The movements in equity are as follows: 2021 in millions of Swiss francs Share Capital Statutory retained earnings Additional paid-in capital Voluntary retained earnings Available retained earnings Own shares Tot al Balance as at 1 January 92 18 3 1,542 691 (35) 2,311 Registered shares Issuance of shares Movement of shares 1 1 Appropriation of available earnings Distribution to the shareholders paid relating to 2020 (589) (589) Net profit for the year 1,190 1,190 Balance as at 31 December 92 18 3 1,542 1,292 (34) 2,913 2020 in millions of Swiss francs Share Capital Statutory retained earnings Additional paid-in capital Voluntary retained earnings Available retained earnings Own shares Tot al Balance as at 1 January 92 18 3 1,542 663 (31) 2,287 Registered shares Issuance of shares Movement of shares (4) (4) Appropriation of available earnings Distribution to the shareholders paid relating to 2019 (571) (571) Net profit for the year 599 599 Balance as at 31 December 92 18 3 1,542 691 (35) 2,311 Statutory capital reserves from capital contributions – additional paid-in capital are presented separately in equity. Any payments made out of these reserves are not subject to Swiss withholding tax, nor subject to income tax on individual shareholders who are resident in Switzerland. Notes to the statutory financial statements 111 Givaudan — 2021 Governance, Compensation and Financial Report Governance Report Compensation Report Consolidated Financial Report Statutory Financial Report Appendix