Distributable reserves are determined on the basis of equity as reported in the statutory financial statements of the parent company, Swisscom Ltd, and not on the equity as reported in the consolidated financial statements. At 31 December 2013, Swisscom Ltd’s distributable reserves amounted to CHF 4,180 million. The dividend is proposed by the Board of Directors and must be approved by the Annual General Meeting of Shareholders. The dividend proposed for the 2013 financial year is not recorded as a liability in these consolidated financial statements. Treasury shares are not entitled to a dividend.

Swisscom paid the following dividends in 2012 and 2013:

In CHF million, except where indicated   2013   2012
Number of registered shares eligible for dividend (in millions of shares)   51.801   51.801
Ordinary dividend per share (in CHF)   22.00   22.00
Dividends paid   1,140   1,140

The dividend payments for the 2011 and 2012 financial years were funded entirely from retained earnings. The Board of Directors proposes to the Annual Shareholders’ Meeting to be held on 7 April 2014 the payment of an ordinary dividend of CHF 22 per share in respect of the 2013 financial year. This equates a total dividend distribution of CHF 1,140 million. The dividend payment is foreseen on 14 April 2014.