Up until the spin-off of the Paper Division with effect from 25 June 2024, ‘Minority interests in companies’ included a 10 % equity holding in Renergia Zentralschweiz AG, Root (Switzerland). This company operates a waste incineration facility on land purchased from CPH Group AG and supplies the paper business with around 60 % of its steam needs in the form of carbon dioxide-free low-pressure steam.

‘Deferred tax assets’ considers the impact in tax terms of valuation differences between the values stated on the consolidated balance sheet and the corresponding values applicable under fiscal law. Up until the spin-off of the Paper Division with effect from 25 June 2024, these largely arose as a result of intragroup real-estate transactions, for which use was made of existing tax loss carry forwards.

‘Non-interest bearing receivables’ includes the non-current portion of the remaining receivable from Canton Zurich for the sale of the former production site in Uetikon am See (Switzerland) which the canton has retained as security in respect of the portion of the costs of cleaning up the adjacent bed of Lake Zurich to be borne by CPH Group AG. This remaining receivable is reduced by the expenditure on the lake bed clean-up to be borne by CPH Group AG, charged to the established provisions and paid by Canton Zurich (see also Note 12, Other receivables and Note 20, Provisions).