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

  2020 Movements 2020 2019
  Total Charged (-) /
credited to
income
Through
equity
Through
OCI
1
Translation
differences
Total
  MCHF MCHF MCHF MCHF MCHF MCHF
Deferred tax assets            
Loss carryforwards 20.5 -6.6 0.0 0.0 -0.2 27.3
Accrued pension obligations 38.2 2.0 0.0 -0.6 -0.6 37.4
Property, plant and equipment 8.7 2.7 0.0 0.0 -0.2 6.2
Short/long-term lease liabilities 7.3 -1.2 0.0 0.0 -0.2 8.7
Other short/long-term liabilities (excl. lease liabilities) 18.0 -0.6 0.0 0.0 0.0 18.6
Intangible assets 17.4 2.8 0.0 0.0 0.0 14.6
Other 15.9 1.7 2.6 0.0 -0.4 12.0
Total deferred tax assets 126.0 0.8 2.6 -0.6 -1.6 124.8
             
Deferred tax liabilities            
Inventories -2.6 0.4 0.0 0.0 0.2 -3.2
Property, plant and equipment (excl. right-of-use assets) -25.8 0.0 0.0 0.0 0.6 -26.4
Right-of-use assets -7.7 1.4 0.0 0.0 0.3 -9.4
Intangible assets -30.3 0.7 0.0 0.0 -0.5 -30.5
Assets from defined benefit plans -0.5 0.1 0.0 0.0 0.0 -0.6
Other -12.7 -1.5 0.0 0.0 0.0 -11.2
Total deferred tax liabilities -79.6 1.1 0.0 0.0 0.6 -81.3
1 Recorded in other comprehensive income
  2019 Movements 2019 2018
  Total Charged (-) /
credited to
income
Through
equity
Through
OCI
1
Translation
differences
Total
  MCHF MCHF MCHF MCHF MCHF MCHF
Deferred tax assets  
Loss carryforwards 27.3 3.7 0.0 0.0 -1.0 24.6
Accrued pension obligations 37.4 -0.5 0.0 11.1 -1.4 28.2
Property, plant and equipment 6.2 1.0 0.0 0.0 -0.3 5.5
Short/long-term lease liabilities 8.7 8.7 0.0 0.0 0.0 0.0
Other short/long-term liabilities (excl. lease liabilities) 18.6 1.5 0.2 0.0 -0.4 17.3
Intangible assets 14.6 6.7 0.0 0.0 0.0 7.9
Other 12.0 2.1 1.8 0.0 -0.3 8.4
Total deferred tax assets 124.8 23.2 2.0 11.1 -3.4 91.9
             
Deferred tax liabilities            
Inventories -3.2 0.3 0.0 0.0 0.0 -3.5
Property, plant and equipment (excl. right-of-use assets) -26.4 0.0 0.0 0.0 0.9 -27.3
Right-of-use assets -9.4 -9.4 0.0 0.0 0.0 0.0
Intangible assets -30.5 -1.4 0.0 0.0 0.8 -29.9
Assets from defined benefit plans -0.6 0.2 0.0 0.0 0.0 -0.8
Other -11.2 -4.9 0.0 0.0 0.1 -6.4
Total deferred tax liabilities -81.3 -15.2 0.0 0.0 1.8 -67.9
1 Recorded in other comprehensive income

In general, deferred tax liabilities are recorded for non-refundable withholding taxes or other taxes on unremitted earnings in Group companies if earnings are planned to be remitted. As at 31 December 2020 and 2019, there were no such earnings, except for the Chinese subsidiaries. On the unremitted earnings from China, no deferred tax liabilities were recorded, as no plan exists to remit these earnings. Such a transfer of earnings would lead to income taxes of MCHF 0.5 (PY: MCHF 0.4).

The Group recognises deferred tax assets from loss carryforwards if they comply with the requirements of IAS 12. The following loss carryforwards (listed by maturity) were used for the calculation of deferred tax assets:

  2020 Without
deferred tax
asset
With
deferred tax
asset
2019 Without
deferred tax
asset
With
deferred tax
asset
  MCHF MCHF MCHF MCHF MCHF MCHF
Maturity  
1 year 0.1 0.0 0.1 2.2 0.0 2.2
2 years 1.7 0.0 1.7 1.9 0.0 1.9
3 years 4.3 0.0 4.3 20.8 18.1 2.7
4 years 15.0 3.3 11.7 8.0 0.0 8.0
5 years 8.8 2.2 6.6 19.4 0.7 18.7
6 years 0.8 0.1 0.7 0.0 0.0 0.0
> 6 years 157.6 111.5 46.1 159.1 91.5 67.6
Total loss carryforwards 188.3 117.1 71.2 211.4 110.3 101.1

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. 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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