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.
Financial results
Annual report and notes
