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Sustainable Growth Through Knowledge and Capital

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Sustainable Growth Through Knowledge and Capital c CARNEGIE HOLDING AB Sustainable growth through knowledge and capital ANNUAL REPORT 2017 1 The leading Nordic investment FÖRETAG PRIVAT- and private bank PERSONER CARNEGIE In 1803, David Carnegie founded a trading house in Gothenburg. A century ago, however, the herring, spices, timber and porter of the day were replaced by financial services. Today, Carnegie is the leading Nordic investment and INSTITU- TIONER KAPITAL- private bank, a meeting place between knowledge and capital. MARKNADEN Carnegie brings investors, entrepreneurs, companies, institutions and private individuals together to create innovative products, new jobs, private wealth and social progress. With leading research capacity in the Nordics, top-ranked corporate and wealth advisory services, Carnegie serves2 500 a key function in the Nordic capital market. 2 000 1 500 Our vision is that Carnegie shall be the leading Nordic investment and private 1 000 bank – recognised and recommended by our clients. 500 800 0 2011 2012 2013 2014 2015 2016 2017 600 400 Income Profit before tax SEKm SEKm 200 2 500 500 0 350 2011 2012 2013 2014 2015 2016 2017 2 000 200 1 500 50 1 000 -100 500 -250 800 0 -400 2011 2012 2013 2014 2015 2016 2017 2011 2012 2013 2014 2015 2016 2017 600 400 200 500 SEKM SEKM 0 2,472350 4632011 2012 2013 2014 2015 2016 2017 Carnegie’s income increased by 9 percent per year on Carnegie has delivered a positive profit trend over the long average200 over the period of 2011-2017. Income per term. Profitability has continuously improved over the past employee50 has steadily grown during the same period. seven years and the profit margin for 2017 was 19 percent. -100 -250 -400 2011 2012 2013 2014 2015 2016 2017 Contents Carnegie at a glance in 2017 ...........................4 Chairman’s message ......................................7 FÖRETAG Letter from the CEO .....................................8 Business model ........................................... 10 PRIVAT- Corporate advisory services, PERSONER equity sales and research .............................. 12 Wealth management advice ......................... 16 CARNEGIE Responsibility and sustainability ..................... 21 Responsible advisory ............................... 22 Responsible business ............................... 24 Responsible employer .............................. 26 INSTITU- TIONER KAPITAL- Corporate governance ................................ 30 MARKNADEN Board of Directors ...................................... 33 Group management..................................... 34 Board of Directors’ report ........................... 36 Risk, liquidity and capital management ........... 40 Five-year review .......................................... 45 Consolidated statements of comprehensive income ................................ 46 Consolidated statements of f inancial position........................................... 47 Consolidated statements of changes in equity ..................................... 48 Parent company income statements .............. 49 2 500 Parent company statements of 2 000 other comprehensive income ....................... 49 1 500 Parent company balance sheets .................... 50 Parent company statements 1 000 Employees of changes in equity ..................................... 51 500 800 Cash flow statements .................................. 52 0 2011 2012 2013 2014 2015 2016 2017 Accounting principles ................................... 53 600 Notes ........................................................ 60 400 Certification ................................................ 80 200 Auditor’s report .......................................... 81 500 Sustainability notes ...................................... 84 0 350 2011 2012 2013 2014 2015 2016 2017 GRI index ................................................... 90 200 Definitions .................................................. 93 50 -100 Addresses................................................... 94 -250 -400 2011 2012 2013 2014 2015 2016 2017 598 Carnegie employees in Sweden, Norway, Denmark, Luxembourg, the United Kingdom, Finland and the United States do their utmost This is Carnegie’s annual report for the 2017 financial year. every single day to guide clients with qualified advice. The annual report also comprises Carnegie’s sustainability report for 2017 as required under the Swedish Annual Accounts Act, ch 6 s 10, (1995:1554). Carnegie at a glance in 2017 Carnegie is the Nordic market leader in Investment Banking, Securities and Private Banking. Along with some 600 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 clients Carnegie Private Banking provides compre- fessional advisory services in mergers and several services within research, equity sales hensive financial advisory services to high net acquisitions (M&A) and equity capital mar- and equity capital market transactions (ECM). worth individuals, small businesses, institutions ket (ECM) transactions. The Debt Capital In addition, the Fixed Income unit offers bond and foundations. The Private Banking staff Markets (DCM) unit also provides advisor y research and sales. Carnegie’s top-ranked includes experts in areas including asset allo- services in capital raising via corporate bonds research and equity sales enjoy a globally cation, asset management, law, tax manage- and fixed income instruments. With strong leading position in Nordic equities. ment, pensions and trading in securities and local presence, profound experience and fixed-income bonds. Securities operates in Denmark, Finland, unique understanding of sectors and capital Norway, Sweden, the UK and the US. Operations in Denmark, Luxembourg and markets in the Nordic region, Carnegie is one Sweden. of the leading Nordic advisers in corporate finance. Awards in 2017: • Institutional investors in both Sweden and Awards in 2017: Operations in Denmark, Finland, Norway Finland named Carnegie the best equity • Carnegie was ranked highest among and Sweden. house, overall as well as in research and Swedish Private Banking providers and equity trading (Kantar Sifo Prospera) topped the list in eight out of twelve Awards in 2017: • Nordic portfolio managers named assessed categories (Kantar Sifo Prospera) • Carnegie was named Financial Adviser Carnegie the best equity house in the • Carnegie was ranked first among Swedish of the Year in M&A in Sweden (Merger- Nordics (Kantar Sifo Prospera) Private Banking providers (Euromoney) market) • Swedish institutions ranked Carnegie first • Carnegie topped the adviser rankings in the market for equity research, with in the Nordic corporate transactions Lena Österberg named the best individual market, both overall and in M&A and analyst (Financial Hearings) equity capital market transactions • Global investors rated Carnegie the (Kantar Sifo Prospera) highest among all firms in the market in • Carnegie was named Best Investment Nordic equity research, equity sales and Bank in Norway (Euromoney) corporate access (Extel) • Carnegie was ranked highest in relation • Global institutions ranked Carnegie to the Swedish bond market in the High number one in Nordic equity research Yield category (Kantar Sifo Prospera) (Institutional Investors All-Europe) 4 CARNEGIE HOLDING AB | Annual Report 2017 +15% 463SEKM Operating income rose to SEK 2,472 million, up 15 percent Profit before tax increased by 35 percent year-on-year and year-on-year was the strongest result in several years. 110BN 352 Assets under management increased by 10 percent year-on-year. Number of Nordic listed companies covered by Carnegie Research in 2017. Financial key data, continuing operations Financial position 2017 2016 Operating income, SEKm 2,472 2,157 Operating profit, SEKm 901 692 1,917SEKM Operating C/I ratio, % 64 68 Equity at 31 December 2017 Profit/loss before tax, SEKm 463 342 Operating profit margin, % 36 32 Assets under management, SEKbn 110 100 23.5% Return on equity, % 22 21 Common equity Tier 1 capital ratio at 31 December 2017 Income by business area Geographical distribution of income Employees per unit Investment Banking Sweden 54% Investment Banking 26% & Securities 74% Norway 14% Securities 19% Private Banking 26% Denmark 11% Private Banking 19% Other 21% Support & Group 36% % % % CARNEGIE HOLDING AB | Annual Report 2017 5 “Steel group Ovako refinances with bond” Ovako is a European steel group that manufactures engineering steel for customers in the bearings, transport and manufacturing industries. In the autumn of 2017, Ovako elected to issue senior secured notes in the amount of EUR 310m to refinance existing bonds. There was huge interest in the offer and it was quickly oversubscribed, giving Ovako access to financing at substantially lower cost levels than previously. The transaction also successfully introduced a Special Redemption feature, giving Ovako the opportunity to adjust their financing structure at a reasonable cost if the company is sold or listed. Carnegie acted as joint bookrunner in the transaction. 6 CARNEGIE HOLDING AB | Annual Report 2017 CHAIRMAN’S MESSAGE “Carnegie is continuing to strengthen its long-term competitive advantage.” We are building trust for the long term Carnegie’s favourable progress in recent years has generated high client trust, stronger profit- ability and good financial stability, creating the conditions
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