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4.32 Changes in the scope of consolidation in the 2016 financial year

Orell Füssli Verlag Ltd: With retroactive effect as of 31 December 2016, Orell Füssli Verlag Ltd was merged with Orell Füssli Security Printing Ltd.

OF IP Sicherheitsdruck Ltd: In January, Orell Füssli Technology Ltd was renamed OF IP Sicherheitsdruck Ltd.

In the 2016 financial year

Orell Füssli Banknote Engineering Ltd: Effective 1 January 2016, Orell Füssli Banknote Engineering Ltd merged with Orell Füssli Security Printing Ltd.

Atlantic Zeiser SA: Atlantic Zeiser SA in Spain was liquidated in January 2016. As of the 2016 financial year, the Spanish business is handled by Atlantic Zeiser GmbH in Germany.

OF IP Verlag Ltd: At the end of December, OF IP Verlag Ltd was founded. The firm is a 100%-owned subsidiary of Orell Füssli Holding Ltd. Its business purpose is to manage and market licences.

Consolidation of insignificant subsidiaries

As of the end of 2016, all of the subsidiaries were consolidated. This concerns the following companies:

Atlantic Zeiser Ltd, Hong Kong

Atlantic Zeiser Beijing Technology Co. Ltd, Beijing

Tritron ASIA Ltd., Hong Kong

The subsidiaries that were consolidated for the first time made a negative contribution to earnings before income taxes in the amount of CHF 1,501,000 in 2016.