2.1. Loans

2.2. Investments

The list of legal entities held directly or indirectly by the Company and consolidated at Investis Group level, is published in Note 26 of the consolidated financial statements in this report.

2.3 Bonds

In 2017, a CHF 140 million bond maturing on 14 February 2019 was issued on
14 February 2017. The coupon is 0.25%. A further bond of CHF 180 million, maturing on 3 October 2022, with a coupon of 0.75%, was issued on 3 October 2017.

In 2016, a CHF 100 million bond maturing on 15 November 2021 was issued on 15 November 2016. The coupon is 0.55%.

Information on loan conditions is published in Note 16 of the consolidated financial statements in this report.

2.4. Equity

The share capital amounted to CHF 1.28 million, composed of 12,800,000 registered shares with a nominal value of CHF 0.10 each. All outstanding shares are entitled to dividends and confer the right to one vote per share at the Company’s general meetings.

Investis Holding SA was incorporated on 7 June 2016. The share capital was paid-up by a contribution in kind. On 4 July 2016, the capital increase of 2,800,000 shares in connection with the initial public offering was completed. The gross proceeds amounted to CHF 148 million.

At the extraordinary shareholders’ meeting of Investis Holding SA held on 17 June 2016, it was resolved to create conditional share capital pursuant to which the share capital may be increased by a maximum amount of CHF 30,000 by issuing a maximum of 300,000 shares, under the exclusion of shareholders’ pre-emptive rights, in favour of directors, members of the Executive Board and employees of the Group in the context of a management incentive plan.

2.4.1 Capital contribution Reserve

The capital contribution reserve includes the premium from capital increase in 2016, minus the dividends distributed to date.

From a fiscal point of view, any distributions made from reserves from capital contributions are treated the same as a repayment of share capital. In 2017, the Swiss Federal Tax Administration (SFTA) has confirmed that it will recognise CHF 142.6 million of the disclosed reserves from capital contributions as at 31 December 2016 as a capital contribution as per article 5 para. 1bis Withholding Tax Act. The unconfirmed amount of CHF 0.1 million was reclassed to other capital reserves.

2.4.2 Treasury Shares

2.5 Income from investments in subsidiaries

In 2017, no dividend from investments in subsidiaries was received. In 2016, the dividend from investments in subsidiaries amounted to CHF 30.0 million. 

2.6. Personnel expenses

Information on personnel expenses for the Board of Directors and the Executive Board is published in the compensation report in this annual report.