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 24 of the consolidated financial statements in this report.

2.3 Bonds

In 2020, the CHF 100 million bond, maturing on 12 June 2020, with a coupon of 0.35%, was repaid on redemption date.

In 2019, a CHF 140 million bond, maturing on 15 February 2021, with a coupon of 0.773%, was issued on 14 February 2019. A further bond of 140 million, maturing on 9 October 2023, with a coupon of 0.05%, was issued on 9 October 2019.

Further information on the bonds 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.

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.

2.4.1 Capital contribution Reserve

The capital contribution reserve includes the share premium from the capital increase in 2016, less the distributions decided to date.

From a fiscal point of view, any distributions made from capital contribution reserve are treated the same as a repayment of share capital. In 2020, the Swiss Federal Tax Administration (SFTA) has confirmed the opening balance as at 1 January 2020 of CHF 52.6 million of the disclosed reserve from capital contribution and the recognition of the repayment of capital contribution reserve in the amount of CHF 14.9 million as per article 5 para. 1^bis Withholding Tax Act. 

2.4.2 Treasury Shares

2.5 INCOME FROM INVESTMENTS IN SUBSIDIARIES

In 2020, the dividend from Investis Investments SA amounted to CHF 10.0 million (2019: nil).

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.