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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.

 

 

As of 31 December 2021

Companies and countries

 

Share capital8

 

Interest

Parent company

 

 

 

 

 

 

Switzerland

 

 

 

 

 

 

SIG Combibloc Group AG, Neuhausen am Rheinfall1

 

3,375,209

 

CHF

 

100%

Subsidiaries

 

 

 

 

 

 

Argentina

 

 

 

 

 

 

Combibloc S.R.L., Buenos Aires

 

724,015,120

 

ARS

 

100%

Australia

 

 

 

 

 

 

SIG Australia Holding Pty Ltd., Canberra2

 

32,100,000

 

AUD

 

100%

SIG Combibloc Australia Pty Ltd., Broadmeadows

 

40,000,001

 

AUD

 

100%

Austria

 

 

 

 

 

 

SIG Austria Holding GmbH, Saalfelden

 

1,000,000

 

EUR

 

100%

SIG Combibloc GmbH, Saalfelden

 

35,000

 

EUR

 

100%

SIG Combibloc GmbH & Co. KG, Saalfelden

 

4,500,000

 

EUR

 

100%

Bangladesh

 

 

 

 

 

 

SIG Combibloc Bangladesh Ltd., Dhaka

 

50,000,000

 

BDT

 

100%

Brazil

 

 

 

 

 

 

SIG Beverages Brasil Ltda., Sao Paulo

 

109,327,434

 

BRL

 

100%

SIG Combibloc do Brasil Ltda., Sao Paulo

 

722,386,462

 

BRL

 

100%

Chile

 

 

 

 

 

 

SIG Combibloc Chile SpA, Santiago

 

5,016,722,134

 

CLP

 

100%

China

 

 

 

 

 

 

SIG Combibloc (Suzhou) Co. Ltd., Suzhou

 

95,000,000

 

USD

 

100%

Czech Republic

 

 

 

 

 

 

SIG Combibloc s.r.o., Hradec Králové

 

19,340,000

 

CZK

 

100%

Egypt

 

 

 

 

 

 

SIG Combibloc Obeikan Egypt LLC, Cairo3

 

10,000

 

EGP

 

100%

France

 

 

 

 

 

 

SIG Combibloc S.à.r.l., Courbevoie

 

31,000

 

EUR

 

100%

Germany

 

 

 

 

 

 

SIG Combibloc GmbH, Linnich

 

34,494,382

 

EUR

 

100%

SIG Combibloc Systems GmbH, Linnich

 

1,000,000

 

EUR

 

100%

SIG Combibloc Zerspanungstechnik GmbH, Aachen

 

256,000

 

EUR

 

100%

SIG Euro Holding GmbH, Linnich

 

10,000,000

 

EUR

 

100%

SIG Information Technology GmbH, Linnich

 

500,000

 

EUR

 

100%

SIG International Services GmbH, Linnich

 

1,000,000

 

EUR

 

100%

India

 

 

 

 

 

 

SIG Combibloc India Private Ltd., Gurgaon, Haryana

 

34,000,000

 

INR

 

100%

Indonesia

 

 

 

 

 

 

P.T. SIG Combibloc Indonesia, Jakarta Selatan

 

13,549,682,000

 

IDR

 

100%

Italy

 

 

 

 

 

 

SIG Combibloc S.r.l., Parma

 

101,400

 

EUR

 

100%

Korea

 

 

 

 

 

 

SIG Combibloc Korea Ltd., Seoul

 

260,000,000

 

KRW

 

100%

Luxembourg

 

 

 

 

 

 

SIG Combibloc Holdings S.à r.l., Munsbach

 

2,000,001

 

EUR

 

100%

SIG Combibloc PurchaseCo S.à r.l., Munsbach

 

4,012,500

 

EUR

 

100%

Malaysia

 

 

 

 

 

 

SIG Combibloc Malaysia SDN. BHD, Kuala Lumpur

 

1,000,000

 

MYR

 

100%

Mexico

 

 

 

 

 

 

SIG Combibloc Manufacturing México, S. de R.L. de C.V., Mexico City4

 

10,000

 

MXN

 

100%

SIG Combibloc México, S.A. de C.V., Mexico City

 

1,000,000

 

MXN

 

100%

Netherlands

 

 

 

 

 

 

SIG Combibloc B.V., Hengelo

 

40,000

 

EUR

 

100%

New Zealand

 

 

 

 

 

 

SIG Combibloc New Zealand Ltd., Auckland4

 

10,000

 

NZD

 

100%

Whakatane Mill Ltd., Whakatane5

 

-

 

 

 

-

Nigeria

 

 

 

 

 

 

SIG Combibloc Obeikan Nigeria Ltd., Lagos3

 

10,000,000

 

NGN

 

100%

Poland

 

 

 

 

 

 

SIG Combibloc Sp. z o.o., Warsaw

 

249,934

 

PLN

 

100%

Romania

 

 

 

 

 

 

SIG Combibloc Services S.R.L., Cluj

 

1,000,000

 

RON

 

100%

Russia

 

 

 

 

 

 

OOO SIG Combibloc, Moscow

 

5,000,000

 

RUB

 

100%

Saudi Arabia

 

 

 

 

 

 

Al Obeikan SIG Combibloc Company Ltd., Riyadh6

 

75,000,000

 

SAR

 

100%

South Africa

 

 

 

 

 

 

SIG Combibloc Obeikan (South Africa) Pty. Ltd., Cape Town3

 

1,000

 

ZAR

 

100%

Spain

 

 

 

 

 

 

SIG Combibloc S.A., Madrid

 

330,550

 

EUR

 

100%

Sweden

 

 

 

 

 

 

SIG Combibloc AB, Eslöv

 

100,000

 

SEK

 

100%

Switzerland

 

 

 

 

 

 

SIG allCap AG, Neuhausen am Rheinfall

 

7,000,000

 

CHF

 

100%

SIG Combibloc Services AG, Neuhausen am Rheinfall

 

37,931,400

 

CHF

 

100%

SIG Combibloc Procurement AG, Neuhausen am Rheinfall

 

2,000,000

 

CHF

 

100%

SIG Combibloc Receivables Management AG, Neuhausen am Rheinfall

 

1,000,000

 

CHF

 

100%

SIG Schweizerische Industrie-Gesellschaft GmbH, Neuhausen am Rheinfall

 

20,000

 

CHF

 

100%

SIG Technology AG, Neuhausen am Rheinfall

 

3,000,000

 

CHF

 

100%

Taiwan

 

 

 

 

 

 

SIG Combibloc Taiwan Ltd., Taipei

 

15,000,000

 

TWD

 

100%

Thailand

 

 

 

 

 

 

SIG Combibloc Ltd., Rayong

 

3,070,693,000

 

THB

 

100%

Turkey

 

 

 

 

 

 

SIG Combibloc Paketleme ve Ticaret Ltd. Sirketi, Istanbul3

 

170,000

 

TRY

 

100%

United Kingdom

 

 

 

 

 

 

SIG Combibloc Ltd., Gateshead

 

1,500,000

 

GBP

 

100%

USA

 

 

 

 

 

 

SIG Combibloc US Acquisition Inc., Wilmington

 

10

 

USD

 

100%

SIG Combibloc US Acquisition II Inc., Wilmington

 

10

 

USD

 

100%

SIG Combibloc Inc., Wilmington

 

27,000,000

 

USD

 

100%

SIG Holding USA, LLC, Wilmington

 

1,000

 

USD

 

100%

Vietnam

 

 

 

 

 

 

SIG Vietnam Ltd., Ho Chi Minh City

 

2,000,000,000

 

VND

 

100%

UAE

 

 

 

 

 

 

SIG Combibloc FZCO, Dubai7

 

24,000,000

 

AED

 

100%

Joint venture

 

 

 

 

 

 

Japan

 

 

 

 

 

 

DNP • SIG Combibloc Co., Ltd., Tokyo

 

75,000,000

 

JPY

 

50%

1

The registered address of SIG Combibloc Group AG is Laufengasse 18, 8212 Neuhausen am Rheinfall, Switzerland.

2

The Group acquired 100% of the shares of Visy Cartons Pty Ltd. (“Visy Cartons”) on 29 November 2019 for €43.0 million, of which €2.5 million was transferred in the year ended 31 December 2020. Visy Cartons was renamed to SIG Combibloc Australia Pty Ltd. in December 2019.

3

Subsidiary of the former joint venture SIG Combibloc FZCO in UAE (see further note 27).

4

New entity, incorporated in the second quarter of 2021.

5

Sold on 3 June 2021, see the section “Sale of New Zealand paper mill” in this note.

6

Former joint venture, the Company acquired the remaining 50% of the shares on 25 February 2021 (see note 27). Previously SIG Combibloc Obeikan Company Ltd., renamed to Al Obeikan SIG Combibloc Company Ltd. in the third quarter of 2020.

7

Former joint venture, the Company acquired the remaining 50% of the shares on 25 February 2021 (see note 27). Previously SIG Combibloc Obeikan FZCO, renamed to SIG Combibloc FZCO in the fourth quarter of 2021.

8

Unaudited.

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.