Integrated Annual Report 2015
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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

  2015 2014
  MCHF MCHF
Current taxes 71.9 72.2
Deferred taxes -19.5 4.4
Total income tax expenses 52.4 76.6

The differences between income tax expenses computed at the weighted-average applicable tax rate of the Group of 19.3% (PY: 13.7%) and the effective income tax expenses were as follows:

  2015 2014
  MCHF MCHF
Income tax expenses, at applicable rate 91.6 78.7
Operating losses with no current tax benefit 11.9 0.1
Offsetting of current profits against loss carryforwards without tax assets -30.2 0.0
Changes in future tax rates 0.5 -0.1
Taxable goodwill amortization -3.2 -4.6
Non-deductible expenses and non-taxable income, net -23.0 1.4
Other 4.8 1.1
Total income tax expenses 52.4 76.6

All material deviations to previous year figures have to be considered as one-off effects and resulted from the Sanitec acquisition (transaction) or from subsequent integration projects (e.g. transfer of IP rights). The tax rate adjusted by one off effects in 2015 amounted to about 14%.

26. Operative 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 of December 31, 2015