Notes to the Consolidated Financial Statements

1. Basic information and principles of the report

2. Changes in Group structure

3. Summary of significant accounting policies

4. Risk assessment and management

5. Management of capital

6. Trade accounts receivable

7. Other current assets and current financial assets

8. Inventories

9. Property, plant and equipment

10. Other non-current assets and non-current financial assets

11. Goodwill and intangible assets

12. Short-term debt

13. Other current liabilities and provisions

14. Long-term debt

15. Financial instruments

16. Retirement benefit plans

17. Participation plans

18. Deferred tax assets and liabilities

  2019 Movements 2019 2018
  Total Charged (-) /
credited to
income
Through equity Through
OCI1
Translation
differences
Total
  MCHF MCHF MCHF MCHF MCHF MCHF
Deferred tax assets            
Loss carryforwards 27.3 3.7 0.0 0.0 -1.0 24.6
Accrued pension obligations 37.4 -0.5 0.0 11.1 -1.4 28.2
Property, plant and equipment 6.2 1.0 0.0 0.0 -0.3 5.5
Short/long-term lease liabilities 8.7 8.7 0.0 0.0 0.0 0.0
Other short/long-term liabilities (excl. lease liabilities) 18.6 1.5 0.2 0.0 -0.4 17.3
Intangible assets 14.6 6.7 0.0 0.0 0.0 7.9
Other 12.0 2.1 1.8 0.0 -0.3 8.4
Total deferred tax assets 124.8 23.2 2.0 11.1 -3.4 91.9
             
Deferred tax liabilities            
Inventories -3.2 0.3 0.0 0.0 0.0 -3.5
Property, plant and equipment (excl. right-of-use assets) -26.4 0.0 0.0 0.0 0.9 -27.3
Right-of-use assets -9.4 -9.4 0.0 0.0 0.0 0.0
Intangible assets -30.5 -1.4 0.0 0.0 0.8 -29.9
Assets from defined benefit plans -0.6 0.2 0.0 0.0 0.0 -0.8
Other -11.2 -4.9 0.0 0.0 0.1 -6.4
Total deferred tax liabilities -81.3 -15.2 0.0 0.0 1.8 -67.9
1 Recorded in other comprehensive income 
  2018 Movements 2018 2017
  Total Charged (-) /
credited to
income
Through equity Through
OCI1
Translation
differences
Total
  MCHF MCHF MCHF MCHF MCHF MCHF
Deferred tax assets  
Loss carryforwards 24.6 13.3 0.0 0.0 -0.9 12.2
Accrued pension obligations 28.2 0.2 0.0 -2.9 -1.3 32.2
Property, plant and equipment 5.5 -3.2 0.0 0.0 -1.9 10.6
Short/long-term liabilities 17.3 2.5 0.0 0.0 -0.3 15.1
Intangible assets 7.9 -5.0 0.0 0.0 -0.5 13.4
Other 8.4 -2.8 -2.2 0.0 0.8 12.6
Total deferred tax assets 91.9 5.0 -2.2 -2.9 -4.1 96.1
             
Deferred tax liabilities            
Inventories -3.5 0.1 0.0 0.0 0.0 -3.6
Property, plant and equipment -27.3 -0.4 0.0 0.0 2.4 -29.3
Intangible assets -29.9 6.3 0.0 0.0 1.3 -37.5
Assets from defined benefit plans -0.8 -0.5 0.0 0.0 0.0 -0.3
Other -6.4 0.7 0.0 0.0 -1.3 -5.8
Total deferred tax liabilities -67.9 6.2 0.0 0.0 2.4 -76.5
1 Recorded in other comprehensive income  

In general, deferred tax liabilities are recorded for non-refundable withholding taxes or other taxes on unremitted earnings in Group companies if earnings are planned to be remitted. As at 31 December 2019 and 2018, there were no such earnings, except for the Chinese subsidiaries. On the unremitted earnings from China, no deferred tax liabilities were recorded, as no plan exists to remit these earnings. Such a transfer of earnings would lead to income taxes of MCHF 0.4.

The Group recognises deferred tax assets from loss carryforwards if they comply with the requirements of IAS 12. The following loss carryforwards (listed by maturity) were used for the calculation of deferred tax assets:

  2019 Without
deferred tax
asset
With
deferred tax
asset
2018 Without
deferred tax
asset
With
deferred tax
asset
  MCHF MCHF MCHF MCHF MCHF MCHF
Maturity  
1 year 2.2 0.0 2.2 6.5 6.5 0.0
2 years 1.9 0.0 1.9 3.7 0.0 3.7
3 years 20.8 18.1 2.7 2.1 2.1 0.0
4 years 8.0 0.0 8.0 25.1 21.0 4.1
5 years 19.4 0.7 18.7 8.6 1.5 7.1
6 years 0.0 0.0 0.0 23.7 4.2 19.5
> 6 years 159.1 91.5 67.6 166.9 113.3 53.6
Total loss carryforwards 211.4 110.3 101.1 236.6 148.6 88.0

19. Other non-current liabilities and provisions

20. Contingencies

21. Capital stock and treasury shares

22. Earnings per share

23. Other operating expenses, net

24. Financial result, net

25. Income tax expenses

26. Leases

27. Research and development cost

28. Free Cashflow

29. Segment reporting

30. Related party transactions

31. Foreign exchange rates

32. Subsequent events

33. Group companies as of 31 December 2019

Services

Download center
Mark page
Graphics collection
Print
Forward content
Compare to 2018
Help