Beruflich Dokumente
Kultur Dokumente
Contents
Introduction Continued below-trend growth Hot topic - Outlook on the stock market and bond market Business conditions and outlook Prospects and concerns Financing Strategic opportunities An international outlook - Moving beyond the euro to focus on growth Contacts 3 4-5 6 7 8 9 10 11 12
Johan Lindgren Credit Strategist Credit Strategy, Trading Strategy, SEB johan.y.lindgren@seb.se
60
55
50
45
40
35
p Se 6 -0 b Fe 7 -0 g Au 7 -0 b Fe 8 -0 p Se 8 -0 b Fe 9 -0 p Se 9 -0 b Fe 0 -1 g Au 0 -1 b Fe 1 -1 g Au 1 -1 b Fe 2 -1 p Se 2 -1 b Fe 3 -1
The Swedish CFO index for February 2013 has a value of 49.5, which reflects slightly negative expectations. The index is based on four components; business climate, financial position, lending willingness and counterparty default risk. The four components index values for February 2013 are 44, 54, 55 and 45 respectively.
but a stabilisation in the number of housing starts indicates that the decline will gradually decelerate this year. Altogether, we predict that capital spending will increase by 1-2% this year and then accelerate to 4-5% during 2014.
Financial position
70 68 66 64 62 60 58 56 54
p Se 8 -0 b Fe 9 -0 p Se 0 1 9 2 0 3 1 2 -1 -1 -0 52 -1 -1 -1 -1 -1 g g p b b b b Se Fe Fe Au Fe Au Fe 50 1 0 7 2 9 8 6 1 2 3 0 9 7 8 -1 -1 -0 -1 -0 -0 -0 -1 -1 -1 -1 -0 -0 -0 g g g p p p p b b b b b b b Au Fe Fe Au Fe Se Fe Se Fe Au Se Fe Fe Se
throughout our forecast period. Consumer Price Index (CPI) inflation, which is being pulled down by declining home mortgage interest expenses, dropped below zero this winter. We predict that CPI inflation will fall to -0.5% in April and then gradually rebound as a consequence of base effects. Business conditions
70 65 60 55 70 68 66 64 62 60 58 56 40 35 30
p Se
08
50 45
54 52
6 -0 7 -0 7 -0 8 -0 8 -0 9 -0 9 -0 0 -1 0 -1 1 -1 1 -1 2 -1 2 -1 3 -1
50
p Se
b Fe
g Au
b Fe
p Se
b Fe
p Se
b Fe
g Au
b Fe
g Au
b Fe
p Se
b Fe
6 -0
b Fe
7 -0
g Au
-0
07
b Fe
8 -0
p Se
8 -0
50%
40%
30%
20%
10%
0%
How do you expect the OMXS30 to perform during the next 12 months?
Decreased slightly
Decreased signicantly
0%
Chart 13a
70% 60% 50% 40% 30% 20% 10% 0% Pay down debt Strategic investments abroad Dividend to shareholders 30% 20% 10% 0% Financial Strategic Increase investments signicantly investments abroad in Sweden
Does your company presently use the corporate bond market for funding and if not, within the next two years do you have plans to finance via corporate bonds?
50%
Increase signicantly
Increase slightly
No change
Decrease slightly
Decrease signicantly
How do you expect the OMXS30 to perform during the next 12 months?
Chart 13b
Does you company presently use the corporate bond market for funding and if not, within the next two years do you have plans to nance via corporate
40%
30%
20%
10%
ased cantly
We are not using corporate bonds, but will start doing so.
We are not using corporate bonds, and will not start doing so.
We are using corporate bonds, but will not continue doing so.
a
70% 60% 50% 40% 30% 20% 10% 0%
Almost 60% of CFOs surveyed believe the OMXS30 will increase by 5% over the next 12 months while a further 16% expect it to increase by 10% or more. Some 16% of CFOs forecast no change while 9% 50% believe it will fall significantly during the next year. These results indicate an increase either largely in line 40% Does you company presently use the corporate bond with or slightly below the markets long-term historimarket for funding and if 30% cal average growth. Between September 1 last year and not, within the next two years do you have plans to mid-February, the OMXS30 rose almost 10%. It may nance via corporate 20% be reasonable to ask whether CFOs are biased, based 10% on the markets strong performance in recent months and the large dividends proposed in Q4 reports, or 0% We are not using We believe We are using We are will Increase Be unchanged whether they in factare not using they and their peers using Decline corporate bonds, corporate bonds, corporate bonds, corporate bonds, but reasonably well start and will not going forward? and will continue but will not performwill start
Chart 13b
CFO replies indicate that 59% of companies surveyed are not using the corporate bond market to finance operations. Of these, some 11% expect to do so at some point. If all CFOs do as they have indicated, we will have a positive net effect of 9%-points over the next two years of companies that will fund themselves in the bond market. This is fully consistent with the increasing popularity of corporate bonds amongst both companies and investors over the past few years.
doing so.
doing so.
doing so.
b
60% 50% 40% 30% 20% 10% 0% Increase Be unchanged Decline Feb 2012 Sep 2012 Feb 2013 Nov 2011 Feb 2012 Sep 2012
6
80%
Overall CFOs remain reasonably positive regarding business conditions and outlook. Companies are currently looking forward to 2013 with signs of increasing optimism, albeit from a low level. They also regard their financial positions as favourable, as confirmed by the dividends proposed in year-end reports.
1. Business conditions for your company in the next 6 months are seen as: Replying to our current February survey, some 73% What is your EUR/SEK of CFOs thought business conditions werefor the budget conditions Businessrate average or 50% nancial year 2013? for conditions better. Still, Swedish macroeconomicyour company in were the next 6 months 40% weak towards the end of last year with a sharp de30% crease in Q4 2012 GDP likely. In our fall Deloitte/SEB CFO Survey, CFOs apparently expected sentiment 20% to deteriorate, but yet again, we see a slight improve10% ment. Consequently, we forecast a 2% increase in exports this year, but from a low level. Given the im0% Favourable Average Not so Very Not Very so Very favourable favourable unfavourable portance of foreign trade for Sweden, such a positive favourable unfavourable development may improve sentiment even further.
60%
Chart 5 Chart 1
Chart 5
9,40
9,40
60% 9,20
9,00 50% 8,80 40% 8,60 30% 8,40
What is your EUR/SEK budget rate for the nancial year 2013?
Chart 9 Chart 5
How has the level of SEB nancial risk on your forecast What is your EUR/SEK balance sheetfor theCFOs budget rate budget rate changed over the (median estimate) nancial year 2013? last 12 months?
EUR/SEK
50% 9,40
ble
Average
Ju
2 -1
Oc
1 t-
2 Ja n
-1
3 Ap
1 r-
3 Ju l
3 -1
0% 8,00
Ju
l-
11
50%
Chart 6 Chart 2
3. How do you expect operating cash flow in your company to change over the next 12 months?
Chart 10
Assume a current cash surplus position. How would you prefer to use the money in the next 6 months? you expect How do
70% 60% 50%
Chart 6
40%
How do you expect operating cash ow The overall nancial in your company to position of your change over the next company 12 months?
50%
50%
40%
40%
30%
How do you expect operating cash ow in your company to change over the next 12 months?
50%
Chart 6
40%
30%
30%
50% 40%
30% 40% 20% 30% 10%
30%
20%
20%
20%
20%
20% 0%
10%
10%
10%
10%
Increase by more Very than 10% favourable Increase by 0-10% Favourable Remain unchanged Average from current levels
10%
Average
ble
0%
0%
Average
Not so favourable
Very unfavourable
0%
Decline by 0-10%
0%
Having kicked the can down the road by a further six months since our last survey, companies appear to have adapted to the generally weak macroeconomic environment. The aggregated financial position index was 54, up from 52 in September. A total of 44% of CFOs questioned replied that their companys finan50% Over the next 12 cial position was favourable although, how the proporas do you months The lending attitude expect levels of tion 40% answering average remains largely unchanged of nancial corporate acquisitions institutions toward and divestments in while 9% claim their companys financial position was your company Sweden to change? 30% very favourable. We expect a general improvement, potentially based on even stronger company balance 20% sheets.
Chart 7 Chart 3
Swedish CFOs retain positive cash flow expectations for the next 12 months, in line with those in our last survey in fall 2012. Some 56% of CFO respondents still forecast cash flow to increase while 11% project a double digit improvement over the next year. The most significant change compared with the last survey 50% 50% Over the next respondents expecting lower cash is the increasehow do you in 12 50% months expect levels of flows, a sign of uncertain market 40% conditions and dif40% corporate acquisitions 40% ferences and divestments in between markets and industries.
Chart 11a
The number of employees working in Sweden for your company is, in the next 6 months
70% 60% 50% 40% 30% 50% 20%
Chart 7
Chart 7
Over the next 12 months how do you expect levels of corporate acquisitions and divestments in Sweden to change?
30%
Sweden to change?
40% 10%
0% 30%
30%
30%
20%
20%
20%
20%
10%
10%
10%
10%
Increase signicantly Very favourable
10%
Average
ble
0%
Average
Not so favourable
Very unfavourable
0%
0% Increase No Decrease Decrease No Increase Increase somewhat change somewhat signicantly signicantly somewhat opinion Favourable Average Not so Very favourable unfavourable
No change
Decrease somewhat
Chart 11b
Decrease signicantly
No opinion
60% 50%
0%
Feb 2012
Sep 2012
Feb 2013
The number of employees working abroad for your company is, in the next 6 months
40% 30%
Chart 9
How has the level of nancial risk on your balance sheet changed over the last 12 months?
R/SEK
B forecast
As in previous surveys, demand remains the biggest worry for Swedish CFOs. The greatest change in recent results shows increased concern at the shortage of skilled Chart 13a labour, usually a signal indicating more confidence byHow do you expect looking to hire new companies 50% 60% the OMXS30 to personnel. Issues concerning exchange rates highlighted induring thelast survey remain a our perform 50% 40% next 12 months? major concern, despite recent greater stability. 40%
30%
4. What are the greatest concerns for your company in 2013? 20% Some 57% of CFOs replied that the biggest worry for 10% their company in 2013 is demand, which has risen sharply since September to near November 2011 0% Increased Increased No Decreased Decreased levels. signicantly Exchange rates are not thought slightly as important slightly change signicantly
60%
30% 20%
3 Ju
l-
13
as in September though relative concerns regarding shortages in skilled labour nearly10% doubled to 9% since our last survey. 0%
Increase signicantly Increase slightly
No change
Chart 10
Assume a current cash surplus position. How would you prefer to use the money in the next 6 months?
50%
Chart 13b
Does you company presently use the corporate bond market for funding and if not, within the next two years do you have plans to nance via corporate
50%
40%
30% 50%
40%
30%
20% 30%
20%
20%
10% 10%
0%
10%
0%
0%
Interest rates
Labour cost
We are not using We are not using Foreign corporate bonds, corporate bonds, Access and to capitalbut will startcompetition will not start doing so. doing so.
Chart 11a
60% 50% 40% 30%
5. The number of employees in your company in Sweden is, in the next 6 months, expected to:
Chart 5
C
9,20 9,00 8,80 8,60 8,40 8,20 8,00
The number of employees working in Sweden for your company is, in the next 6 months
What is your EUR/SEK budget rate for the nancial year 2013?
H b c la
20% 10% 0%
Be unchanged
Decline
Ju
l-
11
Oc
t-
11 Ja
-1
2 Ap
r-
12 Ju
l-
12
Oc
t-
12 Ja
-1
3 Ap
r-
13 Ju
l-
13
No opinion
Chart 11b
The number of employees working abroad for your company is, in the next 6 months
50%
40%
Some 35% of CFO respondents believe the number of employees in Sweden will decline, well below last September when 44% expected to cut personnel. A total of 53% think the number of employees will 60% remain unchanged while 12% expect it to increase, up 50% 6%-points from September. This is of course positive and in line with our forecast that unemployment will 40% How do you expect peak in 2013 before easing slightly beforecash ow of operating the end 30% in your company to the year. change over the next
Chart 6
12 months?
Among CFOs surveyed, the median EUR/SEK value was 8.5, well below the 2012 estimate of 9.0. As we concluded in our previous survey published last September, companies overestimated the 2012 rate. As a result, export companies were adversely affected last year. SEB forecast a moderately declining EUR/ SEK ratio throughout 2013 down to 8.30. Hence, the 50% companies once again run the risk of underestimating the strengthening of the krona. 40%
30%
A c p Nov y m m
20%
30%
10%
Feb 2012
20%
Increase Be unchanged Decline
Sep 2012
Feb 2013
20%
0%
10%
10%
50%
Chart 6 Chart 6
Financing
Very favourable Very favourable Favourable Average
How do you expect operating cash ow How do you expect in your company to operating cash next change over theow in months? 12 your company to change over the next 12 months?
50%
Favourable
Average
0%
Generally, the lending attitude of financial institutions is regarded as favourable, unchanged from our fall survey. However, in several segments financing remains a major concern, potentially driving companies to seek other funding sources.
50%
Remain unchanged from Remain current levels unchanged from current levels
7. The lending attitude of financial institutions toward your company is seen as: 50% 2% of respondents regard lending50% attitudes as very 40% unfavourable. Overall, the situation is generally 40% 30% unchanged since September. Correspondingly, over 30% the past month, Nordic investment grade and high 20% yield corporate bond issuance has decreased com20% pared to last fall. Apparently, not10% companies believe all the attitude of financial institutions toward them has 10% 0% improved. Although larger businesses Increase easier enjoy Increase signicantly somewhat 0% access to low cost financing through the corporate Increase Increase signicantly bond market, smaller firms may still be forced somewhat to rely on bank loans to fund themselves.
Over the next 12 months how do you expect levels of12 Over the next corporate acquisitions months how do you and divestments in expect levels of Sweden to acquisitions corporate change? and divestments in Sweden to change?
Chart 7 Chart 7
No change
Decrease somewhat
Decrease signicantly
No opinion
Very favourable
Favourable
Average
Not so favourable
Very unfavourable
No change
Decrease somewhat
Decrease signicantly
No opinion
While the proportion of CFOs surveyed answering favourable has increased since the last survey, some 8. The probability for counterparties default in the next 6 months is expected to:
Chart 9
100%
EUR/SEK SEB forecast CFOs budget rate (median estimate)
9. How has the level of financial risk on your balance sheet changed over the last 12 months?
50%
100% 80% 80% 60% 60% 40% 40% 20% 20% 0% 2 1 tOc 0%
How has the level of nancial risk on your balance sheet changed over the last 12 months?
Chart 8 Chart 8
Chart 13a
How do you expect the OMXS30 to perform during the next 12 months?
60% 50% 40% 30% 20% 10% 0%
40%
How do you currently rate valuation you How do of Swedish companies? currently rate
60%
30%
20%
30% 20%
10%
20% 10%
r12 Ju l12 3 3 -1 -1 n Increasepr A l13
0%
Ap
Ja
Ju
Be unchanged
Decline
Increased signicantly
Increased slightly
No change
Consistent with the general slight improvement in sentiment, CFOs believe counterparty risk is diminishing overall. Some 86% expect risk will remain unchanged, compared with 95% last September. A total of 7% of respondents thought it would increase, while Assume a current cash surplus 7% forecast it would decline. In September, no CFO position. How would you prefer some expected it to decrease. Also, at that time,to use the 95% money in the next 6 months? thought counterparty risk would continue unchanged, a finding we regarded as positive as companies adapted to the financial and macroeconomic environment. Now however, sentiment is improving even further. Additionally, SEB Trading Strategy forecasts high yield default rates to remain stable this year at 2.5-3%.
Increase
Be unchanged
Decline
Chart 10
Somewhat Most CFOs still believe their balance sheet riskovervalued has not altered during the last 12 months. However, once again sentiment has changed with 34% now believing balance sheet risk has decreased over the last 12 months, compared with 20% that feel it has increased. 70% Broadly speaking, this finding is contrary to the situa60% tion reported in the fall survey. This provides a strong 50% indication that an increasing number of companies 40% are now regarded as more financially stable, while 30% general market conditions have improved. Indeed, in 20% its February policy report the Swedish Riksbank noted 10% signs of increased confidence among companies and 0% local households.
Pay down debt Strategic investments abroad Dividend to shareholders Financial investments abroad Strategic investments in Sweden Financial investments in Sweden
At fair value
Somewhat undervalued
Very undervalued
No opinion
At fair value
Somewhat undervalued
Very undervalued
No opinion
Chart 13b
Does you company presently use the corporate bond market for funding and if not, within the next two years do you have plans to nance via corporate
50%
40%
30%
20%
10%
0%
W co
ease 10%
Decline by 0-10%
Chart 11a
Feb 2012 Sep 2012 Feb 2013 The number of employees working in Sweden for your company is, in the next 6 months
70% 60% 50% 40%
Chart 10
How do you expect operating cash ow in your company to change over the next 12 months?
50%
9,40
40%
30%
Chart 9
EUR/SEK SEB forecast CFOs budget rate (median estimate)
What is your EUR/SEK budget rate for the nancial year 2013?
Assume a current cash surplus position. How would you prefer to use the money in the next 6 months?
C
EUR/SEK SEB forecast CFOs budget rate (median estimate)
H b ch la
20%
10%
How has the level of nancial risk on your balance sheet changed over the last 12 months?
Very ourable
Ju
Finally we see some real signs that respondents expect increased M&A activity. The 0% Increase Increase Remain Decline Decline 8,00 by more by 0-10% unchanged by 0-10% by more 20% 1 2 2 3 13 11 12 Average market has already shown some evidence of this witht -the recent1 increaset -in numbers of-13 Not so Very 1 12 -1 -1 rrthan 10% from than 10% lll n n Ju Oc Ju Ja Ap Oc Ju Ja Ap favourable unfavourable current levels 10% major deals set to continue. Q4 earnings reports have also boosted confidence in future Chart 11a prospects with several companies sharply increasing their dividend pay-out ratios. 0% 3 2 2 3 13 -1 -1 70%
l1 Oc t Ja n Ap r Ju l1
Dividend to shareholders
Chart 7
50%
40%
Over the next 12 months how do you expect levels of corporate acquisitions and divestments in Sweden to change?
Very ourable
Very favourable
Favourable
10%
10. Assuming a current cash surplus position, how would you prefer to use the money 50% in the next 6 months? 40% Q4 earnings reports with several companies paying In our previous publication, we observed the con50% 30% out a significant share of earnings to shareholders. tinued priority to pay down debt How do you expect a trend of several 50% 40% 20% years - representing a key financial operating cashfor CFOs. strategy ow in your a current 70% Assume company to 40% 10% change over the next In this survey, approximately the same percentage of cash surplus 30% 12 months? 60% position. How would 0% respondents would prefer to pay down debt, assuming you prefer to use the 30% Increase Be unchanged 50% money in September 20% a cash surplus, with a larger share than in the next 6 months? 40% 20% now prepared to make strategic investments abroad. 10% Perhaps the reason for this is higher long-term growth 30% 10% 0% opportunities outside of Sweden. Another possible ex20% Increase Increase No Decrease Decrease No signicantly that several are preparing signicantly somewhat change somewhat opinion planation is for acquisitions, 0% 10% Average Not so Very Increase Remain Decline Decline 60% The number of Increase a view also supported by the results of our survey. favourable unfavourable by more by 0-10% unchanged by 0-10% by more employees working 0% than 10% than 10% from abroad for Strategic your Paying dividends to shareholders is apparently a more 50% Pay down Dividend Financial Strategic Financial current levels company investments is, in the debt to investments investments investments popular preference than in September, as reflected in next 6 months abroad shareholders abroad in Sweden in Sweden
employees working in Sweden for your company is, in the next 6 months
No change 60%
Decreased slightly
Decreased signicantly
Chart 6 Chart 10
A ca p yo m m
Chart 11b
40% 30%
0% Increase by more than 10% Increase by 0-10% Remain unchanged from current levels Decline by 0-10% Decline by more than 10%
Chart 8
50% 40%
12. Over the next 12 months how do you 20% expect levels of corporate acquisitions 10% and divestments in Sweden to change?
70% 50% 60%
40% 50%
0% Increase Be unchanged
T e S co n
Chart 12
What are the greatest concerns for your company in 2012?
0% 0%
Very Not so overvalued favourable Somewhat Very overvalued unfavourable At fair value Somewhat undervalued Very undervalued No opinion
Very favourable
Favourable
Average
10%
100%
80%
60%
Our recent survey shows that 47% of Swedish CFOs still regard their respective companies as fairly valued, Decrease Decrease No consistent with our fall survey last year, notwithstandsomewhat signicantly opinion ing the sharp increase in the OMXThe number of 30 since Stockholm employees working September last year. Currently, only 21% regard Swedabroad for your company is, in the ish companies as overvalued, in line with the findings next 6 months of our last survey, indicating that CFOs perceive the outlook to be more challenging than the market would suggest. Our understanding Howthat increasis do you currently ing stock market valuations have, whollyrateSwedish or partly valuation of companies? benefitted all traded companies and may be expected to continue to do so despite some isolated areas of overvaluation.
Chart 11b
Chart 8
We see real evidence of expected increases in M&A 20% activity. Net sentiment is certainly higher than at the 10% time of the fall 2012 results, with nearly 50% of CFOs now forecasting increased activity and 31% no change. 0% 60% Demand Skilled Other labour The market has already shown signs of this happenshortgage 50% ing with many large deals in recent weeks, as well as 40% the survey suggesting the trend is likely to continue. According to Bloomberg, the number of Swedish 30% deals taking place in 2012 fell 6% YoY, providing an 60% 20% important basis for improvement this year.
50% 10% 40% 0% 30% 20%
T e a co n
Interest rates
C
Increase Be unchanged Decline
W co co
Chart 12
Increase Be unchanged Decline
Feb 2012
Sep 2012
Feb 2013
10
20%
Somewhat overvalued
At fair value
Somewhat undervalued
Very undervalued
No opinion
UK/Europe
The dominant concern for UK CFOs as they enter 2013 is weak growth in the euro area and UK. Recessionary concerns remain high but decreased in Q4 2012 compared to Q3. Following a 1% Q3 GDP decrease, Dutch CFO optimism was near zero in Q4 with bulls and bears equally divided, yielding a net 0% score. In Q4 2012, only around 25% of Swiss CFOs expected the country to be in recession within the next two years, compared with 65% a year ago. UK CFOs reported significantly improved credit conditions YoY in Q4 as well as a slightly greater willingness to increase capital expenditure and make acquisitions. However, cost reductions remain the biggest priority. In Switzerland, with credit conditions now regarded as favourable, 38% of CFOs have stated they expect their companies to increase their demand for credit over the next 12 months. In Holland, risk appetite remains low with 88% of CFOs believing this is not the right time to add balance sheet-related risks, compared with 12% who disagree. UK CFOs believe there is an average 22% chance that at least one country will leave the single currency in the next 12 months, the lowest share since the question was added to the survey in Q4 2011.
Asia/Pacific
The Chinese economy grew 7.8% in 2012 the countrys slowest rate of growth since 1999. Clearly, the economy started to turn around in the fourth quarter when growth was 7.9%; this was the first time in seven quarters that growth was faster than in the previous quarter. Although the very high level of government-driven investment is not seen as sustainable, most analysts expect economic growth in 2013 to exceed that of 2012 and ultimately there remains plenty of headroom for consumer spending to grow. The Indian economy expanded by only 5.3% in Q2 fiscal 20122013, though several indicators suggest growth may have bottomed at near decade lows. Inflation remains high, leaving the central bank reluctant to cut interest rates too soon. Despite the generally positive outlook for coming quarters, fairly modest GDP growth going forward is likely. In Australia, CFOs became net positive regarding their companys financial prospects in Q4, compared to Q3, with one third expressing greater confidence in their outlook. Over 50% of CFOs surveyed identified falling interest rates as having boosted their confidence. Still, the outlook for acquisitions continued to deteriorate, with only 38% expressing interest in M&A activity over the next 12 months.
North America
In the US, net optimism (the difference between the percentage of CFOs expressing increasing and decreasing optimism) continued to decline from 0 in Q2 2012, to -16 in Q3 to -21 in Q4, while in Canada it dropped from over 40 in Q2 and Q3 to -6 in Q4. Potential adverse effects of the fiscal cliff, regarded as the most worrisome risk for CFOs in Q4, exceeded global economic stagnation and the European sovereign debt crisis, both of which were of greater concern in Q3. Employment expectations remained dismal in Q4 with domestic hiring expected to increase by only 1.0% during the quarter. While slightly higher than the 0.6% posted in Q3, 28% of CFOs now expect to reduce employment, a new survey high.
11
Contacts
Deloitte
Tom Pernodd Partner, Deloitte Financial Advisory tpernodd@deloitte.se 075-246 30 60 Peter Ekberg Partner, Deloitte Audit pekberg@deloitte.se 075-246 30 54 Jan Bckman Partner, Deloitte Consulting jbackman@deloitte.se 075-246 26 89 Lars Franck Partner, Deloitte Tax lfranck@deloitte.se 075-246 21 26
SEB
Johan Lindgren Credit Strategist Credit Strategy, Trading Strategy, SEB johan.y.lindgren@seb.se 08-506 231 64 Daniel Bergvall Economist Economic Research, SEB daniel.bergvall@seb.se 08-763 85 94
SEB is a leading Nordic financial services group. As a relationship bank, SEB in Sweden and the Baltic countries offers financial advice and a wide range of other financial services. In Denmark, Finland, Norway and Germany the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in its presence in some 20 countries worldwide. On December 31, 2012, the Group's total assets amounted to SEK 2,453 billion while its assets under management totalled SEK 1,328 billion. The Group has about 16,500 employees. Read more about SEB at www.sebgroup.com.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte has in the region of 200,000 professionals, all committed to becoming the standard of excellence. 2013 Deloitte AB