7 Change in shareholders’ equity

Since the Board of Directors’ proposal for allocation of disposable profit, included in the Annual Report 2014, the number of registered shares eligible for dividend, at the dividend payment date of 27 April 2015, increased due to the transfer of 1 180 649 shares for employee participation purposes from not eligible to eligible for dividend. This resulted in a higher dividend of CHF 9 million, compared to the Board of Directors’ proposal, and in lower legal reserves from capital contributions by the same amount.

Details on the proposed dividend payments for the financial year 2015 are disclosed in the Proposal for allocation of disposable profit.