saxo-bank-annual-report-2015

NOTES – SAXO BANK GROUP
Note (DKK 1,000) 2015 2014
26 Share Capital
Number of shares outstanding
Shares issued at 1 January 66,618,481 66,599,063
Shares issued during the year 1,665,462 19,418
Total shares issued at 31 December 68,283,943 66,618,481
Holding of treasury shares 67,706 125,380
Total shares outstanding at 31 December 68,216,237 66,493,101
At 31 December 2015 a total of 68,283,943 (2014: 66,618,481) shares with a nominal value of DKK 1 per share are issued and fully
paid. No shares carry special rights.
In 2015, 1,665,462 ordinary shares were issued with a total proceed net of transaction costs of DKK 228 million. Share capital increased
with DKK 1.7 million and a share premium of DKK 226.3 million has been recognised in the retained earnings in Equity.
Number of
shares
Nominal
value DKK
Percentage
of ordinary
shares
Sales/purchase
price
DKK (1,000)
Holding of treasury shares
At 1 January 2014 and 31 December 2014 125,380 125,380 0.19%
Purchased 1,162,382 1,162,382 1.75% 159,498
Sold (1,220,056) (1,220,056) -1.83% 169,939
Holding at 31 December 2015 67,706 67,706 0.10%
The treasury shares acquired during 2015 is due to the exchange of shares when divesting Saxo Bank A/S’ 25% ownership in Banco
Best S.A. Remaining treasury shares are planned to be part of employees incentive schemes.
No dividend has been declared and paid to shareholders of Saxo Bank A/S in 2015 or 2014.
Additional tier 1 capital
In 2014, Saxo Bank A/S issued for EUR 45.0 million (DKK 335 million) Perpetual Fixed Rate Resettable Additional tier 1 Capital notes.
The notes are perpetual securities and have no fixed date for redemption. Initial rate of interest is 9.75% per annum. Redemption is
capped at a rate of 100.
Saxo Bank A/S may, at its sole discretion, omit interest and principal payments to bond holders. Any interests must be paid out of
distributable items in Saxo Bank Group and Saxo Bank A/S. The additional tier 1 capital will be written down if the common equity tier
1 ratio falls below 7% for Saxo Bank Group or Saxo Bank A/S. At 31 December 2015 the common equity tier 1 ratio was 14.8% (2014:
16.0%) for Saxo Bank Group and 19.0% (2014: 17.6%) for Saxo Bank A/S. The ratios are disclosed in Statement of Total Capital.
As at December 2015, the Tier 1 Capital notes including carrying interests included in equity amount to DKK 346 million (2014: DKK
338 million).
The issue is classified as an equity instrument and equity increased at the time of issue by the net proceeds received. Interest paid to
the bond holders reduces equity at the time of payment and does not affect net profit. If capital is repaid, equity will be reduced by the
repaid amount at the time of redemption. The capital issued is included in Tier 1 capital in the Statement of Total Capital.
76 · SAXO BANK · ANNUAL REPORT 2015