HOCHDORF Holding Ltd

Notes to the financial statements 2015

Details pursuant to Art. 959c et seqq. OR

1. Company, name, registered office

HOCHDORF Holding Ltd, Siedereistrasse 9, 6280 Hochdorf LU
The holding has not employed any personnel since 1.1.2015.

2. Principles

General information

These financial statements have been prepared in accordance with the provisions on commercial accounting from the Swiss Code of Obligations (articles 957-963 b CO, valid from 1 January 2013).

The additional requirements for large companies according to article 961 d para. 1 CO (additional information in the notes, cash flow statement and financial report) are waived, as a consolidated financial statement according to Swiss GAAP FER is being issued.

By way of the reorganisation of the Group on 01.01.15, all business activities were outsourced to HOCHDORF Swiss Nutrition Ltd. The holding therefore no longer has any tangible fixed assets or personnel. They have been fully integrated into HOCHDORF Swiss Nutrition Ltd.

Cash and cash equivalents

Cash and cash equivalents include cash, balances in postal giro and bank accounts. They are valued at their nominal value. Short-term securities are measured at the market price on the balance sheet date.

Accounts receivable

Receivables are measured at nominal value less value adjustments. Identifiable individual risks are taken into account with appropriate value adjustments.

Accruals and deferrals

Accrual and deferral items, measured at the nominal or effective value.

Securities and financial assets

Financial assets include loans to group companies. They are measured at their acquisition costs less possible value adjustments.

Own shares

Own shares are entered in the balance sheet as a deduction from equity at cost at the time of acquisition. At subsequent resale, the gain or loss is recorded in the income statement as a financial income or expense.

3. Information on balance sheet and income statement items

3.1. Shareoldings

   Capital in 1,000Capital and voting share 
Schweiz. Milch-Gesellschaft AG, HochdorfInactiveTCHF100100100%100%
HOCHDORF Swiss Nutrition Ltd, Hochdorf ProductionTCHF30,00030,000100%100%
HOCHDORF Swiss Milk Ltd, Hochdorf TradeTCHFn.a.1,000n.a.100%1
HOCHDORF Nutrifood Ltd, Hochdorf TradeTCHFn.a.100n.a.100%1
HOCHDORF Nutricare Ltd, Hochdorf TradeTCHF1,2001,200100%100%
HOCHDORF Swiss Whey Ltd, Hochdorf InactiveTCHF100100100%100%
HOCHDORF Baltic Milk UAB, LT-MedeikiaiProductionEUR/LTL5,79220,000100%100%2
HOCHDORF Deutschland GmbH in Liq., DE-SiegburgTradeEUR 200200100%100%3
Marbacher Ölmühle GmbH, DE-MarbachProductionEUR 2,000100100%100%4
Uckermärker Milch GmbH, DE-PrenzlauProductionEUR 10,0004,65060%60%5
Ostmilch Handels GmbH, DE-Bad HomburgTradeEUR 1,0001,00026%26%
Ostmilch Handels GmbH Frischdienst Oberlausitz KG, DE-SchlegelLogisticsEUR 515126%26%
Ostmilch Frischdienst Magdeburg GmbH, DE-MeitzendorfTradeEUR 252626%26%6
HOCHDORF Americas Ltd, UY-MontevideoTradeUYU72n.a.60%n.a.7
HOCHDORF South Africa Ltd., SA-Cape TownProductionZAR500n.a.90%n.a.8
  1. Merged into HOCHDORF Swiss Nutrition Ltd as at 1.1.2015.
  2. As at 1.1.2015 conversion of currency from Litas to EUR at fixed conversion rate of 1 EUR = 3.4528 LTL.
  3. Company is in liquidation.
  4. Capital increase as at 07.05.2015 to EUR 2 million.
  5. Capital increase as at 25.03.2015 and 21.10.2015 to total EUR 10 million.
  6. Change of legal form from KG to GmbH with simultaneous name change and capital adjustment.
  7. Formation on 02.03.15.
  8. Formation on 18.05.15.

3.2. Current interest-bearing payables

CHF 1,00031.12.201531.12.2014
Consortium loan040,045

3.3. Long-term interest-bearing payables

CHF 1,00031.12.201531.12.2014
Consortium loan55,0000
Convertible bond045,120
Loans of shareholdings195198

Maturity structure

CHF 1,00031.12.201531.12.2014
Up to 5 years55,19545,318

3.4. Other operating costs

CHF 1,00031.12.201531.12.2014
Maintenance, repair, replacement0–401
Vehicle and transport0–22
Property insurance, fees18–434
Administration and IT–30–620
Marketing and sales0–87
Other operating costs–1–1
Bank charges, agency fees–208–69

4. Bond issue

Type of bondConvertible bond
Nominal amountCHF 50 million
Securities number12931421 / ISIN CH0129314214
Interest rate3%
Duration30 May 2011 to 30 May 2016
Conversion priceCHF 123.10
RepaymentPremature termination as at 28.12.2015
Outstanding as of 31.12.2015 nominalCHF 0

5. Shareholders

ZMP Invest AG, Lucerne10.50%10.96%
of which 78,886 shares without voting rights
Weiss family and Innovent Holding AG, Wollerau5.21%6.68%
of which 3,019 shares without voting rights
Argos Investment Managers S.A., Geneva3.90%4.90%
Maurer Group, Hunzenschwil<3%3.57%

6. Liabilities to pension schemes

Pension fund024,563

7. Release of hidden reserves

Release of hidden reserves (by way of the reorganisation on 1.1.2015 transferred to HOCHDORF Swiss Nutrition Ltd)1,781,950174,010

8. Transactions with own shares

Business year 2015  Business year 2014  
01.01.15 balance5,143 sharesat price 136.7501.01.14 balance307 sharesat price 96.68
Purchases BY 201544,708 sharesat av. price 148.04Purchases BY 201453,753 sharesat av. price 125.00
Sales BY 2015 25,851 sharesat av. price 140.54Sales BY 2014 48,917 sharesat av. price 126.92
31.12.15 balance 24,000 shares at price 157.5131.12.14 balance 5,143 sharesat price 136.75

9. Contingent capital

As at 31.12.2015 HOCHDORF Holding Ltd did not have any contingent capital.

10. Authorised capital

As of 31.12.2015, HOCHDORF HOLDING Ltd had total authorised capital of CHF 3,184,710 nominally by issuing up to 318,471 registered shares to be paid with a nominal value of CHF 10 per share.

11. Shareholdings of the Board of Directors and the Group Management

As of 31 December, the members of the Board of Directors and the Group Management (including related persons) held the following number of shares in the company:

Board of Directors

Number of shares
Number of shares
Josef Leu, Chairman, Audit Committee, Personnel and Compensation Committee1,2901,290
Anton von Weissenfluh, Vice Chairman, Personnel and Compensation Committee, Market and Strategy Committee1,2031,000
Meike Bütikofer, Market and Strategy Committee441441
Walter Locher, Audit Committee1,2001,200
Urs Renggli, Audit Committee 5,6284,654
Niklaus Sauter, Personnel and Compensation Committee114114
Holger Karl-Herbert Till, Market and Strategy Committee1500
Board of Directors Total10,0268,699

Group Management

Thomas Eisenring, CEO 600400
Marcel Gavillet, CFO1300700
Karl Gschwend, Managing Director Strategic Projects114114
Werner Schweizer, Managing Director Dairy Ingredients165165
Michel Burla, Managing Director Cereals & Ingredients300200
Folkert Togtema, Managing Director Baby Care from 1.5.201532n.a.
Christoph Peternell, COO, from 1.6.2015200n.a.
Frank Hoogland, Managing Director, Global Marketing and Sales from 14.9.20150n.a.
Michiel de Ruiter, Managing Director Baby Care until 30.04.2015n.a.1,576
Group Management Total2,7113,155
Total of Board of Directors and Group Management12,73711,854
in %0.89%1.32%

In the reporting year, no shares were allotted to the Board of Directors or to Group Management. Acquisition is made directly on a private basis.