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A company asked whether reducing capital through share buybacks and amortisation affects the requirement to maintain capital reserves. The DGT responds that such operations do not impact this calculation as long as the nominal value and issue premium are not exceeded.
Question raised
The maintenance requirement refers to the global amount of the increase in equity and not to each individual item. Items representing shareholder contributions (nominal value and share premium) must not be counted to determine the increase or its maintenance. Therefore, the acquisition and amortization of treasury shares does not affect the capitalization reserve, unless the price paid exceeds the sum of the nominal value and the share premium, in which case the excess would indeed reduce the equity.
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