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 under Article 961 d (1) of the Swiss Code of Obligations (CO) (additional information in the notes, cash flow statement and management report) are waived, because the company prepares its consolidated financial statements in accordance with Swiss GAAP FER.
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
Accounts receivable are measured at nominal value less value adjustments. Recognisable individual risks are taken into account by means of corresponding 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 | 31.12.2018 | 31.12.2017 | 31.12.2018 | 31.12.2017 | ||
| 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 Baltic Milk UAB, LT-Medeikiai | Production | EUR | 0 | 5,792 | 0% | 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 | Retail | 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 | Retail | EUR | 25 | 25 | 26% | 26% | |
| HOCHDORF America’s Ltd, UY-Montevideo | Retail | 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 | Board of Directors | TND | 120 | 120 | 51% | 51% | |
| Pharmalys Laboratories SA, Hochdorf | Retail | CHF | 100 | 100 | 51% | 51% | |
| Pharmalys Tunisie S.à.r.l., TN-Sousse | Production | TND | 3,300 | 3,300 | 51% | 51% | |
| Snapz Foods AG, Hochdorf | Trade | CHF | 100 | 100 | 65% | 65% | |
| Zifru Trockenprodukte GmbH, DE-Zittau | production, | EUR | 200 | 200 | 100% | 100% | |
| Snapz Foods USA Inc., Wilmington | Trade | USD | 50 | n. a. | 65% | n. a. | 2) |
| Bimbosan AG, Welschenrohr, Switzerland | Production | CHF | 350 | n. a. | 100% | n. a. | 3) |
3.2 Short-term liabilities
| TCHF | 31.12.2018 | 31.12.2017 |
| Services provided by third parties | 157 | 58 |
| Other (government bodies) | 2 | 153 |
| Outstanding purchase price debt for acquisition of company (non-interest bearing) | 0 | 96,388 |
| Total | 159 | 96,599 |
3.3. Long-term interest-bearing payables
| TCHF | 31.12.2018 | 31.12.2017 |
| Syndicated loan | 131,000 | 0 |
| Long-term financial liabilities (bonds) | 343,490 | 343,490 |
| Loans of shareholdings | 95 | 95 |
| Total | 474,585 | 343,585 |
Maturity structure
| TCHF | 31.12.2018 | 31.12.2017 |
| Up to 5 years | 349,585 | 218,585 |
| More than 5 years | 125,000 | 125,000 |
| Total | 474,585 | 343,585 |
3.4. Other operating expenses
| TCHF | 31.12.2018 | 31.12.2017 |
| Administration and IT expenditure | –366 | –392 |
| Marketing and sales expenditure | –1 | –1 |
| Other operating expenses | –2 | –15 |
| Bank charges, agency fees | –48 | –92 |
| Total | –417 | –500 |
4. Shareholders
| >3% | 31.12.2018 | 31.12.2017 |
| ZMP Invest AG, Lucerne | 14.51% | 14.51% |
| Weiss family and Innovent Holding AG, Wollerau | 5.35% | 5.35% |
| Stichting General Holdings, Amsterdam | 4.23% | 4.08% |
| Taaleri Plc., Helsinki | 3.14% | 3.14% |
| Gruppe Maurer, Hunzenschwil | 3.04% | 3.01% |
6. Transactions with own shares
| Business year 2018 | Business year 2017 | ||||
| 01.01.2018 balance | 36,133 shares | at price 232.22 | 01.01.2017 balance | 24,372 shares | at price 205.83 |
| FY 2018 purchases | 8,110 shares | at av. price 140.00 | FY 2017 purchases | 13,004 shares | at av. price 279.91 |
| FY 2018 sales/allocations | 13,291 shares | at av. price 264.62 | FY 2017 sales/allocations | 1,243 shares | at av. price 303.22 |
| 31.12.2018 balance | 30,952 shares | at price 209.30 | 31.12.2017 balance | 36,133 shares | at price 232.22 |
7. Contingent capital
As at 31 December 2018, 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 at 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 31.12.2018 | Number of shares 31.12.2017 | |
| Dr Daniel Suter, Chairman, Audit Committee | 895 | 296 |
| Dr Anton von Weissenfluh, Vice Chairman, Personnel and Remuneration Committee | 1,809 | 1,355 |
| Dr Walter Locher, Audit Committee, Personnel and Remuneration Committee | 1,713 | 1,553 |
| Michiel de Ruiter, Market and Strategy Committee | 225 | 46 |
| Ulrike Sailer, Market and Strategy Committee | 233 | 104 |
| Niklaus Sauter, Audit Committee, Personnel and Remuneration Committee | 620 | 456 |
| Prof Dr Holger Karl-Herbert Till, Market and Strategy Committee | 339 | 210 |
| Total – Board of Directors | 5,834 | 4,020 |
Group Management
| Dr Thomas Eisenring, CEO | 2,309 | 1,243 |
| Marcel Gavillet, CFO | 1,802 | 1,301 |
| Christoph Peternell, COO | 170 | 71 |
| Frank Hoogland, Managing Director Baby Care | 290 | 71 |
| Dr Peter Pfeilschifter, Managing Director Dairy Ingredients; from 01.04.2018 | 63 | n. a. |
| Werner Schweizer, Managing Director Dairy Ingredients; until 31.03.2018 | n. a. | 138 |
| Michel Burla, Managing Director Cereals & Ingredients; until 31.12.2018 | n. a. | 36 |
| Folkert Togtema, Chief Sales Officer; until 31.03.2018 | n. a. | 192 |
| Dr Karl Gschwend, Managing Director Strategic Projects; until 31.01.2018 | n. a. | 71 |
| Total – Group Management | 4,634 | 3,123 |
According to the remuneration regulations, 20% of the fees of the Board of Directors and 20% (30% as of 2019) of the variable profit-sharing of Group Management are paid in the form of shares. Shares are allocated at the average price on the effective date before allocation. 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.