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Annual Report 2016 Nykredit Realkredit Group Contents Annual Report 2016 Nykredit Realkredit Group Contents MANAGEMENT COMMENTARY 2 FINANCIAL STATEMENTS 2016 60 Group Chief Executive's Statement 3 Income statement 60 Company details 4 Statements of comprehensive income 61 Group chart 5 Balance sheets 62 Financial highlights 6 Statement of changes in equity 64 Nykredit's strategy 8 Cash flow statement 66 Notes 67 2016 – in brief 10 2016 overview 10 MANAGEMENT COMMENTARY (CONTINUED) 149 Results for Q4/2016 12 Five-quarter financial highlights 149 Results relative to forecasts 12 Series Financial Statements 150 Outlook for 2017 12 Financial calendar for 2017 153 Special accounting circumstances 12 Directorships and executive positions 154 Other 13 Uncertainty as to recognition and measurement 14 Material risks 14 Events since the balance sheet date 14 Business areas 15 Retail 16 Totalkredit Partners 19 Wholesale Clients 21 Wealth Management 23 Group Items 25 Capital, funding and liquidity 26 Equity and own funds 28 Funding 31 Credit ratings 35 Liquidity 36 Lending 38 Mortgage lending 39 Bank lending 43 Organisation, management and corporate responsibility 45 Engaging with society 45 Organisation and responsibilities 45 The under-represented gender 47 Corporate Governance 47 Remuneration 48 Internal control and risk management systems 49 Group companies 51 Nykredit Holding A/S 51 Nykredit Realkredit A/S 51 Totalkredit A/S 53 Nykredit Bank Group 54 Other subsidiaries 54 MANAGEMENT STATEMENT AND AUDIT REPORTS 55 Management Statement 55 Internal Auditors' Report 56 Independent Auditor's Report 57 v 60 v 60 v 60 v 60 2/156 Annual Report 2016 – Nykredit Realkredit Group GROUP CHIEF EXECUTIVE'S STATEMENT Nykredit in motion IPO preparations proceed as planned 2016 was yet another year of good progress for Nykredit. A year ago, Nykredit's Management and owners decided to Lending volumes in Totalkredit and Nykredit Bank increased. prepare for a stock exchange listing of the Group. The IPO is Loan impairments were very low, and Nykredit reduced its not an end in itself. It is a means to achieve greater certainty costs further and increased its income. On that basis, that Nykredit will be able to provide loans to homeowners, Nykredit achieved its best profit from core business to date. agriculture and business customers at all times. That is satisfactory. During the financial crisis, Nykredit continued its lending Successfully delivering our Winning the Double activities, while others held back. This contributed to sup- strategy porting the Danish economy. We want to make certain that The performance is the result of our efforts to make Nykredit Nykredit can assume this role again if a new crisis sets in. more customer-centric, more efficient and more profitable, guided by our strategy, Winning the Double. Nykredit is operating in a financial industry that is changing rapidly. Fiercer competition, changed demands from custom- In one strand of the strategy, Totalkredit, we strive to sup- ers, changed macroeconomic and geopolitical conditions, new port our business partners across Denmark in making a dif- business models through digitisation and, not least, in- ference to our customers. In conjunction with our business creased regulation are the challenges that financial undertak- partners, we managed to grow lending significantly in 2016. ings are facing. All in all, we have seen a net increase of 18,000 in the num- ber of Totalkredit customers, thus expanding our market Nykredit is in a position where our main shareholder is una- share. And so 2016 became yet another year when the alli- ble to contribute capital if unforeseen events or new regula- ance with our business partners proved its potential. Devel- tion, such as Basel IV, should make it necessary. If Nykredit oping and consolidating our business partnership further is a is listed on the stock exchange, new owners can contribute major strategic priority. We have expanded the partnership capital if required. to include business mortgages and commenced the develop- ment of a new mortgage lending platform to improve cus- In other words, it provides access to a new, flexible source of tomers' advisory experience even further. capital. That is the rationale behind the IPO. Other systemi- cally important financial institutions of Nykredit's stature In the other strand, we aim to make a difference to the have that access. Also, the mere access to capital markets homeowners and business customers that have entrusted means that Nykredit can operate with lower capital reserves their finances to Nykredit. We have launched new customer and thereby lower costs of capital. propositions tailored to all major customer groups. In 2015 we introduced Nykredit BoligBank, a programme targeted It is therefore satisfactory to note that Nykredit is in a better specifically at homeowners. In 2016 we launched our busi- position for a stock exchange listing than a year ago. ness banking programme, Nykredit ErhvervsBank, and intro- duced more private banking programmes for the wealthiest 2017 clients. The number of full-service customers is rising in all The work that caused us to make headway in 2016 will con- three programmes. Also, a growing number of customers tinue in 2017. This year, we will give particular attention to choose our savings products, which is causing a significant developing our value propositions, strengthening our digital increase in total assets under management. Bank lending to solutions and further streamlining our workflows. We will also our business customers is also growing, especially to small focus on providing sound, personal financial advice – the and medium-sized enterprises. On that basis, our total mar- cornerstone of our relationship with customers. ket share of the banking market is growing. Continued cost and efficiency drive The cost:income ratio fell to 40.1% in 2016, down from 55.7% in 2012. The combination of expanding business vol- Steffen Kragh, Chairman umes, fewer staff and simplified workflows has boosted effi- ciency at Nykredit. In 2016, we sold our two headquarters buildings in central Copenhagen, the Glass Cube and the Crystal. The sale produced a positive one-off effect and paves the way for assembling all our headquarters functions Michael Rasmussen, Group Chief Executive in one location. We will stay focused on efficiency and on strengthening our digital solutions for customers in coming years. One of the ways to do this is through development- minded partnerships with innovative entrepreneurs such as Lunar Way, whom we started to work with in 2016. Annual Report 2016 – Nykredit Realkredit Group 3/156 COMPANY DETAILS Nykredit Realkredit A/S See pages 154-156 for directorships and executive positions Kalvebod Brygge 1-3 of the members of the Board of Directors and the Executive DK-1780 Copenhagen V Board. Denmark NOMINATION BOARD Website: www.nykredit.com Steffen Kragh, Chairman Tel: +45 44 55 10 00 Merete Eldrup Nina Smith CVR no: 12 71 92 80 Financial year: 1 January – 31 December AUDIT BOARD Municipality of registered office: Copenhagen Per W. Hallgren, Chairman Merete Eldrup External auditors Bent Naur Deloitte Anders C. Obel Statsautoriseret Revisionspartnerselskab Weidekampsgade 6 REMUNERATION BOARD DK-2300 Copenhagen S Steffen Kragh, Chairman Merete Eldrup Annual General Meeting Nina Smith The Annual General Meeting of the Company will be held on Leif Vinther 16 March 2017. RISK BOARD Merete Eldrup, Chairman BOARD OF DIRECTORS Michael Demsitz Steffen Kragh, Chief Executive Officer Bent Naur Chairman Anders C. Obel Merete Eldrup, Chief Executive Officer EXECUTIVE BOARD Deputy Chairman Michael Rasmussen Group Chief Executive Nina Smith, Professor Deputy Chairman Kim Duus Group Managing Director Helge Leiro Baastad, Chief Executive Officer Hans Bang-Hansen, Farmer David Hellemann Olav Bredgaard Brusen, Deputy Chairman of NYKREDS* Group Managing Director Michael Demsitz, Chief Executive Officer Per W. Hallgren, Chief Executive Officer Søren Holm Marlene Holm, Personal Banking Adviser* Group Managing Director Allan Kristiansen, Chief Relationship Manager* Bent Naur, former Chief Executive Officer Anders Jensen Anders C. Obel, Chief Executive Officer Group Managing Director Erling Bech Poulsen, Farmer Inge Sand, Senior Agricultural Adviser* Leif Vinther, Chairman of Staff Association* * Staff-elected member At nykredit.com you may read more about the Nykredit Group and download the following reports: • Annual Report 2016 • CSR Report 2016 – Nykredit Engaging with Society • CR Fact Book 2016 • Risk and Capital Management 2016 Information on corporate governance is available at nykredit.com/corporategovernanceuk. 4/156 Annual Report 2016 – Nykredit Realkredit Group GROUP CHART Foreningen Nykredit Industriens Fond Østifternes f.m.b.a. PRAS A/S Ownership 89.80% Ownership 4.70% Ownership 3.25% Ownership 2.25% Nykredit Holding A/S Profit for the year: DKK 5,405m Equity: DKK 67,192m Nykredit Realkredit Group Nykredit Realkredit A/S Profit for the year: DKK 5,660m Equity: DKK 70,954m Totalkredit A/S Profit for the year: DKK 2,048m Equity: DKK 20,661m Nykredit Bank A/S Nykredit Portefølje Adm. A/S Profit for the year: DKK 627m Profit for the year: DKK 106m Equity: DKK 16,744m Equity: DKK 589m Nykredit Mægler A/S Nykredit Leasing A/S Profit for the year: DKK 64m Profit for the year: DKK 71m Equity: DKK 138m Equity: DKK 593m Nykredit Ejendomme A/S Profit for the year: DKK 543m Equity: DKK 1,055m Ejendomsselskabet Kalvebod A/S Profit for the year: DKK 24m Equity: DKK 234m Bolighed A/S Ownership 50% Profit for the
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