RNS Number:9860I
Skandinaviska Enskilda Banken
23 August 2001
PART 3
Derivative contracts
30 June 2001
SEK M Contracts on the asset side Contracts on the liability side
Book Market Book Market
value value value value
Interest-related 17 905 17 905 19 422 19 422
Currency-related 54 522 56 814 47 924 51 238
Equity-related 874 874 537 537
Other 10 10 10 10
Total 73 311 75 603 67 893 71 207
On 30 June 2001 the notional value of the Group's derivatives contracts
amounted to SEK 4 208 billion (SEK 4 148 billion on 30 June 2000).
The book value of derivative instruments forming part of trading operations
is identical with the market value.
Those deviations between actual and book values which are reported in the
above table are matched by opposite deviations between market and book values
in the part of the Group's operations which is the object of hedge accounting.
Problem loans and seized assets
SEK M
30 June 31 December 30 June
2001 2000 2000
Doubtful claims 16 153 16 437 14 419
Provision for possible lending losses -7 522 -8 072 -7 789
Doubtful claims, net 8 631 8 365 6 630
Claims subject to interest reduction 271 308 301
Total volume of problem loans 8 902 8 673 6 931
Level of doubtful claims 1,38 1,35 1,15
(Doubtful claims (net) in relation
to lending and leasing (net) at end of
period, per cent)
Provision ratio for doubtful claims 46,6 49,1 54,0
(Reserve for possible lending losses
in relation to doubtful claims (gross),
per cent)
Pledges taken over
Buildings and land 45 104 110
Shares and participations 97 109 149
Total volume of pledges taken over 142 213 259
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 (3), while
unpaid interest on non-performing loans amounted to SEK 109 M (143).
On 30 June 2001, the Group had SEK 129 M (284) 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.
Skandinaviska Enskilda Banken (parent company)
Profit and Loss Account
SEK M
Q2 Q2 Change January- January- Change Full
2001 2000 per June June per Year
cent 2001 2000 cent 2000
Income
Interest income 7 199 6 829 5 14 439 12 895 12 27 250
Leasing income 148 117 26 295 227 30 459
Interest costs -6 111 -5 704 7 -12 314 -10 626 16 -22 879
Net interest
income(1)
Dividends
received(*) 1 463 863 70 1 691 885 91 2 157
Commission income 1 294 1 727 -25 2 665 3 601 -26 6 958
Commission costs -213 -269 -21 -404 -525 -23 -1 000
Net commission
income(2) 1 081 1 458 -26 2 261 3 076 -26 5 958
Net result of
financial
transactions(3) -759 433 -198 806 -125 2 298
Other operating
income 236 444 -47 1 010 1 282 -21 1 990
Total income 3 257 4 440 -27 7 184 8 545 -16 17 233
Costs
Staff costs -1 397 -1 633 -14 -2 675 -3 177 -16 -6 470
Other administrative
expenses -1 154 -884 31 -2 343 -1 808 30 -3 985
Depreciation and
write-downs of
tangible and
intangible fixed
assets -77 -81 -5 -153 -156 -2 -317
Other operating
costs -278 -363 -23 -618 -598 3 -1 282
Total costs -2 906 -2 961 -2 -5 789 -5 739 1 -12 054
Profit/loss before
credit losses 351 1 479 -76 1 395 2 806 -50 5 179
Net credit losses(4) 103 -11 135 20 144
Change in value of
seized assets -5 -8 -38 -5 -8 -38 -8
Write-down of
financial fixed assets -110 -100 -110 -100 -658
Operating profit 449 1 350 -67 1 525 2 708 -44 4 657
Pension provision 206 319 -35 494 490 1 943
Profit before
appropriations and
tax 555 1 669 -61 2 019 3 198 -37 5 600
Other appropriations
(**) -223 -427 -48 -784 -966 -19 -2 307
Taxes -34 -286 -88 -217 -448 -52 -472
Net profit for the
period 398 956 -58 1 018 1 784 -43 2 821
(*) In 2001 dividend on shares in Merchant Banking's trading portfolio amounts
to SEK 1 291 M (Q2 2001: 1 098, Q2 2000: 134). 2000 included an extra
ordinary dividend of SEK 440.
(**)Group contributions reported directly against equity.
1) Net interest income
SEK M
Q2 Q2 Change January- January- Change Full
2001 2000 per June June per Year
cent 2001 2000 cent 2000
Interest income 7 199 6 829 5 14 439 12 895 12 27 250
Leasing income 148 117 26 295 227 30 459
Interest costs -6 111 -5 704 7 -12 314 -10 626 16 -22 879
Leasing depreciation -44 -40 10 -88 -73 21 -148
Net interest 1 192 1 202 -1 2 332 2 423 -4 4 682
income
2) Net commission income
SEK M
Q2 Q2 Change January- January- Change Full
2001 2000 per June June per Year
cent 2001 2000 cent 2000
Payment 154 337 -54 344 693 -50 1 416
commissions
Securities commissions 661 903 -27 1 428 1 912 -25 3 580
Other commissions 266 218 22 489 471 4 962
Net commission
income 1 081 1 458 -26 2 261 3 076 -26 5 958
3) Net result of financial transactions
SEK M
Q2 Q2 Change January- January- Change Full
2001 2000 per June June per Year
cent 2001 2000 cent 2000
Shares/participations -5 6 -183 -5 6 -183 65
Interest-bearing
securities 279 -32 460 42 394
Other financial
instruments -966 134 -901 320 725
Realised result -692 108 -446 368 1 184
Shares/participations -4 97 -104 -8 -9 -11 -15
Interest-bearing
securities -115 16 -124 -61 103 -199
Other financial
instruments -254 -22 -211 -26 211
Unrealised value
changes -373 91 -343 -96 -3
Exchange rate 306 234 31 591 534 11 1 117
fluctuations
Net result of -759 433 -198 806 -125 2 298
financial
transactions
4) Net credit losses
SEK M
Q2 Q2 Change January- January- Change Full
2001 2000 per June June per Year
cent 2001 2000 cent 2000
Individually
appraised receivables
Reported write-down,
incurred losses -696 -60 -744 -102 -1 420
Reversal of previous
provisions for possible
losses reported as
incurred losses in
current period's
accounts 671 51 705 85 1 295
Reported provision for
possible losses -42 -63 -33 -114 -201 -43 -520
Recovered from losses
incurred in previous
years 58 21 176 111 57 95 372
Reversal of previous
provisions for possible
losses 99 21 122 104 17 164
Reported net cost for
individually
appraised receivables 90 -30 80 -57 -109
Receivables appraised
by category
Reported write-down,
incurred losses -14 -100 -22 -100 -52
Reported provision for
possible losses -4
Recovered from losses
incurred in previous years 6 -100 12 -100 22
Withdrawal from provision for
lending losses
Reported net cost for receivables
appraised by category -8 -100 -10 -100 -34
Allocation to/withdrawal
from reserve for
political risks
abroad 7 27 -74 49 87 -44 279
Contingent liabilities 6 6 8
Total 103 -11 135 20 144
Cash flow analysis
SEK M January-June Full year January-June
2001 2000 2000
Cash flow before changes in
lending and deposits 6 129 7 813 30 070
Increase(-)/decrease (+) in
lending to the public 5 643 -31 782 -13 797
Increase(+)/decrease (-) in
deposits from the public 27 624 15 923 19 540
Cash flow, current operations 39 396 -8 046 35 813
Cash flow, investment activities -309 -19 546 -16 264
Cash flow, financing activities -8 837 -3 598 -751
Cash flow for the period 30 250 -31 190 18 798
Liquid funds at beginning of
year 45 261 76 451 76 451
Cash flow for the period 30 250 -31 190 18 798
Liquid funds at end of period 75 511 45 261 95 249
Balance sheet
SEK M 30 June 2001 31 December 2000 30 June 2000
Lending to credit
institutions 213 726 184 849 224 297
Lending to the public 214 946 220 493 203 007
Interest-bearing
securities 136 324 118 418 81 390
- Financial fixed assets 3 360 2 962 2 601
- Financial current assets 132 964 115 456 78 789
Shares and participations 50 446 44 485 42 018
Other assets 103 197 94 112 95 852
Total assets 718 639 662 357 646 564
Liabilities to credit
institutions 213 629 198 618 180 620
Deposits and borrowing from
the public 262 274 234 650 238 278
Securities issued, etc. 46 999 52 518 54 274
Other liabilities and
provisions 141 304 120 194 117 888
Subordinated liabilities 27 707 28 207 29 298
Shareholders' equity (1) 26 726 28 170 26 206
Total liabilities and shareholders'
equity 718 639 662 357 646 564
(1) Change in shareholders' equity
SEK M 30 June 31 December 30 June
2001 2000 2000
Opening balance 28 170 22 294 22 294
New share issue 4 067 4 067
Dividend to shareholders -2 818 -2 466 -2 466
Group contributions, net 341 1 436 509
Result, holding of own shares 21
Translation difference 15 -3 18
Net profit for the period 1 018 2 821 1 784
Closing balance 26 726 28 170 26 206
Statutory Profit and Loss Account Operational Profit and Loss
Account
SEK M Jan- SEB Inter- Reclass- Jan-June
June Trygg nal Trans- ification 2001
2001 Liv actions
bank-
insurance
Net interest
income 6 213 21 6 234 Net interest
income
Dividends
received 1 365 2 -1 367
Net commission
income 5 768 190 5 958 Net commission
income
Net result of
financial
transactions 236 -18 1 291 1 509 Net result of
financial
transactions
Other operating
income 1 315 689 -404 76 1 676 Other operating
income
Income from
banking
operations 14 897 694 -214 0 15 377 Total income
Staff costs -5 963 -278 5 -6 236 Staff costs
529 529 Pension
compensation
General admin
costs -3 066 -398 3 464
Depreciation
& write-downs
of tangible &
intangible -885 -31 -916 Depreciation
fixed assets
Other operating
costs -1 169 -96 209 -3 464 -4 520 Other operating
costs
Costs from
banking
operations -11 083 -803 214 529 -11 143 Total costs
Profit/loss
from banking
operations
before
credit
losses 3 814
Net credit
losses -207 -41 -248 Net credit losses
etc.
Change in
value of
seized assets 7 -7
Write-down of
financial
fixed assets -48 48
Net result
from associated
companies 24 -8 Net result from
16 associated cos
Operating profit
from banking
operations 3 590
Operating profit
from insurance
operations 126 117 Operating profit
243 from non-life
insurance ops.
Operating
profit 3 716 0 0 529 4 245 Operating result
Change in surplus
value in life
113 113 insurance ops
4 358 Total result
Pension
compensation 529 -529
Taxes -1 365 -1 365 Taxes
Taxes on change
in surplus
-32 -32 values
Minority
interests -67 -67 Minority interests
Net profit for
the period 2 813 0 0 81 2 894 Total result
after tax
Appendix 1
SEB AG in the SEB Group
PROFIT & LOSS ACCOUNT ADAPTED TO SWEDISH ACCOUNTING PRINCIPLES
EUR M Full Normal
year quarter
2001:2 2001:1 2000:4 2000:3 2000:2 2000:1 2000 2000
Net 118 127 120 126 142 128 516 129
interest
income
Net 45 41 58 54 48 66 226 56
commission
income
Net result 5 7 10 10 5 20 45 11
of
financial
transactions
Other 11 36 5 14 7 13 39 10
operating
income
Total income 179 211 193 204 202 227 826 206
Staff costs -80 -82 -77 -85 -87 -84 -333 -83
Other -62 -65 -81 -69 -80 -70 -300 -75
operating
costs
Total costs -142 -147 -158 -154 -167 -154 -633 -158
Net credit -15 -10 -18 -18 -15 -36 -87 -22
losses etc
Net result from associated 2 2
companies
"External" 22 54 19 32 20 37 108 26
Profit
Operating profit
from non-life
insurance
operations -27 -9 -18 -27
"Normal" Profit 22 27 19 32 11 19 81 26
At the beginning of 2001 the reserves amounted to EUR 463,5 M. The allocation
and utilisation during 2001 is showed in the table below:
Allocation and utilisation of reserves
EUR M Reserve for Social plan Restructuring Total
credit losses reserves
Opening 112,3 67,1 284,1 463,5
balance 2001
Utilised Q 1 -23,4 -26,7 -50,1
Utilised Q 2 -0,6 -6,9 -27,6 -35,1
Closing balance
30 June 2001 111,7 36,8 229,8 378,3
Of the utilisation of the restructuring reserve (EUR 26,7 M + EUR 27,6 M =
EUR 54,3 M) EUR 34,4 M covers the change of brand name from BfG to SEB.
Appendix 2
Credit exposure by industry sector
2001-06-30 % of which % 2000-12-31 & of which %
SEB AG SEB AG
Corporates and banks
Banks 170 306 17,8 71 395 20,2 171 707 18,4 69 546 19,9
Finance and 57 796 6,0 7 618 2,2 44 330 4,8 8 664 2,5
insurance
Property 117 815 12,3 68 919 19,6 113 888 12,3 62 896 17,9
management
Wholesale 36 995 3,8 8 623 2,4 38 649 4,2 9 257 2,6
and
retailing,
hotels and
restaurants
Transportation 35 850 3,7 1 639 0,5 35 195 3,8 1 203 0,3
Other 24 624 2,6 107 0,0 24 977 2,7 91 0,0
service
sectors
Construction 10 885 1,1 3 309 0,9 10 110 1,1 3 541 1,0
Manufacturing 102 669 10,7 9 912 2,8 84 816 9,2 10 447 3,0
Other 91 662 9,5 33 338 9,4 87 829 9,5 36 964 10,5
648 602 67,5 204 860 58,0 611 501 66,0 202 609 57,7
Public administration
Municipalities, County
Councils 15 712 1,6 - - 16 235 1,8 - -
Municipality-owned
companies 27 186 2,8 - - 26 993 2,9 - -
German and Baltic
Municipalities and Federal
states 52 038 5,5 51 385 14,5 48 928 5,3 48 924 13,9
94 936 9,9 51 385 14,5 92 156 10,0 48 924 13,9
Households
Housing loans
(first-mortgage 82 832 8,6 10 112 2,9 76 769 8,3 9 331 2,7
loans)
Other 129 719 13,5 87 082 24,6 130 879 14,1 90 114 25,7
loans
212 551 22,1 97 194 27,5 207 648 22,4 99 445 28,4
Not distributed by
sector and
industry 5 011 0,5 - - 15 141 1,6 - -
Total credit
portfolio 961 100 100 353 439 100 926 446 100 350 978 100
Repos
Credit
institutions 55 262 - 36 193 -
General public 36 974 - 53 159 -
92 236 - 89 352 -
Exposure on Emerging Markets, geographically distributed, SEK M
Emerging Markets, 30 June 2001 Total of which
SEB AG
Asia 4 396 350
Hong Kong 487 71
China 814 100
Other Specified Countries 2 261 75
Latin America 3 831 406
Brazil 1 926 19
Eastern- and Central Europe(6) 1 832 950
Russia 932 333
Africa and Middle East 2 827 228
Turkey 896 16
Total, Gross 12 886 1 934
Provision 2 179 1 019
Total, Net 10 707 915
1. Includes Hong Kong, China, India, Pakistan, Taiwan and Macao and not 2.
2. Includes Philippines, Malaysia, Thailand, Korea and Indonesia
3. Includes Brazil, Argentina, Mexico and Peru
4. Includes Russia, Estonia, Latvia, Lithuania, Poland, Czech Republic
Slovakia, Romania, Hungary, Slovenia, Croatia, Kazakhstan and Ukraine
5. Includes Turkey, Iran, Saudi Arabia, Egypt, Israel, South Africa,
Ethiopia and Algeria
6. Exposure through the Baltic subsidiaries of the bank is not included
Appendix 3
SEB Trygg Liv
SEB Trygg Liv focuses on the sale and administration of unit-linked insurance
products as well as their equivalent for account of the traditional mutual
life insurance business. SEB Trygg Liv is a wholly owned life group which
ultimate parent is Skandinaviska Enskilda Banken. From an accounting point of
view, the life business is separate from the traditional banking activities.
SEB Trygg Liv's accounts are presented in this Appendix according to
generally accepted accounting standards within the insurance business.
The market was adversely affected during the first half of the year by the
continued decline in market values. The demand for single-premium endowment
assurance dropped significantly while the market for occupational pension
insurance is more stable. Total new issues of single-premium unit linked in
Sweden during the first half of 2001 amounted to 7.6 billion (18.2), an
almost 60 per cent drop compared to prior year.
SEB Trygg Liv reported a decline in sales of -30 per cent (+55) compared
with the preceding year. In accordance with the market as a whole,
single-premium endowment assurance for the private market accounted for most
of the decline. Most sales, 81 (92) per cent pertained to unit-linked
products, of which 12 (13) per cent was attributable to sales through the
subsidiary SEB Trygg Life (Ireland), primarily the investment product Life
Assurance Portfolio Bond for the Swedish market.
Sales, i.e. new premiums and extra payments under existing insurance
policies, decreased by SEK 2 284 M, or 30 per cent, to SEK 5 290 M (7 574).
The main portion or 70 per cent of the decrease took place during the first
quarter. The present value of sales increased due to increased sales of
regular premium-business, mainly corporate pension plans. Premium income
(premiums paid) decreased less than sales, by 18 per cent to SEK 8 560 M
(10 422). In total, the value of assets under management decreased by SEK 16
billion or 6 percent to SEK 236 billion (252) during the twelve month period,
mainly due to the decline in market values. The decrease for unit-linked was
6 per cent.
Total income decreased by 6 percent to 730 M (780), mainly as a result of
the lower asset values compared to last year. Operating costs and other
costs, after deducting the change in deferred acquisition cost of SEK 105 M
(146), rose by 6 percent to SEK 818 M (772). However, the actual increase in
costs during the twelve-month period was less than 1 per cent. Operating
result, before current period change in surplus values, totalled SEK -88 M
(8) as a result of lower income and a lower amount of capitalised acquisition
costs. A smaller improvement was notified during the second quarter.
The surplus value in life insurance operations is the present value of
expected future profits from signed insurance contracts. The surplus value
comprises unit-linked operations as well as commissioning agreements with
traditional life insurance companies.
When determining the surplus value in the insurance portfolio an annually
unit fund growth of 6 per cent, that is 1.5 percent per quarter, is assumed.
A higher or lower growth rate than assumed will result in positive or
negative financial effects when computing the current year change. During
2001, the overall growth in unit funds was minus 8 per cent (+3), thus
resulting in negative financial effects of SEK 485 M (7) M. The second
quarter effect was a positive SEK 159 M.
Total result from operations improved by SEK 82 M or 19 per cent to SEK 510 M
(428). Total result including financial effects was SEK 25 M (435).
Volumes, SEK M 2001-06 2000-06
Sales volume
Traditional life insurance,
regular premium 27.3 (23.0)% 1 031 574
Unit-linked insurance,
regular premium 20.4 (14.0)% 4 259 7 000
Premium income
Traditional life insurance 2 595 2 249
Unit-linked insurance 5 965 8 173
8 560 10 422
Savings stock June 30 June 30
Traditional life insurance 175 800 186 900
Unit-linked insurance 60 100 64 800
235 900 251 700
Profit and loss account, SEK M
Administration agreements,
traditional life insurance 185 166
Unit-linked insurance 492 533
Risk operations and other 53 81
Total income 730 780
Operating expenses -858 -849
Capitalisation of acquisition costs 105 146
Goodwill and other -65 -69
Total costs -818 -772
Operating result -88 8
Change in surplus values(1) 113 427
Total result 25 435
Total result excluding financial effects
included in net surplus value change 510 428
Expense ratio per cent(2) 10.0 8.1
Return on allocated capital after tax,
per cent(3)
Excluding financial effects in surplus
value change 15.0 15.8
Including financial effects 0.7 16.1
Notes
(1) After deduction for change in capitalised acquisition costs
(2) Annual basis. Operating expenses as percentage of premiums earned
(3) Annual basis. Allocated capital SEK 4 900 M (3 900)
Calculation of surplus value and changes in surplus value
Surplus value in life insurance operations is 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 (valid since 31 December 1998):
Discount rate 11%
Return on capital, nominal assets 4%
Return on capital, real assets 8%
Surrender of contracts 5%
Surrender of current premiums 5%
Administrative expenses
(Sweden only) SEK 250/contract per year
Growth in fund units 6%
Mortality According to industry experience
Surplus value accounting
Deferred acquisition costs are capitalised 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.
Balance of surplus value
(after deduction of capitalised
acquisition costs) 0106 0103 0012 0009 0006
Opening balance 3 228 3 479 3 748 3 569 3 615
Present values of new sales(1) 405 311 391 229 301
Return on existing policies 155 155 143 173 129
Realised surplus value in existing
policies -196 -161 -188 -188 -187
Current change from operations 364 305 346 214 243
Change in assumptions 0 0 2 0 33
Actual outcome compared to
assumptions(2) -113 147 213 85 88
Investment return in excess of
assumptions(3) 159 -644 -753 -68 -333
46 -497 -538 17 -212
Total change in surplus values before
deduction of capitalised acquisition
costs 410 -192 -192 231 31
Capitalisation of acquisition cost for
the period -149 -164 -155 -128 -155
Amortisation of capitalised
acquisition cost 103 105 78 76 78
Total change in surplus values(4) 364 -251 -269 179 -46
Closing balance(5) 3 592 3 228 3 479 3 748 3 569
(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
extensions of contracts as well as cancellations. Also included is the
estimated cost of solvency, which increases with growth in fund values.
However, the actual income and administrative expenses are included in full
in the operating result.
(3) Assumed unit growth is 6 per cent, i.e. 15 per cent per quarter. Actual
for the second quarter of 2001 is +5 per cent resulting in the positive
effect of SEK 159 M (-333).
(4) Prepaid acquisition costs are capitalised in the accounts and amortised
over 5 years. Accordingly, the reported change in surplus values is
adjusted by the net effect in the period.
(5) Estimated surplus value according to the above is not included in the
statutory balance sheet.
Appendix 4
Capital base for the SEB Financial Group of Undertakings
June 2001
Shareholders' equity in the balance sheet 41 708
./. Estimated dividend for the period in 2001 -1 409
./. Deductions from the financial group of undertakings -1 156(1)
= Shareholders' equity in the capital adequacy 39 143
Core capital contribution 1 843
Minority interest 1 246
./. Goodwill -4 646(2)
= Core capital (tier 1) 37 586
Dated subordinated debt 11 613
./. Deductions for remaining maturity -2 696
Perpetual subordinated debt 17 505
= Supplementary capital (tier 2) 26 422
./. Deductions for investments in insurance companies -9 272(3)
./. Deductions for other investments outside the
financial group of undertakings -558
= Capital base 54 178
To note:
Minority interest and goodwill is different between the balance sheet and the
capital base due to the inclusion of companies in the capital adequacy
calculation that are not consolidated in the Group's balance sheet.
The deduction(1) from shareholders equity in the consolidated balance sheet
consists mainly of non-restricted equity in subsidiaries that are not
consolidated in the financial group of undertakings (insurance companies).
Goodwill in(2) includes only goodwill from acquisitions of companies in the
financial group of undertakings, i.e. not insurance companies. Goodwill from
acquisitions of insurance companies is deducted from the capital base(3).
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