NatWest Markets Group
Q3 2024
Interim Management Statement
ci.natwest.com
NatWest Markets Group (NWM
Group)
Results for Q3 2024
As part of the NatWest Group
Commercial & Institutional segment, we continued to support
customers in navigating their financing and risk solutions
requirements in a period of continued high interest rates and
uncertain geopolitical outlook. We will maintain our focus on
leveraging growth opportunities through the delivery of markets
products and collaboration across the segment to meet our
customers' needs, whilst managing our capital
efficiently.
Financial review
NWM Group maintained its robust
capital and liquidity position in Q3 2024 and reported a profit of
£20 million, compared with a profit of £1 million in Q2 2024 and a
loss of £57 million in Q3 2023. Total income decreased to £284
million in Q3 2024, largely driven by foreign exchange (FX)
reserves recycling and lower Fixed Income revenues, partially
offset by stronger performances in Currencies and Capital Markets.
Operating expenses decreased to £254 million, mainly driven by VAT
recoveries recognised.
Financial performance
|
-
|
Total income of £284 million
decreased by £39 million compared with £323 million in Q2 2024
mainly driven by FX reserves recycling, lower Fixed Income revenues
and a reduction in the amount recognised under the profit share
arrangement with fellow NatWest Group subsidiaries, partially
offset by higher income in Currencies and Capital Markets. Total
income increased by £69 million compared with £215 million in Q3
2023 driven by a stronger performance across the product suite and
the profit share arrangement with fellow NatWest Group
subsidiaries, which was introduced in Q4 2023 and under which NWM
Group recognised £19 million in Q3 2024.
|
|
-
|
Operating expenses of £254
million in Q3 2024 were £83 million lower than £337 million in Q2
2024 and £40 million lower than £294 million in Q3 2023. Litigation
and conduct costs of £23 million reflected ongoing progress in
closing legacy matters and were down by £16 million compared with
£39 million in Q2 2024 and by £14 million compared with £37 million
in Q3 2023. Other operating expenses of £231 million were down by
£67 million compared with £298 million in Q2 2024 and down by £26
million compared with £257 million in Q3 2023, largely due to VAT
recoveries recognised.
|
|
-
|
Total assets and liabilities increased by £9.7 billion and £9.8 billion to £187.6 billion
and £181.3 billion respectively at 30 September 2024, compared with
31 December 2023. Increases in funded assets including trading
assets, settlement balances and cash and balances at central banks
were offset by lower derivative fair values, largely reflecting FX
rate volatility across major currencies and variations in interest
rates across different currencies and tenors.
|
Capital and leverage
|
-
|
Total NWM Plc RWAs were £21.5
billion at 30 September 2024, compared with £20.5 billion at 30
June 2024 and £22.1 billion at 31 December 2023. The decrease since
31 December 2023 was driven by lower
counterparty credit risk, lower market risk, and a decrease from
the annual update to operational risk RWAs; partially offset by an
increase in credit risk.
|
|
-
|
NWM
Plc's Common Equity Tier 1 (CET1) ratio was 17.3% at 30 September 2024, compared with 17.1% at 31
December 2023. The increase in the period was largely driven by the
decrease in RWAs, partially offset by reserve movements.
|
|
-
|
Total MREL for NWM Plc at 30
September 2024 was £9.1 billion, or 42.4% of RWAs, up from £7.6
billion or 34.5% of RWAs at 31 December 2023. The increase in total
MREL in the current period was largely due to the issuance of three
new MREL instruments with NatWest Group plc amounting to $2.15
billion and two new internal Tier 2 instruments amounting to $1.16
billion, partially offset by the redemption of an internal €0.95
billion Tier 2 instrument, and other reserve movements.
|
|
-
|
NWM
Plc's leverage ratio at 30 September
2024 was 4.6%, compared with 5.0% at 31 December 2023. The decrease
in the period was mainly due to higher leverage exposure, driven by
increases in trading assets and other financial assets, partially
offset by a decrease in net settlement balances.
|
Liquidity and funding
|
-
|
NWM
Plc's liquidity portfolio increased
by £2.3 billion to £17.0 billion at 30 September 2024 (31 December
2023 - £14.7 billion), largely driven by funding raised to support banking book growth. The
liquidity coverage ratio (LCR) decreased to 163%
(31 December 2023 - 183%), largely due to higher net outflows
partially offset by the increase in liquidity
portfolio.
|
|
-
|
NWM
Plc issued public benchmark transactions amounting to £4.5 billion in the nine months ended 30
September 2024. Transactions comprised issuances under our EMTN
programme of €2.5 billion and CHF0.18 billion of notes respectively
and an issuance under our US MTN programme of $2.75 billion of
notes. NWM Plc also raised funding in other formats throughout the
period including, but not limited to, structured note
issuance.
|
ESG highlights
We delivered £3.7 billion of climate
and sustainable funding and financing in Q3 2024, contributing a
cumulative £45.0 billion towards the NatWest Group climate and
sustainable funding and financing target(1) of £100
billion between 1 July 2021 and the end of 2025.
(1)
NatWest Group uses its climate and sustainable
funding and financing inclusion (CSFFI) criteria to determine the
assets, activities and companies that are eligible to be included
within its climate and sustainable funding and financing target.
This includes both provision of committed (on and off-balance
sheet) funding and financing, including provision of services for
underwriting issuances and private placements.
Outlook(1)
We retain the Outlook guidance
provided in the NatWest Markets Plc 2023 Annual Report and
Accounts.
(1)
The guidance, targets, expectations and trends
discussed in this section represent management's current
expectations and are subject to change, including as a result of
the factors described in the 'Risk Factors' section in the NatWest
Markets Plc 2023 Annual Report and Accounts, and the 'Summary Risk
Factors' in the NatWest Markets Plc 2024 Interim Results. These
statements constitute forward-looking statements. Refer to
'Forward-looking statements' in this
announcement.
Financial review
The table below presents an analysis
of key lines of NWM Group's income statement. Commentary refers to
the table below as well as the consolidated income statement shown
on page 6.
|
|
Nine months
ended
|
|
Quarter
ended
|
|
|
30
September
|
30
September
|
|
30
September
|
30
June
|
30
September
|
|
|
2024
|
2023
|
|
2024
|
2024
|
2023
|
|
Income statement
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
Net interest income
|
347
|
201
|
|
110
|
116
|
123
|
|
Non-interest income
|
587
|
444
|
|
174
|
207
|
92
|
|
Total income
|
934
|
645
|
|
284
|
323
|
215
|
|
Litigation and conduct
costs
|
(61)
|
(29)
|
|
(23)
|
(39)
|
(37)
|
|
Other operating
expenses
|
(785)
|
(799)
|
|
(231)
|
(298)
|
(257)
|
|
Operating expenses
|
(846)
|
(828)
|
|
(254)
|
(337)
|
(294)
|
|
Operating profit/(loss) before impairment
releases/losses
|
88
|
(183)
|
|
30
|
(14)
|
(79)
|
|
Impairment
releases/(losses)
|
8
|
3
|
|
1
|
(1)
|
(2)
|
|
Operating profit/(loss) before tax
|
96
|
(180)
|
|
31
|
(15)
|
(81)
|
|
Tax credit/(charge)
|
7
|
(25)
|
|
(11)
|
16
|
24
|
|
Profit/(loss) for the period
|
103
|
(205)
|
|
20
|
1
|
(57)
|
|
|
|
|
|
|
|
|
|
Income (1)
|
|
|
|
|
|
|
|
Fixed Income
|
170
|
137
|
|
41
|
66
|
32
|
|
Currencies
|
379
|
351
|
|
139
|
128
|
124
|
|
Capital Markets
|
502
|
332
|
|
171
|
166
|
114
|
|
Capital Management Unit &
other (2)
|
(38)
|
(26)
|
|
(27)
|
(11)
|
3
|
|
Income including shared revenue before OCA
|
1,013
|
794
|
|
324
|
349
|
273
|
|
Transfer pricing arrangements with
fellow
|
|
|
|
|
|
|
|
NatWest Group
subsidiaries (3)
|
(74)
|
(151)
|
|
(42)
|
(24)
|
(51)
|
|
Income excluding OCA
|
939
|
643
|
|
282
|
325
|
222
|
|
Own credit adjustments
(OCA)
|
(5)
|
2
|
|
2
|
(2)
|
(7)
|
|
Total income
|
934
|
645
|
|
284
|
323
|
215
|
(1)
Product performance includes gross income earned
on a NatWest Group-wide basis, including amounts contributed to
other NatWest Group subsidiaries. Income including shared revenue
before OCA includes revenue share from other NatWest Group
subsidiaries but before revenue share is paid to or contributed to
those subsidiaries.
(2)
Capital Management Unit was set up in Q3 2020 to
manage capital usage and optimisation across all parts of NatWest
Markets, with the income materially relating to legacy
positions.
(3)
Transfer pricing arrangements with fellow NatWest
Group subsidiaries includes shared revenue paid to or contributed
to those subsidiaries and a profit share arrangement with fellow
NatWest Group subsidiaries. The profit share arrangement was
introduced during Q4 2023 to reward NWM Group on an arm's length
basis for its contribution to the performance of the NatWest Group
Commercial & Institutional business segment, 2023 being the
first full year with the Commercial & Institutional segment in
place. The profit share is not allocated to individual NatWest
Markets product areas.
Nine months ended 30 September 2024
performance
|
-
|
Net
interest income largely represents
interest income from lending activity and capital hedges, offset by
interest expense from the funding costs of the business. The
increase of £146 million compared with the nine months ended 30
September 2023 largely reflects growth in lending activity
partially offset by the impact of one-off items.
|
|
-
|
Non-interest income increased
by £143 million compared with the period ended 30 September 2023
mainly due to the profit share arrangement with fellow NatWest
Group subsidiaries which was introduced in Q4 2023 and under which
NWM Group recognised £100 million in the current period, in
addition to stronger performances across the product suite and
one-off items, partially offset by FX reserves recycling due to a
legacy overseas branch closure completed in the quarter.
|
|
-
|
Operating expenses increased by
£18 million compared with the nine months ended 30 September 2023.
Litigation and conduct costs reflected ongoing progress on closing
legacy matters and were up by £32 million. Other operating expenses
decreased by £14 million, largely due to credits recognised in the
current period in relation to property charges and VAT recoveries
recognised during Q3 2024 in relation to the finalisation of the
2023 VAT annual adjustment and earlier periods, partially offset by
increases in severance costs, staff costs, bank levies and other
smaller movements.
|
Quarter ended 30 September 2024 performance
|
-
|
Net
interest income decreased by £6 million compared with
Q2 2024, and by £13 million compared with Q3 2023, largely due to
one-off items offset by continued growth in
lending activity.
|
|
-
|
Non-interest income decreased by £33 million compared with
Q2 2024, largely driven by FX reserves recycling, lower Fixed
Income revenues and a reduction in the amount recognised under the
profit share arrangement with fellow NatWest Group subsidiaries,
partially offset by higher revenues in Currencies and Capital
Markets and one-off items. Non-interest income increased by £82
million compared with Q3 2023, mainly due to an improved
performance across the product suite, the recognition of £19
million under the profit share arrangement with fellow NatWest
Group subsidiaries in Q3 2024, and one-off items, partially offset
by FX reserves recycling.
|
|
-
|
Operating expenses decreased by
£83 million compared with Q2 2024 and by £40 million compared with
Q3 2023. Litigation and conduct costs in Q3 2024 reflected ongoing
progress on closing legacy matters and were down by £16 million
compared with Q2 2024 and by £14 million compared with Q3 2023.
Other operating expenses decreased by £67 million compared with Q2
2024 largely due to VAT recoveries recognised, and lower staff and
severance costs compared with the prior quarter. Other operating
expenses decreased by £26 million compared with Q3 2023, largely
due to VAT recoveries recognised partially offset by an increase in
staff costs.
|
Financial review
Balance sheet profile as at 30 September
2024
NWM Group's balance sheet profile is
summarised below. Commentary refers to the table below as well as
the consolidated balance sheet on page 8.
|
Assets
|
|
Liabilities
|
|
|
30
September
|
31
December
|
|
30
September
|
31
December
|
|
|
|
2024
|
2023
|
|
2024
|
2023
|
|
|
|
£bn
|
£bn
|
|
£bn
|
£bn
|
|
|
Cash and balances at central
banks
|
17.2
|
13.8
|
|
|
|
|
Securities
|
23.1
|
12.0
|
|
11.9
|
9.8
|
|
Short positions
|
|
Reverse repos (1)
|
23.9
|
23.7
|
|
33.7
|
26.9
|
|
Repos (2)
|
|
Derivative cash collateral
given (3)
|
6.7
|
8.9
|
|
12.2
|
15.1
|
|
Derivative cash collateral
received (4)
|
|
Other trading assets
|
0.7
|
0.7
|
|
1.2
|
1.8
|
|
Other trading
liabilities
|
|
Total trading assets
|
54.4
|
45.3
|
|
59.0
|
53.6
|
|
Total trading
liabilities
|
|
Loans - amortised cost
|
17.7
|
14.2
|
|
11.1
|
9.3
|
|
Deposits - amortised
cost
|
|
Settlement
balances
|
11.8
|
7.2
|
|
12.1
|
6.6
|
|
Settlement
balances
|
|
Amounts due from holding
company
|
|
|
|
|
Amounts due to holding
company
|
|
and fellow subsidiaries
|
0.6
|
1.7
|
|
6.9
|
5.8
|
|
and fellow subsidiaries
|
|
Other financial
assets
|
16.8
|
15.7
|
|
30.4
|
23.6
|
|
Other financial
liabilities
|
|
Other assets
|
0.5
|
0.7
|
|
0.4
|
0.6
|
|
Other liabilities
|
|
Funded assets
|
119.0
|
98.6
|
|
119.9
|
99.5
|
|
Liabilities excluding
derivatives
|
|
Derivative assets
|
68.6
|
79.3
|
|
61.4
|
72.0
|
|
Derivative
liabilities
|
|
Total assets
|
187.6
|
177.9
|
|
181.3
|
171.5
|
|
Total liabilities
|
|
|
|
|
|
|
of
which:
|
|
|
|
|
32.2
|
25.1
|
|
Wholesale funding (5)
|
|
|
|
|
15.3
|
9.9
|
|
Short-term wholesale
funding (5)
|
|
(1)
|
Comprises bank reverse repos of £5.1
billion (31 December 2023 - £6.3 billion) and customer reverse
repos of £18.8 billion (31 December 2023 - £17.4
billion).
|
|
(2)
|
Comprises bank repos of £7.0 billion
(31 December 2023 - £4.0 billion) and customer repos of £26.7
billion (31 December 2023 - £22.9 billion).
|
|
(3)
|
Comprises derivative cash collateral
given relating to banks of £3.3 billion (31 December 2023 - £4.3
billion) and customers of £3.4 billion (31 December 2023 - £4.6
billion).
|
|
(4)
|
Comprises derivative cash collateral
received relating to banks of £5.2 billion (31 December 2023 - £6.8
billion) and customers of £7.0 billion (31 December 2023 - £8.3
billion).
|
|
(5)
|
Wholesale funding predominantly
comprises bank deposits (excluding repos), debt securities in issue
and third party subordinated liabilities, of which short-term
wholesale funding is the amount with contractual maturity of one
year or less.
|
|
-
|
Total assets and liabilities increased by £9.7 billion and £9.8 billion respectively at 30
September 2024. Funded assets, which exclude derivatives, increased
by £20.4 billion, largely driven by higher trading assets,
settlement balances and cash and balances at central banks.
Derivative fair values decreased in the period, largely driven by
FX rate volatility across major currencies and variations in
interest rates across different currencies and tenors.
|
|
-
|
Cash and balances at central banks increased by £3.4 billion mainly driven by funding raised to
support banking book
growth and liquidity
requirements.
|
|
-
|
Trading assets were up by £9.1
billion, driven by an increase in securities from client-led
activity, partially offset by a decrease in derivative cash
collateral posted. Trading
liabilities increased by £5.4 billion, driven by increases
in repos and short positions, partially offset by a decrease in
derivative cash collateral received.
|
|
-
|
Loans - amortised cost increased by £3.5 billion, driven by higher loans to customers
reflecting growth in Capital Markets.
|
|
-
|
Deposits - amortised cost increased by £1.8 billion, largely driven by an increase in
bank deposits repos to match planned banking book
activity.
|
|
-
|
Settlement balance assets and liabilities
were up by £4.6 billion and £5.5 billion
respectively, largely due to increased trading compared with the
seasonally lower levels of customer activity leading up to 31
December 2023.
|
|
-
|
Other financial assets increased by £1.1 billion mainly driven by an increase in
held-to-collect securities purchased to support customer primary
issuance.
|
|
-
|
Other financial liabilities increased by £6.8 billion driven by new issuance in the period
to support planned growth in the business, partially offset by
maturities. The balance as at 30 September 2024 includes £20.5
billion of medium-term notes issued.
|
|
-
|
Derivative assets and derivative liabilities
were down by £10.7 billion and £10.6 billion
respectively, largely reflecting FX rate volatility across major
currencies and variations in interest rates across different
currencies and tenors.
|
Non-IFRS measures
This document contains a number of
non-IFRS measures. For details of the basis of preparation and
reconciliations, where applicable, refer to the non-IFRS measures
section on page 12.
Capital, liquidity and funding
risk
Introduction
NWM Group takes a comprehensive
approach to the management of capital, liquidity and funding,
underpinned by frameworks, risk appetite and policies, to manage
and mitigate capital, liquidity and funding risks. The framework
ensures the tools and capability are in place to facilitate the
management and mitigation of risk ensuring that NWM Group operates
within its regulatory requirements and risk appetite.
Capital, RWAs and leverage
The capital resources, RWAs and
leverage for NWM Plc are presented on a transitional basis for the
remaining IFRS 9 relief in respect to ECL. Regulatory capital is
monitored and reported at legal entity level for NWM
Plc.
|
|
30
September
|
30
June
|
31
December
|
|
|
2024
|
2024
|
2023
|
|
Capital adequacy ratios (1,2)
|
%
|
%
|
%
|
|
CET1
|
17.3
|
18.7
|
17.1
|
|
Tier 1
|
20.6
|
22.0
|
20.2
|
|
Total
|
23.6
|
25.3
|
23.0
|
|
Total MREL
|
42.4
|
42.2
|
34.5
|
|
|
|
|
|
|
Capital (1,2)
|
£m
|
£m
|
£m
|
|
CET1
|
3,720
|
3,840
|
3,776
|
|
Tier 1
|
4,416
|
4,519
|
4,455
|
|
Total
|
5,066
|
5,198
|
5,072
|
|
Total MREL (3)
|
9,104
|
8,672
|
7,627
|
|
|
|
|
|
|
Risk-weighted assets
|
|
|
|
|
Credit risk
|
8,252
|
8,085
|
7,895
|
|
Counterparty credit risk
|
6,095
|
5,881
|
6,516
|
|
Market risk
|
6,127
|
5,574
|
6,366
|
|
Operational risk
|
1,002
|
1,002
|
1,322
|
|
Total RWAs
|
21,476
|
20,542
|
22,099
|
|
(1)
|
NWM Plc's total capital ratio
requirement is 11.5%, comprising the minimum capital requirement of
8%, supplemented with the capital conservation buffer of 2.5% and
the institution specific countercyclical buffer (CCyB) of 1%. The
minimum CET1 ratio is 8.0%, including the minimum capital
requirement of 4.5%. The CCyB is based on the weighted average of
NWM Plc's geographical exposures.
|
|
(2)
|
In addition, NWM Plc is subject to
Pillar 2A requirements for CET1, AT1 and Tier 2. Refer to the
NatWest Markets Plc Q3 Pillar 3 2024 report for further details on
these additional capital requirements.
|
|
(3)
|
Includes senior internal debt
instruments issued to NatWest Group plc with a nominal value of
£4.0 billion (30 June 2024 - £3.5 billion; 31 December 2023 - £2.6
billion).
|
Leverage
The leverage ratio has been
calculated in accordance with the Leverage Ratio (CRR) part of the
PRA rulebook.
|
|
30
September
|
30
June
|
31
December
|
|
|
2024
|
2024
|
2023
|
|
Tier 1 capital (£m)
|
4,416
|
4,519
|
4,455
|
|
Leverage exposure
(£m) (1)
|
96,209
|
86,275
|
89,929
|
|
Leverage ratio
(%)
|
4.6
|
5.2
|
5.0
|
(1) Leverage
exposure is broadly aligned to the accounting value of on and
off-balance sheet exposures albeit subject to specific adjustments
for derivatives, securities financing positions and off-balance
sheet exposures.
Liquidity and funding
|
|
30
September
|
30
June
|
31
December
|
|
|
2024
|
2024
|
2023
|
|
Liquidity coverage ratio (LCR)
(%)
|
163
|
173
|
183
|
|
Liquidity portfolio (£bn)
|
17.0
|
18.5
|
14.7
|
|
Total wholesale funding
(£bn) (1)
|
32.2
|
30.7
|
25.1
|
|
Total funding including repo
(£bn)
|
95.1
|
90.0
|
82.4
|
(1)
Predominantly comprises bank deposits (excluding
repos), debt securities in issue and third party subordinated
liabilities.
Condensed consolidated income
statement
For the period ended 30 September
2024 (unaudited)
|
|
Nine months
ended
|
|
Quarter
ended
|
|
|
30
September
|
30
September
|
|
30
September
|
30
June
|
30
September
|
|
|
2024
|
2023
|
|
2024
|
2024
|
2023
|
|
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
Interest receivable
|
2,055
|
1,509
|
|
698
|
682
|
614
|
|
Interest payable
|
(1,708)
|
(1,308)
|
|
(588)
|
(566)
|
(491)
|
|
Net
interest income
|
347
|
201
|
|
110
|
116
|
123
|
|
Fees and commissions
receivable
|
374
|
279
|
|
120
|
132
|
93
|
|
Fees and commissions
payable
|
(166)
|
(119)
|
|
(55)
|
(59)
|
(45)
|
|
Income from trading
activities
|
428
|
329
|
|
199
|
123
|
78
|
|
Other operating income
|
(49)
|
(45)
|
|
(90)
|
11
|
(34)
|
|
Non-interest income
|
587
|
444
|
|
174
|
207
|
92
|
|
Total income
|
934
|
645
|
|
284
|
323
|
215
|
|
Staff costs
|
(353)
|
(316)
|
|
(112)
|
(117)
|
(94)
|
|
Premises and equipment
|
(55)
|
(47)
|
|
(19)
|
(19)
|
(16)
|
|
Other administrative
expenses
|
(431)
|
(455)
|
|
(120)
|
(199)
|
(181)
|
|
Depreciation and
amortisation
|
(7)
|
(10)
|
|
(3)
|
(2)
|
(3)
|
|
Operating expenses
|
(846)
|
(828)
|
|
(254)
|
(337)
|
(294)
|
|
Profit/(loss) before impairment
releases/losses
|
88
|
(183)
|
|
30
|
(14)
|
(79)
|
|
Impairment
releases/(losses)
|
8
|
3
|
|
1
|
(1)
|
(2)
|
|
Operating profit/(loss) before tax
|
96
|
(180)
|
|
31
|
(15)
|
(81)
|
|
Tax credit/(charge)
|
7
|
(25)
|
|
(11)
|
16
|
24
|
|
Profit/(loss) for the period
|
103
|
(205)
|
|
20
|
1
|
(57)
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
Ordinary shareholders
|
43
|
(257)
|
|
3
|
(15)
|
(74)
|
|
Paid-in-equity holders
|
51
|
52
|
|
17
|
17
|
17
|
|
Non-controlling interests
|
9
|
-
|
|
-
|
(1)
|
-
|
|
|
103
|
(205)
|
|
20
|
1
|
(57)
|
Condensed consolidated statement of
comprehensive income
For the period ended 30 September
2024 (unaudited)
|
|
Nine months
ended
|
|
Quarter
ended
|
|
|
30
September
|
30
September
|
|
30
September
|
30
June
|
30
September
|
|
|
2024
|
2023
|
|
2024
|
2024
|
2023
|
|
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
Profit/(loss) for the period
|
103
|
(205)
|
|
20
|
1
|
(57)
|
|
Items that do not qualify for
reclassification
|
|
|
|
|
|
|
|
Remeasurement of retirement benefit
schemes
|
(4)
|
(2)
|
|
(1)
|
(2)
|
(2)
|
|
Changes in fair value of credit in
financial liabilities
|
|
|
|
|
|
designated at fair value through profit or loss
(FVTPL)
|
(25)
|
(26)
|
|
1
|
(3)
|
(22)
|
|
Fair value through other
comprehensive income (FVOCI)
|
|
|
|
|
|
|
|
financial assets
|
13
|
9
|
|
10
|
1
|
6
|
|
Tax
|
16
|
2
|
|
(2)
|
-
|
3
|
|
|
-
|
(17)
|
|
8
|
(4)
|
(15)
|
|
Items that do qualify for reclassification
|
|
|
|
|
|
|
|
FVOCI financial
assets
|
4
|
6
|
|
(2)
|
(2)
|
2
|
|
Cash flow hedges
|
25
|
(48)
|
|
98
|
(15)
|
56
|
|
Currency translation
|
(127)
|
(76)
|
|
(77)
|
(21)
|
68
|
|
Tax
|
-
|
(33)
|
|
(20)
|
3
|
(17)
|
|
|
(98)
|
(151)
|
|
(1)
|
(35)
|
109
|
|
Other comprehensive (loss)/income after tax
|
(98)
|
(168)
|
|
7
|
(39)
|
94
|
|
Total comprehensive income/(loss) for the
period
|
5
|
(373)
|
|
27
|
(38)
|
37
|
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
Ordinary shareholders
|
(55)
|
(425)
|
|
10
|
(54)
|
20
|
|
Paid-in equity holders
|
51
|
52
|
|
17
|
17
|
17
|
|
Non-controlling
interests
|
9
|
-
|
|
-
|
(1)
|
-
|
|
|
5
|
(373)
|
|
27
|
(38)
|
37
|
Condensed consolidated balance
sheet
As at 30 September 2024
(unaudited)
|
|
|
30
September
|
31
December
|
|
|
|
2024
|
2023
|
|
|
£m
|
£m
|
|
Assets
|
|
|
|
|
Cash and balances at central
banks
|
|
17,237
|
13,831
|
|
Trading assets
|
|
54,361
|
45,324
|
|
Derivatives
|
|
68,578
|
79,332
|
|
Settlement balances
|
|
11,786
|
7,227
|
|
Loans to banks - amortised
cost
|
|
1,445
|
1,246
|
|
Loans to customers - amortised
cost
|
|
16,247
|
12,986
|
|
Amounts due from holding company and
fellow subsidiaries
|
|
606
|
1,730
|
|
Other financial assets
|
|
16,766
|
15,723
|
|
Other assets
|
|
613
|
518
|
|
Total assets
|
|
187,639
|
177,917
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Bank deposits
|
|
4,660
|
2,267
|
|
Customer deposits
|
|
6,459
|
6,998
|
|
Amounts due to holding company and
fellow subsidiaries
|
|
6,870
|
5,802
|
|
Settlement balances
|
|
12,064
|
6,641
|
|
Trading liabilities
|
|
58,964
|
53,623
|
|
Derivatives
|
|
61,417
|
71,981
|
|
Other financial
liabilities
|
|
30,383
|
23,574
|
|
Other liabilities
|
|
500
|
653
|
|
Total liabilities
|
|
181,317
|
171,539
|
|
|
|
|
|
|
Owners' equity
|
|
6,315
|
6,380
|
|
Non-controlling interests
|
|
7
|
(2)
|
|
Total equity
|
|
6,322
|
6,378
|
|
|
|
|
|
Total liabilities and equity
|
|
187,639
|
177,917
|
Condensed consolidated statement of
changes in equity
For the period ended 30 September
2024 (unaudited)
|
|
Share
|
|
|
|
capital and
|
|
Total
|
Non
|
|
|
|
share
|
Paid-in
|
Retained
|
Other
|
owners'
|
controlling
|
Total
|
|
|
premium
|
equity
|
earnings
|
reserves*
|
equity
|
interests
|
equity
|
|
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
£m
|
|
At
1 January 2024
|
2,346
|
904
|
3,195
|
(65)
|
6,380
|
(2)
|
6,378
|
|
Profit attributable to
ordinary
|
|
|
shareholders and paid-in equity holders
|
|
94
|
|
94
|
9
|
103
|
|
Other comprehensive
income
|
|
|
-
Realised gain in period
|
|
|
on FVOCI equity shares
|
|
3
|
(3)
|
-
|
|
-
|
|
- Changes in fair value of credit in
|
|
|
financial liabilities designated at
FVTPL
|
|
|
due to own credit risk
|
|
(25)
|
|
(25)
|
|
(25)
|
|
- Unrealised gains: FVOCI
|
|
18
|
18
|
|
18
|
|
- Remeasurement of retirement
|
|
|
benefit schemes
|
|
(4)
|
|
(4)
|
|
(4)
|
|
- Amounts recognised in equity: cash flow hedges
|
|
(181)
|
(181)
|
|
(181)
|
|
- Foreign exchange reserve movement
|
|
(127)
|
(127)
|
|
(127)
|
|
- Amounts transferred from equity to
|
|
|
earnings
|
|
205
|
205
|
|
205
|
|
- Tax
|
|
16
|
-
|
16
|
|
16
|
|
Paid-in equity dividends
paid
|
|
(51)
|
|
(51)
|
|
(51)
|
|
Share-based
payments
|
|
(10)
|
|
(10)
|
|
(10)
|
|
Merger reserve
amortisation
|
|
(2)
|
2
|
-
|
|
-
|
|
At
30 September 2024
|
2,346
|
904
|
3,216
|
(151)
|
6,315
|
7
|
6,322
|
|
|
|
|
30
September
|
|
|
|
2024
|
|
Attributable to:
|
|
|
£m
|
|
Ordinary shareholders
|
|
|
5,411
|
|
Paid-in equity holders
|
|
|
904
|
|
Non-controlling interests
|
7
|
|
6,322
|
|
*Other reserves consist of:
|
|
|
|
Merger reserve
|
|
|
(12)
|
|
FVOCI reserve
|
|
|
26
|
|
Cash flow hedging reserve
|
|
|
(138)
|
|
Foreign exchange reserve
|
|
|
(27)
|
|
|
|
(151)
|
Notes
1. Presentation of condensed
consolidated financial statements
The condensed consolidated financial
statements should be read in conjunction with NatWest Markets Plc's
2023 Annual Report and Accounts. The accounting policies are the
same as those applied in the consolidated financial
statements.
The directors have prepared the
condensed consolidated financial statements on a going concern
basis after assessing the principal risks, forecasts, projections
and other relevant evidence over the twelve months from the date
they are approved.
Amendments to IFRS effective from 1
January 2024 had no material effect on the condensed consolidated
financial statements.
2. Trading assets and
liabilities
Trading assets and liabilities
comprise assets and liabilities held at fair value in trading
portfolios.
|
|
30
September
|
31
December
|
|
|
2024
|
2023
|
|
|
£m
|
£m
|
|
Assets
|
|
|
|
Loans
|
|
|
|
Reverse repos
|
23,856
|
23,694
|
|
Collateral given
|
6,699
|
8,914
|
|
Other loans
|
685
|
762
|
|
Total loans
|
31,240
|
33,370
|
|
Securities
|
|
|
|
Central and local government
|
|
|
|
- UK
|
3,284
|
2,729
|
|
- US
|
6,007
|
2,600
|
|
- Other
|
9,325
|
3,062
|
|
Financial institutions and Corporate
|
4,505
|
3,563
|
|
Total securities
|
23,121
|
11,954
|
|
Total
|
54,361
|
45,324
|
|
|
|
|
|
Liabilities
|
|
|
|
Deposits
|
|
|
|
Repos
|
33,671
|
26,902
|
|
Collateral received
|
12,220
|
15,062
|
|
Other deposits
|
901
|
1,150
|
|
Total deposits
|
46,792
|
43,114
|
|
Debt securities in issue
|
247
|
706
|
|
Short positions
|
11,925
|
9,803
|
|
Total
|
58,964
|
53,623
|
Notes
3. Other financial
liabilities
|
|
30
September
|
31
December
|
|
|
2024
|
2023
|
|
|
£m
|
£m
|
|
Customer deposits - designated as at
fair value through profit or loss (FVTPL)
|
1,398
|
1,259
|
|
Debt securities in issue
|
|
|
|
-
Medium-term notes
|
20,540
|
17,608
|
|
-
Commercial paper and certificates of deposit
|
8,177
|
4,433
|
|
Subordinated liabilities
|
|
|
|
-
Designated as at FVTPL
|
233
|
238
|
|
-
Amortised cost
|
35
|
36
|
|
Total
|
30,383
|
23,574
|
4. Amounts due to holding company
and fellow subsidiaries
|
|
30
September
|
31
December
|
|
|
2024
|
2023
|
|
|
£m
|
£m
|
|
Bank deposits - amortised
cost
|
544
|
537
|
|
Customer deposits - amortised
cost
|
46
|
55
|
|
Settlement balances
|
211
|
-
|
|
Trading liabilities
|
768
|
1,028
|
|
Other financial liabilities -
subordinated liabilities
|
1,087
|
1,022
|
|
MREL instruments issued to NatWest
Group plc
|
4,159
|
3,070
|
|
Other liabilities
|
55
|
90
|
|
Total
|
6,870
|
5,802
|
5. Litigation and regulatory
matters
NatWest Markets Plc's Interim
Results 2024, issued on 26 July 2024,
included disclosures about NWM Group's litigation and regulatory
matters in Note 10. Set out below are the material developments in
those matters (which have been previously disclosed) since
publication of the Interim Results 2024.
Litigation
1MDB litigation
A Malaysian court claim was served
in Switzerland in November 2022 by 1MDB, a sovereign wealth fund,
in which Coutts & Co Ltd was named, along with six others, as a
defendant in respect of losses allegedly incurred by 1MDB. It is
claimed that Coutts & Co Ltd is liable as a constructive
trustee for having dishonestly assisted the directors of 1MDB in
the breach of their fiduciary duties by failing (amongst other
alleged claims) to undertake due diligence in relation to a
customer of Coutts & Co Ltd, through which funds totalling
c.US$1 billion were received and paid out between 2009 and 2011.
1MDB seeks the return of that amount plus interest. Coutts & Co
Ltd filed an application in January 2023 challenging the validity
of service and the Malaysian court's jurisdiction to hear the
claim, and a hearing took place in February 2024. In March 2024,
the court granted that application. 1MDB has appealed that decision
and a prior decision by the court not to allow them to discontinue
their claim. Both appeals are scheduled to be heard in
December 2024.
Coutts & Co Ltd (a subsidiary of
RBS Netherlands Holdings B.V., which in turn is a subsidiary of NWM
Plc) is a company registered in Switzerland and is in wind-down
following the announced sale of its business assets in
2015.
6. Post balance sheet
events
Other than as disclosed in this
document, there have been no other significant events between 30
September 2024 and the date of approval of these accounts that
would require a change to or additional disclosure in the condensed
consolidated financial statements.
Non-IFRS measures
NWM Group prepares its financial
statements in accordance with IFRS as issued by the IASB which
constitutes a body of generally accepted accounting principles
(GAAP). This document contains a number of adjusted or alternative
performance measures, also known as non-GAAP or non-IFRS
performance measures. These measures are adjusted for certain items
which management believe are not representative of the underlying
performance of the business and which distort period-on-period
comparison. These non-IFRS measures are not measures within the
scope of IFRS and are not a substitute for IFRS measures. These
measures include:
-
Management analysis of operating expenses shows
litigation and conduct costs on a separate line. These amounts are
included within staff costs and other administrative expenses in
the statutory analysis. Other operating expenses excludes
litigation and conduct costs which are more volatile and may
distort comparisons with prior periods.
-
Funded assets are defined as total assets less
derivative assets. This measure allows review of balance sheet
trends exclusive of the volatility associated with derivative fair
values.
-
Management view of income by business including
shared revenue and before own credit adjustments. This measure is
used to show underlying income generation in NatWest Markets
excluding the impact of own credit adjustments.
-
Revenue share refers to income generated by
NatWest Markets products from customers that have their primary
relationship with other NatWest Group subsidiaries, a proportion of
which is shared between NatWest Markets and those
subsidiaries.
-
Transfer Pricing arrangements with fellow NatWest
Group subsidiaries includes revenue share and a profit share
arrangement with fellow NatWest Group subsidiaries. The profit
share arrangement was introduced during 2023 to reward NWM Group on
an arm's length basis for its contribution to the performance of
the NatWest Group Commercial & Institutional business segment,
2023 being the first full year with the Commercial &
Institutional segment in place. The profit share is not allocated
to individual NatWest Markets product areas.
-
Own credit adjustments are applied to positions
where it is believed that the counterparties would consider NWM
Group's creditworthiness when pricing trades. The fair value of
certain issued debt securities, including structured notes, is
adjusted to reflect the changes in own credit spreads and the
resulting gain or loss recognised in income.
Non-IFRS financial
measures
Operating expenses - management view
|
|
Nine months
ended
|
|
|
30 September
2024
|
|
30
September 2023
|
|
|
Litigation
|
Other
|
Statutory
|
|
Litigation
|
Other
|
Statutory
|
|
|
and conduct
|
operating
|
operating
|
|
and
conduct
|
operating
|
operating
|
|
|
costs
|
expenses
|
expenses
|
|
costs
|
expenses
|
expenses
|
|
|
£m
|
£m
|
£m
|
|
£m
|
£m
|
£m
|
|
Staff costs
|
21
|
332
|
353
|
|
8
|
308
|
316
|
|
Premises and equipment
|
-
|
55
|
55
|
|
-
|
47
|
47
|
|
Other administrative
expenses
|
40
|
391
|
431
|
|
21
|
434
|
455
|
|
Depreciation and
amortisation
|
-
|
7
|
7
|
|
-
|
10
|
10
|
|
Total
|
61
|
785
|
846
|
|
29
|
799
|
828
|
|
|
|
|
|
|
|
Quarter
ended
|
|
|
30 September
2024
|
|
|
Litigation
|
Other
|
Statutory
|
|
|
and conduct
|
operating
|
operating
|
|
|
costs
|
expenses
|
expenses
|
|
|
£m
|
£m
|
£m
|
|
Staff costs
|
|
8
|
104
|
112
|
|
Premises and equipment
|
|
-
|
19
|
19
|
|
Other administrative
expenses
|
|
15
|
105
|
120
|
|
Depreciation and
amortisation
|
|
-
|
3
|
3
|
|
Total
|
|
23
|
231
|
254
|
|
|
|
|
|
|
|
Quarter
ended
|
|
|
30 June
2024
|
|
|
Litigation
|
Other
|
Statutory
|
|
|
and
conduct
|
operating
|
operating
|
|
|
costs
|
expenses
|
expenses
|
|
|
£m
|
£m
|
£m
|
|
Staff costs
|
|
7
|
110
|
117
|
|
Premises and equipment
|
|
-
|
19
|
19
|
|
Other administrative
expenses
|
|
32
|
167
|
199
|
|
Depreciation and
amortisation
|
|
-
|
2
|
2
|
|
Total
|
|
39
|
298
|
337
|
|
|
|
|
|
|
|
Quarter
ended
|
|
|
30
September 2023
|
|
|
Litigation
|
Other
|
Statutory
|
|
|
and
conduct
|
operating
|
operating
|
|
|
costs
|
expenses
|
expenses
|
|
|
£m
|
£m
|
£m
|
|
Staff costs
|
|
4
|
90
|
94
|
|
Premises and equipment
|
|
-
|
16
|
16
|
|
Other administrative
expenses
|
|
33
|
148
|
181
|
|
Depreciation and
amortisation
|
|
-
|
3
|
3
|
|
Total
|
|
37
|
257
|
294
|
Additional information
Presentation of information
NatWest Markets Plc ('NWM Plc') is a
wholly-owned subsidiary of NatWest Group plc or 'the ultimate
holding company'. The NatWest Markets Group ('NWM Group') comprises
NWM Plc and its subsidiary and associated undertakings. The term
'NatWest Group' comprises NatWest Group plc and its subsidiary and
associated undertakings. The term 'NWH Group' refers to NatWest
Holdings Limited ('NWH') and its subsidiary and associated
undertakings. The term 'NatWest Bank Plc' or 'NWB Plc' refers to National
Westminster Bank Plc.
NWM Plc publishes its financial
statements in pounds sterling ('£' or 'sterling'). The
abbreviations '£m' and '£bn' represent millions and thousands of
millions of pounds sterling, respectively, and references to
'pence' or 'p' represent pence in the United Kingdom ('UK').
References to 'dollars' or '$' are to United States of America
('US') dollars. The abbreviations '$m' and '$bn' represent millions
and thousands of millions of dollars, respectively. The
abbreviation '€' represents the 'euro', and the abbreviations '€m'
and '€bn' represent millions and thousands of millions of euros,
respectively.
Statutory results
Financial information contained in
this document does not constitute statutory accounts within the
meaning of section 434 of the Companies Act 2006 ("the Act"). The
statutory accounts for the year ended 31 December 2023 have been
filed with the Registrar of Companies. The report of the auditor on
those statutory accounts was unqualified, did not draw attention to
any matters by way of emphasis and did not contain a statement
under section 498(2) or (3) of the Act.
|
Contact
|
|
|
|
Paul Pybus
|
Investor Relations
|
+44 (0) 7769 161183
|
Forward-looking
statements
Cautionary statement regarding forward-looking
statements
Certain sections in this document
contain 'forward-looking statements' as that term is defined in the
United States Private Securities Litigation Reform Act of 1995,
such as statements that include the words 'expect', 'estimate',
'project', 'anticipate', 'commit', 'believe', 'should', 'intend',
'will', 'plan', 'could', 'probability', 'risk', 'Value-at-Risk
(VaR)', 'target', 'goal', 'objective', 'may', 'endeavour',
'outlook', 'optimistic', 'prospects' and similar expressions or
variations on these expressions. In particular, this document
includes forward-looking targets and guidance relating to financial
performance measures, such as income growth, operating expense,
cost reductions, impairment loss rates, balance sheet reduction,
including the reduction of RWAs, CET1 ratio (and key drivers of the
CET1 ratio, including timing, impact and details), Pillar 2 and
other regulatory buffer requirements and MREL and non-financial
performance measures, such as climate and sustainability-related
performance ambitions, targets and metrics, including in relation
to initiatives to transition to a net zero economy, climate and
sustainable funding and financing and financed emissions. In
addition, this document includes forward-looking statements
relating, but not limited to: planned cost reductions, disposal
losses and strategic costs; implementation of NatWest Group's and
NWM Group's strategy (including in relation to investment
programmes relating to digital transformation of their operations
and services and inorganic opportunities); the timing and outcome
of litigation and government and regulatory investigations; funding
plans and credit risk profile; managing its capital position;
liquidity ratio; portfolios; net interest margin; and drivers
related thereto; lending and income growth, product share and
growth in target segments; impairments and write-downs;
restructuring and remediation costs and charges; NWM Group's
exposure to political risk, economic assumptions and risk, climate,
environmental and sustainability risk, operational risk, conduct
risk, financial crime risk, cyber, data and IT risk and credit
rating risk and to various types of market risk, including interest
rate risk, foreign exchange rate risk and commodity and equity
price risk; customer experience, including our Net Promotor Score
(NPS); employee engagement and gender balance in leadership
positions.
Limitations inherent to forward-looking
statements
These statements are based on
current plans, expectations, estimates, targets and projections,
and are subject to significant inherent risks, uncertainties and
other factors, both external and relating to NatWest Group's and
NWM Group's strategy or operations, which may result in NWM Group
being unable to achieve the current plans, expectations, estimates,
targets, projections and other anticipated outcomes expressed or
implied by such forward-looking statements. In addition, certain of
these disclosures are dependent on choices relying on key model
characteristics and assumptions and are subject to various
limitations, including assumptions and estimates made by
management. By their nature, certain of these disclosures are only
estimates and, as a result, actual future results, gains or losses
could differ materially from those that have been estimated.
Accordingly, undue reliance should not be placed on these
statements. The forward-looking statements contained in this
document speak only as of the date we make them and we expressly
disclaim any obligation or undertaking to update or revise any
forward-looking statements contained herein, whether to reflect any
change in our expectations with regard thereto, any change in
events, conditions or circumstances on which any such statement is
based, or otherwise, except to the extent legally
required.
Important factors that could affect the actual outcome of the
forward-looking statements
We caution you that a large number
of important factors could adversely affect our results or our
ability to implement our strategy, cause us to fail to meet our
targets, predictions, expectations and other anticipated outcomes
or affect the accuracy of forward-looking statements described in
this document. These factors include, but are not limited to, those
set forth in the risk factors and the other uncertainties described
in NatWest Markets Plc's Annual Report and its other public
filings. The principal risks and uncertainties that could adversely
NWM Group's future results, its financial condition and/or
prospects and cause them to be materially different from what is
forecast or expected, include, but are not limited to: economic and
political risk (including in respect of: economic and political
risks and uncertainties in the UK and global markets, including as
a result of GDP growth, inflation and interest rates, supply chain
disruption, fiscal and monetary policy changes (such as increases
in bank levies), and geopolitical developments (including the
direct and indirect impacts of escalating armed conflicts); changes
in interest rates and foreign currency exchange rates; uncertainty
regarding the effects of Brexit; and HM Treasury's ownership of
NatWest Group plc); business change and execution risk (including
in respect of: NatWest Group's strategy and NatWest Group's
creation of its Commercial & Institutional franchise (of which
NWM Group forms part); financial resilience risk (including in
respect of: NWM Group's ability to meet targets, generate returns
or implement its strategy effectively; prudential regulatory
requirements for capital and MREL; NWM Group's reliance on access
to capital markets directly or indirectly through its parent
(NatWest Group); capital, funding and liquidity risk; reductions in
the credit ratings; the competitive environment; the requirements
of regulatory stress tests; counterparty and borrower risk; model
risk; sensitivity to accounting policies, judgments, estimates and
assumptions (and the economic, climate,
competitive and other forward looking information affecting those
judgments, estimates and assumptions);
changes in applicable accounting standards; the adequacy of NatWest
Group's resolution plans; and the application of UK statutory
stabilisation or resolution powers to NatWest Group); climate and
sustainability risk (including in respect of: risks relating to
climate change and sustainability-related risks; both the execution
and reputational risk relating to NatWest Group's climate
change-related strategy, ambitions, targets and transition plan;
climate and sustainability-related data and model risk; the failure
to implement climate change resilient governance, procedures,
systems and controls; increasing levels of climate, environmental,
human rights and other sustainability-related laws, regulation and
oversight; climate, environmental, human rights and other
sustainability-related litigation, enforcement proceedings,
investigations and conduct risk; and reductions in ESG ratings);
operational and IT resilience risk (including in respect of:
operational risks (including reliance on third party suppliers);
cyberattacks; the accuracy and effective use of data; attracting,
retaining and developing senior management and skilled personnel;
complex IT systems; NWM Group's risk management framework; and NWM
Group's reputational risk); and legal, regulatory and conduct risk
(including in respect of: the impact of substantial regulation and
oversight; the outcome of legal, regulatory and governmental
actions and investigations as well as remedial undertakings; and
changes in tax legislation or failure to generate future taxable
profits).
Forward-looking statements
continued
Climate and ESG disclosures
Climate and sustainability-related
disclosures in this document are not measures within the scope of
International Financial Reporting Standards ('IFRS'), use a greater
number and level of judgments, assumptions and estimates, including
with respect to the classification of climate and sustainable
funding and financing activities, than our reporting of historical
financial information in accordance with IFRS. These judgments,
assumptions and estimates are highly likely to change materially
over time, and, when coupled with the longer time frames used in
these disclosures, make any assessment of materiality inherently
uncertain. In addition, our climate risk analysis, net zero
strategy, including the implementation of our climate transition
plan, remain under development, and the data underlying our
analysis and strategy remain subject to evolution over time. The
process we have adopted to define, gather and report data on our
performance on climate and sustainability-related measures is not
subject to the formal processes adopted for financial reporting in
accordance with IFRS and there are currently limited industry
standards or globally recognised established practices for
measuring and defining climate and sustainability-related related
metrics. As a result, we expect that certain climate and
sustainability-related disclosures made in this document are likely
to be amended, updated, recalculated or restated in the future.
Please also refer to the cautionary statement in the section
entitled 'Climate-related and other forward-looking statements and
metrics' of the NatWest Group 2023 Climate-related Disclosures
Report published by NatWest Group plc for the consolidated group,
including NatWest Markets Plc.
Cautionary statement regarding Non-IFRS financial measures and
APMs
NWM Group prepares its financial
statements in accordance with UK-adopted International Accounting
Standards (IAS) and International Financial Reporting Standards
(IFRS).This document may contain financial measures and ratios not
specifically defined under GAAP or IFRS ('Non-IFRS') and/or
alternative performance measures ('APMs') as defined in European
Securities and Markets Authority ('ESMA') guidelines. Non-IFRS
measures and APMs are adjusted for notable and other defined items
which management believes are not representative of the underlying
performance of the business and which distort period-on-period
comparison. Non-IFRS measures provide users of the financial
statements with a consistent basis for comparing business
performance between financial periods and information on elements
of performance that are one-off in nature. Any Non-IFRS measures
and/or APMs included in this document, are not measures within the
scope of IFRS, are based on a number of assumptions that are
subject to uncertainties and change, and are not a substitute for
IFRS measures.
The information, statements and
opinions contained in this document do not constitute a public
offer under any applicable legislation or an offer to sell or a
solicitation of an offer to buy any securities or financial
instruments or any advice or recommendation with respect to such
securities or other financial instruments.
Legal Entity Identifier:
RR3QWICWWIPCS8A4S074