nordnet q2 2015 report presentation
TRANSCRIPT
January – June 2015Presentation, 16 July
Financial overview
April – June 2015
• Revenue increased by 16 percent to SEK 300.2 million (258.6)
• Profit after tax increased by 46 percent to SEK 85.3 million (58.3)
• Earnings per share were up by 46 percent to SEK 0.49 (0.33)
January – June 2015
• Revenue increased by 17 percent to SEK 630.0 million (540.4)
• Profit after tax increased by 42 percent to SEK 193.9 million (136.5)
• Earnings per share were up by 42 percent to SEK 1.11 (0.78)
Highlights from Q2 2015
• Launch of new and simple pricing model in Sweden
• Over 50,000 members at the social investment
network Shareville
• Named “Stockbroker of the Year” in Denmark
Customers and accounts
Accounts/Customer Q2 2015: 1.27
12M: +49,300 / 12%
12M: +72,500 / 14%
462 500
588 500
0
100 000
200 000
300 000
400 000
500 000
600 000
700 000
Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15
Customers Accounts
Net savings and savings capital (SEK billion)
In relation to savings capital at the end of June 2014, net savings for the past
12 months correspond to 12 percent.
0,3
0
1
2
3
4
5
6
7
8
9
0
50
100
150
200
250
Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15
Ne
t sa
vin
gs
Sa
vin
gs
ca
pita
l
Net savings Savings capital
3 283
3 677
4 134
3 216 3 230
4 062
4 907
4 392
0
1 000
2 000
3 000
4 000
5 000
6 000
Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15
Trades (thousands)
12M: 16,590
Lending (SEK billion)
3,1 3,3 3,5 3,3 3,5 3,33,8 3,8
2,02,1
2,22,3
2,32,3
2,3 2,4
0,0
1,0
2,0
3,0
4,0
5,0
6,0
7,0
Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15
Margin lending Personal loans
Revenue development (SEK million)
12M: SEK 1,134 million
120 124 120 123 121 114 111 106
100111 127
108 110 134167
145
23
2934
28 30
37
52
49
0
50
100
150
200
250
300
350
Q313 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15
Net interest income Net commission income Other income
300,2
Cost development (SEK million incl. credit losses)
12M: SEK 767 million
171180
186 188 186 189194
199
0
50
100
150
200
Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15
72
84
95
7175
96
136
101
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
0
20
40
60
80
100
120
140
160
Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15
Operating profit Operating margin
Operating profit (SEK million)
12M: SEK 408 million
356,8
75,5
97,0
100,7
SE
NO
DK
FI
230 700
66 600
46 900
118 300 SE
NO
DK
FI
Nordnet in the Nordics (Jan-Jun 2015)
Savings capital (SEK billion)
Revenue (SEK million) Operating profit (SEK million)
Customers
NO, DK, FI
share of
total 47%
NO, DK, FI
share of
total 50%
NO, DK, FI
share of
total 43%
NO, DK, FI
share of
total 37%
102
19
30
40
SE
NO
DK
FI
150,215,8
40,5
31,0
SE
NO
DK
FI
Income statement (SEK million)
3 months 3 months 6 months 6 months 12 m rolling 12 months
Consolidated Income Statement (SEK million) Jan-Jun 2015 Jan-Jun 2014 Jan-Jun 2015 Jan-Jun 2014 May-Jun 2015 Jan-Dec 2014
Net interest income 106,2 123,3 216,8 243,6 451,7 478,6
Net commission income 145,0 107,6 312,0 234,7 555,6 478,2
Other income 49,0 27,7 101,2 62,1 168,1 129,1
Total operating income 300,2 258,6 630,0 540,4 1 175,4 1 085,8
General administrative expenses -156,9 -147,3 -307,2 -293,3 -604,5 -590,7
Depeciation and amortization -19,8 -18,5 -39,3 -35,9 -74,3 -71,0
Other operating expenses -10,5 -10,5 -22,4 -22,7 -43,8 -44,1
Total operating expenses -187,2 -176,3 -368,9 -351,9 722,7 -705,8
Profit before credit losses 113,0 82,3 261,1 188,5 452,7 380,1
Net credit losses -11,8 -11,6 -23,6 -22,4 -44,2 -43,1
Operating profit 101,2 70,7 237,5 166,1 408,5 337,0
Tax on profit for the period -15,9 -12,5 -43,6 -29,7 -74,3 -60,3
Profit for the period 85,3 58,3 193,9 136,5 334,2 276,6
Earnings per share before dilution 0,49 0,33 1,11 0,78 1,91 1,58
Balance sheet (SEK million)Consolidated Balance Sheet (SEK million) 2015-06-30 2014-06-30 2014-12-31
Assets
Loans to credit institutions 602,0 1 055,0 987,5
Loans to the general public 6 747,7 5 998,3 5 785,6
Financial assets at fair value 10,6 160,9 8,7
Financial assets avalibale for sale 15 077,6 11 367,3 12 094,6
Financial assets held to maturity 2 832,0 - -
Financial assets - policy holders bearing the risk 34 646,7 27 069,5 28 868,5
Tangible and intangible assets 449,6 476,1 466,5
Current tax assets 62,6 11,1 -
Other assets 3 102,3 1 081,4 1 770,3
Prepaid expenses and accrued income 161,8 145,7 144,7
Total assets 63 692,9 47 365,3 50 126,5
Liabilities
Deposits and borrowing by the public 20 816,1 15 240,6 16 500,3
Liabilit ies to policyholders 34 647,6 27 070,2 28 869,3
Other liabilit ies 6 483,6 3 437,0 3 005,7
Total liabilities 61 947,3 45 747,8 48 375,3
Equity
Share capital 175,0 175,0 175,0
Other capital contributions 471,8 471,8 471,8
Other provisions -53,4 -56,7 -64,8
Accrued profit including profit for the period 1 148,2 1 023,7 1 165,5
Total shareholders' equity attributable to shareholders of the Parent Company 1 741,7 1 613,8 1 747,6
Non-controlling interest 4,0 3,6 3,5
Total equity 1 745,7 1 617,5 1 751,1
Total liabilities and equity 63 692,9 47 365,3 50 126,5
Capital requirement (SEK million)
Capital requirements for the financial conglomerate (SEK million) 2015-06-30 2014-06-30 2014-12-31
Total equity, Group 1 745,7 1617,5 1 751,1
Less, profit that have not been subject to audit -194,8 -137,2 -
Subordinated liablities 45,4 140,6 140,6
Requirements for prudent valuation -15,1 - -12,1
Less expected div idend for current year - - -175,0
Less intangible fixed assets and deferred tax receivables -420,0 -442,8 -434,3
Capital base 1 161,2 1 178,1 1 270,3
Risk exposures
Exposure credit risk 5 846,6 6 408,4 5 650,2
Exposure market risk 25,8 15,5 18,1
Exposure operational risk 1 676,9 1 888,6 1 888,6
Exposure other risks 402,7 417,5 402,7
Total exposure 7 951,9 8 730,0 7 959,6
Capital ratio 14,6% 13,5% 16,0%
Next at Nordnet
• Continue to execute on our growth strategy
• Focus on enhanced user experience
• Continue to market and product develop
around lending products
Contact us
More information: nordnetab.com
Become a customer: nordnet.se/no/dk/fi
Social network investing: shareville.se/no/dk/fi
Follow: nordnetbloggen.se / Twitter @CEONordnet
