Consolidated financial statements

List of major shareholdings

	Registered office	Currency	Capital in thousand	Consolidation in %	Consolidation method
CPH Chemie + Papier Holding AG	Root/CH	CHF	1 200	100	F
CPH Immobilien AG	Root/CH	CHF	500	100	F
Consolidated Chemistry companies:
Zeochem AG	Rüti ZH/CH	CHF	1 000	100	F
Zeochem L.L.C.	Louisville/USA	USD	36 547	100	F
Zeochem d.o.o.	Zvornik/BA	BAM	2	100	F
Jiangsu Zeochem Technology Co. Ltd.	Lianyungang/CN	CNY	90 000	92	F
Zeochem Pte. Ltd.	Singapore/SG	SGD	1	100	F
Consolidated Paper companies:
Perlen Papier AG	Root/CH	CHF	81 000	100	F
Perlen Papier Immobilien AG	Root/CH	CHF	1 000	100	F
APS Altpapier Service Schweiz AG	Root/CH	CHF	100	100	F
Perlen Deutschland GmbH	Munich/D	EUR	100	100	F
Consolidated Packaging companies:
Perlen Packaging AG, Perlen	Root/CH	CHF	24 000	100	F
Perlen Packaging L.L.C.	Whippany/USA	USD	1 000	100	F
Perlen Packaging GmbH, Müllheim	Müllheim/D	EUR	1 300	100	F
Perlen Packaging (Suzhou) Co., Ltd.	Suzhou/CN	USD	13 000	100	F
Perlen Packaging Anápolis Indústria e Comércio Ltda.	Anápolis/BR	BRL	2 464	100	F

F = fully consolidated

CPH Immobilien AG, Root/CH was founded on 29 April 2021.
UBV Immobilien Treuhand Perlen AG, Root/CH was acquired with the Uetikon Industrieholding AG merger of 11 June 2021. The assets, equity and liabilities of this company were then integrated into CPH Immobilien AG, Root/CH by merger on 22 November 2021.

The remaining 40 % of the capital of Perlen Packaging Anápolis Indústria e Comércio Ltda., Anápolis, State of Goia (Brazil), was acquired on 4 December 2020.
Perlen Papier Immobilien AG, Root/CH was founded on 7 December 2020.