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 2014, except for the changes in accounting policies as described below.

These interim financial statements should be read in conjunction with the 2014 annual financial statements.

Figures may not add up exactly due to rounding.
Changes in accounting policies
No new or revised accounting standards or interpretations have been adopted in the period under review.

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
  30.06.2015 31.12.2014 Average 2015 HY Average 2014 HY
1 British pound (GBP)
  1.4706 1.5485 1.4441 1.4870
1 Czech koruna (CZK)
  0.0381 0.0434 0.0384 0.0445
1 Euro (EUR)
  1.0430 1.2026 1.0583 1.2214
100 Polish zloty (PLN)
  24.8882 28.0772 25.5497 29.2541
1 Singapore dollar (SGD)
  0.6941 0.7502 0.7021 0.7067
1 US dollar (USD)
  0.9352 0.9939 0.9478 0.8909

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