RNS Number:3529V
Spintab AB
12 February 2004
Spintab
Operating profit rose by 11% to SEK 4.3 billion (3.8)
* Loan volume rose by SEK 31 billion to SEK 399 billion (368)
* Net interest income increased to SEK 4,887 million (4,547)
* Operating expenses decreased to SEK 137 million (146)
* Loan Losses decreased to SEK 18 million (129)
* Continued diversification of funding, 46% secured in international capital
markets
Operating Profit
----------------
Operating profit before appropriations and taxes amounted
to SEK 4,255 million (3,839). The main reason for the improved
profit is the strength of lending operations in both the private and corporate
market.
Operating expenses
------------------
Operating expenses decreased to SEK 137 million (146). The majority of the
decrease is attributable to lower expenses for premises and outside services as
well as depreciation of equipment.
Loan losses
-----------
Loan losses amounted to SEK 18 million (129), equivalent to an annual loss level
of 0.005%. The loss level has been affected positively by a recovery of SEK 21
million attributable to a bankruptcy of Svenska Kredit in the early 1990's.
Lending
-------
The loan portfolio after deductions for anticipated loan losses rose by SEK 31.1
billion, net, (26.6) to SEK 398.8 billion (367.6). Loans for private homes rose
by SEK 24.8 billion (20.0) and agricultural loans by SEK 3.7 billion (2.6).
Loans for commercial properties rose by SEK 2.6 billion (4.0). Spintab
maintained its position as the market's leading mortgage lender with a market
share of approximately 31%.
Doubtful and restructured claims
--------------------------------
The book value of doubtful claims on December 31, 2003 amounted to SEK 233
million (269) after deducting provisions for anticipated loan losses totaling
SEK 249 million (361). The book value of restructured claims amounted to SEK 31
million (31). Inaddition, real estate and condominiums taken over to protect
claims have a book value as of December 31 of SEK 0 million (1), which
corresponds to their fair value. The book value of non-performing loans for
which interest has been entered as income amounted to SEK 193 million (356).
Funding
-------
Spintab is Scandinavia's largest issuer of bonds in the international capital
market. Approximately 46% of Spintab's total funding has been secured from
foreign money and capital markets.
Capital adequacy
----------------
As of December 31, 2003 the capital adequacy ratio was 11.0% (10.8), of which
the primary capital ratio was 8.5% (8.8).
Interest rate risk
------------------
An increase in market interest rates of one percentage point as of December 31,
2003 would have reduced the value of Spintab's interest-bearing assets and
liabilities, including derivatives, by approximately SEK 514 million (293).
A one-percent increase in market interest rates would have increased net profit
on financial operations by SEK 2 million (0).
Annual General Meeting
----------------------
The Annual General Meeting will be held on April 20, 2004. The complete annual
report for 2003 will be made available to the public at Spintab's office at
Regeringsgatan 13 in Stockholm at the beginning of April 2004.
SPINTAB'S RATINGS
Moody's Investor's Standard & Poor's
Service Corporation Fitch
--------------------------------------------------------------------------
Long-term Aa3 --- AA-
Short-term P-1 A-1 F1+
Profit and loss account, the Group
SEK million Jan-Dec Jan-Dec Change Oct-Dec Oct-Dec Change
2003 2002 % 2003 2002 %
------------------------------------------------------------------------------------------------------------------
Interest receivable 21,921 21,449 2 5,419 5,547 -2
Interest payable -17,034 -16,902 1 - 4,163 - 4,373 -5
Net Interest Income 4,887 4,547 7 1,256 1,174 7
Commissions receivable 37 42 -12 9 11 -18
Commissions payable -522 -483 8 - 130 - 132 -2
Net profit on financial
operations Note 1 - 2 -3 -33 0 -5 -
Other operating income 10 11 -9 2 2 0
TOTAL INCOME 4,410 4,114 7 1,137 1,050 8
Staff costs -25 -23 9 -8 -6 33
Other administrative expenses -101 -108 -6 -24 -28 -14
Depreciation of tangible fixed assets -11 -14 -21 -3 -1 -
Other operating expenses 0 -1 - 0 0 0
TOTAL EXPENSES BEFORE
LOAN LOSSES -137 -146 -6 -35 -35 0
Loan losses Note 2 -18 -129 -86 62 -17 -
OPERATING PROFIT 4,255 3,839 11 1,164 998 17
Taxes -1,192 -1,075 11 -327 -279 17
PROFIT FOR THE YEAR 3,063 2,764 22 837 719 34
Earnings per share, SEK
(Based on 23 million shares) 133.17 120.18 36.39 31.26
SPECIFICATION OF GROUP DERIVATIVES
December 31, 2003, SEK million
Foreign
Interest-related exchange-related
Fair Book Fair Book
value value value value
--------------------------------------
Derivatives with positive values 1,216 463 1,057 68
Derivatives with negative values 3,113 1,619 9,929 194
Other derivatives:
Credit default swap with fair value SEK 11,331 million ad book value SEK -1
million
The above figures include accrued coupon interest. All derivatives are covered
by hedge accounting, since they are held to eliminate interest and currency
risks. The reported differences between book and fair value are matched by
equivalent offsetting differences between the book and fair values in Spintab's
lending and funding.
Profit and Loss Account, AB Spintab
SEK million Jan-Dec Jan-Dec Change Oct-Dec Oct-DecChange
2003 2002 % 2003 2002
------------------------------------------------------------------------------------------------------------------
Interestreceivable 21,545 21,184 2 5,322 5,467 -3
Interest payable - 17,054 -16,924 1 -4,169 -4,379 -5
Net Interest Income 4,491 4,260 5 1,153 1,088 6
Dividends received from Group
companies 350 250 40 350 250 40
Commissions receivable 30 36 -17 7 10 -30
Commissions payable -473 -445 6 -116 -121 -4
Net profit on financial
operations Note 1 -2 -3 -33 0 -5 -
Other operating income 9 11 -18 1 2-50
TOTAL INCOME 4,405 4,109 7 1,395 1,224 14
Staff costs -23 -22 5 -7 -7 0
Other administrative expenses -99 -105 -6 -24 -26 -8
Depreciation of tangible fixed assets -11 -14 -21 -3 -1 -
Other operating expenses 0 -1 - 0 0 0
TOTAL EXPENSES BEFORE
LOAN LOSSES -133 -142 -6 -34 -34 0
Loan losses Note 2 -18 -127 -86 63 -16 -
OPERATING PROFIT 4,254 3,840 11 1,424 1,174 21
Change in tax allocation reserve -5 - 0 5 -
Taxes -1,192 1,077 11 -400 -331 21
PROFIT FOR THE YEAR 3,062 2,768 11 1,024 848 21
Earnings per share, SEK
(Based on 23 million shares) 133.13 120.35 44.52 36.87
Balance Sheet Group AB Spintab
Dec 31 Dec 31 Dec 31 Dec 31
SEK million 2003 2002 2003 2002
----------------------------------------------------------------------------------------------------
Assets
Treasury bills and other bills eligible
for refinancing with central banks - 100 - 100
Loans to credit institutions Note 3 30,831 6,597 53,595 26,094
Loans to the public Note 3 398,752 367,645 374,026 346,655
Other assets 5,009 5,021 6,736 6,280
TOTAL ASSETS 434,592 379,363 434,357 379,129
Liabilities
Amounts owed to credit institutions 39,054 12,717 39,054 12,717
Debt securities in issue
Bonds 273,664 247,351 273,664 247,351
Commercial papers, other 84,699 86,226 84,699 86,226
Other liabilities 14,247 12,818 14,147 12,718
Subordinated liabilities 5,274 4,000 5,274 4,000
TOTAL LIABILITIES 416,938 363,112 416,838 363,012
Untaxed reserves - - 138 138
Shareholders' equity
Subscribed capital 11,500 11,500 11,500 11,500
Restricted reserves 3,353 3,353 3,100 3,100
Profit brought forward -262 -1,366 -281 -1,389
Profit for the period 3,063 2,764 3,062 2,768
TOTAL SHAREHOLDERS' EQUITY 17,654 16,251 17,381 15,979
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 434,592 379,363 434,357 379,129
Group receivables
Parent Company 27,477 5,512 27,394 5,421
Subsidiaries - - 24,751 21,017
Group liabilities
Parent Company 63,884 35,956 63,884 35,956
Assets pledged
Assets pledged for own liabilities 3,552 2,657 3,552 2,657
Securities pledged as collateral for
forward contracts - 100 - 100
Commitments
Loans to the public, amount granted
but not utilized 8,344 6,135 7,767 5,738
Interest rate and currency-related
contracts 289,798 249,096 289,770 249,096
Conditional shareholder's contribution 1,400 - 1,400 -
NOTE 1 NET PROFIT ON FINANCIAL OPERATIONS
This item consists mainly of gains and losses in connection with securities
trading within the framework of Spintab's investment guidelines.
NOTE 2 LOAN LOSSES, NET
January - December
The Group AB Spintab
SEK million 2003 2002 2003 2002
-------------------------------------------------------------------------------------------------
Claims assessed individually
The year's write-off for established loan losses 193 164 193 163
Reversal of previous provisions for anticipated loan losses
reported in the year's accounts as established - 150 - 87 - 150 - 87
The year's provisions for anticipated loan losses 80 25 80 24
Recoveries from previous years' established loan losses - 38 - 33 - 38 - 33
Recovered provisions for anticipated loan losses - 62 -51 - 62 - 51
The year's net expense 23 18 23 16
Collective provisions for claims assessed individually
Allocation to reserve for anticipated losses - 13 101 - 13 101
Collectively valued homogenous groups of claims with limited
value and similar credit risk
The year's write-off for established loan losses 20 26 20 26
Recoveries from previous year's established loan losses - 1 - 5 - 1 - 5
Allocations/withdrawals from loan loss reserve - 11 - 11 - 11 - 11
The year's net expense for assessed claims collectively 8 10 8 10
The year's net loan loss expense 18 129 18 127
Note 3 Loans to the public, fixed assets
The Group AB Spintab
SEK million 2003 2002 2002 2002
---------------------------------------------------------------------------------------------------
Accrued acquisition value 429,921 374,704 427,957 373,208
(before accounting for provisions)
Specific provisions for claims assessed
individually -208 -309 -206 -306
Collective provisions for claims assesses
individually -89 -101 -89 -101
Provisions for collectively valued
homogenous groups of claims with
limited value and similar credit risk -41 -52 -41 -52
TOTAL PROVISIONS -338 -462 -336 -459
BOOK VALUE 429,583 374,242 427,621 372,749
The Group AB Spintab
2003 2002 2002 2002
---------------------------------------------------------------------------------------------------
Total provision ratio for doubtful
claims, % 70.2 73.4 70.7 73.9
Provision ratio for individually
identified doubtful claims, % 51.7 57.3 52.0 57.6
Doubtful claims
Book value of doubtful claims (unsettled) 233 269 228 264
Doubtful claimsas % of total lending 0.04 0.04 0.04 0.04
Unsettled claims for which interest has been
entered as income
Book value of unsettled claims not included in
doubtful claims and for which accrued interest
has been entered as income 193 356 180 334
Restructured and reclassified claims
Book value of claims restructured during
the fiscal period before restructuring 124 135124 135
Book value of claims restructured during
the fiscal period after restructuring 45 88 45 88
Book value of doubtful claims returned in
status to normal claims duringthe
fiscal period 97 84 97 84
Specification: Loan receivables
Sector
SEK million Private Real estate Other Credit
individuals management corporate Munici- institutions Total
lending palities
-------------------------------------------------------------------------------------------------------------------
Accrued acquisition value before
provisions 297,826 84,048 9,482 7,734 30,831 429,921
Specific provisions for claims
assessed individually -21 -178 -9 - - -208
Collective provisions for claims assessed
individually - -89 - - - -89
Provisions for collectively valued
homogenous groups -41 - - - - -41
Book value for claims taking provisions
into account 297,764 83,781 9,473 7,734 30,831 429,583
Book value of doubtful claims (unsettled) 17 211 5 - - 233
Book value of non-performing loans
where interest is entered as income 167 26 - - - 193
Changes in shareholders' equity
The Group AB Spintab
Non- Sub- Non-
Subscribed Other restricted scribed Other restricted
SEK million capital reserves equity Total capital Reserves Equity Total
--------------------------------------------------------------------------------------------------------------------
Closing Balance Dec 31, 2002 11,500 3,353 1,398 16,251 11,500 3,100 1,379 15,979
Conditional shareholders'
contribution 1,400 1,400 1,400 1,400
Group contribution paid -4,250 -4,250 -4,250 -4,250
Tax reduction due to
Group contribution paid 1,190 1,190 1,190 1,190
Profit for the period 3,063 3,063 3,063 3,063
Closing Balance Dec 31, 2003 11,500 3,353 2,801 17,654 11,500 3,100 2,781 17,381
The Group AB Spintab
Non- Sub- Non-
Subscribed Other restricted scribed Other restricted
SEK million capital reserves equity Total capital Reserves Equity Total
--------------------------------------------------------------------------------------------------------------------
Closing Balance Dec 31, 2001 11,500 3,357 1,388 16,245 11,500 3,100 1,369 15,969
Group contribution paid -3,830 -3,830 -3,830 -3,830
Tax reduction due to
Group contribution paid 1,072 1,072 1,072 1,072
Change in tax allocation
reserve -4 4 -
Profit for the period 2,764 2,764 2,768 2,768
Closing Balance Dec 31, 2002 11,500 3,353 1,398 16,251 11,500 3,100 1,379 15,979
Consolidated statement of cash flows
January - December, SEK million The Group AB Spintab
2003 2002 2003 2002
-----------------------------------------------------------------------------------------------------------
Liquid Assets at beginning of period* 2,887 1,143 2,796 1,032
Operating activities
Operating profit 4,255 3,839 4,254 3,839
Adjustment for non-cash items including taxes paid 612 728 - 542 768
Increase/decrease in holdings of securities,
classified as current assets - 23,609 - 1,262 - 26,868 - 3,651
Increase/decrease in loans to the public -31,126 -26,777 -27,389 -24,150
Increase/decrease in borrowings from the
public including retail bonds 272 254 272 1,254
Increase/decrease in amounts owed to credit
institutions 25,331 - 6,797 25,331 - 6,797
Change in other assets and liabilities, net 430 89 1,415 26
Cash flow from operating activities - 23,835 - 29,926 - 23,527 - 28,711
Investing activities
Change in fixed assets - 3 - 33 - 303 - 233
Cash flow from investing activities - 3 - 33 - 303 - 233
Financing activities
Issuance of interest-bearing securities 130,838 128,838 130,838 127,843
Redemption of interest-bearing securities - 103,905 - 96,134 - 103,905 - 96,134
Shareholders' contribution 1,400 - 1,400 -
Increase/decrease in other funding - 1,145 2,458 - 1,145 2,458
Group contribution paid - 3,830 - 3,459 - 3,830 - 3,459
Cash flow from financing activities 23,358 31,703 23,358 30,708
Cash flow for the period - 480 1,744 -472 1,764
Liquid assets at end of period* 2,407 2,887 2,324 2,796
*of which securities pledged
at beginning of period 100 50 100 50
at end of period - 100 - 100
Liquid assets include, where applicable, cashand balances with central banks,
for net claims the net of demand loan receivables and liabilities with
maturities up to five days, and Treasury bills, other bills and mortgage bonds
eligible for refinancing with Sveriges Riksbank (the central bank), taking into
account repos and short-selling.
SPINTAB GROUP 1999 -2003
2003 2002 2001 2000 1999
------------------------------------------------------------------------------------------
Lending
Loan volume SEK m. 398,752 367,645 340,997 321,332 307,777
Doubtful, restructured and
non-performing loans, net SEK m. 457 656 631 886 1,716
Profitability
Operating profit SEK m. 4,255 3,839 3,487 3,116 2,901
Interest margin % 1.01 1.01 1.02 0.94 0.88
Investment margin % 1.17 1.22 1.22 1.17 1.14
Expense ratio % 0.04 0.04 0.05 0.07 0.10
Cost-income ratio before
loan losses 0.03 0.04 0.04 0.06 0.09
Cost-income ratio after
loan losses 0.04 0.07 0.09 0.13 0.15
Return on equity % 16.5 15.9 14.5 13.1 12.3
Earnings per share SEK 133.17 120.18 109.17 97.87 91.04
Capital
Capital base SEK m. 22,723 20,048 21,879 21,922 22,704
Equity SEK m. 17,654 16,251 16,245 16,224 16,206
Number of shares at
beginning/end of period million 23 23 23 23 23
Equity per share SEK 767.57 706.59 706.30 705.39 704.61
Capital adequacy ratio % 11.0 10.8 13.1 13.2 14.7
Primary capital % 8.5 8.8 9.7 9.8 10.5
Credit quality
Loan losses SEK m. 18 129 194 246 218
Loan loss level % 0.005 0.04 0.06 0.08 0.07
Provision ratio for
doubtful claims % 70.2 73.4 77.4 61.5 54.9
Share of doubtful claims % 0.04 0.04 0.04 0.10 0.24
The Spintab Group, "Spintab," consists of the Parent Company, AB Spintab (publ),
and the wholly owned subsidiary ForeningsSparbanken Jordbrukskredit AB. The
Spintab Group is a wholly owned subsidiary of ForeningsSparbanken AB (publ) -
Swedbank - and is active in the long-term financing of housing, municipal
investments, and agricultural and forestry properties.
The Spintab Group is quality certified according to ISO 9001 and environmentally
certified according to ISO 14001.
For further information regarding this report, please contact:
Jan Lilja, CEO, phone +46 8 5859 1019
Par Sandberg, CFO, phone +46 8 5859 1338
AB Spintab (publ)
Regeringsgatan 13, SE-106 11 Stockholm, Sweden
Phone +46 8 5859 2100, Fax +46 8 10 79 70
www.foreningssparbanken.se/spintab
Corporate identification no: 556003-3283
This information is provided by RNS
The company news service from the London Stock Exchange
END
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