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Nordea Annual Report 2000

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Nordea Annual Report 2000 Annual Report 2000 Nordea is the leading financial services group in the Nordic and Baltic Sea region and operates through six business areas: Retail Banking, Corporate and Institutional Banking, Asset Management, Investment Banking, Life Insurance and Pensions and General Insurance. The Nordea Group has nearly 10 million customers, 1,260 bank branches and 125 insurance service centres in 22 countries. The Nordea Group is a world leader in Internet banking, with more than 2.2 million e-customers. The Nordea share is listed in Stockholm, Helsinki and Copenhagen. Contents Nordea 2000 in brief ...................................... 1 Legal structure................................................ 81 The Nordea statement................................... 3 Corporate governance ................................... 82 Summary of important events ...................... 4 Board of Directors .......................................... 84 Key financial figures ...................................... 5 Group Management ...................................... 86 Letters to the shareholders ........................... 6 Financial structure.......................................... 88 The Nordea share........................................... 12 Real estate....................................................... 90 Risk management .......................................... 92 Economic development in the Economic capital ............................................ 104 Nordic region ................................................. 16 Business environment.................................... 19 Accounting principles ........................................ 106 Business definitions ....................................... 109 The leading financial services group Financial statements in the Nordic and Baltic Sea region.............. 21 The Nordea Group ................................................. 110 Financial and business objectives Nordea AB (publ) to create shareholder value ........................... 22 Board of Directors’ report 2000.............................. 143 Leadership in network Proposed distribution of earnings ................ 149 financial services............................................. 24 Audit report .................................................... 150 Integration process......................................... 26 A year of higher ratings................................. 151 Nordic Ideas permeate Nordea..................... 29 Annual General Meeting............................... 152 Financial reports 2001 ................................... 152 Operational income statement ..................... 30 Investor relations............................................ 152 Results by business area ................................ 34 Web site........................................................... 152 Business structure and organisation............. 36 Addresses Business areas: Retail Banking ....................................................... 38 Corporate and Institutional Banking ..................... 47 Asset Management................................................. 53 Investment Banking ............................................... 58 Life Insurance and Pensions................................... 61 General Insurance .................................................. 65 Treasury ........................................................... 70 Christiania Bank og Kreditkasse................... 73 Human Resources.......................................... 75 Information technology................................. 79 In this Annual Report “Nordea”means The Nordea Group is also referred to as Nordea AB (publ), the Nordea Group or “the Group”. The legal structure of the the business operations of the Nordea Nordea Group is presented on page 81. Group. The significance in individual cases is shown by the context. Nordea 2000 in brief • MeritaNordbanken and Unidanmark merged. • The Group acquired Christiania Bank og Kreditkasse. • New organisation with pan-Nordic business areas. • Operating profit up 17% to EUR 2,435m. • Strong growth in net interest income and commission income. • Upgraded ratings for the banks of the Nordea Group. • Nordea passed the milestone of 2 million e-customers. • Thorleif Krarup new CEO, effective 1 January 2001. Hans Dalborg vice chairman. Vesa Vainio continues as chairman of the Board. The Nordea Statement – in short Vision We shall be valued as the leading financial services group in the Nordic and Baltic financial markets with a substantial growth potential. Ambition We shall be number one or number two or show superior and profitable growth in every market and product area in which we choose to compete. We shall have the leading multichannel distribution with a top world ranking in e-based financial solutions. Mission We help customers fulfil their aspirations. By creating value for our customers we create value for shareholders. We offer opportunities that enable us to keep, develop and attract employees with the highest competence and talents. The Nordic countries are our home market and the Baltic Sea region represents our emerging home market. We operate internationally to support our core customers and competencies. Values and culture We share and exchange Nordic Ideas to create value. We operate as an integrated Nordic group, in focused business areas. We understand our customers and anticipate their needs. Financial and business objectives We shall create value for shareholders in line with the best among European listed financial services companies. Organisational and management principles Decisions are made close to our customers and employees within Group guidelines and limits. We lead with clear objectives for every manager and employee and with commitment to follow-up and feed-back. We have focus on our customers and on continuous performance improvement. Nordea . Annual Report 2000 3 Summary of important events January October • Close to 96% of Merita shareholders • The Norwegian Government Bank accepted the exchange of shares facilitat- Investment Fund decided to sell its hold- ing simplification of the Group’s holding ing in Christiania Bank og Kreditkasse structure – Nordic Baltic Holding (NBH). (CBK) to the Group. • The Group purchased the Latvian and • The Group acquired control of more Lithuanian operations of the French than 90% of shares in the Polish bank Société Générale. Bank Komunalny. • WAP mobile phone banking services • The Board decided to establish General launched starting in Finland. Insurance in Finland. February November • Maizels, Westerberg & Co and Merita- • The Group acquired control of close Nordbanken Corporate and Structured to 99% of CBK shares. Finance merged to form MNB Maizels. • Solo Market launched in Denmark. • The Group divested EUR 1.3bn in property holdings when the Finnish • The Extraordinary General Meeting of pension insurance company Ilmarinen NBH approved the new name of the acquired the real estate company Group, Nordea. Aleksia. December March • Nordea passed the milestone of 2 million • Unidanmark and MeritaNordbanken electronic banking customers. agreed to merge. • The Norwegian Government granted April concession for Nordea to acquire all • The Annual General Meeting of CBK shares. NBH passed necessary resolutions to implement the merger with • Nordea issued EUR 1.2bn in sub- Unidanmark. ordinated bonds in order to strengthen the capital base. • More than 97% of Unidanmark share- holders approved the merger by accept- • Nordea purchased the Polish Life ing the NBH share exchange offer. Insurance company Heros Life. June • Computer problems in Sweden under- • Moody’s upgraded the banks of the lined the importance of reliability and Group. availability in IT-systems. August January 2001 • The Group received The Banker’s global • Thorleif Krarup new CEO. New award for the “best online business management appointed effective strategy”. from 1 January. 4 Nordea . Annual Report 2000 Key financial figures – Nordea Group Operational income statement 1) Pro forma Pro Q4 Q3 Q2 Q1 Q4 Jan–Dec forma EURm 2000 2000 2000 2000 1999 2000 1999 Net interest income 811 785 779 723 702 3,098 2,755 Net commission income 370 333 384 377 349 1,464 1,164 Operating income from insurance 122 167 118 203 261 610 613 Net result from financial operations 73 74 91 145 111 383 243 Other income 58 48 127 108 80 341 378 Total income 1,434 1,407 1,499 1,556 1,503 5,896 5,153 Personnel expenses -482 -459 -460 -445 -422 -1,846 -1,650 Other expenses -433 -335 -385 -352 -406 -1,505 -1,401 Total expenses -915 -794 -845 -797 -828 -3,351 -3,051 Profit before loan losses 519 613 654 759 675 2,545 2,102 Loan losses, net -22 -20 -20 -17 -23 -79 -91 Profit from companies accounted for under the equity method -1 31 23 9 28 62 117 Operating profit before goodwill depreciation 496 624 657 751 680 2,528 2,128 Goodwill depreciation -23 -21 -27 -22 -15 -93 -39 Operating profit before tax 473 603 630 729 665 2,435 2,089 Write-downs on real estate holdings 0 0 0 -40 -145 -40 -145 Refund of surplus in pension foundation 8798653265 Taxes -149 -182 -163 -197 -102 -691 -346 Minority interests 0 -1 0 -2 -2 -3 -2 Net profit 332 427 476 498 481 1,733 1,661 Pro forma 1) Ratios and key figures 2000 1999 1999 Earnings per share, EUR 0.58 0.55 0.53 Share price 2), EUR 8.10 5.84 5.84 Shareholders’equity per share 2), EUR 3.74 3.43 2.68 Shares in issue 2), millions 2,982 2,987 2,091 Return on equity, % 16.1 18.0 20.9 Return on equity excl goodwill 3), % 19.4 19.5 21.7 Lending 2), EURbn
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