26. Group entities

The Company has changed its name from SIG Combibloc Group AG to SIG Group AG. The name change became effective on 13 April 2022.

Overview of Group entities

The following table provides an overview of all the Group’s subsidiaries and joint venture, including the subsidiaries acquired in the Scholle IPN acquisition (marked with *) and the three subsidiaries acquired in the Evergreen Asia acquisition. For the other subsidiaries, the ownership interests are the same as of 31 December 2022 and 31 December 2021, unless specifically stated. The ownership and voting interests are the same for all Group entities. The Group owns 100% of the shares, unless specifically stated. The reporting date of the entities is 31 December, unless specifically stated. The joint venture does not have any subsidiaries.

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As of 31 December 2022

Companies and countries

Share capital¹

Interest

Parent company

Switzerland

SIG Group AG, Neuhausen am Rheinfall²

3,822,709

CHF

100%

Subsidiaries

Argentina

Combibloc S.R.L., Buenos Aires³

724,015,120

ARS

100%

Australia

Scholle IPN Pty Ltd., Edinburgh North*

AUD

100%

SIG Australia Holding Pty Ltd., Canberra

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

Scholle Ltda., Vinhedo*

86,258,020

BRL

100%

SIG Beverages Brasil Ltda., Sao Paulo

109,327,434

BRL

100%

SIG Combibloc do Brasil Ltda., Sao Paulo

722,386,462

BRL

100%

Canada

Scholle IPN Canada Ltd., Québec*

1,000

CAD

100%

Chile

Scholle IPN SpA, Santiago*

9,006,501,235

CLP

100%

SIG Combibloc Chile SpA, Santiago

5,016,722,134

CLP

100%

China

Scholle IPN Packaging (Suzhou) Co. Ltd., Suzhou*

15,400,000

USD

100%

SIG Combibloc (Suzhou) Co. Ltd., Suzhou

95,000,000

USD

100%

SIG Combibloc (Suzhou) Technology Co. Ltd., Suzhou⁴

3,800,000

USD

100%

SIG Packaging (Shanghai) Co., Ltd., Shanghai⁵

11,700,000

USD

100%

Czechia

SIG Combibloc s.r.o., Hradec Králové

200,000

CZK

100%

Egypt

SIG Combibloc Egypt LLC, Cairo⁶

10,000

EGP

100%

France

Scholle IPN France SAS, Schalbach*

1,000,000

EUR

100%

SIG Combibloc S.à.r.l., Courbevoie

31,000

EUR

100%

Germany

Scholle IPN Germany GmbH, Eisfeld*

500,000

EUR

100%

Scholle IPN Investment GmbH, Linnich⁷

25,000

EUR

100%

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

Bossar Packaging Private Ltd., Pune*^8,9

17,649,000

INR

84.71%

Scholle IPN India Packaging Private Ltd., Palghar*^8,9

15,290,240

INR

90%

Scholle Packaging (India) Private Ltd., Palghar*⁸

155,254,700

INR

100%

SIG Combibloc India Private Ltd., Gurgaon, Haryana⁸

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%

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

Scholle IPN Packaging (SEA) SDN. BHD, Kuala Lumpur*

445,500

MYR

100%

SIG Combibloc Malaysia SDN. BHD, Kuala Lumpur

1,000,000

MYR

100%

Mexico

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

142,010,000

MXN

100%

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

1,000,000

MXN

100%

Netherlands

Clean Flexible Packaging B.V., Tilburg*

EUR

100%

Clean Flexible Packaging Holding B.V., Tilburg*

EUR

100%

Scholle IPN Europe B.V., Tilburg*

20,000

EUR

100%

Scholle IPN Europe Holding B.V., Tilburg*

18,000

EUR

100%

Scholle IPN Holding B.V., Tilburg*

20,220

EUR

100%

Scholle IPN IP B.V., Tilburg*

18,000

EUR

100%

Scholle IPN Netherlands B.V., Tilburg*

18,000

EUR

100%

SIG Combibloc B.V., Hengelo

40,000

EUR

100%

New Zealand

Scholle IPN New Zealand Ltd., Auckland*

NZD

100%

SIG Combibloc New Zealand Ltd., Auckland

NZD

100%

Nigeria

SIG Combibloc Nigeria Ltd., Lagos¹⁰

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%

Scholle IPN Eastern Europe LLC, Voronezh*⁹

221,331,321

RUB

99.9%

Saudi Arabia

Al Obeikan SIG Combibloc Company Ltd., Riyadh

75,000,000

SAR

100%

Serbia

SIG South East Europe d.o.o. Beograd, Beograd¹¹

939,200

RSD

100%

Singapore

SIG Combibloc Singapore Private Ltd., Singapore¹²

1,000

SGD

100%

South Africa

SIG Combibloc (South Africa) Pty. Ltd., Cape Town¹³

1,000

ZAR

100%

South Korea

SIG Combibloc Korea Ltd., Seoul

260,000,000

KRW

100%

SIG Packaging Korea Ltd., Seoul¹⁴

899,480,000

KRW

100%

Spain

Bossar Packaging SL, Barbera del Valles*

1,248,000

EUR

100%

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 Procurement AG, Neuhausen am Rheinfall

2,000,000

CHF

100%

SIG Combibloc Receivables Management AG, Neuhausen am Rheinfall

1,000,000

CHF

100%

SIG Combibloc Services AG, Neuhausen am Rheinfall¹⁵

37,931,400

CHF

100%

SIG Schweizerische Industrie-Gesellschaft GmbH, Neuhausen am Rheinfall

20,000

CHF

100%

SIG Technology AG, Neuhausen am Rheinfall¹⁵

–

Taiwan

SIG Combibloc Taiwan Ltd., Taipei

15,000,000

TWD

100%

SIG Packaging (Taiwan) Co., Ltd., Hsinchu Hsien¹⁶

1,000,000

TWD

100%

Thailand

SIG Combibloc Ltd., Rayong

3,070,693,000

THB

100%

Turkey

SIG Combibloc Paketleme ve Ticaret Ltd. Şirketi, Istanbul³

170,000

TRY

100%

United Kingdom

Scholle IPN UK Ltd., Gateshead*

GBP

100%

SIG Combibloc Ltd., Gateshead

1,500,000

GBP

100%

UAE

SIG Combibloc FZCO, Dubai

24,000,000

AED

100%

USA

BBI Company Inc., Northlake*

13,700

USD

100%

Clean Flexible Packaging Inc., Northlake*

USD

100%

Scholle IPN Atlanta Corporation, Peachtree City*

USD

100%

Scholle IPN Corporation, Northlake*

USD

100%

Scholle IPN Packaging Inc., Northlake*

10,000

USD

100%

SIG Combibloc Inc., Wilmington

27,000,000

USD

100%

SIG Combibloc US Acquisition Inc., Wilmington

USD

100%

SIG Combibloc US Acquisition II Inc., Wilmington

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%

Joint venture

Japan

DNP • SIG Combibloc Co. Ltd., Tokyo

75,000,000

JPY

50%

*	Subsidiary acquired as part of the acquisition of Scholle IPN on 1 June 2022 (see note 27).
1	Unaudited.
2	Previously SIG Combibloc Group AG. The name was changed to SIG Group AG on 13 April 2022. The registered address of SIG Group AG is Laufengasse 18, 8212 Neuhausen am Rheinfall, Switzerland.
3	Argentina and Turkey are regarded as hyperinflationary as of 31 December 2022. The impacts of applying hyperinflationary accounting as per IAS 29 Financial Reporting in Hyperinflationary Economies is not material to the Group.
4	New entity, incorporated in the second quarter of 2022.
5	Evergreen Packaging (Shanghai) Co. Ltd. was acquired as part of the Evergreen Asia acquisition on 2 August 2022 (see note 27). The name was changed to SIG Packaging (Shanghai) Co. Ltd. after the acquisition.
6	Previously SIG Combibloc Obeikan Egypt LLC. The name was changed to SIG Combibloc Egypt LLC in the second quarter of 2022.
7	New entity, incorporated in the fourth quarter of 2022.
8	Reporting date is 31 March. Financial information prepared as of 31 December is used for consolidation purposes.
9	The non-controlling interests are not significant, which is why the Group does not make a distinction between profit, total comprehensive income and equity attributable to the owners of the Company and the non-controlling interests.
10	Previously SIG Combibloc Obeikan Nigeria Ltd. The name was changed to SIG Combibloc Nigeria Ltd. in the second quarter of 2022.
11	New entity, incorporated in the third quarter of 2022.
12	New entity, incorporated in the first quarter of 2022.
13	Previously SIG Combibloc Obeikan (South Africa) Pty Ltd. The name was changed to SIG Combibloc (South Africa) Pty. Ltd in the first quarter of 2022.
14	Evergreen Packaging Korea Ltd. was acquired as part of the Evergreen Asia acquisition on 2 August 2022 (see note 27). The name was changed to SIG Packaging Korea Ltd. after the acquisition.
15	SIG Technology AG was merged with SIG Combibloc Services AG in the third quarter of 2022.
16	Evergreen Packaging (Taiwan) Co. Ltd. was acquired as part of the Evergreen Asia acquisition on 2 August 2022 (see note 27). The name was changed to SIG Packaging (Taiwan) Co. Ltd., after the acquisition.

Sale of New Zealand paper mill

The Group announced in March 2021 that it would close its 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 and the paper mill was sold on 3 June 2021 for NZD 1. The net working capital and other adjustments to the completion settlement were finalised in August 2021. The sale resulted in a loss of €12.1 million and a net cash inflow of €3.1 million. See note 9 for information about restructuring costs relating to the closure of the mill recognised in the year ended 31 December 2021.

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.

Annual Report 2022

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26. Group entities

Overview of Group entities

Sale of New Zealand paper mill

Accounting policy/basis of consolidation

Subsidiaries

Interests in joint ventures

Intra-group transactions and balances