Notes

Loans granted to Group companies decreased by CHF 81.3 million in 2023.

Interest-bearing liabilities for the prior year included the unsecured CHF 100 million 2 % corporate bond maturing on 12 October 2023. The outstanding portion thereof was repaid from the company’s own cash on its maturity on 12 October 2023.

The CHF 1.3 million interest paid on this bond is included in interest expense (prior year: CHF 2.0 million).

The share capital of CHF 1.2 million consists of 6 000 000 registered shares of CHF 0.20 nominal value (unchanged from the prior year).

A total of 6 863 (prior year: 3 345) treasury shares were purchased in 2023 at an average purchase price of CHF 85.54 (prior year: CHF 63.62) per share. No such shares were sold in either the year under review or the prior year. A total of 1 016 (prior year: 1 433) shares with a vesting period of three years (with no further performance, profit or other vesting conditions) were definitively awarded in 2023 in the form of share-based remuneration. The resulting personnel expense at a share price on assignment of CHF 88.54 (prior year: CHF 62.78) per share amounted to CHF 0.1 million (prior year: CHF 0.1 million). A further 1 017 (prior year: 1 912) treasury shares at an average transaction price of CHF 88.54 (prior year: CHF 62.78) per share were transferred to Group companies for their share-based remuneration.

To achieve and maintain a clear separation between the operating activities and the real estate business of the CPH Group, non-operating real estate of CPH Chemie + Papier Holding AG with a carrying value of CHF 0.4 million was transferred to a Group company in the 2022 financial year via an asset transfer agreement dated 1 December 2022. The consideration consisted of a receivable from the acquiring Group company. The asset transfer had no impact in personnel terms. The resulting profit from this asset transfer was reported as non-operating income.

The average number of employees (in full-time equivalents) was below ten in both the year under review and prior year.

As at the balance sheet date and as at the prior-year balance sheet date, there were no off-balance-sheet leasing obligations.

Total guarantees for third parties’ obligations amount to CHF 11.8 million (prior year: CHF 30.0 million). As in the prior year, CPH Chemie + Papier Holding AG continues to provide a guarantee of up to CHF 10.0 million for the obligations of Zeochem AG, Rüti (Switzerland) towards Canton Zurich regarding the lake bed clean-up in Uetikon (Switzerland) (see also Note 20, Provisions in the Notes to the consolidated financial statements). Further guarantees totalling CHF 1.8 million exist for Group companies’ liabilities (prior year: guarantees totalling CHF 20.0 million for Group companies’ bank credit facilities).

Under the corresponding group taxation provisions, CPH Chemie + Papier Holding AG is jointly and severally liable for the value-added tax obligations of the CPH Group’s Swiss-based member companies.

No events occurred between the balance sheet date and 9 February 2024, the date of the approval and release for publication of these annual financial statements by the Board of Directors, which would require adjustments to the company’s assets, equity and liabilities or would need to be disclosed here. These financial statements are also subject to the approval of the Annual General Meeting of 20 March 2024.