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.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 (2021: CHF 0.0 million).

4.Other Short-Term Liabilities

Liabilities to pension funds amounted to CHF 0.1 million on the reporting date (2021: CHF 0.1 million).

5.Share Capital

The detailed information on share capital can be found here.

6.Extraordinary result

The extraordinary costs are related to the events in Ukraine.

7.Derivative Financial Instruments

As at 31 December 2022, Vetropack Holding Ltd has open currency swaps in the amount of EUR 64.0 million (CHF 63.0 million) with a negative market value of CHF 73.600.

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

There are guarantees in favor of Vetropack AG, St-Prex, of CHF 2.7 million (2021: CHF 2.7 million), in favor of Vetropack Italia S.r.l., Trezzano, of EUR 5.7 million (CHF 5.6 million) and Vetropack Austria Holding AG, Pöchlarn, for EUR 290.0 million (CHF 285.6 million), of which EUR 140.0 million (CHF 137.9 million) was not claimed as a loan by Vetropack Austria Holding AG as of 31 December 2022. As of 31 December 2021, there were guarantees in favor of Vetropack Italia S.r.l. over EUR 7.3 million (CHF 7.6 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.Off Balance Sheet Transactions

As of 31 December 2022 there were unrecognized leasing obligations in the amount of CHF 0.3 million (2021: CHF 0.2 million). CHF 0.2 million are due within 1 to 2 years and CHF 0.1 million are due within 3 to 5 years.

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 2022. Shares held by closely associated persons are included in the total for the respective individual.

Voting Rights

Registered Shares A 2022

Registered Shares B 2022

Registered Shares A 2021

Registered Shares B 2021

 

 

 

 

 

Claude R. Cornaz*

48 260

–

48 260

–

Richard Fritschi*

1 000

–

1 000

–

Sönke Bandixen*

2 000

–

2 000

–

Pascal Cornaz*

50 000

–

50 000

–

Rudolf Fischer*

500

–

500

–

Urs Kaufmann*

2 450

–

2 450

–

Jean-Philippe Rochat*

500

–

500

–

Diane Nicklas*

–

–

–

–

Total

104 710

–

104 710

–

 

 

 

 

 

Johann Reiter**

750

–

750

–

David Zak**

–

–

–

–

Nuno Cunha**

–

–

–

–

Johann Eggerth**

–

–

–

–

Stephen Rayment**

–

–

–

–

Guido Stebner**

–

–

–

–

Evan Williams**

–

–

–

–

Total

750

–

750

–

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

List of Major Shareholders with Holdings > 3%

 

 

 

31.12.2022

31.12.2021

Shareholder group Cornaz according to latest SIX publication

71.6%

71.6%

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

Income statement
Board of Directors’ (BoD) proposal for the corporate profit appropriation