Notes to the Consolidated Financial Statements
1. Basic information
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
| 2020 | Movements 2020 | 2019 | ||||
| Total | Charged (-) / credited to income |
Through equity |
Through OCI 1 |
Translation differences |
Total | |
| MCHF | MCHF | MCHF | MCHF | MCHF | MCHF | |
| Deferred tax assets | ||||||
| Loss carryforwards | 20.5 | -6.6 | 0.0 | 0.0 | -0.2 | 27.3 |
| Accrued pension obligations | 38.2 | 2.0 | 0.0 | -0.6 | -0.6 | 37.4 |
| Property, plant and equipment | 8.7 | 2.7 | 0.0 | 0.0 | -0.2 | 6.2 |
| Short/long-term lease liabilities | 7.3 | -1.2 | 0.0 | 0.0 | -0.2 | 8.7 |
| Other short/long-term liabilities (excl. lease liabilities) | 18.0 | -0.6 | 0.0 | 0.0 | 0.0 | 18.6 |
| Intangible assets | 17.4 | 2.8 | 0.0 | 0.0 | 0.0 | 14.6 |
| Other | 15.9 | 1.7 | 2.6 | 0.0 | -0.4 | 12.0 |
| Total deferred tax assets | 126.0 | 0.8 | 2.6 | -0.6 | -1.6 | 124.8 |
| Deferred tax liabilities | ||||||
| Inventories | -2.6 | 0.4 | 0.0 | 0.0 | 0.2 | -3.2 |
| Property, plant and equipment (excl. right-of-use assets) | -25.8 | 0.0 | 0.0 | 0.0 | 0.6 | -26.4 |
| Right-of-use assets | -7.7 | 1.4 | 0.0 | 0.0 | 0.3 | -9.4 |
| Intangible assets | -30.3 | 0.7 | 0.0 | 0.0 | -0.5 | -30.5 |
| Assets from defined benefit plans | -0.5 | 0.1 | 0.0 | 0.0 | 0.0 | -0.6 |
| Other | -12.7 | -1.5 | 0.0 | 0.0 | 0.0 | -11.2 |
| Total deferred tax liabilities | -79.6 | 1.1 | 0.0 | 0.0 | 0.6 | -81.3 |
1 Recorded in other comprehensive income |
||||||
| 2019 | Movements 2019 | 2018 | ||||
| Total | Charged (-) / credited to income |
Through equity |
Through OCI 1 |
Translation differences |
Total | |
| MCHF | MCHF | MCHF | MCHF | MCHF | MCHF | |
| Deferred tax assets | ||||||
| Loss carryforwards | 27.3 | 3.7 | 0.0 | 0.0 | -1.0 | 24.6 |
| Accrued pension obligations | 37.4 | -0.5 | 0.0 | 11.1 | -1.4 | 28.2 |
| Property, plant and equipment | 6.2 | 1.0 | 0.0 | 0.0 | -0.3 | 5.5 |
| Short/long-term lease liabilities | 8.7 | 8.7 | 0.0 | 0.0 | 0.0 | 0.0 |
| Other short/long-term liabilities (excl. lease liabilities) | 18.6 | 1.5 | 0.2 | 0.0 | -0.4 | 17.3 |
| Intangible assets | 14.6 | 6.7 | 0.0 | 0.0 | 0.0 | 7.9 |
| Other | 12.0 | 2.1 | 1.8 | 0.0 | -0.3 | 8.4 |
| Total deferred tax assets | 124.8 | 23.2 | 2.0 | 11.1 | -3.4 | 91.9 |
| Deferred tax liabilities | ||||||
| Inventories | -3.2 | 0.3 | 0.0 | 0.0 | 0.0 | -3.5 |
| Property, plant and equipment (excl. right-of-use assets) | -26.4 | 0.0 | 0.0 | 0.0 | 0.9 | -27.3 |
| Right-of-use assets | -9.4 | -9.4 | 0.0 | 0.0 | 0.0 | 0.0 |
| Intangible assets | -30.5 | -1.4 | 0.0 | 0.0 | 0.8 | -29.9 |
| Assets from defined benefit plans | -0.6 | 0.2 | 0.0 | 0.0 | 0.0 | -0.8 |
| Other | -11.2 | -4.9 | 0.0 | 0.0 | 0.1 | -6.4 |
| Total deferred tax liabilities | -81.3 | -15.2 | 0.0 | 0.0 | 1.8 | -67.9 |
1 Recorded in other comprehensive income |
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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 2020 and 2019, 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 0.5 (PY: MCHF 0.4).
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:
| 2020 | Without deferred tax asset |
With deferred tax asset |
2019 | Without deferred tax asset |
With deferred tax asset |
|
| MCHF | MCHF | MCHF | MCHF | MCHF | MCHF | |
| Maturity | ||||||
| 1 year | 0.1 | 0.0 | 0.1 | 2.2 | 0.0 | 2.2 |
| 2 years | 1.7 | 0.0 | 1.7 | 1.9 | 0.0 | 1.9 |
| 3 years | 4.3 | 0.0 | 4.3 | 20.8 | 18.1 | 2.7 |
| 4 years | 15.0 | 3.3 | 11.7 | 8.0 | 0.0 | 8.0 |
| 5 years | 8.8 | 2.2 | 6.6 | 19.4 | 0.7 | 18.7 |
| 6 years | 0.8 | 0.1 | 0.7 | 0.0 | 0.0 | 0.0 |
| > 6 years | 157.6 | 111.5 | 46.1 | 159.1 | 91.5 | 67.6 |
| Total loss carryforwards | 188.3 | 117.1 | 71.2 | 211.4 | 110.3 | 101.1 |
