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
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
Guarantees and sureties are valued at MCHF 77.2 for 2020 (PY: MCHF 70.1). Guarantees and sureties are only recognised as a provision if an outflow of resources is likely.
The Group is involved in several legal proceedings arising from the ordinary course of business. The Group believes that none of these proceedings - either individually or as a whole - is likely to have a material impact on the Group’s financial position or operating results. The Group has established insurance policies to cover product liabilities and it makes provisions for potential product warranty claims.
The Group operates in many countries, most of which have sophisticated tax regimes. The nature of its operations and ongoing significant reorganisations result in complex tax-related issues for the Group and its subsidiaries. The Group believes that it performs its business in accordance with the local tax laws. However, it is possible that there are areas where potential disputes with the various tax authorities could arise. The Group is not aware of any dispute that - either individually or as a whole - is likely to have a material impact on the Group’s financial position or operating results.