2. Disclosures on balance sheet and income statement positions
2.1. Investments
The indirect holdings are listed in the “Group Account” section of the Financial Report under “23. Investments in subsidiaries”
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The capital share corresponds to the voting share.
Direct investments
2.2. Other payables
Other current liabilities to participations include insurance compensation for exhibition cancellations amounting to CHF 15.1 million (previous year: CHF 15.9 million) that has already been received but not yet transferred to the participations. The event cancellation insurance was taken out by MCH Group Ltd. The insurance compensation is thus collected in advance by MCH Group Ltd., which then transfers it to those participations that bear the loss due to the exhibition cancellations.
Liabilities to pension funds amount to CHF 0.2 million (previous year: none)
2.3. Shareholders' equity
The share capital is divided into 31,053,147 registered shares with a par value of CHF 1.00 each (previous year 31,053,147 registered shares with a par value of CHF 1.00 each).
Of the reported reserves from capital contributions of CHF 224.6 million (previous year: CHF 224.8 million), CHF 32.2 million have been confirmed by the tax authorities. The capital contributions from the capital reduction of CHF 133.8 million and capital contributions from the capital increase 2022 of CHF 58.4 million have been reported to the tax authorities, but the confirmation is still pending. The amount of CHF 0.4 million, which has not been confirmed since 2013, relates to issuing costs of the capital increase in 2011. A transfer within equity has not yet been made.
2.4. Treasury shares
In the previous year, MCH Group Ltd. subscribed treasury shares at an issue price of CHF 4.75 per share as part of the capital increase for the purpose of future remuneration of the Group Management Team. The subscription rights to which MCH Group Ltd. is entitled were exercised in full. On the balance sheet date of 31.12.2023, 46,028 shares were allocated to the Executive Board for remuneration purposes (previous year: none). The issue of shares to the Executive Board is not subject to any conditions.
In the reporting year 30,445 shares were allocated to the Board of Directors for remuneration (previous year: none).
2.5. Debt waiver and subordination of loans
In connection with the restructuring of a subsidiary, a debt waiver of CHF 20.0 million (prior year: CHF 2.0 million and a subordination of the loan of CHF 20.0 million were granted (Prior year: CHF 20.0 million).
In connection with the necessary restructuring of foreign subsidy a complete debt waiver of CHF 0.7 million was granted on the asset loan in the previous year.
2.6. Bond
As part of the financing of MCH Group Ltd., a CHF 100 million new issue (bond) was raised in 2018 with a term from 16.05.2018 to 16.05.2023 (5 years) and a coupon of 1.875 %. The financing was repaid in full on 16.05.2023.
2.7. Other operating income
In prior year CHF 5.8 million from a debt waiver of the Canton Basel-Stadt were collected in the previous year.
2.8. Share-based payments
Three vesting periods were defined for PSUs from the LTIP 2022–2024. They end as follows:
- On the 1st anniversary of the grant date for one third of the PSUs granted.
- On the 2nd anniversary of the grant date for a further third of the PSUs granted.
- On the 3rd anniversary of the grant date for the final third of the PSUs granted.
Two vesting periods were defined for PSUs from the LTIP 2023–2025. They end as follows:
- On the 2nd anniversary of the grant date for one third of the PSUs granted.
- On the 3rd anniversary of the grant date for two third of the PSUs granted.
The following personnel expenses, including social security benefits, were recognized:
In this year, a total of 46,028 shares were transferred to the plan participants, of which 20,454 shares were transferred to employees of MCH Group Ltd.