Carnegies first quarter results 2004

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Carnegies first quarter results 2004
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Continued positive sentiment

• Nordic stock market turnover up 80 Y/Y and up
  47 compared to the previous quarter
• Nordic index up 7-13 from year-end
• First 3 IPOs since mid 2002
• Increase in announced MA-deals from low levels
• Improved inflow to equity funds

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First quarter 2004
Carnegie Group

• Total income SEK735m (SEK464m), up 58 Y/Y
• Expenses excluding profit-share SEK388m (SEK405m)
  
• Net profit SEK121m (SEK23m), up 430
• Earnings per share SEK 1.82 (0.34)

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Positive quarterly income trend
Carnegie Group
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Income (SEKm)
Carnegie Group
6
Cost development (SEKm)
Carnegie Group
7
Cost/income ratio
Carnegie Group
(Including redundancy expenses)
8
Quarterly operating profit (SEKm)
Carnegie Group
9
Substantially improved income
Securities

• Income SEK369m (SEK199m), up 86
• Net commission income SEK264m (SEK147m), up 80,
  in line with the turnover increase on the Nordic
  stock exchanges
• Trading income SEK76m (SEK48m), up 59
• Total expenses excluding profit-share SEK162m
  (SEK169m), down 4 Y/Y
• Profit before taxes up substantially to SEK106m
  (SEK18m)

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Nordic turnover, rolling 12M
Securities
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Share of Nordic stock exchange turnover

• Includes other SEB entities
• Includes other Nordea entities

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Income (SEKm)
Securities
13
Improved sentiment
Investment Banking

• Income SEK114m (SEK97m), up 17
• Mainly advisory fees, up 11
• Nordic MAs No 1 by number of transactions and
  No 8 by volume
• Total expenses excluding profit-share down 12 to
  SEK63m (SEK71m).
• Profit before taxes SEK26m (SEK15m), up 70

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Nordic MA 2004
Investment Banking

• Announced transactions
• Ranked no 8(2) in termsof deal value
• Ranked no 1(1) with 9(10) transactions
• Completed transactions
• Carnegie ranked no 7(3)in terms of deal value
• Ranked no 2 (1)with 4(7) transactions

USD billion
Top 10 advisers, Q1(04)Announced

• Goldman Sachs 5,4 3
• JP Morgan Chase 4,8 6
• Morgan Stanley 3,3 3
• Lehman Brothers 3,3 1
• UBS 2,2 4
• Mandatum 1,8 3
• Deutsche Bank 1,8 6
• Carnegie 1,1 9
• ABG Sundal Collier 0,9 2
• ABN Amro 0,7 3

Source Thomson Financial Securities Data, April
2004 Note Announced/completed transactions with
financial adviser. Nordic target or acquirer.
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Income (SEKm)
Investment Banking
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Significant growth in AUM
Asset Management Private Banking

• Total income SEK252m (SEK169m), up 49
• Total expenses excluding profit-share down 1 to
  SEK163m (SEK164m).
• AUM up SEK7bn in the first quarter to SEK62bn
  net inflow of SEK2bn and value increase of SEK5bn
  
• Private Banking income SEK116m, expenses SEK66m
• Private client volume SEK30bn, of which SEK 6bn
  included in AUM
• Profit before taxes SEK45m (SEK3m)

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Mutual funds relative performance
Asset Management Private Banking
Relative performance to benchmark index
Carnegie Sweden SEK Oct 1996 25 -2 Carnegie
Small Cap SEK Nov 1996 21 1 Carnegie
Norway NOK Jul 1995 124 1 Carnegie Nordic
Markets USD Apr 1996 81 -5 Carnegie European
Markets EUR Aug 1999 38 6 Carnegie
Medical EUR Dec 1998 108 4 Carnegie WorldWide
(Lux) USD Dec 1995 82 5 Carnegie WorldWide
(Den) DKK Jul 1990 258 4
Selected funds represent approx. 75 of the
capital in Carnegies equity funds
(a) Periods measured until 31 March 2004
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Assets under management (SEKbn)
Asset Management Private Banking
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Income (SEKm)
Asset Management Private Banking
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Tier 1 ratio
Carnegie Group
Tier 1 ratio, target 15
Carnegie risk-weighted assets (SEKbn)
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2004 Our clients first choice

• The significant improvement is an effect of
  improved market conditions, but also a result of
  our focus on strengthening our market position.
  This coupled with our continued drive towards
  cost efficiencies has generated the improvement
  in operating profit.
• I am pleased to see that our commitment and hard
  work are generating results. Our strong brand
  name has also made it possible to complete a
  number of senior recruitments, which is also
  instrumental in further developing our business.
  
•  

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Carnegies first quarter results 2004

• QA session