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32 Dividends

Distributable reserves are determined on the basis of equity as reported in the statutory financial statements of the parent company, Swisscom Ltd, and not on the equity as reported in the consolidated financial statements. At 31 December 2015, Swisscom Ltd’s distributable reserves amounted to CHF 4,652 million. The dividend is proposed by the Board of Directors and must be approved by the Annual General Meeting of Shareholders. The dividend proposed for the 2015 financial year is not recorded as a liability in these consolidated financial statements. Treasury shares are not entitled to a dividend.

Swisscom paid the following dividends in 2014 and 2015:

In CHF million, except where indicated   2015   2014
Number of registered shares eligible for dividend (in millions of shares)   51.802   51.802
Ordinary dividend per share (in CHF)   22.00   22.00
Dividends paid   1,140   1,140

The dividend payments for the 2013 and 2014 financial years were funded entirely from retained earnings. The Board of Directors proposes to the Annual Shareholders’ Meeting of Swisscom Ltd to be held on 6 April 2016 the payment of an ordinary dividend of CHF 22 per share in respect of the 2015 financial year. This equates to a total dividend distribution of CHF 1,140 million. The dividend payment is foreseen on 12 April 2016.