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NONG - Change and approval of Annual Accounts 2011

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In a meeting on 26 March 2012, the Main Board of Directors of SpareBank 1 Nord-Norge considered the 2011 financial statements of the parent bank and the Group.  After making a change to the financial statements of the bank's subsidiary SNN Invest, the Main Board of Directors decided to propose to the bank's Supervisory Board that the financial statements of the parent bank and the Group also be changed in that the net profit for 2011 of the parent bank and the Group be reduced by NOK 91 million.  The main reason for the change is a further write-down of the Group's stake in the oil company Front Exploration AS (FrontX) of NOK 85 million.
 
Following this, the total write-down of the Group's investment in FrontX in 2011 amounts to NOK 24 million.

The Main Board of Directors also proposed to the bank's Supervisory Board that no change be made to the earlier proposed cash dividend of NOK 1.40 per equity certificate.

In accordance with the above, the Supervisory Board of SpareBank 1 Nord-Norge made the following resolution at their Annual General Meeting on 26 March 2012:
 
1. The proposed annual accounts and the proposed annual report for 2011 for the Parent Bank and for the Group are approved.

2. The cash dividend for 2011 per equity capital certificate (ECC) shall be NOK 1.40, totalling NOK 92,692,581.80. NOK 15,997,730.03 will be transferred from the Dividend Equalisation Fund as part of the cash dividend to the ECC-holders.

Dividend will be paid to registered ECC-holders as at 26 March 2012. The ECCs will be quoted ex-dividend 27 March 2011.

3. NOK 76,238,809.75 is set aside for the Dividend Equalisation Fund.

4. NOK 121,278,426.22  is set aside as dividend to the Bank's self-owned capital with the following allocation:

  • Bank's Donations Fund recognised in the balance sheet   NOK  38.469,750.00
  • Sparebankstiftelsen SpareBank 1 Nord-Norge (Savings Bank
    Foundation)                                                                   NOK  46,808,686.22 
  • Donations (controlled by the regional Boards of Directors/
     Chief Executive Officer)                                                  NOK  36,000,000.00 

The Main Board of Directors is granted authority to perform the necessary transactions and grant the necessary authorities to carry out this item.

5. The Main Board of Directors is granted the authority to make payments from the Bank's Donations Fund recognised in the balance sheet in accordance with the rules and guidelines in force at any given time for the awarding of donations.

6. The Bank allocates NOK 145,854,683,21 to the Savings Bank's Fund.

Contact persons at SpareBank 1 Nord-Norge:
CEO  Hans Olav Karde; mob + 47 901 51981
CFO  Rolf Eigil Bygdnes; mob +47 905 19774

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)

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