Notes

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. Range of Full-Time Positions Averaged Across the Year

As in the previous year, the company employed between 50 and 250 people in the year under review.

3. 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 (2020: CHF 0.0 million).

4. Other Short-Term Liabilities

Liabilities to pension funds amounted to CHF 0.1 million on the reporting date (2020: CHF 0.1 million).

5. Share Capital

The detailed information on share capital can be found here.

6. Derivative Financial Instruments

As at 31 December 2021, Vetropack Holding Ltd has open currency swaps in the amount of EUR 7.000.000 (CHF 7.276.500) with a positive market value of CHF 14.700. No derivative financial instruments were held as at the reporting date in the previous year.

7. Total Amount of Securities Provided for Third-Party Liabilities

Guarantees of CHF 2.7 million exist in favour of Vetropack Ltd, St-Prex (2020: CHF 2.5 million) and in favour of Vetropack Italia S.r.l., Trezzano, of EUR 7.3 million (CHF 7.6 million). As at 31.12.2020 there were no outstanding guarantees in favour of Vetropack Italia S.r.l.

8. 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.

9. 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.

10. Off Balance Sheet Transactions

As of 31 December 2021 there were unrecognized leasing obligations in the amount of CHF 0.2 million (2020: CHF 0.03 million). CHF 0.1 million are due within 1 to 2 years and CHF 0.1 million are due within 3 to 5 years.

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 2021. Shares held by closely associated persons are included in the total for the respective individual.

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

In 2020 the definition of major shareholders has been adjusted from 5% voting rights to 3%.

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