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2. Information on balance sheet and income statement items

2.1. Loans

In CHF 1,000

31.12.2018

31.12.2017

Loan to Investis Investments SA

122,421

558,000

Loan to Investis Properties SA

513,757

4,000

Total loans to Group companies

636,178

562,000

Of which current assets

32,421

34,000

Of which non-current assets

603,757

528,000

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 25 of the consolidated financial statements in this report.

2.3 Bonds

In 2018, a CHF 100 million bond, maturing on 12 June 2020, with a coupon of 0.35% was issued on 12 June 2018.

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.

Information on loan conditions is published in Note 17 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.

Article 3a of the Company’s Articles of Association sets out that the Company’s share capital shall be increased by a maximum amount of CHF 30,000 through the issuance of no more than 300,000 fully paid-up registered shares with a nominal value of CHF 0.10 by way of the exercise of options or similar rights belonging to employees and members of the Board of Directors and the Executive Board in accordance with the applicable regulations and resolutions of the Board of Directors.

Article 3b of the Company's Articles of Association sets out that the share capital may be increased by the issuance of up to 1,280,000 fully paid-in registered shares with a nominal value of CHF 0.10 each, up to CHF 128,000, by means of the exercise of conversion rights and/or warrants granted in connection with newly or already issued bonds or similar debt instruments of the Company or its group companies to company creditors and/or investors.

 

 

Legal capital reserves

Legal retained earnings

 

 

 

In CHF 1,000

Share capital

Capital contribution reserve

Other capital reserves

Reserves for treasury shares

Voluntary retained earnings

Treasury shares

Total equity

Equity as at 1 January 2017

1,280

142,699

199,000

-

28,914

-

371,892

Reclassification

 

–98

98

 

 

 

-

Profit for the year

 

 

 

 

463

 

463

Dividends

 

–30,080

 

 

 

 

–30,080

Purchase of treasury shares

 

 

 

 

 

–1,135

–1,135

Equity as at 31 December 2017

1,280

112,521

199,098

-

29,377

–1,135

341,141

 

 

 

 

 

 

 

 

Equity as at 1 January 2018

1,280

112,521

199,098

-

29,377

–1,135

341,141

Profit for the year

 

 

 

 

1,433

 

1,433

Dividends

 

–30,062

 

 

 

 

–30,062

Use of treasury shares

 

 

34

 

 

703

736

Purchase of treasury shares

 

 

 

 

 

–5,504

–5,504

Sale of treasury shares to subsidiary

 

 

82

6,018

–6,018

5,936

6,018

Equity as at 31 December 2018

1,280

82,459

199,214

6,018

24,791

0

313,762

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

 

 

2018

 

2017

 

Quantity

Value in CHF 1,000

Quantity

Value in CHF 1,000

Net carrying amount as at 1 January

20,000

1,135

-

-

Purchase of treasury shares 1)

89,766

5,504

20,000

1,135

Use of treasury shares 2)

–12,382

–736

-

-

Sale of treasury shares to subsidiary 3)

–97,384

–6,018

-

-

Gains on use/sale of treasury shares recognised in equity

 

116

 

-

Net carrying amount as at 31 December

0

0

20,000

1,135

1) In the year under review, Investis Holding SA acquired 89,766 (2017: 20,000) registered treasury shares at an average price of CHF 61.31 (2017: CHF 56.75).

2) In the year under review, Investis Holding SA used 12,382 (2017: -) registered treasury shares at an average price of CHF 59.45 (2017: CHF -) for the shared-based compensation to the Board of Directors and the Executive Board.

3) In the year under review, Investis Holding SA sold 97,384 (2017: -) registered treasury shares at an average price of CHF 61.80 (2017: CHF -) to a subsidiary.

2.5 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.