How to Win Titans Challenges Howrse Codes

Balance sheet (Switzerland) business magazine November No 11 2017

Kaeser de Narp Short Bohli

11
November 2017
CHF 12.
Euro 12.

The Swiss business magazine

LEONTEQ

+
Why the boss
had to go

BKW, RUAG MAN OF


& CO. MONTH

King
Away with the one that flies
Country! Change of
Georges Kern
FINTECH

of Cars
Company patron
Walter Frey

The big hype

Like the Emil Frey Group secretly


rose to become the largest car dealer in Europe

plus 40 pages luxury special


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<wm>10CAsNsjY0MDQx0TUxNDe1tAQAyn6IrQ8AAAA=</wm>
ZENITH, THE FUTURE OF SWISS WATCHMAKING
DEFY I El Primero 21
1 / 100th of a second chronograph

www.zenith-watches.com
Caricature: Peter Gut for BILANZ
BONJOUR

11 | 2017 BALANCE SHEET
3
More
Privacy
it does not work.
And nevertheless
you know me
personally.

Whatever you like about that


Most like to do clouds: The discreet one
and personal service in SWISS
First guarantees you you will
can do undisturbed. Enjoy
A good book in peace,
our excellent la carte menu
or just leave your soul
dangle. Your flight attendant will take care of it
so that you won't go wanting.

SWISS First.
swiss.com/rst
Made of Switzerland.
BALANCE SHEET
State enterprises
in private
Hand? BKW
Boss Suzanne

11/2017
Thoma is for it.
Page 86

50
MAN OF
MONTH. Georges
Core why the
Watch manager too
Breitling switched
and what he was with
the brand intends to do.

40
TITLE. Walter Frey
His Emil Frey Group
is the new king of sales
98 photos: Helmut Wachter for BILANZ, Laif, 13 photos (2)
Cover photo: Dieter Liechti (1), image montage: BILANZ

JOE KAESER. Mr. Siemens All his job


Joe Kaeser spent his life in a European car at Siemens and is still there
trade. The triumph today at the top of the group. In the BILANZ interview
the boss celebrates the way he talks about meeting Donald Trump, confused
of the house: not at all. his ideas for digitization and gives up
optimistic: the world is industrial with everyone
Revolution got better.

10 BALANCE SHEET 11 | 2017
Big Bang Unico Blue Sapphire.
Scratch Resistant Blue Sapphire
Housing. Manufacture's own
BOUTIQUES UNICO chronograph with column wheel.
GENEVE LUZERN ZURICH ZERMATT hublot.com Limited series of 250 copies.
BALANCE SHEET
We want
no 1000-
Franconian clock.
Geoffroy Lefebvre,
Jaeger-LeCoultre

11/2017
START 73 CARD BLANCHE. Hannes Gassert
19 CREDIT SUISSE. Attacker Rudolf about refugees as IT cracks.
Bohli looking for allies. 76 CSEM. The Tftler from Neuchâtel
20 VIKTOR VEKSELBERG. Finally provide the industry with innovations.
once again in the plus with Renova. 82 START-UP. The wearables from Xsensio.
21 NATIONAL BANK. Construction is a secret. 86 GOVERNMENT CORPORATIONS. BKW, Ruag and
21 AS PLEASE? Kurt Sidler on Postfinance: Privatization recommended.
Change of ownership at Musik Hug. 98 TALK. Siemens boss Joe Kaeser
22 MONEY TALK. Lorenz Pauli, about Trump, AfD, digitization and
Children's author. the future of Siemens Switzerland.
24 LIDL. The new real estate manager

68
is a Migros child. INVEST
26 FOGAL. Who of the stocking boutique 104 ETF. The success story of the passive
really turned off the money tap. Investments. And the list of the best
28 BOSSARD. Entry into 3-D printing. Swiss ETFs.
30 SOCIAL MEDIA. The latest project 112 SERVICE. The investment tips from
of the start-up star Dominik Grolimund. Value investor Georg von Wyss.
33 BERND GROHE. The investor 114 INSIDE BAHNHOFSTRASSE. Alstom,
sells his castle on Lake Geneva. Siemens, Straumann, Khne + Nagel.
34 FRANZ HUMER. Million profit
with Kite Pharma. LUXURY SPECIAL
35 CLARIANT. Fusion before the end. 118 NEWS. Tips and trends.
35 NESTL. Daniel Loeb becomes tame. 122 BALLY. The survival artist
36 POWER GRID. Sebastian Kurz. is for sale again.

104
38 GRAPHICS. The SRG. 128 ROLEX. A weakness for architecture.
130 WELLENDORFF. How the cord off
TITLE Gold became a jewelry icon.
40 EMIL FREY GROUP. Walter Frey 133 BULGARI. Courage to try something new.
has 134 MANUFACTURES with its auto dealership. To visit

Photos: Remo Ubezio for BILANZ, Keystone (1); Illustration: Melk Thalmann for BILANZ
placed at the top of Europe. at Swiss craft businesses,
who put luxury on the map.
MAN OF THE MONTH 144 JEWELRY. Bucherer seduces
50 GEORGE'S CORE. After his in water blue and peach pink.
When he switched to Breitling, he reveals what he is 146 HOTEL GSTAAD PALACE. Millions-
with the new brand up front. heavy guests and a 2.5 percent margin.
150 JAEGER-LECOULTRE. Fewer
MARKETS models, but a sharper profile.
60 FINTECH. The storm on the banks is 152 VELOS. Lifestyle on two wheels:

122
blown off. At least in Switzerland. The premium bikes from the automaker.
66 PIONEER. Andrea Pfeifer 156 SPOTLIGHT. The pleasure guide.
develops the Alzheimer's vaccination. 159 AUTO. Mercedes-AMG GT C Roadster.
68 LEONTEQ. Like co-founder Jan Schoch
provoked his sacking.

STANDARDS 3 Bonjour | 15 Editorial | 16 Index / Imprint | 22 The richest | 24 What is it doing? | 30 30 years ago
34 lobby | 90 gadgets | 91 apps | 92 Kowalsky's crash test | 93 reading | 94 Pierin Vincenz | 160 appearance | 162 Best of

12 BALANCE SHEET 11 | 2017
3 D AYS A U TO M AT I C
ACC I A I O - 4 5 M M
(R E F. 6 74)

PA N E R A I. C O M +41 22 580 29 49
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Our pieces of jewelry are inspired by the fascinating inner world of gemstones.
Find out more about the Ancient Path earrings with emeralds at gubelin.com/mysticalgarden

A Swiss family company since 1854


EDITORIAL

To the INTERN


Passion
it matters!
CHAIR CHANGE Why went
he to Breitling? Watch manager
Georges Kern (center) spoke to Dirk
Schtz (left) and Pierre-Andr Schmitt
for the first time about his surprising
the change (page 50).

Dirk Schtz, editor-in-chief

D.
he giant is calm. The puts more than 100 billion Swiss francs
The automotive industry in Switzerland every year, but the public
niche players are currently attracting particular attention
(Tesla) or scandals (VW). That is why we dare in ours
Cover story from page 40 a fresh look: We provide
a company that has been very discreet for the past few years
largest car dealer in Europe. Eleven to
Our estimate is that ZENTRALE will take twelve billion Swiss francs from this
Emil Frey Group every year, the Emil rolls out almost 80 percent of it in the garage
Frey AG Europe's car
Foreign countries. It is controlled from an inconspicuous office in the not very fashionable market. The research
Zurich Altstetten. public? Just not! took place under difficult
Conditions instead of: Patron
The success story clearly shows that family companies are sexy again. She didn't want Walter Frey
think long-term, are run with passion and do not have to speak to Dirk Ruschmann to every trend.
(page 40).
chasing after. Emil Frey is still a thoroughbred example: Patron Walter
Frey, in the second generation at the helm, is completely in charge of the billionaire company
his possession. But even mixed forms are much more successful than anonymized ones
Stock corporations, in which faceless fund managers share their billions
around the globe. The CS recently examined 1,000 family companies
worldwide and came to the conclusion: create listed companies with family dominance
stronger growth, higher profitability and a price increase of 55 percent compared to
About the non-family-dominated stock corporations in the past eleven years.
Photos: Helmut Wachter, Dirk Bruniecki

The only weak point: corporate governance. Family companies secure theirs


Majorities often through special share constructs that the public shareholders
disadvantageous. But just: Because the business is worth it for them, they like to see BAVARIA UNDER YOURSELF as
away. Whether Roche, Schindler, Swatch or Richemont: family stories are ILANZ editor Marc Kowalsky (l.)
B.
grew up in Munich, applies to Siemens
Success stories in this country even with listed companies. Even the big ones together with BMW as an economic
Companies of the future such as Google, Amazon or Facebook count on it: Your success is the economic pride of the city. That has
has not changed until today.
not without the vision, the strong hand and the deep inner obligation of the founders. Now he met Siemens boss Joe Kaeser
conceivable. At the end of the day it's the same as always: it's all about passion! to the interview (page 98).

11 | 2017 BALANCE SHEET 15
INDEX

Person index
IMPRINT
Ringier Axel Springer Switzerland AG
BILANZ, Flurstrasse 55, CH-8021 Zurich
Tel. +41 58 269 22 00.
In order to direct our employees to The following page numbers refer to
call +41 58 269 and the
Numbers in brackets. the first page of the article in which the relevant
Mail editorial office: [email protected]
Mail persons: [email protected]
Person is mentioned.
Internet: www.bilanz.ch
Editor-in-chief: Dirk Schtz (2202) A Germanier, Benedikt, 93 Liebminger, Uwe, 50 Schssel, Wolfgang, 36
Deputy editors-in-chief: Ginesta, Claude, 160 Lindbergh, Peter, 50, 118 Schwab, Klaus, 36
Achermann, Gilbert, 114 Girard, Felix, 160 Lindemann, Thomas, 50 Seven, 40
Marc Kowalsky (2190), Erik Nolmans (2191) Adjani, Isabelle, 146 Gisel, Patrik, 68, 160 Loeb, Daniel, 35 Sidler, Kurt, 20
Member of the chief editor: Aebischer, Matthias, 34 Grainger-Herr, Lscher, Peter, 98 Siegrist, Ulrich, 40
Dirk Ruschmann (2198) Al Thani, Saud, 19 Christoph, 50, 162 Lohri, Adrian, 20 Simpson, Sean, 40
Art Director: Wernie Baumeler (2210) Aldridge, Lily, 117 Greminger, Thomas, 36 Lombardi, Filippo, 36 Slick Rick, 122
Editorial assistant: Jda Hess (2203) Annan, Kofi, 146 Grichting, Pierre-Alain, 118 Lucatelli, Adriano, 60 Spiesshofer, Ulrich, 98, 160
Apel, Hagen-Holger, 112 Grohe, Bernd, Charles, 33 Luginbhl, Bendicht, 160 Spindelegger, Michael, 36
Editor: Philipp Albrecht (2195), Arnold, Sarina, 118
Erich Gerbl (2189), Iris Kuhn-Spogat (2194), Grolimund, Dominik, Lyssy, Rolf, 160 Spoerri, Karl, 160
Atwood, Brian, 122 Len, 30 Sprenger, Reinhard, 93
Pierre-Andr Schmitt (2199), Florence M
Vuichard (Bern, 031 311 32 66) B Grnig, Rudolf, 86 Spuhler, Beatrice, 40
Gurin, Hol, 82 Macpherson, Elle, 26 Steiner, Stefan, 36
Production: Patrick Imper (2209) Babin, Jean-Christophe, Macron, Emmanuel, 36, 98
Gttinger, Moritz, 134 Steinmann, Cary, 122
Graphics: Berit Bisig, Deputy. Art Director (2211), 117, 133 Mder, Christoph, 160
Guieysse, Sophie, 50 Steinmeier, Frank-Walter, 36
Daniel Karrer (infographic, 2213) Bachmann, Ccile, 160 Manz, family, 118 Stssel, Werner, 40
Baumgartner, Markus, 160 H Marburger, Maya, 160
Photo boss: Remo Ltscher (2214) Stoffels, Michael, 134
Beckham, David, 50 Hadid, Bella, 117 Marchand, Gilles, 38
Proofreading: Thomas Basler (2180), Stolle, Wulf, 40
Beer, Manuela, 156 Hller Hess, Judith, 160 Masarwah, Ali, 104
Natascha Fischer (2182), Andreas Ritter (2181) Strache, Heinz-Christian, 36
Bgl, Claude, 24 Hallyday, Johnny, 146 May, Imelda, 160 Sturm, Jan-Egbert, 160
Permanent employees: Behr, Giorgio, 22
Corinne Amacher, Martin Berz, Susanne Borer, Hannesbo, Morten, 40 Megally, Esmeralda, 82 Supp, Achim, 160
Benko, Ren, 36 Hartweg, Michael, 68 Mgret, Dominique, 82 Sutter, Toni, 160
Sonja Brunner, Martin Jakob, Martin Bernegger, Marc P., 60
Kilchmann, Gerd Lhrer, Stefan Lscher, Hauser-Wright, Julie, 160 Meier, Dieter, 22 Swensen, David, 112
Bezos, Jeff, 98 Henderson, Janus, 104 Meister, Adrian, 160 Swizz Beatz, 122
Francis Mller, M ichael Mller, Walter Bischofberger, Sibylle, 114
Pellinghausen, Bernhard Raos, Dirk Rheker Hengartner, Vittoria, 134 Meister, Keith, 35
Blanchett, Cate, 50, 144 Herro, David, 19 Melchior, Axel, 36 T.
(Florida), Claus Schweitzer, Brigitte Ulmer, Blocher, Christoph, 36, 40
Christian Wapp Herz, Michael, 122 Merkel, Angela, 36 Tarantino, Quentin, 146
Blom, Joel, 82 Hess, Hans-Peter, 160 Merz, Hans-Rudolf, 86 Thiam, Tidjane, 19
Online: Mathias Ohanian (2230, Bohli, Rudolf, 19, 60 Hinder, Alex, 104 Millauer, Renate, 26 Thier, Susanne, 36
Editor in Chief Business Network), Breitmeier, Urs, 86 Hhener, Johannes, 60 Millstone, David, 35 Thoma, Suzanne, 86, 160
Complete imprint at www.bilanz.ch, Brutschin, Christoph, 160 Hoehl, Brian, 152 Mitchel, Wendy, 160 Thoma, Walter, 134
[email protected] Brki, Martin, 112 Hoejsgaard, Moskov, Alexey, 20 Tobin, James, 112
Publishing management: Uli Rubner (2021) Burkhalter, Didier, 36 Hans-Kristian, 160 Mhlemann, Stefan, 60 Todt, Jean, 146
Head of Marketing Ringier Axel Springer C Horisberger, Valentina, 160 Mller-Mhl, Carolina, 160 Torres, Juan-Carlos, 50
Switzerland: Stefan Wilberg Huang Sun, Scilla, 122 Mller, Malte, 160 Travolta, John, 50, 146
Cassegrain, Jean, 156 Hug, Matthias, 160 Mller, Michael, 160 Trefzger, Detlef, 114
Brand Manager Business Media: Cassis, Ignazio, 3
Patrizia Serra Hug, Peter, 40 Mller, Raimund, 104 Trump, Donald, 98
Cavolo, Ricardo, 122 Humbert-Droz, Trump, Ivana, 146
Advertisements: Tel. +41 58 909 99 62, Chambers, Christopher, 68 Wolfgang, 160 N Turner, Tina, 40
[email protected] Chipperfield, David, 128 Humer, Franz, 34, 40 Nicollier, Claude, 76
Advertising prices and terms and conditions: www.admeira.ch, Cina, Jean-Michel, 38 Hummler, Konrad, 36 Niederer, Felix, 60 U
Chief Sales Officer: Arne Bergmann Coppola, Pablo, 122 Nouri, Chabi, 50 Ungricht, Christine, 40
Corbat, Roman, 134 I.
Managing Director Publishing: O V
Beniamino Esposito Curti, Beat, 40 Ionescu, Adrian, 82
Ogi, Adolf, 76 van de Wijngaard,
Senior Brand Sales Manager Economic D J Olkhovik, Evgeny, 20 Vincent, 118
media: Renato Oliva, +41 58 909 94 60 Daul, Joseph, 36 Jaitley, Arun, 60 Oppliger, Silvia, 20 Van der Bellen,
International advertising sales: De Coppi, Sandra, 118 Jany, Patrick, 35 Ospel, Marcel, 40 Alexander, 36
+41 58 909 97 66, de Narp, Frdric, 122 Jay-Z, 122 Ottiger, Peter, 160 Vekselberg, Viktor, 20
[email protected] de Weck, Claudia, 22 Jaymes, Karin, 82 Vikander, Alicia, 160
Customer service: de Weck, Roger, 38 Jinping, Xi, 112 P Vincenz, Pierin, 68, 94
[email protected], Dean, David, 28 P. Diddy, 122 Vittoz, Eric, 76
Dehn, Ariane, 104 K Papadopoulou, Reveka, 36 von der Leyen, Ursula, 36
Tel. +41 58 269 25 01
www.bilanz.ch/kundenservice Diez, Willi, 40 Kaeser, Joe, 98 Pauli, Lorenz, 22 von Hardenberg, Carlos, 104
Drig, Rolf, 40 Kahn, Oli, 159 Peserico, Mario, 118 from Karajan, Eliette, 26
Archive: Articles from July 1998: Original issue
Dorigo, Sandro, 68 Kern, Christian, 36 Pfeifer, Andrea, 66 from Matt, Dominique, 160
available at retail price from
Kern, Georges, Monika, 50 Piasko, Jacques, 160 from Veltheim, Nadja, 24
Subscription service, Tel. +41 58 269 25 01.Single E Keys, Alicia, 122 Pierer, Stefan, 36 von Wyss, Georg, 112
Articles can be found at www.swissdox.ch
Ebeling, Thomas, 160 Kidman, Nicole, 26 Pinter, Hildi, 160 Vuille, Jean-Marc, 160
can be ordered (for a fee).
Ebner, Martin, 40 Klingler, Christian, 40 Prll, Josef, 36
Reservations / disposition / printing material: Eggenberger, Jrg, 160 Khler, Cdric, 82 W
Tel. +41 58 909 98 13, El-Khoury, Mario, 76 Kng, Hansruedi, 86 R Wagener, Gorden, 159
[email protected] Enzinger, Sylvia, 24 Knig, Christian, 60 Rey, Werner K., 122 Walpen, Armin, 38
Subscription prices: 1 year Switzerland Fr. 198. Erichsen, Beha, 156 Koltes, Steve, 50 Rhomberg, Franz, Weber, Ren, 50
including VAT, foreign prices on request Kortajarena, Jon, 117 Philipp, 40 Weeks, Mark, 104
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Fankhauser, Philipp, 40 Kremer, Vladimir, 20 Riedo, Daniel, 50 Wellendorff, Christoph,
Appears: 12 times a year
Fehr, Lisbeth, 40 Kretz, Simon, 128 Riklin, Kathy, 36 Claudia, Eva, Georg,
Printing and mailing: Swissprinters AG, Ferla, Louis, 50 Krll, Georg, 24 Rsler, Philipp, 36 Hanspeter, 130
Zofingen Fidler, Graeme, 122 Kubli, Andreas, 60 Rohner, Urs, 19 Wertli, Batrice, 36
Editor: Ringier Axel Springer Figl, Markus, 36 Kmin, Mike, 160 Roth, Daniel, 40 Williams, Michelle, 144
Switzerland AG, Zurich. Announcement Flannery, John, 98 Kunz, Michel, 24 Rufener, Hans-Jrg, 160 Williams, Robbie, 146
of well-known investments in the sense of Fleischmann, Gerald, 36 Kurz, Josef, 36 Ruflin, Lukas, 68 Winter, David, 35
of Art. 322 StGB: Le Temps SA Foster, Norman, 33 Kurz, Sebastian, 36 Rupert, Johann, 50 Witschi, Brigitte, 134
Frei, Thomas, 160 Russi, Bernhard, 40
Frey, Barbara, Emil, L Russi, Martina, 118 Z
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Nora, Walter, 40 Lang, Christian, 160 S Karl-Theodor, 36
Frey, Rainer-Marc, 68 Langseth, Lisa, 160 Samadelli, Stefania, 134 Zubrgg, Fritz, 20
Frick, Aurelia, 36 Lauda, ​​Niki, 36 Sanders, Jasmine, 117 Zuckerberg, Mark, 98
Fricke, Klaus, 40 Lauffer, Urs, 40 Sauber, Peter, 40
Lavrow, Sergei, 36 Schuble, Rolf, Sylvia, 160
G Leblanc, Jim, 146 Schuble, Wolfgang, 36
Gabriel, Sigmar, 36 Lee, Seulgi, 156 Scherz, Andrea, 146
Gadola, Marco, 114 Lee, Yunjo, 144 Schiltknecht, Kurt, 30
Gates, Bill, 60, 98 Lefebvre, Geoffroy, 117, 150 Schmidt, Alexandre, 86
Gehry, Frank, 144 Lopold-Metzger, Schneider, Thodore, 50
Geiger, Michael, 160 Philippe, 50 Schoch, Jan, 68
Gerber, Fritz, 40 Leuthard, Doris, 36 Schrmann, Gerhard, 40

16 BALANCE SHEET 11 | 2017
We hit
happy new ones
Ways one. Their.

Entrepreneurial thinking.
Private banking. efginternational.com
BEGIN

ATTACK Rudolf
Bohli (r.) Wants them
Smash CS
and tries
bound like Saud
Al Thani (l.) And
David Herro.

Agile investment manager at Bohli's attack on the air


line caterer Gategroup together.
But the American doesn't want any
Credit Suisse / RBR The Hedge Fund Attack- Standstill Agreement Signed
Manager Rudolf Bohli on the big bank is bad practice. He has already acted flexible
started. Now he's looking for allies. sam: First he was for the stock market

D.
of the Switzerland business, then presented
he start was poor: men. The CS leadership should oppose some at the beginning of the year
The analysts waved things like moving the In- and de facto killed him with it. The CS
ab, the course moved vestmentbank into a region with
To whom the CS is Herros largest single invest-
belongs to
hardly, and the lower capital requirements The five greatest ment, and with his bosses he can
Look scourged him check, Herro said the financial shareholders so hardly score: In the last
on the front as shameless: Times. Compared to BILANZ rows share share% five years it is about 20 percent
The attack of the eccentric hedge is back: The statement is 1 Harris in the red, the Dow Jones
Fund manager Rudolf Bohli out of context, he was clearly Associates 9.0 * gen by more than 70 percent.
Credit Suisse has been acting against Bohli's plan so far. But since the In- 2 Qatar Holding CS shares will remain this year too
LLC 4.94
a PR gag. terview via podcast at the Finan- im SMI an underperformer, and
3 Olayan Group 4.17
But a glimmer of hope cial times website is available that the big leap in 2018 to
the ex-analyst, who makes exactly this statement about his and there, 4 Norges Bank 4.15 comes to the end of the restructuring,
Photos: Tommaso Mei (1), Getty Images (1)

RBR company new 0.2 percent of the shows one thing above all: the 5 BlackRock 3.40 is unlikely. Bohli is allowed
Big bank holds and with a dexterity Herros. So he uses Bohlis to hope for Herro's maneuverability.
The plan to reduce the pressure on the bank- 27 RBR (Bohli) 0.20 from the other major action
wants to ple: David Herro, head of investments headed by CEO Tidjane Thiam and Quelle: Bloomberg ren are most likely to go to Qatar
* own information; according to
of the US fund Harris Associates and Chairman of the Board of Directors Urs Rohner upright- Bloomberg 5.03 to Saud Al Thani show interest:
according to own information with 9 Pro- to receive. Bohli had Herro in you are layering your portfolio
cent largest single CS shareholder, prior to publication. You can hear Bohli's plans
shows a certain amount of counteractivity, the two of them were already working more precisely. DIRK SCHTZ

11 | 2017 BALANCE SHEET 19
END OF
THIRST TRACK
The exchange runs