Notes to the Consolidated Financial Statements maintains a cash and cash equivalents position of CHF 1,333 million as per December 31, 2020. The Group has a committed credit facility of CHF 200 million from the shareholder providing a further source of liquidity if needed. During 2020 CHF 100 million of it was drawn over a period of six months and is now repaid. In addition, a bond of CHF 150 million was emitted in 2020. The Group is well positioned to meet its ongoing financial obligations and has enough liquidity to support business activities. Impairment testing As a consequence of the potential impacts of COVID-19, the goodwill impairment test was reviewed during 2020 and revisited as of December 2020. A number of different scenarios for the recovery have been considered based on external data such as forecasted oil price, which closely reflects the demand in the offshore business. Overall, the review resulted in no impairment charge. The impairment tests performed for property, plant and equipment and intangible assets were prepared and reviewed in accordance with prior year and resulted in no material impairment charge. Inventories The Group has reviewed its inventories in light of the COVID-19 situation and has not identified material impairment losses on inventories in the reporting period as the Group believes it will consume its inventories on a short-term basis. CCrreeddiitt lloossss ooff ttrraaddee rreecceeiivvaabblleess The Group has considered the impact of COVID-19 pandemic on the expected credit loss of trade receivables with and without significant financing components. The amount and timing of the expected credit losses, as well as the probability assigned there to, has been based on the available information at the end of December 2020. As a result of this review, no material impact of the pandemic on credit losses were identified. Credit losses were substantially in line with prior year. Government grants for short In response to the COVID-19 pandemic Governments announced measures to assist entities. time work and wage These measures include temporary salary subsidies, additional tax deductions and credits, subsidies rental reductions or deferrals and below-market rate loans. The Governments' measures primarily affecting the Group are temporary salary subsidies. The Group analyzed all facts and circumstances in relation to these schemes and accordingly applied the relevant accounting standards. In 2020 the group received CHF 19.4 million government grants for salary subsidies netted in the personnel expense. (2.3) Changes in accounting The group has assessed the following standards and amendments for the first time for their policies and estimates annual reporting period commencing 1 January 2020: • Definition of Material – amendments to IAS 1 and IAS 8 • Definition of a Business – amendments to IFRS 3 • Interest Rate Benchmark Reform – amendments to IFRS 9, IAS 39 and IFRS 7 • COVID-19-Related Rent Concessions – amendments to IFRS 16 The amendments to IFRS 3 Business Combinations clarifies that to be considered a business, an integrated set of activities and assets must include, at a minimum, an input and a substantive process that, together, significantly contribute to the ability to create output. Furthermore, it clarifies that a business can exist without including all the inputs and processes needed to create outputs. These amendments had no impact on the consolidated financial statements of the Group but may impact future periods should the Group enter any business combinations. The Group early adopts the amendments to IFRS 16 COVID-19 Related Rent Concessions for the financial report 2020. The amendments provide relief to lessees from applying IFRS 16 guidance on lease modification accounting for rent concessions arising as a direct consequence of the COVID-19 pandemic. As a practical expedient, the Group elected not to assess whether 2020 Financial Report | 19