Carnegies first quarter results 2005

1
Carnegies first quarter results 2005
2
Q1 varied market activity

• Continued strong markets in the first quarter,
  Nordic indices up 6-11
• Aggregate turnover in the Nordic stock markets in
  level with first quarter 2004, but local
  variations
• Nordic ECM volume down by 24
• MA volume up 18
• Inflow to equity funds (Sweden) lower Y/Y

3
First quarter 2005
Carnegie Group

• Total income down by 11 to SEK656m (SEK735m)
• Expenses excluding profit-share SEK374m
  (SEK388m), down by 3
• Net profit down by 18 Y/Y to SEK100m (SEK122m)
• Earnings per share SEK1.50 (SEK1.82)

4
Quarterly income
Carnegie Group
5
Income
Carnegie Group
6
Rolling 4 quarter-expenses (SEKm) and average
of employees
7
Quarterly profit before taxes
Carnegie Group
8
Income and profit by business area (Q105)
Income
Profit before taxes
9
Second best quarter in three years
Securities

• Income SEK327m (SEK369m), down by 12 Y/Y
• Commission income SEK224m (SEK264m), down by 15
• Income from trading activities SEK82m (SEK76m),
  up 8
• Total expenses before profit-share unchanged at
  SEK162m
• Profit before taxes SEK84m (SEK106m), down 21

10
Income (SEKm)
Securities
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
2001
2002
2003
2004
Q1(04)
Q1(05)
11
Nordic turnover, rolling 12M
Securities
12
External rankings and share of turnover
Securities
External rankings
Share of turnover Nordic stock markets
- Best stockbroker
- Top analystsNo 1 position
Source Nordic Stock Exchanges and Carnegie
Research, April 2005
13
Firm market position
Investment Banking

• Income SEK97m (SEK114m), down by 15 Y/Y
• Underwriting fees SEK19m (SEK18m)
• Advisory fees SEK72m (SEK94m), down by 23
• Total expenses before profit-share down slightly
  Y/Y, to SEK62m (SEK63m)
• Profit before taxes SEK18m (SEK26m), down 29

14
Income (SEKm)
Investment Banking
15
Nordic MA - announced
MA market development
Source Thomson Financial Securities Data
07/04/05 Note Announced transactions with Nordic
target or acquirer
16
Nordic ECM transactions
ECM market development
Source Thomson Financial Securities Data
06/04/05 Note Nordic ECM transactions
17
Nordic MA top 10 advisers
Investment Banking



Ranked by volume Q1(05) Announced USDm
Ranked by volume Q1(04) Announced USDm
Ranked by volume FY(04) Announced USDm

• Citigroup 10,536 3
• Enskilda 7,316 15
• Goldman Sachs Co 6,987 3
• Nordea 5,819 4
• Morgan Stanley 5,329 4
• JP Morgan 4,778 6
• FöreningsSparb. 2,435 2
• Carnegie 2,100 8
• CSFB 1,692 1
• Dresdner KW 1,470 1
• 10. Danske Markets 1,470 2

• Morgan Stanley 6,157 5
• JP Morgan Chase 5,706 8
• Goldman Sachs 5,424 3
• Lehman Brothers 4,369 3
• Deloitte Touche 3,300 4
• UBS 3,020 5
• Carnegie 2,907 14
• Deutsche Bank 2,885 8
• SHB 2,842 4
• Mandatum 1,814 3

• Morgan Stanley 10,544 11
• JP Morgan Chase 10,409 20
• Goldman Sachs 9,396 11
• UBS 8,768 19
• Carnegie 8,602 48
• SHB 6,161 28
• Lehman Brothers 4,369 4
• Deutsche Bank 4,080 11
• ABN Amro 3,982 18
• Deloitte Touche 3,680 15

Source Thomson Financial Securities Data, April
2005 Note Announced/completed transactions with
financial adviser. Nordic target or acquirer.
18
Solid development
Asset Management

• Income SEK126m (SEK122m), up 3 Y/Y
• AUM up SEK 3 billion from year-end, mainly from
  increasing asset values
• Total expenses before profit-share SEK68m
  (SEK76m), down by 10 from pro forma Y/Y
• Profit before taxes SEK29m (SEK24m), up 25

19
AUM, quarterly development (SEKbn)
Asset Management
20
AUM quarterly flows and value change (SEKbn)
Asset Management
21
95 per cent of AUM in rated equity funds hold a
4-or 5-star rating (SEKbn)
Q1(05) Mutual fund products Rating AUM Carnegie
WorldWide Lux (?????) 5.5 Carnegie WorldWide Den
(????) 4.0 Carnegie Medical (????)
4.0 Carnegie Small Cap (????) 2.0 Carnegie
Nordic Markets (????) 1.5 Carnegie European
Equities (?????) 1.1 Subtotal (rated equity
mutual funds) 18.1 Rating gt4 0.8 Total AUM in
ratedequity mutual funds 18.9
22
Business in development
Private Banking

• Income SEK107m (SEK130m), down by 18 Y/Y
• Total expenses before profit-share SEK82m
  (SEK86m), down by 4 from pro forma Y/Y
• Profit before taxes SEK13m (SEK22m), down 42

23
Private Banking client volume (SEKbn)
Private Banking
24
Risk-weighted assets and Tier 1 ratio

Changed definition of regulatory capital from 1
Jan 2004.
25
2005 ready to excel

• Our organisation is strong and ready to excel.
  The first quarter result was good, and we
  continue to focus on gaining market share with
  our clients.
• We will continue to build on our success as an
  independent Nordic investment bank. We have set
  our sights higher and I am convinced that our
  strategy will continue to deliver superior
  performance.