Proposed appropriation of retained earnings

The Board of Directors proposes to the Annual General Meeting of Share­holders to be held on 6 April 2020 that the available retained earnings of CHF 6,685 million for the financial year ending on 31 December 2019, be ap­pro­pri­ated as follows:

In CHF million   31.12.2019
Appropriation of retained earnings
Retained earnings from previous year   6,424
Ordinary dividend   (1,140)
Balance carried forward from prior year   5,284
Net income for the year   1,401
Retained earnings available to the Annual General Meeting   6,685
Ordinary dividend of CHF 22.00 per share   (1,140)
Balance to be carried forward   5,545

In the event that the proposal is approved, a dividend per share will be paid to shareholders on 14 April 2020 as follows:

Per registered share   CHF
Ordinary dividend, gross   22.00
Less 35% withholding tax   (7.70)
Net dividend payable   14.30