Optimized printing

Annual Report 2017

7 Change in shareholders’ equity

Download

CHF millions

Share capital

Legal capital reserves3

Legal profit reserves

Reserves for own shares

Voluntary profit reserves

Retained earnings brought forward

Net income for the financial year

Own shares

Total Shareholders’ equity

Shareholders’ equity 1.1.2017

36

192

8 265

17

11 890

4

3 972

–1 555

22 821

Allocations relating to the dividend paid

 

 

 

 

3 972

 

–3 972

 

0

Dividend for the financial year 2016

 

 

 

 

–1 557

 

 

 

–1 557

Net income for the financial year

 

 

 

 

 

 

4 043

 

4 043

Share buy-back programme 20161

 

 

 

 

 

 

 

–479

–479

Share cancellation1

–1

–18

–981

 

 

 

 

1 000

0

Share buy-back programme 20172

 

 

 

 

 

 

 

–585

–585

Other movements in own shares

 

19

1

–1

 

 

 

–17

2

Shareholders’ equity 31.12.2017

35

193

7 285

16

14 305

4

4 043

–1 636

24 245

Download

CHF millions

Share capital

Legal capital reserves

Legal profit reserves

Reserves for own shares

Voluntary profit reserves

Retained earnings brought forward

Net income for the financial year

Own shares

Total Shareholders’ equity

1

At the 152nd Annual General Meeting held on 22 April 2016, the Group’s shareholders authorised the Group Board of Directors to repurchase up to a maximum CHF 1 billion purchase value of the Group’s own shares prior to the 2017 Annual General Meeting through a public share buy-back programme for cancellation purposes. The buy-back programme was completed on 9 February 2017. The total number of shares repurchased amounted to 10.6 million, of which 5.5 million and 5.1 million shares were repurchased by 31 December 2016 and between 1 January and 9 February 2017, respectively. On 21 April 2017, the 153rd Annual General Meeting resolved the cancellation of the repurchased 10.6 million shares by way of share capital reduction. The shares were cancelled on 25 July 2017, after completion of the procedure in respect of a share capital reduction as set forth in Article 732 et seqq. of the Swiss Code of Obligations.

2

At the 153rd Annual General Meeting held on 21 April 2017, the Group’s shareholders authorised the Group Board of Directors to repurchase up to a maximum CHF 1 billion purchase value of the Group’s own shares prior to the 2018 Annual General Meeting through a public share buy-back programme for cancellation purposes.

3

Under current Swiss tax legislation, CHF 1.0 million of legal reserves from capital contributions, which has been confirmed by the Swiss Federal Tax Administration, can be paid out as dividends exempt from Swiss withholding tax, and for Swiss resident individual shareholders holding shares in private wealth also exempt from Swiss income taxes.

Shareholders’ equity 1.1.2016

37

257

9 168

18

9 550

4

3 865

–1 430

21 469

Allocations relating to the dividend paid

 

 

 

 

3 865

 

–3 865

 

0

Dividend for the financial year 2015

 

 

 

 

–1 525

 

 

 

–1 525

Net income for the financial year

 

 

 

 

 

 

3 972

 

3 972

Share buy-back programme 2015

 

 

 

 

 

 

 

–570

–570

Share cancellation

–1

–96

–903

 

 

 

 

1 000

0

Share buy-back programme 2016

 

 

 

 

 

 

 

–521

–521

Other movements in own shares

 

31

 

–1

 

 

 

–34

–4

Shareholders’ equity 31.12.2016

36

192

8 265

17

11 890

4

3 972

–1 555

22 821