Annual Report 2021

Annual Report 2021

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18 Deferred tax assets and liabilities

 

 

2021

 

Movements 2021

 

2020

 

 

Total

 

Charged (‑)/​credited to income

 

Through equity

 

Through OCI 1

 

Translation differences

 

Total

 

 

MCHF

 

MCHF

 

MCHF

 

MCHF

 

MCHF

 

MCHF

Deferred tax assets, gross

 

 

 

 

 

 

 

 

 

 

 

 

Loss carryforwards

 

15.5

 

-4.5

 

0.0

 

0.0

 

-0.5

 

20.5

Accrued pension obligations

 

31.3

 

4.1

 

0.0

 

-9.4

 

-1.6

 

38.2

Property, plant and equipment

 

7.7

 

-0.7

 

0.0

 

0.0

 

-0.3

 

8.7

Short/long-term lease liabilities

 

10.2

 

3.3

 

0.0

 

0.0

 

-0.4

 

7.3

Other short/long-term liabilities (excl. lease liabilities)

 

13.7

 

-4.2

 

0.0

 

0.0

 

-0.1

 

18.0

Intangible assets

 

8.0

 

-9.4

 

0.0

 

0.0

 

0.0

 

17.4

Other

 

35.5

 

2.9

 

17.4

 

0.0

 

-0.7

 

15.9

Total deferred tax assets, gross

 

121.9

 

-8.5

 

17.4

 

-9.4

 

-3.6

 

126.0

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities, gross

 

 

 

 

 

 

 

 

 

 

 

 

Inventories

 

-4.4

 

-1.7

 

0.0

 

0.0

 

-0.1

 

-2.6

Property, plant and equipment (excl. right-of-use assets)

 

-19.6

 

6.1

 

0.0

 

0.0

 

0.1

 

-25.8

Right-of-use assets

 

-10.6

 

-3.3

 

0.0

 

0.0

 

0.4

 

-7.7

Intangible assets

 

-25.3

 

4.1

 

0.0

 

0.0

 

0.9

 

-30.3

Assets from defined benefit plans

 

-9.3

 

0.0

 

0.0

 

-8.8

 

0.0

 

-0.5

Other

 

-16.7

 

-4.1

 

0.0

 

0.0

 

0.1

 

-12.7

Total deferred tax liabilities, gross

 

-85.9

 

1.1

 

0.0

 

-8.8

 

1.4

 

-79.6

1

Recorded in other comprehensive income

 

 

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, gross

 

 

 

 

 

 

 

 

 

 

 

 

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, gross

 

126.0

 

0.8

 

2.6

 

-0.6

 

-1.6

 

124.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities, gross

 

 

 

 

 

 

 

 

 

 

 

 

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, gross

 

-79.6

 

1.1

 

0.0

 

0.0

 

0.6

 

-81.3

1

Recorded in other comprehensive income

 

 

 

 

2021

 

 

 

2020

 

 

Assets

 

Liabilities

 

Assets

 

Liabilities

 

 

MCHF

 

MCHF

 

MCHF

 

MCHF

Deferred taxes, gross

 

121.9

 

-85.9

 

126.0

 

-79.6

Offsetting

 

-33.2

 

33.2

 

-34.3

 

34.3

Deferred taxes, net

 

88.7

 

-52.7

 

91.7

 

-45.3

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 2021 and 2020, 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 0.5).

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:

 

 

2021

 

Without deferred tax asset

 

With deferred tax asset

 

2020

 

Without deferred tax asset

 

With deferred tax asset

 

 

MCHF

 

MCHF

 

MCHF

 

MCHF

 

MCHF

 

MCHF

Maturity

 

 

 

 

 

 

 

 

 

 

 

 

1 year

 

4.7

 

0.3

 

4.4

 

0.1

 

0.0

 

0.1

2 years

 

5.9

 

0.0

 

5.9

 

1.7

 

0.0

 

1.7

3 years

 

12.6

 

0.0

 

12.6

 

4.3

 

0.0

 

4.3

4 years

 

9.9

 

0.0

 

9.9

 

15.0

 

3.3

 

11.7

5 years

 

6.3

 

1.5

 

4.8

 

8.8

 

2.2

 

6.6

6 years

 

6.0

 

0.7

 

5.3

 

0.8

 

0.1

 

0.7

> 6 years

 

118.0

 

111.5

 

6.5

 

157.6

 

111.5

 

46.1

Total loss carryforwards

 

163.4

 

114.0

 

49.4

 

188.3

 

117.1

 

71.2