DGAP-Adhoc

HOCHDORF Holding AG: Unchanged dividends - new valuation of fixed assets

HOCHDORF Holding AG  / Key word(s): Dividend/Capital Reorganisation

13.02.2013 07:20

Release of an ad hoc announcement pursuant to Art. 53 KR

---

Hochdorf, 13 February 2013 - The HOCHDORF Group has been unable to increase
the turnover and revenue of the EBIT figures as expected. Following an
internal analysis, the Board of Directors has therefore decided to carry
out a non-cash value adjustment of the fixed assets of CHF 40 million. This
measure has been warranted by the failure to reach the objectives in the
past two difficult business years as well as with the relatively large
difference between the stock exchange capitalisation and the balance sheet
total.

The expansion and capacity strategy of the HOCHDORF Group has suffered in
recent years under unfavourable exchange-rate conditions as well as the
capacity and efficiency problems linked to them. As a result, the financial
goals could only be partially achieved and the Board of Directors has
decided to check the valuation of the fixed assets.

Value adjustment requirement
Examination of the relevant balance sheet items shows a value adjustment
requirement of around CHF 40 million. With this correction, production
facilities of HOCHDORF Nutritec AG will also be amortised. The amortisation
occurs in the Swiss GAAP FER financial statement and does not affect the
financial statement under commercial law. Taking account of the
cancellation of deferred taxes, the 2012 annual accounts in line with Swiss
GAAP FER are charged with an extraordinary, non-cash expenditure of around
CHF 35 million. After this new valuation the HOCHDORF Group has an equity
ratio available in the region of 40%.

New valuation of the fixed assets leads to lower amortisations in the
future
The HOCHDORF Group invested large amounts in new assets in recent years for
the expansion in the areas of infant formula and wheat germ processing.
Both areas will show increasing EBITDA in the future. In the area of milk
ingredients, the Group expects continued stable results. The new valuation
mainly occurs with older assets and parts of buildings that are not
utilised to the necessary degree. The lower amortisations will lead to an
improvement of the revenue status at EBIT level in the future.

Constant dividends
To provide a continuous dividend payment and with the conviction that
higher revenues can be achieved in the future, the Board of Directors is
submitting a constant dividend of CHF 3 per share to the AGM. The annual
general meeting takes place on 17 May 2013 in Hochdorf.

Detailed implications of the new valuation will be made available with the
publication of the 2012 business report on 17 April 2013.

Contact:
Marcel Gavillet, HOCHDORF Group CFO and acting CEO
Tel: [phone], [e-mail]

Christoph Hug, Corporate Communications, HOCHDORF Group
Tel: [phone], [e-mail]

---

Information and Explaination of the Issuer to this News:

The HOCHDORF group, based in Hochdorf, achieved a consolidated gross
turnover of 346.0 million CHF (unchecked) in 2012. It is one of the leading
foodstuff companies in Switzerland, employing 381 full-time staff as at 31
December, 2012. Made from natural ingredients such as milk and wheat germ,
HOCHDORF products have been contributing to our health and wellbeing since
1895 - from babies to senior citizens. Its customers include the food
industry and retail sector and its products are sold in around 80
countries. The shares are traded on the SIX Swiss Exchange (ISIN
CH0024666528).

13.02.2013 News transmitted by EquityStory AG.
The issuer is responsible for the contents of the release.

EquityStory publishes regulatory releases, media releases on the capital
market and press releases.
The EquityStory Group distributes authentic and real-time financial news
for over 1´300 listed companies.
The Swiss news archive can be found at www.equitystory.ch/news

---

Language:               English
Company:                HOCHDORF Holding AG
                        Siedereistrasse 9
                        6281 Hochdorf
                        Switzerland
Phone:                  [phone]
Fax:                    [phone]
E-mail:                 [e-mail]
Internet:               www.hochdorf.com
ISIN:                   CH0024666528
Swiss Security Number:  
Listed:                 SIX

End of Announcement                             EquityStory News-Service

---