Shares and dividend payments

Updated: 21 July 2021

Next update: 28 June 2022

Dividend payments
Dividend payments
2020
458 564
NOK mill
Received dividends, by holding sector
Received dividends, by holding sector
20201 2019 - 2020
NOK millionSharePer cent
Total458 564100-15
Non-financial corporations216 35347-20
Financial corporations31 4357-10
General government34 6548-27
Non-profit institutions serving households1 5180-53
Households65 439143
Rest of the world105 54923-7
Unspecified sector3 6161-41
1Preliminary figures.
Explanation of symbols

Selected tables and figures from this statistics

Limited companies, nominal share capital and dividend payments, by main industry
Limited companies, nominal share capital and dividend payments, by main industry
201920201
Number of limited companiesNominal share capital. NOK millionDividend payments. NOK millionNumber of limited companiesNominal share capital. NOK millionDividend payments. NOK million
Total328 060956 368539 936341 787965 888458 564
Agriculture, forestry and fishing5 06015 63719 5155 30416 5658 551
Mining and quarrying1 330113 142121 0691 302110 05387 687
Manufacturing13 332109 37553 14113 375106 94545 486
Electricity, gas, steam and air conditioning supply1 61493 18427 5741 70195 32134 824
Water supply, sewerage, waste8512 5066068762 487612
Construction44 67236 06427 81645 93835 92337 606
Wholesale and retail trade: repair of motor vehicles and motorcycles44 61250 54935 35744 70550 94633 846
Transportation and storage10 08790 54925 08910 11486 06517 656
Accommodation and food service activities10 5676 2971 67510 7506 4751 509
Information and communication16 11936 29954 85316 88533 24239 164
Financial and insurance activities21 237186 58652 06020 636194 91035 033
Real estate activities67 623136 30466 05369 354133 32961 686
Professional, scientific and technical activities39 42538 94420 22440 75634 27716 398
Administrative and support service activities13 70218 87914 20513 95319 65821 753
Education4 1767538994 364761428
Human health and social work activities9 7553 0682 73010 1442 9462 553
Arts, entertainment and recreation5 3493 7509465 5413 488748
Other service activities5 1011 7348565 3371 609560
Missing13 44812 74815 26720 75230 89012 462
1Preliminary figures.
Explanation of symbols
Nominal share capital and received dividends, by owner sector. NOK million
Nominal share capital and received dividends, by owner sector. NOK million
201920201
Nominal share capitalReceived dividendsNominal share capitalReceived dividends
Sum all holding sectors956 367539 934965 889458 564
Non-financial corporations505 857270 734505 255216 353
Financial corporations134 95934 995135 07231 435
General government58 89247 55561 18334 654
Non-profit institutions serving households14 6433 22614 4831 518
Households70 63463 56169 65465 439
Rest of the world166 110113 682177 646105 549
Unspecified sector5 2736 1812 5963 616
1Preliminary figures.
Explanation of symbols
Individuals who owned shares, nominal share capital, received dividends and received previously paid-up share capital and share premium, by sex and age
Individuals who owned shares, nominal share capital, received dividends and received previously paid-up share capital and share premium, by sex and age
201920201
Number of individuals who owned shares 31 DecemberNominal share capital. NOK millionReceived dividends. NOK millionReceived share capital. NOK million2 Received share premium. NOK million2 Number of individuals who owned shares 31 DecemberNominal share capital. NOK millionReceived dividends. NOK millionReceived share capital. NOK million2 Received share premium. NOK million2
Both sexes
Total700 81570 43363 3461 0215 040785 65069 48865 2771 6164 204
0-19 years8 967498146151012 5084711791410
20-29 years53 8222 1161 241106780 1492 3611 3994847
30-39 years107 8386 5005 15068217130 1816 3255 243112153
40-49 years138 13213 71314 153292425149 94112 91813 903547752
50-59 years151 14219 65819 6752151 531161 68319 77420 1021771 311
60-69 years122 92916 75015 1091962 323127 56416 33916 3113541 029
70-79 years83 9288 6736 75119238987 8118 6506 958321712
80 years or older34 0572 5231 121337835 8132 6511 18042188
Men
Total485 52054 02551 7196924 323547 28553 25953 2691 3833 213
0-19 years5 683241106..48 805226130135
20-29 years40 2001 46986064660 6411 6411 0142425
30-39 years77 5984 6723 7374812993 2664 5073 825101105
40-49 years97 88510 05511 453104265106 1069 52211 075503304
50-59 years104 26014 88716 3461761 352111 49014 95916 6091471 167
60-69 years84 97114 05112 7721512 16088 07513 65213 851293849
70-79 years55 6167 1445 68416230758 4457 1625 943263586
80 years or older19 3071 506760..6020 4571 59082240172
Women
Total215 29516 40911 627328717238 36516 23012 007233991
0-19 years3 28425740..63 70324550..6
20-29 years13 62264838142119 5087203852522
30-39 years30 2401 8281 413208836 9151 8181 4191148
40-49 years40 2473 6582 69918715943 8353 3962 82844448
50-59 years46 8824 7713 3293917950 1934 8153 49431144
60-69 years37 9582 7002 3374416339 4892 6872 46060180
70-79 years28 3121 5291 067308329 3661 4871 01558126
80 years or older14 7501 018361..1815 3561 061357..16
1Preliminary figures.
2Does not include capital paid back in connection with liquidation or partial liquidation of limited companies.
Explanation of symbols
Nominal share capital and received dividend payments for foreign shareholders, by selected countries. NOK million
Nominal share capital and received dividend payments for foreign shareholders, by selected countries. NOK million
201920201
Nominal share capitalReceived dividendsNominal share capitalReceived dividends
Total166 110113 682177 646105 549
Sweden21 05127 43420 68225 115
United Kingdom24 3789 50923 7288 581
United States10 9349 5379 1336 196
Denmark5 7223 9596 1573 550
France8 0029 4776 7976 754
Netherlands13 61526 06314 19431 742
Luxembourg10 6594 86818 3813 383
Germany8 0501 2427 9162 048
Cyprus1 6822011 5011 025
Spain..1 272..217
Switzerland3 4242 9623 5011 895
Belgium2 7999522 361712
1Preliminary figures.
Explanation of symbols
Individuals who owned shares, nominal share capital and received dividends, by county, sex and age
Individuals who owned shares, nominal share capital and received dividends, by county, sex and age
20201
Number of individuals who owned shares 31 DecemberNominal share capital (NOK million)Percentage share of residents who owned shares 31 DecemberNumber of individuals who received dividendsReceived dividends (NOK million )Percentage share of residents who received dividends
Total785 65069 48814.6378 41265 2777.0
County
Oslo120 11612 75717.257 01715 7318.2
Rogaland75 2017 88815.641 1615 6468.5
Møre og Romsdal37 2924 07614.018 6842 4497.0
Nordland - Nordlánnda32 2512 17913.416 2001 9056.7
Viken180 05914 76914.485 89616 9636.9
Innlandet47 0763 56012.723 4732 6816.3
Vestfold and Telemark59 1734 60814.028 4724 1476.7
Agder38 5844 34612.515 8242 9115.1
Vestland101 8048 04415.949 5827 0117.8
Trøndelag - Trööndelage65 2554 71813.930 1904 3086.4
Troms og Finnmark - Romsa ja Finnmárku28 8392 54411.911 9131 5254.9
Males
Total547 28553 25920.1264 80453 2699.7
0-19 years8 8052261.43 9981300.6
20-29 years60 6411 64116.726 9211 0147.4
30-39 years93 2664 50724.739 1943 82510.4
40-49 years106 1069 52228.747 31111 07512.8
50-59 years111 49014 95930.553 80616 60914.7
60-69 years88 07513 65229.847 20013 85116.0
70-79 years58 4457 16226.833 9645 94315.6
80 years or older20 4571 59021.812 41082213.2
Females
Total238 36516 2308.9113 60812 0074.3
0-19 years3 7032450.61 906500.3
20-29 years19 5087205.78 3703852.4
30-39 years36 9151 81810.214 8781 4194.1
40-49 years43 8353 39612.518 3662 8285.2
50-59 years50 1934 81514.423 4213 4946.7
60-69 years39 4892 68713.520 4222 4607.0
70-79 years29 3661 48712.716 9791 0157.3
80 years or older15 3561 06110.89 2663576.5
1Preliminary figures.
Explanation of symbols

About the statistics

The statistics give an overview of ownership of Norwegian limited and public limited companies, how much the companies pay in dividends and who receives the dividends.

A limited (liability) company is an enterprise where the owners' personal responsibilities for the firm's obligations are limited to the amount the owners have invested. The firm is considered an independent juridical entity. The company must have a deed of incorporation, obtain share capital and the company must be registered with the Brønnøysund Register Centre. A company is a Public limited company if it claims to be so in the ordinance and it is registered as such in the Brønnøysund Register Centre. All or a large part of the shares must be publicly traded and these must be registered with Norwegian Central Securities Depository. More information about the requirements can be found in the Limited Company Act and the Public limited Company Act.

A share is a unit of ownership in a limited company.

A primary capital certificate (PCC) is issued by a savings bank and is very similar to a share. The main differences is that the holders of the PCCs only own a limited part of the bank and has limited influence over the governance of the bank. The dividends are also limited.

Class of shares. The Board of directors can choose to divide the shares into different categories. Each category can have different dividend and voting rights or other characteristics specified at the date of issue.

A shareholder is a natural person or juridical person or other entity that owns shares in a limited company or public limited company.

Share capital. At the formation of a limited company the shareholders must invest a certain amount of capital. The minimum requirement of capital is NOK 100 000 for a limited company and NOK 1 million for a public limited company. The share capital may be increased at a later time by increasing the nominal value, or by issuing new shares. If a shareholder pays more than nominal value, a share premium has been paid. Limited companies can later reduce and repay both share capital and share premium to the shareholders. The share capital statistics include companies that were in existence 31 December in the fiscal year.

Nominal value is the value of the share when issued. The nominal value times the number of shares issued should be equal to the share capital. Nominal value can change due to stock split or a reverse stock split.

Paid dividend is the actual amount of dividend paid out to shareholders during the fiscal year. The paid dividend statistics include all dividends distributed to shareholders by limited companies during the fiscal year whether or not the limited companies were in existence at the year-end or liquidated during the year.

Received dividend is the dividend received by shareholder during the fiscal year.

Received share capital is that part of share capital by which the limited company has reduced its share capital and repayed to its shareholders. It is a non-taxable transfer.

Received share premium is that part of share premium by which the limited company has reduced its share premium and repayed to its shareholders. It is a non-taxable transfer.

Received other paid-in capital is that part of other paid-in capital by which the limited company has reduced its other paid-in capital and repayed to its shareholders. It is a non-taxable transfer.

Capital gains on sale of shares. If a shareholder sells shares and the selling price exceeds the cost price, a capital gain arise.

Risk-free return. With the introduction of the shareholder model as from 1 January 2006, dividends and capital gains on sale of shares for personal shareholders are taxed if they are above the calculated opportunity rate of return, named the risk-free return. As a rule, the risk-free return is computed by multiplying the cost price of the share by an opportunity rate of interest. It is the shareholder who owns the share at the time the risk-free return is calculated (31 December every year) who are entitled to the allowance. The risk-free return can also be used to reduce profit when the share is sold. If the risk-free return or part of it is not used in a given year, it can be carried forward and used later.

Taxable dividend is that part of the received dividend that exceeds the risk-free return.

Taxable capital gains on sale of shares is the part of the capital gains on sale of shares that exceeds the risk-free return.

Listed/non-listed. Listed shares are shares listed and traded at the Oslo Stock Exchange per 31.12 in the fiscal year. Non-listed shares are not listed at the Oslo Stock Exchange per 31.12 in the fiscal year. As of the statistics covering 2007, shares listed on Oslo Axess is also included.

Classification of industry is in accordance with the revised Norwegian Standard Industrial Classification (SN94), which is based on the EU industrial standard NACE Rev. 1 and the UN industrial standard ISIC Rev. 3. As of 2004, the revised standard SN2002 is used. This standard is based on the EU industrial standard NACE Rev. 1.1. As of 2007, the revised standard SN2007, which is based on the EU industrial standard NACE Rev. 2, is used. For companies that engage in several industries, the entire business will be placed under the business that contributes the most to the overall added value. Further information can be found on the Statistics Norway web page.

Institutional sector is a statistical categorizing of the shareholders based mainly on the economic function, but also organization structure and ownership. Institutional sector categories are based on United Nations standards "System of National Accounts" (SNA) from 1993. As of fiscal year 2012, the statistics use a new institutional sector classification which is based on the UN's "System of National Accounts" (SNA) from 2008 and the EU's "European System of National Accounts' (ESA) from 2010.

The country and region classification is based on ISO standard 3166 and the UNs Standard Country and Area Codes Classifications (M49). The statistics are classified by the country where the shareholder is registered. If a company, for instance an American company, owns a holding company in the Netherlands, and this holding company owns shares in a Norwegian limited company, the shareholder in the Norwegian company will be classified as Dutch in the statistisics, eventhough the ultimate owner is American.

Name: Shares and dividend payments

Topic: Establishments, enterprises and accounts

28 June 2022

Division for Accounting Statistics and Business Register

National level

Frequency: Annual, preliminary and final figures.

Timeliness: Preliminary figures are published 26 weeks after the year-end.

Not relevant.

Final statistics files are documented and stored.

The purpose of the stock statistics is to present the value of shares and dividends of Norwegian limited companies and public limited companies by ownership.

Statistics Norway has published annual stock statistics since 1984 with the exception of the period between 1991-1993 and 2000-2003.

The stock statistics is used by the Ministry of Finance, internal and external research institutes, the Bank of Norway (Norges Bank) and they are used in the National Accounts.

The statistics can be used to analyse the structure of a group of companies, the ownership structure of limited companies, the distribution of dividends from the companies to the shareholders etc.

No external users have access to the statistics and analyses before they are published and accessible simultaneously for all users on ssb.no at 8 am. Prior to this, a minimum of three months' advance notice is given in the Statistics Release Calendar. This is one of Statistics Norway’s key principles for ensuring that all users are treated equally.

The stock statistics cover nearly the same population as Accounting statistics for non-financial limited companies. The register-based accounting statistics include the profit and loss account and the balance sheet, thus providing more detailed figures broken down by industry and other variables.

Tax statistics for companies include both limited companies and public limited companies. The tax statistics are based on the Directorate of Taxes' register of non-personal taxation entities, and gives inter alia overall ordinary income.

The tax statistics for personal taxpayers comprise all taxable individuals. The tax statistics contains data about received dividend and it includes dividend from both Norwegian and foreign companies.

The Statistics Act section 3-2.

Not relevant.

Starting in the fiscal year 2004 the statistics incorporate all limited companies and public limited companies. As of 2006, the statistics also cover primary capital certificates (PCC). The statistics on taxable capital gains on sale of shares also include sale of equity fund shares.

Previously the statistics included all Norwegian limited companies registered on the Directory of Taxes' Register of Shares. Between 1997-1998 the statistics for non-listed companies did not included firms that were subject to tax regulation for electric power stations.

Starting in 2004 the statistics are based on data from the Directorate of Taxes' Register of Shareholders. In the statistics on taxable dividend, data on dividend reported electronically to the Directorate of Taxes are also used.

Between 1984 and 1999 the statistics were based on the Directory of Taxes' Register of Shares and annual statistics of listed companies from Oslo Stock Exchange (Oslo Børs).

For each company additional data regarding industry and institutional sector is obtained from the Central Register of Establishments and Enterprises.

Starting with the fiscal year 2004 Statistics Norway collected data from the Directorate of Taxes' Register of Shareholders. The registers consist of all Norwegian limited companies, specifying the number of shares issued, the share capital, the share premium, and proposed and paid dividend. In addition the register gives information about the shareholders and received dividends. Statistics Norway also collect information about received dividends that the tax payers report electronically to the Directorate of Taxes.

Between 1984 and 1999 Statistics Norway gathered data from the Register of Shares, which is a part of the Directories of Taxes' Register for Non-Personal Taxpayers. The Register of Shares contains information about the nominal value and the number of shares for Norwegian limited companies, as well as the tax value and proposed dividend for non-listed companies. Information about the listed companies was obtained from the Oslo Stock Exchange, partly through their published statistics and partly as an electronic data request.

The Tax Authorities control that the necessary and correct data is registered. In addition Statistics Norway carry out quality controls to ensure coherence and consistency within and with other available statistics.

The analysis unit is the limited company and the shareholder. The statistics are estimated by counting all units with a certain characteristic, e.g. the number of limited companies by main industry, and by aggregating a certain characteristic for all units in the statistics, e.g. received dividend.

Not relevant

As a main rule a figure is not published if it is based on less than three units, if one single company amounts for 90 per cent or more of the value, or if two companies amount for 95 per cent or more of the value.

A change of source means that starting in 2004 the stock statistics are not directly comparable to earlier statistics. Some of the variables are redefined, e.g. previously the statistics included proposed dividends and as of 2004 the statistics include paid dividends.

The statistics are comparable for the period 1994 to 1999.

Prior to 1991 the stock statistics showed the estimated market value of non-listed companies. An estimate of the market value was obtained by simply using the tax value of the firm unless the tax value was zero, in which case the face value was used.

Prior to 1990 the amount published as paid dividend was the proposed dividend in the previous year. Starting in 1994 the dividend figure published included the proposed dividend to be paid out in the following year.

Adjustments to the tax system and to the accounting regulation over the years are reflected in the data and influence the continuity of the timeseries.

Adjustment of industry categorisation or structural changes within the industries might have an impact on the figure and impede the comparison over the years.

The introduction of a new institutional sector classification in 2012 means that the sector classified statistics are not fully comparable with previous years. This particularly affects the demarcation between financial and non-financial corporations.

The dataset is based on information given by the companies in the Shareholder Registration form, and errors arise if the information given is erroneous or inaccurate. If mistakes are not corrected during the quality controls the information of the Shareholder Registration form might be incorrect. Mistakes can also occur during the processing, the correction or the registration of the data. The quality control is mainly concerned with mistakes that can have a significant impact on the statistics. As a result, less significant errors, which have no impact on the total amounts, may not be corrected.

Some errors made during the collecting and processing of the data are unavoidable and include coding, editing and data processing errors etc. Extensive efforts have been made to minimize these errors, and we regard these types of errors to be relatively insignificant.

The statistics are based on an administration register of the population. Still there could be that some companies are not included in the register. The non-response rate is between 3 and 7 per cent of the total population of limited companies. Non-response can typically be caused by limited companies that are establish during the year or are no longer in business. When the owner is a foreign company or the general government, we also see a larger non-response rate. This is most likely caused by the fact that these shareholders are not taxed by the shareholder model, and thus the incentive to report is smaller.

The quality of the register and the linked data from administrative registers also have an impact on the quality of the finished result. Both the administrative and statistics registers are regularly updated, and will therefore change during the production process.

The stock statistics present figures for both limited companies and shareholders. Comparing these figures on might find that for items such as share capital and dividend paid there will be some differences.

Revisions are planned adjustments made to previously published figures (for instance when preliminary figures are revised and replaced with final figures). In Shares and capital returns, preliminary figures covering the recent income year are publised together with final figures covering the previous income year. To get more information about revisions, please see Principles for revisions in Statistics Norway.

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