Internet of Things. These possibilities are finding concrete applications in the marketplace. At the same time, and in what is a highly competitive environment, LED technology still offers tremendous potential that has yet to be unlocked. Both LEDs and connectivity /digitalisation require significant investment activity. Against this backdrop, which encompasses the whole industry, Tridonic works in partnership with its customers across the full spectrum of current challenges. And as these major changes gradually unfold across the market, the brand continues to pursue the ongoing development and marketing of its current portfolio. Tridonic is well placed for the era that lies ahead. In the 2018/19 financial year the brand continued to develop as a supplier of both hardware and software, facilitating intelligent lighting solutions with added value. At the same time the company expanded its existing portfolio of both indoor and (in particular) out- door lighting. And Tridonic can continue to build on its brand equity of strong customer relationships. Beyond its day-to-day business, the brand has further developed its extensive network of personal contacts, collabor- ations and partnerships through conferences, trade fairs and customer events.

The connectivity trend “Discover the hidden lighting asset” was Tridonic’s catchphrase as it continued to grow its activities around lighting and digital connectivity. The Internet of Things is generating new business models and services — the crucial issue here being the ability to facilitate com- munication between the connected devices. Data content needs to be collected from different systems or captured using sensors. Lighting infrastructure, which is everywhere, is ideally placed to do this.

With its net4more system, Tridonic provides the hardware and software for smart lighting systems with IP connectivity. As the lighting infrastructure enables data capture and data processing, this supports functionalities that range from remote diagnosis and maintenance to space and facility management and indoor navigation. net4more includes LED drivers, communication modules or interfaces, sensors, routers, software and apps — i.e. everything needed to integrate lighting into the Internet of Things. Tridonic was the first lighting company to offer a system with open standards and IP connectivity all the way to the end node, permitting cross-system, gateway-free communications. As well as demonstrating its impressive practical applications at company headquarters in Dornbirn, Austria and at branch offices in France and Spain, the brand is also deploying net4more in pilot projects — in the UK, for example. A key benefit to our customers here is our intensive collaboration. As well as supplying the hardware, software and apps, Tridonic is constantly expanding its network of system integrators, ensuring the necessary flexibility to adapt the system or tailor the apps to specific individual needs. This might mean developing custom solutions for individual rooms, several rooms, whole buildings or facility complexes.

Growth in software development For connectivity within spaces that are used in different ways — in office buildings, for example — Tridonic expanded its basicDIM Wireless product range during the year under review. This Casambi Ready control technology allows interaction via Bluetooth with all luminaires within an area. The basis for this wireless lighting management system is located in the luminaires themselves, which have an LED module, a compatible driver and a basicDIM Wireless module. Tridonic established an outstanding market position with this technology during the year under review, as the only manufacturer already offering a comprehensive portfolio of compact wireless integrated drivers. Users operate the system using an app or via the user interface. Switching on and off or dimming functions are as straightforward as grouping luminaires and creating lighting settings. The colour temperature of Tunable White luminaires can also be controlled and sensors can easily be integrated into the system. The system was designed to offer luminaire manufacturers, installers, building operators and facility users extensive functionalities combined with ease of operation. This delivers on Tridonic’s commitment to always offer added value to its customers, helping them to differentiate their offering in the marketplace. As a key element of fulfilling this commitment, during the period under review the brand delivered on its

25

Isabel von Bechtolsheim Rafael Zulauf 2013

Sitges Promenade, ES

Want to see more of Tridonic?

strategy of offering new software apps with added cus- tomer value alongside its hardware. LED drivers from Tridonic offer ingeniously designed packages of interfaces and programmability, enabling customers to programme the drivers in line with their needs. Soft- ware has become increasingly important. These products include the companionSUITE package specially developed by Tridonic for use in luminaire manufacturing, which was completed during the year under review. This software suite helps luminaire manufacturers with the generation, transmission and control of driver settings — and now also supports wireless connectivity via Near Field Communication (NFC) technology — allowing production processes to be optimised. During subsequent quality management processes the software also makes it easier to analyse and correct potential sources of error.

Smart solutions for outdoor lighting Software also played a key role in the development of smart solutions for outdoor lighting — for example in the street lighting systems operated by Spanish author- ities in Lloret de Mar, Tarragona, Sitges and Granollers. Here, using LED drivers by Tridonic made it possible to retain the existing infrastructure with its centralised controls. The new LED luminaires were fitted with premium dimmable drivers. Using a protocol developed by Tridonic to transmit signals via the mains it is now possible to programme dimming levels and adjust brightness levels in line with actual needs. The new LED luminaires can be controlled centrally by the tele- management controller via the mains. Another smart solution was deployed in the “Digital City” of Darmstadt in Germany. Darmstadt won this title in a competition organised by German telecoms association Bitkom. Now, with its Smart City concept, the city is positioning itself as a pioneer in urban digital- isation — and Tridonic experts, along with the brand’s partners, are supporting this initiative with advice on the digitalisation of street lighting. In a pilot project completed in late March 2019 many LED streetlights were fitted with Tridonic sensors as well as a radio module, set on top of the luminaire. Motion detectors enable the street lighting to react to the presence of pedestrians and cyclists, supplying brighter lighting as and when it is needed. The sensors and radio modules deliver connectivity with the Smart City platform. This provides the city authorities with key information on energy consumption, any faults that may occur and routine scheduled maintenance.

28

Sitges Promenade, ES

Want to see more of Tridonic?

Zumtobelbrand report30

With poetry and magic: Zumtobel creates the lighting solutions of the future Blinking up at the sky, feeling the sun’s rays on your skin – it makes your heart leap with joy. Because sunlight, through our eyes, acts directly on our brain and our psyche. It lifts our spirits and motivates us. It energises or calms. Over the course of the day, light changes its intensity and colour temperature, regulating our internal body clock. Designing artificial light that is as close as possible to nature — that’s the idea behind Active Light.

Light makes learning easier: a Zumtobel study on the effects of Active Light How can long schooldays be managed more effect- ively, for both students and teachers? Active Light is the most important design factor supporting concen- tration and successful learning — whether in schools, universities or nurseries. And the cornerstone of the concept is tunableWhite technology. By adjusting light colour and intensity this innovative technology connects architecture and people. In a learning environment, Active Light’s various moods support our creativity and concentration. The Dynamic Lighting in Classrooms study, by the University of Aalborg in Denmark, investigated in detail which kinds of lighting support student learning most effectively. And the findings were implemented in Herstedlund Skole in Albertslund, Denmark, where teachers can adapt the lighting mood and learning ambience in the room to different teaching situations.

Towards the lighting solutions of the future Zumtobel stands for innovation, design and func- tionality — qualities that have always been developed through the brand’s close, long-term collaborations with architects, lighting designers and artists. A shining example here is our longstanding cooperation with the Vienna-based design studio EOOS, leading to the creation of our new SUPERSYSTEM integral collection luminaire. This is an ongoing success story: the SUPERSYSTEM product family, with its distinctive miniaturised LED spotlight heads, already had years of success behind it. Taking the logical next step forwards, this new version of the system integrates the spotlight heads into the lighting channel — hence the “integral” component of the name. Virtually invisible, almost magical — in a word, fascinating. EOOS co-founder and designer Harald Gründl presented the collection’s versatility and unique attributes using specially developed wall reliefs at the Zumtobel Light Centres in Vienna, Dornbirn and Zurich, and also at Milan Design Week 2019.

A year full of highlights — Zumtobel in dialogue with design, architecture and art At the 2018 Architecture Biennale in Venice, Zumtobel not only provided the lighting solution for the Austrian pavilion but also — as in previous years — created custom lighting solutions for projects by archi-

tects and artists LAAC and Henke Schreieck and graphic designers Sagmeister & Walsh. The Austrian pavilion was curated by Dr. Verena Konrad, Director of our close partner VAI, the Vorarlberger Architektur Institut (Vor- arlberg institute of architecture). And the brand’s cooperation with Sagmeister & Walsh went further still. What is beauty — in architecture, design and art? Through to March 2019, visitors to MAK Vienna (the Vienna museum of applied arts) were able to explore Sagmeister & Walsh’s ideas on this subject in the touring exhibition Beauty. Our sensory lighting installation plays a major role in the show. The exhibition can be seen from 11 May to 15 September 2019 at the Museum Ange- wandte Kunst (museum of applied arts) in Frankfurt am Main. Enabling visitors to experience the fascination of light for themselves is the idea behind the Zumtobel Light Centres. Based on the model of the brand’s major Light Forum at its Dornbirn head office, these Light Centres are more than just showrooms for customers: they are arenas for creative dialogue, designed by renowned architects and designers including Snøhetta and Sauerbruch Hutton. The latest addition, the Paris Light Centre, opened in December 2018. The Light Centres in Bologna and Zurich reopened following a conceptual makeover at the start of 2019. And in 2018 we celebrated 25 years of the Zumtobel Light Centre in Berlin. Thanks to a custom lighting solution, James Turrell’s “Skyspace” light-experience space in Lech, Vorarlberg — Zumtobel’s home ground — is immersed in a variety of colours. As the artist’s longstanding lighting partner, we supported him once again with the realisation of this spectacular art project. Elsewhere, Zumtobel provided thirteen kilometres of light for science for the new University of Applied Sciences build-ing (Fachhochschule Nordwestschweiz) in Muttenz in Switzerland, with the specially developed linear FREELINE luminaire, part of our special collection the editions #02. For this lighting concept we worked closely with lighting design agency Reflexion and with architects pool Architekten. And as illustrated by the lighting solution for Berlin’s Futurium, visionary thinking and a passion for innovation are the engines that drive our company forwards. Alongside the lighting solution in the Futurium foyer we developed three custom solutions in collaboration with realities:united. Zumtobel’s Active Light concept is also transporting customers of the fashion label Reserved into a world of vibrant colours and soft fabrics. Since 2017 we have been lighting new Reserved stores throughout Europe in line with the Polish fashion label’s design philosophy. With Zumtobel Group Services we support our customers from the first handshake all the way to their fully operational lighting system. During the year under review, St Martin Tower in Frankfurt am Main rounded out its existing lighting solution with Zumtobel’s COMPLETE portfolio of comprehensive lighting ser- vices, as we installed turnkey Zumtobel lighting systems, including controls, for the individual rooms and floors. Lighting-related services were also to the fore in our

31

Marc Hunziker Katarina Savic 2015

Daniel Zielinski 2016

Skyspac

e Lech

, AT

Want t

o see m

ore of Z

umtobel?

© Ja

mes

Tur

rell

Phot

ogra

phy:

Flo

rian

Hol

zher

r

“Internet of Light” pilot project with French retailer E.Leclerc in Langon, France. The vision here is to grow the brand’s interaction with its customers and create unique shopping experiences based on lighting infra-structure — boosting stationary retail in the process. As always, our roadshows were a highlight during the period under review. In the 2018/19 financial year our Lights on Tour event series toured through Germany, Sweden, Norway, Denmark, France, Italy, Romania, Austria and Switzerland. A total of 1,615 visitors took up our invitation, finding inspiration and an opportunity to share experiences with their professional colleagues and learn from keynote presentations by high-profile speakers — including the lighting designer Nitika Agrawal and Professor Matthias Sauerbruch of Sauerbruch Hutton.

Zumtobel: lighting the way forwards Zumtobel stands for design — and not just lumi- naire design. At the 2018 Cannes Corporate Media & TV Awards, Zumtobel won a Golden Dolphin – one of the world’s most important awards for marketing and business films. The short film, produced by Stillrolling Productions, shows how people feel in emergency situations or unfamiliar environments — and shows RESCLITE PRO emergency lighting providing safety and orientation. And the Zumtobel Group also won the iF Design Award for communication for its 2017/18 Annual Report, created by the New York design studio Sagmeister & Walsh. Zumtobel regularly receives awards for product design: during the period under review we garnered two iF Design Awards and three Red Dot Awards. Two products — the LINETIK pendant luminaire for offices, combining ultra-slim elegance with intelligent lighting technology, and the delightful light sculpture TEELA — actually won both prizes. CLARIS evolution, a revisited design classic, also won a Red Dot Award.

Innovation is our driving force: new luminaires by Zumtobel Creating lighting moods, arousing emotions, generating aesthetic effects, using light and shade to bring a space to life — these are the goals we aspire to as we develop luminaires that constantly set new standards. And our three new luminaires in the editions #02 collection look set to do just that. TEELA, ALVA and FREELINE are extravagant, stylish and — as always — individual and timeless. A fascinating new portfolio of special creations by Zumtobel. As we embark on the 2019/20 financial year, we are approaching a momentous landmark in our company’s history: Zumtobel will be celebrating its 70th anni- versary with an exclusive customer event and the opening of the new Zumtobel Group Light Forum in Dornbirn. Reaffirmed and energised by the achievements of the past financial year, we are looking forward to more innovations, successful and exciting projects, more innovative lighting solutions and further examples of our unique approach to light. Zumtobel. The Light.

35

Skyspac

e Lech

, AT

Want t

o see m

ore of Z

umtobel?

© Ja

mes

Tur

rell

Phot

ogra

phy:

Flo

rian

Hol

zher

r

Five-Year Overview

36

in EUR million

RevenuesAdjusted EBIT as a % of revenuesNet profit / loss for the year as a % of revenues

Total assetsEquity Equity ratio in %Net debt

Cash flow from operating resultsInvestments as a % of revenuesR&D total as a % of revenues

Headcount incl. contract workers * *full-time equivalent

facts and figures

37

2 0 1 8 / 1 9 2 0 1 7 / 1 8 2 0 1 6 / 1 7 2 0 1 5 / 1 6 2 0 1 4 / 1 5

1,162.0 1,196.5 1,303.9 1,356.5 1,312.6 27.6 19.7 72.4 58.7 66.5 2.4 1.6 5.6 4.3 5.1 (15.2) (46.7) 25.2 11.9 11.9 (1.3) (3.9) 1.9 0.9 0.9 920.9 986.1 1,019.6 1,068.6 1,086.3 262.8 268.3 334.0 333.2 322.6 28.5 27.2 32.8 31.2 29.7 148.7 146.3 91.0 134.8 148.2 56.8 53.5 114.1 84.8 103.1 66.2 69.0 45.2 58.4 76.6 5.7 5.8 3.5 4.3 5.8 66.2 73.4 82.4 87.9 79.0 5.7 6.1 6.3 6.5 6.0

5,878 6,224 6,562 6,761 7,234

in EUR million

RevenuesAdjusted EBIT as a % of revenuesNet profit / loss for the year as a % of revenues

Total assetsEquity Equity ratio in %Net debt

Cash flow from operating resultsInvestments as a % of revenuesR&D total as a % of revenues

Headcount incl. contract workers * *full-time equivalent

Daniel Zielinski Robin Schlumpf 2016

Joos Kündig Iso Tambornino 2015

Isabel von Bechtolsheim Rafael Zulauf 2013

Group Report42

Manage

ment

The following text is an extract from the Group Management Report.

The full text version has been published in the context of the 2018/19 Annual Financial Report

of Zumtobel Group AG.

Would you like t

o read

the full A

nnual Finan

cial R

eport?

facts and figures

General economic environment Global economic activity slowed during the 2018/19 financial year. The strong growth in 2017 and the first half of 2018 has been followed by a decline as the result of political and eco- nomic uncertainties (trade conflict between the USA and China, budget dispute between the EU and Italy, Brexit). The International Monetary Fund (IMF) estimated global growth in 2018 at 3.6%¹ (2017/18: 3.8%), in particular due to a substantial reduction during the second half-year (3.2%). Europe, in particular, was faced with growing economic weakness. The euro zone generated GDP growth of 1.8% in 2018, compared with 2.4% in the previous year. Economic growth in the D/A/CH region (Germany, Austria, Switzerland), an important market for the Zumtobel Group, was weaker, especially in Germany. The German eco- nomy grew by 1.5% (2017: 2.5%), while higher rates were recorded in Austria (2.7%) and Switzerland (2.5%). Economic momentum in the United Kingdom declined further to 1.4% (2017: 1.8%) as a result of the political uncertainty. Other major European economies — France (1.5%) and Italy (0.9%) — were faced with only moderate growth. The USA, in contrast to Europe, recorded stronger growth of 2.9% due to rising consumer spending (2017: 2.2%). Eco- nomic growth in China reached 6.6% in 2018, but weakened during the second half-year as a consequence of the trade dispute (6.0%). The IMF reduced its forecast for the global economy in its April 2019 report and now anticipates an increase of only 3.3% in 2019, compared with an estimate of 3.9% in the previous year’s

report. Projections for both the USA and the euro zone point to a year-on-year decline. For the United Kingdom, a further reduction of 0.2 percentage points to 1.2% is expected. The IMF sees growth in the global economy reaching 3.6% in 2020, but is also warning against potential risks: any further intensification of trade conflicts, a no-deal Brexit or ongoing fiscal uncertainties, as in Italy, could lead to substantially slower development.

Revenues Revenues recorded by the Zumtobel Group declined by 2.9% year-on-year to EUR 1,162.0 million in the 2018/19 financial year (1 May 2018 to 30 April 2019) in a lighting industry environ- ment that remained challenging. Revenue development was influenced by negative currency translation effects of EUR 7.1 million, which resulted primarily from the increase in the euro versus the Turkish lira, Australian dollar and Swedish krona. After an adjustment for these foreign exchange effects, the decline in revenues amounted to 2.3%. The LED share of Group revenues increased from 79.7% to 81.7% within twelve months. The Lighting Segment is still chal- lenged by a difficult industry environ- ment. Revenue development in 2018/19 was slowed, above all, by a substantial

decline in the United Kingdom, the most important market for the Zumtobel Group, and by very aggressive price com- petition. The reorientation of the sales organisation which began during the 2018/19 financial year has not yet pro- duced its full results. In this environ-ment, revenues in the Lighting Segment fell by 3.8% to EUR 873.7 million (2017/18: EUR 908.3 million). After an adjustment for negative foreign exchange effects, revenues were 3.6% lower than the previous year. In contrast, the Lighting Segments recorded an increase in revenues for the fourth quarter of 2018/19, with a plus of EUR 4.2 million to EUR 223.8 million (FX-adjusted: 3.1%). Revenues in the Components Seg- ment fell by 1.3% (FX-adjusted: plus 0.2%) in 2018/19. Two factors were responsible for this decline: the devalu- ation of the Turkish lira versus the reporting currency (euro) and a decrease in the demand for the Lighting Segment. It is also clearly apparent that a focus on margins in an increasingly com- petitive environment leads to satisfactory earnings, but also to slower revenue growth.

Distribution of regional revenues The 2018/19 financial year was characterised by widely different regional developments in a generally

43

1 Source: IMF forecast, World Economic Outlook, April 2019

Would you like t

o read

the full A

nnual Finan

cial R

eport?

Segment development in EUR million 2 0 1 8 / 1 9 2 0 1 7 / 1 8 FX-adjusted in % Lighting Segment 873.7 908.3 (3.8) Components Segment 348.3 352.7 (1.3) Reconciliation (60.0) (64.5) (7.1) Zumtobel Group 1,162.0 1,196.5 (2.9)

44

difficult industry environment. How- ever, the fourth quarter saw revenue growth in all regions — with the exception of Benelux und Eastern Europe. The D/A/CH region, the largest market in the Zumtobel Group, recorded a 0.5% decline in revenues (FX-adjusted: minus 0.6%) to EUR 355.9 million in 2018/19. Revenues exceeded the previous year in Switzerland (FX-adjusted), but were slightly lower in Austria and Germany. An analysis of the fourth quarter shows substantial revenue growth, in total, for this region. Revenues in Northern Europe fell by 7.8% to EUR 250.7 million. The Lighting Seg- ment, in particular, recorded substan- tially lower revenues in the United King- dom (ca. minus 15%). However, this region also generated moderate revenue growth in the final quarter of the year due to positive momentum, above all in the Scandinavian countries. The develop-ment of revenues in the Benelux & Eastern Europe region was disappointing and failed to match the growth recorded in earlier years. Revenues fell by 5.0% (FX-adjusted: minus 1.7%) to EUR 173.6

million in 2018/19. The Southern Euro- pean region consists primarily of Italy, Spain and France. Italy reported further revenue growth, but developments in France and Spain remained below expectations. Revenues in this region fell by 0.4% to EUR 178.2 million but increased, in total, during the fourth quarter. The Asia & Pacific region generated an increase of 0.4% (FX- adjusted: plus 1.5%) in revenues to EUR 120.9 million in 2018/19, supported by sound fourth-quarter growth in Asia. Business development in the Middle East & Africa region benefited from higher project activity, which was reflected in revenue growth of 5.8% (FX-adjusted: plus 4.3%). Revenues in the Americas region fell by 18.2% (FX- adjusted: minus 20.0%) to EUR 24.3 million, but also increased in this region during the final quarter of the reporting year.

Earnings Group EBIT adjusted for special effects rose to EUR 27.6 million in 2018/19 (2017/18: EUR 19.7 million), and

Distribution of regional revenues 2018/19 Revenues in EUR million in % Change in % 1 D/A/CH 355.9 30.6 (0.5) 2 Northern Europe 250.7 21.6 (7.8) 3 Benelux & Eastern Europe 173.6 14.9 (5.0) 4 Southern Europe 178.2 15.3 (0.4) 5 Asia & Pacific 120.9 10.4 0.4 6 Middle East & Africa 58.5 5.0 5.8 7 Americas 24.3 2.1 (18.2) Total 1,162.0 100.0 (2.9)

1

23

4

56 7

45

the return on sales increased from 1.6% to 2.4%. The improvement in Group profit- ability during the reporting period was supported pri- marily by the Lighting Segment, where adjusted EBIT increased from EUR 9.4 million to EUR 21.1 million. Adjusted EBIT in the Components Segment equalled EUR 25.4 million (2017/18: EUR 31.4 million). The results of the cost reduction measures are now visible, especially in the Lighting Segment, and earnings improved during the reporting year despite the ongoing aggressive price competition. Moreover, adjusted EBIT in the previous year were negatively influenced by higher warranty provisions related primarily to long- term road lighting projects. The gross profit margin (after devel- opment costs) for the Zumtobel Group fell to 30.3% in 2018/19 (2017/18: 31.2%). Development costs included in the cost of goods sold were EUR 7.9 million lower at EUR 61.6 million (2017/18: EUR 69.5 million). The efficiency and cost reduction measures implemented in spring 2018 led to a significant reduction in selling and administrative costs. Selling expenses (incl. research) fell by 5.4% to EUR 297.0 million in 2018/19 (2017/18: EUR 313.9 million), and administrative expenses were EUR 13.2 million lower at EUR 36.2 million (2017/18: EUR 49.4 million). Other operating income, excluding special effects, reflected the

previous year at EUR 9.0 million (2017/18: EUR 9.1 million). Negative special effects of EUR 25.0 million were recorded in 2018/19 (2017/18: EUR 27.0 million). They resulted from restructuring measures involving man- agement, costs for the shutdown of production in Jennersdorf (Austria) and the write-off of capitalised development projects in connection with the adjust- ment of the product portfolio. Also included here are expenses related to further changes in the global production network and adjustments to pension obligations in the United Kingdom. Financial results improved by EUR 3.6 million year-on-year to minus EUR 12.8 million (2017/18: minus EUR 16.4 million). Interest expense is attributable primarily to the current credit agreements and to finance leases. Other financial income and expenses totalled minus EUR 6.3 million (2017/18: minus EUR 9.7 million) and include the interest expense on pension obligations as well as the income and expenses from exchange rate fluctuations which resulted from the high volatility on the foreign currency market. Profit before tax amounted to minus EUR 10.1 million in 2018/19 (2017/18: minus EUR 23.7 million), and income taxes totalled EUR 5.2 million (2017/18: EUR 23.0 million). Income taxes include

current tax expense of EUR 4.9 million and deferred taxes of EUR 0.3 million. Net profit for the reporting year there- fore totalled minus EUR 15.2 million (2017/18: minus EUR 46.7 million). Earnings per share for the shareholders of Zumtobel Group AG (basic EPS based on 43.1 million shares) equalled minus EUR 0.35 (2017/18: minus EUR 1.08).

Cash flow, financial and asset position The development of business in the Zumtobel Group follows a seasonal pattern: during the first half of the financial year (1 May to 31 October), the volume of business is normally higher because most construction projects are concluded during the summer and autumn and the installation of the lighting represents one of the last steps prior to completion. During the third quarter (1 November to 31 January), revenues are substantially lower as a result of the Christmas and winter break in the construction industry. In the fourth quarter (1 February to 30 April), the pace of business begins to accelerate again. Earnings (based on adjusted EBIT) reflect the development of rev- enues and are also subject to seasonality, which is illustrated by the significantly lower results in the second half of the

The results of the cost reduction measures are now visible, especially in the Lighting Segment, and earnings improved despite the aggressive price competition.

New Light Forum Höchsterstrasse, Dornbirn, AT

Would you like to find out more?

year. Additionally, earnings for the second half-year are often negatively influenced by expenditures for lighting industry trade fairs. Cash flow from operating results rose from EUR 53.5 million in the previous year to EUR 56.8 million due to the improvement in profitability. Working capital was further optimised during the reporting year due to strict inventory management and an increase in advance payments received. Trade receivables were broadly stable at the prior year level due to consistent receivables management, compared with a reduction in 2017/18 that resulted from the decline in revenues and the expansion of factoring. The receivables sold through factoring agreements totalled EUR 72.9 million as of 30 April 2019 (2017/18: EUR 57.9 million). Working capital amounted to EUR 172.8 million as of 30 April 2019, which repre- sents a reduction of EUR 15.3 million compared with the balance on 30 April 2018. As a per cent of rolling 12-month revenues, working capital fell from 15.7% in the previous year to 14.9%. The change in other operating positions equalled EUR 6.7 million (2017/18: minus EUR 16.8 million). The high cash outflows reported under this position in the previous year resulted, above all, from the use of provisions for restructuring and bonuses. Similarly high payments were not made in 2018/19. Cash flow from operating activities increased from EUR 49.7 million to EUR 72.7 million during the reporting year. Investments in non-current assets were slightly lower year-on-year at EUR 66.2 million in 2018/19 (2017/18: EUR 69.0 million). These expenditures consisted mainly of tools and equip-

ment for new products, expansion and maintenance investments as well as capitalised research and development costs of EUR 18.2 million (2017/18: EUR 11.1 million). The investments in 2018/19 included EUR 21.7 million for the new plant in Serbia and EUR 26.9 million for the facilities in Dornbirn (including capitalised research and development costs). Cash flow effects reported under the “changes in non- current and current financial assets” resulted chiefly from gains and losses realised on interest rate hedges. The increase in cash flow from operating activities and the reduction in investment activity were reflected in an improvement in free cash flow to EUR 3.4 million (2017/18: minus EUR 23.9 million). Cash flow from financing activities consists primarily of the replacement and refinancing of a EUR 40.0 million fixed-interest loan with a term ending in 2024 as well as a reduction in the draw-down from the consortium credit agreement. In view of the net loss recorded in 2017/18, no dividends were distributed to shareholders during the reporting year. In order to protect the ability to meet its payment obligations at any time, the Zumtobel Group maintains liquidity reserves that generally take the form of demand deposits with banks and can be used to service expected operating expenses and financial liabil- ities. The Zumtobel Group can also access extensive working capital credit lines to offset liquidity fluctuations arising from business activities. In add- ition to the consortium credit agreement and three other credit agreements, the Zumtobel Group had short-term,

unsecured credit lines totalling EUR 61.4 million at its disposal as of 30 April 2019 (2017/18: EUR 84.5 million). The consortium credit agreement concluded on 1 December 2015 with seven banks represents a major financing agreement for the Zumtobel Group. It has a term ending in November 2022 and a maximum line which currently equals EUR 200 million. The consortium credit agreement also contains a clause for an increase in the volume by up to EUR 200 million, which can be drawn under certain circumstances. As of the balance sheet date on 30 April 2019, the amount drawn under this credit agreement totalled EUR 25 million (2017/18: EUR 115 million). In addition to the consortium credit agreement, the Zumtobel Group concluded a short- term bilateral credit agreement with a volume of EUR 40 million (bullet repayment in January 2020) as well as two other long-term credit agreements of EUR 40 million each with the European Investment Bank (EIB) (bullet repayment in September 2024, respectively February 2025); all three credits were fully drawn as of 30 April 2019. These major financing agree- ments include change of control clauses that would take effect if there were a change in the absolute majority of voting rights and require compliance with financial covenants (a debt coverage ratio of less than 3.5 and an equity ratio of more than 25%). The financial covenants were met in full as of 30 April 2019 with a debt coverage ratio of 2.66 (2017/18: 2.70) and an equity ratio of 28.5% (2017/18: 27.2%). The balance sheet structure was im- proved by a reduction in the balance sheet total to EUR 920.9 million in 2018/19

46

Light Forum

New Light Forum Höchsterstrasse, Dornbirn, AT

Would you like to find out more?

Patrick Perren 2014

Matthias Winter Nicole Würth 2008

Timothy Allen 2016

Marc Hunziker Katarina Savic 2015

Julian Meier 2016

(2017/18: EUR 986.1 million), which led to an increase in the equity ratio from 27.2% as of 30 April 2018 to 28.5% as of 30 April 2019. Net liabilities totalled EUR 148.7 million at the end of 2018/19 (2017/18: EUR 146.3 million), for an increase of EUR 2.4 million over the previous year. Gearing — the ratio of net debt to equity — rose from 54.5% to 56.6%. Responsible employer The success of the Zumtobel Group is based on qualified, committed and motivated employees. With its wide-ranging product portfolio and open, growth-oriented corporate culture, the Group offers attractive career opportunities for internal development and advancement. Corporate human resources, a headquarters department, defines the strategic focal points for personnel policies based on the corporate strategy and in close cooperation with the Management Board. The most important sustainability issues in the personnel area at the Group level are training and continuing education, the work-life balance, and health protection and occupational safety. The adjustment of personnel cap- acity to reflect the difficult market environment and the related necessary restructuring measures led to a decline in the workforce in earlier years and

again in 2018/19. The Zumtobel Group had 5,878 full-time employees (including contract workers) as of 30 April 2019. In addition to external training opportunities, the Zumtobel Group offers an extensive range of internal training programmes for specialised and personal development in line with the skills, know-how and needs of the respective persons. The range of programmes was further expanded in 2018/19. This was reflected in an increase in the training hours per employee to 13 in the reporting year (2017/18: 12 hours), above all due to the addition of new on- line options. The online offering was expanded through the introduction of a new learning management system (“myCAMPUS”) which focused on training for product know-how, appli- cations and sales skills in 2018/19. The Zumtobel Group has estab- lished a talent programme to focus and support the internal recruitment of men and women for key positions. Special development centres identify the individual potential of these internal talents with regard to future responsi- bilities and prepare personal development plans. This creates the basis for concrete succession and career planning and continuous management development. The Zumtobel Group views training for young people as part of its social responsibility. As of 30 April

2019, 129 (2017/18: 106) young men and women were in apprenticeship programmes with the Zumtobel Group. This company- based professional education is an important instrument to actively deal with the growing shortage of skilled workers that has resulted from demo- graphic shifts. Apprentices are currently training in the following fields: electrical engineering (incl. automation and process control engineering), electronics, plastics engineering, mechatronics (incl. a special robotics module) and IT engineering. Of the apprentices trained in the Zumtobel Group, 77% remain with the corporation after completing their education. An effective work-life balance for employees is an important factor for strengthening the Zumtobel Group’s position as an attractive employer. The key points in this context are the fundamentally changing demands of new generations on the labour market and measures to support the recon- ciliation of career and family life for working parents. The Zumtobel Group helps to improve the work-life balance by continually increasing the offering of flexible working time models. Part- time employment, educational leave, sabbaticals, parental leave for fathers, home office options or other models are arranged where needed and permitted by the respective position. The number of part-time employees rose from 6.9% of the total full-time equivalent

54

The Zumtobel Group has established a talent programme to focus and support the internal recruitment of men and women for key positions.

workforce in the previous year to 8.5% in 2018/19. A works agreement also provides for a free-time option under which employees can reduce their working hours — for personal reasons and without changing to part-time status — in exchange for waiving part or the entire amount of their salary or wage increase and arrange for paid time-off (for example, for age-based work, educa- tional programmes or to accumulate longer free-time periods over several years). This free-time option has since been elected by more than 430 em- ployees. At the end of 2018/19, 80 em- ployees in Austria were on parental leave (2017/18: 89). Mothers and fathers who return to work after maternity and parental leave are actively supported in their reintegration. As an employer with a strong cor- porate culture that has grown over many decades, the Zumtobel Group is well aware of its social responsibility for the employees in its many companies throughout the world and remains focused on the further development of responsible working conditions. The Zumtobel Group believes in and pro- motes the open and regular exchange of information between the Management

Board, employees and their represen- tatives. Compliance with the legal partici- pation rights of employees and the principles and standards defined by the International Labour Organization (ILO) represent an integral part of the code of conduct, which is mandatory for all companies in the Zumtobel Group. Collective agreements cover 54% of the worldwide workforce. Diversity among the workforce is an important factor for protecting the Group’s competitive ability and creating an innovative working climate. The men and women employed by the Zumtobel Group come from nearly 80 different nations, whereby the staff at the corporate headquarters in Dornbirn, Austria, represent roughly 50 nations. The Zumtobel Group believes in equal opportunity regardless of gender and ethnic origin. This policy is also part of the Group’s code of conduct, which prohibits all forms of discrimination. Accordingly, the personnel decisions in all corporate areas and at all management levels are based on experience, quali- fications and performance. The share of women in the Zumtobel Group’s work- force currently equals 35.7% (2017/18: 35.8%). There is no specific target for the

55

Breakdown by activity in % 1 Europe 82.5 2 Asia 13.4 3 Australia & New Zealand 2.3 4 Americas 1.8

1

23 4

Breakdown by region 2 0 1 8 / 1 9 2 0 1 7 / 1 8 Change in % Production 2,779 2,879 (3.5) R&D 515 542 (5 ) Sales 1,837 1,934 (5 ) Administration 471 540 (12.9) Contract workers 277 329 (15.9) Total 5,878 6,224 (5.6) 2018/19

2017/18

EUR 66.2 mill.R&D investment

Would you lik

e to know

what lie

s beh

ind our innovati

ve stre

ngth?

appointment of women to management positions, but internal and external recruiting and personnel development measures are increasingly aimed in this direction. The Dr Walter Zumtobel Value Award, which carries the name of the Group’s founder, was also presented in 2018/19. It is given to persons who demonstrate the corporate values in their everyday actions and, in this way, keep the founder’s values alive. The Zumtobel Group values personal initiative, commit- ment, entrepreneurship and an interest in making new discoveries. Reliability, team spirit, solidarity and honesty, as well as a positive approach to change, are also key elements of the corporate culture.

Research and development Research and development (R&D) remains a decisive factor for the success and economic sustainability of the Zumtobel Group through its role in the development of new products and systems and the application of new tech- nologies. The goal of R&D is to protect and expand the competitive product portfolio by further strengthening the Zumtobel Group’s outstanding tech- nology position and innovative power with research and development investments that reflect industry levels as well as an extensive portfolio of patents, consistent product and system development and extensive cooperation with external research partners. The increased use of product configuration and variant management, efficiency improvements in the product develop- ment process, the reduction of R&D locations and the increased capitalisation of development expenses led to the

realisation of additional synergy effects in 2018/19 as well as a reduction of 9.8% in R&D costs to EUR 66.2 million. The Zumtobel Group’s innovative strength is closely linked to research and development. An extensive patent portfolio, also in the area of new tech- nologies, gives the Zumtobel Group a competitive advantage as well as access to strategic cooperation with other com- panies and the opportunity to conclude cross-licensing agreements with key mar- ket players. In 2018/19 the Lighting Seg- ment registered 40 patents (2017/18: 33) and the Components Segment 59 patents (2017/18: 95), which underscore the growing importance of intelligent com- ponents. The number of active com-mercial property rights — currently 8,430, including 5,001 patents — speak for the company’s innovative strength. Statistics on the share of revenues generated with new products (products not older than three years) are compiled each year: in 2018/19 the Lighting Segment recorded 45.2% (2017/18: 40.4%) and the Components Segment 57.1% (2017/18: 69.5%) of their revenues with new products. The Zumtobel Group is also placing a greater focus on the expansion of technology partnerships as a means of protecting its competitive product portfolio. Participation in national and international research pro- jects allows the Zumtobel Group to

continuously demonstrate its innovative strength and increase its brand repu- tation. The focal points for R&D activities are derived from the “functional chain” of lighting: light sources, optics, control gears, interfaces, sensor technology and connectivity, luminaires, light management and comprehensive lighting solutions. Accordingly, the most important issues include new optical concepts for the direction of light, new control gears and concepts for the operation of LEDs, new wire-guided and wireless information transfer with new data formats, sensors to compile relevant data and new approaches for the management of lighting systems. The levelling-out of the efficiency increase in LEDs and the increased processor and storage performance of control gears is shifting the focus of development from the lighting function and the luminaire to intelligent com- ponents, communication and services. R&D is still significantly influenced by the further development of LED technology. The Zumtobel Group plays an active role in these changes and the development of standards through its participation in numerous established national and international committees (International Electrotechnical Commis- sion, Commission internationale de l’éclairage). However, R&D is also

57

Would you lik

e to know

what lie

s beh

ind our innovati

ve stre

ngth?

Research and development in EUR million 2 0 1 8 / 1 9 2 0 1 7 / 1 8 Change in % Development costs 61.6 69.5 (11.4) Research costs 4.7 3.9 18.7 R&D total 66.2 73.4 (9.8) as a % of revenues 5.7 6.1 Headcount R&D * 515 542 (5.0) * * full-time equivalent

universities in hardware and software development and communication technology. Examples, among others, are the Technical University in Eindhoven (Netherlands), NTB Interstate University of Applied Sciences of Technology Buchs (Switzerland), the Materials Center Leoben (Austria), FH JOANNEUM Research (Austria), Graz University of Technology (Austria), Cambridge Uni- versity (United Kingdom) and the Instituto de Telecomunicações Aveiro (Portugal). The Group also maintains development partnerships with industrial firms like ARM, Bosch, Cisco, Dialog, IBM, Johnson Controls, NXP, NO-ESI, Fraunhofer, VTT and others.

Dividend policy Zumtobel Group AG follows a con- tinuous dividend policy, which calls for a distribution of approximately 30% to 50% of consolidated net profit after the deduction of possible special effects. In view of the weak earnings develop-ment, a distribution of dividends is not planned for the 2018/19 financial year.

Outlook and goals The new Management Board which was installed in spring 2018 implemented a number of urgently required operat- ing measures during the past financial year to stabilise the business and — with a significantly streamlined management team — developed and approved the Zumtobel Group’s new FOCUS strategy.

The key elements of this strategy include an even stronger customer orientation, combined with a reduction in complexity and lower costs. The new strategy was rolled out and implemented in 2018/19. The market- based segments were upgraded, the three core brands were strengthened, and the sales function was reoriented and positioned even closer to customers. At the same time, corporate functions were cut back and administrative costs were substantially reduced. The product portfolio was also streamlined, and operating processes were adjusted to lower production costs. All these steps combined to improve the Zumtobel Group’s competitive position and create the basis for additional market and cost savings opportunities. This new strategy reflects the Zumtobel Group’s clear goal to generate added value for all stakeholders (shareholders, customers and employees). In order to drive revenue growth, the Zumtobel Group intends to strengthen its positioning in the global lighting industry as part of its current reorientation. The goal for the Lighting Segment — with the core Zumtobel and Thorn brands — is to become the market leader in Europe with a focus on applications in industry, office & edu- cation, shop & retail and art & culture. Outdoor applications will concentrate on lighting for urban areas and roads. The Components Segment with its tech-

influenced by the increasing intel- ligence of systems and the need for higher- performance inter- faces. In addition, the importance of software as a differentiation element is growing. Luminaires and, consequently, their components are becoming part of the Internet of Things (IoT). However, the required interfaces have not yet been defined or are still incomplete, and competing interfaces have already entered the market. Through its partici- pation in numerous committees, the Zumtobel Group is contributing to the development of industry standards for these interfaces. OpenAIS (Open Architectures for Intelligent Solid State Lighting Systems), an EU research project, was successfully completed in mid-2018. The Group is also a member of the Zhaga Alliance and the DiiA (Digital Illumination Interface Alliance), which are addressing the standardisation of lighting components and digital interfaces for lighting equipment. Active participation in the design of standards for Internet-ready lighting solutions based on IP is another focus of activities, whereby the Thread, Fairhair and Bluetooth alliances are important players in this area with their work on IoT solutions. In addition to established cooper- ation with universities such as Ilmenau, Berlin, Hamburg and Darmstadt (all in Germany), Graz (Austria) and Zurich (Switzerland) in the areas of lighting and lighting technology as well as architecture, the Zumtobel Group is also increasing its interaction with

The market-based segments were upgraded, the three core brands were strengthened, and the sales function was reoriented and positioned closer to customers.

58

nology brand Tridonic will expand globally based on innovative hardware (drivers, LED modules) and software solutions for smart and integrated light- ing and lighting systems. The Zumtobel Group will also increase its focus on the future field of digital lighting as well as services and turnkey solutions. The Management Board of the Zumtobel Group sees the 2019/20 financial year as a year of transformation, in which the focus of activities will return to the continuous improvement of the operating business and growth — in spite of the weakening market environ- ment. For the 2019/20 financial year, the Management Board expects a slight increase in revenues as well as an improvement in the adjusted EBIT margin to 3 – 5% (FY 2018/19: 2.4%). The medium-term goal of generating an EBIT margin of roughly 6% by the 2020/21 financial year remains intact.

Dornbirn, 14 June 2019 The Management Board

Alfred Felder Chief Executive Officer (CEO)

Thomas Tschol Chief Financial Officer (CFO)

Bernard Motzko Chief Operating Officer (COO)

59

ConsolidatedFinancial Statements

60 facts and figures

Consolidated income statement in TEUR 2 0 1 8 / 1 9 2 0 1 7 / 1 8 Change in % Revenues 1,162,017 1,196,516 (2.9) Cost of goods sold ( 810,196 ) ( 822,673 ) (1.5)

Gross profit 351,821 373,843 (5.9) as a % of revenues 30.3 31.2 Selling expenses ( 296,989 ) ( 313,852 ) (5.4) Administrative expenses ( 36,217 ) ( 49,432 ) (26.7) Other operating income 9,217 9,914 (7.0) thereof special effects 175 284 (38.3) Other operating expenses ( 25,162 ) (27,769 ) (9.4) thereof special effects ( 25,144 ) ( 27,235 ) (7.7)

Operating profit / loss 2,670 ( 7,296 ) >100 as a % of revenues 0.2 (0.6) Interest expense ( 6,879 ) ( 6,855 ) 0.4 Interest income 396 420 (5.7) Other financial income and expenses ( 6,331 ) ( 9,666 ) (34.5) Result from companies accounted for at equity 56 ( 273 ) >100

Financial results ( 12,758 ) ( 16,374 ) 22.1 as a % of revenues (1.1) (1.4) Profit / loss before tax (10,088 ) ( 23,670 ) 57.4 Income taxes ( 5,157 ) ( 23,038 ) (77.6)

Net profit / loss for the year (15,245 ) ( 46,708 ) 67.4 as a % of revenues (1.3) (3.9)

61

Maximilien Durel 2015

Elena Pilotto Lindo Saam 2012

Joos Kündig Iso Tambornino 2015

Consolidated balance sheet in TEUR 3 0 / 4 / 1 9 in % 3 0 / 4 / 1 8 in % Goodwill 190,299 20.7 187,895 19.1 Other intangible assets 50,179 5.4 47,824 4.8 Property, plant and equipment 232,690 25.3 222,159 22.4 Financial assets accounted for at equity 3,863 0.4 3,807 0.4 Financial assets 993 0.1 1,012 0.1 Other assets 4,145 0.5 4,468 0.5 Deferred taxes 25,487 2.8 25,597 2.6 Non-current assets 507,656 55.2 492,762 49.9

Inventories 174,827 19.0 198,735 20.2 Trade receivables 162,829 17.7 157,694 16.0 Financial assets 700 0.1 1,664 0.2 Other assets 37,566 3.9 50,161 5.1 Liquid funds 37,332 4.1 85,090 8.6 Current assets 413,254 44.8 493,344 50.1

Assets 920,910 100.0 986,106 100.0

Share capital 108,750 11.8 108,750 11.0 Additional paid-in capital 335,316 36.4 335,316 34.0 Reserves (167,687 ) (18.2) (132,835 ) (13.5)

Net profit / loss for the year (15,267 ) (1.7) (46,690 ) (4.7)

Capital attributed to shareholders of the parent company 261,112 28.3 264,541 26.8 Capital attributed to non-controlling interests 1,666 0.2 3,802 0.4 Equity 262,778 28.5 268,343 27.2

Provisions for pensions 81,752 8.9 83,313 8.4 Provisions for severance compensation 47,479 5.2 49,330 5.0 Provisions for other employee benefits 9,671 1.1 9,534 1.0 Other provisions 10,580 1.1 8,717 0.9 Borrowings 126,167 13.7 175,656 17.8 Other liabilities 634 0.1 2,544 0.3 Deferred taxes 2,583 0.3 3,087 0.3 Non-current liabilities 278,866 30.4 332,181 33.7

Provisions for taxes 23,421 2.5 22,096 2.2 Other provisions 41,839 4.5 39,996 4.1 Borrowings 59,877 6.5 55,763 5.7 Trade payables 137,397 14.9 153,758 15.6 Other liabilities 116,732 12.7 113,969 11.5 Current liabilities 379,266 41.1 385,582 39.1

Equity and liabilities 920,910 100.0 986,106 100.0

66

Consolidated cash flow in TEUR 2 0 1 8 / 1 9 2 0 1 7 / 1 8 Profit / loss before tax (10,088 ) (23,670 ) Depreciation and amortisation 49,744 49,754 Impairment of property, plant and equipment and intangible assets 3,417 11,702 Gain / loss on the disposal of property, plant and equipment 810 ( 625 ) and intangible assets Other non-cash financial results 6,331 9,666 Interest income / Interest expense 6,483 6,435 Share of profit or loss in companies accounted for at equity 56 273

Cash flow from operating results 56,753 53,535

Inventories 24,744 1,998 Trade receivables (5,277 ) 34,280 Trade payables (18,167 ) (15,727 ) Prepayments received 12,192 (1,735 ) Change in working capital 13,492 18,816

Non-current provisions 86 (2,257 ) Current provisions 1,688 ( 587 ) Other assets 13,690 (24,221 ) Other liabilities (8,794 ) 10,218 Change in other operating items 6,670 ( 16,848 ) Income taxes paid ( 4,211 ) ( 5,797 )

Cash flow from operating activities 72,704 49,706

Cash inflows from the disposal of property, plant and equipment 1,558 4,164 and other intangible assets Cash inflows from the sale of associates 0 500 Cash outflows for the purchase of property, plant and equipment (66,240 ) ( 68,975 ) and other intangible assets Cash outflows for the acquisition of associates 0 (3,462 ) Change in non-current and current financial assets (4,608 ) ( 2,651 ) Change in liquid funds from changes in the consolidation range 0 ( 3,179 )

Cash flow from investing activities (69,290 ) ( 73,603 )

Free cash flow 3,414 ( 23,897 )

Cash proceeds from non-current and current borrowings 81,525 56,262 Cash repayments of non-current and current borrowings (132,147 ) (16,002 ) Dividend paid to shareholders of the parent 0 (9,924 ) Dividend paid to non-controlling interests (670 ) (557 ) Interest paid (6,742 ) (6,727 ) Interest received 392 420

Cash flow from financing activities (57,642 ) 23,472

Change in cash and cash equivalents (54,228 ) (425 ) Cash and cash equivalents at the beginning of the year 72,446 77,205 Cash and cash equivalents at the end of the year 19,605 72,446 Effects of exchange rate changes on cash and cash equivalents 1,387 (4,334 ) Change absolute (54,228 ) (425 )

67

Consolidated balance sheet in TEUR 3 0 / 4 / 1 9 in % 3 0 / 4 / 1 8 in % Goodwill 190,299 20.7 187,895 19.1 Other intangible assets 50,179 5.4 47,824 4.8 Property, plant and equipment 232,690 25.3 222,159 22.4 Financial assets accounted for at equity 3,863 0.4 3,807 0.4 Financial assets 993 0.1 1,012 0.1 Other assets 4,145 0.5 4,468 0.5 Deferred taxes 25,487 2.8 25,597 2.6 Non-current assets 507,656 55.2 492,762 49.9

Inventories 174,827 19.0 198,735 20.2 Trade receivables 162,829 17.7 157,694 16.0 Financial assets 700 0.1 1,664 0.2 Other assets 37,566 3.9 50,161 5.1 Liquid funds 37,332 4.1 85,090 8.6 Current assets 413,254 44.8 493,344 50.1

Assets 920,910 100.0 986,106 100.0

Share capital 108,750 11.8 108,750 11.0 Additional paid-in capital 335,316 36.4 335,316 34.0 Reserves (167,687 ) (18.2) (132,835 ) (13.5)

Net profit / loss for the year (15,267 ) (1.7) (46,690 ) (4.7)

Capital attributed to shareholders of the parent company 261,112 28.3 264,541 26.8 Capital attributed to non-controlling interests 1,666 0.2 3,802 0.4 Equity 262,778 28.5 268,343 27.2

Provisions for pensions 81,752 8.9 83,313 8.4 Provisions for severance compensation 47,479 5.2 49,330 5.0 Provisions for other employee benefits 9,671 1.1 9,534 1.0 Other provisions 10,580 1.1 8,717 0.9 Borrowings 126,167 13.7 175,656 17.8 Other liabilities 634 0.1 2,544 0.3 Deferred taxes 2,583 0.3 3,087 0.3 Non-current liabilities 278,866 30.4 332,181 33.7

Provisions for taxes 23,421 2.5 22,096 2.2 Other provisions 41,839 4.5 39,996 4.1 Borrowings 59,877 6.5 55,763 5.7 Trade payables 137,397 14.9 153,758 15.6 Other liabilities 116,732 12.7 113,969 11.5 Current liabilities 379,266 41.1 385,582 39.1

Equity and liabilities 920,910 100.0 986,106 100.0

Headquarters Zumtobel Group AG Höchsterstrasse 8 6850 Dornbirn Austria T +43 5572 509-0 info@zumtobelgroup.com www.zumtobelgroup.com

Lighting Segment acdc Wordsworth House Vantage Court, Riverside Way Barrowford BB9 6BP United Kingdom T +44 845 862 6400 sales@acdclighting.co.uk www.acdclighting.co.uk

Thorn Thorn Lighting Ltd. Green Lane Industrial Estate Spennymoor Co. Durham DL16 6HL United Kingdom T +44 844 855 4810 info@thornlighting.com www.thornlighting.com

Zumtobel Zumtobel Lighting GmbH Schweizer Strasse 30 6850 Dornbirn Austria T +43 5572 390-0 info@zumtobel.com www.zumtobel.com

Components Segment Tridonic Tridonic GmbH & Co KG Färbergasse 15 6850 Dornbirn Austria T +43 5572 395-0 sales@tridonic.com www.tridonic.com

68

Preview of the 2019/20 financial year Report on the First Quarter 2019/20 (1 May 2019 – 31 July 2019) 3 September 2019 Report on the First Half-year 2019/20 (1 May 2019 – 31 October 2019) 3 December 2019 Report on the First Three Quarters 2019/20 (1 May 2019 – 31 January 2020) 3 March 2020

Contacts Press Marina Konrad-Märk Head of Corporate Communications T +43 5572 509 575 marina.konrad-maerk@ zumtobelgroup.com

Investor Relations Emanuel Hagspiel Head of Investor Relations T +43 5572 509 1125 emanuel.hagspiel@ zumtobelgroup.com

Zumtobel Group AG Höchsterstrasse 8 6850 Dornbirn Austria

69

Further reports of the Zumtobel Group

Annual Financial Report 2018/19 In addition to the present Annual Report, the Zumtobel Group has published an Annual Financial Report with the complete consolidated financial statements for 2018/19. The Annual Financial Report is available for download via the following link:zumtobelgroup.com/en/ financial_information.htm

Corporate Governance Report 2018/19 The current Zumtobel Group Corporate Governance Report was pub- lished in the context of the Annual Financial Report 2018/19 and can be downloaded from our website:zumtobelgroup.com/en/ corporate_governance.htm You can order a print copy of the above reports on our website via:zumtobelgroup.com/en/ordering.htmor via the following e-mail address:presse@zumtobelgroup.com

Publisher Zumtobel Group AG, Austria

Artwork A collaboration of Baumschlager Eberle Architects, Prof. Dietmar Eberle with Sascha Lötscher from Gottschalk+Ash Int’l

Editors Zumtobel Group Natalie Kreutzer and Emanuel Hagspiel acdc Tara-Jane Cross Thorn Lighting Michelle Reple Thorn Eco Sarah Fuchs Tridonic Markus Rademacher Zumtobel Lighting Andreas Reimann

Translation Bauer-Boothroyd Übersetzungen GbR, Germany

Proofreading Christine Fitz, Austria Andrew Leslie, Germany

Lithography Fitz Feingrafik, Austria

Printing Druckhaus Gössler GmbH, Austria

Project Management Sebastian Gratzer, Zumtobel Lighting GmbH

Thanks to Karin Zumtobel, Zumtobel Lighting GmbH Herbert Resch, Zumtobel Lighting GmbH

Circulation 5,000

© 2019 Zumtobel Group AG Höchsterstrasse 8 6850 Dornbirn Austria T +43 5572 509-0 info@zumtobelgroup.com www.zumtobelgroup.com

Reproduction and reprint only with express written approval of Zumtobel Group AG You can find the addresses of our sales offices and production sites on the websites of the respective brands.

70

Hao ZuoNicholas Zumtobel

Karin ZumtobelIsabel Zumtobel

Andreas ZumbachMarko ZuljYujun ZouLicong Zou

Daniel ZollerHerbert Zizelsberger

Marija ZivkovicGuntram Zirovnik

Rene ZipperMichael Zimmermann

Christoph ZimmermannNiccolo Zilioli

Aleksandra ZikicYanlan Zhu

Xiaoyun ZhuShasha ZhuLijuan ZhuJunjie ZhuHeiliu ZhuGuixi Zhu

Fangchun ZhuWenneng ZhouJianlong ZhouBinhao Zhou

Yunling ZhongYuanjing Zhong

Lina ZhongJinling Zhong

Guomei ZhongZaohua Zheng

Sally ZhengYulan Zhao

Yuemei ZhaoWenming Zhao

Reekey ZhaoMeilian Zhao

Ling ZhaoZongte ZhangYunyun ZhangXiuzhen ZhangXincai Zhang

Wenzhi ZhangShuisong Zhang

Shimei ZhangPingsheng Zhang

2,489 of 5,878 Employees

from Z to A

Mengxue ZhangMengen ZhangLynda ZhangLiang Zhang

Jun ZhangHua Zhang

Hongmei ZhangDeliang Zhang

Thomas ZengerleHubert Zengerer

Lifen ZengMarina Zeibig

Vittorio ZecchinatoMilos Zdravkovic

Aleksandra ZdravkovicPetar Zavisa

Andreas ZaunerTomasz Zareba

Filippo ZalambaniDaniele Zaccaria

Haijun YuanDaiping Yuan

Yanyi YuYankang YuYanhui Yu

Xiaochun YuXianghua Yu

Shucai YuMingdong YuJingxiang Yu

Chao YuBo Yu

Xingxiu YouGuoshen You

Muradiye YönetMeiyuan Ying

Zekiye YildirimHursit Yildirim

Sanmei YiLiping Yi

Jin YiGüler Yeter

Burhan YaziciTheresa YardMichelle YardJianqiong YaoBaohong YaoYunhui YangYilan Yang

Yanqing YangYangyang YangTongrong YangTongqiang YangShenglan YangShaocong Yang

Na YangJinwu Yang

Dezhong YangChunmei YangIrena Yagkan

Qian XuLianhua Xu

Jijing XuHoubing XuGuobang XuChunlan Xu

Yaohui XiongCaitao XiongXiaoqin XinYunbo XieJuan Xie

Changrong XieYuping XiaoYunxiu Xiao

Yi XiaoGuochun Xiao

Yuejun XiaLongjian XiaDongjun Xia

Wesley WuytackReinhardt Wurzer

Corinna WurthKarsten Wünsch

Thomas WunderlichMartin Wuerzl

Christiane WuenschEva-Maria Wucher

Yonggui WuXiaoxia WuTingxin Wu

Qingqing WuMinxia WuKeliang WuHouyu Wu

Houyan WuFang Wu

Baosan WuHarriett Wrest

Sebastian WranaStephen Woolsey

Derek WoodDean Wood

Dagmar WoodAlex Wong

Thomas WolfAndrea Wolf

Barbara WoiteRochus Wohlgenannt

Elke WoertzPhilipp Woerner

Tracey WiseKelsey Wise

Klaus WirthensohnJulia Wirrer

Mario WintschnigThomas WinterhalterMichael Winterhager

Norbert WinterMatthias WinterJasmin Winter

Andreas WinterManfred Winsauer

Andreas WinkelheideJonathan Winkel

Stefanie WingefeldJoerg WindmeierMichael Winder

Josef WinderHendrik Winckelmans

Rebecca WimmerPhilippa Wilson

Joan WilsonStephen Wilmot

Christine WilliamsonPeter WilkinsonKaren Wilkinson

Christopher WilkinsonEd Wilkes

Thomas WilhelmPeter Wildner

Sabine Wiesner-ZimmerPeter WiesnerEwald Wieser

Patrick WieczorekStephen Whyman

Wendy WhyattBrian Whitworth

Alison WhittlePaul Whittaker

Graham WhittakerNatalie WhitfieldChris Whitehead

Noel WhiffinKlaus Westen

Herbert WessinMichael WernerThomas WenzelKerstin Wenzel

Dieter WenzelGerhard WeissZhenping Wei

Yanfen WeiShiyan WeiLidan Wei

Guangfang WeiGuangdi Wei

Christian WehrstedtSebastian Wegscheider

Manuela WeglerWolfgang Weber

Bruno WeberAnna Weber

Andreas WeberAldona Weber

Christopher WattsEmily Waterhouse

Deborah WardBrandon WardXiaxia WangXianbo Wang

Tao WangRongwei WangRongfei Wang

Rongdan WangRongbing WangQiuhong WangQinqin WangLifen Wang

Lanlan WangJiudong Wang

Jingliang WangJianlong WangHuimin Wang

Gongxun WangGaowei Wang

Dongyou WangDongya WangCuiying Wang

Bing WangSandra WaltonEmma WaltonRichard Walsh

Bernd Juergen WalserStefan WallnerFreya Wallenta

Ray WallMichal WalentekSimon Waldner

Berno WalchVal Waites

David WainowskiGuenter WaibelJochen WagnerHerbert Wagner

Markus WagenseilDaniel WaespiJulia Waeger

Tanja WackerzappAnn Therese Wacker

Jovanka VuksicIvan Vukajlovic

Pierre VuillermetLidija Vuckovic

Simon VovkArrigo Vos

Claudia VonbankElke Vonach

Stefan von WartburgBurkhard von Kloeden

Anja VolderauerMartin Vogel

Knut VoelsSandra Voegeli

Fabio VittoBarbara VitaliCesare VincoRene Vinak

Milena VidojkovicMilos Vidic

Andrew VickersMurielle Viala

Dominique VettierBert VerschurenSeverine Verriez

Tomas VernerPieter Verhoeven

Peter VercicKim Verboven

Evelyne VellemanSrecko Velanac

Christophe VedelRaphael VecchioLidija Vasjuckova

Vladimir VasicYann Varvatsoulis

Andrew VarleyNediljko Varkas

Katia VandersnicktBernard Van ZylStefan Van Thillo

Willem Van LandeghemLiam Van LaerEline Van Hoof

Brenda Van HoeckErwin Van der Elst

Romanito Van BrabantBarbara ValorosiKathryn Valenti

Jan VacekEmine Uzun

Markus UrbonsPetri Uotinen

Franz UnterthurnerArmin Unternaehrer

Stefan Unterberger-HierzerSemra UlusHatice Ulu

Werner UlrichPatrick Uitz

Jasna UdovickiÜmmühan Ucar

Eirys TurukuDebbie TurnerSeymen TurkDilek TuerkEvgeny Tsys

Francis TschumiThomas Tschol

Yung TsaiBev Truswll

Anja TrommerAlfred Troestl

Christian TrieblMilos Trickovic

Kevin TrenchardOliver Trager

Stefan TrachslerMarkus Trabesinger

Viktoria TothOezcan Tosun

Abdulkadir ToramanÖmür ToprakLeslie ToppingMedet TopalHakan Topal

Roberto ToniuttiQinggang TongQingfeng TongQingfei TongJoanna Tome

Michal TomczakSusana TolobaFelix Toledo

Mustafa ToktasMilos Todorovic

Gabriela Todorovic

Dragica TodicGillian ToaseJohnny Toas

Joerg TittelbachWu TianHe Tian

Michael ThurnherMartin Thurnher

Franziska ThurnherNathan Thorpe

Christopher ThorntonPeter Thorns

Claire ThomsonPauline Thompson

Neil ThompsonMartin Thompson

Kathleen ThompsonDesmond Thompson

Nicholas ThomasStefan Thiel

Dominique TheologienDaniela Thanner

Zehra TezcanShuzhen TengLaurin TempelAndre Teixeira

Tina TaylorPamela TaylorMichael Taylor

Merrilynn TaylorJoanne TaylorJason TaylorJason TaylorDiane Taylor

Anthony TaylorAdam Taylor

Franz TautschnigOliver Taubmann

Heimo TastelZoltan Tasnadi

Muzaffer TaskinHasan Tas

Thomas TappenbeckZhangqing Tang

Yangxin TangXiaoqing TangMengliu Tang

Emilija TanasijevicYuemin TanTi Yao Tan

Mikler TamasVictor Kinshing Tam

Zolt TakacAssunta Tagliabue

Charlie TaboneMatthew SyerWalter SyczekAdam Sweger

Caroline SvenssonAshley SuttonVahap Suna

Xianfeng SunSamuel Sun

Mingyan SunHayriye Sümer

Lennart SulzbachYadigar Sulu

Joanne SuggettElvira Suess

Chris-Marian SuemnichSimona SuciuSefika Subasic

Heidi StuerFlorian Stuemmler

Daniela Struth-GrienwaldWolfgang Stroj

Corinna StröhleManuel Strobl

Birgit Strele

Christina StraussSusanne StraubMartin Straub

Sebastian StrassbauerTracey Stothard

Lazar StosicJohn Storey

Bogdan StojkovicAleksandar Stojkovic

Nikola StojilkovicMiodrag Stojiljkovic

Jelena StojiljkovicSrdjan StojanovicSanja StojanovicMilos StojanovicMila Stojanovic

Marija StojanovicJelena StojanovicMonika Stoelting

Paul StockleyAnka StockElisa Stigler

Alexander StiegerTris Stiadi

Lukas SteyerFrederick Stevens

Sarah StevenZorana StevanovicMina Stevanovic

Aleksandra StevanovicCarmen Steurer

Kevan StephensonChristian Stengg

Lothar StemerVivien SteinhartSascha SteinerPetra Steiner

Manfred SteinerJohann Steiner

Nina SteinbrennerIlse Steinbauer

Bernd SteidlThomas SteffensIvana Stefanovic

Dietmar StefanonFelix Stecher

Manuel StaudingerBrigide Stasch

Rudolf StarickyChristopher Stapleton

Maja StanojicJelena Stanojevic

Bob StannardTamara StankovicStevan StankovicMilica StankovicDarko Stankovic

Aleksandra StankovicStefan Stanisavljevic

Ana StanimirovicStefan StamenkovicNadine Stahlhofer

Patrick StaedlerChristoph Stadler

Martin SpurginBrenda Spratt

Joachim SpratlerPia Spitz

Markus SpiegelKarl Spiegel

David SpenceRebecca SpeckAgata Spatzek

Stefan SpasojevicMilena SpasicMiriam Sparr

Lorraine SowerbyMathieu Souhaite

Stephane Sorre

Jinzhou SongGernot Sonderegger

Milan SolevicGabriele Solea

Krzysztof SokolowskiStefan Sohm

Nina SoederstroemScott SobetzEdmund So

Gillian SnowballFranz Smodis

Tony SmithJackie SmithGlen Smith

Andree Leonel Smillie VelazquezMandy Smailes-Woods

Stuart SloaneChristopher Slattery

Jennifer SlaterJeff Slaets

Sascha SkergethSenad SistekNick Sinclair

Michael SimpsonWilliam Simoni

Carlos SilvaVolker SiggelkowJuergen SiepertMarcel SiebertClaudia Siebert

Marc SickerDavide SicilianoNursen Sicakbay

Gary ShuttYongqin ShiJunhui ShiHualin Shi

Niall SheridanPaula SheldonGraeme ShawClaire Shaw

Linda SeymourSarah Sewell

Mehmet SevincliKari Severinkangas

Micael SevemarPhilippe Seutin

Marijan-Emanuel SesarPeter Serto

Agnes SergentAli Sener

Anna SellersMonica Sella

Mehmet SelcikLisa-Maria Seirer

Mario SeinerMichele Seidel

Eduardo Segura-GonzalezAlan ScurfieldBiljana Scojic

Florian SchweikertHarald Schwarzer

Christoph SchwaigerElmar Schwaerzler

Peter SchusterStefan Schuppisser

Jonathan SchumacherFrank Schulz

Marion SchultzAnja Schuetz

Sebastian SchubnellGisbert Schubert

Franziska SchubertRalf SchroederKarin Schreiber

Thomas SchreckerJacob Schreck

Claudia SchrammFranz Schoepfer

David SchoefmannMarkus Schobel

Patricia SchneiderLilli Schneider

Jessica Stefanie SchneiderAndreas Schneider

Andreas SchmoelzerThomas Schmoelz

Tina SchmidtMaurice Schmidt

Ira SchmidtCarsten SchmidtHannes SchmidBernd Schmid

Andreas SchmidHans SchlumpfSabine Schlue

Markus SchlingmannRalf SchladoerBernd SchiffrerStefan Schiffner

Waldemar SchewaljePeter Scheiwiller

Josef ScheiblhoferGerhard Schedler

Rebecca SchatzSven ScharfeRegina Schall

Georg SchaffgotschMatthias SchaererAnnelie Schaefler

Olga SchaeferJustus SchaeferGudrun Schach

Gianantonio ScarpiElizabeth Scaife

Shoeb Hasan SayyedAnita Savic

Miriam SaundersDejana Sarkov

Damla SarikamisStefan SaricLuka Saric

Rodlouie SantosGiovani Herom Santos

Carla SantosAlekssander SantiagoRadomir Sandulovic

Pius SandriRoland-Dan Sandor

Gareth SandersAndree SanderNerea Sanchez

Lenard SamlenskiKado Samardzic

Babar SajjadSafak Sahbaz

Andreas SagmeisterDieter SafarikBetim SadikuElias Sadaka

Radovan SadaicLuis Sa

Diane RutterMark Russell

Sanja RusimovicKlaus RupprechtFriedher Rumpel

Rafael RuelasHans-Juergen Ruehl

Christoph RueggebergMartin Ruef

Karl-Heinz RuefHarald Ruedisser

Dominik RuedisserBernhard Ruecker

Kim RoweLaura RovattiDavid Round

James RouellAdriana RotarKathryn Ross

Erika RosenbergerJohanna Sophia Rose

Jan RoscamRoselis Rosales

Frederic Daniel RopertzFabio Romano

Antonio Andrea RomanoKris Roelands

Madlen RoederLaura Rodriguez

Janis RoddamSteven Robson

Corinne RobsonStuart Robinson

Stephen RobinsonNeal Robinson

Kelvin RobinsonDeborah Robinson

Kathleen RiveroWerner RitterStefan Ritter

Gabriele RitterGabriele RitterAndreas Ritter

Mario RissTony Riseley

Laurence RileyMartien Rijlaarsdam

Juergen RiglingRoman Ried

Simon RiechsteinerKnut Riechmann

Holger RichterNicola Richmond

Val RichardsonStephane Richard

Marina RicchiJulian Ribul

Ivan ReynaudThomas Reuther

Christine ReumillerHumberto Osvaldo Retamales

Violetta ResetarWaldemar ReppAurelie Renaud

Liquan RenSteven Remer

Caroline RelphThilo Reiter

Frank ReissigClaus Reiner

Brigitte ReinerWalter ReinbergerWerner Reinalter

Thomas ReinDavid Reimondez

Nadine RehmeChristoph Reger

Helmut RebhandlJayne ReayJackie Reay

Sophie ReadshawRyan Readman

Madhav RavindranathMark Rauer

Claudia RathRafael RastbichlerNivethan Rasiah

Marija RandjelovicKristina RancicDerick Ramsay

Graeme RamageMarija RajkovicNeil Raithatha

Eileen RaisbeckChloe Rainey

Philip RaineDavid Rainbird

Vivek RaghuAndreas RaedlerRichard Raeburn

Novica RadovanovicReinhard RadoszticzIvanka Radosavljevic

Gerhard RadlGorica Radivojevic

Jadranka RadicRajeev Radhakrishnan

Kenneth RaceDamir RabicNelli Quiring

Michael QuinnKayleigh Quinn

Guenole QuideauZhihua QiuJieshen Qiu

Jiandong QiuGuojing QiuYunyun QingLiqiong Qing

Feng QingLibo Qin

Heidrun PurtscherStephen Pulman

Lucio PulieriManuel PrinzJoanne PriceGary Preston

Francesco PresepiWolfgang Preisenhammer

Damian PraxmarerRamdas Prabhu

Mark PoulinChristina Potzmann

Kenneth PotterKrister Poole

Rico PookRussell PollardÖszcan PolatAytac Polat

Robert PohnerMario Poehs

Martin PodmoreRoman PlonerMichael PlonerMarkus Plessl

Markus PlatzerLinda PlattnerZeliko Platisa

Michael PlaskettClaus Planz

Markus PlankensteinerKurt Plaickner

Alessandro PiredduJan Pioske

Michael PinjusicRobert Pinfold

Henrietta PillweinPatrice Pillion

Gary PilkingtonThomas Piel

Gregory PicouetJuergen Pichler

Martin PfurtschellerLisa Pfurtscheller

Ronny PforrFranz-Martin Pfanner

Sven PetterssonBengt Pettersson

Nikola PetrusijevicNatasa Petrovic

Ana PetrovicMonika Petrisorovic

Tanja PetkovicMilena Petkovic

Jovan PetkovicLiam Petitjean

Carol PetersSonja PeterLukas Peter

Dominik PeterHamiyet Petek

Peter PesslMarija Pesic

Renate PerniklChristoph Perktold

Enrico PerinZeljko Peric

Nemanja PericBorko Peric

Eduardo Inacio PereiraMaxime PerduKarine PerchetDinia PeraltaJohanna PenzYann Pentiaux

Andrea PenhoferXiaofei PengHuijing PengHaimi PengClaudia Pelz

Aleksandra PejcicSonja Peiker

Wayne PearsonConnor Peacock

Saleh PazoukiStefan PavicMira Pavic

Olga PaustjanZeljko PaunovicSabina Paunovic

Galina PaulsMaria Paulicsek

Marie-Christin PaulBenjamin Patschg

Martin PaternoPatrick Passenegg

Clemente PascarellaSophia ParryAhmet Parlak

Barbara ParkinStephen Park

Guillaume PargeonAndre PapoularNaveen Papanna

Artem PankovXihua Pang

Ronglan PangHristina Panajotov

Yun PanChunyan Pan

Herbert PammingerIoannis Pallis

Ginny PalladinoElla Paley

Bulut ÖzgeHalis ÖzdemirAyse Özcelik

Yangli OuWanmei Ou

Andreas OrtmeierAlexis Onno

Alfred OlschnoeggerClaus OllegaardNezahat OlgunCristian Olariu

Arzu OkutulmusSofie Ohman

Sven OgrajensekNuray ÖgmenScott Ogden

Hakan OeztuerkBianca OezkanBelgin Oezgoec

Guelbeyaz OezelMarkus Oetiker

Thomas OelzKemal Odabas

Anika OberschelpKatharina ObermayrKarl OberhollenzerBernd Oberhauser

Markus ObererlacherMichel ObererJake O’Brien

Kenneth NybakkPeter Nusser

Philipp NussbaumerHanno Nussbaumer

Michel NouhantRegis Nouet

Peder NordenbackJianjun Nong

Karsten NoltekuhlmannTobias NoackDiane NoackJianfeng Ning

Hua NingHaicheng Ning

Chrisowalandis NikteridisZoran Nikolic

Tamara NikolicSladjana NikolicRadomir NikolicOlivera NikolicJovan NikolicIvan NikolicIrena NikolicDenis Nikolic

Biljana NikolicReto NieuwenhoutCarsten NieswandtThomas NiedermairPeter Niederacher

Cherry Qiaomei NieStephan Nicolussi-Moro

Heike NicolussiDean Nicholls

Lorraine NicholasTracy Newman

Clemens NeunerRupert NeumayerJonas Neumann

Heidi Maria NeumannDennis NeumannGabriel Neubauer

Pascal NetzerTina Nesic

Jelena NesicAleksandar NejcevNadica Nedeljkovic

Philip NaylorDario Natale

Paul NasrallahDominik Nardon

David NancyAnita Nagy

Evelin NagelMichael Naegele

Anke NaedlerAndreas MykaSusan Myers

Elvira Christine MuxelOlivier Mussche

Paul MurrayDeborah MuncasterRaimund Muellner

Sven MuellerRalf MuellerPeter Mueller

Manfred MuellerLuca Mueller

Jeremias Mueller

Harald MuellerHarald MuellerBianca Mueller

Andreas MuellerGerd Muehlbacher

Heike MoylanJulian Moutrey

Bernard MotzkoSilke MotalnKurt Moser

Eva-Maria MoserNatascha Morgenegg

Arturo Javier Morales RobredoJulien Mora

Markus MoosbruggerRichard Moore

Neil MooreKevin Mooney

Andrea Marco MontinaroBirgit MonitzerPaul Monaghan

Deborah MonaghanAleksandar Momcilovic

Ferenc MolnarJanet Mole

Jarkko MokkoRolland MokNitin Mohan

Adriana MogosmorteanMyriam Modrok

Zhiqiang MoLiumei Mo

Jiangmei MoLiuyun Mo

Violeta MladenovicSnezana MladenovicAndrija Mladenovic

Johannes MitterrutznerTijana Mitrovic

Andjelka MitrovicDijana MiticJulie MitchellPeter Misik

Dalibor MirkovicSvetlana MiricOlivier MiquelMario MinzlaffJoseph Minns

Milos MilosevicMarija MilosevicJovana Milosevic

Nenad MilosavljevicBojan Milosavljevic

Milica MilojevicJovan Milojevic

Sarah MillerMarija Miljkovic

Aleksandra MiljkovicMilos Milivojevic

Dragana MilisavljevicMilos Milinkovic

Zaklina MilicMarija Milic

Stefan MileticIrena Milenkovic Milic

Nikola MilenkovicMima MilenkovicIrena Milenkovic

Igor MilekicCheryl Milburn

Violeta MiladinovicMiomir Milacic

Marko MikicSpelca Mikelj

Petar MijatovicVesna MihajlovicSharon Middleton

Tjaco MiddelHans-Joerg Michaeler

Elisa MeutznerSusanne Meusburger

Peter MetzlerBernd Metzler

Wendy MetcalfeAghilas MessaouiThomas MerschAstrid Merker

Vanessa MerkelAlex MeregaAhmet Meral

Marie Pierre MenouMatthias MenkeMario Menicocci

Meidan MengMark MendezPeter Mellies

Britta MeixnerRalf Meierkord

Martin MeierhoferTilo Meier

Siegfried MeierPeggy MeehanIvan Medina

Allan McNeillChristina McMillanNatalie McLoughlin

Robert McIntyreSteve McGowan

Zoe McGladeMike McGee

Iris MayrGregor Mayr

Andrew MayoPeter Mayer

Sylvia MaurelKatrin MattheesStephanie Matt

Patrick MattDieter MattJuraj Matlak

Thomas MathisRaffael MathisKlaus Mathis

Christoph MathisChrista Mathis

Alexander MathisSabine Mathies

Jean-Pierre MathiasJelena Maternicka

Nadja MaternPilar Mateos

Liliana MastrovitoMarcel Masson

Alessandro MassironiSanela MaslanRenee Marton

Kenneth MartinGitte MartenssonLaurene Martel

Jill MarshallPaula Marr

Marjan MarkovicJelica MarkovicIvica Markovic

Danica MarkovicAndjelka MarkovicPredrag MarinkovicNikola Marinkovic

Reinhard MargreitterBarzan Jamal Marf

Guenter MarentGiovanna Marchini

Christopher MansfieldStephen Mansell

Karen MannStefan Mangold

Markus MangoldBurkhard Mangold

Alison ManglesCathleen Mangeng

Natasa MancicJuergen Malin

Giuseppe MalacrinoVlajko Maksimovic

Aleksandra MaksimovicAbdul Majeed

Martyna MajdaTanja Mairhofer

Thomas MairMargit MaierlMario Maier

Philipp MagritschNamo MagedStefan MagdicRenate Maeser

Mathias MaeserGuenter Maeser

Norbert MadlenerKevin MaddisonSilvia MaddalonSaurabh Madan

Andreas MachateDario MaccheroniLaurent Mabilotte

Yujie MaShengjing MaLinsheng Ma

Dongqiong MaJohn LyonsXiaozai Luo

Wei LuoShidi Luo

Shenghuang LuoKaiying LuoJincai Luo

Jiechang LuoDefei Luo

Chunyan LuoChenfen Luo

Mirco LukowskiSrdjan Lukovic

Lars LuedkemeierAndreas Ludwig

Annamaria LucianoJack LubinskiSongyan LuQing Pan Lu

Haimi LuJean Charles Lozat

Tomaz LotricPierre Lory

Emilie LorietteMichele Lori

Juan Antonio LorenteJoao Lopes

Reinier LopaJulian Lonsdale

Mandy LongstaffKevin LongstaffJianping LongMario Loidl

Patrick LohstoeterJens Lohse

Frank LoefflerJoan LocalKeith Lobo

Thomas LobakGary Lloyd

Zhongmei LlinZhen Liu

Youning LiuYan Liu

Xionghua LiuXiaojie LiuWeiya LiuTete LiuRui Liu

Rong LiuQiuhong Liu

Mike LiuLiuxie Liu

Daixian LiuCaixia Liu

Amanda LiuLukas Lirussi

Hanspeter LinsMarco Linhart

Johann LingenhelZhongying Ling

Knut LindnerJoerg LindenYinglong LinQuentin Lin

Jingqiang LinJon Lim

Scott LiewMichael Liedermann

Lynne LiddleDiane Liddle

Domenico LiberatoreLizhu Liao

Junfang LiaoXiangan LiangQianan Liang

Lina LiangFangfen LiangEnhui LiangZhenchao Li

Yong LiYanlin LiXuesi Li

Wenbo LiSuxia Li

Shiyong LiNewson Chilung Li

Mina LiLing LiLie Li

Libian LiJunlu LiJunjie LiJuan LiJinlin Li

Jingyuan LiHongying Li

Fangyu LiCedrik Lhuillier

Salima LhoteMilan Lesina

Jean Louis LeroyChristophe Leromain

Bernard LernoutRaphael Leran

Bertrand LeplayNelson Loureiro Leocádio

Naohmy LenherrAngelique Lelievre

Dragana LekseMilan LeitmanDaniel Leiter

Holger LeibmannMeiying LeiJunlin Lei

Maciej LehmannJens LehmannBrice LegouxEric LegoupilSeok Jun LeeMartin Lee

Flavien LecourtKarina LechtalerDaniel Lechner

Gerd LecherPedro Leal

Zoran LazarevicIvan Lazarevic

Ian LawryJulieann Laverick

Thomas LauseggerEdward Lau

Patricia LargeJean Michel Large

Sladjana LapadatovicAndre Lannert

Lutz LangePeter Lang

Matthias LangHerbert Lang

Harald LandgrafMarc LandauLiuying Lan

Hans LambrechtsIan Lamb

Anne LamantMarkus LaesserDaniela Laager

Susan KyleEduardas Kutavicius

Nirmal KurupSunil KumarZeynep Kulac

Christian KuhnBrigitte Kuhn

Markus KuenzliGeorg Kuenz

Vera KuehltauThomas Kuch

Michael KrügerMonika KrugerAndreas KrugKlaus Krueger

Nemanja KrsticIvana Krstic

Dusan KrsmanovicChristoph Kroyer

Martin KronabitterZoran KrojnjonaErich Kroenberg

Benjamin KristavcnikHareesh Kripakaran

Simona KreyeMihaela Krevh

Natalie KreutzerStefan Kreutz

Uwe KretzschmarThomas Kresser

Katja KrenzMichael Kremmel

Caio Kauark KremerMartin KreislClaudia Kreil

Anna KreilTino KrausePeter Krampl

Marion KrammelKatja KramerBaldo KraljMaja Kraker

Martin KraemerMeik KrachtIvan KovacikNena KosticMile Kostic

Michael KosterBarbara Koss

Ruslan KoschatajevGerda Korobtschenko

Stephanie KorfAles KorbelKlaus Kopsa

Marina Konrad-MaerkDetlev Konig

Maria KonecnyBranko KomesHelena Kolert

Melanie KohlmannMichael KohlerMartin KohlerErich Kohler

Martin KoglerSandra KoenigMichael KoenigMarisa KoenigMario KoenigJakob Koenig

Christian KoenigAnn-Christin Koenig

Angelique KoenigGerald Koeneke

Michaela KoehlmeierAnita KoehlerHerbert KoeckMarkus Kocks

Saliha KockmazMarko KocicPeter Koch

Patrik Yves KochMarc Alexander Koch

Peter KobrowSven Knopek

Christian KnoeferlLinda KnockaertAnkica Knezovic

Tobias KnausCida Knaus

Martin KlotzNatascha Klöti

Daniela KlockerBernhard KlockerDaniel Klimmer

Laura KlienDietmar KlienAnabel Klien

Beate KleymannElke Klenke

Veronika KleinknechtThomas KlegerNorbert KleberRolf Klassmeier

Thomas KladenskyAntje Kix

Florian KittsteinerCatriona KitchingDragan KitanovicManuel Kircher

Nikolaos KiourtsidisPaul King

Claire KingGeorge Lawrence Killip

Alexander KieslingerLucia KiacikovaKhaled Khaled

Ivan KevricElias Kernbichler

Siegfried KernbeissStephen KellyPauline Kelly

Ian KellyIris Kellner

Nurcan KelesliAlona KelembetPeter John KeillNicolas KeenanRaymond Keane

Sally KayBeverley Kay

Florian KavalierekRajwinder KaurJennifer KaterPera Katavic

Marion KaserSonja Kaschnig-Mertel

Nalan KartalHeinz Karmazin

Murat KaratasIbrahim KaratasAlicia Kapheim

Johannes KapellerAvirachan Kanjirakkattu

Regina KalischChristian Kalb

Zhao KaiMiljan Kahrimanovic

Emine KahramanDaniel Kaempf

Christoph KadischGuan Justin

Martin JusselBert Junghans

Christian JungenAdrian Juncanariu

Dirk JuilfsReinhold Juen

Stefan JovicMilos Jovic

Valentina JovanovicNikola Jovanovic

Nevenka JovanovicMiodrag Jovanovic

Milos JovanovicLidija JovanovicIvan JovanovicFilip Jovanovic

Danijela JovanovicDanijela Jovanovic

Anita JovanovicDelphine JouaultTamara JosifovicCarsten Josepeit

Sue JordanJackie Jones

Graeme JonesGary Jones

Kathleen JohnsonJeannie JohnsonGuenther Johler

Nikolaus JohannsonAlija Jogic

Wolfgang JochumPetra JochumChunlan Jin

Yang JimYaming Jiang

John Keqiang JiangHongqin Jiang

Bo JiangXueqian JiaTaotao JiaFeihu Jia

Irena JevticZoran Jevdjenic

Boris JerusalimskisGoran JerominMartin Jerabek

William JenningsRobert Jenkins

Sasa JelacaRobert Jehly

Stephen JeffersonChristopher Jayne

Tomas JavurekGisela JavornikNatalia Jarygin

Emir JapicEugen Janzen

Alexander JankovskyCecilija Jankovic

Aleksandar JankovicFranz Janisch-Lang

Raimund JanischMilos Jamnik

Joseph JamesonKlaudia Jamer

Nikola JakovljevicJanko Jakovljevic

Irena JakicaMohammed Jaisal

Ulrike JaegerThomas JaegerHroar JacobsenBruno Jacobs

Andreas JacobiCarole JacksonCarole JacksonZoltan Ivanyi

Dragan IvanovicAna IvanovicEmil Isaijevic

Yusuf IrtenLucia Irsova

Nikolaos IoannouRudolf IntiharMark Ingram

Sharon InglebyBinoy Inchakalody

Matthew InceNikola IlicNenad IlicLidija IlicIgor Ilic

Federico IannottaAlina Iacob

Typhaine HyvernatWolfgang Hutter

Malcolm HutchinsonSharren Louise Hussey-Clarke

Yuli HuoShengzhao Huo

Lianfei HuoDongan HuoRuth Hunter

Deborah HunterBeverley Hunter

Andreas HumpelerOlivier Humbert

Metin HulkuVictor HuisingaChen Huijuan

Sharon HughesAndrew Hughes

Susanne HuelsmannSabine Huber-Wynnyczenko

Reto HuberMarkus HuberGerhard Huber

Bernhard HuberZhaohua HuangZexing Huang

Yongwen HuangYanqiang Huang

Xiu HuangShujiang Huang

Shuangshuang HuangShanli Huang

Ruihong HuangRongying Huang

Ray HuangQingyu HuangMengna HuangMeijiao HuangMaoxin HuangJiajian Huang

Guangyong HuangCaiqi Huang

Caiping HuangZhihua Hu

Xiaodong HuLynn HowellsMatt House

Ruihang HouAndreas Hosp

Frank Horn

Matthew HopperFen Hong

Pawel HomicSandra Holtmeier

Nikolaj Kasper HolmenLena Holmbeck-GertssonChristian Hogenmueller

Johann HoferReinhard Hofbauer

Daniel HoesliEngin Hoergueslueoglu

Helmut HoedlArmando Christian HoedlRobert Hoeber-Neuhold

Zehra HodzicStephen HodgsonRobert Hodgson

Dan HodgsonPaul Hoch

Hugh HoaranWerner Hlina

Rachel HitchcocksStephanie Hirsch

Joerg HinzMartin Hintzen

Ben HillmanDieter Hillebrand

Michael HilleEugen Hildebrandt

Benjamin HildebrandtAlbert HickmanStuart HibbertKaren HibbertGüllü HeybeliJohn HewitsonJens Hesselberg

Peter HesseCornel HessJens Herter

Sharon HerringNadine Hermsmeier

Jan HermeningMichael Herdman

Marijo HercegKatica Herceg

Susanne HerburgerMichael Henson

Herve HenryDavid Henry

Gunilla HenrikssonChristoph HenkeSusan HendersonLeigh HendersonAlan Henderson

Mark HelmJost HellmeierSteffen Heller

Christoph HeissDirk Heinzel

Andreas HeimSusann Heil

Lisa Heightley-GoggsGage Heightley

Robert HehnSimon HehleEdith Hehle

Mark HegemanClaus Hechenberger

James HeatonYongfu He

Xiaofang HeXianhua He

Xianchang HeLongfan He

Jumei HeChaoyan He

Stephen HayersSandra HauptStefan Hauer

Stephen HastiePeter David Hassan

Robert HaslerDusan HasanovicMartin Hartmann

Philip HartleyAndrew Harrow

David HarrisSimon HarrackAnita Harmat

Garry HargreavesStephan Hardt

Martin HardingSven Haneke

Martina HandlePetra Handlanger

Andreas HandlRuidong HanBifang Han

Paul HamptonThomas HämmerleThomas Hammerer

Petra HammererTheresa HammerAdam HamiltonDominic Halpin

Tobias HallJudith Hall

Gemma HallDenise Hall

Bev HallKadrija Hajrije

Ahmad HajikhanSebastian Hahn

Emanuel HagspielErnst Hager

Tobias HagenSabrina Hagen

Jens HagemeisterEsther Haemmerle-Djurdjevic

Werner HaemmerleThomas HaemmerleNatalie HaemmerleDaniel Haemmerle

Christiane HaemmerleBeate HaemmerleWolfram HaefeleNorbert HaefeleBojana Guzina

Sandra GutStefan Gustavsson

Alain GurtnerNilgün Gurleyen

Yaya GuoHaiyong GuoHaiyin Guo

Elisabeth GunzElfriede Gumplmayr

Özcan GültenSemra GülerSerap Gülen

Mathieu GuilhenDeming Gui

Michael GugerbauerCatherine Guerin

Petra GuentherMartin Guenther

Lutz GuentherBernd Guenter

Nilguen GuenduezDelia Grundy

Martin GrundboeckDaniel Gross

Clara GrosjeanWilfried Gritsch

Isabella Maria Grissmann-BoeschCorina GrigoreJames Griffiths

Ian Griffiths

Trevor GriffinKevin Griffin

Ljubomir GrgurovicGeorg Greußing

Jean GregsonKarolina Gregorczyk

Elaine GreenwoodSirio Greco

Sebastian GratzerSiegfried GrasmikOlivier Grandsire

Hugues GrandemangeIan Graham

Emma GrahamMark Gradon

Markus GrabherElisabeth Grabher

Joachim GrabLuca GovoniLinda Gosbee

Thomas GorrellDanijela Gorisek

Carrie Anne GordonChristopher Gooch

Manye GongRobert Gollob

Paul GoldsbroughNurchiban Göktas

Sandra GoergAndreas Goebl

Matthew GleesonStephan Glauser

Stefan GlaasRomina GiudiciOmar GislasonJulia Gisinger

Cristina GiovanelliJuan Andres Gimeno

Sharon GillhamKevin GillhamSascha Gilgen

Stephane GilardoniMartin Gierse

Jonathan GibbsChristoph Geyer

Loic GestinLisa Geser

Veronique GervalJens Gersonde

Christos GergidisJakob Geppert

Savas GencAnke Geller-Zymelka

Walter GeisslerReinhard GeigerMatthieu Gehin

Andreas GebhardMarija Gavrilovic

Davor GavricVincent Gautier

Manuel GattingerHannes Gatt

Musa GastemirovSimon GasserJana Gassan

Eric GaseMarta Elena Garriz

Iris GardnerJavier GarciaXiaojuan Gao

Terence GanslandtSebastian Gann

Hristo GanevBenoit GamasOscar GalvezUeli Gallati

Johan GaliartMichelle GailbergerFranziska Gaessler

Wolfgang GadnerReinold Gabriel

Werner FusseneggerMathias Fussenegger

Matthew FusaroLothar FuerstSarah FuchsLanlan Fu

Chengcheng FuChristopher Fryer

Claire FroneyCarsten Froh

Sammy Froelich-SuleimanSelina FroehleMartin Fritz

Michael FritthumSandrine Friedli-Collon

Michelle Friedlaender RepleJoerg Friedhof

Natalia FridrichJoachim Frick

Ute FrevertStefan FrevertHanna Freuis

Paula FreemanGerhard Franz

James FranklandStefano Franceschi

Alan FoxMichelle Foster

Marie FosterJames Foster

Robert ForsterThomas ForerAnnette Forer

Andrew FoddenPeter Floyd

Robin FlothoSlavica Floric

Karl FlaxDaniel FlatzThomas FitzDieter Fitz

Daniel FischerOlivera Firulovic

Julie FinnMonika FinkMarco FinkMarcel Fink

Gian Luca FinkPhilippe Fillaud

Andrzej FillaAlexandra Filipenko

Roberta FiginiAlec FieldingOliver FiedlerBasara Feuzi

Markus FesslerHaritha FerganiMarkus Fenkart

Karl-Heinz FenkartFelix Fenkart

Yiren FengYaoshu FengShufang FengLimin Feng

Guangwen FengJohannes Fend

David FendTijana FemicSilvia Felici

Stefan FeldwehrAlfred Felder

Thomas FelbermayerJoris Feis

Marc FehrNadine Fehn

Robert FechtigChristiane Fechtig

John FearmanOvidiu Faur

Tomaz FartekMark FarrellYanrui Fang

Dengbing FangXiaowei Fan

Lars FahrenkampBenoit Fafin

Stefan FaesslerMark EvansNikolaus Ess

Jerome EsperouThibaut Escourrou

Michaela EscourrouCarmen Escobar

Susanne ErnstMartin Erne

Wolfgang ErmerDavid Erle

Rosemarie ErkolMathias Eriksson

Salih ErdemHüseyin Ercedogan

Thomas ErathTheresa ErathJoel Engvert

Hanna EngljaehringerDavid Engels

Helga EngellageRegina Engelke-Kleinert

Michele EngelHermann EngelOrjan EnehallThomas EnderMonika Ender

Ulrike EmingerSteven Emashowski

Sara ElmerKaren Elliott

Michael EidamBoris Ehrbar

Alexander EhmRoswitha Egler

Giulia EggerStuart EdwardsSteven Edwards

Joerg EdlerMartin Ecklbauer

Branko EcimFathah Ebrahim

Georg EbnerMartin EberleMartin Eberle

Ferdinand EberleDaniel Eberle

Ekaterina DyubanovaVlatka Duric

Senad DurakovicNail Dur

Jacqueline DunnHelen Dunn

Caroline DunnYasmin DumanliErdinc DulunduCarmen DulinHelen Duffield

Mathias DuenserDietmar DuenserLisa DuennebackeAndreas Duempe

Jeannette DubielzigEiko DubielzigSerge DuarteXiaosong Du

Arnaud DrouinSlobodan Dropuljic

Thomas DrohnVolker Droege

Manuela Drexel-SchoenWolfgang Dreher

Miriam DreesStefano Dragonetti

John DoyleMichael DowlingPeter Dorricott

Hannah DornanPaul Doolan

Julie DonnellyFeng Dong

Franz DomigPavel Domes

Nicole DomesShaafie Dollie

Marie DohnalkovaYilmaz DoganNafiye DoganLeyla Dogan

Radivoj DjuricicZeljko DjurdjevicZlatko DjordjevicStefan Djordjevic

Lazar DjelicChristopher Dixon

Ben DixonDanny Dix

Claas DissenUros Dinic

Nenad DinicKay-Uwe Dingeldein

Maria DietrichPascal Dierkx

Fabienne DiemandChristopher DielBritta Diekmann

Rodrigo DiazThomas Di Mario

Philip DeweyPaula DevonFrank DevineEdith Deutsch

Stefan DetermannBojan DespotovicAgnes DesjardinsSaban Dervisoski

Djejlan DervishoskiWolfgang Derka

Gary DennisDanijela DenicIan DenholmYunhua DengXiuqing DengXiaofeng DengFrancis Deng

Anthony DendyRalf DemmelerKemal DemirelBedia Demirel

Özlem DemirbilekGülten Demir

Stacey DellasalaAurelie Deliry

Miroslav DelcevShauna DelandSabrina Del Rio

Maximilian DeitersPeter Dehoff

Hakan DedeeliFahmeddin DedeAndreas DeborAlexis Deboos

Judith DeanJack Deakin

Stefano De LeoKevin De GraefWolfgang Daz

Osman DayanikLewis Dawson

Melanie DavyDawn Davison

Kingsley DaviesHenry Davies

Chandranath DasChristian Daniel

Dacui DanShaun Dainton

Romain DaignaultShengni Dai

Clement DahouSabina Dahlqvist

Milisandra Da Silva MendesAlberto D’Ercoli

Chantal D’AgostinoDimitrije Cvetkovic

Diana CutkovicDiane Cunliffe

Maurizio CuccinielloJason Crunden

Janet CrowTara-Jane CrossEmma Cronin

Simone CristiniPhilip Cremer

Lee CraggsAles CpinTerry CoxJohn Cox

Alison CoxSharon CowleyMatthias Covi

Youssouf CoulibalyJanine Coronese

Tracy CookMatt ConnollyCarlo Concu

Ricard ComuladaGilles Cohen

Alessio CocilovoMarc Closter

Sebastien ClaveresPeter ClarkJamie Clark

Connor ClanfieldJelena CiricMartin Cip

Seyit Ahmet CimenMustafa Cimen

Bernhard ChromyMarkus Christen

Qing ChengWilfrid Chenay

Ziren ChenZhengxiong Chen

Yinyin ChenYanping ChenWeibo ChenTing Chen

Shuaijun ChenSaidan ChenMengyi ChenLixiang Chen

Hao ChenEvan Chen

Mehdi Ben CheikhLi Ting Chee

Virginie ChauveauGuillaume Chartoire

Victor ChaplainStuart Challenger

Jean Sebastien ChagrotNoel ChagnardRyan ChadwickIbrahim Chaara

Vojtech CezaBaris CeylanTolga CevikSevgi Cevik

Ibrahim CesurXiaoying CengWenping CengFengjiao Cen

Seher CelikkayaErdal Celikkaya

Daniel CathomenMarc Castignola

Dan CasonMartin Caruso

Scott CartwrightSharon Carruthers

Paul CarrollLuis Javier Carracedo

Colin CarrAdam Carmichael

Steven CardGilles Carage

Gianni CapelliYujuan Cao

Xiaorong CaoTianjun CaoMeimei Cao

Jinsi CaoJianquan CaoKeighley Cant

Julie CantBev Cant

Dietmar CanalMarie Campbell

Tran Cam-HuongAitor CalvoAyse Calim

Zekiye CakirRecai Cakir

Jamie CairnsXiefeng Cai

Lijun CaiVikki Byrne

Christopher Leonard ByrneChristian Bylicki

Samira BuzzoGüler Büyüktunalioglu

Christian BüttnerJulia ButkereitShawn ButcherPaul Bussoopun

James BushellVesna BurzicLeonie Burns

Jocelyn BurnhamDaniel Burkhardt

Sean BuntonPierre Bugnot

Günter BugelnigMichal BugarThierry BuffetAnnie Buergel

Philipp BuechlerIrmantas Budrys

Susan BuckleyDaniela BuchertArmin Bucher

Rainer BrusebergGerrit Bruns

Susanne BrumenPaul Brownbridge

Peter BrownNigel BrownDebra Brown

Jacques BrouhierDaniela Broszio

Scott BrooksAndrew Brooks

Mariusz BronowskiLisa BromleyJulie BromleyDominik Brix

Saskia Brinkmann

David BriggsAllison Briggs

Kenneth BreitmanSimon Brei

Virginie BredaJessica BrazilFranz Braun

Nicole BrannerAnnemarie-Hermine Branescu

Roman BrandstaetterKlaus BrandstaetterMichael Brakhage

Joanne BrainbridgeOliver Bradburn

Tom BoydellAnton Bowness

Michelle BowmanJohn BowmanJill BowmanDawn Bowes

Michael BowdenTaha Bousbaa

Nathalie BourgeoisJacky Bouleau

Matthew BoucherRachmat Botter

Senad BoticDijana Boskovic

Aleksandar BoskovicUlrike Bork

Jan BorjessonAnn Caroline Booty

Luca BonoVinko BokanovicLenka BokajovaDominik Bohny

Ljuba BohnBrigitte Bohle-Gort

Markus BohleArtur Bohle

Susanne BohlandSteven BogardusRoland Boesch

Lisa BoeschGerhard Boesch

Alois BoeschMichael Boehnel

Wim BoeckxstaensJuergen Blum

Waldemar BluemSteffen Block

Benjamin BlinGavin BlenkinsoppChris Blenkinsopp

Fred BlancoMaxime Blanchon

Alison BlakeAlison BlakeKarine BlaiseDavid Blair

Connor BlackburnLinda Gust Bjornstad

Thomas BischoffMartin BirnbaumBeatrice Birkhahn

Vehbi Kivanc BilginNadine Bilgeri

Stefan BildsteinMarkus Bildstein

Katerina BilaMichaela Biermann

Jason Biedermann-SmithGülten BickiAyhan BickiDario Bettiol

Dagmar BethkeLinda BestfordAndrew Best

Agathe Besnard

Markus BeslMatthias Bertsch

Eric BerthommierAndrea Berriman

Wolfgang BernsteinerMarie Pierre Bernard

Markus BerktoldElias Berktold

Ramona BerkmannMichael BerkmannAnton Berkmann

Arndt BergmeisterUlrich Bergmeier

Jelena BergerAlexander BergerElmar BerchtoldMartin Benzer

Joakim BengtssonMarina Bender

Stephen BellPamela Bell

Jehona BehluliWolfgang Beer

Sandra BeeckenJens Beecken

Wilko BeckmannWolfgang BechterWolfgang Bechter

Thierry BechtelKai Baur

Christian BauerStefano BattagliaDanilo BatdorfAslihan BastugHakan Basaran

Nazli BasGail Bartle

Alexander BarthKatharina BartederRoman Bartalsky

Elaine BarryAlessandro Baresi

Reto BardAleksandar Barac

Hao BaozhongFrancois Baoudour

Anthony BanksOlga Bangert

Shaozhou BanMichael Bamforth

Lisa BalourdosAlper BalkayaSelma BalabanHami Balaban

Leroy BairdLynn BainesHaiyan Bai

Chunhua BaiAnne BaguetteStephen Bagley

Tim BaerteleGerhard Backhaus

Milica BabicAnnelore Baak

David AyreMetin Aydemir

Fati AydemirNourchen AyachiBertrand Aveline

Seher AvciErdal Avci

Nikica AugustinovicChristian AuerMaelle AudiauPeter AtkinsonPaula AtkinsonKevin Atkinson

Caitlin AtheyHavva Atar

Milena AtanasovskiFuat Atalay

Michelle AstonMarkus Aster

Martina AssmannSedef AslanerJames Ashton

Tijana AshtalkoskiAdem Arziman

Peter ArthySemra ArslanAyse ArslanArzu Arslan

Yaneth Carolina ArraizMichael Armstrong

Christian ArltMiroslav Ardan

Peter ArcherKai Arbinger

Krasniqi ArberBernhard ApsnerJudith Appleton

Ed ApanasoviciusGoran AntonicJuergen Andres

Nebojsa AndjelkovicRoger Andersson

Agneta AnderssonYvonne Anastassopoulos

Eduard AmuzaMartin AmortAndre AmortMark Ammon

Johannes AmmannLucie Amirat

Virginie AmeingualGuenter AmannBernd Amann

Nuran AltuntasJoerg Altmann

Peter AlthofNadin Altersberger

Meike AlteheldVolker Alstede

Suzanne AllisonDominik Allgaier

Lisa AllanNevresa Alikadic

Leo AlgeTamara AleksovMarko AleksovLyn Alderson

Arzu AksuDaniel AkersElanur AkcayMetin AkbasSinan AkarZuxiong Ai

Waseem AhmedNitika Agrawal

Aldijana AganovicFrank AdomeitStephanie AddeLynne Adams

Jordan AdamasGerard Abramowicz

Christian AbertKolja AbendrothCharlie AbboudKirstie Abbott