Proposed appropriation of available earnings

Proposed appropriation of retained earnings

(CHF in thousands)

2014

2013

Net income for the year

570,107

607,053

Carried forward from previous year

5,077,751

4,470,698

Retained earnings available to the Annual General Meeting

5,647,858

5,077,751

 

 

 

Legal reserves from retained earnings

Legal reserves from capital contribution

Balance to be carried forward

5,647,858

5,077,751

The Board of directors proposes to carry forward the retained earnings in the amount of CHF 5,647,858 thousand.

On February 5, 2015, the Company announced that the Board of directors will recommend for approval at the April 30, 2015, Annual General Meeting that a dividend be distributed in a tax efficient way in two tranches: 1) Distribution of CHF 0.55 per share from Other reserves following a transfer of the same amount from Legal reserves from capital contribution to be paid in May 2015 and 2) Distribution in the form of a par value reduction in the amount of CHF 0.17 per share, representing a reduction in par value from CHF 1.03 to CHF 0.86 per share, to be paid in July 2015.