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Annual Report 2018

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Annual Report 2018 PFA Holding Annual Report 2018 PFA Holding A/S Sundkrogsgade 4 2100 Copenhagen Denmark Tel.: (+45) 39 17 50 00 pfa.dk CVR No.: 22 43 80 18 PFA consolidates the ground- work for future returns During 2018, PFA continued expanding its holding of properties and alternative investments so that they now account for approximately 18.8 per cent of PFA’s total investment portfolio. These investments are key to stabilising the return when the market conditions are unfavourable and the return on equities and bonds is under pressure. 2018 was a good example of this as PFA’s properties and alternative investments contributed positively with approximately DKK 5.3 billion to the customers’ return contrary to the equity markets, which yielded a negative return. One of PFA’s largest alternative investments is an equity interest in the offshore wind farm Walney Extension. PFA’s investment in the offshore wind farm, which covers an area of 149 km2 and supplies power for more than 600,000 English homes, amounts to approximately DKK 3 billion. Another large investment is Danish Ship Finance, which PFA became co-owner of in 2016. See more examples of PFA’s alternative investments and properties in the illustrations in this report. The cover photo shows the offshore wind farm Walney Extension and is kindly lended by Ørsted A/S. PFA Holding Annual Report 2018 Table of contents Historical growth in difficult investment year ........................................................................................................................ 2 Highlights 2018 ................................................................................................................................................................... 6 Management’s Review The financial statements in brief ........................................................................................................................................... 10 The financial markets ........................................................................................................................................................... 14 Investment return ................................................................................................................................................................ 16 Status on Strategy2020 ........................................................................................................................................................ 22 Business conditions ............................................................................................................................................................. 24 Products and services ........................................................................................................................................................... 26 Digitalisation and optimisation ............................................................................................................................................. 34 Capital structure and solvency .............................................................................................................................................. 38 Management and organisation ............................................................................................................................................. 40 Expectations for 2019 .......................................................................................................................................................... 46 Post balance sheet events .................................................................................................................................................... 48 Financial statements 5-year summary for the PFA Group ....................................................................................................................................... 50 Statement by the Executive Board and the Board of Directors on the Annual Report ............................................................. 51 Independent auditor’s report ............................................................................................................................................... 52 Income statement ................................................................................................................................................................ 58 Balance sheet ...................................................................................................................................................................... 59 Statement of changes in equity and capital structure ........................................................................................................... 61 Notes to the income statement and balance sheet ............................................................................................................... 62 The PFA Group Group structure .................................................................................................................................................................... 94 Managerial posts of the Board of Directors and the Executive Board .................................................................................... 96 Executive employees ............................................................................................................................................................ 102 Additional information ......................................................................................................................................................... 104 TRANSLATION: This is a translation of PFA Holding’s Annual Report 2018 in Danish. In case of any discrepancy between the Danish text and the English translation, the Danish text shall prevail. PFA Holding Annual Report 2018 1 Historical growth in difficult investment year It is said that it is not just the years in your life that count, but company, TDC, invest in modern shared office facilities in Lon- the life in your years. Looking at PFA, we can be pleased with don and finance the offshore wind farm Hornsea 1, which will both. In 2018, we did not just enter the year following our be the world’s largest when it is put into operation in 2020. 100th anniversary, but also a year where we consolidated our Overall, this means that we have now built a property and market position and could delight in the fact that we still enjoy alternative investments portfolio of approximately DKK 90 bil- great trust from our corporate and organisational customers lion. Thereby, we have created a versatile and robust portfolio, as well as our approximately 1.3 million individual customers. which we look forward to expanding further over the coming This trust places an obligation on us, and we do our very best years during which the returns are expected to be challenged to honour it. Therefore, we are very pleased that, in 2018, we by continued low interest rates and a more moderate develop- launched a number of important initiatives with the objective ment on the financial markets. of preparing us for the future and ensuring that we contin- uously convert our size, experience and customer-owned Digitalisation focused on the customer experience business model into maximum value for our customers. Concurrently with enhancing our investments, we continued the development of PFA’s IT systems and processes in 2018. Before we go into details with the different initiatives, let For example, we adapted our processes, rights and computer us take a look at the year from an investment perspective. systems in order to comply with the EU General Data Protec- After many years of prospering financial markets, 2018 was a tion Regulation (GDPR), which took effect in the spring. volatile year with significant negative fluctuations throughout The work with GDPR as well as other regulations takes place the year. Unfortunately, this made it difficult to generate pos- through our agile development setup, which today compris- itive returns for our customers. Thus, the market rate returns es more than 300 employees across the organisation. This stood at between -5.7 per cent and 0.3 per cent including PFA is a method of working that increases transparency about CustomerCapital (depending on investment profile and time our priorities to ensure that we quickly and effectively can horizon), while the total return amounted to DKK -5.3 billion. respond to new or altered needs. At the same time, the agile processes let us actively involve our customers in our product Volatile markets characterise the investment year development to ensure that we move both fast and in the Of course, we would have liked to see a more positive return right direction. development, but it should be noted that the development was not completely unexpected. At present, we are at the end Personal data is high on the EU agenda not least because of a historically long period of progress, which means that the society in recent years has seen an upsurge in products that savings of a typical customer in our recommended investment are supported by data-driven processes and algorithms. This profile C have been more than doubled over the past nine is also a key area for PFA, and we strive to be market leader years merely as a result of the return. Naturally, such progress when it comes to utilising data, artificial intelligence and will cease at some point to find its own level. This is also one robotics for assisted advisory services, case processing etc. We of the reasons
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