EMS-CHEMIE HOLDING AG, Domat/Ems (GR), is reporting a profit of CHF 317 million (previous year: CHF 166 million) for its 1996/97 financial year which ended on 30 April, (compared to the EMS-Group which publishes its consolidated financial statements as at 31.12). The extraordinary rise in earnings is on one hand due to increased income from securities of CHF 288 million (previous year: CHF 161 million) and on the other hand to increased income from participations of CHF 55 million (previous year: CHF 19 million). EMS-CHEMIE HOLDING AG was able to report a realised gain on securities as at 30 April 1997 by disposing of its entire securities portfolio (amount in previous year CHF 194 million). Its excellent earnings raised the tax charge from CHF 20 million to CHF 34 million.
Following EMS-CHEMIE HOLDING AGs buy-back of 40,000 of its own bearer shares on 25 March 1997 to reduce its capital (equivalent to CHF 240 million), then in view of its excellent annual results, i.e. the high retained earnings at the end of the year, it is to invite shareholders to tender a further 14'140 bearer shares at a price of CHF 6'100.-- per share to reduce its capital. A total of 54'140 bearer shares (representing 4.57% of votes, i.e. 9.02% of the capital) amounting to CHF 326 million will be bought back as a result of these actions. Subject to approval at the Ordinary General Meeting on 23 August 1997, the share capital of CHF 30 million will be reduced to a new figure of CHF 27'293'000.-- Details on the share buy-back scheme will be announced on 9/10 May 1997.
