Notes to the Consolidated Financial Statements

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	2016	Movements 2016					2015
	Total	(Charged) / credited to income	Through equity	Through OCI¹	Changes in scope of consolidation	Translation differences	Total
	MCHF	MCHF	MCHF	MCHF	MCHF	MCHF	MCHF
Deferred tax assets
Loss carryforwards	8.2	4.0	0.0	0.0	0.0	0.0	4.2
Accrued pension obligations	37.2	0.4	0.0	3.8	-0.6	-0.1	33.7
Property, plant and equipment	7.5	1.6	0.0	0.0	0.0	-0.3	6.2
Intangible assets	19.0	-9.6	0.0	0.0	0.0	0.0	28.6
Other	24.8	0.9	0.8	0.2	0.1	-0.2	23.0
Total deferred tax assets	96.7	-2.7	0.8	4.0	-0.5	-0.6	95.7

Deferred tax liabilities
Inventories	-5.0	-0.2	0.0	-0.1	0.1	-0.1	-4.7
Property, plant and equipment	-31.0	-1.5	0.0	0.0	0.1	0.2	-29.8
Intangible assets	-48.7	40.1	0.0	-0.4	0.0	0.0	-88.4
Employer contribution reserve	-0.2	0.0	0.0	0.7	0.0	0.1	-1.0
Other	-4.8	-1.0	0.0	0.0	0.2	0.1	-4.1
Total deferred tax liabilities	-89.7	37.4	0.0	0.2	0.4	0.3	-128.0
¹ Recorded in other comprehensive income

	2015	Movements 2015					2014
	Total	(Charged) / credited to income	Through equity	Through OCI¹	Changes in scope of consolidation	Translation differences	Total
	MCHF	MCHF	MCHF	MCHF	MCHF	MCHF	MCHF
Deferred tax assets
Loss carryforwards	4.2	-2.6	0.0	0.0	3.8	-0.2	3.2
Accrued pension obligations	33.7	0.2	0.0	3.5	3.8	-2.2	28.4
Property, plant and equipment	6.2	0.4	0.0	0.0	3.1	-0.1	2.8
Intangible assets	28.6	11.8	0.0	0.0	0.4	0.0	16.4
Other	23.0	-1.7	0.7	-10.2	8.9	-0.2	25.5
Total deferred tax assets	95.7	8.1	0.7	-6.7	20.0	-2.7	76.3

Deferred tax liabilities
Inventories	-4.7	6.0	0.0	0.0	-4.6	0.0	-6.1
Property, plant and equipment	-29.8	-0.3	0.0	0.0	-2.1	1.2	-28.6
Intangible assets	-88.4	5.3	0.0	0.0	-81.7	-3.7	-8.3
Employer contribution reserve	-1.0	-0.1	0.0	-0.8	-0.1	0.0	0.0
Other	-4.1	0.5	0.0	0.3	-0.2	0.7	-5.4
Total deferred tax liabilities	-128.0	11.4	0.0	-0.5	-88.7	-1.8	-48.4
¹ Recorded in other comprehensive income

In general, deferred tax liabilities are recorded for non-refundable withholding taxes or other taxes on unremitted earnings in Group companies if earnings are planned to be remitted. As of December 31, 2016 and 2015, there were no such earnings, except for the Chinese subsidiaries. On the unremitted earnings from China, no deferred tax liabilities were recorded, as no plan exists to remit these earnings. Such a transfer of earnings would lead to income taxes of MCHF 0.1.

The Group recognises deferred tax assets from loss carryforwards if they comply with the requirements of IAS 12. The following loss carryforwards (listed by maturity) were used for the calculation of deferred tax assets:

	2016	Without deferred tax asset	With deferred tax asset	2015	Without deferred tax asset	With deferred tax asset
	MCHF	MCHF	MCHF	MCHF	MCHF	MCHF
Maturity
1 year	0.2	0.0	0.2	0.7	0.0	0.7
2 years	0.0	0.0	0.0	0.6	0.0	0.6
3 years	16.7	15.3	1.4	0.9	0.0	0.9
4 years	7.2	0.0	7.2	20.3	16.1	4.2
5 years	2.0	0.0	2.0	6.0	5.4	0.6
6 years	10.6	8.7	1.9	6.7	6.2	0.5
> 6 years	149.0	128.3	20.7	130.8	119.6	11.2
Total loss carryforwards	185.7	152.3	33.4	166.0	147.3	18.7

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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

22. Earnings per share

23. Other operating expenses, net

24. Financial result, net

25. Income tax expenses

26. Operating 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, 2016