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Ideas, Knowledge and Capital

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Ideas, Knowledge and Capital c CARNEGIE HOLDING AB Ideas, knowledge and capital ANNUAL REPORT 2016 1 1_FV_1_9_ENG_v11.indd 1 2017-04-04 21:18 Contents Carnegie at a glance .................................4 Carnegie is the leading Nordic investment and private bank 2016 in summary ......................................5 Chairman’s message .................................7 Letter from the CEO ...............................8 Contemporary advisory services ...........10 In 1803, David Carnegie founded a trading house in COMPANIES Client trust ..............................................12 Gothenburg. Strong transactions market ...................16 Today, Carnegie has grown to be the leading invest- Employees ...............................................18 ment bank in the Nordic region and a meeting place INDIVIDUALS Social responsibility ................................21 between knowledge and capital. Enterprise and entrepreneurship ...........24 CARNEGIE Investment Banking & Securities ............26 Carnegie brings investors, entrepreneurs, companies, Private Banking .......................................28 institutions and private individuals together to create Corporate governance ...........................30 innovative products, new jobs, private wealth and Board of Directors .................................33 social progress. Group management ...............................34 INSTITUTIONS Board of Directors’ report ....................36 With leading research capacity in the Nordics, top- CAPITAL MARKET Risk, liquidity and capital management ..40 ranked corporate advisory services and wealth plan- Five-year review .....................................45 ning, Carnegie serves a central function in the Nordic Consolidated statements of capital market. comprehensive income ..........................46 Consolidated statements of financial position .....................................47 Consolidated statements of changes in equity ....................................48 Parent company income statements .....49 Parent company statement of other comprehensive income ................49 Parent company balance sheets .............50 Parent company statements of changes in equity ....................................51 Cash flow statements .............................52 Accounting principles .............................53 Notes ......................................................60 Certification ............................................80 Auditor’s report .....................................81 Definitions and addresses ......................83 The English version of Carnegie's Annual Report is a translation of the Swedish original. The Swedish text is the binding version and shall prevail in the event of any discrepancies. 1_FV_1_9_ENG_v11.indd 2 2017-04-04 21:18 Carnegie is the leading Nordic investment and private bank 1 COMPANIES in Investment Banking Top advisor in corporate transactions (TNS Sifo Prospera, Euromoney) INDIVIDUALS CARNEGIE 1 INSTITUTIONS in Securities CAPITAL MARKET Best Nordic equity research and sales (Institutional Investors All-Europe, Extel, Financial Hearings, TNS Sifo Prospera) 1 in Private Banking Best advisor in private wealth management (TNS Sifo Prospera, Euromoney) 1_FV_1_9_ENG_v11.indd 3 2017-04-04 21:18 Lorem ipsum Carnegie at a glance Carnegie is the Nordic market leader in Investment Banking, Securities and Private Banking. Along with some 620 extremely knowledgeable and committed employees, we are building a value-creating bank of knowledge where focus is always on the client. Investment Banking Securities Private Banking Carnegie Investment Banking offers pro- Carnegie Securities offers institutional cli- Carnegie Private Banking provides com- fessional advisory services in mergers and ents several services within research, equity prehensive financial advisory services to acquisitions (M&A) and equity capital mar- sales and equity capital market transactions high net worth individuals, small businesses, ket (ECM) transactions. The Debt Capital (ECM). The Fixed Income unit offers institutions and foundations. The staff Markets (DCM) unit provides advisory bond research and sales. Carnegie’s top- includes experts in areas such as asset services in capital acquisition via corpo- ranked research and equity sales enjoy a allocation, asset management, law, tax man- rate bonds and fixed income instruments. globally leading position in Nordic equities. agement, pensions and trading in securities With strong local presence, profound expe- Securities operates in Denmark, Finland, and fixed-income bonds. rience and unique understanding of sectors Norway, Sweden, the UK and the US. Operations in Denmark, Luxembourg and capital markets in the Nordic region, and Sweden. Carnegie is a leading Nordic advisor in Best in Europe at Nordic equity research corporate finance. and sales Best private bank in Sweden Operations in Denmark, Finland, Number one Nordic equity research According to the annual Euromoney Norway and Sweden. team according to major institutions in surveys in 2016 and 2017, Carnegie is the US and Europe in the global survey the best Private Banking provider in Best advisor in corporate finance Institutional Investors All-Europe 2016 Sweden, both overall and in services for Best Swedish Investment Bank in and 2017 the client net worth category of USD M&A, ECM and DCM according to the Best research and sales in Nordic equi- 5-30 million. annual Euromoney survey ties according to global investors in the Best private bank in Sweden according Top ranked advisor in corporate trans- Extel 2016 survey to the TNS Sifo Prospera 2016 client actions according to Nordic companies Best research house in Sweden in the survey in the annual TNS Sifo Prospera survey annual Financial Hearings survey Top ranking in equity research and broker age services by Swedish institu- tions in the annual TNS Sifo Prospera survey 4 CARNEGIE HOLDING AB | Annual Report 2016 1_FV_1_9_ENG_v11.indd 4 2017-04-04 21:18 2016 in summary The strong full year result for 2016 solidifies Carnegie’s long-term positive development, +10% driven by strengthened market positions in several of Carnegie’s core business areas. Operating income in 2016 compared with 2015 The growth was distinct in individual markets including Sweden, Norway and Finland. Concurrently, Carnegie increased its impact in the areas of mergers and acquisitions (M&A) and corporate bond issues and trading (DCM/Fixed Income). Carnegie strengthened its leading position in the Nordic equity capital market and was involved in more transactions than any other institution. Among else, Carnegie partici- pated in 18 out of 25 IPOs in the Nordics and in 14 out of 17 in the Swedish market, each with a value in excess of USD 40 million. Carnegie took several strategic decisions to increase focus on advisory services as the +76% company’s core business - including selling Carnegie Fonder and the ownership stake in the Swedish fund operation OPM, and exiting third-party distribution of structured Profit before tax in 2016 compared with 2015 products. With top rankings in advisory services in corporate finance, research capacity, equity sales, placement capacity and private wealth management advice, Carnegie ended the year with leading positions in all of its operating areas. Financial key data, continuing operations1 2016 2015 Operating income, SEKm 2,156 1,961 Operating profit, SEKm 692 504 +10% Assets under management in 2016 compared with Operating C/I ratio, % 68 74 2015 Profit/loss before tax, SEKm 342 194 Operating profit margin, % 32 26 Assets under management, SEKbn 99 90 Return on equity, % 21 9 Financial position 2016 2015 Equity, SEKm 1,667 2,088 19.6% Common equity Tier 1 capital ratio at 31 December Common Equity Tier 1 capital ratio (CET1), % 19.6 18.1 2016 1) Continuing operations refers to the Group excluding discontinued operations, i.e., Carnegie Fonder AB and operations within third-party distribution of structured products. Operating income Profit before tax Assets under management Common equity Tier 1 capital ratio1 SEKm SEKm SEKbn % 2 500 350 100 20 2 000 250 80 15 150 1 500 60 50 10 1 000 40 -50 5 500 -150 20 0 -250 0 0 20162015201420132012 20162015201420132012 20162015201420132012 20162015201420132012 1) Including Carnegie Fonder up to 31 December 2015 CARNEGIE HOLDING AB | Annual Report 2016 5 1_FV_1_9_ENG_v11.indd 5 2017-04-04 21:18 Secured acquisition financing for Moberg Pharma The Swedish pharmaceutical company Moberg Pharma acquired several new products during the year to reinforce its existing product portfolio and create added value for patients, doctors and shareholders. This included the acquisition of Dermoplast, a topical spray used to relieve the pain and itching of skin wounds. In order to secure acquisition financing, Carnegie helped the company issue a total of SEK 748 million in a combination of debt and equity through a bond issue totalling SEK 600 million and a private placement of new shares in Moberg Pharma that raised SEK 148 million. 6 CARNEGIE HOLDING AB | Annual Report 2016 1_FV_1_9_ENG_v11.indd 6 2017-04-04 21:18 CHAIRMAN’S MESSAGE »The demand for advice is growing in a world that is increasingly difficult to navigate.« Carnegie plays an important role in a sustainable financial market As Carnegie strengthens its position as a financial advisor, Further development of Private Banking We are convinced that Carnegie has our role as intermediary for a sustainable capital market also more to offer high net worth individuals. becomes more important.
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