22. Share capital
The functional currency of Precious Woods Holding is Swiss francs. In the financial statements it is translated into the Group’s presentation currency (EUR) using historical exchange rates.
Share capital overview
| Number of shares at a nominal value of CHF 1 |
Number of shares at a nominal value of CHF 1 |
Share capital in thousand EUR |
Share capital in thousand EUR |
|||||
|---|---|---|---|---|---|---|---|---|
| 2020 | 2019 | 2020 | 2019 | |||||
| Issued and fully paid-in capital | ||||||||
| At 1 January | 7 052 745 | 7 052 745 | 5 731 | 5 731 | ||||
| Increase | – | – | – | – | ||||
| At 31 December | 7 052 745 | 7 052 745 | 5 731 | 5 731 | ||||
The shares rank equally with regard to voting rights and dividends, and the Articles of Association include no restrictions on transfer of the Group’s shares. Precious Woods’ registered shares are not subject to any restriction on voting, distribution, transfer or other rights that exceed regulations which are unalienable under Swiss law. The authorized share capital and the conditional share capital are intended to be utilized for acquisitions, the purchase of forests or for reforestations, investments, convertible loans, expansions of shareholder base or any other important reason. The shareholders’ subscription rights can be excluded in these cases, as well as for firm underwriting agreements.
Ordinary share capital
On 31 December 2020, the issued and fully paid-in share capital amounted to CHF 7 052 745 (2019: CHF 7 052 745).
Authorized share capital
On 16 May 2019, authorized capital in the amount of CHF 1 000 000 was adopted by the general meeting. It will expire in May 2021.
Conditional share capital
On 31 December 2020, the portion of the conditional share capital which is intended to cover options of employees and board members amounted to CHF 46 638, and the total conditional share capital amounted to CHF 1 396 638.