2 Summary of Significant Accounting Policies

The half-year financial statements are prepared in accordance with IAS 34 Interim Financial Reporting. The accounting policies used in the preparation of the interim financial statements are consistent with those used in the financial statements for the year ended 31 December 2013, except for the changes in accounting policies as described below.

These interim financial statements should be read in conjunction with the 2013 annual financial statements.

Figures may not add up exactly due to rounding.
Changes in accounting policies
The following standards and interpretations have been implemented in the period under review with no material changes to the consolidated statement of income and the consolidated balance sheet:

Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32)
Novation of Derivatives and Continuation of Hedge Accounting (Amendments to IAS 39)
IFRIC 21 Levies

Related party transactions
Transactions with subsidiaries have been eliminated on consolidation.

No major transactions with other related parties have been entered into in the period under review.

Functional and presentation currency
Items included in the Group’s financial statements are measured using the currency of the primary economic environment in which the Group’s entities operate (the “functional currency”). The consolidated financial statements are presented in millions of Swiss francs (CHF), which is the Group’s presentation currency.

Foreign currency exchange rates
  30.06.2014 31.12.2013 Average 2014 HY Average 2013 HY
1 British pound (GBP)
  1.5172 1.4721 1.4870 1.4461
1 Czech koruna (CZK)
  0.0442 0.0448 0.0445 0.0479
1 Euro (EUR)
  1.2145 1.2253 1.2214 1.2298
100 Hungarian forint (HUF)
  n/a n/a n/a 0.4153
100 Polish zloty (PLN)
  29.2107 29.4873 29.2541 29.4437
1 Singapore dollar (SGD)
  0.7114 0.7039 0.7067 0.7534
1 US dollar (USD)
  0.8871 0.8886 0.8909 0.9365

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