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4.25 Provisions

Provisions are included for personnel, restructuring, warranties, commissions, unfinished projects and for the loss-free valuation of orders.

In the 2017 financial year, the provisions for personnel primarily concern employees’ entitlements to long-service awards.

In the 2018 financial year, provisions for personnel expenditure of CHF 3,117,000 and other operating expense of CHF 3,093,000 were created mainly for the optimisation of the Zeiser segment.

The Book Retailing segment created restructuring provisions relating to the relocation of three branches. The changes of location were completed by the middle of 2018.

Warranty provisions are created in connection with the services rendered and they are based on local legislation or contractual agreements. The provisions are calculated on the basis of empirical figures.

The other provisions concern primarily production orders relating to Security Printing.

movement in provisions 2018

in CHF thousand                    
   
Personnel
  Provisions for
restructuring
  Warranty
provisions
  Other
provisions
 
Total
At 1 January   382   474   299   175   1,330
Disposals of part of Industrial Systems       –173     –173
Additions (charged to income statement)   266   6,235   173   373   7,047
Reversals (charged to income statement)         –146   –146
Utilisation during the year   –178   –457   –209   –29   –873
Exchange differences     –166   –10     –176
At 31 December   470   6,086   80   373   7,009
 
Provisions maturing within 12 months   116   3,737   80   373   4,306
Provisions maturing over 1 year   354   2,349       2,703

movement in provisions 2017

in CHF thousand                    
   
Personnel
  Provisions for
restructuring
  Warranty
provisions
  Other
provisions
 
Total
At 1 January   491   28   307   656   1,482
Additions (charged to income statement)   77   650   284   545   1,556
Reversals (charged to income statement)   –107   –28   –49   –835   –1,019
Utilisation during the year   –79   –176   –270   –191   –716
Exchange differences       27     27
At 31 December   382   474   299   175   1,330
 
Provisions maturing within 12 months   77   474   299   175   1,025
Provisions maturing over 1 year   305         305