Note 42 - ECC capital and ownership structure

ECC capital

The Bank's ECC capital totals NOK 2,596,728,860 distributed on 129,836,443 equity capital certificates (ECCs), each with a face value of NOK 20. As at 31 December 2019 there was 10 267 ECC holders (9 371 as at 31 December 2018).

ECC capital has been raised by the following means:

Year Change  Change in ECC capital (NOK) Total ECC capital (NOK) No. of ECCs
1991 Placing 525,000,000 525,000,000 5,250,000
1992 Placing 75,000,000 600,000,000 6,000,000
2000 Employee placing 5,309,900 605,309,900 6,053,099
2001 Employee placing 4,633,300 609,943,200 6,099,432
2002 Employee placing 4,862,800 614,806,000 6,148,060
2004 Bonus Issue 153,701,500 768,507,500 7,685,075
2005 Placing 217,424,200 985,931,700 9,859,317
2005 Employee placing 23,850,000 1,009,781,700 10,097,817
2005 Split - 1,009,781,700 40,391,268
2005 Rights issue 252,445,425 1,262,227,125 50,489,085
2007 Dividend issue 81,752,950 1,343,980,075 53,752,203
2007 Employee placing 5,420,000 1,349,400,075 53,976,003
2008 Dividend issue 90,693,625 1,440,093,700 57,603,748
2008 Employee placing 6,451,450 1,446,545,150 57,861,806
2009 Bonus issue 289,309,025 1,735,854,175 69,434,167
2010 Employee placing 12,695,300 1,748,549,475 69,941,979
2010 Rights issue 624,082,675 2,372,632,150 94,905,286
2011 Rights issue 625,000 2,373,257,150 94,930,286
2012 Reduction in nominal value -474,651,430 1,898,605,720 94,930,286
2012 Rights issue 569,543,400 2,468,149,120 123,407,456
2012 Employee placing 16,220,200 2,484,369,320 124,218,466
2012 Placing 112,359,540 2,596,728,860 129,836,443

 

 

20 largest ECC holders No. of ECCs   Holding
State Street Bank and Trust CO (nominee) 5,596,264   4.31 %
VPF Nordea Norge 4,911,723   3.78 %
Sparebankstiftelsen SMN 3,965,391   3.05 %
VPF Odin Norge 3,442,919   2.65 %
Danske Invest Norske Aksjer Institusjon II 3,314,149   2.55 %
VPF Pareto Aksje Norge 2,368,292   1.82 %
VPF Alfred Berg Gambak 2,254,451   1.74 %
Morgan Stanley & Co. International 2,084,858   1.61 %
State Street Bank and Trust Comp (nominee) 2,044,622   1.57 %
JPMorgan Chase Bank, N.A., London (nominee) 2,023,423   1.56 %
Pareto Invest AS 1,815,271   1.40 %
Forsvarets Personellservice 1,779,246   1.37 %
VPF Nordea Kapital 1,503,225   1.16 %
Danske Invest Norske Aksjer Institusjon I 1,372,975   1.06 %
J.P. Morgan Bank Luxembourg (nominee) 1,370,104   1.06 %
MP Pensjon PK 1,352,771   1.04 %
VPF Eika Egenkapitalbevis 1,349,141   1.04 %
Handelsbanken Nordiska Småbolagsfond 1,316,359   1.01 %
Citibank N.A (nominee) 1,293,691   1.00 %
VPF Nordea Avkastning 1,249,111   0.96 %
The 20 largest ECC holders in total 46,407,986   35.74 %
Others 83,428,457   64.26 %
Total issued ECCs 129,836,443   100.00 %

Dividend policy

SpareBank 1 SMN aims to manage the Group’s resources in such a way as to provide equity certificate holders with a good, stable and competitive return in the form of dividend and a rising value of the bank’s equity certificate.

The net profit for the year will be distributed between the owner capital (the equity certificate holders) and the ownerless capital in accordance with their respective shares of the bank’s total equity capital.

SpareBank 1 SMN’s intention is that around one half of the owner capital’s share of the net profit for the year should be disbursed in dividends and, similarly, that around one half of the owner capital’s share of the net profit for the year should be disbursed as gifts or transferred to a foundation. This is on the assumption that capital adequacy is at a satisfactory level. When determining dividend payout, account will be taken of the profit trend expected in a normalised market situation, external framework conditions and the need for tier 1 capital.

 

Annual report and notes

© SpareBank 1 SMN