2 Capital structure
2.1 Capital
The share capital of LLB comprises 30ʼ800ʼ000 registered, fully paid shares with a nominal value of CHF 5.00 each and therefore amounts to CHF 154.0 million.
2.2 Conditional and approved capital
On the balance sheet date, Liechtensteinische Landesbank had no conditional capital and no approved capital.
2.3 Changes to capital
The share capital amounts to CHF 154.0 million and has not changed during the last four years. The LLB Groupʼs equity totalled CHF 2ʼ240 million as at 31 December 2021, CHF 2ʼ024 million as at 31 December 2022 and CHF 2ʼ131 million as at 31 December 2023.
For the composition of and changes in equity during the last three reporting years refer also to the table Consolidated statement of changes in equity.
|
in CHF thousands |
31.12.2023 |
31.12.2022 |
31.12.2021 |
|
Share capital |
154'000 |
154'000 |
154'000 |
|
Share premium |
– 15'066 |
– 14'923 |
– 13'952 |
|
Treasury shares |
– 13'356 |
– 11'640 |
– 15'073 |
|
Retained earnings |
2'140'361 |
2'056'623 |
1'959'517 |
|
Other reserves |
– 136'250 |
– 161'534 |
12'932 |
|
Total |
2'129'690 |
2'022'525 |
2'097'423 |
|
Non-controlling interests |
962 |
1'203 |
142'704 |
|
Total equity |
2'130'652 |
2'023'728 |
2'240'128 |
2.4 Shares and participation certificates
As at 31 December 2023, the share capital amounted to 30ʼ800ʼ000 fully paid registered shares with a nominal value of CHF 5.00. With the exception of the LLB shares held by Liechtensteinische Landesbank (208ʼ055 shares), all the shares are eligible for dividend. As at 31 December 2023, share capital eligible for dividend therefore amounted to CHF 153.0 million. In principle, all LLB shares are eligible for voting according to the principle of “one share, one vote”. On account of the regulations concerning the purchase of own shares (Art. 306a ff. PGR / Liechtenstein Law on Persons and Companies), the shares held by Liechtensteinische Landesbank and its subsidiaries are excluded from voting rights. There are no priority rights or similar entitlements. When new shares are issued, the shareholders have a subscription right entitling them to subscribe to new shares in proportion to the number of shares they already hold.
Liechtensteinische Landesbank AG has not issued any participation certificates.
2.5 Profit-sharing certificates
Liechtensteinische Landesbank AG has no outstanding profit-sharing certificates.
2.6 Transfer limitations and nominee registrations
The registered shares of Liechtensteinische Landesbank are fully transferable, whereby the Principality of Liechtenstein holds at least 51 per cent of the capital and voting rights, and may not sell this equity stake.
Liechtensteinische Landesbank maintains a share register containing the names of the owners of registered shares. Upon request, the acquirers of registered shares are entered in the share register as shareholders having a voting right provided that they expressly render a declaration that they have purchased these shares in their own name for their own account. If the acquirer is not willing to render such a declaration, the Board of Directors can refuse to enter the shares with voting rights in the register. Pursuant to Art. 5a of the statutes (www.llb.li/statutes), the Board of Directors has determined that nominee registrations without such a declaration shall generally be entered without voting rights. The legal option to refuse registration in the share register on important grounds remains reserved.
2.7 Convertible bonds and options
As at 31 December 2023, Liechtensteinische Landesbank had no convertible bonds or options on its own shares outstanding.
On 7 May 2019, LLB issued a fixed interest bond for CHF 150 million. The term to maturity is seven years and the yield at maturity is 0.07 per cent. The bond has been listed on the SIX Swiss Exchange since 27 May 2019 (ISIN: CH0419041204) and is traded on the secondary market.
On 4 September 2019, LLB issued a fixed interest bond for CHF 100 million. The term to maturity is ten years and the yield to maturity is minus 0.16 per cent. The bond has been listed on the SIX Swiss Exchange since 27 September 2019 (ISIN: CH0419041527) and is traded on the secondary market.
On 27 August 2020, a fixed interest bond was issued for CHF 150 million. The term to maturity is ten years and the yield to maturity is 0.29 per cent. The bond has been listed on the SIX Swiss Exchange since 23 September 2020 (ISIN: CH0536893255) and is traded on the secondary market.
On 7 November 2023, Liechtensteinische Landesbank issued a fixed interest bond for CHF 150 million. The term to maturity of the bond is seven years and the yield at maturity is 2.477 per cent. The bond has been listed on the SIX Swiss Exchange since 22 November 2023 (ISIN: CH1306117040) and is traded on the secondary market.