8 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 financial statements do not reflect changes in foreign exchange rates after December 31, 2014.

The impact of this event on the result of financial year 2015 is depending on the future development of the euro.