Shareholders Matters

Concise and effective corporate governance and company management shall contribute to advancing the greatest possible value creation and ensure a high level of confidence in the company’s board of directors and management. Open dialogue with the financial community, equal treatment of shareholders, and timely and comprehensive information about the company’s activities form the basis for a balanced and accurate valuation of the Infratek share.

Infratek has a goal to maintain an annual dividend level of 50 percent or more of after-tax profits, adjusted for noncash-generating items. The Board of Directors will consider Infratek’s expansion possibilities, liquidity, and financial position when determining the dividend level. The Board of Directors will propose to Infratek’s annual general meeting that a per-share dividend of NOK 1.50 be paid for the 2011 accounting year. The dividend represents 134 percent of profit after tax, and the proposal is based on the Groups strong capital structure and expected positive cash flow in 2012.
 

 

Share price development and turnover

The market capitalization of Infratek, based on the year-end 2011 closing price, was NOK 1.3 billion. At year-end 2010, Infratek’s share price was NOK 20.8 compared to NOK 20.6 at the year-end 2011 based on the latest trade share price as of 30 December. In addition, a dividend a per-share of NOK 1 was paid during 2011. The highest share price recorded and the lowest share price recorded in 2011 were NOK 24.4 and NOK 18.7, respectively. A total of 7.0 million Infratek shares were traded in 2011, here by 1.5 million traded on Oslo Stock Exchange. In total 6.3 million shares were traded in 2010. Infratek has a market maker agreement with Terra Markets to ensure adequate liquidity. The Infratek share is classified as OB Match.

 

		2007		2008		2009		2010		2011
Highest share price		20.0		22.4		17.5		26.0		24.4
Lowest share price		17.6		13.3		11.5		15.7		18.7
Closing price as of 31 December		20.0		13.5		17.0		20.8		20.6

Share capital and shareholder structure

As of 31 December 2011 Infratek’s share capital comprised 63 863 224 shares. The shares have a par value of NOK 5.00 per share. Hafslund ASA is the largest Infratek shareholder, owning 43.3 percent, and Fortum Nordic AB the second largest shareholder with 33.0 percent as of 31 December 2011. There have been no changes in Hafslund or Fortum’s ownership during the year. The remaining largest shareholders are represented by financial investors and nominee accounts. A total of 0.6 percent of the company’s share capital is owned by members of Infratek’s Board of Directors and Group management, and 96.4 percent of the share capital is held by the company’s 15 largest shareholders.

As of 31 December 2011, there were 545 shareholders; 7.7 percent of the company’s shares were held by non-Norwegian shareholders.

 

Authorisations and voting

The Board of Directors is authorised to acquire up to 6 386 322 new shares equal 10 percent of the company’s share capital. The authorisations are valid until the 2012 annual general meeting. Each Infratek share carries one ordinary vote. The Group has no ownership restrictions, other than as prescribed by Norwegian law. Norwegian corporate law dictates that one may only vote for shares which are registered in one’s own name. Shares falling under custodian registration must thus be re-registered prior to the annual general meeting in order to establish voting rights.

Investor Relations

Shareholders, banks, and the financial market are kept informed about key events through Infratek’s annual and quarterly reports, stock exchange notices, and media releases. Further, Infratek regularly schedules meetings with investors and analysts. Investor-related information is published on Infratek’s website: www.infratek.no.

Share price development and turnover at Oslo børs.

 

Ownership structure by number of shares held
 

No. of shares hold		No. of shareholders		Proportion of share capital		Total no. of shares held
1 - 100		16		0.0 %		564
101 - 1000		284		0.3 %		191 983
1001 - 10 000		203		0.8 %		524 957
10 001 - 100 000		22		1.4 %		863 026
100 000 - 500 000		11		3.2 %		2 016 910
500 000 - 99 999 999		9		94.4 %		60 265 784
		545		100.0 %		63 863 224

Infratek’s largest shareholders as of 31 December 2011
 

#		Owner		Number of shares		Ownership (in %)
1		HAFSLUND ASA		27 652 360		43.3 %
2		FORTUM NORDIC AB		21 074 864		33.0 %
3		ODIN NORDEN		3 180 700		5.0 %
4		ORKLA ASA		2 351 044		3.7 %
5		NORDSTJERNAN AB		1 952 067		3.1 %
6		THE NORTHERN TRUST C TREATY ACCOUNT		1 595 600		2.5 %
7		SKANDINAVISKA ENSKIL A/C CLIENTS ACCOUNT		947 100		1.5 %
8		MP PENSJON PK		830 000		1.3 %
9		DNB NOR SMB VPF		682 329		1.1 %
10		VPF NORDEA AVKASTNIN		312 000		0.5 %
11		VPF NORDEA KAPITAL		229 850		0.4 %
12		TERRA TOTAL VPF		201 000		0.3 %
13		IVAR S LØGE AS		200 000		0.3 %
14		VJ INVEST AS		185 000		0.3 %
15		BJØRN FROGNER		183 000		0.3 %
		Sum 15 largest		61 576 914		96.4 %
		Other shareholders		2 286 310		3.6 %
		Total		63 863 224		100.0 %
		Board and Management*		373 500		0.6 %

* Does not include shares owned by Froutm Nordic AB where Hans Kristian Rød is employed.

 

Analysts that monitor Infratek
Carnegie Marius Gaard E-mail: mg@carnegie.no Tel: +47 22 00 93 57 / +47 93 40 93 57		Terra Markets Jonas Jarutis E-mail: jl@terramarkets.no Tel +370 52 46 19 64 /+ 370 61 84 89 89
DnB NOR Markets Ole-Andreas Krohn E-mail: ole-andreas.krohn@dnbnor.no Tel: +47 22 94 89 91 / +47 91 85 97 22		Investorkontakt Vibecke Skjolde, CFO E-mail.: vibecke.skjolde@infratek.no Tel: +47 91 66 21 10

 

First-quarter report: 09/10. May 2012
General meeting: 9 May 2012
- Shares trade ex-dividend: 10 May
- Dividend paid:  31 May
 

Second-quarter report: 22 August 2012
 

Third-quarter report: 1 November 2012