Investors in Triodos Bank

Information about depository receipts

Triodos Bank revises dividend proposal

Temporary closure of trading of Triodos Bank 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	2019	2018*	2017	2016	2015
Equity	1,200	1,112	1,013	904	781
Funds entrusted	10,690	9,558	8,722	8,025	7,283
Loans	8,187	7,248	6,598	5,708	5,216
Balance sheet total	12,060	10,850	9,902	9,081	8,211
Funds under management¹	5,671	4,673	4,604	4,373	4,087
Total assets under management	17,731	15,523	14,506	13,454	12,298
Total income	292.0	261.1	240.3	217.6	211.6
Operating expenses	–234.6	–212.1	–190.2	–171.9	–150.2
Impairments loan portfolio	–3.9	–3.5	–1.8	–5.7	–7.6
Value adjustments to participating interests	0.3	–0.5	1.3	–1.5	0.2
Operating result before taxation	53.8	45.0	49.6	38.5	54.0
Taxation on operating result	–15.0	–10.3	–12.2	–9.3	–13.3
Net profit	38.8	34.7	37.4	29.2	40.7
(Common) equity tier 1 ratio	17.9%	17.5%	19.2%	19.2%	19.0%
Leverage ratio	8.5%	8.6%	8.9%	8.8%	8.4%
Operating expenses/total income	80%	81%	79%	79%	71%
Return on equity in %	3.4%	3.3%	3.9%	3.5%	5.5%
Return on assets in %	0.3%	0.3%	0.4%	0.3%	0.5%
Real Economy assets/Balance sheet total²	76.1%	77.5%	80.2%	80.6%	83.3%
Triple Bottom Line assets/Balance sheet total²	73.8%	76.3%	75.3%	77.0%	77.9%
Per share (in EUR)
Net asset value at year end	83	82	83	82	81
Net profit³	2.78	2.69	3.19	2.83	4.40
Dividend	1.35	1.95	1.95	1.95	1.95
Number of depository receipt holders	44,401	42,416	40,077	38,138	35,735
Number of accounts – retail	830,816	839,242	808,090	759,738	707,057
Number of accounts – business	77,984	68,751	60,339	50,765	44,418
Social
Number of co-workers at year end	1,493	1,427	1,377	1,271	1,121
Co-worker turnover	10%	9%	9%	8%	14%
Women as percentage of management	44%	39%	44%	40%	38%
Ratio of highest to median salary⁴	5.6	5.6	5.7	5.7	5.7
Environment
Triodos Bank’s own emissions, 100% compensation (in ktonne CO₂ eq.)	2.9	2.8	3.1	3.1	3.0
Net emissions in outstanding loans and investments (in ktonne CO₂ eq.)⁵	265	152	-	-	-
Avoided emissions in renewable energy loans and investments (in ktonne CO₂ eq.)⁵	962	985	-	-	-

* Prior year amounts were subject to accounting principle changes. For explanations see the general accounting principles.

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

²Triple 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 2015 and 2016 have not been reviewed.

³The figure of net profit per share is calculated on the average number of issues shares in circulation during the financial year.

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.

⁵2018 was the first year of reporting using the Partnership for Carbon Accounting Financials (PCAF) methodology. 100% (2018: 68%) of our outstanding loans and funds’ investments are assessed in 2019.

Details

NAV share price as of 31/03/20	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	%

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.

No dividend payment in 2020

Triodos Bank N.V. has decided not to distribute the 2019 dividend on its Depository Receipts. The decision to revise its dividend proposal of 18 March 2020 has been taken in a direct response to the recommendation made by the European Central Bank and De Nederlandsche Bank (DNB) on 27 March to all banks, not to pay out dividend in order to prioritise supporting the real economy by lending to customers during the COVID-19 pandemic. Therefore, no proposals to pay out dividend will be made at the upcoming Annual General Meeting of Triodos Bank N.V. Please see our press release for more information.

Temporary closure of trading of Triodos Bank Depository Receipts

Triodos Bank has temporarily suspended the possibility to buy and sell Triodos Bank depository receipts due to the uncertainty the COVID-19 Pandemic has created in the economy. We intend to resume trading once the impact of this pandemic has become clearer. Please see our press release for more information.

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	18 March
Publication Online Annual Report 2019	20 March
Annual General Meeting (AGM)	29 June (new date)
Ex dividend date	Not applicable
Dividend payment date	Not applicable
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.

2,300 m2 organic farming per 100 depository receipts

Organic farming

Total impact Triodos Bank NV in organic farming in Europe: 34,000 hectares.
The total impact figures of 2019 are divided by the total number of depository receipts at the end of 2019, multiplied by 100.

3.2 cars' emissions avoided per 100 depository receipts

Avoided CO2 emissions

Attributed impact Triodos Bank NV in avoided CO2 emissions equivalent: 454,000 cars.
The total impact figures of 2019 that can be attributed to Triodos Bank finance are divided by the total number of depository receipts at the end of 2019, multiplied by 100.

4.8 households with green electricity per 100 depository receipts

Renewable energy

Attributed impact Triodos Bank NV in green electricity needs equivalent: 0.7 million households.
The impact figures of 2019 that can be attributed to Triodos Bank finance are divided by the total number of depository receipts at the end of 2019, 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 31/03/20	EUR 1,215,232,632.77
Depository receipt count as of 31/03/20	14,467,055.15
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	1.20	1.20	2.35	3.20	3.68	4.13

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

Triodos Bank revises dividend proposal

Temporary closure of trading of Triodos Bank Depository Receipts

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

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Museum De Kantfabriek

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Stichting IJ Producties

Zen River

New Element

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Zoogdiervereniging

Stichting Melief

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More about investing in depository receipts

Visit your local Triodos Bank website

2015	2016	2017	2018	2019
5.13	5.00	3.66	3.61	1.13

Investors in Triodos Bank

Triodos Bank revises dividend proposal

Temporary closure of trading of Triodos Bank Depository Receipts

About depository receipts

Details and key figures

Latest information

More information for investors

Performance

Cumulative Performance Chart

Impact figures depository receipts Triodos Bank

Frequently asked questions

Downloads

Downloads

Money has the power to change

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More about investing in depository receipts

Visit your local Triodos Bank website

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