SHAREHOLDER
INFORMATION
ODFJELL’S AIM IS TO PROVIDE A COMPETITIVE LONG-TERM RETURN ON THE INVESTMENTS FOR ITS SHAREHOLDERS. THE COMPANY EMBRACES AN INVESTOR-FRIENDLY DIVIDEND POLICY. THE GOAL IS TO PROVIDE SEMI-ANNUAL DIVIDEND PAYMENTS. WE COMPLY WITH THE CODE OF PRACTICE FOR REPORTING AND INFORMATION AS ADVISED BY OSLO STOCK EXCHANGE.
SHARE PERFORMANCE
At year end 2015, Odfjell A and B shares were trading at NOK 28.30 and NOK 26.50 respectively, compared to NOK 28.80 and NOK 26.20 respectively at the close of 2014. In the same period the Oslo Stock Exchange Benchmark Index increased by 6% and the Transportation Index lost 12%. At 31 December 2015, Odfjell SE had a market capitalisation of NOK 2,418 million, which was equivalent to USD 275 million.
Given the negative 2015 results and the importance of maintaining strong liquidity, the Board does not recommend payment of any ordinary dividend for 2015.
TRADING VOLUMES
In 2015 about 12.4 million Odfjell shares were traded; 8.9 million A-shares and 3.5 million B-shares. This represents about 14% of the issued and outstanding shares. At year-end 2015 Odfjell had outstanding 65.70 million A-shares and 21.10 million B-shares.
SHAREHOLDERS
At the end of 2015 there were 1,220 holders of Odfjell A-shares and 523 holders of Odfjell B-shares. The total number of shareholders was 1,445 reflecting that some shareholders own shares in both classes.
INVESTOR OWNERSHIP
63% of the Company’s A-shares and 41% of the B-shares were held by international investors at the end of the year, equivalent to 57% of the total share capital.
INVESTOR RELATIONS
Accurate and timely information is of vital importance in order to create credibility and confidence. Our policy is to provide the market with all relevant information in line with statutory regulations and the recommendations of the Oslo Stock Exchange. We attach great importance to ensure that shareholders receive swift, relevant and correct information about the Company. Our aim is to provide a good understanding of the Company’s activities and its prospects so that shareholders are in a good position to assess the share’s trading price and underlying value.
SHAREHOLDER STRUCTURE
EMPLOYEES
DEVELOPMENT ODFJELL SHARES 2015
EBITDA PER SEGMENT
SHARE CAPITAL HISTORY
| YEAR | AFTER EVENT | AMOUNT IN NOK | SHARE CAPITAL AFTER EVENT |
|---|---|---|---|
| 1914 | Established | 517 500 | 517 500 |
| 1969 | Capitalisation bonus issue | 382 500 | 900 000 |
| 1969 | Merger with A/S Oljetransport | 900 000 | 1 800 000 |
| 1981 | Capitalisation bonus issue | 1 800 000 | 3 600 000 |
| 1984 | Capitalisation bonus issue | 3 600 000 | 7 200 000 |
| 1985 | Merger with Skibsaksjeselskapet Selje | 3 320 000 | 10 520 000 |
| 1985 | Merger with Odfjell Tankers & Terminals A/S | 2 000 000 | 12 520 000 |
| 1985 | Capitalisation bonus issue | 6 260 000 | 18 780 000 |
| 1986 | Public offering | 9 390 000 | 28 170 000 |
| 1986 | Capitalisation bonus issue | 2 817 000 | 28 170 000 |
| 1988 | Capitalisation bonus issue | 6 197 400 | 30 987 000 |
| 1989 | Capitalisation bonus issue | 7 436 880 | 37 184 400 |
| 1989 | International private placement | 10 000 000 | 44 621 280 |
| 1990 | Capitalisation bonus issue | 54 621 280 | 54 621 280 |
| 1994 | Capitalisation bonus issue | 109 242 560 | 109 242 560 |
| 2000 | Private placement | 49 267 340 | 218 485 120 |
| 2001 | Redemption of treasury shares | -13 657 500 | 267 752 460 |
| 2002 | Redemption of treasury shares | -25 409 490 | 254 094 960 |
| 2003 | Redemption of treasury shares | -11 763 100 | 228 685 470 |
| 2004 | Share split 2:1 | 0 | 216 922 370 |
| 2005 | Share split 2:1 | 0 | 216 922 370 |
| 2006–2015 | No events | 0 | 216 922 370 |
20 LARGEST SHAREHOLDERS AS PER 31 DECEMBER 2015 (BASED ON SHAREHOLDERS ANALYSIS)
| Name | A-shares | B-shares | Total | Percent of votes | Percent of shares | |
|---|---|---|---|---|---|---|
| 1 | Laurence Ward Odfjell | 25 966 492 | 3 999 393 | 29 965 885 | 39,53 % | 34,54 % |
| 2 | DNB Bank ASA | 5 847 007 | 2 410 662 | 8 257 669 | 8,90 % | 9,52 % |
| 3 | Tufton Oceanic | 4 066 326 | 1 600 800 | 5 667 126 | 6,19 % | 6,53 % |
| 4 | Rederiet Odfjell AS | 3 497 472 | 1 569 402 | 5 066 874 | 5,32 % | 5,84 % |
| 5 | BW Euroholdings | 3 284 334 | 900 000 | 4 184 334 | 5,00 % | 4,82 % |
| 6 | Odfjell Shipping Bermuda | 2 750 000 | 879 400 | 3 629 400 | 4,19 % | 4,18 % |
| 7 | Pareto Forvaltning | 1 851 580 | 870 889 | 2 722 469 | 2,82 % | 3,14 % |
| 8 | JPMorgan International | 1 071 400 | 715 760 | 1 787 160 | 1,63 % | 2,06 % |
| 9 | KLP | 1 009 585 | 700 000 | 1 709 585 | 1,54 % | 1,97 % |
| 10 | Holmen Fund Management | 900 000 | 566 628 | 1 466 628 | 1,37 % | 1,69 % |
| 11 | Kurt Magnus Richard Berger | 732 400 | 504 318 | 1 236 718 | 1,11 % | 1,43 % |
| 12 | AS SS Mathilda | 600 000 | 425 280 | 1 025 280 | 0,91 % | 1,18 % |
| 13 | Credit Suisse Private Banking | 550 800 | 288 500 | 839 300 | 0,84 % | 0,97 % |
| 14 | Holberg Fondene | 537 500 | 260 000 |
797 500
|
0,82 % | 0,92 % |
| 15 | Dimensional Fund Advisors | 451 123 | 250 000 | 701 123 | 0,69 % | 0,81 % |
| 16 | EGD Shipholding AS | 450 200 | 230 674 | 680 874 | 0,69 % | 0,78 % |
| 17 | Nordea Bank, Luxembourg (PB) | 369 861 | 223 534 | 593 395 | 0,56 % | 0,68 % |
| 18 | J.O. Odfjell AS | 296 600 | 165 000 | 461 600 | 0,45 % | 0,53 % |
| 19 | Swedbank Robur | 281 117 | 150 000 | 431 117 | 0,43 % | 0,50 % |
| 20 | Ses AS | 229 111 | 150 000 | 379 111 | 0,35 % | 0,44 % |
| Total 20 largest shareholders | 54 742 908 | 16 860 240 | 71 603 148 | 83,33 % | 82,52 % | |
| Other shareholders | 10 947 336 | 4 218 464 | 15 165 800 | 16,67 % | 17,48 % | |
| Total | 65 690 244 | 21 078 704 | 86 768 948 | 100,00 % | 100,00 % |
Source: Shareholder analysis conducted by RD:IR.
For a list of the largest shareholders of 31 December, 2015, from the Norwegian Central Securities Depositary (VPS), see Note 18 in Notes to the financial statements to Odfjell SE.