Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1): N/A
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7): N/A
This Report on Form 6-K, including the exhibits hereto, is hereby
incorporated by reference, in its entirety, into the registration statement on Form F-3 (File No. 333-249829) of
Aktiebolaget Svensk Exportkredit (publ) (“SEK”).
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: February 1, 2023
|
|
|
|
AB Svensk
Exportkredit (publ) |
|
|
|
(Swedish Export Credit Corporation) |
|
|
|
By: |
/s/ Magnus Montan |
|
|
|
|
|
Magnus Montan, Chief Executive Officer |
|
AB
Svensk Exportkredit Swedish Export Credit Corporation |
January–December 2022
(Compared to the period January-December 2021)
| ● | Net interest income Skr 2,179 million
(2021: Skr 1,907 million) |
| ● | Operating profit Skr 1,471 million
(2021: Skr 1,305 million) |
| ● | Net profit Skr 1,166 million (2021:
Skr 1,034 million) |
| ● | New lending Skr 133.2 billion (2021:
Skr 77.0 billion) |
| ● | New green lending Skr 7.4 billion
(2021: Skr 11.5 billion) |
| ● | New green borrowing Skr 9.0 billion (2021: Skr 6.1 billion) |
| ● | Basic and diluted earnings per
share Skr 292 (2021: Skr 259) |
| ● | After-tax return on equity 5.5
percent (2021: 5.1 percent) |
October–December 2022
(Compared to the period October-December 2021)
| ● | Net interest income Skr 648 million
(4Q21: Skr 482 million) |
| ● | Operating profit Skr 621 million
(4Q21: Skr 300 million) |
| ● | Net profit Skr 491 million (4Q21:
Skr 236 million) |
| ● | New lending Skr 34.8 billion (4Q21:
Skr 26.6 billion) |
| ● | New green lending1 Skr
0.3 billion (4Q21: –) |
| ● | New green borrowing Skr –
billion (4Q21: –) |
| ● | Basic and diluted earnings per
share Skr 123 (4Q21: Skr 59) |
| ● | After-tax return on equity 9.2
percent (4Q21: 4.6 percent) |
Equity and balances
(Compared to December 31, 2021)
| ● | Total capital ratio 20.6 percent
(year-end 2021: 21.6 percent) |
| ● | Total assets Skr 375.5 billion
(year-end 2021: Skr 333.6 billion) |
| ● | Loans, outstanding and undisbursed
Skr 348.8 billion (year-end 2021: Skr 291.1 billion) |
| ● | Proposed ordinary dividend Skr
233 billion (year-end 2021: Skr 414 billion) |
| 1 | New key performance indicator to which there is no comparative historical information. |
Strong
growth during a challenging year
SEK
has maintained a strong business flow during the year, including in the fourth quarter. New lending in the fourth quarter
amounted to Skr 34.8 billion, and Skr 133.2 billion for the full year, which was the highest ever new lending volume in the space of
one year. This was achieved during an eventful and challenging year.
At
the beginning of the year, we were still in an economic upturn. The recovery following the pandemic was rapid. However,
Russia’s invasion of Ukraine changed that situation. The war led to substantial human suffering, streams of refugees and
geopolitical concern. The war and the remaining effects from the COVID-19 pandemic resulted in deteriorated conditions for the
Swedish export industry, such as increased transportation and fuel prices, supply chain disruptions, reduced purchasing
power, high inflation and a reduced risk appetite in the capital markets as a result of these factors. Consequently, the growth
scenario has changed towards a downturn scenario.
The
continued Russian war in Ukraine resulted in challenging markets for corporate bonds and high demand for financing from SEK in
the fourth quarter. This demonstrates the importance of our mission to finance the Swedish export industry and the transition to a low-carbon economy.
We
posted profitability of 9.2 percent during the fourth quarter, reflecting a year-on-year increase of 4.6 percentage points. The
increase was driven by very strong net interest income. Net interest income for the quarter totaled Skr 648 million, reflecting
an increase of 34 percent year-on-year. We also posted net profit of Skr 491 million for the quarter, reflecting a year-on-year
increase of 108 percent.
The
high volatility in the financial markets during the year increased the effects that unrealized value changes of financial
instruments had on net profit. The net results of financial transactions are neutral over time, but during the fourth quarter there
was a positive effect on net profit from net results of financial transactions of Skr 223 million.
For
the full year, we posted profitability of 5.5 percent and a net profit of Skr 1,166 million. This reflected a year-on-year increase
of 0.4 percentage points or Skr 132 million.
The
company’s strong results were partly due to a substantial increase in working capital financing to Swedish exporters as well
as major export credits to exporters’ foreign customers. We have also witnessed higher lending to clients in the defense
industry. During the fourth quarter, one of the transactions we financed in Sweden was the co-financing of the Kölvallen wind
farm comprising 60 wind turbines located in Ljusdal Municipality. Financing of projects that contribute to climate transition is an
important part of SEK’s offering. The share of green assets in the loan portfolio increased from 7.5 percent to 9.5 percent
year on-year. We continue to develop our offerings, skills and working methods to increase the share of green assets.
Our
focus on increasing the client portfolio and offering more companies access to Sweden’s export credit system has been highly
successful. The number of clients increased 14 percent during the year following a very strong growth in the client base during
the fourth quarter.
In
order to meet the increased demand for financing, SEK, in the fourth quarter, issued a EUR 1 billion five-year fixed-rate bond
and a USD 1.75 billion three-year fixed-rate bond. The latter comprised the largest borrowing transaction SEK has completed since
April 2020.
We
enter 2023 well capitalized and with high liquidity to continue to meet Sweden’s export industry’s financing needs,
even during highly uncertain times with highly volatile financial markets and reduced market liquidity.
|
|
|
Magnus Montan Chief Executive Officer |
Record-high
growth in client base and lending volumes
Global
uncertainty continued to dominate during the fourth quarter. Russia’s war in Ukraine showed no signs of coming to an end.
Capital market volumes remained at lower levels than usual and demand for SEK’s financial solutions was unusually high.
SEK’s mission to provide financing to Sweden’s export industry becomes increasingly important in times of great uncertainty.
This was particularly noticeable during the year as demand increased for a number of the company’s offerings compared to
the preceding year.
SEK
achieved a new lending volume during the fourth quarter of Skr 34.8 billion and Skr 133.2 billion during the full year, reflecting
an increase of 31 percent compared to the previous quarter and 73 percent compared to the full-year 2021. This is the highest new
lending volume in the history of the company and can only be compared to the new lending volumes achieved in 2009 (the financial
crisis) and 2020 (the COVID-19 pandemic). The company achieved a 15 percent growth in 2022 with regard to the total lending
portfolio.
The
high level of new lending was primarily the result of high demand for working capital finance from large and medium-sized Swedish
exporters, but also from increased demand for major export credits. Particulary, demand for financing from the defense industry
has shown a sharp rise. While the share of new green lending declined year-on-year, SEK’s ambition of being a force in the
transition to a low-carbon economy remains firm.
Among
other transactions in Sweden, SEK co-financed the Kölvallen wind farm comprising 60 wind turbines located in Ljusdal Municipality.
SEK’s
focus on increasing the client portfolio and offering more companies access to Sweden’s export credit system has been highly
successful. The number of clients increased 14 percent during the year compared to the full-year 2021, exceeding the company’s
ambitious target of a 10 percent increase.
SEK’s
new lending |
Skr
bn |
Jan-Dec
2022 |
Jan-Dec
2021 |
Lending
to Swedish exporters1 |
50.3 |
25.1 |
Lending
to exporters’ customers2 |
82.9 |
51.9 |
Total |
133.2 |
77.0 |
of
which green lending |
6% |
15% |
of
which CIRR-loans |
22% |
15% |
1 Of
which Skr 6.2 billion (year-end 2021: Skr 2.6 billion) had not been disbursed at period
end.
2 Of
which Skr 28.6 billion (year-end 2021: Skr 18.6 billion) had not been disbursed at period end. |
High
borrowing volume meets record-high lending
The
high uncertainty in international capital markets continued throughout the fourth quarter. Russia’s war in Ukraine, the
remaining effects from the COVID-19 pandemic in the form of deficient supply chains, sharply rising energy prices and historically
high inflation across much of the world are elements of concern that have led to the risk appetite in international capital markets
remaining lower than usual. Demand for financing from SEK from the Swedish export industry increased as a result of these circumstances.
SEK
is highly regarded in the global markets and increased its borrowing volume in the fourth quarter, with challenging
market conditions. SEK has therefore been able to meet the increased demand for financing and remain a stable and secure financing
partner for Sweden’s export industry.
SEK
has raised borrowings, with maturities exceeding one year, of Skr 32.8 billion during the fourth quarter and a total of Skr 88.5
billion during the full-year 2022.
During
the quarter, the company issued a EUR 1 billion five-year fixed-rate bond and a USD 1.75 billion three-year fixed-rate bond. The
latter of these was the largest borrowing transaction SEK had completed since April 2020.
The
company therefore has high liquidity for new lending and is well prepared to meet the future financing needs of Sweden’s
export industry, even during these highly uncertain times with highly volatile financial markets and reduced market liquidity.
SEK’s
borrowing |
Skr
bn |
Jan-Dec
2022 |
Jan-Dec
2021 |
New
long-term borrowing |
88.5 |
81.1 |
New
short-term borrowing |
71.3 |
6.4 |
New
green borrowing |
9.0 |
6.1 |
Outstanding
senior debt |
326.3 |
295.0 |
Repurchase
and redemption of own debt |
2.5 |
1.5 |
January-December
2022
Operating
profit amounted to Skr 1,471 million (2021: Skr 1,305 million). Net profit amounted to Skr 1,166 million (2021: Skr 1,034 million).
The higher net profit compared to the previous year was primarily the result of a Skr 272 million higher net interest income. The
difference between the years was reduced by increased expenses and increased provisions for expected credit losses in 2022.
Net
interest income
Net
interest income amounted to Skr 2,179 million (2021: Skr 1,907 million), representing an increase of 14 percent compared to the
previous year. During the year, a high new lending rate, rising interest rates in Swedish kronor and a weaker Swedish krona contributed
to higher interest income. On January 1, 2022, a new risk tax on credit institutions was introduced in Sweden. Net interest income
was negatively affected by the risk tax amounting to Skr 109 million.
The
table below shows average interest-bearing assets and liabilities.
Skr
bn, average |
Jan-Dec
2022 |
Jan-Dec
2021 |
Change |
Total
lending portfolio |
255.3 |
234.5 |
9% |
Liquidity
investments |
72.1 |
63.5 |
14% |
Interest-bearing
assets |
338.0 |
314.2 |
8% |
Interest-bearing
liabilities |
310.6 |
291.2 |
7% |
Net
results of financial transactions
Net
results of financial transactions amounted to Skr 69 million (2021: Skr 56 million). The year has been volatile with large movement
in the financial markets. The results were mainly attributable to unrealized value changes of financial instruments from cross-currency
basis spreads, increased credit spreads in the liquidity portfolio and increased interest rates.
Operating
expenses
Operating
expenses amounted to Skr -712 million (2021: Skr -670 million), an increase of 6 percent compared to the same period in the previous
year. The increase in operating expenses is mainly due to increased personnel and depreciation costs. A provision of Skr 7 million
was made for the individual variable remuneration program (2021: –).
Net
credit losses
Net
credit losses amounted to Skr -34 million (2021: Skr 41 million). Net credit losses were mainly attributable to increased
provisions for expected credit losses for exposures in stage 1 and stage 3, offset by recovered credit losses, as well as decreased
provisions for expected credit losses for exposures in stage 2.
SEK’s
IFRS 9 model is based on a business cycle parameter. The business cycle parameter reflects the general risk of default in each
probability of default (PD) segment and should reflect the general risk of default in the economy. Due to the current macroeconomic
uncertainty,
SEK has made an overall adjustment according to management’s assessment, see Note 4.
Loss
allowances as of December 31, 2022, amounted to Skr -223 million compared to Skr -164 million as of December 31, 2021, of which
exposures in stage 3 amounted to Skr -70 million (year-end 2021: Skr -48 million).
The
provision ratio amounted to 0.06 percent (year-end 2021: 0.06 percent).
Taxes
Tax
costs amounted to Skr -305 million (2021: Skr -271 million), and the effective tax rate amounted to 20.7 percent (2021: 20.8 percent).
Other
comprehensive income (OCI)
Other
comprehensive income before tax amounted to Skr 20 million (2021: Skr 0 million). The outcome is explained by a positive result
related to the changes in own credit risk due to increased credit spreads, as well as a positive result related to the revaluation
of defined benefit plans that were affected by a higher discount rate, offset in part by unrealized losses incurred from derivatives
in cash flow hedging due to rising interest rates.
October-December
2022
Operating
profit for the fourth quarter amounted to Skr 621 million (4Q21: Skr 300 million). Net profit amounted to Skr 491 million (4Q21:
Skr 236 million). The higher net profit compared to the same period in the previous year was mainly explained by higher net results
of financial transactions and higher net interest income.
Net
interest income
Net
interest income amounted to Skr 648 million (4Q21: Skr 482 million), representing an increase of 34 percent compared to the same
period in the previous year. A high new lending rate during the year and higher interest rates in Swedish kronor contributed to
higher interest income during the quarter. Net interest income was negatively affected by the new risk tax amounting to Skr 28
million.
The
table below shows average interest-bearing assets and liabilities.
Skr
bn, average |
Oct-Dec
2022 |
Oct-Dec
2021 |
Change |
Total
lending portfolio |
274.5 |
233.0 |
18% |
Liquidity
investments |
76.1 |
64.2 |
19% |
Interest-bearing
assets |
364.1 |
308.2 |
18% |
Interest-bearing
liabilities |
334.6 |
291.2 |
15% |
Net
results of financial transactions
Net
results of financial transactions amounted to Skr 223 million (4Q21: Skr 41 million). The financial markets were volatile during
the period and characterized by substantial movement. The results were mainly attributable to unrealized value changes of financial
instruments from cross-currency basis spreads.
Operating
expenses
Operating
expenses amounted to Skr -229 million (4Q21: Skr -208 million), representing an increase of 10 percent compared to the same period
in the previous year. The increase in operating expenses was mainly due to increased personnel costs. A provision of Skr 1 million
was made for the individual variable remuneration program (4Q21: –).
Net
credit losses
Net
credit losses amounted to Skr -12 million (4Q21: Skr -9 million). Net credit losses were mainly attributable to increased provisions
for expected credit losses for exposures in stage 3.
SEK’s
IFRS 9 model is based on a business cycle parameter. The business cycle parameter reflects the general risk of default in each
probability of default (PD) segment and should reflect the general risk of default in the economy. Due to the current macroeconomic
uncertainty, SEK has made an overall adjustment according to management’s assessment, see Note 4.
Taxes
Tax
costs amounted to Skr -130 million (4Q21: Skr -64 million), and the effective tax rate amounted to 20.9 percent (4Q21: 21.3 percent).
Other
comprehensive income (OCI)
Other
comprehensive income before tax amounted to Skr 7 million (4Q21: Skr -10 million). The outcome is explained by a positive result
related to the changes in own credit risk due to increased credit spreads, offset in part by incurred unrealized losses from derivatives
in cash flow hedging due to rising interest rates.
Statement
of Financial Position
Total
assets and liquidity investments
Total
assets increased by 13 percent compared to the end of 2021. The company’s increased customer lending, together with
a weaker Swedish krona, drove the increase in the company’s assets.
Skr
bn |
December
31,
2022 |
December
31,
2021 |
Change |
Total
assets |
375.5 |
333.6 |
13% |
Liquidity
investments |
76.3 |
67.9 |
12% |
Total
lending portfolio |
273.4 |
237.2 |
15% |
of
which green |
25.9 |
18.0 |
44% |
of
which CIRR-loans |
94.2 |
87.9 |
7% |
SEK’s
total net exposures, after risk mitigation, amounted to Skr 438.2 billion as of December 31, 2022 (year-end 2021: Skr 372.5 billion).
Credit exposures have increased to central governments and corporates, which is mainly due to new lending in the form of larger
export credits that are guaranteed by EKN as well as increased lending to Swedish exporters.
Liabilities
and equity
As
of December 31, 2022, the aggregate volume of available funds and shareholders’ equity exceeded the aggregate volume of
loans outstanding and loans committed at all maturities. SEK considers all of its outstanding commitments to be covered through
maturity.
SEK
has a credit facility in place with the Swedish National Debt Office of up to Skr 175 billion. The credit facility can be utilized
when the Swedish export industry’s demand for financing is particularly high.
Capital
adequacy
As
of December 31, 2022, SEK’s total own funds amounted to Skr 20.8 billion (year-end 2021: Skr 19.9 billion). The total capital
ratio was 20.6 percent (year-end 2021: 21.6 percent), representing a margin of 4.1 percentage points above SEK’s estimate
of Finansinspektionen’s (the “Swedish FSA”) requirement of 16.5 percent as of December 31, 2022. The corresponding
Common Equity Tier 1 capital estimated requirement was 11.4 percent. Given that SEK’s own funds are comprised solely of
Common Equity Tier 1 capital, this total capital ratio represents a margin of 9.2 percentage points above the requirement. Overall,
SEK is strongly capitalized and has healthy liquidity.
Percent |
December
31,
2022 |
December
31,
2021 |
Common
Equity Tier 1 capital ratio |
20.6 |
21.6 |
Tier
1 capital ratio |
20.6 |
21.6 |
Total
capital ratio |
20.6 |
21.6 |
Leverage
ratio |
8.4 |
9.3 |
Liquidity
coverage ratio (LCR) |
311 |
463 |
Net
stable funding ratio (NSFR) |
119 |
139 |
Rating
|
Skr |
Foreign
currency |
Moody’s |
Aa1/Stable |
Aa1/Stable |
Standard
& Poor’s |
AA+/Stable |
AA+/Stable |
Dividend
The
Board of Directors has resolved to propose the payment of a dividend of 20 percent of the year’s profit at the company’s
annual general meeting, corresponding to Skr 233 million (2021: Skr 414 million), which is in line with the company’s dividend
policy of 20-40 percent.
Other
events
At
SEK’s annual general meeting on March 24, 2022, Lars Linder-Aronson stepped down from his position as Chairman of the Board
of Directors of SEK (the “Board”) and Lennart Jacobsen was elected as new Chairman of the Board. Hans Larsson stepped
down from his position as member of the Board, and three new members were elected: Håkan Berg, Katarina Ljungqvist and Paula
da Silva. A resolution was passed at the annual general meeting to adopt the income statement and balance sheet in SEK’s
Annual and Sustainability Report 2021, and to appropriate distributable funds pursuant to the Board’s proposal.
SEK’s
Deputy CEO Per Åkerlind has retired and no new Deputy CEO will be appointed.
During
the year, the roles as Head of Sustainability, Chief Information Officer, Head of Human Resources and Head of International Finance
were filled. During the fourth quarter, SEK’s Chief Risk Officer left the company. His successor takes up the position in
January 2023.
Risk
factors and the macro environment
Various
risks arise as part of SEK’s operations, including primarily credit risks, but also market, liquidity, refinancing, operational
and sustainability risks. For a more detailed description of these risks, refer to the separate risk report Capital Adequacy and
Risk Management Report Pillar 3 2021 and the Risk and Capital Management section in SEK’s 2021 Annual and Sustainability
Report.
According
to Statistics Sweden, Sweden’s GDP increased by 0.6 percent in the third quarter of 2022 compared to the previous quarter.
Exports rose 0.5 percent. The unemployment rate amounted to 7.0 percent at the end of the third quarter of 2022, down 0.7 percentage
points compared to the second quarter of 2022. The rate of inflation was 9.5 percent in November 2022, which represented an increase
from October 2022 when the rate of inflation was 9.3 percent. The inflation rate is increasing significantly due to sharply rising
food and energy prices. The Riksbank (Sweden’s Central Bank) has raised the repo rate on four occasions in 2022 by a total of
250 basis points and further hikes to the repo rate are expected.
A
continued high, and partly rising, inflation gives rise to expectations of continued interest rate hikes. A higher repo rate positively
impacts SEK’s net interest income. The company anticipates that higher market interest rates will have a limited impact
on its clients and, therefore, a limited indirect impact on SEK.
SEK
believes that there is a higher-than-normal level of risk factors in the financial markets that affect the company. SEK believes
that information security threats, particularly cyber security, have increased, as a consequence of Sweden supporting Ukraine.
Russia’s war in Ukraine is fueling inflation and the overall likelihood of a recession has increased. The war has little
direct financial impact on SEK. The company has very low lending in Russia and no lending in Ukraine or Belarus. However, the
high level of uncertainty may have a more long-term effect on SEK’s customers and, therefore, on SEK.
The
western world has gradually escalated sanctions against Russia and continues to support Ukraine with military and protective equipment,
and contributes direct economic support to Ukraine’s armed forces. The long-term humanitarian and socioeconomic effects
of Russia’s war in Ukraine are expected to be significant and the prevailing geopolitical security tension occasioned by
the conflict could continue for a long time.
There
is still some increase in the spread of COVID-19. Despite this, the number of lockdowns due to COVID-19 is decreasing and SEK
therefore sees some reduction in the probability of disruptions in supply chains resulting from COVID-19.
Financial
targets
Profitability
target |
A
return on equity after tax of at least 5 percent. |
Dividend
policy |
Payment
of an ordinary dividend of 20-40 percent of the profit for the year. |
Capital
target |
SEK’s
total capital ratio is to exceed the Swedish FSA’s requirement by 2 to 4 percentage points and SEK’s Common Equity
Tier 1 capital ratio is to exceed the Swedish FSA’s requirement by at least 4 percentage points. Currently, the capital
targets mean that the total capital ratio should amount to 18.5-20.5 percent and the Common Equity Tier 1 capital ratio should
amount to 15.4 percent, based on SEK’s estimation of the Swedish FSA’s requirements as of December 31, 2022. |
Key
performance indicators (unaudited)
Skr
mn (if not otherwise indicated) |
Oct-Dec
2022 |
Jul-Sep
2022 |
Oct-Dec
2021 |
Jan-Dec
2022 |
Jan-Dec
2021 |
New
lending |
34,774 |
28,628 |
26,565 |
133,181 |
76,988 |
of
which to Swedish exporters |
11,873 |
10,912 |
8,520 |
50,307 |
25,075 |
of
which to exporters’ customers |
22,901 |
17,716 |
18,045 |
82,874 |
51,913 |
of
which green as a percentage of new lending1 |
1% |
2% |
– |
6% |
15% |
of
which CIRR-loans as a percentage of new lending |
20% |
28% |
10% |
22% |
15% |
Total
lending portfolio |
273,448 |
275,638 |
237,224 |
273,448 |
237,224 |
of
which green |
9.5% |
9.1% |
7.5% |
9.5% |
7.5% |
of
which social |
0.4% |
0.2% |
– |
0.4% |
– |
of
which sustainability-linked |
2.1% |
1.4% |
0.5% |
2.1% |
0.5% |
Loans,
outstanding and undisbursed |
348,817 |
350,984 |
291,095 |
348,817 |
291,095 |
|
|
|
|
|
|
Customer
growth1 |
6% |
3% |
– |
14% |
11% |
|
|
|
|
|
|
New
long-term borrowings |
32,778 |
25,677 |
19,100 |
88,472 |
81,103 |
New
short-term borrowings |
33,663 |
6,372 |
3,777 |
71,338 |
6,409 |
New
green borrowings |
– |
– |
– |
9,001 |
6,100 |
Outstanding
senior debt |
326,270 |
343,007 |
295,000 |
326,270 |
295,000 |
|
|
|
|
|
|
After-tax
return on equity |
9.2% |
7.4% |
4.6% |
5.5% |
5.1% |
Proposed
ordinary dividend |
– |
– |
– |
233 |
414 |
|
|
|
|
|
|
Common
Equity Tier 1 capital ratio |
20.6% |
20.0% |
21.6% |
20.6% |
21.6% |
Tier
1 capital ratio |
20.6% |
20.0% |
21.6% |
20.6% |
21.6% |
Total
capital ratio |
20.6% |
20.0% |
21.6% |
20.6% |
21.6% |
Leverage
ratio |
8.4% |
8.4% |
9.3% |
8.4% |
9.3% |
Liquidity
coverage ratio (LCR) |
311% |
301% |
463% |
311% |
463% |
Net
stable funding ratio (NSFR) |
119% |
122% |
139% |
119% |
139% |
Risk
exposure amount |
100,926 |
102,416 |
92,140 |
100,926 |
92,140 |
1 New
key performance indicators to which there is no comparative historical information. |
See
definitions on page 31.
Condensed
Consolidated Statement of Comprehensive Income (unaudited)
Skr
mn |
Note |
Oct-Dec
2022 |
Jul-Sep
2022 |
Oct-Dec
2021 |
Jan-Dec
2022 |
Jan-Dec
2021 |
Interest
income |
|
3,124 |
1,926 |
703 |
6,729 |
2,719 |
Interest
expenses |
|
-2,476 |
-1,385 |
-221 |
-4,550 |
-812 |
Net
interest income |
2 |
648 |
541 |
482 |
2,179 |
1,907 |
|
|
|
|
|
|
|
Net
fee and commission expense |
|
-9 |
-7 |
-6 |
-31 |
-29 |
Net
results of financial transactions |
3 |
223 |
108 |
41 |
69 |
56 |
Total
operating income |
|
862 |
642 |
517 |
2,217 |
1,934 |
|
|
|
|
|
|
|
Personnel
expenses |
|
-123 |
-85 |
-96 |
-402 |
-359 |
Other
administrative expenses |
|
-56 |
-48 |
-66 |
-216 |
-231 |
Depreciation
and impairment of non-financial assets |
|
-50 |
-15 |
-46 |
-94 |
-80 |
Total
operating expenses |
|
-229 |
-148 |
-208 |
-712 |
-670 |
|
|
|
|
|
|
|
Operating
profit before credit losses |
|
633 |
494 |
309 |
1,505 |
1,264 |
|
|
|
|
|
|
|
Net
credit losses |
4 |
-12 |
-5 |
-9 |
-34 |
41 |
Operating
profit |
|
621 |
489 |
300 |
1,471 |
1,305 |
|
|
|
|
|
|
|
Tax
expenses |
|
-130 |
-101 |
-64 |
-305 |
-271 |
Net
profit1 |
|
491 |
388 |
236 |
1,166 |
1,034 |
|
|
|
|
|
|
|
Other
comprehensive income related to: |
|
|
|
|
|
|
Items
to be reclassified to profit or loss |
|
|
|
|
|
|
Derivatives
in cash flow hedges |
|
-7 |
-115 |
– |
-122 |
– |
Tax
on items to be reclassified to profit or loss |
|
1 |
24 |
– |
25 |
– |
Net
items to be reclassified to profit or loss |
|
-6 |
-91 |
– |
-97 |
– |
Items
not to be reclassified to profit or loss |
|
|
|
|
|
|
Own
credit risk |
|
15 |
20 |
7 |
99 |
-24 |
Revaluation
of defined benefit plans |
|
-1 |
-2 |
-17 |
43 |
24 |
Tax
on items not to be reclassified to profit or loss |
|
-3 |
-3 |
2 |
-30 |
0 |
Net
items not to be reclassified to profit or loss |
|
11 |
15 |
-8 |
112 |
0 |
|
|
|
|
|
|
|
Total
other comprehensive income |
|
5 |
-76 |
-8 |
15 |
0 |
|
|
|
|
|
|
|
Total
comprehensive income1 |
|
496 |
312 |
228 |
1,181 |
1,034 |
|
|
|
|
|
|
|
Skr |
|
|
|
|
|
|
Basic
and diluted earnings per share2 |
|
123 |
97 |
59 |
292 |
259 |
1 The
entire profit is attributable to the shareholder of the Parent Company.
2 Net
profit divided by average number of shares, which amounts to 3,990,000 for each period. |
Year-end Report 2022 | Page 10 of 29 |
Consolidated
Statement of Financial Position (unaudited)
Skr
mn |
Note |
December
31,
2022 |
December
31,
2021 |
Assets |
|
|
|
Cash
and cash equivalents |
5 |
4,060 |
11,128 |
Treasuries/government
bonds |
5 |
15,048 |
10,872 |
Other
interest-bearing securities except loans |
5 |
57,144 |
45,881 |
Loans
in the form of interest-bearing securities |
4,
5 |
54,257 |
46,578 |
Loans
to credit institutions |
4,
5 |
22,145 |
20,775 |
Loans
to the public |
4,
5 |
207,737 |
180,288 |
Derivatives |
5,
6 |
10,304 |
8,419 |
Tangible
and intangible assets |
|
307 |
331 |
Deferred
tax asset |
|
25 |
11 |
Other
assets |
|
285 |
7,451 |
Prepaid
expenses and accrued revenues |
|
4,162 |
1,913 |
Total
assets |
|
375,474 |
333,647 |
|
|
|
|
Liabilities
and equity |
|
|
|
Borrowing
from credit institutions |
5 |
7,153 |
5,230 |
Borrowing
from the public |
5 |
– |
10,000 |
Debt
securities issued |
5 |
319,117 |
279,770 |
Derivatives |
5,
6 |
13,187 |
14,729 |
Other
liabilities |
|
10,242 |
1,167 |
Accrued
expenses and prepaid revenues |
|
4,172 |
1,875 |
Provisions |
|
28 |
68 |
Total
liabilities |
|
353,899 |
312,839 |
|
|
|
|
Share
capital |
|
3,990 |
3,990 |
Reserves |
|
-114 |
-129 |
Retained
earnings |
|
17,699 |
16,947 |
Total
equity |
|
21,575 |
20,808 |
|
|
|
|
Total
liabilities and equity |
|
375,474 |
333,647 |
Year-end Report 2022 | Page 11 of 29 |
Condensed
Consolidated Statement of Changes in Equity (unaudited)
Skr
mn |
Equity
|
Share
capital |
Reserves |
Retained
earnings |
Hedge
reserve |
Own
credit
risk |
Defined
benefit plans |
Opening
balance of equity January 1, 2021 |
20,064 |
3,990 |
– |
-84 |
-45 |
16,203 |
Net
profit Jan-Dec 2021 |
1,034 |
|
|
|
|
1,034 |
Other
comprehensive income Jan-Dec 2021 |
0 |
|
|
-18 |
18 |
|
Total
comprehensive income Jan-Dec 2021 |
1,034 |
– |
– |
-18 |
18 |
1,034 |
Dividend |
-290 |
|
|
|
|
-290 |
Closing
balance of equity December 31, 20211 |
20,808 |
3,990 |
– |
-102 |
-27 |
16,947 |
|
|
|
|
|
|
|
Opening
balance of equity January 1, 2022 |
20,808 |
3,990 |
– |
-102 |
-27 |
16,947 |
Net
profit Jan-Dec 2022 |
1,166 |
|
|
|
|
1,166 |
Other
comprehensive income Jan-Dec 2022 |
15 |
|
-97 |
79 |
33 |
|
Total
comprehensive income Jan-Dec 2022 |
1,181 |
– |
-97 |
79 |
33 |
1,166 |
Dividend |
-414 |
|
|
|
|
-414 |
Closing
balance of equity December 31, 20221 |
21,575 |
3,990 |
-97 |
-23 |
6 |
17,699 |
1 The
entire equity is attributable to the shareholder of the Parent Company. |
Year-end Report 2022 | Page 12 of 29 |
Condensed
Statement of Cash Flows in the Consolidated Group (unaudited)
Skr
mn |
Jan-Dec
2022 |
Jan-Dec
2021 |
Operating
activities |
|
|
Operating
profit |
1,471 |
1,305 |
Adjustments
for non-cash items in operating profit |
329 |
69 |
Income
tax paid |
-420 |
-263 |
Changes
in assets and liabilities from operating activities |
-29,617 |
19,464 |
Cash
flow from operating activities |
28,237 |
20,575 |
|
|
|
Investing
activities |
|
|
Capital
expenditures |
-70 |
-242 |
Cash
flow from investing activities |
-70 |
-242 |
|
|
|
Financing
activities |
|
|
Change
in senior debt |
10,793 |
-10,958 |
Derivatives,
net |
9,770 |
-1,523 |
Dividend
paid |
-414 |
-290 |
Payment
of lease liability |
-23 |
-24 |
Cash
flow from financing activities |
20,126 |
-12,795 |
|
|
|
Cash
flow for the period |
-8,181 |
7,538 |
|
|
|
Cash
and cash equivalents at beginning of the period |
11,128 |
3,362 |
Cash
flow for the period |
-8,181 |
7,538 |
Exchange-rate
differences on cash and cash equivalents |
1,113 |
228 |
Cash
and cash equivalents at end of the period1 |
4,060 |
11,128 |
1 Cash
and cash equivalents include, in this context, cash at banks that can be immediately converted into cash and short-term deposits
for which the time to maturity does not exceed three months from trade date. |
Year-end Report 2022 | Page 13 of 29 |
Notes