Notes to the Consolidated Financial Statements

xls-Download

	2017	Movements 2017					2016
	Total	(Charged) / credited to income	Through equity	Through OCI¹	Changes in scope of consolidation	Translation differences	Total
	MCHF	MCHF	MCHF	MCHF	MCHF	MCHF	MCHF
¹ Recorded in other comprehensive income
Deferred tax assets
Loss carryforwards	12.2	4.2	0.0	0.0	0.0	-0.2	8.2
Accrued pension obligations	32.2	-3.1	0.0	-4.3	-0.2	2.6	37.2
Property, plant and equipment	10.6	2.6	0.0	0.0	0.0	0.5	7.5
Intangible assets	13.4	-5.4	0.0	0.0	-0.2	0.0	19.0
Other	27.7	2.0	0.4	0.2	0.0	0.3	24.8
Total deferred tax assets	96.1	0.3	0.4	-4.1	-0.4	3.2	96.7

Deferred tax liabilities
Inventories	-3.6	1.3	0.0	0.0	0.0	0.1	-5.0
Property, plant and equipment	-29.3	4.4	0.0	0.0	0.0	-2.7	-31.0
Intangible assets	-37.5	11.4	-0.1	0.0	0.0	-0.1	-48.7
Assets from defined benefit plans	-0.3	-0.1	0.0	0.0	0.0	0.0	-0.2
Other	-5.8	-0.8	0.0	0.0	0.0	-0.2	-4.8
Total deferred tax liabilities	-76.5	16.2	-0.1	0.0	0.0	-2.9	-89.7

	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
¹ Recorded in other comprehensive income
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
Assets from defined benefit plans	-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

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 at 31 December 2017 and 2016, 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 0.2 (PY: 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:

	2017	Without deferred tax asset	With deferred tax asset	2016	Without deferred tax asset	With deferred tax asset
	MCHF	MCHF	MCHF	MCHF	MCHF	MCHF
Maturity
1 year	0.0	0.0	0.0	0.2	0.0	0.2
2 years	11.3	6.6	4.7	0.0	0.0	0.0
3 years	6.0	0.0	6.0	16.7	15.3	1.4
4 years	2.7	0.0	2.7	7.2	0.0	7.2
5 years	0.0	0.0	0.0	2.0	0.0	2.0
6 years	11.0	6.1	4.9	10.6	8.7	1.9
> 6 years	173.8	147.1	26.7	149.0	128.3	20.7
Total loss carryforwards	204.8	159.8	45.0	185.7	152.3	33.4

Services

Services

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 at 31 December 2017