Investors in Triodos Bank

Information about depository receipts

About depository receipts

We use our capital to finance our continued growth, so that we can lend money to a wide range of inspiring ethical organisations. We have more than 40,000 investors, known as Depository Receipt Holders. Some of them are institutions who can invest up to 10% of the issued depository receipt capital in Triodos Bank.

Triodos Bank is keen to be in regular, open dialogue with our Depository Receipt Holders. We feel it's important that we show how we work and share our vision for better banking with you, as we grow. We conduct a regular survey amongst Depository Receipt Holders. The most recent of which can be found here.

Triodos Bank believes it's crucial that its mission and identity is protected. As a result, all Triodos Bank's shares are held in trust by SAAT - the Foundation for the Administration of Triodos Bank Shares. SAAT then issues depository receipts for Triodos Bank shares to the public and to institutions. These depository receipts embody the economic aspects of the shares of Triodos Bank NV. In addition, it exercises the voting rights for the Triodos Bank N.V. shares.

The depository receipts are not listed on any securities exchange. Instead, Triodos Bank maintains a platform for transactions against net asset value for the depository receipts. This means that, generally speaking, depository receipts can be bought and sold on a weekly basis. Large stakes may take longer. Situations may occur where it is not possible to redeem depository receipts.

Details and key figures

Financial
Amounts in millions of EUR	2018	2017	2016	2015	2014
Equity	1,131	1,013	904	781	704
Funds entrusted	9,558	8,722	8,025	7,283	6,289
Loans	7,274	6,598	5,708	5,216	4,266
Balance sheet total	10,870	9,902	9,081	8,211	7,152
Funds under management¹	4,673	4,604	4,373	4,087	3,480
Total assets under management	15,543	14,506	13,454	12,298	10,632
Total income	266.2	240.3	217.6	211.6	189.6
Operating expenses	-211.8	–190.2	–171.9	–150.2	–138.4
Impairments loan portfolio	-3.5	–1.8	–5.7	–7.6	–11.1
Value adjustments to participating interests	-0.5	1.3	–1.5	0.2	0.2
Operating result before taxation	50.4	49.6	38.5	54.0	40.3
Taxation on operating result	-11.8	–12.2	–9.3	–13.3	–10.2
Net profit	38.6	37.4	29.2	40.7	30.1
(Common) equity tier 1 ratio	17.7%	19.2%	19.2%	19.0%	19.0%
Leverage ratio	8.7%	8.9%	8.8%	8.4%	8.8%
Operating expenses/total income	80%	79%	79%	71%	73%
Return on equity in %	3.6%	3.9%	3.5%	5.5%	4.4%
Return on assets in %	0.4%	0.4%	0.3%	0.5%	0.4%
Real Economy assets/Balance sheet total³	77.6%	80.2%	80.6%	83.3%	72.2%
Triple Bottom Line assets/Balance sheet total	76.5%	75.3%	77.0%	77.9%	76.9%
Per share (in EUR)
Net asset value at year end	84	83	82	81	78
Net profit²	2.99	3.19	2.83	4.40	3.41
Dividend	1.95	1.95	1.95	1.95	1.95
Number of depository receipt holders	42,416	40,077	38,138	35,735	32,591
Number of accounts – retail	839,242	808,090	759,738	707,057	628,321
Number of accounts – business	68,751	60,339	50,765	44,418	36,320
Social
Number of co-workers at year end	1,427	1,377	1,271	1,121	1,017
Co-worker turnover	9%	9%	8%	14%	10%
Women as percentage of management	39%	44%	40%	38%	40%
Ratio of highest to median salary⁴	5.6	5.7	5.7	5.7	5.6
Environment
Triodos Bank’s own emissions, 100% compensation (in ktonne CO₂ eq.)	2.8	3.1	3.1	3.0	3.1
Net emissions in outstanding loans and investments (in ktonne CO₂ eq.)⁵	152	-	-	-	-
Avoided emissions in renewable energy loans and investments (in ktonne CO₂ eq.)⁵	-985	-	-	-	-

¹Including funds under management with affiliated parties that have not been included in the consolidation.

²The figure of net profit per share is calculated on the average number of issued shares in circulation during the financial year.

³Triple Bottom Line assets refer to assets not only focused on economic benefits, but also on positive social and environmental benefits. We believe this figure provides the best indication of a bank’s commitment to sustainability. The assets committed to the Real Economy and to the Triple Bottom Line for the years 2014-2016 have not been reviewed.

⁴The ratio of highest to median salary (excluding highest salary) follows the GRI criteria and is considered best practice. All salaries are calculated on a full-time basis. The ratio of the highest to the lowest salary is reported in the Co-worker Report in Triodos Bank Annual Report.

⁵2018 is the first year of reporting using the Platform for Carbon Accounting Financials (PCAF) methodology. Around 68% of our outstanding loans and funds’ investments are assessed.

Details

NAV share price as of 14/01/20	EUR 84.00
Share class inception date	30/06/80
Currency	EUR
Dividend per share as of 21/05/19	EUR 1.95
Dividend yield 2019	2.32%

Triodos Bank maintains its own platform for trading in depository receipts. The price of the depository receipts is determined on a daily basis, using a fixed calculation model, that calculates the net asset value (NAV) per depository receipt.

Other details

Depository receipts of Triodos Bank are issued by Triodos Bank N.V. through Stichting Administratiekantoor Aandelen Triodos Bank (SAAT).
Triodos Bank N.V. is registered with the Dutch Central Bank (DNB) and the Netherlands Authority for the Financial Markets (AFM).
Depository receipts are not listed on a stock exchange, but Triodos Bank maintains an internal market for transactions against net asset value on a daily basis. Therefore investors may have to wait before they can sell their depository receipts.
Please refer to the prospectus (in English) for further information about the expenses and risks that apply specifically to these securities. The prospectus for depository receipts of Triodos Bank (in English) can be obtained from Triodos Bank in the countries stated below.
Depository receipts of Triodos Bank are currently available in The Netherlands, United Kingdom (UK), Belgium, Spain and Germany.
Depository receipts are traded on a weekly basis.
Orders to redeem or buy depository receipts can be submitted every day. Triodos Bank matches all the subscriptions and redemptions each Wednesday, or the next day in case of a holiday.
Triodos Bank can buy back for 28.2 million euro of the outstanding depository receipts in case it receives more redemptions than subscriptions from Depository Receipt Holders.
In the event that Triodos Bank buys back 28.2 million euro of the outstanding depository receipts and it still receives more redemptions than subscriptions, depository receipt holders have to wait before they can redeem their depository receipts until there is renewed demand for the depository receipts. This situation has not occurred over the last 10 years.
Triodos Bank has four Executive Board Members:

Role	Member
Chief Executive Officer, Chair of the Executive Board	Peter Blom
Chief Financial Officer, member of the Executive Board	André Haag
Chief Operating Officer, member of the Executive Board	Jellie Banga
Chief Risk Officer, member of the Executive Board	Carla van der Weerdt

For more information about the Executive Board and SAAT, the Foundation for the Administration of Triodos Bank Shares, go to the Governance page.

Latest information

The latest information about depository receipts, such as the financial calendar and post trade information, can be found below.

New prospectus available

A new prospectus is available. The most important changes compared to the old prospectus are explained here. The full prospectus is available in the download section at the bottom of this page.

Financial calendar

The financial calendar for 2020 is as follows:

Subject	Date 2020
Publication of the Annual Results 2019	19 March
Publication Online Annual Report 2019	19 March (subject to Supervisory Board approval)
Annual General Meeting (AGM)	15 May
Ex dividend date	19 May
Dividend payment date	22 May
Publication of Half Year Results 2020	21 August

Triodos Bank's latest press releases can be found here.

More information on the past and future AGMs can be found here.

The latest online Annual Report can be found here.

Post trade information depository receipts 2019

In 2019 the trading in depository receipts has been executed without any issues. Trading was done each week, with the exception of the period 4 June 2019 – 3 July 2019. In this period there was a temporary closure for buy and sell orders of Depository Receipts, because the methodology which is the basis for the calculation of the price of depository receipts changed. All transaction orders that were submitted in 2019 have been executed, at the predetermined price.

In total we processed buy orders representing a total of 152 million euros. At the same time we processed sell orders representing a total of 77 million euros.

The prices against which the orders were executed were identical to the price quoted on the Triodos website on the date the transaction orders were submitted:

Date	Price (in Euros)
1 January - 20 May	84
21 May - 1 July	83 (ex dividend)
2 July - 21 October	82 (changed calculation methodology)
22 October - 31 December	83

More information for investors

Both the Annual General Meeting and the Depository Receipts Holders' Survey give our investors more insight in what we do. More information about these topics can be found below.

Performance

Cumulative Performance Chart

Impact figures depository receipts Triodos Bank

The yearly impact of depository receipts Triodos Bank NV is calculated in the following way: the realised impact of Triodos Bank's loan portfolio and the impact of the assets under management of the funds of Triodos Investment Management are put together.

2,500 m2 organic farming per 100 depository receipts

Organic farming

Total impact Triodos Bank NV in organic farming: 35,000 hectares.
The total impact figures of 2018 are divided by the total number of depository receipts at the end of 2018, multiplied by 100.

3.1 cars less on the road per 100 depository receipts

Avoided CO2 emissions

Total impact Triodos Bank NV in avoided CO2 emissions: 419,000 cars.
The total impact figures of 2018 are divided by the total number of depository receipts at the end of 2018, multiplied by 100.

18.5 households on renewable energy per 100 depository receipts

Renewable energy

Total impact Triodos Bank NV in renewable energy: 2.5 million households.
The total impact figures of 2018 are divided by the total number of depository receipts at the end of 2018, multiplied by 100.

Frequently asked questions

All general information regarding the Annual General Meeting (AGM) can be found here.

Documents related to the AGM, can be found at the downloads section of this page.

Triodos Bank believes that it is crucial that its mission and independence are protected. All the Bank’s ordinary shares (‘Shares’) are held in a special trust called the Foundation for the Administration of Triodos Bank Shares, or SAAT to use its Dutch abbreviation. This body makes sure that decisions about financial profit are not made at the expense of the Bank’s social and environmental goals.

Shares in Triodos Bank are held by investors through depository receipts. SAAT issues these depository receipts for Triodos Bank Shares to individuals and institutions.

If you choose to invest you will own depository receipts issued by SAAT representing Shares in Triodos Bank N.V. As well as issuing depository receipts, SAAT exercises all of the voting rights for Triodos Bank Shares.

The depository receipts are not listed on any stock exchange. Instead, Triodos Bank maintains its own platform for trading in depository receipts. Triodos Bank can buy back for 28.2 million euro of the outstanding depository receipts in case it receives more redemptions than subscriptions from depository receipt holders. In the event that Triodos Bank buys back 28.2 million euro of the outstanding depository receipts and it still receives more redemptions than subscriptions, Depository Receipt Holders have to wait before they can redeem their depository receipts until there is renewed demand for the depository receipts. This situation has not occurred over the last 10 years.

Triodos Bank Depository Receipt Holders are entitled to vote at SAAT’s Annual General Meeting (AGM). Each holder of depository receipts is limited to a maximum of 1,000 votes. The SAAT AGM appoints the members of SAAT’s Board of Management, based on the Board’s recommendation - a recommendation that must be approved by Triodos Bank’s Executive Board.

No Depository Receipt Holder may hold more than just under 10% of the total number of depository receipts in issue to prevent any one shareholder exerting undue influence over Triodos Bank’s mission and objectives.

You can find the latest annual report here.

Previous annual reports, including half year reports, can be found in the downloads section on this page.

Downloads

Money has the power to change

With the support of investors, Triodos Bank finances companies, institutions and projects that contribute to a sustainable society. Check out some of the projects we finance.

More about investing in depository receipts

Visit your local Triodos Bank website

The Netherlands Belgium (NL)Belgium (FR)Spain United Kingdom Germany

Inception date:	30/06/80
Net asset value as of 31/12/19	EUR 1,195,236,836.56
Depository receipt count as of 31/12/19	14,400,443.81
Domicile	Netherlands
Legal status	Stichting Administratiekantoor Aandelen Triodos Bank
Valuation	WEEKLY
Supervisor	DNB

1 M	3 M	YTD	1 Y	3 Y avg	5 Y avg	10 Y avg
0.00	1.22	1.13	1.13	2.79	3.70	4.15

Payment date	Amount per Depository Receipt (EUR)
24/05/19	1.95
25/05/18	1.95
26/05/17	1.95

Investors in Triodos Bank

About depository receipts

Details and key figures

Latest information

More information for investors

Annual General Meeting

Triodos Bank is keen to be in regular, open dialogue with our Depository Receipt Holders.

Depository Receipt Holders' Survey

See what our Depository Receipt Holders think of Triodos Bank’s work.

Performance

Cumulative Performance Chart

Impact figures depository receipts Triodos Bank

Organic farming

Avoided CO2 emissions

Renewable energy

Frequently asked questions

Downloads

Downloads

Money has the power to change

Figeestaete beheer

Synergos

Gimsel Apeldoorn

Mr. & Mrs. Watson

Stichting Achterhoekse Zaalsport Accomodatie

Boekmanstichting

Gemeente Breda: verduurzaming gemeentelijk vastgoed

Praktijk Valkenbosplein

Maasmond Windenergie

Stichting Behoud Waardevol Erfgoed

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More about investing in depository receipts

Visit your local Triodos Bank website

2014	2015	2016	2017	2018
5.26	5.13	5.00	3.66	3.61