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Board of Directors' proposal for the appropriation of retained earnings

In the fiscal year, COMET Holding AG had total income of CHF 15.8 million (prior year: CHF 14.4 million). The increase compared with the prior year resulted primarily from higher dividend income. Total expenses in the fiscal year, at CHF 6.4 million, were up by CHF 3.3 million from the prior year. This resulted from significantly higher foreign currency translation losses and slightly higher other operating expenses than in the prior year. Amortization of rights to trademarks and names related to FeinFocus was offset (as in the prior year) by passing the expenses through to the user of the rights. The shareholders' equity of COMET Holding AG at the end of the fiscal year was CHF 113.5 million (prior year: CHF 111.3 million), representing an equity ratio of 91.2% (prior year: 90.4%).

At the Annual Shareholder Meeting, the Board of Directors will propose to allocate retained earnings as follows:

     
In thousands of CHF 2015 2014
Earnings brought forward 55,883 44,577
Net income for the year 9,327 11,306
Retained earnings available for distribution 65,210 55,883
Earnings carried forward 65,210 55,883

At the Annual Shareholder Meeting, the Board of Directors will also propose to make a distribution to shareholders from distributable paid-in capital as follows:

     
In thousands of CHF 2015 2014
Distributable paid-in capital brought forward 34,248 41,682
Additional paid-in capital from increase in capital stock 1,381 1,058
Distributable paid-in capital reserve 35,629 42,740
Repayment of CHF 11.00 per share from distributable paid-in capital (prior year: CHF 11.00 per share) (8,512) (8,493)
Distributable paid-in capital reserve carried forward 27,117 34,248

In order for additions to the distributable paid-in capital reserve to be distributable free of Swiss anticipatory tax, they must be confirmed by the Swiss Federal Tax Administration, on the basis of the audited annual accounts, as being paid-in capital reserves distributable free of this tax. At December 31, 2015, for a total amount of CHF 1,436 thousand, this confirmation had not yet been received or not yet applied for.

The Board of Director's proposal for the appropriation of retained earnings covers all shares outstanding. No distribution is made in respect of any shares held as treasury stock at the record date. The actual total amount of the distribution may therefore be correspondingly less than shown above.