Board of Directorsʼ proposal for the appropriation of retained earnings 

CHF 2015 2014
Profit carried forward 0 0
Net result for the year –62,239,798 95,893,027
Retained earnings –62,239,798 95,893,027
     
Dividends:     
     
Per registered share A 0 0
Per registered share B 0 0
Total dividends 0 0
     
Allocation to retained earnings based on decision by annual meeting –62,239,798 95,893,027
Appropriation of profit –62,239,798 95,893,027
     
Profit carried forward to new account 0 0
Retained earnings –62,239,798 95,893,027

The Board of Directors proposes to the Annual General Meeting not to distribute a dividend. 

CHF 2015 2014
Legal reserve from capital contribution 331,841,427 347,666,062
Distribution from legal reserve from capital contribution 0 29,988,000
     
Distribution 1    
Per registered share A CHF 0.00 (2014: CHF 1.50) 0 1,874,250
Per registered share B CHF 0.00 (2014: CHF 7.50)    
– on 3,619,553 shares entitled to distribution at 31 December 2015 0 27,146,648
– on 128,947 treasury shares set aside for the employee share plan at 31 December 2015 0 967,102
Total request for distribution 0 29,988,000

1 The company will waive its entitlement to such payments from the capital contribution reserve for the treasury shares held on the distribution date which are reserved for use in its employee share plan. The amount due on these shares will be taken to the legal reserve from capital contributions.