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5 Equity 31.12.2009 31.12.2010
  CHF thousands    
         
    Share capital 2,783,115 bearer shares at a par value of CHF 1 per share 2,783 2,783
         
    Participation capital 625,000 bearer shares at a par value of CHF 1 per share 625 625
         
  Share capital 3,408 3,408
         
         
    Reserves for treasury shares 3,494 4,664
    Reserves from merger and contributions in kind 40,276 -
    Capital reserves - 37,112
    Other legal reserves 12,000 15,164
    Other reserves 383,468 432,298
  Reserves 439,238 489,238
         
         
    Retained earnings carried forward 22,289 30,135
    Net income for the year 85,111 54,354
  Unappropriated retained earnings 107,400 84,489
         
  Equity 550,046 577,135

Share capital

Significant shareholders as defined by the Swiss Code of Obligations (OR) 663 c (share of capital and voting rights):
Canton of Graub√ľnden 46.0%
Alpiq Holding AG, Olten 24.6%
EGL AG, Laufenburg 21.4%

Treasury shares

In the year under review 2,867 bearer shares (previous year: none) and no participation certificates (previous year: none) were sold at market rates and 2,867 bearer shares (previous year: none) and 150 participation certificates (previous year: none) were acquired. At 31 December 2010 the number of treasury shares amounted to 12,156 bearer shares (previous year: 12,156) with a total par value of TCHF 12 and 4,107 participation certificates (previous year: 3,957) with a par value of TCHF 4.