|
|
 |
|
Viewing report
|
|
|
|
Executive Report on Strategies in Switzerland
ICON Group International, June 2007, Pages: 393
How to Strategically Evaluate Switzerland
Perhaps the most efficient way of evaluating Switzerland is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”).
Framework for Prioritizing Countries
Demand/Market Potential Driven Firm
Relative Accessibility
Accessibility/Supply Averse Firm
Relative Accessibility
In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market - neither a market-driven nor a cost-driven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities.
Latent Demand and Accessibility in Switzerland
This report provides an extremely detailed overview of factors driving latent demand and accessibility in Switzerland. Latent demand is largely driven by economic fundamentals. But, latent demand only represents half of the picture. A country may at first sight appear to be attractive due to a high latent demand, but it is often less attractive when one considers at the macro level how easy it might be to serve that entire potential and/or general business risks.
Chapter 2 deals with macro-accessibility. While accessibility will always vary from one company to another for a given country, the following domains are typically considered when evaluating macro-accessibility in Switzerland:
Openness to Trade in Switzerland
Openness to Direct Investment in Switzerland
Local Marketing and Entry Strategy Alternatives
Local Human Resources
Local Risks
Across these domains, a number of not-so-obvious factors can affect accessibility and risk. These are also covered in Chapter 2, which is presented from the perspective of an American firm, though it is equally applicable to most firms entering Switzerland. This chapter has been authored by local offices of the U.S. Government. I have included a number of edits to clarify the provided information as it relates to the general strategic framework.
In Chapter 3, I summarize the economic potential for Switzerland over the next five years for hundreds of industries, categories, and products. The goal of this chapter is to report my findings on the real economic potential, or latent demand, represented by Switzerland when defined as an area of dominant influence. The data presented are the result of various spatial econometric and time-series forecasting models which, for each category presented, are applied to forecast and allocate latent demand across all countries of the world and major distribution centers or centers of dominant influence within each country. This is accomplished knowing that economic fundamentals (e.g. income) generally vary from one country to another within a given country over time. In this chapter, I report the allocation for each category for Switzerland as an area of dominant influence in Europe and, potentially, the world.
The report concludes with trade indicators for Switzerland. Often, the amount of trade flowing into and out of a country is a strong indicator of trading partners, trade openness, and related latent demand. Trade indicators are purely statistical in nature. Although international trade is not a direct measure of latent demand, it does provide an indicator of general market conditions with respect to trade flows and trade openness in Switzerland.
As a whole, this report presents a strategic assessment of Switzerland by considering an extremely broad set of factors affecting both latent demand and accessibility, as outlined in the following chapters.
MACRO-ACCESSIBILITY IN SWITZERLAND
Economic Fundamentals and Dynamics
Government Intervention Risks
Switzerland has a market economy based on the principles of free enterprise. Freedom of trade and industry are guaranteed by the Federal Constitution and, apart from the agriculture sector, state intervention is minimal. Government policy is primarily aimed at providing the economy with a favorable framework -- stable currency and prices, an efficient infrastructure, and training that will yield the skills required in the global economy.
Under Switzerland’s federal, cantonal and communal system of governing, the federal government has responsibility for foreign affairs, internal and external security, transportation, energy, environment, customs, communications, and monetary control, while the cantons largely control other state functions such as education and justice matters. In many areas, the federal government simply legislates and supervises, while the 26 cantons implement the legislation. The cantons enjoy a high degree of administrative authority, with their own constitutions and laws. The communes, of which there are over 3,000, also enjoy a high degree of independence. They have considerable control over local issues, and even collect taxes. All three levels of government have little direct involvement in the economy.
Indirect involvement is evident in the extensive number of government regulations, especially at the local level. Building codes, regulated hours of establishment, labor laws, zoning ordinances, environmental regulation (for instance, garbage control), noise codes and administered prices are examples of areas where rules and regulations are more pervasive than in the United States. Mandatory health insurance is a typical example of the Swiss approach to government involvement in the economy: Insurance and health care are provided privately but the government requires employees to have the insurance (and subsidizes those who cannot afford it).
Infrastructure
Switzerland’s infrastructure is modern and well developed. The country has a very substantial and efficient rail network, an extensive road system (honeycombed with tunnels to cope with the mountainous terrain), two major international airports (Zurich and Geneva) and a few smaller airports with international connections (Basel, Bern, Lugano). Though landlocked, Switzerland has a state-of-the-art maritime transport network with some 30 ocean-going vessels, and carries out river-borne cargo services with connections to the North Sea via tugs and barges on the Rhine River. The port of Basel is a major terminus for goods handling, with efficient connections between rail, road and water. Custom-bonded warehouses and duty free areas exist in and around all major cities.
Switzerland has very high computer usage rates. Internet and cell phone usage rates are among the highest in Europe and cable television reaches some 95% of the population.
Liberalization during the ‘90s led to the separation of the postal and telephone services in Switzerland. The core services of Swiss Post are letters, parcels and express mail, payment transaction and road-based passenger transport. Swiss Post currently has 3,177 post offices nationwide with 56,000 employees. On average, they process some 500,000 parcels (82% market share) and 20 million letters (85% market share) a day. According to the result of an independent external study, which is regularly conducted on behalf of the International Post Corporation (ICP), an association of 21 leading international postal administrations, Swiss Post is a leader in terms of letter delivery times in Europe. It also handles deposit and payment transactions for the 2.4 million people in Switzerland who have a postal checking account. It hopes to remain number one in its home market and in international transactions with Switzerland. It acts in accordance with the rules of the free market economy and measures itself by its commercial success. This includes an appropriate level of profitability to ensure its own funding and to achieve a continuing increase in the value of the business. Swiss Post is seeking to develop new sources of growth with innovative products and services such as direct marketing, logistics solutions, financial services and e-business. However, as a cost cutting measure, Swiss Post has announced that it will have to close some of its post offices in Switzerland, possibly up to 500 offices, most in very small villages.
Parcel Post in Figures
Average daily traffic:
500,000 parcels
500 trains
910 containers
500,000 kilometers
19,000 delivery vehicles
International courier services are in the Swiss market (UPS, FedEx, DHL) but their activities are limited to express deliveries and the transport of parcels of more than 2 kilos.
Currently, Swiss Post has a market share of 80% in the payment of personal and business invoices. It also offers saving accounts, investment funds and life insurance solutions. The financial arm of Swiss Post, Postfinance, has been steadily growing in the past years. With their “pop” advertising campaigns, they have been very successful in approaching Swiss youth. Postfinance is an independent organization responsible for its own profits/losses with Swiss Post. Since Postfinance’s founding, the payment of bills through the postal system has carved out a position for itself without monopoly protection and in direct competition with banks.
Yellow trade is the innovative Internet banking system by Postfinance. It gives 24 hours access to all yellow post account holders, 7 days a week. The new Postfinance online trading offers to trade securities on the leading stock exchanges, with extremely attractive brokerage rates and without any custody account fees. Registered yellowtrade users profit from free SWX and Virt-x real-time rates and up-to-date news and information about finance and the economy.
Swiss Post International possesses one of the most extensive distribution networks in the world. Their future-oriented and flexible IT solutions are totally integrated in the global networks of the Swiss Post International’s partners. Their subsidiaries in the UK, Italy, France, Germany and the USA reinforce their international appeal.
Postbus Switzerland, a decentralized organization, is a company on the move. What began in the last century with the mail coaches has developed into the biggest operator in regional public transport on the roads. The introduction of the revised railway legislation in 1996 redefined duties and areas of responsibility within the Swiss regional public transport system. Postbus has become the leading provider of regional public road services for passenger transportation and acts as a system provider and operator as well as a public transport contractor and provider of tourist transport services.
Postbus in Figures
2001
2002
Number of postbus routes
Length of network (Km)
Number of vehicles
Passengers conveyed (millions)
Kilometers covered (millions)
Total revenue SF (millions)
716
8,500
1,945
95
84
470
716
10,316
1,958
97
87
490
The Swiss communication market was reshaped by the liberalization actions in 1998. Over 130 carriers now compete with Swisscom in all areas of telecommunication services, although Swisscom will remain the largest service provider for years to come. The “last mile” has not been liberalized and remains under the control of Swisscom.
Hydroelectric energy is Switzerland’s natural, main source of power due to its location in the Alps. About 59% of its electric power output comes from hydroelectric plants and about 39% from nuclear generating plants. New hydroelectric plants, due to constraints imposed by environmental and political factors, most likely cannot meet future energy needs. The oldest nuclear plants will reach the end of their cycle in 15-20 years. An active debate is on going over the role of renewable energy in meeting the future needs of Switzerland.
Political Risks
Nature of Political Relationship with the United States
U.S. relations with Switzerland are strong, having significantly recovered from the strains resulting from investigations into the Swiss handling of WW II Holocaust-era assets (i.e., dormant bank accounts and Nazi gold). The U.S. Government welcomes the Swiss government’s growing international engagement in this area. In recent years, Switzerland is increasingly active in multilateral fora dealing with terrorism financing, export controls/nonproliferation, refugees, law enforcement, human rights, and trade, to name only a few. The Swiss parliament adopted on March 12, 2003, the ratification of two U.N. Conventions against Terrorism Financing and Terrorist Bombing. Besides already complying with UN sanction against the Taliban regime and other terrorist groups, the Swiss government adopted in May 2003 a new set of measures aimed at blocking looted Iraqi artworks and Saddam Hussein’s regime money.
Politics and the Business Environment
In the wake of the Swiss voters’ rejection of the European Economic Area (EEA) Agreement in 1992, the Swiss federal government set its sights on negotiating bilateral sector agreements with the European Union. After more than four years of negotiations, an agreement covering seven sectors (including land/air transport, agriculture and free movement of persons) was achieved at the end of 1998 and entered into force in June 2002. The government succeeded in its efforts to have Switzerland join the UN, in September 2002. Swiss political leaders say the country’s main objectives in the UN include civilian peace operations, supporting human rights, environmental protection, and sustainable development.
U.S. companies doing business in and with Switzerland have not, to date, indicated any direct business problems associated with Switzerland’s non-membership in the EU. U.S. companies already acclimated to EU business practices and regulations should experience no difficulties in Switzerland, as the underlying Swiss goal has been to make its trading/economic environment as compatible as possible with that of the EU while still maintaining Swiss political and economic independence. The bilaterals with the EU will bring Switzerland’s economy into even greater conformity to the EU.
The Political System
Switzerland has a relatively weak federal government compared to strong executive leaderships in other industrialized countries. Many executive and administrative powers are vested in the 26 cantonal governments but these do not undermine the efforts by the federal government to centralize some of the decision-making (e.g. money laundering). Federal executive decision-making is undertaken by the seven-member Federal Council (cabinet). Its members head the various federal departments: Finance, Foreign Affairs, Justice, Economics, Interior, Transportation (along with Energy and Environment), and Defense (combined with Sports). The largely ceremonial position of President of the Federal Council (head of government) is rotated annually among the Federal Councilors according to seniority. The Federal Council strives to present a collegial image and to govern by consensus. Its deliberations are private. Contentious issues that cannot be decided by consensus are determined by majority vote, results of which are not released.
The composition of the Federal Council reflects the so-called “magic formula” coalition that has governed Switzerland since 1959. Under this informal arrangement, the four largest political parties, which generally receive 70-75% of the popular vote in federal parliamentary elections held every four years, fill the seven positions on the Federal Council. In the coalition are three center-right parties: Free Democrats (FDP), Christian Democrat Party (CVP), and Swiss Peoples’ Party (SVP); and the left-of-center Social Democrats (SP).
It is understood that there will always be at least two Federal Councilors from the non-German (i.e., the French or Italian speaking) cantons. As part of an effort to modernize and revise the Federal Constitution, Parliament has abolished the constitutional clause stipulating that no canton may have more than one representative on the Federal Council.
The presence of left and right wing elements in the governing coalition has traditionally allowed the government to work with all parties. The coalition’s ideological diversity, combined with a non-confrontational, consensus approach to decision making, has brought long-term political and social stability.
Treaties, international agreements, and legislation approved by the Parliament are subject to challenge by popular vote in Switzerland’s unique system of initiative and referendum. These instruments allow unusually intense popular involvement in the legislative process and keep the federal government under constant scrutiny.
Marketing Strategies
The most effective method of importing into and distributing within Switzerland depends on the type of product and the location of manufacturing or distribution sites. Capital goods manufacturers may find direct exporting most desirable when contracts with a limited number of customers represent an appreciable share of the market. However, a company new to the Swiss market, or which products require training for use and after-sales service, is advised to engage the services of a technically qualified Swiss agent with good market knowledge.
Swiss buyers of raw materials often use specialized importers. Large orders may be made directly from producers overseas, specialized trading firms, or transshippers. As the metals industries tend to be less developed, with the exception of aluminum, imported materials usually consist of semi-processed or processed items.
A number of large international trading and transit companies operate in Switzerland. Parent companies in Switzerland carry out the transactions, while foreign affiliates or representatives may handle such aspects as shipping, receipt, and verification of the goods. In some cases, the imported goods never enter Swiss customs territory. Most of these firms are members of the Swiss Association of International Trading Houses (Schweizerischer Verband der Internationalen Handelsfirmen).
Manufacturers and exporters of consumer goods may deal with a wholesaler (usually also the importer), engage the services of a representative, or sell directly to buying offices of large retail chains especially if dealing with mass-produced goods. Most often a representative or agent, who usually specializes in one or more product groups, is responsible for distribution in the whole country.
Import and Wholesale Trade
Many Swiss wholesalers are also importers who generally expect exclusive regional or national rights for the imported product. Wholesalers maintain stocks of a range of products, and provide quality control, transport, warehousing, and financing. Associations of wholesalers in various sectors protect their common interests and facilitate more effective competition with other forms of distribution. Most wholesalers and importers also belong, either through sector associations or individually, to the Federation of Swiss Importers and Wholesale Traders (Vereinigung des Schweizerischen Import- und Grosshandels).
Retail Trade
The structure of retail trade in Switzerland is changing. One trend is the decreasing number of independent retailers, giving way to an increasing number of self-service stores, discount stores, and supermarkets. A tendency toward specialization in food distribution is particularly noticea ble. Faced with an increasing number of large, vertically integrated retail establishments with nationwide coverage, individual retailers set up organizations to provide wholesale purchasing, importing, and other services. Functioning as cooperatives, most of these retailers’ buying groups and associations are in the foodstuffs business, but they can also be found in textiles, leather goods, sports articles, pharmaceuticals, toys, and hardware.
Vertically integrated retail firms account for a large part of local trade. Department stores, chain stores, consumer cooperatives, discount stores and supermarkets form the bulk of such retailers. The tendency is not to specialize in a good or service but to deal in a wide range of products and services. Their vertical structure and centralized buying give them a competitive advantage over independent retailers.
Retail traders continue to rationalize their operations to counteract the effects of the ongoing, stiff competition. Scanner cash registers for bar-coded articles are in wide use in the country. The use of electronic cards to ease payment transactions is similarly growing (cards issued by the Swiss Post, where numerous Swiss have accounts, are particularly popular). In 1987, Swiss retail groups joined forces to form the Electronic Payment System Association (Verband Elektronischer Zahlungsverkehr).
Product Pricing
There continue to be many small businesses in Switzerland -- operating on high margins with relatively low turnover. There are very few discounters in the country resulting in markups of 100% or higher on some products.
Agents and Distributors
Swiss law provides for two principal types of representatives:
Agents are independent, can work for several firms, and are compensated by commission. A 1949 federal law on agency contracts governs their activities. Swiss law does not permit a principal to inspect the books of his/her Swiss agent.
Traveling salespeople (Handelsreisende) are employees of the company they represent. Under a 1941 federal law, they are entitled to a fixed salary, with or without commission, and reimbursement of travel and entertainment expenses.
For a company interested in entering the Swiss market, finding and selecting the right person or firm for representation is important and sometimes difficult. Favorable terms may be required to obtain good representation for a new product or an unknown firm.
Ways to locate representation include visits to trade fairs, advertising in Swiss periodicals, contacting the Swiss-American Chamber of Commerce, and/or engaging the services of professional organizations in the United States or Switzerland.
Once a potential partner has been identified, it is frequently a good idea to request a financial profile of the company. These can be obtained at a relatively low cost from Dun & Bradstreet and other credit reporting agencies in the United States.
Franchising
More than 150 franchisers currently operate in the Swiss market, 20 of which have more than 10 outlets. Almost 25% of all franchises are of domestic origin, 25% are American, and a large number are of French origin. Franchising is increasing in the service and catering sectors. for instance, the Accor group, Compass group and Autogrill group run several restaurants (Eurest, Passaggio), catering systems, and hotels. Franchising has long been practiced in the automotive sector and is successfully applied in the distribution and retail business for clothing, baby and children’s products, beauty and personal care, giftware, and other consumer items. Industry franchises (Coca-Cola, Pepsi, Yoplait, etc.) are well integrated and active. Good opportunities exist in the restaurant business. McDonald’s, Burger King, Pizza Hut, Subway, Starbucks, and Aroma coffee shops, a new division of McDonald’s, are active in the Swiss market. The service sector of management and career development services (Manpower and Kelly’s Employment Service) are also present.
Franchise experts advise new-to-market franchisors to adapt the franchise package and business format to include cultural traits and customs of specific regions of Switzerland. Only rarely can a franchise concept be implemented directly from the United States. Success of a franchise almost always requires adaptation to the market. Switzerland is a small but multilingual country. Therefore, franchises can be tested in different cultural environments (French in Geneva or Lausanne; German in Zurich, Basel or Bern; Italian in Lugano). Lessons learned in Switzerland can be applied in larger, neighboring countries. The availability of capital and Switzerland’s highly developed service, transportation and communications are available to U.S. franchisors locating to a Swiss-based office to oversee their franchise interests in Europe. Given the licensing fee of some franchises, it is unlikely that outlets in Switzerland alone can support the fee. Therefore, expanding often requires a more regional outlook. Prospective franchisees should be properly screened. It is advisable to undertake a feasibility study coupled with a sound business plan prior to signing new franchisees.
Franchise penetration of the Swiss retail trade is far from the 40% of retail sales it represents in the U.S. This is due primarily to financing available to the Swiss to operate their own distribution or retail chains or stores in Switzerland. However, with the effects of globalization, those with disposable start-up capital have more capability in establishing their own businesses through franchising. Outplacement and executive counselors often advise clients to consider franchising. The Swiss Franchise Association is active in holding seminars and workshops.
Direct Marketing
Home shopping, meaning the direct sale of goods from a private location, is becoming increasingly popular in Switzerland. This method of direct marketing has recorded enormous growth - - the turnover for these direct sales companies has doubled within the last five years. The home shopping boom has reached a record high and products sold range from the well known Tupperware and Mary Kay Cosmetics, to lingerie to new recipes and cleansing agents. More than 5,700 sales people are members of the Swiss Association of Direct Marketing Companies (Schweizerischer Verband der Direktverkaufs-firmen VDF), mail order companies not included. They counted more than one million client-contacts during the business year 1997/98, thereby generating a turnover of SF 283 million ($195 million).
Most of the products sold at ‘Home Shopping Parties’ are top grade and innovative and cannot be found at retail stores. Within the VDF association only the British company Body Shop offers the identical cosmetic and personal hygiene products that can be found in their shops - for the same price. The advantages of home shopping frequently mentioned by participants are the competent advice offered by the sales person, the relaxed and friendly atmosphere of the private location, the combined ‘shopping and meeting friends’ experience and the possibility of testing the products on the spot. Some of the most popular products sold through the direct marketing system in Switzerland include:
Photos and Books
The Bertelsmann-Verlag is an example of a large multimedia firm, one of the best known companies in this sector, selling books, CDs, DVDs, videos and a range of products and services.
Personal Hygiene
Beauty products are predisposed to be sold via personal demonstrations at private locations. Personal hygiene products ranging from soap to night creams are ideal for direct sale as home shoppers can try out the various products and profit from the personalized consultation. Amway is one of the strongest representatives in this sector, offering cosmetics and a whole variety of personal hygiene products. Other companies in this field are Mary Kay Cosmetics, Deesse, Just, Jafra and the Body Shop.
Jewelry and Apparel
Companies like Jenny Lane, Pierre Lang or Papillon successfully sell costume jewelry. None of these firms offers precious jewelry though. The direct sale of clothing items has by and large failed due to the modest margins and the huge variety of products. Lingerie sales for women, however, are gaining in popularity.
Cleansing Agents
The ‘Just’ products have been sold through home shopping for generations. Other companies that sell top quality, ecologically friendly cleansing products include Blidor and Amway; both of them also offer personal hygiene products.
Household Articles
Items range from Tupperware (every Swiss household has at least one of their famous items) to special cooking pots and pans that allow cooking without any or very little fat or water. A huge variety of electrical appliances and various cleaning devices can also be found in this sector. New-to-market products are especially popular with home shoppers. Products in this field are offered by AMC (Schweiz), Borna, Imco Waterless AG, Lux and Vorwerk.
Food/Nutrition
Offerings consist of fat-free bouillon, sauces and salt-free spice mixes, mostly prepared and tasted on the spot. Multivitamin products and food supplements in general have also proven to be very popular among participants at home shopping events. Power-drinks that cover a whole day’s requirement for vitamins, proteins and minerals are successfully marketed through the direct sale system as well. Nahrin AG, Edifors and NBC Nutrition & Bodycare Concept AG are the major competitors in the nutrition sector.
The advantages of the direct marketing system for manufacturers are threefold: As home shopping parties are usually held at private locations, no costs for shop rental and the like arise. The word of mouth advertising from satisfied customers makes huge advertising budgets superfluous and there is usually only a single sales person between the manufacturer and end-user, eliminating the cost-intensive intermediate trade all together. Additionally, the direct marketing companies can profit from the pressure to buy, which stems from the social nature of such events.
The members of the Swiss Association of Direct Marketing Companies (VDF) are obliged to follow a so-called code of honor, which also regulates the rescission of a contract within seven days that is required by Swiss law. In addition to that, many of the VDF members are willing to accept returns even after this time period has elapsed. Furthermore, the association offers assistance should problems or misunderstandings arise that cannot be solved directly with the sales person or manufacturer. New companies that apply for VDF membership need to undergo an extensive examination, conducted by the association.
Joint Ventures and Licensing Options
Joint Ventures
Although law does not specifically govern joint ventures, they are usually classified under Swiss company law as an ordinary partnership (Einfache Gesellschaft). Legally, a joint venture consists of two or more individuals or corporations for the realization of a particular project. Law does not protect the JV name, nor can it be registered in the Swiss Commercial Register (Handelsregistrar).
Licensing
The Swiss often rely on licensing arrangements to acquire know-how and excel in adding value to imported raw goods and services, earning revenue through exports. Licensing can therefore be a successful and profitable market entry strategy for U.S. firms.
In most sectors U.S. licensors will readily find prospective licensees with the manufacturing and marketing skills to handle successfully the product, not only in Switzerland but also in other European countries. Swiss expertise in exporting, flexibility in adapting to difficult markets and skill in precision engineering will benefit a U.S. licensor.
The pros and cons of adopting a licensing strategy must, however, be compared to other methods of market entry. The key to success in licensing lies in screening the prospective licensee to assess capabilities, interest and motivation. Swiss intellectual property legislation protects know-how and patent transfer arrangements; and some cantons allow tax write-offs on intellectual property and tax-free or preferential treatment of royalties earned through know how transfer and licensing. Appropriate legal
Customers who bought this item also bought
The Pharmaceutical Market: Switzerland
The Medical Device Market: Switzerland
Beer in Switzerland
Spirits in Switzerland
Wine in Switzerland
The 2009 Report on Mini Swiss Rolls: World Market Segmentation by City
Electronic and Biometric Security Equipment and Services in Switzerland: A Strategic Reference, 2007
Switzerland (Country Regulation Overview)
The 2009-2014 World Outlook for Mini Swiss Rolls
The 2009-2014 Outlook for Mini Swiss Rolls in Greater China
The 2009-2014 Outlook for Mini Swiss Rolls in Japan
Cider/perry in Switzerland
|
|
|
|
