Notes to the separate financial statements of Comet Holding AG
General information
Comet Holding AG has its registered office in Flamatt, Switzerland and is the Comet Group’s parent holding company listed on the Swiss stock exchange. The separate financial statements of Comet Holding AG at and for the year ended December 31, 2024, comply with the provisions of the Swiss Code of Obligations. The manner of the inclusion of Comet Holding AG in the consolidated accounts is governed by the measurement principles set out in the notes to the consolidated financial statements.
01Accounting principles
These separate financial statements were prepared in accordance with the principles of the applicable Swiss Accounting Law (title 32 of the Swiss Code of Obligations).
Receivables and loans
Receivables and loans are stated at nominal amounts less any necessary write-downs.
Investments in subsidiaries
Investments in subsidiaries are recognized at historical cost less necessary impairment charges, and are individually tested annually for impairment.
Treasury stock
Comet purchases treasury stock for share-based compensation of the Executive Committee and Board of Directors. Treasury shares are recognized at acquisition cost and deducted from shareholders’ equity at the time of acquisition. Comet applies the first-in-first-out (FIFO) principle when using treasury stock for share-based compensation programs. In general, treasury stock is not held for more than six years at maximum. In the event of a resale, the gain or loss is recognized through retained earnings.
02Investments in subsidiaries
Comet Holding AG directly held the following companies at December 31, 2024:
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Equity interest in % 1 |
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Company |
Registered office |
Currency |
Capital stock |
2024 |
2023 |
Comet AG |
Flamatt, Switzerland |
CHF |
2,000,000 |
100% |
100% |
Comet Electronics (Shanghai) Co. Ltd. |
Shanghai, China |
CNY |
5,466,148 |
100% |
100% |
Comet Mechanical Equipment (Shanghai) Co. Ltd. 2 |
Shanghai, China |
CNY |
5,209,270 |
100% |
100% |
Comet Solutions Taiwan Ltd. |
Hsinchu County, Taiwan |
TWD |
5,000,000 |
100% |
100% |
Comet Technologies Canada Inc. |
Montreal, Canada |
CAD |
15,001,000 |
100% |
100% |
Comet Technologies Denmark A/S |
Taastrup, Denmark |
DKK |
601,000 |
100% |
100% |
Comet Technologies Japan KK |
Yokohama, Japan |
JPY |
10,000,000 |
100% |
100% |
Comet Technologies Korea Co. Ltd. |
Suwon, Korea |
KRW |
500,000,000 |
100% |
100% |
Comet Technologies Malaysia Sdn. Bhd. |
Penang, Malaysia |
MYR |
3,000,000 |
100% |
100% |
Comet Technologies USA, Inc. |
Shelton, CT, USA |
USD |
1,000 |
100% |
100% |
Comet Yxlon GmbH |
Hamburg, Germany |
EUR |
110,000 |
100% |
100% |
Yxlon (Beijing) X-Ray Equipment Trading Co. Ltd. in liquidation 3 |
Beijing, China |
CNY |
1,077,000 |
100% |
100% |
1 Comet Holding AG also holds 100% of the voting rights in all companies.
2 The company increased its registered stock from USD 200,000 to USD 700,000. The paid-in stock amounted to USD 700,000 as of December 31, 2024.
3 In December 2024, the company announced the liquidation procedures to the Beijing authorities. Official registration of liquidation will follow in due course.
03Non-current financial assets – loans
Loans to subsidiaries were as follows:
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In thousands of CHF |
2024 |
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2023 |
Comet AG |
79,534 |
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74,943 |
Comet Yxlon GmbH |
29,398 |
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25,545 |
Comet Technologies Malaysia Sdn. Bhd. |
12,588 |
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13,462 |
Comet Technologies Denmark A/S |
2,829 |
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3,251 |
Comet Technologies Japan KK |
— |
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1,770 |
Comet Technologies Canada Inc. |
637 |
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1,515 |
Comet Solutions Taiwan Ltd. |
1,397 |
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— |
Total loans to subsidiaries |
126,384 |
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120,486 |
04Equity capital structure
Capital stock
The capital stock at January 1, 2024, was CHF 7,773,966, divided into 7,773,966 registered shares with a par value (nominal value) of CHF 1.00 per share. In fiscal year 2024 the capital stock remained unchanged, as the Board of Directors decided to use treasury stock for the share-based compensation. The capital stock is fully paid in.
Treasury stock
The Board of Directors decided to pay the share-based compensation from treasury stock, instead of using capital increases from conditional capital designated for equity compensation. At the balance sheet date, Comet Holding AG held 4,588 shares of treasury stock (prior year: 2,000).
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In thousands of CHF |
Number of shares |
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Average price per share (in CHF) |
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2024 |
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2023 |
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2024 |
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2023 |
Opening balance of treasury stock |
2,000 |
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– |
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Purchase of treasury stock |
4,220 |
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8,687 |
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297.83 |
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224.40 |
Award of treasury stock under share-based compensation plans |
(1,632) |
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(6,687) |
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245.61 |
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218.04 |
Closing balance of treasury stock |
4,588 |
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2,000 |
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Long-term incentive plan (LTIP) 2024-2026
In fiscal year 2024, Comet Holding AG awarded 3,440 performance share units (PSUs) for the 2024 long-term incentive plan with a grant date of May 24, 2024 and a vesting date of May 23, 2027. As of December 31, 2024, 20% of the vesting period was completed and a total amount of 3,440 unvested PSUs was outstanding for this plan.
Long-term incentive plan 2023-2025
In fiscal year 2023, Comet Holding AG awarded 3,848 performance share units for the 2023 long-term incentive plan with a grant date of May 17, 2023 and a vesting date of May 16, 2026. As of December 31, 2024, 54% of the vesting period was completed and a total amount of 3,848 unvested PSUs was outstanding for this plan.
Capital band (i.e., capital range)
At any time until April 14, 2026, the Board of Directors is authorized i) to increase the capital stock by issuing a maximum of 1,554,793 fully paid registered shares with a par value of CHF 1.00 per share in one or more steps, by not more than a cumulative CHF 1,554,793, to a new total of CHF 9,328,759 (the upper limit of the so-called capital band), and ii) to reduce the capital stock in one or more steps to not less than CHF 7,385,268 (the lower limit of the capital band), either by cancelling not more than a total of 388,698 registered shares with a par value of CHF 1.00 per share or by reducing the par value of the registered shares accordingly. A capital reduction and a reincrease may be performed simultaneously. If the capital stock is increased by means of the capital band, the limit on the number of shares by which the capital can subsequently be reduced is raised so that the lower end of the capital band can be reached. If the capital stock is reduced by means of the capital band, the limit on the number of shares by which the capital can subsequently be increased is raised so that the upper end of the capital band can be reached. If a change in capital is performed by changing the par value, the upper and lower limits of the capital band remain constant, but the limits on the number of shares by which the capital can be changed are adjusted accordingly. In the case of an increase of the capital stock, the new shares must be fully paid in. In the case of a capital reduction, the amount of the reduction may, in the discretion of the Board of Directors, be distributed to the shareholders in whole or in part and/or added to reserves.
The Board of Directors may exclude shareholders’ subscription rights in whole or in part and allocate such subscription rights to certain shareholders or third parties, including subsidiaries, for the purpose of, among other things:
- enabling a strategic partner to acquire an equity interest
- acquiring or investing in companies, strategic equity interests, products and product development programs, intellectual property rights, etc.
- facilitating transactions by means of an exchange of shares
Conditional capital for equity compensation
Under article 3b of its Articles of Association, the Company has conditional capital (“bedingtes Aktienkapital”) that is designated for use only as equity-based compensation. In a capital increase from this conditional capital, stock is issued to Executive Committee members and/or Board members of Comet Holding AG. With respect to this conditional capital, the other shareholders’ pre-emptive rights are excluded. The issuance of stock or stock subscription rights is based on a compensation plan (in the form of a written regulation) adopted by the Board of Directors.
In 2024 and 2023, due to the decision by the Board of Directors to use treasury stock for the equity-based compensation, no capital increase was performed from conditional capital designated for equity-based compensation.
As a result, the Company’s conditional capital for equity-based compensation showed no movement in fiscal year 2024 (movement in prior year: nil):
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Number of shares |
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Par value in CHF |
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2024 |
2023 |
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2024 |
2023 |
January 1 |
189,154 |
189,154 |
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189,154 |
189,154 |
Increase in capital (awards to Board of Directors for prior term’s retainer and to Executive Committee for prior year’s profit-sharing compensation) |
– |
– |
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– |
– |
December 31 |
189,154 |
189,154 |
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189,154 |
189,154 |
At the end of the year, the remaining conditional capital for equity-based compensation was CHF 189,154, or 2.4% of the existing capital stock.
Conditional capital for financing, acquisitions and other purposes
Under article 3c of its Articles of Association, the Company’s capital stock can be increased by a maximum of CHF 1,554,793 through the issuance of up to 1,554,793 fully paid registered shares with a par value of CHF 1.00 per share through the exercise (incl. mandatory exercise) of conversion, exchange, option, subscription, or similar rights to purchase shares granted to shareholders or third parties, alone or in connection with bonds, loans, options, warrants, or other financial market instruments or contractual obligations of the Company or its subsidiaries (collectively “Financial Instruments”).
The Board of Directors is authorized to restrict or cancel the preferential subscription rights of existing shareholders in connection with the issue of Financial Instruments by the Company or one of its subsidiaries if the issue is made (a) for the purpose of financing or refinancing or compensation for the acquisition of companies, parts of companies, equity interests, products, intellectual property rights or licenses or of investment projects or (b) on domestic or foreign trading venues or as part of a private placement or (c) for other important reasons. Such exclusion or restriction of preferential subscription rights in connection with the issuance of Financial Instruments may, based on the shares underlying the Financial Instruments in question, not involve more than 10% of the number of shares already in issue immediately prior to the issuance in question. This percentage shall be reduced to the extent that subscription rights are excluded pursuant to article 3a of the Articles of Association.
If the preferential subscription rights are not granted directly or indirectly by the Board of Directors in connection with the issue of Financial Instruments by the Company or one of its subsidiaries, the following shall apply:
- The Financial Instruments shall be issued, or the associated transactions entered into, at market terms; and
- the conversion, exchange or other exercise price of the Financial Instruments shall be determined with reference to the market price prevailing at the time the Financial Instruments are issued; and
- the Financial Instruments are convertible, exchangeable or exercisable for a maximum period of ten years from the relevant issue date or transaction date.
05Options and conversion rights
Comet Holding AG has not issued any conversion rights or stock options.
06Bond
Comet Holding AG issued a bond on April 20, 2021, in the amount of CHF 60 million. The bond was issued at par. The term of the bond is five years and it matures on April 20, 2026. The fixed coupon rate over the term is 1.30%, payable annually on April 20. The bond is listed on the SIX Swiss Exchange (Swiss security number 110 109 656, ticker symbol COT21).
07Guarantees and pledged assets
The Group is taxed as a single entity for purposes of value-added taxation in Switzerland, and Comet Holding AG therefore has joint and several liability for the value-added tax obligations of its Swiss subsidiary.
08Number of full-time equivalents
The number of employees of Comet Holding AG in 2024 and 2023 in terms of the annual average number of full-time equivalents was less than ten.
09Events after the balance sheet date
There have been no events after the balance sheet date with a material effect on the amounts in the financial statements.
10Release of the separate financial statements for publication
The Board of Directors released these annual financial statements on March 4, 2025 for publication and will present them to shareholders for approval at the Annual Shareholder Meeting on April 10, 2025.