Dividend information and Swiss tax values
Upcoming and past dividend payments and Swiss tax values.
Distribution for the Financial Year 2019
In response to a request from FINMA, the Board of Directors is submitting a revised dividend proposal for this year’s AGM. Instead of a total dividend of CHF 0.2776 gross per share as originally announced on March 25, 2020, a total of CHF 678 million[i], the Board of Directors is proposing a cash distribution of CHF 0.1388 gross per share, with half being paid from retained earnings[ii] and half out of the capital contribution reserves[iii]. In the Autumn of 2020, the Board of Directors intends to propose a second cash distribution of CHF 0.1388 gross per share, which would be presented for approval at an Extraordinary General Meeting at that time, subject to market and economic conditions.
While the Board remains of the opinion that Credit Suisse’s financial strength would have continued to support the original dividend proposal made to our shareholders, we believe that this response to FINMA’s request, in alignment with the similar decisions made by our peers, is a prudent and responsible step to preserving capital in the face of the challenges posed by the COVID-19 pandemic and will allow for a fuller evaluation of the extent of the economic impact of this crisis later in the year. Subject to confirmation following this assessment and the subsequent approval by our shareholders, the resulting aggregate dividend in 2020 would be in line with our intention to increase the dividend by at least 5% per annum.
[i] Based on 2,441,022,237 registered shares in issue at December 31, 2019, net of own shares held by the company
[ii] Net of 35% Swiss withholding tax
[iii] Free of Swiss withholding tax and not subject to income tax for Swiss resident individuals
|Registered share||American depositary share|
|Amount of cash distribution per share 1||CHF 0.1388||TBD|
|Ex-dividend date||May 7, 2020||May 7, 2020
|Record date||May 8, 2020 2||May 8, 2020 2
|Payment of cash distribution||May 11, 2020||May 18, 2020 3
1 The amount per American depositary share in USD will be determined by the USD/CHF exchange rate closer to the payment date.
2 To be eligible to receive the distribution for 2019, it is necessary to own the CSG shares on May 6, 2020 (end of day).
3 Relates to cash distribution out of capital contribution reserves. The payment date for the cash distribution from retained earnings will be determined after June 11, 2020.
Our dividend payment policy seeks to provide investors with a stable and efficient form of capital distribution relative to earnings.
|Financial Year||Description||Registered share in CHF||Registered share Payment date||ADS in USD||ADS Payment Date|
|2006||Par value reduction||0.46||2007-07-18||0.3824||2007-07-24|
|2003||Par value reduction||0.50||2004-07-12||0.3876||2004-07-19|
|2001||Par value reduction||2.00||2002-08-14||1.3362||2002-08-19|
|2000||Par value reduction||2.00||2001-08-15||1.1994||2001-08-20|
Note: All amounts represent gross payments and have been adjusted for the 4-for-1 share split (PDF) effective as of August 15, 2001.
1 Distribution out of reserves from capital contributions
2 Subject to any legal restrictions applicable in their home jurisdiction, shareholders were entitled to elect to either receive new shares of Credit Suisse Group, a cash distribution or a combination thereof.
3 Distribution of CHF 0.10 (Registered share) USD 0.11 (ADS) in cash and distribution of new shares (stock dividend).
Swiss Tax Values
The following table contains the tax values of Credit Suisse Group registered shares for tax declarations in Switzerland.
|Valor No.||Par Value||Tax value as per||Tax value in CHF|