Financial Report
Vetropack Holding Ltd

Notes

Audited Information
1.Information on the principles applied in the annual financial statement


The annual financial statement has been prepared in accordance with the provisions of Swiss law, in particular the articles governing commercial accounting and financial reporting in the Swiss Code of Obligations (Art. 957 ff).

2.Net release of hidden reserves


No hidden reserves were released in the reporting year (2018: CHF 7.9 million).

3.Range of full-time positions averaged across the year


The company employed between ten and 50 persons in the reporting year and the previous year.

4.Participations


The overview here provides a breakdown of the participations held directly or indirectly by Vetropack Holding Ltd. No value adjustments to participations were released in the reporting year (2018: CHF 7.9 million).

5.Short-term financial debts to third


Liabilities to pension funds amounted to CHF 0.2 million on the reporting date (2018: CHF 0.2 million).

6.Share capital


The detailed information on share capital can be found here.

7.Derivative Financial Instruments

As at 31 December 2019, Vetropack Holding Ltd has open currency swaps in the amount of EUR 7.6 million. No derivative financial instruments were held as at the reporting date in the previous year.

8.Total amount of securities provided for third-party liabilities


A guarantee of CHF 2.5 million exists in favour of Vetropack Ltd, St-Prex (2018: CHF 2.5 million).

9.Joint Liability


In the framework of VAT group taxation, all affiliated Swiss companies within the Vetropack Group are jointly and severally liable for total debt owed to the federal tax authorities.

10.Contingent Liabilities


Vetropack Group operates a cash pooling system for which Vetropack Holding Ltd performs the function of pool master. As a result of the cash pooling agreements with the banks, the pool master has a liability for possible negative balances in the participating pool accounts.

11.Disclosure in Accordance with Swiss Code of Obligations (Art. 663c)


The table below lists the numbers of shares per member of the BoD and MB as of 31 December 2019. Shares held by closely associated persons are included in the total for the respective individual.

Voting Rights

Registered Shares 2019

Bearer Shares 2019

Registered Shares 2018

Bearer Shares 2018

 

 

 

 

 

Claude R. Cornaz*

1 881

589

1 881

589

Sönke Bandixen*

–

40

–

40

Pascal Cornaz*

5 000

–

5 000

–

Rudolf Fischer*

–

10

–

10

Richard Fritschi*

–

20

–

100

Jean-Philippe Rochat*

–

10

–

10

Urs Kaufmann*

–

49

–

49

Total

6 881

718

6 881

798

 

 

 

 

 

David Zak**

–

–

–

–

Günter Lubitz**

–

140

–

140

Marcello Montisci**

–

10

–

10

Johann Reiter**

–

15

–

–

Johann Eggerth**

–

–

–

–

Nuno Cunha**

–

–

–

–

Evan Williams** (as of 01.06.2019)

–

–

–

–

Total

–

165

–

150

 *  BoD members; position see here
** MB members; position see here

 

31.12.2019

31.12.2018

Cornaz AG-Holding

68.7%

67.2%

Elisabeth Leon-Cornaz

5.2%

5.2%

Shareholder's agreements exist between these and other persons and/or their shareholders (details see here).

Income Statement
Board of Directors’ (BoD) Proposal for the Corporate Profit Appropriation

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