Annual Report 2012 - Investor Relations

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68Notes to the consolidated financial statements26. Events after the reporting dateAfter the balance sheet reporting date and until the approval of the consolidated financial statements by the Board of Directors on19 March 2013 there were no significant events that would negatively impact the statements made in the 2012 financial statements orthat would have to be disclosed here.27. SubsidiariesRegistered office Activity CurrencySharecaptialDirectholdingIndirectholdingCompany as at 31 DecemberTCHFin %in %Financial holding companyIndustrieverwaltungsgesellschaft Cham AG CH Cham s CHF 50 100% –Cham Paper GroupCham Paper Group AG CH Cham s CHF 10,000 100% –Cham Paper Group Schweiz AG CH Cham l n CHF 21,000 – 100%Cham Paper Group Immobilien AG CH Cham s CHF 5,000 – 100%Cham Paper Group Italia S.p.A. IT Carmignano s l n EUR 25,000 – 100%Cham Paper Group Management AG CH Cham s l CHF 100 – 100%Condino Energia S.r.l. IT Condino n EUR 2,000 – 100%In 2012 Cham Paper Group (Deutschland) GmbH, Cham Paper Group (France) S.à.r.l. and Cham Paper Group (UK) Ltd. were liquidated.s Holding company, financing, real estate and servicesn Research, development and productionl Sale and distributionAll companies are fully consolidated.
Report of the statutory auditor on the consolidated financial statements69Report of the statutory auditoron the consolidated financial statementsReport of the statutory auditorto the general meeting ofCham Paper Group Holding AGChamReport of the statutory auditor on the consolidated financial statementsAs statutory auditor, we have audited the consolidated financial statements of Cham Paper GroupHolding AG, which comprise the income statement, balance sheet, cash flow statement, shareholders’equity statement and notes (pages 48 to 68), for the year ended 31 December 2012.Board of Directors’ ResponsibilityThe Board of Directors is responsible for the preparation and fair presentation of the consolidatedfinancial statements in accordance with Swiss GAAP FER and the requirements of Swiss law. Thisresponsibility includes designing, implementing and maintaining an internal control system relevantto the preparation and fair presentation of consolidated financial statements that are free from materialmisstatement, whether due to fraud or error. The Board of Directors is further responsible for selectingand applying appropriate accounting policies and making accounting estimates that are reasonablein the circumstances.Auditor’s ResponsibilityOur responsibility is to express an opinion on these consolidated financial statements based on ouraudit. We conducted our audit in accordance with Swiss law and Swiss Auditing Standards. Thosestandards require that we plan and perform the audit to obtain reasonable assurance whether theconsolidated financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosuresin the consolidated financial statements. The procedures selected depend on the auditor’s judgment,including the assessment of the risks of material misstatement of the consolidated financial statements,whether due to fraud or error. In making those risk assessments, the auditor considers theinternal control system relevant to the entity’s preparation of the consolidated financial statements inorder to design audit procedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on the effectiveness of the entity’s internal control system. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness of accountingestimates made, as well as evaluating the overall presentation of the consolidated financialstatements. We believe that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion.OpinionIn our opinion, the consolidated financial statements for the year ended 31 December 2012 give a trueand fair view of the financial position, the results of operations and the cash flow in accordance withSwiss GAAP FER and comply with Swiss law.PricewaterhouseCoopers AG, Grafenauweg 8, Postfach, 6304 ZugTelephone: +41 58 792 68 00, Facsimile: +41 58 792 68 10, www.pwc.chPricewaterhouseCoopers AG ist Mitglied eines globalen Netzwerks von rechtlich selbständigen und voneinander unabhängigen Gesellschaften.
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4The Cham Paper Group at a glanceTh
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Letter to Shareholders9Urs ZieglerD
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Markets of the Cham Paper Group13Ou
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16Consumer GoodsGloria Wegmüller,G
Page 21 and 22: What has speciality papergot to do
Page 23: Industrial Release21The father and
Page 26 and 27: 24Digital ImagingA scarf as individ
Page 29 and 30: Table of contents27Table of content
Page 31 and 32: Sustainability Report29Customers: E
Page 33 and 34: Sustainability Report31Eco facts &
Page 35 and 36: Sustainability Report33Society: Foc
Page 37 and 38: Corporate Governance35In the notifi
Page 39 and 40: Corporate Governance37NameUrs Ziegl
Page 41 and 42: Corporate Governance393.2 Other act
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Page 45 and 46: Corporate Governance43NameMarcello
Page 47 and 48: Corporate Governance45general rule,
Page 49 and 50: Corporate Governance479. Informatio
Page 51 and 52: Consolidated financial statements49
Page 53 and 54: Consolidated financial statements51
Page 55 and 56: Notes to the consolidated financial
Page 69: Notes to the consolidated financial
Page 73 and 74: Financial statements of Cham Paper
Page 75 and 76: Notes to the Financial Statements o
Page 81 and 82: Report of the statutory auditor on
Page 83 and 84: Publishing detailsThis annual repor
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Annual Report 2012 - Investor Relations

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