1. Company, name, registered office
HOCHDORF Holding Ltd, Siedereistrasse 9, 6280 Hochdorf LU
The holding does not have any staff.
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.
Cash and cash equivalents
Cash and cash equivalents include cash and deposits on postal and bank accounts. They are recognised 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.
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 financial income or expense.
3.1. Shareholdings
| Capital in 1,000 | Capital and voting share | ||||||
| Purpose | Currency | 31.12.2016 | 31.12.2015 | 31.12.2016 | 31.12.2015 | ||
| Switzerland. Milch-Gesellschaft Ltd, Hochdorf | Inactive | CHF | 100 | 100 | 100 % | 100 % | |
| HOCHDORF Swiss Nutrition Ltd, Hochdorf | Production | CHF | 30,000 | 30,000 | 100 % | 100 % | |
| HOCHDORF Nutricare Ltd, Hochdorf | Trade | CHF | 1,200 | 1’200 | 100 % | 100 % | |
| HOCHDORF Swiss Whey Ltd, Hochdorf | Inactive | CHF | 100 | 100 | 100 % | 100 % | |
| HOCHDORF Baltic Milk UAB, LT-Medeikiai | Production | EUR | 5,792 | 5,792 | 100 % | 100 % | |
| HOCHDORF Deutschland GmbH in liquidation DE-Siegburg | Trade | EUR | --- | 200 | --- | 100 % | 1) |
| Marbacher Ölmühle GmbH, DE-Marbach | Production | EUR | 2,000 | 2,000 | 100 % | 100 % | |
| Uckermärker Milch GmbH, DE-Prenzlau | Production | EUR | 10,000 | 10,000 | 60 % | 60 % | |
| Ostmilch Handels GmbH, DE-Bad Homburg | Trade | EUR | 1,000 | 1,000 | 26 % | 26 % | |
| Ostmilch Handels GmbH Frischdienst Oberlausitz KG, DE-Schlegel | Logistics | EUR | 51 | 51 | 26 % | 26 % | |
| Ostmilch Frischdienst Magdeburg GmbH, DE-Meitzendorf | Trade | EUR | 25 | 25 | 26 % | 26 % | |
| HOCHDORF America’s Ltd, UY-Montevideo | Trade | UYU | 3,283 | 72 | 60 % | 60 % | 2) |
| HOCHDORF South Africa Ltd, SA-Cape Town | Production | ZAR | 500 | 500 | 90 % | 90 % | |
| Pharmalys Africa S.à.r.l., TN-Tunis | Administration | TND | 120 | n.a. | 51 % | n.a. | 3) |
| Pharmalys Laboratories SA, Hochdorf | Trade | CHF | 100 | n.a. | 51 % | n.a. | 4) |
| Pharmalys Tunisie S.à.r.l., TN-Sousse | Production | TND | 3,300 | n.a. | 49 % | n.a. | 5) |
- Liquidation completed at the end of 2016.
- Capital increase of UYU 72,000 to UYU 3,283,200 as of 12.8.2016.
- Formation on 30.11.2016.
- Purchase of 51 % as of 19.12.2016.
- Purchase of 49 % as of 19.12.2016 with contractual guarantee to purchase additional 2 % in 2017.
3.2. Short-term liabilities
| TCHF | 31.12.2016 | 31.12.2015 |
| Third-party performances | 255 | 0 |
| Other (government bodies) | 279 | 0 |
| Outstanding purchase price debt for acquisition of company (non-interest bearing) | 45,800 | 0 |
| Total | 46,334 | 0 |
3.3. Long-term interest-bearing payables
| TCHF | 31.12.2016 | 31.12.2015 |
| Syndicated loan | 115,000 | 55,000 |
| Outstanding purchase price debt for acquisition of company (non-interest bearing) | 105,500 | 0 |
| Loans of shareholdings | 925 | 195 |
| Total | 221,425 | 55,195 |
Maturity structure
| TCHF | 31.12.2016 | 31.12.2015 |
| Up to 5 years | 221,425 | 55,195 |
| More than 5 years | 0 | 0 |
| Total | 221,425 | 55,195 |
3.4. Other operating expenses
| TCHF | 31.12.2016 | 31.12.2015 |
| Property insurance, fees | 0 | 18 |
| Administration and IT | –185 | –30 |
| Marketing and sales | –79 | 0 |
| Other operating expenses | –18 | –1 |
| Bank charges, agency fees | –34 | –208 |
| Total | –316 | –221 |
4. Shareholders
| >3 % | 31.12.2016 | 31.12.2015 |
| ZMP Invest Ltd, Lucerne | 12.37 % | 10.50 % |
| Weiss family and Innovent Holding AG, Wollerau | 5.35 % | 5.21 % |
| Stichting General Holdings, Amsterdam | 4.08 % | |
| Argos Investment Managers S.A., Geneva | 3.90 % |
By signing the purchase agreement for Pharmalys, Mr Amir Mechria acquired conversion rights to a maximum of 430,000 shares or 29.97 % of current issued shares of HOCHDORF Holding Ltd and notified HOCHDORF Holding Ltd accordingly on 1.11.2016.
5. Release of hidden reserves
| CHF | 31.12.2016 | 31.12.2015 |
| Release of hidden reserves (by way of the reorganisation on 1.1.2015 transferred to HOCHDORF Swiss Nutrition Ltd) | 0 | 1,781,950 |
6. Transactions with own shares
| Business year 2016 | Business year 2015 | ||||
| 1.1.2016 balance | 24,000 shares | at price 157.51 | 1.1.2015 balance | 5,143 shares | at price 136.75 |
| Purchases BY 2016 | 21,353 shares | at av. price 216.60 | Purchase BY 2015 | 44,708 shares | at av. price 148.04 |
| Sales BY 2016 | 20,981 shares | at av. price 188.14 | Sales BY 2015 | 25,851 shares | at av. price 140.54 |
| 31.12.2016 balance | 24,372 shares | at price 205.83 | 31.12.2015 balance | 24,000 shares | at price 157.51 |
7. Contingent capital
As of 31 December 2016, HOCHDORF Holding Ltd had contingent capital in the nominal amount of CHF 7,173,800, corresponding to 717,380 registered shares at nominal CHF 10.
8. 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 31.12.2016 | Number of shares 31.12.2015 | |
| Josef Leu, Chairman, Personnel and Compensation Committee | 1,550 | 1,290 |
| Dr Anton von Weissenfluh, Vice Chairman, Personnel and Compensation, Market and Strategy Committee | 1,300 | 1,203 |
| Meike Bütikofer, Market and Strategy Committee | 531 | 441 |
| Dr Walter Locher, Audit Committee | 1,400 | 1,200 |
| Urs Renggli, Audit Committee, until 6 May 2016 | n.a. | 5,628 |
| Michiel de Ruiter, Market and Strategy Committee, from 29 November 2016 | 0 | n.a. |
| Niklaus Sauter, Audit Committee, Personnel and Remuneration Committee | 400 | 114 |
| Dr Daniel Suter, Audit Committee, from 6 May 2016 | 160 | n.a. |
| Prof Dr Holger Karl-Herbert Till, Market and Strategy Committee | 150 | 150 |
| Board of Directors Total | 5,491 | 10,026 |
Group Management
| Dr Thomas Eisenring, CEO | 825 | 600 |
| Marcel Gavillet, CFO | 1,230 | 1,300 |
| Christoph Peternell, COO | 400 | 200 |
| Werner Schweizer, Managing Director Dairy Ingredients | 165 | 165 |
| Michel Burla, Managing Director Cereals & Ingredients | 300 | 300 |
| Frank Hoogland, Head of Global Marketing & Sales | 0 | 0 |
| Fons Togtema, Managing Director Baby Care | 32 | 32 |
| Dr Karl Gschwend, Managing Director Strategic Projects | 114 | 114 |
| Group Management Total | 3,066 | 2,711 |
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.
9. Contingent liabilities
HOCHDORF Holding Ltd is liable as joint and several debtor by way of assuming the debt for the credit line a bank institute awarded to Uckermärker Milch GmbH for EUR 10 million.