Proposed appropriation of available earnings

Proposed appropriation of retained earnings

(CHF in thousands)

2015

2014

Net income for the year

2,973,717

570,107

Carried forward from previous year

5,647,858

5,077,751

Retained earnings available to the Annual General Meeting

8,621,575

5,647,858

 

 

 

Legal reserves from retained earnings

Legal reserves from capital contribution

Balance to be carried forward

8,621,575

5,647,858

The Board of directors proposes to carry forward the retained earnings in the amount of CHF 8,621,575 thousand.

On February 3, 2016, the Company announced that the Board of directors will recommend for approval at the April 21, 2016, Annual General Meeting that a dividend be distributed in a tax efficient way in the form of a nominal (par) value reduction in the amount of CHF 0.74 per share, representing a reduction in nominal (par) value from CHF 0.86 to CHF 0.12 per share, to be paid in July 2016.