Business cycle trends SNB regional network Report for the attention of the Governing Board of the Swiss National Bank for its quarterly assessment of December 2014 Fourth quarter of 2014 The Swiss National BankвЂ™s delegates for regional economic development are constantly in touch with companies from different areas of the economy. This report is based on discussions conducted in October and November 2014 with 226 managers and entrepreneurs on the current and future situation of their companies and the economy in general. The selection of companies differs from one quarter to the next. It reflects the industrial structure of the Swiss economy, based on the breakdown of GDP (excluding agriculture and public services). Regions Central Switzerland Eastern Switzerland Geneva Italian-speaking Switzerland Mittelland Northwestern Switzerland Vaud-Valais Zurich Delegates Walter NГ¤f Urs SchГ¶nholzer Jean-Marc Falter Fabio Bossi Martin Wyss Daniel Hanimann Aline Chabloz Markus Zimmerli Summary Construction: High level of stability Turnover in the construction industry persisted at the high level seen in the preceding quarter. The finishing trade reported slight growth in turnover; structural and civil engineering trended flat. Civil engineering suffered in particular from growing austerity pressures in the public sector. Momentum appears to be levelling off in the residential construction segment. According to this survey, which does not factor in the public sector, Switzerland witnessed further moderate growth in the fourth quarter of 2014, driven mainly by developments in the services sector. In an unusually large number of industries, the weather had a significant and, overall, positive impact on business. Exports continued to see moderate growth. Margins were stable, generally remaining a little lower than the levels considered by respondents to be normal. Services: Business activity dynamic Despite increased uncertainty over geopolitical risks and a number of political developments in Switzerland that are hard to predict, the outlook for real turnover growth in the coming months is still guardedly optimistic. However, this confidence seems to have gradually waned since the beginning of the year. By and large, companies are still cautious when it comes to recruitment and investment planning. Business activity Manufacturing: Momentum virtually unchanged With real turnover only moderately higher than in the previous quarter, momentum in the manufacturing industry remained almost unchanged. As before, about 40% of the companies visited reported a quarter-onquarter rise in real turnover, while another 40% described it as sluggish. A comparison with the prior-year figures shows that business momentum has slowed down perceptibly. The only sector to report turnover growth of a more dynamic nature was the mechanical engineering industry. None of the sectors posted lower turnover than in the preceding quarter. Watchmakers and watch parts suppliers experienced a noticeable downturn in momentum, above all in the medium and high-price segments. This trend is connected in no small degree to a fall-off in demand from China and Russia. The services sector witnessed an upturn in momentum compared with the previous quarter. While just under 40% of the companies surveyed achieved a quarter-on-quarter increase in turnover, 50% reported that turnover had flattened. In an exceptionally large number of industries, the constant whims of the weather had a significant and generally positive impact on business. Business was relatively dynamic for retailers (with the exception of the consumer durables segment), IT companies, the travel industry, facility management services and the hotel trade. The favourable development reported by hoteliers was much broader-based than previously, with not only city tourism but also mountain tourism reporting healthy business volumes. An increase in traveller numbers from the US, UK, China and India was recorded. One sector reporting a slight quarter-on-quarter decrease in turnover was the car trade. Numerous retailers continued to cite the far-reaching impact of the structural change resulting from the growing proportion of online purchases, which is making consumers noticeably more price-sensitive. Individual respondents, mostly in the interior of the country, mentioned a renewed increase in cross-border shopping. The US, China and the Arab countries are among the export markets enjoying relatively high momentum. In Europe, demand from Germany is having a stabilising effect, despite another slight quarter-on-quarter decrease. While the UK is providing some welcome impetus, the signals from France and Spain are very mixed. Broken down by industry, there is sustained strong demand from automakers and the life sciences, medtech and telecom industries. Quarterly Bulletin 4вЂЉ/вЂЉ2014вЂ‚ December 31 CAPACITY UTILISATION Overall, the companies surveyed reported production capacity utilisation as being at normal levels. In manufacturing, companies in the timber processing, plastics and precision instrument manufacturing segments rated capacity utilisation as somewhat higher than normal. Capacity utilisation was reported by food industry businesses as being considerably lower than normal. Respondents in the metalworking industry also stated that capacity utilisation was on the low side. Within the construction industry, utilisation of technical capacity was generally above average, in particular in the finishing trade and the civil engineering segment. With order books still looking healthy but customer acquisition posing more of a challenge, respondents expect slightly lower capacity utilisation overall. In the services sector, utilisation of infrastructure (i.e. primarily office and retail space as well as transport capacity) was reported to be normal overall. In particular, retailers, facility management service providers and R&D companies indicated that utilisation was on the high side. Conversely, despite a slight increase in turnover, hotels and restaurants reported that capacity was significantly underutilised. DEMAND FOR LABOUR Demand for staff still steady Overall, respondents in all three categories вЂ“ manufacturing, construction and services вЂ“ reported that staff numbers were still in line with requirements, which indicates that demand for labour is stable. However, there are still some quite substantial differences between the various industries in their assessment of how appropriate staffing levels are. Staffing policy measures such as weekend work and extra shifts, on the one hand, and planned job cuts and short-time work, on the other, are limited to individual cases. The manufacturing companies surveyed rated their staff numbers as being in line with requirements. The plastics processing and pharmaceutical industries reported that their headcounts were somewhat too low. The process of recruiting staff was generally rated to be as challenging as usual. While the shortage of specialists in manufacturing was seen as slightly more acute than before, the situation in construction appears to be easing to some degree. Engineers, chemists, construction site managers and well-qualified craftspeople are still among the most sought-after specialists. By contrast, many companies continued to report that the level of spontaneous job applications was still high to very high, above all in Ticino and French-speaking Switzerland. Job advertisements also frequently attract a very large number of applications. The time and effort taken up by the selection process is tending to rise. In those instances where staff recruitment was rated as being easier than usual, an increase in applications from people in the banking sector was often cited as one of the reasons. PRICES, MARGINS AND EARNINGS SITUATION Margins stable In all three categories, margins overall were reported as being stableВ compared to the previous quarter. However, they were still considered to be somewhat lower than usual, with almost 40% of companies surveyed arriving at this assessment. A further 40% of companies reported that margins were within the normal range. Where margins could be improved, this is attributableВ not only to costcutting measures and lower commodity prices, but also to isolated price increases and an improved product mix. Profit margins were rated as lower than usual in almost all areas of manufacturing. This is particularly true for the metalworking and machinery industries, precision instrument manufacturers and food producers. Businesses surveyed in the pharmaceutical industry reported margins to be above average. In the coming months, manufacturing companies expect purchase prices to go down slightly, but will be reducing their sale prices even more sharply. In the construction industry, the companies surveyed reported margins to be generally normal in both the main and ancillary segments. The coming months are expected to see lower building raw material prices and a decrease in construction prices. Headcounts are considered appropriate in the construction industry. Within the services sector, IT companies continued to report that staff levels were too low. 32 Quarterly Bulletin 4вЂЉ/вЂЉ2014вЂ‚ December Companies in the services sector rated margins as slightly lower than usual overall. The following segments in particular had to contend with low margins: wholesalers (including the car trade), hotels and restaurants, IT companies and real estate agents. Retailers noted that customers frequently expect products to be priced at similar levels to those found abroad. What is more, owing to the weather, this yearвЂ™s sale season is also starting much earlier than usual. Both effects are putting margins under pressure. BanksвЂ™ margins overall remained slightly below average. The services companies surveyed expect both purchase and sale prices to remain stableВ in the coming months. As in the previous quarters, respondents expect inflation вЂ“ measured by the consumer price index вЂ“ to be stableВ at around 0.3% in the short term (6вЂЉвЂ“вЂЉ12 months) and roughly 1.1% over a longer time horizon (3вЂЉвЂ“вЂЉ5 years). A prime concern among many of the survey participants is the uncertain geopolitical situation. The abundance of political initiatives and developments in Switzerland are another source of worry and are seen as a threat to the hitherto stableВ conditions. In connection with inheritance tax reform вЂ“ another subject that came up frequently вЂ“ respondents from SMEs were concerned about the implications for company succession planning. The topic of exchange rates was mentioned frequently by respondents. Companies from all three categories are appreciative of the planning advantages to be derived from having a minimum exchange rate for the Swiss franc against the euro, but they are also quite aware of the attendant risks for the SNB. OUTLOOK Muted optimism Although the increase in uncertainty observed in the previous quarter is still evident, companies remain relatively confident about the business outlook for the coming months. Levels of optimism have, however, become steadily more muted since the beginning of the year. In the vast majority of industries, respondents expect a moderate rise in turnover in the next six months. Some watchmakers and watch parts suppliers are expecting a slowdown in business though. The construction industry is gradually readying itself for a downturn in the previously very robust building activity. Survey participants in the services sector envisage a marginal increase in headcounts over this time horizon, in particular the trade segment, IT companies and engineering offices. On the other hand, the manufacturing and construction industries are not planning any changes in staffing numbers. Investment plans are still generally very restrained. Any capital expenditure is primarily to increase efficiency and only in rare cases to expand capacity. Quarterly Bulletin 4вЂЉ/вЂЉ2014вЂ‚ December 33 Acknowledgements The SNB would like to thank representatives from some 900 companies that consented to take part in interviews with the delegates for regional economic relations during the course of 2014. In doing so, they have made a significant contribution to the evaluation of economic developments. The companies listed below have agreed that their names may be published: A A. MarchonВ SA. ab ingГ©nieursВ sa. Abacus ResearchВ AG. ABB SchweizВ AG. ABCD CinГ©-DanceВ SA; Carte BlancheВ SA. Abraxas InformatikВ AG. Actelion Pharmaceuticals Ltd. AdaxysВ SA. Addax EnergyВ SA. Adecco. Ad-HГґtelsВ SA. AdunoВ SA. AdvisВ AG. AeschlimannВ AG, DГ©colletages. AFG Management ConsultingВ SA. AfiordigustoВ Sagl.В AgathonВ AG.В AGC Verres IndustrielsВ SA.В AgrovalВ SA. Air DynamicВ SA. Airport Casino BaselВ AG. Albergo Ristorante ConcabellaВ SA. AlbiroВ AG. Alder + EisenhutВ AG. Aldo LeporiВ SA Impresa Costruzioni. AlesaВ AG. Alice AllisonВ SA. Aligro-Demaurex & CieВ SA. Allianz Suisse. AlltitudeВ SA. ALPS AutomationВ SA. Alu Menziken ExtrusionВ AG. Aluminium LaufenВ AG. AMAG Automobilund MotorenВ AG. Amaris Consulting SГ rl. AmeropaВ AG. AmsteinВ SA. Ander GroupВ SA. Andrey TransportsВ SA. Andritz HydroВ AG. Angela BrudererВ AG. AngensteinВ AG. Angst + Pfister Gruppe. AntalisВ AG. AquametroВ AG. Aquila & Co.В AG. architekten : rlcВ ag. ArcolorВ AG. Artisa Group HoldingВ SA. ArviВ SA. Ascenseurs MenГ©treyВ SA. ASSВ AG. Assos of SwitzerlandВ SA. ATBВ SA. Auto EberhartВ AG. Auto KunzВ AG. Auto MartiВ AG. Autoneum HoldingВ AG. avocisВ ag. AXA Winterthur. B B&C SwissВ SA. B+SВ AG. Baechler TeinturiersВ SA. BalestraficВ SA. Baloise Bank SoBaВ AG. BamixВ SA. Banca dello Stato del Cantone Ticino. Banca Popolare di Sondrio (SUISSE). Banca Raiffeisen. Bangerter MicrotechnikВ AG. Bank CIC (Schweiz)В AG. Bank EEKВ AG. Banque Cantonale de Fribourg. Banque Cantonale de GenГЁve. Banque Cantonale du Jura. Banque Cantonale NeuchГўteloise. Banque Cantonale Vaudoise. Banque Cramer & CieВ SA. Banque Pictet & CieВ SA. Banque PrivГ©e Edmond de RotschildВ SA. BГ¤r & KarrerВ AG. BarduschВ AG. Basler Versicherungen. BAUHAG Produkte zum BauenВ AG. Baumann & Cie, Banquiers. BauRentВ AG Ost. Bauwerk ParkettВ AG. Bayer MaterialScience. BDOВ AG. Beck Glatz ConfiseurВ AG. Beckman Coulter. BeiersdorfВ AG. BelcolorВ AG Flooring. Belimed SauterВ AG. BellВ AG. BelloliВ SA. Belotti Moda SportВ SA. Belotti Ottica & Udito. BelvГ©dГЁre Hotels, Scuol. Benninger GussВ AG. Benteler RothristВ AG. Bergbahnen Destination GstaadВ AG. Bergbahnen Engelberg-TrГјbsee-TitlisВ AG. Bergbahnen SГ¶renbergВ AG. BerhalterВ AG. Berndorf LuzernВ AG. Bernensis HotelВ AG, Interlaken. BernerВ AG. Bernerland BankВ AG. Bertholet + MathisВ SA. Best Western Hotel Bristol und BГ¤ren, Bern. BettermannВ AG. 34 Bider und TannerВ AG. Bindella HandwerksbetriebeВ AG. Bindella terra vite vitaВ SA. Binelli & EhrsamВ AG. bio-familiaВ AG. BiokemaВ SA. Bischofszell NahrungsmittelВ AG. BKW EnergieВ AG. Blaser CafГ©В AG. BlГ¤uer Uhren + BijouterieВ AG. Blue Management GmbH. blue-infinity (Switzerland)В SA. Bobst GroupВ SA. Boehringer Ingelheim (Schweiz) GmbH. Bolliger & TanziВ SA. Born InformatikВ AG. Bosch Packaging SystemsВ AG. BossardВ AG. BP Europa SE. BrauchliВ SA. Breitenmoser FleischspezialitГ¤tenВ AG. BricoВ SA. BriltounetВ SA. BringhenВ SA. BrudererВ AG. Brunner & AssociГ©s S.A. B-SourceВ SA. Bucher ReisenВ AG. BГјro Schoch directВ AG. BVZ HoldingВ AG. C C. VanoliВ AG. Cab ProductionsВ SA. CabriO StanserhornBahn. CaГ¬scio CompostВ Sagl. Camillo VismaraВ SA. Candrian CateringВ AG. Canoo. Caran dвЂ™AcheВ SA. Carl SpaeterВ AG. CarthesioВ SA. CasaInvest RheintalВ AG. CГ¤sar BayВ AG. Casino Bad RagazВ AG. CCHE Architecture et DesignВ SA. CDM HГґtels & RestaurationВ SA. CDS BausoftwareВ AG. Centro per la SchienaВ Sagl. Centro Stampa TicinoВ SA. CeramaretВ SA. CeRFiВ SA. CES Creative Electronic SystemsВ SA. Cetra AlimentariВ SA. CGC EnergieВ SA. Chaletbau Matti HoldingВ AG. Chaussures AeschbachВ SA. Chiquita Brands International SГ rl. Chocolats Camille BlochВ SA. Chopard & CieВ SA. Christ und Gantenbein. Christian CavegnВ AG. Christian JakobВ AG. ChromosВ AG. CilagВ AG. CiolinaВ AG. CitrГ¶en (Suisse)В SA. City-GarageВ AG. Clariant. ClarinsВ SA. Cleanfix ReinigungssystemeВ AG. Clear Channel SchweizВ AG. Clientis Bank ToggenburgВ AG. Clientis EB Entlebucher BankВ AG. Clientis ZГјrcher Regionalbank. CodefineВ SA. Colas Suisse Holding. Commerce de fer fribourgeoisВ SA. Compagnie dвЂ™Assurances Nationale Suisse. comparis.ch. Comptoir ImmobilierВ SA. Confiserie SprГјngliВ AG. Construction PerretВ SA. Coop. CoresystemsВ AG. CornГЁr BancaВ SA. Cornu & CieВ SA. Corti Gruppe. CovedisВ SA. CRAI SuisseВ SA. CrГ©ation BaumannВ AG. Credit SuisseВ AG. CremoВ SA. CSD IngГ©nieursВ SA. CSL BehringВ AG. CWS-boco SuisseВ SA. D Dallmayr Automaten-Service (Ticino)В SA. Daniel Jenny & Co. Data UnitВ AG Informatik. DГ¤twyler HoldingВ AG. de Planta et Portier Architectes. Debiopharm Research & ManufacturingВ SA. DelcГІ MobiliВ SA. Delta MГ¶belВ AG. Delta SecurityВ AG. DemomaticВ SA. DГ©nГ©riazВ SA. Dentsply Maillefer. DesinfectaВ AG. Deutsche Bank (Schweiz)В AG. Quarterly Bulletin 4вЂЉ/вЂЉ2014вЂ‚ December Deville Mazout SГ rl. DigicallВ SA. Dipl. Ing. FustВ AG. Direct Mail CompanyВ AG. DolderВ AG. Dottikon Exclusive SynthesisВ AG. Dr. RГ¶thlisbergerВ AG. Dreieck-Transfer Transport und LogistikВ AG. DreierВ AG Transporte Logistik. DSM Nutritional ProductsВ AG. Du Pont de Nemours International S.A. Dubois & DГ©prazВ SA. Duchosal BerneyВ SA. E EAO Group. easyJet SwitzerlandВ SA. Eberhard Unternehmungen. ebi-pharmВ ag. EconisВ AG. EcoplanВ AG. Ed. VetterВ AG. Edelweiss Market. Edilcentro WullschlegerВ SA. Edwards LifesciencesВ SA. EGS SГ©curitГ©В SA. EKUВ AG. ElcoВ AG. Elis Schweiz. EmchВ AG Bauunternehmung. Emch+BergerВ AG Bern. Emile Egger & CieВ SA. EmmeВ SA. emmental versicherung. En.Al. TiВ SA. Engelberger DruckВ AG. Entreprise BelloniВ SA. ErneВ AG Bauunternehmung. Ernest GabellaВ SA. Ernst & Young. Ernst FreyВ AG. Ernst MartiВ AG. Espace Real EstateВ AG. Esplanade Hotel Resort & SPAВ SA. EtelВ SA. Evolva. Ex LibrisВ AG. Exion NetworksВ SA. F F. Hoffmann-La RocheВ AG. F. MurpfВ AG, Transporte und Logistik. FabbriВ SA. Famille Frutiger. Farner ConsultingВ AG. FastlogВ AG. Felss RotaformВ AG. fenaco Genossenschaft. FeroxВ SA. Ferring International CenterВ SA. FerroflexВ AG. Fert & Cie VoyagesВ SA. FestlandВ AG. FG GroupeВ SA. Fiduciaire FidagВ SA. FiedlerВ SA. Fiege Logistik (Schweiz)В AG. FielmannВ AG. FiltroxВ AG. FirmenichВ SA. FirstcautionВ SA. Fischer Precise GroupВ AG. Fisher Clinical Services GmbH. Flughafen BernВ AG. FlumrocВ AG. FNAC (Suisse)В SA Succursale de Lausanne. FolagВ AG. Foncia SwitzerlandВ SA. Fondation Papiliorama. FraisaВ SA. Franke Group. FranscellaВ SA. Fratelli RodaВ SA. Free Time ClubВ SA. Fressnapf SchweizВ AG. FrigerioВ SA. Fritz BrudererВ AG. Fritz StuderВ AG. FT LogisticsВ AG. Funicolare Lugano-Paradiso вЂ“ Monte San SalvatoreВ SA. Fusco ExpressВ Sagl. G Galli Hoch- und TiefbauВ AG. Garage CamenischВ SA. GaraioВ AG. GaraventaВ AG. GarbaniВ AG. GEA Pharma SystemsВ AG. Geberit InternationalВ AG. Gehri RivestimentiВ SA. Geo EdilВ SA. Georg Utz HoldingВ AG. Gfeller + PartnerВ AG. Gfeller ElektroВ AG. Gilles DesplanchesВ SA. GinsanaВ SA. Giovanelli FruchtimportВ AG. GivaudanВ SA. Glaeser WoggВ AG. Glarner Kantonalbank. Glencore InternationalВ AG. Glenmark PharmaceuticalsВ SA. Globe LimoВ SA. Globetrotter Travel ServiceВ AG. GobaВ AG Mineralquelle und Manufaktur. Gonet & Cie. GPA Guardian ProtectionВ SA. Grand Casino LuzernВ AG. Grand HГґtel Zermatterhof. Grande Boucherie du MolardВ SA. Grandi Magazzini Manor SudВ SA. Grands Magasins GlobusВ SA. GranolВ AG. GraphaxВ AG. GraubГјndner Kantonalbank. Gregor Furrer & Partner HoldingВ AG. Grisoni-ZauggВ SA. GrosspeterВ AG. Groupe CGNВ SA. Groupe E ConnectВ SA. Groupe Elsa Mifroma. Groupe LeubaВ SA. Groupe T2i. Groupe Uvavins. GrГјnenfelderВ SA. GTLВ SA. GГјbelinВ AG. H H + R GastroВ AG. H. WellauerВ AG. HacoВ AG. HagerВ AG. HГ¤ring & Co.В AG. Hartchromwerk BrunnerВ AG. Hasler TransportВ AG. Haupt VerlagВ AG. Heineken SwitzerlandВ AG. HeizmannВ AG. Helbling HoldingВ AG. Helsinn HoldingВ SA. HelvГ©CieВ SA. Helvetia Versicherungen. Herzog Bau und HolzbauВ AG. Hess & CoВ AG. Hewlett-Packard (Schweiz) GmbH. HG Commerciale. Hiag Immobilien. Highlight CommunicationsВ AG. HolensteinВ AG. Holy Cow ! Gourmet Burger CompagnyВ SA. Holzbau KayserВ AG. HoneggerВ AG. Hornbach Baumarkt (Schweiz)В AG. HostettlerВ AG. Hotel Beatus, Merligen. Hotel Belvedere Locarno. Hotel Cascada Luzern. Hotel Castell, Zuoz. Hotel Chlosterhof, Stein am Rhein. Hotel ColoradoВ SA. Hotel de la Paix. Hotel des BalancesВ AG. Hotel Eden SpiezВ AG. Hotel Ermitage-Golf, SchГ¶nried. Hotel HeidenВ AG. Hotel ibis ZГјrich City West. HГґtel Intercontinental Geneva. Hotel La CampagnolaВ SA. Hotel Schweizerhof, Lenzerheide. Hotel SempacherseeВ AG. Hotelplan. HT-HoldingВ AG. HUGВ AG. HunkelerВ AG Paper Processing. Hypothekarbank LenzburgВ AG. I IbaВ AG. IBM SchweizВ AG. idГ©Al-prod et idГ©Al eventsВ SA. IFEC ConsulenzeВ SA. IHS GlobalВ SA. Imbach ReisenВ AG. ImmoprogrammВ SA. Implenia SchweizВ AG. Impresa generale PfisterВ SA. IndermГјhle Gruppe, Rekingen. Induni & CieВ SA. Inkasso KГјngВ AG. Inox CommunicationВ SA. Institut StraumannВ AG. Inter IKEA Centre SwitzerlandВ SA. Interiman Group. Interroll HoldingВ AG. Intersport SchweizВ AG. Iseppi FruttaВ SA. ISS SchweizВ AG. Itten + BrechbГјhlВ AG. J JaquetВ SA. Jaquet Technology Group. jasВ AG. Jet Aviation. JL ServicesВ SA. Johann MГјllerВ AG. Johnson Quarterly Bulletin 4вЂЉ/вЂЉ2014вЂ‚ December 35 Controls. Joseph DiГ©mandВ SA. Jowissa UhrenВ AG. Jung von Matt/LimmatВ AG. Jura ElektroapparateВ AG. Jura Materials. Nobel Biocare. Novae RestaurationВ SA. Novartis InternationalВ AG. NOVO Business ConsultantsВ AG. NRS Printing SolutionsВ AG. K O Karl VГ¶geleВ AG. KeigelВ AG. Keller Swiss GroupВ AG. KindlimannВ AG. King Jouet SuisseВ SA. Knecht Brugg HoldingВ AG. KochВ AG. Kongress und Kursaal BernВ AG. Kramer Gastronomie. Kugler BimГ©talВ SA. Kuhn RikonВ AG. KurierZentrale GmbH. Kyburz & CieВ SA. Obrist BauunternehmungВ AG. Obwaldner Kantonalbank. Officine GhidoniВ SA. Ofisa SociГ©tГ© fiduciaire et de Conseils. OLZ & Partners. OmyaВ AG. Otto HofstetterВ AG. L L. Kellenberger & Co.В AG. La gocciaВ SA, pulizie generali. La TipograficaВ SA. Laboratoires Biologiques ArvalВ SA. Landert MotorenВ AG. Landhotel Hirschen, Erlinsbach. Landis BauВ AG. LARAGВ AG. Laubscher PrГ¤zisionВ AG. Laurent MembrezВ SA. Lausanne Palace & SPA 5*. Lehmann HolzwerkВ AG. Lehnherr S.A. Leoni StuderВ AG. Les Boutiques AngГ©lozВ SA. LetвЂ™s Go Fitness HoldingВ SA. Leuchter IT SolutionsВ AG. LGT Bank (Schweiz)В AG. Libreria Il segnalibro Sagl. Liebherr Machines BulleВ SA. LignaturВ AG. ListВ AG. LK InternationalВ AG. LN IndustriesВ SA. Loeb HoldingВ AG. LogbauВ AG. Lombard Odier & Cie. LombardiВ SA Ingegneri Consulenti. LonzaВ AG. LвЂ™OrГ©al SuisseВ SA. Losinger MarazziВ SA. LГ¶tscher TiefbauВ AG. Lotti ImpiantiВ SA. Lucul Production et DistributionВ SA. Luisoni Consulenze ProfessionaliВ SA. Luzerner Kantonalbank. LV-St. Gallen. LWP Ledermann Wieting & PartnersВ SA. M P PanGasВ AG. Papyrus SchweizВ AG. Parietti et GindratВ SA. Parkhotel Bellevue AdelbodenВ AG. Parking RiponneВ SA. Parkresort RheinfeldenВ AG. Parmigiani FleurierВ SA. Partners Group. Pasta RГ¶thlinВ AG. Pastificio SimonaВ SA. PavatexВ AG. PB Swiss Tools GmbH. PerosaВ AG. Perrin HoldingВ SA. Pestalozzi + CoВ AG. Peter EngelochВ AG. PfefferlГ© & CieВ SA. Pfisterer-SefagВ AG. Pharmacie populaire sociГ©tГ© coopГ©rative. Pharmacie PrincipaleВ SA. Pharmacies BENUВ SA. PiccadillyВ SA. Pietro CalderariВ SA. Pilatus-BahnenВ AG. Pini Swiss EngineersВ SA. PME PerspectivesВ SA. PolivideoВ SA. Pollux ReinigungsserviceВ AG. Port-franc de MartignyВ SA. Pouly TraditionВ SA. Prantl BauplanerВ AG. PrГ©totNetВ SA. PricewaterhouseCoopersВ AG. PRO Entreprise sociale privГ©e. Probst MavegВ SA. Procter & GambleВ SA. Proderma BetriebsВ AG. Produits dentairesВ SA. ProjektaВ AG Ingenieure und Planer. ProsegurВ SA. ProtectasВ SA. ProvidaВ AG. Publi AnnoncesВ SA. Q QuickmailВ AG. Maison Dupin. Mammut Sports GroupВ AG. ManorВ AG. ManotelВ SA. ManpowerВ SA. Mars SchweizВ AG. Marti BauunternehmungВ AG. MarvinpacВ SA. MatГ©riaux SabagВ SA. MathysВ AG Bettlach. Max Pfister BaubГјroВ AG. maxon motorВ AG. MCI Group HoldingВ SA. McKinsey. MCL Medizinische LaboratorienВ AG. MedelaВ AG. MedelecВ SA. Media Markt. Meditest VeveyВ SA. Medtronic Europe SГ rl. MenГ©treyВ SA. Mepha SchweizВ AG. Mercedes-Benz AutomobilВ AG. Merlini & FerrariВ SA. MessmerВ AG. MГ©talem S.A. MetalizzazioneВ SA. Metalor TechnologiesВ SA. MetrohmВ AG. Meubles DescartesВ SA. MicarnaВ SA. Michelin SuisseВ SA. MicrosynthВ AG. Migros. Migros BankВ AG Nordwestschweiz. MikronВ SA. Mirabaud & CieВ SA. MIT-GROUP. MГ¶bel PfisterВ AG. MГ¶bel SvobodaВ AG. MГ¶belfabrik WellisВ AG. MГ¶bel-MГ¤rki HandelsВ AG. mobilezoneВ ag. MobiliГЁre Suisse SociГ©tГ© dвЂ™assurances,В Agence gГ©nГ©rale de GenГЁve. Mode Weber. Model EmballagesВ SA. Molini Ticinesi RiunitiВ SA. Mondini EngineeringВ SA. MonnВ SA. Mordasini Maler GipserВ AG. MorgaВ AG. Mori Seiki InternationalВ SA. MPM facility servicesВ SA. MuesmattВ AG Fenster und Schreinerei. MГјller-Steinag HoldingВ AG. Multitime QuartzВ SA. Mundipharma Medical Company. MuttoniВ SA. N Naef HoldingВ SA. Nellen & PartnerВ AG. NestlГ© NespressoВ SA. Neue Aargauer BankВ AG. New RockВ SA. NewaveВ SA. NH Hotel Group. Nidwaldner Kantonalbank. 36 R R. BГјhlerВ AG. R. NussbaumВ AG. Radisson Blu Hotels. Raiffeisenbanken. Ramseier HoldingВ AG. Redinvest ImmobilienВ AG. RГ©gence ProductionВ SA. RГ©gie de FribourgВ SA. RГ©gie du RhГґneВ SA. Regiobank SolothurnВ AG. RegiopressВ SA. Rego-FixВ AG. Reichle & De-MassariВ AG. Reiden TechnikВ AG. ReisebГјro Agustoni. RekagВ AG. RemacoВ AG. RemimagВ AG. Restaurant FloridaВ AG Studen. Retraites Populaires. Retripa. Rhenus Alpina. Rhyner Logistik. ricardo.chВ AG. Richemont InternationalВ SA. Richter-Dahl Rocha & AssociГ©s architectesВ SA. Ricoh SchweizВ AG. Rieter HoldingВ AG. Ristorante Montalbano. Ristoranti Fred FeldpauschВ SA. RitschardВ SA. RittmeyerВ AG. RobatechВ AG. Rolf GerberВ AG. Rolla SP PropellersВ SA. Romande EnergieВ SA. Romantik Hotel Sternen, Kriegstetten. Roth GerГјsteВ AG. Roth PflanzenВ AG. RГ¶thlisberger SchreinereiВ AG. Rotho KunststoffВ AG. RubisВ SA. RuchВ AG. RVA AssociatiВ SA. S S.FacchinettiВ SA. SA di Gestione Shopping Center Morbio Inferiore. SA Vini BГ©e. SABAG HoldingВ AG. SalzmannВ AG. Sandro VaniniВ SA. Sanitas TroeschВ AG. SantexВ AG. SarixВ SA. saw spannbetonwerkВ ag. SB Saanen BankВ AG. SchaltagВ AG. Schenker SchweizВ AG. Schenker StorenВ AG. ScheuchzerВ SA. SchibliВ AG. Schifffahrtsgesellschaft des VierwaldstГ¤tterseesВ AG. SchildВ AG. SchilthornbahnВ AG. Schindler ElettronicaВ SA. Quarterly Bulletin 4вЂЉ/вЂЉ2014вЂ‚ December SchmelzmetallВ AG. Schneider & Cie.В AG. Schoeller TextilВ AG. SchГ¶ni TransportВ AG. Schubarth + CoВ AG. Schulte Gartenbau. Schwyzer Kantonalbank. SecurвЂ™ArchivВ SA. Securitas Gruppe Schweiz. SedelecВ SA. See & Park Hotel FeldbachВ AG, Steckborn. Seeburg HotelsВ AG. Seehotel Hermitage LuzernВ AG. Seehotel WaldstГ¤tterhofВ AG. Seerose Resort & Spa. SefaВ SA. Sefar HoldingВ AG. 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Suiten Hotel Parco Paradiso. SunageВ SA. Sushi ManiaВ SA. Swarovski Gruppe. Swatch GroupВ SA. Swiss HelicopterВ AG. Swiss Life Schweiz. swisspor RomandieВ SA. Swissport International Ltd. SwitelВ SA. SWS MedienВ AG Print. Syntax ГњbersetzungenВ AG. W Waldhaus Flims Mountain Resort & Spa. Walo BertschingerВ AG. Walter MatterВ SA. Walter MeierВ AG. Walter ZooВ AG. WandfluhВ AG. Wanner + FankhauserВ AG. WГ¤scheria Textil ServiceВ AG. weba Weberei AppenzellВ AG. Weiss + AppetitoВ AG. WeledaВ AG. WesaВ AG. WestiformВ AG. WICOR HoldingВ AG. Willy StГ¤ubli Ing.В AG Wasserbau Stahlbau. Winterhalter + FennerВ AG. Wohncenter von AllmenВ AG. WГјest & Cie.В AG. Z Zambon SvizzeraВ SA. Zanini вЂ“ LвЂ™Aristocrazia dei Vini. Zehnder Group. ZenhГ¤usern FrГЁresВ SA. Ziegelei Schumacher. Ziemer Ophthalmic SystemsВ AG. Zindel GruppeВ AG. Zingg TransporteВ AG. ZublerВ AG. Zuger Kantonalbank. ZГјhlke EngineeringВ AG. ZГјrcher Kantonalbank. ZГјrcher LandbankВ AG. ZГјrich Marriott Hotel. ZГјrich VersicherungsgesellschaftВ AG. Zweifel Pomy-ChipsВ AG. T T+RВ AG. TaianaВ SA. Taxi-Phone CentraleВ SA. Teamlog (Suisse) S.A. Tecan GroupВ AG. The Nielsen Company (Switzerland) GmbH. Thermalp les Bains dвЂ™OvronnazВ SA. TMR Transports de Martigny et RГ©gionsВ SA. ToneattiВ AG Bilten. TopnetВ SA. Totsa Total Oil TradingВ SA. TransContinentalВ SA. Treuhand- und Revisionsgesellschaft Mattig-Suter und Partner. Triba Partner BankВ AG. TrisaВ AG. Trumpf MaschinenВ AG. TruvagВ AG. TschantrГ©В AG. Tschopp HolzindustrieВ AG. TschГјmperlin Schuhe + Sportmode. TUI Suisse. Turck DuotecВ SA. U UBSВ AG. UGP Unione Gestori PatrimonialiВ SA. Ulysse Nardin S.A. UnistoВ AG. UPS United Parcel Service (Schweiz)В AG. Urner Kantonalbank. V Vacheron Constantin. Vadian BankВ AG. ValcambiВ SA. Vale InternationalВ SA. Valencia KommunikationВ AG. Valiant BankВ AG. Van BaerleВ AG. VariofilmВ SA. VarioprintВ AG. Vaudoise Assurances HoldingВ SA. Vennerhus WeineВ AG. VerwoВ AG. VetropackВ SA. 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