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. Marketable securities

7. Trade accounts receivable

8. Other current assets and current financial assets

9. Inventories

10. Property, plant and equipment

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

12. Goodwill and intangible assets

13. Short-term debt

14. Other current provisions and liabilities

15. Long-term debt

16. Derivative financial instruments

17. Retirement benefit plans

18. Participation plans

19. Deferred tax assets and liabilities

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  2014   Movements 2014 2013
  Total   Charged / credited to income Through equity Through OCI1 Translation differences Total
  MCHF   MCHF MCHF MCHF MCHF MCHF
Deferred tax assets              
Loss carryforwards 3.2   -0.1 0.0 0.0 0.1 3.2
Accrued pension obligations 28.4   0.7 0.0 13.8 -0.3 14.2
Property, plant and equipment 2.8   -0.5 0.0 0.0 0.0 3.3
Goodwill and intangible assets 16.4   -5.1 0.0 0.0 0.0 21.5
Other 25.5   0.8 0.6 10.2 0.3 13.6
Total deferred tax assets 76.3   -4.2 0.6 24.0 0.1 55.8
               
Deferred tax liabilities              
Inventories -6.1   -0.5 0.0 0.0 -0.2 -5.4
Property, plant and equipment -28.6   2.0 0.0 0.0 -0.2 -30.4
Intangible assets -8.3   -1.1 0.0 0.0 -0.1 -7.1
Employer contribution reserve 0.0   0.0 0.0 3.4 0.0 -3.4
Other -5.4   -0.6 0.0 0.0 0.1 -4.9
Total deferred tax liabilities -48.4   -0.2 0.0 3.4 -0.4 -51.2
1 Recorded directly in other comprehensive income  

  2013   Movements 2013 2012
  Total   Charged / credited to income Through equity Through OCI1 Translation differences Total
  MCHF   MCHF MCHF MCHF MCHF MCHF
Deferred tax assets  
Loss carryforwards 3.2   -0.7 0.0 0.0 -0.2 4.1
Accrued pension obligations 14.2   0.3 0.0 -5.6 0.0 19.5
Property, plant and equipment 3.3   0.4 0.0 0.0 0.0 2.9
Goodwill and intangible assets 21.5   -4.7 0.0 0.0 0.0 26.2
Other 13.6   -0.4 -0.1 0.0 0.0 14.1
Total deferred tax assets 55.8   -5.1 -0.1 -5.6 -0.2 66.8
               
Deferred tax liabilities              
Inventories -5.4   -0.1 0.0 0.0 0.1 -5.4
Property, plant and equipment -30.4   0.5 0.0 0.0 -0.2 -30.7
Intangible assets -7.1   -0.4 0.0 0.0 0.0 -6.7
Employer contribution reserve -3.4   0.0 0.0 -3.4 0.0 0.0
Other -4.9   -0.2 0.0 0.0 0.1 -4.8
Total deferred tax liabilities -51.2   -0.2 0.0 -3.4 0.0 -47.6
1 Recorded directly 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 of December 31, 2014 and 2013, 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 tax of MCHF 0.2.

The Group recognizes 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:

  2014 Without deferred tax asset With deferred tax asset 2013 Without deferred tax asset With deferred tax asset
  MCHF MCHF MCHF MCHF MCHF MCHF
Maturity  
1 year 0.0 0.0 0.0 0.0 0.0 0.0
2 years 0.0 0.0 0.0 0.0 0.0 0.0
3 years 0.6 0.0 0.6 0.0 0.0 0.0
4 years 1.0 0.0 1.0 0.6 0.0 0.6
5 years 0.3 0.0 0.3 1.0 0.0 1.0
6 years 0.7 0.3 0.4 0.3 0.0 0.3
> 6 years 7.4 0.0 7.4 8.5 0.0 8.5
Total loss carryforwards 10.0 0.3 9.7 10.4 0.0 10.4

20. Other non-current provisions and liabilities

21. Contingencies

22. Capital stock and treasury shares

23. Earnings per share

24. Other operating expenses, net

25. Financial result, net

26. Income tax expenses

27. Research and development expenditures

28. Cashflow figures

29. Segment reporting

30. Related party transactions

31. Foreign exchange rates

32. Subsequent events

33. Additional disclosures on financial instruments

34. Group companies as of December 31, 2014