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Annual Report 09 Annual General Meeting The Annual General Meeting will be held on Tuesday 11 May, 2010 at 14 p.m. (Swedish time) at City Conference Centre, Stockholm. Notices convening the General Meeting including an agenda for the Meeting will be published in the major Swedish daily newspapers and on www.sebgroup.com on Tuesday 6 April 2010. Shareholders wishing to attend the Annual General Meeting shall – both be registered in the shareholders’ register kept by Euroclear Sweden AB on Wednesday 5 May, 2010, at the latest Elanders • Gidén and SEB • Printing: Tomas Joachim Lundgren, AB • Photos: SEB and Intellecta Communication Production: Annu – and notify the Bank in writing under address Skandinaviska Enskilda Banken AB, A l report l AGM, Box 7832, SE-103 98 Stockholm, or by telephone 0771-23 18 18 between 9.00 a.m. and 4.30 p.m. in Sweden or, from abroad, at +46 771 23 18 18 or via Internet on the home page of the Bank, www.sebgroup.com, 2009 on Wednesday 5 May, 2010, at the latest. Dividend The Board proposes a dividend of SEK 1.00 for 2009. Addresses Head Office Divisions Group Executive Committee Merchant Banking Life Postal Address: SE-106 40 Stockholm Postal Address: SE-106 40 Stockholm Postal Address: SE-106 40 Stockholm Visiting Address: Kungsträdgårdsgatan 8 Visiting Address: Kungsträdgårdsgatan 8 Visiting Address: Sergels Torg 2 segr 0028 2010.03 Telephone: +46 771 62 10 00 Telephone: +46 771 62 10 00 Telephone: +46 771 62 10 00 +46 8 22 19 00 (management) Retail Banking Baltic Postal Address: SE-106 40 Stockholm Postal Address: SE-106 40 Stockholm Visiting Address: Sergels Torg 2 Visiting Address: Kungsträdgårdsgatan 8 Telephone: +46 771 62 10 00 Telephone: +46 771 62 10 00 Wealth Management Postal Address: SE-106 40 Stockholm Visiting Address: Sveavägen 8 Skandinaviska Enskilda Banken AB’s corporate Telephone: +46 771 62 10 00 registration number: 502032-9081 Annual Report 09 SEB’s financial information is available Contents on www.sebgroup.com 2009 in brief 1 Chairman’s statement 2 President’s statement 3 Financial information during 2010 This is SEB 4 Strategy 6 Publication of annual accounts 10 February Markets and competition 8 Publication of Annual Report on the Internet 18 March SEB’s employees 12 Annual General Meeting 11 May Corporate sustainability 14 Interim report January – March 28 April The SEB share 18 Interim report January – June 13 July Interim report January – September 28 October Report of the Directors Financial Review of the Group 20 For further information please contact: Result and profitability 20 Jan Erik Back Financial structure 23 Chief Financial Officer Renumeration report 25 Telephone +46 8 22 19 00 Divisions E-mail: [email protected] Merchant Banking 28 Retail Banking 30 Ulf Grunnesjö Wealth Management 32 Head of Investor Relations Life 34 Telephone +46 8 763 85 01 E-mail: [email protected] Baltic 36 Risk and Capital Management 40 Viveka Hirdman-Ryrberg Head of Communications Telephone +46 8 763 85 77 E-mail: [email protected] Corporate Governance within SEB 57 Annika Halldin Senior Financial Information Officer Telephone +46 8 763 85 60 Financial Statements 65 E-mail: [email protected] SEB Group Income statements 66 Balance sheets 67 Statement of changes in equity 68 Cash flow statements 69 Skandinaviska Enskilda Banken Income statements 70 Balance sheets 71 Statements of changes in equity 72 Cash flow statements 73 Notes to the financial statements 74 Five-year summary 137 Definitions 139 Proposal for the distribution of profit 140 Auditors’ report 141 Board of Directors 142 Group Executive Committee and Auditors 144 Addresses 2009 in brief Financial performance ● Operating income: SEK 44,213m (41,104) ● Net profit: SEK 1,178m (10,050) ● Profit before credit losses: SEK 15,816m (15,697) ● Return on equity: 1.2 per cent (13.1) ● Operating profit: SEK 3,372m (12,471) ● Earnings per share: SEK 0.58 (10.36) ● Proposed dividend: SEK 1.00 (0) Capital and financial position i Read more on page 53 ● During 2009, the strengthening of SEB's balance sheet and liquidity had highest priority. ● Capital measures aimed at improving the quality and size of the capital base included a SEK 15.1 bn rights issue, withheld dividend of SEK 4.5bn and a EUR 500m hybrid capital issue. ● At year-end, the core Tier I capital ratio was 11.7 per cent (8.6) and the Tier I capital ratio 13.9 per cent (10.1) without Basel II transitional floor. ● SEB also strengthened its funding position and extended the matched funding position to eighteen months. ● SEB’s leverage ratio using U.S. GAAP was 18 x equity, or 5.3 per cent. Business results i Read more on page 28 ● Merchant Banking recorded its best ever result, achieving a 19 per cent increase in operating income and a 40 per cent increase in operating profit. Results were particularly strong within Trading and Capital Markets. ● Results of Retail Banking varied between the business areas. Retail Sweden and Card performed well, while results of Retail Germany were negative. Overall, operating income was down by 4 per cent and operating profit by 49 per cent. ● Wealth Management posted a 22 per cent decrease in operating income and a 43 per cent reduction in operating profit, partly due to lower market values at the beginning of the year. ● The Life division showed significant strength, with operating income up 36 per cent and operating profit up 99 per cent. ● Results in the Baltic division were affected by the negative macroeconomic developments in Estonia, Latvia and Lithuania. Operating income was down by 21 per cent and operating profit was significantly negatively impacted by goodwill impairments and provisions for credit losses. Customer and employee satisfaction i Read more on pages 8 and 12 ● Corporate and institutional clients as well as private banking customers continued to reward SEB for product and advisory excellence. Among numerous awards received during the year, SEB was e.g. named Best Bank in Sweden, No. 1 Corporate Finance House in all Nordic countries and Best Private Bank in Sweden. ● Customer satisfaction among retail customers was high in the Baltic countries and Germany but below market average in Sweden. SEB was appointed the SME Bank of the Year in Sweden. ● The employee survey Voice showed significant improvements in all main areas covered, including employee motivation. Sustainability i Read more on page 14 ● SEB took a number of steps to further deepen its commitment to corporate sustainability, including a new corporate sustainability strategy and a strengthening of sustainability governance. ● SEB became the first Nordic bank to fully offset its carbon emissions and set a target of a 45 per cent reduction of emissions by 2015. ● SEB was voted the best bank in the Nordic countries by the Carbon Disclosure Project. seb annual report 2009 1 chairman’s statement Important measures taken to strengthen SEB's long-term position It is not possible to operate a bank with- an international banking association, I tion level that mirrors the bank’s profit- out maintaining a long-term stable know first-hand the substantial effort ability. This was obvious a year as 2009 financial position and enjoying custom- banks have put into self-critical evalua- when the proportion of variable remu- ers', shareholders' and other stakehold- tion measures needed to regain society’s neration to overall staff costs fell sharply. ers' trust. Several valuable lessons from trust and not repeat earlier mistakes. the last few years’ developments can be One example is the dialogue banks SEB stands strong drawn regarding the importance of tak- have in order to create global prerequi- SEB stands strong despite the turbu- ing a long-term view, having robust risk- sites and competition on equal terms be- lence experienced over past years and handling and ensuring transparency. The tween different jurisdictions. We need in- the financial crisis. The underlying busi- global banking sector has experienced a ternational harmonisation in order to ness has developed well in a difficult cli- dramatic year characterised by major un- avoid arbitrage between different regu- mate. On behalf of the Board I would like certainty about the depth and length of latory frameworks and the possibility to express my warm appreciation to what is perhaps the world’s first globally that some banking-like operations move management and all employees who synchronised economic slump. The outside the banking sector. have shown a great commitment to the world economy is still fragile and we can IIF’s proposal from 2008 to create bank’s customers. The measures taken see the importance of the massive sup- more long-term sustainable remunera- by management were fundamental to port that governments and central banks tion systems by moving to exclusively achieve the current position as one of provided to the financial sector. Without equity-related incentive programmes for Europe’s best capitalised banks with a these support measures, the financial top management is another example. strong liquidity position; this without the system could not have performed its role Remuneration to SEB’s management bank utilising the Swedish government’s in a dynamic society. adheres to these principles. guarantee or capital programme. SEB too had an exceptional year in SEB is well equipped to continue sup- Need for dialogue on new many ways in 2009. The Bank had to porting individuals and businesses with regulations deal with the global financial crisis, the advice and financial means during the Politicians, central bankers and supervi- severe macro-economic development in economic recovery which hopefully is sory authorities are now working to cre- the Baltic region and criticism from cus- appearing.
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