29 Subsequent events

On January 15, 2015 the Swiss National Bank announced that it was discontinuing the minimum exchange rate of CHF 1.20 per euro (EUR). As a consequence, the value of the Swiss franc increased substantially.

The amounts reported in these consolidated financial statements do not reflect changes in foreign exchange rates after December 31, 2014. Since the Group uses the Swiss franc as the presentation currency, then a weakening of foreign currencies against Swiss franc will have a negative currency translation impact on the Group’s consolidated results when reported in Swiss francs.

The Group’s exposure to movements in foreign currencies affecting its sales and costs is summarized below:

 

Average rate
used in 2014

Currency exposure
of sales

Impact on sales
drop by 1 Rappen
(basis points)

Currency exposure
of costs

Impact on costs
drop by 1 Rappen
(basis points)

CHF (presentation currency)

 

25.90%

 n/a 

32.20%

 n/a 

EUR

 1.2146 

26.60%

 (20) 

35.90%

 7 

USD

 0.9155 

34.50%

 (40) 

25.00%

 (9) 

Other

 

13.00%

 

6.90%

 

 

 

 

 

 

 

Total

 

100.00%

 

100.00%

 

Further information: 

 

 

Note 10.3

Liability for post-employment benefits – actuarial assumptions and sensitivity analysis

Note 18.2

Intangible assets and goodwill – impairment tests

Note 24.4

Financial risk management (IFRS 7) – market risks and sensitivity analysis