Notes to Financial Statements

1 General


The financial statements of HUBER+SUHNER AG, domiciled in Herisau, are prepared in accordance with the Swiss Code of Obligations (OR).

2 Accounting policies

2Accounting policies


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.

2.2Foreign currency translation

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.

2.3Revenue recognition

Revenues from the sale of products are recognised when the risks and rewards of the products sold have been transferred to the customer.

2.4Trade receivables

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.

2.6Property, plant, equipment and intangible assets

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.

2.7Investments in subsidiaries

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.

2.9Treasury shares

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.

3 Details to individual positions

3Details to individual positions

3.1Other operating income

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.

3.2Income from investments

Income from investments includes dividend payments from subsidiaries in the amount of KCHF 30 938 (previous year: KCHF 44 821). No impairments of investments were recognised (previous year: no impairment) or reversed (previous year: no reversal).


in CHF 1 000










Raw materials and supplies


20 173


18 069

Work in progress


6 095


8 795

Semi-finished and finished goods


59 553


67 895

Inventory provision


(51 071)


(42 859)



34 750


51 900

3.4Property, plant, equipment and intangible assets

in CHF 1 000












6 225


6 225



43 107


44 200

Technical equipment and machinery


17 946


16 889

Other equipment





Assets under construction


7 824


7 933

Investment property


2 080


2 080

Intangible assets


27 457


25 622



105 327


103 695

3.5Investments in subsidiaries

Directly and indirectly held subsidiaries are listed in chapter Group Companies of the Group Financial Statements.

3.6Share capital

Both at 31 December 2023 and at 31 December 2022 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 27).

The company holds 1 748 640 treasury shares (726 640 treasury stock, 1 010 000 treasury shares as part of the concluded share buyback programme 2021, and 12 000 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 programme was successfully concluded by 30 March 2023 via a second trading line on the SIX Swiss Exchange. The shares acquired under this programme will be proposed for cancellation by means of a capital reduction at the next Annual General Meeting on 27 March 2024.

3.7Treasury shares
















Number at 1.1.


1 655 799


893 140



115 941


786 584



(23 100)


(23 925)

Number at 31.12.


1 748 640


1 655 799

For details of transactions and balances relating to treasury shares see note 27 of the Notes to Group Financial Statements.

4 Contingent liabilities

4Contingent liabilities

in CHF 1 000










Parent guarantee for long-term lease


5 971


6 489

Parent guarantee for repayment of an advance payment


1 888


1 973

5 Liabilities to pension funds

5Liabilities to pension funds

in CHF 1 000










Total liabilities to pension funds



6 Net release of undisclosed reserves

6Net release of undisclosed reserves

in CHF 1 000










Total net release of undisclosed reserves



7 Allotted Shares

7Allotted Shares

Allotted number of shares to:











Board of Directors


7 600


6 400

Executive Group Management


11 800


11 800



4 500


4 900

Allotted shares

in CHF 1 000










Expensed amount in Income Statement


1 625


1 994

The expense amount excluding social security is based on the market price of CHF 78.30 at date of allotment for 1 600 shares allotted during the year and the 2023 year-end share price of CHF 68.00 for outstanding shares (previous year: CHF 86.30). For members of Board of Directors and Executive Group Management, the assignment is subject to approval by the Annual General Meeting. The 1 600 shares that were allotted during the year were assigned to the Board of Directors in turn of the Annual General Meeting held in 2023.

8 Full-time positions

8Full-time positions

As in the previous year, HUBER+SUHNER AG had over 250 employees (full-time-equivalent) in 2023.

9 Equal pay analysis

9Equal pay analysis

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.

10 Leasing obligations not recorded in the balance sheet

10Leasing obligations not recorded in the balance sheet

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).

11 Events after the balance sheet date

11Events after the balance sheet date

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.

12 Additional disclosures, cash flow statement and management report

12Additional disclosures, cash flow statement and management report

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).

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