Annual Report
2024
Compressors for a lifetime
Table of contents
Report Section
4
At a Glance
4
Milestones 2024
6
Letter to Shareholders
8
Key Figures
11
Company Strategy
12
Systems Division
17
Services Division
23
Company values, footprint and history
29
Sustainability
33
Stakeholder Letter
35
Progress on our 2027 sustainability
36
targets
On a strategic path to a sustainable
37
organization
Systems Division:
38
Compression technology for
a sustainable energy future
Services Division:
40
Sustainability benefits for our
customers
Sustainability Report 2024
41
Extended key figures
69
Extended climate reporting
74
GRI content index
80
Independent practitioner’s limited
85
assurance report
Declaration of the Board of Directors
89
Corporate Governance Report
90
Compensation Report
106
Financial Report
124
Consolidated income statement
127
Consolidated balance sheet
128
Consolidated cash flow statement
129
Consolidated statement of changes
130
in equity
Notes to the consolidated financial
131
statements
Financial Statements of
157
Burckhardt Compression Holding AG,
Winterthur
Imprint
167
Burckhardt Compression Annual Report 2024
Report Section
Sustainability
Corporate Governance
Compensation Report
Financial Report
Imprint
Burckhardt Compression creates leading compression solutions
for a sustainable energy future and the long-term success of
its customers. Together with its brands Burckhardt Compression,
PROGNOST, SAMR Métal Rouge and Shenyang Yuanda
Compressor, the Group is the only global manufacturer that
covers a full range of reciprocating compressor technologies
and services. Its customized and modularized compressor
systems are used in the Chemical/Petrochemical, Gas Transport &
Storage, Hydrogen Mobility & Energy and Industrial Gas sectors
as well as for applications in Refinery and Gas Gathering &
Processing. Since 1844, its passionate, customer-oriented and
solution-driven workforce has set the benchmark in the gas
compression industry.
Cover:
Evergreen Project construction site
in South Korea
In-Jae, Song, Project Control Manager,
at the installation of a Hyper Compressor
Photography by Dong-Uk, Jung, Time of blue,
South Korea
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Burckhardt Compression Annual Report 2024
Report Section
Sustainability
Corporate Governance
Compensation Report
Financial Report
Imprint
New financial records
The fiscal year 2024 marks a successful continuation of our
transformation. New financial records include surpassing
CHF 1 bn sales and CHF 100 mn net income for the first time.
60.8
219.6
70.3
242.9
95.0
261.6
297.9*
676.6
47.2
976.6
50.4
1’268.3
1’124.7
121.4*
70.0
90.1*
1’151.2
105.6
140.8
340.2
Order intake
in CHF mn
Net income
in CHF mn
Operating Income
(EBIT)
in CHF mn
Shareholders’ equity
in CHF mn
658.6
650.7
829.7
982.0*
20
21
22
23
24
1’095.6
Sales
in CHF mn
20
21
22
23
24
20
21
22
23
24
20
21
22
23
24
20
21
22
23
24
* restated: CHF 114.3 mn
* restated: CHF 84.5 mn
* restated: CHF 972.8 mn
* restated: CHF 296.4 mn
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Burckhardt Compression Annual Report 2024
Report Section
Sustainability
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At a Glance
Reduction in our greenhouse gas
emission intensity
40.0%
The 40.0% reduction in our
greenhouse gas emission
intensity (Scope 1 and 2)
showcases our sustainability
commitment.
Our Lost Time Injury Rate (LTIR)
has further decreased
0.4
Our Lost Time Injury Rate (LTIR)
has further decreased from 0.5 to
0.4. This marks an improvement
compared to last year and is
below our Mid-Range-Plan target
of 0.7.
Performance FY2024
Total Shareholder Return FY2024
in %
+7.71
+8.79
Burckhardt Compression
SPI
Burckhardt Compression
SPI
Performance since IPO
Total Shareholder Return 26 June 2006 to 31 March 2025
in %
Jun 06
Jun 07
Jun 08
Jun 09
Jun 10
Jun 11
Jun 12
Jun 13
Jun 14
Jun 15
Jun 16
Jun 17
Jun 18
Jun 19
Jun 20
Jun 21
Jun 22
Jun 23
Jun 24
Mar 25
+885.7
+189.1
Apr 24
May 24
Jun 24
Jul 24
Aug 24
Sep 24
Oct 24
Nov 24
Dez 24
Jan 25
Feb 25
Mar 25
1000
900
800
700
600
500
400
300
200
100
0
30
25
20
15
10
5
0
–5
–10
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Burckhardt Compression Annual Report 2024
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At a Glance
6
Burckhardt Compression Annual Report 2024
Report Section
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Compensation Report
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Milestones 2024
Launch of two new digital service
solutions
In fiscal year 2024, we expanded our digital portfolio with
two powerful solutions, enabling our customers to increase
reliability and decrease operating costs of their compression
systems. “UP! Insight”, our cloud-based monitoring
software, delivers real-time analytics on critical performance
metrics such as pressure, temperature, and vibration. This
allows customers to monitor compressor health continuously
and make swift data-driven decisions. Building on this
foundation, our newly introduced “UP! Detect” system
enhances compressor monitoring with automated anomaly
detection based on vibration readings. Fully independent,
it integrates seamlessly with any type of compressor,
helping operators identify irregularities before they lead
to downtime.
Continuing our progress, we recently released PROGNOS
T®-NT "Predictive Intelligence" module. This first of its kind
module accurately calculates the remaining useful life of
packings and valves. All solutions feature industry-leading,
certified cybersecurity standards and continuously updated
protection. By integrating these digital capabilities with our
engineering expertise, we offer comprehensive solutions
that deliver operational transparency, faster issue resolu
tion, and sustained cost savings.
First order for LNG carriers with
low-pressure 2-stroke engines
Given the significant impact of maritime transport on global
greenhouse gas emissions, innovation is essential for a sustainable
future in the marine industry. In summer 2024, we expanded our
marine compression solution portfolio to enter the market of LNG
carriers with low-pressure 2-stroke engines. We secured a
landmark order to supply LNG boil-off gas handling compressors
for eight new ships built by Hanwha Ocean. These next-generation
carriers combine low-pressure propulsion systems with Hanwha
Ocean’s patented partial reliquefication system.
Our compressors, featuring fully dry-running cylinders for all
stages and a compact design, play a crucial role in this reliquefica
tion process by boosting LNG boil-off gas to 150 bar pressure.
By continuously learning from millions of operating hours of our
compressors on ships, we continue to innovate and support the
transition of the marine industry towards a sustainable future.
150 bar
pressure is achieved as our compact,
dry-running compressors boost
LNG boil-off gas for reliquefication
Milestones 2024
Increased own capacity for production
of renewable electricity by 521%
With ambitious targets to cut operational greenhouse gas
emission intensity by 50% (Scope 1 and 2) and shift to
75% renewable electricity by 2027, we are implementing
significant improvements across our global facilities.
In China, our Shenyang facility has installed rooftop solar
panels that generate 3'000 MWh annually, reducing
emissions by an impressive 30%. In South Korea, our
assembly factory completed its solar panel installation in
March 2025, producing approximately 400 MWh annually –
equivalent to 80% of the site’s consumption – and reducing
CO2 emissions by 184 tons per year. Meanwhile, our
Winterthur head-quarters, already operating on renewable
electricity, strengthened its commitment to sustainability
by adding solar panels on all suitable roof surfaces.
With an estimated annual capacity of 363 MWh, this initiative
has generated 246 MWh of clean energy since May 2024,
and reduced 144 tons of CO₂ emissions annually.
Family Day celebrations in
Switzerland & India
We embrace the future, but also cherish our company
roots. To celebrate 180 years of Burckhardt Compression,
we hosted a Family Day at our Winterthur headquarters.
This event brought together over 2’000 employees and
family members for a day filled with fun and educational
activities and delicious food. On the other side of the globe,
Burckhardt Compression India marked its 20th anniversary
with equal enthusiasm. Filled with music, dance, and
theatrical performances, the day highlighted the bonds and
collaborative spirit that define our company. As we look
ahead, we remain committed to strengthening our legacy
with the very people who help shape its future every day.
Record sales and deliveries
Our profitable growth in fiscal year 2024 enabled us to
achieve record financials, surpassing CHF 1 bn in sales and
CHF 100 mn in net income for the first time.
Both divisions played key roles in achieving these results.
While growing sales by 12.6%, we also made substantial
progress towards our sustainability goals by reducing our
greenhouse gas emission intensity (Scope 1 and 2) by 40.0%,
a significant step forward on our path towards reaching
net-zero in 2035.
Additionally, we expanded our global installed base by
delivering a record number of compressors – almost 800 units.
These achievements reflect the trust our customers place in
us, the dedication of our employees, and the -continuous drive
that has fueled us for over 180 years.
> 1bn
CHF in sales
More online
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Burckhardt Compression Annual Report 2024
Report Section
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Milestones 2024
In fiscal year 2024 Burckhardt Compression continued on its
growth path and delivered strong financials in a volatile mar
ket with diverse trends across segments and regions. Our
growing order intake, above CHF 1.1 bn, supports our trajec
tory towards our updated Mid-Range Plan guidance of CHF
1.2 bn sales in FY27. Strong operational delivery underpinned
sales growth of 12.6%*, reaching a new record of CHF 1’095.6
mn. The improved operating margin of 12.9% and a new
record operating income of CHF 140.8 mn underscore the
strength of our delivery capabilities and integrated business
model. Earnings per share reached CHF 31.20, representing a
growth of 24.9%* compared to last year and an average
annual growth rate of 25.1% in the past six years. Based on
these results, the Board of Directors will propose a dividend
per share of CHF 18.00, a 16.1% increase from the prior year.
Beyond our financial performance, we made clear steps in
implementing our mid-term strategy and the 40.0% reduc
tion in our greenhouse gas emission intensity in one year
showcases our sustainability commitments.
Burckhardt Compression benefits from a strong order
backlog, a solid balance sheet and strong customer relation
ships. Despite current uncertainty related to the geopolitical
landscape and tariffs, we expect fiscal year 2025 to be at a
similiar level as 2024. In the mid-term, global megatrends,
including population growth, energy security, and energy
transition, underpin our Mid-Range Plan trajectory.
Continued new equipment growth
Following a peak in 2022, the global Systems market further
normalized in 2024, with a decrease predominantly driven by
policy shifts in the Hydrogen Mobility and Energy segment.
Despite this, the Systems Division’s leading position in grow
ing sub-segments of the market resulted in a strong order
intake of CHF 825.4 mn, representing a 5.8% increase over
the previous year.
The market showed varying trends across end applica
tions. Marine applications in the segment Gas Transporta
tion and Storage have been growing at a good pace. In par
ticular, the demand for compressor solutions for new LNG
tankers grew again following a dip in FY23, while LNG-fue
led ship applications continued at a good level. LPG tanker
applications reached a new record, linked to the rising
global energy demand and the resulting need to transport
energy from producing countries to consumption locations.
In a closely related market, the expected substantial rise in
green ammonia transport by ship provided additional
impulses, as evidenced by orders secured for compressors
for Very Large Ammonia Carriers (VLACs). The marine mar
ket is expected to remain dynamic and provide potential for
new applications as a result of the increasing global energy
trade as well as new regulations promoting sustainable
shipping fuels.
In the Chemical and Petrochemical segment, the
demand for Hyper Compressors used in the production of
ethylene-vinyl acetate (EVA) remained high, driven by expec
tations for solar panel growth in future years. Moreover, the
global population growth continues to support the demand
for polymers, and for Hyper Compressors used in the LDPE
production process.
Conversely, after rapid growth in the past years, the
renewable hydrogen economy entered a period of recalibra
tion. This shift is a direct response to higher-than-expected
project costs, delays in finalizing regulations and subsidies,
and the uncertainty created by elections in Europe and the
US. However, given hydrogen’s crucial role in the transition to
more secure and sustainable energy sources, we expect to
see decisive movements on larger-scale energy storage and
distribution projects and a return to growth in this market in
the coming years. Other new energy applications, like biogas
and sustainable aviation fuels, continue to progress, sup
ported by the ReFuelEU Aviation Regulation in Europe.
From a regional perspective, Europe and East Asia grew
thanks to the marine market, while the US was affected by
the decrease in the hydrogen market. The Chinese market
also decreased, affected by uncertainty over the local econ
omy and a reduction in the building of new polysilicon plants.
Focus on high-margin services in a market
showing regional disparities
The Services markets have been strongly influenced by local
economic conditions. The European market decreased due to
economic and political uncertainty. On the positive side,
Asia-Pacific and the regions of the Middle East, Central Asia,
and Eastern Europe grew at a good pace, driven by the
installed base and large upgrade projects. The US market
Dear Shareholders,
Burckhardt Compression continues to deliver
strong growth and increased profitability
* The accounting policy for the recognition of revenue for projects above CHF 7 mn
and lasting more than 1 year has been changed from “Completed Contract
Method” to “Percentage of Completion” (PoC) to better reflect the value creation
process and to increase stability in revenue recognition. To enable comparison
with the year under review, prior year numbers are restated for PoC accounting.
8
Burckhardt Compression Annual Report 2024
Report Section
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Corporate Governance
Compensation Report
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Letter to Shareholders
was stable, with regional disparities, but order intake
decreased due to the closure of three low-profit service
centers, as announced in the first-half year report. On a
global basis, the Services Division’s presence in the marine
market is further increasing, benefiting from a growing
installed base, a strong service network, and new offerings.
Against this backdrop, order intake for the Services Division
fell by 5.4% (–4.5% net of currency translation effects) to CHF
325.8 mn.
Record financial results and dividend increase
Order intake for the Group reached CHF 1’151.2 mn, an
increase of 2.4%, respectively 3.5% net of currency transla
tion effects. Sales rose by 12.6%*, (respectively 13.7%* net of
currency translation effects), surpassing the CHF 1 bn
threshold for the first time. A large majority of this growth is
attributed to the Systems Division, which achieved an 18.2%*
increase, while sales in the Services Division increased by
2.2%. Gross profit margin was 28.0%, up 1.8pp* year-on-year,
due to a more favorable product mix in both divisions, the
higher capacity utilization in all manufacturing and assem
bly facilities and the reduction of non-profitable service busi
ness in the US. Research & Development expenses increased
by 12.8% to CHF 30.1 mn, which accounts for 2.7% of sales
and is thus within our target range of 2.5% to 3.0% of sales.
Selling, marketing and general administrative expenses rep
resented 11.9% of sales, marking a reduction of 0.4pp com
pared to the previous year. This further leverage on SG&A
spend to enhance the EBIT margin is in line with our Mid-
Range Plan. Other operating income and expenses (net)
amounted to CHF –5.6 mn (prior year: CHF 5.4 mn), mainly
consisting of negative FX effects, bad debt provisions result
ing from a reassessment of polysilicon customers in China
and partially offset by real estate income and book gain on
the sale of assets in the US. The consolidated operating
income (EBIT) recorded a substantial increase of 23.2%* to
CHF 140.8 mn. Both the Systems and Services Divisions
increased their EBIT margins, by 2.7* and 0.1 percentage
points respectively, resulting in an overall Group EBIT margin
of 12.9%, up from 11.7%* in the previous year. Financial
expenses of CHF 3.3 mn were in line with the previous year,
and a tax rate of 23.2% (compared to 23.8%* last year)
resulted in a net income of CHF 105.6 mn. This represents a
25.0%* increase over the previous year’s figure and marks the
first time exceeding the CHF 100 mn milestone. Consequently,
earnings per share attributable to Burckhardt Compression
Group shareholders rose from CHF 24.98* to CHF 31.20.
Value creation further increased, with a Return on Net
Operating Assets (RONOA) of 32.6%. Total equity increased
to CHF 340.2 mn (CHF +43.8* mn), while the equity ratio
increased to 29.1% (prior year: 27.9%*).
Based on these results, the Board of Directors will pro
pose a dividend of CHF 18.00 per share at the Annual General
Meeting. This represents an increase of 16.1% compared to
the previous year and is within our overall attractive dividend
policy of a 50% to 70% payout ratio.
Further progress in the company’s
transformation
The fiscal year 2024 marks another successful step in the
implementation of our Mid-Range Plan, communicated in
November 2022. This strategic plan has concrete implica
tions for target markets, R&D projects, capital investments,
operational KPIs, and long-term incentive plans for manage
ment. It is based on four pillars: strengthening our core busi
ness, transforming and building new growth avenues, opera
tional excellence, and further enhancing our business
foundations.
We continue to make progress across these pillars. For
instance, the launch of a new compressor for low-pressure
LNG tankers supports our strategic ambitions to strengthen
our core business. With our focus on transforming and build
ing new growth avenues, we have launched two new digital
services, UP! Insight and UP! Detect, to help our customers
optimize their compressor fleet’s reliability and uptime. On
the operational excellence front, we have further leveraged
our asset base in all factories to increase sales by more than
18%* in the Systems Division with only limited investments.
Moreover, the newly started ERP rollout in the Services Divi
sion enhances our business foundations.
While growing sales by almost 14% in local currencies, we
reduced our greenhouse gas emission intensity (Scope 1 and
2) by 40.0%, a giant step forward on our path towards reach
ing net zero (Scope 1 and 2) in 2035. To reach this, we imple
mented measures targeting vehicle efficiency, heating sys
tems and processes such as the installation of an electric
boiler to replace natural gas in our factory in China. We also
continued to implement energy efficiency measures, com
pleted several solar panel projects, and increased our renew
able electricity purchases. With a detailed climate roadmap
for each local unit, we are confident in reaching our 2027
objectives and net-zero operational CO₂-emission ambition
by 2035 (Scope 1 and 2).
Our people are fundamental to our strategy and the
success of the Group. For our 180th company birthday, we
celebrated with more than 2’000 employees and family
members in our Swiss and Indian facilities. During the
year, we expanded our workforce globally by 2.9% to 3’336
FTEs to support the growth of our deliveries and invest in
future applications and markets. To enable the safe deliv
ery of our increasing volume, our Health and Safety focus
* The accounting policy for the recognition of revenue for projects above CHF 7 mn
and lasting more than 1 year has been changed from “Completed Contract
Method” to “Percentage of Completion” (PoC) to better reflect the value creation
process and to increase stability in revenue recognition. To enable comparison
with the year under review, prior year numbers are restated for PoC accounting.
9
Burckhardt Compression Annual Report 2024
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Corporate Governance
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Letter to Shareholders
was reinforced, which materialized in a further reduction
in our Lost Time Injury Rate (LTIR) from 0.5 to 0.4, which
remains within our Mid-Range Plan target. Finally, our
employee engagement survey carried out in January 2025
reinforces our employees strong commitment and gives
us confidence that we are on the right track with our
transformation.
Guidance for fiscal year 2025 –
At a similar level as in fiscal year 2024
We enter the fiscal year 2025 amid a dynamic operating envi
ronment characterized by uncertainties surrounding global
trade tariffs and currency exchange rates. While these devel
opments have led to downward revisions in global GDP
growth forecasts, we remain confident in our strategy and
ability to navigate evolving market conditions. The robust
order backlog, coupled with a solid balance sheet and strong
customer relationships, provides stability. Assuming there is
no further escalation in trade dispute and macroeconomic
conditions remain relatively stable, we expect sales at
around CHF 1.1 bn at the Group level with an operating mar
gin similar to fiscal year 2024. Within the fiscal year, we
expect a stronger profitability in the second half due to the
product and service mix. Amidst the ever-changing global
political backdrop, we will continue to actively monitor the
macro environment and any potential impact it may have on
the business.
Global megatrends underpin Mid-Range Plan
trajectory
Beyond short-term uncertainties, Burckhardt Compression’s
strategy is supported by global megatrends. A growing global
population, especially the middle class, creates increased
demand for essential products like fertilizers and polymers
and for investment in energy infrastructure. Ensuring a stable
and secure energy supply in a rapidly evolving geopolitical
landscape with growing intermittent energy sources requires
significant investment in energy storage, gas pipelines and
transportation infrastructure, e.g. for LNG or LPG. In addition,
the energy transition increases the share of natural gas in the
energy mix and requires significant investments in renewable
energy infrastructure, which includes solar panels and
low-carbon fuels. All these applications require compressors.
With our increased R&D activities and the ability to develop
innovative solutions in partnership with customers, we stand
at the forefront of these developments.
Looking forward with confidence
Beyond potential short-term market volatility, we remain
confident about the company, our markets, and our ability to
transform and further benefit from growth opportunities
linked to global megatrends. We are immensely grateful for
the dedication and hard work our employees demonstrate
worldwide. Their drive, passion, and commitment have been
instrumental in achieving these strong results. We would
also like to thank our shareholders and customers worldwide
for their trust and for being part of our journey.
Kind regards
Ton Büchner
Fabrice Billard
Chair of the Board of Directors CEO
Winterthur, June 5, 2025
Ton Büchner, Chair of the Board of Directors and Fabrice Billard, CEO
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Burckhardt Compression Annual Report 2024
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Letter to Shareholders
in CHF mn
2024
2023
Change
2024/2023
Total
Order intake
1’151.2
1’124.7
2.4%
Sales
1’095.6
972.8*
12.6%
Operating income (EBIT)
140.8
114.3*
23.2%
in % of sales
12.9
11.7*
Net income
105.6
84.5*
25.0%
in % of sales
9.6
8.7*
Return on net operating assets (RONOA) in %
32.6
28.3*
Systems Division
Order intake
825.4
780.2
5.8%
Sales
748.8
633.6*
18.2%
Operating income (EBIT)
67.9
40.5*
67.8%
in % of sales
9.1
6.4*
Services Division
Order intake
325.8
344.6
–5.4%
Sales
346.8
339.2
2.2%
Operating income (EBIT)
85.7
83.5
2.6%
in % of sales
24.7
24.6
Balance sheet
Balance sheet total
1’167.3
1’063.1*
9.8%
Shareholders’ equity in %
29.1
27.9*
Net financial position
69.6
–62.3
in CHF mn
2024
2023
Change
2024/2023
Share
Net income per share (in CHF)
31.20
24.98*
24.9%
Dividend per share (in CHF)
18.00
15.50
16.1%
Payout ratio in % of net income
57.7
62.0*
Market capitalization
2’016.2
1’921.0
5.0%
Employees
Employees as per end of fiscal year (FTE)
3’336
3’243
2.9%
Turnover rate in %
11.1
10.4
Average company affiliation (years)
8.1
7.8
3.8%
Environment
Energy use (MWh)
52’566
56’173
–6.4%
Greenhouse gas emissions Scope 1 (tCO₂e)
4’170
4’917
–15.2%
Greenhouse gas emissions Scope 2 (tCO₂e)
7’551
14’120
–46.5%
Water (m3)
65’297
74’991
–12.9%
* Prior year numbers are restated for PoC accounting to enable comparison with the year under review (see financial report)
Key figures*
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Burckhardt Compression Annual Report 2024
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Key figures
Growing global population: rising demand
for essential products
A growing global population brings increased demand for
chemical products, such as fertilizers, which are vital for
food production. Simultaneously, the need for plastics and
industrial gases is rising, driven by expanding industries such
as automotive, construction, and healthcare. The surge in
global trade drives the demand for shipping, packaging, and
fuels, all of which require reliable compression technologies.
Additionally, rising energy consumption worldwide necessi
tates continuous investment in energy infrastructure to
meet demand efficiently and sustainably.
Energy security: strengthening infrastructure
to transport energy
Ensuring stable and secure energy supply in a rapidly evolv
ing geopolitical landscape requires significant investment
in energy storage, gas pipelines, and transportation infra
structure. Countries and industries are developing liquefied
natural gas (LNG), liquefied petroleum gas (LPG), and green
ammonia supply chains, driving the need for advanced com
pression solutions for storage, transportation, and distribu
tion. Our expertise plays a crucial role in supporting these
developments, enabling the safe and efficient movement of
energy across global markets.
Energy transition: enabling the transformation
to a low-carbon economy
The shift towards cleaner energy sources is accelerating,
with natural gas increasing its share in the energy mix ver
sus coal and oil due to its lower carbon footprint. At the
same time, investments in renewable energy infrastruc
ture – including solar, sustainable aviation fuels (SAF), bio
gas, green hydrogen, and green ammonia – are expanding,
requiring advanced compression technologies to facilitate
production, storage, and transport. Additionally, carbon cap
ture, utilization and storage (CCUS) is emerging as a tool in
reducing industrial emissions. Burckhardt Compression also
Megatrends driving
growth in Burckhardt
Compression’s markets
Burckhardt Compression operates at the heart of critical industries, supporting energy
and infrastructure worldwide. Three key megatrends – growing global population,
energy security and energy transition – are shaping the future of our markets, driving
mid- and long-term demand for our compression solutions.
supports modernization and efficiency upgrades of existing
energy infrastructure, helping customers lower energy con
sumption, reduce gas leaks, and minimize CO₂ emissions.
Partnering for a sustainable future
As these megatrends reshape global industries, Burckhardt
Compression is well-positioned to provide innovative, effi
cient, and reliable compression solutions that support essen
tial industries and drive the transition to a more secure and
sustainable energy future. Our expertise, global reach, and
commitment to technological excellence make us a trusted
partner in developing new solutions with customers.
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Burckhardt Compression Annual Report 2024
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Our Company and Strategy
Petrochemical and
chemical industry
MEGATRENDS
Population growth,
Energy security,
Energy transition
Gas transport and
storage
Hydrogen mobility
and energy
Gas gathering and
processing
Refinery
Industrial gas
Fertilizer and
Industrial plastic production,
EVA for solar panels
Biogas, Ammonia, Methanol,
Liquefied natural gas (LNG),
Liquefied petroleum gas (LPG)
Biomethane,
Biogas, Gas gathering,
Gas processing plants,
CCUS
Oxygen-, Hydrogen-,
Helium-, Nitrogen
production, and Polysilicon
production for solar
panels
Sustainable
aviation fuels (SAF),
Biofuels, E-fuels
H₂ storage, H₂ pipeline
injection, H₂ liquefication,
H₂ trailer filling, H₂ fuel
station
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Our Company and Strategy
Overview
Our strategy process is based on a Mid-Range Plan, which is
defined every five years and reviewed annually. In November
2022, we communicated our Mid-Range Plan for fiscal years
2023 to 2027, along with our purpose: “We create leading
compression solutions for a sustainable energy future.”
Our purpose is the guiding star for our Mid-Range Plan
and provides the basis for our culture, together with our val
ues and behaviors. On our journey towards this purpose, we
will continue to build an organization that is customer-ori
ented, passionate, performance-driven and mindful of its
responsibilities towards the environment and society at
large.
Our Mid-Range Plan guidance, upgraded in June 2024, is
to reach CHF 1.2 bn in sales and a 12% to 15% operating profit
margin in fiscal year 2027. We remain ready to capture a
potential market upside, if the energy transition would accel
erate beyond our Mid-Range Plan assumptions.
The basis of our strategy is a focus on reciprocating com
pressors and related services. We aim to remain the global
market leader for new equipment in this field by further
developing our product range to gain strong positions in each
application where we play. In services, we aim to reinforce
our position and grow by increasing our presence in so-called
geographical white spots, and by offering differentiating ser
vices to support customers in their digitalization and in their
sustainability journeys.
With our leading compression solutions, we are competi
tively positioned in markets that are transforming to ensure
energy security and energy transition. On the back of this
transformation and a continuous growth of the world’s popu
lation, we expect that our markets will continue growing over
the mid-term. While the short-term developments are diffi
cult to predict, the world will need more gases, and therefore
more compressors.
Purpose, values and behaviors:
the basis for our daily decisions and
actions
Along with our purpose, our four values “Partnership”, “Pas
sion”, “Performance” and “Responsibility” determine our
daily decisions and actions. We focus on teamwork and act as
“one” company. We are entrepreneurs with a strategic mind
set, and act decisively with a focus on operational excellence
and innovation. We love what we do and inspire others with
the aim of creating a more sustainable energy future for the
world. At the heart of it all, we keep ourselves, partners, sup
pliers, and customers safe. We foster an inclusive environ
ment where everyone can reach their potential and where
integrity and reliability are the basis for the trust we enjoy
among our colleagues, customers, partners, and suppliers.
We create leading
compression solutions
for a sustainable energy
future
We are active in markets supporting world’s megatrends: Population
growth, energy security and energy transition. Our strategy is
based on focus, innovation and on an integrated business model with
two divisions.
Focus
Our success lies in our focus on
reciprocating compressors and
services.
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Our Company and Strategy
Core elements in our strategy:
sustainability and innovation
Sustainability sits at the core of our strategy, with implica
tions on target markets, R&D projects, capital investments,
operational KPIs and long-term incentive plans for manage
ment. We aim, in particular, to achieve 40% of our order
intake from applications that support the world’s energy
transition and to reduce our greenhouse gas emission inten
sity for Scope 1 and 2 by 50% compared to fiscal year 2021
until fiscal year 2027. Acknowledging the scale and urgency
of combating climate change, we have developed a long-
term commitment and roadmap to become operational net-
zero for our Scope 1 and 2 emissions by 2035. Achieving these
goals is supported by the integration of sustainability into
our operational excellence activities and by continuous
investments in innovation and digitalization.
Innovation is also an essential thrust in our strategy,
especially to develop new markets in our Systems Division
and to differentiate ourselves in our Services Division. With
our continued investment in R&D in a range from 2.5% to
3.0% of sales, we aim to drive technological advancements
to support the world’s megatrends and gain market share.
Further achievements in the
implementation of our strategy
Our strategy is structured along four pillars: strengthening
our core business, focusing on operational excellence, trans
forming and building new growth avenues, and enhancing our
business foundations. A few examples of our progress in fis
cal year 2024 are listed below.
Strengthening our core business
The launch of a new compressor for low-pressure LNG tank
ers in the summer 2024 supports our strategic ambitions to
strengthen our core business. We also reinforced our pres
ence with LNG-fueled ships and won several LNG onshore
terminal projects. In addition, the demand for new Liquefied
Petroleum Gas (LPG) carriers increased again, driven by the
need to transport LPG from production locations to coun
tries using it as energy source or as feedstock.
New orders for the growing global solar industry under
lined the demand for our Hyper- and Booster compressors,
with orders won in China and Saudi Arabia.
Improving operational excellence
In the reporting period, we have further leveraged our asset
base in all facilities to grow sales by 18% in the Systems Divi
sion without significant capital investments.
Transforming and building new growth avenues
With our focus on transforming and building new growth ave
nues, we have launched new digital services like UP! Insight
and UP! Detect to help our customers optimize their com
pressor fleet’s reliability and uptime. Our service BC ACTI
VATE has been further rolled-out and trained globally. It has
now been applied on more than 110 compressors at over 42
customer sites, supporting them in their efforts to improve
reliability of their compressors while reducing energy con
sumption and greenhouse gas emissions.
Enhancing our business foundations
The newly started ERP rollout in the Services Division
enhances our business foundations. While growing sales by
12.6%, we reduced our greenhouse gas emissions (Scope 1
and 2) by 40.0%, another positive step on our path towards
reaching net zero (Scope 1 and 2) in 2035. With a detailed cli
mate roadmap for each local unit, we are confident to reach
our 2027 objectives and our net zero operational CO₂-emis
sion ambition by 2035 (Scope 1 and 2).
Megatrends
Population growth, energy security and energy
transition
R&D
We invest 2.5% to 3.0% of sales in R&D
to drive technological advancements
to support the world’s megatrends and
gain market share.
“In 2024, we reduced our GHG
emission intensity by 40.0%”
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Our Company and Strategy
Integrated business model
Our integrated business model leads to success
Compressors function as critical components of a larger sys
tem with an average lifespan of 40 years or more, so it is vital
to have the support of a long-term-oriented organization that
offers expertise in all aspects, with highly trained employees.
Our two divisions, Systems and Services, cooperate closely
and cover the entire life cycle of reciprocating compressor
systems. Customers are supported throughout the whole life
Life cycle of a typical project
Duration
1–3 years
10–22 months
1–12 months
1–2 months
2 years (avg)
40 years (avg)
Phase
Evaluation and
start of
construction
Engineering and
manufacturing of
compressor
system
Compressor
installation
Compressor
start-up
Warranty period
Post-warranty
Decision-
maker
End customer/
EPC/licensor
End customer/
EPC
End customer
Project
progression
Decision to build
plant and purchase
order
Compressor
shipped and
transfer
of ownership
Product
acceptance
Repair and main-
tenance; structural
machine build
Division in
charge
Systems Division
Services Division
Systems Division
Services Division
cycle of their systems by a wide range of products and ser
vices, from project definition, project execution, systems
installation and commissioning, ongoing service, and spare
parts through to the complete overhaul of their system or
even its conversion for a new purpose. The table below shows
the entire life cycle of a compressor project and displays the
interaction between the two divisions in the different project
phases, which is now supported by our newly added digital
products and services:
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Systems Division
Systems Division: key figures
59.1
96.3
108.3*
71.3
21.1
30.3
47.6*
748.8
142.8
67.9
Operating income
(EBIT)
in CHF mn
Sales
in CHF mn
Gross profit
in CHF mn
in CHF mn
2024
2023*
Restated
Change
2024/2023
Order intake
825.4
780.2
5.8%
Sales
748.8
633.6
18.2%
Gross profit
142.8
101.2
41.1%
in % of sales
19.1
16.0
EBIT
67.9
40.5
67.8%
in % of sales
9.1
6.4
* Prior year numbers are restated for PoC accounting to enable comparison with the year under review (see financial report).
16.2
404.6
651.1
911.2
780.2
825.4
Order intake
in CHF mn
409.8
372.7
489.7
642.8*
Almost
800
machines
delivered
globally
20
21
22
23
24
20
21
22
23
24
20
21
22
23
24
20
21
22
23
24
*restated: CHF 633.6 mn
*restated: CHF 101.2 mn
*restated: CHF 40.5 mn
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Systems Division
Systems Division:
overview FY 2024
In a challenging market environment marked by geopolitical
tensions and macroeconomic uncertainties, the Systems
Division looks back at a very successful fiscal year 2024.
The division grew its order intake by 6%, securing many
important projects in strategically relevant segments. Over
all, the division has sold more than 1'100 machines globally
and delivered almost 800, two historical records. The divi
sion has expanded its already strong position in applications
supported by global population growth, energy security and
energy transition and reached new historical records of
sales, gross profit, and operating income.
Financials
The Systems Division recorded a strong order intake of CHF
825.4 million, exceeding the previous year’s figure by 5.8%
(6.9% net of currency translation effects).
On the back of the high order intake from the past two
years, the division achieved a strong sales increase of 18.2%
(19.5% net of currency translation effects), reaching CHF
748.8 million. Further optimization measures in the field of
production logistics and cooperation with strategic suppliers
enabled the timely delivery of a high number of projects in
the second half of the fiscal year.
Gross profit increased by 41.1% year-on-year to CHF 142.8
million, corresponding to a gross margin of 19.1% (prior year:
16.0%). The higher gross margin was mainly due to a more
favorable product mix compared to the previous year as well
as the high production capacity utilization in all manufactur
ing and assembly facilities.
The EBIT of the Systems Division increased by 67.8% to CHF
67.9 million, yielding an EBIT-margin of 9.1%, which is 2.7 per
centage points above the prior year (6.4%), driven by the
higher gross margin and a leverage on selling, general and
administrative expenses.
Market developments
The Systems Division markets further normalized after a
peak in fiscal year 2022. However, order intake of the division
increased by 5.8% compared to last year.
This achievement was supported by a very strong marine
market – the liquefied natural gas and the liquefied petro
leum gas markets (LNGM & LPGM), which mitigated the
impact of the delayed expansion of the carbon-free hydrogen
market.
Petrochemical and chemical industry
Due to its strong market position in the petrochemical and
chemical industry, the division has achieved excellent results
in this segment. The demand for Hyper Compressors used in
the production of ethylene-vinyl acetate (EVA) remained
high, driven by expectations for solar panel growth in future
years. This was complemented by a reasonable level of
orders for low-pressure Laby® Compressors, following petro
chemical capacity expansions connected with the global
GDP growth.
Gas transport and storage
Marine applications in the segment Gas Transportation and
Storage have been growing at a good pace. In particular, the
demand for compressor solutions for new LNG tankers grew
again after a dip in fiscal year 2023. LNG-fueled ship applica
tions continued at a good level, and LPG tanker applications
reached a new record. This record is linked to the rising
global energy demand and the resulting need to transport
energy from producing countries to consumption locations.
In a closely related market, the expected substantial rise in
green ammonia transport by ship provided additional
impulses, as evidenced by orders secured for compressors
for Very Large Ammonia Carriers (VLACs). The division
retained its leading market position with high-pressure LNG
Marine compressors and entered the low-pressure market
by offering a new compressor platform. It also reinforced its
presence with LNG-fueled ships and participated in the build
ing of several LNG onshore terminal projects.
Hydrogen mobility and energy
Conversely, after several strong years of growth, the Hydro
gen Mobility and Energy (HME) market has adjusted to delays
in finalizing regulations and subsidies, stemming from uncer
tainty created by elections in Europe and the USA. While
medium term perspectives remain attractive, delays are
observed due to current uncertainties in public policies and
supporting mechanisms.
Burckhardt Compression has been at the forefront of
developing cutting-edge hydrogen compression solutions for
new applications and won several reference projects for
hydrogen storage, pipeline injection and green ammonia pro
duction. The division will continue to innovate with the devel
opment of new products for technically demanding applica
tions, such as high-pressure, high-capacity, non-lubricated
hydrogen compressors.
Industrial gas
While Burckhardt Compression remains well positioned for
polysilicon production related applications, supporting the
solar panel industry, order intake was reduced this year due
to an overcapacity situation in China. The rest of the market
remained stable.
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Refinery
The refinery market showed moderate activity, with projects
taking time after announcement and study phase. In this
overall stagnating market, new opportunities are arising with
the increasing demand for sustainable aviation fuel (SAF).
Gas gathering and processing
While Burckhardt Compression keeps an opportunistic
approach towards traditional upstream market, the division
sees growing perspectives for biogas (waste-to-energy), a
market where Burckhardt Compression's solutions are
already well positioned for example in India. Demand for car
bon capture, utilization and storage (CCUS) applications is
also emerging.
Infrastructure and capacity
Despite high production levels across all manufacturing
sites, the workload was efficiently managed without the
need for additional infrastructure capacity. In particular,
India achieved a new record with more than 250 compressors
delivered and the assembly site in Busan, South Korea, cele
brated the completion of their 100th compressor since the
inauguration of the site.
After disruptions in the supply chain in previous years due
to conflicts and peaks in inflation, the division secured the
required capacity at key suppliers for its delivery ramp-up.
In Switzerland, a strategic initiative called “Fit4Growth”
was launched to update the Make-or-Buy strategy for compo
nents and develop more strategic partners across the com
pany's supply chain.
In India, an investment project has started to relocate and
significantly enlarge manufacturing operations to meet
domestic and global demand. Preparatory activities to
secure land for a greenfield investment are ongoing.
The Global Service Center in India saw further growth of
30% and employs now more than 230 employees in engineer
ing, IT and administrative services.
Research and development
In the fiscal year 2024, Burckhardt Compression continued
the development of its marine products. The division intro
duced new and innovative products to the market, designed
to meet the evolving needs of the industry in relation to alter
native fuels.
For the Hydrogen Mobility and Energy segment, the port
folio was improved by incorporating advanced technologies
and further standardizing solutions. These efforts have
improved and widened the company's product portfolio to
cover the main applications in this field.
Additional efforts were dedicated to adapt the product
portfolio to the market needs and to further develop the
underlying technologies, preparing the company for new
opportunities in the future.
Outlook
Beyond short-term volatility, the key market segments are
mainly driven by global megatrends, including population
growth, energy security and energy transition. These create
new opportunities in new applications – like CCUS or biogas
– and in the transformation of existing processes, like sus
tainable aviation fuel in refineries. On the marine side, the
development of more sustainable propulsion fuels and cargo
increases perspectives for natural gas and green ammonia.
From a geographical standpoint, new regions are expected to
gain importance in the future like the Middle East, South
America and Australia, given their ambitious green energy
development plans, including renewable hydrogen and its
derivatives.
These developments also call for new generations of
compressors to meet the market requirements in terms of
power consumption, gas leakage avoidance, larger gas flows
or higher gas pressure.
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Our compression solutions
Our reciprocating compressors lie at the heart of
our customers’ processes. Burckhardt Compression’s
advanced technology ensures excellent reliability
and low life cycle costs.
Process Gas Compressors
per API 618
We have many years of experience in hydrogen
compression systems for the refining and indus
trial gas industry, and we offer advanced com
pression solutions for hydrogen mobility and
energy applications. We provide both non-lubri
cated and lubricated Process Gas Compressors,
available in horizontal and vertical arrangements.
These compressors are designed for mid or
high-pressure compression of hydrogen, hydro
carbons, and corrosive gases. Our Process Gas
Compressors are synonymous with unrivaled
availability and long operating lives. Optimal siz
ing and the use of top-quality compressor compo
nents and materials ensure low operating and
maintenance costs.
Laby®-GI Compressors
The Laby®-GI Compressor is mainly used in han
dling LNG boil-off gas on LNG carriers and Float
ing Storage and Regasification Unit (FSRU). It has
a fully balanced design that eliminates unbal
anced moments and forces, so it can be used on
offshore vessels and installations where strict
guidelines on maximum allowable vibration levels
on deck structures must be observed. The unique
combination of labyrinth seal design and tried-
and-tested ring seal technology makes Laby®-GI
Compressors the solution of choice for both low-
temperature and high-pressure applications. The
proven technology guarantees maximum effi
ciency and lowest life cycle costs without any gas
slippages.
Laby® – Labyrinth Piston
Compressors
The Labyrinth Piston Compressor is unique with
its exceptional level of reliability and availability.
The special labyrinth sealing on the piston and
piston rod gland enables a completely oil-free and
contactless gas compression. This prevents pis
ton ring debris from contaminating the gas as
well as friction-induced hot spots. The result is a
longer service life, which has a positive impact on
overall reliability and operating costs. The Laby®
Compressor is designed to compress bone-dry,
dirty, abrasive, and other gases. The gas-tight and
pressure-resistant casing reduces gas emissions
and losses to the environment to virtually zero.
The Laby® Compressor easily manages the com
pression of LNG boil-off gas at suction tempera
tures down to –160 °C (–250 °F).
Hyper Compressors
We are the world market leader for Hyper Com
pressors. The Hyper Compressor is a high-pres
sure reciprocating compressor for low-density
polyethylene (LDPE) and ethylene-vinyl ace
tate (EVA) plants with a discharge pressure of
up to 3’500 bar. We have established an out
standing track record with over 70 years of
experience in building this type of compressor.
It is characterized by a long operational life and
high safety standards, which can be traced to
its unique construction design and our global
one-stop maintenance and service capabilities.
The most powerful compressor in the world,
driven by a 33 MW electric motor and compres
sion capacity of 400’000 tons of ethylene a
year, was built by us in 2016.
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Our compressor
portfolio
Diaphragm Compressors
Diaphragm Compressors compress gas by means of a flexi
ble membrane. These membranes are usually metallic, have
a limited stroke and are used for smaller gas flows at high
pressure. The advantage of this technology is that the gas is
hermetically sealed by the membrane during compression,
enabling very high levels of gas purity. Our Diaphragm Com
pressors are used for hydrogen fueling and trailer filling sta
tions, and for the compression of small quantities of pure
gas for medical and other purposes.
Fully Balanced High-Speed Compressors
High-Speed Compressors belong to our range of Process Gas
Compressors featuring shorter strokes and higher rotational
speeds. These compressor systems are used for natural gas
processing and transport applications. They are fully bal
anced to eliminate vibrations, ensuring stability without the
need for special foundations.
Standard High-Pressure Compressors
Our Standard High-Pressure Compressors are reciprocating
compressors with a compact design and low weight. They
are delivered skid-mounted with structural supports that
dampen vibration, so there is no need for a special founda
tion. The air and water-cooled compressors are used to com
press air, hydrogen, nitrogen, helium, argon, natural gas, and
other non-corrosive gases and gas mixtures at land facilities
and on ships.
Compressor systems and packages
Beyond the compressor itself, we engineer the complete
system in-house to customers’ specifications and use
proven and qualified suppliers. We work together with
our customers’ teams to make every project a success
for their business.
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Systems Division
Services Division
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Services Division: key figures
New
record in
sales and
operating
profit
in CHF mn
2024
2023
Change
2024/2023
Order intake
325.8
344.6
–5.4%
Sales
346.8
339.2
2.2%
Gross profit
163.5
153.7
6.3%
in % of sales
47.1
45.3
EBIT
85.7
83.5
2.6%
in % of sales
24.7
24.6
325.8
Order intake
in CHF mn
272.1
357.1
344.6
325.5
248.8
340.0
339.2
278.0
346.8
Sales
in CHF mn
107.1
148.2
153.7
119.6
163.5
Gross profit
in CHF mn
51.2
75.0
83.5
58.4
85.7
Operating income
(EBIT)
in CHF mn
20
21
22
23
24
20
21
22
23
24
20
21
22
23
24
20
21
22
23
24
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Services Division:
overview FY 2024
In a challenging market environment marked by geopolitical
tensions and macroeconomic uncertainties, the division
delivered new record in sales and operating profit. The clos
ing of three service centers in the US to focus on higher mar
gin locations led to a slight reduction of the order intake of
the division but supported an increase in gross margins. Fur
ther progress was made in developing solutions for marine
customers and new long-term agreements were signed in
this market. Looking ahead, growth is expected from the roll-
out of new services in the field of energy transition and digi
tal solutions as well as from the newly installed base of
Burckhardt Compression compressors.
Financials
Local Services markets have been strongly influenced by the
local economic situation. Against this backdrop, order intake
for the Services Division fell by 5.4% (–4.5% net of currency
translation effects) to CHF 325.8 mn. The main reasons for
the decrease were the closing of three service centers in the
USA to focus on higher margin locations and the decrease of
the European market due to economic and political uncer
tainty.
At CHF 346.8 mn, sales were 2.2% (3.1% net of currency
translation effects) above the prior year's figures. The moder
ate topline growth was affected by the same factors that led
to the decrease in order intake.
Gross profit increased over-proportionally by 6.3% to
CHF 163.5 mn, resulting in a gross margin of 47.1% (prior year:
45.3%). The higher gross margin is resulting from the higher
share of spare parts in the sales mix and the closure of the
non-profitable US facilities.
Driven by the higher gross profit, but also some higher one-
off expenses compared to last year (cost for the closing of
three service centers in the US and some negative FX effects),
the EBIT of the Services Division increased by 2.6% year-on-
year to a new record of CHF 85.7 million. This resulted in an
EBIT-margin of 24.7%, which is 0.1pp above the prior year.
Market developments
The year 2024 was characterized by uncertainties linked to
governmental elections in various countries and to an eco
nomic slowdown in Europe. The uncertainty led customers to
postpone their regular maintenance work as well as upgrade
projects. On the positive side, the Asia-Pacific region and the
region Middle East, Central Asia, and Eastern Europe have
grown at a good pace, driven by the installed base and large
upgrade projects. On a global basis, the Services Division’s
presence in the marine market is further increasing, benefit
ing from a growing installed base, a strong service network,
and new offerings.
Component solutions
Spare parts growth continued during the year, thanks to the
expanding installed base, a growing number of frame agree
ments and reduced lead times. The division secured in par
ticular several significant spare parts orders for LDPE lines in
China and Poland. In addition, in connection with the acquisi
tion of intellectual property for compressors from Bharat
Pumps and Compressors Limited in India, Burckhardt
Compression has been successfully registered as an OEM
with several customers and received various new orders.
Service solutions
The demand to improve existing compressors was high, in
particular with regards to emission reductions and efficiency
improvements, reflecting the changing needs of customers
over compressors’ lifetime. To support this activity, the com
pressor assessment program BC ACTIVATE was launched last
year, helping customers to reduce their carbon footprint by
providing them with a diagnostic of their installed base with
insights to reduce greenhouse gas emissions and increase
uptime. During the year, assessments were conducted on over
110 compressors at over 42 customer sites across various
market segments. It is expected to be an important growth
driver in the coming years. To offer customers even more
insightful recommendations, BC ACTIVATE Level 2 has been
introduced during the year.
To be closer to its customers, the division has further
strengthened its local presence in growing regions. A local
authorized Service Center opened in Indonesia, operated by
one of the company’s agents. A new office in Abu Dhabi has
been opened and successfully audited. It has obtained the
prestigious ICV (In-Country Value) certification and thus
further strengthens Burckhardt Compression’s position in
the region.
Digital solutions
Customers seeking efficiency gains and higher reliability are
increasingly implementing digital solutions.
Burckhardt Compression is developing a suite of digital
products that help maintenance operatives in the field, offer
ing faster support and enabling them to maximize uptime
and minimize costs. In the first half of fiscal year 2024, the
division launched UP! Insight, a cloud-based solution which
provides real time machine monitoring information to cus
tomers. In the second part of the year, the division launched
UP! Detect. This cloud-based solution goes one step further
and provides real-time diagnostics and analytics. It includes
automated anomaly detection, utilizing cylinder and cross
head vibration analysis. It is capable of detecting up to 90%
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Services Division
of the mechanical failure occurring on the compressor, sig
nificantly reducing the risk of unexpected downtime.
Looking ahead, the development of enhanced diagnostic
and prediction capabilities with artificial intelligence are
ongoing. With pilot marine customers, the division is chal
lenging the current preventive maintenance cycles towards
data based predictive maintenance concepts.
Partnership solutions
Customers are seeking to simplify the management of their
compressor fleet. Demand for service agreements remained
high and several long-term service agreements were secured
during the year, especially for marine customers.
Highest priority for our customers is to ensure that they
can work with equipment to the highest possible safety
standards. Our trainers provide tailored training courses that
help customers meet their safety requirements. Recently,
the demand for compressor trainings has significantly
increased, reflecting the growing awareness and commit
ment to safety in the industry.
Technical support
Highly skilled and professional field service technicians are
essential to install compressors and support customers on a
daily basis. With about 400 Field Service Representatives
globally, the Service Division is ready to cover customer
needs in a timely manner. This activity benefited from the
growing number of new compressor systems being installed
and commissioned.
Customer satisfaction
Through the “Voice of Customer” initiative, the division
received more than 1’300 customer feedback responses from
over 70 countries. Overall customer satisfaction showed a
slight decrease compared to the previous year with an over
all satisfaction level of 87%. The Division received top ratings
in “Health, Safety & Environment” and field service availabil
ity whereas improvements are demanded by customers in
spare parts and repair.
Infrastructure and capacity
The division invested in additional capacity in growing mar
kets. In India, land has been purchased to expand capacity for
local services and global component manufacturing. In Bra
zil new investments in our service facility are well under way
to support the growth.
The division officially inaugurated a new valve manufac
turing cell in the workshop in Winterthur, Switzerland. This
cell is now fully operational, achieving a 70% reduction in
throughput time compared to pre-implementation.
Finally, investments were made into global platforms
such as CRM and ERP solutions.
Research and development
The Mid-Range Plan initiative Energy Transition Service (ETS)
positions Burckhardt Compression as the go-to company for
energy transition challenges, aligning services with custom
ers’ sustainability goals and supporting Burckhardt Com
pression’s growth.
The division has introduced several measures and new
ETS services, including BC ACTIVATE, which proved to be a
strong enabler, optimizing customers’ compressor systems’
performance and sustainability.
The division is also launching a pilot project with additive
manufacturing technology to explore new ways of designing
and producing spare parts, the new operations are expected
to commence in fiscal year 2025.
Outlook
Our strategic focus of the Mid-Range Plan 2027 remains on
strengthening and expanding the core business. We have
made significant steps towards becoming a full-service
provider for gas compression solutions. We will continue
improving coverage of the installed base both for Burckhardt
Compression and other brand compressors, and increase
presence in the USA, Asia, and selected white spots.
Building on the recent additions to our digital solutions
portfolio with UP! Insight and UP! Detect, we continue to
expand our digital services supporting our customers with
their sustainability and operational excellence agendas.
Another key focus will be to enhance our spare parts per
formance, and to further expand our components production
across different regions for Burckhardt Compression and
other brand compressors. This will involve the above-men
tioned purchasing of land in India, new investments in our
service facility in Brazil, and leveraging on new manufactur
ing technologies, such as additive manufacturing.
Additionally, the division will continue to strengthen its
closeness to customers and enhance its safety processes
and culture.
UP! Detect launched to avoid
up to 90% of mechanical failures
on compressors
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Services Division
More online
Our services
We offer a full range of services for compressors and
auxiliaries throughout the entire lifecycle – regardless
of brand or challenge.
Component solutions
Compressor components such as valves, seals, and packings
are wear parts. Their durability determines the meantime
between service intervals, operational availability, and the
overall life cycle costs of reciprocating compressors. As an
original equipment manufacturer (OEM), we design and manu
facture components in-house. By maintaining control of the
manufacturing process, we ensure their ultimate reliability
and the optimal operation of compressor systems. Our original
spare parts are backed by our full warranty.
Our knowledge and engineering expertise enable us to fully
refurbish worn parts to as-new condition. Customers requiring
replacement parts for compressors that are no longer sup
ported by the OEM or needing a performance upgrade, can turn
to our reverse engineering capabilities. We also look beyond
the compressor and offer services for auxiliaries and even
pumps in the marine business.
Through our patented Redura® range we offer optimized seal
ing solutions for any brand of reciprocating compressor to
improve efficiency and reduce emissions. Our research and
development teams are constantly improving their design,
materials, and technology.
Service solutions
We understand that the reliability, availability and cost-effective
ness of reciprocating compressor systems, and their compliance
with environmental and emission regulations, are crucial for opera
tors. Burckhardt Compression offers sound advice across all these
areas and customers benefit from our global presence with over
40 Service Centers worldwide. We offer a one-stop shop that encom
passes the complete compressor lifecycle combining our digital,
engineering, and project management skills. Our monitoring, meas
urement, and analysis tools can identify issues, while our engineer
ing experts deliver the solutions that our customers need.
To keep compressors running smoothly and to minimize the chance
of unexpected failure, we prepare tailored preventive maintenance
programs for our customers. In the case of outdated equipment that
no longer complies with the latest regulatory standards, we deliver
full-scope compressor revamps and upgrades. This includes the pos
sibility of reducing gas leakage and energy usage by, for example,
upgrading the compressor’s sealing system or installing emission
management panels. Our BC ACTIVATE holistic compressor assess
ment enables customers to identify optimization opportunities.
Through the utilization of advanced measurement and analysis
techniques, combined with our expert knowledge, we can address
any type of reciprocating compressor. We will then offer the right
range of services that will significantly improve the performance,
efficiency, and overall sustainability aspects of the compressor.
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Services Division
Digital solutions
Reliable condition monitoring and diagnostic systems for
reciprocating compressors and equipment are effective tools
for enhancing workplace safety and prolonging the service
intervals of a compressor system. By employing our digital
products and services, customers can boost the performance,
reliability, and efficiency of their machinery, guaranteeing
maximum uptime, smooth operations, and cost savings. We
offer a comprehensive range of digital solutions, from easy
visualization to full spectrum analysis with emergency shut
down function.
Our digital monitoring products UP! Insight and UP! Detect
are designed to bring fleet diagnostics to the next level. They
enable customers to make informed and data-driven decisions
in real-time. The customer portal myFleet is the single point
of entry for our customers. Through myFleet, they can access
all relevant information from installation details to spare part
orders as well as maintenance and monitoring services.
Partnership solutions
Our partnership solutions and agreements enable our customers to
focus on their business by delegating part of their compressor fleet
management to us. We reduce administration, conduct planning,
optimize operations, extend compressor service life, and maximize
value as part of a unified, global service offering. Beyond that, we
ensure a seamless collaboration with like-minded experts that
understand the unique requirements of the equipment and industry.
We offer everything from basic terms and conditions to comprehen
sive long-term service agreements. Most importantly, a partnership
thrives on regular communication and feedback. Therefore, we con
duct joint performance reviews with a structured approach based on
the Voice of Customer concept to continuously improve the cooper
ation with our customers. To provide our customers with more
autonomy in operating their compressor operations, our experienced
trainers offer trainings at the client’s site or at several specialized
training centers around the world.
Technical support
Our expertise in reciprocating compressors for any brand and
model enables us to deliver a unique technical support offer
ing. Regardless of our customer’s industry or application, our
experts provide global technical support, including a 24/7
support network, troubleshooting and fast support in case of
corrective actions and technical improvements.
Geographic proximity and trusting relationships are vital to
our success and the success of our customers. Around 400
experts in Field Service, from engineers to local site managers,
provide a rapid response capability that covers all the neces
sary skills and are known for their pronounced service mental
ity. A local presence simplifies interaction with the customer,
shortens the supply chain and maximizes uptime. This service
network will continue to grow.
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Services Division
Burckhardt Compression Annual Report 2024
Company
values,
footprint
and history
Report Section
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Corporate Governance
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29
Partnership
We place our customers at the heart of everything we do,
focusing on collaboration and feedback. Our commit
ment to teamwork is unwavering, as we strive to operate
as one company.
Passion
We aim to motivate our employees and inspire our custom
ers as we work towards a more sustainable energy future.
Performance
As entrepreneurial thinkers with a strategic outlook, we
take decisive actions to drive operational excellence and
innovation.
Responsibility
Ensuring safety is our utmost priority. We are dedicated to
creating an inclusive space where everyone can realize
their potential, underpinned by a culture of integrity and
reliability that fosters trust among colleagues, customers,
partners, and suppliers.
Our values
Our success is built on the dedication of each and every one of us. We
love what we do, we inspire people to excel and grow as we uphold our
core values “Partnership”, “Passion”, “Performance” and “Responsibility”.
Life at Burckhardt Compression
Our actions are guided by our culture, creating a
great place to work and thrive in. We foster a
collaborative environment where ideas can flourish.
Global & empowering
With its headquarters in Switzerland, Burckhardt Compression employees are
located in 20 countries and provide engineering, manufacturing and servicing solu
tions to customers in over 80 countries. To remain an employer of choice we value
our employees’ energy and expertise. We ensure ongoing development of techno
logical expertise, and personal as well as managerial skills within the company.
Our employees participate in technical, product, and leadership trainings.
Innovative solutions provider
With more than 180 years of experience, we are a leading expert in reciprocating
compressor technology. To develop innovative solutions for sustainable energy
applications, such as green hydrogen, green ammonia, or LNG, we invest 2.5 to
3% of our sales in developing new compressor technologies, systems and ser
vices. In our R&D centers, we are rigorously testing new compressors as well as
new components for the installed base to improve their efficiency and reliability.
Sustainable
At Burckhardt Compression, sustainability is at the core of our strategy. Our
compressors play an important role in enabling the global energy transition.
We stand by our commitments by including sustainability targets in our Mid-
Range Plan 2027, focusing on eight material topics, such as reducing green
house gas emissions, using more renewable energy in our operations, or pro
viding good working conditions.
Careers
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Company values
Burckhardt Compression
Manufacturing / Assembly Sites
Burckhardt Compression
Subsidiaries, Agents, and
Service Centers
Always close
to our customers
Customer proximity is one of our success factors.
Burckhardt Compression is represented on all
continents with five manufacturing and assembly
sites and 40+ Service Centers worldwide.
Your local contact
3’336
employees (FTE)
over 80
countries worldwide with a
Burckhardt Compression
presence
Our customers
Our customer base includes some of the largest, most famous, and most
innovative companies in the world. We serve:
– Energy companies
– Gas transportation and storage companies (onshore and offshore)
– Customers in the marine sector
– Hydrogen-processing companies
– Petrochemical/chemical companies
– Industrial gas companies
– General engineering companies that design and construct production
lines or entire plants for our end customers
Sales of new machines, mostly via general contractors, are the responsibil
ity of the Systems Division, while the Services Division is responsible for all
service and spare parts activities.
Burckhardt Compression attaches great importance to a partnership-based
relationship with its customers. In order to understand their needs even
better and continuously improve, both divisions conduct regular customer
surveys.
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International
32
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From
engineering
workshop
to global market
leader
1844
Franz Burckhardt opens an
engineering workshop in Basel
1883
Development and sale of the first
single-stage, dry-running reciprocating
compressor
1890
August Burckhardt founds the
Burckhardt Maschinenfabrik
1913
Delivery of the first compressor for
ammonia synthesis to BASF Ludwigshafen,
Germany
1935
Development and sale of the first Labyrinth
Piston Compressor (Laby) for oxygen
compression in steel production
1951
Manufacture of low-density
polyethylene (LDPE) thermoplastic using
Hyper Compressors
1969
Acquisition by Sulzer
1971
Transport and storage of natural gas with
labyrinth piston compressors
1982
Consolidation of Sulzer’s activities in the
field of reciprocating compressors to form
Maschinenfabrik Sulzer-Burckhardt AG
1999
Consolidation of Basel and Winterthur
sites at the Winterthur site
2002
Five members of the management board
buy out the business together with a
financial investor; name changed to
Burckhardt Compression
2004
Burckhardt Compression counts
500 employees (FTE)
2006
Stock exchange listing on the SIX Swiss
Exchange (IPO), valor BHCN
2012
Burckhardt Compression counts 1’000
employees (FTE)
2013
Laby®-GI Compressors are used
on LNG tankers
2015/19/22
Acquisition of Arkos Field Services,
USA, in two stages; access to a qual-
ified workforce and service centers across
the USA; in 2022 merger with Burckhardt
Compression US Inc.
2016
New company structure with two divisions,
Systems and Services
2016/20
Acquisition of Shenyang Yuanda
Compressor Manufacturing in two stages,
the leading Chinese manufacturer of
reciprocating compressor systems;
proximity to local market, expansion of the
product portfolio and direct access to an
established local supply chain
2020
Acquisition of the compressor business
of The Japan Steel Works JSW to
strengthen position in the global market
and particularly in Japan
2021
Acquisition of Mark van Schaick BV
in the Netherlands
2021
Launch of high-pressure non-lubricated
compressor for hydrogen mobility and
energy
2023
Launch of service solution BC ACTIVATE
2024
Surpassed CHF 1bn in sales for the first
time in Burckhardt Compression’s history
Launch of UP! Insight and UP! Detect, our
first real-time, cloud-based digital services
Entering the market of compression
solutions for low-pressure LNG tankers
Burckhardt Compression counts
3’336 employees (FTE)
Company history
Compressor development
Our history
Sustainability
Report 2024
Our sustainability roadmap is fully
integrated in our Mid-Range Plan 2027.
Sustainability inspires how we run our
company and what products and services
we focus on.
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Stakeholder Letter
35
Progress on our 2027 sustainability
36
targets
On a strategic path to a sustainable
37
organization
Systems Division:
38
Compression technology for
a sustainable energy future
Services Division:
40
Sustainability benefits for
our customers
Sustainability Report 2024
41
Our strategic approach
41
Our material topics
43
1.
Greenhouse gas emissions and
43
climate change
2.
Energy use and efficiency
48
3.
Longevity and cyclability
51
4.
Environmental impacts of application
54
purpose
5.
Working conditions
56
6.
Occupational health and safety
59
7.
Product safety
61
8.
Business conduct
63
Our commitment
64
Extended key figures
69
Extended climate reporting
74
GRI content index
80
Independent practitioner’s limited
85
assurance report
Declaration of the Board of Directors
89
Table of contents
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Dear Stakeholders,
Sustainability is a transformative journey. At Burckhardt
Compression, we are fully engaged in this transformation as
an organization and we are supporting it with our products
and services, creating value for all stakeholders. We deliver
leading compression solutions for a sustainable energy
future with sustainability at the core of our company pur
pose.
This requires a commitment to transparency and account
ability. By openly sharing our targets, activities, successes
and improvement areas, we demonstrate our integrity and
willingness to learn and improve. With this report, we want to
further build trust with you as our stakeholders and have key
figures audited externally. The report covers the require
ments under Article 964a-c and 964j-l of the Swiss Code of
Obligations. Further, we have deepened our disclosure on our
material topic of greenhouse gas emissions and climate
change following the recommendations of the Task Force on
Climate-Related Financial Disclosures and the Swiss Ordi
nance on Climate Disclosures.
In fiscal year 2024, we made tangible progress on our sus
tainability targets for 2027.
In terms of greenhouse gas emissions, we continued in
decoupling our growth from our emissions. We were able to
reduce CO₂ emissions significantly by 38.4% in absolute
terms and by 40% in relative terms, per hour worked. Ener
gy-saving measures were complemented by solar installa
tions at several locations and the purchase of renewable
electricity, particularly in China. With the successful comple
tion of three key solar projects in Switzerland, China and
South Korea, we are confident that we will achieve our net-
zero operational CO₂ emissions ambition by 2035 (Scope 1
and Scope 2).
In the area of working conditions, we repeated our new
employee survey with again an impressive participation rate
“With sustainability at the core of
our strategy and purpose, we aim to
make a significant contribution
toward a sustainable energy future.”
Stakeholder
Letter
Ton Bücher, Chair of the Board of Directors & Chair of the Strategy and
Sustainability Committee and Fabrice Billard, CEO
of 94% and an increase in our engagement score from 4.1 to
4.2. Our Lost Time Injury Rate (LTIR) further improved signifi
cantly to 0.4, demonstrating the progress in our safety cul
ture. We continued to implement our human rights policy
across our value chain and own operations, conducting a risk
identification in our own operations including all subsidiar
ies. In addition, there were no deviations from our zero-inci
dent targets for product safety and business conduct.
On the business side, we could prove again that sustaina
bility represents a substantial growth opportunity for Burck
hardt Compression. In the fiscal year 2024, 32% of our order
intake supported the energy transition. To drive further
growth, we extended the application of our BC ACTIVATE ser
vice to support customers in their sustainability efforts.
Going forward, we are determined to continue our jour
ney to meet our commitment to the Paris Agreement. We
look forward to the coming fiscal year 2025, when our key
solar investments will unfold their full potential for the
entire year. We will also continue to work on our ecodesign
framework and strengthen our energy transition services to
enable our customers to realize energy savings and reduce
their greenhouse gas emissions.
All our successes and ambitions are only possible with a
highly motivated team and reliable partners. We would like
to sincerely thank all our employees for making this transfor
mation happen and would also like to extend our gratitude to
our customers, suppliers and other partners. We will succeed
together in our transformative journey.
Yours sincerely
Ton Büchner
Fabrice Billard
Chair of the Board of Directors
CEO
Online AR
report.burckhardtcompression.com/
sustainability-report
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Stakeholder Letter
Progress on our 2027 sustainability targets
Base Year 2021
Material topic
KPI and target for 2027
Status in fiscal year 2024
Climate
Greenhouse gas emission intensity1
2021: 2.1 kg CO₂e/h
– 50% – 38%
on track
Energy
Share of renewable electricity1
2021: 23%
> 75%
71%
on track
Longevity/cyclability
Revamp and upgrades activities in Services
2021: 100 (Index)
200
167
on track
Application purpose
Order intake supporting the energy transition
2021: 16%
40%
32%
on track
Working conditions
Engagement score in employee survey2
2023: 4.1
> 4.0
4.2
achieved for FY2024
Health & safety
Lost Time Injury Rate below 0.7 each year
2021: 1.1
< 0.7
0.4
achieved for FY2024
Product safety
Incidents related to product safety
2021: 0
0
0
achieved for FY2024
Business conduct
Incidents related to corruption or anti-competitive behavior
2021: 0
0
0
achieved for FY2024
¹ Scope 1 and 2 emissions, excluding the Shenyang foundry, where we rely on renewable grid electricity or technological developments to achieve our ambitions.
² Updated target based on the new survey methodology.
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Progress
On a strategic path to a
sustainable organization
Our holistic approach to sustainability considers our beneficial and adverse
impacts on the economy, society, and the environment, as well as the
opportunities and risks that arise for our company in return.
We have rooted sustainability
deeply in our core business through
our Mid-Range Plan.
Three main strategic directions guide us on our journey.
Creating leading compression solutions for a
sustainable energy future
The world has to transition to a sustainable energy future by
mastering the trilemma of energy security, clean energy, and
energy equity. Our compression technology plays a key role
in different areas of this transition. Compressors support and
accelerate the transformation toward a sustainable energy
future across all the market segments in which we operate.
The range of applications extends from biogas to the produc
tion of solar panels or versatile energy transportation options
such as Liquefied Natural Gas (LNG) and scalable use of
hydrogen as a future energy carrier.
Supporting our customers on their
sustainability journey
Increasingly, our customers are embarking on a sustainabil
ity journey, just as we are. With our products and services, we
can support our customers on this path. When it comes to
energy efficiency or reduction of gas leakages, we can realize
significant savings together with our customers, since
around 99% of the greenhouse gas footprint of a compressor
comes from the use phase. Considering the approximately
75’000 existing industrial-sized reciprocating compressors in
the world, our potential positive impact is substantial.
Integrating sustainability in our organization
and the supply chain
As a global industrial technology company with over 3’300
employees (FTE), we have the capabilities and the commit
ment to contribute to a sustainable development. We have
integrated sustainability in our core strategy. The Strategy
and Sustainability Committee proposes strategies, policies
and key performance indicators to the Board of Directors.
Corresponding risks and opportunities are assessed as part
of the overall company risk management process, overseen
by the Audit Committee and reported to the Board of Direc
tors. We also recognize our responsibility to exercise our due
diligence obligations in the supply chains and uphold our
product responsibility. The largest sustainability potentials
for our company lies in our eight material topics as outlined
in this Sustainability Report.
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Strategic path
Systems Division
Compression technology for
a sustainable energy future
Compressors are critical components in several areas of the energy transition
and therefore a decisive building block for its success.
We stand at the forefront of
emerging energy transition
applications with our ability to
develop innovative solutions.
New applications related to the energy transition are devel
oping in all market segments and we continue to innovate to
support this megatrend. Given the significant impact of mar
itime transport on global greenhouse gas emissions, innova
tion is essential for a sustainable future in the marine indus
try. In 2024, we expanded our marine compression solution
portfolio to enter the market of LNG carriers with low-pres
sure 2-stroke engines. Other applications, like biogas and
sustainable aviation fuels, are also starting to scale up.
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Systems Division
Industrial gas
Industrial gases are mainly used in industrial processes, such
as steelmaking, medical applications, fertilizers, and semi
conductors. Traditional fields are the compression of non-or
ganic gases for various applications such as oxygen, helium,
or air. As a new growth driver, our compressors play an impor
tant role in the production of polysilicon, which is the core of
solar cells.
Refinery
Refineries convert crude oil into commercial products by dis
tillation and chemical reactions, to produce fuels and lubri
cants, as well as feedstocks for other downstream processes.
In this segment, we deliver compressors for 70 years, mainly
for hydrogen applications to desulfurize fuels. Additional
applications for a sustainable energy future are biofuels,
e-fuels (synthetic fuels based on green hydrogen), or sustain
able aviation fuels.
Gas gathering and processing
We deliver compression solutions for conventional upstream
natural gas extraction, enhanced oil recovery or midstream
transportation applications. As the energy transition unfolds,
new opportunities are arising in this segment. We are suc
cessful in the production and processing of biogas at indus
trial scale. Further potential lies in syngas production (meth
ane synthesis based on green hydrogen) and CO₂ capture,
transportation and storage.
Petrochemical and chemical industry
Traditional applications of our compressors are rooted in the
polyethylene (PE), polypropylene (PP) and low-density poly
ethylene (LDPE) production. In transitional applications,
these plastics are produced out of recycled monomer instead
of naphtha or natural gas. The main application in a sustain
able energy future is the production of ethylene-vinyl ace
tate (EVA), which is used for encapsulating solar cells. EVA is
produced with a chemical reaction at more than 3’000 bar,
requiring some of the largest compressors available in the
world, and for which Burckhardt Compression is a leader.
Gas transport and storage
The traditional applications in this segment are natural gas
pipelines, gray hydrogen pipelines or LPG tankers. We are
already well present in transitional applications such as LNG
tankers, LNG-fueled ships, and LNG import terminals. Our
compression technology is used in reliquefaction processes,
boil-off gas handling, or for providing fuel gas to modern
dual-fuel engines. Further, we have a strong and growing
presence in new energy applications such as green hydrogen
transport as well as green-ammonia-ready tankers.
Hydrogen mobility and energy
Our equipment has been compressing hydrogen for decades,
but the importance of hydrogen as a key building block of a
sustainable energy future gives it new dimensions. There are
several critical pieces of equipment required to make hydro
gen a viable and economical option such as the electrolyzer,
the compressor, its motor, and the dispenser in fuel stations.
We have stand-out technology for scaling hydrogen com
pression. It can be applied in transitional applications such as
blue hydrogen for mobility and so called hard-to-abate sec
tors, as well as future-fit green hydrogen applications in liq
uefaction plants, pipelines, trailer filling, and fuel stations.
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Systems Division
Services Division
Sustainability benefits
for our customers
Our compressors are used mostly in industrial and energy
supply processes. Our service activities often affect various
sustainability parameters with a multiplier effect due to
the long operating hours and service lives.
Reciprocating compressors
are running for decades,
requiring specialized skills
to upgrade or restore their
performance.
A new life-cycle for a 60-year-old compressor
Our customer, Sherritt International Corporation, is a global
leader in the mining and refining of nickel and cobalt, which
are crucial for the increasing use of electric vehicles. Burck
hardt Compression conducted a comprehensive inspection
and analysis of their aging compressor components to
enhance overall reliability and availability. The unit was
experiencing unplanned failures frequently, sometimes less
than 45 days apart. Additionally, the original manufacturer
no longer supported this asset. As a result, Sherritt faced
challenges in finding a dependable service provider capable
of assessing and repairing various components.
Burckhardt Compression Canada stepped in to com
pletely rebuild the compressor to specified standards. We
upgraded components to address several compressor issues
and established approved repair processes, new documenta
tion, and reporting structures. This effort helped develop
new specifications, as there were minimal historical records
available. By the end of the project, Sherritt received a “zero-
hour” compressor ready for long-term operation. The availa
bility increased substantially, rising from approximately 62%
to 88%. Moreover, the compressor has operated without any
unexpected outages since the rebuild, marking a significant
improvement for Sherritt.
Sherritt had considered replacing the units initially, but
revamping offered a far more sustainable and cost-effective
path.
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Burckhardt Compression Annual Report 2024
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Compensation Report
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Services Division
With a company history stretching back over 180 years and
products with a useful life of more than half a century, we
base our business decisions on a long-term perspective. And
we approach sustainability with the same mindset: prag
matic, focused on the long-term, creating value and impact
driven.
Strategic focus on eight material topics
In our approach, we focus on eight material topics, which we
identified in our double materiality assessment, considering
impacts on the economy, environment, and society as well as
the implications on our business success (see page 64). These
eight topics constitute our framework and the core of our sus
tainability roadmap. In 2024, we deepened our disclosure on
the material topic of greenhouse gas emissions and climate
change, following the recommendations of the Task Force on
Climate-Related Financial Disclosures (see page 74).
We are committed to supporting the Sustainable Devel
opment Goals (SDGs) as part of United Nation’s Agenda 2030
for Sustainable Development. We have stated five sustaina
bility ambitions, each linked to a strategic SDG and directly
related to our eight material topics:
– Safeguarding human health (SDG 3: Good health and
well-being).
– Promoting prosperous work (SDG 8: Decent work and
economic growth).
– Tackling climate change (SDG 13: Climate action).
– Driving energy transition (SDG 7: Affordable and clean
energy).
– Valuing natural resources (SDG 12: Responsible
consumption and production).
We have also identified six additional SDGs to which we can
contribute. Our efforts and actions supporting the SDGs are
detailed in the disclosures of our material topics.
Strategic sustainability framework
Valuing
natural resources
Driving energy
transition
Tackling
climate change
Promoting
prosperous work
Sustainability Report 2024
Our strategic approach
We create leading compression solutions for a sustainable energy
future and aspire to incorporate economic, environmental, and social
aspects into our business activities and decisions.
Safeguarding
human health
B
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s
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gy
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se
&
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ie
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y
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ev
it
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cy
cl
ab
ili
ty
Sustainability roadmap
En
vir
on
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nt
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ct
s o
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lt
h
& s
af
et
y
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Burckhardt Compression Annual Report 2024
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Our senior leaders play a key role in achieving our goals,
which is why sustainability is part of the remuneration in the
form or our long-term incentive plan. Our 2027 target to
reduce our greenhouse gas emission intensity by 50%* (2021:
2.1 kg CO₂e/h) is one of three key performance indicators for
the long-term incentive of our top management (see page 111,
Annual Report 2024).
We developed a commitment to net-zero greenhouse gas
emissions in our operations by 2035, which goes beyond our
Mid-Range Plan target for 2027. We follow a 1.5°C climate
aspiration in reference to the Paris Agreement for our Scope
1 and Scope 2 emissions. In addition, we are committed to
reducing our Scope 3 emissions (see page 46).
Overarching human rights, environmental,
and governance due diligence
The focus on our material topics and sustainability ambitions
includes an overarching due diligence approach. We acknowl
edge the responsibility to respect internationally recognized
human rights, and international environmental and govern
ance standards, which is also stated in our Code of Conduct
and Human Rights policy. We incorporate the precautionary
principle into our activities and decision-making, such as the
consideration of environmental requirements in product
design, the consideration of human rights in our supply chain,
and the assurance of safe product operation at our custom
ers’ sites.
Our third-party risk management policy ensures the
uphold of our principles from our Code of Conduct in the col
laboration with our partners along the value chain. Supply
chain management plays a key role in this.
Material topics
value chain impacts
supply chain
own
operations
use/
end-of-life
Environment
1. Greenhouse gas emissions
& climate change
Impacts on climate change, including greenhouse gas emissions along
the value chain, and mitigation of climate change risks.
2. Energy use & efficiency
Energy consumption, efficiency and sources for the production, provision,
and operation of Burckhardt Compression’s products and services.
3. Longevity & cyclability
Fostering a long life cycle and the circularity of materials and products
in Burckhardt Compression’s business activities, including maintenance
and repair services.
4. Environmental impacts
of application purpose
Environmental impacts of the use case of Burckhardt Compression’s
products and services, including the contribution to a sustainable energy
transition.
Society
5. Working conditions
Employment terms including working hours, compensation, and
labor-management relations as well as the satisfaction of employees
with those terms.
6. Occupational
health & safety
Maintaining and promoting a safe and healthy working environment
for workers involved in the production and provision of Burckhardt
Compression’s products and services.
7. Product safety
Maintaining and promoting the safe and healthy operation of
Burckhardt Compression products and maintained products of
other brands.
Economy
8. Business conduct
Ensuring and promoting that Burckhardt Compression’s business
activities are conducted in compliance with regulations, standards
and ethical principles.
* Scope 1 and Scope 2, excluding the Shenyang foundry where we rely on renewable
grid electricity or technological developments to achieve our ambitions.
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Our material topics
1. Greenhouse gas emissions and climate change
Topic lead: President Systems Division
Target: Reduce greenhouse gas emission intensity for Scope 1 and 2 by
50%* (2021: 2.1 kg CO₂e/h)
Progress: -38% CO₂e/h – on track
Tackling climate change is one of the most pressing global
challenges. The potential consequences of climate change
are grave, in some cases irreversible, and affect individuals,
organizations, and countries alike. The Paris Agreement of
2015 is a legally binding international treaty between states
on climate change. It recognizes the need to limit global
warming to below 2°C above preindustrial levels, preferably
as low as 1.5°C.
Burckhardt Compression recognizes its responsibility
and the potential to reduce its greenhouse gas emissions
across the entire value chain. Our activities and technology
make an increasing contribution to combating climate
change and to supporting Sustainable Development Goal 13:
Climate action.
The majority of the emissions associated with our busi
ness activities arise from the use phase of our compressors
due to their long lifetime of 30 to 50 years. Other emissions
occur in our operating facilities, where we have the most
direct influence, and in logistics and the materials used.
* Scope 1 and Scope 2, excluding the Shenyang foundry where we rely on renewable
grid electricity or technological developments to achieve our ambitions.
Our approach
Burckhardt Compression endeavors to reduce the company’s
carbon footprint and optimize emissions during the use
phase of the compressors. We focus on three key areas:
– Reduction of the company’s carbon footprint.
– Optimization of the impact of our inbound and outbound
logistics.
– Improvement of the carbon footprint of compressors.
Reduction of greenhouse gas emissions during the use
phase of our compressor systems is an integral part of our
product and innovation management. With our services, we
help our customers reduce emissions from installed com
pressors.
Our climate policy is the basis for all our activities related
to climate change and part of our wider environmental pol
icy. Our environmental management system, certified in
accordance with ISO 14001, is a key instrument in reducing
our environmental footprint. We have a global emission
reduction roadmap in place with actions implemented and
planned for each local unit.
We have embedded our 2027 target of reducing our
greenhouse gas emission intensity by 50%* (2021: 2.1 kg
CO₂e/h) as part of top management’s long-term incentives.
Additionally, we have a commitment to net-zero greenhouse
gas emissions (Scope 1 and Scope 2) in our operations by
2035.
Strong pipeline of energy and
emission saving upgrade and
revamp projects
Our services on Burckhardt and non-
Burckhardt compressors worldwide have a
significant impact on climate change. Many of
the approximately 75’000 industrial-sized
reciprocating compressor systems have been
operating for decades and offer substantial
energy-saving potential.
BC ACTIVATE, our compressor assessment
program launched in fiscal year 2023, helps
customers reduce their carbon footprint. This
program provides a diagnostic of their
installed base, offering insights to reduce
greenhouse gas emissions and increase
uptime.
During fiscal year 2024, assessments were
conducted on 110 compressors at 42 customer
sites across various market segments. In
some assessment cases, we have identified an
emission reduction potential of up to 20’000
tons of CO₂ equivalent per year. BC ACTIVATE
is expected to be an important growth driver
in the coming years.
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Greenhouse gas emissions of various compressors over the entire life cycle
in %
Process Gas Compressor 2B1Y
life cycle 20 years
Diaphragm Compressor MD10
life cycle 20 years
Laby®-GI Compressor 5LP250V
life cycle 30 years
Hyper Compressor K8
life cycle 30 years
Materials: 0.0764%
Transport: 0.0251%
Production: 0.0306%
Use phase: 99.8678%
End-of-life: 0.0001%
Materials: 0.7802%
Transport: 0.0850%
Production: 0.3620%
Use phase: 98.7718%
End-of-life: 0.0010%
Materials: 0.0751%
Transport: 0.0114%
Production: 0.0086%
Use phase: 99.9047%
End-of-life: 0.0002%
Materials: 0.0381%
Transport: 0.0129%
Production: 0.0010%
Use phase: 99.9479%
End-of-life: 0.0001%
The vast majority of emissions over the entire life cycle of a compressors are caused in the use phase due to the high power range of our compressors,
their long lifetime and their uninterrupted operation.
Progress in fiscal year 2024
We continued our focus on implementing the Mid-Range Plan
initiative “emission reduction”. Our roadmap contains pro
ject-based individual emission reduction pathways for each
local unit, which we monitor in our aggregated group plan.
We identified and evaluated measures for emission reduction
in each local unit to reach our 2027 target of –50% green
house gas emission intensity* and our operational net-zero
2035 commitment.
Several key projects from our roadmap have been success
fully implemented. For Scope 1 emissions, we implemented
measures targeting vehicle efficiency, heating systems and
processes such as the installation of an electric boiler at SYCC
to replace natural gas. For Scope 2 emissions, we continued
energy efficiency measures, enhanced renewable electricity
purchases, and completed several solar panel projects. At
SYCC, rooftop solar panels started, with an annual production
expectation of approximately 3’000 MWh. The new installation
in South Korea is expected to produce around 400 MWh annu
ally, and at our headquarters in Switzerland, we installed a
production capability of around 360 MWh. These projects will
start to fully contribute to our targets in fiscal year 2025.
In fiscal year 2024, we started to further explore the
option of purchasing renewable electricity through renewa
ble electricity certificates, in cases where alternatives were
limited. We will continue to prioritize efficiency, own solar
production and direct purchase of renewable electricity while
also building a roadmap for long-term procurement of renew
able electricity attributes.
We have now completed our Scope 3 emission inventory
for both fiscal years 2023 and 2024. This marks a significant
step forward, as we are now able to provide Scope 3 data
* Scope 1 and Scope 2, excluding the Shenyang foundry where we rely on renewable
grid electricity or technological developments to achieve our ambitions.
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within the same fiscal year. As expected, the majority of our
Scope 3 emissions occur during the use phase of the com
pressor, primarily influenced by the electricity sources used
by our customers.
We have streamlined our activities to reduce the environ
mental life-cycle impact of our compressor solutions through
an ecodesign framework. This framework considers not only
greenhouse gas emissions but also energy efficiency, resource
consumption, and safety.
We see high potential for avoidance of gas leakage, par
ticularly where greenhouse gases are compressed. We there
fore refined our approach for emission management under
the umbrella of our Energy Transition Services (ETS), support
ing our customers to reduce gas leakages towards zero and to
be compliant with increasingly stringent emission legislation.
Our performance
The absolute greenhouse gas emissions for Scope 1 and
Scope 2 significantly decreased by 38.4% to 11’721 metric
tons of CO₂ equivalents (tCO₂e). This reduction is due to vari
ous energy efficiency projects, an increase in our own solar
power generation, and notably the purchase of renewable
electricity directly through the provider or via renewable
electricity attributes. The latter covers slightly over one third
of our electricity consumption or around 10’400 MWh.
The greenhouse gas emission intensity per working hour
decreased by 40%, from 3.0 to 1.8 (2.1 to 1.3 without foundry).
Similarly, the greenhouse gas emission intensity in tCO₂e per
million sales decreased by 45.4% from 19.6 to 10.7. The
results match with our expectation and planning for the 2027
sustainability target to reduce the greenhouse gas emission
intensity Scope 1 and 2 by 50%* (2021: 2.1).
Greenhouse gas emissions
in tons of CO₂e (per calendar year)
11’721
15’396
14’120
7’551
4’674
4’917
4’170
Greenhouse gas emissions
intensity Scope 1 and 2
in kg of CO₂e per working hour (per calendar year)
Greenhouse gas emissions
Scope 3
in million tons of CO₂e
1.8
70.5
3.4
88.4
3.0
1.3*
13.4*
* Excluding the Shenyang foundry
* Excluding energy transmitted to the next process step
Greenhouse gas emissions
business travel
in tons of CO₂e (per calendar year)
3’907
3’270
87
43
508
19
21
22
23
24
21
22
23
24
27
22
23
24
21
22
23
24
Scope 2
Scope 1
Airplane
Train
Bus
Car
3.3
73.5
13’198
4’221
1.1*
Target
* Scope 1 and Scope 2, excluding the Shenyang foundry where we rely on renewable
grid electricity or technological developments to achieve our ambitions.
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Our Scope 3 emissions for the fiscal year 2024 are 70.5 mil
lion tCO₂e whereby 99.5% are caused in the use phase.
Thereof, the majority is linked to adiabatic energy, which is
the energy physically needed to compress a certain amount
of gas to a certain pressure. This energy is conserved and
transmitted to the next process step at the customer’s facil
ity. If we take this part out as physically immutable energy,
we still had 13.4 million tCO₂e emissions (Scope 3), meaning
97.2% of the emissions come from the use phase. The main
levers to increase energy efficiency are our customers’ oper
ating models, proper maintenance and, to a smaller extent,
machine efficiency.
A comparison with previous years (2023: 88.4 million
tCO₂e, 2022: 73.5 million tCO₂e) is not indicative because it
demonstrates the high dependency on the product mix and
destination country in a specific fiscal year.
Excluding emissions from the use-phase (Scope 3 cate
gory 3.11), the remaining total Scope 3 emissions of 359 kt
CO₂e consist of 87% (311 kt CO₂e) from purchased goods and
services (3.1), 5% from capital goods (3.2), 3% from upstream
transportation and distribution (3.4), and the remaining 5%
from all other relevant categories (3.3, 3.5, 3.6, 3.7, 3.9, 3.12,
and 3.13).
Our business travel forms only a small part of Burckhardt
Compression’s other indirect greenhouse gas emissions
(Scope 3), but can be directly influenced. Compared to the
previous year, the emissions linked to our business trips have
stabilized and even decreased slightly to 3’907 tCO₂e, thanks
to measures aimed at reducing travel frequency. We continue
to monitor and manage business travel related emissions
closely.
Calculating and addressing Scope 3 emissions
We have calculated our Scope 3 emissions to
the best of our knowledge in accordance with
the Greenhouse Gas (GHG) Protocol. All 15
defined Scope 3 categories were assessed. For
the use phase, we assumed a standardized
lifetime for the compressors of 20 years or 30
years, depending on the application. Location-
based emission factors from the International
Energy Agency (IEA) have been used to
calculate direct and indirect emissions per
country where the compressors were
installed. The applied emission factors remain
constant throughout the life cycle of the
compressor without considering a projection
of future grid electricity or even more
progressive scenarios such as the net- zero
emissions by 2050 Scenario or the Announced
Pledges Scenario. This is in accordance with
the GHG Protocol.
Direct gas leakages were calculated for the
first time for compressor projects from
Switzerland and India. Effective gas leakages,
however, highly depend on customer's
operational use.
Despite the above-mentioned limitations,
Scope 3 emissions calculations are a valuable
insight to understand our indirect emissions.
They also enable us to assess the significant
reduction potential and business
opportunities for the Services Division,
considering the thousands of existing
compressor packages worldwide.
With over 99% of our emissions falling under
Scope 3 and being heavily dependent on the
electricity mix of our customer, it will be
challenging to obtain external verification for
a Scope 3 target, as we can only influence a
smaller portion of these emissions.
We will continue to measure our Scope 3
emissions and drive improvement actions
within our control. Additionally, we intend to
set targets for Scope 3 areas where we have a
meaningful influence on relevant emissions.
To date, we have started the following key
initiatives:
– Ecodesign framework for research,
development, and engineering.
– Optimization of inbound and outbound
logistics.
– Roadmap for sustainability in procurement.
– Energy Transition Services to reduce the
emissions of the existing installed base (not
included in our Scope 3 inventory, but
enabling actual emission reduction for our
our installed compressors).
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Outlook for fiscal year 2025
In the coming year, we will continue to focus on implement
ing our emission reduction roadmap at the local level. Addi
tionally, we plan to enhance our measurement of CO₂ emis
sion reductions achieved through our services, providing a
better understanding of our impact and the enormous poten
tial at our customer sites.
Burckhardt Compression commits to net-zero emissions in its
operations by 2035
We follow a 1.5°C climate aspiration in
reference to the Paris Agreement for our
Scope 1 and 2 emissions. In addition, we are
also committed to reducing our Scope 3
emissions. We have developed a
comprehensive roadmap for our Group
including with plans and investment
estimations each site. Over 60% of the
greenhouse gas reduction aspired are already
covered in the current state. We further
expand our roadmap on a continuous basis to
address remaining emissions such as
elaborating green electricity purchasing
options for residual electricity emissions.
2021
2035
Net zero
Baseline
Peak 2022 emissions
Electricity
Heating
Vehicles
Others
Residual electricity
Residual Scope 1 and 2
Carbon removal of
residual emissions
included in roadmap 2027
to be included in the
coming iterations
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2. Energy use and efficiency
Topic lead: Vice President EMEA Systems
Division
Target: Increase the share of renewable electricity to 75%* (2021: 23%)
Progress: 71% – on track
The development of society depends on the conversion, use,
storage, and transmission of power. However, the extensive
demand for energy is also tied to significant environmental
impacts.
Burckhardt Compression’s business activities have a sig
nificant impact on energy consumption, especially in produc
tion, raw material supply, and the electricity consumption of
our compressors in the use phase. The largest impact of our
activities is in the use phase of our products.
Through energy-saving production processes, compres
sor design and services, we can contribute to the Sustainable
Development Goal 7: Affordable and clean energy.
Our approach
Burckhardt Compression endeavors to reduce energy
demand and promote renewable energies. The focus is on:
– Energy use, energy efficiency, and energy quality,
including renewable energy in our operations.
– Use and efficiency of energy in the operation of our
products at customers’ sites throughout the use phase.
Our environmental policy and ISO-14001-certified environ
mental management system form the basis of our activities
related to energy consumption in our value chain. Each sub
sidiary takes responsibility for reducing its energy consump
tion and increasing the share of renewable electricity accord
ing to our global target.
Our Winterthur site, for example, is in the process of
implementing a multi-year project to save energy in produc
tion operations and offices. As another example, the factory
in Pune has won the GreenCo Star Performer Award (Gold
Rating) several times. GreenCo is an initiative created by the
Confederation of Indian Industry (CII). GreenCo’s rating sys
tem takes a holistic approach to the measurement of the
results of corporate environmental initiatives.
The energy consumption of our compressor systems
forms an integral part of our product and innovation man
agement. Through our comprehensive services, we improve
the energy requirements of our own and third-party com
pressor systems throughout their entire life cycle.
Progress in fiscal year 2024
We achieved significant milestones for the expansion of
renewable electricity production at our facilities, following
our Mid-Range Plan target of 75%* renewable electricity by
2027. In Winterthur (Switzerland), Shenyang (China), and
Busan (South Korea) we finalized the installation of solar
panels on our factory roofs. Together with other solar instal
lations in different locations we have a production capacity
of approximately 4’400 MWh annually, which corresponds to
roughly 15% of our electricity consumption. We continued
our measures to reduce energy consumption at different
sites.
With the launch of BC ACTIVATE – our performance
assessment service for existing compressors in operations –
energy consumption has received additional attention in our
Second generation Multistage
Clearance Adjustment enables
energy savings up to 30%
The second generation of our Pneumatic
Multistage Clearance Adjustment System,
developed by our subsidiary Shenyang Yuanda
Compressor (SYCC), continues its success. In
fiscal year 2024, SYCC installed 10 sets of
equipment at eight different customer sites
across China. Each single installation can
potentially reduce compressor energy
consumption by up to 30% during part-load
operation in the most favorable scenarios.
This translates to an energy saving potential
of up to 37 GWh anually, based on 8’000
operating hours per year. Considering the
average emission of the electricity mix in
China, this reduction potential is estimated to
avoid approximately 22'500 tCO₂e —
equivalent to the annaual electricity
consumption of over 12'000 average Swiss
households.
* Scope 1 and Scope 2, excluding the Shenyang foundry where we rely on renewable
grid electricity or technological developments to achieve our ambitions.
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Energy consumption
in MWh (per calendar year)
Energy intensity
in kWh per working hour (per calendar year)
10.1
8.8
7.9
59’107
56’173
52’566
Share of renewable electricity
in % (per calendar year)
dialoge with customers. Assessing and eventually reducing
electricity consumption is one important module of this
standardized offering and service.
We collected further data for our structured approach to
track and compare adiabatic energy efficiency of product
lines over time. This methodology allows us to evaluate and
benchmark the engineered-to-order compressor projects
and drive measurable performance improvements in energy
efficiency.
Key to success is to link monitoring and performance
data from the field with our in-house calculation tools. The
learnings from this initiative will be implemented in various
projects contributing to an ecodesign roadmap, putting the
energy consumption of new and existing products at the
center of our attention.
Our performance
Despite our significant sales growth of 12.6%, we reduced our
absolute energy consumption by 6.4% to 52’566 MWh. A sig
nificant part of this reduction is related to the closure of 3
service centers in the US and to the decrease in output in our
foundry. Subsequently, our energy intensity per working hour
decreased by 10.2% from 8.8 to 7.9. We increased the Group-
wide proportion of renewable electricity significantly from
22% to 62% due to own solar production, and to a larger part
due to renewable electricity purchasing. We are on track to
reach our 2027 target.
With product improvements and services, we managed to
reduce our customers’ energy consumption in the reporting
period. To date, we have evaluated few projects in terms of
energy savings because access to data is challenging. We
have identified this as an improvement area for our manage
ment approach.
49’928
21
22
23
24
21
22
23
24
9.4
62%
21
Renewable incl.
foundry
Renewable excl.
foundry
Non-renewable
22
23
24
62%
71%
23%
15%
21%
34%
22%
34%
75%
Target
27
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Outlook for fiscal year 2025
In the fiscal year 2025, we will continue our roadmap to
increase the share of renewable electricity across the Group.
After completing major steps with solar panel installations,
our primary focus will transition to several local energy-
saving measures at operational level.
With our new assessment package within BC ACTIVATE,
we aim to increase the number of use cases in day-to-day
activities and create an increasing backlog of execution pro
jects targeting energy efficiency. On the product side, our
assessment of energy saving potentials will shape the
roadmap of our ecodesign-initiative.
Remarkable energy savings
projected for a nitrogen
compressor system in Japan
In fiscal year 2024, we won an upgrade and
revamp project with a customer in Japan.
Tailored to the customer’s specific
requirements, we delivered advanced
solutions designed to precisely control
machine capacity and significantly reduce
energy losses. By optimizing the existing
system, the customer is expected to save
around 800 MWh annually, which corresponds
to over 330 tCO₂e per year, based on the
average emissions of Japan’s grid-mix.
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3. Longevity and cyclability
Topic lead: President Services Division
Target: Increase the revamp and upgrade sales of Services Division by
100% (2021: 100 – Index)
Progress: 167 – on track
A large number of natural resources are finite, and raw mate
rial extraction is associated with significant environmental
and social consequences. It is thus essential to keep raw
materials for longer in the use phase and to close loops to
use materials circularly.
Our compressor systems are built for a lifetime of more
than 25 years and the average lifetime is 30 to 50 years. Our
oldest known compressor still in service is 95 years old. Our
compressors are made of more than 95% iron and steel,
which makes them highly recyclable.
In the manufacture and servicing of compressors, we
have a significant scope to contribute to a circular economy
and support Sustainable Development Goal 12: Responsible
consumption and production.
Significant impacts result from the raw materials used
for our compressors, the replacement of components during
the use phase and the use of operating materials such as
lubricants.
Our approach
Burckhardt Compression fosters long life cycles and the cir
cularity of materials for own compressors and those from
other manufacturers by focusing on:
– Longevity of new products through technology,
engineering, easy maintenance, and optimized wear parts.
– Longer life cycles of existing compressor systems through
retrofitting, overhauling, and longer maintenance
intervals.
– Repairing of components and compressors.
– Use of recycled materials, in compliance with material
requirements and standards.
– Recyclability of our products.
To foster longevity, we use our in-depth technical knowledge
to develop reliable, long-lasting, and high-performance com
pressor solutions. We offer a full range of reliable services
and durable compressor components developed in-house to
achieve our long product lifetime of 30 to 50 years. Our inno
vations such as Persisto® materials and Redura® sealing sys
tems ensure a long-lasting operation.
By reconditioning equipment, we support the short recy
cling loop with a comprehensive range of revamp and
upgrade services, as well as our refurbish programs for entire
compressor systems. We also repair and refurbish compres
sor components such as valves using our global network of
service centers.
Weight: 9 t
Operating hours:
8’000 per year
240’000 total*
Weight: 1.5 t
Operating hours:
5’000 total**
LABY® Compressor 3K160
Passenger car
* Assumption: lifetime of 30 years
** Assumption: 300’000 km at an average of 60 km/h
Operating hours in comparison
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Progress in fiscal year 2024
In the fiscal year 2024, we set a particular focus on our com
petence center in the Netherlands (BCNL). It offers highly
specialized services for repairing and overhauling crank
shafts of compressors and diesel engines up to 12 meters in
length and 30 tons in weight. We strategically invested in the
infrastructure and the operational capacity such as the dou
bling of laser cladding capabilities as well as machine opti
mizations. During fiscal year 2024, we secured two orders
from a new customer for the repair of two large pump shafts
(approximately 5 tons each) at an overseas production site,
with the option for follow-up orders.
A major factor influencing both longevity and cyclability
is the competence to service compressors from other brands
(OBC). There are approximately 75’000 industrial-sized recip
rocating compressors installed worldwide. A number of the
manufacturers no longer exist, making the current compres
sors orphans. With our expertise, we can ensure that also
OBC machines receive the necessary maintenance and spare
parts even when the original manufacturer no longer exists.
We continued our activities under the umbrella of Energy
Transitions Services (ETS). These services aim to support the
energy transition by providing targeted sustainability bene
fits for our customers, including longer runtime for parts as
well as compressors.
We successfully implemented a range of revamp and
upgrade services for our customers, from small parts
upgrades to complex overhauls, giving compressors a second
life.
Our performance
Sales in revamp and upgrades increased compared to the fis
cal year 2024 from 152 to 167 (index). The increase is mainly
based on stronger requests from different regions supported
by the BC ACTIVATE assessments, which are used to high
light the benefit of a revamp or upgrade on the existing
installations. We are on track to reach our target for 2027,
which is to double our revamp activities compared to the
base year 2021 (=100).
Repair instead of replacement is a key element in the cir
cular economy. We contribute to it through our services; for
example, the share of refurbished components for valves was
74% and for cylinders 93% in all service interventions.
Extending the lifespan of
compressor components
Syngenta, a global leader in agricultural
technology, faced recurring issues with their
non-Burckhardt Compression, dry-running,
2-stage piston compressors. Our BC ACTIVATE
assessment identified technical malfunctions
and we proposed a comprehensive modern-
ization of the compressors. This included
installing genuine spare parts and retrofitting
components to increase the compressor
performance. Post-modernization, Syngenta’s
compressors showed significant improvements
in efficiency, with gas outlet temperatures
dropping by 10° to 15° Celsius. The average
lifetime of sealing elements quadrupled,
enhancing reliability and reducing downtime.
Sales volume for revamp
and upgrade services
in index points, base year 2021 = 100
159
152
167
100
21
22
23
24
27
200
Target
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Outlook for fiscal year 2025
We will continue our condition-based maintenance initiative
throughout fiscal year 2025 and in the following years. Along
with our digital offering, this will be one of the main themes
in the Services Division. For example, we are developing a
prototype module designed to deliver failure predictions for
reciprocating compressors. This module will calculate the
remaining useful life of packings and valves at each stage.
Another focus will be to enhance our service activities with
an emphasis on revamping and upgrading compressor sys
tems to extend their service life.
76%
74%
74%
94%
98%
98%
62%
59%
75%
88%
83%
93%
Proportion of reused or refurbished components
in service work for selected key components.
in %
Valve
Crank gear
Cylinder
Hyper
components
100% = Total components recycled or newly manufactured
by Burckhardt Compression for service activities.
2022
2023
2024
2022
2023
2024
2022
2023
2024
2022
2023
2024
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First order for LNG Carriers with
low-pressure 2-stroke engines
We have secured an order to supply LNG
Boil-off-gas handling compressors for eight
LNG ships built by Hanwha Ocean. This marks
Burckhardt Compression’s entry into the
market for boil-off gas handling compressors
for LNG carriers with low-pressure 2-stroke
engines. The compressors, key to the
reliquefication process, boost LNG boil-off
gas to 150 bar pressure and feature dry-
running cylinders, compact design, and high
efficiency. This order broadens our product
range and reinforces our position as a major
player in the LNG market. It also contributes
to more sustainable marine industry
practices.
4. Environmental impacts of application purpose
Topic lead: Vice President Sales Systems Division
Target: Order intake of 40% in applications supporting the energy
transition (2021: 16%)
Progress: 32% – on track
Our core competence is mastering gas compression technol
ogies for a wide range of gases and applications. Gas plays a
crucial role in the process industries and energy supply, with
applications ranging from conventional energy supplies to
industrial gases to renewable energy systems. A significant
part of the indirect environmental impact of our business
activities is linked to the application purpose. We have the
potential to contribute to three of our strategic Sustainable
Development Goals (7, 12 and 13). The main impacts of this
topic are related to the use phase of our products and ser
vices.
Our approach
Burckhardt Compression is committed to the long-term
alignment of its business activities with a sustainable eco
nomic system. We identified four positive impact areas:
– Climate change mitigation
– Energy transition
– Circular economy
– Environmental pollution prevention
We have developed a sustainability screening approach to
analyze our business activities from an environmental
impact perspective. This classification system makes use of
international standards such as the EU Taxonomy for sus
tainable activities or South Korea’s K-Taxonomy, without
claiming to fulfill all their technical requirements. The main
purpose of our screening system is to serve as a compass for
the development of our business activities toward a sustain
able energy future.
We are expanding the range of applications for our cus
tomers and supporting the transition to a sustainable econ
omy through our continuous innovation in compressor sys
tems, materials, components, and services. The current
focus lies on:
– Solar energy value chain, where our compressors are key
equipment for the production of a thin ethylene-vinyl
acetate (EVA) film on top of a solar panel and for the
polysilicon production of the core.
– Liquefied Natural Gas as a short- and medium-term
bridge energy for replacing coal, ensuring energy security
during the transition or as a fuel for marine applications,
replacing carbon-intensive heavy fuel oil until zero-
emission solutions are available.
– Low-carbon hydrogen and its derivates as an important
component of a sustainable energy future, in which our
compressors play a key role in meeting the specific
technical challenges of these new applications.
The technological advantages of reciprocating compressors
for these applications are unrivaled efficiency and long ser
vice lives.
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Two compressors for a green
hydrogen 200 MW Electrolyzer
Project in the Netherlands
Burckhardt Compression has been awarded
two compressors for a Green Hydrogen project
in the Netherlands. This marks our second
200 MW electrolyzer project. The new plant
will produce around 15’000 tons of renewable
hydrogen annually, preventing over 2.5 million
tons of CO₂ emissions. Our innovative
compression solutions will ensure efficient and
eco-friendly hydrogen distribution,
contributing to Europe’s renewable energy
infrastructure. This achievement highlights
our commitment to sustainability and the
strength of our customer partnerships.
Sustainability classification of
order intake
in %
Transitional +
New energy
17
26
15
23
7
17
32
Conventional or not yet classified
Transitional
New energy
Progress in fiscal year 2024
The fiscal year 2024 remained very dynamic with a high num
ber of projects for the solar industry, supported by a strong
demand for EVA applications. We could also benefit from
renewed opportunities with LNG Marine transport. The intro
duction of a new modular compression platform allowed us
to support the technology developments of our customers
and gain access to previously non-accessible markets.
Despite the reduced number of hydrogen mobility and
energy projects this year, we were able to secure a few impor
tant references in the field of low-carbon hydrogen compres
sion. Applications include trailer filling, hydrogen storage
and pipeline injection. In parallel, we continued to strengthen
our product portfolio and international business develop
ment resources for this market. We have extended the sus
tainability assessment in fiscal year 2024 to most of our ser
vice projects for the first time. Services related to BC
ACTIVATE, as well as upgrades and revamps, are important
contributors to a sustainable energy future.
Our performance
We apply our sustainability screening approach to the entire
Systems Division and the majority of Services projects. The
current scope covers 92% of the total order intake:
– We classified around 15% (2023: 26%) of the total order
intake as new energy applications. Examples are green
hydrogen projects in hydrogen mobility and energy or
projects for the solar panel industry and energy transition
services.
– Around 17% (2023: 7%) of the total order intake is
classified as being transitional with environmental
advantages, but not yet fully sustainable. Examples are
biogas applications in refinery, dual-fuel LNG applications
in gas transport and storage, gray or blue hydrogen
projects in hydrogen mobility and energy and energy
transition services in some conventional applications.
– Around 60% (2023: 37%) of total order intake is classified
as conventional applications. Examples are conventional
industrial gas or petrochemical applications without a
clear link to a sustainability use case.
– 8% (2023: 30%) of the total order intake has not yet been
classified.
The demand for compressors for ethylene-vinyl acetate
(EVA) remained strong but slightly lower and the demand for
LNG (Liquefied Natural Gas) Marine and ammonia transpor
tation increased considerably compared to last fiscal year.
The hydrogen market continued at a slow pace, waiting for
confirmed off-taker agreements and clarity on government
policies. BC ACTIVATE and energy transition services have
started to accelerate in our service portfolio.
Outlook for fiscal year 2025
In the coming fiscal year, we will continue our development
of innovative non-lube, high-pressure and high-flow hydro
gen compressor systems to meet the specific technical chal
lenges along the hydrogen value chain, as well as new com
pressor platforms for LNG marine applications. We will also
further evaluate business development opportunities with
new applications that support the energy transition such as
hydrogen storage, carbon capture and sustainable aviation
fuel. In addition, we continue to expand our energy transition
service offering for Burckhardt Compression and other brand
compressors.
8 8
21
22
23
24
27
40 Target
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5. Working conditions
Topic lead: Chief Human Resources Officer
Target: Maintain an employee engagement score of ≥ 4.0* (2024: 4.1)
Progress: 4.2 – achieved for fiscal year 2024
Jobs with decent working conditions are a basic premise for
the development of individuals and society. They drive pros
perity and provide a livelihood for people. Our employees are
central to our success, and we are proud of our global and
diverse workforce in our production sites and service centers.
With our engagement in providing good working condi
tions, we contribute to the targets of Sustainable Develop
ment Goal 8: Decent work and economic growth. Our most
direct impact concerns the working conditions of our more
than 3’300 employees (FTE). Further impacts are along our
supply chain, also with regard to human rights. We recognize
our responsibility to exercise due diligence in collaboration
with our business partners.
Our approach
Burckhardt Compression is committed to upholding funda
mental international labor standards and strives to provide
conditions that exceed the local industry average overall. To
achieve this, we focus on three areas:
– Dialog and relations
– Terms and compensation
– Organizational culture
The impacts on employees of suppliers, contractors, and out
sourced activities are managed mainly through our supply
chain due diligence approach.
Dialog and relations
We acknowledge and support freedom of association as set
out in our Code of Conduct. Open dialog with employees is a
priority for Burckhardt Compression and is fostered in vari
ous ways. In addition to employee surveys and a continuous
exchange with line managers, employees are informed online
several times a year personally by members of the Executive
Management about the state of the business and other mat
ters, whereby questions are answered. Our online platform
and mobile application BC Connect is an exchange platform
accessible to all employees and allows them to receive, com
ment on, and write messages. Other dialog tools are used at
local level in the form of collective bargaining and employee
representation. 66% of Burckhardt Compression’s employ
ees worldwide are covered by a collective agreement.
Employment terms and compensation
Burckhardt Compression offers attractive terms and condi
tions of employment adapted to prevailing requirements on
an ongoing basis. We benchmark our salaries against exter
nal salary surveys conducted by Willis Towers Watson and
have an ongoing monitoring system in place to eliminate sig
nificant salary differences between equivalent positions. We
have established a flexibility in terms of staff working from
home and have enhanced our infrastructure to enable our
employees to work comfortably from a variety of locations.
Employee turnover ratio
in % of yearly average of full-time equivalent
2023: 10.4
2024: 11.1
Voluntary
6.2
Other
1.7
Involuntary
3.2
* Scope 1 and Scope 2, excluding the Shenyang foundry where we rely on renewable
grid electricity or technological developments to achieve our ambitions.
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Organizational culture
We believe that our well-established corporate culture forms
the foundation of our competitiveness. A comprehensive pro
gram called “Values and Behaviors” ensures that employees
in all Group locations and companies share and actively
uphold the same corporate values and principles. The inter
nal Code of Conduct is designed to set fundamental stand
ards and principles for how employees should interact and
behave with partners, stakeholders, and the environment. A
global Speak Up channel operated by a third party is availa
ble to report violations of our standards, values, and behavio
ral guidelines.
Progress in fiscal year 2024
In fiscal year 2024, we invested significantly in employee
engagement to enhance our organizational culture and team
spirit. Following the 2023 engagement survey, we organized
multilingual webinars and expert-led workshops to support
managers in creating an engaging workplace. In August, we
launched a pulse survey to assess employees’ perceptions of
their team’s engagement progress.
We believe that effective communication and construc
tive dialogs are the cornerstones of a productive and per
forming workplace. In fiscal year 2024, we developed a
framework to strengthen our employee-management dialog.
The framework will be rolled-out to all local units in fiscal
year 2025.
We strengthened our commitment to respect and sup
port internationally recognized human rights through the
further implementation of our human rights policy. We per
formed a risk screening and impact assessment of our oper
ations with all subsidiaries. Following this, we will conduct
an in-depth analysis of the results and, if necessary, imple
ment specific measures for mitigation.
22
22
22
22
22
23
24
23
24
23
24
23
24
23
24
1
1
1
1
1
4.1
4.2
4.4
4.0
4.3
4.2
4.3
4.1
4.2
4.2
4.3
4.2
4.3
4.3
4.4
Rating from employee survey*
Employee engagement survey results
Average points scored for the statement:
“How satisfied are you with your company as a place
to work?”
Average points scored for the statement:
“I would recommend my company as a great place to work.”
Average points scored for the statement:
“Leadership communicates effectively with the company.”
Average points scored for the statement:
“My company provides me with opportunities to balance my
work life and personal life.”
Average points scored for the statement:
“At work, I am treated with respect.”
Strongly disagree
Strongly agree
Strongly disagree
Strongly agree
Strongly disagree
Strongly agree
Strongly disagree
Strongly agree
Strongly disagree
Strongly agree
5
5
5
5
5
* Based on new survey methodology introduced in fiscal year 2023.
Previous results have limited comparability due to slightly different questions.
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Our performance
The employee turnover rate increased to 11.1% in the report
ing period. This figure includes all departures, including
fixed-term employment contracts that came to an end. Of
this, 6.2 percentage points are accounted for by voluntary
departures, which marks a steady improvement to last year
(6.6). High levels of employee loyalty and identification with
the company are also confirmed by the fact that the typical
employee has been with the company for 8.1 years.
The participation rate of our engagement survey
increased from 93% to 94%. The overall engagement level of
the organization increased from 4.1 to 4.2 out of 5.0 on a
Likert scale. This brings us above the 63rd percentile of the
global manufacturing benchmark.
The average score for the question “How satisfied are you
with your company as a place to work?” was 4.3 out of 5.0,
which positioned the company in the 62nd percentile of the
global manufacturing benchmark while for the statement “I
would recommend my organization as a great place to work”,
the score was 4.3 out of 5.0, at 56th percentile.
Burckhardt Compression conducts an annual appraisal
and performance review with its employees, which includes
personal development goals and suggestions for continuous
improvement. 85% of employees completed the perfor
mance appraisal cycle in the reporting period.
Outlook for fiscal year 2025
We will continue to drive measures locally at every team
level based on the findings of our employee engagement sur
vey in order to address the specific needs of our employees
across different regions and departments. Further, we will
roll-out our employee-management dialog framework to
establish vital dialogs in all local units.
Among Switzerland’s Best
Employers 2025
Burckhardt Compression ranks as one of the
most attractive Swiss employers 2025 in the
mechanical and plant engineering sector. This
ranking is based on an independent survey of
employees, and was carried out by data
analyst Statista via an online access panel,
combined with input from the readers of
“Handelszeitung.” More than 1’700 employers
with 200 or more employees in Switzerland
were identified for the survey. Burckhardt
Compression was placed an excellent 10th in
its sector and a good 208th rank over all
sectors.
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4.2
4.4
4.5
Rating from employee survey*
Employment engagement survey results
Average points scored for the statement:
“I feel safe in my work environment.”
22
23
24
Strongly disagree
Strongly agree
5
1
* Based on new survey methodology introduced in fiscal year 2023.
Previous results have limited comparability due to slightly different questions.
6. Occupational health and safety
Topic lead: Vice President Quality &
Infrastructure
Target: Keep the Lost Time Injury Rate (LTIR) below 0.7 every year
(2021: 1.1)
Progress: 0.4 – achieved for fiscal year 2024
The protection of physical integrity and the promotion of
mental well-being are top priorities for us. By providing a safe
working environment and promoting health, we can help
achieve Sustainable Development Goal 3: Good health and
well-being, and also Sustainable Development Goal 8: Decent
work and economic growth. It is also demonstrated that good
health of employees has a positive influence on business
results. Our influence in this area extends to our own employ
ees, to external employees in our workplaces, and to working
conditions in supply chain companies.
Our approach
We are committed to the prevention of accidents and
work-related illnesses and to the promotion of the mental
well-being of employees and workers whose work or work
place is under the control of Burckhardt Compression. We
focus our approach on two components:
– Occupational health and safety system and prevention
culture
– Mental health and well-being
The impact on employee health and safety in our supply
chain is controlled through the responsible procurement
approach.
Our occupational safety policy and management system
certified in line with ISO 45001 form the basis that governs
all activities relating to health and safety in the workplace.
Numerous measures ranging from detailed risk assess
ments, safety walks accompanied by management to work
place safety training, and mandatory wearing of protective
footwear, protective eyewear, and other work-relevant pro
tective equipment demonstrate their effectiveness through
steadily falling risk exposure. Fostering a culture of preven
tion through raising awareness and involving employee rep
resentatives in the safety committee at each site is an impor
tant part of our approach.
We have several local programs under the global “Dr.
BeWell” initiative to support the mental health and well-
being of our employees. These include developing knowledge
on topics such as stress management, sleep, and nutrition as
well as promoting and encouraging sports activities.
Progress in fiscal year 2024
We were able to successfully re-certify our EOHS-Manage
ment System in fiscal year 2024 and conduct external audits
at Group level in nine different countries, in accordance with
the ISO 45001 standard. All findings have been addressed and
closed with the local certification bodies. We continued a
safety awareness campaign in all manufacturing sites
including illustrative flyers. We have also evaluated a dedi
cated software to improve the management of precarious
situations and near misses, which will be rolled out in fiscal
year 2025–2026.
Further, we have harmonized and strengthened our
approach with the development of global minimum stand
ards for occupational health and safety applicable to all sub
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Severity Rate (SR)
Lost days per recordable incidents
(per calendar year)
24.6
14.2
18.7
Lost Time Workday Rate
(LTWR)
Per 200’000 hours worked
(per calendar year)
15.6
7.7
6.6
Lost Time Injury Rate (LTIR)
Per 200’000 hours worked
(per calendar year)
0.6
0.5
0.4
sidiaries. We have also established a global Environment,
Occupational Health, and Safety (EOHS) Advisory Board to
provide a global platform for the exchange of know-how and
best practices.
Various local activities under the “Dr. BeWell” initiative
have been continued or initiated, such as coaching and
awareness webinars in Switzerland or team sport and medi
tative yoga sessions in India and China.
Our performance
The Lost Time Injury Rate (LTIR) has further decreased from
0.5 to 0.4. It marks continued improvement compared to last
year and is below our Mid-Range Plan target of 0.7. The sever
ity rate has increased from 14.2 to 18.7, which means that
accidents were slightly more severe but have resulted in less
lost days overall. During this reporting period, we recorded
no fatal accidents and no case of work-related ill-health.
Outlook for fiscal year 2025
We will pay special attention on the factory and assembly
sites where proportionally the highest number of accidents
are registered. The increased workload in production will
continue to be a challenge. A second focus for the Mid-Range
Plan period is behavior-based safety where we planned to
launch a program in 2025 to 2026. We will also continue to
intensify our efforts to strengthen the approach to mental
health and well-being with the development of a roadmap.
1.1
21
22
23
24
21
22
23
24
21
22
23
24
25.0
27.8
MRP-Target: <0.7
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7. Product safety
Topic lead: Vice President Contracting Systems
Division
Target 2027: Zero incidents every year related to product safety (2021: 0)
Progress: 0 – achieved for fiscal year 2024
Compressors are a critical equipment in various applications
in the process industry and energy provision. System safety
and reliability are the most important areas of expertise in
our business due to the high pressures, continuous opera
tion, integration in complex industrial processes, and the
individual hazard potentials of the compressed gases. By
ensuring product safety, we contribute to the Sustainable
Development Goal 3: Good health and well-being. The main
impacts are in the commissioning and operational phase and
extend over the compressors’ decades of life.
Our approach
Burckhardt Compression assures safe operation of compres
sor systems in every phase of their life cycle. Our approach
encompasses five main areas of risk assessment and mitiga
tion:
– International norms and standards
Where available, we use and follow international
standards for the development, production,
commissioning, and maintenance of compressor systems.
This includes the evaluation of safety risks and
certification in accordance with mandatory laws and
standards.
– Simulation, calculation and testing
Our comprehensive knowledge of calculation and
simulation allows us to optimize the dimensioning of
compressor systems. We also use specific testing and
inspection procedures to ensure safety and functionality.
– Strong processes
Defined working principles, processes and our
ISO-9001-certified quality management system ensure
our processes meet the strictest requirements.
– Control systems and maintenance
Our compressor systems are fitted with a minimum
protection system that shuts down the system in the
event of a critical disruption. Our PROGNOST®-SILver
system for monitoring and diagnosing the condition of
reciprocating compressors and our UP! Solutions for long
uptime and maximum reliability are further key tools for
increasing reliability and safety.
– Documentation and training
To ensure the smooth and safe operation of compressor
systems, we produce a specific set of operating
documents for each system and offer a wide range of
training modules available either online or at our training
centers.
Progress in fiscal year 2024
To address developments across regions and market seg
ments, new products were introduced, contributing to a sig
nificant share of the total revenue. The pre-order risk assess
ment and risk mitigation process, successfully implemented
for all projects, has been fine-tuned with a special focus on
“first-of-its-kind” projects. This category includes projects
for new markets, new products, new suppliers, and scope
extensions up to installation and commissioning on a lump
sum basis.
Additionally, the sales release matrix across all product lines
and the competence matrix across the global execution
organization serve as advanced control and screening mech
anisms to comply with different country standards and cus
tomer guidelines. In the reporting year, we continued to
invest significantly in competence development throughout
the organization, advancing the career path for technical
expertise and our Global Competence Centers. These centers
have been extended in China, India, and Italy, and for new dis
ciplines to ensure product safety coverage of solutions.
Partnering with local packagers, suppliers, and custom
ers, we tested applications in the field before commercial
operation and completed setups in our test centers in China
and Switzerland, with further investments planned in India.
The utilization of our new engineering platform, launched in
fiscal year 2022, increases the reuse of validated modules
and whole projects to ensure high product and safety levels
during ramp-up and beyond.
Our performance
As part of the approval process, 100% of new product config
urations underwent a risk and design assessment, including
product safety. No incidents related to compressor product
safety were registered during the reporting period, and no
violations of regulations or voluntary codes occurred.
We registered two near misses for a new product applica
tion, handled on-site without injury or material damage. The
implementation of lessons learned from recent product
launches has enhanced awareness, design, and packaging
configurations. Master manuals for additional product lines
and a database for operating descriptions were completed to
ensure consistency and compliance.
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The number of new compressors fitted with a Burckhardt
Compression control system remained stable, including
hardware and configuration prototypes. Data trending and
operational surveillance via PROGNOST supported preven
tive maintenance and product improvements. We believe our
control and digital solutions provide substantial added value
by enhancing the reliability, safety, and life cycle manage
ment of our compressors.
Outlook for fiscal year 2025
Our focus for the coming period will be on the continuation of
our roadmap intensifying the mitigations on “first-of-its-
kind” projects involving simulations, test, and advanced mon
itoring. Thereby, various in-house and external test centers
are utilized to simulate dynamics and operational modes.
Simulation and data-driven insights for product safety
At Burckhardt Compression, ensuring product
safety and reliability begins with intelligent
design and engineering processes. We use
enhanced simulation techniques to evaluate
mechanical behavior, optimize component
performance, and reduce material usage, long
before a physical prototype is built. These
virtual methods help us design safer, more
efficient compressors while also reducing
environmental impact.
By combining simulation with data-driven
insights and innovative manufacturing,
we are shaping the future of compressor
technology-safe, efficient, and sustainable.
Additive manufacturing further enhances our
capabilities by enabling the creation of
lightweight, high-strength components with
optimized geometries. This not only improves
performance, but also reduces material and
energy consumption.
In parallel, we are increasingly leveraging
real-world compressor performance data
from the field through our digital platform UP!
Solutions. This enables us to support
predictive maintenance strategies, reduce
unplanned downtime, and extend equipment
life-contributing to both safety and
sustainability.
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and increasing regulatory requirements. To ensure compli
ance with international trade laws, including sanctions and
export controls, we implemented a dedicated sanctions and
trade compliance policy and provided ongoing training for
relevant departments and specialists.
Throughout fiscal year 2024, we have continued to our
Speak Up platform, encouraging employees and business
partners to report misconduct. This initiative supports our
commitment to a transparent and ethical work environment.
Enhancements to the platform in 2023 have made accessing
Speak Up channels easier and more user-friendly.
Our performance
A total of ten suspected cases of misconduct in violation with
the Code of Conduct or law were recorded on the Speak Up
reporting system. Two were submitted by external and eight by
internal stakeholders. All cases were duly processed and
closed within the reporting period. The average case lead time,
from creation to the conclusion of the case was 34 days.
We conducted nine internal audits of subsidiaries following
our audit cycle. No significant risks regarding corruption and
anti-competitive behavior have been detected in this fiscal year.
No violations of competition law or instances of corrup
tion connected to our business activities were identified dur
ing the reporting period, nor were any sanctions imposed for
any significant non-compliance with environmental, social,
or similar regulation.
Outlook for fiscal year 2025
In fiscal year 2025, we aim to further refine and enhance our
compliance management system. Therefore, we will update
and issue key policies. Our focus will also be on expanding our
training programs to ensure comprehensive understanding
and adherence to these policies. Additionally, we will con
tinue to promote our Speak Up channel.
8. Business conduct
Topic lead: General Counsel
Target 2027: Maintain zero incidents every year related to corruption or
anti-competitive behavior (2021: 0)
Status: 0 – achieved for fiscal year 2024
Unethical business practices have the potential to damage
the economy and society. They cause economic losses, pro
mote social inequality, and undermine democratic processes.
As a global business with a far-reaching network of business
partners, we are committed to conducting our business ethi
cally, legally, and in an environmentally and socially respon
sible manner, which is a precondition for all other material
sustainability topics.
Our approach
Burckhardt Compression undertakes to carry out its busi
ness activities in an ethical, legal, and environmentally and
socially responsible manner. We expect every business part
ner we work with to conduct themselves in a similar manner.
We assess every aspect of our business relationships and
focus particularly on:
– Business compliance
– Anti-bribery and anti-corruption
– Free competition
– Export and sanctions compliance
Our Code of Conduct defines the fundamental standards and
principles for employee interaction and behavior with part
ners, stakeholders, and the environment. It aligns with our
“Values and Behaviors”, ensuring that our actions reflect our
core principles. With the Code of Conduct for business part
ners, our suppliers, local agents, and partners commit to con
ducting their business in an ethical, legal, and environmentally
and socially responsible manner. All employees are required to
explicitly acknowledge the Code of Conduct. We train our
employees in the fields of anti-corruption, business compli
ance including free competition, and strict adherence to
export and sanctions controls.
Burckhardt Compression carries out regular internal
audits of all its subsidiaries with a focus on financial, legal,
and compliance topics.
Our third-party risk management policy, along with the
group risk policy and the sales agent policy, supports us in
implementing our risk management with third parties. These
policies clarify the expectations placed on management and
employees when dealing with third parties.
Our Speak Up reporting system is a whistleblower chan
nel operated by an independent third party. It allows employ
ees, business partners, and third parties that are, or might be,
aware of suspected misconduct to register it in the reporting
system. The system is designed to allow protection of the
identity of the reporting party.
Progress in fiscal year 2024
We continuously monitor our “Values and Behaviors,” which,
along with our Code of Conduct, form the core behavioral
guidelines at Burckhardt Compression. This year, we rolled
out an updated Code of Conduct training (e-learning) for
employees and certain third parties, available in various lan
guages, with on-site training where needed. The completion
rate is excellent at 97.6%. Additionally, the Board of Directors
participated in an in-person training to further enhance their
expertise in business compliance.
Last year, we focused on third-party risk management.
This year, we addressed the global scope of our operations
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Sustainability governance
at Burckhardt Compression
Sustainability Management
Board Strategy & Sustainablity Committee
Executive Sustainability Team
Executive Management
Sustainability Steering Group
Topic leaders, Managing Directors & Regional Heads
Implementation Support
Topic contributors
Our commitment
Firmly anchored sustainability governance
The very top management of our organization is committed
to sustainability. Responsibilities are clearly defined at every
level and closely linked to strategy. All sustainability-related
activities are supervised by the Board of Directors. The Strat
egy and Sustainability Committee supports the CEO in devel
oping corporate strategy and advises the Board of Directors
on all matters relating to strategy and sustainability.
The risks and opportunities linked to sustainability are
managed as part of the overall company risk management
process and are reported to the Audit Committee and to the
Board of Directors.
All members of the Executive Management are also
members of the Executive Sustainability Team, which is
responsible for the strategic approach at Group level and
compliance with our sustainability roadmap.
Every material topic is led by a member of senior man
agement. These managers form the Sustainability Steering
Group together with the Managing Directors of the produc
tion and assembly sites, and the Regional Heads from the
Services Division. The Sustainability Steering Group is
responsible for implementing the sustainability roadmap
and defining the topic-specific management approach.
Implementation is supported by designated experts in
the field and key local individuals in the subsidiaries. They
provide technical expertise and ensure on-site implementa
tion.
A designated sustainability manager leads and moder
ates the related activities at Group level and, as a technical
expert, supports all functions and subsidiaries with imple
mentation of the roadmap.
A clear focus based on our materiality analysis
We use a materiality analysis to determine where our compa
ny’s activities have the greatest impact on society, the envi
ronment, and the economy. For this purpose, we conducted
an impact analysis, where we assessed actual and potential
positive and negative impacts of our activities along the
value chain. In the fiscal year 2023, we further enhanced our
analysis with the perspective of actual and potential implica
tions for our business success, thereby considering a double
materiality perspective. The aspects of scale, scope, and like
lihood of impacts were considered as assessment categories
with a precedence of scale and scope. Impact is the only
determinant for materiality definition for the GRI reporting
to be aligned with the standards.
For each of the eight material topics, we have appointed
a topic leader as an advocate. Operational topics are impor
tant to us as well, but we do not pursue them with the same
strategic approach as the material topics. They are inte
grated into the operational business activities at the depart
mental level. Other topics may be of greater relevance for a
specific subsidiary, but not across the whole Group. We
address these topics on a situation-specific basis.
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Our materiality matrix
assessment
Material topics
Are included in our strategic
approach to sustainability and are
subject to extended reporting
requirements for our Sustainability
Report.
Operational topics
Have an increased relevance
in our business activities and are
continuously integrated into our
operations; communication takes
place according to needs and
opportunities.
Other topics
May have increased relevance in a
specific context but not on a Group
level; management and communica
tion take place according to needs
and opportunities.
Material topics
Impacts on society, environment and economy
Implications on business success
Asset &
process
integrity
Operational topics
Resource/
material efficiency
Diversity &
inclusion
Data security &
privacy
Tax contribution &
allocation
Intellectual property &
access to knowledge
Training &
development
Waste & hazardous
substances
Biodiversity
Water
Non-greenhouse gas air
emissions
Greenhouse
gas & climate
Energy
Business
conduct
Product safety
Environmental impacts of
application purpose
Longevity &
cyclability
Occupational
health & safety
Working
conditions
– Forced labor / child labor
– Conflict & security
– Social impacts of application purpose
– Land rights / indigenous rights
– Economic contribution
– Land degradation
– Sales & project implementation practices
– Corporate citizenship & community impacts
– Political accountability
– Noise, vibration, odor & electromagnetic
radiation
Other topics
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Our employees are the key to our success
Together, we are successful and create sustainable value.
Burckhardt Compression is thus engaged in the advance
ment of all employees and a diverse workforce. They are
a vital factor in the implementation of our sustainability
ambitions.
We appreciate our employees’ expertise and promote
knowledge sharing. Personal training and development are
part of the annual appraisal and performance review process
and are financially supported by the company. To ensure the
ongoing development of technological expertise and per
sonal as well as managerial skills within the company,
employees around the world participate in internal techni
cal, product, and leadership training modules, which are con
ducted across the Group throughout the year with a range of
programs. In the fiscal year 2024, we provided on average
14.8 h of internal training per FTE and reached 98.5% of our
employees with our offering.
We promote and support new talent at all levels and are
committed to the Swiss system of apprentice training. We
currently have 78 apprentices, primarily at our major sites in
Switzerland and India with additional apprentices in Spain,
France, the United Kingdom and Germany. Burckhardt Com
pression is a founding member of the initiative launched
under the auspices of the Swiss Federal Office for Profes
sional Education and Technology and the Swiss-Indian Cham
ber of Commerce to establish an apprenticeship system in
India based on the Swiss model. The company is also a corpo
rate sponsor of the AZW Training Center in Winterthur, Swit
zerland, for vocational career pathways.
We fundamentally believe that mixed teams perform bet
ter. In the reporting period, women made up 33.3% of the
Board of Directors and 20% of Executive Management. Of the
global workforce, 16.6 % (2023: 15.8%) are female.
Global workforce by region, 2024
in %
EMEA
43
Americas
8
APAC
49
3’336 FTE
Global workforce by age, 2024
in %
25 –34 years
25
35 –44 years
37
< 25 years
5
55+ years
12
45–54 years
21
3’336 FTE
Global workforce by gender
Employees (FTE)
465
513
555
2’508
2’730
2’781
3’336
female
male
2’316 416
21
22
23
24
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tions or in the Speak Up complaint channel. We are commit
ted to applying our due diligence approach to child labor with
even lower thresholds in purchasing volume than other risks
due to the potential severity of human rights violations in
this area.
Since the start of the program in fiscal year 2023, we initi
ated over 400 supplier assessments with regards to human
rights, which includes the topic of child labor. Improvements
and corrective action measures were initiated in cases where
we found that the supplier did not have an adequate manage
ment system in place despite indications of risk.
Conflict minerals
Our compressors are made of over 95% by weight of iron and
steel. Some components contain tin, tungsten or, in the case
of electronics, gold. We have established and published a
Conflict Minerals Policy and apply due diligence. In 2024, we
continued our traceability assessment with targeted suppli
ers in order to obtain evidence that the smelters in our supply
chain do not source minerals from conflict affected regions.
In fiscal year 2024, we reviewed our purchasing activities
in Switzerland. We concluded that we do not exceed the
thresholds set out by the Ordinance on Due Diligence and
Transparency in relation to Minerals and Metals from Con
flict-Affected Areas and Child Labour (DDTrO). An independ
ent assurance company has confirmed our analysis approach
in fiscal year 2023.
Dialog with our stakeholders
The appropriate involvement of our various stakeholders is
extremely important to us. We have identified four key stake
holders within our sustainability management: customers,
employees, investors, and suppliers. We are engaged in
detailed discussions with them and actively involve them in
identifying material topics. In addition, we maintain an open
Supply chain due diligence
Burckhardt Compression relies on a strong supply chain and
taps into its suppliers’ experience and knowledge to continu
ously improve its products. We source raw materials for the
foundry in Shenyang, China, raw materials and semi-finished
products for the manufacture of compressors in our facto
ries, and components and other accessories to complete the
overall compressor systems and maintain them on site. For
this, we have an established global supply chain, with core
suppliers for production located in the wider regional area.
Due diligence approach
Burckhardt Compression built a due diligence approach
informed by the OECD Due Diligence Guidelines and the UN
Guiding Principle on Business and Human Rights. Our human
rights policy and our third-party risk management policy
form the umbrella policies for our management approach.
The implementation process is based on four pillars: expec
tation, identification, verification, and mitigation. In fiscal
year 2024, we continued our approach with a focus on envi
ronment, health and safety, human rights (including forced
labor), and in particular child labor and conflict minerals, in
compliance with the Articles 964j-k of the Swiss Code of
Obligations and the Swiss Ordinance on Due Diligence and
Transparency in relation to Minerals and Metals from Con
flict-Affected Areas and Child Labour (DDTrO).
Through our Code of Conduct for business partners and
the co-applicable implementation guidelines, we set for
expectation the same high standards for suppliers as we do
within our company, and we also include them in our environ
mental and quality policy.
We conducted a risk identification considering risks of poten
tial negative impacts as well as the relevance of our suppli
ers. Over 3’300 suppliers were analyzed along our focus top
ics. The results confirmed that the main risks are primarily in
health and safety, environment and working conditions
within human rights.
Based on the risk exposure for each topic and threshold
values for the purchasing volume, assessments for verifica
tion of the identified risk were initiated at over 500 suppliers.
Mitigation measures were initiated for suppliers to com
plete the assessment or for suppliers with insufficient
assessment results to build up their corresponding manage
ment systems. Burckhardt Compression is committed to pur
suing a development-oriented due diligence approach for its
suppliers to strengthen their capabilities to fulfill ever-in
creasing requirements.
In fiscal year 2025, the due diligence approach will be
strengthened and further integrated in our supplier assess
ment approach. In addition, we plan to strengthen environ
mental, human rights, and compliance aspects as part of the
on-site audits of our suppliers.
Child labor
In line with our commitment to human rights, we are moni
toring our suppliers and have a clear demand to not tolerate
child labor. The due diligence for child labor follows the over
arching due diligence approach for suppliers in compliance
with the Articles 964j-k of the Swiss Code of Obligations and
the Swiss Ordinance on Due Diligence and Transparency in
relation to Minerals and Metals from Conflict-Affected Areas
and Child Labour (DDTrO).
The broad risk identification revealed a lower exposure to
child labor compared to other topics and other industries. No
substantiated suspicion of child labor could be found, either
in the risk identification and assessment, in further investiga
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dialog with other stakeholder groups, such as the local com
munity, media, the scientific community, associations, civil
society, and the state, as required.
Customers
We seek long-term customer relations. The longest-standing
customer relationship dates back to 1885, when the com
pany supplied BASF in Ludwigshafen with one of the first
compressors ever built. Customer satisfaction is measured
using various tools. The results are evaluated as part of the
management process with the divisional management
teams, and actions are initiated and implemented in accord
ance with the results. Customer priorities in the field of sus
tainability were climate, energy, and occupational safety. All
three are part of our material topics.
In the fiscal year 2024, we successfully completed
another cycle of our Voice of Customer survey for the Ser
vices Division. We received feedback from over 1’300 partici
pants and produced 24 specific company reports, all of which
help us to create more value for our partnerships. We
achieved another high satisfaction level of over 87% which is,
however, a slight decrease compared to the excellent results
from the previous survey.
Investors
We maintain an open and transparent dialog with our inves
tors and other interested parties. The aim of investor rela
tions is to accurately portray the company and its markets to
enable a fair evaluation of Burckhardt Compression stock.
We aim to maintain regular interaction with our key
investors through road shows, conferences, and individual
meetings. Every year, we conduct investor road shows in
Zurich, London, Frankfurt, Paris, Benelux and the United
States. Furthermore, we participate in investor conferences
in Switzerland, the United Kingdom, and the United States.
We also organize on-site visits where we invite our investors
to our Winterthur headquarters in Switzerland to present our
company, answer their questions and show them our factory.
In recent years, the importance of ESG (Environment,
Social, Governance) rating agencies has also increased signif
icantly for our investors. Important sustainability priorities
for our investors include climate change, business conduct,
and energy consumption. All three are covered in the mate
rial topics.
Employees
Open dialog with employees is a central priority for us and is
carried out in different ways. The most important dialog
channels are described in this report under the material
topic working conditions (see page 56). The key priorities for
employees are health and safety at work, working conditions,
and training and development. We actively deal with the first
two within our material topics. Training and development are
a central pillar of our HR management.
We organize very consciously and regularly occasions
with our employees, where we get together and cultivate
friendships outside of everyday working life, whether it is a
thanksgiving celebration in the United States, the Diwali
celebration in India, the Chinese New Year party in China, dif
ferent Christmas dinners or events around the globe or the
so-called Name Day celebration in Winterthur to celebrate
the birthday of our company. In the fiscal year 2024, we held
the first Family Day in Winterthur after the Covid-19 pan
demic, inviting the families and closest people of our employ
ees for this event. More than 2’000 participants attended.
Burckhardt Compression India marked its 20th anniversary
with a similar event and equal enthusiasm.
Suppliers
We work closely with suppliers in the product development
phase, with the aim of long-term partnerships. We actively
give our suppliers feedback in our performance discussions
and want to recognize outstanding performance. Exchanges
and performance reviews take place on a regular basis via
on-site visits, virtual meetings, audits, or inspections. Occa
sionally, supplier days are held at regional or global level. The
central sustainability priorities for suppliers are occupa
tional health and safety, energy consumption, and business
conduct. All three topics are key elements of our approach to
sustainability.
Communities and other stakeholders
We maintain an open relationship with the local communi
ties. We established distinct communication channels for
inquiries and communicated these contact points on our
website. We also support and promote local initiatives, for
example in the areas of education and sports. We practice
transparency in our exchange with the media and authorities
and strive for timely and open communication.
In the fiscal year 2024, we invited the parents of our
apprentices at our headquarters in Winterthur to an event to
visit their youngster’s place of work and talk directly to the
responsible personnel. This trust building is important for us
as we are highly committed to the apprentice system.
Engagement with local stakeholders is also a reality in
our subsidiaries. At our production site in India for example,
we offer the community business support in waste manage
ment by selling scrap metal for their recycling business and
focus on job opportunities for underprivileged community
members. We further contribute towards building schools,
water reservoirs and are currently in a dialog to set up a
waste management facility in the village next to our factory.
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Extended key figures
2024
2023
2022
2021
Energy
Energy use
MWh
52’566
56’173
59’107
49’928
Electricity
28’462
29’445
30’658
27’779
Fuels and combustibles¹
14’542
17’754
18’585
16’608
District heating
9’562
8’974
9’864
5’541
Share of renewable electricity
%
62
22
21
15
Energy intensity
kWh per working hour
7.9
8.8
10.1
9.4
Greenhouse gas emissions
Greenhouse gas emissions Scope 1
tCO₂e
4’170
4’917
4’674
4’221
Combustibles
1’250
1’436
1’551
1’485
Fuels
2’226
2’833
2’914
2’508
Others
694
648
209
228
Greenhouse gas emissions Scope 2
tCO₂e
7’551
14’120
15’396
13’198
Electricity
5’919
12’588
13’712
12’252
District heating
1’632
1’532
1’684
946
Greenhouse gas emissions intensity by working hours
(Scope 1 and 2)
kgCO₂e per working hour
1.8
3.0
3.4
3.3
Greenhouse gas emissions intensity by working hours
without foundry (Scope 1 and 2)
kgCO₂e per working hour
1.3
2.1
2.3
2.1
Greenhouse gas emissions intensity by sales volume
(Scope 1 and 2)
tCO₂e per mCHF
10.7
19.6
24.2
26.8
Greenhouse gas emissions business travel (Scope 3)
tCO₂e
3'907
3’931
2’663
1’405
Scope 3 emissions
Total Scope 3 emissions
million tCO₂e
70.5
88.4
73.5
not evaluated
Scope 3 emission excluding energy transmitted to the next process step
million tCO₂e
13.4
15.4
13.1
not evaluated
Water and waste
Water²
m3
65’297
74’991
78’687
83’810
Waste²
t
3’384
2’790
3’530
2’805
1 From fossil sources.
² Data refer to the production and assembly sites of the Burckhardt Compression Group, including headquarter (Switzerland, India, China, South Korea, United States).
Assured by PwC 2024 (limited assurance)
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Extended key figures
2024
2023
2022
2021
Health and safety
Lost Time Injury Rate (LTIR)1
0.4
0.5
0.6
1.1
Severity Rate (SR)2
18.7
14.2
24.6
25.0
Lost Time Workday Rate (LTWR)3
6.6
7.7
15.6
27.8
1 Rate per 200’000 working hours for number of recordable incidents with lost time > 1 working day.
2 Number of lost days/incidents subject to registration with loss > 1 working day.
3 Rate per 200’000 working hours for total of lost workdays.
Assured by PwC 2024 (limited assurance)
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Extended key figures
2024
2023
2022
2021
Employee structure
FTE
FTE
FTE
FTE
Number of employees
3’336
3’243
2’973
2’732
Permanent
3’072
2’980
2’724
2’508
Male
2’588
2’536
2’320
2’145
Female
484
444
404
363
EMEA
1’426
1’378
1’264
1’152
APAC
1’394
1’298
1’155
1’066
Americas
252
304
305
290
Temporary
264
263
249
224
Male
192
194
188
171
Female
72
69
61
53
EMEA
20
13
19
16
APAC
243
250
229
207
Americas
1
0
1
1
Full-time
3’186
3’104
2’856
2’628
Male
2’686
2’646
2’442
2’256
Female
500
458
414
372
EMEA
1’299
1’253
1’167
1’065
APAC
1’636
1’547
1’384
1’273
Americas
251
304
305
290
Part-time
150
139
117
104
Male
95
84
66
60
Female
55
55
51
44
EMEA
147
138
116
103
APAC
1
1
0
0
Americas
2
0
1
1
Number of external workers
329
329
305
298
Number trainees & apprentices
124
145
178
153
Assured by PwC 2024 (limited assurance)
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Extended key figures
2024
2023
2022
2021
Employee turnover
FTE
% yearly average
FTE
% yearly average
FTE
% yearly average
FTE
% yearly average
New employee hires (% of yearly average)
438
13.3%
590
18.7%
510
17.7%
451
17.1%
FTE
% end of year
FTE
% end of year
FTE
% end of year
FTE
% end of year
New employee hires (% of end of year)
438
13.1%
590
18.2%
510
17.2%
451
16.5%
Male
333
12.0%
489
17.9%
427
17.0%
382
16.5%
Female
105
18.9%
101
19.7%
83
17.9%
69
16.6%
<25 years
67
43.1%
52
36.9%
55
43.6%
45
50.2%
25-34 years
184
21.7%
251
29.1%
210
26.9%
171
22.2%
35-44 years
119
9.7%
163
14.2%
145
13.8%
121
13.7%
45-54 years
60
8.5%
87
13.0%
63
10.3%
69
11.6%
54+ years
8
2.1%
37
8.7%
37
9.2%
45
11.4%
EMEA
174
12.0%
246
17.7%
223
17.4%
208
17.8%
APAC
213
13.0%
266
17.2%
178
12.9%
172
13.5%
Americas
51
20.2%
78
25.7%
109
35.6%
71
24.4%
FTE
% yearly average
FTE
% yearly average
FTE
% yearly average
FTE
% yearly average
Employee turnover (% of yearly average)
364
11.1%
328
10.4%
308
10.7%
266
10.1%
FTE
% end of year
FTE
% end of year
FTE
% end of year
FTE
% end of year
Employee turnover (% of end of year)
364
10.9%
328
10.1%
308
10.4%
266
9.7%
Male
300
10.8%
275
10.1%
264
10.5%
230
9.9%
Female
64
11.5%
53
10.3%
44
9.4%
36
8.7%
<25 years
22
14.2%
19
13.3%
17
13.4%
17
19.1%
25-34 years
116
13.7%
106
12.3%
100
12.8%
82
10.6%
35-44 years
90
7.3%
86
7.5%
80
7.6%
87
9.9%
45-54 years
61
8.7%
45
6.7%
43
7.0%
36
6.0%
54+ years
75
18.5%
72
17.0%
68
16.9%
44
11.1%
EMEA
135
9.4%
123
8.8%
112
8.7%
95
8.1%
APAC
119
7.2%
125
8.1%
105
7.6%
106
8.3%
Americas
110
43.5%
80
26.2%
91
29.7%
65
22.2%
Assured by PwC 2024 (limited assurance)
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Basis of preparation
This sustainability report provides an overview of Burckhardt
Compression’s environmental, social, and governance perfor
mance for the fiscal year 2024. The publication of the sus
tainability report is part of the annual report. This report has
been prepared in accordance with the GRI Standards and
with applicable Swiss laws and regulations. It is also aligned
with the Greenhouse Gas (GHG) Protocol standards and inte
grates the guidance of the Task Force in Climate-related
Financial Disclosures (TCFD). Unless otherwise stated, the
information contained in this report relates to all sites of the
Burckhardt Compression Group, except for water consump
tion and waste figures. Water consumption and waste data
refer to the production and assembly sites of the Burckhardt
Compression Group, including headquarters in Switzerland,
India, China, South Korea and the United States.
Data collection processes
Environmental data are collected on a calendar year basis,
while the denominators sales volume and working hours are
reported in line with the fiscal year (April 1, 2024 to March 31,
2025). Occupational health and safety data are also collected
by calendar year. To measure and collect environmental and
health and safety data from across the Burckhardt Compres
sion Group, we work with a web-based data platform. This
platform stores and processes environmental and occupa
tional health and safety data for every site. We conduct data
quality controls at the end of the fiscal year. Employee data
are collected on a fiscal year basis through the global HR
portal.
All environmental figures are derived using recognized
emission factors and internal tools to ensure traceability.
Improvements in data granularity and validation have led to
greater precision compared to previous reporting cycles.
Where exact data is not yet available, we use conservative
estimates based on industry standards, historical perfor
mance or other factors. These estimates are clearly identi
fied and continuously reviewed. Where initial estimates are
made, we strive to successively improve data quality. Any
methodological changes are transparently documented.
External assurance
Selected key figures in the sustainability report have received
independent limited assurance. The independent assurance
report can be found on pages 85–88.
Environmental data
The greenhouse gas (GHG) emissions are calculated, follow
ing both operational and market-based approaches where
applicable. “Operational control” was selected as the consol
idation approach. Scope 1 GHG emissions include all directly
caused emissions (e.g. fuel combustion, refrigerant losses).
Scope 2 GHG emissions cover indirect emissions from pur
chased energy and are reported using the market-based
approach under the GHG Protocol Scope 2 standard. The
location-based approach results in emissions of 13’606 tCO₂e
in 2022 (2023: 14'444 tCO₂e, 2022: 15’801 tCO₂e, 2021: 13'653
tCO₂e).
In accordance with the GHG Protocol, all 15 Scope 3 cate
gories were assessed for their relevance to Burckhardt Com
pression’s business activities (see page 46). Of these, 11 are
considered directly applicable. Exceptions that are currently
non-applicable include upstream leased assets, which are
already reported in our Scope 1 assessment, as well as the
processing of sold products, franchises and investments. For
category 11, the use of sold products, we assumed a stand
ardized lifetime for the compressors of 20 years or 30 years,
depending on their application. We used location-based
emission factors from the International Energy Agency (IEA)
to calculate the direct and indirect emissions for each coun
try where the compressors were installed. The applied emis
sion factors remain constant throughout the lifecycle of the
compressor.
Employee related data
Working hours for energy and greenhouse gas emissions
intensity are calculated as average full-time equivalents
(FTE), including trainees, apprentices and externals, multi
plied by 8 hours per day and 220 working days per year.
Remarks on other data
In fiscal year 2023, we significantly improved our employee
engagement measurement methodology. Collaborating with
a leading company in this field, we now compare our results
against a global benchmark. We switched from a biennial to
an annual survey, using fewer but more compelling questions
to measure the engagement. We also updated our target
based on this new methodology, with the base year set as
2024. This new employee survey is named after the calendar
year. It continues to assess our management approach for
Working Conditions and has been rolled out globally to all
employees.
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1. Governance
Climate-related issues at Burckhardt Compression are over
seen at the board level through the risk management review
and the Strategy and Sustainability Committee. Climate
change and mitigation actions are integral to our strategic
reviews and business decisions due to compressor applica
tions in the energy transition and the integration of sustaina
bility in our core business strategy.
The Board of Directors (BoD) supervises all sustainabil
ity activities and is informed bi-annually on the risk manage
ment review, including climate-related physical and transi
tional issues and clean energy trends. The Group Risk
Manager and the Executive Management conduct the review
and present it to the Audit Committee, before reporting to
the BoD. The BoD approves the five-year strategy (“Mid-Range
Plan”) with climate initiatives like emission reduction. Four
BoD members have sustainability expertise.
The Strategy and Sustainability Committee (SSC),
consisting of two BoD members, ensures that sustainability
is an integral part of the corporate strategy. It supports the
CEO in developing corporate strategy and advises the BoD on
strategy and sustainability.
The management of climate-related risks and opportuni
ties at Burckhardt Compression involves several operational
bodies:
– The Executive Sustainability Team, comprising all
Executive Management members, oversees the Group’s
strategic approach and adherence to the sustainability
roadmap. It approves greenhouse gas reduction and
climate risk mitigation measures proposed by local
business units as part of the Mid-Range Plan.
– Each material sustainability topic is led by a senior
management member, acting as an ambassador for the
topic. The President Systems Division leads
“Greenhouse gas emissions and climate change.” The
specific management approach for each topic is detailed
in the Sustainability Report (see page 43).
– The Sustainability Steering Group includes topic
leaders, Managing Directors of production and assembly
sites, and Regional Heads from the Services Division.
– The Sustainability Manager leads and moderates Group
level sustainability activities, supporting all functions and
subsidiaries in implementing the Group’s Sustainability
Agenda. Assessing climate-related risks and
opportunities is part of their duties, integrated into
strategic planning and risk management. The
Sustainability Manager updates the SSC at least annually
on the sustainability roadmap, progress, new legislation,
and risks, and meets bi-monthly with the Executive
Sustainability Team.
The performance-based Executive Management compensa
tion is dependent on long-term objectives – which, besides
top-line growth and bottom-line impact, includes a Sustaina
bility component (25% weighted), measured by the progress
towards the climate target.
Sustainability and climate change are anchored in our
values and behaviors as part of our pillar “Responsibility”.
These values and behaviors are also a baseline for each
employee performance review.
2. Strategy
Identification of climate-related risks and
opportunities
We performed a scenario-based risk assessment to identify
the materiality of climate-related risks and opportunities.
The relevant time horizons are 1–2 years (short-term), 3–5
years (medium-term), and 5–25 years (long-term). These time
frames align the mitigation actions of material risks and
opportunities with our strategy time frame: immediate
actions for short-term, inclusion in the next strategy process
for medium-term, and monitoring for long-term.
Two emission scenarios were considered for the risk and
opportunity assessment for the time horizon of up to 25
years (long-term scenario). The IPCC AR6 SSP5-8.5 scenario,
projecting a global temperature increase above 4°C by centu
ry’s end, was used to assess physical risks in a future with
weak, uncoordinated climate action. The IPCC AR6 SSP1-1.9
scenario, combined with the IEA’s Net-Zero Emission by 2050,
was used to assess transitional risks and opportunities in a
future with strong, coordinated climate action and signifi
cant adoption of renewable energy and decarbonization
technologies to keep global temperature increase below 2°C.
Cross-functional experts evaluated the impacts and
financial materiality of climate-related physical and transi
tion risks and opportunities at the Group level, following the
Extended Climate Reporting following the
recommendations of the Task Force on
Climate-Related Financial Disclosures (TCFD)
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TCFD framework. Evaluation criteria include scale (potential
financial impact on operating income), scope (Group’s expo
sure from isolated to Group wide concerns), and likelihood
(chances of impacts occurring within the given time frame,
based on management’s evaluation and literature review).
We assessed all five manufacturing and assembly sites
globally, which are essential to operations and with limited
short-term relocation ability.
Physical risks
For the physical risk assessment, the high-emission scenario
was chosen to examine climate-related risks to our assets
and operations. Acute and chronic risks were evaluated
based on their materiality to key operational sites. Interna
tionally accredited risk-management tools, supported by
scientific literature, were used to assess risks from droughts,
water stress, floods, wildfires, heat stress, and tropical
storms.
The assessment indicates that some of our production
and assembly facilities potentially face short-term exposure
to drought, water stress, and tropical storms. Riverine or
coastal floods may significantly impact one facility in the
medium-term, while heat stress is likely to moderately affect
us in the long-term. Local mitigation and preparedness plans
address these risks. No relevant financial losses from
extreme weather events have been noted to date. We will
regularly re-evaluate and update the physical risk assess
ment.
Transition risks
Transitioning to a lower-carbon scenario presents challenges
impacting policy, legal, technological, market, and reputa
tional developments affecting our business activities. For
transition risks, a low-emission scenario was chosen for a
holistic assessment.
The displayed table highlights significant medium-term mar
ket risks, including increased costs for raw materials and
electricity, and unpredictable market shifts. Policy, legal, and
technology risks show moderate medium-term impacts,
mostly driven by carbon taxation (especially in the EU) and
capital risks in technology developments to maintain com
petitiveness. Increased stakeholder requirements and poten
tial reputational loss pose moderate long-term risks. We are
addressing and monitoring these transition risks in our cor
porate strategy, developing measures to reduce the likeli
hood of substantial financial implications.
Transition opportunities
We can seize opportunities arising from society’s transition
toward lower emissions and sustainable development.
Increased demand for transitional and renewable energies is
supporting the growth of our markets. Supportive incentives
and policies for low-carbon energies like green hydrogen,
solar, and LNG offer short-term market impulses. Addition
ally, products and services related to the energy transition
can be expanded to help customers reduce their environmen
tal impact and maximize uptime with our products.
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Physical risks
Risk ¹
(Potential) Impact
Starting time
frame (horizon)
Risk evaluation ²
Approach & measures
Drought & water stress
Three facilities are in areas with higher water
demand than natural replenishment. Increasing
water stress may raise water prices and operational
costs. In extreme cases, production could face
short-term downtimes, impacting local revenue.
Short-term
Significant
Water is considered a non-material sustainability topic due to our low water-intensity manufacturing
processes. Annual water consumption for assembly sites is reported in our Sustainability Report. Our
facilities implement water management practices to reduce risk exposure. In areas where water
scarcity may increase, facilities use comprehensive monitoring systems and saving practices,
including rainwater harvesting, reusing and recycling, regulated groundwater consumption, and
awareness raising.
Riverine or coastal
floods
One assembly site is situated in a flood-prone area,
potentially facing more frequent extreme events.
Negative impacts include reduced production
capacity, logistics and supply chain disruptions, and
damage to buildings and inventory.
Medium-term
Significant
Management and recovery relief plans are in place at the affected site. Local management regularly
validates the maintenance of critical infrastructures and resilience strategies. We have assembly
capacity in each production unit and possibilities to shift orders to other factories.
Heat stress
Prolonged extreme temperatures may reduce
productivity and pose health and safety risks,
particularly at two sites in countries with high
temperature records.
Long-term
Moderate
We maintain an ISO 45000 certified health and safety management system. Each facilities imple
ments measures for an optimized temperature control. Training and resources are provided to
vulnerable workers to mitigate risks from prolonged high temperatures. Measures and potential
responses to future heat-related risks are addressed within our health and safety management
system.
Tropical storms
Three assessed sites are in areas with increased
risk from tropical storms, posing threats to
infrastructure and assets, logistics, insurance
costs, and production capacity. Enhanced risks for
key suppliers have also been noted.
Short-term
Significant
Facilities at higher risk from tropical storms and related damage have developed natural hazard
preparedness plans, endorsed by local regulations and safety authorities. Critical facilities also have
business continuity plans and assigned roles to ensure worker safety and operational continuity. We
have possibilities to move parts of an interrupted production to another region.
¹ The risk of wildfires was also assessed but evaluated as low and therefore not reported separately as a risk.
² Aggregation of scale, scope and likelihood with a higher rating for shorter time horizons is categorized in four risk categories: low, medium, significant, high.
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Transitional risks
Risk
(Potential) impact
Starting time
frame (horizon)
Risk evaluation ¹
Approach & measures
Policy & Legal
Increased production and compliance costs due to
carbon taxation. Higher regulatory load and
reporting requirements raise overhead expenses.
Risk of legal penalties and contract terminations
for non-compliance with sustainability standards.
Medium-term
Moderate
Our strategic sustainability management addresses current and future climate-related regulatory
and policy requirements, integrating them into our operational business.
We have an emission reduction roadmap aiming for operational net-zero (Scope 1 and Scope 2) by
2035.
Technology
Risk of product obsolescence from non-compliance
with increased sustainability requirements. Capital
risks linked to developing new solutions and
emerging sustainable energy markets.
Medium-term
Moderate
Our Mid-Range Plan 2027 establishes the foundation to maintain our leading position in the market,
with climate-driven energy transition at its core. Increased R&D and innovative solutions developed
with customers keep us at the forefront. Our products already support the energy transition and do
not require fundamental changes. A broad product portfolio serving diverse applications reduces our
strategy’s dependence on individual energy transition developments.
Market
Rising raw material and electricity costs
(upstream-oriented). Increased market uncertain
ties linked to political decisions. Enhanced
customer environmental data requirements and
higher production costs.
Short-term
Significant
Our global supply chain strategy, with access to highly qualified suppliers worldwide and our
continuous production efficiency improvements strengthens our resilience to rising prices and market
uncertainty. Additionally, solar panel projects at key facilities enhance our energy independence. Our
compressors’ diverse applications across various markets enhance our resilience, allowing it to offset
downturns in one market with stronger demand in another.
Reputation
Enhanced stakeholder requirements and
reputational risks. Increased risk of sector
stigmatization and rapid decline in conventional
product applications.
Medium-term
Moderate
In our latest strategy review, we have revised our purpose: “We create leading compression solutions
for a sustainable energy future.” In our Mid-Range Plan, we have defined clear targets for our
operational carbon footprint and aim for 40% of order income supporting the energy transition. We
have made tangible progress and are on track with our targets.
¹ Aggregation of scale, scope and likelihood with a higher rating for shorter time horizons is categorized in four risk categories: low, medium, significant, high.
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Transitional opportunities
Opportunity¹
(Potential) Impact
Starting time
frame (horizon)
Risk evaluation ²
Approach & measures
Products & services
Expansion of low-emission applications, products,
and services. Increased digital offerings. Enhanced
efficiency improvements for compressor systems.
Short-term
Significant
We collaborate closely with clients to enhance product performance and efficiency. We offer various
revamp and upgrade services and are developing an Energy Transitions Services (ETS) portfolio to
reduce greenhouse gas emissions at customer sites. Our new BC ACTIVATE service helps improve
compressor reliability while reducing energy use and emissions. Additionally, our digital products and
services saw above-average growth in recent years.
Markets
Further expansion into energy transition markets
and leverage of market incentives to decarbonize
the process industry and energy sector.
Short-term
High
We aim for 40% of order intake supporting the energy transition within our Mid-Range Plan,
highlighting our commitment to sustainable energy solutions. We achieved 32% of order intake from
transitional and new energies in fiscal year 2024, consistent with the previous year. The energy
transition positively impacts all market segments.
¹ The opportunities of resource efficiency, energy source and resilience were also assessed but evaluated as low or already sufficiently covered in other categories and therefore not reported separately as an opportunity.
² Aggregation of scale, scope and likelihood with a higher rating for shorter time horizons is categorized in four risk categories: low, medium, significant, high.
Business transition plan and resilience
The Mid-Range Plan is the Group strategy of Burckhardt
Compression for the fiscal years 2023 to 2027. Our purpose
“We create leading compression solutions for a sustainable
energy future” is the compass for the strategy. With new
growth avenues such as hydrogen and solar panel applica
tions it is tailored towards the ongoing energy transition. The
Group strategy incorporates changes to markets, technolo
gies, and regulations to address the impacts of climate
change.
The International Energy Agency predicts a stable or
increasing role for gas, with rising hydrogen demand and nat
ural gas replacing more polluting fossil fuels. Regardless of
the energy transition’s pace, demand for compressors in key
areas will remain stable or grow. Our proactive approach and
R&D focus ensure our strong market position. Considering
the approximately 75’000 existing industrial-sized recipro
cating compressors, our strategy also leverages on the
increasing business opportunity for energy transition ser
vices on existing equipment.
Physical climate risks may impact our operations, but our
business structure ensures high resilience. We can serve cus
tomers globally from any facility and ship spare parts world
wide. Our diversified supplier base minimizes supply chain
disruptions, and the global availability of steel reduces the
risk of raw material shortages.
We regularly review and update climate risk and vulnera
bility assessments for our production and assembly sites,
and strengthen climate-related risk management in our sup
ply chain. New adaptation measures will be implemented as
new risks emerge.
Emission reduction plan and alignment
with Swiss climate goals
We aim for net-zero emissions in our operations by 2035.
Under the Mid-Range Plan, we have initiated a comprehensive
emission reduction roadmap (see page 47). All sites are devel
oping measures to reduce greenhouse gas emissions. Pro
jects are consolidated and monitored at the Group level, with
investments approved by the Executive Sustainability Team.
Scope 1 emissions will be reduced through efficiency meas
ures, such as replacing old vehicles and electrifying our fleet
where feasible. Residual emissions unviable to abate by 2035
will be offset with carbon removal technologies.
To reduce Scope 2 emissions, currently our main contrib
utor, we have improved energy efficiency, expanded solar
power capacity, and purchased renewable electricity. We
have set our target to use over 75% of renewable electricity
by 2027 and therefore will further expand our own solar
power production and renewable grid electricity purchasing.
Our Scope 3 emissions mainly come from the electricity
consumption of our compressors during the use phase, with
over 99% linked to compressor operation. Most of this is adi
abatic energy, conserved and transmitted to the next process
step at customer facilities. The greenhouse gas emissions
mainly depend on the electricity mix used by our customers,
which we have little influence over. However, the IEA projects
low-carbon grids by 2050 in key countries. As these grids
transition to low-carbon energy sources, the emissions asso
ciated with our compressors’ electricity consumption are
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expected to decrease significantly, thereby reducing our
overall Scope 3 emissions.
We contribute to Scope 3 reduction by designing energy-
efficient compression systems through an eco-design
approach and continuously improving our product lines. To
further reduce the emissions of our installed equipment, we
offer services to monitor and reduce greenhouse gas leaks
during operations and aim to expand this to all customers.
Some residual emissions may be offset by customers in the
future. Reducing Scope 3 emissions from purchased materi
als, mainly steel, depends on the availability of carbon-neu
tral steel. We will consider it in our strategic sourcing.
3. Risk management
Risk management process
We followed the TCFD framework for climate risk assess
ments (see page 74). Key internal stakeholders and subject
matter experts assessed risks based on time frame, likeli
hood, scale, and scope. Risks were classified as low (score
above 1), moderate (above 2), significant (above 3), and high
(above 4). A sensitivity analysis evaluated the impact of the
scale and aggregation choice. Feedback from stakeholders
helped compile management approach and mitigation meas
ures, which were validated by the Executive Sustainability
Team.
The material climate risks and opportunities are incorpo
rated into the Group risk management. Climate-related
physical and transitional risks are two items amongst other
business-related risks grouped in four categories: financial,
operational, legal/compliance, and strategic. They are classi
fied according to their risk potential and are assigned inter
nal owners. The internal owners are responsible for keeping
track of any developments relating said risks and implement
ing the mitigation actions.
During the Group risk review, these items are evaluated,
revised and reported to the BoD periodically.
Risk mitigation management
Climate-related transition risks are managed through the
Group strategy or specific functions at impacted locations
where the risk may materialize. At the Group level, risks are
monitored by the Executive Management, with support from
the Group Risk Manager and Sustainability Department.
Local facility management handles physical risks through
emergency preparedness, mitigation, and continuity plans
updated periodically.
The Group has ISO-certified quality (9001), environmental
(14001), and occupational health and safety (45001) manage
ment systems, which include emergency planning for exter
nal risks.
To mitigate potential supply bottlenecks, risks are evalu
ated based on the severity of their impact on the value chain.
We have a business continuity plan to ensure recovery and
continuity after disruptions.
Suppliers are selected through a qualification process
evaluating risk, financial stability, cluster risk avoidance, and
long-term commitment. A sourcing diversification strategy
mitigates supply chain risks, including climate-related ones.
4. Metrics and targets
“Greenhouse gas emissions and climate change” is a mate
rial topic for Burckhardt Compression. Greenhouse gas emis
sions (Scope 1, 2, and 3) and emissions intensity (tCO₂e per
working hour) are measured and reported annually. Energy
use and efficiency metrics, including energy consumption by
type, energy intensity (kWh per working hour), and the share
of renewable electricity, are also reported annually (see page
69).
We report the share of annual order intake for energy transi
tion and low-carbon energy applications in our Sustainability
Report. In 2024, 32% of the order intake was in these catego
ries, addressing Technology and Market risks and opportuni
ties (see page 55).
Performance metrics are tracked annually and included
in the Mid-Range Plan initiative “Greenhouse gas emission
reduction,” endorsed by management as part of the long-
term incentive. Achieving sustainability targets accounts for
25% of the long-term incentives for senior employees over
three years.
We aim for a 1.5°C climate ambition as outlined in the
Paris Agreement, committing to net-zero Scope 1 and 2 emis
sions by 2035 through the “Greenhouse Gas Emission Reduc
tion” initiative. We have defined Mid-Range Plan targets of
75% renewable electricity and a 50% reduction in Scope 1
and 2 emissions intensity by 2027, excluding the Shenyang
foundry (see also page 36).
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GRI content index
Burckhardt Compression has reported in accordance with the GRI Standards for the period April 1, 2024 to March 31, 2025.
GRI 1 Foundation 2021 has been used for compiling this report and there is no applicable GRI Sector Standard.
GRI standard
Disclosure
Reference
Further information
and omissions
GRI 1: Foundation 2021
GRI 2: General disclosures 2021
The organization and its reporting practices
GRI 2: General disclosures 2021
2-1 Organizational details
p. 131, pp. 151–152
a. Burckhardt Compression Holding AG
2-2 Entities included in the organization’s
sustainability reporting
p. 131, pp. 151–152
iii. Consolidation approach applies to all disclosures.
2-3 Reporting period, frequency, and contact
point
–
a. Sustainability report: April 1, 2024 to March 31, 2025, yearly
b. Annual report: April 1, 2024 to March 31, 2025
c. Publication: June 5, .2025
d. Contact: sustainability@burckhardtcompression.com
2-4 Restatements of information
–
Greenhouse gas emissions intensity by sales volume has been restated for the fiscal year
2023 due to a change in the accounting policy. The revenue recognition has switched from
Completed Contract Method (CCM) to the Percentage of Completion Method (POCM).
2-5 External assurance
pp. 69–72, pp. 85–88
Yes
Activities and workers
GRI 2: General disclosures 2021
2-6 Activities, value chain, and other business
relationships
p. 31, p. 66, p. 131, p. 135
2-7 Employees
p. 71
b. iii. Two male consultants in India.
c. FTE at the end of the reporting period.
d. Trainees & apprentices are not included since some of our apprentices have an external
work contract with the AZW Training Center in Winterthur.
2-8 Workers who are not employees
p. 71
a. i. Production employees, service technicians and engineers.
a. ii. Engineering, project management, field services, compressor manufacturing, and
assembly.
b. FTE at the end of the reporting period.
Governance
GRI 2: General disclosures 2021
2-9 Governance structure and composition
pp. 94–100
2-10 Nomination and selection of the highest
governance body
Articles of Incorporation Art.
15–16, pp. 94–100
b. i. Annual discussion with major shareholders and proxy advisors.
b. ii.-iv. Disclosed, applying not publicly disclosed criteria.
2-11 Chair of the highest governance body
pp. 94–97
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Disclosure
Reference
Further information
and omissions
2-12 Role of the highest governance body
in overseeing the management of impacts
p. 64, pp. 97–100, Organi
zational rules 1.–4.
2-13 Delegation of responsibility
for managing impacts
p. 64, pp. 97–100, Organi
zational rules 1.–5.
2-14 Role of the highest governance body
in sustainability reporting
p. 64
2-15 Conflicts of interest
p. 92, pp. 94–97
a. Annual written confirmation by all members of the highest governance body.
2-16 Communication of critical concerns
p. 63, Speak Up policy
2-17 Collective knowledge of the highest
governance body
p. 98, Organization rules 1.4.4.
Through ongoing communication and reporting.
2-18 Evaluation of the performance
of the highest governance body
p. 100
2-19 Remuneration policy
pp. 106–112
2-20 Process to determine remuneration
pp. 106–112
2-21 Annual total compensation ratio
–
This information is not available. We are evaluating the possibility of providing such
information in the future.
Strategy, policies, and practices
GRI 2: General disclosures 2021
2-22 Statement on sustainable
development strategy
pp. 8–10, p. 35
2-23 Policy commitments
pp. 41–42, p. 63, p. 67
Code of Conduct
2-24 Embedding policy commitments
pp. 63–64, Organizational rules
3.–4.
2-25 Process to remediate negative impacts
p. 63, Speak Up policy
2-26 Mechanisms for seeking advice
and raising concerns
p. 63, Speak Up policy
2-27 Compliance with laws and regulations
p. 63
2-28 Membership associations
–
– AZW Winterthur, Board
– CII Confederation of Indian Industry
– EFRC – European Forum for Reciprocating Compressors
– ICAAMC – International Compressor Applications and Machinery Committee
– SWISSMEM – Schweizer Maschinen-, Elektro- und Metall-Industrie
– Swiss Mechatronics
– Swiss-American Chamber of Commerce
– Swiss-Chinese Chamber of Commerce
– Swiss-Indian Chamber of Commerce
– Switzerland Global Enterprise
Stakeholder engagement
GRI 2: General disclosures 2021
2-29 Approach to stakeholder engagement
pp. 67–68
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GRI content index
GRI standard
Disclosure
Reference
Further information
and omissions
2-30 Collective bargaining agreements
p. 56
b. Where usual and available, we take existing bargaining agreements as a benchmark.
Material topics
GRI 3: Material topics 2021
3-1 Process to determine material topics
pp. 64–65
3-2 List of material topics
p. 65
Greenhouse gas emissions and climate
change
GRI 3: Material topics 2021
3-3 Management of material topics
pp. 43–47
GRI 305: Emissions 2016
305-1 Direct (Scope 1) GHG emissions
p. 45, p. 69
305-2 Energy indirect (Scope 2) GHG emissions
p. 45, p. 69
305-3 Other indirect (Scope 3) GHG emissions
pp. 45–47, p. 69
305-4 GHG emissions intensity
pp. 45–46, p. 69
Energy use and efficiency
GRI 3: Material topics 2021
3-3 Management of material topics
pp. 48–50
GRI 302: Energy 2016
302-1 Energy consumption within
the organization
p. 49, p. 69
302-3 Energy intensity
p. 49, p. 69
Own indicator
Share of renewable electricity
p. 49, p. 69
Longevity and recyclability
GRI 3: Material topics 2021
3-3 Management of material topics
pp. 51–53
Own indicators
Reused or refurbished components
p. 53
Sales of revamp and upgrade services
p. 52
Environmental impacts of
application purpose
GRI 3: Material topics 2021
3-3 Management of material topics
pp. 54–55
Own indicators
Sustainability classification of business activities
p. 55
Working conditions
GRI 3: Material topics 2021
3-3 Management of material topics
pp. 56–58
GRI 401: Employment 2016
401-1 New employee hires and employee turnover
p. 56, p. 72
The breakdown by region is not disclosed for business reasons.
Own indicators
Score satisfaction work situation
pp. 57–58
Score workplace recommendation
pp. 57–58
Score employee engagement
p. 58
Occupational health and safety
GRI 3: Material topics 2021
3-3 Management of material topics
pp. 59–60
GRI 403: Occupational Health and Safety 2018
403-1 Occupational health
and safety management system
p. 59
b. All employees who are under the care and control of Burckhardt Compression (including
external employees on our premises) are covered.
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Disclosure
Reference
Further information
and omissions
403-2 Hazard identification, risk assessment,
and incident investigation
–
a. The EOHS team (Environment, Occupational Health, and Safety), under the direction of
the Quality Team and Safety Officer, is responsible for conducting risk assessments using
risk graphs. The risk assessment will be used for training and awareness activities in the
respective work area. Safety inspections are used for risk mitigation.
b. Notifications will be made using a dedicated EOHS notification form.
c. A work stoppage procedure is in place to stop work in the event of an unsafe situation.
d. There is a procedural policy for reporting near misses, incidents, investigations,
nonconformities, and corrective and preventive actions.
403-3 Occupational health services
–
There is a company ambulance service at the site in Winterthur, which is operated in
conjunction with surrounding companies.
403-4 Worker participation, consultation,
and communication on occupational health
and safety
–
A specific procedure for Consultation & Participation, Communication regulates the
involvement of employees. Involvement takes place at all levels (steering committee, core
team, execution teams).
403-5 Worker training on occupational health
and safety
p. 59
In addition to mandatory training during induction, regular specific training is provided on
work-related hazards, first aid, and emergency and evacuation.
403-6 Promotion of worker health
p. 59
Non-occupational services and offerings depend on country-specific implementation and
may include the following:
– regular health check-ups
– access to medical facilities
– other preventive measures
403-7 Prevention and mitigation
of occupational health and safety impacts
directly linked by business relationships
p. 67
This aspect is covered in our approach to supply chain due diligence.
403-8 Workers covered by an occupational health
and safety management system
p. 59
i. 100% are covered by an occupational health and safety management system.
ii. 100% of employees are covered by an internally audited system.
iii. 100% are covered by an externally certified system.
403-9 Work-related injuries
p. 60, p. 70
We have no differentiation between high-consequence work-related injuries (a. ii.) and
work-related injuries (a. iii.).
403-10 Work-related ill health
p. 60
Product safety
GRI 3: Material topics 2021
3-3 Management of material topics
pp. 61–62
GRI 416: Customer Health and Safety 2016
416-1 Assessment of the health and safety
impacts of product and service categories
pp. 61–62
416-2 Incidents of non-compliance concerning
the health and safety impacts of products and
services
p. 61
Business conduct
GRI 3: Material topics 2021
3-3 Management of material topics
p. 63
GRI 205: Anti-corruption 2016
205-1 Operations assessed for risks related to
corruption
p. 63
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Reference
Further information
and omissions
205-2 Communication and training about
anti-corruption policies and procedures
p. 63
205-3 Confirmed incidents of corruption and
actions taken
p. 63
GRI 206: Anti-competitive behavior
206-1 Legal actions for anti-competitive behavior,
anti-trust, and monopoly practices
p. 63
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PricewaterhouseCoopers AG, Birchstrasse 160, Postfach, 8050 Zürich, Switzerland
Telefon: +41 58 792 44 00, www.pwc.ch
PricewaterhouseCoopers AG is a member of the global PricewaterhouseCoopers network of firms, each of which is a separate and independent legal entity.
Independent practitioner's limited assurance report
on selected indicators in the 2024 Sustainability Report to the Management of
Burckhardt Compression Holding AG
Winterthur
The engagement team was engaged by Management to perform assurance procedures to provide limited assurance on the selected indicators in the 2024 Sustainability Report
(including GHG emission) of Burckhardt Compression Holding AG for the period from 1 April 2024 to 31 March 2025. The selected indicators will be published in the Sustainability
Report 2024.
The selected indicators in the 2024 Sustainability Report (including the GHG emissions) were prepared by the Management of Burckhardt Compression Holding AG (the ‘Company’)
based on the:
•
Energy use – GRI 302-1 Energy consumption within the organization
•
Share of renewable electricity – GRI 302-1 Energy consumption within the organization
•
Energy intensity – GRI 302-3 Energy intensity
•
GHG emissions Scope 1 and Scope 2 – GRI 305-1 Direct (Scope 1) GHG emissions and GRI 305-2 Energy indirect (Scope 2) GHG emissions
•
GHG emissions business travel (Scope 3) – GRI 305-3 Other indirect (Scope 3) GHG emissions
•
GHG emissions intensity – GRI 305-4 GHG emissions intensity
•
Water – Basis of preparation as disclosed on page 72 of the sustainability report on Water consumption as informed by GRI
•
Waste – Basis of preparation as disclosed on page 72 of the sustainability report on Waste generated as informed by GRI
•
Lost Time Injury Rate (LTIR) and Severity Rate (IR) – GRI 403-9 Work-related injuries
•
Lost Time Workday Rate (LTWR) – as informed by GRI 403-9 Work-related injuries
•
Number of Employees – GRI 102-8 Information on employees and other workers New employee hires – GRI 401-1 New employee hires and employee turnover
•
Employee turnover – GRI 401-1 New employee hires and employee turnover
2 Burckhardt Compression Holding AG | Independent practitioner's limited assurance report
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3 Burckhardt Compression Holding AG | Independent practitioner's limited assurance report
The above-mentioned GRI Standards and references will be determined in the basis of preparation against which we will evaluate the different KPI (hereafter referred to as the “suita-
ble Criteria”).
Inherent limitations
The accuracy and completeness of the selected indicators (including the GHG emissions) are subject to inherent limitations given their nature and methods for determining, calculat-
ing and estimating such data. In addition, the quantification of the selected indicators (including the GHG emissions) is subject to inherent uncertainty because of incomplete scientific
knowledge used to determine factors related to the selected indicators (including the GHG emissions) and the values needed to combine e.g. emissions of different gases. Our assur-
ance report will therefore have to be read in connection with the suitable Criteria used by Burckhardt Compression Holding AG.
Management’s responsibility
The Management of Burckhardt Compression Holding AG is responsible for preparing and presentation of the selected indicators in the 2024 Sustainability Report in accordance with
the suitable Criteria. This responsibility includes the design, implementation and maintenance of the internal control system related to the preparation of the selected indicators (includ-
ing the GHG emissions) that are free from material misstatement, whether due to fraud or error. Furthermore, the Management is responsible for the selection and application of the
suitable Criteria.
Independence and quality management
We are independent of the Burckhardt Compression Holding AG in accordance with the International Code of Ethics for Professional Accountants (including International Independ-
ence Standards) issued by the International Ethics Standards Board for Accountants (IESBA Code). We have fulfilled our other ethical responsibilities in accordance with the IESBA
Code, which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.
PricewaterhouseCoopers AG applies International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management
including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
Practitioner’s responsibility
Our responsibility is to perform an assurance limited engagement and to express a conclusion on the selected indicators in the 2024 Sustainability Report (including the GHG emis-
sions). We conducted our engagement in accordance with the International Standard on Assurance Engagements (ISAE) 3000 (Revised) ‘Assurance engagements other than audits
or reviews of historical financial information’ and the International Standard on Assurance Engagements 3410, Assurance Engagements on Greenhouse Gas Statements ('ISAE
3410'), issued by the International Auditing and Assurance Standards Board. Those standards require that we plan and perform our procedures to obtain limited assurance whether
anything has come to our attention that causes us to believe that the selected indicators in the 2024 Sustainability Report (including the GHG emissions) was not prepared, in all
material respects, in accordance with the suitable Criteria.
Based on risk and materiality considerations, we performed our procedures to obtain sufficient and appropriate assurance evidence. The procedures selected depend on the assur-
ance practitioner’s judgement. A limited assurance engagement under ISAE 3000 (Revised) and ISAE 3410 is substantially less in scope than a reasonable assurance engagement in
relation to both the risk assessment procedures, including an understanding of internal control, and the procedures performed in response to the assessed risks. Consequently, the
nature, timing and extent of procedures for gathering sufficient appropriate evidence are deliberately limited relative to a reasonable assurance engagement and therefore less assur-
ance is obtained with a limited assurance engagement than for a reasonable assurance engagement.
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4 Burckhardt Compression Holding AG | Independent practitioner's limited assurance report
We performed the following procedures
Assessing the suitability in the circumstances of Company’s use of the suitable Criteria, applied as explained in the GRI index and footnote 2 on page 68 in the 2024 Sustainability
Report (including the GHG emissions) to the selected indicators in the 2024 Sustainability Report (including the GHG emissions);
Inquiries and detailed walkthroughs with relevant stakeholders for the selected indicators in the 2024 Sustainability Report (including the GHG emissions);
Inspection of process and control descriptions and other internal guidelines and relevant documents;
Analytical procedures;
Reperformance of relevant calculations (including the GHG emissions);
Additional assurance procedures as deemed necessary (e.g. sample-based source tracing);
Local level procedures (site visits to inspect local processes and reconcile source evidence).
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.
Conclusion
Based on the work we performed, nothing has come to our attention that causes us to believe that the selected indicators in the 2024 Sustainability Report (including the GHG emis-
sions) of Burckhardt Compression Holding AG for the period from 1 April 2024 to 31 March 2025 are not prepared, in all material respects, in accordance with the suitable Criteria.
Restriction of use and purpose of the report
This report is prepared for, and only for, the Management of Burckhardt Compression Holding AG, and solely for the purpose of reporting to them on selected indicators in the 2024
Sustainability Report (including the GHG emissions) and no other purpose. We do not, in giving our conclusion, accept or assume responsibility (legal or otherwise) or accept liability
for, or in connection with, any other purpose for which our report including the conclusion may be used, or to any other person to whom our report is shown or into whose hands it may
come, and no other persons shall be entitled to rely on our conclusion.
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PricewaterhouseCoopers AG
Petra Schwick
Alisha Mala Dhuna
Zürich, 4 June 2025
The maintenance and integrity of Burckhardt Compression Holding AG's website and its content are the responsibility of the Management; the work carried out by us as
the assurance practitioner does not involve consideration of the maintenance and integrity of the Burckhardt Compression Holding AG's website, accordingly, we accept
no responsibility for any changes that may have occurred to the reported selected indicators (including the GHG emissions) marked with the check mark in the 2024
Sustainability Report or suitable Criteria since they were initially presented on the website.
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Declaration of the Board of Directors
The Board of Directors of Burckhardt Compression Holding
AG is responsible for the preparation and presentation of the
Sustainability Report 2024 in accordance with the applicable
regulations.
The Board of Directors of Burckhardt Compression Holding
AG approved the Sustainability Report for the financial year
2024 and commits to make it accessible on the Company’s
website for a minimum of ten years.
Non-financial matters according to article 964b
of the Swiss Code of Obligations (CO)
Chapters in this report
Environmental matters
Greenhouse gas emissions and climate change
Energy use and efficiency
Longevity and cyclability
Environmental impacts of application purpose
Social matters
Product safety
Dialog with our stakeholders
Employee related matters
Working conditions
Occupational health and safety
Respect for human rights
Overarching human rights, environmental, and governance due diligence
Supply chain due diligence
Combating corruption
Business conduct
Winterthur, June 3, 2025
Ton Büchner
Chairman of the Board of Directors
Dr. Stephan Bross
Member of the Board of Directors
David Dean
Member of the Board of Directors
Tatiana Gillitzer
Member of the Board of Directors
Maria Teresa Vacalli
Member of the Board of Directors
Kaspar Kelterborn
Member of the Board of Directors
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Declaration of the
Board of Directors
Corporate
Governance
Burckhardt Compression is committed
to responsible corporate governance.
The company adheres to the Directive
on Information Relating to Corporate
Governance (DCG) issued by SIX Swiss
Exchange, where applicable to Burckhardt
Compression, and to the “Swiss Code of
Best Practice for Corporate Governance”
issued by economiesuisse.
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90
1.
Group structure and shareholders
92
2.
Capital structure
93
3.
Board of Directors
94
4.
Executive Management
100
5.
Compensation, shareholdings and loans
103
6.
Shareholders’ participation rights
104
7.
Changes of control and
104
defensive measures
7A.
Transparency on non-financial
104
matters
8.
Auditors
104
9.
Information policy
105
10. Quiet periods
105
Table of contents
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Burckhardt Compression has scheduled its Annual General
Meeting 2025 on July 5, 2025.
The information presented in this report reflects the situa
tion on March 31, 2025, unless otherwise noted, and this
report is structured in accordance with the latest DCG’s out
line and numbering.
1.
Group structure and shareholders
1.1. Group structure
1.1.1. Description of the operational group
structure
Burckhardt Compression is managed through a divisional
organizational structure consisting of two divisions, the Sys
tems Division (compressor manufacturing business) and the
Services Division (compressor services and components).
The management structure of Burckhardt Compression is
shown in the organizational chart below:
1.1.2. Listed Group companies
Burckhardt Compression Holding AG, a corporation organ
ized under the laws of Switzerland with its legal domicile in
Winterthur, is the only listed Group company. Burckhardt
Compression registered shares (BCHN) are listed on the SIX
Swiss Exchange in Zurich (ISIN: CH0025536027; security
number 002553602). Its market capitalization as per March
31, 2025, amounted to CHF 2’016’200’000. Burckhardt Com
pression Holding AG holds 20’868 BCHN shares (0.61% of the
total registered shares) per March 31, 2025.
1.1.3. Unlisted Group companies
Information on the unlisted companies included in the scope
of consolidation of Burckhardt Compression Holding AG is
given in the financial report on page 158, note 102, “Invest
ments in subsidiaries”.
With the exception of Burckhardt Compression Holding
AG, none of the companies included in the scope of consoli
dation hold any BCHN shares.
1.2. Significant shareholders
According to information available to the company from the
disclosure notifications of the SIX Exchange Regulation Ltd.,
the shareholders listed in the following table reported share
holdings of at least 3% of the voting rights as per March 31,
2025. In accordance with the company’s Articles of Incorpo
ration, the voting rights of NN Group N.V., The Goldman
Sachs Group Inc., Swisscanto Fondsleitung AG and UBS Fund
Management (Switzerland) AG are limited to 5.0% of the
total number of BCHN registered shares recorded in the
Share Register:
Name
Country
of shares
in %
UBS Fund Management (Switzerland) AG
CH
9.577
MBO shareholder group (Valentin Vogt, Dan
iela Vogt, Harry Otz, Leonhard Keller, Martin
Heller, Ursula Heller, Marcel Pawlicek)
CH
8.696
NN Group N.V.*
NL
9.86
The Goldman Sachs Group, Inc.**
US
6.45
Swisscanto Fondsleitung AG
CH
5.004
BlackRock, Inc.***
US
3.04 / 0.03
* According to the notification to the Disclosure office of SIX Exchange Regulation
Ltd. published on November 19, 2021.
** According to the notifications to the Disclosure Office of SIX Exchange Regulation
Ltd. published on June 24, 2022, and May 11, 2023, respectively, with the
following remark: “This notification is being made because The Goldman Sachs
Group, Inc. (“GS Group”) has acquired control of NN Investment Partners Holdings
N.V. (“NNIP”) and NNIP has a discretionary asset management mandate with
respect to BCHN shares which are owned by NN Group N.V.”
*** The 0.03% refers to the notified selling positions.
More detailed information on the disclosure notifications is
available on the website of the SIX Swiss Exchange’s Disclo
sure Office (https://www.ser-ag.com/en/resources/notifica
tions-market-participants/significant-shareholders.html#/).
1.3. Cross-shareholdings
Burckhardt Compression Holding AG has no cross-share
holdings with any other company or group of companies.
President Systems Division
Andreas Brautsch
President Services Division
Rainer Dübi
CFO
Rolf Brändli
CHRO
Vanessa Valentin
CEO
Fabrice Billard
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2.
Capital structure
2.1. Capital
The issued share capital of Burckhardt Compression Holding
AG amounts to CHF 8’500’000, comprising 3’400’000 fully
paid registered shares with a nominal value of CHF 2.50 each.
2.2. Capital band and conditional capital in
particular
At the Annual General Meeting 2023, a new capital band was
introduced in the Articles of Incorporation. As per Article 3a
of Burckhardt Compression Holding AG’s Articles of Incorpo
ration, Burckhardt Compression Holding AG has a capital
band between CHF 8’075’000 (lower limit) and CHF 9’350’000
(upper limit). The Board of Directors is authorized to increase
or reduce the share capital at any time, once or several times
and in any amounts, to a maximum of CHF 9’350’000 up to
July 1, 2028. Within the capital band, the capital can be
increased by issuing up to 340’000 fully paid-up registered
shares with a nominal value of CHF 2.50 each or decreased
by expunging a maximum of 170’000 registered shares with a
nominal value of CHF 2.50 each.
The company does not have any conditional capital.
Details on the capital band
The transferability of the shares is restricted as provided for
in the Articles of Incorporation. Unless included in the Gen
eral Meeting’s authorization resolution, the Board of Direc
tors issues the required instructions. The Board of Directors
determines the issue price, issue date, conditions for exercis
ing the subscription right, the type of contribution in kind, if
applicable, and the beginning of the dividend entitlement.
The Board of Directors is entitled to exclude the shareholders’
subscription right in whole or in part in favor of third parties
if such new shares should be used (i) for the acquisition of
companies through an exchange of shares, or (ii) to finance
the acquisition of companies or parts of companies. The
Board of Directors can also exclude the subscription right if
the new shares are issued in the context of a public place
ment. Shares for which subscription rights have been
granted, but not exercised are allocated by the Board of
Directors at its sole discretion.
2.3. Changes in capital
There has been no movement (increase or decrease) in share
capital since the Initial Public Offering (IPO) in June 2006.
2.4.
Shares and participation certificates
Voting rights may only be exercised after the shareholder has
been registered in the Share Register. All shares are entitled
to full dividend rights. Voting rights per shareholder are
restricted to 5.0% of the total number of the registered
shares recorded in the commercial register. This does not
apply to shareholders who were in possession of more than
5.0% of the shares of Burckhardt Compression Holding AG
before the IPO. The voting rights of treasury shares – held by
Burckhardt Compression Holding AG – are suspended. The
company has not issued any participation certificates.
2.5.
Dividend-right certificates
The company has not issued any dividend-right certificates.
2.6. Limitations on transferability and nominee
registrations
2.6.1. Limitations on transferability
No person or entity will be registered as a shareholder in the
Share Register for more than 5.0% of the issued share capi
tal. This entry restriction is also applicable to persons whose
shares are totally or partially held by Nominees (please refer
to below Chapter 2.6.3). Further, this restriction is also valid
if shares are acquired through the exercise of subscription,
option, or conversion rights, with the exception of shares
acquired through inheritance, division of an estate or marital
property law. Legal entities and partnerships associated
with each other by uniformly managed capital or votes or in
any other way, as well as private and legal entities or partner
ships which form an association to evade registration restric
tions, are regarded as one person.
This restriction on voting rights does not apply to share
holders who were in possession of more than 5.0% of the
shares of Burckhardt Compression Holding AG before the
IPO. The Board of Directors is entitled to grant exceptions to
the registration requirements in special circumstances.
A shareholder may be represented at the Annual General
Meeting by the independent proxy holder or by another per
son with legal capacity. All shares held by a shareholder can
only be represented by one person.
The company may further refuse registration as a share
holder with voting rights, if the acquirer does not expressly
declare upon request that it holds the shares in its own name
and for its own account.
2.6.2 Reasons for granting exceptions
The company has not granted any exceptions during the last
year.
2.6.3. Nominee registrations
Individual persons who have not expressly declared in their
registration application that they hold the shares for their
own account (nominees) will be entered in the Share Register
with voting rights if the nominee concerned provides proof
that it is subject to supervision by an accredited bank and
financial market regulator and if it has concluded an agree
ment with the Board of Directors concerning its status. Nom
inees holding up to 2.0% of the issued shares will be entered
in the Share Register with voting rights without having to
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sign an agreement with the Board of Directors. Nominees
holding more than 2.0% of the issued shares will be entered
in the Share Register with 2.0% voting rights and, for the
remaining shares, without voting rights. Above this 2.0% cap,
the Board of Directors may have nominees entered in the
Share Register with voting rights if they disclose the names,
the addresses, the nationalities, and the shareholdings of the
persons for whom they hold more than 2.0% of the issued
share capital. The Board of Directors is entitled to approve
exceptions from the statutory conditions for registration
with respect to special circumstances.
2.6.4. Cancelling privileges and limitations on
transferability
Amendments to the Articles of Incorporation (including can
celling privileges and limitations on transferability) require
the approval of at least two-thirds of the share votes repre
sented at the Annual General Meeting.
2.7. Convertible bonds and options
The company does not have any outstanding convertible
bonds and has not issued any option rights.
3.
Board of Directors
3.1./3.2. Members of the Board of Directors/
Other activities and vested interests
The Articles of Incorporation stipulate that the Board of
Directors consists of a minimum of three (3) and a maximum
of seven (7) members. Since the Annual General Meeting in
2021, all members of the Board of Directors have been
non-executive and independent, in accordance with the
“Swiss Code of Best Practice for Corporate Governance” by
economiesuisse.
The composition of the Board of Directors is as follows:
Name
Nationality
Function
First elected
Term expires
Ton Büchner
CH/NL
Chair, non-executive; Chair SSC
2020
2025
Dr. Stephan Bross
DE
Member, non-executive; member NCC
2014
2025
David Dean
CH
Member, non-executive; Chair AC
2019
2025
Maria Teresa Vacalli
CH
Member, non-executive; Chair NCC, member AC
2022
2025
Kaspar Kelterborn
CH
Member, non-executive; member AC, member SSC
2023
2025
Tatiana Gillitzer
DE/US
Member, non-executive; member NCC
2024
2025
AC = Audit Committee
|
NCC = Nomination and Compensation Committee
|
SSC = Strategy and Sustainability Committee
No member of the Board of Directors has served as a member
of the Executive Management of Burckhardt Compression
Holding AG and/or any subsidiary within Burckhardt Com
pression. Furthermore, none of the members of the Board of
Directors has material business relationships with Burck
hardt Compression AG and/or any subsidiary within Burck
hardt Compression.
Biographical details and information on other activities and
commitments of the individual members of the Board of
Directors are given on the following page:
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Ton Büchner (1965)
Independent Board Member since 2020
Education
MBA, IMD Business School, Switzerland
MSc in Civil Engineering, Delft University of Technology, The
Netherlands
NACD CERT Certificate in Cybersecurity Oversight
Professional background
2012–2017 Chair of the Executive Management and CEO,
AkzoNobel NV, The Netherlands
2007–2011 CEO, Sulzer AG, Switzerland
2003–2007 President, Sulzer Pumps, Switzerland
2000–2002 President, Sulzer Turbomachinery Services,
Switzerland
1994–2000 Various management positions, Sulzer AG,
Switzerland
Duties and responsibilities as a director of Burckhardt
Compression Holding AG
– Chair of the Board of Directors
– Chair of the Strategy and Sustainability Committee
Other activities and commitments
– Member of the Board of Directors, Novartis AG, Switzerland
– Chair of the Board of Directors, Swiss Prime Site AG,
Switzerland
– Advisor, Ammega, Switzerland
Dr. Stephan Bross (1962)
Independent Board Member since 2014
Education
PhD in Mechanical Engineering, TU Braunschweig, Germany
Professional background
Since 2018 Executive Management member (CTO), KSB SE & Co.
KGaA, Germany
2017 Executive Management member, Technology, KSB AG,
Germany
2014–2017 Senior Vice President, Pumps, KSB AG, Germany
2007–2013 Senior Vice President, Service, KSB AG, Germany
2002–2007 Head Product Management and Development
Engineered Pumps, KSB AG, Germany
1997–2001 Head Development and Services Fluid Flow Technical
Systems, KSB AG, Germany
1996–1997 Head of Fluid Mechanics Research, KSB AG, Germany
1993–1996 R&D Engineer, KSB AG, Germany
Duties and responsibilities as a director of Burckhardt
Compression Holding AG
– Member of the Board of Directors
– Member of the Nomination and Compensation Committee
Other activities and commitments
– Managing Director, KSB Management SE, Germany
– Member of the Board of Directors, KSB Ltd., India (a fully
consolidated subsidiary of KSB SE & Co. KGaA)
David Dean (1959)
Independent Board Member since 2019
Education
Swiss certified Expert for Accounting and Controlling
Swiss certified Public Accountant
Completed executive education programs at Harvard Business
School, Boston, USA, and at IMD, Lausanne, Switzerland
Professional background
Since 2019 Self-employed, Switzerland
2004–2019 CEO, Bossard Group, Switzerland
1998–2004 CFO, Bossard Group, Switzerland
1993–1998 Deputy CFO and Corporate Controller, Bossard Group,
Switzerland
Duties and responsibilities as a director of Burckhardt
Compression Holding AG
– Member of the Board of Directors
– Chair of the Audit Committee
Other activities and commitments
– Member of the Board of Directors, Bossard Holding AG,
Switzerland
– Member of the Board of Directors Komax Holding AG,
Switzerland
– Member of the Board of Directors, BRUGG Group AG,
Switzerland
– Member of the Board of Directors, Metall Zug AG, Switzerland
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Maria Teresa Vacalli (1971)
Independent Board Member since 2022
Education
MSc in Industrial Management and Manufacturing, ETH Zurich,
Switzerland
Professional background
2019–2022 Chair of the Executive Board, Bank Cler AG,
Switzerland
2018–2019 Chief Digital Officer & Member of the Executive
Management, Basler Kantonalbank, Switzerland
2016–2018 CEO, Moneyhouse AG, NZZ Mediengruppe, Switzerland
2013–2016 Sunrise Communication AG, Switzerland
2008–2013 Executive Director Wholesale, Switzerland
2002–2008 Director, Cablecom, Switzerland
2002 Manager GCI Management, Switzerland
2001 Manager, Ernst & Young, Center for Business Innovation
(CBI), Switzerland
2000–2001 Partner & Owner, Seavantage, Switzerland
1998–2000 Manager, PricewaterhouseCoopers, Switzerland
Duties and responsibilities as a director of Burckhardt
Compression Holding AG
– Member of the Board of Directors
– Member of the Audit Committee
– Chair of the Nomination and Compensation Committee
Other activities and commitments
– Member of the Board of Directors, Kardex Holding AG,
Switzerland
– Member of the Board of Directors, Die Schweizerische Post AG,
Switzerland
– Member of the Board of Directors, PostFinance AG, Switzerland
Kaspar Kelterborn (1964)
Independent Board Member since 2023
Education
Lic. oec. HSG, University of St. Gallen, Switzerland
Professional background
Since 2021 Owner, Kelterborn Advisory AG, Switzerland
2022 CFO ad interim & Member of the Executive Board;
Dormakaba Group, Switzerland
2006–2021 CFO & Member of the Executive Board, Conzzeta AG,
Switzerland
2002–2005 CFO & Member of the Executive Board,
Unaxis Holding AG, Switzerland
1997–2002 Various management positions, Clariant Group in the
United Kingdom, Singapore and Thailand
1993–1997 Head Controlling, Clariant Productos SA, Spain
1993–1995 Controller, Sandoz Venezuela SA, Venezuela
Duties and responsibilities as a director of Burckhardt
Compression Holding AG
– Member of the Board of Directors
– Member of the Audit Committee
– Member of the Strategy and Sustainability Committee
Other activities and commitments
– Member of the Board of Directors, EMS-Chemie Holding AG,
Switzerland
– Member of the Board of Directors, CPH Group AG, Switzerland
– Member of the Board of Directors, Wipf Holding AG, Switzerland
– Member of the Board of Directors, Karl Bubenhofer AG,
Switzerland
– Member of the Board of Directors, Perlen Industrieholding AG,
Switzerland
Tatiana Gillitzer (1968)
Independent Board Member since 2024
Education
MBA ESSEC Paris, France & Mannheim University, Germany
MSc. Engineering, Universidad Nacional de Colombia, Colombia
Executive education programs in supply chain management,
management and leadership, and digital transformation, ESSEC
Paris, France; IESE Barcelona, Spain; and IMD, Lausanne,
Switzerland
Professional background
Since 2023 Executive Vice President Service and Global Regional
Director, Marel, The Netherlands
2020–2023 Executive Vice President, CEO Region DACH &
Northern, Central and Eastern Europe, GEA Group AG, Germany
2017–2020 Vice President and Sales Director Liquid Foods NA,
JBT Group, USA
2012–2017 Managing Director GEA Hilge, Chairwoman GEA Food
Solutions, Managing Director Packaging & Slicing, Head of Board
Office, Strategy and Projects, GEA Group AG, Germany
1998–2012 Director Corporate Development and Venture Capital,
Henkel AG Co KGaA, Germany; General Manager Henkel
Biomedical, Henkel, Ireland
1995–1998 New Business Development Manager, Product
Manager Glycols and Amines, Hoechst AG, Germany
Duties and responsibilities as a director of Burckhardt
Compression Holding AG
– Member of the Board of Directors
– Member of the Nomination and Compensation Committee
Other activities and commitments
– Managing Director, Marel Management GmbH, Germany
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Independence of the Board of Directors
All members are non-executive and independent members of
the Board of Directors, as defined by the “Swiss Code of Best
Practice for Corporate Governance” from economiesuisse.
Non-executive members are considered independent if they
have never worked for Burckhardt Compression or have not
done so within the last three (3) years and have no or only
minor business relationships with the company.
3.3.
Rules in the Articles of Incorporation
concerning the number of permitted
activities
Members of the Board of Directors may not hold more than
ten (10) additional board memberships, of which not more
than four (4) in listed companies.
3.4. Election and term of office
Each member of the Board of Directors, the Chair of the
Board of Directors, and each member of the Nomination and
Compensation Committee are elected annually by the
Annual General Meeting. The members of the Board of Direc
tors shall be automatically retired from the Board of Direc
tors in the year in which they reach the age of seventy (70).
3.5.
Internal organization and structure
3.5.1. Allocation of tasks within the Board
of Directors
The competencies of the Board members are depicted in the
following matrix:
Ton Büchner
Stephan Bross
David Dean
Maria Teresa
Vacalli
Kaspar
Kelterborn
Tatiana
Gillitzer
Executive competence (>200 FTE)
•
•
•
•
•
•
Strategic competence
•
•
•
•
•
•
Competence in non-European cultures
•
•
•
•
•
Sustainability competence
•
•
•
•
Supply chain competence
•
•
•
Competence in BC markets
•
•
Technological competence
•
•
•
•
Financial competence
•
•
•
•
•
M&A competence
•
•
•
•
•
•
Board-level competence
•
•
•
•
•
CEO coaching competence
•
•
•
The company’s General Counsel, who serves as Secretary to the Board of Directors, holds a degree in law (mag. iur.).
3.5.2.
Committees of the Board of Directors
The Board of Directors has set up the following committees:
Audit Committee
The Audit Committee advises and supports the Board in all
matters related to external and internal audits, risk manage
ment, accounting policies and practices, and compliance
with issued accounting standards. The CEO, CFO, Head of
Internal Group Audit, and representatives of the external
auditors also participate in the Audit Committee’s ordinary
meetings. The members are David Dean (Chair), Maria Teresa
Vacalli, and Kaspar Kelterborn.
Nomination and Compensation Committee
This committee advises and assists the Board of Directors in
appointing, assessing, and dismissing members of the Execu
tive Management, and draws up proposals for the appoint
ment or dismissal of members of the Board of Directors. Fur
thermore, the Nomination and Compensation Committee
advises and assists the Board of Directors on matters related
to the compensation of directors and Executive Management
members. The CEO and the CHRO also attend the ordinary
meetings of the Nomination and Compensation Committee.
The members are Maria Teresa Vacalli (Chair), Dr. Stephan
Bross, and Tatiana Gillitzer.
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Strategy and Sustainability Committee
The Strategy and Sustainability Committee supports the
CEO in developing corporate strategy, advises the Board of
Directors on strategic matters such as acquisitions and
divestments, and ensures that sustainability (and social
responsibility) is an integral part of the company strategy. It
regularly evaluates the implementation of the company
strategy and submits proposals to the Board of Directors if
adjustments or other measures are deemed necessary. The
members are Ton Büchner (Chair) and Kaspar Kelterborn.
Additionally, the Strategy and Sustainability Committee,
together with the CEO, helps prepare the annual strategy
day.
3.5.3. Working methods
The Board of Directors has the final responsibility for the
business strategy and the management of Burckhardt Com
pression. It has final authority and defines the guidelines
regarding strategy, organization, financial planning, and
accounting for Burckhardt Compression. The Board of Direc
tors has delegated executive management responsibility to
the CEO of Burckhardt Compression. The Board of Directors
appoints a Secretary for the Board and for the company. The
Secretary does not need to be a member of the Board.
The Board of Directors meets as often as business
requires, but at least four (4) times per year. In fiscal year
2024, the Board of Directors and Board committees con
vened the following meetings (see table below).
The Board of Directors has a quorum when the majority
of the members are present. Decisions are passed by a sim
ple majority. In the event of a tie, the Chair has the casting
vote.
The CEO, the two Presidents of the Systems and Services
Divisions, the CFO, the CHRO and the General Counsel, in his
role as Secretary, are regularly invited to attend Board meet
ings to report on developments in their functional and/or
business areas.
Meeting
Governing
body
Duration
Ton
Büchner
Stephan
Bross
David
Dean
Tatiana
Gillitzer
Maria Teresa
Vacalli
Kaspar
Kelterborn
Monika
Krüsi
05/21/2024, meeting of
AC
6 hours
•
•
•
•
•
05/30/2024, meeting of
NCC
3 hours
•
•
•
05/31/2024, meeting of
BOD
8 hours
•
•
•
•
•
•
08/23/2024 meeting of
AC
1.5 hours
•
•
•
08/27/2024, meeting of
NCC
3 hours
•
•
•
09/02/2024, meeting of
BOD
6 hours
•
•
•
•
•
•
10/01/2024 meeting of
AC
0.5 hour
•
•
•
•
10/22/2024, meeting of
NCC
3.5 hours
•
•
•
•
10/30/2024, meeting of
AC
5 hours
•
•
•
•
10/31/2024, meeting of
BOD
6.5 hours
•
•
•
•
•
•
12/04/2024, meeting of
AC
1 hour
•
•
•
•
12/13/2024, meeting of
BOD
6 hours
•
•
•
•
•
•
01/15/2025, meeting of
SSC
8.5 hours
•
•
•
•
•
•
02/26/2025, meeting of
SSC
3 hours
•
•
03/04/2025, meeting of
NCC
3 hours
•
•
•
•
03/05/2025, meeting of
BOD
7.5 hours
•
•
•
•
•
•
BOD = Board of Directors | AC = Audit Committee | NCC = Nomination and Compensation Committee | SSC= Strategy and Sustainability Committee
In addition to the aforementioned meetings, the Board of
Directors held four (4) video conference calls, each lasting
between 60 and 90 minutes, with all members in attendance.
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3.6. Definition of areas of responsibility
The Board of Directors has delegated the operational man
agement of the company and the Group to the Executive
Management, with the exception of the duties that may not
be delegated by law, particularly the following:
– Approval of and changes to the Group strategy and
corporate goals
– Determination of the organization, the structure of the
accounting system, the financial planning and financial
controlling (including monitoring solvency) of the
company and the Group
– Approval of the periodic forecasts, the annual report and
of reporting and accounting policies
– Ensuring adequate internal control systems based on the
recommendations of the Audit Committee
– Determination of the appropriate capital structure
– Appointment and dismissal of members to and from the
Executive Management, as well as compensation of the
Executive Management
– Decisions on new subsidiaries, major capital expenditure
projects, acquisitions, financing transactions, the
insurance concept, and the provision of guarantees if such
decisions exceed the powers conferred to the CEO.
The powers of the Executive Management and of the Group
company executives are listed in detail in the organizational
rules (https://www.burckhardtcompression.com/about/
legal-compliance-quality/policies/).
3.7.
Information and control instruments
vis-à-vis the Executive Management
Order intake, the income statement, balance sheet, liquidity
planning, and cash flow, headcount, personnel costs, and
capital expenditure are consolidated and annotated on a
monthly basis. A rolling forecast of the Burckhardt Compres
sion results for the current and the coming fiscal years is also
prepared and annotated four (4) times a year (April, July,
October, and January). Targets for the coming fiscal year are
determined based on the January forecast. The financial
reports and the forecasts are distributed to the members of
the Executive Management and all members of the Board of
Directors. At every meeting of the Board of Directors, the
members of the Executive Management report on the course
of business and on all issues of relevance to Burckhardt Com
pression.
Internal Group Audit and internal control
system (ICS)
The Internal Group Audit reports to the Chair of the Audit
Committee of the Board of Directors. Management responsi
bility for Internal Group Audit has been delegated to the
Head of Group Controlling, who is also responsible for plan
ning and conducting the audits. The CFO is responsible for
the coordination between the Audit Committee and the Head
of the Internal Group Audit. Internal Group Audit consists of
qualified staff from Finance and Controlling of Burckhardt
Compression AG and several selected financial specialists
from Burckhardt Compression’s subsidiaries. Qualified
experts from other departments (e.g., IT, Legal & Compli
ance, or Human Resources) may be consulted, depending on
the auditing assignment. This well-structured organization is
designed to meet the specific needs and scale of Burckhardt
Compression, promoting a dynamic exchange of information
and best practices. The goal is to create sustained added
value through continuous process improvement. The inter
nal auditors undergo regular training for the performance of
their tasks. The training received is coordinated by the Head
of Internal Group Audit. The schedule for internal audits is
determined by the Audit Committee of the Board of Directors
on an annual basis and may be changed or expanded by the
Audit Committee as and when required. Nine (9) internal
audits were carried out in fiscal year 2024. The Internal
Group Audit’s reports were distributed to the management of
the audited company, the members of the Audit Committee
of the Board of Directors, the Executive Management mem
bers and to the external company auditors. The statutory
auditor assesses the effectiveness of the internal control
system (ICS) in a written report submitted to the Audit Com
mittee and the Board of Directors once a year.
Risk management
Burckhardt Compression has an integrated risk manage
ment policy. In a two-stage process, key risks are identified
using an anticipatory approach and grouped under one of
four risk categories – strategic, financial, operational or
legal/compliance – that have been defined by the Board of
Directors. The risks are then evaluated, managed, and strin
gently monitored, avoided, mitigated or transferred to third
parties through appropriate risk management measures.
The first stage of risk management consists of a continuous
risk management process, in which the Division Presidents
and the Burckhardt Compression Group functions (CEO, CFO,
CHRO, CIO, CCO) systematically identify and assess the risks
in a regular rhythm, define the necessary risk mitigation
measures together with the responsible persons, and set and
monitor deadlines for implementation. Internal and external
factors are included in the evaluation of potential risks.
The second stage of the risk management process con
sists of a periodic risk management review that takes place
twice a year at the meetings of the Board of Directors’ Audit
Committee. To this end, the Executive Management prepares
an overview of the main risks faced by Burckhardt Compres
sion and an assessment of the likelihood of these risks occur
ring and the effects they would have. This overview is pre
sented to the Audit Committee together with the risk
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mitigation measures, the people responsible for implement
ing them, and an implementation timetable. The Audit Com
mittee then reports to the Board of Directors about the find
ings of the risk management review.
Compliance
Burckhardt Compression has a group-wide compliance pro
gram focused on adhering to legal and internal regulations,
including the Code of Conduct and the Burckhardt Compres
sion “Values and Behaviors”. The compliance program has a
three-pillar framework:
– prevention (through policies and trainings);
– early detection (though different grievance channels); and
– response (different actions on compliance breaches and
fine tuning of policies).
In 2021, Burckhardt Compression introduced an updated
Code of Conduct, disseminated to all employees via e-train
ings. During fiscal year 2024, the Code of Conduct e-Learning
program was enhanced and implemented group-wide with
the help of a new external provider. This development facili
tates more comprehensive training and improved analysis of
training outcomes.
The grievance channel, “Speak Up”, has also been
updated and promoted across the Group to ensure enhanced
accessibility for all employees. This initiative aims to foster a
transparent and supportive environment where concerns
can be raised and addressed effectively.
Data protection continues to be a paramount concern at
Burckhardt Compression. Following the implementation of
the EU’s General Data Protection Regulation (GDPR) in previ
ous years and the New Federal Act on Data Protection during
fiscal year 2023, the Group has revised its data protection
policies in fiscal year 2024. The Data Protection Officer is
undergoing regular training to remain informed about the
increasingly complex legal developments and regulatory
framework.
In the realm of IT Security and Cybersecurity, Burckhardt
Compression has further strengthened its policies and
in-house training programs. An external provider has vetted
the reliability of the Group’s cybersecurity system, and sce
nario-based training sessions were conducted this year.
These sessions will be established as a regular annual prac
tice starting in 2026. Consequently, all employees are
required to participate in annual e-Learning sessions cover
ing essential cybersecurity knowledge.
Additionally, the Board of Directors, along with the Exec
utive Management and the General Counsel, has participated
in an in-person training provided by an external legal expert
in the field of business compliance and corporate miscon
duct to further enhance their expertise. This training is
intended to become a regular practice, ensuring continuous
development and alignment with the latest standards.
These initiatives collectively aim to generate sustained
added value for Burckhardt Compression by continuously
improving processes, ensuring technical resilience, main
taining legal compliance, and fostering a proactive approach
to employee engagement and training.
3.8.
Gender guidelines
As part of its extended duties, the Nomination and Compen
sation Committee assesses succession planning for the
Board of Directors in order to ensure a balanced composition
of the Board of Directors. The Board of Directors has
increased the gender ratio from 20% to 33% of women on the
Board of Directors during the elections in 2022.
3.9.
Self-evaluation of the Board of Directors
Regarding the previous fiscal year, the Board of Directors
conducted a self-evaluation of its work and that of its individ
ual committees. The evaluation process covered purpose,
scope, composition, and responsibilities and was done as an
internal evaluation only. Each member of the Board of Direc
tors completed a questionnaire, and the detailed findings
were presented back to the Board of Directors. Improvement
measures were defined and will be regularly reviewed to
ensure ongoing effectiveness and alignment with the Group’s
objectives.
4.
Executive Management
4.1./4.2 Members of the Executive Management/
Other activities and vested interests
Name
Nationality
Function
Fabrice Billard
CH/FR
CEO
Rolf Brändli
CH
CFO
Vanessa Valentin
CH
CHRO
Andreas Brautsch
DE
President Systems Division
Rainer Dübi
CH
President Services Division
Biographical details and information on other activities and
commitments of the members of the Executive Manage
ment:
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Fabrice Billard (1970)
Education
MSc in Aeronautics and Aerospace Engineering,
Ecole Centrale Paris, France
Professional background
Since April 2022 CEO Burckhardt Compression Group,
Switzerland
2016–2022 President Systems Division,
Burckhardt Compression Group, Switzerland
2015–2016 Chief Strategy Officer, Sulzer, Switzerland
2012–2015 Head Business Unit Mass Transfer Technology,
Sulzer Chemtech, Switzerland/Singapore
2010–2012 Head Europe, Middle East, India, Russia & Africa
Business Unit, Mass Transfer Technology, Sulzer Chemtech,
Switzerland
2008–2010 Vice President Business Development,
Sulzer Chemtech, Switzerland
2005–2008 Head Global Customer Services, Sulzer Pumps,
Switzerland
2004–2005 Strategic Development Manager, Sulzer Corporate,
Switzerland
1999–2004 Principal, The Boston Consulting Group, Switzerland/
France
Rolf Brändli (1968)
Education
Degree in Business Administration, HWV Zürich, Switzerland
Professional background
Since 2008 CFO, Burckhardt Compression Group, Switzerland
2001–2008 Head of Finance & Administration, Sulzer Brasil S.A.,
Brazil;
Regional Controller, Sulzer Pumps South America & South Africa
1997–2001 Regional Controller Asia/Pacific,
Sulzer International Ltd.;
General Manager, Sulzer Hong Kong Ltd., Hong Kong, SAR China
1994–1997 Management Consultant, OBT Treuhand AG Zurich,
Switzerland
Vanessa Valentin (1979)
Education
BSc in Developmental Psychology, University of Sussex, UK
MSc in Human Resources, The London School of Economics and
Political Science (LSE), UK
Professional background
Since June 2022 Chief Human Resources Officer, Burckhardt
Compression Group, Switzerland
2016–2022 Senior VP Human Resources, VAT Group, Switzerland
2012–2016 Human Resources Director, Alstom, Switzerland
2007–2012 Human Resources Leader, GE Oil & Gas, Italy,
Australia, US
2005–2007 Human Resources Leadership Program, GE, Germany,
Italy, US
2003–2005 Human Resources Manager, Health Protection
Agency, UK
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Rainer Dübi (1969)
Education
Degree in Mechanical Engineering, HTL Winterthur, Switzerland
MASBA School of Management, Switzerland
Professional background
Since 2019 President Services Division,
Burckhardt Compression Group, Switzerland
2012–2019 Head of Design & Manufacturing, Burckhardt
Compression AG, Switzerland
2010–2012 Senior Sales Manager, Burckhardt Compression AG,
Switzerland
2007–2010 Manager Sizing, Burckhardt Compression AG,
Switzerland
2003–2007 Sizing Project Engineer, Burckhardt Compression AG,
Switzerland
2001–2003 Commissioning Lead Engineer, Alstom, Switzerland
1999–2001 Commissioning Engineer, ABB, Switzerland
Andreas Brautsch (1974)
Education
MSc in Mechanical Engineering, TH Regensburg, Germany
PhD, Mechanical Engineering, Heriot Watt University,
Edinburgh, UK
Professional background
Since October 2022 President Systems Division,
Burckhardt Compression Group, Switzerland
2019–2022 Group Vice President, Global Lead Switchgear
Business Hitachi Energy, Switzerland
2017–2019 Group Vice President, Business Transformation Lead
Hitachi Energy, Switzerland
2015–2017 Global Business Lead Industrial Gas Power Business,
General Electric, USA
2012–2015 Platform Director H-class Gas Power Generation,
Alstom Power, Switzerland
2008–2012 Head of Products, Carbon Capture Systems,
Alstom Power, Switzerland
2002–2008 Global Innovation Lead, Alstom Power, USA
1998–2000 Implementation Lead for local joint venture, Siemens,
China
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4.3.
Rules in the Articles of Incorporation
concerning the number of permitted
activities
Members of the Executive Management may not hold more
than five (5) external mandates, of which not more than two
(2) may be in listed companies.
4.4.
Management contracts
There are no management contracts with third parties.
4.5.
Gender guidelines
As part of its extended duties, the Nomination and Compensa
tion Committee assesses succession planning for the Execu
tive Management in order to ensure a balanced composition
of the Executive Management. The Board of Directors aims to
ensure a diversified Executive Management. The gender ratio
is currently 20% women in the Executive Management.
5.
Compensation, shareholdings
and loans
5.1.
Compensation and shareholding programs
The principles and elements of compensation paid to mem
bers of the Board of Directors and the Executive Management
as well as the authority and the mechanisms used to deter
mine such compensation are explained in the Compensation
Report on pages 106 to 123.
The shareholdings of the members of the Board of Direc
tors and the Executive Management in Burckhardt Compres
sion Holding AG are listed in the Compensation Report on
pages 106 to 123 and in the financial statements, note 103,
“Share capital and shareholders” on page 159.
Burckhardt Compression did not grant any loans, credit
or collateral to any of the members of the Board of Directors
or the Executive Management in fiscal year 2024 and there
are no arrangements of this nature outstanding.
5.2.
Rules in the Articles of Incorporation
5.2.1. on performance-related payments and
allocations
The rules in the Articles of Incorporation on the principles
applicable to performance-related pay and to the allocation
of shares, contingent rights to receive shares or comparable
instruments of the company, as well as the additional
amount for payments to members of the Executive Manage
ment newly appointed after the vote on pay at the Annual
General Meeting of shareholders are available on the website
of Burckhardt Compression in the Articles of Incorporation
(Art. 25, Art. 26 and Art. 27). (https://www.burckhardtcom
pression.com/about/investors/financial-reports-archive/).
5.2.2. on loans, credit facilities and post-
employment benefits
The rules in the Articles of Incorporation on loans, credit
arrangements and pension plan benefits for members of the
Board and the Executive Management are available on the
website of Burckhardt Compression in the Articles of Incor
poration (Art. 29). (https://www.burckhardtcompression.com/
about/investors/financial-reports-archive/).
5.2.3. on the vote on pay at the Annual General
Meeting
The rules in the Articles of Incorporation on the vote on pay
at the Annual General Meeting are available on the website
of Burckhardt Compression in the Articles of Incorporation
(Art. 24). (https://www.burckhardtcompression.com/about/
investors/financial-reports-archive/).
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6.
Shareholders’ participation rights
6.1. Voting rights restrictions and
representation
6.1.1. Rules in the Articles of Incorporation on
restrictions to voting rights
Please refer to above Chapter 2.6.1. To amend the restrictions
to voting rights, the statutory quorum for changes to the
company’s Articles of Incorporation is required (please refer
to below Chapter 6.2).
6.1.2. Rules in the Articles of Incorporation on the
issue of instructions to the independent proxy, and
any rules in the Articles of Incorporation on the
electronic participation in the General Meeting of
shareholders
The rules in the Articles of Incorporation on the issue of
instructions to the independent proxy and on the provision
that a shareholders’ meeting may be held by electronic
means without a physical venue are available on the website
of Burckhardt Compression in the Articles of Incorporation
(Art. 9 and Art. 13). (https://www.burckhardtcompression.
com/about/investors/financial-reports-archive/).
6.2. Statutory quorums
A majority of at least two-thirds of the voting rights repre
sented is required for changes to the company’s Articles of
Incorporation. Dissolution or merging of the company
requires the presence or representation of at least half of the
issued shares and the approval of at least two-thirds of the
present or represented share votes on the petition submit
ted.
6.3.
Convocation of the Annual General Meeting
of Shareholders
None of the applicable rules deviate from the law.
6.4. Inclusion of items on the agenda
Under the Articles of Incorporation, shareholders represent
ing jointly at least 0.5% of the share capital or of the votes
may request discussion of an item at a General Meeting. Sub
ject to the same requirements, the shareholders may request
that petitions relating to items on the agenda be included in
the notice convening the General Meeting. The correspond
ing petition should be submitted in writing to the Board of
Directors of the company at least forty (40) days prior to the
scheduled meeting stating the proposed item and petitions
of the shareholders.
6.5. Entries in the Share Register
The record date for registered shareholders to be entered in
the Share Register prior to an Annual General Meeting will be
stated in the invitation to the Annual General Meeting.
7.
Changes of control and defensive
measures
7.1.
Duty to make an offer
Once a shareholder acquires 33% of share capital and voting
rights, it will be under an obligation to submit a public tender
offer. The Articles of Incorporation contain neither an opt
ing-out nor an opting-up clause.
7.2. Clauses on change of control
There are no provisions for special severance payments for
members of the Board of Directors or members of the Execu
tive Management or other employees in the event of a change
of control over Burckhardt Compression Holding AG.
7A. Transparency on non-financial
matters
The report on non-financial matters (in accordance with the
requirements of the Articles 964b and 964c of the Swiss
Code of Obligations) is included on page 33. This report will
be submitted to the Annual General Meeting for a consulta
tive vote.
8.
Auditors
8.1. Duration of mandate and term of office
of the auditor in charge
8.1.1. Date of assumption of the current audit
mandate
Ernst & Young AG (EY) has been the statutory auditor of
Burckhardt Compression Holding AG since 2024 and is also in
charge of the audit of the consolidated financial statements.
The statutory auditor is elected by the Annual General Meet
ing of shareholders for one (1) year at a time. As a matter of
good practice, Burckhardt Compression tenders its external
audit contracts at least every ten (10) years and examines all
bids received. The most recent invitation to tender was
issued during fiscal year 2023. Following this process, EY was
pre-selected by the Board of Directors and subsequently
approved by the shareholders at the Annual General Meeting.
8.1.2. Date on which the lead auditor responsible
for the current audit mandate took up office
The auditor in charge will be changed after a maximum
period of seven (7) years. Marco Casal has served as auditor in
charge since the 2024 reporting period.
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8.2. Auditor’s fees
Total fees for auditing services provided by EY worldwide
during fiscal year 2024 amounted to TCHF 413 (previous year:
TCHF 429 (PricewaterhouseCoopers AG)). Moreover, a one-
time audit fee of TCHF 70 was incurred due to the change in
accounting principle.
8.3. Additional fees
The additional fees for services provided by EY worldwide
during fiscal year 2024 are in the amount of TCHF 50 (previ
ous year: TCHF 72 (PricewaterhouseCoopers AG)). These
include TCHF 13 for tax services and TCHF 37 for other con
sulting services. Additional services rendered by EY outside
the audit mandate are compatible with the audit assignment.
8.4. Information instruments pertaining to the
external audit
The Audit Committee assists the Board of Directors in moni
toring the company’s accounting and financial reporting. It
assesses the internal control procedures, the management
of business risks, the audit plan and scope, the conduct of the
audits and their results. The Audit Committee also reviews
the auditor’s fees. The statutory auditor is present during the
examination of the consolidated annual and semi-annual
financial statements. Once a year, the members of the Audit
Committee receive from the statutory auditor a summary of
the audit findings and suggested improvements. The Audit
Committee held five (5) meetings during the 2024 reporting
period. The auditor in charge and another representative of
the auditor took part in two of these meetings.
9.
Information policy
In general, Burckhardt Compression Holding AG reports
order intake, sales, operating results, balance sheet, cash
flow, and changes in shareholders’ equity on a semi-annual
basis, together with comments on the trend of business and
the outlook for the future. Burckhardt Compression Holding
AG provides price-sensitive information in accordance with
the ad hoc disclosure requirements set out in the Listing
Rules of the SIX Swiss Exchange. Burckhardt Compression
Holding AG will send price-sensitive information to all inter
ested parties via an email distribution list. Financial reports
are available on our website (www.burckhardtcompression.
com) and will be delivered to interested parties on request.
Key dates for 2025 and 2026
July 5, 2025
Annual General Meeting
November 4, 2025
Results for the first half of 2025 (closing September 30, 2025)
June 4, 2026
2025 Annual Report (closing March 31, 2026)
July 3, 2026
Annual General Meeting
Details of these dates, possible changes, the company profile,
current share prices, presentations, and contact addresses
can be found at www.burckhardtcompression.com, where
interested parties can also subscribe to the email distribution
list.
10. Quiet periods
No member of the Board of Directors, member of the Execu
tive Management or other employee of Burckhardt Compres
sion specifically notified by the CFO may trade with Burck
hardt Compression shares listed in the stock exchange or any
other exchange-traded financial instruments relating to
BCHN shares, such as derivates, during the period starting
from March 1 and September 1, respectively and ending with
the close of the second trading day after Burckhardt Com
pressions’ public release of the relevant annual or half- year
report.
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Compensation
Report
This Compensation Report describes
the policies and system in place for the
compensation of the Board of Directors
and the Executive Management
of Burckhardt Compression, together
with information on their annual
compensation, shareholdings, and
activities at other companies.
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106
1.
Basis
108
2.
Organization, Duties and Powers
108
3.
Compensation system
109
4.
Compensation allocated with
113
comparative figures for the previous year
5.
Overview of shareholdings
117
and participation rights
6.
Transactions with the Board of Directors,
118
the Executive Management and related
parties
7.
Activities at other companies
119
Report of the statutory auditor to the
121
general meeting
Table of contents
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1.
Basis
At Burckhardt Compression, the policies and system in place
for the compensation of the Board of Directors and the Exec
utive Management are based on the requirements of the
Swiss Code of Obligations, the Directive on Information relat
ing to Corporate Governance (DCG) issued by the SIX Swiss
Exchange, the Swiss Code of Best Practice for Corporate Gov
ernance, and the Articles of Incorporation of Burckhardt
Compression Holding AG.
2.
Organization, Duties and Powers
The Nomination and Compensation Committee (NCC) is com
prised of at least two members of the Board of Directors. The
members of the NCC are elected individually and annually by
the Annual General Meeting (AGM) and their term of office
shall expire at the end of the subsequent AGM. The AGM of
July 5, 2024, re-elected Maria Teresa Vacalli and Dr. Stephan
Bross and newly elected Tatiana Gillitzer to the NCC. The
Board of Directors appointed Maria Teresa Vacalli as Chair of
the NCC.
The NCC meets a minimum of twice a year. In fiscal year
2024, it met four times. The CEO and Chief Human Resources
Officer (CHRO) attend these meetings in an advisory capac
ity, except during deliberation on meeting topics that pertain
to themselves (including their own performance and com
pensation). The NCC draws up minutes of its meetings and
distributes them to the Board of Directors. Following each
NCC meeting, the Board of Directors is informed of the topics
discussed and the proposals of the NCC are brought to the
next possible meeting of the Board of Directors.
The duties and powers of the NCC are set forth in the
company’s Articles of Incorporation and its Organizational
Rules (https://www.burckhardtcompression.com/incorpora
tion). The regulations are regularly reviewed. The NCC sup
ports the Board of Directors in the performance of its duties
pertaining to the compensation and personnel policies of the
company and the entire Group as prescribed by law or the
company’s Articles of Incorporation. The most important
duties and powers of the NCC with regard to compensation
are given in the table below. In fiscal year 2024, PwC provided
services related to executive compensation, including bench
marking analyses for the Board of Directors and the Execu
tive Management (details are outlined in sections 3.1 and 3.2).
PwC provided other services to Burckhardt Compression and
there were clear rules in place to ensure independence. Fur
ther, compensation market data was provided by Willis Tow
ers Watson. No other external advisors were consulted on
remuneration matters in fiscal year 2024.
Topic
Proposal/
recommendation by
Approval
authority
Compensation principles
and guidelines
NCC
BOD
Compensation Report
NCC
BOD
Compensation
of Board of Directors
NCC
BOD, subject
to AGM approval
Compensation of CEO
NCC
BOD, subject
to AGM approval
Compensation of Executive
Management (excl. CEO)
NCC, upon proposal
by the CEO
BOD, subject
to AGM approval
Loans to members of the
Executive Management
CEO
NCC
BOD = Board of Directors
NCC = Nomination and Compensation Committee
AGM = Annual General Meeting
The AGM of Burckhardt Compression Holding AG casts the
following votes in relation to the compensation of the Board
of Directors and Executive Management:
Previous
Fiscal
Year
Current
Fiscal
Year
Next
Fiscal
Year
AGM
Board of
Directors
Maximum aggregate
FIXED compensation
•
Executive
Management
Maximum aggregate
FIXED compensation
•
Maximum aggregate
VARIABLE
compensation
•
Consultative vote on
Compensation Report
•
In addition, the principles of compensation are governed by
the Articles of Incorporation, which are also approved by the
shareholders. The provisions of the Articles of Incorporation
are listed below: https://www.burckhardtcompression.com/
incorporation
– Article 24: Approval of compensation by the General
Meeting
– Article 25: Additional amount for new members of the
Executive Management
– Article 26: General compensation principles
– Article 27: Contracts with regard to compensation
– Article 28: Mandates outside the Company
– Article 29: Loans, credits, and pension benefits outside
the occupational benefits insurance
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To align with common practice, the Board of Directors pro
poses at the AGM in 2025 to amend Article 24 para 1 of the
Articles of Incorporation to the effect that the maximum
total amount of the fixed remuneration of the Board of Direc
tors is approved annually until the next ordinary AGM,
whereas previously the approval was for the financial year
following the AGM.
In order to further foster transparent disclosure in the Com
pensation Report, Burckhardt Compression actively reached
out to proxy advisors and investors in fiscal year 2024 to bet
ter understand the areas of improvement. An overview of
those shareholder engagements, including the key topics
discussed as well as Burckhardt Compression’s response and
measures adopted, is provided in the below table.
Key topics
discussed
Burckhardt Compression’s response
and measures adopted
Ex-post
disclosure of
the short-term
incentive (STI)
Shareholders highlighted the importance of providing
more detailed ex-post disclosure on STI performance
achievements. Burckhardt Compression wishes to
pursue a transparent disclosure approach: The STI is
calculated as a percentage of net income and is paid in
cash on an annual basis, provided that at least 4%
return on sales (on a net income basis) was achieved.
The percentage of net income is role-specific and
depends on the global grading of the role. The
Compensation Report includes information on the CEO
as well as the other members of the Executive
Management. The STI is determined by applying a
defined formulaic approach where no discretion is
applied. Performance targets and performance
achievements are directly reflected in the net income
development. Please see section 4.2 for more insights
and additional disclosure.
Key topics
discussed
Burckhardt Compression’s response
and measures adopted
Maximum
opportunity
(cap) under the
STI
The cap for the STI increased for fiscal year 2023 (and
going forward) from previously 50% to 80% of the
annual base salary. Shareholders raised the request for
more explanations. The adjustment of the cap was
performed in the context of the new Mid-Range Plan
and Burckhardt Compression's review of the compensa
tion policies. Burckhardt Compression has a compre
hensive compensation system in place which is
well-balanced between short- and long-term
orientation. The compensation mix of the Executive
Management and individual members is analysed and
benchmarked on a regular basis. Please see section 3.2
for additional information.
Ex-post
disclosure of
the long-term
incentive (LTI)
Shareholders expressed the need for more information
about the ex-post disclosure on LTI performance
achievements. A new LTI was introduced for fiscal year
2023. The payout of the previous LTI plan's final tranche
relating to fiscal years 2017-2022 was disclosed in
previous Compensation Reports based on the fair value
related to the respective fiscal year. In section 4.2, we
provide an ex-post overview of the related performance
achievement and payout in order to increase transpar
ency. The plan details of the new LTI are disclosed in
section 3.2. Upon the first vesting under the new LTI
plan, a detailed ex-post performance assessment will
be provided in the Compensation Report.
Maximum
opportunity
(cap) under the
LTI
The design parameters as well as the performance
conditions were disclosed in the Compensation Report
2023. However, no information was provided on the LTI
maximum opportunity (cap). While this cap did already
apply previously, it is now also disclosed in section 3.2. It
corresponds to 130% of the target.
3.
Compensation system
Burckhardt Compression’s compensation system consists of
a mix of fixed and variable components. In accordance with
the Articles of Incorporation of Burckhardt Compression
Holding AG, variable compensation can be paid in whole or
part in the form of shares, conditional rights to receive
shares, or in comparable instruments of the company.
3.1. Compensation system for the Board of
Directors
In order to guarantee the independence of the members of
the Board of Directors in exercising their supervisory duties,
their compensation consists of a fixed remuneration only.
The compensation of the Board of Directors strengthens the
alignment with the interests of the shareholders.
The annual retainer is delivered 80% in cash and 20% in
free shares. Directors who serve on a formal committee of
the Board of Directors receive a fixed cash supplement (com
mittee fees). Further, all directors are eligible to a fixed lump-
sum for expenses. While the compensation in cash is gener
ally delivered on a quarterly basis, the shares are awarded
annually. The number of shares awarded is based on the aver
age share price (daily closing price on the SIX exchange) of
the 30 trading days before the AGM.
The annual retainer amounts to CHF 81’000 for members
of the Board of Directors and to CHF 184’000 for the Chair of
the Board of Directors. The committee fees amount to CHF
10’000 a year per committee; there is no differentiation in
fees for committee chair and members. The lump sum for
expenses is CHF 4’000 a year for members of the Board of
Directors and CHF 6’000 a year for the Chair of the Board of
Directors. For the Board of Directors, only mandatory pension
benefits are granted.
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Position
Annual retainer
(CHF)
80% cash,
20% free shares
Committee
fees (CHF)
Cash
Lump sum for
expenses (CHF)
Cash
Chair of the Board
of Directors
184’000
6’000
Member of the
Board of Directors
81’000
4’000
Chair of a
committee
–¹
Member of a
committee
10’000²
1 No additional fee on top of “Member of a committee” fee
2 Per committee
The compensation of the Board of Directors is reviewed
against prevalent market practice on a regular basis. In fiscal
year 2024, a benchmarking analysis was conducted in terms
of compensation design and levels. For that purpose, 17
selected Swiss listed companies were used as peer group,
accounting for industry and size (similar market capitalisa
tion, sales and headcount): Accelleron, Arbonia, Bachem,
Belimo, Bossard, Bystronic, Comet, Flughafen Zuerich,
Inficon, Komax, Landis + Gyr, Schweiter Technologies, SKAN,
Tecan, u-blox, Ypsomed, and Zehnder. This peer group is con
sidered well-balanced in terms of financial comparability.
While the overall compensation structure of the Board of
Directors was considered as broadly in line with market prac
tice, it was observed that the compensation levels are cur
rently positioned below the lower quartile of the peer group.
Based on these findings and in order to foster alignment with
peer practices, the NCC recommends to increase the annual
retainer and the committee fees as of the AGM of 2025, sub
ject to shareholder approval. Detailed information will be
provided in the Compensation Report 2025.
Burckhardt
Compression
vs. peer group
Market
capitalisation
(mCHF)
June 1, 2024
Sales
(mCHF)
Latest fiscal year
at time
of benchmark
Headcount
Latest fiscal year
at time
of benchmark
Burckhardt
Compression
2’045
982
3’243
Peer group:
upper quartile
4’091
1’069
3’500
Peer group: median
2’210
745
2’431
Peer group: lower
quartile
882
567
2’006
3.2
Compensation system for the Executive
Management
Burckhardt Compression has established a comprehensive
compensation system which is well balanced between short-
and long-term orientation. The objectives pursued with this
system are to ensure that the compensation of the company
executives is market-competitive and to foster alignment
between the interests of the shareholders, the Board of
Directors, and the Executive Management. Market-competi
tive pay is a basic prerequisite for attracting well-qualified
executives and ensuring that they remain with the company
in the long run.
The compensation of the Executive Management is
reviewed against prevalent market practice on a regular
basis. In fiscal year 2024, a benchmarking analysis was con
ducted in terms of compensation levels. The same peer
group was applied as for the benchmarking analysis of the
Board of Directors (see section 3.1). The compensation levels
of the Executive Management were considered as broadly in
line with market practice, and the NCC concluded that apart
from an adjustment in the LTI grant amount of the CEO as of
the upcoming fiscal year, no changes are required. Detailed
information on the compensation of the Executive Manage
ment for the upcoming fiscal year will be provided in the
Compensation Report 2025.
The structure of compensation system of the
Executive Management
Components Program
Purpose
Plan period
Annual Base
Salary
Monthly cash salary
Attract and retain
Continuous
Short-term
incentive
Variable performance
and profit related
annual cash bonus
Pay for
performance
Annual
Long-term
incentive
Variable performance
and profit related
long-term incentive
bonus awarded
in form of PSUs
Reward long-term
performance
aligned with
shareholders
3 years
Benefits:
Pension and
Insurance
Monthly
contributions
Protect
against risk
Continuous
Annual Base Salary
The functions performed by members of the Executive Man
agement are assigned to so-called Global Grades as defined
by a global functional grading system (Willis Towers Watson
Global Grading System). Market data for each Global Grade
based on Willis Towers Watson’s Global 50 Remuneration
Planning Report are taken into consideration when deter
mining the base salary of the members of the Executive Man
agement. The base salary is reviewed annually.
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Short-Term Incentive (STI)
The members of the Executive Management are eligible for
an annual variable performance- and profit-related bonus in
addition to their base salaries. The STI is calculated as a per
centage of net income of Burckhardt Compression and is
paid only if a minimum financial threshold of 4% return on
sales (on a net income basis) was achieved. The percentage
of net income is role-specific and determined by the Global
Grade. The percentage applied for the CEO is 0.28%. The per
centage for the other members of the Executive Manage
ment – depending on their Global Grade – ranges from 0.12%
to 0.16%. This measure focuses on profitability and aligns the
interests of the Executive Management and the sharehold
ers. The performance assessment is performed by means of
a formulaic approach where no discretion is applied. The pay
out of the STI is capped at 80% of the base salary of the mem
bers of the Executive Management. The STI plan is reviewed
regularly, typically on an annual basis but at least every two
years.
Long-Term Incentive (LTI)
Based on the NCC’s regular review of the compensation poli
cies, the Board of Directors introduced a new LTI plan with
the start of fiscal year 2023. To achieve a strong alignment
between the interests of the Executive Management and the
shareholders, to increase the pay for performance relation
ship and to strengthen the retention of the most senior
employees, the new LTI plan is granted in the form of Perfor
mance Share Units (PSUs). The PSUs are conditional upon
the fulfilment of defined performance conditions. The vest
ing of the PSUs is subject to the achievement of three Key
Performance Indicators (KPIs) over a period of three years. In
addition, the vesting is subject to continued employment.
The three defined KPIs are:
– Cumulative Earnings per Share (50% weighted)
– Cumulative Revenue (25% weighted)
– Sustainability: Environmental, Social and Governance
(ESG) measure (25% weighted)
The KPIs have been chosen to balance top-line growth and
bottom-line impact, as well as the commitment to sustaina
bility, measured by the reduction of GHG emission intensity
(as defined on page 43 of the Sustainability Report) by 50% by
2027.
The target amount of the LTI award is divided by a pre-de
fined reference share price at grant, resulting in a number of
PSUs. The reference share price at grant equals the average
closing share price of the three months preceding the month
prior to the grant. The PSUs granted convert to a number of
shares at the end of a three-year vesting period, provided the
described performance and employment conditions are met.
Grant in CHF
/
Reference share price
(Average closing share price of the three months preceding the month
prior to the grant)
=
Number of PSU
Number of PSUs
×
Financial and non-Financial KPIs
(and provided that employment conditions are met)
=
Number of
vested PSUs
(factor 0–1.3)
Financial KPIs
75%
Non-financial
KPIs
25%
Cummulative Earnings per Share
50%
Cummulative
Revenue
25%
Sustainability
25%
Grant
Fiscal Year 1
Fiscal Year 2
Fiscal Year 3
Vesting
The annual target amount of the LTI award for fiscal year
2024 is CHF 150’000 for the CEO and between CHF 75’000
and CHF 100’000 for the other members of the Executive
Management, depending on their Global Grade. For new join
ers to and promotions within the Executive Management, the
target amount is pro-rated.
For each KPI, a threshold, a target, a maximum and a pay
out curve are defined by the Board of Directors. Achieving
threshold performance corresponds to a 0% payout factor,
target performance to a 100% payout factor and maximum
performance (cap) to a 130% payout factor in terms of target,
with linear interpolation between threshold and target as
well as between target and maximum. This results in a pay
out cap of 130% of target also on an aggregate performance
level. The underlying performance targets are considered
confidential and are, therefore, not disclosed ex-ante. How
ever, an ex-post performance assessment is provided in sec
tion 4.2.
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LTI Payout Curve
1.4
1.3
1.2
1.1
1
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
Threshold
Target Cap
KPI Achievement
In case of termination of employment, the following provi
sions apply:
Case
Provisions
Voluntary resignation
Forfeiture of PSU
Termination by employer
Forfeiture of PSU
Retirement and disability
Pro rata vesting at regular vesting date
Death
Accelerated pro rata vesting based on
performance achievement of 100%
Other friendly leavers
Pro rata vesting at regular vesting date
Change of control
Accelerated pro rata vesting based on effective
performance, or 100% if not assessable
The plan includes malus and clawback provisions which
allow to reduce or reclaim all or parts of the award in defined
cases, such as material financial restatement due to
non-compliance to accounting standards or fraud and viola
tion of law. Furthermore, the plan includes anti-hedging and
anti-pledging provisions.
The LTI plan is reviewed regularly, typically on an annual
basis but at least every two years.
Employment contract terms
Employment contracts with Executive Management mem
bers are entered into for an indefinite period with a notice
period of six months. The Executive Management is not con
tractually entitled to sign-on payments, termination pay
ments, change-of-control provisions (except the accelerated
vesting under the LTI plan) or non-competition compensa
tion. Pension benefits are part of the regular company occu
pational pension plans.
Shareholding guidelines
Starting from fiscal year 2023, the members of the Executive
Management are required to build up and own at least a min
imum multiple of their annual base salary in Burckhardt
Compression shares as set out in the table below (unvested
PSUs granted under the LTI do not count towards the mini
mum requirement):
Function
Minimum shareholding requirement
CEO
200% of Annual Base Salary
CFO
150% of Annual Base Salary
Other EM members
100% of Annual Base Salary
The Executive Management is expected to meet these
requirements at the end of the fifth year of the implementa
tion of the requirements or of their appointment to the Exec
utive Management. Compliance with the shareholding guide
lines is assessed by the NCC on an annual basis. The latest
assessment revealed that all Executive Management mem
bers who reached the end of the 5-year build-up period ful
filled the applicable minimum shareholding requirement.
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4.
Compensation allocated with comparative figures for the previous year
4.1. Compensation allocated to the Board of Directors
The following fixed compensation was allocated to the members of the Board of Directors for fiscal years 2024 and 2023:
in CHF 1’000 (gross)
(audited)
Function
Annual
retainer*
Committee
fees
Social security
contributions
and other
benefits**
2024
Members of the Board of Directors
Ton Büchner
Chair
184
10
18
212
Dr. Stephan Bross
Member
81
10
10
101
David Dean
Member
81
10
9
100
Tatiana Gillitzer1
Member
61
7
7
75
Kaspar Kelterborn²
Member
81
18
10
109
Dr. Monika Krüsi3
Member
20
5
3
28
Maria Teresa Vacalli
Member
81
20
11
112
Total
589
80
68
737
Approved by the 2023 AGM for FY2024
890
in CHF 1’000 (gross)
(audited)
Function
Annual
retainer*
Committee
fees
Social security
contributions
and other
benefits**
2023
Board of Directors
Ton Büchner
Chair
184
10
18
212
Dr. Stephan Bross
Member
81
10
10
101
David Dean
Member
81
10
12
103
Kaspar Kelterborn2
Member
61
7
7
75
Dr. Monika Krüsi3
Member
81
20
11
112
Urs Leinhäuser4
Member
20
3
2
25
Maria Teresa Vacalli
Member
81
18
10
109
Total
589
78
70
737
Approved by the 2022 AGM for FY2023
890
The total fixed compensation for the Board of Directors for
fiscal year 2024 (CHF 737’000) is stable compared to fiscal
year 2023 (CHF 737’000). The AGM of July 1, 2023, approved a
maximum aggregate fixed compensation amount of CHF
890’000 (gross, including social security contributions) for
the Board of Directors (six members) for fiscal year 2024.
Consequently, the fixed compensation actually allocated is
within the fixed compensation amount approved by the
shareholders.
1 From July 5, 2024
² From July 1, 2023
³ Until July 4, 2024
⁴ Until June 30, 2023
* For the portion of the annual retainer delivered in equity, the share price used for the conversion into a number of shares was CHF 602 in 2024 and CHF 549 in 2023, respectively
** Includes mandatory social security contributions only as per local Swiss regulations, and expenses as per Board of Directors compensation regulation
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4.2. Compensation allocated to the Executive Management
The following compensation was allocated to the members of the Executive Management for fiscal years 2024 and 2023:
in CHF 1’000 (gross)
(audited)
Function
Fixed
base
salary,
cash
Social
security
contribu
tions and
other
benefits
Total
fixed
compen
sation
Short-
term
incentive,
cash
Share-
based
long-term
incentive*
Social
security
contribu
tions and
other
benefits
Total
variable
compen
sation
2024
Total
Executive Management
Fabrice Billard (highest paid)
CEO
461
117
578
296
150
93
539
1’117
Other members of the Executive
Management (4 full-time equivalents)
1’198
275
1’473
634
375
196
1’205
2’678
Total
1’659
392
2’051
930
525
289
1’744
3’795
Approved by the 2023 AGM for FY 2024
2’400
in CHF 1’000 (gross)
(audited)
Function
Fixed
base
salary,
cash
Social
security
contribu
tions and
other
benefits
Total
fixed
compen
sation
Short-
term
incentive,
cash
Share-
based
long-term
incentive**
Social
security
contribu
tions and
other
benefits
Total
variable
compen
sation
2023
Total
Executive Management
Fabrice Billard (highest paid)
CEO
438
111
549
257
156
83
496
1’045
Other members of the Executive
Management (4 full-time equivalents)
1’170
269
1’439
552
390
175
1’117
2’556
Total
1’608
380
1’988
809
546
258
1’613
3’601
Approved by the 2022 AGM for FY 2023
2’400
* In line with common practice in the Swiss market, amounts displayed represent the fair value at time of grant. The reference share price applied was CHF 490.
** Amounts displayed represent expenses in 2023 as per previous reporting methodology. The reference share price applied was CHF 563. The LTI grant in fiscal year 2023
accounted for the transition to the new LTI plan, maintaining the same level of annual target amounts as under the previous LTI plan. Those target amounts corresponded to
CHF 450‘000 for the CEO and between CHF 225‘000 and 300‘000 for the other members of the Executive Management.
The total fixed compensation for the Executive Management
for fiscal year 2024 (CHF 2’051’000) is 3% higher compared to
fiscal year 2023 (CHF 1’988’000), reflecting minor changes to
individual members’ salary in the context of market develop
ments. The AGM of July 1, 2023, approved a maximum aggre
gate fixed compensation amount of CHF 2’400’000 (gross,
including social security contributions) for the Executive
Management for fiscal year 2024. Consequently, the fixed
compensation actually allocated is within the fixed compen
sation amount approved by the shareholders.
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The total STI for the Executive Management for fiscal year
2024 (CHF 930’000) is 15% higher compared to fiscal year
2023 (CHF 809’000). This is a result of the higher net income
basis for the calculation of the STI for fiscal year 2024
compared to fiscal year 2023. There is a clear formulaic
calculation approach (no discretion applied) with perfor
mance targets and performance achievements being directly
reflected in the net income development, as described in
section 3.2 and detailed in the below table.
in CHF (audited)
Role
Net income
(in mn)
FY 2024
Sales
(in mn)
FY 2024
Net income
in % Sales
> 4%
STI % of
Net income
Short-term
incentive,
cash
(in 1’000)1
CEO
105.6
1’095.6
yes
0.28%
296
Other members of the Executive Management
105.6
1’095.6
yes
0.12% to 0.16%
634
1 “Other members of the Executive Management” represents the total amount for
4 members
The total LTI for the Executive Management for fiscal year
2024 (CHF 525’000) is 4% lower compared to the expenses in
fiscal year 2023 (CHF 546’000). The decrease is solely due to
the change in the reporting methodology whereby grant
amounts instead of expenses are reported, in line with com
mon practice in the Swiss market and to provide full trans
parency with the amounts granted.
Since the new LTI plan was implemented for fiscal year 2023
only, the first vesting will occur at the end of fiscal year 2025.
Upon the first vesting, resulting from the LTI grant in fiscal
year 2023, a detailed ex-post performance assessment will
be provided in the Compensation Report. With respect to the
payout of the previous LTI plan’s final tranche (tranche 2)
relating to fiscal years 2017-2022, the details of the overall
performance achievement are provided below.
in CHF 1’000
Weighting (%) Cumulative results
FY 2017–2022
Total attainment
FY 2017–2022
Attainment
Tranche 1
FY 2017–2019
Attainment
Tranche 2
FY 2020–2022
Organic growth (Sales)
50
3’962
overachieved
overachieved
overachieved
Net income
50
269
below target
below target
overachieved
Total
100
below target
below target
overachieved
Overall achievement¹
below target
below target
overachieved
¹ Overachievement was limited to factor 1.2 of target amounts
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Based on the above performance achievement, the following
LTI payout was awarded in the form of free shares in fiscal
year 2023 for the tranche 2 of the previous LTI plan.
LTI awarded tranche 2 for FY 2020–2022
Role¹
Amount in k CHF²
Number of shares
CEO
420
767
Other members of the
Executive Management
856
1’561
¹ F. Billard in role from April 1, 2022, V. Valentin in role from June 1, 2022,
A. Brautsch in role from October 1, 2022.
² Target amount for the entire six-year period is CHF k 900 for the CEO and between
CHF k 450 and 600 for the other Members of the Executive, depending on their
Global Grade.
The total variable compensation of the individual members
of the Executive Management ranged from 43% to 48% of
total compensation for fiscal year 2024.
Accounting policy
As disclosed in note 2.2 of the consolidated financial state
ments, in fiscal year 2024, Burckhardt Compression changed
the accounting policy of long-term contracts to the Percent
age of Completion method (“PoC”) for projects with contracts
being significant for the Company and rendered over an
extended period of time, to better reflect the characteristics
of our business with large and complex projects. The PoC
method recognizes revenue and costs progressively based on
project progress, whereas before, revenue and cost recogni
tion was deferred until a project was fully completed. Thus,
the Board of Directors have decided to use the applicable
POC method from fiscal year 2024 onward.
Payments to former members of the Executive
Management and related parties (audited)
For fiscal year 2024, no payments were made to former
members of the Executive Management or their related par
ties.
Aggregate amount of variable compensation for
the Executive Management for fiscal year 2024
subject to approval at the AGM
For fiscal year 2024, variable compensation of CHF 1’744’000
(gross, including social security contributions and other ben
efits) was allocated to the Executive Management.
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5.
Overview of shareholdings and participation rights (audited)
5.1. Detailed overview of distributed shares and participation rights
In fiscal years 2024 and 2023, the following shares were distributed to the members of the Board of Directors (and related
parties):
Name
Function
Shares
distributed in
FY 2024
Shares
distributed in
FY 2023
Members of the Board of Directors
Ton Büchner
Chair
61
67
Dr. Stephan Bross
Member
26
29
David Dean
Member
26
29
Tatiana Gillitzer1
Member
n/a
n/a
Kaspar Kelterborn2
Member
20
0
Dr. Monika Krüsi3
Member
26
29
Urs Leinhäuser4
Member
n/a
29
Maria Teresa Vacalli
26
22
Total
185
205
Name
Function
Shares
distributed in
FY 2024
Shares
distributed in
FY 2023
PSUs
granted in
FY 2024
PSUs
granted in
FY 2023
Executive Management
Fabrice Billard
CEO
–
767
307
800
Other members of the Executive Management
–
1’561
769
1’999
Total
–
2’328
1’076
2’799
Total Board of Directors and Executive Management
185
2’533
1’076
2’799
1 From July 5, 2024
2 From July 1, 2023
³ Until July 4, 2024
4 Until June 30, 2023
In fiscal years 2024 and 2023, the following shares were distributed, and the following PSUs were granted to the members of
the Executive Management (and related parties):
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5.2. Detailed overview of shareholdings and participation rights
As per March 31, 2025, the members of the Board of Directors (and related parties) owned the following numbers of shares of
Burckhardt Compression Holding AG:
Name
Function
31.3.2025
Total shares
31.3.2024
Total shares
Members of the Board of Directors
Ton Büchner
Chair
5’312
5’251
Dr. Stephan Bross
Member
486
460
David Dean
Member
545
519
Tatiana Gillitzer1
Member
0
n/a
Kaspar Kelterborn2
Member
170
150
Dr. Monika Krüsi3
Member
n/a
1’230
Maria Teresa Vacalli
Member
48
22
Total
6’561
7’632
Name
Function
31.3.2025
Total shares
31.3.2024
Total shares
31.3.2025
Total PSUs
31.3.2024
Total PSUs
Executive Management
Fabrice Billard
CEO
1’900
1’900
1’107
800
Rolf Brändli
CFO
1’880
1’880
738
533
Andreas Brautsch
President Systems Division
110
110
738
533
Rainer Dübi
President Services Division
981
981
738
533
Vanessa Valentin
CHRO
137
137
554
400
Total
5’008
5’008
3’875
2’799
Total Board of Directors
and Executive Management
11’569
12’640
3’875
2’799
As % of all outstanding shares
0.3%
0.4%
n/a
n/a
6.
Transactions with the Board of
Directors, the Executive
Management and related parties
(audited)
No other payments or fees for additional services were paid
to the members of the Board of Directors or the Executive
Management or to related parties during fiscal year 2024. No
loans or credit lines were granted to members of the Board of
Directors or the Executive Management or to related parties
during fiscal year 2024 or were outstanding at the end of fis
cal year 2024.
1 From July 5, 2024
2 From July 1, 2023
³ Until July 4, 2024
As per March 31, 2025, the members the Executive Management (and related parties) owned the following numbers of shares
and PSUs of Burckhardt Compression Holding AG:
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7.
Activities at other companies
The activities of the members of the Board of Directors at other companies pursuant to art. 734e
Swiss Code of Obligations were the following:
Fiscal year 2024, as per March 31, 2025
Fiscal year 2023, as per March 31, 2024
Ton Büchner
Stock exchange-listed companies:
• Member of the Board of Directors, Novartis AG, Switzerland
• Chair of the Board of Directors, Swiss Prime Site AG, Switzerland
Unlisted companies:
• Member of the Board of Directors, Tonality Holding AG, Switzerland and of its subsidiaries:
– Managing Director, Bandinnera GmbH, Switzerland
– Managing Director, Great Apes Aviation GmbH, Switzerland
Stock exchange-listed companies:
• Member of the Board of Directors, Novartis AG, Switzerland
• Chair of the Board of Directors, Swiss Prime Site AG, Switzerland
Unlisted companies:
• Member of the Board of Directors, Tonality Holding AG, Switzerland and of its subsidiaries:
– Managing Director, Bandinnera GmbH, Switzerland
– Managing Director, Great Apes Aviation GmbH, Switzerland
Dr. Stephan Bross
Stock exchange-listed companies:
• Managing Director, KSB Management SE, Germany and of its subsidiaries:
– Member of the Board of Directors, KSB Ltd., India (a fully consolidated subsidiary of KSB SE & Co.
KGaA)
Stock exchange-listed companies:
• Managing Director, KSB Management SE, Germany and of its subsidiaries:
– Member of the Board of Directors, KSB Ltd., India (a fully consolidated subsidiary of KSB SE & Co.
KGaA)
David Dean
Stock exchange-listed companies:
• Member of the Board of Directors, Bossard Holding AG, Switzerland
• Member of the Board of Directors, Komax Holding AG, Switzerland
• Member of the Board of Directors, Metall Zug AG, Switzerland
Unlisted companies:
• Member of the Board, BRUGG Group AG, Switzerland,
including formal internal mandate(s) within the group
Stock exchange-listed companies:
• Member of the Board of Directors, Bossard Holding AG, Switzerland
• Member of the Board of Directors, Komax Holding AG, Switzerland
• Member of the Board of Directors, Metall Zug AG, Switzerland,
including formal internal mandate(s) within the group
Unlisted companies:
• Member of the Board of Directors, BRUGG Group AG, Switzerland,
including formal internal mandate(s) within the group
Tatiana Gillitzer
Managing Director, Marel Management GmbH, Germany, including formal internal mandate(s)
within the group
n/a
Kaspar Kelterborn
Stock exchange-listed companies:
• Member of the Board of Directors, CPH Group AG, Switzerland
• Member of the Board of Directors, EMS-Chemie Holding AG, Switzerland
Unlisted companies:
• Member of the Board of Directors, Wipf Holding AG, Switzerland
• Member of the Board of Directors, Karl Bubenhofer AG, Switzerland
• Member of the Board of Directors, Perlen Industrieholding AG, Switzerland
• Managing Director, Kelterborn-Advisory AG, Switzerland
Stock exchange-listed companies:
• Member of the Board of Directors, CPH Chemie + Papier Holding AG, Switzerland
Unlisted companies:
• Member of the Board of Directors, Ruag International Holding AG (Beyond Gravity), Switzerland
• Member of the Board of Directors, Wipf Holding AG, Switzerland
• Member of the Board of Directors, Karl Bubenhofer AG, Switzerland
• Managing Director, Kelterborn-Advisory AG, Switzerland
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Fiscal year 2024, as per March 31, 2025
Fiscal year 2023, as per March 31, 2024
Dr. Monika Krüsi
n/a
Stock exchange-listed companies:
• Member of the Board of Directors, Accelleron Industries AG, Switzerland
• Chair of Board of Directors, Repower AG, Switzerland
Unlisted companies:
• Member of the Board of Directors, Energie 360° AG, Switzerland
• Member of the Board of Trustees Ernst Göhner Stiftung, Switzerland,
including formal internal mandate(s) within the trust
Maria Teresa Vacalli
Stock exchange-listed companies:
• Member of the Board of Directors, Kardex Holding AG, Switzerland
Unlisted companies:
• Member of the Board of Directors, Die Schweizerische Post AG, Switzerland and of its subsidiaries:
– Member of the Board of Directors, PostFinance AG, Switzerland
• Managing Director, MTK Consult GmbH, Switzerland
Stock exchange-listed companies:
• Member of the Board of Directors, Kardex Holding AG, Switzerland
Unlisted companies:
• Member of the Board of Directors, Die Schweizerische Post AG, Switzerland and of its subsidiaries:
– Member of the Board of Directors, PostFinance AG, Switzerland
• Member of the Advisory Board, Kontivia AG, Switzerland
• Managing Director, MTK Consult GmbH, Switzerland
The activities of the members of the Executive Management at other companies pursuant to
art. 734e Swiss Code of Obligations were the following:
Fiscal year 2024, as per March 31, 2025
Fiscal year 2023, as per March 31, 2024
Fabrice Billard
No activities at other companies
No activities at other companies
Rolf Brändli
No activities at other companies
No activities at other companies
Andreas Brautsch
No activities at other companies
No activities at other companies
Rainer Dübi
No activities at other companies
No activities at other companies
Vanessa Valentin
No activities at other companies
No activities at other companies
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Ernst & Young Ltd
Maagplatz 1
P.O. Box
CH-8010 Zurich
Phone: +41 58 286 31 11
www.ey.com/en_ch
To the General Meeting of
Burckhardt Compression Holding AG, Winterthur
Zurich, June 4, 2025
Report of the statutory auditor on the audit of the compensation report
Opinion
We have audited the compensation report of Burckhardt Compression Holding AG (the Company) for the year ended March 31,
2025. The audit was limited to the information pursuant to Art. 734a-734f of the Swiss Code of Obligations (CO) in the tables marked
“audited” on pages 113 to 120 of the compensation report.
In our opinion, the information pursuant to Art. 734a-734f CO in the compensation report complies with Swiss law and the
Company’s articles of incorporation.
Basis for opinion
We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under those
provisions and standards are further described in the “Auditor’s responsibilities for the audit of the compensation report” section of
our report. We are independent of the Company 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.
Other matter
The compensation report for the year ended March 31, 2024, was audited by another statutory auditor who expressed an unmodified
opinion on this compensation report on June 3, 2024.
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Other information
The Board of Directors is responsible for the other information. The other information comprises the information included in the
annual report, but does not include the tables marked ”audited” in the compensation report, the consolidated financial statements,
the stand-alone financial statements and our auditor’s reports thereon.
Our opinion on the compensation report does not cover the other information and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the compensation report, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the audited financial information in the compensation report 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.
Board of Directors’ responsibilities for the compensation report
The Board of Directors is responsible for the preparation of a compensation report 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 a compensation report that is free from material misstatement, whether due to fraud or error. It is also
responsible for designing the remuneration system and defining individual remuneration packages.
Auditor's responsibilities for the audit of the compensation report
Our objectives are to obtain reasonable assurance about whether the information pursuant to Art. 734a-734f CO is 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 and SA-CH 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 this compensation
report.
As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement in the compensation report, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis
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for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made.
We communicate with the Board of Directors or its relevant committee regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our
audit.
We also provide the Board of Directors or its relevant committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
Ernst & Young Ltd
Marco Casal
Dominique Frutiger
Licensed audit expert
Licensed audit expert
(Auditor in charge)
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Financial
Report
Burckhardt Compression Holding AG’s
fiscal year 2024 comprises the period
from April 1, 2024 to March 31, 2025.
Burckhardt Compression Annual Report 2024
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124
Consolidated income statement
127
Consolidated balance sheet
128
Consolidated cash flow statement
129
Consolidated statement of changes
130
in equity
Notes to the consolidated
131
financial statements
1.
General information
131
2.
Accounting policies
131
3.
Financial risk management
136
4.
Business combinations and other
137
changes in the scope of consolidation
5.
Segment reporting
137
6.
Personnel expenses
138
7.
Research and development expenses
138
8.
Other operating income and expenses
139
9.
Financial income and expenses
139
10. Income taxes
139
11. Earnings per share
140
12. Intangible assets
141
13. Property, plant and equipment
143
14. Other assets
144
15. Inventories & Customers Advance
144
Payments
16. Trade receivables
145
17. Other current receivables
145
18. Share capital and treasury shares
145
19. Financial liabilities
146
20. Provisions
147
21. Other non-current liabilities
147
22. Other current liabilities
148
23. Accrued liabilities and deferred income
148
24. Derivative financial instruments
148
25. Contingent liabilities
148
26. Commitments
148
27. Pledged assets
149
28. Share-based payments
149
29. Related-party transactions
149
30. Employee benefit obligations
149
31. Events after the balance sheet date
150
32. Group companies and associates
151
Report on the audit of the financial report
153
(consolidated financial statements)
Financial Statements of
157
Burckhardt Compression Holding AG,
Winterthur
Balance sheet
157
Income statement
158
Notes to the financial statements of
158
Burckhardt Compression Holding AG
Report on the audit of the financial statements
163
of Burckhardt Compression Holding AG,
Winterthur (financial statements)
Imprint
167
Table of contents
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Sales and gross profit
As of March 31, 2025 (FY 2024), Burckhardt Compression has changed its accounting policy
with regard to revenue recognition from Completed Contract Method (CCM) to the Percentage
of Completion Method (POCM) for all projects exceeding the CHF 7.0 mn order value and with
a lead time greater than 12 months (see note 2.2).
Strong operational delivery underpinned sales growth of 12.6% to CHF 1'095.6 mn, surpass
ing the CHF 1 bn threshold for the first time. Excluding the effects of currency translation,
year-on- year sales growth was in total 13.7%. The Systems Division recorded a substantial
increase in sales of 18.2% to CHF 748.8 mn on the back of the high order backlog (+19.5% net of
currency translation effects), while the main contributors to this growth were China and other
Asian countries. Sales at the Services Division increased by 2.2% to CHF 346.8 mn (+3.1% net
of currency translation effects).
Gross profit increased by 20.1% to CHF 306.3 mn, generating a gross profit margin of 28.0%.
The increase of 1.8pp compared to previous year is resulting from a more favorable product
mix in both divisions, the higher capacity utilization in all manufacturing and assembly facili
ties and the reduction of non-profitable service business in the US. The Systems Division
reported a growth of 41.1% in gross profit to CHF 142.8 mn, with a resulting gross margin of
Comments on financial report summary
in CHF 1’000
2024
2023
Restated*
Change
2024/2023
Order intake
1’151’185
1’124’724
2.4%
Sales
1’095’600
972’763
12.6%
Gross profit
306’294
254’962
20.1%
Operating income (EBIT)
140’808
114’284
23.2%
in % of sales
12.9%
11.7%
Net income
105’624
84’512
25.0%
Total assets
1’167’345
1’063’062
9.8%
Total equity
340’164
296’401
14.8%
Earnings per share attributable to
shareholders of
Burckhardt Compression Holding AG (in CHF)
31.20
24.98
24.9%
FTEs as per end of fiscal year
3’336
3’243
2.9%
* Prior year numbers are restated for PoC accounting to enable comparison with the year under review (see note 2.2)
19.1% (previous year: 16.0%). Gross profit at the Services Division increased by 6.3% to CHF
163.5 mn, resulting in a gross profit margin of 47.1% (previous year: 45.3%).
Operating income
Total operating profit (EBIT) rose by 23.2% to CHF 140.8 mn, yielding an EBIT margin of 12.9%
(previous year: 11.7%), which underscores the strength of our delivery capabilities and inte
grated business model. Selling, marketing and general administrative expenses amounted to
CHF 129.9 mn, which is 11.9% of sales and 0.4pp below the prior year (12.3%). Research and
development expenses were at CHF 30.1 mn, which is CHF 3.4 mn above the previous year,
mainly focusing on strengthening our position in the marine and hydrogen markets with new
compressor solutions. Other operating income and expenses (net) were at CHF –5.6 mn (prior
year: CHF +5.4 mn), mainly consisting of negative FX-effects, bad debt provisions resulting
from a reassessment of polysilicon customers in China and partially offset by real estate
income and book gain on the sale of assets in the US. Further details to the divisional results
are disclosed in the segment reporting under note 5.
Financial income and tax expenses
Financial expenses stayed in line with previous year at CHF 3.3 mn. The lower interest expenses
as a result from lower outstanding bank loans during the year were offset by the issuance of a
renewed and increased bond of CHF 150 mn in September 2024. The income tax expenses
amounted to CHF 31.8 mn which corresponds to a tax rate of 23.2% (prior year: 23.8%).
Net income
Group net income increased by 25.0% to CHF 105.6 mn, which is 9.6% of sales (previous year:
8.7%). Earnings per share attributable to shareholders of Burckhardt Compression increased
from CHF 24.98 to CHF 31.20 (+24.9%).
Balance sheet
The balance sheet total rose by 9.8% to CHF 1'167.3 mn. Property, plant and equipment remained
at the same level as in the prior year. Inventories decreased by –4.2% to CHF 301.6 mn, with the
decrease mainly coming from reduced advance payments to suppliers. While trade accounts
receivables ended the fiscal year at CHF 356.1 mn, 1.1% below the prior year level, the aging
structure of the accounts receivables overdue more than 90 days grew to 24.2% (previous year:
11.7%). The increase is mainly related to projects in China, India and the US. The balance between
advance payments from customers compared to work in progress and advance payments to
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suppliers ended the year at CHF 67.7 mn (previous year: CHF 14.2 mn), as a result of the further
increase in orders received and the advance payments from customers. The equity ratio closed
at 29.1% (previous year: 27.9%), yet slightly below our ambition level of 30%. This can be mainly
attributed to the increased balance sheet with the high amount of cash on hand. Total net oper
ating assets (rolling 12-month average) increased by 7.6% compared to the previous year to CHF
331.5 mn.
Cash flow
Cash and cash equivalents increased by CHF 115.7 mn to CHF 222.9 mn in fiscal year 2024. The
positive cash flow from operating activities is amounting to CHF 212.8 mn. This is mainly due
to the high net income and the positive swing in the balances between customers advance
payments to work in progress. The cash flow from investing activities ended the fiscal year at
CHF –17.2 mn (prior year: CHF –25.3 mn) and from financing activities at CHF –73.5 mn com
pared to the CHF –8.0 mn in previous year, including CHF 52.5 mn dividends paid to the share
holders of Burckhardt Compression Holding AG. The resulting net financial position increased
from CHF –62.3 mn to CHF +69.6 mn.
Consolidated income statement
in CHF 1’000
Notes
2024
2023
Restated*
Sales
5
1’095’600
972’763
Cost of goods sold
–789’306
–717’801
Gross profit
306’294
254’962
Selling and marketing expenses
–75’010
–70’555
General and administrative expenses
–54’846
–48’889
Research and development expenses
7
–30’055
–26’648
Other operating income
8
42’905
48’794
Other operating expenses
8
–48’480
–43’380
Operating income
140’808
114’284
Financial income and expenses
9
–3’346
–3’388
Earnings before taxes
137’462
110’896
Income tax expenses
10
–31’838
–26’384
Net income
105’624
84’512
Share of net income attributable to shareholders of
Burckhardt Compression Holding AG
105’585
84’413
Share of net income attributable to non-controlling
interests
39
99
Basic earnings per share (in CHF)
11
31.20
24.98
Diluted earnings per share (in CHF)
11
31.20
24.98
* Prior year numbers are restated for PoC accounting to enable comparison with the year under review (see note 2.2)
The enclosed notes are an integral part of the consolidated financial statements.
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Consolidated balance sheet
in CHF 1’000
Notes
31.03.2025
31.03.2024
Restated*
Non-current assets
Intangible assets
12
11’310
12’066
Property, plant and equipment
13
172’815
173’132
Deferred tax assets
10
17’526
17’087
Other assets
14
3’979
5’188
Total non-current assets
205’630
207’473
Current assets
Inventories
15
301’565
314’864
Trade receivables
16
356’051
359’978
Other current receivables
17
73’497
65’456
Prepaid expenses and accrued income
7’699
8’044
Cash and cash equivalents
222’903
107’247
Total current assets
961’715
855’589
Total assets
1’167’345
1’063’062
in CHF 1’000
Notes
31.03.2025
31.03.2024
Restated*
Equity
Share capital
18
8’500
8’500
Capital reserves
1’378
1’354
Treasury shares
18
–11’254
–6’553
Retained earnings and other reserves
341’139
292’676
Equity attributable to shareholders of
Burckhardt Compression Holding AG
339’763
295’977
Non-controlling interests
401
424
Total equity
340’164
296’401
Liabilities
Non-current liabilities
Non-current financial liabilities
19
152’497
62’865
Deferred tax liabilities
10
18’118
14’886
Non-current provisions
20
15’679
16’732
Other non-current liabilities
21
1’739
2’173
Total non-current liabilities
188’033
96’656
Current liabilities
Current financial liabilities
19
801
106’639
Trade payables
148’456
143’242
Customers’ advance payments
15
252’837
209’845
Other current liabilities
22
72’286
59’084
Accrued liabilities and deferred income
23
128’788
114’268
Current provisions
20
35’980
36’927
Total current liabilities
639’148
670’005
Total liabilities
827’181
766’661
Total equity and liabilities
1’167’345
1’063’062
* Prior year numbers are restated for PoC accounting to enable comparison with the year under review (see note 2.2)
The enclosed notes are an integral part of the consolidated financial statements.
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Consolidated cash flow statement
in CHF 1’000
Notes
2024
2023
Restated*
Cash flow from operating activities
Net income
105’624
84’512
Income tax expenses
10
31’838
26’384
Financial income and expenses
9
3’346
3’388
Depreciation
13
18’400
15’476
Amortization
12
4’167
3’444
Change in inventories
15
–11’115
–77’019
Change in trade receivables
–4’883
–122’060
Change in other current assets
–10’144
–2’490
Change in trade payables
8’486
37’542
Change in customers' advance payments
15
68’153
42’950
Change in provisions
–810
9’832
Change in other liabilities
24’732
18’427
Change in share based payments
4’784
987
Adjustment for non-cash items
155
1’855
Gain on sale of assets
–2’091
–
Interest received
1’506
1’897
Interest paid
–3’039
–4’104
Income taxes paid
10
–26’300
–23’206
Total cash flow from operating activities
212’809
17’815
Cash flow from investing activities
Purchase of property, plant and equipment
13
–22’259
–19’120
Sale of property, plant and equipment
7’302
117
Purchase of intangible assets
12
–3’179
–3’420
Purchase of other assets
–
–2’893
Sale of other assets
964
32
Total cash flow from investing activities
–17’172
–25’284
in CHF 1’000
Notes
2024
2023
Restated*
Cash flow from financing activities
Increase in financial liabilities
150’000
34’764
Decrease in financial liabilities
–166’206
–1’774
Purchase of treasury shares
18
–4’802
–527
Dividends paid
–52’535
–40’437
Total cash flow from financing activities
–73’543
–7’974
Currency translation differences on cash and
cash equivalents
–6’438
–6’389
Net change in cash and cash equivalents
115’656
–21’832
Cash and cash equivalents at beginning of period
107’247
129’079
Cash and cash equivalents at end of period
222’903
107’247
Net change in cash and cash equivalents
115’656
–21’832
* Prior year numbers are restated for PoC accounting to enable comparison with the year under review (see note 2.2)
The enclosed notes are an integral part of the consolidated financial statements.
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Consolidated statement of changes in equity
in CHF 1’000
Share
capital
Capital
reserves
Treasury
shares
Hedge
reserve
Translation
reserve
Goodwill
offset
Other
retained
earnings
Equity
attributable to
shareholders of
Burckhardt
Compression
Holding AG
Non-
controlling
interests
Total
equity
Balance at 01.04.2023
8’500
574
–15’772
2’978
–22’678
–156’005
443’587
261’184
399
261’583
Effect of changes in accounting policies
–99
4’264
4’165
–
4’165
Balance at 01.04.2023 Restated*
8’500
574
–15’772
2’978
–22’777
–156’005
447’851
265’349
399
265’748
Result for the period
84’413
84’413
99
84’512
Currency translation differences
–8’158
–8’158
–25
–8’183
Changes of cash flow hedges
–5’699
–5’699
–5’699
Dividends paid
–40’388
–40’388
–49
–40’437
Changes in treasury shares
–527
–527
–527
Share-based payments (distributed)
780
9’746
–10’526
–
–
Share-based payments (provision in equity)
987
987
987
Balance at 31.03.2024 Restated*
8’500
1’354
–6’553
–2’721
–30’935
–156’005
482’337
295’977
424
296’401
Balance at 01.04.2024
8’500
1’354
–6’553
–2’721
–30’935
–156’005
482’337
295’977
424
296’401
Result for the period
105’585
105’585
39
105’624
Currency translation differences
–8’955
–8’955
–13
–8’968
Changes of cash flow hedges
–340
–340
–340
Dividends paid
–52’486
–52’486
–49
–52’535
Changes in treasury shares
–4’802
–4’802
–4’802
Share-based payments (distributed)
24
101
–125
–
–
Share-based payments (provision in equity)
4’784
4’784
4’784
Balance at 31.03.2025
8’500
1’378
–11’254
–3’061
–39’890
–156’005
540’095
339’763
401
340’164
* Prior year numbers are restated for PoC accounting to enable comparison with the year under review (see note 2.2)
The enclosed notes are an integral part of the consolidated financial statements.
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Notes to the consolidated
financial statements
1.
General information
Burckhardt Compression is a manufacturer and service provider for a full range of reciprocat
ing compressor technologies and services. Its customized compressor systems are used in the
petrochemical, chemical, gas transport and storage, hydrogen mobility and energy, industrial
gas, refinery and gas gathering & processing sectors. Burckhardt Compression’s leading tech
nology, broad portfolio of compressor components and the full range of services help custom
ers around the world to find their optimized solution for their reciprocating compressor sys
tems.
Burckhardt Compression Holding AG is a company limited by shares incorporated and
domiciled in Switzerland. The address of its registered office is: Franz-Burckhardt-Strasse 5,
8404 Winterthur, Switzerland. Burckhardt Compression registered shares (BCHN) are listed on
the SIX Swiss Stock Exchange in Zurich (ISIN: CH0025536027).
Burckhardt Compression Holding AG’s fiscal year 2024 comprises the period from April 1,
2024 to March 31, 2025. These consolidated financial statements were authorized for issue by
the Board of Directors on June 3, 2025 and will be submitted to shareholders for approval at
the annual general meeting scheduled for July 5, 2025.
2.
Accounting policies
2.1
Basis of preparation
The consolidated financial statements of Burckhardt Compression Holding AG have been pre
pared in accordance with the entire Swiss GAAP FER accounting and reporting standards. In
addition, the provisions of the Listing Rules of the SIX Swiss Exchange and Swiss accounting
law were complied with. The consolidated financial statements have been prepared under the
historical cost convention unless otherwise stated in the following consolidation and account
ing policies.
2.2
Change in accounting policy
Over the past fiscal years, Burckhardt Compression has seen a strong business growth. As a
consequence, the number of sizeable and significant projects has continuously increased,
which has led Burckhardt Compression to perform a review of its accounting policy regarding
long-term contracts.
Based on the performed review, Burckhardt Compression has decided to change its
accounting policy as of March 31, 2025 as follows:
– Projects with order contract value greater than CHF 7 mn and with a lead time
greater than 12 months: Application of percentage of completion method (POCM) in
accordance with Swiss GAAP FER 22.
– All other projects: When risks and rewards have been transferred to the customers or the
contracted service has been performed, according to the agreed sales conditions
(unchanged to prior year).
The change in accounting policy resulted in a restatement for the fiscal year 2023, showing a
sales reduction of CHF 9.2 mn and a lower Gross Profit of CHF 7.1 mn under percentage of
completion method (POCM) compared to the risk and reward approach (Completed Contract
Method) applied in the past. The impact on the restated sales and gross profit is mainly driven
by a different project mix and timing effects regarding revenue recognition under POCM (see
table below).
in CHF 1’000
2023
POC Revenue
Recognition
restatement
2023
Restated
Sales
981’963
–9’200
972’763
Cost of goods sold
–719’900
2’099
–717’801
Gross Profit
262’063
–7’101
254’962
Operating income
121’385
–7’101
114’284
Earnings before taxes
117’997
–7’101
110’896
Income tax expenses
–27’910
1’526
–26’384
Net income
90’087
–5’575
84’512
Basic earnings per share (in CHF)
26.63
24.98
Diluted earnings per share (in CHF)
26.63
24.98
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Notes to the consolidated
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The following table provides an overview of the impacts of the change in accounting policy in
the presentation of the consolidated balance sheet of Burckhardt Compression:
in CHF 1’000
31.03.2024
POC Revenue
Recognition
restatement*
31.03.2024
Restated
Non-current assets
Deferred tax assets
17’751
–664
17’087
Total non-current assets
208’137
–664
207’473
Current assets
Inventories
316’762
–1’898
314’864
Total current assets
857’487
–1’898
855’589
Total assets
1’065’624
–2’562
1’063’062
Equity
Total equity
297’909
–1’508
296’401
Non-current liabilities
Deferred tax liabilities
15’940
–1’054
14’886
Total non-current liabilities
97’710
–1’054
96’656
Total liabilities
767’715
–1’054
766’661
Total equity and liabilities
1’065’624
–2’562
1’063’062
* Accumulated impacts from fiscal year 2022 and 2023.
The following table provides an overview of the impacts of the change in accounting policy in
the presentation of the cash flow statement of Burckhardt Compression:
in CHF 1’000
2023
POC Revenue
Recognition
restatement
2023
Restated
Cash flow from operating activities
Net income
90’087
-5’575
84’512
Income tax expenses
27’910
-1’526
26’384
Change in inventories
–84’120
7’101
–77’019
Total cash flow from operating activities
17’815
–
17’815
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2.3
Use of judgments and estimates
These consolidated financial statements include estimates and assumptions that affect the
reported figures and related disclosures. Actual results may differ from these estimates. Esti
mates and underlying assumptions are reviewed on an ongoing basis. Changes in judgments
and estimates are recognized prospectively.
2.4
Principles of consolidation
The consolidated financial statements include all entities in which Burckhardt Compression
Holding AG has the power to control the financial and operating policy, usually as a result of
directly or indirectly owning more than 50% of the voting rights. All of the assets and liabilities
as well as the income and expenses of these companies are fully included. Non-controlling
interests are presented separately in the balance sheet and the income statement. Intercom
pany transactions, balances and unrealized gains or losses on transactions between group
companies are eliminated. Group companies are disclosed in note 32.
Acquired companies are fully consolidated from the date on which control was effectively
transferred.
When a company is acquired in a step acquisition, the existing interest is revalued at the
time when the company is first consolidated. The revaluation of shares previously owned is
offset against retained earnings. Companies which have been divested are included in the con
solidated financial statements until the date on which control ceased. Capital consolidation is
based on the acquisition method (purchase method). At the time of the acquisition, all previ
ously recognized assets and liabilities of the company are initially measured at fair value and
intangible assets which have not been recognized previously by the acquiree and are relevant
to the decision to obtain control are also to be identified and recognized. Acquisition-related
costs are expensed as incurred. The net assets acquired are compared with the purchase price,
and any resulting goodwill is directly offset against equity. In the notes to the financial state
ments, the effects of a theoretical capitalization and any impairment are shown using an
amortization period according to the expected useful life, or if not possible to define, over a
period of five years. In the event of a sale, the goodwill offset against shareholders’ equity at
the time of the acquisition is recognized in the income statement against the proceeds of the
sale.
Associates are those entities in which Burckhardt Compression has significant influence, but
no control, over the financial and operating policies. Significant influence is generally pre
sumed to exist when Burckhardt Compression holds, directly or indirectly, between 20% and
50% of the voting rights. Associates are accounted for using the equity method. The propor
tionate share of net income is shown in the consolidated income statement. As of March 31,
2025 Burckhardt Compression does not hold any Associates.
2.5
Foreign currency translation
The consolidated financial statements of Burckhardt Compression are prepared in Swiss
francs (CHF).
Foreign currency translation at company level
Foreign currency transactions are recorded at the exchange rate of the transaction date.
Monetary assets and liabilities which are denominated in foreign currencies are translated
at period-end exchange rates. Resulting translation differences are recorded in the income
statement.
Foreign currency translation for consolidation purposes
Assets and liabilities of foreign subsidiaries are translated into CHF using period-end exchange
rates. Average exchange rates are used for the translation of the income statements. Transla
tion differences arising from the consolidation of financial statements are recorded as a sep
arate component of equity. Likewise, exchange differences arising on inter-company loans
with equity character are directly recorded in equity.
Major foreign currency exchange rates
Average rates
Period-end rates
2024
2023
31.03.2025
31.03.2024
1 EUR
0.95
0.96
0.95
0.98
1 USD
0.89
0.89
0.88
0.90
100 CNY
12.28
12.35
12.15
12.50
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2.6
Impairment of assets
All non-current assets are tested for impairment when indicators exist that the carrying
amount of the asset might exceed its recoverable amount. Where the carrying amount of an
asset is higher than the recoverable amount, the asset is impaired to its recoverable amount.
The recoverable amount is the higher of an asset’s fair value less cost to sell and its value in
use. Impairment tests are performed based on discounted cash flows at the level of the corre
sponding cash-generating units, representing the lowest level at which such assets are evalu
ated for recoverability.
2.7
Intangible assets and goodwill
Acquired software licenses are capitalized on the basis of the costs incurred to acquire and
bring to use the specific software. The estimated useful life for software generally amounts to
three to five years. Internal costs associated with developing or maintaining software are rec
ognized as an expense as incurred.
Other intangible assets are recorded at acquisition or production costs less accumulated
amortization. The amortization expense is calculated on a straight-line basis over the esti
mated useful life of the asset.
Goodwill resulting from acquisitions is offset against equity at the date of acquisition. The
consequences of a theoretical capitalization and amortization of goodwill (using an amortiza
tion period according to the expected useful life, or if not possible to define, over a period of
five years) are disclosed in note 12.
2.8
Property, plant and equipment
Items of property, plant and equipment are stated at cost less accumulated depreciation.
They are depreciated on a straight-line basis over their estimated useful lives. Land is stated
at cost and is not depreciated, except land use rights in China, which are depreciated over their
useful lives. The estimated useful lives are as follows:
– Buildings: 20 to 50 years
– Machinery: 5 to 15 years
– Technical equipment: 5 to 10 years
– Land use rights in China: maximum 40 years
– Other non-current assets: maximum 5 years
2.9
Other assets
Other assets include loans and long-term rental deposits. Furthermore, other assets also
include costs incurred from cloud computing arrangements. Cloud computing arrangements
are capitalized on the basis of the costs incurred to acquire and bring to use the specific cloud
computing solution. The costs relating to the cloud computing arrangements are distributed
on a straight-line basis over the estimated useful life of five to ten years. Internal costs regard
ing the development and maintenance of these arrangements are recognized as an expense as
incurred.
2.10 Inventories
Inventories are stated at the lower of cost or net realizable value. The cost of work in progress
and finished goods comprises material costs, direct and indirect production costs, other
order-related production costs, and in case of application of POCM, a proportional margin
based on the stage of completion. Inventories are stated at weighted average costs or stand
ard costs based on their type and use. Valuation allowances are recognized for slow-moving
and excess inventory items.
Inventories are presented net of advance payments received from customers on a project-
by-project basis, if they do not include a right of clawback. Negative contract balances after
offsetting are presented as customers’ advance payments.
2.11 Trade and other current receivables
Trade receivables and other current receivables are stated at nominal value less valuation
allowances for doubtful amounts. Impairments are assessed case by case. An impairment loss
is recognized when there is objective evidence that Burckhardt Compression will not be able
to collect the full amount due, such as substantial financial problems of the customer or a
declaration of bankruptcy.
2.12 Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other
short-term highly liquid investments with original maturities of three months or less.
2.13 Financial liabilities
Financial liabilities mainly consist of bank debts and a bond. They are recognized at their nom
inal value. Borrowing related costs are expensed as incurred in the income statement.
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2.14 Provisions
Provisions are recognized for warranty obligations, unprofitable contracts, employee related
provisions and various commercial risks where Burckhardt Compression has an obligation
towards third parties arising from past events, the amount of the liability can be reliably meas
ured and it is probable that the settlement will result in an outflow of resources. The amount
of the provisions is based on the expected expenditures required to cover all obligations and
liabilities.
2.15 Treasury shares
Treasury shares are stated at acquisition cost and deducted from equity. No subsequent valu
ation is made. If the treasury shares are disposed of, the resulting gain or loss is recognized as
an addition to or a reduction of capital reserves.
2.16 Transactions with non-controlling interests
For the acquisition of non-controlling interests, goodwill or negative goodwill is calculated as
the difference between the acquisition cost and the proportional carrying amount of the
non-controlling interests. For disposals of equity interests that do not result in a loss of con
trol, the profit/loss is calculated as the consideration received less the proportional carrying
amount of the equity interests less the proportionate share of related pro rata goodwill/nega
tive goodwill derecognized. The related cash flows are presented as investing activities in the
cash flow statement.
2.17 Government grants
Grants from governments or similar organizations are recognized at their nominal value when
there is reasonable assurance that the grant will be received, and Burckhardt Compression
will comply with all attached conditions.
Government grants related to income are deferred and recognized as income over the period
necessary to match them with the related costs which they are intended to compensate. Gov
ernment grants related to assets are deducted directly from the carrying amount of the asset
which they are intended to compensate.
2.18 Derivative financial instruments
Burckhardt Compression uses derivative financial instruments to mitigate currency risks. The
risk management policy is described in note 3. The derivative financial instruments are recog
nized at fair value. Where such derivative financial instruments are linked to specific projected
transactions and cash flows, the hedging is deemed to be effective and documented accord
ingly, changes in the fair value of the cash flow hedges are recognized in equity as long as the
hedged item has not been recognized on the balance sheet. Otherwise, the gain or loss relating
to fair value changes of the derivative financial instruments is recognized immediately in the
income statement as part of other operating income or other operating expenses.
2.19 Revenue recognition
Burckhardt Compression recognizes revenue from the sale of goods and the provision of ser
vices once the contract is completed, net of sales taxes, value-added taxes, credits, discounts,
and rebates. When referring to sales in the Annual Report, we specifically refer to net sales.
Revenue and the corresponding cost of goods sold are recorded when the risks and rewards
have transferred to the customers or the contracted service has been performed, according to
the agreed sales conditions. The following conditions must be met:
– A contractually-agreed sales price exists or can be reliably estimated.
– Collection of the payment is reasonably assured.
– The costs (including those yet to be incurred) can be reliably measured.
Long-term projects are recognized in accordance with Swiss GAAP FER 22. If all the conditions
for the application of the Percentage of Completion Method (POCM) are fulfilled, revenue and
profit is realized in line with the progress of the contract. The degree of completion is deter
mined using the cost-to-cost method.
POCM is applicable for orders if they cumulatively meet all of the criterias below:
– Order contract value is greater than CHF 7 mn.
– Order lead time is greater than 12 months.
2.20 Research and development
Research and development costs are expensed as incurred.
2.21 Income taxes
Income tax expenses include all income tax on the taxable profits of the Group. Deferred
income tax is recorded in full using the liability method. Deferred income tax assets and liabil
ities arise on temporary differences between the carrying amounts of assets and liabilities
under Swiss GAAP FER and their related tax values, additionally deferred income tax assets
result from tax loss carry-forwards and tax credits. The tax rates and laws enacted or substan
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Corporate Governance
Compensation Report
Financial Report
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Notes to the consolidated
financial statements
tively enacted at the balance sheet date are used to determine deferred income tax. They are
recognized to the extent that realization through future taxable profits is probable.
2.22 Off-balance-sheet transactions
Contingent liabilities and other non-recognizable commitments are measured and disclosed
on each balance sheet date.
2.23 Share-based payments
Share-based payments with compensation through equity instruments are valued at fair value
at the grant date. The corresponding personnel expenses are distributed and recognized in
equity over the vesting periods.
2.24 Employee benefits
There are various pension plans within Burckhardt Compression based on local conditions in
their respective countries. An economic obligation is recognized as a liability if the require
ments for the recognition of a provision are met under Swiss GAAP FER. An economic benefit
is capitalized provided that Burckhardt Compression is entitled to such benefit in the future,
for example, to offset future pension expenses.
For Swiss pension plans, economic benefits and / or economic obligations are determined
on the basis of the annual financial statements of the pension funds prepared in accordance
with Swiss GAAP FER 26. Employer contribution reserves are recognized as financial asset. For
foreign plans, the economic impact is determined according to country-specific methods.
2.25 Alternative performance measures
Alternative performance measures are key figures not defined by Swiss GAAP FER. Burckhardt
Compression uses alternative performance measures as guidance parameters for both inter
nal and external reporting to stakeholders. For the definition of Alternative Performance
Measures please visit https://www.burckhardtcompression.com/investors/reports-financial-
results/key-figures.
3.
Financial risk management
Basic principles
The goal of the group-wide risk management policy is to minimize the negative impact of
changes in the financing structure and financial markets, particularly with regard to currency
fluctuations. Derivative financial instruments such as foreign exchange contracts may be used
to address the respective risks. Burckhardt Compression pursues a conservative, risk-averse
financial policy. Financial risk management is based on the principles and regulations estab
lished by the Board of Directors. These govern Burckhardt Compression’s financial policy and
outline the conduct and powers of the group’s treasury department, which is responsible for
the group-wide management of financial risks. The financial principles and regulations govern
areas such as financing policy, the management of foreign currency risk, the use of derivative
financial instruments and the investment policy applicable to financial resources not required
for operational purposes.
Liquidity risks
Each Burckhardt Compression group company is responsible for managing its liquidity so that
day-to-day business can be handled smoothly, while the group treasury is responsible for
maintaining the group’s overall liquidity. Some of the group subsidiaries may secure loans
from local creditors within the limits approved by the group management. The group treasury
provides the local group companies with the necessary funds or invests their excess liquidity.
The group treasury maintains sufficient liquidity reserves and open credit and guarantee lines
to fulfill the financial obligations at all times.
The actual and future cash flows and cash reserves are compiled monthly in a rolling
liquidity forecast. The Executive Management and the Board of Directors are informed about
the liquidity situation and outlook with the regular financial reporting.
Currency risks
Burckhardt Compression hedges all major USD-denominated sales transactions of its non-US
entities to the extent that such transactions are not fully or partially naturally hedged.
EUR-denominated sales and purchase transactions of the Swiss company are fairly evenly bal
anced when viewed over a period of 1–2 years and are therefore, to a certain extent, naturally
hedged at the net profit level over said period. These foreign-exchange flows are regularly
monitored by the group treasury; if there is evidence of a sustained shift in these flows, major
sales and purchase transactions will be hedged on a case-by-case basis. For this, the group
treasury normally uses forward exchange contracts. The other companies belonging to Burck
hardt Compression group may, after consultation with group treasury, hedge the foreign-ex
change risks of their sales and purchase transactions through local qualified institutions or
group treasury, the objective being the optimization of the net profit of each group company
as reported in its functional local currency. The group management regularly monitors the
changes in the most important currencies and may adjust the hedging policy accordingly in
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Corporate Governance
Compensation Report
Financial Report
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Notes to the consolidated
financial statements
the future. As a globally active corporation, Burckhardt Compression is also exposed to cur
rency risks resulting from the translation into Swiss francs of items in the balance sheets of
the foreign group companies. Burckhardt Compression does not hedge these translation risks.
Credit risks
Credit risk in respect of trade receivables is limited due to the diverse nature and quality of the
customer base. Such risk is minimized by means of regular credit checks, advance payments,
letters of credit and other tools. There is no concentration of customer-related risks within
Burckhardt Compression Group as the most important customers in the project business,
which account for a large share of Burckhardt Compression’s overall business, vary from one
year to the next.
Credit risks of banks and financial institutions are monitored and managed centrally. Gen
erally, only independently rated parties with a strong credit rating are accepted, and the total
volume of transactions is split among several banks to reduce the individual risk with one
bank.
Interest rate risks
Interest rate risks arise from fluctuations in interest rates which could have a negative impact
on the financial position of Burckhardt Compression. Assets and liabilities at variable rates
expose Burckhardt Compression to cash flow interest rate risk.
Capital risks
The capital managed by Burckhardt Compression is its consolidated equity. With regard to its
capital management policies, Burckhardt Compression seeks to secure the continuation of its
business activities, to achieve an acceptable return for the shareholders and to finance the
growth of the business to a certain extent from own cash flow. In order to achieve these objec
tives, Burckhardt Compression can adjust the dividend payments, repay share capital, issue
new shares or divest parts of the assets, subject to approval by the general assembly, where
applicable.
4.
Business combinations and other changes
in the scope of consolidation
There were no changes in the scope of consolidation in the financial year 2024 and 2023.
A complete list of all Group companies is shown in note 32.
5.
Segment reporting
Systems Division
Burckhardt Compression’s Systems Division covers a complete range of reciprocating com
pressor technologies. Its customized compressor systems are used in the petrochemical,
chemical, gas transport and storage, hydrogen mobility and energy, industrial gas, refinery
and gas gathering & processing sectors. Depending on the customers’ needs, Burckhardt Com
pression offers solutions to minimize life cycle costs of the reciprocating compressor systems
or solutions to minimize the capital expenditure.
Services Division
Burckhardt Compression’s Services Division is a one-stop provider of a full range of services for
reciprocating compressors and stands for top-quality, high-performance components for all
makes of reciprocating compressors, as replacement parts, or to repair or upgrade existing
installations. Original spare parts backed by Burckhardt Compression’s manufacturing guar
antees stand for superior quality and ensure together with various complementary service
modules both low life cycle costs as well as the optimal operation of compressor systems.
Others
Certain expenses related to the corporate center are not attributable to a particular segment.
They are reported in the column “Others”. Furthermore, “Others” includes real estate income
and expenses as well as expenses for strategic projects.
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Notes to the consolidated
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in CHF 1’000
Systems Division
Services Division
Others
Total
2024
2023
Restated
2024
2023
2024
2023
2024
2023
Restated
Sales
748’837
633’612
346’763
339’151
–
–
1’095’600
972’763
Cost of goods sold
–606’022
–532’378
–183’284
–185’423
–
–
–789’306
–717’801
Gross profit
142’815
101’234
163’479
153’728
–
–
306’294
254’962
in % of sales
19.1%
16.0%
47.1%
45.3%
–
–
28.0%
26.2%
Operating income
67’926
40’473
85’670
83’462
–12’788
–9’651
140’808
114’284
in % of sales
9.1%
6.4%
24.7%
24.6%
–
–
12.9%
11.7%
Geographic information
in CHF 1’000
2024
2023
Restated
Sales by customer location
Europe
171’758
185’669
Africa
10’468
4’361
North America
113’011
127’542
South America
6’314
7’223
Middle East
52’476
38’372
China
463’794
408’183
Other Asia & Australia
277’779
201’413
Total
1’095’600
972’763
in CHF 1’000
2024
2023
Capital expenditure for property, plant and equipment
Europe
16’019
13’458
Africa
59
13
North America
487
3’078
South America
72
35
Middle East
163
286
China
3’085
1’584
Other Asia & Australia
3’618
1’570
Total
23’503
20’024
From the total sales of CHF 1'095.6 mn, CHF 407.9 mn is recognized under the percentage of
completion method (long-term contracts) (prior year: CHF 285.5 mn).
6.
Personnel expenses
in CHF 1’000
2024
2023
Wages and salaries
–228’017
–218’025
Social security and pension expenses
–53’963
–47’668
Other personnel expenses
–21’264
–23’612
Total personnel expenses
–303’244
–289’305
7.
Research and development expenses
In the fiscal year 2024, research and development activities were focused on strengthening
our position in the marine and hydrogen markets with new compressor solutions. Also, we
further invested in our core technologies and digital products to ensure and further strengthen
our global leading market position.
Overall the R&D expenses amount to CHF 30.1 mn (prior year: CHF 26.6 mn) which is 2.7%
of sales (prior year: 2.7%).
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8.
Other operating income and expenses
in CHF 1’000
2024
2023
Currency exchange gains
26’434
35’896
Other operating income
16’471
12’898
Total other operating income
42’905
48’794
Currency exchange losses
–31’871
–38’006
Other operating expenses
–16’609
–5’374
Total other operating expenses
–48’480
–43’380
Total other operating income and expenses (net)
–5’575
5’414
Total other operating income and expenses (net) mainly consist of real estate income (net) of
CHF 3.6 mn (prior year: CHF 2.9 mn), FX-effects amounting to CHF –5.4 mn (prior year: CHF –2.1
mn) and bad debt provisions of CHF –5.5 mn (prior year: CHF +5.4 mn, recovery of bad debt).
9.
Financial income and expenses
in CHF 1’000
2024
2023
Interest expenses
–3’605
–4’168
Interest income
1’530
1’884
Other financial income (+) and expenses (–)
–1’271
–1’104
Total financial income and expenses
–3’346
–3’388
Other financial income and expenses include the currency exchange gains and losses on inter
company loans.
10. Income taxes
Income tax expenses
in CHF 1’000
2024
2023
Restated
Current income tax expenses
–29’240
–25’305
Deferred income tax income (+) and expenses (–)
–2’598
–1’079
Total income tax expenses
–31’838
–26’384
Reconciliation of income tax expenses
in CHF 1’000
2024
2023
Restated
Earnings before taxes
137’462
110’896
Weighted average tax rate in %
21.8%
22.3%
Expected income tax expenses at weighted average tax rate
–29’976
–24’735
Effect of non-recognition of tax loss carryforwards
–1’034
87
Effect of income tax of prior periods
2’221
–300
Effect of changes in tax rates
–
–
Effect of goodwill amortization for tax purposes
860
707
Effect of non-deductible expenses / income not subject to tax
–3’909
–2’143
Total income tax expenses
–31’838
–26’384
in % of earnings before taxes
23.2%
23.8%
The effective tax rate of Burckhardt Compression Group of 23.2% (prior year: 23.8%) corre
sponds to the weighted average tax rate based on the profit before income taxes and the tax
rate of each group company.
The effect of income tax of prior year periods is mainly consisting of the release of no
longer required tax provisions in Switzerland.
The Burckhardt Compression Group falls within the scope of the OECD tax reform, which
provides for a global minimum tax rate (Pillar II) of 15%. In Switzerland as well as in other coun
tries where the Group has a presence, the Pillar II regulations came into force in the 2024
financial year. On the basis of the analyses carried out, the implementation of these regula
tions has no material impact on the consolidated financial statements of the BC Group.
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Notes to the consolidated
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Current income taxes
in CHF 1’000
2024
2023
Net current income tax liabilities
Balance as per 01.04.2024 / 01.04.2023
9’845
8’653
Changes in the consolidation scope
–
–
Recognized in the income statement
31’461
25’005
Income taxes paid
–26’300
–23’206
Translation differences
–292
–607
Balance as per 31.03.2025 / 31.03.2024
14’714
9’845
thereof current tax assets
2’587
2’931
thereof current tax liabilities
17’301
12’776
Deferred income taxes
in CHF 1’000
2024
2023
Restated
Net deferred income tax liabilities
Balance as per 01.04.2024 / 01.04.2023
–2’201
–2’501
Changes in the consolidation scope
–
–
Recognized in the income statement
2’598
1’079
Recognized in equity
106
–1’518
Translation differences
89
739
Balance as per 31.03.2025 / 31.03.2024
592
–2’201
thereof deferred tax assets
17’526
17’087
thereof deferred tax liabilities
18’118
14’886
Tax loss carryforwards
in CHF 1’000
31.03.2025
31.03.2024
Expiring in the next 3 years
2’655
1’414
Expiring in 4 years or later
50’782
53’552
Total tax loss carryforwards
53’437
54’966
Potential deferred tax assets from tax loss carryforwards
11’713
12’549
Effect of non-recognized tax loss carryforwards
–7’310
–8’190
Effective deferred tax assets from tax loss carryforwards
4’403
4’359
11.
Earnings per share
in CHF 1’000
2024
2023
Restated
Net income attributable to the shareholders
of Burckhardt Compression Holding AG
105’585
84’413
Average number of outstanding shares
3’384’382
3’379’286
Earnings per share (CHF)
31.20
24.98
The average number of outstanding shares is calculated based on the issued shares minus the
weighted average number of treasury shares. There are no conversion rights or option rights
outstanding; therefore, there is no potential dilution of earnings per share.
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Notes to the consolidated
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12. Intangible assets
Acquisition costs
in CHF 1’000
Software
Other
intangible
assets
Intangible
assets under
construction
2024
Total
Software
Other
intangible
assets
Intangible
assets under
construction
2023
Total
Balance as per 01.04.2024 / 01.04.2023
38’906
1’822
2’476
43’204
34’424
739
4’451
39’614
Changes in the consolidation scope
–
–
–
–
–
–
–
–
Additions
409
8
2’814
3’231
720
1’106
1’990
3’816
Disposals
–3’788
–
–
–3’788
–13
–5
–
–18
Reclassifications
1’969
–
–1’969
–
3’945
–
–3’945
–
Currency translation differences
–169
–81
–9
–259
–170
–18
–20
–208
Balance as per 31.03.2025 / 31.03.2024
37’327
1’749
3’312
42’388
38’906
1’822
2’476
43’204
Accumulated amortization
in CHF 1’000
Software
Other
intangible
assets
Intangible
assets under
construction
2024
Total
Software
Other
intangible
assets
Intangible
assets under
construction
2023
Total
Balance as per 01.04.2024 / 01.04.2023
–30’400
–738
–
–31’138
–27’273
–597
–
–27’870
Changes in the consolidation scope
–
–
–
–
–
–
–
–
Additions
–3’915
–252
–
–4’167
–3’276
–168
–
–3’444
Disposals
4’045
–
–
4’045
13
5
–
18
Reclassifications
–
–
–
–
–
–
–
–
Currency translation differences
148
34
–
182
136
22
–
158
Balance as per 31.03.2025 / 31.03.2024
–30’122
–956
–
–31’078
–30’400
–738
–
–31’138
Net book value
in CHF 1’000
Software
Other
intangible
assets
Intangible
assets under
construction
2024
Total
Software
Other
intangible
assets
Intangible
assets under
construction
2023
Total
Balance as per 01.04.2024 / 01.04.2023
8’506
1’084
2’476
12’066
7’151
142
4’451
11’744
Balance as per 31.03.2025 / 31.03.2024
7’205
793
3’312
11’310
8’506
1’084
2’476
12’066
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Notes to the consolidated
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Goodwill
Goodwill from acquisitions is fully offset against equity at the date of acquisition. The theoret
ical amortization of goodwill is based on the straight-line method and an amortization period
according to the expected useful life, or if not possible to define, over a period of five years.
Goodwill from new acquisitions is fixed to Swiss francs using the closing rate at acquisition
date. Therefore, there are no exchange rate differences in the movement schedules. The
impact of the theoretical capitalization and amortization of goodwill is disclosed below.
in CHF 1’000
2024
2023
Acquisition costs
Balance as per 01.04.2024 / 01.04.2023
156’005
156’005
Additions from acquisitions
–
–
Balance as per 31.03.2025 / 31.03.2024
156’005
156’005
in CHF 1’000
2024
2023
Accumulated amortization
Balance as per 01.04.2024 / 01.04.2023
–143’301
–132’866
Amortization expense
–9’235
–10’435
Balance as per 31.03.2025 / 31.03.2024
–152’536
–143’301
in CHF 1’000
2024
2023
Net book value
Theoretical net book value as per 01.04.2024 / 01.04.2023
12’704
23’139
Theoretical net book value as per 31.03.2025 / 31.03.2024
3’469
12’704
in CHF 1’000
31.03.2025
31.03.2024
Restated
Theoretical impact on equity
Equity as per balance sheet
340’164
296’401
Theoretical capitalization of goodwill
3’469
12’704
Theoretical equity including net book value of goodwill
343’633
309’105
Theoretical impact on net income
Net income as per income statement
105’624
84’512
Amortization of goodwill
–9’235
–10’435
Theoretical net income after goodwill amortization
96’389
74’077
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Notes to the consolidated
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13. Property, plant and equipment
Acquisition costs
in CHF 1’000
Land and
buildings
Machinery and
equipment
Other business
assets
Assets under
construction
2024
Total
Land and
buildings
Machinery and
equipment
Other business
assets
Assets under
construction
2023
Total
Balance as per 01.04.2024 / 01.04.2023
160’167
155’738
34’143
9’534
359’582
159’420
149’901
33’332
5’308
347’961
Changes in the consolidation scope
–
–
–
–
–
–
–
–
–
–
Additions
441
8’644
2’362
12’056
23’503
914
8’204
1’306
9’600
20’024
Disposals
–4’609
–1’583
–2’621
–28
–8’841
–52
–2’418
–589
–
–3’059
Reclassifications
1’611
6’810
2’512
–10’933
–
1’740
2’397
1’057
–5’194
–
Currency translation differences
–1’694
–1’648
–931
–117
–4’390
–1’855
–2’346
–963
–180
–5’344
Balance as per 31.03.2025 / 31.03.2024
155’916
167’961
35’465
10’512
369’854
160’167
155’738
34’143
9’534
359’582
Accumulated depreciation
in CHF 1’000
Land and
buildings
Machinery and
equipment
Other business
assets
Assets under
construction
2024
Total
Land and
buildings
Machinery and
equipment
Other business
assets
Assets under
construction
2023
Total
Balance as per 01.04.2024 / 01.04.2023
–45’695
–115’757
–24’998
–
–186’450
–42’581
–108’041
–25’300
–
–175’922
Changes in the consolidation scope
–
–
–
–
–
–
–
–
–
–
Additions
–4’587
–10’328
–3’485
–
–18’400
–3’674
–10’294
–1’508
–
–15’476
Disposals
2’378
1’247
1’884
–
5’509
48
1’989
521
–
2’558
Reclassifications
–707
776
–69
–
–
–
–737
737
–
–
Currency translation differences
511
1’126
665
–
2’302
512
1’326
552
–
2’390
Balance as per 31.03.2025 / 31.03.2024
–48’100
–122’936
–26’003
–
–197’039
–45’695
–115’757
–24’998
–
–186’450
Net book value
in CHF 1’000
Land and
buildings
Machinery and
equipment
Other business
assets
Assets under
construction
2024
Total
Land and
buildings
Machinery and
equipment
Other business
assets
Assets under
construction
2023
Total
Balance as per 01.04.2024 / 01.04.2023
114’472
39’981
9’145
9’534
173’132
116’839
41’860
8’032
5’308
172’039
Balance as per 31.03.2025 / 31.03.2024
107’816
45’025
9’462
10’512
172’815
114’472
39’981
9’145
9’534
173’132
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Notes to the consolidated
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14. Other assets
Other assets mainly include rental deposits and capitalized costs relating to cloud computing
arrangements.
15. Inventories & Customers Advance Payments
in CHF 1’000
31.03.2025
31.03.2024
Restated
Raw materials, supplies and consumables
54’512
59’095
Work in progress
137’306
138’826
Finished products and trade merchandise
84’552
82’733
Advance payments to suppliers
47’876
56’848
Valuation allowance
–22’681
–22’638
Total inventories
301’565
314’864
The capital invested in work in progress and advance payments to suppliers is mostly financed
by advance payments from customers, leaving a positive balance as of March 31, 2025 of CHF
+67.7 mn (prior year: CHF +14.2 mn).
Work in progress (CHF 137.3 mn) include long-term projects under the percentage of completion
method (POCM) in the amount of CHF 57.4 mn as of March 31, 2025 (prior year: CHF 14.2 mn).
Customer advance payments (CHF 252.8 mn) include long-term projects under the per
centage of completion method (POCM) in the amount of CHF 106.0 mn as of March 31, 2025
(prior year: CHF 83.8 mn).
Burckhardt Compression presents inventories and customers’ advance payments on a net
basis. The offsetting impact is illustrated in the table below.
in CHF 1’000
31.03.2025
31.03.2024
Restated
Inventories
Customers’
advance
payments
Inventories
Customers’
advance
payments
Gross amounts
460’623
411’895
456’354
351’335
Offsetting of customers’ advance
payments
159’058
159’058
141’490
141’490
Net amounts reported in the
consolidated balance sheet
301’565
252’837
314’864
209’845
In the cash flow statement, inventories and customers' advance payments are considered on
a gross basis.
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16. Trade receivables
in CHF 1’000
31.03.2025
31.03.2024
Trade receivables, gross
379’435
377’892
Allowance for bad debts
–23’384
–17’914
Trade receivables, net
356’051
359’978
in CHF 1’000
2024
2023
Allowance for bad debts
Balance as per 01.04.2024 / 01.04.2023
–17’914
–24’452
Changes in the consolidation scope
–
–
Additions
–9’326
–3’388
Release
3’130
5’904
Utilization
300
3’146
Currency translation adjustments
426
876
Balance as per 31.03.2025 / 31.03.2024
–23’384
–17’914
The allowance for bad debts at the end of the 2024 and 2023 fiscal years was entirely related
to accounts receivables which were more than 90 days overdue as per closing date.
in CHF 1’000
31.03.2025
%
31.03.2024
%
Maturity profile of trade receivables
Not due
228’466
64.2
223’750
62.2
Overdue 1–30 days
21’335
6.0
55’081
15.3
Overdue 31–60 days
16’677
4.6
29’827
8.2
Overdue 61–90 days
3’500
1.0
9’374
2.6
Overdue more than 90 days
86’073
24.2
41’946
11.7
Trade receivables, net
356’051
100.0
359’978
100.0
Trade receivables overdue more than 90 days are mainly related to projects in China, India and
the US.
17.
Other current receivables
in CHF 1’000
31.03.2025
31.03.2024
Notes receivable
6’393
698
VAT receivables
7’388
8’226
Derivative financial instruments
25’382
13’691
Current tax assets
2’587
2’931
Other current receivables
31’747
39’910
Total other current receivables
73’497
65’456
Other current receivables include the outstanding government grants in the amount of
CHF 25.8 mn (prior year: CHF 27.2 mn) in connection with the completed relocation project of
Shenyang Yuanda Compressor Co. Ltd in China.
18. Share capital and treasury shares
31.03.2025
31.03.2024
Number of shares issued
3’400’000
3’400’000
The nominal value per share amounts to CHF 2.50. All shares are registered shares and are
paid in full. The breakdown of equity into its individual components is shown in the statement
of changes in equity.
At the upcoming annual general meeting of shareholders on July 5, 2025, the Board of
Directors of Burckhardt Compression Holding AG will propose a dividend for the 2024 fiscal
year of CHF 18.00 (prior year: CHF 15.50).
As of March 31, 2025, non-distributable reserves amounted to CHF 1.7 mn (prior year:
CHF 1.7 mn).
31.03.2025
31.03.2024
Number of treasury shares
20’868
13’805
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During the fiscal year 2024, 7’271 treasury shares (prior year: 925 treasury shares) were pur
chased at an average share price of CHF 659.80 (prior year: CHF 569.02) in the amount of CHF
4.8 mn (prior year: CHF 0.5 mn).
All treasury shares are held for the share-based long-term incentive program within the
Burckhardt Compression Group respectively for the fixed compensation of the Board of Direc
tors (20% of which paid in shares).
19. Financial liabilities
in CHF 1’000
31.03.2025
31.03.2024
Non-current financial liabilities
152’497
62’865
Current financial liabilities
801
106’639
Total financial liabilities
153’298
169’504
The average effective interest rate amounted to 1.7% in fiscal year 2024 (prior year: 1.9%).
Currencies of financial liabilities
in CHF 1’000
31.03.2025
31.03.2024
Financial liabilities in CHF
150’000
162’413
Financial liabilities in USD
1’004
4’015
Financial liabilities in other currencies
2’294
3’076
Total financial liabilities
153’298
169’504
Maturities of non-current financial liabilities
in CHF 1’000
31.03.2025
31.03.2024
Due within 2 years
832
458
Due within 3 years
172
2’936
Due within 4 years
150’000
621
Due within 5 years
–
–
Due beyond 5 years
1’493
58’850
Total non-current financial liabilities
152’497
62’865
Burckhardt Compression issued a bond in the amount of CHF 150 mn with a coupon of 1.5606%
due on September 30, 2028 (at par). The issue price was 100% of the nominal value. The bond
is listed on the SIX Swiss Exchange.
The previous bond in the amount of CHF 100 mn was repayed as of September 30, 2024.
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20. Provisions
in CHF 1’000
Employee-
related
Warranties,
penalties,
unprofitable
contracts
Other
2024
Total
Employee-
related
Warranties,
penalties,
unprofitable
contracts
Other
2023
Total
Balance as per 01.04.2024 / 01.04.2023
12’776
39’244
1’639
53’659
9’692
32’318
2’715
44’725
Changes in the consolidation scope
–
–
–
–
–
–
–
–
Additions
2’426
10’801
540
13’767
5’351
20’456
1’793
27’600
Release
–3
–4’355
–470
–4’828
–226
–599
–1’971
–2’796
Utilization
–2’183
–6’912
–654
–9’749
–1’877
–12’299
–796
–14’972
Currency translation differences
–310
–856
–24
–1’190
–164
–632
–102
–898
Balance as per 31.03.2025 / 31.03.2024
12’706
37’922
1’031
51’659
12’776
39’244
1’639
53’659
thereof non-current
5’563
10’011
105
15’679
5’638
10’756
338
16’732
thereof current
7’143
27’911
926
35’980
7’138
28’488
1’301
36’927
Employee-related provisions include employee benefit obligations (see note 30), provisions for
long-term service awards and ordinary termination benefits.
21. Other non-current liabilities
Other non-current liabilities mainly consist of various government grants in China.
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22.
Other current liabilities
in CHF 1’000
31.03.2025
31.03.2024
Notes payable
9’550
13’232
VAT payables
4’726
8’248
Derivative financial instruments
27’662
16’283
Current tax liabilities
17’301
12’776
Other current liabilities
13’047
8’545
Total other current liabilities
72’286
59’084
Other current liabilities mainly consist of various social securities payables as well as various
taxes payables such as VAT or withholding taxes.
23. Accrued liabilities and deferred income
in CHF 1’000
31.03.2025
31.03.2024
Contract-related liabilities
73’070
70’327
Vacation and overtime
5’512
5’231
Salary and bonus payments
35’136
29’267
Miscellaneous
15’070
9’443
Total accrued liabilities and deferred income
128’788
114’268
24. Derivative financial instruments
Burckhardt Compression uses derivative financial instruments to mitigate currency risks. The
risk management policy is described in note 3. On the balance sheet, derivative financial
instruments are shown as “Other current receivables” and “Other current liabilities”.
in CHF 1’000
31.03.2025
31.03.2024
Contract value
214’874
358’597
Positive fair values
25’382
13’691
Negative fair values
27’662
16’283
25. Contingent liabilities
Guarantees
Burckhardt Compression guarantees essentially for securing customer advance payments
and for contingent warranty claims from customers.
The majority of current customer advance payments, as well as major warranty exposures,
are covered either by third party bank guarantees or guarantees issued by Burckhardt
Compression Holding AG.
As per March 31, 2025, Burckhardt Compression had issued guarantees in amount of
CHF 283.2 mn (prior year: CHF 265.9 mn).
Other contingent liabilities
As per March 31, 2025, Burckhardt Compression does not have any other contingent liabilities.
26. Commitments
Operating leases
in CHF 1’000
31.03.2025
31.03.2024
Operating leases due in less than 1 year
4’129
4’794
Operating leases due in 1 to 5 years
8’821
12’562
Operating leases due in more than 5 years
4’776
4’195
Total operating lease commitments
17’726
21’551
Purchase commitments
Purchase commitments for capital expenditure as per March 31, 2025, amounted to CHF 3.3
mn (prior year: CHF 5.0 mn).
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27. Pledged assets
As per March 31, 2025, Burckhardt Compression had pledged assets with a carrying amount of
CHF 75.0 mn (prior year: CHF 75.8 mn) to secure mortgage loans and guarantees. The pledged
assets consisted mainly of land and buildings.
28. Share-based payments
Since 2023, there is a long-term incentive plan for the members of the Executive Management
and certain other employees in place. Long-term incentive pay is awarded in the form of free
shares. None of the shares are subject to any restrictions upon the date of transfer.
In 2024, 185 shares at a fair value of CHF 602.00 were granted for the fixed compensation
of the Board of Directors.
In 2023, participants of the long-term incentive plan (2020–2022) were granted 20'533
shares at a fair value of CHF 513.00.
Personnel expenses in 2024 for share-based payments amounted to CHF 4.8 mn (prior
year: CHF 1.0 mn).
29. Related party transactions
Except for the compensation as disclosed in the Compensation Report of this Annual Report,
no further relations or transactions existed in 2024 and 2023 with the members of the Board
of Directors, Executive Management or other related parties.
30. Employee benefit obligations
Burckhardt Compression has various pension plans to which most of its employees contribute.
With the exception of companies in Switzerland and Germany, these pension plans are defined
contribution pension arrangements. Under these, as a rule, payments are made into pension
funds administered by third parties. Burckhardt Compression has no payment obligations
beyond making these defined contributions.
Burckhardt Compression’s pension plans in Switzerland consist of two independent pen
sion funds: “Sulzer Vorsorgeeinrichtung” (SVE), a base plan for all employees, and “Johann
Jakob Sulzer Stiftung” (JJS), a plan for employees with salaries exceeding a certain limit. The
majority of the active participants in the two pension funds are employed at companies not
belonging to Burckhardt Compression. The board of trustees for the base plan comprises ten
employer representatives and ten employee representatives of the contributing companies
and is responsible for asset allocation and risk management. The pension plans contain a cash
balance benefit formula. Under Swiss law, the pension funds guarantee the vested benefit
amount as confirmed annually to members. Interest may be added to member balances at the
discretion of the board of trustees. At retirement date, members have the right to take their
retirement benefit as a lump sum, an annuity or part as a lump sum with the balance con
verted to an annuity. The pension funds may adapt the contribution and benefits at any time.
In case of underfunding, this may involve special payments from the employer. The surplus or
underfunding cannot be determined per company. The coverage of the collective plans as a
whole as of December 31, 2024 amounted to 126.0% (SVE; prior year: 120.9%) and 124.0% (JJS;
prior year: 118.0%). The technical interest rate used by both collective plans amounted to 1.75%
(prior year: 1.5%).
Employer contribution reserves
Burckhardt Compression does not have any employer contribution reserves.
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Economic benefits/economic obligations and pension benefit expenses
in CHF 1’000
Economic portion
of the organization
Change to prior-year
period recognized
in the current result
of the period
Currency
translation
differences
Contributions
of the fiscal year
Pension benefit
expenses
31.03.2025
31.03.2024
2024
2024
2024
2024
2023
Pension plans with surplus
–
–
–
–
–11’793
–11’793
–10’819
Unfunded pension plans
–1’262
–1’336
43
31
–
43
7
Total
–1’262
–1’336
43
31
–11’793
–11’750
–10’812
31. Events after the balance sheet date
There were no events between the balance sheet date and the date these consolidated finan
cial statements were approved by the Board of Directors which would require additional dis
closures or changes in the consolidated financial statements.
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32. Group companies and associates
Company
Registered office
Registered capital
Interest in capital
Research &
development
Manufacturing &
engineering
Contracting
Sales
Service
Burckhardt Compression AG ¹
Winterthur, Switzerland
CHF 2’000’000
100%
•
•
•
•
•
Burckhardt Compression Immobilien AG ¹
Winterthur, Switzerland
CHF 5’000’000
100%
Burckhardt Compression (Deutschland) GmbH
Neuss, Germany
EUR 30’000
100%
•
•
Burckhardt Compression (Italia) S.r.l.
Milan, Italy
EUR 400’000
100%
•
•
•
Burckhardt Compression (France) S.A.S.
Cergy Saint Christophe, France
EUR 300’000
100%
•
•
Burckhardt Compression (España) S.A.
Madrid, Spain
EUR 550’000
100%
•
•
Burckhardt Compression (UK) Ltd.
Bicester, United Kingdom
GBP 250’000
100%
•
•
Burckhardt Compression (US) Inc.
Houston, USA
USD 18’250’000
100%
•
•
•
•
Burckhardt Compression (Canada) Inc.
Mississauga, Canada
CAD 200’000
100%
•
•
Burckhardt Compression (Japan) Ltd.
Tokyo, Japan
JPY 50’000’000
100%
•
•
Burckhardt Compression (Shanghai) Co. Ltd.
Shanghai, China
CNY 85’564’000
100%
•
•
•
•
Burckhardt Compression (India) Private Ltd.
Pune, India
INR 331’140’000
100%
•
•
•
•
•
Burckhardt Compression (Brasil) Ltda.
São Paolo, Brazil
BRL 5’818’000
100%
•
•
Burckhardt Compression (Middle East) FZE
Dubai, United Arab Emirates
AED 2’000’000
100%
•
•
Burckhardt Compression Mechanical Equipment
Trading and Services - L.L.C - S.P.C
Abu Dhabi, United Arab Emirates
AED 500’000
100%
•
•
Burckhardt Compression Korea Ltd.
Seoul, South Korea
KRW 250’000’000
100%
•
•
Burckhardt Kompresör San. ve Tic. Ltd.
Istanbul, Turkey
TRY 800’000
100%
•
•
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Company
Registered office
Registered capital
Interest in capital
Research &
development
Manufacturing &
engineering
Contracting
Sales
Service
Burckhardt Compression Singapore Pte Ltd.
Singapore, Singapore
SGD 700’000
100%
•
•
Burckhardt Compression South Africa (Pty) Ltd.
Sunnyrock, South Africa
ZAR 3’000’000
100%
•
•
Burckhardt Compression Korea Busan Ltd.
Busan, South Korea
KRW 7’000’000’000
100%
•
•
•
Burckhardt Compression (Saudi Arabia) LLC
Dammam, Saudi Arabia
SAR 1’000’000
100%
•
•
Burckhardt Compression (Netherlands) BV
Rotterdam, Netherlands
EUR 18’000
100%
•
•
•
Burckhardt Compression (Sweden) AB
Landvetter, Sweden
SEK 100’000
100%
•
•
Burckhardt Compression (Thailand) Co. Ltd.
Rayong, Thailand
THB 8’000’000
100%
•
•
Shenyang Yuanda Compressor Co. Ltd. ¹
Shenyang, China
CNY 100’000’000
100%
•
•
•
•
•
Liaoning Yuanyu Industrial Machinery Co. Ltd.
Kaiyuan, China
CNY 39’000’000
100%
•
•
Shenyang Yuanda Compressor
Automatic Control System Co. Ltd.
Shenyang, China
CNY 5’000’000
60%
•
•
•
Compressor Tech Holding AG ¹
Zug, Switzerland
CHF 200’000
100%
PROGNOST Systems GmbH
Rheine, Germany
EUR 200’000
100%
•
•
•
•
•
PROGNOST Systems Inc.
Houston, USA
USD 240’000
100%
•
•
•
PROGNOST Machinery Diagnostics
Equipment and Services LLC
Abu Dhabi, United Arab Emirates
AED 300’000
100%
•
•
Société d’Application du Métal Rouge SAS
Pont Sainte Marie Cedex, France
EUR 501’000
100%
•
•
•
•
¹ Company is directly held by Burckhardt Compression Holding AG.
All other companies are indirectly held by Burckhardt Compression Holding AG.
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Ernst & Young Ltd
Maagplatz 1
P.O. Box
CH-8010 Zurich
Phone:
+41 58 286 31 11
www.ey.com/en_ch
To the General Meeting of
Burckhardt Compression Holding AG, Winterthur
Zurich, June 4, 2025
Report of the statutory auditor
Report on the audit of the consolidated financial statements
Opinion
We have audited the consolidated financial statements of Burckhardt Compression Holding AG and its subsidiaries (the Group),
which comprise the consolidated balance sheet as at March 31, 2025, the consolidated income statement, the consolidated cash
flow statement and the consolidated statement of changes in equity for the year then ended, and notes to the consolidated financial
statements, including a summary of significant accounting policies.
In our opinion, the consolidated financial statements (pages 127 to 152) give a true and fair view of the consolidated financial
position of the Group as at March 31, 2025 and of its consolidated financial performance and its consolidated cash flows for the year
then ended in accordance with Swiss GAAP FER and comply with Swiss law.
Basis for opinion
We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under those
provisions and standards are further described in the “Auditor's responsibilities 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 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.
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Report of the statutory auditor
Key audit matter
Key audit matters are those matters that, in our professional judgment, 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. For each
matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the “Auditor's responsibilities for the audit of the consolidated financial statements”
section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed
to respond to our assessment of the risks of material misstatement of the consolidated financial statements. The results of our audit
procedures, including the procedures performed to address the matter below, provide the basis for our audit opinion on the
consolidated financial statements (pages 127 to 152).
Revenue Recognition under the Percentage of Completion method, including Restatement
Risk
A material share of the Group's revenue is generated in the Systems Division. Revenue for this division is
recognised using the percentage of completion (POC) method according to Swiss GAAP FER 22, if conditions
for long-term contracts are met, as described in Note 2.19. The POC method was implemented during FY24.
Consequently, the comparative period was restated.
In determining the percentage of completion, estimates are made, for total costs, revenues and corresponding
margin. The recognition of revenue using the POC method involves significant judgement by management and,
therefore, is significant to our audit.
Our audit
response
As part of our audit, we gained an understanding of the method and processes applied in recognizing revenue
using the POC method. Among other audit procedures, we made inquiries of various parties involved (including
project managers, controlling, and management) for a sample of projects and tested the allocation of costs
incurred to projects and the periods of such cost allocation by testing third-party invoices and other supporting
evidence. We assessed the stage of the percentage of completion by testing internal and external project
documents and assessed the revenue and cost recognition. Regarding the restatement of prior periods, we
assessed the methodology applied to determine restated opening balances as of April 1, 2023, as well as
revenues and costs recognized using the POC method for the comparative period.
Our audit did not lead to any reservations regarding recognition of income and expenses for realisation projects.
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Report of the statutory auditor
Other matter
The consolidated financial statements for the year ended March 31, 2024, prior to the retrospective application of the change in
accounting method related to revenue recognition, as described in Note 2.19 to the consolidated financial statements, were audited
by another statutory auditor who expressed an unmodified opinion on those consolidated financial statements on June 3, 2024.
Other information
The Board of Directors is responsible for the other information. The other information comprises the information included in the
annual report, but does not include the consolidated financial statements, the stand-alone financial statements and the compensation
report and our auditor’s reports thereon.
Our opinion on the consolidated financial statements does not cover the other information 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 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.
Board of Directors’ responsibilities for the consolidated financial statements
The Board of Directors is responsible for the preparation of the consolidated financial statements, which give a true and fair view in
accordance with Swiss GAAP FER 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 misstatement,
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.
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Report of the statutory auditor
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 and SA-CH 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 on EXPERTsuisse’s
website at: https://www.expertsuisse.ch/en/audit-report. This description forms an integral part of our report.
Report on other legal and regulatory requirements
In accordance with Art. 728a para. 1 item 3 CO and PS-CH 890, we confirm that an internal control system exists, which has been
designed for the preparation of the consolidated financial statements according to the instructions of the Board of Directors.
We recommend that the consolidated financial statements submitted to you be approved.
Ernst & Young Ltd
Marco Casal
DDominique Frutiger
Licensed audit expert
Licensed audit expert
(Auditor in charge)
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Report of the statutory auditor
Balance sheet
in CHF 1’000
Notes
31.03.2025
31.03.2024
Current assets
Cash and cash equivalents
239
394
Other current receivables
331
1’991
due from third parties
179
1’839
due from group companies
152
152
Total current assets
570
2’385
Non-current assets
Financial assets
Non-current loans to group companies
42'200
28’607
Investments in subsidiaries
102
242'861
253’681
Total non-current assets
285'061
282’288
Total assets
285'631
284’673
Financial Statements of Burckhardt
Compression Holding AG, Winterthur
in CHF 1’000
Notes
31.03.2025
31.03.2024
Current liabilities
Other current liabilities
13
8
Accrued liabilities and deferred income
1'425
938
Bonds
105
–
100’000
Total current liabilities
1'438
100’946
Non-current liabilities
Non-current financial liabilities from group companies
7'220
20’125
Bonds
105
150'000
–
Total non-current liabilites
157'220
20’125
Equity
Share capital
103
8'500
8’500
Legal reserves from retained earnings
1'700
1’700
Free reserves from retained earnings
Profit brought forward
107'469
153’509
Net income
20'557
6’446
Treasury shares
104
–11'253
–6’553
Total equity
126'973
163’602
Total equity and liabilities
285'631
284’673
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Income statement
in CHF 1’000
2024
2023
Income
Dividend income from group companies
35'820
9’605
Interest income from group companies
491
458
Income from services provided to group companies
192
192
Other operating income
140
794
Total income
36'643
11’049
Expenses
Operating expenses
–2'119
–1’722
Other operating expenses
-25
–367
Other non-operating expenses
–10'820
0
Financial expenses
–2'668
–1’739
Income tax expenses
–454
–775
Total expenses
–16'086
–4’603
Net income
20'557
6’446
Notes to the financial statements
of Burckhardt Compression
Holding AG
101 Accounting policies
The financial statements as per March 31, 2025 are in compliance with the requirements of
Swiss corporate law.
The financial statements have been prepared in accordance with the provisions of com
mercial accounting as set out in the Swiss Code of Obligations (Art. 957 to 963b CO).
The following disclosures are not being made separately in the statutory financial state
ments pursuant to Art. 961d (1) CO as Burckhardt Compression Holding AG is presenting its
consolidated financial statements according to Swiss GAAP FER:
– Additional disclosures in the notes (auditor’s fee; disclosure on non-current interest-
bearing liabilities)
– Cash flow statement
– Management report
The treasury shares are stated at acquisition cost and deducted from equity. No subsequent
valuation is made. If the treasury shares are disposed of, the resulting gain or loss is recog
nized in the profit and loss statement.
All values in the annual financial statements are reported in thousand Swiss Francs unless
otherwise indicated.
Burckhardt Compression Holding AG’s fiscal year 2024 comprises the period from April 1,
2024 to March 31, 2025.
102 Investments in subsidiaries
The equity interests held directly and indirectly by Burckhardt Compression Holding AG are
shown in note 32 “Group companies and associates” of the consolidated financial statements.
Investments are valued at cost and according to the principle of individual valuation. The
investment in Shenyang Yuanda Compressor Co., Ltd was impaired by CHF 10.8 mn in fiscal
year 2024.
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Notes to the financial
statements of Burckhardt
Compression Holding AG
103 Share capital and shareholders
The share capital amounts to CHF 8’500’000 and is composed of 3’400’000 shares, each with
a nominal value of CHF 2.50. All shares are registered shares and are paid in full.
According to information available to the company from the disclosure notifications of the SIX
Swiss Exchange Ltd., the following shareholders reported shareholdings of at least 3% of the
share capital and voting rights as of March 31, 2025 (according to the statutory bylaws the
voting rights of NN Group N.V., The Goldman Sachs Group, Inc, UBS Fund Management (Swit
zerland) AG and Swisscanto Fondsleitung AG are limited to 5% of the total number of the reg
istered BCHN shares recorded in the commercial register):
Shareholders
31.03.2025
31.03.2024
Name
Country
% of shares
% of shares
NN Group N.V.1
NL
9.86
9.86
UBS Fund Management (Switzerland) AG
CH
9.58
5.06
MBO shareholder group (Valentin Vogt, Daniela Vogt, Harry
Otz, Leonhard Keller, Martin Heller, Ursula Heller,
Marcel Pawlicek)
CH
8.70
9.97
The Goldman Sachs Group, Inc1
US
6.45
6.45
Swisscanto Fondsleitung AG
CH
5.00
3.01
BlackRock, Inc.
US
3.07
3.07
Credit Suisse Funds AG
CH
–
3.24
1 The Goldman Sachs Group, Inc. (“GS Group”) has acquired control of NN Investment Partners Holdings N.V. (“NNIP”) and NNIP has
a discretionary asset management mandate with respect to BCHN shares which are owned by NN Group N.V.
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Notes to the financial
statements of Burckhardt
Compression Holding AG
104 Treasury shares
2024
2023
Number of
shares
Avg. Transaction
price in CHF
Total in
CHF 1’000
Number of
shares
Avg. Transaction
price in CHF
Total in
CHF 1’000
Balance at 01.04.2024 / 01.04.2023
13’805
474.66
6’553
33’413
472.05
15’772
Purchases
7’271
659.80
4’801
925
569.02
526
Transfers (share-based compensation)
–208
516.20
–101
–20’533
479.24
–9’746
Balance at 31.03.2025 / 31.03.2024
20’868
529.25
11’253
13’805
474.66
6’553
Treasury shares were allocated as part of the share-based compensation as follows:
2024
2023
Allocated
treasury shares
Total in
CHF 1’000
Allocated
treasury shares
Total in
CHF 1’000
Board of Directors
185
88
205
97
Executive Management
0
0
2’328
1’194
Other Employees
23
13
18’000
8’455
Total
208
101
20’533
9’746
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105 Bonds
Burckhardt Compression issued a bond in the amount of CHF 150 mn with a coupon of 1.5606%
due on September 30, 2028 (at par). The issue price was 100% of the nominal value.
The bond is listed on the SIX Swiss Exchange.
The previous bond in the amount of CHF 100 mn was repayed as of September 30, 2024.
106 Further disclosures pursuant to Article 959c par. 2
of the Swiss Code of Obligations:
Full-time employees
Burckhardt Compression Holding AG does not employ any employees.
Liabilities to pension funds
in CHF 1’000
31.03.2025
31.03.2024
Total liabilities to pension funds
0
0
Guarantees
in CHF 1’000
31.03.2025
31.03.2024
Guarantees
23'945
44’343
Burckhardt Compression Holding AG issues advance payment guarantees and performance
bonds in the name of Burckhardt Compression AG and in favor of a small number of selected
customers.
The credit lines and guarantee facilities extended to Burckhardt Compression AG by financial
institutions do not require any assets or shares of Burckhardt Compression Holding AG to be
pledged as collateral.
Residual amounts of lease liabilities
As in the previous year, there were no material lease liabilities that could not be terminated
within twelve months.
Remuneration of the Board of Directors and the Executive Management
Type and amount of remuneration of the members of the Board of Directors and the Executive
Management as well as the principles and basic elements of the company’s compensation
policy are depicted and explained in the compensation report on pages 108 to 120.
Events after the balance sheet date
There were no additional events after the balance sheet date which affect the annual results
or would require an adjustment to the carrying amounts of Burckhardt Compression Holding
AG’s assets and liabilities.
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Notes to the financial
statements of Burckhardt
Compression Holding AG
Proposal by the Board of Directors for the appropriation of retained earnings
in CHF 1’000
2024
2023
approved by the
AGM
Retained earnings at the beginning of the period
159'954
193’896
Distributed dividend
–52'486
–40’388
Net income of the year
20'557
6’446
Retained earnings at the disposal of the Annual General Meeting
128'025
159’954
The Board of Directors proposes the following appropriation
Gross dividend
–61’200
–52’700
Retained earnings carried forward
66’825
107’254
The Board of Directors will propose payment of a gross dividend of CHF 18.00 per registered
share at the Annual General Meeting of Shareholders on July 5, 2025.
in CHF
2024
2023
approved by the
AGM
2022
approved by the
AGM
Gross dividend
18.0
15.5
12.0
Less 35% withholding tax
–6.3
–5.4
–4.2
Net dividend
11. 7
10.1
7.8
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Notes to the financial
statements of Burckhardt
Compression Holding AG
Ernst & Young Ltd
Maagplatz 1
P.O. Box
CH-8010 Zurich
Phone:
+41 58 286 31 11
www.ey.com/en_ch
To the General Meeting of
Burckhardt Compression Holding AG, Winterthur
Zurich, June 4, 2025
Report of the statutory auditor
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Burckhardt Compression Holding AG (the Company), which comprise the balance sheet
as at March 31, 2025, the income statement for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies.
In our opinion, the financial statements (pages 157 to 161) 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 Standards on Auditing (SA-CH). 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 Company 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.
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Report of the statutory auditor
Key audit matter
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial
statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole,
and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For the matter below, our description
of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the “Auditor's responsibilities for the audit of the financial statements” section of our
report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to
our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the
procedures performed to address the matter below, provide the basis for our audit opinion on the financial statements (pages 157 to
161).
Recoverability of Investment in Shenyang Yuanda Compressor Co., Ltd.
Risk
Burckhardt Compression Holding AG evaluates its investments in subsidiaries for recoverability annually and
records an impairment loss when the carrying amount exceeds the recoverable amount.
The investment in Shenyang Yuanda Compressor Co., Ltd. represents 71% of the total assets. Due to its
significance and the judgment the Company must apply in estimating amongst other factors, future revenues,
long-term growth and discount rates in determining the recoverable amount, this matter was considered
significant to our audit.
Our audit
response
Our audit procedures included understanding the Company’s impairment testing process and the determination
of key assumptions.
We involved valuation specialists to assist in examining the Company’s valuation model and to analyze long-
term growth and discount rate applicable for Shenyang Yuanda Compressor Co., Ltd. We evaluated the key
assumptions applied and assessed the determination of the recoverable amount.
Our audit procedures did not lead to any reservations concerning the carrying value of the investment in
Shenyang Yuanda Compressor Co., Ltd.
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Report of the statutory auditor
Other matter
The financial statements for the year ended March 31, 2024, were audited by another statutory auditor who expressed an unmodified
opinion on those financial statements on June 3, 2024.
Other information
The Board of Directors is responsible for the other information. The other information comprises the information included in the
annual report, but does not include the consolidated financial statements, the stand-alone financial statements and the compensation
report and our auditor’s reports thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the 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.
Board of Directors’ responsibilities 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 Company’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 Company or to cease operations, or has no realistic alternative but to do so.
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Report of the statutory auditor
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 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 and SA-CH 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 on EXPERTsuisse’s website at:
https://www.expertsuisse.ch/en/audit-report. This description forms an integral part of our report.
Report on other legal and regulatory requirements
In accordance with Art. 728a para. 1 item 3 CO and PS-CH 890, we confirm that an internal control system exists, which has been
designed for the preparation of the financial statements according to the instructions of the Board of Directors.
Based on our audit in accordance with Art. 728a para. 1 item 2 CO, we confirm that the proposal of the Board of Directors complies
with Swiss law and the Company’s articles of incorporation. We recommend that the financial statements submitted to you be
approved.
Ernst & Young Ltd
Marco Casal
Dominique Frutiger
Licensed audit expert
Licensed audit expert
(Auditor in charge)
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Publisher
Burckhardt Compression Holding AG, Winterthur
Content/Concept
Burckhardt Compression AG, Corporate Communications
Design/Realization
Linkgroup AG, Zurich
Photography
Scanderbeg Sauer Photography, Zurich
Marc Weiler Photography & Film, Jona
Encore Events and Promotions, India
EYE Fotografie, The Netherlands
Luxwerk Fotographie, Zurich
Jakob und Bertschi, Zurich
Time of blue, South Korea
Elfstern, Andelfingen
Nikolas Zonvi
Xin Shao
Adobe Stock
Getty Images
Burckhardt Compression AG
This report contains forward-looking statements, which reflect the company’s current expec
tations, estimates, and projections about future events. These statements are not guaran
tees of future performance and involve known and unknown risks, uncertainties, and other
factors – many of which are beyond the company’s control – that could cause actual results
to differ materially from those expressed or implied.
Such factors include, but are not limited to, global economic conditions, exchange rate fluctu
ations, changes in regulatory environments, market dynamics, competitive actions, and other
risks described in this report.
Overall, these statements reflect the company’s views as of the date of this report. Therefore,
the company assumes no obligation to revise or update any forward-looking statements in
light of new information, future events, or otherwise.
The Annual Report is published in English only and is available on the internet under
burckhardtcompression.com/report.
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Burckhardt Compression AG
CH-8404 Winterthur
Switzerland
Tel.: +41 (0)52 261 55 00
Fax: +41 (0)52 261 00 51
24 hours emergency Tel.: +41 (0)52 261 53 53
info@burckhardtcompression.com
www.burckhardtcompression.com