Proposal regarding the appropriation of the balance sheet profit
The Board of Directors will submit to the annual general meeting the following proposal regarding the appropriation of the balance sheet profit:
CHF million | 2017 | 2016 | ||
Carried forward from previous year | 250.0 | 310.0 | ||
Net profit | 41.0 | 41.7 | ||
Balance sheet profit as at 31 December (at the disposal of the annual general meeting) | 291.0 | 351.7 | ||
Allocation to general statutory retained earnings | –11.0 | –101.7 | ||
Brought forward to new account | 280.0 | 250.0 |
Proposal for a nominal value reduction and the appropriation of reserves from contribution of capital
The Board of Directors will propose to the annual general meeting of 20 April 2018 a nominal value reduction of CHF 49.00 per share. Of this amount, CHF 6.25 per share will be reimbursed to the holder, and the remaining CHF 42.75 will be credited to the reserves from contribution of capital.
million | 2017 | 2016 | ||
Share capital 15 942 821 shares at a nominal value of CHF 50 |
|
| ||
Nominal value reduction in an amount of CHF 49 per share | –781.2 | 0.0 | ||
of which CHF 42.75 for allocation to the reserves from contribution of capital | –681.6 | 0.0 | ||
of which CHF 6.25 for distribution to shareholders | –99.6 | 0.0 | ||
Share capital after/before nominal value reduction | ||||
15 942 821 shares at a nominal value of CHF 1/CHF 50 | 15.9 | 797.1 | ||
Reserves from contribution of capital as at 31 December (at the disposal of the annual general meeting) |
|
| ||
Allocation from nominal value reduction | 681.6 | 0.0 | ||
Payment of a distribution (CHF 5.75 per share for 2016) | 0.0 | –91.7 | ||
Brought forward to new account | 731.0 | 49.4 |
The treasury shares of the company do not rank for distributions.
The distribution in the form of a nominal value reduction for the 2017 financial year as determined by the annual general meeting will be paid out to shareholders at the designated place of payment on 5 July 2018 free of charge and without deduction of withholding tax.
Baar, 13 February 2018
On behalf of the Board of Directors:
Bruno Bettoni, Chairman