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
| 2017 | 2016 | |
|---|---|---|
| MCHF | MCHF | |
| Compensation-related liabilities | 88.5 | 89.9 |
| Customer-related liabilities | 107.8 | 77.3 |
| Value added tax payables | 44.5 | 49.7 |
| Short-term derivative financial instruments (see Note 15) | 1.1 | 0.1 |
| Short-term interest payables | 3.8 | 3.5 |
| Other current liabilities | 40.7 | 43.0 |
| Total other current liabilities | 286.4 | 263.5 |
The position “Other current liabilities” mainly includes accruals for not invoiced services and deliveries.
| 2017 | 2016 | |
|---|---|---|
| MCHF | MCHF | |
| Current provisions | 16.4 | 25.8 |
| Provisions for restructuring | 36.3 | 11.9 |
| Total current provisions | 52.7 | 37.7 |
The movements of current provisions for 2017 and 2016 are shown in the following table:
| 2017 | 2016 | |
|---|---|---|
| MCHF | MCHF | |
| Current provisions | ||
| 1 January | 25.8 | 15.4 |
| Additions | 4.6 | 15.9 |
| Used | -11.9 | -4.3 |
| Reversed | -2.2 | -0.6 |
| Translation differences | 0.1 | -0.6 |
| 31 December | 16.4 | 25.8 |
The movements of provisions for restructuring for 2017 and 2016 are shown in the following table:
| 2017 | 2016 | |
|---|---|---|
| MCHF | MCHF | |
| Provisions for restructuring | ||
| 1 January | 11.9 | 16.2 |
| Additions | 50.9 | 1.5 |
| Transfers | -19.6 | 2.8 |
| Used | -6.6 | -8.0 |
| Reversed | -2.5 | -0.2 |
| Translation differences | 2.2 | -0.4 |
| 31 December | 36.3 | 11.9 |
In July 2017, the result of a strategic review of two plants owned by the French subsidiary Allia that had been announced in the previous year, was communicated. In agreement with the trade unions and following approval by the authorities, the La Villeneuve-au-Chêne site was closed and ceramics production in Digoin was discontinued. In addition to a social plan, the agreement included the continuation of a packaging and logistics area in Digoin for the French market. The costs of the closure had a negative impact of MCHF 45 on the result of the Geberit Group in 2017. As at 31 December 2017, the restructuring provision for this case amounted to MCHF 37.8 and is split into a current (MCHF 29.0) and non-current (MCHF 8.8) provision.