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 | |
| MCHF | MCHF | |
| 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). |
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“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”.
