Dividend Policy

Dividend Policy

The dividend policy approved and communicated by the Board of Directors is earnings-related and provides for a payout ratio of 35% to 45% of the consolidated net profit (excluding non-controlling interests).

Information per registered share and participation certificate

In CHF

20162015201420132012

Net profit

7.096.147.64

3.69

5.93
Net profit before exceptional items6.566.146.215.565.93

Cash flow from operating activities

8.629.588.00

6.90

6.61

Equity at year-end

25.7621.3025.70

22.13

24.04

Gross dividend

5.0012.703.202

2.20

2.20

Pay-out ratio in %

70.544.041.9

59.6

37.1

Market capitalization (in CHF million)

19 24618 93416 148

15 391

15 463

1 Ordinary CHF 3.00; extraordinary CHF 2.00
2 Ordinary CHF 2.20; extraordinary CHF 1.00