30 CONTINGENT LIABILITIES, ENCUMBRANCE OF ASSETS AND OTHER COMMITMENTS

On December 31, 2023 and 2024, the Group had no significant contingent liabilities to third parties, and none of the Group’s assets were pledged, assigned or subject to retention of title.

Purchase commitments – In the ordinary course of business, the Group regularly enters relationships with suppliers whereby the Group commits itself to purchase certain minimum quantities of raw materials for the manufacturing of its products to benefit from better pricing conditions and a stable supply. Such commitments reflect normal business operations, are in line with the Group’s manufacturing plans and product life cycles and do not exceed current market prices. The Group recognizes a provision for onerous contracts if and to the extent such commitments exceed the Group’s expected purchase quantities. On December 31, 2024, the purchase commitments amounted to CHF 169.5 million (2023: CHF 177.8 million).