PDF (3.6 MB) - Valora

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Financial RepoRt ValoRa 2009
noteS to tHe conSoliDateD
Financial StateMentS
Management and Board remuneration. Remuneration paid to management and the Board of
Directors includes all expenses shown in the consolidated financial statements directly relating to
members of the Group Executive Committee and the Board of Directors.
Management and Board remuneration 2009 2008
in cHF 000
Salaries and other short-term benefit 1) 4 161 7 410
post-employment benefits 0 341
termination benefits 2) 0 2 505
Share-based payments 539 399
Total Board and management remuneration 4 700 10 655
1) including vehicle costs paid by the employer.
2) if a member of Group executive Management leaves Valora, the nomination and compensation
committee will decide on any severance payment which might be granted, inasfar as this is not governed
by the employment contract in question. as of January 1, 2009, there is no longer any contractual
provision for any severance payments or termination benefits to members of Group executive Management.
the termination benefits shown above include payments beyond those arising from a 12-month notice period.
Details of the remuneration paid to the Board of Directors and Group Executive Management, as
well as details of their holdings of Valora Holding AG shares and of the shares held by significant
shareholders (as required by Articles 663bbis and 663c of the Swiss Code of Obligations) can be
found in notes 5 and 6 to the financial statements of Valora Holding AG.
Receivables and liabilities. The terms and conditions governing receivables and liabilities are
those commonly used by the relevant companies. The Valora Group has neither received any sureties
for receivables nor has it issued any guarantees for liabilities.
Receivables for the sale of goods and services to related parties 2009 2008
in cHF 000
Receivables from joint ventures 39 24
Total receivables 39 24
Loans. No loans to related parties were outstanding during 2009.
Valora’s participation in cevanova AG was sold to Migros in 2008 and certain net assets owned by
the joint venture were transferred to Valora as part of this transaction. The cevanova AG joint venture
was financed by a high level of borrowing in proportion to its equity capital. The loans provided
to the joint venture by Valora were therefore classified as being economically equivalent to
shareholders’ equity and Valora’s stake in the assets of the company have been reported in the balance
sheet accordingly. In the table below, the changes in the balances of these loans are shown in
accordance with the contractually specified lenders and borrowers concerned.