22 Equity and earnings per share
Share and participation capital
| Number | Capital in CHF | |||
|---|---|---|---|---|
| Registered shares, nominal value CHF 0.10 | 67 077 452 | 6 707 745 | ||
| Participation certificates, nominal value CHF 0.10 | 40 716 831 | 4 071 683 | ||
| Total | 107 794 283 | 10 779 428 |
There were no changes in the share and participation capital compared to the previous year.
Each participation certificate carries the right to a share of retained earnings, and to a share of the proceeds of liquidation, corresponding to its nominal value. However, it does not carry voting rights or other membership rights, such as attendance at General Meetings of Shareholders.
Earnings per share
| 2024 | 2023 | |||
|---|---|---|---|---|
| Number of shares and participation certificates | 107 794 283 | 107 794 283 | ||
| Average number of treasury shares | –263 998 | –260 828 | ||
| Basic average number of outstanding shares | 107 530 285 | 107 533 455 | ||
| Share-based payment plans | 165 151 | 141 405 | ||
| Diluted average number of outstanding shares | 107 695 436 | 107 674 860 | ||
| Net profit attributable to Schindler shareholders in CHF million | 950 | 866 | ||
| Basic earnings per share in CHF | 8.83 | 8.05 | ||
| Diluted earnings per share in CHF | 8.82 | 8.04 |
Shares include registered shares and participation certificates.
Dividends
In 2024, CHF 538 million was paid in dividends (previous year: CHF 430 million). This corresponds to an ordinary dividend of CHF 4.00 and an extraordinary dividend of CHF 1.00 per registered share and per participation certificate (previous year: ordinary dividend of CHF 4.00).
The Board of Directors proposes to the General Meeting of Shareholders the payment of an ordinary dividend of CHF 6.00 per share and participation certificate for the reporting year 2024. This represents a total gross dividend payment of CHF 647 million. The dividend payment will be recognized in equity in the period in which the distribution is approved by the General Meeting of Shareholders.
Treasury shares
Treasury shares comprise registered shares and participation certificates of Schindler Holding Ltd. They are reported as a deduction from equity and are measured at acquisition costs.
There is no subsequent remeasurement of treasury shares. Gains and losses from the sale of treasury shares are recognized in equity.
| Registered shares | Participation certificates | |||||||
|---|---|---|---|---|---|---|---|---|
| In CHF million | Number | Value | Number | Value | ||||
| January 1, 2023 | 326 639 | 54 | – | – | ||||
| Purchases | 5 198 | 1 | 17 509 | 3 | ||||
| Share-based payments | ||||||||
| Allocation of shares | –70 682 | –14 | –1 500 | – | ||||
| Exercise of PSUs and options | –42 747 | –9 | – | – | ||||
| Difference in value | 4 | – | ||||||
| December 31, 2023 | 218 408 | 36 | 16 009 | 3 | ||||
| thereof reserved for share-based payment plans | 218 408 | 16 009 | ||||||
| January 1, 2024 | 218 408 | 16 009 | ||||||
| Purchases | 36 200 | 9 | 227 511 | 56 | ||||
| Share-based payments | ||||||||
| Allocation of shares | –73 284 | –16 | – | – | ||||
| Exercise of PSUs and options | –25 851 | –6 | – | – | ||||
| Difference in value | 6 | – | ||||||
| December 31, 2024 | 155 473 | 29 | 243 520 | 59 | ||||
| thereof reserved for share buyback program | 36 200 | 127 511 | ||||||
| thereof reserved for share-based payment plans | 119 273 | 116 009 | ||||||
Share buyback program
In October 2024, the Board of Directors of Schindler Holding Ltd. decided to launch a share buyback program for registered shares and participation certificates in the combined amount of up to CHF 500 million. The buyback program will run for a maximum of three years (2024–2026) at market prices. The maximum buyback volume per day is 4 524 for registered shares and 23 759 for participation certificates.
In 2024, a total of 36 200 registered shares and 127 511 participation certificates were repurchased. The Board of Directors intends to propose capital reductions by canceling the repurchased registered shares and participation certificates at future General Meetings of Shareholders.
Other reserves
Other reserves comprise cash flow hedge reserves of CHF 8 million (previous year: CHF –6 million) and accumulated changes in the fair value of debt instruments measured at fair value of CHF –1 million (previous year: CHF – 1 million).
Non-controlling interests
On September 30, 2024, Schindler acquired additional equity interests in XJ-Schindler Elevator Co. Ltd., China (XJ-Schindler), of 14.3%. From that date, Schindler has held a 90% equity stake in XJ-Schindler.
The transaction has been accounted for as an equity transaction with non-controlling interests as follows:
| In CHF million | XJ-Schindler | Others | Total | |||
|---|---|---|---|---|---|---|
| Equity attributable to non-controlling interests | 7 | 1 | 8 | |||
| Equity attributable to Schindler shareholders | 93 | – | 93 | |||
| Total acquisition of non-controlling interests | 100 | 1 | 101 | |||
| Liability towards non-controlling interests | –81 | –81 | ||||
| Total impact on Group equity | 19 | 1 | 20 | |||
| Equity attributable to non-controlling interests | 7 | 1 | 8 | |||
| Equity attributable to Schindler shareholders | 12 | – | 12 | |||
| Cash and cash equivalents paid | 50 | 1 | 51 | |||
| Deferred purchase consideration | 50 | 50 | ||||
| Total acquisition of non-controlling interests | 100 | 1 | 101 |
The deferred purchase consideration towards non-controlling interests of XJ-Schindler is expected to be paid within 12 months.