Tecan Annual Report
Tecan Annual Report

26  SHAREHOLDERS’ EQUITY

26.1  SHARE CAPITAL AND CAPITAL RESERVE

Holders of ordinary shares are entitled to dividends and to one vote per share at the General Meetings of Shareholders. All payments of the shareholders in excess of the nominal value of the share (CHF 0.10 / share) are classified to capital reserve (share premium).

26.2  NATURE AND PURPOSE OF THE EQUITY RESERVES

26.2.1  Translation differences

The translation differences comprise all foreign currency differences arising from the translation of the financial statements of foreign

operations from their functional currency into the reporting currency (CHF).

26.3  MOVEMENTS IN SHARES ISSUED AND OUTSTANDING

 

2021

2022

Shares (each share has a nominal value of CHF 0.10)

 

 

Balance at January 1

11,958,845

12,678,108

New shares issued based on employee participation plans (conditional share capital increase)

69,263

53,333

Authorized share capital increase

650,000 

-

 

 

 

Balance at December 31

12,678,108

12,731,441

26.4  DIVIDENDS PAID

 

2021

2022

2023
Proposed

Number of shares eligible for dividend 

12,005,310

12,713,261

12,731,441

Dividends paid (CHF/share)

1.15

1.40

1.45

Payout from statutory capital contribution reserve (CHF/share)

 1.15 

 1.40

1.45

26.5  CONDITIONAL SHARE CAPITAL RESERVED FOR THE EMPLOYEE PARTICIPATION PLANS

 

2021

2022

Shares (each share has a nominal value of CHF 0.10)

 

 

Balance at January 1

344,367

275,104

New shares issued based on employee participation plans

 (69,263) 

(53,333)

 

 

 

Balance at December 31

275,104

221,771

 

 

 

Maximum of employee share options and employee shares outstanding

143,141

135,305

26.5 CONDITIONAL AND AUTHORIZED SHARE CAPITAL FOR THE PURPOSE OF FUTURE BUSINESS DEVELOPMENT

 

31.12.2021

31.12.2022

Conditional share capital

 

 

  Shares (with a nominal value of CHF 0.10 each)

 1,800,000 

 1,800,000 

  CHF

 180,000 

 180,000 

 

 

 

Authorized share capital

 

 

  Expiry date

 17.04.2022 

-

  Shares (with a nominal value of CHF 0.10 each)

1,650,000

-

  CHF

 165,000 

-

In September 2021, the Group placed 650’000 shares from the authorized share capital in a private placement by way of an accelerated bookbuilding process. The net proceeds were used to partly refinance the acquisition of the Paramit Group. The remaining authorized share capital expired in April 2022 without renewal.

26.7  CAPITAL MANAGEMENT

The Board’s policy is to maintain a strong capital base in order to ensure investor, creditor and market confidence and to sustain future development of business. It is the Group’s target to keep a minimum equity ratio of 30% (reported in 2022: 64.2% and 2021: 61.4%), which limits the level of borrowings. Changes to this target are subject to the Board of Directors’ approval. In addition, al l covenants relating to bank liabilities must be satisfied at any time.

 

The Board of Directors monitors both the earnings per share and the ability of the Group to undertake future business development.

 

Amongst others it may initiate share buyback programs in order to rebalance the position of the Group in relation to these targets.

 

The level of dividend payments to shareholders shall be kept on a constant and ongoing level.

 

There were no changes in the Group’s approach to capital management during the year.