STOCKHOLM, Sweden, Aug. 13, 2004 (PRIMEZONE) -- Skandia:
Comparisons excluding discontinued operations
SECOND QUARTER
- Sales rose 23% (12%) in local currency, to SEK 23.4 billion.
- New sales of unit linked assurance rose 6% (5%) in local currency.
- The result before tax (according to Swedish GAAP) improved to SEK 349 million (-11).
- Result and return measurements according to the embedded value method:
-- The result of operations was SEK 774 million (671).
-- The operating result was SEK 538 million (1,034).
-- The calculated profit margin for new sales of unit linked assurance
was 17.8%, compared with 16.5% for the first quarter of 2004.
- Cash flow from operating activities was SEK -0.3 billion, compared with SEK -1.1 billion for the first quarter of 2004.
FIRST HALF OF 2004 -- Sales and funds under management:
-- Sales rose 35% (8%) in local currency, to SEK 48.7 billion.
-- New sales of unit linked assurance rose 13% (-2%) in local currency.
-- Funds under management increased to SEK 361 billion (SEK 309 billion
at the start of the year).
- The market position has strengthened in many markets. In Sweden the market position has weakened, however. A comprehensive review of operations is under way (see p. 6).
- Result according to Swedish GAAP:
-- The result before tax increased to SEK 642 million (61). -- Earnings per share were SEK 0.54 (-0.05).
- Result and return measurements according to the embedded value method:
-- The result of operations was SEK 1,610 million (1,102).
-- The operating result increased to SEK 1,855 million (1,262).
-- The calculated profit margin for new sales of unit linked assurance
was 17.2%. The profit margin for the full-year 2003, recalculated
to new assumptions, was 19.6%. Markets with below-average profit
margins showed stronger growth (see section C).
-- The operational return on net asset value before tax for unit linked
assurance increased to 11.7%, compared with 11.3% for the full-year
2003 (excluding one-time effects).
- As previously disclosed, cash flow from operating activities was charged with one-time payments of SEK 0.8 billion and amounted to SEK -1.4 billion (-1.0).
- The group's financial position strengthened:
-- Net asset value rose 8% to SEK 32.8 billion.
-- Shareholders' equity increased by 11% to SEK 17.0 billion.
-- Borrowings decreased to SEK 3.3 billion (SEK 4.0 billion at the
start of the year).
-- The sale of If was completed on 6 May 2004, entailing a liquidity
improvement of SEK 4.5 billion.
FIRST HALF OF 2004 Including discontinued operations
In 2004 discontinued operations pertain to the Japanese operation, while in 2003 they also pertain to the US operation and the banking operation in Switzerland.
- Sales through June amounted to SEK 48,742 million (47,815), of which discontinued operations accounted for -- (SEK 11,896 million).
- The result after tax (according to Swedish GAAP) was SEK 1,384 million (84). The result includes SEK 833 million (87) in items affecting comparability and the result for discontinued operations. The gain on the sale of the Japanese operation was SEK 833 million.
- Earnings per share were SEK 1.35 (0.08).
For further information on this interim report, please contact: Jan Erik Back, Chief Financial Officer, tel. +46-8-788 3720 Harry Vos, Head of Investor Relations, tel. +46-8-788 3643
For information on disputes under section F, please contact: Bjorn Bjornsson, Vice Chairman, tel. +46-8-788 25 00
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The full report is available for download:
http://www.waymaker.net/bitonline/2004/08/13/20040812BIT21770/wkr0010.pdf