Notes - Integrated Annual Report and Remuneration Report 2020

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

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

2. Net release of hidden reserves

No hidden reserves were released in the reporting year (2019: CHF 0.0 million).

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

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

The company employed between 50 and 250 people in the reporting year. In the previous year there were between ten and 50 employees.

4.Participations

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 (2019: CHF 0.0 million).

5.Short-term financial debts to third

5. Short-term financial debts to third

Liabilities to pension funds amounted to CHF 0.1 million on the reporting date (2019: CHF 0.2 million).

6.Share capital

6. Share capital

The detailed information on share capital can be found here.

7.Derivative Financial Instruments

7. Derivative Financial Instruments

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

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

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 (2019: CHF 2.5 million).

9.Joint Liability

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

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.

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

12. 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 2020. Shares held by closely associated persons are included in the total for the respective individual.

Voting Rights	Registered Shares A 2020	Registered Shares B 2020	Bearer Shares 2019	Registered Shares 2019

Claude R. Cornaz*	48 260	–	589	1 881
Richard Fritschi*	1 000	–	20	–
Sönke Bandixen*	2 000	–	40	–
Pascal Cornaz*	50 000	–	–	5 000
Rudolf Fischer*	500	–	10	–
Urs Kaufmann*	2 450	–	49	–
Jean-Philippe Rochat*	500	–	10	–
Total	104 710	–	718	6 881

Johann Reiter**	750	–	15	–
David Zak**	–	–	–	–
Nuno Cunha**	–	–	–	–
Johann Eggerth**	–	–	–	–
Günter Lubitz** (until 30.9.2020)	7 000	–	140	–
Evan Williams**	–	–	–	–
Marcello Montisci (until 31.12.2019)	–	–	10	–
Total	7 750	–	165	–

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

List of Major Shareholders with Holdings > 3%
	31.12.2020	31.12.2019
Shareholder group Cornaz according to latest SIX publication	76.1%	79.3%

The definition of major shareholders has been adjusted for this year from 5% voting rights to 3%. The previous year was adjusted accordingly.

One shareholders' agreement exists between the shareholders of Cornaz AG-Holding, another between Cornaz AG-Holding and other shareholders (details see here).