Wipfgroup annual report 14 15 eng web version 20151027

Annual Report

2014/2015

Your Packaging Innovator

Overview

Report of the Board of Directors 2

Wipf AG, Flexible Packaging 4

Not a year for raw nerves 6

Elco AG, Envelopes & Stationery 8

Solid year in business – many new initiatives 10

Swiss Direct Marketing AG, Direct Marketing 12

Realignment and investments are bearing fruit 14

Governance and senior management 16

wipfgroup Annual Report 2014/2015 2 | 3

Report of the Board of Directors

2014/2015 2013/2014

Wipf Group CHF m EUR m CHF m EUR m

(avg. rate 1.1269) (avg. rate 1.2240)

Net sales 154.2 136.8 149.7 122.3

Switzerland 92.9 82.4 90.1 73.6

EU/EEA 51.3 45.6 52.0 42.5

Other countries 10.0 8.8 7.6 6.2

Perseverance and innovation have characterized the Wipf Group throughout the past century and were again our drivers in this difficult year.

ReviewWe can proudly look back on calendar year 2014, which ended on a buoyant and reassuring note with the fes-tivities surrounding the Wipf Group’s 100th anniversary. By the end of 2014, we were successfully on track and infused with optimism. But the decision of the Swiss National Bank on 15 January 2015 to abandon the EUR/CHF floor of 1.20 after three years came as a total surprise to us, the entire population, and the Swiss economy in general. This veritable currency shock in-stantly nullified the productivity gains which we and other major players in the Swiss industry had attained with hard work. Based on initial projections, it will prob-ably take until 2017 for us to rebound to late-2014 prof-itability levels.

Subsequent to the currency-related retained-earnings losses, the Wipf Group responded swiftly and in late January 2015 already initiated a number of measures to avert a worst-case scenario. Now, roughly half a year later, we can sense the genuine determination to take on the difficult market situation and passionately pursue innovations. This strengthens my resolve as an entre-preneur to boost investments on a group-wide basis and achieve the necessary medium- to long-term pro-ductivity increases.

What worries us is the passive attitude of our Swiss customers and suppliers. From our perspective, they lack the conviction that Switzerland needs to innovate and invest.

In financial 2014/2015, consolidated sales advanced by 3% to CHF 154.2 million (PY: CHF 149.7 million). Currency-adjusted sales even picked up by 5.8%, and

both divisions contributed to the Group’s positive growth. The Group’s export share rose to 40%. One-third of consolidated sales were generated in the EU/EEA re-gion and 7% overseas.

Thanks to a good first half of the year (1.7. – 31.12.2014) and the absence of extraordinary expenditures, the Wipf Group’s net profit increased. EBITDA rose compared with the previous year. Cash flow from operations advanced again as well. This allowed investments to remain at a high level of CHF 9.6 million and additionally helped broaden the liquidity cushion for future acquisi-tions. The Wipf Group’s equity capital ratio rose to a solid 70%.

RC-Film Co., Ltd, the Wipf Group’s new 50/50% joint venture in Thailand, successfully inaugurated CPP film production in early May 2015 and was pro-rata consoli-dated for the first time.

Looking to the futureDue to the foreign exchange situation, economic devel-opment projections are highly uncertain. Volatile ex-change rates and the long-term impact of the strong franc on the entire economy are almost impossible to predict. Uncertainties also prevail because of generally thinner order books and the debt situation in Europe. The domestic market is suffering from less favourable baseline conditions, due in particular to the mass immi-gration initiative and the bloated regulatory framework. In exports, we still see growth potential for our top-tier

niche products, innovations, and customized specialities even though, unfortunately, a rapid economic recovery in the eurozone is less than likely.

Volketswil, 28 August 2015

Christian H. WipfChairman

Board of Directors (from

left): Dr. Rudolf Wehrli,

Christian Wipf, Chairman,

Markus Diggelmann,

Philipp Sutter

Group Management

(from left): Bernhard Feusi,

Head of Finance (ESD),

Christian Wipf, CEO,

Hans-Jörg Aerni, Head of

Envelopes, Stationery &

Direct Marketing Division

(ESD), Werner Werder,

Head of Finance (FP),

Hans-Rudolf Schafflützel,

Head of Flexible Packaging

Division (FP)

The first milestone in our “wow!” project for continuous improvement has been attained! We are very proud of the fact that in late June, our first two teams passed the certification process with a success rate of over 90%. The certificate is important, but so is the fact that we are continually improving our optimization targets with respect to security, quality, cleanli-ness, output, and intra-departmental proce-dures. Because we reward good ideas and also implement them, all of our staff members can leverage their competencies and play a valuable role in the entrepreneurial context. This heightens the motivation of our workforce.On average, our more than 200 employees are 40 years young and originally hail from 16 dif-ferent countries. For quite some time now, the average service duration has been ten years.

“Wisdom is more attractive than beauty because

it makes life easier.”Hanspeter Limacher

Prepress Department, Wipf AG

4 | 5 wipfgroup Annual Report 2014/2015

Hanspeter Limacher | Prepress Department, Wipf AG

You joined Wipf, then left, but came back. Why? I was hired by Wipf AG in 1990, then accepted a new career opportunity in 1997 and left the company. In 2009, when I was a contract printer in flexography, our paths crossed anew. My heart instantly started beating for Wipf again and in December 2010, I signed up for my previous position as a prepress technician. Two years later, I was appointed head of the prepress department. Considerable trust is vested in us. We are very independent in our decisions and our work.What interests you in your private life?I am an avid quad biker. Quad vacations with friends in France – wonderful. We like the rough terrain, it’s a lot of fun. Then, I’m the sound mixer for a gospel country band. For the past five years, my wife and I have been spending our summer vacations on the North Sea, which fascinates us. I’m very fond of preparing paella in the large pan, the way it’s meant to be cooked.Wipf has a personnel restaurant. Do you like the food?The food is excellent and the choices are very diversified. I very much appreciate the in-house canteen. It is exceptionally convenient and genuinely agreeable. The lunch break gives me a welcome opportunity to relax.Does a picture say more than a thousand words? Or is a word worth more than a thousand pictures?Personal communication is very important to me. So I consider a word to be worth more than a thousand pictures. Communicating nurtures the working climate.Why is passion a powerful driver in life?Passion is motivating and a source of happiness. I pursue my hobbies out of passion. A life without passion is only half a life. Passion at work makes it possible to master difficulties with logic and to think clearly. Beauty or wisdom. What’s more attractive to you and why?Beauty is relative and lies in the eye of the beholder. Wisdom is more attractive for me and simplifies life.


Hans-Rudolf Schafflützel

Not a year for raw nerves

New automatic valve assembly unit (detail view) RC-Film Co., Ltd, Rayong, Thailand

2014/2015 2013/2014

Flexible Packaging CHF m EUR m CHF m EUR m

Net sales (avg. rate 1.1269) (avg. rate 1.2240)

Flexible Packaging 76.1 67.5 75.0 61.3

Food 49.1 43.6 48.0 39.2

Pet Food 13.1 11.6 12.7 10.4

Non Food, Pharma, Medical 13.9 12.3 14.3 11.7

On 15 January 2015, we saw how quickly competitive factors can go awry. The abandonment of the EUR/CHF floor by the Swiss National Bank not only entailed book losses on inventories but also increased payroll costs versus the eurozone by 15% overnight. Despite the deployment of capital-intensive production machinery, personnel costs make up a considerable portion of the final sales price in flexible packaging as well. It cannot be precluded that the Swiss industrial landscape will suffer and experience profound change.

Wipf AG is committed to Switzerland as its operational hub. With a wide range of measures, we have been able to effectively boost productivity and will thus remain competitive in the coming years.

Sales developmentAt constant exchange rates, revenues increased by 6.7%. In the year under review, sales even increased by 10% relative to the prior year. Vigorous growth was achieved mainly in the pouch business.

Wipf AG increased its export quota to 73% (PY 70%). The eurozone alone accounts for 55% of sales.

Earnings trendThanks to a brisk first half of the year and high capacity utilization starting in January, we were able to exceed the budgeted result. This gives us the assurance that we can generate adequate earnings even in an uncertain market environment.

Wipf Doypak in IstanbulIn Turkey, we have been successful in the market for retortable pouches and rollstock. We are proud of our ability to stand our ground in this highly competi-tive market.

RC-Film ThailandAfter an in-depth market analysis, we decided 18 months ago to establish a presence in Southeast Asia. Together with a local partner, we founded a joint venture for the production of cast polypropylene film. Within a year, a factory was built and equipped with a film casting line that was commissioned in May 2015. It will cover a part of our volume requirements in Switzerland but will serve mainly the Asian markets. The region is characterized by a growing demand for high-grade CPP films and our competencies in this domain are highly appreciated.

Future outlookContrary to the general trend and in response to the difficult market situation, we will expedite investments that were originally planned for the coming years. At Wipf AG, funding will hone core competencies – valves, lami-nation, and pouch production – to further reduce unit costs. Thanks to this circumspect appropriation of capital, we will have highly advanced machinery that allows us to continue addressing the demand for high-quality products in future.

Hans-Rudolf SchafflützelHead of Flexible Packaging Division

Turnover Flexible Packaging

(100% = CHF 76.1 m)

Food 65% (PY 64%)

Pet Food 17% (PY 17%)

Non Food, Pharma, Medical 18% (PY 19%)

Our staff members make the personality of the ELCO brand come alive. Day after day. Our aim is to vitalize the brand and identify with it. Only then can our customers, the consumers, feel that for us, words are deeds. To anchor the spirit within the company, we need a vibrant, distinctive, and emotional brand experience and consistent implementation of the defined brand values by our teams. Yet again this year, all staff members were intensively involved in this initia-tive. A brochure was created to document the key talking points. The brand values were compiled and presented in detail with special training sessions accompanied by the Execu-tive Committee and the marketing department. All the themes are regularly reinforced with Intranet reminders and put into practice at the HR management level. This ensures that we can live up to our brand promise: Day after day.

“A person’s greatest fortune is to experience

friendship and love.”Milena Vucetic

Printing, Elco AG


Milena Vucetic | Printing

What’s it like to live in Switzerland?It’s really great. Above all, I feel secure here. If you compare Switzerland with other countries, you can see that we’re doing very well here, and everyone contributes. I like chocolate and cheese. The mountain landscapes and lakes are beautiful facets of Switzerland. I feel a strong allegiance with Switzerland. It has become my second homeland.What’s the world’s most romantic city in your opinion?I am attracted by cities that are connected with water. To me, Paris is the most romantic city by far. But I’ve never had the opportunity to personally visit Paris. However, since I will be celebrating my 20th company anniversary this year, I will finally treat myself to a trip to the “city of love” next spring. Until then, I will be looking at “The sidewalk café” at home. It is my favourite painting and makes me think of Paris.What’s more important: friendship or love?They are both very important. I enjoy taking time off with friends, having fun, dining out, or simply discussing “everything under the sun”. On the other hand, love is a magnificent blessing to be shared with one’s partner. Here, trust, honesty, and togetherness are important. It makes me very happy to have both: friendship and love.What motivates you to go to work every day?If I compare my situation today with what it was 20 years ago when I started here, I’m proud of what I have achieved. I am very grateful for the opportunities that I have been given here: career development and new skills. So it’s a pleasure to come to work every day and keep experiencing the positive sides of life. Do you have a daily ritual?Every evening, I draw up a plan for the next day. It makes me feel better if the morning starts out calmly. Organizing the day simplifies things and gives me time to really enjoy the morning coffee at home.What do women do differently than men?Women are better at multitasking. But generally speaking, there are not many differences. Learning from one another and adopting best practices from colleagues is the ideal approach.


We are determined to take the initiative and be proactive in existing and new business segments.

Hans-Jörg AerniHead of Envelopes, Stationery & Direct Marketing Division

2014/2015 2013/2014

Envelopes & Stationery CHF m EUR m CHF m EUR m


Envelopes & Stationery 61.7 54.8 63.4 51.8

Key accounts 24.7 21.9 24.8 20.3

Retail 19.7 17.6 20.1 16.4

Graphic arts industry 12.1 10.7 13.1 10.7

Export 5.2 4.6 5.4 4.4

Solid volumesVolumes increased slightly versus the previous year, mainly due to a stronger second half of the year. This is a reassuring trend for us, because according to Swiss Post, the volumes distributed in Switzerland are on a slight decline. In comparison with Europe, where the downswing has been more pronounced, the situation in Switzerland is still encouraging.

Challenging margin managementDespite higher volumes, sales prices remain exposed to pressure. The abandonment of the minimum euro exchange rate and rising raw material costs had an ad-verse impact on pricing. Paper mills are still suffering from insufficient profitability. Additionally, the increase in cellulose prices at the beginning of the year and the

appreciation of the dollar versus the euro made it neces-sary for paper manufacturers to increase their prices with very inopportune timing from our perspective. This virtually neutralized the potential savings attributable to the less expensive euro. Accordingly, the challenges remain complex. Key cost items, such as payroll ex-penditure and many consumables have to be paid in Swiss francs.

Balancing act worked outAlthough average sales prices were lower than a year ago, we were able to master the tense situation quite well. Thus, the decline in revenues is not due to lower volumes, it is attributable to lower proceeds from sales. Further cost savings were needed to offset declining returns.

Increased productivityWe were again able to optimize personnel allocation during the year under review. Our strategy is to recog-nize every change, leverage every optimization possibility, and further streamline processes with our established SAP enterprise resource planning system. This again worked out well in the year now ended. Looking forward, it will no doubt become more challenging to achieve savings of a comparable magnitude, given that most op-timization potentials have meanwhile been exhausted. It should be pointed out that in 2012, our workweek was already extended by 5% without payroll increases.

Further consolidation of service strategyOur customers want and are entitled to benefit from first-class service. We have therefore launched programmes to better recognize and accommodate such customer expectations. Customer-scheduled just-in-time deliveries controlled by IT systems have become standard proce-

Solid year in business – many new initiatives

Hans-Jörg Aerni

dure and are keeping efficiency at high levels. This also includes the assurance of flawless quality across the entire production and order processing cycle. Internal year-over-year benchmarks confirm that quality levels have further increased.

“myelco” consumer initiative on trackThe www.myelco.ch platform has been a key compo-nent of our marketing strategy since November 2013. With “myelco”, we are implementing a business-to-con-sumer strategy that allows consumers to take advantage of our online channel by ordering custom-designed products such as mobile phone cases, posters, post-cards and many more items in very short runs. We are proud to have achieved our goals and will continue to work on this initiative. Ideas to broaden this line have already been formulated. They are being examined and evaluated with respect to practicability and market potential.

Confidence and respectAfter a successful business year, we are looking forward to the future with confidence, but also with due respect. Given the currently weak euro, it is difficult to predict the future development of the economic scenario. One thing is certain: Entrepreneurial challenges are here to stay.

Professional card production at myelco Sharing joy with myelco.ch

Turnover Envelopes & Stationery

(100% = CHF 61.7 m)

Key accounts 40% (PY 39%)

Retail 32% (PY 32%)

Graphic arts industry 20% (PY 21%)

Export 8% (PY 8%)

Privacy is a key issue in dealing with personal data. Although Swiss Direct Marketing AG itself does not own any customer data, the company does receive large data files on a daily basis for the implementation of direct marketing cam-paigns. For this reason, a comprehensive white paper has been drafted to define and refine fundamentals concerning data protection issues. Each staff member must know how to handle this type of data. Privacy is a mindset and must not be mere lip service under any circumstanc-es. Accordingly, extensive and regular training sessions are held to promote awareness in this domain. Pivotal topics include regulatory issues, safe data transmission, data storage, the dele-tion of data, and the secure disposal of misprint waste. This gives our customers the assurance that their data is safe with us and can only be used for the intended purpose.

“Don’t forget what it’s like to be amazed. Otherwise, life

will pass you by.”Daniel Gloor

Laser room, Swiss Direct Marketing AG


Daniel Gloor | Laser room

Do you feel at ease within the company? Very much so! If you work for an innovative, technically advanced enterprise with motivated colleagues, feeling at ease comes naturally.What does vocation mean to you?To have found my place in life. From an occupational point of view: pursuing an interesting, challenging, and enlightening activity that inspires and fulfils me day after day. And from the private perspective: to grow old with my partner and explore many lovely nature trails with our dog.Why is it important for adults to experience amazement, like children do?Being amazed is motivating. It’s exploring and learning new things. This is important at any age. Life passes people by if they forget what it’s like to be amazed.In many respects, the world changes so rapidly that I can’t stop being amazed.Do you consider the Internet to be a positive development?Basically, yes: it is positive and helpful. But as with all digital media, I’m not willing to disclose too many details concerning my private life.Imagine that you’re trapped in a supermarket overnight. Which shelf would you raid first and why?I wouldn’t raid a shelf first but instead try to activate an alarm so I could go home. If this doesn’t work, I would go to the snack department. I love pretzels and flips, and if I have to spend the night there, I’d want to make it as pleasant as possible. Which prejudices do you have?Unfortunately, the word prejudice is almost always associated with something negative. But there are many positive prejudices, too. My personal prejudice is: Spanish vintners make the best wines.


2014/2015 2013/2014

Direct Marketing CHF m EUR m CHF m EUR m


Direct Marketing 16.4 14.6 11.3 9.2

Key accounts 10.6 9.5 6.2 5.1

Converters 1.8 1.6 0.8 0.6

Agencies 2.6 2.3 2.7 2.2

Service providers 1.4 1.2 1.6 1.3

Realignment and new technologiesSince its 2012 realignment process began and thanks to several acquisitions, the Swiss Direct Marketing busi-ness unit has totally repositioned itself as a provider of multichannel direct marketing services. With its “Creat-ing Response” slogan, Swiss Direct Marketing AG stands for the development and implementation of per-sonalized, cross-media direct marketing campaigns. It delivers all services needed to assure the success of campaigns, from the underlying concept and data man-agement to fulfilment. Thanks to the latest technologies in production and specialized software tools for integrated programming in multichannel campaigns, the business unit has generated considerable awareness in its market segment. Today, we are recognized as a competent and leading direct marketing services provider.

Focus on the marketDuring the year under review, we reorganized and refo-cused our marketing and sales activities. Our young and dynamic crew thoroughly understands the needs of our customers. This repositioning effort has resulted in a number of new and prestigious accounts. It has become clear that “multichannel” is the new mantra in direct mar-keting. A few years ago, it was merely a vision. Today, it is practically self-understood that a classic campaign is digitally underpinned. We want to leverage this trend in our quest for success.

Professionalized processesFollowing various acquisitions and the establishment of a new organization, processes have been redefined as well. They are now fully mapped in the SAP ERP soft-ware. All planning measures are performed in a digital cockpit. The synergies achieved by integrating material flows in the high-bay warehouse have already been bearing fruit. Process management is now more reliable and efficient, creating the foundation for sustainable growth.

Fast and efficientDirect marketing is and has always been a fast-track yet highly sophisticated activity. The digital dimension has added a new level of complexity. With our “XmPie” soft-ware, we are in a position to design and cost-effectively implement multichannel campaigns with very short turn-around times.

Further investments in the futureAdditional investment projects have been initiated. Even more efficient production resources will become opera-

tional before the end of the year. They will allow us to keep offering our customers fast and reliable solutions.

New in the network: PP MailingEffective in July last year, when our financial year began, PP Mailing House SA in Givisiez (Fribourg) was acquired within the scope of a successorship plan that included the entire workforce and all production resources. The company was founded some 30 years ago. It has a su-perb reputation and has developed an excellent network in Western Switzerland. Its integration in the group was very successful. In the meantime, we have started offer-ing multichannel direct marketing in Givisiez as well. This creates welcome synergies with the organization based in Brugg. But PP Mailing House will remain an autono-mous business in Western Switzerland. There will be no concentration of technologies, but intensive collabora-tion and a mutual exchange of know-how between both locations is definitely an objective.

Direct marketing is aliveAlthough the world is becoming a more and more virtual habitat, physical mailings still offer a genuinely haptic ex-perience. The levels of personalization will deepen while digital and physical components are combined in per-suasive ways. With its many positive facets, direct mar-keting is the ideal and effective sales tool for today’s and

Realignment and investments are bearing fruit

Hans-Jörg Aerni High-speed digital printing: highly individualized and personalized New personalization system at PP Mailing House SA in Givisiez

tomorrow’s information societies. We feel ideally posi-tioned and are eager to take on the challenges of our customers and of the marketplace with confidence.

Hans-Jörg AerniHead of Envelopes, Stationery & Direct Marketing Divi-sion

Turnover Direct Marketing

(100% = CHF 16.4 m)

Key accounts 65% (PY 55%)

Converters 11% (PY 7%)

Agencies 16% (PY 24%)

Service providers 8% (PY 14%)


Wipf Holding AGIndustriestrasse 29CH-8604 VolketswilTel. +41 44 947 22 20Fax +41 44 947 24 60www.wipfgroup.com

Board of DirectorsChristian Wipf, Küsnacht ZH, Chairman and Executive DirectorMarkus Diggelmann, St. Gallen SGPhilipp Sutter, Bremgarten AGDr. Rudolf Wehrli, Richterswil ZH

Wipf Management AGIndustriestrasse 29CH-8604 VolketswilTel. +41 44 947 22 20Fax +41 44 947 24 60

Group ManagementChristian Wipf, CEOHans-Rudolf Schafflützel,Head of Flexible Packaging Division (FP)Hans-Jörg Aerni, Head of Envelopes,Stationery & Direct Marketing Division (ESD)Bernhard Feusi, Head of Finance (ESD)Werner Werder, Head of Finance (FP)

Wipf Asia Pacific LimitedCaroline Centre28 Yun Ping RoadHong Kong

Wipf AGIndustriestrasse 29CH-8604 VolketswilTel. +41 44 947 22 11Fax +41 44 947 22 [email protected]

Board of DirectorsChristian Wipf, Küsnacht ZH,ChairmanHans-Jörg Aerni, Brittnau AGHans-Rudolf Schafflützel, Lachen SZ

Executive CommitteeHans-Rudolf Schafflützel, CEOOliver FankhauserMalte JonssonWerner WerderOthmar Wohlhauser

Human ResourcesMaya Schulthess

Finance and ControllingWerner Werder

Information TechnologyPatrick Dönni

Wipf Doypak Paketleme A.Ş.Starlife Residenceİstanbul Cad. Ust Kume Sok. No: 2 D:66Kemerburgaz-GöktürkTR-IstanbulTel. +90 212 322 16 98 Fax +90 212 322 16 [email protected]

Elco AGWildischachenCH-5201 BruggTel. +41 56 462 80 00Fax +41 56 462 80 [email protected]

Board of DirectorsChristian Wipf, Küsnacht ZH, ChairmanHans-Jörg Aerni, Brittnau AG

Executive Committee Hans-Jörg Aerni, CEOJohn Zöllin, COO Elco AG Thomas Ziegler, COO Swiss Direct Marketing AGBernhard Feusi, CFO

Finance and ControllingBernhard Feusi

Human ResourcesDaniela Ziegler

Information Technology and LogisticsWerner Ruf

SourcingFabrizio Sommovigo Heidi Pozzato

Research & DevelopmentDaniel N. Zuber

COO Elco AGJohn Zöllin

SalesStefan Hodel (Graphic arts industry)Dölf Sturzenegger (Direct business)Stephan Zehnder (Export)Stephan Zwick (Trade)Gregor Gross (Sales office)Peter Schraner (Sales office)

Marketing & Product ManagementBarbara Buchegger

Production Heinz Berli

PrintingHeinz Acklin

Retailing Marcel Flury

Governance and senior management

Swiss Direct Marketing AGWildischachenCH-5201 BruggTel. +41 56 462 85 00Fax +41 56 462 85 [email protected]


COO Swiss Direct Marketing AGThomas Ziegler

SalesRenato BoltChristian Riziotis (Sales office)

Marketing Marc Reineke

ProductionMichael Anderegg

Information TechnologyDaniel Huber

MarketingKarin Weidmann

SalesMalte JonssonMelanie HauserMichel Schlaepfer

Order ManagementPiero Rapagna

Plant ManagementOliver Fankhauser

SourcingOliver Fankhauser

ProductionAndrea MeolaKarl Mosimann

Research & DevelopmentOthmar WohlhauserGregor KlopferMarkus SchulthessMario SpadinMario ZöbeliFabian Tanner

Quality ManagementKarl Mosimann

RC-Film Co., Ltd7/451 Moo 6, Amata City Industrial Estate Mabyangporn, PluakdaengT-Rayong 21140 Tel. +66 38 9136 98Fax +66 38 9136 [email protected]

PP Mailing House SARoute A.-Piller 33DCH-1762 GivisiezTel. +41 26 466 82 82Fax +41 26 466 78 [email protected]


Executive CommitteeNicolas SauvantJonathan Picco

Finance and ControllingFabienne Gavillet

SalesMarc BoeschLaura Charrière (Sales office)

ProductionJosé Ferreira

Board of DirectorsAnanchat Thangkasemvathana, Bangkok, ThailandChitraporn Tangsuwan, Bangkok, ThailandChristian Wipf, Küsnacht ZHHans-Rudolf Schafflützel, Lachen SZ

Executive CommitteePaolo Rimini, CEO

Wipf Holding AG

Industriestrasse 29

PO Box 235

8604 Volketswil

Switzerland

www.wipfgroup.com

Your Packaging Innovator

Wipfgroup annual report 14 15 eng web version 20151027

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