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
| 2016 | 2015 | |
|---|---|---|
| pcs. | pcs. | |
| Issued shares | ||
| January 1 | 37,798,427 | 37,798,427 |
| Capital reduction | -757,000 | 0 |
| December 31 | 37,041,427 | 37,798,427 |
The share buyback programme, which began on April 30, 2014, ended on February 29, 2016. A total of 757,000 registered shares were bought back for MCHF 247.8. When the programme ended, this represented 2.0% of the share capital registered with the commercial register. The share buyback programme was conducted via a second trading line set up especially for this purpose. The average purchase price per share was CHF 327.40. The General Shareholders Meeting of April 6, 2016 approved the proposal to cancel the repurchased shares by means of a capital reduction. The shares were cancelled on June 20, 2016.
| 2016 | 2015 | |
|---|---|---|
| pcs. | pcs. | |
| Stock of treasury shares | ||
| From share buyback programmes | 0 | 634,600 |
| Other treasury shares | 239,869 | 243,280 |
| Total treasury shares | 239,869 | 877,880 |
As of December 31, 2016, the Group held a total of 239,869 (PY: 877,880) treasury shares with a carrying amount of MCHF 79.4 (December 31, 2015: MCHF 276.5), meaning that the Group decreased its net number of treasury shares by 638,011 in 2016. Treasury shares are deducted at cost from equity.
For transactions in connection with the participation plans, see Note 17.