Financial Statements HUBER+SUHNER AG
The financial statements of HUBER+SUHNER AG, domiciled in Herisau, are prepared in accordance with the Swiss Code of Obligations (OR).
These financial statements were prepared in accordance with the commercial accounting provisions of the Swiss Code of Obligations. The accounting of major balance sheet and income statement positions is disclosed hereinafter.
All assets and liabilities denominated in foreign currencies are converted into Swiss francs at the year-end exchange rates according to the imparity principle. Income and expenses as well as transactions in foreign currencies are converted at the conversion rate valid at the transaction date. The resulting foreign exchange differences are recognised in the income statement.
Revenues from the sale of products are recognised when the risks and rewards of the products sold have been transferred to the customer.
Trade receivables are measured at nominal value less allowances. Indications of impairment are substantial financial problems on the customer side, a declaration of bankruptcy or a material delay in payment. In addition, a fiscally permitted allowance is recognised in the remaining trade receivables.
Inventories are stated at the lower of cost and net realisable value. The cost of goods comprises direct material and production costs and related production overheads. The valuation of the inventory is based on standard costs that are verified annually. Slow-moving and obsolete stock that have insufficient inventory turns are systematically revaluated, either partly or fully. In addition, a fiscally permitted allowance is recognised in the remaining inventories.
Property, plant, equipment and intangible assets are stated at the purchased or manufactured cost less fiscally permitted accumulated depreciation. If there are indications that the carrying amount is overstated, property, plant, equipment and intangible assets are reviewed for impairment and, where necessary, written down to the recoverable amount.
Investments are initially recognised at cost. Investments are assessed annually and individually.
Provisions are made for warranties, personnel expenses, restructuring costs, as well as legal and other miscellaneous operational risks that meet the recognition criteria. They are recognised when the company has a present legal or constructive obligation as a result of past events and if it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Warranty provisions are generally measured and recognised based on experience values. Additional provisions may be made if permitted under tax regulations.
Treasury shares are stated at acquisition cost and presented as a negative position in the shareholders’ equity. No subsequent valuation is made. If the treasury shares are disposed of later, the resulting gain or loss is recognised in the reserves.
Financial Statements HUBER+SUHNER AG
Other operating income includes income from other activities such as the sale of scrap, miscellaneous services, the capitalisation of internally produced capital goods, the release of provisions and miscellaneous, not periodical, operating revenues from third parties.
Income from investments includes dividend payments from subsidiaries in the amount of KCHF 44 821 (previous year: KCHF 44 997). No impairments of investments were recognised (previous year: KCHF 3200) or reversed (previous year: no reversal).
No extraordinary income was recognised in the current year (previous year: KCHF 252).
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in CHF 1 000 |
|
31.12.2022 |
|
31.12.2021 |
|
|
|
|
|
|
|
Raw materials and supplies |
|
18 069 |
|
12 653 |
|
Work in progress |
|
8 795 |
|
7 157 |
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Semi-finished and finished goods |
|
67 895 |
|
61 644 |
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Inventory provision |
|
(42 859) |
|
(42 404) |
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Total |
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51 900 |
|
39 050 |
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in CHF 1 000 |
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31.12.2022 |
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31.12.2021 |
|
|
|
|
|
|
|
Land |
|
6 225 |
|
6 225 |
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Buildings |
|
44 200 |
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35 116 |
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Technical equipment and machinery |
|
16 889 |
|
20 960 |
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Other equipment |
|
746 |
|
629 |
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Assets under construction |
|
7 933 |
|
18 677 |
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Investment property |
|
2 080 |
|
2 080 |
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Intangible assets |
|
25 622 |
|
21 910 |
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Total |
|
103 695 |
|
105 597 |
Directly and indirectly held subsidiaries are listed in chapter Group Companies of the Group Financial Statements.
Both at 31 December 2022 and at 31 December 2021 the share capital was composed of 20 200 000 registered shares, with a nominal value of CHF 0.25 each.
The composition of capital stock is disclosed in the Notes to the Group Financial Statements (see Note 26).
The company holds 1655 799 treasury shares (726 640 treasury stock, 928 084 treasury shares as part of the running share buyback programme 2021, and 1075 other treasury shares for remuneration purposes).
On 29 October 2021 HUBER+SUHNER AG launched a share buyback programme over a maximum period of three years, for up to 5 % of the registered shares. The shares are being repurchased via a second trading line on the SIX Swiss Exchange for the purpose of capital reduction.
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2022 |
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2021 |
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|
|
|
|
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Number at 1.1. |
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893 140 |
|
727 640 |
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Purchases |
|
786 584 |
|
196 425 |
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Allotment |
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(23 925) |
|
(30 925) |
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Number at 31.12. |
|
1 655 799 |
|
893 140 |
For details of transactions and balances relating to treasury shares see note 26 of the Notes to Group Financial Statements.
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in CHF 1 000 |
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31.12.2022 |
|
31.12.2021 |
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|
|
|
|
|
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Parent guarantee for long-term lease |
|
6 489 |
|
6 429 |
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Parent guarantee for repayment of an advance payment |
|
1 973 |
|
– |
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in CHF 1 000 |
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31.12.2022 |
|
31.12.2021 |
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|
|
|
|
|
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Total liabilities to pension funds |
|
– |
|
– |
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in CHF 1 000 |
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2022 |
|
2021 |
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|
|
|
|
|
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Total net release of undisclosed reserves |
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– |
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– |
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Shares of votes and capital |
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31.12.2022 |
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31.12.2021 |
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|
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EGS Beteiligungen AG |
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9.24% |
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9.24% |
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S. Hoffmann-Suhner |
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6.18% |
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6.18% |
|
Huwa Finanz- und Beteiligungs AG |
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3.25% |
|
3.25% |
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BlackRock, Inc. |
|
3.08% |
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n/a |
n/a = not applicable (no significant shareholder in that year)
Information about published disclosure notices in accordance with Article 20 BEHG are included in Corporate Governance, chapter 1.2 Significant shareholders.
According to the Ordinance against Excessive Compensation in Listed Companies (OaEC), which has been in force since 1 January 2014, details of compensation for members of the Board of Directors and Executive Group Management are presented in a separate Compensation Report (see Compensation Report).
In accordance with Article 663c of the Swiss Code of Obligations (OR), shareholdings in the company by members of Board of Directors and by members of Executive Group Management are as follows:
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(Number of shares at 31 December 2022) |
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Own shares |
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Shares of close family members |
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Total shares |
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Of which non-restricted shares |
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Of which restricted shares 2) |
|
Total share of votes 3) |
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Urs Kaufmann |
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Chairman |
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91 200 |
|
400 |
|
91 600 |
|
51 600 |
|
40 000 |
|
0.49% |
|
Beat Kälin |
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Deputy Chairman |
|
25 700 |
|
– |
|
25 700 |
|
16 500 |
|
9 200 |
|
0.14% |
|
Monika Bütler |
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Member |
|
6 800 |
|
– |
|
6 800 |
|
3 600 |
|
3 200 |
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< 0.10% |
|
Rolf Seiffert |
|
Member |
|
14 233 |
|
– |
|
14 233 |
|
11 033 |
|
3 200 |
|
< 0.10% |
|
Jörg Walther |
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Member |
|
6 800 |
|
– |
|
6 800 |
|
– |
|
6 800 |
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< 0.10% |
|
Franz Studer 1) |
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Member |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
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Total shareholdings BoD 2022 |
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144 733 |
|
400 |
|
145 133 |
|
82 733 |
|
62 400 |
|
0.78% |
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|
(Number of shares at 31 December 2021) |
|
Own shares |
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Shares of close family members |
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Total shares |
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Of which non-restricted shares |
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Of which restricted shares 2) |
|
Total share of votes 3) |
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|
Urs Kaufmann |
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Chairman |
|
89 200 |
|
500 |
|
89 700 |
|
45 700 |
|
44 000 |
|
0.46% |
|
Beat Kälin |
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Deputy Chairman |
|
24 500 |
|
– |
|
24 500 |
|
12 500 |
|
12 000 |
|
0.13% |
|
Monika Bütler |
|
Member |
|
6 000 |
|
– |
|
6 000 |
|
2 400 |
|
3 600 |
|
< 0.10% |
|
Rolf Seiffert |
|
Member |
|
13 433 |
|
– |
|
13 433 |
|
9 833 |
|
3 600 |
|
< 0.10% |
|
Jörg Walther |
|
Member |
|
6 000 |
|
– |
|
6 000 |
|
– |
|
6 000 |
|
< 0.10% |
|
Franz Studer 1) |
|
Member |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
Total shareholdings BoD 2021 |
|
139 133 |
|
500 |
|
139 633 |
|
70 433 |
|
69 200 |
|
0.72% |
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1) The figures stated do not include the participation of EGS Beteiligungen AG, where F. Studer is a member of the executive board and Investment Director. Further information on the shareholdings by EGS Beteiligungen AG is provided in this Note above.
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(Number of shares at 31 December 2022) |
|
Own shares |
|
Shares of close family members |
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Total shares |
|
Of which non-restricted shares |
|
Of which restricted shares 2) |
|
Total share of votes 3) |
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|
|
|
|
|
|
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|
Urs Ryffel |
|
CEO |
|
39 100 |
|
– |
|
39 100 |
|
25 100 |
|
14 000 |
|
0.21% |
|
Reto Bolt |
|
Member |
|
14 080 |
|
– |
|
14 080 |
|
80 |
|
14 000 |
|
< 0.10% |
|
Drew Nixon |
|
Member |
|
12 330 |
|
– |
|
12 330 |
|
5 130 |
|
7 200 |
|
< 0.10% |
|
Patricia Stolz |
|
Member |
|
6 720 |
|
– |
|
6 720 |
|
1 820 |
|
4 900 |
|
< 0.10% |
|
Jürgen Walter |
|
Member |
|
400 |
|
– |
|
400 |
|
– |
|
400 |
|
< 0.10% |
|
Ivo Wechsler |
|
Member |
|
17 600 |
|
– |
|
17 600 |
|
6 000 |
|
11 600 |
|
< 0.10% |
|
Total shareholdings EGM 2022 |
|
90 230 |
|
– |
|
90 230 |
|
38 130 |
|
52 100 |
|
0.49% |
||
|
(Number of shares at 31 December 2021) |
|
Own shares |
|
Shares of close family members |
|
Total shares |
|
Of which non-restricted shares |
|
Of which restricted shares 2) |
|
Total share of votes 3) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
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||
|
Urs Ryffel |
|
CEO |
|
34 100 |
|
– |
|
34 100 |
|
20 100 |
|
14 000 |
|
0.18% |
|
Reto Bolt |
|
Member |
|
14 570 |
|
– |
|
14 570 |
|
2 570 |
|
12 000 |
|
< 0.10% |
|
Drew Nixon |
|
Member |
|
10 330 |
|
– |
|
10 330 |
|
1 530 |
|
8 800 |
|
< 0.10% |
|
Patricia Stolz |
|
Member |
|
4 970 |
|
– |
|
4 970 |
|
70 |
|
4 900 |
|
< 0.10% |
|
Jürgen Walter |
|
Member |
|
– |
|
– |
|
– |
|
– |
|
– |
|
< 0.10% |
|
Ivo Wechsler |
|
Member |
|
17 600 |
|
– |
|
17 600 |
|
3 600 |
|
14 000 |
|
< 0.10% |
|
Total shareholdings EGM 2021 |
|
81 570 |
|
– |
|
81 570 |
|
27 870 |
|
53 700 |
|
0.42% |
||
2) Shares with remaining lock-in periods of up to ten years
3) Shares in % of shares entitled to a dividend
|
|
|
2022 |
|
2021 |
|
|
|
|
|
|
|
Board of Directors |
|
6 400 |
|
7 250 |
|
Executive Group Management |
|
11 800 |
|
13 150 |
|
Employees |
|
4 900 |
|
4 375 |
|
in CHF 1 000 |
|
2022 |
|
2021 |
|
|
|
|
|
|
|
Expensed amount in Income Statement |
|
1 994 |
|
2 155 |
Outstanding shares are effectively assigned in the following year. For members of Board of Directors and Executive Group Management, the issue is subject to approval by the Annual General Meeting. The expense amount, which exclude social security, in the Income Statement is based on the 2022 year-end share price of CHF 86.30 (previous year: CHF 87.00).
Financial Statements HUBER+SUHNER AG
As in the previous year, HUBER+SUHNER AG had over 250 employees (full-time-equivalent) in 2022.
HUBER+SUHNER AG has performed an equal pay analysis based on the reference month March 2021, as required by Article 13a of the Gender Equality Act. The analysis concluded that the employee pay-related gender effect is clearly within the tolerance threshold.
At the balance sheet date there are neither short-term obligations with a duration of less than one year (previous year: KCHF 0.0) nor obligations in excess of one year (previous year: none).
There were no events after the balance sheet date which affect the annual results or would require an adjustment to the carrying amounts of the HUBER+SUHNER AG assets and liabilities.
Pursuant to Article 961d para. 1 of the Swiss Code of Obligations, no additional disclosures are made, as HUBER+SUHNER AG prepares Group Financial Statements in accordance with generally accepted accounting principles (Swiss GAAP FER).