1. Art and Diseño

Year-end report 2014
Nordnet is a Nordic bank. We offer services that enable private individuals and companies to take control of their
financial future. We target active savers in the Nordic countries. Our vision is to become the no. 1 choice for savings
& investments in the Nordics.
October – December 2014



Operating income increased by 8 percent to
SEK 284.5 million (263.5)
Profit after tax for the period rose by
26 percent to SEK 80.0 million (63.7)
Earnings per share rose by 26 percent to
SEK 0.46 (0.36)
January – December 2014



Operating income increased by 10 percent to
SEK 1,085.8 million (989.0)
Profit after tax for the period rose by
18 percent to SEK 276.6 million (233.8)
Earnings per share rose by 18 percent to
SEK 1.58 (1.34)
Highlights from the fourth quarter



The Board of Directors suggests an increased dividend of SEK 1.00 per share (0.85)
Launch of a new communication concept, Transparent Banking
Over 30,000 savers and 10 billion SEK at Shareville
Operating profit January–December
Savings capital 31 December
million
billion
SEK 337.0 (294.0)
SEK 166 (136)
Active customers 31 December
Net savings January–December
customers
billion
432,600 (394,700)
Trades January–December
SEK 16.3 (8.7)
Lending* 31 December
14,642,500
(13,565,700) SEK 5.6 (5.4)
trades
billion
* Lending excluding pledged cash and cash equivalents, see note 5
More about Nordnet for investors, analysts and media can be found at www.nordnetab.com
To become a customer, visit nordnet.se, nordnet.no, nordnet.dk or nordnet.fi
January–December 2014
Ceo’s statement
Since graduating from the Royal Institute of Technology in Stockholm, I have been working for some 30 years,
although I have never had a job that is as much fun as the one I have now. Working in a sector involving savings in
shares and mutual funds is never dull and, as usual, the financial year that recently came to an end was an eventful
one. During 2014, much attention has been focused on record-low interest rates and falling oil prices, but also on
the positive development on all of the Nordic exchanges, with Denmark at the fore. It is particularly pleasing that we
have now begun in earnest our journey towards our vision of becoming the first choice for Nordic savers.
If we begin with the financial figures for 2014, there is much to be happy about. The strong fourth quarter means we
are able to present the highest level of full-year income in Nordnet’s history. This is despite the fact that interest
rates in the Nordic countries are at historically low levels, meaning that our income from lending and the
management of surplus liquidity has declined. Net profit after tax is record-high – ending up at SEK 277 million for
the 12-month period. Our costs add up to more than SEK 700 million – a level that is deliberately higher than in
recent years with the purpose of enabling investment in product and IT development and analysis of customer data.
Renewal and innovation are what drive us forward, regardless of whether this involves user interfaces, products,
pricing models, service, or other aspects of importance to our customers. We can never permit ourselves to not be
up-to-date and relevant to Nordic savers. Our most important product innovations over the year were our super
funds – four fee-free index funds – and Shareville. The super funds now have nearly SEK 1 billion in capital, and
some 33,000 of our customers have invested in the funds. At the end of the year, more than 30,000 customers with
total savings of SEK 10 billion had joined Shareville, making it the Nordic region’s largest social investment
community.
Our higher pace of innovation has had an effect in terms of stronger growth and increased customer satisfaction.
Our net savings for the full-year amounted to slightly more than SEK 16 billion, which is a very strong figure.
Measured in relation to savings capital at the beginning of the year, net savings amounted to 12 percent, meeting
our target of double-digit growth. At the end of the year, the savings capital entrusted to us by our customers,
amounted to SEK 166 billion, which was also a record. Over the year, we welcomed an additional 38,000 savers to
Nordnet, representing growth of nearly 10 percent, and our customer base has grown to more than 430,000
people.
Customer satisfaction also rose in 2014 – which is more important than anything
else. The foremost ambassadors for Nordnet are to be found in our customer base,
with six out of ten new customers finding us through recommendations from friends,
colleagues or family members.
Our ambassador strategy is supplemented with marketing activities and, during the
quarter, we presented our new communication concept “Transparent banking”
through both our own and bought channels. The concept was launched with the aid
of five films that were posted on YouTube and other digital networks. The campaign
gained a rapid viral spread, being viewed more than a million times on YouTube in
the Nordic countries. The concept summarises what Nordnet is all about – nurturing
openness, applying a transparent business model in which our customers’ success
is also our success, and maintaining the belief that individuals have an independent
capacity to make informed decisions about their savings.
Håkan Nyberg
CEO Nordnet
PS. During the first quarter we will be introducing a couple of new products in the
areas of loans and mobile savings – keep a lookout!
2
January–December 2014
Operations
About Nordnet
Nordnet’s business concept is to offer services that enable private individuals and companies to take control of
their financial future. We have operations in Sweden, Norway, Denmark and Finland, where we target informed
savers. Our vision is to be the first choice for savers in the Nordic region when it comes to savings and investments.
Nordnet AB (publ) is listed on the Nasdaq Stockholm Mid Cap list under the NN B ticker.
Nordnet’s core business consists of trading in securities via internet. Our customers can invest in shares, mutual
funds, ETFs, options, certificates, structured products and they can make pension savings at low commission and
without fixed charges. In the Swedish market, we also offer private loans.
Most of Nordnet’s customer base consists of Nordic private individuals. Nordnet also partners with advisors and
other banks who act as agents for Nordnet, bringing in new customers and acting by proxy on customers’ behalf.
Market
The fourth quarter was a turbulent and eventful period on the Nordic exchanges. In October, the quarter began with
a substantial slump, bringing the Nordic indexes down by as much as above 10 percent from their previous peak.
Geopolitical unease and weakening economic data, particularly in Europe, pulled down stock markets worldwide,
including in the Nordic countries. However, most exchanges recovered just as quickly and investors quickly found
their way back into the stock market, where the current low-interest climate provides few attractive investment
alternatives to shares. Among the Nordic stock exchanges, Stockholm (4.4%) and Helsinki (1.7%) rose, while
Copenhagen (-2.4%) and Oslo (-6.1%) fell in the fourth quarter. The decline in Oslo was driven by oil-related
shares, which are suffering in the wake of declining oil prices. Oil prices fell by almost 40 percent over the last
quarter of the year.
Taken as a whole, 2014 ended up being quite a good year with rising indexes on all of the Nordic exchanges.
Despite many storm clouds and concerns regarding the economic trend, listed companies generally had a good
year with rising sales and higher profits than in the preceding year. In other regards, the year was mainly pervaded
by geopolitical issues surrounding Russia and Ukraine, as well as by falling commodity prices with oil prices at the
fore. Record low interest rates and deflationary tendencies in many parts of the world, as well as increasing
concerns for the economy were other themes that pervaded 2014 on the stock exchanges. The Copenhagen Stock
Exchange performed best of the Nordic exchanges, rising by more than 20 percent, driven largely by the continued
rise in index-heavy Novo Nordisk. The weakest performance was that of the Oslo Stock Exchange, which fought
headwinds in the form of falling oil prices throughout the year, although it nonetheless ended the year 4 percent up.
The Stockholm Stock Exchange recorded a gain of slightly less than 10 percent and the Helsinki index rose by
slightly more than 5 percent.
Customers and savings
The number of active customers with Nordnet as at 31 December was 432,600, corresponding to an increase of 10
percent compared with a year ago. The number of active accounts was 544,600, corresponding to an increase of
12 percent compared with the end of December 2013. Each customer has an average of 1.26 accounts.
Our customers’ total savings capital amounted to SEK 166 billion, an increase of 22 percent compared with the end
of December the previous year. The increase in savings capital is attributable to both positive net savings and rising
stock markets. Savings capital is made up of 65 percent in shares/derivatives/bonds, 23 percent in mutual funds
and 12 percent in cash.
3
January–December 2014
Net savings for the full-year 2014 totalled SEK 16.3 billion, a rise of 86 percent compared with the full-year 2013.
Calculated in relation to savings capital at the end of December 2013, net savings for the past 12 months
correspond to 12 percent.
Nordnet customers made an average of 59,300 trades (54,700) per day during the period January-December, an
increase of 8 percent compared with the full-year 2013. Lending excluding pledged cash and cash equivalents was
up by 5 percent compared with 12 months ago, amounting to SEK 5.6 billion, of which SEK 2.3 billion (2.1) is
private loans and SEK 3.3 billion (3.3) is securities lending (see note 5).
There were approximately 92,100 accounts (82,600) within pensions and insurance as per 31 December,
representing an increase of 12 percent compared with 2013. Total savings capital within this category increased by
25 percent, amounting to SEK 34.7 billion (27.7) at the end of December, of which some SEK 20.7 billion (17.9) is
in the form of endowment insurance.
Table: Summary of accounts and capital
31/12/2014
Number of accounts
31/12/2013
Number of accounts
31/12/2014
Savings capital (bn)
31/12/2013
Savings capital (bn)
390,400
347,900
129.5
106.5
92,100
42,200
15,400
34,500
82,600
40,400
12,700
29,500
34.7
20.7
4.3
9.7
27.7
17.9
3.0
6.8
62,100
35,400
26,700
544,600
57,300
31,100
26,200
487,800
2.1
2.1
*
166.2
1.8
1.8
*
136.0
Investments & savings
Pension
of which endowment insurance
of which occupational pension
of which other pension
Bank
of which sav ings accounts
of which priv ate loans
Total
* Lending amounts to SEK 2.3 (2.1) billion.
Income and expenses
January – December 2014
During the period, operating income rose by 10 percent to SEK 1,085.8 million (989.0), which was attributable to an
increase in net commission and a higher net result of financial transactions. Net commission rose by SEK 74.9
million. Net interest decreased by SEK 3.8 million, which was mainly attributable to low interest rates. 14.6 million
(13.6) trades were made, which is an increase of 8 percent compared with the year-earlier period. Net commission
per trade was SEK 25 at the end of December, compared with SEK 24 in the year-earlier period. Operating
expenses before credit losses rose by 8 percent to SEK 705.8 million (656.2) compared to the full-year 2013. The
increase in expenses is attributable to, among other things, investments in IT, analysis of customer data, product
development and investments in occupational pensions in Sweden.
Operating profit increased by 15 percent to SEK 337.0 million (294.0), and the operating margin was 31 percent
(30). Profit after tax for the year rose by 18 percent to SEK 276.6 million (233.8), resulting in a profit margin of 25
percent (24). Earnings per share rose by 18 percent to SEK 1.58 (1.34).
Operating income excluding transaction-related net commissions rose by 8 percent compared with the previous
year. Cost coverage, i.e. operating income excluding transaction-related net commission in relation to operating
expenses, amounted to 95 percent (95).
October – December 2014
Compared with the fourth quarter of 2013, operating income rose by 8 percent to 284.5 million (263.5), which was
attributable to an increase in net commission and a higher net result of financial transactions. Net commission rose
by SEK 23.0 million and net interest fell by SEK 9.9 million. In the fourth quarter, 4.1 million (3.7) trades were made,
which is an increase of 10 percent compared with fourth quarter of 2013. Net commission per trade during the
quarter was SEK 26 compared with SEK 24 in the corresponding quarter last year. Operating expenses before
credit losses rose by 4 percent to SEK 178.4 million (171.5).
4
January–December 2014
Operating profit increased by 14 percent to SEK 95.6 million (83.6), and the operating margin was 34 percent (32).
Profit after tax for the quarter rose by 26 percent to SEK 80.0 million (63.7), mainly attributable to higher net
commission. The profit margin was 28 percent (24). Earnings per share rose by 26 percent to SEK 0.46 (0.36).
Development on our markets
Sweden
At the end of December, Nordnet Sweden had 221,800 active customers. That corresponds to an increase of 6
percent over the past 12 months. In the last quarter of the year, we welcomed approximately 2,000 fund savers
from SBAB, of whom about a quarter already held a Nordnet account. Net savings for the period JanuaryDecember amounted to SEK 8.3 billion. Calculated in relation to savings capital at the end of December 2013, net
savings for the past 12 months correspond to 11 percent. The number of trades among Nordnet’s Swedish
customers rose by 1 percent compared to January-December 2013.
In addition to services for savings and investments, Nordnet also offers private loans on the Swedish market under
the Nordnet Toppenlånet and Konsumentkredit product names. At 31 December 2014, 26,700 customers (26,300)
were using this product. The total lending volume was SEK 2.3 billion (2.1), with an average interest rate of about
11 percent. These operations showed good growth and profitability over the period and contributed 32 percent (30)
of operating profit in Sweden for the period January–December.
The recruitment process to strengthen the occupational pension sale and support team has been completed, and
the team now comprises 25 people. In November, it was announced that the cooperation between Nordnet and
Söderberg & Partners would decrease as a result of Söderberg & Partners having strengthened its own securities
operations.
In the last quarter of the year, we were rewarded for our efforts in the area of communications. In October,
Sparpodden, which now has more than 30,000 listeners a week, was named Sweden’s fifth-best podcast. In
December, our savings economist Günther Mårder was named Bank Profile of the Year by magazine Privata
Affärer.
Norway
At the end of December, there were 61,900 active Nordnet customers in the Norwegian market. That corresponds
to an increase of 8 percent over the past 12 months. Net savings for the period January-December amounted to
SEK 2.4 billion. Calculated in relation to savings capital at the end of December 2013, net savings for the past 12
months correspond to 18 percent. Over the full-year 2014, the number of trades among Nordnet’s Norwegian
customers rose by 1 percent compared with 2013. Compared to previous year the operating profit decreased for
our Norwegian business, mainly due to a larger share of central costs.
In the fourth quarter, we started a transfer service that helps customers to gather their savings at Nordnet. The
year’s product launches, the Superfondet Norge and Shareville, continue to harvest success among our Norwegian
savers.
Denmark
Nordnet’s rate of growth in Denmark is high. At the end of December, there were 38,500 active customers. That
represents an increase of 27 percent over the past 12 months. The Danish market is a step ahead of the other
Nordic countries when it comes to openness in the pension market and Nordnet represents an attractive alternative
for those saving over the long term. In 2014, the number of pension customers in Denmark rose by 41 percent.
Net savings for 2014 totalled SEK 5.0 billion – a record. Calculated in relation to savings capital at the end of
December 2013, net savings for the past 12 months correspond to 36 percent. The end of the year also boded well
for 2015, with net savings in December alone amounting to SEK 517 million. In the period January-December, the
number of trades rose by 39 percent compared with the year-earlier period. The operating profit for our Danish
business increased mainly due to higher commission income.
Our Danish savings economist and PR profile, Per Hansen, has helped make Nordnet even better known in
Denmark. Per was recently ranked as the eighth-most cited economist in Denmark.
5
January–December 2014
Finland
By the end of December, we had 110,400 active customers at Nordnet in Finland, representing an increase of 13
percent compared to the same period the previous year. Net savings for the period January-December amounted
to SEK 0.5 billion. Calculated in relation to savings capital at the end of December 2013, net savings for the past 12
months correspond to 2 percent. Over the year, the number of trades rose by 10 percent compared with the period
January-December last year.
Fund savings is a priority for Nordnet in Finland, and during 2014 the number of customers saving in funds
increased by over 160 percent, thanks to the launch of Nordnet Superrahasto Suomi – the first fee-free Finnish
index fund. The Super funds are continuing to attract new customers and are now included in more than 13,000
Finnish Nordnet accounts.
Table: Profit per country
January-December
Operating income
Operating expenses
Sweden
2014
2013
Norway
2014
2013
Denmark
2014
2013
Finland
2014
2013
Group
2014
2013
656.8
-342.7
625.4
-332.5
131.3
-124.4
127.8
-113.8
137.4
-101.5
93.5
-85.8
160.3
-137.2
142.2
-124.2
1,085.8
-705.8
989.0
-656.2
Profit before credit losses
314.1
292.9
7.0
14.1
35.9
7.8
23.1
18.0
380.0
332.8
Credit losses
-42.2
-38.4
0.1
0.1
-0.9
-0.4
0.0
0.0
-43.1
-38.8
Operating profit
271.9
254.5
7.0
14.1
35.0
7.4
23.0
18.0
337.0
294.0
41%
41%
5%
11%
25%
8%
14%
13%
31%
30%
221,800
292,500
92
6,742,100
8.3
209,600
270,400
76
6,705,300
4.3
61,900
72,800
16
2,169,400
2.4
57,100
65,900
14
2,150,700
0.7
38,500
50,500
21
2,604,900
5.0
30,400
38,700
14
1,871,100
3.1
110,400
128,800
37
3,126,100
0.5
Operating margin
Number of customers
Number of accounts
Sav ings capital (SEK billion)
Number of trades
Net sav ings (SEK billion)
97,600
432,600
394,700
112,800
544,600
487,800
32
166
136
2,838,600 14,642,500 13,565,700
0.7
16.3
8.7
Financial position
Nordnet has two types of lending: lending with securities as collateral and personal loans (unsecured lending). For
both, Nordnet has well developed procedures for dealing with credit risks.
For private loans, a tried and tested scoring model is used to assess the credit risk of private individuals applying
for credit. The model assesses the risk associated with each loan application and provides the basis for approval
and pricing. The credit risk in these lending operations is to be considered higher than in Nordnet’s other
operations, although this is matched by higher interest margins.
Nordnet’s deposit surplus is mainly invested in covered bonds, the Swedish Riksbank and the Nordic banking
system.
The consolidated liquid funds at year-end amounted to SEK 987.5 million (967.6), of which frozen assets were SEK
79 million (95). In addition, the Group has interest-bearing investments with a total fair value of SEK 12,094.6
million (7,632.2). The Group’s equity, excluding minority interests, amounted to SEK 1,747.6 million (1,621.0), and
including minority interests equity amounted to SEK 1,751.1 (1,625.4). The equity, excluding minority interests, is
divided over 175,027,886 shares at SEK 9.98 per share (9.26), or SEK 10.00 (9.29) including minority interests.
As regards the financial conglomerate in which Nordnet AB (publ) is the Parent Company, the asset base
amounted to SEK 1,270.3 million (1,205.0) and the total exposure amount to SEK 7,959.6 million (7,278.0). At the
end of the period, the capital ratio was 16.0 percent, compared with 16.6 percent at the same time last year.
6
January–December 2014
Nordnet has two outstanding subordinated loans which amount to SEK 100 million and SEK 75 million respectively.
The company intends to buy back both of the loans during 2015. Nordnet has obtained permission from the
Swedish Financial Supervisory Authority to buy back the loan of SEK 100 million, which is planned to happen in
February 2015. The loan of SEK 75 million is planned to be bought back during September 2015.
7
January–December 2014
Other information
Parent company
The Parent Company is a holding company. Operating income for the 2014 full-year amounted to SEK 7.9 million
(7.7) and relates to Group-internal administrative services. The profit from financial investments totalled SEK 180.5
million (187.1) and mainly comprises anticipated dividends from subsidiaries. The Parent Company’s profit after
financial items for the period January-December amounted to SEK 173.9 million (180.4). The Parent Company’s
liquid funds amounted to SEK 27.1 million (2.7), and shareholders’ equity to SEK 1,420.1 million (1,220.0).
Employees
As of 31 December 2014, the company had 385 full-time employees (332). The average number of full-time
positions for the period January-December was 354 (325). Full-time employees include temporary employees but
not employees on parental or other leave.
Board member Simon Nathanson resigned from his post as of November 24, 2014.
Significant risks and uncertainty factors
Nordnet’s operations are influenced by a number of environmental factors, the effects of which on the Group’s profit
and financial position can be controlled to varying degrees. When assessing the Group’s future development, it is
important to take into account the risk factors alongside any opportunities for profit growth. A description of
Nordnet’s exposure to risk and handling of risks can be found under note 7 in the 2013 Annual Report. The
significant change that occurred in 2014 is a 50 percent increase in deposit surplus due to more deposits compared
to the previous year, which increases the company’s exposure to market risk.
Closely related transactions
In the last quarter of the year, similar transactions took place with closely related parties and to the same extent as
previously. E. Öhman J:or AB is associated with Nordnet AB (publ) as E. Öhman J:or AB has a direct holding in
Nordnet AB (publ), and the owners of E. Öhman J:or AB have a direct holding in Nordnet AB (publ). The Emric
Group and its parent company Emric AB are closely related parties to Nordnet AB (publ) in that E. Öhman J:or AB
is a shareholder in the company. The Emric Group administers Nordnet Bank AB’s private loans. Nordnet has a
cooperation agreement with E. Öhman J:or Fonder AB. For additional information, please refer to note 6 in the
2013 Annual Report.
Performance-related share programme
In accordance with decisions by the Annual General Meetings of 26 April 2012, 24 April 2013 and 23 April 2014,
Nordnet has established three long-range performance-related share incentive programmes: “PerformanceRelated Share Programme 2012”, “Performance-Related Share Programme 2013” and “Performance-Related
Share Programme 2014”. The 2012 and 2013 programmes cover about 25 people including the CEO, and the 2014
programme covers a total of about 35 people, including the CEO.
Employees who participate in “Performance-Related Share Schemes 2012” can set aside an amount
corresponding to a maximum of 5 percent of their gross remuneration to buy Nordnet shares on Nasdaq Stockholm
over a 12-month period from the implementation of each scheme. If the shares purchased are retained by the
employee for at least three years after purchase, if the employee has been employed within the Nordnet Group
during the entire three-year period and if the pre-agreed earnings-based performance targets are achieved, the
employee can have the right to a compensation-free matching of those shares according to a predetermined
amount.
8
January–December 2014
Employees who participate in “Performance-Related Share Schemes 2013 or 2014” can set aside an amount
corresponding to a maximum of 5 percent of their gross remuneration to buy Nordnet shares on Nasdaq Stockholm
Stockholm over a 12-month period from the implementation of each scheme. If the shares purchased are retained
by the employee for at least three years after purchase, and if the employee has been employed within the Nordnet
Group during the entire three-year period, the employee is entitled to compensation-free matching of those shares.
In addition to this allocation, the above key individuals may be offered additional allocations of matching shares
based on the results of three mutually independent, objective targets of equal weight and that take into account
risk-adjusted performance at the individual and team levels, as well as an assessment of a number of behavioural
variables linked to the Nordnet Group’s values.
Due to the Performance-Related Share Programmes 2012, 2013 and 2014, the 2014 Annual General Meeting
decided to authorise the Board of Directors to carry out the acquisition and transfer of shares in Nordnet AB (publ)
on Nasdaq Stockholm. This authorisation may be exercised on one or more occasions before the Annual General
Meeting in 2015. A maximum of 1,330,000 shares may be acquired in order to ensure delivery of shares to
participants in Performance-Related Share Programmes 2012, 2013 and 2014. Of these, a maximum of 306,500
shares may be purchased and transferred in order to cover general payroll taxes and other costs related to the
programmes. No shares have been bought back during 2014 and Nordnet holds no repurchased shares as of 31
December 2014.
The purpose of the long-term incentive schemes is to stimulate continued loyalty and strong performance among
key individuals. Additionally, the Board takes the view that the incentive schemes increase the Group’s
attractiveness as an employer in preparation for future recruitment of key personnel.
Future calendar events
Annual report
Interim Report January – March 2015
Annual General Meeting 2015
Interim Report January – June 2015
Interim report January – September 2015
20 March 2015
23 April 2015
23 April 2015
16 July 2015
20 October 2015
Annual General Meeting
The Annual General Meeting will be held on 23 April 2015 at Hilton Slussen, Guldgränd 8 in Stockholm. Notification
of the Annual General Meeting will be published on 23 March via the company website and in Post- och Inrikes
Tidningar (official Swedish gazette). The company expects the annual report to be available at 20 March 2015 on
the company’s website, www.nordnetab.com. Nordnet's operations are conducted via the internet and the
annual report will therefore be made available for downloading from the company's website. Shareholders who
instead wish to receive a printed copy may order one by sending an e-mail to [email protected].
Nominating committee
The nominating committee consist of Claes Dinkelspiel (chairman of the Board), Johan Malm (represents E.
Öhman J:or AB), chairman of the nominating committee Dick Lundqvist (represents Premiefinans K. Bolin AB) and
Johan Wallin (represents Didner & Gerge Fonder AB). More information about the nominating committee at
Nordnet’s corporate web www.nordnetab.com.
Dividend
The Board of Directors suggests a dividend of SEK 1.00 per share (0.85), corresponding to 63 percent of the
earnings per share. The Board of Directors estimates that in the long-term, Nordnet will be able to distribute about
60 percent of its profit to the shareholders.
9
January–December 2014
Presentation to analysts, shareholders and the media
CEO Håkan Nyberg and CFO Jacob Kaplan will be presenting the report and answering any questions on Friday,
30 January 2015 at 10.00 a.m. CET at a telephone conference. The presentation will be made in English and can
also be followed online.
Telephone number for participation by telephone: +46 856 642 692 (Sweden) or +44 2034 281 434 (UK)
Follow the presentation at http://financialhearings.nu/150130/nordnet/
10
January–December 2014
The information in this report is that which Nordnet AB (publ) is required to publish in accordance with the Swedish
Financial Instruments Trading Act and/or the Swedish Securities Act. This information has been submitted to the
market for publication on 30 January 2015 at 8.30 a.m. (CET).
The board and CEO provide their assurance that the 2014 year-end report provides an accurate overview of the
operations, position and earnings of the Group and the Parent Company, and that it also describes the principal
risks and sources of uncertainty faced by the Parent Company and the companies within the Group.
This report has not been reviewed by the company’s auditors.
Bromma, 30 January 2015
Claes Dinkelspiel
Chairman of the Board
Anna Frick
Board Member
Anna Settman
Board Member
Bo Mattson
Board Member
Kjell Hedman
Board Member
Tom Dinkelspiel
Board Member
Ulf Dinkelspiel
Board Member
Håkan Nyberg
CEO
For further information, please contact CEO Håkan Nyberg, +46 8 506 330 36, + 46 703 97 09 04,
[email protected], CFO Jacob Kaplan, +46 8 506 334 21, +46 708 62 33 94,
[email protected].
Nordnet AB (publ)
Box 14077, 167 14 Bromma
Tel: +46 (0)8 506 330 30
Registered company no: 556249-1687
Visiting address: Gustavslundsvägen 141
E-mail: [email protected]
Company website: nordnetab.com
Become a customer: nordnet.se, nordnet.no, nordnet.dk, nordnet.fi
11
January–December 2014
Financial statements
Consolidated income statement (SEK million)
3 months
Oct-Dec 2014
3 months
Oct-Dec 2013
12 months
Jan-Dec 2014
12 months
Jan-Dec 2013
125.5
-11.2
194.2
-60.5
26.2
10.4
284.5
136.8
-12.7
162.4
-51.8
20.4
8.3
263.5
528.8
-50.2
692.3
-214.1
86.4
42.6
1,085.8
532.5
-50.1
597.8
-194.4
65.3
37.9
989.0
-151.7
-15.3
-11.4
-178.4
-144.0
-17.0
-10.5
-171.5
-590.7
-71.0
-44.1
-705.8
-549.8
-66.5
-39.9
-656.2
Profit before credit losses
106.1
92.0
380.1
332.8
Net credit losses
Operating profit
-10.5
95.6
-8.5
83.6
-43.1
337.0
-38.8
294.0
Tax on profit for the period
Group (SEK million)
Note
Interest income
Interest expenses
Commission income
Commission expenses
Net result of financial transactions
Other operating income
Total operating income
General administrativ e expenses
Depreciation and amortization
Other operating expenses
Total expenses before credit losses
2
3
4
-15.5
-19.8
-60.3
-60.2
Profit for the period
80.0
63.7
276.6
233.8
Of which, attributable to:
shareholders of the Parent Company
the non-controlling interest
80.4
-0.4
63.9
-0.2
278.0
-1.4
234.7
-0.9
175,027,886
0.46
175,027,886
0.46
175,027,886
0.36
175,027,886
0.36
175,027,886
1.58
175,027,886
1.58
175,027,886
1.34
175,027,886
1.34
Av erage number of shares before dilution
Earnings per share before dilution
Av erage number of shares after dilution
Earnings per share after dilution
Consolidated statement of comprehensive income (SEK million)
Group (SEK million)
3 months
Oct-Dec 2014
3 months
Oct-Dec 2013
12 months
Jan-Dec 2014
12 months
Jan-Dec 2013
Profit for the period
80.0
63.7
276.6
233.8
Items that will be booked through profit or loss
Change in v alue of assets av ailable for sale
Tax on change in v alue of assets av ailable for sale
Translation of foreign operations
Total other comprehensive income
-9.5
2.1
0.6
3.0
-0.7
3.4
-5.8
1.3
0.8
-7.8
1.7
0.9
-6.8
5.7
-3.7
-5.2
Total profit or loss and other comprehensive income
73.3
69.5
272.9
228.7
Of which, attributable to:
shareholders of the Parent Company
the non-controlling interest
73.6
-0.4
70.1
-0.6
274.3
-1.4
229.6
-0.9
12
January–December 2014
Consolidated balance sheet (SEK million)
Group (SEK million)
Assets
Loans to credit institutions
Loans to the general public
Financial assets at fair v alue
Financial assets av ailable for sale
Financial assets - policy holders bearing the risk
Intangible fixed assets
Tangible fixed assets
Current tax assets
Other assets
Prepaid expenses and accrued income
Total assets
Liabilities
Deposits and borrowing by the public
Liabilities to policyholders
Other liabilities
Current tax liabilities
Deferred tax liabilities
Accrued expenses and deferred income
Subordinated liabilities
Total liabilities
Equity
Share capital
Other capital contributions
Other prov isions
Accrued profit including profit for the period
Total shareholders' equity attributable to shareholders of the Parent Company
Non-controlling interest
Total equity
Total liabilities and equity
Note
5
6
6
31/12/2014
31/12/2013
987.5
5,785.6
8.7
12,094.6
28,868.5
434.3
32.3
1,770.3
144.7
967.6
5,455.5
13.5
7,632.2
23,764.9
447.4
33.4
99.9
1,141.0
138.9
50,126.5
39,694.2
16,500.3
28,869.3
2,660.4
13.7
51.0
104.9
175.7
12,898.6
23,765.6
1,030.4
42.1
57.1
99.4
175.7
48,375.3
38,068.8
175.0
471.8
-64.8
1,165.5
1,747.6
3.5
1,751.1
175.0
471.8
-61.1
1,035.2
1,621.0
4.4
1,625.4
50,126.5
39,694.2
12 months
Jan-Dec 2014
1,625.4
278.0
-3.7
1.1
-148.8
-0.8
1,751.1
12 months
Jan-Dec 2013
1,514.0
233.8
-5.2
-122.5
5.2
Consolidated changes in equity, summary (SEK million)
Group (SEK million)
Opening equity
Profit for the period
Total other comprehensiv e income
Other
Div idend
Acquisition non-controlling interest
Closing equity
1,625.4
13
January–December 2014
Consolidated cash flow statement, summary (SEK million)
Group (SEK million)
3 months
Oct-Dec 2014
3 months
Oct-Dec 2013
12 months
Jan-Dec 2014
12 months
Jan-Dec 2013
147.6
118.8
420.6
224.8
952.2
1,099.8
-847.1
-728.3
4,263.7
4,684.3
1,703.0
1,927.7
13.2
-5.0
-55.6
-28.7
-1,055.8
-
-4,460.2
-
-1,042.5
697.2
0.1
692.3
-4,515.8
-2,263.9
-8.6
-2,301.2
-
-
-148.8
-122.5
57.3
-36.0
19.7
-496.0
929.6
1,004.6
967.6
1,465.0
0.5
-1.0
0.2
-1.4
987.5
967.6
987.5
967.6
Operating activities
Cash flow from operating activ ities before changes in working
capital
Cash flow from changes in working capital
Cash flow from operating activ ities
Investing activities
Purchases and disposals of intangible and tangible fixed assets
Net inv estments in financial instruments
Acquisitions of subsidiaries
Cash flow from inv esting activ ities
Financing activities
Cash flow from financing activ ities
Cash flow for the period
Cash and equivalents at the start of the period
Exchange rate difference for cash and equiv alents
Cash and equivalents at the end of the period
Parent company income statement (SEK million)
3 months
Oct-Dec 2014
3 months
Oct-Dec 2013
12 months
Jan-Dec 2014
12 months
Jan-Dec 2013
2.0
1.9
7.9
7.7
2.0
1.9
7.9
7.7
-1.4
-2.0
-0.3
-1.5
-1.4
-2.1
-0.3
-1.9
-5.7
-7.7
-1.1
-6.6
-5.7
-7.7
-1.1
-6.7
Profit from financial investments:
Result from participations in affiliated companies
Write-down of financial assets
Other interest and similar income
Interest expense and similar expense
Result from financial investments
186.0
1.9
-3.2
183.1
1.8
-3.2
186.0
7.3
-12.7
193.1
-0.5
7.3
-12.8
184.6
181.8
180.5
187.1
Profit after financial items
183.1
179.9
173.9
180.4
Tax on profit for the period
Profit for the period
-2.2
-1.8
-
-
180.9
178.1
173.9
180.4
Parent Company (SEK million)
Net sales
Total operating income
Other external costs
Personnel costs
Other operating expenses
Operating profit
14
January–December 2014
Parent company statement of comprehensive income (SEK million)
Parent company (SEK million)
Profit for the period
Total other comprehensive income
Total profit or loss and other comprehensive income
3 months
Oct-Dec 2014
3 months
Oct-Dec 2013
12 months
Jan-Dec 2014
12 months
Jan-Dec 2013
180.9
178.1
173.9
180.4
-
-
-
-
180.9
178.1
173.9
180.4
Parent company balance sheet, summary (SEK million)
Balance Sheet - Parent Company (SEK million)
31/12/2014
31/12/2013
Assets
Financial fixed assets
Current assets
Cash and bank balances
Total assets
1,150.4
298.3
27.1
1,475.8
1,150.4
296.5
2.7
1,449.6
Equity and liabilities
Equity
Long-term liabilities
Current liabilities
Equity and total liabilities
1,245.1
175.7
54.9
1,475.8
1,220.0
175.7
53.9
1,449.6
None
None
None
None
Memorandum items
Assets pledged
Contingent liabilities
15
January–December 2014
Notes, Group
Note 1 Accounting principles
Nordnet AB’s (publ) consolidated financial statements are compiled in accordance with International Financial Reporting Standards
(IFRS) approved by the EU. This report for the Group has been compiled in accordance with IAS 34, Interim Financial Reporting. In
addition, the Group complies with the Annual Accounts Act for Credit Institutions and Securities Companies (ÅRKL) and the
regulations of the Swedish Financial Supervisory Authority (FFFS 2008:25). The interim report for the Parent Company has been
compiled in accordance with the Annual Accounts Act. The accounting principles applied in this report are those described in the
2013 Nordnet Annual Report, Note 5, the section entitled “Accounting principles applied”. For the Group and the Parent Company,
the same accounting principles and bases for calculation have been applied as in the 2013 Annual Report.
Note 2 General administrative expenses
(SEK million)
Personnel costs
Other administrativ e expenses
3 months
Oct-Dec 2014
-82.2
-69.4
-151.7
3 months
Oct-Dec 2013
-70.1
-73.8
-144.0
12 months
Jan-Dec 2014
-316.2
-274.5
-590.7
12 months
Jan-Dec 2013
-272.1
-277.7
-549.8
Note 3 Amortisation and depreciation of tangible and intangible assets
(SEK million)
Depreciation
3 months
Oct-Dec 2014
-15.3
-15.3
3 months
Oct-Dec 2013
-17.0
-17.0
12 months
Jan-Dec 2014
-71.0
-71.0
12 months
Jan-Dec 2013
-66.5
-66.5
3 months
Oct-Dec 2014
-9.3
-2.1
-11.4
3 months
Oct-Dec 2013
-9.4
-1.1
-10.5
12 months
Jan-Dec 2014
-38.5
-5.7
-44.2
12 months
Jan-Dec 2013
-35.1
-4.9
-39.9
Note 4 Other operating expenses
(SEK million)
Marketing
Other operating expenses
Note 5 Loans to the public
As at 31 December, SEK 166.0 million (87.3) of lending to the public involves account credits that are fully covered by pledged cash
and cash equivalents in endowment insurance plans and investment savings accounts (ISKs), the lending rate applied to the credits
corresponds to the deposit rate on the pledged cash and cash equivalents.
The remainder of lending to the public is secured by collateral in the form of securities or consists of unsecured loans.
Note 6 Financial assets and liabilities and their fair values
(SEK million)
Financial assets
Loans to credit institutions
Loans to the general public
Financial assets at fair v alue
Financial assets av ailable for sale
Financial assets - policy holders bearing the risk
Other assets
Accrued income
Total
Financial liabilities
Deposits and borrowing from the general public
Liabilities in the insurance business, regarding inv estment contracts
Other liabilities
Accrued expenses
Subordinated liabilities
Total
31/12/2014
Reported value
31/12/2014
Fair value
31/12/2013
Reported value
31/12/2013
Fair value
987.5
5,785.6
8.7
12,094.6
28,868.5
1,770.2
71.3
987.6
5,785.6
8.7
12,094.6
28,868.5
1,770.2
71.3
967.6
5,455.5
13.5
7,632.2
23,764.9
1,144.9
82.7
967.8
5,455.8
13.5
7,632.2
23,764.9
1,144.9
82.7
49,586.3
49,586.5
39,061.3
39,061.8
16,500.3
28,869.3
2,649.0
7.7
175.7
16,500.3
28,869.3
2,649.0
7.7
178.7
12,898.6
23,765.6
1,031.6
7.7
175.7
12,898.6
23,765.6
1,031.6
7.7
182.5
48,202.1
48,205.1
37,879.2
37,886.0
16
January–December 2014
Description of fair value measurement
Loans to credit institutions
The fair value of loans to credit institutions that are not payable on demand has been calculated discounting expected future cash
flows, with the discount rate being set as the lending rate currently applied. The fair value of receivables payable on demand is
judged to be the same as the carrying amount.
Loans to the public
The fair value of loans to the public with securities as collateral is judged to be equal to the carrying amount, since the receivable can
be redeemed on demand.
The fair value of unsecured loan receivables has been calculated discounting expected future cash flows, with the discount rate
being set as the lending rate currently applied.
Assets in the insurance business
Fair value is based on a quoted price on an active market, or by using valuation models based on observable market data. Valuation
models based on observable market data are applied for derivative instruments and certain interest-bearing securities.
Forward rate agreements are valued at fair value by discounting the difference between the contracted forward rate and the
forward rate available on the balance sheet date for the remaining contract period. The discount rate is the risk-free rate based on
government bonds.
Unlisted options are valued at fair value applying the Black-Scholes model based on underlying market data.
The fair value of interest-bearing securities has been calculated by discounting anticipated future cash flows, with the discount rate
being set based on the current market interest rate.
Fund units not considered to be traded in an active market at listed prices are measured at fair value based on NAV (net asset
value).
Other assets, accrued income, non-current liabilities and accrued expenses
For assets and liabilities in the balance sheet with a remaining maturity of less than six months, the carrying amount is considered to
reflect the fair value.
Deposits and borrowing by the public
The fair value of deposits has been calculated discounting expected future cash flows, with the discount rate being set as the deposit
rate currently applied. However, the fair value of a liability that is redeemable on demand is not recorded at an amount less than the
amount payable on demand, but is discounted from the first date on which payment of the amount could be demanded.
Liabilities to policyholders
The fair value of liabilities in the insurance business follows the fair value of assets in the insurance business, with the exception of
liabilities for insurance agreements that are not classified as financial liabilities.
Subordinated liabilities
The fair value of subordinated liabilities has been calculated at the current market price. Since the market is not deemed to be
active, the holding has been placed at Level 2 in the valuation hierarchy.
31/12/2014
Level 1
Level 2
Valuation model
Level 3
Estimated using
Listed market
based on
price on active
observable
valuation
(SEK million)
Financial assets at fair value
Financial assets at fair v alue
Financial assets av ailable for sale
Financial assets - policy holders bearing the risk
Total
market
market data
technique
Total
8.7
12,094.3
13,942.9
26,045.9
14,925.6
14,925.6
0.3
0.3
8.7
12,094.6
28,868.5
40,971.8
Financial liabilities at fair value
Liabilities in the insurance business, regarding inv estment contracts
Total
13,942.9
13,942.9
14,926.4
14,926.4
-
28,869.3
28,869.3
Level 2
Level 3
31/12/2013
Level 1
Valuation model
Listed market
based on
price on active
observable
Estimated using
valuation
(SEK million)
Financial assets at fair value
Financial assets at fair v alue
Financial assets av ailable for sale
Financial assets - policy holders bearing the risk
Total
market
market data
technique
Total
13.2
7,632.2
12,934.4
20,579.7
10,830.6
10,830.6
0.3
0.3
13.5
7,632.2
23,764.9
31,410.6
Financial liabilities at fair value
Liabilities in the insurance business, regarding inv estment contracts
Total
12,934.4
12,934.4
10,831.2
10,831.2
-
23,765.6
23,765.6
17
January–December 2014
Description of valuation levels
Level 1
Financial assets and financial liabilities, whose value is based solely on a quoted price from an active market for identical assets or
liabilities. This category includes treasury bills, shareholdings and deposits.
Level 2
Financial assets and financial liabilities valued using valuation models principally based on observable market data. Instruments in this
category are valued applying:
a) Quoted prices for similar assets or liabilities, or identical assets or liabilities from markets not deemed to be active; or
b) Valuation models based primarily on observable market data.
This category includes mutual funds, derivatives, certain interest-bearing securities and cash and cash equivalents.
Level 3
This category includes un-listed shareholdings valued at cost where a reliable value cannot be calculated.
Note 7 Pledged assets
Assets pledged
31/12/2014
31/12/2013
1,067.3
1,022.1
1,067.3
1,022.1
Deposits with credit institutions
497.3
450.6
Deposits with clearing organisations
649.5
571.5
1,146.8
1,022.1
172.7
136.8
172.7
136.8
1,035.9
773.4
1,035.9
773.4
Assets pledged for liabilities
Bonds and other interest bearing securities*
The above assets are attributed to
Contingent liabilities
Funds managed on behalf of third parties (client funds account)
Commitments
Credit granted but not yet paid, unsecured loans
*This amount includes blocked funds of SEK 79 million (95).
Assets pledged for own liabilities consist partly of state bonds eligible as collateral, etc., which have been provided as security for
customers’ security loans, and for payment to clearing organisations. Counterparties in securities lending transactions are other credit
institutions.
In addition to the commitments specified in the above table, there was SEK 4,839 million (4,713) in un-utilised credit facility related to
the possible securities-collateralised borrowing. For each customer, the credit size is restricted by the minimum amount of credit limit,
which is set individually per customer by the company, and the collateral value of security holdings. Credit agreements can be
terminated with 60 days’ notice. The leverage value of a share can be changed instantly.
18
January–December 2014
Note 8 Capital requirements for the financial conglomerate
Capital requirement for the financial conglomerate (MSEK)
Total equity, Group
31/12/2014
31/12/2013
1,751.1
1,625.4
Subordinated liablities
140.6
175.7
Requirements for prudent v aluation
-12.1
-
-175.0
-148.8
Deduction for expected div idend current year
Deduction for intangible fixed assets and deffered tax receiv ables
Capital base
-434.3
-447.4
1,270.3
1,205.0
5,650.2
4,831.0
Risk exposures
Exposures credit risk
Exposures market risk
Exposures operational risk
18.1
211.2
1,888.6
1,828.3
Expousre other
402.7
407.5
Total exposure
7,959.6
7,278.0
16.0%
16.6%
Capital ratio
A capital ratio of 16.1 percent is equivalent to capital output ratio of 1.99.
The table above relates to the financial conglomerate consisting of Nordnet AB (publ) and all of its subsidiaries. The capital basis of
the financial conglomerate has been calculated in accordance with the consolidation method. The Group-based financial
statements have been compiled in accordance with the same accounting principles as the consolidated financial statements.
Nordnet AB (publ) has received permission by the Swedish Financial Supervisory Authority to include the audited profit for the year in
the calculation of the capital base.
Capital requirements in the consolidated situation (MSEK)
Total equity
Requirements for prudent v aluation
Deduction for expected div idend current year
Deduction for intangible fixed assets and deffered tax receiv ables
Tier 1 capital
Subordinated liabilities
Tier 2 capital
31/12/2014
1,688.1
-12.1
-175.0
-408.1
1,092.9
140.6
140.6
Capital base
1,233.5
Risk exposures
Exposure credit risk according to standardized approach
Exposure market risk
Exposure operational risk
Total exposure
5,648.3
12.8
1,939.6
7,600.6
Capital ratio
Capital requirements
Credit risk according to standardized approach
Market risk
16.2%
31/12/2014
451.9
1.0
Operational risk
155.2
Capital requirements
608.1
Capital ratios and buffers
31/12/2014
Common equity tier 1 ratio, %
Tier 1 ratio, %
14.4%
14.4%
Total capital ratio, %
16.2%
Institution-specific buffer requirements, %
of which capital conserv ation buffer requirement, %
Total capital requirement including buffer requirement, %
Common equity tier 1 capital av ailable for use as a buffer, %
2.5%
2.5%
10.5%
6.4%
Information is only provided regarding the buffer requirements which have come into force.
19
January–December 2014
Financial development per quarter
Financial development per quarter - Group (SEK million)
Q4 14
Q3 14
Q2 14
Q1 14
Q4 13
Q3 13
Q2 13
Q1 13
Net interest
Net commission - not trade related
Net commission - trade related
Net result of financial transactions
Other income
Operating income
114.2
29.3
104.4
26.2
10.4
284.5
120.7
28.6
81.3
21.2
9.2
260.9
123.3
27.8
79.9
16.5
11.3
258.6
120.4
21.6
105.4
22.6
11.7
281.8
124.2
21.5
89.1
20.4
8.3
263.5
119.9
19.1
81.3
15.0
7.9
243.2
119.5
18.0
73.0
14.9
12.9
238.2
118.9
18.0
83.2
15.0
8.8
244.0
-151.7
-15.3
-11.4
-10.5
-188.9
-145.7
-19.8
-10.0
-10.1
-185.6
-147.3
-18.5
-10.5
-11.6
-187.9
-146.0
-17.4
-12.2
-10.8
-186.4
-144.0
-17.0
-10.5
-8.5
-180.0
-136.8
-17.1
-9.0
-8.3
-171.1
-132.7
-16.5
-9.6
-11.5
-170.3
-136.3
-15.9
-10.8
-10.5
-173.6
95.6
75.3
70.7
95.3
83.6
72.1
67.9
70.4
Earnings per share before dilution
Cost cov erage
Return on shareholders' equity
Capital cov erage ratio
0.46
95%
5%
16.0%
0.34
97%
4%
15.9%
0.33
95%
4%
13.5%
0.45
95%
5%
15.0%
0.36
97%
4%
16.6%
0.33
95%
4%
15.8%
0.31
97%
4%
15.8%
0.33
93%
4%
16.2%
Quarterly statistics
Q4 14
Q3 14
Q2 14
Q1 14
Q4 13
Q3 13
Q2 13
Q1 13
432,600
421,000
413,200
404,100
394,700
384,200
378,700
373,500
General administrativ e expenses
Depreciation
Other operating expenses
Net credit losses
Expenses
Operating profit
Number of customers at end of the period
Number of accounts at end of the period
Net sav ings (SEK billion)
Total sav ings capital (SEK billion)
Av erage sav ings capital per account (SEK)
Lending excluding pledged cash and cash equiv alents
Number of trades
Number of trading days
Number of trades per day
Number of trades per account and month
Net commission per trade (SEK )
544,600
527,700
516,000
501,200
487,800
473,200
464,900
456,300
4.5
5.5
2.5
3.8
0.9
2.0
2.2
3.7
166
160
155
145
136
127
115
112
305,200
303,300
300,400
288,500
278,800
268,300
247,000
244,700
5,619.6
5,769.9
5,591.2
5,685.7
6,368.3
5,133.5
5,019.5
5,063.3
4,061,800 3,229,700 3,217,500 4,133,500 3,676,800 3,283,100 3,074,600 3,531,200
61
66
58
62
62
66
59
62
66,600
48,900
55,500
66,700
59,300
49,700
52,100
57,000
2.5
2.0
2.1
2.7
2.5
2.3
2.2
2.6
26
25
25
26
24
25
24
24
20
January–December 2014
Key figures
Key figures - Group
31/12/2014
31/12/2013
Operating margin (%)
Profit margin (%)
Cost/income ratio
Inv estments in tangible assets, SEK million
Inv estments in intangible assets excl. company acquisitions, SEK million
Of which, internal dev elopment expenses, SEK million
Earnings per share before dilution, SEK
Earnings per share after dilution, SEK
Return on shareholders' equity (%)
Shareholders' equity per share, SEK
Div idend per share, SEK
Share price, SEK
Market capitalization at the end of the period, SEK million
Shareholders' equity, SEK million
Capital base, SEK million
Capital cov erage ratio
Av erage number of shares before dilution
Av erage number of shares after dilution
Number of shares at end of period
Number of full-time employees at end of period
31%
25%
69%
15.2
40.4
7.4
1.58
1.58
16%
9.98
1.00
30%
24%
70%
16.5
13.6
5.4
1.34
1.34
15%
9.26
0.85
28.20
4,936
1,747.6
1,270.3
16.0%
175,027,886
175,027,886
175,027,886
385
26.00
4,551
1,621.0
1,205.0
16.6%
175,027,886
175,027,886
175,027,886
332
Customer related key financial figures:
31/12/2014
31/12/2013
432,600
394,700
544,600
16.3
166
305,200
21,095.9
165.5
5,785.6
5,619.6
27%
14,642,500
59,281
32.0
2.7
25
2,146,000
0.9%
2,099
-1,348
751
487,800
8.7
136
278,800
16,899.6
136.8
5,455.5
5,368.3
32%
13,565,700
54,700
32.9
2.7
24
1,925,300
0.8%
2,118
-1,391
727
Number of activ e customers
Number of activ e accounts at end of the period
Net sav ings, SEK billion
Total sav ings capital at end of period, SEK billion
Av erage sav ings capital per activ e account at end of period, SEK
Cash deposits at end of period incl. cash deposits in insurance oprations, SEK million
Managed Client Funds, SEK million
Lending at end of period, SEK million
Lending excluding pledged cash and cash equiv alents (note 5)
Lending/deposits (%)
Number of trades for the period
Number of trades per day
Number of trades per activ e trading account
Number of trades per activ e trading account and month
Av erage net commission rev enue per trade, SEK
DART (Daily Av erage Rev enue from Trading), SEK
Annual av erage income/sav ings capital (%)
Av erage yearly income per account, SEK
Av erage yearly operating expenses per account, SEK
Av erage yearly profit per account, SEK
While every care has been taken in the translation of this report, readers are reminded that the original report is the
Swedish PDF version.
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