Annual Report 2020

ANNUAL REPORT 2020
Innovations for a better world.

GROUP REPORT
Bühler Annual Report 2020
2
BUSINESS REVIEW
Chairman and CEO statement 3
Business review 2020 4
Results at a glance 7
Grains & Food 8
Consumer Foods 9
Advanced Materials 10
Regional set-up and development 11
Strengthening our purpose 13
United we stand 15
BUSINESS REVIEW
3
PROVEN RELIABILITY –
BOUNDED OPTIMISM
Dear customers, colleagues,

and business partners,
2020 provided us with the opportunity to prove our reli- of our technologies, processes, and services. It is our com-
ability in critical times to all of our stakeholders: customers, mitment to consider not only economic successes, but the
employees, bondholders, business partners, and owners. preservation of nature and humanity in every decision – it
It was our highest priority to ensure the health of our em- is our ambition to be a best company. This resolution has
ployees and others, while also securing operations, supply provided us direction and the energy, to remain focused
chains, deliveries, and services to our customers. and steadfast despite the many challenges and setbacks
From a financial point of view, we even strengthened posed in 2020, such as the passing of our dear colleague,
our stability by increasing our equity ratio as well as our Dieter Vögtli.
financial reserves. In 2020, our company has turned 160-years young. We
While managing the pandemic, we did not lose sight did not find the time to commemorate this anniversary –
of our true course, which is our purpose of innovating instead, our celebratory energy was dedicated to bringing
for a better world. Our answer to the many challenges our marvelous company through these challenging times
of the pandemic was to keep our innovation rate high. in good health and with the strength to bounce back once
We launched 86 new products, opened new application this crisis is over. This was only possible with the amazing
centers and training centers, and held another Innovation and unfailing support of our employees, customers, part-
Challenge, an internal competition to produce sustainable ners, and the owners.
business ideas. More than 400 ideas were submitted. We look forward with bounded optimism to a return to
After a selection and voting process of over 100 promising profitable growth while creating impact for a better world.
ideas, six were chosen and these teams have begun im- We wish to express our sincere gratitude to our customers,
plementing their inspiring ideas. employees and everyone close to Bühler. Our ability to
As many physical events such as trade shows or cus- remain reliable and to progress is due to your continued
tomer visits had been limited or were even impossible, we commitment and trust. We are excited to working closely
switched to digital tools to keep communication running. with you for years to come, and thank you for the trust you
We learned that many of these new digital practices are are placing in Bühler.
not only a substitute – a great deal of them turned out to
be more efficient and effective compared to their primary
analog. 2020 marked a step change in the digital transfor-
mation of our company.
We attribute our operation results to agility and point- Yours faithfully,
to-point navigation within the context of a clear strategic
framework – our “true north.” In 2020, we started the roll-
out of our new Destination25 strategy wherein we define
our ambition and pathway to create real impact for a better
world and for profitable growth. We are committed to our
goals to reduce energy, water, and waste by 50% in our Calvin Grieder Stefan Scheiber
customers’ value chains by 2025 and quantifying the impact Chairman of the Board Chief Executive Officer
BUSINESS REVIEW
4
REASONABLE PERFORMANCE
UNDER ADVERSE CONDITIONS
Corresponding to the diverse course of the pandemic,

Bühler’s business development showed strong variation
in the markets and regions. As a Group, we gained finan-
cial strength while limiting impact to our performance. We
kept profitability at a reasonable level and increased our
innovation rate. We look into the future with optimism. We
expect a stable trend in the short- and midterm and are
laying the ground for future growth.
BUSINESS REVIEW
5
BUSINESS REVIEW 2020
Managing the Covid-19 crisis has demanded everything By consistently managing cash flow, net working capital
possible from Bühler’s employees and leaders in terms of and costs, Bühler succeeded in increasing net liquidity
flexibility, creativity, and endurance. The top priority was, considering the decreased volume and profitability.
and still is, health and safety – not only of Bühler employees, Driven by diligent finance management, operating cash
but also of our customers and partners. When the crisis first flow jumped from CHF 151 million to CHF 470 million
hit China, we immediately established global and regional (+211%), and net liquidity soared from CHF 449 million
task forces to keep our employees safe and our global to CHF 749 million (+66.8%). In addition, equity ratio im-
supply chain running. We managed to keep the number proved to 44.2% (previous year: 42.8%).
infected employees under control, and thankfully we have
not suffered any fatalities. Robust business results
From day one, securing the supply and services chain On Group level, order intake went down 16.7% to CHF 2.6
was key to maintaining delivery schedules for our custom- billion. Turnover stood at CHF 2.7 billion (-17.0%). Due to
ers. We found solutions for all the challenges we faced strict cost management and margin protection, EBIT (earn-
thanks to our global production network of 33 factories. ings before interest and taxes) amounted to CHF 146 million
Our concept “in the region, for the region” proved to be (previous year: CHF 248 million), reflecting an EBIT margin
very robust and we were able to honor all of our contracts of 5.4% (previous year: 7.6%).
without delays. We benefited from our 100 service stations The 2020 figures are impacted by the development
across the globe, as well as from our standardized process- of currency exchange rates, specifically of the Chinese
es and digital platforms such as myBühler. yuan, euro, and US dollar against the Swiss franc. Adjusted
Whenever possible, we switched to digital solutions to for the impact of the foreign exchange rates, the reduction
ensure continuation of the business and to communicate. of the top-line versus last year was 13%.
Driven by the demand to fill the gap of physical presence, Strategic investments in our infrastructure and R&D
we discovered new, even more efficient procedures. Just (research and development) remained at a high level. The
two of many examples: we commissioned a large wheat expenses for R&D were slightly adapted to CHF 139 million
mill in Ivory Coast (Côte d’Ivoire) using fully remote, digital (previous year: CHF 149 million), leading to an increase
support from experts in Switzerland. relative to Group turnover to 5.2% (previous year: 4.6%).
In May, we organized our first Bühler Virtual World as a This is in line with Bühler’s strategy to be an innovation lead-
digital alternative to the Interpack trade show which could er in its industries. Over the year, we continued to launch
not take place in Düsseldorf, Germany. Visitors experienced new products and solutions, some of them groundbreaking,
our 3D solution space, attended a content-rich live program, such as the new integrated grinding system, Arrius. The first
and entered one-to-one sessions in our virtual conference two Carat 560 die-casting machines were built in 2020 and
zone. In both cases, customer feedback was overwhelming. shipped to a customer in Vietnam. The new solution was
officially launched to the market in a virtual event held in
Gaining additional of financial strength November. For the automotive industry, the Leybold Optics
From a financial perspective, protecting liquidity had the HIS was introduced, which is designed for mass production
highest priority over the course of the year. The goal was of the coating of head-up displays in cars, and the Chro-
to remain independent and strong, while ensuring suffi- meLine for inline sputtering for chrome deposition, which
cient cash to repay the first tranche of the bond in 2021. makes the process more environmentally friendly.
BUSINESS REVIEW
6
BUSINESS REVIEW 2020
Following the vast variety of impacts caused by the

pandemic, the businesses and regions showed strong
variance in performance. Although the overall investment
climate was overshadowed, our Grains & Food (GF) busi-
ness was robust with a limited decrease in turnover of
-7.2% to CHF 1.7 billion, as a result of the ongoing demand
for staple foods. In contrast, Consumer Foods (CF) includ-
ing Chocolate, Wafer, and Biscuits, declined by -25.8%
to CHF 574 million. Advanced Materials had to accept an
even stronger drop of -31.7% to CHF 443 million, caused
by the severe weakness of the global automotive industry.
As a consequence of lower turnover, EBIT went down
by 41.3% to CHF 146 million, corresponding to an EBIT
margin of 5.4% (previous year: 7.6%). With a tax rate of
24.9% (previous year: 19.5%) and a financial result of
CHF 0.3 million (previous year: CHF 2.4 million), net profit
was CHF 110 million (previous year: CHF 202 million).
Along with the divergent course of our businesses, there
was also a shift in regional development with a further big
step towards a leading role of Asia. While all markets suf-
fered from double digit setbacks, Bühler Asia managed to
be quite stable driven by the strong growth of our business
in China. Order intake in China rose sharply by 15% for the
full year. With regard to turnover, Asia now makes up 35%
(previous year: 31%), Europe 30% (30%), North America
16% (16%), Middle East & Africa 11% (14%), South America
5% (6%), and South Asia 3% (3%).
Structurally, Bühler was able to slightly improve the
breadth of its portfolio in 2020. Turnover of Customer Ser-
vice (CS) and the Single Machine Business decreased com-
paratively less, resulting in a rise in share from 30% to 33%
of total turnover. The e-commerce platform myBühler made
a substantial contribution to the CS business. In 2020, the
number of active customers increased from 5,500 to 6,600,
the orders through the system from 12,800 to 16,400, and
the revenue from CHF 41.5 million to CHF 59 million.
BUSINESS REVIEW
7
RESULTS AT A GLANCE
- 16.7%
Order intake
- 17.0%
Turnover
(in billion CHF) (in billion CHF)
3.29 3.27 3.25

3.13
2.80 2.70
2.54 2.61 2.68
2.45
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
+1.4 pp + 66.8%
Equity ratio Net liquidity
(in %) (in million CHF)
46.6 749
44.5 44.2
462 443* 448 449
42.8
42.2
Excluding
*
corporate bond
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 of CHF 420 m.
EBIT
(in million CHF) - 41.3%
Net profit
(in million CHF) - 45.6%
248 202
231 188
173
204
143
174
110
146
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
5.2%
Investments into R&D expenses
- 46.1%
asset base (as % of turnover)
(in million CHF)
5.2
118 4.6
113* 4.4 4.4 4.4
100
71
61 145 149
139
119
109
Excluding changes
*
More about the
in accounting stan- 2020 business year
2016 2017 2018 2019 2020 dards and others. 2016 2017 2018 2019 2020
• – in million CHF
BUSINESS REVIEW
8
Grains & Food
GRAINS & FOOD Order intake*
In 2020, Grains & Food (GF) demonstrated its strength CHF 1.6 billion - 13.9%
with important product launches and winning large proj-
ects, which limited the impact of the pandemic. The pro- Turnover
tein business shine with its best result ever. Overall, order
intake went down -13.9% to CHF 1.6 billion, and turnover CHF 1.7 billion - 7.2%
decreased by -7.2% to CHF 1.7 billion. With the implemen-
*Due to the Group reorganization in 2019, the Consumer Food
tation of innovative solutions such as Mill E3, GF further
area, which was under Grains & Food is now under the Consumer
expanded its position as a technological leader. The stra- Foods business, together with Haas.
tegic partnership with Premier Tech was expanded into a
joint venture.
Digital Technologies (DT) achieved a major milestone customers: The UniLine 5.0 was launched in Europa and
with the strategic partnership of Canada-based Premier Asia and is a breakthrough innovation, ideal for low- and
Tech and Bühler, which was expanded to a joint venture medium-capacity customers looking for standardized pack-
named Bühler Premier Tech (Wuxi) Packaging Machinery ages. RiceLinePro, an in-line sensor for raw and steam rice
Co. Ltd. The companies jointly develop cost efficient, fully- varieties that enables digital quality measurement, was also
automated packaging solutions. Bühler Premier Tech start- launched in 2020. In the grain storage segment, the En-
ed production from Bühler Wuxi in China and has shipped closed Belt Conveyor was launched and installed at a cus-
the first products. tomer plant in the Ukraine. Its fully covered design allows for
DT successfully passed stringent inspections by the US dust emission-free operation and protects the transported
Federal Drug Administration for Laatu, a new solution using grains from moisture and other environmental influences.
low-energy electron beam technology to eliminate food- For GQ, 2020 was also marked by the inauguration
borne pathogens in dry food. A first customer in the North of the new application center for processing, malting, and
American spice market is already working with Laatu. Laatu brewing in Beilngries, Germany. Spread across more than
ensures complete surface microbial reduction while using 1,500 m2, the new center is home to the latest technolo-
less energy. Other highlights in DT were a new digital solu- gies in the field of malting, brewing, and grain storage. This
tion to improve optical sorting for plastics, first orders from a means that grain can be processed through a whole grain
large Italian customer to sort hazelnuts, and the successful handling line and a complete malting line with up to 1.5-ton
launch of a new sorter for the staple food market in Asia. batch size, as well as the dry part of a brewing plant, where
Milling Solutions progressed in installing its first Mill E3 mills and sifting can be tested. This set-up gives customers
for a UK-based customer. Start of production is foreseen the flexibility to either do trials just on one machine or run
within the first half of 2021. Mill E3 is a revolutionary con- complete process lines. It is also equipped with the newest
cept to build a mill, saving around 30% of building volume, monitoring devices to record all necessary parameters and
10% of energy, and 30% of installation time. The back- to give recommendations about yield increase.
ground of these achievements is a new, integrated, and Value Nutrition (VN) enjoyed strong profitable growth
modular design of key components such as the Arrius inte- resulting in its best year ever. The key reason for this is the
grated grinding system. By integrating the drive and switch strong consumer trend toward meat alternatives, triggering
cabinet into the machine, Arrius can be flexibly positioned a boom in the plant-based protein market and its related
and quickly installed. Thanks to the integration of compo- technologies. Bühler offers leading extrusion solutions to
nents and reducing the number of power of data cables manufacture meat alternatives. In our application centers
from around 10 to only three, Arrius can be installed in a on all continents, customers can test new recipes and pro-
third of the time. Arrius was launched in late 2020 in a fully cesses to prepare for industrial production. In 2020, inter-
virtual event attracting nearly 1,000 customers. national food processors have jumped on that
A highlight within its SmartMill and digitalization strat- trend, ordering several large-scale lines. Even
egy, Milling Solutions connected 13 milling units based in under the difficult conditions of the coronavirus
five plants of a US-based customer to our Bühler Insights pandemic, Bühler ensured installation and the
platform, thereby enabling the customer to gain full trans- timely start of production.
parency of its processes with various digital applications VN also profited from positive develop-
and services. ments in the feed markets. With its single screw
More about
In Grain Quality & Supply (GQ), Bühler won all larg- extruder introduced to the market last year, VN Grains & Food
er major malting and brewing projects in 2020. In terms completed its portfolio. Large orders confirmed
of innovation, GQ developed two new solutions for rice the leading position of Bühler in the market.
BUSINESS REVIEW
9
Consumer Foods
Order intake
CHF 549 million - 29.2%
Turnover
CONSUMER FOODS
In 2020, the markets of Bühler Consumer Foods (CF) were
facing severe declines as important points of sales for our
customers, such as duty-free shops at airports, restaurants,
and hotels, broke down to a large extent. The seasonal de-
pendency of consumer behavior also impacted selling. As
a result, the order intake of CF went down -29.2% to CHF
549 million, turnover decreased -25.8% to CHF 574 million.
Due to the countermeasures taken to contain the pandem-

ic, the business development within the segment was very Consequently, Consumer Foods faced a diverse market
diverse. The majority of our customers saw solid volumes environment in which smaller projects have been stopped
in product segments addressing home consumption and or shifted, whereas producers were continuing with bigger
conventional mainstream products, for example in crack- projects for their strategic long-term initiatives. However,
ers, tablet chocolates, mainstream biscuits, and family-size these larger projects could not compensate for the shortfall
packages. By contrast, gifting, and seasonal-related prod- in the small- to midsize business.
uct categories, which are often distributed through flagship One highlight for CF was the continued buildup of a
stores and airport shopping, experienced a sharp decline food complex in Egypt – globally one of the largest food
if not a standstill. A reduction in spontaneous purchases in plants ever built. The state-of-the art food complex includes
supermarkets, such as confectionery products on display bakery, wafer, biscuits, confectionery, chocolate, pasta,
in cashier areas and products for immediate consumption, and milling solutions. This order confirms our positioning
such as ice-cream, also impacted the segment. as a true solution provider to our industries. The first lines
The snack segment was also affected by an increased are already in installation and start of production is planned
number of people working from home. To offer processors to begin in 2021. The whole food complex will be completed
the option to quickly adapt to changing consumer behavior, by 2022.
CF evolved its global application center network to virtual With the launch and go-live of innovative solutions,
product development trails and tests, for products includ- CF demonstrated technology leadership, both for sustain-
ing biscuit, wafer, chocolate, and confectionery. The fact ability and productivity. For a customer in Norway, Bühler
that schools and universities were closed in many parts of build and commissioned the first ultra-low emission coffee
the world led to a swift decline from point-of-sales snacks plant. With the latest Meincke Turbu E tunnel oven Bühler
partly serving as meal replacements, such as cereal, nut, rings in the green transition in the bakery indus-
and protein bars towards more traditional and mainstream try switching from gas to electricity. To meet
snack products, including chips and tortillas. the demand for modular and flexible solutions,
Although some segments showed even stronger vol- Bühler developed together with an international
ume growth compared to the previous year, it was partic- partner a fully new machine concept under the
ularly the missing volume in the premium and high margin name ChocoX. This new equipment allows for
categories which lead to a much stronger impact on our rapid product changes and unlimited process
More about
customer’s profitability. Also, many of those players that configurations for new products with the short- Consumer
were able to increase their sales volume could not show est possible changeover times and improved Foods
this increase in their bottom line. energy consumption.
BUSINESS REVIEW
10
Advanced Materials
Order intake
Turnover
ADVANCED MATERIALS
The markets of Advanced Materials (AM) showed a diverse
development in 2020. Although a further slowdown was
anticipated, Die Casting and Grinding & Dispersing faced
especially difficult market conditions. On the other hand,
Leybold Optics delivered one of its record years. Turnover
was CHF 443 million, which compared to 2019 is a reduc-
tion of 31.7%. Order intake decreased by 7.2% to CHF 453
million. With the continued execution of its innovation road-
map, AM prepared for future growth. The business’s tech-
nology leadership was proven by the German Future Prize,
which was awarded to customers using Bühler equipment.
Irrespective of the challenging business situation, Die Cast- the battery solutions business could not fulfill all expecta-
ing (DC) has rolled out new solutions. The first two Carat tions, the development in Europe was very promising. Here,
560 machines were built in 2020 and shipped to a customer Bühler is part of the community and is the first address in
in Vietnam. In a virtual event held in November 2020, we Europe for high efficiency Lithium-ion battery slurry mixing
presented the latest additions to our die-casting portfolio – systems. With our references at key players in the market,
the new Carat 560 and Carat 610 with locking forces of up we are very well positioned in the Western world.
to 61,000 kilonewton (kN). Additionally, we announced the Bühler Leybold Optics (LO) experienced an excellent
Carat 840 with a locking force of 84,000 kN. year of business increasing orders and turnover to one of the
The Carat 610 is currently the largest die-casting solu- best years in its history. Political, economic, and Covid-19
tion on the market. The Carat 840 will open completely new related impacts have fueled uncertainties but also opportu-
applications, allowing Die Casting to provide cost-effective nities alike, for instance in the telecom and in the high-tech
solutions for even larger parts, such as for 5G antennas and industries, thereby positively affecting market activities, es-
large battery housings for electric vehicles. pecially in Asia. Reasons for the positive development are
The SmartCMS, the brain of die-casting cells that pro- the leading technologies, for instance the precision coating
vides operators with the possibility to view, control, and pro- solution Helios for which we received multiple orders to
gram the entire cell, was introduced to the market in 2019. It produce optical sensors at the wafer level. Furthermore,
is a key component of the digitalization strategy of DC, and LO won one glass coater project for a customer in China.
was installed in our application center in Uzwil in 2020. The Customer Service contributed to the excellent year with big
new Fusion 140 three-platen die-casting platform, offering upgrade projects.
3,500 to 14,000 kilonewton (kN) locking force, closed-loop A highlight of the year was the renowned
control, modular design, and Industry 4.0 capability, was German Future Prize, the German Federal Pres-
released for sale. DC also built on its leading position with ident’s Award for Technology and Innovation,
large orders for its Ecoline S die-casting series of machines which was given to the team of Carl Zeiss SMT,
in China and therefore continued to grow in this region. Trumpf Lasersystems, and the Fraunhofer In-
After a tough first half-year, Grinding & Dispersing (GD) stitute for Applied Optics and Precision En-
achieved a turnaround of order intake by securing two large gineering for an outstanding solution for EUV
plants projects. For an ink producer in Turkey, we will build lithography. Bühler Leybold Optics made a
More about
one of the biggest ink plants in the history of GD. For a major contribution to the project with a highly Advanced
German battery customer, GD will build a pilot plant with specialized system to coat the essential, curved Materials
its unique process solution to mix battery slurry. Although mirrors in the production process.
BUSINESS REVIEW
12
30% Europe
35%
IN THE REGION, FOR THE REGION
Turnover Sales
26 23
6,363 (-4%) offices
Turnover
Employees*
Bühler has systematically localized its resources and Service
offers manufacturing sites, service stations, sales offices, stations 23 31
R&D facilities, and application and training centers across Manufacturing
140 countries. sites

18 6
Application 3,649 (-1 %)
16% centers**
9 Employees*
6
Turnover Highlights
Our customers were overwhelmed by
the event Bühler Virtual World, our virtu-
Asia
al alternative to the canceled trade fair,
North America Interpack. We opened two additional Sales
facilities for serving our customers: A 26 offices 23
Sales unique Malting and Brewing Application
offices 8 Center in Beilngries, and the new fully
875 (+2 %) automated warehouse for wear and Service
Service Employees*
spare parts in Uzwil.
23 stations 31
stations 6
Manufacturing
18 sites
6
Manufacturing
sites 4 11 %
Turnover
Application
Application
3 %
9 centers**
6
centers** 4
577 (-5%)
Turnover Highlights
Highlights Despite challenges brought about by
Employees*
We celebrated the grand opening of Covid-19, our Asia region continued to
our Food Application Center in Minne- perform driven by a strong China busi-
apolis with GO!2020, a groundbreaking
virtual event. Our market presence 5% 456 (+2%) ness with a growth of 15% in newly
booked orders. The fast recovery after
Employees*
strengthened through the integration Turnover
the lockdown was a lighthouse for our
of our sales teams, and expansion of entire organization as well as for all our
our key account management platform. 537 (-3%) South Asia customers globally. Our joint venture
Proximity to our customers was Employees* with Premier Tech has been success-
improved with the addition of the Sales fully set-up and has started operations.
Springdale, Arkansas facility, and the
26 23 offices 7 14
launch of BühlerVision, a digital service Middle East & Africa
product allowing our service techni- South America
cians to provide next-level virtual sup- Sales Service
26
port during a time of travel restrictions. Sales 23 237 offices 31
14 stations 135 15 8
14 offices 5 8
Service Manufacturing
23 Service 31 1813 stations 615 sites 112 2 6
15 stations 12 6
Manufacturing Application
18 Manufacturing
6 91 sites 62 centers** 12 2 4
2 sites
2 4
Highlights
Application Our customers continue to appreciate
9 Application
6 1 centers** 2 our timely support to them, especially 2 4
2 centers** 2 4 during Covid-19 times, thanks to our
=2
020 turnover Highlights pan-Indian Service & Sales network and
Highlights We continued to support our customers the implementation of the digital set-up
share by region Total number of Bühler sites
Following the move of our manufactur- despite heavy travel restrictions and did across the Bühler offices in India.
ing, our sales and administrative activ- the first ever fully remote commission- across the world in 2020:
ities were also transferred to Curitiba ing of a flour mill. After the very tragic
=T
otal 12,457 83 sales offices
and we have consolidated our facilities blast in Beirut, our teams helped the
employees* in Brazil. With our strong service station mills around the harbor to be up again
in 2020 after three days. The new President for 100 service stations
footprint, we were able to support all
compared to our customers across South America the Region Middle East & Africa, Heiko 33 manufacturing sites
during this pandemic, thereby avoiding Feuring, joined the Dubai office in the
12,767 in 2019
any food supply chain shortages. third quarter. 24 application centers**
* FTE (= full time equivalent) ** Bühler has Application & Training Centers in 24 countries, some of which cover multiple industrial applications.
BUSINESS REVIEW
13
BÜHLER − A PURPOSE-LED COMPANY
In 2020, we completed our Destination25 strategy as our Idea Ventures have joined forces to accelerate the suc-
previous framework Bühler2020 came to its end. Taking cess journey of promising start-ups, creating great tasting
the impacts of the pandemic into account, we took the alternatives to animal-derived protein products. Big Idea
chance to not only define our way forward in terms of Ventures, a global venture capital fund, recently launched
markets, regions, and technologies, but also regarding our the New Protein Fund. The fund will invest in and accelerate
purpose. We felt that under these circumstances, we had up to 100 plant-based and cell-based companies globally.
to sharpen our “reason why.” After years of building up an Big Idea Ventures runs four accelerator programs annually
industry-wide global ecosystem to address the impacts of in New York and Singapore. Bühler and Big Idea Ventures
climate change and the growing population, we have taken will work together to build great companies responding to
the next steps to focusing on the solutions to create im- consumer demands for tasty food that is good for them
pact. Destination25 is our pathway for creating real impact and good for the planet.
for a better world. We want to evolve our industries and
ourselves such that every human being can enjoy a good Innovation Challenge 160
life, and have access to affordable, healthy food, and clean To walk the talk ourselves, we kicked off another Innova-
mobility within the boundaries of our planet. tion Challenge – our internal competition to ignite all Bühler
With Destination25, we are putting every single aspect employees to produce new business ideas. As 2020 has
of our company into service toward this task. Our business- marked the 160th year of Bühler, we named the event In-
es have pledged to develop sustainable solutions that en- novation Challenge 160 (IC160). The internal project was
able 50% less energy use, water consumption, and waste in launched with the aim to find the most promising ideas that
our customers’ value chains. With innovative technologies, will help to reduce waste, energy, and water by 50% in our
we design the food of the future with inherent sustainabil- customers’ value chains.
ity. Our value services business will enable us to bring the The IC160 broke many records. More than 7,000
current industry asset base to the next level of efficiency Bühler employees engaged and a total of 418 ideas were
and productivity. By enhancing the skills and agility of our submitted from around the Bühler world. After a first level
employees and customers, we empower our organization of screening, 103 idea teams pitched in front of regional
and partners for the upcoming extensive transformation. It juries in five virtual roadshows. Thirty-three ideas quali-
is our ambition to be a “best company” by balancing the fied for the voting and collaboration stage. Overall, 4,285
demands of nature and humanity with business needs. Not colleagues voted. Eight ideas were selected and moved
to be mistaken, we do not see ourselves as the best com- to the acceleration stage. In November, the IC160 finals
pany, but with this concept have defined our true north. We took place and the eight teams pitched in front of the Ex-
invite all our partners to join this vision. ecutive Board member jury. Six teams were granted the
opportunity to implement their business ideas, among oth-
Expansion of our innovation ecosystem ers, an energy-based recirculation model for paddy and
To this effect, we have further expanded our innovation eco- pulse dryers, a new anti-reflective coating on photovoltaic
system with two important initiatives. We have established glass, and a moisture and temperature control in a cooler
a partnership with Givaudan, the global leader in flavors and for every feed mill.
fragrances, and have built an Innovation Center dedicated
to plant-based foods in Singapore. United we stand – people
The opening of the new facility was delayed due to the Bühler continued to invest into its global network of schools,
coronavirus and is now planned for March 2021. The new training, and excellence centers. The Bühler Cocoa Com-
facility, located at Givaudan’s Woodlands site, will be run petence Center in Abidjan, Ivory Coast (Côte d’Ivoire) was
by the two companies, bringing together a pilot plant fea- opened to support the region with R&D, training, and
turing Bühler extrusion and processing equipment and a services and the aim to increase local processing of raw
kitchen and flavor laboratory by Givaudan. The facility will materials. With the same approach, Bühler established the
be supported by experts from both companies. The In- International Rice Milling Academy (IRMA) at its site in Ban-
novation Center will welcome food processing companies, galore. IRMA offers the world’s first comprehensive Paddy
start-ups, and university researchers looking to develop to Rice Diploma course, a month-long course covering the
novel plant-based food products. Second, Bühler and Big full value chain from paddy to rice. Whereas these new
BUSINESS REVIEW
14
competence hot spots focus on professional qualifications, and employer branding, talent and performance manage-
we are aware that such skills only can flourish when em- ment, strategic recruiting, and Diversity & Inclusion. Irene
bedded into personal capabilities. To foster our corporate Mark-Eisenring has a broad human resources background,
culture in this respect, we have globally rolled out our new with a 20-year record of accomplishment of managing
company values which are trust, ownership, and passion HR projects and holding leading HR roles, primarily in the
(TOP). Two strong examples how we at Bühler aim to live financial industry.
these values were given by our local team in Beirut, Leb- We are extremely happy to have found Irene Mark-
anon, who went the extra mile to secure the food supply Eisenring as an experienced leader and human resources
chain in the country after a major explosion at the capital’s expert for this key function. She is the right personality to
port in August. The second example is our apprentices in shape the future of our work for, and with, our people for
Switzerland, who won eight medals in four categories in the the next phase of our company.
2020 SwissSkills championships. (See the section about
our employees on pages 15–18.) Outlook: bounded optimism
2020 was also marked by a change in leadership in Still being in the midst of the pandemic, we do not expect
Human Resources. Dipak Mane handed over the Executive a fast recovery of markets and a quick return to normal. In
Board function of Chief Human Resources Officer (CHRO) fact, we see a “new normal” arising with far more digital
to Irene Mark-Eisenring. Dipak Mane has significantly con- applications, virtual communication, and remote solutions.
tributed to increasing the market leadership position of In our view, the pandemic not only sped up digitalization but
Bühler over the past decades, holding leadership roles at also the trends towards a bipolar world with the two centers
Bühler since 1992. As a successful business unit manager of power being China and the United States.
building up the business for Bühler in India, he was in- The new Asian agreement Regional Comprehensive
strumental in creating a leading position for Bühler in the Economic Partnership (RCEP) which reflects a third of
market for rice processing technologies, among others. In global trade is a strong step into this direction. Other im-
2015, Dipak Mane assumed the function of CHRO and portant trends which affect our business is the increasing
Member of the Executive Board. He successfully shaped demand of sustainable solutions, be it by CO2 reduced
Bühler’s global human resources strategy over many years emissions, nutritious and healthy food, or clean mobility.
and collaborated closely with Irene Mark-Eisenring so she We are convinced that Bühler is very well positioned
could take over as his successor in September 2020. He even in this volatile market environment. To gain even more
is now pursuing other important management tasks within flexibility and agility, we are continuing to work on our busi-
the organization, supporting the Executive Board. ness excellence, among others by starting the migration of
Irene Mark-Eisenring joined Bühler in 2016 as Head of our ERP (Enterprise Resource Planning) systems onto SAP
Corporate Personnel Development. She has been respon- S/4HANA within the next years. For 2021, we expect our
sible for setting and implementing strategies in the fields of business volume and profitability to stay stable. We are now
global human resources (HR) development, HR marketing laying ground to return to profitable growth.
UNITED WE STAND
Bühler has demonstrated agility by

adapting to changing global circum-
stances while maintaining and strength-
ening our culture of solidarity, care, peo-
ple development, and lifelong learning
for all employees.
Bühler employees united to face the
uncertainties posed by the Covid-19
global pandemic. The top priority for the company has built up as Head of Bühler Group
been the safety and continued development of employees, Asia Pacific. Dieter Vögtli cared
and ongoing training for our customers. Our IT department passionately for his customers, our
increased the capabilities of our global network to ensure employees, and for our company. In
that employees who are able to work remotely could do so. his passing, we lost a great person,
At peak lockdown periods, over 4,500 people around the powerful manager, and close friend.
globe were working securely from home. We adapted to a Executive Board Member, Samuel
culture of virtual meetings and workshops, rolling out new Schär took on the responsibilities
collaboration tools, and embracing what has been a more of the global SAS organization in
inclusive global exchange of ideas. addition to his role as and CEO of
We would like to thank our employees for the resilience Advanced Materials. We are fortu-
and innovative spirit they have shown as they adapted to nate to ensure the continuity of our
what has become a new normal. Covid-19 has taught us global Services & Sales organization
the power of agility, creativity, and solidarity. A special with Samuel Schär, who has been
mention should be made to our colleagues in Beirut who with Bühler since 2002.
went beyond their normal duties to try to avert a food crisis
when an explosion at the Lebanese capital’s port threat- Diversity and inclusion
ened grain supplies. On August 4, the world held its breath For the third year running, Bühler has affirmed its
when it witnessed a massive explosion which destroyed commitment to support gender equality by join-
large parts of the Beirut port including an iconic grain silo, ing with over 100 Swiss-based companies in its commitment
which Bühler had built in the 1970s and was still servicing to improve gender balance in the workplace by 1% year
daily. The large, concrete grain silos appear to have pre- over year. 2020 has seen the continued development of the
vented further devastation of the area by dissipating a great Bühler Beyond Bias workshops launched in 2019. The
deal of energy. Additionally, many food processing and mill- aim of Beyond Bias is to address unconscious bias in the
ing plants at the location had been damaged. Immediately workplace and to help foster an inclusive environment.
after the blast, the Bühler team took action, supporting their With workshops carried out across global locations, every
local partners day and night to secure the food supply chain region was able to tailor the training sessions to address
as quickly as possible. In an inspiring joint effort, the most local cultural circumstances.
important mills and facilities were again in operation after In 2020, 180 participants attended 15 workshops,
only three days. Their resilience during this tragic event il- and 12 new facilitators were certified in Bühler’s Beyond
lustrates leadership in moments of crisis. Bias “Train the Facilitator” program, to support the run-
2020 was also overshadowed by the passing of our ning of the workshops. Due to Covid-19 constraints, these
dear colleague, Dieter Vögtli, in June. Dieter Vögtli was an workshops were adapted from face-to-face to virtual ex-
Executive Board Member, heading the global Services & periences. Bühler has continued to build the partnership
Sales (SAS) organization of the company. He was funda- with the continuous-education program, Women Back to
mental to Bühler’s growth, particularly in Asia, a region he Business, at the University of St. Gallen, Switzerland. The
BUSINESS REVIEW
16
program is designed to help women back into the work-

place after taking a career break. Making sure we regain
talent is part of our success story, and we are pleased to
report Bühler recruited the first return-to-work employee
from the program in 2020.
Bühler published its first Diversity & Inclusion Annual
Report for the year 2019 in early 2020. A 2020 report, which
includes key achievements and plans, is in development.
We also launched an online diversity dashboard, enabling
employees to access specific diversity metrics to support
key performance indicators, and two new e-learning mod-
ules covering inclusivity in the workplace were launched.
Future readiness
Bühler’s Generation B (GenB) movement grew to 700
members and 75 active ambassadors globally. GenB initia-
tive brings employees together to create the company “peo-
ple want to work for.” In 2020, it reached over 1,400 unique
attendances with hybrid events on topics such as climate
change, diversity and inclusion, and knowledge sharing.
GenB has also established long-term change initiatives,
including Women in STEM (science, technology, engineer-
ing, and mathematics), which encourages young women
to pursue STEM subjects, and the SWAP reverse mentor-
ing program where junior and less experienced colleagues
have the opportunity to provide insight and knowledge
to someone more senior and experienced to foster inter-
generational dialogue. GenB often acts as a sounding board
to the leadership, providing feedback on topics such as
how the business will navigate the new normal. GenB also
supports in deploying the Destination25 strategy, linking key
elements of the strategy to the events and initiatives within
the movement.
Virtual learning and talent development

To become a best company, Bühler believes it is crit-
ical to facilitate lifelong learning among all employees,
regardless of their age or what stage of their career they are
at. This is manifested in a global learning initiative launched
in 2020. Bühler is committed to enable all employees to
strive at work, develop the latest skills, and perform tasks at
their best. Key to this is ensuring flexible learning programs
that enable employees to use the most appropriate learning
medium for them at different life stages. Bühler has con-
tinued to develop B-Learning, a state-of-the-art learning
platform designed to deliver a broad spectrum of learning
opportunities through videos, e-learnings, classroom train-
ings, webinars, and mobile apps. Despite the impact of
Covid-19, over 700 internal training sessions were carried
out over the year.
Bühler has continued with its Next Generation Learning
Program, designed to ensure today’s employees have the
skills and knowledge to be able to quickly adapt to new
technologies and economic drivers. Covid-19 has demon-
strated how employee versatility is integral to business re-
silience. The Next Generation Learning Program addresses
how innovation shapes the way employees learn. Bühler is
working with professionals to create training formats that
are short, relevant, engaging, personalized, and mobile, to
meet the needs of the modern learner. We have
also upgraded our Employee Performance Man-
agement System (EPS), designed to ensure employees re- Twelve of our young apprentices participated in
ceive the right career support and help when establishing five disciplines, winning eight medals. They took
targets and developing training plans. home gold, silver, and bronze in the discipline “in-
dustrial designers”; silver and bronze in “automa-
Sales staff development and customer training tion engineers”; bronze in “polymechanics”; and
It is often the frontline staff interacting with customers who gold and silver in the “sheet metal” competition.
need to be most adept at adapting at the same pace as While this is a truly exceptional feat, its foun-
the markets change. This is why, in 2020, Bühler dedicated dation is firmly rooted in our commitment to
resources and time to refreshing and revamping the Bühler training apprentices across the globe and valuing them as
Sales and Service Academy, creating new curriculums and vital contributors to our success. Our apprenticeship system
career paths for employees. has long been implemented in and recognized by many
Bühler’s training focus is not restricted to employees countries, including the US, where tackling the shortage of
but includes customers who attend high-end training pro- skilled workers was a key focus of the Obama administra-
grams at our application and training centers in 24 location. In 2014, Professor – and now First Lady – Jill Biden
tions around the world. Subject experts running the train- visited Bühler Uzwil to see first-hand how we train and pro-
ing programs help customers develop and improve their mote apprentices.
knowledge of Bühler technologies and services. Again, Gratitude is owed to our educational team and all train-
these programs took place in the context of Covid-19, re- ers at Bühler who lay the basis for these achievements in
quiring Bühler to be both versatile and innovative in the their daily dedication to develop young people.
way it leveraged technology to make sure training con-
tinued uninterrupted as travel restrictions started to grip. Succession planning
Training was delivered virtually at all locations. These in- Bühler has several different initiatives to ensure the senior
cluded the milling schools in Switzerland and Kenya, the leaders of tomorrow are nurtured from the best talents from
chocolate training centers in Ivory Coast (Côte d’Ivoire), within and outside Bühler. Now in its fourth year, the Excel-
Indonesia and Switzerland and the International Rice Milling erator Program is designed to develop the specific needs of
Academy in India. individuals to make sure talented employees are first recog-
nized from within the company and then enabled to mature
Vocational training and develop into leadership roles.
Each year, Bühler offers three-and-four-year courses Covid-19 has required us to adapt the program from
across eight different professional fields. In 2020, we pro- a face-to-face to virtual interactions. Employees who are
vided 576 apprenticeships across Europe, North America, showing the most promise are first nominated from across
South America, Africa, and Asia. These apprenticeships all our global operations. Following an assessment program
are based on the Swiss dual-vocational model where stu- 20 candidates are shortlisted. Individual development plans
dents receive a mix of practical and academic training. are drawn up for each participant to build on their strengths
The apprentices are paid during their training and Bühler and develop their leadership capabilities.
also provides tools, books, computers, and uniforms. The Our second management pipeline is the Bühler Interna-
Swiss model is seen as a global benchmark and has been tional Management Trainee Program. Designed to attract
adapted by other countries. The model is evolving as the and develop the best talents leaving universities and busi-
skills needed by employers change and provides Bühler ness schools the three-year program takes trainees and
with a talent pipeline at entry level. More than 70% of ap- fast-tracks them through the Bühler corporate experience.
prentices will go on to have careers with Bühler. They have the opportunity to work with top management on
Bühler apprentices have taken home several med- the Executive Board as well as with regional heads. Within
als in the prestigious 2020 SwissSkills championship,
which is part of the global WorldSkills movement to raise
the ambitions and opportunities of vocational education
and training for young people, employers, and societies.
BUSINESS REVIEW
18
the context of the pandemic, Bühler made the assessment who will be expected to drive a high-performance culture
program virtual within days of travel bans being imposed in which they and their teams are held accountable for their
and selected six candidates out of over 130. The six started results and on how those results are achieved.
with Bühler in the third quarter of 2020. In parallel, we want to enable highly engaged, compe-
tent employees who are driven by our purpose, using dig-
Corporate values ital tools, sharing success and failures, and demonstrating
During challenging times, it is even more important that strong competencies. It aims to facilitate an inclusive culture
we reinforce our corporate values to ensure we live by that embraces diversity, lifelong learning, and career agility
them and that our employees understand the contribution for all generations. Employees will be willing and able to
they make to the organization in terms of the expression continue developing their skills to flexibly adapt to chang-
of those values. Designed to be concise and unambiguous ing circumstances.
our values are encompassed in the acronym TOP, standing Human resources processes will enable our team
for trust, ownership, and passion. Trust relates to integri- members in Human Resources (HR) to work as employee
ty, partnership skills and the credibility required for Bühler champions and to add strategic business value by align-
to form collaborative networks with customers, start-ups, ing with our business leaders and organizational develop-
academia, and NGOs to address global challenges. ment. HR aims to be a role model for global teamwork
Ownership is about taking responsibility for decisions with high professionalism, integrity, financial discipline, and
taken in the interest of our customers, and Passion drives business orientation.
people at Bühler to live their intentions, to learn each day,
and to support others and to drive success. These values Employer branding
were integrated into the Employee Performance Manage- In 2020, Bühler also adapted its approach to employer
ment System in 2020 to make sure they reach deep into branding due to the pandemic. We developed strategies
the organization. to reach prospective employees through a significant in-
crease in social media usage and virtual events. We also
Destination25 launched a globally standardized toolkit for career fairs while
In 2020, the HR Destination 2025 strategy running over 40 virtual career events and live streams.
was launched in line with the Bühler Desti- For the second year running, Bühler is pleased to have
nation25 business strategy. The HR strategy won the prestigious Swiss Leading Employer Award ranking
aims to focus on leadership, our employ- it among the top 1% of nominated Swiss employers.
ees, and our HR function in a bid to pre- At Bühler our sense of purpose, our care for people and
pare Bühler for future challenges. Our win- our family values provide a solid foundation in challenging
ning ambition is to have a diverse group of times. Our aim in Human Resources is to relentlessly fo-
leaders who all express our TOP values and cus on adding business value and ensure our leaders and
are equipped with solid inclusive leadership employees are “future fit.” Together we aim to shape our
competencies for a new era of leadership, culture so that Bühler becomes “a best company.”
GOVERNANCE
GOVERNANCE
Group structure 2
Board of Directors 4
Executive Board 9
Advisory Board (Urs Bühler Innovation Fund) 13
Collaboration principles 18
Compliance 20
Remuneration report 22
Remuneration elements 24
GOVERNANCE
2
GROUP STRUCTURE
Bühler follows international standards of corporate
governance. Its corporate governance activities are based
on the principles of the Swiss Code of Best Practice – an
instrument for clearly defining internal powers and respon-
sibilities and optimally designing the interaction between
the Board of Directors, the Executive Board, and the
Group Internal Audit.
As a non-listed, family-owned, but economically significant pensation Committee and the Audit Committee. The Board of
company, Bühler has decided to pay special attention to Directors has also issued and updated a regulation governing
the design of its corporate governance. As a consequence, the cooperation between the Board of Directors, the CEO/
Bühler’s corporate governance goes far beyond the statutory Executive Board, and the Urs Bühler Innovation Fund.
requirements of Swiss corporate law and incorporates, to a
great extent, the recommendations contained in the “Swiss Bühler remains a family-owned company
Code of Best Practice for Corporate Governance” issued by In 2014, Urs Bühler transferred his shares in Bühler to his
economiesuisse. Bühler’s Articles of Incorporation set the three daughters, Karin, Dr. Maya, and Jeannine Bühler, each
material parameters of the corporate governance system. of whom owns a third of the company. For the three sisters,
continuity is the top priority, as they want to build on the
The Articles of Incorporation are complemented by Bühler’s strengths and values of Bühler. They continue to maintain
Organizational Regulations, which further specify the respon- optimal general conditions for the company to operate in: a
sibilities, competencies, and regulations of the governing bod- stable shareholder structure, a long-term orientation, steady
ies of the company. Unless prescribed by law or the Articles of company management that is not subject to the constraints
Incorporation, the management is delegated by the Board of of quarterly reporting – but nevertheless a management style
Directors, with the power to subdelegate to the Chief Execu- pursuing business success. The three owners are represent-
tive Officer, the Executive Board, and its members. Separate ed on the Board of Directors and act in one unified voice in
charters specify the organization of the Nomination and Com- relation to company issues and decisions.
GOVERNANCE
3
BOARD OF DIRECTORS
Chairman Nomination and Compensation Committee Audit Committee
Calvin Grieder
Dr. Konrad Hummler Frank N.J. Braeken Ruth Metzler-Arnold (Chairwoman) ²
Linda Yang (Chairman)
Jeannine Bühler Dr. Maya Bühler
Stefan Scheiber ¹ Karin Bühler
Clemens E. Blum
Rainer E. Schulz
EXECUTIVE BOARD
CEO
Stefan Scheiber
CFO Grains & Food Consumer Foods Advanced Materials

Dr. Mark Macus Johannes Wick Germar Wacker Samuel Schär
CTO Manufacturing, Logistics Human Resources Services & Sales

Dr. Ian Roberts & Supply Chain Irene Mark-Eisenring Samuel Schär
Dr. Holger Feldhege
BUSINESSES
Grains & Food Consumer Foods Advanced Materials
Grain Quality & Supply Bakery Die Casting
Milling Solutions Wafer Leybold Optics
Value Nutrition Biscuit Grinding & Dispersing
Digital Technologies Chocolate & Coffee
Confectionery
Non-food
REGIONS
North America Europe Asia
South America Middle East & Africa South Asia
URS BÜHLER INNOVATION FUND

Founder Chairman
Urs Bühler Dr. Ian Roberts Prof. Dr. Edward S. Steinfeld Dr. Matthias Kaiserswerth
Peter Stähli Dr. Mark Macus Prof. Dr.-Ing. Werner Bauer Prof. Dr. Lino Guzzella Hal Gurley ³
¹ Effective from Aug. 28, 2020 ² Resigned effective Feb. 2021 ³ Stepped down as per Dec. 31, 2020
GOVERNANCE
4
BOARD OF DIRECTORS
Dr. Konrad Hummler 02 Calvin Grieder 01
Dr. Maya Bühler 04 Stefan Scheiber 11 Karin Bühler 06
Frank N.J. Braeken 03 Jeannine Bühler 05 Rainer Schulz 07
Ruth Metzler-Arnold 10 Clemens Blum 09 Linda Yang 08

GOVERNANCE
5
BOARD OF DIRECTORS
01 02 03
Calvin Grieder Dr. Konrad Hummler Frank N.J. Braeken

Chairman Member of the Board Member of the Board
Calvin Grieder has held various exec- Dr. Konrad Hummler graduated in Law Frank N. J. Braeken graduated with a
utive positions at Swiss and German from the University of Zurich and in Eco- degree in Law and holds an MBA de-
companies active in the areas of control nomic Science from the US University of gree in Finance from the University of
technology, automation, and system Rochester. In the eighties, he acted as Leuven (Belgium). He is an alumnus of
engineering. In these roles, he was pri- the personal assistant to the Chairman the Wharton Executive Program, Penn
marily responsible for successfully es- of the Board of Directors of what is now University (Philadelphia / US). In his
tablishing and expanding international UBS, Dr. Robert Holzach. From 1991 professional career, he has specialized
business. In 2001, Calvin Grieder moved to 2012, he was Managing Partner with in finances and general management.
from Swisscom to Bühler Group, where unlimited liability of Wegelin & Co. Pri- From 1996 to 2013, he held various
he acted as CEO for 15 years. In Febru- vate Bankers (St. Gallen). In addition to management functions in different
ary 2014, he was elected Chairman of his bank activities, he was a member of countries for Unilever, including a posi-
the Board of Directors of Bühler Group the Board of various companies, includ- tion as Group Vice President of Unilever
and named to the Board of Directors of ing Neue Zürcher Zeitung (NZZ), Swiss China (Shanghai), Executive Vice Pres-
Givaudan, becoming Chairman of the National Bank (SNB), or the German ident of Unilever Namca (Dubai / UAE),
Board in 2017. In 2020, he was named Stock Exchange. Dr. Konrad Hummler and Executive Vice President of Unile-
Chairman of the Board of Directors of heads the M1 AG, a private think tank ver Africa (Dubai / Durban). After leav-
Société General de Surveillance (SGS). dealing with strategic issues of current ing Unilever, Frank N. J. Braeken acted
Other roles of his include, Chairman of interest, and is Chairman of the Board as investment advisor and investor for
the Board of Directors of AWK Group, of Private Client Bank in Zurich. Dr. large-scale agro and food enterprises
member of the Advisory Board of the Konrad Hummler was appointed as a on the African continent. From 2016 to
ETH, Department of Mechanical and Member of the Board of Bühler in 2010 2020, he was elected Chairman of the
Process Engineering, as well as Mem- and as a Chairman of the Nomination Board of Feronia Inc, a Toronto-listed
ber of the Board of Trustees of Avenir and Compensation Committee in 2016. palm oil producer in Africa. Frank N. J.
Suisse. Calvin Grieder has been edu- He is strongly committed to cultural and Braeken is also a non-executive Board
cated at the ETH in Zurich (Master of social projects. Dr. Konrad Hummler Member of Marie Stopes International,
Science) and completed his Studies at was born in 1953 and is Swiss. AGRA and AECF, all non-profit organi-
the Harvard University Boston (AMP). zations, as well as of Black Volta Ven-
He is a citizen of Switzerland and was tures and Zambeef. He was elected to
born 1955 in the USA. the Board of Directors of Bühler in 2014.
Frank Braeken was born in 1960 and
is Belgian.
GOVERNANCE
6
BOARD OF DIRECTORS
04 05 06
Dr. Maya Bühler Jeannine Bühler Karin Bühler

Member of the Board Member of the Board Member of the Board
Dr. Maya Bühler studied Veterinary Sci- After successfully completing her fed- After obtaining her university entry
ence at the University of Zurich. After eral vocational matriculation certificate qualifications, Karin Bühler acquired a
completing her studies, she held vari- and passerelle (supplementary exam degree in Marketing. Following several
ous positions in the horse surgery de- certificate) in St. Gallen, Jeannine Bühler activities in the fields of marketing, com-
partment of the animal hospital in Zurich was awarded a Bachelor of Arts degree munications, and equestrian sports,
and became a Veterinary Specialist for from the University of Zurich. She later she became General Manager of Horse
Horses (FVH) in 2012. At the beginning received a Master of Arts in Social Sci- Vision AG as the owner in 2008. She
of 2013, she became the owner and ences majoring in journalism, commu- has been with Uze AG since 2011, first
Managing Director of the company nication sciences, and political science. as Manager Marketing, then as member
Pferdeklinik Thurland in Uzwil. Dr. Maya Following completion of her studies, of the General Management in charge
Bühler was re-elected to the Board of she joined the development organiza- of Human Resources & Marketing, and
Directors of Bühler in 2017. Dr. Maya tion Helvetas Swiss Intercooperation. from 2014 to 2020 as General Manager.
Bühler was born in 1981 and is Swiss. From February 2018 to March 2020, In 2020, Karin Bühler was elected as a
Jeannine Bühler acted as an Asset member of the Board of Directors and
Manager for Swiss Prime Site Immobil- as an Executive Board Member of Uze
ien AG. Jeannine Bühler was elected to AG. Karin Bühler was re-elected to the
the Board of Directors of Bühler in 2016. Board of Directors in 2017. Karin Bühler
Jeannine Bühler was born in 1986 and was born in 1978 and is Swiss.
is Swiss.
GOVERNANCE
7
BOARD OF DIRECTORS
07 08 09
Rainer Schulz Linda Yang Clemens Blum

Member of the Board Member of the Board Member of the Board
After obtaining his degree in Production Linda Yang holds Bachelor’s degrees Clemens Blum has a degree in Elec-
Engineering, Rainer Schulz first held in both Mathematics and Business / tronic Engineering from Furtwangen
various materials management and Finance from Nan Kai University (Tian- University (Germany) and Business
production supply chain positions in the jin, China). She graduated from the Management from Pforzheim Universi-
electronics and mechanical engineering Executive MBA program at the China ty (Germany). After holding various po-
industries. Since 1995, Rainer Schulz Europe International Business School sitions in sales in different companies,
has acted as head of production and (CEIBS) in 2009. Following various he joined the Swiss Industrial Group
later on as general head of purchasing assignments in China in the fields of (SIG) as Sales Director of SIG Positec
in charge of global procurement at the consumer insight, consulting, and mar- Automation in 1992 and was promoted
jet engine manufacturer BMW Rolls- keting, at companies such as Procter to General Manager in 1997. In 2000,
Royce AeroEngines. In 2001, Rainer & Gamble (China) Ltd., she acted from Schneider Electric acquired the SIG
Schulz moved on to the global REHAU 2001 to 2004 for Nestlé (China) Ltd. as Positec activities from SIG, and Cle-
Group. As Chief Operating Officer, he Head of Consumer Insight. Since then, mens Blum then took on various ex-
was first in charge within the context she has been the General Manager of ecutive positions within the Schneider
of the company management of the BSI (Tianjin) Foods Co. Ltd., a subsid- Electric Group. From July 2010 until
engineering, production, and materials iary of Savencia Fromage & Dairy (pre- December 2016, he acted as Executive
management functions. In 2010, Rainer viously known as Bongrain SA) in China. Vice President of the industry business,
Schulz was appointed Chief Executive Thanks to her experience and training, located in Foxborough (Massachusetts
Officer of the REHAU Group, holding Linda Yang has a proven understanding / US) for two years. Until his retirement,
this position up to mid-2018. Rainer of the Chinese market. She has been a Clemens Blum was responsible for
Schulz was appointed to the Bühler Member of the Bühler Board of Direc- specific merger and acquisition strat-
Board of Directors in 2019. He is a tors since 2014. Linda Yang was born egies and key executive customers in
member of the Board of Directors of in 1971 and is Chinese. the industrial automation market. He
Eisenmann SE (DE) and RUAG Inter- currently supports international private
national Holding AG, where he is also equity companies. In April 2018, he was
Chairman of the Nomination & Com- appointed by one of those companies
pensation Committee. He was called to the Advisory Board of Laird Connec-
as Member of the Advisory Board of the tivity, Ohio / US, a manufacturer of pro-
German Röchling SE & Co KG in June fessional Wi-Fi, antenna and IoT plat-
2020. Rainer Schulz is a Swiss national form technologies. In January 2020, he
who was born in Germany in 1965. was also appointed to the Supervisory
Board of Rafi GmbH & Co.Kg, Germany,
a leading supplier of Human Machine
Interface Technology. Clemens Blum
was elected a Member of the Board
of Bühler in December 2015. Clemens
Blum was born in 1955 and is German.
GOVERNANCE
8
BOARD OF DIRECTORS
10 11
Ruth Metzler-Arnold ¹ Stefan Scheiber

Member of the Board Chief Executive Officer,
Member of the Executive Board
Ruth Metzler studied Law at the Univer- Stefan Scheiber graduated in Business
sity of Freiburg i. Ue. and is a Federally Administration from the University of
Certified Auditor. From 1990 to 1999, Applied Science in St.Gallen and later
she was active for Pricewaterhouse- continued his education at the Institute
Coopers in St. Gallen. In addition, she IMD Lausanne and the Harvard Busi-
was a member of the Cantonal Gov- ness School. Stefan Scheiber started
ernment of Appenzell IR (Director of his career at Bühler in 1986 and has
Finance) for three years. From 1999 to spent more than 30 years with Bühler in
2003, she was member of the Swiss different functions. From 1988, he has
Government and headed the Federal worked in various international manage-
Department of Justice and Police. Ruth ment positions within Bühler worldwide,
Metzler then held leading positions at including East and South Africa, East-
Novartis and was a member of the ern Europe, and Germany. In 1999, he
Board of SIX Group. Ruth Metzler is took charge of the Brewing/Malting and
Chairwoman of the Board of Switzer- Rice business units and thereafter, as-
land Global Enterprise, FehrAdvice & sumed overall responsibility for Bühler
Partners AG and the foundation of the in Germany. From mid-2005, Stefan
Pontifical Swiss Guard. She is Deputy Scheiber headed the Sales & Services
Chairwoman of AXA Switzerland and a division as a Member of the Executive
Board Member of Reyl & Cie SA, and Board. In 2009, he was assigned Divi-
the Swiss Medical Network SA, among sion Manager of the Engineered Prod-
others. Ruth Metzler was elected as a ucts Division which he reorganized into
Member of the Board of Bühler in De- the Food Processing and the Advanced
cember 2011 and as Chairwoman of Material divisions. He led the Food Pro-
the Audit Committee in February 2014. cessing division as of 2009. In 2014, he
Ruth Metzler-Arnold was born in 1964 integrated the Food Processing and the
and is Swiss. Grain Processing divisions, creating the
Grains & Food business, which he led
until 2016. Stefan Scheiber was ap-
pointed CEO of the Bühler Group on
July 1, 2016 and as a Member of the
Board of Directors on August 28, 2020.
He is a Member of the Board of Direc-
tors of the Kistler Group and a Member
of the Executive Committee of Swiss-
mem. Stefan Scheiber was born in 1965
¹ Resigned effective Feb. 2021 and is Swiss.
GOVERNANCE
9
EXECUTIVE BOARD
Dr. Mark Macus 02 Stefan Scheiber 01
Samuel Schär 03 Dr. Holger Feldhege 06 Dr. Ian Roberts 07
Germar Wacker 05 Irene Mark-Eisenring 08 Johannes Wick 04

GOVERNANCE
10
EXECUTIVE BOARD
01 02 03
Stefan Scheiber Dr. Mark Macus Samuel Schär

Chief Executive Officer, Chief Financial Officer Chief Services & Sales Officer – Group,
Member of the Board of Directors CEO Advanced Materials
Stefan Scheiber graduated in Business Dr. Mark Macus graduated with a PhD After obtaining a diploma as a Physics
Administration from the University of in Business Administration from the Uni- Engineer from the Swiss Federal Insti-
Applied Science in St.Gallen and later versity of St.Gallen with an exchange tute of Technology in Lausanne (EPFL)
continued his education at the Institute at the Wharton School of the University and accumulating three years of expe-
IMD Lausanne and the Harvard Busi- of Pennsylvania. Later he earned his rience with the consultancy McKinsey,
ness School. Stefan Scheiber started certification as a Swiss Certified Public Samuel Schär joined Bühler in 2002.
his career at Bühler in 1986 and has Accountant. Prior to his employment He took charge of the Nanotechnolo-
spent more than 30 years with Bühler in as Head of Corporate Controlling at gy business unit in 2005. From 2009
different functions. From 1988, he has Bühler in 2013, Dr. Mark Macus held to 2012, he bore overall responsibility
worked in various international manage- management positions at KPMG and for the Grinding & Dispersing business
ment positions within Bühler worldwide, the Holcim Group. In 2018, he joined area. Samuel Schär has headed the Ad-
including East and South Africa, East- the Vitra Group as Group CFO, before vanced Materials business since 2013
ern Europe, and Germany. In 1999, he returning to Bühler and assuming the and was appointed CEO of Advanced
took charge of the Brewing/Malting and role of Group CFO as of September 1, Materials as of September 2014. In
Rice business units and thereafter, as- 2019. He is a member of the Board of addition to his responsibility as CEO of
sumed overall responsibility for Bühler Corvaglia Group and Vice Chairman of Advanced Materials, he took up the
in Germany. From mid-2005, Stefan the Board of Spital Bülach AG. Dr. Mark role of Chief Services & Sales Officer –
Scheiber headed the Sales & Services Macus was born in 1972 and is Swiss. Group in June 2020. Samuel Schär was
division as a Member of the Executive born in 1975 and is Swiss.
Board. In 2009, he was assigned Divi-
sion Manager of the Engineered Prod-
ucts Division which he reorganized into
the Food Processing and the Advanced
Material divisions. He led the Food Pro-
cessing division as of 2009. In 2014, he
integrated the Food Processing and the
Grain Processing divisions, creating the
Grains & Food business, which he led
until 2016. Stefan Scheiber was ap-
pointed CEO of the Bühler Group on
July 1, 2016 and as a Member of the
Board of Directors on August 28, 2020.
He is a Member of the Board of Direc-
tors of the Kistler Group and a Member
of the Executive Committee of Swiss-
mem. Stefan Scheiber was born in 1965
and is Swiss.
GOVERNANCE
11
EXECUTIVE BOARD
04 05 06
Johannes Wick Germar Wacker Dr. Holger Feldhege

CEO Grains and Food CEO Consumer Foods COO, Manufacturing, Logistics &
Supply Chain
Johannes Wick joined Bühler in 2014 After receiving a degree in Business Dr. Holger Feldhege studied Business
and took over the management of Grain from the University of Regensburg, Ger- Administration and holds a PhD in Pro-
Milling, the largest business area. He many, and a master’s degree in Busi- duction Management. He has extensive
has led the Bühler Grains & Food business Administration from Murray State experience in the sales and service
ness since April 1, 2016. Before joining University, US, Germar Wacker began business as well as production, en-
Bühler, he worked for more than 20 his professional career in the automo- gineering, and logistics. He worked
years in different management positions tive industry at Daimler Chrysler AG. In in various management positions at
in the energy and infrastructure sector 2000, he moved on to the Canadian Mannesmann and ThyssenKrupp Ele-
at ABB, ABB Alstom Power, Iberdrola, rail vehicle manufacturer Bombardier vator, spending nearly 8 years in Asia.
and Alstom. Johannes Wick earned a Transportation, where he held executive Upon his return to Germany in 2010,
Master’s degree in Engineering at the positions in the areas of restructuring, Dr. Holger Feldhege took on the po-
ETH in Zurich with an exchange at the operations, project management, and sition of CEO Manufacturing for the
Technical University in Madrid. He ex- service. From 2010, he was responsi- business unit Central, Eastern, and
panded his knowledge with an MBA ble for several divisions of the group, Northern Europe and later Senior
from IESE in Barcelona with an ex- sustainably expanding its international Vice President Manufacturing Eleva-
change at Sloan Management School market position. Among other things, tor for the worldwide group. In 2014,
of Business at the Massachusetts In- he was also Chairman of the Super- He joined Bühler as Head of Manu-
stitute of Technology (MIT) in Boston. visory Board of Bombardier Transpor- facturing & Logistics. In 2017, he was
Johannes Wick was born in 1969 and tation Austria. From September 2017, named Chief Operations Officer re-
is Swiss. Germar Wacker was CEO of the Haas sponsible for Manufacturing, Logistics
Group, which became part of the Bühler & Supply Chain. Dr. Holger Feldhege
Group in January 2018. He has led the was born in 1968 and is German.
Consumer Foods business at Bühler
since January 2019. Germar Wacker
was born in 1970 and is German.
GOVERNANCE
12
EXECUTIVE BOARD
07 08
Dr. Ian Roberts Irene Mark-Eisenring

Chief Technology Officer Chief Human Resources Officer
Dr. Ian Roberts graduated in Chemi- Irene Mark-Eisenring graduated in Busi-

cal Engineering and obtained a PhD in ness Administration from the University
Process Engineering from the Universi- of Applied Sciences in St. Gallen, Swit-
ty of Wales (Great Britain). From 1997 zerland. She expanded her studies with
to 2009, he held various management additional diplomas in personnel man-
positions at Nestlé, focusing on inno- agement, profiling, psychology, and
vation and business development. He project management. Mark-Eisenring
has been Chief Technology Officer at has a broad human resources back-
Bühler since 2011. He has been par- ground and extensive experience in
ticularly active in driving the cultural human resources leadership and proj-
change program towards collaborative ects, primarily in the financial industry.
innovation, the sustainability mission, From 1996 to 2016, she held various
the digital transformation, and the en- human resources leadership roles at
try into new business sectors. He is UBS Investment Bank and UBS AG in
Co-chairman of the Evaluation Board of Zurich, Switzerland, and has lead proj-
the Wyss Institute Zürich and President ects in different countries, such as Lon-
of MassChallenge Switzerland. Dr. Ian don, UK. She joined Bühler in 2016 as
Roberts was born in 1970 and is British. Head of Corporate Personnel Develop-
ment. In that role she was responsible
for setting and implementing strategies
in the fields of global human resources
development, strategic recruiting, and
Diversity & Inclusion. She is also on the
Board of the local Business & Profes-
sional Women Network Eastern Swit-
zerland. In 2020, she was named Chief
Human Resources Officer of the Bühler
Group. Irene Mark-Eisenring was born
in 1967 and is Swiss.
GOVERNANCE
13
ADVISORY BOARD
Urs Bühler Innovation Fund
Urs Bühler 01 Peter Stähli 08 Dr. Matthias Kaiserswerth 03
Prof. Dr. Edward S. Steinfeld 04 Dr. Ian Roberts 05 Prof. Dr.-Ing. Werner Bauer 06
Prof. Dr. Lino Guzzella 07 Hal Gurley 02 Dr. Mark Macus 09

GOVERNANCE
14
ADVISORY BOARD
The Urs Bühler Innovation Fund (UBIF) was established in 2014 to

support the company’s innovation efforts. Bühler invests between
4% to 5% of its turnover in research and development every year
– developing breakthrough technologies and services to strength-
en Bühler’s market position as well as exploiting new opportuni-
ties to stay ahead of the innovation curve. The Advisory Board
managing the UBIF focuses on accelerating innovation and
developing relevant ecosystems.
GOVERNANCE
15
ADVISORY BOARD
01 02 03
Urs Bühler Hal Gurley ¹ Dr. Matthias Kaiserswerth

Founder Automation intelligence expert and Managing Director,
Founding Member of UBIF Hasler Stiftung
Urs Bühler graduated as a mechanical Hal Gurley holds Bachelor’s and Mas- Dr. Matthias Kaiserswerth studied Com-
engineer from the Swiss Federal Insti- ter’s degrees in Electrical Engineering puter Science at the Friedrich-Alexan-
tute of Technology in Zurich (ETH). After from the Georgia Institute of Technology der University in Erlangen-Nuremberg
holding a number of positions in Swit- (US), and an Executive MBA from the (Germany) and at McGill University in
zerland and abroad, he was appointed Institute IMD (Switzerland). Before mov- Montreal (Canada). He obtained his
to the Corporate Management of Bühler ing to Switzerland in 1995, Gurley was PhD in Engineering from Erlangen Uni-
AG in 1975, in charge of sales and de- President and Founder of Automation versity. From 1988 to 2015, Dr. Matthias
velopment. From 1980 to 1984, he was Intelligence Inc., a US-based advanced Kaiserswerth worked for IBM. He has
President of Bühler GmbH, Braunsch- systems integration and software de- spent almost his entire career as a re-
weig (Germany). In 1986, Urs Bühler velopment firm specializing in real-time searcher in the areas of high-performing
was appointed CEO of Bühler in Uzwil, communications and control systems communication and security in Switzer-
Switzerland. He handed over the exec- for industrial, robotic, and military ap- land and the US apart from mid-2002
utive management duties of the compa- plications. Prior to joining Cisco in 2000, to the end of 2005, when he was re-
ny to Calvin Grieder at the beginning of Gurley was CTO at SIG Packaging Tech- sponsible for global IBM business rela-
2001. Urs Bühler was a Member of the nology and later Director Internet/IP at tions with a large international industrial
Board since 1981, from 1991 as its Vice Swisscom. During his 17-year career at customer. For more than 11 years Dr.
Chairman and from 1994 to 2014 as Cisco, Gurley held executive leadership Matthias Kaiserswerth was Director
its Chairman. He was a member of the positions within Cisco’s professional of the IBM Research Laboratory in
Board of several Swiss companies. Urs services, management consulting, and Rüschlikon (Switzerland) until he be-
Bühler was born in 1943 and is Swiss. sales organizations. From 2013 until came Managing Director of the nonprof-
his retirement in 2017, Hal Gurley had it Hasler Stiftung in Berne, in May 2015.
global responsibility for Cisco’s Cloud/ This foundation supports education,
Network Management and Automa- research, and innovation in informa-
tion software sales and go-to-market tion and communication technologies.
execution. He served as sole Manag- Dr. Matthias Kaiserswerth was born in
ing Director and legal representative of 1956. He is Swiss and German.
Cisco Systems (Switzerland) GmbH. He
is currently working as an independent
IoT strategy consultant. He was a UBIF
member from 2014 to end of 2020. Hal
Gurley was born in 1955. He is Swiss
and American.
¹ Stepped down as per Dec. 31, 2020

GOVERNANCE
16
ADVISORY BOARD
04 05 06
Prof. Dr. Edward S. Steinfeld Dr. Ian Roberts Prof. Dr.-Ing. Werner Bauer
Professor of Political Science; Chief Technology Officer Food Science, biotechnology,
Director, Thomas J. Watson, and R&D expert
Jr. Institute for International
Public Affairs, Brown University
Prof. Dr. Edward S. Steinfeld studied Dr. Ian Roberts graduated in Chemi- Prof. Dr.-Ing. Werner Bauer started
Government and Political Science at cal Engineering and obtained a PhD in his career as a university professor in
Harvard University (US) and holds a PhD Process Engineering from the Universi- chemical engineering at the Technical
in Political Science. From 1996 to 2013, ty of Wales (Great Britain). From 1997 University in Hamburg, Germany. After
he was a Professor of Political Economy to 2009, he held various management serving as the Director of the Fraun-
and Management at the Massachusetts positions at Nestlé, focusing on inno- hofer Institute for Food Technology &
Institute of Technology (US). He also vation and business development. He Packaging and as Professor in Food
served as a visiting scholar at the Tsin- has been Chief Technology Officer at Bioprocessing Technology at the Tech-
ghua University School of Public Policy Bühler since 2011. He has been par- nical University of Munich from 1985
and Management in Beijing from 2012 ticularly active in driving the cultural to 1990, he joined Nestlé as Head of
to 2013. From 2005 to 2013, he was change program towards collaborative Nestlé Research worldwide in 1990. Af-
Director of the China Energy Program at innovation, the sustainability mission, ter commercially heading Nestlé South
the MIT Industrial Performance Center. the digital transformation, and the en- and East Africa, he joined general
In 2013, Prof. Dr. Edward S. Steinfeld try into new business sectors. He is management as Executive Vice Pres-
moved to Brown University (US), where Co-chairman of the Evaluation Board of ident in 2002, responsible for Techni-
he currently directs the Watson Insti- the Wyss Institute Zürich and President cal, Production, Environment, and R&D.
tute for International and Public Affairs of MassChallenge Switzerland. Dr. Ian In 2007 he became Chief Technology
as well as the Brown China Initiative Roberts was born in 1970 and is British. Officer and Head of Innovation, Tech-
and is a Professor of the Department nology, Research and Development, a
of Political Science. Besides his univer- post from which he retired in Septem-
sity engagement, Prof. Dr. Edward S. ber 2013. Prof. Dr.-Ing. Werner Bauer
Steinfeld is a member of various boards holds mandates in companies that are
of directors, and academic and advisory quoted on an official stock exchange
boards in the US, Asia, and Europe. In and in companies that are non-quoted.
2012, he was appointed as a member He received a diploma and a PhD in
of the China Advisory Board of Bühler Chemical Engineering from the Uni-
Group. Prof. Dr. Edward S. Steinfeld versity Erlangen-Nürnberg in Germany.
was born in 1966 and is American. Prof. Dr.-Ing. Werner Bauer was born in
1950 and is German and Swiss.
GOVERNANCE
17
ADVISORY BOARD
07 08 09
Prof. Dr. Lino Guzzella Peter Stähli Dr. Mark Macus

Professor of Thermotronics CEO Swiss Entrepreneurs Foundation Chief Financial Officer
Swiss Federal Institute of
Technology, ETH
Lino Guzzella received his mechanical Peter Stähli is a graduate electrical en- Dr. Mark Macus graduated with a PhD
engineering diploma in 1981 from ETH gineer, with higher degrees in business in Business Administration from the Uni-
Zurich, followed by his doctoral degree management and energy technology. versity of St.Gallen with an exchange
in 1986. Since 1999, Lino Guzzella has He is also a graduate of the University at the Wharton School of the University
been a full professor in the Mechanical of Michigan executive program in inno- of Pennsylvania. Later he earned his
and Process Engineering Department vation marketing. He has been an inde- certification as a Swiss Certified Public
of ETH where he teaches all introduc- pendent entrepreneur since 1992, hav- Accountant. Prior to his employment
tory classes in control systems and ing founded six companies and made as Head of Corporate Controlling at
system dynamics. From 2012 to 2014 three exits. In 1999, he founded the Bühler in 2013, Dr. Mark Macus held
he was Rector and from 2015 to 2018 Swiss Economic Forum together with management positions at KPMG and
President of ETH. Lino Guzzella held Stefan Linder, today Switzerland’s lead- the Holcim Group. In 2018, he joined
positions in industry (Sulzer Brothers, ing business and networking platform. the Vitra Group as Group CFO, before
Winterthur and Hilti, Schaan) and aca- They have managed it for 18 years as returning to Bühler and assuming the
demia (in the EE and ME department of CEO and Chairman. In the last 15 years, role of Group CFO as of September 1,
ETH, and as Honda Visiting Professor at in his role as expert for the Swiss Eco- 2019. He is a member of the Board of
OSU, Columbus, Ohio and as Spring- nomic Award, Switzerland’s major prize Corvaglia Group and Vice Chairman of
er Visiting Professor at UC Berkeley, for young entrepreneurs, he has asses- the Board of Spital Bülach AG. Dr. Mark
California). With his group he focused sed over 1,500 start-up business plans Macus was born in 1972 and is Swiss.
his research on novel approaches in and undertaken over 300 company vis-
system dynamics and control of en- its involving detailed analyses and due
ergy conversion systems. A particular diligence evaluations. In 2016, they
emphasis was placed on the minimiza- sold Swiss Economic Forum (SEF) to
tion of fuel consumption and pollutant the Neue Zürcher Zeitung newspaper.
emission of vehicle propulsion systems. Within the SEF’s growth initiative, he
He is a fellow of IFAC and of IEEE and helped provide start-ups and SMEs
a member of the Swiss Academy of with CHF 100 million of growth capital
Engineering Sciences. In addition to his (borrowed capital and equity). He is ac-
academic activities he is a member of tive as a recognized strategy expert in
several boards of directors and advisory his own consultancy firm, sits on a num-
committees. Lino Guzzella was born in ber of boards of directors, and under-
1957 and is a Swiss and Italian citizen. takes targeted investments in start-ups.
He also has a management mandate
for the Swiss Entrepreneurs Founda-
tion, which is under the patronage of
the Federal Council Guy Parmelin. Peter
Stähli was born in 1964 and is Swiss.
GOVERNANCE
18
COLLABORATION
principles
Permitted external activities of the Board of Audit Committee

Directors and the Executive Board The Audit Committee shall monitor the integrity of the financial
Bühler’s Articles of Incorporation provide for a certain restric- statements of the Company, including its Annual Report. It
tion of the permitted external activities of the Members of promotes effective communication between the management,
the Board of Directors. Members of the Board of Directors internal and external audits. The Audit Committee regular-
may not hold more than four additional mandates in listed ly reviews the functionality and effectiveness of the internal
companies, eight additional mandates against remuneration control system. It supports the Board of Directors in corporate
in unlisted companies, and eight unpaid additional mandates. governance issues.
Not included in these limitations are mandates in compa-
nies affiliated with Bühler, corporate mandates of Bühler, and Nomination and Compensation Committee
mandates in associations, foundations, employee welfare The Nomination and Compensation Committee determines
foundations, charitable organizations, and other comparable and agrees with the Board of Directors on the policy for the
structures. However, no Board Member shall hold more than compensation of the Members of the Board of Directors and
20 such additional mandates. Mandates refers to mandates in of the Executive Board. It approves the design of, and de-
the supreme governing body of a legal entity registered in the termines targets for any performance-related compensation
commercial register in Switzerland or elsewhere. Members schemes operated by the Company and approves the total
of the Executive Board are limited to two mandates at public annual payments made under such schemes. Within the pa-
companies or other legal entities against remuneration and rameters of the agreed policy the Nomination and Compensa-
four unpaid mandates. tion Committee determines the total individual compensation
package for each Member of the Board of Directors as well as
Elections and term of office of the of the Executive Board and prepares the remuneration report.
Board of Directors
Bühler’s Articles of Incorporation provide for the annual Work method of the Board of Directors
election by the General Assembly of all Board Members, its and its committees
Chairman, and the Members of its Nomination and Compen- Board meetings are held as often as matters require or upon
sation Committee. Term of office shall be one year, starting the request of a Board Member, but at least four times per
with the General Assembly at which each individual member year. The agenda of the meeting shall be announced when
is elected and ending with the following General Assembly. it is convened, and pertinent information, if needed, shall be
The Members of the Audit Committee are annually elected by sent 10 days before the meeting to each Board Member. On
the Board of Directors. Board Members will generally not be unannounced items the Board can only decide if all Members
re-elected once they pass their 70th birthday or have been of the Board are in attendance. Decisions may also be taken
on the Board for 12 years. by circulation, provided that none of the Board Members re-
quest a formal meeting. Meetings of the Board Committees
Election date and attendance are convened separately from the Board meetings and sched-
For the year of first election to the Board of Directors, uled as often as business requires. The Board of Directors
please refer to the individual curriculum vitae of each Board receives verbal updates after each meeting of its Committees
Member on pages 5–8. At the General Assembly, the Board by their Chairperson.
of Directors gives account to the shareholders on the atten-
dance of Board and Committee meetings by each individual
Board Member.
GOVERNANCE
19
COLLABORATION
principles
Areas of responsibilities
The Board of Directors is responsible for the ultimate direction,
strategic supervision, and control of the management of the
Company, and for other matters which are, by law, under its
responsibility. Such inalienable duties include, essentially, (i)
the ultimate management of the Company, (ii) the determi-
nation of its organization, (iii) the structuring of its accounting
system and of the financial controlling, (iv) financial planning,
(v) the appointment, removal, and ultimate supervision of
persons entrusted with the management and representation
of the Company, (vi) the preparation of the business report
as well as the General Assembly and the implementation of
its resolutions.
Executive Board
The Executive Board is responsible for all areas of operational
management of the Company that are not reserved to the
Board of Directors. The Executive Board is chaired by the
Chief Executive Officer.
Urs Bühler Innovation Fund (UBIF)

The Advisory Board of the Urs Bühler Innovation Fund sup-
ports and advises the Board of Directors in innovation strategy
matters as well as in defining and executing an innovation
strategy that provides future-oriented answers to market
trends and the needs of current and future customers.
External auditors
The external auditors are appointed at the General Assembly
and present the outcome of the audit to the Audit Committee.
GOVERNANCE
20
COMPLIANCE
Effective corporate governance the-art online training program (Web Based Training, WBT)
Effective corporate governance is a precondition for Bühler to and to pass a final test. Employees without access take part in
ensure a long-term and sustainable increase of its corporate an offline classroom training. Participation in the training takes
value. Bühler bases this both on the Swiss Code of Best place upon entry into the company and the training must be
Practice for Corporate Governance and the OECD Principles repeated every three to five years.
of Corporate Governance. Corporate governance at Bühler
is organized with the interests of its stakeholders in mind, in- Compliance organizational structure proves
cluding customers, employees, suppliers, and public commu- its effectiveness
nities. It also comprises compliance with environmental and Bühler further decentralized the organizational structure of
social standards as well as an uncompromising commitment its compliance function. In six Bühler regions regional com-
to financial integrity. As an international Swiss company, strict pliance officers act as the first contact, except for compli-
observation of local laws on a global scale and systematic ance cases involving special risks, which are handled directly
and continuous monitoring of compliance in all markets are by the Compliance Board. This decentralization has greatly
indispensable for Bühler. This is the only way to prevent op- streamlined and accelerated the related processes. This is
erating risks and an impairment of reputation that might be also because linguistic barriers have been eliminated, and the
caused by violation of compliance rules. regional compliance officers are familiar with local regulations
and conditions.
An active Code of Conduct
The Code of Conduct is part of the so-called Bühler Essentials. Compliance reporting
It serves all employees as a beacon, showing them how to live Clear accountability and defined actions ensure that com-
the Group’s core corporate principles (Trust, Ownership and pliance-related incidents are systematically reported to the
Passion) in their day-to-day jobs. It states what is expected central Compliance Board. This transparency is a precondi-
of employees and business partners, defines the standards tion for ensuring that the company can gain the necessary
governing compliance with laws and regulations, and includes insight from such incidents and take the required measures
the fundamentals of communications, employee rights, health in response.
and safety, and financial integrity. Bühler is happy to report that awareness of the benefits
Bühler regularly reviews its own principles of corporate of a transparent compliance reporting system have become
governance to ensure that they are up to date. Its Code of increasingly acknowledged.
Conduct also includes binding standards for its business part-
ners. The Code of Conduct is continuously adjusted to the Trade compliance
changing environment. Furthermore, a Supplier Code of Con- The trade compliance program addresses customs, sanc-
duct for business partners exists and its roll-out is ongoing as tions and export controls. This area was demanding in 2020
part of the onboarding process. mainly due to a number of changes in customs tariffs and
international sanctions imposed by the US government and
Clear rules against corruption and bribery other countries.
The so-called ABC (Anti Bribery & Corruption) rules against Trade Compliance is supported by the Export Compliance
bribery and corruption unmistakably state that no violations Program and trainings for management and employees. Fur-
will be tolerated. They concern, in particular, collaboration thermore in 2020 it is mandatory for all relevant employees
with agents. Furthermore, it is mandatory for all employees to undergo the state-of-the-art online training program (Web
with access to the learning platform to undergo the state-of- Based Training, WBT) and to pass a final test.
GOVERNANCE
21
COMPLIANCE
Group Internal Audit China; and Buhler (Wuxi) Commercial Co. Ltd. (BCOM), Wuxi,
The Internal Audit Department reports functionally to the China, Bühler Vietnam Company Limited, Tan Binh HCMC,
Board of Directors, represented by the Audit Committee and Vietnam; all of which have successfully passed SGS audits.
administratively to the Chief Financial Officer. Meetings be- The ISO 9001 and ISO 14001 certificates will be extended for
tween internal and external auditors take place on a regular a further 3 years until November 2023.
basis. The audit plan is aligned with the strategy and key
business risks. A yearly risk assessment is prepared by Group Initial certification according to ISO 45001 for
Internal Audit. It is the basis for the yearly audit plan, which occupational safety and health
is approved by the Audit Committee. The results of the au- With the Uzwil site, Bühler successfully certified another site
dits are discussed with the management of the audited unit, in accordance with the new ISO 45001 standard in 2020.
and major topics are presented to the Executive Board and
the Audit Committee and thereafter reported to the Board of SEDEX / SMETA 4-pillar re-certification
Directors. In 2020, nine worldwide audits were carried out. In addition, the headquarters of Bühler AG (BUZ) in Uzwil,
Group Internal Audit also reviews Groupwide compliance with Switzerland, successfully passed the SEDEX/SMETA-4 audit.
the Code of Conduct as part of their internal audits. Violations The aim is to use the SMETA audit (Sedex Members’ Ethi-
are reported to the Compliance Board, Audit Committee and cal Trade Audit) procedure to ensure greater transparency
the Executive Board. and security across the entire supply chain. Issues such as
employee rights (e.g. wages, benefits, working hours, etc.),
Risk management business ethics, health and safety and environmental man-
Risks are assessed regularly as part of the company`s inte- agement were audited. Thus SGS will extend the existing dec-
grated risk management process. The results are discussed laration of conformity until September 2023. In addition, two
with the management. The risk management system includes further locations in China, Buhler Machinery Manufacturing
all measures in a systematic and transparent approach to- Co. Ltd. (BWUX) and Buhler (Changzhou) Machinery Co., Ltd.
wards risks. It aims to identify, evaluate, handle or avoid them (BCHA) were successfully audited according to SMETA-4.
using suitable measures.
Bühler Group renews ISO certification for quality

and environmental management
With the extension of the certificates for a further three years,
Bühler continues to comply with the highest internationally
recognized quality and environmental standards. In the ISO
revision process, the standards for both quality and environ-
mental management were standardized. The focus was on
a risk-based approach to all corporate processes. This was
the result of the random sample check at our Bühler loca-
tions Bühler AG (BUZ), Uzwil, Switzerland; Bühler UK Limited
(BUKL), London, UK; Haas do Brasil Industria de Maquinas
ltda. (BHDB) and Bühler Industria e Comercio (BCTC), Curiti-
ba, Brazil; Buhler (China) Holding Co. Ltd. (BCHN), Wuxi, Chi-
na; Wuxi Buhler Machinery Manufacturing Co. Ltd. (BWUX),
GOVERNANCE
22
REMUNERATION
report
Attract, develop, perform and retain all the relevant decisions of the BoD in the area of remunera-
Boosting employee future skills, excelling at global talent man- tion, for the Members of the BoD, Members of the Executive
agement and embedding workforce agility as well as em- Board (EB), and submits its proposals (remuneration type
ployability are key drivers in human resources to achieve the and annual remuneration) to the BoD. In addition, it submits
Bühler mission. A high employee engagement and a focus proposals to the BoD defining the annual goals for success
on people development paired with leadership excellence are and performance-related remuneration, and then defines the
required for Bühler to play to win. The Remuneration Policies circle of potential recipients of this success- and performance-
are designed with this purpose in mind. related remuneration.
Nomination and Compensation Committee

Remuneration governance For the year under review, the Members of the Nomination and
Compensation Committee (NCC) were Dr. Konrad Hummler
Overview (Chairman), Frank N. J. Braeken, Karin Bühler, and Jeannine
The Members of the Nomination and Compensation Commit- Bühler. Permanent invitees were Calvin Grieder, Chairman of
tee (NCC) are elected by the General Assembly. The Board the Board of Directors; Stefan Scheiber, CEO; Dipak Mane,
of Directors (BoD) appoints the Chairman from among the Chief HR Officer (until Aug. 31, 2020); Irene Mark-Eisenring,
elected members. The NCC supports the BoD in the re- Chief HR Officer (as of Sept. 1, 2020); and Christof Oswald,
muneration issues defined here, with responsibilities being Head of HR Region Switzerland. Four meetings were held.
retained by the BoD. The NCC is in charge of defining and The NCC Chairman reported to the BoD after each meeting,
periodically reviewing the Remuneration Policy. It prepares and the minutes were kept and distributed in a timely manner.
Authority chart
Subject Recommendation Final approval
Definition of Remuneration System and Policy for NCC Board of Directors

remuneration paid to the Board of Directors and the
Executive Board
Development of variable remuneration schemes NCC Board of Directors

plus approval of all annually paid performance-related
remuneration at Bühler Group
Definition of individual remuneration, including bonus, NCC Board of Directors

variable portion, deferred compensation, etc., to the General Assembly
Executive Board and the Board of Directors
GOVERNANCE
23
REMUNERATION
report
Remuneration principles
Bühler is committed to performance- and market-related re-
muneration. Success as a result of sound individual perfor-
mance plus the success of the organization will impact the
remuneration. All employees, including the Executive Board,
shall undergo a formalized annual performance appraisal pro-
cess (Employee Performance Management, EPM). The Indi-
vidual Performance Goals are defined and agreed upon jointly
with each employee at the start of the fiscal year. The financial
success of the organization, which is measured on the basis
of EBIT, also impacts performance-related remuneration.
Principles of Remuneration Policy
Fairness, The remuneration schemes shall be simple, clearly structured, and transparent.
consistency, and They give consideration to the responsibilities and powers of the individual functions,
transparency thereby ensuring fair remuneration at all levels.
Performance-related Variable remuneration is directly tied to the success of Bühler (EBIT) and to
remuneration individual performance (EPM).
Long-term Part of the remuneration of the Executive Board shall be paid in the form of deferred
success sharing compensation in order to ensure long-term sharing in the success of Bühler.
Orientation toward the In order to attract and retain talent, qualified and dedicated management staff
labor market and employees, remuneration shall be oriented toward the market environment
and be regularly subjected to benchmarking.
Bühler values: The Remuneration Policy is oriented toward the Bühler values of TOP (Trust, Ownership,
TOP and Passion). These values are incorporated into the above-mentioned principles and
determine the “Bühler way of doing business” in all respects.
GOVERNANCE
24
REMUNERATION
elements
Overall remuneration model for employees and

the Executive Board
Instrument Purpose Influencing factors
Fixed annual Monthly cash Regular, predictable Sphere of work, complexity, and responsi-
base salary remuneration remuneration for the bility of the function, competencies,
specific function and experience of the function owner,
Function benchmarks
Performance- Annual cash Remuneration for Success of the organization (EBIT)

related variable remuneration performance and individual performance (EPM) on
portion an annual basis
Deferred compen- Deferred compensation Sharing in long-term Hierarchical position of the function
sation plan plan with a vesting period success within the organization
of three to ten years
Other employee Pension and insurance Protection against Local legislation and market practice
benefits schemes; other fringe risks and coverage of
benefits expenses
GOVERNANCE
25
REMUNERATION
elements
Remuneration of the Board of Directors

The Members of the Board of Directors shall receive a fixed
cash payment and be remunerated as Committee Members
(if applicable).
Office
Basic remuneration Membership in the Board of Directors
Additional Chairmanship of the Board of Directors

remuneration Vice Chairmanship of the Board of Directors
Chairmanship of the Audit Committee

Activity in the Audit Committee
Chairmanship of the Nomination and Compensation Committee

Activity in the Nomination and Compensation Committee
Other Committee Chairmanship/Memberships

Other activities
Expenses Only expenses incurred are reimbursed
Remuneration of the Executive Board

The Members of the Executive Board shall receive a basic
salary, a variable cash remuneration portion, employer contri-
butions to pension funds and social security institutions, and
long-term remuneration in the form of a deferred compensa-
tion plan with a vesting period of three to 10 years. In addition,
the lump-sum expenses allowance regulations apply.
SUSTAINABILITY REPORT
Reporting of tracked indicators 2
Economic sustainability 4
Environmental sustainability 5
Social sustainability 6
Stakeholder perspective 7
2
REPORTING OF TRACKED
INDICATORS.
Reporting according to the guidelines of
the Global Reporting Initiative (GRI).
Bühler has reached the end of its first five-year reporting hours across the period, we see a decline in CO2e from
cycle aligned to the Bühler 2020 strategy process. The base- 12.8 to 8.9 t/1,000 hrs, equal to a 30% reduction.
line is set at 2015 and the reporting is in accordance with the • Water withdrawal has been reduced from 84.1 to 64.1
guidelines of the Global Reporting Initiative (GRI). m3/1,000 hrs of in-house manufacturing hours and waste
Throughout the five-year period, Bühler has sought to from 3.7 to 2.4 t/1,000 hrs) across the reporting period.
improve the quality of its sustainability reporting in terms of This is a reduction of 24% and 35% respectively and results
data quality and data collection methodology, while increas- from improved monitoring and reduction programs across
ing the coverage in terms of the number of locations and the Group.
activities. Bühler has reported on 35 key performance indi-
cators (KPIs). For the five environmental KPIs, the 17 ma- Compliance
jor Bühler sites – covering more than 87% of all productive • A global initiative against corruption and bribery was rolled
in-house manufacturing hours – were covered throughout out in 2018. An e-learning program was developed and
the period. In 2020, we have integrated the five major sites made compulsory for all employees with a Bühler email
from the 2018 acquisition of the company Haas. This slightly address and this coverage has been extended to include
increases Bühler’s coverage in 2020 to 88% of the entire all former Haas Group employees. The roll-out has been
Group in-house manufacturing hours. To allow comparability extremely successful with 97% completion of the training
of environmental KPIs with previous years, the environmental achieved in 2020. During the reporting period there have
KPIs of the former Haas sites are listed separately. The other been no fines for compliance issues above CHF 200,000
30 KPIs apply to the entire company from 2019 onwards, and the number of compliance cases has halved from 64
unless specifically stated otherwise. to 28 cases.
As well as representing an extremely valuable period of • The introduction of the Bühler Supplier Code of Conduct in
learning, there are several notable improvements apparent in 2017 has resulted in 80% of top suppliers having signed
the KPIs tracked during the reporting period. the Bühler Supplier Code of Conduct or having in place an
equivalent industry standard code. The Bühler procurement
Bühler focused on employee health and safety team has actively engaged with suppliers to increase this
• A dedicated Health & Safety team has been put in place, be- from 50% in 2019 to 80% in 2020.
havioral and awareness programs (e.g. TAKE FIVE), training
tools (e.g. WORKPLACE-RISK-MATRIX), improved report- Innovation aligned to our goals
ing and compulsory e-learnings have been introduced and In 2019, Bühler increased its targets for impact in its custom-
management attention and engagement is constant. Total ers’ value chains from delivering a 30% to a 50% reduction
Recordable Injuries (TRI) have reduced from 2.9 to 0.9 per in waste, energy, and water. It is critical to have the correct
100 employees across the reporting period. focus across the R&D portfolio to ensure that global R&D
spend is focused on the correct topics.
Tackling and reducing the CO2 equivalent • It is positive to see the increased focus on energy reduction
footprint of Bühler locations during the reporting period, with R&D projects specifically
• Bühler has actively addressed its procured energy mix, with targeting this covering 38% of the portfolio, a significant
nine of the 22 sites reporting that they are now buying increase from 24% in 2015. It is also notable to state that
certified green electricity, and three sites in China using self- this does not cover projects where energy reduction is not
generated renewable electricity. The latter covering 10%, the target, but turns out to be another result of the project.
40% and 60% of their consumption. To capture this impact, • To increase the yield of a plant and produce the maximum
we have stated market based CO2 equivalent figures for value from every kilogram of raw materials is economical-
2020. Despite a decrease in global in-house manufacturing ly important, but also contributes to reduce waste. The
3
increase in R&D focus on this topic has almost doubled does not yet reflect the importance given to this topic. School
during the reporting period from 22% in 2015 to consis- and university programs, active support for women in STEM
tently above 40% since 2017. (science, technology, engineering and mathematics), viable
• Food Safety has gained significant visibility and priority in female candidates required for key positions, and constant
our company. Close to 5,000 employees have received management attention is expected to result in a higher num-
food safety training and with this increased understand- ber of female employees in the coming years.
ing and awareness we see that the 36% of Bühler’s food- Partners in Food Solutions (PFS), an independent non-
related R&D projects have a primary focus on improving profit organization, is working to strengthen food security,
food safety. improve nutrition, and increase economic development
• The focus on operational safety has increased during the across Africa by promoting the competitiveness of the food
last four reporting years with 35% of the R&D portfolio processing sector, offers employees the opportunity to use
having a primary focus on this topic. This coincides with their skills and experience to support small and growing
the heightened awareness and focus on health and safety food companies in Africa. Bühler employee engagement in-
highlighted above. creased once more with 56 projects supported in 2020.
The Bühler apprentice scheme is embedded in the culture
At Bühler we are convinced that delivering against our of the company and underpins its future success. Despite
targets will not be possible alone. Therefore, the company’s the uncertainty surrounding the economy in the wake of the
R&D model was transformed to involve partners, to engage global coronavirus pandemic, 64% of graduating apprentices
across value chains, and within ecosystems. During the re- were hired. The remainder all entered new career steps with
porting cycle, the number of R&D projects engaging partners the majority joining other companies or continuing academic
has increased from 44% to consistently above 50%. studies and one becoming a professional athlete.
Bühler’s innovation-culture transformation cannot rely Bühler continues to become increasingly attractive as an
only on external partnerships. It requires cross-functional employer and the number of applications per open position
and interdisciplinary engagement within the company. The has almost doubled to 30 over the reporting period.
biennial Innovation Challenge encourages and enables
Bühler employees to contribute to the future of the company Commitment to transparency
by creating business ideas that enable it to deliver against Recognizing the importance of best industry practices and
its targets. In 2020, a record high of 56% of our global em- the need to undergo Corporate Social Responsibility (CSR)
ployee base engaged in the program, delivering over 400 rating exercises recognized industry bodies such as EcoVadis,
business ideas, of which six have received the green light for Carbon Disclosure Project (CDP) and the Drive Sustainability
the teams to go into execution phase. Programme as well as undergoing a number of certification
programs, such as ISO 9001; ISO 14001; ISO 45001; SEDEX
Engaged, informed employees and a culture of / SMETA 4-pillar.
continuous learning • Each year since 2018, Bühler has received an increased
During the reporting period, the global employee databases score in the EcoVadis CSR rating. The EcoVadis assess-
have been evolving and final, full integration of the former ment evaluates how well a company has integrated the prin-
Haas Group is ongoing, but the employee base represented ciples of CSR into its business and management systems.
in the 2020 report is 81% of our global salary base. • CDP is a not-for-profit organization that runs the global
Percentage of training costs on a base of total personnel disclosure system for investors, companies, cities, states,
costs is maintained at target of 1% in 2020 and the number of and regions to manage their environmental impacts. Bühler
annual training days per employee remains above the target participated in 2019 and 2020 in the annual CDP assess-
of two. This reflects the strategy to enhance the quality of our ment (Climate Change).
career-long learning opportunities for our employees. • In 2019, Bühler passed the assessment, which, at time
The training and development is managed in a global of publication, is still valid, of the Drive Sustainability pro-
program of Employee Performance Management covering gram, an automotive partnership facilitated by CSR Europe
more than 90% of employees. A systematic implementation between BMW Group, Daimler AG, Ford, Honda, Jaguar
of succession planning with key positions at management Land Rover, Groupe Renault, Scania CV AB, Toyota Motor
level 1, 2, and 3 defined across the company and succession Europe, Volkswagen Group, Volvo Cars, and Volvo Group.
plans are in place in 95% of cases in 2020. Mirroring this, • Bühler joined the World Business Council for Sustainable
4.3% of employees are identified as high potential and are Development (WBCSD) as a member in March 2019 and
developed and tracked. engages in programs and initiatives such as the Food Re-
The focus on gender diversity has maintained the perform for Sustainability and Health (FReSH) group. WBCSD
centage of female employees at 17%, however this figure is a global, CEO-led organization of over 200 leading
4
businesses working together to accelerate the transition to ENTS AND WASTE 2016; Disclosure 308-1 from GRI 308:
a sustainable world. WBCSD is uniquely positioned to work SUPPLIER ENVIRONMENTAL ASSESSMENT 2016; Disclo-
with member companies along and across value chains to sure 401-1 from GRI 401: EMPLOYMENT 2016; Disclosure
deliver high-impact business solutions to the most chal- 403-2 from GRI 403: OCCUPATIONAL HEALTH AND SAFE-
lenging sustainability issues. TY 2016; Disclosures 404-1, 404-2, and 404-3 from GRI 404:
TRAINING AND EDUCATION 2016; Disclosure 405-1 from
This material references as declared Disclosures 205-1 GRI 405: DIVERSITY AND EQUAL OPPORTUNITY 2016;
and 205-2 from GRI 205: ANTI-CORRUPTION 2016; Disclo- Disclosure 416-1 from GRI 416: CUSTOMER HEALTH AND
sure 302-3 from GRI 302: ENERGY 2016; Disclosure 303-1 SAFETY 2016; Disclosure 419-1 from GRI 419: SOCIOECO-
from GRI 303: WATER 2016; Disclosure 305-4 from GRI 305: NOMIC COMPLIANCE 2016.
EMISSIONS 2016; Disclosure 306-2 from GRI 306: EFFLU-
ECONOMIC SUSTAINABILITY
Reference to Target Base year
Key performance indicator (KPI) GRI standards 2020 2015 2016 2017 2018 2019 2020 Status
Number of Bühler sites audited on corruption Related to 205-1 ≥ 10 8 9 11 4 1

8 8
prevention
Number of Bühler sites audited on fraud prevention Related to 205-1 ≥ 10 8 9 11 41 8 8
Percentage of employees with a Bühler email Related to 205-2 100% 97% 92% 87% 62% 2 90%3 97%
address who have attended the online training
against corruption and bribery
Number of whistleblowing cases Additional Best practice 11 5 2 10 6 5

in definition
with peers
Number of all compliance cases Additional Best practice 64 47 11 45 37 28

in definition
with peers
1
Reason for decrease: Efforts were targeted toward upgrading Bühler’s internal control system and launching a control self-assessment globally Achieved vs. stated target
in order to improve identification of key risks and define risk-mitigation actions. 2 Reason for decrease: The target group increased to include all Gap vs. stated target
employees with a Bühler email address. Previous years only covered employees with sales, purchasing, and management functions. 3 Scope: Not applicable
w/o former Haas Group.
5
ENVIRONMENTAL SUSTAINABILITY
Reference
to GRI Target Base year
Key performance indicator (KPI) standards 2020 2015 2016 2017 2018 2019 2020 Status
Energy consumption relative At the 17 major 302-3 30% 91.5 77.1 79.9 95.41,2 98.1 4 100.6 4
to productive in-house Bühler sites reduction to
base year
hours from manufacturing
(GJ/1,000 hrs) At the 5 major sites from – NA NA NA NA NA 88.6
former Haas Group
Water withdrawal relative At the 17 major Related 30% 84.1 89.5 55.5 73.51,3 68.2 64.1
to productive in-house Bühler sites to 303-1 reduction to
base year
(m3/1,000 hrs) At the 5 major sites from – NA NA NA NA NA 35.1
former Haas Group
CO2 equivalents relative At the 17 major 305-4 30% 12.87 10.87 10.17 11.81,2,7 11.75,7 8.98
to productive in-house Bühler sites reduction to
base year
(t/1,000 hrs) At the 5 major sites from – NA NA NA NA NA 2.98
former Haas Group
Amount of waste (including At the 17 major Related 30% 3,715 3,178 2,266 3,0381,2 2,926 2,395
material collected for recycling) Bühler sites to 306-2 reduction to
base year
relative to productive in-house
hours from manufacturing At the 5 major sites from – NA NA NA NA NA 2,091
(kg/1,000 hrs) former Haas Group
Amount of hazardous waste At the 17 major Related 30% 246 151 153 4541,2 305 6 208
relative to productive in-house Bühler sites to 306-2 reduction to
base year
(kg/1,000 hrs) At the 5 major sites from – NA NA NA NA NA 209
former Haas Group
Percentage of top suppliers who have signed Related 100% NA NA 30% 40% 50% 80%
the Bühler Supplier Code of Conduct or have an to 308-1
equivalent code
Percentage of R&D projects with a focus on Additional ≥ 70% 24% 29% 37% 35% 33% 38%
improving energy efficiency per ton of end product
or finished piece
Percentage of R&D projects with a focus on improving Additional ≥ 50% 22% 29% 40% 42% 40% 41%
product yield
1
Reasons for increase: improved data collection and quality. The decrease in productive in-house hours from manufacturing is reported Achieved vs. stated target
against total site resource use. 2 Additional reason for increase: significant construction and layout reorganization at the Bühler Uzwil site. Gap vs. stated target
3
Additional reasons for increase: significant construction and layout reorganization at the Bühler Uzwil site. The exceptionally hot and long Not applicable
summer period in China increased water consumption at sites. 4 Absolute energy consumption remained the same or decreased but not
more than the decrease in productive in-house hours in manufacturing. 5 CO2e emissions decreased compared to energy consumption due
to introduction of self-generated electricity from renewable resources in Changzhou, China. 6 Although reduced, the construction and layout
reorganization at the major site of Bühler Uzwil, Switzerland, continued. 7 Scope 1 and 2 emissions. Location based method for purchased
electricity. 8 Scope 1 and 2 emissions. Market based method for purchased electricity. In 2020, the scope 1 and 2 emissions (location based
method for purchased electricity) are 12.4 [t CO2e/1,000 hrs] at the 17 major Bühler sites and 5.2 [t CO2e/1,000 hrs] at the five major sites
from former Haas Group.
6
SOCIAL SUSTAINABILITY
Reference to Target Base year
Key performance indicator (KPI) GRI standards 2020 2015 2016 2017 2018 2019 2020 Status
Percentage of terminations within the Related to 401-1 ≤ 5.0% 9.0% 1

3.0% 1
8.0% 1
5.8% 1
5.0% 1
8.6%
first 12 months of employment
Percentage of terminations within the first Related to 401-1 ≤ 1.0% 1.0%1 2.0%1 4.0%1 3.5%1 3.0%1 2.6%
3 months of employment
Percentage of employee turnover Related to 401-1 ≤ 8.0% 8.0% 7.5% 8.3% 9.1% 8.5% 11.8%8
Number of work-related injuries per 100 permanent Related to 403-2 0 2.9 2.9 2.3 2.3 1.43 0.9
employed full-time employees2
Sickness-related absenteeism (days per employee Related to 403-2 0 2.0 3.8 2.4 5.84 5.4 5.7
and year)1
Percentage of training costs over total personnel costs Related to 404-1 ≥ 1.0% 1.2% 1.9% 0.9% 1.5% 1.0%3 1.0%5
Number of training days per full-time employee Related to 404-1 ≥ 2.0 2.0 2.3 1.9 2.0 2.13 2.15
per year
Number of employees who have received training Related to 404-2 ≥ 3,000 498 1,572 1,884 2,284 3,256 4,992
in food safety since 2013
Percentage of employees who go through the Employee 404-3 ≥ 80% 80% 86% 89% 93% 91% 92%
Performance Management process each year3
Percentage of employees who are high potentials3 Related to 404-3 ≥ 5.0% 2.8% 3.1% 3.2% 3.0% 5.2%4 4.3%
Percentage of apprentices who are hired subsequent Related to 405-1 – 77% 71% 73% 73% 71% 64%
to their apprenticeship6
Percentage of female employees7 Related to 405-1 ≥ 20% 15% 16% 15% 16% 17% 17%
Percentage of R&D projects in food businesses Related to 416-1 ≥ 50% 28% 29% 34% 42% 34% 36%
with a focus on improving food safety
Percentage of R&D projects in food businesses Related to 416-1 ≥ 20% 8% 10% 23% 13% 11% 10%
with a focus on improving nutrition
Percentage of R&D projects with a primary Related to 416-1 ≥ 50% 48% 43% 22% 24% 26% 35%
focus on improving operational safety
Number of relevant fines for compliance issues Related to 419-1 0 0 0 0 0 0 0

(>CHF 200,000)
The key positions for the senior functions at Additional 100% 100% 80% 88% 90% 90% 95%
management level 1, 2, and 3 have been defined,
and potential successors have been determined
Percentage of employees participating in the Bühler Additional – NA 32% NA 45% NA 56%

Innovation Challenge (run every two years)
Percentage of implemented business ideas from the Additional – NA 2.0% NA 1.5% NA 1.4%
Bühler Innovation Challenge (run every two years)
Percentage of R&D projects run in collaboration Additional ≥ 50% 44% 47% 53% 51% 57% 54%
with partners (suppliers, customers, universities)
Number of applications received per open position Additional ≥ 30 161 231 221 251 43 30
Number of projects supported by Bühler employ- Additional ≥ 10 NA NA 12 22 50 56

ees in volunteer programs such as Partners in Food
Solutions
1
Scope: Bühler AG, and until their fusion on January 1, 2020 also Bühler Management AG, in Switzerland only. Due to globally heterogeneous Achieved vs. stated target
human resource systems, the data for these KPIs were/are not reported across the entire company. 2 Scope: sites with manufacturing only. Gap vs. stated target
3
Scope: w/o former Haas Group. 4 Reason for increase: improved data quality and stricter reporting. 5 Scope: former Haas Group is partially inte- Not applicable
grated. 6 Scope: Bühler AG in Switzerland only. 7 Comprehensive Diversity & Inclusion program was kicked off in 2018. 8 Voluntary leavers, 5.4%
7
A STAKEHOLDER PERSPECTIVE
Setting up a program for the upcoming 5 years is an important The top three for humanity:
moment to reflect and to adjust course. Who better to provide 1. Zero tolerance towards discrimination
perspective than global stakeholders? 2. Zero tolerance towards human rights violations
The Bühler Sustainability Team asked stakeholders, in- 3. Ensuring equal and fair payment
ternally and externally, to share their perspective on the
company’s biggest impact areas. Balancing the needs of The top four for nature:
economy, humanity, and nature, 48 topics were predefined. 1. Energy consumption reduction within the value chain
The team started with the classic material assessment topics 2. Reducing greenhouse gas emissions in the value chain
based on the GRI standard and strongly individualized them 3. Waste reduction within the value chain
to have a true fit for Bühler’s business. The goal was to lower 4. Water usage reduction within the value chain
the risks of blind spots and increase global reach, therefore
customers, various business areas and functions, partners Based on these priorities, we are readjusting our KPIs and
from NGOs, and academia were all taken into account. are steering our actions the next 5 years.
These three questions guided through To see the detailed results of this analysis, please refer to the
each topic: Materiality Assessment.
1. How significant is the impact of Bühler in these topics?
2. How significant is the impact of these topics on Bühler?
3. How important is it for you that Bühler targets these topics?
Here are the highest ranked topics in the areas of economy,

humanity, and nature.
The top four for economy:

1. Assessment of corruption risks and incidents in operations
2. Designing sustainable solutions
3. Ethical non-compliance reporting
4. Addressing customers’ concerns related to sustainability
Impacts of Bühler and perception

of all stakeholders
5.0 very
important
43 42
9
Q3 How important is it for you that
4.5
41
11 3
Bühler targets these topics?
13
26
4.0 17
3.5
3.0
less very
important important
2.5 3.0 3.5 4.0 4.5 5.0

Q1 How significant is the impact of Bühler on these topics?
Economy Nature Humanity
FINANCIAL REPORT
1
FINANCIAL REPORT
FINANCIAL REPORT BÜHLER GROUP 2

Consolidated income statement 3
Consolidated statement of comprehensive income 4
Consolidated balance sheet 5
Consolidated statement of changes in equity 6
Consolidated statement of cash flows 8
Notes to the financial statements 9
Report of the Group auditor Bühler Group 55
FINANCIAL STATEMENTS BÜHLER HOLDING AG 60
Income statement Bühler Holding AG 61
Balance sheet Bühler Holding AG 62
Notes to the financial statements Bühler Holding AG 63
Report of the statutory auditor Bühler Holding AG 65
2
Financial Report
Bühler Group
FINANCIAL REPORT
3
Consolidated income statement
2020 2019
Notes CHF m CHF m
Revenue 3.1 2,699.8 3,254.4

Other operating income 3.2 32.3 49.7
Total operating income 2,732.1 3,304.1
Cost of materials –1,152.5 –1,485.1

Changes in inventories of finished goods and work in progress –22.7 2.8
Employee benefit expenses 3.3 –912.6 –998.5
Other operating expenses 3.4 –415.7 –488.4
Net result from associates 4.4 3.6 1.9
Operating result before interest, taxes, depreciation and amortization (EBITDA) 232.2 336.8
Depreciation and amortization 4.1/4.2/4.3 –86.5 –88.8
Operating result before interest and taxes (EBIT) 145.7 248.0
Interest income and expenses 3.5 –0.9 –3.7

Other financial income 3.5 1.2 6.1
Financial result 0.3 2.4
Profit before taxes 146.0 250.4
Income taxes 3.6 –36.4 –48.8
Net profit 109.6 201.6
Attributable to:
– Owners of the parent 105.0 197.3
– Non-controlling interests 4.6 4.3
4
Consolidated statement of comprehensive income
2020 2019
Notes CHF m CHF m
Other comprehensive income

Translation differences of foreign operations –57.6 –38.5
– Realized through income statement 0.0 1.0
Net gain (loss) on hedge of net investment –8.4 –12.2
– Tax effect 0.8 1.2
Cash flow hedges

– Changes recycled in the income statement –2.1 1.5
– Changes recognized in OCI 8.4 2.4
– Tax effect –0.9 –0.3
Other comprehensive income to be reclassified to profit or loss in subsequent periods –59.8 –44.9
Remeasurements of defined benefit plans 4.12.3 –6.7 –14.4

– Tax effect 0.7 –1.7
Financial assets at fair value through OCI –3.5 4.5
– Tax effect 0.3 –0.6
Other comprehensive income not to be reclassified to profit or loss in subsequent periods –9.2 –12.2
Total other comprehensive income –69.0 –57.1
Total comprehensive income 40.6 144.5
Attributable to:
– Owners of the parent 36.9 141.2
– Non-controlling interests 3.7 3.3
FINANCIAL REPORT
5
Consolidated balance sheet
Dec. 31, 2020 Dec. 31, 2019

Assets Notes CHF m CHF m
Property, plant and equipment 4.1 691.3 713.7

Right-of-use assets 4.2 60.5 62.7
Intangible assets and goodwill 4.3 683.3 690.9
Investments in associates 4.4 32.1 27.4
Non-current financial and other assets 4.5 113.5 185.2
Deferred tax assets 3.6.4 52.9 59.2
Non-current assets 1,633.6 1,739.1

Inventories 4.6 461.7 536.3
Contract assets relating to production orders in progress 3.1 383.0 455.3
Trade accounts receivable 4.7 560.2 688.6
Other receivables 4.7 102.0 128.0
Current income tax assets 5.5 6.1
Marketable securities 2.3.2 81.8 82.2
Cash and cash equivalents 4.8 708.2 396.5
Current assets 2,302.4 2,293.0
Total assets 3,936.0 4,032.1
Equity and liabilities
Share capital 4.13 15.0 15.0

Capital reserves 185.1 185.1
Other reserves / retained earnings 1,506.0 1,495.0
Equity attributable to the owners of the parent 1,706.1 1,695.1
Non-controlling interests 32.1 31.6
Total equity 1,738.2 1,726.7
Non-current financial liabilities 2.2 553.0 632.6

Non-current lease liabilities 4.2 42.9 45.6
Deferred tax liabilities 3.6.4 109.6 117.5
Defined benefit obligations 4.12.4 112.5 103.3
Non-current provisions 4.10 39.5 38.9
Non-current liabilities 857.5 937.9
Current financial liabilities 2.2 41.3 32.3

Current lease liabilities 4.2 17.5 16.6
Trade accounts payable 4.9 327.8 389.4
Contract liabilities relating to production orders in progress 3.1 551.9 473.5
Current provisions 4.10 69.8 85.5
Other current liabilities 4.11 299.9 315.7
Current income tax liabilities 32.1 54.5
Current liabilities 1,340.3 1,367.5
Total liabilities 2,197.8 2,305.4
Total equity and liabilities 3,936.0 4,032.1

6
Consolidated statement of changes in equity
Retained
Share capital Capital reserve earnings
Notes CHF m CHF m CHF m
January 1, 2019 15.0 185.1 1,607.0

Dividends paid 6.4 –23.0
Changes in non-controlling interests –0.6
Net profit 197.3
Other comprehensive income –16.1
December 31, 2019 15.0 185.1 1,764.6
January 1, 2020 15.0 185.1 1,764.6

Dividends paid 6.4 –25.0
Changes in non-controlling interests –0.9
Net profit 105.0
Other comprehensive income –6.0
December 31, 2020 15.0 185.1 1,837.7

FINANCIAL REPORT
7
Foreign Equity
Financial assets currency Total other reser- attributable
at fair value translation ves and retained to the owners Non-controlling
Hedge reserve through OCI reserves earnings of the parent interests Total equity
CHF m CHF m CHF m CHF m CHF m CHF m CHF m
–1.5 –0.5 –227.6 1,377.4 1,577.5 31.0 1,608.5

–23.0 –23.0 –2.7 –25.7
–0.6 –0.6 0.0 –0.6
197.3 197.3 4.3 201.6
3.6 3.9 –47.5 –56.1 –56.1 –1.0 –57.1
2.1 3.4 –275.1 1,495.0 1,695.1 31.6 1,726.7
2.1 3.4 –275.1 1,495.0 1,695.1 31.6 1,726.7

–25.0 –25.0 –4.1 –29.1
–0.9 –0.9 0.9 0.0
105.0 105.0 4.6 109.6
5.4 –3.2 –64.3 –68.1 –68.1 –0.9 –69.0
7.5 0.2 –339.4 1,506.0 1,706.1 32.1 1,738.2

8
Consolidated statement of cash flows
2020 2019
Notes CHF m CHF m

Financial result 3.5 –0.3 –2.4
Operating result before interest and taxes (EBIT) 145.7 248.0

Depreciation and amortization 4.1/4.2/4.3 86.5 88.8
Other items not affecting cash flow –0.3 –6.4
Changes in provisions 9.7 2.3
Changes in trade accounts receivable 103.8 1.0
Changes in inventories 57.3 –16.8
Changes in trade accounts payable –48.4 42.0
Changes in contract assets/liabilities relating to production orders in progress 154.4 –180.4
Changes in other net operating assets 13.4 28.5
Gains/losses on disposal of fixed assets 5.3 3.3
Interest received 5.3 5.0
Interest paid –4.5 –4.4
Income taxes paid –58.6 –45.1
Cash flow from operating activities 469.6 165.8
Purchase of property, plant and equipment –57.5 –105.3

Disposal of property, plant and equipment 3.1 10.2
Purchase of intangible assets –5.2 –7.5
Cash flow from acquisition of Group companies, net of cash acquired 1.5 1.1 0.0
Cash flow from disposals of Group companies, net of cash disposed 0.0 14.0
Purchase of marketable securities –97.9 –46.0
Disposal of marketable securities 82.3 32.0
Purchase of non-current financial assets –3.6 –18.7
Disposal of non-current financial assets 0.9 4.7
Cash flow from investing activities –76.8 –116.6
Proceeds from financial liabilities 2.2 19.0 0.0

Repayment of financial liabilities 2.2 –34.1 –11.0
Cash outflow for leases 4.2 –20.4 –26.4
Dividends paid of Bühler Holding AG 6.4 –25.0 –23.0
Dividends paid to non-controlling interests –4.1 –2.7
Acquisitions and other transactions with non-controlling interests 0.0 –0.4
Cash flow from financing activities –64.6 –63.5
Translation differences –16.5 –6.6
Changes in cash and cash equivalents 311.7 –20.9
Cash and cash equivalents at the beginning of period 396.5 417.4

Cash and cash equivalents at the end of period 708.2 396.5
FINANCIAL REPORT
9
Notes to the financial statements
1. Group information
1.1 General information

The consolidated financial statements of the Bühler Group ing policies related to specific line items are described in the
and its subsidiaries (collectively, the Group) for the year notes to which they relate.
ended December 31, 2020, were authorized for issue in
accordance with a resolution of the Board of Directors on Due to rounding, the numbers do not necessarily correspond
February 11, 2021. Bühler Holding AG (the Company or the exactly with the totals.
parent) is a company incorporated and domiciled in Swit
zerland whose shares are privately held. The registered COVID-19. The current, unpredictable, and volatile environ
office is located in Uzwil, Switzerland. ment significantly impacted Bühler’s financial performance
for the twelve month period ended 31 December 2020. Cus
The Group is a globally active solutions provider for the tomers responded to the COVID-19 crisis by postponing
industrial manufacturing of food and advanced materials. The capital expenditures. Consequently, Bühler experienced ad
worldwide solutions portfolio contains engineering, appli verse impacts on volumes, requiring the Group to reassess
cation development, manufacturing, services, and training. the underlying assumptions and estimates affecting these
consolidated financial statements.
These financial statements are the consolidated financial
statements of Bühler Holding AG and its subsidiaries. The Bühler’s decentral set-up and the flexibility of the global pro
list of significant Group companies can be found on pages duction footprint has helped to sustain the supply chain and
13 to 15. to continue to serve customer demands efficiently in several
industries critical to addressing the pandemic impacts. This
The consolidated financial statements of the Bühler Group allowed Bühler to achieve a profitable EBIT margin of 5.4%
have been prepared in accordance with International (prior year: 7.6%).
Financial Reporting Standards (IFRS) as issued by the Inter
national Accounting Standards Board (IASB) and comply However, forward looking statements on the potential finan
with Swiss law. The consolidated financial statements are cial impact of COVID-19 for 2021, are not possible, as they
based on the single-entity financial statements of the Group depend on various factors which currently cannot be pre
companies, which are prepared in accordance with consis dicted, such as the extent and duration of the pandemic, the
tent accounting principles. The consolidated financial state impact on customers and suppliers, etc.
ments are prepared under the historical cost convention.
Any exceptions to this general rule are outlined in the respec Cash collections continue to be according to normal trade
tive note. The overall accounting principles applied to the terms. The Group has managed to improve its cash flow and
Annual Report as a whole are described below. The account net liquidity thanks to various measures during the year 2020.
1.2 Use of estimates

The preparation of the consolidated financial statements in The estimates and assumptions that may have a higher
accordance with IFRS requires management to make esti degree of uncertainty to cause a material adjustment to the
mates and assumptions that affect the reported amounts of carrying amounts of assets and liabilities within the next
revenue, expenses, assets, and liabilities and the related financial periods relate primarily to goodwill and intangible
disclosures at the date of the financial statements. These assets with an indefinite useful life (Note 4.3) and, to a lesser
estimates are based on management’s best knowledge extent, revenue (Note 3.1) and defined benefit obligations
of current events and possible future measures. However, (Note 4.12).
actual results could differ from those estimates.
Estimates related to specific line items are described in the
If in the future such estimates and assumptions, which are notes to which they relate.
based on management’s best knowledge at the date of the
financial statements, deviate from the actual circumstances,
the original estimates and assumptions will be modified as
appropriate in the year in which the circumstances change.
10
1.3 Foreign currency translation

The individual financial statements of the Group companies from the settlement of such transactions and from the trans
are measured using the currency of the primary economic lation of monetary assets and liabilities denominated in
environment in which the entity operates (“the functional foreign currencies are recognized in the income statement,
currency”) and are translated into Swiss francs for consoli except when they are deferred outside the income statement
dation purposes. Year-end exchange rates are used for the as qualifying cash flow hedges.
balance sheet and the average exchange rate for the income
statement, statement of other comprehensive income, and Foreign exchange differences arising on monetary items
statement of cash flows. that form part of a company’s net investment in a foreign
operation are reclassified to equity (currency translation
Differences resulting from the application of these different adjustment) in the consolidated financial statements and are
exchange rates for the balance sheet and the income state only fully recycled to the income statement when the Group
ment and from equity transactions are recognized directly in loses control of a subsidiary or loses significant influence in
the consolidated statement of other comprehensive income. an associate.
Goodwill arising on the acquisition of a foreign entity is For foreign currency translation, the Bühler Group used the
expressed in the functional currency of the foreign operation following exchange rates:
and is translated at the closing rate.
Foreign currency transactions translated into the functional

currency are accounted for at the exchange rates prevailing
at the date of the transactions; gains and losses resulting
Average exchange rates Closing rates 31.12.

2020 2019 2020 2019
CHF CHF CHF CHF
BRL 0.1841 0.2523 0.1700 0.2400
CAD 0.7002 0.7490 0.6920 0.7440
CNY 0.1360 0.1439 0.1356 0.1392
CZK 0.0405 0.0433 0.0414 0.0428
DKK 0.1436 0.1490 0.1460 0.1460
EUR 1.0705 1.1126 1.0850 1.0890
GBP 1.2042 1.2689 1.1990 1.2750
INR 0.0127 0.0141 0.0121 0.0136
JPY 0.0088 0.0091 0.0086 0.0089
MXN 0.0440 0.0516 0.0446 0.0517
SGD 0.6806 0.7286 0.6677 0.7206
THB 0.0300 0.0320 0.0295 0.0323
USD 0.9388 0.9939 0.8850 0.9730
ZAR 0.0573 0.0689 0.0604 0.0695
FINANCIAL REPORT
11
1.4 Principles of consolidation

Subsidiaries are all entities over which the Group has control. Investments in associated companies are accounted for
The Group controls an entity when the Group is exposed to, using the equity method of accounting. These are compa-
or has rights to, variable returns from its involvement with the nies over which the Group generally holds between 20 % and
entity and has the ability to affect those returns through its 50 % of the voting rights and has significant influence but
power to direct the activities of the entity. The cost of does not exercise control. Goodwill arising on the acquisition
an acquisition is measured at the fair value of the consider- is included in the carrying amount of the investment in asso-
ation transferred at the date of exchange. For each business ciated companies. The Group does not recognize further
combination, the acquirer measures the non-controlling losses when the carrying amount of the investment together
interest in the acquiree either at fair value or at the pro with any long-term interest in an associated company reaches
portionate share of the acquiree’s identifiable net assets. zero, unless the Group has in addition either incurred or guar-
Acquisition costs incurred are expensed in the income state- anteed additional obligations in respect to the associated
ment. Identifiable assets acquired and liabilities assumed in company.
a business combination are measured initially at fair value at
the date of acquisition, irrespective of the extent of any Investments below 20 % are recognized at fair value and
non-controlling interest assumed. When the Bühler Group classified as financial assets at fair value through profit or
acquires a business, it assesses the financial assets and loss. Changes in fair value are recognized in the income
liabilities assumed for appropriate classification and desig- statement.
nation in accordance with the contractual terms, economic
circumstances, and pertinent conditions as at the acquisition Any non-current assets held for sale and discontinued
date. operations are presented separately on the face of the
balance sheet. This includes all those assets associated with
If the business combination is achieved in stages, the acqui- the discontinuation of entire lines of business or geographical
sition date fair value of the Group’s previously held equity areas of operation, which are to be realized through a sale
interest in the acquiree is remeasured to fair value at the date transaction rather than through continued use. Reclassifica-
control is obtained. Any gain or loss arising from such tions are only made if management is committed to the sale
remeasurement is recognized in the income statement. and has started seeking buyers. In addition, the asset or
disposal group must be available for sale in its current
Any contingent consideration to be transferred by the Group condition and its sale must be highly probable within one
is recognized at fair value at the acquisition date. Subsequent year. Non-current assets or disposal groups classified as
changes to the fair value of the contingent consideration are held for sale are no longer depreciated. If necessary, they
recognized in the income statement. are written down for impairment.
Subsidiaries are consolidated from the date on which control The income and expenses of discontinued operations are
is transferred to the Group and are no longer consolidated separated from ordinary income and expenses in the income
from the date that control ceases. statement for both the reporting period and the prior year
down to the “profit after tax” level. The resulting gain or loss
A change in the ownership interest of a subsidiary, without (after taxes) is presented separately in the income statement.
a loss of control, is accounted for as an equity transaction.
All intercompany transactions and balances between Group

companies are eliminated in full.
12
1.5 Additions and disposals of Group companies

Additions 2019
There was no significant addition in 2019.
2020
On December 31, 2020, the Group acquired 100% of the
shares of a leading supplier of roller mill parts with an exten-
sive portfolio of services. With the acquisition the Group ex- Disposals
pands its Customer Service network. The company would
have contributed to the Bühler financial performance with 2020
revenues of CHF 12.2 million, if the acquisition had taken There was no disposal in 2020.
place at the beginning of the year. The net profit would have
been CHF 1.1 million. 2019
There was no significant disposal in 2019.
The goodwill of CHF 6.7 million arising from the acquisition
is mainly attributable to a strengthening of the market posi-
tion, the expertise of the workforce and the expected syner-
gies from combining the operations of the acquired business
with the Bühler Group. None of the goodwill is expected to
be deductible for income tax purposes.
There was no other significant addition.
Identifiable assets and liabilitites fair value at the acquisition date

Design
Corrugating
2020
CHF m
Cash and cash equivalents 1.1

Trade accounts receivable gross 1.5
Other receivables 0.1
Inventories 2.7
Current assets 5.4
Property, plant and equipment 3.1

Non-current assets 3.1
Trade accounts payable –0.8

Other current liabilities, accruals and deferred income –0.8
Current liabilities and provisions –1.6
Deferred tax liabilities –0.3

Non-current liabilities and provisions –0.3
Change in net assets 6.6
Goodwill arising on acquisitions 6.7

Addition to the Group 13.3
Cash disposed (–) / acquired (+) 1.1
Cash flow from changes in the scope of consolidation 1.1

Thereof relating to the current year 1.1
FINANCIAL REPORT
13
1.6 Significant Group companies

Share capital Holding /
in millions of Participation financing
Name of company Country local currency rate company Held by
Switzerland
Bühler Holding AG, Uzwil CH CHF 15.00 C
Bühler AG, Uzwil CH CHF 30.00 100.0% Bühler Holding AG, Uzwil
Bühler-Immo Betriebs AG, Uzwil CH CHF 0.10 100.0% Bühler Holding AG, Uzwil
UBIF AG, Uzwil CH CHF 4.00 100.0% Bühler Holding AG, Uzwil
Bühler Insect Technology Solutions AG, Uzwil CH CHF 1.46 80.0% Bühler Holding AG, Uzwil
Benlink AG, Zurich CH CHF 0.10 100.0% Bühler Holding AG, Uzwil
Bühler + Scherler AG, St. Gallen CH CHF 0.80 60.0% Bühler Holding AG, Uzwil
Europe
FHW Franz Haas Waffelmaschinen GmbH, AT EUR 0.04 100.0% Bühler Food Equipment GmbH,
Leobendorf Leobendorf
Bühler Food Equipment GmbH, Leobendorf AT EUR 4.40 100.0% C Bühler AG, Uzwil
Metall- und Kunststoffwaren Erzeugungs- AT EUR 2.91 100.0% Bühler Food Equipment GmbH,
ges.m.b.H, Heidenreichstein Leobendorf
Bühler CZ s.r.o., Zamberk CZ CZK 265.20 100.0% Bühler Holding AG, Uzwil
Bühler Deutschland GmbH, Beilngries DE EUR 0.03 100.0% Bühler AG, Uzwil
Bühler GmbH, Beilngries DE EUR 16.00 100.0% Bühler Deutschland GmbH,
Beilngries
Bühler Deutschland Holding GmbH, DE EUR 0.03 100.0% C Bühler AG, Uzwil
Braunschweig
Bühler Barth GmbH, Leingarten DE EUR 1.14 100.0% Bühler Deutschland Holding GmbH,
Braunschweig
Bühler GmbH, Reichshof DE EUR 0.28 100.0% Bühler Deutschland Holding GmbH,
Braunschweig
Bühler GmbH, Braunschweig DE EUR 12.63 100.0% Bühler Deutschland Holding GmbH,
Braunschweig
Leybold Optics Verwaltungs GmbH, DE EUR 0.44 100.0% C Bühler Deutschland Holding GmbH,
Alzenau Braunschweig
Bühler Alzenau GmbH, Alzenau DE EUR 0.05 100.0% Leybold Optics Verwaltungs GmbH,
Alzenau
Bühler GmbH, Leingarten DE EUR 2.43 100.0% Bühler Deutschland Holding GmbH,
Braunschweig
Haas-Meincke A/S, Ballerup DK DKK 5.00 100.0% Bühler Food Equipment GmbH,
Leobendorf
Buhler S.A., Madrid ES EUR 0.06 100.0% Bühler Holding AG, Uzwil
Bühler SAS, Haguenau FR EUR 0.20 100.0% Bühler Holding AG, Uzwil
Buhler UK Holdings Ltd., London GB GBP 3.60 100.0% C Bühler Holding AG, Uzwil
Buhler UK Ltd., London GB GBP 1.25 100.0% Buhler UK Holdings Ltd., London
CDD Automation Solutions Limited, Peter- GB GBP 0.01 100.0% Buhler UK Holdings Ltd., London
borough
Buhler S.p.A., Milano IT EUR 2.67 100.0% Bühler Holding AG, Uzwil
Haas-Mondomix B.V., Almere NL EUR 0.50 100.0% Bühler Food Equipment GmbH,
Leobendorf
OOO Haas, Moscow RU RUB 3.21 100.0% FHW Franz Haas Waffelmaschinen
GmbH, Leobendorf
14

North America
Buhler US Holding Inc., Minneapolis US USD 0.05 100.0% C Bühler Holding AG, Uzwil
Buhler Inc., Minneapolis US USD 3.20 100.0% Buhler US Holding Inc., Minneapolis
BuhlerPrince Inc., Holland US USD 0.38 100.0% Buhler US Holding Inc., Minneapolis
Buhler Sputtering Components Inc., US USD 0.02 100.0% Buhler US Holding Inc., Minneapolis
Owatonna
Franz Haas Machinery of America Inc., US USD 0.01 100.0% Bühler Food Equipment GmbH,
Richmond Leobendorf
Latin America
Buhler S.A., Buenos Aires AR ARS 1.10 100.0% Bühler Holding AG, Uzwil
Buhler Indústria e Comércio de Equipa- BR BRL 20.69 100.0% Bühler Holding AG, Uzwil
mentos Industriais Ltda, Curitiba
Buhler Sanmak Industria de Maquinas BR BRL 10.00 100.0% Bühler Holding AG, Uzwil
Ltda., Blumenau
Haas do Brasil Industria de Maquinas BR BRL 3.04 100.0% Bühler Food Equipment GmbH,
Ltda., Curitiba Leobendorf
Buhler S.A. de C.V., Toluca MX MXN 50.00 100.0% Bühler Holding AG, Uzwil
Haas Colombia S.A.S., Envigado CO COP 129.23 100.0% FHW Franz Haas Waffelmaschinen
GmbH, Leobendorf
Middle East and Africa
Buhler Limited, Nairobi KE KES 900.00 100.0% Bühler Holding AG, Uzwil
Buhler (Pty) Ltd., Johannesburg ZA ZAR 141.37 90.0% Bühler Holding AG, Uzwil
FINANCIAL REPORT
15

Asia
Buhler (Changzhou) Machinery Co. Ltd., CN CNY 320.00 100.0% Buhler (China) Holding Co. Ltd., Wuxi
Liyang City
Buhler (China) Holding Co. Ltd., Wuxi CN USD 123.60 100.0% C Bühler Holding AG, Uzwil
Buhler (China) Machinery CN CNY 150.00 100.0% Buhler (China) Holding Co. Ltd., Wuxi
Manufacturing Co. Ltd., Wuxi
Buhler (Wuxi) Commercial Co. Ltd., Wuxi CN USD 5.50 100.0% Buhler (China) Holding Co. Ltd., Wuxi
Buhler Aquatic Equipment (Changzhou) CN CNY 10.00 100.0% Buhler (China) Holding Co. Ltd., Wuxi
Co. Ltd., Liyang City
Buhler (Changzhou) Insect Technologies CN CNY 10.00 100.0% Bühler Insect Technology Solutions
Co. Ltd., Changzhou AG, Uzwil
Buhler Equipment (Xian) Co. Ltd., Xi’an CN CNY 28.00 100.0% Bühler Holding AG, Uzwil
Buhler Mechanical Equipment CN USD 4.00 100.0% Bühler Holding AG, Uzwil
(Shenzhen) Co. Ltd., Shenzhen
Wuxi Buhler Machinery Manufacturing CN USD 23.00 51.0% Bühler Holding AG, Uzwil
Co. Ltd., Wuxi
Buhler Leybold Optics Equipment (Beijing) CN CNY 10.10 100.0% Bühler Alzenau GmbH, Alzenau
Co. Ltd., Beijing
Franz Haas Food Machinery (Shanghai) CN USD 1.50 100.0% Bühler Food Equipment GmbH,
Co. Ltd., Shanghai Leobendorf
Buhler (India) Private Ltd., Bangalore IN INR 100.00 100.0% Bühler Holding AG, Uzwil
Buhler K.K., Yokohama JP JPY 250.00 100.0% Bühler Holding AG, Uzwil
Buhler Ltd., Seoul KR KRW 250.00 100.0% Bühler Holding AG, Uzwil
Buhler Asia Private Limited, Singapore SG USD 14.38 100.0% C Bühler Holding AG, Uzwil
Buhler Asia Vietnam Limited, Long An VN VND 149,815.50 100.0% Buhler Asia Private Limited,
Singapore
Buhler (Thailand) Limited, Bangkok TH THB 110.00 100.0% Buhler Asia Private Limited,
Singapore
PT Buhler Indonesia, Jakarta ID IDR 68,500.00 100.0% Buhler Asia Private Limited,
Singapore
No significant change to prior year.

16
2. Financial risk management

The Group is exposed to financial market risks (foreign The Group’s main business is project-based with an exe
exchange risk, interest rate risk, and price risk), credit risks, cution over a longer period of time. Small projects and
and liquidity risks as a result of its global activities. Financial customer service transactions are continuously monitored
risk management focuses on the management of foreign and hedged based on the expected sales volume. Hedge
exchange risk, credit risk, and liquidity risk. The Group’s risk accounting is applied.
management aims to minimize the potential adverse impact
of developments on the financial markets on the Group’s Foreign exchange risks also arise from net investments in
financial conditions and secure its financial stability. foreign Group companies (translation risk). Net investments
in foreign Group companies are long term in nature. Their fair
The corporate treasury executes the risk management func- value changes with exchange rates. However, in the long run
tion in accordance with the directives issued by the Board the spread in the inflation rate should match the correspond-
of Directors. Financial risks are identified, evaluated, and ing exchange-rate movements, so that changes in the fair
mitigated in close cooperation with the Group’s business value of foreign net investments will offset the exchange-
units and subsidiaries. rate related changes in value. For this reason, the Group
currently does not hedge its net investments in foreign Group
Foreign exchange risk. Due to the nature of a global busi- companies.
ness, the Group is exposed to future business transactions
or assets and liabilities recognized on the balance sheet The table below shows the changes in the key currency pairs
denominated in another currency than the functional curren- on profit after taxes and equity, based on the assumption
cy (transaction risk). The objective is to minimize transaction that all other variables remained constant. The volatility value
risks arising from sales contracts and purchase commit- used in the calculation is that of one-year historical volatility
ments in non-functional currencies. In order to hedge such as per December 31.
transaction risks, subsidiaries use foreign currency contracts
with the corporate treasury as counterparty, if permitted
by local legislation. The corporate treasury manages these
positions by entering into foreign currency spot, forward,
swap, and derivative contracts with financial institutions.
2020 Currency pair EUR/CHF USD/CHF CNY/CHF GBP/CHF
Volatility 5.1% 6.4% 8.3% 7.4%

Effect on profit after taxes (rate increase) CHF m 1.5 0.6 6.2 0.5
Effect on profit after taxes (rate decrease) CHF m –1.5 –0.6 –6.2 –0.5
Effect on equity (rate increase) CHF m 11.4 –1.2 3.3 –0.1
Effect on equity (rate decrease) CHF m –11.4 1.2 –3.3 0.1
2019 Currency pair EUR/CHF USD/CHF CNY/CHF GBP/CHF
Volatility 4.7% 6.0% 8.4% 7.8%

Effect on profit after taxes (rate increase) CHF m 1.3 0.7 6.9 0.2
Effect on profit after taxes (rate decrease) CHF m –1.3 –0.7 –6.9 –0.2
Effect on equity (rate increase) CHF m 8.4 –2.6 3.9 –1.5
Effect on equity (rate decrease) CHF m –8.4 2.6 –3.9 1.5
FINANCIAL REPORT
17
Interest rate risk. The Group held, with the exception of Receivables from customers: In order to minimize potential
cash and time deposits, no material interest-bearing assets losses on customers’ receivables, an Operational Risk
during the reporting and the prior-year period. Both income Management (ORM) guideline has been implemented. The
and cash flow from operations are therefore unaffected by evaluation of our customers’ financial reliability and/or the
the market interest rates. The liabilities contain mainly two terms of payment and hedging on our deliveries are key
corporate bonds with a fixed interest rate, which are mea- concerns in this respect. In addition, it can be stated that
sured at amortized costs. Hence, the Group is not exposed none of our customers has outstanding payments account-
to a fair value risk. ing for more than 5% of total sales revenue. The nominal
value of the trade accounts receivable less valuation allow-
Price risk. Holding marketable securities exposes the Group ances is considered an approximation of the receivables’ fair
to a risk of price fluctuation that can result in proportional value. The book value stated represents the maximum credit
changes in the carrying amount. The Group’s balance of risk. Information on the analysis of outstanding receivables
marketable securities was not material at the end of the and allowance for bad debts is disclosed in Note 4.7.
reporting and the prior-year period.
Liquidity risk. Liquidity risk refers to the risk of the Group
Credit risk. Credit risks arise in connection with investments being unable to fulfill its obligations when due or at a reason-
of liquid funds, derivative financial instruments, and receivable price. The Group’s liquidity management includes hold-
ables from customers. The Group does not expect to incur ing adequate reserves of cash and committed credit lines
any material loss as a result of its counterparties being unable with different banks to ensure financial stability and to use
to meet their contractual obligations, nor does it have any free cash flows as a source of financing. Group management
cluster risks with respect to individual sectors or countries. monitors the Group’s net liquidity position by means of on-
going forecasts based on expected cash flows.
Financial institutions: The default risk on investments, deriv-
ative financial instruments, money market funds, deposits,
and cash is minimized by selecting different counterparties
with at least an investment-grade rating. The risks are mon-
itored and kept within periodically reviewed and approved
limits.
18
Maturity analysis
Cash outflow
Book value
Dec. 31, 2020 Total < 1 year 1–5 years > 5 years
2020 CHF m CHF m CHF m CHF m CHF m
Trade accounts payable to third parties 325.5 325.5 325.5

Liabilities to associates and related parties 175.7 175.7 49.1 102.6 24.0
Other liabilities (incl. derivative financial instruments through profit or loss) 71.2 71.2 69.0 2.2 0.0
Corporate bonds 420.6 429.0 1.6 185.9 241.5
Derivative financial instruments held for hedging 4.7 4.7 4.5 0.2
Total 997.7 1,006.1 449.7 290.9 265.5
Cash outflow
Book value
Dec. 31, 2019 Total < 1 year 1–5 years > 5 years
Trade accounts payable to third parties 385.9 385.9 385.9

Liabilities to associates and related parties 232.0 232.0 41.2 73.9 116.9
Other liabilities (incl. derivative financial instruments through profit or loss) 84.4 84.4 84.2 0.2 0.0
Corporate bonds 420.7 430.6 1.6 186.1 242.9
Derivative financial instruments held for hedging 6.1 6.1 5.7 0.4
Total 1,129.1 1,139.0 518.6 260.6 359.8
Capital management. The Group’s objectives in relation to holders and benefits for all other stakeholders. In addition,
capital management are to safeguard the Group’s financial capital management aims to maintain an optimal capital
stability, its financial independence, and its ability to continue structure. As at December 31, 2020, the equity ratio amounts
as a going concern in order to generate returns for share- to 44.2% (prior year: 42.8%).
FINANCIAL REPORT
19
2.1 Financial assets

Financial assets are initially recognized at fair value plus 31, 2020, all non-current private equity investments were
transaction costs that are directly attributable to the acqui- considered strategic investments and their fair value
sition of the asset, except for financial assets held at fair amounted to CHF 21.8 million (prior year: 22.1 million).
value through profit or loss where the transaction costs are
expensed immediately to the income statement. Credit risks relating to debt instruments valued at amortized
cost are considered to be low. The Group therefore deter-
The subsequent valuation depends on the Group’s business mines the impairment allowance as the credit losses expect-
model for managing the respective asset and the cash flow ed in the next 12 months. Lifetime expected credit losses
characteristics of the assets: would be recognized when the credit risk is no longer
regarded as low risk.
AA Cash, time deposits, receivables, non-current interest-
bearing receivables, and other financial assets are valued For trade receivables and construction assets, allowances
at amortized costs. are calculated in the amount of the expected credit losses
A A Debt instruments are valued at fair value through profit or over the term. The Group analyses the credit losses incurred
loss due to the irrevocable election of the fair value option. in the past and also estimates anticipated credit losses based
A A Equity instruments acquired with the intention of generat- on the economic conditions.
ing a profit or compensatory effect from short-term price
fluctuations are considered operational investments and As at December 31, 2020, capital commitments of CHF 10.7
are valued at fair value through profit or loss. million (prior year: 11.5 million) had not yet been drawn.
A A Equity instruments acquired for long-term strategic rea-
sons are considered strategic investments and are valued Information on derivative financial instruments is disclosed in
at fair value through other comprehensive income with no Note 2.3.
future recycling to the income statement. As of December
Cash and Marketable Non-current Total Total

cash equivalents securities financial assets Receivables book value market value
2020 CHF m CHF m CHF m CHF m CHF m CHF m
Financial assets at amortized costs 708.2 42.8 603.9 1,354.9 1,354.9

Financial assets at fair value through profit or loss 74.7 23.2 97.9 97.9
Financial assets held for hedging 7.1 0.3 7.4 7.4
Financial assets at fair value through OCI 21.8 21.8 21.8
Total financial assets 708.2 81.8 88.1 603.9 1,482.0 1,482.0
Cash and Marketable Non-current Total Total

cash equivalents securities financial assets Receivables book value market value
2019 CHF m CHF m CHF m CHF m CHF m CHF m
Financial assets at amortized costs 396.5 113.7 736.8 1,247.0 1,247.0

Financial assets held for hedging 8.3 0.5 8.8 8.8
Financial assets at fair value through OCI 22.1 22.1 22.1
Total financial assets 396.5 82.2 163.8 736.8 1,379.3 1,379.3

20
2.2 Financial liabilities

Financial liabilities are initially recognized at fair value, net of income statement over the term of the borrowings. Financial
transaction cost incurred. Subsequently, financial liabilities liabilities are de-recognized when the contractual obligations
are measured at amortized cost using the effective interest are discharged, cancelled, or expired.
method with any difference between net proceeds and the
principal value due on redemption being recognized in the
Current Non-current
financial financial Total Total
liabilities liabilities Payables book value market value
Financial liabilities at amortized costs 33.4 552.8 403.4 989.6 995.8

Financial liabilities at fair value through profit or loss 3.4 3.4 3.4
Financial liabilities held for hedging 4.5 0.2 4.7 4.7
Total financial liabilities 41.3 553.0 403.4 997.7 1,003.9
Current Non-current
financial financial Total Total
liabilities liabilities Payables book value market value
Financial liabilities at amortized costs 16.3 632.2 449.2 1,097.7 1,102.6

Financial liabilities held for hedging 5.7 0.4 6.1 6.1
Total financial liabilities 32.3 632.6 449.2 1,114.1 1,119.0
Corporate bonds
Nominal Effective
value interest 2020 2019
Company Term Currency CHF m rate CHF m CHF m
Bond, Switzerland 0.1% Bühler Holding AG 12/2017 – 12/2022 CHF 180.0 0.11% 180.0 179.9
Bond, Switzerland 0.6% Bühler Holding AG 12/2017 – 12/2026 CHF 240.0 0.55% 240.6 240.8
Total corporate bonds 420.6 420.7
The corporate bonds are listed on the SIX Swiss Exchange.

FINANCIAL REPORT
21
Reconciliation of liabilities arising from financing activities

Non-cash changes
Cash FX move- Reclassifi-

2019 flows Others ment cation 2020
CHF m CHF m CHF m CHF m CHF m CHF m
Current financial liabilities 32.3 –0.1 8.9 0.0 0.2 41.3

Non-current financial liabilities 632.6 –15.0 –64.4 0.0 –0.2 553.0
Total liabilities from financing activities 664.9 –15.1 –55.5 0.0 0.0 594.3
Non-cash changes
Cash FX move- Reclassifi-

2018 flows Others ment cation 2019
CHF m CHF m CHF m CHF m CHF m CHF m
Current financial liabilities 34.9 0.0 –2.5 0.0 –0.1 32.3

Non-current financial liabilities 526.7 –11.0 116.8 0.0 0.1 632.6
Total liabilities from financing activities 561.6 –11.0 114.3 0.0 0.0 664.9
22
2.3 Marketable securities and derivative financial instruments

Derivative financial instruments and hedge accounting. The hedging of cash flows is undertaken for certain antici-
Derivative financial instruments with banks are mainly con- pated Group-internal transactions as well as for the foreign
cluded to hedge foreign exchange risks. They are initially exchange risk of firm commitments. For hedges with desig-
recognized at fair value and are subsequently measured at nated hedging relationships that meet the qualifying criteria,
fair value (replacement cost). The method applied for recog- the effective portion of the change in fair value of derivatives
nizing the resulting profits or losses depends on whether a used for the hedging of cash flows is recognized in other
derivative was designated for hedging, and if so, on the type comprehensive income. The ineffective portion of the hedg-
of position being hedged. Certain derivatives may be used ing instrument is immediately recognized in the income state-
to hedge foreign exchange risks in connection with a trans- ment.
action that is highly likely to take place in future, or to hedge
a fixed commitment (hedging of cash flows). When the hedge Amounts accumulated in other comprehensive income are
is implemented, the Group documents the relationship be- recycled in the income statement in the periods when the
tween the hedging instrument and the risk being hedged, as hedged item affects profit or loss. When a forecasted trans-
well as setting out risk management objectives and strate- action is no longer expected to occur, the cumulative gain or
gies. Furthermore, the Group records its assessment of the loss that was recorded in other comprehensive income is
effectiveness of the hedging instrument with respect to the immediately transferred to the income statement.
hedged cash flows, both when the hedging transaction is
concluded and on an ongoing basis. Derivatives not designated as hedge accounting instruments
are a
ccounted for at fair value through profit or loss. Chang-
The fair value of a hedging derivative is classified as a es in the fair value of these derivative instruments are recog-
non-current asset or liability when the remaining maturity of nized immediately in the income statement.
the hedged item is more than 12 months; it is classified as a
current asset or liability when the remaining maturity of the Futures and options were entered into with banks mainly to
hedged item is less than 12 months. Trading derivatives are hedge foreign exchange risks. The following positions were
classified as a current asset or liability. open as of December 31, 2020:
Contract or underlying Positive fair values Negative fair values

principal amount
2020 2019 2020 2019 2020 2019
2.3.1 Derivative financial instruments CHF m CHF m CHF m CHF m CHF m CHF m
Currency-related instruments
Forward foreign exchange rate contracts 1,400.1 2,300.1 11.7 17.7 8.1 12.3
– held for trading 520.8 1,213.4 4.3 8.9 3.4 6.2
– cash flow hedges (effective part) 879.3 1,086.7 7.4 8.8 4.7 6.1
Over-the-counter currency options 0.0 68.1 0.0 0.9 0.0 0.6
Total of currency-related instruments 1,400.1 2,368.2 11.7 18.6 8.1 12.9
Options 0.0 68.1 0.0 0.9 0.0 0.6

Futures 1,400.1 2,300.1 11.7 17.7 8.1 12.3
Sum of derivative financial instruments 1,400.1 2,368.2 11.7 18.6 8.1 12.9
Thereof included in securities and in 1,341.4 2,290.9 11.4 18.1 7.9 12.5
current financial liabilities
Thereof included in other non-current 58.7 77.3 0.3 0.5 0.2 0.4
financial assets and financial liabilities
FINANCIAL REPORT
23
Other Total Total

USD EUR currencies 2020 2019
CHF m CHF m CHF m CHF m CHF m
Currency-related instruments
Forward foreign exchange rate contracts 265.8 963.1 171.2 1,400.1 2,300.1
– held for trading 136.8 343.6 40.4 520.8 1,213.4
– cash flow hedges 129.0 619.5 130.8 879.3 1,086.7
Over-the-counter currency options 0.0 0.0 0.0 0.0 68.1
Total of currency-related instruments 265.8 963.1 171.2 1,400.1 2,368.2
Options 0.0 0.0 0.0 0.0 68.1

Futures 265.8 963.1 171.2 1,400.1 2,300.1
Sum of derivative financial instruments 265.8 963.1 171.2 1,400.1 2,368.2
Positive replacement values are included in marketable se-

curities or non-current financial assets and negative replace-
ment values are included in current and non-current financial
liabilities.
2020 2019
2.3.2 Marketable securities CHF m CHF m
Equity securities 4.2 4.2

Bonds 0.6 0.0
Derivative financial instruments 11.4 18.1
Other securities 65.6 59.9
Total marketable securities 81.8 82.2

24
2.4 Estimation of fair values

The fair values of financial instruments that are actively traded valuation are based on observable market data, the instru-
on markets are based on the relevant trading exchange ment in question is classified as Level 2. If one or more
prices (offer prices) on the balance sheet reference date. parameters are based on unobservable market data, the
Instruments of this nature are classified as Level 1. The fair instrument is classified as Level 3. In the period under review
values of financial instruments that are not actively traded on as well as in the prior year no transfer occurred within the
markets (e.g. derivative OTC instruments) are determined levels.
using valuation models. If all the parameters required for the
2020 CHF m Level 1 Level 2 Level 3 Total
Derivative financial assets held for hedging 7.4 7.4
Financial assets at fair value through OCI 21.8 21.8
Total financial assets 70.4 11.7 45.0 127.1
Financial liabilities at fair value through profit or loss 3.4 3.4

Financial liabilities held for hedging 4.7 4.7
Total financial liabilities 0.0 8.1 0.0 8.1
2019 CHF m Level 1 Level 2 Level 3 Total
Derivative financial assets held for hedging 8.8 8.8
Financial assets at fair value through OCI 22.1 22.1
Total financial assets 64.1 18.6 49.6 132.3
Financial liabilities held for hedging 6.1 6.1
Total financial liabilities 0.0 12.9 3.5 16.4

FINANCIAL REPORT
25
3. Detailed information on consolidated income statement
3.1 Revenue
Revenue is measured based on the consideration specified These adjustments affect costs, the stage of completion,
in the contract with a customer and excludes amounts and both realized and anticipated profits. Any changes in
collected on behalf of third parties. Depending on the specific estimates are recognized in the period in which they occur.
contractual circumstances, the Group recognizes revenue Losses can occur when the expected contract costs exceed
over time or when it transfers control over a product or the expected revenue. Losses are recognized as an expense
service to a customer, at a point in time. immediately when identified.
The input method is used to measure progress for each Revenue recognized at a point in time also requires the use
performance obligation satisfied over time. Revenue recog of estimates regarding the exact time when control transfers
nition over time requires the use of estimates and forecasts to a customer. Thus, there is an uncertainty that the point in
concerning future costs that affects the stage of completion. time when control actually transfers deviates from these
Thus, there is a higher degree of uncertainty that actual costs estimates.
in the next financial periods may differ from these estimates.
The forecasts are reviewed on a regular basis and adjusted The following is a description of the principal activities of the
if necessary. Group, segregated by business type:
Business type Nature, timing of satisfaction of performance obligations, and significant payment terms
Project/Plant Projects with a higher degree of complexity or customization usually have no alternative use.
The general contract terms do not include a right of return and require a down payment upon
contract signing with a letter of credit covering the remaining amount. This constitutes a right
to payment. Revenue for these projects is recognized over time. Revenue for all other projects
is recognized at a point in time.
Single Machines The Group recognizes revenue when the customer takes possession of the goods. This is
usually when the goods arrive at the customer site. The general contract terms do not include
a right of return and require a down payment upon contract signing with a letter of credit
covering the remaining amount in some cases.
Customer Service The Group recognizes revenue for spare parts when the customer takes possession of the
goods. This is usually when the goods are shipped. The general contract terms do not include
a right of return. Revenue for service contracts is recognized over time.
26
In the following table, revenue is disaggregated by primary three businesses, which are its reportable segments (see
geographical market, major products / service lines, and Note 5).
timing of revenue recognition. The table also includes a
reconciliation of the disaggregated revenue with the Group’s
Advanced Consumer Corporate

Grains & Food Materials Foods Functions Group
Disaggregation of revenue 2020 CHF m CHF m CHF m CHF m CHF m
North America 228.2 78.5 122.3 0.6 429.6

South America 96.3 7.0 31.4 1.0 135.7
Europe 421.6 145.1 241.9 14.6 823.2
Middle East and Africa 195.0 11.0 83.7 0.4 290.1
South Asia 56.5 4.9 12.6 0.0 74.0
Asia 668.1 196.8 82.0 0.3 947.2
Total revenue by geography 1,665.7 443.3 573.9 16.9 2,699.8
Revenue recognized at a point in time 580.2 389.0 343.2 16.9 1,329.3

Revenue recognized over time 1,085.5 54.3 230.7 0.0 1,370.5
Total revenue by timing of revenue recognition 1,665.7 443.3 573.9 16.9 2,699.8
Revenue Project/Plant 1,085.5 306.0 416.1 9.8 1,817.4

Revenue Single Machines 227.6 9.3 5.8 1.8 244.5
Revenue Customer Service 352.6 128.0 152.0 5.3 637.9
Total revenue by product 1,665.7 443.3 573.9 16.9 2,699.8

Disaggregation of revenue 2019 CHF m CHF m CHF m CHF m CHF m
North America 217.0 152.4 146.5 0.9 516.8

South America 121.5 9.8 47.0 0.6 178.9
Europe 417.8 260.1 283.0 25.4 986.3
Middle East and Africa 320.1 10.2 135.2 –0.8 464.7
South Asia 81.1 21.9 10.3 –0.6 112.7
Asia 636.9 194.2 151.6 12.3 995.0
Total revenue by geography 1,794.4 648.6 773.6 37.8 3,254.4
Revenue recognized at a point in time 632.5 580.4 491.1 37.8 1,741.8

Revenue recognized over time 1,161.9 68.2 282.5 0.0 1,512.6
Total revenue by timing of revenue recognition 1,794.4 648.6 773.6 37.8 3,254.4
Revenue Project/Plant 1,161.9 469.6 614.1 29.6 2,275.2

Revenue Single Machines 263.7 14.7 5.0 1.9 285.3
Revenue Customer Service 368.8 164.3 154.5 6.3 693.9
Total revenue by product 1,794.4 648.6 773.6 37.8 3,254.4

FINANCIAL REPORT
27
The following table provides the information about receiv

ables, contract assets, and contract liabilities from contracts
with customers.
2020 2019
Contract balances CHF m CHF m
Trade accounts receivable 560.2 688.6
Production orders in progress 743.2 725.2

Advance payments from customers –360.2 –269.9
Contract assets relating to production orders in progress 383.0 455.3
Production orders in progress 12.4 11.3

Advance payments from customers –564.3 –484.8
Contract liabilities relating to production orders in progress –551.9 –473.5

Accumulated costs and recognized profits 2,489.0 2,326.1
The contract assets primarily relate to the Group’s rights rior-year contract liability balance of CHF 473.5 million was
p
to consideration for work completed but not invoiced at recognized in the income statement in the current year (prior
the reporting date. The contract assets are transferred to year: CHF 576.3 million).
receivables when the rights become unconditional. The
contract liabilities primarily relate to the advanced con The following table includes revenue expected to be
sideration received from customers, for which revenue is recognized in the future related to performance obligations
recognized on completion or if the advanced consideration that are unsatisfied (or partially unsatisfied) at the reporting
received exceeds the work completed. The complete date.
2021 2022 2023 2024

Performance obligation CHF m CHF m CHF m CHF m
Project/Plant 1,048.6 202.6 39.7 4.0

Single Machines 73.0 0.0 0.0 0.0
Customer Service 150.8 3.4 0.7 0.0
Management does not expect commission fees paid to

intermediaries to be recoverable. The Group therefore rec
ognizes the incremental costs of obtaining contracts as an
expense when incurred.
28
3.2 Other operating income

2020 2019
CHF m CHF m
Dividend income 0.1 0.5
Earnings from coordination of consortium business 0.3 6.9
Gains from sale of fixed assets 1.0 2.7
Gains from sale of part of businesses 0.0 8.5
Gains from sale of scrap materials 3.5 3.2
Government grants 4.0 4.2
Interest income from trade finance 0.4 0.7
License revenue 3.1 0.0
Rental income 1.5 0.8
Supplier discounts 1.7 2.2
Other operating income related parties 0.9 0.6
Others 15.8 19.4
Total 32.3 49.7
Others comprises a number of individually immaterial items.
3.3 Employee benefit expenses

2020 2019
CHF m CHF m
Wages and salaries 704.5 791.5

Social security and employee benefit expenses 144.6 135.9
Other personnel expenses 63.5 71.1
Total 912.6 998.5

FINANCIAL REPORT
29
3.4 Other operating expenses

2020 2019
CHF m CHF m
Administration expenses 91.4 127.5

Rental and leasing expenses 21.0 19.9
Energy, maintenance and repairs 34.3 34.7
Travel expenses 50.0 90.6
Outbound freight costs 76.8 80.1
Consultancy fees 24.0 24.7
Marketing costs 9.8 15.4
Agency fees 26.2 24.8
Warranty costs, loss orders 16.3 5.9
Contributions and memberships 4.3 4.2
Fixed assets < 10 kCHF 2.6 3.4
Losses on accounts receivables 22.8 11.4
Losses on sales of fixed assets 6.3 6.0
Other operating expenses related parties (Note 6.2, Related parties) 12.3 13.0
Others 17.6 26.8
Total 415.7 488.4
3.5 Financial result

2020 2019
CHF m CHF m
Interest income 5.4 4.6

Interest income from related parties 0.3 1.0
Interest expenses –4.3 –6.9
Interest expenses from related parties –2.3 –2.4
Total interest income and expenses –0.9 –3.7
Total other financial income 1.2 6.1
Total financial result 0.3 2.4
The interest expenses of CHF –4.3 million (previous year:

CHF –6.9 million) include the interest payments to bond hold
ers and interest components from leasing and pension fund
obligations in accordance with IFRS 16 and IAS 19. Other
financial income mainly includes gains from asset manage
ment.
30
3.6 Taxes
Income taxes comprise the tax expense in respect of all Current income tax relating to items recognized directly in
recognized profits for the reporting period. They include cur equity is recognized in equity.
rent and deferred income taxes. Current income taxes are
calculated on taxable profit. Provisions for deferred taxes are Deferred tax assets are only recognized for temporary differ
calculated according to the liability method. Deferred taxes are ences and unused tax loss carry-forwards to the extent that
recognized for temporary differences between the carrying it is probable that future taxable profit will be available,
amounts of assets and liabilities in the balance sheet and their against which temporary differences or unused tax losses
tax base, taking into account actual or substantively enacted can be utilized. This assessment is based on estimates,
tax rates. Changes in deferred tax balances are recognized which could differ from actual results and require a valuation
in the income statement, except when they relate to items allowance.
recognized outside the income statement, in which case the
deferred tax is treated accordingly.
2020 2019
3.6.1 Income taxes CHF m CHF m
Income taxes relating to the reporting period –39.7 –65.9

Income taxes relating to prior periods 1.2 0.0
Deferred taxes due to temporary differences 0.8 0.1
Deferred taxes due to recognition of tax loss carry-forwards –0.8 2.6
Deferred taxes due to changes in tax rates 2.1 14.4
Total –36.4 –48.8

Deferred taxes recognized in other comprehensive income 0.9 –1.4
2020 2019
3.6.2 Reconciliation of income taxes CHF m CHF m
Components of tax expenses:

Income taxes at anticipated tax rate –39.6 –57.6
Income and expenses not subject to tax 5.1 2.9
Income taxes relating to prior periods 1.2 0.0
Deferred taxes due to changes in tax rates 2.1 14.4
Effect of tax loss carry-forwards 0.3 1.7
Effect of losses without recognition of deferred tax assets –3.5 –1.8
Other impacts –2.0 –8.4
Income taxes disclosed (current and deferred) –36.4 –48.8
Total income taxes in % of profit before taxes 24.9% 19.5%
The anticipated tax rate was 27.1% (prior year 23.0%) and impact of COVID-19 on turnover volumes as well as the one
consisted of the weighted average of the applicable local tax time positive impact in prior year resulting from changes in
rates for income taxes. The effective tax rate increased to tax rates. The revaluation of deferred tax assets and liabilities
24.9% in 2020 from 19.5% in 2019. The main contributory had an impact on the income statement and on other com
factors for the resulting tax rate were the change in the geo prehensive income.
graphic allocation of taxable profits as a result of the varying
FINANCIAL REPORT
31
2020 2019
3.6.3 Tax loss carry-forwards CHF m CHF m
Expiry
Unlimited 88.7 104.0
In more than five years 43.1 22.8
In two to five years 13.0 13.6
Within one year 6.7 2.0
Total 151.5 142.4
Tax loss carry-forwards accounted for in deferred taxes 136.4 131.5

Tax loss carry-forwards not accounted for in deferred taxes 15.1 10.9
Tax effect on tax loss carry-forwards unaccounted for 3.7 2.7
The change in tax loss carry-forwards results from the use well as from the impact of additional tax loss carry-forwards
of tax losses in particular in Germany, China, and Brazil as in particular in Switzerland, Germany and Denmark.
2020 2019
CHF m CHF m
3.6.4 Breakdown of deferred taxes per line item Assets Liabilities Assets Liabilities
Property, plant and equipment 5.7 32.6 6.0 32.8

Post-employment benefits 19.5 2.9 15.5 5.9
Provisions 16.7 13.0 8.6 11.2
Other items (mainly inventory, construction contracts and other current 102.6 185.9 76.0 149.8
liabilities)
Tax loss carry-forwards 33.2 0.0 35.3 0.0
Total deferred taxes gross 177.7 234.4 141.4 199.7

Offset –124.8 –124.8 –82.2 –82.2
Total deferred taxes net 52.9 109.6 59.2 117.5
Deferred tax assets and liabilities are offset if there is a legally

enforceable right to set them off and if the calculations of
income taxes relate to the same taxation authority.
3.7 Research and development costs

Research costs are recognized in the income statement in the period in which the returns are expected to flow to the
the period in which they are incurred. Development costs are Group.
capitalized only if, and to the extent that, the IFRS criteria are
met and it is probable that the present value of the expected Research and development costs directly charged to the
returns will exceed the development costs. Capitalized income statement in the reporting period amounted to
development costs are amortized on a systematic basis over CHF 139.0 million (prior year: CHF 149.2 million).
32
4. Detailed information on consolidated balance sheet
4.1 Property, plant and equipment

Property, plant, and equipment is valued at acquisition or Impairment of assets. At each reporting date, the Group
construction cost less depreciation and write-downs for im- assesses whether there is any indication that an asset may
pairment. Items of property, plant, and equipment are depre- be impaired. If any such indication exists, the recoverable
ciated on a straight-line basis over their estimated useful life, amount of the asset is estimated in order to determine the
except for land, which is not depreciated. Estimated useful extent of the impairment loss. Where it is not possible to
lives of major classes of depreciable assets are as follows: estimate the recoverable amount of an individual asset, the
Group estimates the recoverable amount of the smallest
AA Building shell: 40 – 80 years cash-generating unit to which the asset belongs. The recov-
AA Installations / extensions: 20 – 25 years erable amount is the higher of an asset’s or cash-generating
A A Machinery and technical equipment: 10 years unit’s fair value less costs to sell and its value in use. If the
A A Other tangible fixed assets: 3 –10 years recoverable amount of an asset or cash-generating unit is
estimated to be less than its carrying amount, the carrying
The estimated useful life of the assets is regularly reviewed amount of the asset or cash-generating unit is reduced to its
and, if necessary, the future depreciation charge is acceler- recoverable amount. Impairment losses are recognized
ated. immediately in the income statement.
Costs are only included in the asset’s carrying amount when Where an impairment loss is subsequently reversed, the
it is probable that economic benefits associated with the item carrying amount of the asset or cash-generating unit is
will flow to the Group in future periods and the cost of the increased to the revised estimate of its recoverable amount.
item can be measured reliably. However, this increased amount cannot exceed the carrying
amount that would have been determined had no impairment
Borrowing costs. Borrowing costs that are directly loss been recognized for that asset or cash-generating unit
attributable to the acquisition, construction, or production in prior periods. A reversal of an impairment loss is recog-
of a qualified asset are capitalized as part of the cost of nized immediately in the income statement.
that asset.
FINANCIAL REPORT
33
Machinery Other Assets

Land and and technical tangible under
buildings equipment assets construction Total
Acquisition cost CHF m CHF m CHF m CHF m CHF m
January 1, 2019 429.9 311.8 163.1 78.0 982.8

Additions 145.7 15.9 15.6 54.2 231.4
Disposals –7.0 –12.8 –16.9 –7.1 –43.8
Changes in the scope of consolidation –8.9 –0.7 –0.3 0.0 –9.9
Reclassifications 56.4 24.0 7.2 –87.6 0.0
Translation differences –10.6 –8.1 –3.1 –0.9 –22.7
December 31, 2019 605.5 330.1 165.6 36.6 1,137.8
Additions 6.0 13.2 6.7 31.6 57.5

Disposals –1.5 –15.1 –25.4 –4.9 –46.9
Changes in the scope of consolidation 1.8 1.2 0.1 0.0 3.1
Reclassifications 28.6 11.3 1.4 –41.3 0.0
December 31, 2020 626.6 330.2 144.4 21.1 1,122.3
Depreciation
January 1, 2019 –112.7 –186.7 –118.0 –0.7 –418.1

Additions –17.1 –22.9 –12.7 –0.1 –52.8
Disposals 4.2 10.6 15.5 0.0 30.3
Impairment 0.0 0.0 0.0 0.0 0.0
Reclassifications 0.0 –0.1 0.1 0.0 0.0
Translation differences 3.3 5.3 2.2 0.0 10.8
December 31, 2019 –117.1 –193.5 –112.7 –0.8 –424.1
Additions –19.0 –24.0 –12.2 0.0 –55.2

Disposals 1.0 12.6 24.9 0.0 38.5
Impairment 0.0 –0.3 –2.7 0.0 –3.0
Reclassifications –3.1 0.1 2.2 0.8 0.0
Translation differences 3.2 6.6 3.0 0.0 12.8
December 31, 2020 –135.0 –198.5 –97.5 0.0 –431.0
Net book values
January 1, 2020 488.4 136.6 52.9 35.8 713.7

December 31, 2020 491.6 131.7 46.9 21.1 691.3
Net loss on disposal of tangible fixed assets amounted to are not shown in the balance sheet, amounted to CHF 4.1
CHF –5.3 million (prior year: net loss CHF -3.3 million). Com- million (prior year: CHF 10.5 million) and are mainly related to
mitments relating to property, plant, and equipment, which machinery in the US.
34
4.2 Leases
General accounting policies. At inception of a contract, the The present value calculation uses the countries and matu-
Group assesses whether a contract is, or contains, a lease. rity range incremental borrowing rate. This rate is calculated
A contract is, or contains a lease, if the contract conveys the based on the risk-free rate of the country plus a risk premium.
right to use an identified asset for a period of time in ex-
change for consideration. To assess whether a contract con- Each lease payment is allocated between the liability and
veys the right to control the use of an identified asset, the finance cost. The finance cost is charged to the income
Group assesses whether it: statement over the lease period so as to produce a constant
periodic rate of interest on the remaining balance of the lia-
AA obtains substantially all of the economic benefits from the bility for each period.
use of the asset; and
A A directs the use of the asset. In accordance with IFRS 16.5 the Group makes use of the
recognition exemption for short-term leases and leases for
The Group leases various real estate buildings, vehicles, ma- which the underlying asset is of low value. Payments asso-
chinery, and other assets. Rental contracts typically run for ciated with short-term leases and leases of low-value assets
a period of two to six years. Some leases include an option are recognized on a straight-line basis as an expense in prof-
to renew, extend, and terminate the lease. In determining the it or loss in accordance with IFRS 16.6. Short-term leases
lease term, management considers all facts and circum- are leases with a lease term of 12 months or less.
stances that create an economic incentive to exercise an
extension option, or not exercise a termination option. Ex- Leases where substantially all the risks and rewards of own-
tension options (or periods after termination options) are only ership are not transferred to the Group are classified as op-
included in the lease term if the lease is reasonably certain erating leases. Payments under operating leases are charged
to be extended (or not terminated). The assessment is re- to the income statement on a straight-line basis over the
viewed if a significant event or a significant change in circum- period of the lease.
stances occurs which affects this assessment and that is
within the control of the lessee.
The Group recognizes a right-of-use asset and a lease liabil-

ity at the lease commencement date. The right-of-use assets
are capitalized at the date of the commencement of the lease
term at the present value of the minimum future lease pay-
ment or, if lower, at the amount equal to the fair value of the
leased asset as determined at the inception of the lease. The
right-of-use asset is depreciated over the shorter of the as-
set’s useful life and the lease term on a straight-line basis.
The associated liabilities are recognized as either current or
non-current lease liabilities, depending on their due dates.
Lease liabilities include the net present value of the following
lease payments:
AA fixed payments, less any lease incentives receivable

AA variable lease payments that are based on an index or a
rate
A A the exercise price of a purchase option if the lessee is
reasonably certain to exercise that option.
FINANCIAL REPORT
35
Real estate Vehicle Other

leasing leasing assets Total
Acquisition cost CHF m CHF m CHF m CHF m
January 1, 2019 70.8 6.7 2.5 80.0

Additions 7.8 4.2 0.4 12.4
Disposals –9.2 –0.8 –0.1 –10.1
Changes in the scope of consolidation –0.3 –0.1 0.0 –0.4
Translation differences –1.4 –0.2 –0.1 –1.7
December 31, 2019 67.7 9.8 2.7 80.2
Additions 17.0 3.7 0.3 21.0

Disposals –4.2 –1.5 –0.1 –5.8
Changes in the scope of consolidation 0.0 0.0 0.0 0.0
December 31, 2020 78.8 11.6 2.8 93.2
Depreciation
January 1, 2019 0.0 0.0 0.0 0.0

Additions –21.3 –3.7 –0.8 –25.8
Disposals 7.1 0.5 0.1 7.7
Impairment 0.0 0.0 0.0 0.0
Translation differences 0.3 0.1 0.0 0.4
December 31, 2019 –13.7 –3.1 –0.7 –17.5
Additions –15.4 –3.6 –0.7 –19.7

Disposals 2.4 1.3 0.1 3.8
Impairment 0.0
December 31, 2020 –26.2 –5.3 –1.2 –32.7
Net book values
January 1, 2020 54.0 6.7 2.0 62.7

December 31, 2020 52.6 6.3 1.6 60.5
36
Lease liabilities
leasing leasing assets 2020
Maturity analysis CHF m CHF m CHF m CHF m
Less than one year 13.8 3.0 0.7 17.5

One to five years 32.9 3.3 0.9 37.1
More than five years 5.8 0.0 0.0 5.8
December 31, 2020 52.5 6.3 1.6 60.4

leasing leasing assets 2019
Maturity analysis CHF m CHF m CHF m CHF m
Less than one year 12.8 3.1 0.7 16.6

One to five years 31.1 3.6 1.3 36.0
More than five years 9.6 0.0 0.0 9.6
December 31, 2019 53.5 6.7 2.0 62.2
2020 2019
Amounts recognized in profit and loss CHF m CHF m
Depreciation expense on right-of-use assets 19.7 25.9

Interest expenses (included in finance costs) 1.0 1.2
Rental and leasing expenses including related parties

Expense relating to short-term leases 4.9 6.5
Expense relating to low-value leases 0.4 0.5
Expense relating to service expenses 7.7 6.9
Expense relating to insurance 6.5 6.7
Expense relating to other 1.7 1.5
Total recognized in profit and loss 41.9 49.2
2020 2019
Amounts recognized in the statement of cash flows CHF m CHF m
Cash outflow for leases 20.4 26.4

FINANCIAL REPORT
37
4.3 Intangible assets and goodwill

Goodwill represents the excess of the aggregate of the Goodwill on acquisitions of subsidiaries and interests in joint
consideration transferred and the amount recognized for the ventures is allocated to cash-generating units for the purpose
non-controlling interest over the fair value of the net identi- of impairment testing. Impairment losses relating to goodwill
fiable assets acquired and liabilities assumed. Goodwill on cannot be reversed in future periods.
acquisitions of subsidiaries is included in intangible assets.
Goodwill on acquisitions of associates is included in invest- Acquired patents, licenses, and similar rights are initially
ments in associates. recorded at cost and amortized on a straight-line basis over
their estimated useful life or a period not exceeding 15 years.
Goodwill and intangible assets with indefinite useful life are Acquired trademarks with a Group-wide purpose, well
tested annually for impairment or whenever there are established umbrella trademarks, can have an indefinite use-
impairment indicators, and is carried at cost less accumu- ful life. All other trademarks are amortized as described
lated impairment losses. above. Intangible assets acquired through business combi-
nations are carried in the balance sheet at the fair value
If the consideration transferred is less than the fair value of allocated in the acquisition accounting and amortized over
the net assets of the subsidiary acquired, the difference is their estimated useful life.
recognized directly in the income statement.
Other intangible assets mainly comprise customer relation-
On disposal of a subsidiary, associate, or joint venture, the ships, technologies, patents, and software.
related goodwill is included in the determination of profit or
loss on disposal.
38
Other
intangible
Goodwill Trademarks assets Total
Acquisition cost CHF m CHF m CHF m CHF m
January 1, 2019 602.7 110.6 140.9 854.2

Additions 0.0 0.0 7.5 7.5
Disposals 0.0 0.0 –4.0 –4.0
Changes in the scope of consolidation –0.2 0.0 0.0 –0.2
December 31, 2019 583.9 106.9 140.7 831.5
Additions 0.0 0.0 5.2 5.2

Disposals 0.0 0.0 –2.5 –2.5
December 31, 2020 580.4 106.2 138.0 824.6
Amortization
January 1, 2019 –27.3 0.0 –111.2 –138.5

Additions 0.0 0.0 –10.2 –10.2
Disposals 0.0 0.0 4.0 4.0
December 31, 2019 –26.6 0.0 –114.0 –140.6
Additions 0.0 0.0 –8.6 –8.6

Disposals 0.0 0.0 2.4 2.4
December 31, 2020 –25.6 0.0 –115.7 –141.3
Net book values
January 1, 2020 557.3 106.9 26.7 690.9

December 31, 2020 554.8 106.2 22.3 683.3
FINANCIAL REPORT
39
Impairment test
Goodwill and other intangible assets with an indefinite useful Revenue growth – The assumptions used in the calculation
life are allocated to the identifiable cash-generating units of reflect the expected order backlog at year-end as well as
the Group, which were defined based on a business per- the expected market development based on the strategic
spective. As of January 1, 2020 the Business Area Value priorities set by the Group.
Nutrition was reorganized and its management reporting
structure changed accordingly. This change led to an aggre- EBIT margin growth – The EBIT margin growth used in the
gation of the former cash-generating units Feed, Pasta & calculation reflects the margin goal as defined in the Group’s
Noodles, Nutrition and Aeroglide. The Business Area Value vision and is based on the margin improvement projects
Nutrition newly represents the cash-generating unit. initiated.
The recoverable amounts have been determined based on Result of the impairment test. The impairment tests
a value-in-use calculation per cash-generating unit. This performed on a annual basis support the value of the carry-
calculation uses cash flow projections based on financial ing amount. No impairment arose on December 31, 2020.
budgets approved by management covering a five-year
period. Sensitivity to changes in assumptions. For Haas the fol-
lowing change in key assumptions would result in a value in
Key assumptions used in value-in-use calculations. The use equal to the carrying amount:
calculations of values in use are most sensitive to the follow-
Key assumptions Haas
ing assumptions:
Discount rate +0.8675%
AA Discount rate Growth rate –1.1151%
A A Growth rate
Revenue growth –3.3057%
A A Revenue growth
EBIT margin growth –0.4180%
A A EBIT margin growth
Discount rate – The discount rates that are used to calculate For all other cash-generating units, no reasonably possible
the discounted present value of the future cash flows are changes in key assumptions would neutralize the headroom.
derived from a capital asset pricing model using market data
such as the yield on a 10-year government bond of the
respective country or specific country risk premiums. The
review of our peer group and other parameters resulted in
overall higher discount rates in the reporting period.
Growth rate – The assumptions used in the calculation reflect

the long-term expected growth rate of the operational busi-
ness and are based on the growth strategy of the Group.
40
Base data used (goodwill / trademarks)

Goodwill Trademarks Long-term Revenue EBIT margin
Goodwill and trademarks 2020 CHF m CHF m Discount rate growth rate growth growth
Milling Solutions 18.0 0.0 7.0% 1.8% 4.6% 0.4%

Grain Quality & Supply 37.2 0.0 7.1% 2.2% 7.6% 1.5%
Digital Technologies 6.5 0.0 8.7% 2.4% 7.6% 1.5%
Value Nutrition 65.8 0.0 7.2% 2.0% 3.2% 0.7%
Die Casting 1.7 0.0 7.5% 1.3% 15.9% 2.3%
Grinding & Dispersing 0.6 0.0 8.1% 1.4% 17.0% 2.3%
Leybold Optics 94.6 3.1 8.1% / 7.3% 1.9% / 2.0% 6.3% / 11.1% 0.8% / -
Consumer Foods 46.1 11.5 5.9% / 5.8% 1.5% / 1.8% 7.6% / 5.8% 0.9% / -
Haas 284.3 91.6 6.1% / 6.1% 1.7% / 1.7% 9.9% / 8.7% 2.5% / -
Total at December 31, 2020 554.8 106.2
Base data used (goodwill / trademarks)

Goodwill Trademarks Long-term Revenue EBIT margin
Goodwill and trademarks 2019 CHF m CHF m Discount rate growth rate growth growth
Milling Solutions 11.4 0.0 7.7% 2.2% 4.2% 0.3%

Grain Quality & Supply 37.3 0.0 8.2% 4.0% 5.7% 0.6%
Digital Technologies 6.6 0.0 9.4% 2.6% 3.4% 0.4%
Feed 3.1 0.0 8.1% 2.2% 1.5% 1.3%
Pasta & Noodles 2.3 0.0 6.4% 1.0% 8.9% 1.9%
Nutrition 5.7 0.0 7.9% 2.1% 3.6% 0.5%
Aeroglide 60.4 0.0 7.7% 2.0% 6.0% 1.7%
Die Casting 1.7 0.0 8.6% 1.2% 0.8% 0.4%
Grinding & Dispersing 0.7 0.0 9.2% 1.4% 4.7% 0.7%
Leybold Optics 96.4 3.4 9.1% / 9.5% 1.8% / 2.0% 3.9% / 3.9% 0.6% / -
Consumer Foods 46.3 11.5 6.5% / 7.0% 1.4% / 3.0% 4.6% / 5.0% 0.5% / -
Haas 285.4 92.0 7.0% / 7.0% 1.9% / 1.8% 5.8% / 6.0% 0.9% / -
Total at December 31, 2019 557.3 106.9

FINANCIAL REPORT
41
4.4 Investments in associates

Share in
equity Goodwill 2020 2019
Net book values CHF m CHF m CHF m CHF m
January 1 19.2 8.2 27.4 27.6

Additions 1.2 0.0 1.2 0.0
Share of net profit 3.6 0.0 3.6 1.9
Dividends received 0.0 0.0 0.0 –1.1
Translation differences –0.1 0.0 –0.1 –1.0
December 31 23.9 8.2 32.1 27.4
Translation differences are recognized in other comprehen- associated companies. Cumulative values of the associated
sive income. The Group purchased goods in the amount of companies are disclosed as only one of the associated com-
CHF 7.8 million (prior year: CHF 7.1 million) and sold goods in panies is material to the Group.
the amounts of CHF 1.2 million (prior year: CHF 1.8 million) to
2020 2019
Cumulative values of the associated companies CHF m CHF m
Share of revenue 26.7 25.4

Share of net profit 3.6 1.9
Balance sheet values:

Non-current assets 9.3 19.5
Current assets 17.1 25.1
Current liabilities 6.3 5.7
Shareholders' equity 20.1 36.8
The associated companies comprise two companies located

in Southern Europe and two in East Asia. The Group has a
shareholding of 26%, twice 49%, and 44%, respectively. The
figures are based on available preview closing data as of
December 31, 2020.
In 2020 the group recognized a gain from a transaction with

one of its associated companies in the amount of CHF 1.6
million, which is included in the CHF 3.6 million Share of net
profit. The accounting treatment is based on the amendment
to IAS 28 (Sale or Contribution of Assets between an Inves-
tor and its Associate or Joint Venture) and IFRS 10 published
by the IASB in September 2014, which the group decided to
early adopt in 2020.
42
4.5 Non-current financial and other assets

Due
1−5 years > 5 years Total
December 31, 2020 CHF m CHF m CHF m
Securities 7.0 38.0 45.0

Other non-current financial assets 37.6 5.5 43.1
Overfunding of post-employment benefit plans 0.0 25.4 25.4
Total 44.6 68.9 113.5
Due
1−5 years > 5 years Total
December 31, 2019 CHF m CHF m CHF m
Securities 0.0 38.4 38.4

Other non-current financial assets 113.6 11.9 125.5
Overfunding of post-employment benefit plans 0.0 21.3 21.3
Total 113.6 71.6 185.2
4.6 Inventories
Inventories are carried at the lower of cost or net realizable In the prior year, value adjustments deducted from invento-
value. The cost of finished goods, semi-finished goods, and ries amounted to CHF –50.1 million. No material reversals of
work in progress includes raw materials, direct labor, and value adjustments of the prior year were recognized in the
other directly attributable costs and overheads based on the reporting year.
normal capacity of production facilities, excluding borrowing
costs. Cost is determined using the standard cost method. Advance payments to suppliers are also included in inven
Standard costs are regularly reviewed and, if necessary, tories.
revised in light of current conditions. Net realizable value is
the estimated selling price less cost to completion and selling
expenses. Obsolete inventories and goods with a low rate of
inventory turnover are written down.
Value
Gross value adjustments 2020 2019
CHF m CHF m CHF m CHF m
Raw materials and supplies 231.3 –37.9 193.4 218.9

Unfinished goods 60.1 –13.6 46.5 54.1
Finished goods and merchandise 71.4 –7.1 64.3 77.1
Work in progress 116.2 0.0 116.2 126.0
Advance payments to suppliers 41.3 0.0 41.3 60.2
Total 520.3 –58.6 461.7 536.3

FINANCIAL REPORT
43
4.7 Trade accounts and other receivables

Trade accounts and other receivables are carried at the Trade accounts receivable include supplier credits of
original invoice amount less allowances made for doubtful CHF 84.8 million (prior year: CHF 66.4 million), which are
accounts, trade discounts, volume rebates, and similar financed in accordance with the treasury strategy.
items. Financing of customer orders using the Group’s own
funds as part of its treasury strategy is included in this item.
2020 2019
CHF m CHF m
– from third parties 578.6 712.1

– from associates 0.0 0.1
Allowance for bad debts –18.4 –23.6
Total trade accounts receivable 560.2 688.6
2020 2019
CHF m CHF m
Value added tax credits 27.3 46.8
Other receivables
– from third parties 42.8 48.5
– from associates 0.3 0.0
– from related parties 2.0 0.0
Prepayments 31.0 33.0
Allowance for bad debts –1.4 –0.3
Total other receivables 102.0 128.0

44
Receivables outstanding analysis

Overdue
Total
book value ≤3 4–6 7–9 10–12 > 12
Dec. 31, 2020 Not due months months months months months
2020 CHF m CHF m CHF m CHF m CHF m CHF m CHF m
Accounts receivable trade and other 679.7 566.4 54.9 11.3 7.9 5.5 33.7
Allowance for bad debts –19.8 –0.4 –1.8 –0.2 –0.2 –2.4 –14.8
Associated companies and other related parties 2.3 2.3
Total accounts receivable, net 662.2 568.3 53.1 11.1 7.7 3.1 18.9
Overdue
Total
book value ≤3 4–6 7–9 10–12 > 12
Dec. 31, 2019 Not due months months months months months
2019 CHF m CHF m CHF m CHF m CHF m CHF m CHF m
Accounts receivable trade and other 840.4 649.0 83.1 26.6 21.2 9.1 51.4
Allowance for bad debts –23.9 0.0 –0.8 –0.1 –0.1 –0.1 –22.8
Associated companies and other related parties 0.1 0.1
Total accounts receivable, net 816.6 649.1 82.3 26.5 21.1 9.0 28.6
Allowance for bad debts

2020 2019
CHF m CHF m
January 1 –23.9 –14.3

Additions –11.1 –13.5
Consumption 5.9 1.0
Release 9.1 2.3
Changes in scope of consolidation 0.0 0.2
Translation differences 0.2 0.4
December 31 –19.8 –23.9
4.8 Cash and cash equivalents

In the consolidated cash flow statement, cash and cash Cash and cash equivalents include bank accounts and time
equivalents includes cash in hand, deposits held at call with deposits with an original maturity of a maximum of three
banks, other current highly liquid investments with original months.
maturities of three months or less, and bank overdrafts. In
the consolidated balance sheet, bank overdrafts are shown
within current financial liabilities.
FINANCIAL REPORT
45
4.9 Trade accounts payable

2020 2019
CHF m CHF m
– to third parties 325.5 385.9

– to associates 1.6 1.7
– to related parties 0.7 1.8
Total 327.8 389.4
4.10 Provisions and contingent liabilities

Provisions are recognized when the Group has a legal or Provisions for personnel expenses mainly include long-term
constructive obligation arising from past events, an outflow employee benefits, such as long-service benefits, partial re-
of resources embodying economic benefits to settle the tirement, jubilee benefits, and deferred compensation plans.
obligation is probable, and a reliable estimate can be made
of this amount. Actual expenses may differ from the accrued Among other things, the other provisions include provisions
amounts. for pending legal cases, other project risks, as well as for
restructuring.
A contingent liability is disclosed when there is a possible
obligation that arises from a past event and whose existence Approximately 42% (prior year: 33%) of the cash outflows of
will be confirmed only by the occurrence or non-occurrence the non-current provisions are expected to materialize with-
of one or more uncertain future events not wholly within the in the next three years.
control of the Group. A contingent liability is also disclosed
when there is a present obligation that arises from past The Group recognizes a collective valuation allowance based
events but is not recognized, because an outflow of resourc- on its past experience of warranty costs on projects with
es embodying economic benefits to settle the obligation is similar conditions. Other known risks and risks related to
not probable, or the respective amount of the obligation projects with special conditions are estimated on a case-by-
cannot be measured with sufficient reliability. case basis and measured individually. The actual warranty
costs incurred may differ from the costs provided for.
When the Group expects some or all of a provision to be
reimbursed, for example, under an insurance contract, the
reimbursement is recognized as a separate asset, but only
when the reimbursement is virtually certain. The expense
relating to a provision is presented in the income statement
net of any reimbursement.
If the effect of the time value of money is material, provisions

are discounted using a current pre-tax rate that reflects,
when appropriate, the risks specific to the liability. When
discounting is used, the increase in the provision due to the
passage of time is recognized as a finance expense.
Warranty provisions are created with a view to meet potential

guarantee obligations arising from the sale of machinery and
technical equipment. The calculation is based on historic
values as well as recognized claims. In 2020, the group in-
troduced a change in estimate and included a forward look-
ing element into the warranty provision calculation method-
ology. A significant portion of the warranty provision increase
in 2020 is related to this change in estimate. The prior years
were not restated since the updated methodology represents
a change in estimate.
46
Provisions for
Provisions for personnel Other
warranties expenses provisions 2020 2019
CHF m CHF m CHF m CHF m CHF m
January 1 40.5 69.5 14.4 124.4 124.0

Additions 28.6 10.2 23.4 62.2 43.9
Utilization –12.7 –16.6 –13.2 –42.5 –28.7
Release –5.7 –3.8 –0.4 –9.9 –12.8
Changes in the scope of consolidation 0.0 0.0 0.0 0.0 –0.1
Reclassification 0.0 –21.8 –0.7 –22.5 0.0
December 31 49.4 37.1 22.8 109.3 124.4
Thereof current 45.8 8.7 15.3 69.8 85.5

Thereof non-current 3.6 28.4 7.5 39.5 38.9
Contingent liabilities
2020 2019
CHF m CHF m
Sureties, guarantees and other obligations 17.0 22.3

Total 17.0 22.3
4.11 Other current liabilities

2020 2019
CHF m CHF m
Value added tax owed 9.7 15.0
Other liabilities
– to third parties 53.8 59.1
– to related parties 21.8 0.7
Personnel-related accruals 75.4 102.6
Other accruals 139.2 138.3
Total 299.9 315.7

FINANCIAL REPORT
47
4.12 Defined benefit obligations

The Group’s main defined benefit pension plans are in Swit- Pension plans in Austria. The Group’s Austrian pension
zerland, Austria, and Germany. The defined benefit plans in plans are based on individual pension commitments starting
Switzerland are funded through legally separate trustee-ad- upon leaving the company or reaching a certain age. The
ministered funds. The cash funding of these plans, which employer promises to pay out lifelong pensions as contractu-
may from time to time involve special payments, is designed ally agreed that are adjusted annually based on changes in
to ensure that present and future contributions should be the consumer price index. The Group is furthermore required
sufficient to meet future liabilities. The defined benefit plans by Austrian law to pay a lump sum amount to its employees
in Germany and Austria are partially unfunded. upon retirement or for other important reasons (e.g. invalidity).
The lump sum amount increases with the length of service.
Pension plans in Switzerland. The Group’s Swiss pension All pension promises are funded via book reserve accruals.
plans contain a cash balance benefit formula, accounted
for as a defined benefit plan. Employer and employee con- Pension plans in Germany. The Group’s German pension
tributions are defined in the pension fund rules in terms of plans have defined benefit rights based on their length of
an age-related sliding scale of percentages of salary. Under service and / or final pensionable pay. The employer gives
Swiss law the pension fund guarantees the vested benefit a direct promise to the employee to pay him a certain amount
amount as confirmed annually to members. Interest may once he retires. At retirement date the value of the employ-
be added to member balances at the discretion of the ee's benefits is paid as an annuity. The Group is required by
Board of Trustees. At retirement date members have the German law to increase pensions all three years according
right to take their retirement benefit as a lump sum, to price inflation, as measured by the Consumer Price Index
an annuity, or part as a lump sum with the balance con- or according to comparable pay grades. Direct pension
verted to a fixed annuity at the rates defined in the fund promises are usually funded via book reserve accruals. In
rules. The Board of Trustees may change the annuity at 2008, the Group set up a trust fund to fund their pension
their discretion subject to the plan’s funded status, includ- liabilities for Bühler GmbH, Braunschweig. No material
ing sufficient free funds as determined according to Swiss business combinations / curtailments / settlements occurred
statutory valuation rules. during the reported financial period.
Swiss pension law requires the Board of Trustees to take Status of the Group’s defined benefit plans. The status of
measures to resolve a statutory underfunding. The possible the Group’s defined benefit plans using actuarial assumptions
measures affect both employers and employees (risk sharing). determined in accordance with IAS 19 is summarized below.
48
Employee benefits – defined benefit plans. These plans remeasurements of employee benefits. The return on plan
are generally funded through payments to legally indepen- assets (excluding interest based on the discount rate) and
dent pension or insurance funds. any change in the effect of an asset ceiling are also record-
ed in this item. Remeasurements of employee benefits are
The aggregate of the present value of the defined benefit not recycled through the income statement at any later point
obligation and the fair value of plan assets for each plan is in time.
recorded in the balance sheet as net defined benefit liability
or net defined benefit asset under non-current financial and Pension assets and pension liabilities in different defined
other assets. The defined benefit obligation is determined benefit plans are not offset unless the Group has a legally
annually by independent actuaries using the projected unit enforceable right to use the surplus in one plan to settle
credit method. If the fair value of the plan assets exceeds the obligations in the other plan.
present value of the defined benefit obligation, only a net
pension asset is recorded, taking account of the asset ceil- Employee benefits – defined contribution plans. In addi-
ing. tion to the defined benefit plans described above, some
Group companies sponsor defined contribution plans based
Pension costs consist of three elements: service costs, net on local practices and regulations. The Group’s contributions
interest, and remeasurements of employee benefits. to defined contribution plans are charged to the income
statement to which the contributions relate.
Service costs are part of personnel expenses and consist of
current service costs, past service costs (including gains / loss- Employee benefits – other long-term employment bene-
es from plan amendments or curtailments) and gains / losses fits. Other long-term employment benefits include jubilee,
from plan settlements. early retirement, or other long-term service benefits, as well
as deferred compensation, if not due to be settled within
Net interest is recorded as part of financial expenses and is 12 months after the year-end.
determined by applying the discount rate to the net defined
liability or net defined asset that exists at the beginning of the The obligations for other long-term employment benefits are
year. disclosed as provisions for personnel expenses. The mea-
surement of these obligations differs from defined benefit
The gains and losses resulting from the actuarial valuation plans in that all actuarial gains and losses are recognized
are immediately recorded in other comprehensive income as immediately in the income statement.
4.12.1 Actuarial assumptions 2020 2019
Discount rate (weighted) 0.2% 0.3%

Future salary increases 1.0% 1.0%
Future pension increases 0.2% 0.2%
The discount rates are determined by referencing market Risk sharing. As in the prior year, the defined benefit obli-
yields at the end of the reporting period on AA- and AAA- gation was valued using a risk-sharing approach. This ap-
rated corporate bonds. In recent years, longevity has proach reflects the shared burden among employer and
increased in all major countries in which the Group sponsors employees to keep the pension fund balanced in case this
pension plans. The Group sets mortality assumptions after is necessary. The assumptions remained mainly unchanged
considering the most recent statistics available and uses compared to the prior year.
generational mortality tables to estimate probable future
mortality improvements.
FINANCIAL REPORT
49
Sensitivities of significant actuarial assumptions. The The average duration of the defined benefit plan obligation
discount rate and the future increase in salaries were identi- at the end of the reporting period is 13.8 years (prior year:
fied as significant actuarial assumptions. The following im- 14.0 years).
pacts on the defined benefit obligation are to be expected:
The cost of defined benefit pension plans and other long-term
AA 0.25% increase / decrease in the discount rate would lead employee benefits is determined using actuarial valuations.
to a decrease of 3.3% (prior year: 3.4 %) / an increase of Actuarial valuations involve making assumptions about
3.6% (prior year: 3.6%) in the defined benefit obligation. discount rates, future salary increases, mortality rates, and
A A 0.25 % increase / decrease in the expected increase in sal- future pension increases. Due to the long-term nature of these
aries would lead to a decrease of 0.3% (prior year: 0.2 %) plans, such estimates are subject to significant uncertainty.
/ increase of 0.3% (prior year: 0.2%) in the defined benefit
obligation. Due to a plan amendment in Switzerland, past service costs
in the prior year amount to CHF 13.9 million.
The sensitivity analysis is based on realistically possible
changes as of the end of the reporting year.
2020 2019
4.12.2 Reconciliation of defined benefit obligation and fair value of plan assets CHF m CHF m
Defined benefit obligation at January 1 1,485.5 1,388.8

Interest costs 4.9 14.0
Current service costs (employer) 27.7 24.5
Contributions by plan participants 18.3 18.5
Past service costs 0.0 –13.9
Benefits (paid) / deposited –78.3 –70.3
Curtailment and settlements 0.0 –1.8
Other effects 0.7 0.9
Remeasurements on obligations 32.0 128.4
Currency translation adjustments –2.4 –3.6
Defined benefit obligation at December 31 1,488.4 1,485.5
Reconciliation of the fair value of plan assets

Fair value of plan assets at January 1 1,403.5 1,293.3
Interest 4.2 12.5
Contributions by the employer 28.3 28.9
Contributions by plan participants 18.3 18.5
Benefits (paid) / deposited –76.3 –63.0
Return on plan assets (excluding interest) 25.3 114.0
Currency translation adjustments –2.0 –0.7
Fair value of plan assets at December 31 1,401.3 1,403.5

Actual return on plan assets 29.5 126.5
50
2020 2019
4.12.3 Remeasurements of defined benefit plans CHF m CHF m
Return on plan assets excluding interest income –25.3 –114.0
Current-year actuarial loss (gain) on benefit obligation:

– change in demographic assumptions –1.3 –0.3
– change in financial assumptions 22.0 115.3
– experience adjustments 11.3 13.4
Remeasurements recognized in other comprehensive income 6.7 14.4
Cumulative amount recognized in other comprehensive income 213.9 207.2
2020 2019
4.12.4 Reconciliation of the amount recognized in the balance sheet at year-end CHF m CHF m
Present value of funded defined benefit obligation 1,488.4 1,485.5

Fair value of plan assets 1,401.3 1,403.5
Deficit/(surplus) 87.1 82.0
Liability (asset) recognized in the balance sheet 87.1 82.0
Thereof recognized as separate asset –25.4 –21.3

Thereof recognized as separate liability 112.5 103.3
2020 2019
4.12.5 Pension expenses recognized in the income statement CHF m CHF m
Current service costs (employer) 27.7 24.5

Net interest employee benefit 0.7 1.5
Past service costs 0.0 –13.9
Effect of curtailment and settlements 0.0 –1.8
Other effects 0.7 0.9
Expenses recognized in the income statement 29.1 11.2
Thereof service costs and administration costs 28.4 9.7

Thereof net interest on the net defined benefit liability (asset) 0.7 1.5
2021
4.12.6 Best estimate of contributions CHF m
Contributions by the employer 30.2

FINANCIAL REPORT
51
2020 2019
4.12.7 Plan assets at fair value consist of CHF m CHF m
Equity instruments third parties 416.6 441.5

Debt instruments third parties 395.0 446.5
Real estate 474.1 413.9
Cash and cash equivalents 51.6 47.7
Others 64.0 53.9
Total plan assets at fair value 1,401.3 1,403.5
Thereof quoted 872.2 951.0

Thereof unquoted 529.1 452.5
4.12.8 Information about significant 2020 2020 2020 2019 2019 2019
plans Switzerland Austria Germany Switzerland Austria Germany
Discount rate 0.1% 1.0% 1.1% 0.3% 0.9% 0.9%

Future salary increases 1.0% 2.5% 1.6% 1.0% 2.5% 1.5%
Costs of defined benefit plans 26.7 0.8 1.2 9.1 –0.5 1.8
Remeasurements employee benefits 7.3 –1.0 –0.5 –3.6 5.2 11.1
2020 2019
4.12.9 Defined contribution plan CHF m CHF m
Expenses for defined contribution plan 7.5 7.9
4.13 Share capital

As of December 31, 2020, share capital amounted to
CHF 15.0 million (prior year: CHF 15.0 million) and consisted
of 105,000 (prior year: 105,000) registered shares with nom-
inal value of CHF 100 each and 112,500 (prior year: 112,500)
with nominal value of CHF 40 each.
52
5. Segment reporting
Segment information. The Group consists of three report- Advanced Materials: Engineering and sale of solutions for
able segments which are identified on the basis of internal die-casting, grinding and dispersion, and surface-coating
business updates that are regularly reviewed by the Chief technologies in high-volume application areas such as auto-
Executive Officer (CEO). The CEO, being the Chief Operating motive, optics, inks, and batteries.
Decision Maker, regularly reviews the allocation of resources
to the three reportable segments. The Group is managed Consumer Foods: Engineering and sale of solutions for co-
under its businesses Grains & Food, Advanced Materials, coa processing, chocolate mass production, moulding, and
and Consumer Foods. wafer equipment, with its portfolio ranging from weighing and
mixing of raw materials to cooking and aerating of masses
Grains & Food: Engineering and sale of industrial process through extrusion, depositing, and forming up to baking and
technologies and solutions for the food and feed industry, enrobing.
such as the processing of grains, rice, coffee, and other raw
materials for intermediate and finished products.
5.1 Segment reporting

Segment reporting 2020 CHF m CHF m CHF m CHF m CHF m
Segment revenue 1,669.8 443.5 575.6 16.9 2,705.8

Less intersegment revenue –4.1 –0.2 –1.7 0.0 –6.0
Total segment revenue third parties 1,665.7 443.3 573.9 16.9 2,699.8
EBIT 148.6 23.4 23.4 –49.7 145.7

in % of revenue 8.9% 5.3% 4.1% –294.1% 5.4%
Non-current assets 425.0 207.9 586.4 248.0 1,467.3

Segment reporting 2019 CHF m CHF m CHF m CHF m CHF m
Segment revenue 1,802.0 648.9 775.3 37.8 3,264.0

Less intersegment revenue –7.6 –0.3 –1.7 0.0 –9.6
Total segment revenue third parties 1,794.4 648.6 773.6 37.8 3,254.4
EBIT 150.1 42.1 71.6 –15.8 248.0

in % of revenue 8.4% 6.5% 9.3% –41.8% 7.6%
Non-current assets 436.1 221.8 600.0 236.8 1,494.7
Internal and external reporting are both based on the same The business results are carried over to the Group's consol-
valuation and accounting principles, and there is therefore idated figures by including the results of units with no market
no need to provide a reconciliation. operations as well as consolidation effects.
FINANCIAL REPORT
53
5.2 Geographical information

2020 2019
Segment revenue CHF m CHF m
North America 429.6 516.8

South America 135.7 178.9
Europe 823.2 986.3
Middle East and Africa 290.1 464.7
South Asia 74.0 112.7
Asia 947.2 995.0
Total 2,699.8 3,254.4
- thereof Switzerland 55.4 82.5

- thereof US 287.7 342.1
- thereof China 573.9 542.2
2020 2019
Segment non-current assets CHF m CHF m
North America 135.8 143.5

South America 8.3 9.7
Europe 1,138.0 1,143.5
Middle East and Africa 14.1 16.5
South Asia 7.6 9.9
Asia 163.5 171.6
Total 1,467.3 1,494.7
- thereof Switzerland 355.0 346.7

- thereof US 132.1 139.5
- thereof China 151.5 157.1
The information about geographical areas is determined Middle East and Africa, South Asia, and Asia. Revenues are
based on the Group’s operations. The Group operates in six shown based on the physical location of the equipment.
geographical areas: North America, South America, Europe,
54
6. Other disclosures
6.1 Assets pledged or assigned to secure own liabilities

In connection with the long-term loan from related parties of lion and CHF 1.1 million) serve as collateral for own liabilities
CHF 13.0 million and open legal cases, assets of CHF 45.0 mil- where the right of disposal is limited.
lion and CHF 0.7 million, respectively (prior year: CHF 45.0 mil-
6.2 Related parties

Related-party transactions. Total loans from the share-
Key management compensation. Key management
holders of CHF 130.0 million (prior year: CHF 211.5 million)
(defined as Group Management and Board of Directors)
are disclosed under non-current financial liabilities and of
received a total current paid out compensation of CHF 9.1
CHF 21.6 million (prior year: CHF 16.3 million) under current
million (prior year: CHF 9.3 million). In addition, pension and
financial liabilities. A loan toward the shareholders in the
social security contributions of CHF 1.7 million (prior year:
amount of CHF 21.3 million (prior year: CHF 91.2 million) is
CHF 1.5 million) are recorded as expenses. The provisions
disclosed under other non-current financial assets and of
and liabilities for other long-term benefits amount to
CHF 2.0 million (prioir year: CHF 0 million) under current fi-
CHF 23.2 million (prior year: CHF 35.7 million).
nancial assets.
The Bühler Group operates deferred compensation plans for
Expenses for rental, energy, and maintenance to related par-
members of the management. The deferred compensation
ties amounted to CHF 12.3 million (prior year: 13.0 million) and
plans comprise a vesting period of three years and an exe-
are included in other operating expenses. Other related-par-
cution period of 10 years from the grant date. The amounts
ty positions are disclosed separately in the notes.
are charged to the income statement over the relevant vest-
ing periods and are adjusted to reflect actual and expected
Liabilities to pension plans amounted to CHF 0.1 million as
levels of vesting. The value of the deferred compensation is
per 2020 (prior year: CHF 0.2 million). This amount is included
determined annually based on the Group’s net profit for the
in other current liabilities.
three preceding years and equity at year-end.
6.3 Government grants

Government grants are offset with the items of expense the asset. In 2020 the Group received government grants of
which they finance. Government grants related to assets are CHF 4.0 million (prior year: CHF 4.2 million).
deducted from the assets in deriving the carrying amount of
6.4 Proposal of the Board of Directors

At the General Meeting, the Board of Directors proposes CHF 66.7) per registered share with a nominal value of CHF
a dividend of CHF 25.0 million (prior year: CHF 25.0 million) 40. The dividend payment to the shareholders of Bühler
or CHF 166.6 (prior year: CHF 166.6) per registered share Holding AG amounted to CHF 25.0 million in the financial
with a nominal value of CHF 100 and CHF 66.7 (prior year: year 2020 (prior year: CHF 23.0 million).
6.5 Release for publication of the consolidated financial statements

The consolidated financial statements were released for
publication by the Board of Directors of Bühler Holding AG
on February 11, 2021.
6.6 Subsequent events

No material events have occurred after the balance sheet date.
FINANCIAL REPORT
55
Report of the statutory auditor

to the General Meeting of Bühler Holding AG
Uzwil
Report on the audit of the consolidated financial statements
Opinion
We have audited the consolidated financial statements of Bühler Holding AG and its subsidiaries (the Group), which
comprise the consolidated income statement and consolidated statement of comprehensive income for the year ended
31 December 2020, the consolidated balance sheet as at 31 December 2020 and the consolidated statement of
changes in equity and consolidated statement of cash flows for the year then ended, and notes to the consolidated fi-
nancial statements, including a summary of significant accounting policies.
In our opinion, the consolidated financial statements (pages 3 to 54) give a true and fair view of the consolidated finan-
cial position of the Group as at 31 December 2020 and its consolidated financial performance and its consolidated cash
flows for the year then ended in accordance with the International Financial Reporting Standards (IFRS) and comply with
Swiss law.
Basis for opinion

We conducted our audit in accordance with Swiss law, International Standards on Auditing (ISAs) and Swiss Auditing
Standards. Our responsibilities under those provisions and standards are further described in the “Auditor’s responsibili-
ties for the audit of the consolidated financial statements” section of our report.
We are independent of the Group in accordance with the provisions of Swiss law and the requirements of the Swiss au-
dit profession, as well as the International Code of Ethics for Professional Accountants (including International Independ-
ence Standards) of the International Ethics Standards Board for Accountants (IESBA Code), and we have fulfilled our
other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have ob-
tained is sufficient and appropriate to provide a basis for our opinion.
Our audit approach
Overview Overall Group materiality: CHF 9'850'000
We concluded full scope and specific accounts audit work at 19 reporting units
in 10 countries. Our audit scope addressed over 73% of the Group's revenue.
As key audit matters the following areas of focus have been identified:
Accounting for customer orders (Project/Plant)
Impairment testing of goodwill and intangible assets with indefinite useful life
56
Materiality
The scope of our audit was influenced by our application of materiality. Our audit opinion aims to provide reasonable
assurance that the consolidated financial statements are free from material misstatement. Misstatements may arise due
to fraud or error. They are considered material if, individually or in aggregate, they could reasonably be expected to influ-
ence the economic decisions of users taken on the basis of the consolidated financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall
Group materiality for the consolidated financial statements as a whole as set out in the table below. These, together with
qualitative considerations, helped us to determine the scope of our audit and the nature, timing and extent of our audit
procedures and to evaluate the effect of misstatements, both individually and in aggregate, on the consolidated financial
statements as a whole.
Overall Group materiality CHF 9'850’000
How we determined it 0.37% of revenue
Rationale for the materiality bench- We chose total revenue as the benchmark because, in our view, this bench-
mark applied mark takes into account the volatility of the business environment and it is a
generally accepted benchmark for materiality considerations.
We agreed with the Audit Committee that we would report to them misstatements above CHF 500'000 identified during
our audit as well as any misstatements below that amount which, in our view, warranted reporting for qualitative reasons.
Audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the consoli-
dated financial statements as a whole, taking into account the structure of the Group, the accounting processes and con-
trols, and the industry in which the Group operates.
The audit strategy for the audit of the consolidated financial statements was determined taking into account the work
performed by the component auditors. As Group auditor, we performed the audit of the consolidation, disclosures and
presentation of the consolidated financial statements and of the impairment testing of goodwill and intangible assets with
indefinite useful life. Where full scope audits or specific accounts audit work was performed by component auditors, we
ensured that, as Group auditor, we were adequately involved in the audit in order to assess whether sufficient appropri-
ate audit evidence was obtained from the work of the component auditors to provide a basis for our opinion. Our involve-
ment comprised communicating the risks identified at Group level, specifying the audit procedures relating to the ac-
counting for customer orders (Project/Plant), specifying the materiality thresholds to be applied, participating in local
closing meetings (virtual), conducting telephone calls with the component auditors during the interim audit and the year-
end audit and reviewing the reporting.
Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
consolidated financial statements of the current period. These matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
FINANCIAL REPORT
57
Accounting for customer orders (Project/Plant)
Key audit matter How our audit addressed the key audit matter
The Bühler Group has customer orders, where the perfor- Our audit of revenue from customer orders where the per-
mance obligations are satisfied either over time or at a formance obligations are satisfied over time mainly com-
point in time in accordance with IFRS 15 ‘Revenue from prised the following procedures:
contracts with customers’. In the year under review, reve-
nue from customer orders in the amount of CHF 1’370.5 x We assessed the design and the existence of the key
million were recorded over time using the input method to controls regarding the customer orders and tested the
measure the satisfaction of the performance obligation. effectiveness of selected controls.
Management measures the progress as of the balance x We assessed whether the internal guidelines regard-
sheet date based on relative costs incurred to the total ing the approval of the costs and margins had been
costs expected to fulfil the performance obligation. An in- adhered to.
correct estimate of the expected costs could have a signifi-
cant impact on the recorded revenue and the net profit of x We selected a number of customer orders based on
the Group. the contract volumes, the contribution margin and
changes in the margin compared with prior year and
Please refer to page 9 (Use of estimates) and pages 25 - the planning phase, and focused our testing on the fol-
27 (Revenue) in the notes to the consolidated financial lowing, in particular:
statements.
- We assessed the contracts in respect of the classifi-
cation of revenue recognition.
- We assessed whether the contractual terms and the

approved planned costs had been recorded appro-
priately in the project accounting system.
- We discussed with the project controllers and pro-

ject managers the progress of the projects based on
the latest project reports and assessed the costs still
to be incurred until their completion and changes in
the margin.
x We obtained written information from the legal repre-

sentatives of the Group. We inspected this written in-
formation with regard to indications of potential quality
deficiencies or penalties for non-performance and if
applicable assessed whether these matters were rec-
orded appropriately in the consolidated financial state-
ments.
x For the customer orders completed during the year

under review, we compared various final parameters
with the estimates made in the planning phase or
those as of the previous balance sheet date in order to
assess, with hindsight, the accuracy of the estimates
made by Management.
We consider Management’s process and assumptions to

be reasonable for purposes of determining the accounting
for customer orders (Project/Plant).
58
Impairment testing of goodwill and intangible assets with indefinite useful life
The impairment testing of goodwill and intangible assets In our audit of the impairment testing of goodwill and intan-
with indefinite useful life was deemed a key audit matter for gible assets with indefinite useful life, we performed audit
the following reasons: procedures including the following:
Goodwill and intangible assets with indefinite useful life are x We assessed the design and the existence of the key
significant items on the consolidated balance sheet (CHF controls regarding the impairment testing of goodwill
661.0 million); they are not amortised but tested for impair- and intangible assets with indefinite useful life. Fur-
ment at least annually. In calculating the value-in-use of the thermore, we checked whether the Board of Directors
assets for these tests, the Board of Directors and Manage- reviewed the impairment tests.
ment have significant scope for judgement in defining the
cash-generating units (CGUs), in allocating the goodwill x We assessed how the CGUs were defined, taking into
and net operating assets to the CGUs and in determining account the accounting standards and our knowledge
the underlying assumptions (discount rate, royalty rates, of the organisation of the Group.
growth rates, revenue growth and EBIT margin growth).
x We assessed the appropriateness of Management’s
Management adopted an established process in order to process for allocating goodwill and net operating as-
forecast the cash flows. The Board of Directors monitored sets to the CGUs.
adherence to this process.
x We compared the revenue and the EBIT of the year
Please refer to page 9 (Use of estimates) and pages 37 - under review with the budget (adjusted for COVID-19
40 (Intangible assets) in the notes to the consolidated fi- impacts) in order to identify, in retrospect, any fore-
nancial statements. casts that were too optimistic and to assess the accu-
racy of the estimates that were made.
x We performed plausibility checks on the key assump-

tions Management used for the impairment tests as
well as on the changes in net working capital resulting
from the application of these assumptions. To this
end, we involved our internal valuation experts, who
compared the assumptions with data from analogous
companies and market data. Furthermore, we as-
sessed the technical and mathematical correctness of
the valuation model.
x We assessed the sensitivity analyses carried out by

Management. In addition, we performed our own sen-
sitivity analyses using different discount rates, reve-
nues and gross profit margins.
x We assessed the appropriateness of the disclosures

in the notes to the consolidated financial statements in
accordance with IAS 36 ‘Impairment of Assets’.
We consider the valuation process and the assumptions

applied by Management to be an appropriate and reasona-
ble for purposes of the impairment testing of goodwill and
intangible assets with indefinite useful life.
Other information in the annual report

The Board of Directors is responsible for the other information in the annual report. The other information comprises all
information included in the annual report, but does not include the consolidated financial statements, the stand-alone
financial statements of Bühler Holding AG and our auditor’s reports thereon.
FINANCIAL REPORT
59
Our opinion on the consolidated financial statements does not cover the other information in the annual report and we do
not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information in
the annual report and, in doing so, consider whether the other information is materially inconsistent with the consolidated
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on
the work we have performed, we conclude that there is a material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.
Responsibilities of the Board of Directors for the consolidated financial statements

The Board of Directors is responsible for the preparation of the consolidated financial statements that give a true and fair
view in accordance with IFRS and the provisions of Swiss law, and for such internal control as the Board of Directors
determines is necessary to enable the preparation of consolidated financial statements that are free from material mis-
statement, whether due to fraud or error.
In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the Group’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the Board of Directors either intends to liquidate the Group or to cease operations, or has no
realistic alternative but to do so.
Auditor’s responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
Swiss law, ISAs and Swiss Auditing Standards will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is located at the website
of EXPERTsuisse: http://expertsuisse.ch/en/audit-report-for-public-companies. This description forms part of our audi-
tor’s report.
Report on other legal and regulatory requirements
In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890, we confirm that an internal
control system exists which has been designed for the preparation of consolidated financial statements according to the
instructions of the Board of Directors.
We recommend that the consolidated financial statements submitted to you be approved.
PricewaterhouseCoopers AG
René Rausenberger Oliver Illa

Audit expert Audit expert
Auditor in charge
Zürich, 11 February 2021

60
Financial Statements
Bühler Holding AG
FINANCIAL REPORT
61
Income statement Bühler Holding AG
2020 2019
Notes CHF m CHF m
Investment income 11 92.1 111.3

Financial income 12 18.5 31.6
Exchange gains on foreign currency valuation 13 3.2 0.0
Other operating income 14 8.8 9.2
Total operating income 122.6 152.1
Investment expenses 15 –0.5 –6.8

Financial expenses 16 –5.0 –4.2
Exchange losses on foreign currency valuation 13 0.0 –12.1
Other operating expenses 17 –7.6 –8.6
Operating expenses –13.1 –31.7
Taxes –2.0 –2.2

62
Balance sheet Bühler Holding AG
2020 2019
Assets Notes CHF m CHF m
Cash and cash equivalents 141.5 24.1

Other accounts receivable third parties 0.1 0.2
Other accounts receivable Group 5 258.9 150.5
Current loans third parties 0.0 0.1
Current loans Group 5 0.6 17.3
Accrued income and prepaid expense 0.2 0.1
Current assets 401.3 192.3
Non-current securities 7.9 7.9

Other financial assets third parties 18.2 18.2
Other financial assets related parties 8 21.3 91.2
Other financial assets Group 6 669.7 715.7
Investments 18 881.0 872.6
Non-current assets 1,598.1 1,705.6
Total assets 1,999.4 1,897.9
Equity and liabilities
Financial liabilities related parties 8 19.0 0.0

Accounts payables third parties 0.1 0.7
Accounts payables related parties 0.0 0.6
Accounts payables Group 7 145.7 70.4
Current provisions 10 12.0 21.5
Other liabilities third parties 0.4 0.0
Other liabilities Group 7 1.8 0.0
Deferred income and accrued expense 3.5 3.8
Current liabilities 182.5 97.0
Financial liabilities third parties 9 420.0 420.0

Financial liabilities related parties 8 117.0 183.5
Total liabilities 719.5 700.5
Share capital 15.0 15.0

Legal reserves 7.5 7.5
Other free reserves 275.6 275.6
Available earnings brought forward from prior year 874.3 781.1
Shareholders’ equity 1,279.9 1,197.4
Total shareholders’ equity and liabilities 1,999.4 1,897.9

FINANCIAL REPORT
63
Notes to the financial statements

Bühler Holding AG
1 General information 6 Other financial assets Group

The financial statements of Bühler Holding AG, domiciled in Financial assets mainly include loans to Group companies,
Uzwil SG, were prepared in accordance with the regulations which are granted at market conditions and are non-current
of Swiss financial reporting law. (more than one year).
Bühler Group prepares consolidated financial statements on

a Group level according to International Financial Reporting 7 Liabilities Group
Standards (IFRS). Therefore, Bühler Holding AG does not Liabilities Group consist primarily of current liabilities related
publish additional notes, a cash flow statement, and man- to cash pooling (mainly Bühler AG, Uzwil) as part of the
agement reporting according to article 961d of the Swiss Group's cash management.
Code of Obligations.
8 Other financial assets/liabilities related parties

2 Valuation principles These loans are owed from and to the shareholders as well
The financial statement accounting policies meet the require- as from other related parties (associates).
ments of Swiss financial reporting law. The main financial
statement line items are accounted for as described below.
9 Financial liabilities third parties
The balance sheet positions in foreign currency have been This position contains corporate bonds issued to third parties.
valued at the following closing rates:
Nominal
2020 2019 amount Interest Period Expiration
CHF CHF in CHF m Valor rate of validity nominal value
CNY 0.1356 0.1392 180 38,960,607 0.10% 12/21/2017 – 12/21/2022
EUR 1.0850 1.0890 12/21/2022
GBP 1.1990 1.2750 240 38,960,608 0.60% 12/21/2017 – 12/21/2026
12/21/2026
USD 0.8850 0.9730
Loans to Group subsidiaries are recorded at their nominal

value. If necessary, value adjustments are made for potential
impairment losses. 10 Provisions
This item mainly includes provisions for currency risks r elating
to loans to Group companies and accounts receivable from
3 Number of full-time equivalents Group companies.
The number of full-time equivalents is on average less than
10 employees (prior year: less than 10 employees).
11 Investment income
This position mainly contains dividend income from subsid-
4 Definition of related parties and Group companies iaries and other participations.
Related parties are companies that are directly or indirect-
ly owned by the Bühler family. Also included are members of
the Bühler family as well as the Board of Directors and 12 Financial income
companies owned by Members of the Board of Directors of Financial income mainly includes interest income on loans to
the Bühler Group. Group companies.
Group companies are companies in which the Bühler

Group holds direct or indirect investments and are included 13 Exchange gains/losses on foreign currency valuation
in the consolidated Group financial statements. Exchange gains/losses on foreign currency valuation con-
tains currency gains and losses.
5 Other accounts receivable and current loans Group

Accounts receivable and current loans Group mainly include 14 Other operating income
current loans to Group companies for working capital financ- Other operating income contains mainly licence fee income.
ing purposes.
64
15 Investment expenses 17 Other operating expenses

Investment expenses include impairments on Group invest- Other operating expenses predominantly include service fee
ments. expenses and non-refundable withholding taxes.
16 Financial expenses 18 Investments

Financial expenses primarily include interest on foreign Investments are recorded at cost less economically neces-
expenses paid to Group companies and interest payments sary adjustments. The principal investments that are held
for corporate bonds issued to third parties. directly or indirectly by Bühler Holding AG are shown in the
table on pages 13 to 15. The participation rate is equal to the
voting rights and share in capital.
19 Contingent liabilities
2020 2019
CHF m CHF m
Sureties, guarantees and other obligations in favor of Group companies 466.6 579.5
Sureties, guarantees and other obligations in favor of third parties 125.9 102.0
Bühler Holding AG issued a letter of comfort for Bühler Barth to meet its current and future obligations at all times. The
GmbH, Germany, on August 17, 2017. With this letter of com- issued letter of comfort is valid as long as Bühler Barth GmbH
fort, Bühler Holding AG commits itself to financially support belongs to the Bühler Group, at the latest until December 31,
Bühler Barth GmbH in order that Bühler Barth GmbH is able 2021.
20 Proposal of the Board of Directors for the appropriation of available earnings
2020 2019
CHF m CHF m
Balance brought forward from prior year 874.3 781.1

Net profit of the year 107.5 118.2
Available earnings at the disposal of the General Meeting 981.8 899.3
The Board of Directors proposes to the General Meeting:
- The distribution of a dividend 25.0 25.0

- Allocation to other reserves 0.0 0.0
- Carry forward to new accounting period 956.8 874.3
The statutory obligation of appropriation to reserves is waived 22 Significant events after the balance sheet date
as the legal reserve amounts to 50% of the paid-in share No material events have occurred after the balance sheet
capital. date.
21 Others
CHF 11 million hidden reserves were released in the report-
ing period (prior year: CHF 0 million).
FINANCIAL REPORT
65
Report of the statutory auditor

to the General Meeting of Bühler Holding AG
Uzwil
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Bühler Holding AG, which comprise the income statement for the year
ended 31 December 2020, the balance sheet as at 31 December 2020 and notes for the year then ended, including a
summary of significant accounting policies.
In our opinion, the accompanying financial statements (pages 61 to 64) as at 31 December 2020 comply with Swiss law
and the company’s articles of incorporation.
Basis for opinion

We conducted our audit in accordance with Swiss law and Swiss Auditing Standards. Our responsibilities under those
provisions and standards are further described in the “Auditor’s responsibilities for the audit of the financial statements”
section of our report.
We are independent of the entity in accordance with the provisions of Swiss law and the requirements of the Swiss audit
profession and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Our audit approach
Overview Overall materiality: CHF 19'990'000
We tailored the scope of our audit in order to perform sufficient work to enable
us to provide an opinion on the financial statements as a whole, taking into ac-
count the structure of the entity, the accounting processes and controls, and
the industry in which the entity operates.
As key audit matter the following area of focus has been identified:
Valuation of Investments
Materiality
The scope of our audit was influenced by our application of materiality. Our audit opinion aims to provide reasonable
assurance that the financial statements are free from material misstatement. Misstatements may arise due to fraud or
66
error. They are considered material if, individually or in aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the overall
materiality for the financial statements as a whole as set out in the table below. These, together with qualitative consider-
ations, helped us to determine the scope of our audit and the nature, timing and extent of our audit procedures and to
evaluate the effect of misstatements, both individually and in aggregate, on the financial statements as a whole.
Overall materiality CHF 19'990'000
How we determined it 1% of total assets
Rationale for the materiality bench- We chose total assets as the benchmark because, in our view, it is a relevant
mark applied benchmark against which holding companies can be assessed, and it is a gen-
erally accepted benchmark with regard to materiality considerations in holding
companies.
We agreed with the Audit Committee that we would report to them misstatements above CHF 990'000 identified during
our audit as well as any misstatements below that amount which, in our view, warranted reporting for qualitative reasons.
Audit scope
We designed our audit by determining materiality and assessing the risks of material misstatement in the financial state-
ments. In particular, we considered where subjective judgements were made; for example, in respect of significant ac-
counting estimates that involved making assumptions and considering future events that are inherently uncertain. As in
all of our audits, we also addressed the risk of management override of internal controls, including among other matters
consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud.
Report on key audit matters based on the circular 1/2015 of the Federal Audit Oversight Authority
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the fi-
nancial statements of the current period. These matters were addressed in the context of our audit of the financial state-
ments as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
FINANCIAL REPORT
67
Valuation of Investments
Investments in subsidiaries represent a significant balance In our audit of the investments in subsidiaries, we per-
sheet line item (CHF 881.0 million). formed audit procedures including the following:
The Board of Directors uses business valuations in order to x We assessed the design and the existence of the key
test these investments for impairment. The company valua- controls regarding the valuation of the investments.
tions are prepared using the “practitioner’s method”. In
cases were indications of impairment exist, the book values x We compared the book value of the investments in the
of the investments were compared with the impairment test year under review with the results from using the prac-
prepared to assess the goodwill at the Group level. In cal- titioner’s method of valuation. If there were indications
culating these company valuations, there is significant of impairment, the book values of the investments
scope for judgement in determining the underlying assump- were compared with the impairment test applied to as-
tions, particularly with regard to the future business results sess the goodwill at the Group level.
and the discount rate to apply to the forecast cash flows.
Management adopts a specified impairment testing pro- x We performed plausibility checks on the key assump-
cess to identify the potential need for the impairment of in- tions applied by Management used for the impairment
vestments. tests. To this end, we involved our internal valuation
experts, who compared the assumptions with data
Please refer to pages 64 (Investments) in the notes to the from analogous companies and market data. Further-
financial statements. more, we assessed the technical and mathematical
correctness of the valuation model.
We consider the valuation process and the assumptions

used to be an appropriate and adequate basis for the im-
pairment testing of investments in subsidiaries as at 31 De-
cember 2020.
Responsibilities of the Board of Directors for the financial statements

The Board of Directors is responsible for the preparation of the financial statements in accordance with the provisions of
Swiss law and the company’s articles of incorporation, and for such internal control as the Board of Directors determines
is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, the Board of Directors is responsible for assessing the entity’s ability to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of ac-
counting unless the Board of Directors either intends to liquidate the entity or to cease operations, or has no realistic al-
ternative but to do so.
Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from ma-
terial misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Swiss law and
Swiss Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the website of EXPERT-
suisse: http://expertsuisse.ch/en/audit-report-for-public-companies. This description forms part of our auditor’s report.
68
Report on other legal and regulatory requirements
In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890, we confirm that an internal
control system exists which has been designed for the preparation of financial statements according to the instructions of
the Board of Directors.
We further confirm that the proposed appropriation of available earnings complies with Swiss law and the company’s
articles of incorporation. We recommend that the financial statements submitted to you be approved.
PricewaterhouseCoopers AG
René Rausenberger Oliver Illa

Audit expert Audit expert
Auditor in charge
Zürich, 11 February 2021

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Innovations for a better world.

Dear customers, colleagues,

Corresponding to the diverse course of the pandemic,

BUSINESS REVIEW 2020

BUSINESS REVIEW 2020

Following the vast variety of impacts caused by the

3.29 3.27 3.25

Due to the countermeasures taken to contain the pandem-

140 countries. sites

BÜHLER − A PURPOSE-LED COMPANY

Bühler has demonstrated agility by

program is designed to help women back into the work-

Virtual learning and talent development

CFO Grains & Food Consumer Foods Advanced Materials

CTO Manufacturing, Logistics Human Resources Services & Sales

Grain Quality & Supply Bakery Die Casting

Milling Solutions Wafer Leybold Optics

Value Nutrition Biscuit Grinding & Dispersing

Digital Technologies Chocolate & Coffee

South America Middle East & Africa South Asia

URS BÜHLER INNOVATION FUND

Dr. Konrad Hummler 02 Calvin Grieder 01

Dr. Maya Bühler 04 Stefan Scheiber 11 Karin Bühler 06

Frank N.J. Braeken 03 Jeannine Bühler 05 Rainer Schulz 07

Ruth Metzler-Arnold 10 Clemens Blum 09 Linda Yang 08

Calvin Grieder Dr. Konrad Hummler Frank N.J. Braeken

Dr. Maya Bühler Jeannine Bühler Karin Bühler

Rainer Schulz Linda Yang Clemens Blum

Ruth Metzler-Arnold ¹ Stefan Scheiber

Dr. Mark Macus 02 Stefan Scheiber 01

Samuel Schär 03 Dr. Holger Feldhege 06 Dr. Ian Roberts 07

Germar Wacker 05 Irene Mark-Eisenring 08 Johannes Wick 04

Stefan Scheiber Dr. Mark Macus Samuel Schär

Johannes Wick Germar Wacker Dr. Holger Feldhege

Dr. Ian Roberts Irene Mark-Eisenring

Dr. Ian Roberts graduated in Chemi- Irene Mark-Eisenring graduated in Busi-

Urs Bühler 01 Peter Stähli 08 Dr. Matthias Kaiserswerth 03

Prof. Dr. Lino Guzzella 07 Hal Gurley 02 Dr. Mark Macus 09

The Urs Bühler Innovation Fund (UBIF) was established in 2014 to

Urs Bühler Hal Gurley ¹ Dr. Matthias Kaiserswerth

¹ Stepped down as per Dec. 31, 2020

Prof. Dr. Lino Guzzella Peter Stähli Dr. Mark Macus

Permitted external activities of the Board of Audit Committee

Urs Bühler Innovation Fund (UBIF)

Bühler Group renews ISO certification for quality

Nomination and Compensation Committee

Subject Recommendation Final approval

Deﬁnition of Remuneration System and Policy for NCC Board of Directors

Development of variable remuneration schemes NCC Board of Directors

Deﬁnition of individual remuneration, including bonus, NCC Board of Directors

Principles of Remuneration Policy

Overall remuneration model for employees and

Instrument Purpose Influencing factors

Performance- Annual cash Remuneration for Success of the organization (EBIT)

Remuneration of the Board of Directors

Basic remuneration Membership in the Board of Directors

Additional Chairmanship of the Board of Directors

Chairmanship of the Audit Committee

CFO Grains & Food Consumer Foods Advanced Materials

Grain Quality & Supply Bakery Die Casting

Value Nutrition Biscuit Grinding & Dispersing

Digital Technologies Chocolate & Coffee

South America Middle East & Africa South Asia

FINANCIAL REPORT BÜHLER GROUP 2