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Name | Symbol | Market | Type |
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Westpac 24 S | LSE:61KN | London | Medium Term Loan |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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RNS Number:9268J Skandinaviska Enskilda Banken 3 May 2000 Part 2 SEB Group Operational Profit & Loss Accounts Jan-Mar Jan-Mar Change Full year SEK M 2000 1999 per cent 1999 Net interest earnings 2,883 1,689 71 6,858 Net commission income 3,702 1,812 104 8,317 Net result of financial transactions 900 842 7 2,034 Other operating income 1,285 812 58 2,327 Change in surplus value in life insurance 473 268 76 1,502 operations Total income 9,243 5,423 70 21,038 Staff costs -3,211 -1,907 68 -8,419 Pension compensation 171 125 37 873 Other operating costs -1,918 -1,388 38 -5,743 Depreciations -427 -292 46 -1,175 Total costs -5,385 -3,462 56 -14,464 Lending losses etc -281 -124 127 289 Net result from associated companies 30 42 -29 116 Result from non-life insurance operations 52 157 -67 518 Total result 3,659 2,036 80 7,497 Taxes -638 -485 32 -1,355 Taxes on change in surplus values -132 -75 76 -421 Minority interests -124 -2 -56 Total result after tax 2,765 1,474 88 5665 Key figures for the SEB Group Jan-Mar Jan-Mar Full year 2000 1999 1999 Return on equity, % 25.3 16.5 14.6 Return incl. change in surplus values, % 27.2 18.2 17.2 Return on equity, 12 months moving average, % 15.0 12.3 14.6 Return on equity, incl. change in surplus values, 12 month moving average, % 17.1 13.5 17.2 Earnings per share, SEK 1) 3.44 1.95 6.96 Total result after tax per share, SEK 1) 3.92 2.25 8.60 Income/cost ratio, banking operations 1.72 1.57 1.45 Income/cost ratio, SEB Group 1.60 1.48 1.30 Cost/Income ratio, banking operations 0.58 0.64 0.69 Cost/Income ratio, SEB Group 0.62 0.67 0.77 Lending loss level, % 0.16 0.14 -0.09 Provision ratio for doubtful claims, % 51.7 59.0 59.6 Level of doubtful claims, % 1.09 0.78 0.82 Total capital ratio, % 9.90 10.76 14.62 Core capital ratio, % 6.73 8.00 10,80 Profit & Loss Accounts per main group January-March 2000, SEK Nordic Asset Bfg Other Joint Group SEB Banking Management Activities Activities Group & Life & eliminations Net interest earnings 1,771 104 1,086 127 -205 2,883 Net commission income 1,031 1,073 564 1,163 -129 3,702 Net result of financial transactions 405 25 172 336 -38 900 Other income 106 210 109 41 819 1,285 Change in surplus values in life insurance operations 473 473 Total income 3,313 1,885 1,931 1,667 447 9,243 Staff costs -1,028 -408 -717 -739 -319 -3,211 Pension compensation 107 20 8 36 171 Other costs -862 -467 -501 -300 212 -1,918 Depreciation -29 -23 -91 -72 -212 -427 Total costs -1,812 -878 -1,309 -1,103 -283 -5,385 Lending losses etc -45 -312 -3 79 -281 Net result from associated companies -2 2 18 12 30 Result from non-life insurance operations 52 52 Total result 1,456 1,005 312 579 307 3,659 SEB Group's quarterly performance Operational Profit & Loss Accounts SEK M 2000:1 1999:4 1999:3 1999:2 1999:1 Net interest earnings 2,883 1,769 1,735 1,665 1,689 Net commission income 3,702 2,562 1,940 2,003 1,812 Net result of financial transactions 900 865 100 227 842 Other operating income 1,285 517 310 688 812 Change in surplus values in life insurance operations 473 856 210 168 268 Total income 9,243 6,569 4,295 4,751 5,423 Staff costs -3,211 -2,599 -1,956 -1,957 -1,907 Pension compensation 171 452 141 155 125 Other costs -1,918 -1,578 -1,478 -1,299 -1,388 Depreciation -427 -332 -288 -263 -292 Total costs -5,385 -4,057 -3,581 -3,364 -3,462 Lending losses, etc. -281 58 13 342 -124 Net result from associated companies 30 33 29 12 42 Result from non-life insurance operations 52 32 633 -304 157 Total result 3,659 2,635 1,389 1,437 2,036 Taxes -638 -259 -364 -247 -485 Taxes on change in surplus values -132 -240 -59 -47 -75 Minority interests -124 -32 -19 -3 -2 Total result after tax 2,765 2,104 947 1,140 1,474 Balance sheet of the SEB Group (abbreviated) 31 March 31 March 31 December SEK M 2000 1999 1999 Lending to credit institutions 197,250 89,631 103,521 Lending to the general public 582,512 342,672 342,907 Interest-bearing securities 133,716 99,194 93,769 - Financial fixed assets 7,705 3,857 3,396 - Financial current assets 126,011 95,337 90,373 Shares and participations 21,700 5,310 9,303 Assets in insurance operations 74,669 64,548 66,111 Other assets 130,706 119,266 94,644 Total assets 1,140,553 720,621 710,255 Liabilities to credit institutions 229,938 145,564 117,774 Deposits and funding from the general public 407,093 208,640 229,534 Securities issued, etc. 205,685 122,471 122,143 Liabilities in insurance operations 71,133 58,560 63,271 Other liabilities and provisions 155,526 130,092 118,645 Subordinated liabilities 31,682 23,579 25,882 Shareholders' equity 39,496 31,715 33,006 Total liabilities and shareholders' equity 1,140,553 720,621 710,255 Problem loans and assets taken over for the protection of claims 31 March 31 March 31 December SEK M 2000 1999 1998 Doubtful claims 15,398 6,586 6,988 Provision for possible lending losses -7,964 -3,883 -4,164 Doubtful claims, net 7,434 2,703 2,824 Claims subject to interest reduction 321 1,243 352 Total volume of problem loans 7,755 3,946 3,176 Level of doubtful claims 1,09 0,78 0,82 (Doubtful claims (net) in relation to lending and leasing (net) at end of period, per cent) Provision ratio for doubtful claims 51,7 59,0 59,6 Reserve for possible lending losses in relation to doubtful claims (gross), per cent) Pledges taken over Buildings and land 94 149 82 Shares and participations 516 1,336 544 Total volume of pledges taken over 610 1,485 626 The soft loans of the Group are included among claims subject to interest reduction. The shortfall in income due to interest deferments was SEK 2 M (SEK 13 M), while unpaid interest on non-performing loans amounted to SEK 129 M (SEK 61 M). On 31 March 2000, the Group had SEK 169 M (SEK 439 M) in non-performing loans in Sweden on which interest income was reported. These loans are not included among the problem loans, since the corresponding collateral covers both interest and principal. Derivatives contracts 31 March 1999 Contracts on the asset side Contracts on the liability side SEK M Book value Market value Book value Market value Interest-related 16,204 16,204 17,160 17,160 Currency-related 29,688 31,493 24,072 27,091 Equity-related 2,432 2,432 2,968 2,968 Other 30 30 29 29 Total 48,354 50,159 44,229 47,248 On 31 March 2000 the notional value of the Group's derivatives contracts amounted to SEK 3,878 billion (SEK 3,691 billion on 31 December 1999). The book value of derivatives instruments forming part of trading operations is identical with the market value. Those deviations between actual and book values that are reported in the above table are matched by opposite deviations between market and book values in the part of the Group's operations that is subject to hedge accounting. Cash flow analysis Jan-Mar Jan-Mar Full year SEK M 2000 1999 1999 Cash flow, current operations 3,819 4,606 4,711 Changes in assets, current operations -55,276 -43,561 -35,495 Changes in liabilities, current operations 68,292 40,526 37,385 Cash flow, current operations 16,835 1,571 6,601 Cash flow, investment activities -1,540 8,325 8,161 Cash flow, financing activities -8,516 -11,011 -10,326 Cash flow 6,779 -1,115 4,436 Liquid funds at beginning of year 9,074 4,638 4,638 Cash flow 6,779 -1,115 4,436 Liquid fund at end of year 15,853 3,523 9,074 The acquisition of BfG Bank increased liquid funds by SEK 3,165 M. In addition, adjustment has been made for BfG's balance sheet items. The SEB Group Profit and loss accounts Statutory Profit & Loss Accounts Jan-Mar Jan-Mar Change Full year SEK 2000 1999 per cent 1999 Income Interest receivable 12,350 6,957 78 26,124 Interest payable -9,482 -5,271 80 -19,299 Net interest earnings 2,868 1,686 70 6,825 Dividends received 18 11 64 211 Commission receivable 4,066 1,973 106 9,283 Commission payable -426 -251 70 -1,208 Net commission income 1) 3,640 1,722 111 8,075 Net result of financial transactions 2) 895 825 8 2,025 Other operating income 1,145 740 55 1,662 Income from banking operations 8,566 4,984 72 18,798 Costs Staff costs -3,092 -1,801 72 -7,969 Other administrative costs -1,390 -940 48 -3,913 Depreciation and write-downs of tangible and intangible fixed assets -412 -278 48 -1,120 Other operating costs -445 -341 30 -1,487 Costs from banking operations -5,339 -3,360 59 -14,489 Result from banking operations before lending losses 3,227 1,624 99 4,309 Lending losses and provisions, net 3) -332 -131 153 207 Change in value of assets taken over 54 7 111 Write-down of financial fixed assets -3 -29 Net result from associated companies 32 42 -24 116 Operating result from banking operations 2,978 1,542 93 4,714 Result from insurance operations 4) 37 101 -63 408 Operating result 3,015 1,643 84 5,122 Pension compensation 171 125 37 873 Taxes -638 -485 32 -1,355 Minority interests -124 -2 -56 Result for the period 2,424 1,281 89 4,584 1) Net commission Income Jan-Mar Jan-Mar Change Full year 2000 1999 percent 1999 Payment commissions 493 431 14 1,863 Securities commissions 1,968 1,100 79 5,066 Other commissions 1,179 191 1,146 Total 3,640 1,722 111 8,075 2) Net result of financial actions Shares/participations 420 218 93 963 Interest-bearing securities 190 30 -276 Other financial instruments 216 -153 819 Realised result 826 95 1,506 Jan-Mar Jan-Mar Change Full year 2000 1999 per cent 1999 Shares/participations -72 4 291 Interest-bearing securities -123 182 -168 142 Other financial instruments -96 167 -157 -1,039 Unrealised value changes -291 353 -182 -606 Exchange rate fluctuations 363 382 -5 1,130 Redemption of bonds, SEB BoLan -3 -5 -40 -5 Total 895 825 8 2,025 3) Leading losses and provisions, net A. Individually appraised receivables: Reported write-down, incurred losses -217 -80 171 -448 Reversal of previous provisions for possible losses, reported as incurred losses in current period's accounts 67 69 -3 339 Reported provision for possible losses -426 -159 168 -854 Recovered from losses incurred in previous years 83 29 186 200 Reversal of previous provisions for possible losses 131 31 483 Reported net cost for individually appraised receivables -362 -110 -280 B. Receivables appraised by category: Reported write-down incurred losses -18 -19 -5 -86 Reported provision for possible losses -1 -9 -89 -31 Recovered from losses incurred in previous years 9 11 -18 35 Withdrawal from reserve for lending losses 12 -100 31 Reported net cost for receivables appraised by category -10 -5 100 -51 C. Allocation to/withdrawal from reserve for political risks abroad 61 3 440 D. Contingent liabilities -21 -19 11 98 Total -332 -131 153 207 4) Result insurance operations Non-life operations 52 157 -67 518 Life operations -15 -56 -73 -110 Total income 37 101 -63 408 SEB Group - Bridge between Statutory and operational accounts Statutory Profit Operational & Loss Accounts Profit & Loss Accounts Internal Transactions Jan-Mar SEB bank- Reclas- Jan-Mar SEK M 2000 Trygg Liv insurance sification 2000 SEK M Net interest Net interest earnings 2,868 15 2,883 earnings Dividends Received 18 -18 Net commission Net commission income 3,640 62 3,702 income Net result of Net result financial of financial transactions 895 900 transactions Other operating income 1,145 356 -234 18 1,285 Other operating income 473 Change in surplus value in life insurance 473 operations Income from banking operations 8,566 376 -172 473 9,243 Total income Staff costs -3,092 -123 4 -3,211 Staff costs 171 171 Pension compensation Other administrative costs -1,390 -202 1,592 Depreciation and write-downs of tangible and intangible fixed assets -412 -14 -1 -427 Depreciations Other operating costs -445 -50 169 -1,592 -1,918 Other operating costs Costs from banking operations -5,339 -389 172 171 5,385 Total costs Result from banking operations before lending losses 3,227 Lending losses and -332 51 -281 Lending losses provisions, net etc Change in value of 54 -54 assets taken over Write-down of -3 3 financial fixed assets Net result from 32 -2 30 Net result associated companies from associated companies Operating result 2,978 from banking operations Result from 37 15 52 Result from insurance non-life Operations insurance operations Operating result 3,015 0 0 644 3,659 Total result Pension compensation 171 -171 Taxes -638 -638 Taxes -132 -132 Taxes on change in surplus values Minority interests -124 -124 Minority Interests Result for the period 2,424 0 0 341 2,765 Total result after tax Profit and Loss Account, Parent company Jan-Mar Jan-Mar Change Full year SEK M 2000 1999 per cent 1999 Income Interest receivable 6,066 5,329 14 19,791 Leasing income 110 59 86 254 Interest payable -4,922 -4,118 20 -15,016 Net interest earnings 1) Dividends received 22 42 -48 4,241 Commission receivable 1,874 1,327 41 5,752 Commission payable -256 -230 11 -987 Net commission income 2) 1,618 1,097 47 4,765 Net result of financial transactions 3) 373 768 -51 1,343 Other operating income 838 705 19 1,541 Total income 4,105 3,882 6 16,919 Costs Staff costs -1,544 -1,396 11 -5,875 Other administrative expenses -924 -1,015 -9 -4,384 Depreciation and write-downs of tangible and intangible -75 -65 15 -266 fixed assets Other operating costs -235 -290 -19 -1,487 Total costs -2,778 -2,766 0 -12,012 Result before lending losses 1,327 1,116 19 4,907 Lending losses and provisions, net 4) 31 -77 -140 415 Change in value of assets taken over -10 Write-down of financial fixed assets -3,057 Operating result 1,358 1,039 31 2,255 Pension provision 171 125 37 873 Other appropriations *) -539 -294 83 -1,863 Tax on result for the year *) -162 -147 10 -68 Result for the year 828 723 15 1,197 *) Group contributions reported directly against equity 1) Net interest Jan-Mar Jan-Mar Change Full year SEK M 2000 1999 per cent 1999 Interest receivable 6,066 5,329 14 19,791 Leasing income 110 59 86 254 Interest payable -4,922 -4,118 20 -15,016 Leasing depreciation -33 -19 74 -94 Total 1,221 1,251 -2 4,935 2) Net commission income Payment commissions 356 323 10 1,332 Securities commissions 1,009 600 68 2,695 Other commissions 253 174 45 738 Total 1,618 1,097 47 4,765 3) Net of result of financial transactions Jan-Mar Jan-Mar Change Full year 2000 1999 per cent 1999 Shares/participations 179 -100 4 Interest-bearing securities 74 14 -256 Other financial instruments 186 -148 1,009 Realised result 260 45 757 Shares/participations -106 -2 -23 Interest-bearing securities -77 189 -141 105 Other financial instruments -4 169 -102 -539 Unrealised value changes -187 356 -153 -457 Exchange rate fluctuations 300 367 -18 1,043 Redemption of bonds Total 373 768 -51 1,343 4) Lending losses and provisions, net A. Individually appraised receivables Reported write-down, incurred losses -42 -56 -25 -289 Reversal of previous provisions for possible losses reported as incurred losses in current period's accounts 34 52 -35 257 Reported provision for possible losses -138 -101 37 -577 Recovered from losses incurred in previous years 36 26 38 116 Reversal of previous provisions for possible losses 83 20 394 Reported net cost for individually appraised receivables -27 -59 -54 -99 B. Receivables appraised by category Reported wide-down incurred losses -8 -11 -27 -52 Reported provision for possible losses -2 -100 -12 Recovered from losses incurred in previous years 6 7 -14 26 Withdrawal from provision for lending losses 4 -100 14 Reported net cost for receivables appraised by category -2 -2 -24 C. Allocation to/withdrawal from reserve for political risks abroad 60 3 440 D. Contingent liabilities -19 -100 98 Total 31 -77 -140 415 Appendix 1 SEB Trygg Liv SEB Trygg Liv focuses on the sale and administration of unit-linked insurance products and their equivalent for account of the traditional mutual life insurance business. From an accounting point of view, its activities are separate from traditional banking activities. SEB Trygg Liv's accounts are presented in this Appendix according to generally accepted accounting standards within the insurance business. SEB Trygg Liv reported a strong sales growth during the first quarter, attributable primarily to single-premium endowment assurance, mostly unit-linked. Sales, i.e. new premiums and extra payments under existing insurance contracts, increased by SEK 1,763 M, or 70 per cent to SEK 4,290 M (SEK 2,527 M). The share of insurance contracts with current premiums was 14.5 per cent (16.3 per cent). Premium income (premiums paid) rose 50 per cent to SEK 5,747 M (SEK 3,835 M). In total, assets under management increased by SEK 54 billion or 27 per cent to SEK 252 billion (SEK 198 billion) during the twelve-month period, whereas the corresponding increase for unit-linked insurance was 60 per cent. Revenues increased by 49 per cent, primarily as a result of a higher premium volume and favourable growth in assets under management within unit-linked insurance. Operating costs and other costs increased by SEK 110 M or 30 per cent, of which most, SEK 74 M, was attributable to volume related sales costs. The operating loss improved by 67 per cent, to SEK 19 M (SEK 511 M). The total result, which includes the change in surplus values, increased by 109 per cent to SEK 454 M (SEK 217 M) compared with the year-earlier period. This improvement was mainly due to strongly increased sales combined with a positive development on the capital market. The surplus value in life insurance operations is the present value of expected future gains from signed insurance contracts. The surplus values comprise unit-linked operations as well as commissioning agreements with traditional life insurance companies. Volumes, SEK M March 2000 March 1999 Sales volume Traditional life insurance, current share 24 (28) % 280 383 Unit-linked insurance, current share 13 (14) % 4,010 2,144 4,290 2,527 Premium income Traditional life insurance 1,097 1,136 Unit-linked insurance 4,650 2,689 5,747 3,825 Savings stock 31 March 31 March Traditional life insurance 187,700 158,300 Unit-linked insurance 64,000 40,000 Profit and loss account, Jan-March, SEK M March 2000 March 1999 Commissioning agreements, traditional life insurance 80 76 Unit-linked insurance 271 159 Risk operations and other 34 24 Total income 385 259 Operating expenses -437 -322 Capitalization of acquisition costs 69 53 Goodwill and other -36 -41 Total costs -404 -310 Operating result -19 -51 Change in surplus values 1) 473 268 Total result 454 217 Return on allocated capital, per cent 2) 30.0% 12.7% Expense ratio per cent 3) 7.6 % 8.4% Notes 1) After deduction for change in capitalised acquisition costs 2) Annual basis. Allocated capital 3,900 respective 3,250 3) Operating expenses expressed as percentage of premiums earned Calculation of surplus values and changes in surplus values Surplus values in life insurance operations are calculated on the basis of assumptions regarding the future development of signed insurance contracts and a risk-adjusted discount rate. The most important assumptions are the following: Discount rate 11 % Return on capital, nominal assets 4 % Return on capital, real assets 8 % Cancellations of contracts 5 % Cancellations of current premiums 5 % administrative expenses SEK 250/contract per year Mortality According to trade experience Surplus accounting Deferred acquisition costs are capitalized in the accounts and depreciated according to plan. The reported change in surplus values is therefore adjusted by the net result of the capitalisation and depreciation during the period. Result Change in surplus values 542 Deferred acquisition costs -146 Depreciation + 77 -69 Reported change in surplus values 473 Balance Surplus value at 1 January 2000 3,142 Current change of surplus values consists of present values of new contracts 1) 386 +Return on existing contracts 129 -Realised surplus value in existing contracts -165 =Change in present value of contracts signed before the current period -36 Actual outcome compared with operative assumptions made 2) 12 Change in operative assumptions 3) -115 Capital return in excess of undertakings 295 Total change in surplus values 4) 542 Capitalised acquisition cost for the period -146 Depreciation of capitalised acquisition cost for the 77 period Total reported change in surplus values 473 Closing balance 31 March 2000 5) 4,551 1) Sales defined as new contracts and extra premiums on existing contracts 2) The reported actual outcome of contracts signed can be placed in relation to the operative assumptions that were made. Thus, the value of the deviations can be estimated. The most important components consist of growth in underlying assets, increased sales, particularly in the form of extra premiums and extensions of contracts as well as cancellations. However, the actual result of income and administrative expenses is included in full in the operating result. 3) Subsidiary SEB Trygg Life (UK) is closed for new contracts and is being divested as planned. The cancellation undertaking has been changed from 5 to 7.5 per cent, with a nonrecurring negative effect of SEK 115 M. 4) Before deduction for capitalised acquisition cost of SEK 248 M See above. 5) Estimated surplus value according to the above is not included in the published balance sheet. Appendix 2 BfG adapted to Swedish Accounting Principles Jan-March Jan-March 1999* 2000 1999* MEUR MEUR MEUR Profit and loss account Net interest earnings 128 154 579 Dividend 1 3 5 Net Commission income 66 43 186 Net result of financial transactions 20 8 42 Other operating income 12 1 48 Total operating income 227 209 860 General administration expenses - 130 - 147 - 643 Depreciation - 11 - 16 - 56 Other operating costs - 13 - 2 - - Total costs - 154 - 165 - 699 Lending losses - 26 - 23 - 101 TOTAL RESULT 47 21 60 *9906/2 *Normalised END QRFEANSDEALEEEE
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