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- >Note 21
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
| 2015 | 2014 | |
|---|---|---|
| pcs. | pcs. | |
| Issued shares | ||
| January 1 | 37,798,427 | 37,798,427 |
| Capital reduction | 0 | 0 |
| December 31 | 37,798,427 | 37,798,427 |
The share buyback program, which had been suspended since August 2014 in the wake of the Sanitec acquisition, was resumed in April 2015. As originally announced at its launch, the program was to repurchase shares totaling a maximum of 5% of the share capital recorded in the Commercial Register over a period of two years and then retire them by means of a capital reduction. The lengthy suspension has led the Group Executive Board to conclude that this target can no longer be met (see Note 32). The share buyback is being conducted via a separate trading line on the SIX Swiss Exchange. By December 31, 2015, 634,600 shares, corresponding to around 34% of the entire program, had been acquired at a sum of CHF 205.0 million.
As of December 31, 2015, the Group held a total of 877,880 (PY: 302,060) treasury shares with a carrying amount of MCHF 276.5 (December 31, 2014: MCHF 78.3), meaning that the Group increased its net number of treasury shares by 575,820 in 2015. Treasury shares are deducted at cost from equity.
| 2015 | 2014 | |
|---|---|---|
| pcs. | pcs. | |
| Stock of treasury shares | ||
| From share buyback programs | 634,600 | 123,000 |
| Other treasury shares | 243,280 | 179,060 |
| Total treasury shares | 877,880 | 302,060 |
For transactions in connection with the participation plans, see Note 17.