Dividend

News / change log

• 2015/11/05. 84.79% as new shares. 118mi new shares (communicate - EN)
• 2015/10/17. Ratio: 1:103; Nov 6th: cash payment €0.05; Nov 13th: new shares (communicate - EN)
• 2015/08/03. Calendar for next (October) €0.05 dividend (communicate - EN)
  as scrip.
• 2015/07/01. First €0.05 dividend. All cash (communicate - EN)
  ex-dividend on August 3rd
• 2015/04/30. 83.77% as new shares, 256mi new shares (EN)
• 2015/04/10. Ratio 1:46. Cash value €0.151 (EN)
  Next 4 dividends will be €0.05, with one in scrip form (October I think), and the 3 other in cash.
• 2015/02/10. Calendar for April 2015 dividend (EN)
  Ratio on April 10th, IBEX shares ex-div on April 14th, cash payment May 4th, new shares May 8th, around €0.15 (yes €0.15, this is the last dividend for FY 2014), after that we go for the 0.05)
• 2015/01/29. 83.73% as new shares, 263mi new shares (EN)
  One more €0.15 scrip dividend left in April
• 2015/01/13. Ratio 1:44. Cash value €0.146 (EN)
  One more €0.15 dividend left in April
• 2015/01/04. Highest dividend from EU big companies is from... Santander (ES)
  Sustained at €0.6 for 5 years, the year before was €0.65.
  Personal opinion is that it is the best way to raise capital in adverse market mood.
  Next major M&A (aka Abbey or ABN Amro) will be the referee
• 2014/11/24. Limitation on cash dividend (maximum 25% of net earnings) to be suppressed in 2015 (ES)
• 2014/11/04. 86.48% as new shares. 225mi new shares (EN)
• 2014/10/28. Withholding tax on cash dividends to go down to 20% in 2015 and 19% in 2016 (from 21% currently) (ES)
• 2014/10/27. Calendar for January 2015 dividend (EN)
  Ratio on January 12th, IBEX shares ex-div on Jan 14th, cash payment Feb 2nd, new shares Feb 6th, around €0.15
• 2014/10/21. Santander Brasil shareholders (who exchange their shares on Oct 30th) get the SAN October dividend (in the form of new shares), and this translates to a slightly higher exchange ratio: 0.7152 (instead of 0.7)  (communicate - EN)
• 2014/10/16. Ratio 1:46. Cash value €0.151 (EN)
• 2014/09/08. Calendar for October 2014 dividend (EN)
  Ratio on October 16th, IBEX shares ex-div on Oct 18th, cash payment Nov 6th, new shares Nov 12th, around €0.15
• 2014/08/29. An overview of dividend scrips for Spanish banks during last year (ES)
• 2014/07/30. 87.27% as new shares, 210mi new shares (EN)
• 2014/07/11. Ratio 1:49, Cash value €0.152 (EN)
• 2014/06/02. Calendar for July 2014 dividend (EN)
  Ratio on July 11th, IBEX shares ex-div on July 15th, cash payment Aug 1st, New shares between Aug 6th and Aug 11th, around €0.15
• 2014/05/18. Why dividend scrips are good for shareholders (EN)
  DB rising €8bi at 25-30% discount. Dividend scrips are at 0 discount, and raise €1.5bi capital every quarter. I am fully convinced they are not needed for regulatory ratios. They will be used (in that sequence) for (1) capitalize organic growth, (2) acquisitions, (3) in case excess, share repurchases.
• 2014/04/29. 88.22% as new shares, 217mi new shares (EN)
• 2014/04/10. Ratio 1:47, Cash value €0.149 (EN)
• 2014/02/24. Calendar for April 2014 dividend (EN)
  Ratio on April 10th, IBEX shares ex-div on April 14th morning, cash payment May 2nd, New shares May 9th, around €0.15.
• 2014/02/22. BdE limits 2014 cash dividend to 25% of earnings and ask to limit scrip dividend to medium term sustainable level (= at a level that can be paid in all cash at medium term) (ES)
• 2014/02/11. Botin has taken the dividend as cash (ES)
  For 6.46mi directly owned, plus 72.84mi in a fund (5 family members)
• 2014/01/30. 86.37% as new shares, 228mi new shares (EN)
• 2014/01/30. Shareholders General Assembly on March 28th. Board proposal will be €0.60 dividend for FY 2014, in 4 installments, all in the form of scrip (EN)
• 2014/01/13. Ratio for Jan dividend: 1:43 (section 3 of  communicate - EN), value €0.152
• 2013/12/25. Corrected Nov and Aug 2011 in dividend history as per Claudia comment
• 2013/12/11. BdE links cash dividend payments in 2014 to the capital level end of 2013 (ES)
  Can only distribute what is above 9% at keydate 2013/12/31. Santander end of Q3 2013 is at 11.53%
• 2013/11/26. Calendar for Jan 2014 dividend (EN)
  Ratio on Jan 13th, IBEX shares ex-div on Jan 15th morning, cash payment Feb 3rd, New shares Feb 7th, around €0.15.
• 2013/11/25. BdE (Linde) open to limit dividend cash payout to 25% in 2014 (ES)
• 2013/11/22. IMF recommendations about 2014 dividend payout rules (EN)
  At the basis, future net earnings, DTA, RWA and next General Assembly will be key.
• 2013/11/22. Yet another article about Santander to cut its dividend (EN)
• 2013/10/25. BBVA cuts 2013 dividend and caps 2014 to 40% of net earnings (EN)

History

In the table below is an overview of the dividend for the last few years (all amounts in €).

When relevant, the percentage of shareholders taking the new shares is indicated (column "%share") and the ratio (number of existing shares to receive a new one, column "ratio")
Column "Value net" is the dividend received when choosing cash. There is 21% withholding tax [will be 20% in 2015 and 19% in 2016. Also not sure of the rate before 2012, could have been slightly lower than 21%: 19%]

Date	FY	Value	Type	Ratio	%share	Value net
2015-01-29	2014	0.146	Scrip	44	83.73	0.115
2014-11-04	2014	0.151	Scrip	46	86.48	0.119
2014-07-30	2014	0.152	Scrip	49	87.27	0.12
2014-04-29	2013	0.149	Scrip	47	88.22	0.119
2014-01-27	2013	0.152	Scrip	43	86.37	0.120
2013-11-08	2013	0.153	Scrip	41	89.2	0.120
2013-08-01	2013	0.150	Scrip	33	86.25	0.119
2013-05-02	2012	0.150	Scrip	34	87.4	0.119
2013-02-01	2012	0.152	Scrip	41	86.4	0.120
2012-11-09	2012	0.150	Scrip	38	83.57	0.119
2012-08-21	2012	0.152	Scrip	32	72.58	0.120
2012-05-03	2011	0.220	Scrip	24	75.18	0.174
2012-02-02	2011	0.119	Scrip	46	86.65	0.119
2011-11-03	2011	0.126	Scrip	50	72.99	0.102
2011-08-01	2011	0.135	Cash			0.110
2011-05-02	2010	0.229	Cash			0.185
2011-02-01	2010	0.117	Cash			0.095
2010-11-01	2010	0.119	Cash			0.964
2010-08-01	2010	0.135	Cash			0.110
2010-05-01	2009	0.222	Cash			0.180
2010-02-01	2009	0.123	Cash			0.100
2009-11-04	2009	0.120	Scrip	?	?	0.098
2009-08-01	2009	0.135	Cash			0.111
2009-05-01	2008	0.257	Cash			0.211
2009-02-01	2008	0.123	Cash			0.101
2008-11-01	2008	0.135	Cash			0.111
2008-08-01	2008	0.135	Cash			0.111
2008-05-01	2007	0.282	Cash			0.231
2008-02-01	2007	0.123	Cash			0.101
2007-11-01	2007	0.123	Cash			0.101
2007-08-01	2007	0.123	Cash			0.101

New shares have 0 value?

I often hear that the shares I receive through dividend script are worth nothing. I disagree: I did big SAN purchases in 2 occasions. one in Jan 2012 at a price of €5.6, then in July 2012 at a price of €4.03. Say both purchases were 10k shares (only this is not real numbers). I took the dividend as new shares every scrip. What is the result? (After October 2014 dividend, with a share at €6.77, key date Nov 5th 2014.

•  Jan 2012. I bought 10,000 shares at a price of €5.6. I now have 13,352 shares each with value €6.77. The total gain is €34.4k, 61.4% return. The new shares provide 66.0% of the total return.
• July 2012. I bought 10,000 shares at a price of €4.03. I now have 12,823 shares each with value €6.77. The total gain is €46.5k, 115.4% return. The new shares provide 41.1% of the total return.

I really don't understand the guys who say the new shares taken during scrip are worth nothing. It is no separate share category, can be traded as normal and they have a non zero value.