Annual Report - SIG Combibloc

More documents

Recommendations

Info

32 Others Following the bad news and problems of the previous year, market response was both uncertain and cautious. In the first half-year, order intake remained below expectations, but showed a marked recovery at the very end of the year. Major food products Groups have already placed SIG Hamba Filltec back on their preferred supplier lists. In 2004, SIG Hamba Filltec will continue to focus on cost optimization and product standardization. As a result, we expect further improvement of margins and a positive operating profit (ebit). SIG Elettric 80: designated as non-core at the end of 2003 Formerly a business unit of the SIG Pack division, SIG Elettric 80 (laser-guided vehicles) was transferred to the business sector “Others” at the end of 2003.
Section 1 1.1 1.2 1.3 Corporate Governance SIG practices Corporate Governance based on the principles and directives of the Swiss Code of Best Practice of economiesuisse (Swiss Business Federation). Its key elements are anchored in the Articles of Association of the SIG Holding Ltd. and the Organizational Regulations of the SIG Group. In the year under report, the Board of Directors again addressed the subject of “Corporate Governance” regularly and delivered resolutions on various reforms and improvements. The following section sets out the information required to be published pursuant to the directive of the Swiss Stock Exchange on Corporate Governance. All required information is disclosed. In contrast to the rest of the Annual Report figures, which are presented in euros, value items are given in Swiss francs as these relate primarily to the SIG Holding Ltd., the financial statements of which are stated in Swiss francs. Where considered pertinent, references are made to other sections of this Annual Report and /or other publicly accessible sources. Group structure and shareholders Group structure Since the beginning of 2004, the SIG Group comprises the two divisions SIG Combibloc (beverage cartons) and SIG Beverages (complete solutions for the beverages industry). Discontinuing activities which no longer belong to the core business, outside SIG Pack, are grouped under the section “Others.” The detailed operational structure of the Group can be seen in the following organization chart. The SIG Holding Ltd. (parent company of the SIG Group) is the only listed company within the scope of consolidation. The company has its registered office in Neuhausen am Rheinfall, Switzerland; the SIG share (sig n, security number 1202249) is listed on the Swiss Stock Exchange. At 12/31/2003, market capitalization stands at chf 1.1 million. With the exception of the SIG Finanz AG (Group Treasury), none of the Group companies hold SIG shares. The shareholding of SIG Finanz AG is disclosed on page 27 of the financial report. Further details on the SIG share are given on pages 2 and 27 of the financial report. Information on the nonlisted companies is given in the overview on pages 34 and 35 of the financial report. Significant shareholders The following shareholders hold a stake exceeding 5% of the total share capital of the SIG Holding Ltd.: Shareholder No. of SIG shares Stake Date reported Silchester International Investors Ltd. 505 020 7.8% 9/18/2002 gb-London Tweedy, Browne Company llc 374 522 5.8% 8/15/2001 us-New York Baupost Group Securities llc 363 299 5.6% 3/20/2003 us-Boston Franklin Templeton Companies llc 325 080 5.0% 1/17/2002 us-Fort Lauderdale Notes: The SIG Welfare Fund, ch-Neuhausen am Rheinfall, reduced its stake in the year under report from 5.4% to 4.9%. At the end of the business year 2003, Silchester International Investors Ltd., gb-London, reduced its stake to below 5%. Cross-shareholdings There are no cross-shareholdings with other companies. 33
Page 3: Last year, the world’s population
Page 7: Before pressing, all the oranges ar
Page 11: Practical packages have uniform dim
Page 15 and 16: Orange juice is the preferred pick-
Page 17 and 18: Letter from the Chairman 17 Recover
Page 19 and 20: Net sales in millions of eur 2001 1
Page 21 and 22: Employees 2001 9,182 2002 9,402 200
Page 23 and 24: Investments*) in millions of eur 20
Page 25 and 26: that the uncertainties of the situa
Page 27 and 28: Operating profit (ebit) in millions
Page 29 and 30: Operating profit *) (ebit) in milli
Page 31: The improvement in operating profit
Page 35 and 36: Section 2 2.1 / 2.2 2.3 2.4 / 2.5 2
Page 37 and 38: Martin Huber P. Eng. eth, ll. b., S
Page 39 and 40: 3.3 3.4 3.5 Corporate Governance In
Page 41 and 42: Corporate Governance Composition /
Page 43 and 44: 3.6 3.7 Corporate Governance Defini
Page 45 and 46: Roman Boutellier President and ceo
Page 47 and 48: 4.3 Section 5 5.1 Tasks previously
Page 49 and 50: 5.3 5.4 5.5 5.6 5.7 5.8 5.9 Compens
Page 51 and 52: Section 7 7.1 7.2 Section 8 8.1 8.2
Page 54 and 55: 54 SIG values “ Our value-based m
Page 56 and 57: 56 Highlights 2003 June May April M
Page 58 and 59: 58 Highlights 2003 December Novembe
Page 60 and 61: 60 Addresses Argentina SIG Combiblo

Annual Report - SIG Combibloc

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?