17. Share and Participation Capital

 

 

Number of registered shares1

 

Number of participation certificates2

 

Registered shares
(CHF million)

 

Participation certificates
(CHF million)

 

Total
(CHF million)

As at January 1, 2022

 

135,552

 

1,066,564

 

13.6

 

10.6

 

24.2

Capital increase

 

 

14,962

 

 

0.1

 

0.1

Capital decrease (destruction)

 

–453

 

–37,570

 

–0.1

 

–0.3

 

–0.4

As at December 31, 2022

 

135,099

 

1,043,956

 

13.5

 

10.4

 

23.9

Capital increase

 

 

19,130

 

 

0.2

 

0.2

Capital decrease (destruction)

 

–376

 

–50,544

 

–0.0

 

–0.5

 

–0.5

As at December 31, 2023

 

134,723

 

1,012,542

 

13.5

 

10.1

 

23.6

1

At par value of CHF 100.

2

At par value of CHF 10.

The conditional capital has a total of 306,815 participation certificates (325,945 in prior year) with a par value of CHF 10. Of this total, 152,365 (171,495 in prior year) are reserved for employee stock option programs; the remaining 154,450 participation certificates (154,450 in prior year) are reserved for capital market transactions. There is no other authorized capital. In 2023, a total of 19,130 (14,962 in prior year) of the employee options were exercised at an average price of CHF 5,851 (CHF 5,599 in prior year). The participation certificate has no voting right, but otherwise has the same ownership rights as the registered share.

The number of own registered shares and participation certificates (treasury stock) is as follows:

 

 

2023

 

2022

 

 

Registered shares

 

Participation certificates

 

Registered shares

 

Participation certificates

Inventory as at January 1

 

581

 

50,544

 

667

 

37,570

Retirements

 

 

 

–9

 

Share buy-back program

 

624

 

51,180

 

376

 

50,544

Capital decrease (destruction)

 

–376

 

–50,544

 

–453

 

–37,570

Inventory as at December 31

 

829

 

51,180

 

581

 

50,544

 

 

 

 

 

 

 

 

 

Average sales price of retirements (CHF)

 

 

 

100,299

 

Average cost of share buy-back program (CHF)

 

105,262

 

10,527

 

104,752

 

10,204

Average cost of capital decrease (CHF)

 

104,752

 

10,204

 

106,203

 

10,560