6 Shareholders’ equity
6.1 Changes in shareholders’ equity
| Share capital | Legal capital reserve (capital contribution reserve) | General legal retained earnings | Voluntary retained earnings | Total share- |
CHF 1,000 |
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Balance at January 1, 2020 | 1,187 | 78,824 | 1,000 | 216,325 | 297,336 |
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Net profit | - | - | - | 20,850 | 20,850 |
Dividend paid | - | (13,121) | - | (13,121) | (26,242) |
New shares issued based on | 9 | 24,418 | - | - | 24,427 |
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Balance at December 31, 2020 | 1,196 | 90,121 | 1,000 | 224,054 | 316,371 |
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Net profit | - | - | - | 18,490 | 18,490 |
Dividend paid | - | (13,806) | - | (13,806) | (27,612) |
New shares issued based on (conditional share capital increase) | 7 | 27,953 | - | - | 27,960 |
Authorized share capital increase | 65 | 357,435 | - | - | 357,500 |
Transaction costs | - | (5,838) | - | - | (5,838) |
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Balance at December 31, 2021 | 1,268 | 455,865 | 1,000 | 228,738 | 686,871 |
The Company’s share capital is CHF 1,267,810.80, consisting of 12’678’108 registered shares with a nominal value of CHF 0.10 each (2020: share capital of CHF 1,195,884.50 consisting of 11,958,845 registered shares with a nominal value of CHF 0.10 each).
The amount of the legal capital reserve (capital contribution reserve) is subject to review and confirmation by the Swiss federal tax authorities.
6.2 CONDITIONAL AND AUTHORIZED SHARE CAPITAL
| 31.12.2020 | 31.12.2021 |
Conditional share capital |
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Reserved for employee participation plans |
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Shares (with a nominal value of CHF 0.10 each) | 344,367 | 275,104 |
CHF | 34,437 | 27,510 |
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Maximum of employee share options and employee shares outstanding | 178,391 | 143,141 |
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Reserved for future business development |
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Shares (with a nominal value of CHF 0.10 each) | 1,800,000 | 1,800,000 |
CHF | 180,000 | 180,000 |
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Authorized share capital |
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Reserved for future business development |
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Expiry date | 17.04.2022 | 17.04.2022 |
Shares (with a nominal value of CHF 0.10 each) | 2,300,000 | 1,650,000 |
CHF | 230,000 | 165,000 |
In 1997, a conditional share capital of CHF 130,000 reserved for employee participation plans was approved. The conditional share capital consisted of 1,300,000 registered shares with a nominal value of CHF 0.10 each. Since 1999, several employee participation plans have been introduced based on this conditional share capital. Between February 2011 and June 2015 the employee participation plans were funded with treasury shares. In 2021 a total of 20,139 options (share option plans) were exercised and 49,124 shares transferred (share plans), increasing the Company’s share capital by CHF 6,926 and decreasing the Company’s conditional share capital by 69,263 shares (2020: a total of 25,935 options were exercised and 61,998 shares transferred, increasing the share capital by CHF 8,793 and decreasing the conditional share capital by 87,933 shares).
On April 26, 2006 and on April 7, 2020, the Annual General Meeting of Shareholders approved the creation of additional conditional and authorized share capital for the purpose of future business development. In September 2021, the Company 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 Paramit Group.
The Articles of Incorporation of Tecan Group Ltd. require that the existing conditional share capital for future business development shall be reduced if and to the extent authorized capital is used and that the authorized capital shall be reduced if and to the extent new shares are created under the respective conditional capital. Therefore and due the placement of 650,000 shares from the authorized share capital in September 2021, the available conditional capital for future business development, is 650,000 lower than the 1,800,000 shares provided for in the commercial register. The conditional share capital for employee participation plans is not affected by this rule.
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