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
| 2016 | 2015 | |
|---|---|---|
| MCHF | MCHF | |
| Compensation-related liabilities | 89.9 | 88.6 |
| Customer-related liabilities | 77.3 | 58.0 |
| Value added tax payables | 49.7 | 28.3 |
| Short-term derivative financial instruments (see Note 15) | 0.1 | 0.0 |
| Short-term interest payables | 3.5 | 5.1 |
| Other current liabilities | 43.0 | 37.0 |
| Total other current liabilities | 263.5 | 217.0 |
The position “other current liabilities” mainly includes accruals for services and deliveries which are not invoiced.
| 2016 | 2015 | |
|---|---|---|
| MCHF | MCHF | |
| Current provisions | 25.8 | 15.4 |
| Provisions for restructuring | 11.9 | 16.2 |
| Total current provisions | 37.7 | 31.6 |
The movements of current provisions for 2016 and 2015 are shown in the following table:
| 2016 | 2015 | |
|---|---|---|
| MCHF | MCHF | |
| Current provisions | ||
| January 1 | 15.4 | 2.0 |
| Changes in scope of consolidation | 0.0 | 12.6 |
| Additions | 15.9 | 4.0 |
| Used | -4.3 | -2.3 |
| Reversed | -0.6 | -1.2 |
| Translation differences | -0.6 | 0.3 |
| December 31 | 25.8 | 15.4 |
The current provisions increased mainly due to pending legal cases.
The movements of provisions for restructuring for 2016 and 2015 are shown in the following table:
| 2016 | 2015 | |
|---|---|---|
| MCHF | MCHF | |
| Provisions for restructuring | ||
| January 1 | 16.2 | 0.0 |
| Changes in scope of consolidation | 0.0 | 13.5 |
| Additions | 1.5 | 4.0 |
| Transfers | 2.8 | 0.0 |
| Used | -8.0 | -1.9 |
| Reversed | -0.2 | 0.0 |
| Translation differences | -0.4 | 0.6 |
| December 31 | 11.9 | 16.2 |
The restructuring provisions and the current provisions generated in 2015 relate primarily to the integration of the Sanitec Group into the functional organisational structure of the Geberit Group.