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 | 31.12.2017 | 31.12.2016 | 31.12.2017 | 31.12.2016 | ||
| Schweiz. 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 | n/a | 1,200 | n/a | 100% | 1) |
| HOCHDORF Swiss Whey Ltd, Hochdorf | Inactive | CHF | n/a | 100 | n.a. | 100% | 2) |
| HOCHDORF Baltic Milk UAB, LT-Medeikiai | Production | EUR | 5,792 | 5,792 | 100% | 100% | |
| 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 Americas Ltd, UY-Montevideo | Trade | UYU | 3,283 | 3,283 | 60% | 60% | |
| HOCHDORF South Africa Ltd, SA Cape Town | Production | ZAR | 500 | 500 | 90% | 90% | |
| Pharmalys Africa S.à.r.l., TN-Tunis | Administration | TND | 120 | 120 | 51% | 51% | |
| Pharmalys Laboratories SA, Hochdorf | Trade | CHF | 100 | 100 | 51% | 51% | |
| Pharmalys Tunisie S.à.r.l., TN-Sousse | Production | TND | 3,300 | 3,300 | 51% | 49% | 3) |
| Snapz Foods Ltd, Hochdorf | Trade | CHF | 100 | n/a | 65% | n/a | 4) |
| Zifru Trockenprodukte GmbH, DE-Zittau | Production | EUR | 200 | n/a | 100% | n/a | 5) |
- Merged with HOCHDORF Swiss Nutrition Ltd as at 01.01.2017
- Merged with HOCHDORF Swiss Nutrition Ltd as at 01.01.2017
- Acquisition of an additional 2% shareholding as at 31.03.2017
- Formation on 19.10.2017.
- Purchase of 100% as at 31.10.2017
3.2. Short-term liabilities
| TCHF | 31.12.2017 | 31.12.2016 |
| Third-party performances | 58 | 255 |
| Other (government bodies) | 153 | 279 |
| Outstanding purchase price debt for acquisition of company (non-interest bearing) | 96,388 | 45,800 |
| Total | 96,599 | 46,334 |
3.3. Long-term interest-bearing payables
| TCHF | 31.12.2017 | 31.12.2016 |
| Syndicated loan | 0 | 115,000 |
| Long-term financial liabilities (bonds) | 343,490 | 0 |
| Outstanding purchase price debt for acquisition of company (non-interest bearing) | 0 | 105,500 |
| Loans of shareholdings | 95 | 925 |
| Total | 343,585 | 221,425 |
Maturity structure
| TCHF | 31.12.2017 | 31.12.2016 |
| Up to 5 years | 218,585 | 221,425 |
| Over 5 years | 125,000 | 0 |
| Total | 343,585 | 221,425 |
3.4. Other operating expenses
| TCHF | 31.12.2017 | 31.12.2016 |
| Administration and IT expenditure | -392 | -185 |
| Marketing and sales expenditure | –1 | -79 |
| Other operating expenses | -15 | -18 |
| Bank charges, agency fees | -92 | -34 |
| Total | -500 | -316 |
4. Shareholders
| >3% | 31.12.2017 | 31.12.2016 |
| ZMP Invest AG, Lucerne | 14.51% | 12.37% |
| Weiss family and Innovent Holding AG, Wollerau | 5.35% | 5.35% |
| Stichting General Holdings, Amsterdam | 4.08% | 4.08% |
| Taaleri plc, Helsinki | 3.14% | |
| Maurer Group, Hunzenschwil | 3.01% |
6. Transactions with own shares
| Business year 2017 | Business year 2016 | ||||
| 01.01.2017 balance | 24,372 shares | at price 205.83 | 01.01.2016 balance | 24,000 shares | at price 157.51 |
| FY 2017 purchases | 13,004 shares | at av. price 279.91 | FY 2016 purchases | 21,353 shares | at av. price 216.60 |
| FY 2017 sales/allocation | 1,243 shares | at av. price 303.22 | FY 2016 sales | 20,981 shares | at av. price 188.14 |
| 31.12.2017 balance | 36,133 shares | at price 232.22 | 31.12.2016 balance | 24,372 shares | at price 205.83 |
7. Contingent capital
As at 31.12.2017, HOCHDORF Holding Ltd had contingent capital in the nominal amount of CHF 7,173,800,
corresponding to 717,380 registered shares at a nominal value of 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 31.12.2017 | Number of shares 31.12.2016 | |
| Dr Daniel Suter, Chairman, Audit Committee | 296 | 160 |
| Dr Anton von Weissenfluh, Vice Chairman, Personnel and Remuneration Committee | 1,355 | 1,300 |
| Dr Walter Locher, Audit Committee, Personnel and Remuneration Committee | 1,553 | 1,400 |
| Michiel de Ruiter, Market and Strategy Committee | 46 | 0 |
| Ulrike Sailer, Market and Strategy Committee, from 05.05.2017 | 104 | n/a |
| Niklaus Sauter, Audit Committee, Personnel and Remuneration Committee | 456 | 400 |
| Prof Dr Holger Karl-Herbert Till, Market and Strategy Committee | 210 | 150 |
| Josef Leu, Chairman, Personnel and Remuneration Committee, until 05.05.2017 | n/a | 1,550 |
| Meike Bütikofer, Market and Strategy Committee, until 05.05.2017 | n/a | 531 |
| Board of Directors Total | 4,020 | 5,491 |
Group Management
| Dr Thomas Eisenring CEO | 1,243 | 825 |
| Marcel Gavillet, CFO | 1,301 | 1,230 |
| Christoph Peternell, COO | 71 | 400 |
| Werner Schweizer, Managing Director Dairy Ingredients | 138 | 165 |
| Michel Burla, Managing Director Cereals & Ingredients | 36 | 300 |
| Frank Hoogland, Managing Director Baby Care | 71 | 0 |
| Folkert Togtema, Chief Sales Officer | 192 | 32 |
| Dr Karl Gschwend, Managing Director Strategic Projects | 71 | 114 |
| Group Management Total | 3,123 | 3,066 |
According to the compensation regulations, 20% of the fees of the Board of Directors and 20% of the variable profit-sharing of Group Management is paid in the form of shares. Shares are allocated at the average price on the allocation date. Other trading is carried out 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.