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

19. Other non-current liabilities and provisions

20. Contingencies

21. Capital stock and treasury shares

22. Earnings per share

23. Other operating expenses, net

  2020 2019
Outbound freight cost and duties 100.5 111.3
Energy and maintenance expenses 125.0 130.5
Marketing expenses 95.2 118.2
Administration expenses 62.2 75.4
Other operating expenses1 151.4 149.5
Other operating income -12.6 -17.9
Total other operating expenses, net 521.7 567.0
1 In 2020, this item includes expenses for short-term leases of MCHF 3.6 (PY: MCHF 5.2) and expenses for leased minor-value assets of MCHF 0.7 (PY: MCHF 0.8).

“Other operating expenses” includes, among other items, commission expenses, expenses for short-term leases and leases for minor-value assets, consulting expenses as well as warranty cost. “Other operating income” includes, among other items, insurance benefits received, rental income, gains from sales of fixed assets and subsidiaries and catering revenues.

A major part of the cost reductions in nearly all positions of “Other operating expenses, net” resulted from negative currency effects on the one hand and from targeted saving measures in connection with COVID-19 on the other hand (mainly in “Marketing expenses” and “Administration expenses”).

In 2020, costs of MCHF 19.7 (PY: MCHF 17.5) were capitalised as property, plant and equipment or intangible assets. This includes tools, moulds and assembly lines that are part of the production process, as well as capitalised product development cost. The amount was deducted pro-rata from the positions “Personnel expenses”, “Cost of materials” and “Other operating expenses, net”.

24. Financial result, net

25. Income tax expenses

26. Research and development cost

27. Free Cashflow

28. Segment reporting

29. Related party transactions

30. Foreign exchange rates

31. Subsequent events

32. Group companies as of 31 December 2020


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