2. Capital structure

The ordinary share capital on 31 December 2017 stood at CHF 7 052 745 (7 052 745 registered shares at CHF 1.00 each).

As of 31 December 2015 the conditional share capital amounted to CHF 482 963 (482 963 shares with a nominal value of CHF 1.00 each). On 18 February 2016, the right to convert a convertible bond was exercised. The capital increase amounted to CHF 40 540 (40 540 shares with a nominal value of CHF 1.00 each). In August 2016, a capital increase was effected by issuing employee shares. The capital increase amounted to CHF 93 850 (93 850 shares nominal value of CHF 1.00 each) As of 31 December 2016, the conditional share capital amounted to CHF 348 573 (348 573 shares with a nominal value of CHF 1.00 each). On 18 May, the Annual General Meeting authorized to increase the conditional share capital to CHF 1 500 000 (1 500 000 shares with a nominal value of CHF 1.00 each) in accordance with Article 3a of the Articles of Association. On 18 May 2017, the conversion right of a loan to subscribe for shares was exercised. The capital increase amounted to CHF 150 000 (150 000 shares nominal value of CHF 1.00 each). As of 31 December 2017, the conditional capital amounts to CHF 1 396 638 (1 396 638 shares with a nominal value of CHF 1.00 each).

The authorized share capital, which was renewed at the Annual General Meeting in 2016, expired on 25 May 2017. On 18 May 2017, the Annual General Meeting approved an authorized share capital of CHF 1 000 000 (1 000 000 shares with a nominal value of CHF 1.00 each). The BoD is thus authorized to increase the share capital at any time until 17 May 2019 by a maximum amount of CHF 1 000 000 by way of issuance of no more than 1 000 000 registered shares that are to be fully paid in with a nominal value of CHF 1.00 each. In 2017, no capital increase from authorized share capital was executed. On 31 December 2017, the amount of the authorized capital is CHF 1 000 000 in shares (1 000 000 shares with a nominal value of CHF 1.00 each). More information about the capital structure can be found in note 16 of the consolidated Group Financial Statements.

On March and April 2017, a loan each of EUR 1.0 million with maturities of three years was obtained. The CHF 0.5 million convertible loan was converted in May 2017. On December 2017, the existing loan was increased from CHF 17.0 million to CHF 20.0 million. Further information about loans can be found in note 15 of the consolidated Group Financial Statements.

On December 2016, a loan in the amount of EUR 1.0 million was obtained with a maturity of four years.