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- >Note 22
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.