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

23. Earnings per share

24. Other operating expenses, net

  2014 2013
Outbound freight costs and duties 68.2 67.0
Energy and maintenance expenses 74.0 74.1
Marketing expenses 83.8 84.2
Administration expenses 44.2 43.1
Other operating expenses 86.2 78.2
Other operating income -12.5 -12.1
Total other operating expenses, net 343.9 334.5

Other operating income includes, among other things, insurance benefits received, rental income, gains from sales of fixed assets and catering revenues.

In 2014, costs of MCHF 15.3 (PY: MCHF 12.0) were capitalized as property, plant and equipment or intangible assets. This includes in particular tools and assembly lines that are part of the production process, as well as capitalized product development costs. The amount was deducted pro-rata from “personnel expenses”, “cost of materials” and “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