26 Group entities
The Group only has wholly owned subsidiaries. It has one joint venture, with an ownership interest of 50% (see note 28).
The Company acquired the remaining 50% of the shares of its two joint ventures in Saudi Arabia and the United Arab Emirates (”UAE”) on 25 February 2021 (see note 27). The entity in UAE has four subsidiaries. Information about the disposal of the paper mill in June 2021 is included in the section “Sale of New Zealand paper mill” in this note.
Overview of Group entities
The following table provides an overview of all the Group’s subsidiaries and joint venture. The joint venture does not have any subsidiaries. The ownership and voting interests are the same for all Group entities. The ownership interests are the same as of 31 December 2021 and 31 December 2020, unless specifically stated. The reporting date of all Group entities is 31 December.
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As of 31 December 2021 |
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Companies and countries |
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Share capital8 |
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Interest |
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Parent company |
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Switzerland |
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SIG Combibloc Group AG, Neuhausen am Rheinfall1 |
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3,375,209 |
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CHF |
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100% |
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Subsidiaries |
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Argentina |
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Combibloc S.R.L., Buenos Aires |
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724,015,120 |
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ARS |
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100% |
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Australia |
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SIG Australia Holding Pty Ltd., Canberra2 |
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32,100,000 |
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AUD |
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100% |
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SIG Combibloc Australia Pty Ltd., Broadmeadows |
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40,000,001 |
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AUD |
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100% |
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Austria |
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SIG Austria Holding GmbH, Saalfelden |
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1,000,000 |
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EUR |
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100% |
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SIG Combibloc GmbH, Saalfelden |
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35,000 |
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EUR |
|
100% |
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SIG Combibloc GmbH & Co. KG, Saalfelden |
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4,500,000 |
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EUR |
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100% |
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Bangladesh |
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SIG Combibloc Bangladesh Ltd., Dhaka |
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50,000,000 |
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BDT |
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100% |
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Brazil |
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SIG Beverages Brasil Ltda., Sao Paulo |
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109,327,434 |
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BRL |
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100% |
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SIG Combibloc do Brasil Ltda., Sao Paulo |
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722,386,462 |
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BRL |
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100% |
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Chile |
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SIG Combibloc Chile SpA, Santiago |
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5,016,722,134 |
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CLP |
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100% |
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China |
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SIG Combibloc (Suzhou) Co. Ltd., Suzhou |
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95,000,000 |
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USD |
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100% |
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Czech Republic |
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SIG Combibloc s.r.o., Hradec Králové |
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19,340,000 |
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CZK |
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100% |
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Egypt |
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|
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SIG Combibloc Obeikan Egypt LLC, Cairo3 |
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10,000 |
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EGP |
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100% |
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France |
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SIG Combibloc S.à.r.l., Courbevoie |
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31,000 |
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EUR |
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100% |
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Germany |
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SIG Combibloc GmbH, Linnich |
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34,494,382 |
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EUR |
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100% |
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SIG Combibloc Systems GmbH, Linnich |
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1,000,000 |
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EUR |
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100% |
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SIG Combibloc Zerspanungstechnik GmbH, Aachen |
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256,000 |
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EUR |
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100% |
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SIG Euro Holding GmbH, Linnich |
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10,000,000 |
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EUR |
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100% |
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SIG Information Technology GmbH, Linnich |
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500,000 |
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EUR |
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100% |
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SIG International Services GmbH, Linnich |
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1,000,000 |
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EUR |
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100% |
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India |
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SIG Combibloc India Private Ltd., Gurgaon, Haryana |
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34,000,000 |
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INR |
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100% |
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Indonesia |
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P.T. SIG Combibloc Indonesia, Jakarta Selatan |
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13,549,682,000 |
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IDR |
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100% |
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Italy |
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SIG Combibloc S.r.l., Parma |
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101,400 |
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EUR |
|
100% |
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Korea |
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SIG Combibloc Korea Ltd., Seoul |
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260,000,000 |
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KRW |
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100% |
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Luxembourg |
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SIG Combibloc Holdings S.à r.l., Munsbach |
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2,000,001 |
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EUR |
|
100% |
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SIG Combibloc PurchaseCo S.à r.l., Munsbach |
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4,012,500 |
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EUR |
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100% |
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Malaysia |
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SIG Combibloc Malaysia SDN. BHD, Kuala Lumpur |
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1,000,000 |
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MYR |
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100% |
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Mexico |
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SIG Combibloc Manufacturing México, S. de R.L. de C.V., Mexico City4 |
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10,000 |
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MXN |
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100% |
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SIG Combibloc México, S.A. de C.V., Mexico City |
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1,000,000 |
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MXN |
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100% |
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Netherlands |
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SIG Combibloc B.V., Hengelo |
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40,000 |
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EUR |
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100% |
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New Zealand |
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SIG Combibloc New Zealand Ltd., Auckland4 |
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10,000 |
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NZD |
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100% |
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Whakatane Mill Ltd., Whakatane5 |
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- |
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- |
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Nigeria |
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SIG Combibloc Obeikan Nigeria Ltd., Lagos3 |
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10,000,000 |
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NGN |
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100% |
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Poland |
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SIG Combibloc Sp. z o.o., Warsaw |
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249,934 |
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PLN |
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100% |
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Romania |
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SIG Combibloc Services S.R.L., Cluj |
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1,000,000 |
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RON |
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100% |
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Russia |
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OOO SIG Combibloc, Moscow |
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5,000,000 |
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RUB |
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100% |
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Saudi Arabia |
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Al Obeikan SIG Combibloc Company Ltd., Riyadh6 |
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75,000,000 |
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SAR |
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100% |
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South Africa |
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SIG Combibloc Obeikan (South Africa) Pty. Ltd., Cape Town3 |
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1,000 |
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ZAR |
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100% |
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Spain |
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SIG Combibloc S.A., Madrid |
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330,550 |
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EUR |
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100% |
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Sweden |
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SIG Combibloc AB, Eslöv |
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100,000 |
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SEK |
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100% |
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Switzerland |
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SIG allCap AG, Neuhausen am Rheinfall |
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7,000,000 |
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CHF |
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100% |
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SIG Combibloc Services AG, Neuhausen am Rheinfall |
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37,931,400 |
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CHF |
|
100% |
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SIG Combibloc Procurement AG, Neuhausen am Rheinfall |
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2,000,000 |
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CHF |
|
100% |
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SIG Combibloc Receivables Management AG, Neuhausen am Rheinfall |
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1,000,000 |
|
CHF |
|
100% |
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SIG Schweizerische Industrie-Gesellschaft GmbH, Neuhausen am Rheinfall |
|
20,000 |
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CHF |
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100% |
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SIG Technology AG, Neuhausen am Rheinfall |
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3,000,000 |
|
CHF |
|
100% |
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Taiwan |
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SIG Combibloc Taiwan Ltd., Taipei |
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15,000,000 |
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TWD |
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100% |
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Thailand |
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SIG Combibloc Ltd., Rayong |
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3,070,693,000 |
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THB |
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100% |
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Turkey |
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SIG Combibloc Paketleme ve Ticaret Ltd. Sirketi, Istanbul3 |
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170,000 |
|
TRY |
|
100% |
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United Kingdom |
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SIG Combibloc Ltd., Gateshead |
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1,500,000 |
|
GBP |
|
100% |
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USA |
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|
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|
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SIG Combibloc US Acquisition Inc., Wilmington |
|
10 |
|
USD |
|
100% |
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SIG Combibloc US Acquisition II Inc., Wilmington |
|
10 |
|
USD |
|
100% |
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SIG Combibloc Inc., Wilmington |
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27,000,000 |
|
USD |
|
100% |
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SIG Holding USA, LLC, Wilmington |
|
1,000 |
|
USD |
|
100% |
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Vietnam |
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SIG Vietnam Ltd., Ho Chi Minh City |
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2,000,000,000 |
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VND |
|
100% |
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UAE |
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SIG Combibloc FZCO, Dubai7 |
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24,000,000 |
|
AED |
|
100% |
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Joint venture |
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Japan |
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DNP • SIG Combibloc Co., Ltd., Tokyo |
|
75,000,000 |
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JPY |
|
50% |
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Sale of New Zealand paper mill
The Group announced in March 2021 that it would close the paper mill in New Zealand (Whakatane Mill Ltd.) and increase the sourcing of liquid paper board from existing third-party suppliers. The mill primarily produced liquid paper board for use by SIG entities and the Group’s former joint ventures in the Middle East. After the closure announcement, the Group was approached by potential buyers.
The paper mill was sold on 3 June 2021 for NZD 1 to a consortium of investors who will enable the paper mill to continue to operate. The net assets sold consisted mainly of net working capital, including cash equivalents of €0.5 million, and provisions. In August 2021, the parties of the transaction finalised the net working capital and other adjustments of the completion settlement. In total, €3.6 million of adjustments in favour of the Group were agreed upon. Including the net working capital adjustments, the sale resulted in a loss of €12.1 million that is presented in other expenses (see notes 8 and 9) and in a net cash inflow of €3.1 million.
The Group has no ongoing obligations or outstanding guarantees relating to the mill following the completion of the sale except for customary representations and warranties (including tax indemnifications).
In connection with the initial decision to close the mill, the Group expected to incur plant decommissioning and redundancy costs of around €30 million. However, due to the sale, only €9.8 million of redundancy costs were recognised in the year ended 31 December 2021 (see note 9).
Accounting policy/basis of consolidation
Subsidiaries
Subsidiaries are entities controlled by the Group. Control exists when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from their respective acquisition date, which is the date on which the Group obtains control.
When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related non-controlling interests and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost.
Interests in joint ventures
A joint venture is a contractual arrangement in which the Group has joint control and has rights to the net assets of the arrangement rather than rights to its assets and obligations for its liabilities. Investments in joint ventures are accounted for using the equity method. On the date joint control is obtained, joint ventures are recognised at cost (including transaction costs). Subsequent to initial recognition, the Group’s share of the profit or loss and other comprehensive income is included in the consolidated financial statements until the date on which joint control ceases.
Intra-group transactions and balances
Intra-group transactions and balances are eliminated upon consolidation. Unrealised gains arising from transactions with joint ventures are eliminated to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same manner as unrealised gains, but only to the extent that there is no evidence of impairment.