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

20. Other non-current provisions and liabilities

21. Contingencies

22. Capital stock and treasury shares

  2014 2013
  pcs. pcs.
Issued shares    
January 1 37,798,427 38,821,005
Capital reduction as at June 0 -1,022,578
December 31 37,798,427 37,798,427

The share buyback program announced in March 2014 was launched on April 30, 2014. In the course of this program, shares amounting to a total of a maximum of 5% of the share capital recorded in the Commercial Register can be repurchased over a period of two years, less withholding tax, and retired by means of a capital reduction. The share buyback is conducted via a separate trading line on the SIX Swiss Exchange. By December 31, 2014, 123,000 shares corresponding to around 6% of the entire program have been acquired at a sum of MCHF 37.4. This share buyback program has been suspended since July 2014 due to the acquisition of Sanitec and the decision on its resumption remains open.

As of December 31, 2014, the Group held a total of 302,060 (PY: 212,382) treasury shares with a carrying amount of MCHF 78.3 (PY: MCHF 40.5). In 2014, the Group increased the net number of treasury shares by 89,678. Treasury shares are deducted at cost from equity.

  2014 2013
  pcs. pcs.
Stock of treasury shares    
From share buyback programs 123,000 0
Other treasury shares 179,060 212,382
Total treasury shares 302,060 212,382

For transactions in connection with the participation plans, see  Note 18.

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