Share repurchases

The Danske Bank Group adjusts its capital structure on an ongoing basis. One way we do this is through share repurchases. The annual general meeting has given the Bank’s board of directors the authority to repurchase 10% of the Bank’s share capital.

Share repurchases

Date	Total repurchase	No. of shares	Average price
July 16 - Dec. 29 2004	DKr2bn	12,622,406	DKr158.5
July 1 - Jul. 15 2004	DKr0.5bn	3,532,602	DKr144.2
First half of 2004	DKr2.5bn	17,806,468	DKr139.9
Second half of 2003	DKr3bn	23,106,433	DKr129.8
First half of 2003	DKr2bn	16,303,664	DKr122.7
May 2002	DKr3bn	20,324,151	DKr147.6
December 2000	DKr5bn	36,586,497	DKr136.7

2005
At the annual general meeting on March 15, 2005, the shareholders adopted a measure to reduce the share capital by a nominal amount of DKr339,614,760 by cancelling shares repurchased in 2004. The capital reduction was registered at the end of June 2005, and accordingly the share capital amounted to DKr6,383,042,760 and the shares numbered 638,304,276.

Repurchase in 2004
In 2004, Danske Bank repurchased 33,961,476 shares at an average price of 147.23 and a total market value of DKr5.0bn. This reduced the number of shares outstanding from 672,265,752 at the end of 2003 to 638,304,276 at the end of 2004.

Repurchase in 2003
To optimise its capital structure, Danske Bank repurchased shares of a total market value of DKr5.0bn in 2003.

The share buyback raised the Group’s earnings per share by 0.3 of a percentage point. In the first half of 2003, the Group bought back 16,303,664 shares at an average price of 122.7 and a total market value of DKr2.0bn.

In the second half of 2003, the Group repurchased 23,106,433 shares at an average price of 129.8 and a total market value of DKr3.0bn. This reduced the number of shares outstanding from 711,675,849 at the end of 2002 to 672,265,752 at the end of 2003.

Repurchase in 2002
In the second quarter of 2002, the Bank repurchased 20,324,151 shares at an average price of DKr147.61 and total market value of DKr 3bn. On March 25, 2003, the annual general meeting approved a measure to cancel the shares. This reduced the number of shares outstanding from 732,000,000 at the end of 2001 to 711,675,849 at the end of 2002.

Total repurchases since 2000
Since 2000, the Bank has repurchased shares for a total value of DKr18bn.

Last updated on May 1, 2006