Integrated Annual Report 2015
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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

19. Other non-current liabilities and provisions

20. Contingencies

21. Capital stock and treasury shares

  2015 2014
  pcs. pcs.
Issued shares    
January 1 37,798,427 37,798,427
Capital reduction 0 0
December 31 37,798,427 37,798,427

The share buyback program, which had been suspended since August 2014 in the wake of the Sanitec acquisition, was resumed in April 2015. As originally announced at its launch, the program was to repurchase shares totaling a maximum of 5% of the share capital recorded in the Commercial Register over a period of two years and then retire them by means of a capital reduction. The lengthy suspension has led the Group Executive Board to conclude that this target can no longer be met (see  Note 32). The share buyback is being conducted via a separate trading line on the SIX Swiss Exchange. By December 31, 2015, 634,600 shares, corresponding to around 34% of the entire program, had been acquired at a sum of CHF 205.0 million.

As of December 31, 2015, the Group held a total of 877,880 (PY: 302,060) treasury shares with a carrying amount of MCHF 276.5 (December 31, 2014: MCHF 78.3), meaning that the Group increased its net number of treasury shares by 575,820 in 2015. Treasury shares are deducted at cost from equity.

  2015 2014
  pcs. pcs.
Stock of treasury shares    
From share buyback programs 634,600 123,000
Other treasury shares 243,280 179,060
Total treasury shares 877,880 302,060

For transactions in connection with the participation plans, see  Note 17.

22. Earnings per share

23. Other operating expenses, net

24. Financial result, net

25. Income tax expenses

26. Operative Leasing

27. Research and development cost

28. Cashflow figures

29. Segment reporting

30. Related party transactions

31. Foreign exchange rates

32. Subsequent events

33. Group companies as of December 31, 2015