Cash and cash equivalents are denominated in the following currencies:

The effective average annual interest rate on short-term bank deposits in Swiss francs was 0.00% (2016: 0.00%), these deposits have an average maturity of 34 days (2016: 4 days).

The effective average annual interest rate on short-term bank deposits in euros was 0.03% (2016: 0.05%), these deposits have an average maturity of 58 days (2016: 53 days).

The effective average annual interest rate on short-term bank deposits in US-dollars was 1.43% (2016: 0.73%), these deposits have an average maturity of 30 days (2016: 30 days).

The effective average annual interest rate on short-term bank deposits in British pounds was 0.38% (2016: 0.52%), these deposits have an average maturity of 73 days (2016: 48 days).

There were no short-term bank deposits denominated in currencies other than the Swiss franc, the euro, the US-dollar and the British pound at the end of the reporting period.

CHF 48 million of the cash and cash equivalents are located in the indian subsidiary SCIL, which is co-owned by 50% non-controlling interest holders and for this reason are not unrestrictedly accessible.

The maximum exposure to credit risk on cash and cash equivalents is equal to their book value.