January – March 2014 April 23, 2014

» Report presentation «

financial overview

2

January – March 2014

• Revenue increased by 15 percent to SEK 281.8 million (244.0)

• Profit after tax increased by 37 percent to SEK 78.1 million (57.1)

• EPS before dilution were up by 37 percent to SEK 0.45 (0.33)

• High level of activity in the Nordic markets –

the number of trades was up by 17 percent

• More than 400,000 savers on Nordnet’s

platform, with more than 500,000 accounts

• Build-out of sales force in occupational

pension on the Swedish market

events Q1 3

customers and accounts

accounts/customer (Q1 2014): 1.24

4

12M: 30,600 / 8% 12M: 44,900 / 10%

0

100 000

200 000

300 000

400 000

500 000

600 000

Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

Active customers Active accounts

0,0

1,0

2,0

3,0

4,0

5,0

6,0

0

20

40

60

80

100

120

140

160

Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

ne

t sa

vin

gs

savin

gs

ca

pita

l

Net savings Savings capital

savings capital and net savings (SEK billion)

5

0,0

2,0

4,0

6,0

8,0

10,0

12,0

14,0

16,0

0

20

40

60

80

100

120

140

160

2009 2010 2011 2012 2013

ne

t sa

vin

gs

savin

gs

ca

pita

l Net savings Savings capital

quarter 5 year overview

net savings 12M: SEK 8.9 billion

3 055 2 841 2 871

3 531

3 075 3 283

3 677

4 134

0

500

1 000

1 500

2 000

2 500

3 000

3 500

4 000

4 500

Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

trades (thousands)

6

12M: 14,168

lending (SEK billion)

7

2,9 2,9 2,9 3,2 3,0 3,1 3,3 3,5

1,7 1,7 1,8 1,9 2,0 2,0

2,1 2,2

0,0

1,0

2,0

3,0

4,0

5,0

6,0

Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

Margin lending Private loans

revenue development (SEK million)

8

operating income 12M: SEK 989 million

132 126 126 119 120 120 124 120

81 79 77 101 91 100

111 127

21 8

25

24 28

23

29 34

0

50

100

150

200

250

300

Q2 12 Q3 12 Q412 Q113 Q213 Q313 Q4 13 Q1 14

Net interest income Net commission income Other income

cost development (SEK million incl. credit losses)

9

12M: SEK 708 million

181 179 179 174 170 171

180 186

0

20

40

60

80

100

120

140

160

180

200

Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

operating profit (SEK million)

10

operating profit 12M: SEK 319 million

53

33

49

70 68 72

84

95

0%

5%

10%

15%

20%

25%

30%

35%

40%

0

20

40

60

80

100

120

Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14

Operating profit Operating margin

72,8

3,2

12,7

6,6

SE NO DK FI

nordnet in the nordics (Q1, 2014)

savings capital (billion SEK)

revenue (msek) operating profit (msek)

customers

44% 48%

39% 24%

81

15

16

33

SE NO DK FI

211 800

58 100

32 800

101 400

SE NO DK FI

172,1 33,0

35,5

41,2

SE NO DK FI

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income statement (SEK million)

12

3 months 3 months 12 m rolling 12 months

Consolidated Income Statement (SEK million) Jan-Mar 2014 Jan-Mar 2013 Apr-Mar 2014 Jan-Dec 2013

Net interest income 120.4 118.9 483.9 482.4

Net commission income 127.1 101.3 429.1 403.3

Other income 34.3 23.8 113.8 103.2

Total operating income 281.8 244.0 1,026.7 989.0

General administrative expenses -146.0 -136.3 -559.5 -549.8

Depeciation and amortization -17.4 -15.9 -68.0 -66.5

Other operating expenses -12.2 -10.8 -41.3 -39.9

Total operating expenses -175.6 -163.1 -668.8 -656.2

Profit before credit losses 106.1 80.9 358.0 332.8

Net credit losses -10.8 -10.5 -39.1 -38.8

Operating profit 95.3 70.4 318.9 294.0

Tax on profit for the period -17.2 -13.3 -64.0 -38.8

Profit for the period 78.1 57.1 254.9 233.8

Earnings per share before dilution 0.45 0.33 1.46 1.34

balance sheet (SEK million)

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Consolidated Statement of Financial Position (SEK million) 31/03/2014 31/03/2013 31/12/2013

Loans to credit institutions 1,010.4 1,017.8 967.6

Loans to the public 5,989.6 5,302.9 5,455.5

Financial assets 9,390.1 5,934.5 7,645.7

Financial assets - policy holders bearing the risk 25,419.7 20,907.4 23,764.9

Tangible and intangible assets 483.2 489.4 480.7

Current tax assets 2.7 5.4 99.9

Other assets 1,386.3 866.3 1,141.0

Prepaid expenses and accrued income 173.1 116.1 138.9

Total assets 43,855.0 34,639.7 39,694.2

Deposits and borrowing by the public 13,442.2 10,330.7 12,898.6

Liabilit ies to policyholders 25,420.4 20,908.0 23,765.6

Other liabilit ies 3,281.9 1,839.9 1,404.7

Shareholders' equity 1,706.3 1,561.2 1,621.0

Non-controlling interest 4.1 - 4.4

Total equtity 1,710.4 1,561.2 1,625.4

Total liabilities and equity 43,855.0 34,639.7 39,694.2

capital coverage (SEK million)

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Capital requirements for the financial conglomerate (SEK million) 31/03/2014 31/03/2013 31/12/2013

Total equity, Group 1,710.4 1,561.2 1,625.4

Less, profit that hav e not been subject to audit -78.1 -57.1 -

Plus subordinated liablities 140.6 175.7 175.7

Less expected div idend for current year -148.8 -122.5 -148.8

Less intangible fixed assets and deferred tax receiv ables -447.6 -457.2 -447.4

Capital base 1,176.5 1,100.1 1,205.0

Capital requirement for regulated units within the banking and securities sector 592.8 510.3 549.2

Theoretical solv ency requirement for non-regulated units in the largest financial sector 0.7 0.6 0.8

Capital requirement for regulated units within the insurance sector 32.6 32.2 32.5

Capital requirement 626.0 543.1 582.6

Capital surplus 550.5 557.0 622.4

Capital coverage ratio 1.88 2.03 2.07

looking ahead

• Social investing

• Focus on occupational pensions in the Swedish market

• Analytics & Innovation

• Continue to change and improve conditions for private

savers

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nordnet.se/no/dk/fi

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