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

26. Operative Leasing

27. Research and development cost

  2015 2014
Research and development expenses 63.4 55.8
Capitalized development expenses -7.8 -5.9
Amortization of capitalized development expenses 1.1 0.2
Research and development cost 56.7 50.1

Geberit spends around 2.4% of net sales on research and development (R&D) every year. The expenses have remained relatively constant over the years.

In 2015, research and development expenses totaling MCHF 63.4 (PY: MCHF 55.8) were included in the items “Personnel expenses”, “Depreciation” and “Other operating expenses, net”.

For five major development projects, the capitalization criteria according to IAS 38.57 were met and expenses of MCHF 7.8 (PY: MCHF 5.9) were capitalized.

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