ANNUAL REPORT 2020
CARNEGIE HOLDING AB INTRODUCTION
Contents
Introduction Carnegie in 5 minutes 1 146 The year in brief 2 The pandemic is acceler- Loribea cum repudam CEO’s message 4 ating existing megatrends reicia iusam as rempe Market and business environment 6 like digitalisation, auto- optinctatem exerernate mation and climate and Strategic framework 8 volum velit eni occum sustainability efforts. Business model 10 eatem ipsamus magnimi, Business objectives 12 oditasim voluptati non- seque comnis nobitatur, Our business quate nia voluptatu.
Market position 14 Investment Banking 16 Securities 18 Private Banking 20 Sustainable advisory 24 Responsible advisory 28 Responsible employer 30 Responsible business 34 Corporate governance 2628 Corporate governance report 38 CarnegieLoribea cum acted repudam as Board of Directors 41 adviserreicia iusam in capital as rempe raises Group management 42 foroptinctatem Cleantech exerernate companies involum 2020 velit corresponding eni occum eatem ipsamus magnimi, Annual report to USD 1 billion (SEKoditasim 9 billion). voluptati non- Board of Directors’ report 43 seque comnis nobitatur, Five-year review 51 quate nia voluptatu. Consolidated financial statements 52 Parent company financial statements 55 Notes 59 Certification 83 Auditor’s report 84
Sustainability
Sustainability disclosures 87 GRI index 96
Other 3519 Loribea cum repudam Definitions 98 Carnegie participated inreicia 86 ECMiusam transactions as rempe Addresses 99 duringoptinctatem the year, exerernate more Contact 99 thanvolum any velit other eni occumbank ineatem Europe. ipsamus magnimi, oditasim voluptati non- seque comnis nobitatur, quate nia voluptatu. This is Carnegie’s annual report for the 2020 financial year. The formal annual report comprises pages 44-89.43–83. TheThe annualannual reportreport alsoalso comprisescomprises Carnegie’s sustainability report for 2020 as re - quiredrequired under under the the Swedish Swedish Annual Annual Accounts Accounts Act, Act, ch 6ch s 610, s 10, (1995:1554). (1995:1554). INTRODUCTION
CARNEGIE IN 5 MINUTES Carnegie is the foremost financial adviser in the Nordics. We bring investors together with entrepreneurs and compa- nies to enable clients, owners and society to grow sustainably. Simply put, Carnegie is where knowledge and capital meet.
OUR MISSION OUR CLIENTS We enable companies, We work with companies, capital and communities their owners, institutions and to grow sustainably. high net-worth individuals.
OUR BUSINESS
Investment Banking Securities Private Banking Carnegie Investment Banking offers profes- Carnegie Securities offers institutional Carnegie Private Banking provides compre- sional advisory in mergers and acquisitions clients several services within research, bro- hensive financial advisory to high net worth (M&A) and equity capital market (ECM) kerage and sales trading and equity capital individuals, small businesses, institutions transactions. The Debt Capital Markets market transactions (ECM). In addition, and foundations. The staff includes experts (DCM) unit also provides advisory related the Fixed Income unit offers bond research in areas including asset allocation, asset to capital acquisition via corporate bonds and sales. Carnegie’s top-ranked research, management, law, tax management, and fixed income instruments. With unique brokerage and equity sales enjoy a globally pensions and trading in securities and understanding of sectors and capital leading position in Nordic equities. fixed-income bonds. markets in the Nordic region, Carnegie is a Operations in Denmark, Finland, Norway, Operations in Denmark and Sweden. leading Nordic adviser in corporate finance. Sweden, the UK and the US. Operations in Denmark, Finland, Norway and Sweden.
CARNEGIE HOLDING AB • ANNUAL REPORT 2020 1 INTRODUCTION
KEY DATA The year in brief
Carnegie’s leading position in the Nordic market combined with high market activity generated income growth of 26 percent. We are reporting good financial performance for the entire business, with the strongest development in the ECM market. Carnegie also solidified its position as a market leader in all main business areas, according to independent client surveys and rankings.
Operating income 2020 Profit before tax 2020 Total operating income SEK 3,284m (2,613), +26% SEK 836m (501 excluding capital gain of SEK 171m), +67% 3, 284 836
Responsible advisory Responsible advisory Responsible employer Percentage of listed companies for Percentage of discretionary Percentage of employees who which the ESG perspective is included management covered by expressed high engagement with in equity research. ESG screening. their jobs.
100% 100% 95% (+2%)
Common equity Tier 1 capital ratio