nordnet report presentation january-december 2015
TRANSCRIPT
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Presentation, 29 January 2016
January – December 2015
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Financial overview
October – December 2015
• Revenue increased by 14 percent to SEK 325.7 million (284.5)
• Operating profit rose by 18 percent to SEK 113.2 million (95.6)
• Profit after tax increased by 9 percent to SEK 87.5 million (80.0)
• Earnings per share before and after dilution were up by 9 percent to SEK 0.50 (0.46)
January – December 2015
• Revenue increased by 15 percent to SEK 1,249.4 million (1,085.8)
• Profit after tax increased by 29 percent to SEK 357.1 million (276.6)
• Earnings per share before dilution were up by 30 percent to SEK 2.05 (1.58)
• Earnings per share after dilution were up by 29 percent to SEK 2.04 (1.58)
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Highlights from Q4 2015
• Launch of Nordnet Supermarket – commission-free
trading in over 6,000 exchange-traded products
• Nordnet’s customers carried out 5.7 million transactions –
a quarterly record
• Lending exceeded SEK 7 billion
• Nordnet’s Board of Directors proposes increasing the
dividend to SEK 1.30 (1.00) per share
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Customers and accounts
Accounts/Customer Q4 2015: 1.28 (1.26)
Customers 12M: +57,800 / 13%Accounts 12M: +82,900 / 15%
0
100 000
200 000
300 000
400 000
500 000
600 000
700 000
Q1 14 Q2 Q3 Q4 Q1 15 Q2 Q3 Q4
Customers Accounts
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Net savings and savings capital (SEK billion)
In relation to savings capital at the end of December 2014, net savings for the past 12 months correspond to 8 %, adjusted for Söderberg & Partners 12 %.
0,0
1,0
2,0
3,0
4,0
5,0
6,0
7,0
8,0
9,0
0
50
100
150
200
250
Q1 14 Q2 Q3 Q4 Q1 15 Q2 Q3 Q4
ne
t sa
vin
gs
sav
ing
s c
ap
ita
l
Net savings Savings capital
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4 134
3 216 3 230
4 062
4 907
4 3924 799
5 734
0
1 000
2 000
3 000
4 000
5 000
6 000
Q1 14 Q2 Q3 Q4 Q1 15 Q2 Q3 Q4
Trades (thousands)
12M: 19,931
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Lending (SEK billion)
3,5 3,3 3,5 3,33,8 3,8 4,1 4,5
2,2 2,3 2,3 2,32,3 2,4
2,52,6
0
1
2
3
4
5
6
7
8
Q1 14 Q2 Q3 Q4 Q1 15 Q2 Q3 Q4
Margin lending Personal loans
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120 123 121 114 111 106 101 100
127 108 110 134167
145 148 165
3428 30
37
52
49 45
61
0
50
100
150
200
250
300
350
Q1 14 Q2 Q3 Q4 Q1 15 Q2 Q3 Q4
Net interest income Net commission income Other income
Revenue development (SEK million)
12M: SEK 1,249 million
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Cost development (SEK million incl. credit losses)
12M: SEK 801 million
186 188 186 189 194 199 196
212
0
50
100
150
200
250
Q1 Q2 Q3 Q4 Q1 15 Q2 Q3 Q4
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Operating profit (SEK million)
12M: SEK 449 million
95
71
75
96
136
101 98
113
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
0
20
40
60
80
100
120
140
160
Q1 14 Q2 Q3 Q4 Q1 15 Q2 Q3 Q4
Operating profit Operating margin
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265,0
29,2
108,1
46,4
SE
NO
DK
FI
Nordnet in the Nordics (Jan-Dec 2015)
Savings capital (SEK billion)
Revenue (SEK million) Operating profit (SEK million)
Customers
NO, DK, FI share of total
49%
NO, DK, FI share of total
51%
NO, DK, FI share of total
41%
NO, DK, FI share of total
45%
103
20
36
42
SE
NO
DK
FI
238 500
70 800
54 700
126 400SE
NO
DK
FI
683,3
153,5
222,6
190,0
SE
NO
DK
FI
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Income statement (SEK million)3 months 3 months 12 months 12 months
Consolidated Income Statement (SEK million) Oct-Dec 2015 Oct-Dec 2014 Jan-Dec 2015 Jan-Dec 2014
Net interest income 100,0 114,2 417,9 478,6
Net commission income 164,7 133,7 624,7 478,2
Other income 60,9 36,6 206,8 129,1
Total operating income 325,7 284,5 1 249,4 1 085,8
General administrative expenses -172,4 -151,7 -639,1 -590,7
Depeciation and amortization -20,2 -15,3 -79,6 -71,0
Other operating expenses -10,1 -11,4 -40,8 -44,1
Total operating expenses -202,7 -178,4 -759,4 -705,8
Profit before credit losses 123,0 106,1 490 380,1
Net credit losses -9,8 -10,5 -41,3 -43,1
Operating profit 113,2 95,6 448,6 337,0
Tax on profit for the period -25,7 -15,5 -91,5 -60,3
Profit for the period 87,5 80,0 357,1 276,6
Earnings per share before dilution 0,50 0,46 2,05 1,58
Earnings per share after dilution 0,50 0,46 2,04 1,58
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Balance sheet (SEK million)
Consolidated Balance Sheet (SEK million) 2015-12-31 2014-12-31
Assets
Loans to credit institutions 294,7 987,5
Loans to the general public 7 247,4 5 785,6
Financial assets at fair value 10,8 8,7
Financial assets avalibale for sale 11 877,4 12 094,6
Financial assets held to maturity 3 381,6 -
Financial assets - policy holders bearing the risk 35 995,1 28 868,5
Tangible and intangible assets 419,1 466,5
Current tax assets 110,1 -
Other assets 2 440,0 1 770,3
Prepaid expenses and accrued income 102,6 144,7
Total assets 61 878,8 50 126,5
Liabilities
Liabilit ies to credit institutions 396,5 -
Deposits and borrowing by the public 19 605,4 16 500,3
Liabilit ies to policyholders 35 996,2 28 869,3
Other liabilit ies 4 006,8 3 005,7
Total liabilities 60 004,9 48 375,3
Equity
Share capital 175,0 175,0
Other capital contributions 470,0 417,3
Other provisions -113,3 -64,8
Accrued profit including profit for the period 1 338,4 1 166,1
Total shareholders' equity attributable to shareholders of the Parent Company 1 870,1 1 747,6
Non-controlling interest 3,9 3,5
Total equity 1 874,0 1 751,1
Total liabilities and equity 61 878,8 50 126,5
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Capital requirement (SEK million)
Capital requirements for the financial conglomerate (SEK million) 2015-12-31 2014-12-31
Total equity, Group 1 874,0 1 751,1
Subordinated liablities - 140,6
Requirements for prudent valuation -11,9 -12,1
Less expected div idend for current year -227,5 -175,0
Less intangible fixed assets and deferred tax receivables -389,7 -434,3
Capital base 1 244,8 1 270,3
Risk exposures
Exposure credit risk 5 435,2 5 650,2
Exposure market risk 22,4 18,1
Exposure operational risk 1 957,4 1 888,6
Exposure other risks 439,0 402,7
Total exposure 7 854,0 7 959,6
Capital ratio 15,8% 16,0%
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Next at Nordnet
• Continue to execute on our growth
strategy
• Focus on enhanced user experience
• Continue to market and product develop
around lending products
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Contact us
More information: nordnetab.com
Become a customer: nordnet.se/no/dk/fi
Social network investing: shareville.se/no/dk/fi
Follow: nordnetbloggen.se / Twitter @CEONordnet
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