14 Securities and other financial instruments

Securities and other financial instruments fall into the category “held for trading” and are measured at fair value. In the financial year, marketable equities were depreciated in the income statement. The issuing company is currently being liquidated. No major payment returns are anticipated. The expenses arising from the value adjustment of TCHF 1,266 was recognised under financial expenses. Positive replacement values in 2011 consisted solely of open forward exchange transactions and corresponded to the market value. There were no positive replacement values from open forward exchange transactions at the 2012 reporting date.