Sampo Oyj · OMXHEX:SAMPO
Sampo Oyj — Investor Day (June 2011)
84 slides from Sampo Oyj's investor day presentation, Jun 1, 2011
Slide 1: CMD Agenda, 1 June 2011
CMD Agenda, 1 June 2011 11.30 - 12.30 Registration and Buffet lunch 12.30 - 12.45 Welcome - Kari Stadigh, Group CEO and President 12.45 - 13.15 Peter Johansson, Group CFO 13.15 - 13.45 Torbjörn Magnusson, Head of P&C Insurance 13.45 - 14.15 Coffee Break 14.15 - 14.45 CFO Fredrik Rystedt, Nordea Bank
Slide 2: Capital Market Day London 1 June 2011
Capital Market Day London 1 June 2011 Kari Stadigh, Group CEO and President
Slide 3: Keys to Sampo Group
Keys to Sampo Group • Shareholder value • Economies of scale • No surprises • Dividend stock • Market leadership 2
Slide 4: Sampo Group today – market cap EUR 12 bn
Sampo Group today – market cap EUR 12 bn 100% 21.3% 100% Sampo plc Nordea Mandatum Life (parent company) • The largest Nordic • Leading life & pension MARKET • The largest Pan-Nordic P&C insurer, second insurer in Finland, POSITION financial services group with Baltic operations largest in the Balti
Slide 5: If is the leading Nordic P&C insurer
If is the leading Nordic P&C insurer Norway • Market share 26% • Premiums EUR 1,496 million in 2010 • Combined Ratio 92.1% in 2010 Finland • Market share 25% • Premiums EUR 886 million in 2010 • Combined Ratio 90.4% in 2010 Sweden •Market share 19% • Premiums EUR 1,314 million in 2010 • Combined Rat
Slide 6: Nordea's result has remained stable throughout the financial crisis
Nordea’s result has remained stable throughout the financial crisis EURm 1,200 Operating profit by quarters Q1/2007 – Q1/2011 900 600 1,078 1,071 1,003 978 960 932 895 885 883 878 847 833 832 818 781 730 592 300 0 5
Slide 7: Strong reported profits in Q1/2011
Strong reported profits in Q1/2011 EURm 387 Q1/2010 Q1/2011 300 287 221 152 125 124 100 36 44 2 -30 -100 If P&C Mandatum Nordea Holding*) Sampo Group Life *) excl. Nordea 6
Slide 8: Capital Market Day London 1 June 2011
Capital Market Day London 1 June 2011 Kari Stadigh, Group CEO and President
Slide 9: Capital Market Day London 1 June 2011
Capital Market Day London 1 June 2011 CFO Peter Johansson
Slide 10: Sampo Group benefiting from well-diversified businesses
Sampo Group benefiting from well-diversified businesses 2
Slide 11: Sampo Group capitalization
Sampo Group capitalization Internal Treatment Current Regulatory Treatment EURm Internal Treatment ≈ S II 9,000 8,432 • Sampo is measuring Risk Capital Liability side adjustment, needed by Economic Capital tools If and Mandatum Life 1,099 • By nature SII framework is similar 7,500 to EC techniques,
Slide 12: IF – the largest and well-diversified Nordic P&C insurer
IF – the largest and well-diversified Nordic P&C insurer P&C market shares, % Country volatility in combined ratio NORWAY 2010 Gjensidige 28% FINLAND 2010 If 26% Pohjola 28% Tryg 17% If 25% Sparebank 1 10% Tapiola 19% Fennia 10% SWEDEN 2010 Länsförsäkringar 29% If 19% If - Total If Sweden If Norway
Slide 13: Sampo Group with a well-diversified business portfolio
Sampo Group with a well-diversified business portfolio Nordea Group level diversification – Geographical diversification, strong – Correlations between reported retail franchise profits (*) create futher stability – Diversified earnings base: banking, at Group level transaction services, asset manag
Slide 14: If P&C generating strong and stable results
If P&C generating strong and stable results
Slide 15: If P&C - strong profits based on market leadership
If P&C - strong profits based on market leadership Other comprehensive income items EURm Q1/11 Q1/10 EURm Foreign exchange differences Pre-tax-profit 221 125 Profit before taxes Profit for the period 162 92 1,500 Exchange differences 2 83 Profit for the period Other compr. inc. items -73 133 1,200 1
Slide 16: If P&C investments
If P&C investments Investment allocation March 31, 2011 Total EUR 11.7bn Mark-to-Market investment returns Real Estate Private Equity 1 % 14 % 12.4% 0.3 % Money Market Equities 6% 11 % 13 % 9% 7.4% 5.8% 6% 4.3% 4.4% 4% 2.6% 1% -2 % -4 % -3.1% Bonds 2004 2005 2006 2007 2008 2009 2010 80 % Duration 1.
Slide 17: Mandatum Life with a strong solvency position
Mandatum Life with a strong solvency position
Slide 18: Mandatum Life profit development
Mandatum Life profit development Profit before taxes Comprehensive income EURm 495 500 342 332 295 286 250 140 121 142 80 0 EURm Q1/11 Q1/10 Pre-tax-profit 44 36 -250 Comprehensive income 13 133 -378 -500 2006 2007 2008 2009 2010 10
Slide 19: Mandatum Life investments
Mandatum Life investments Investment allocation March 31, 2011 Total EUR 5.8bn Mark-to-Market investment returns Real Estate Other 3% 3% Money Market 20 % 16.8% Private Equity 11 % 4.7 % 15 % 12.0% 11.1% 9.7% 10 % 8.3% 5.0% 5% Equities 0% 27 % -5 % -10 % -7.8% Bonds 2004 2005 2006 2007 2008 2009 201
Slide 20: Sampo plc with a reasonable funding and solid dividends
Sampo plc with a reasonable funding and solid dividends
Slide 21: Sampo plc debt profile as of 30 April 2011
Sampo plc debt profile as of 30 April 2011 Issued Debt Instruments Swap Book Value Coupon Net Margin Current Maturity Senior Bond 750 EURm EUR3M + 4,0565% 749 6,3390 % 4,0565 % 5,3365 % 12.4.2012 Senior Bond SEK 1,750m EUR3M + 1,7638% 195 STIBOR3M 1,7638 % 2,9402 % 16.9.2011 Senior Bond 300 EURm EUR
Slide 22: Dividends received by Sampo plc
Dividends received by Sampo plc EURm 1,600 1,406 1,400 75 1,200 300 1,000 ~850 800 754 744 35 250 200 568 204 600 490 511 1,031 80 100 400 141 130 200 100 519 200 488 540 500** 249 181 0 2005 2006 2007 2008 2009 2010 2011 If Mandatum Life Banking* *) Sampo Bank 2005-2006, Nordea 2007-2009 **) expect
Slide 23: Capital Market Day London 1 June 2011
Capital Market Day London 1 June 2011 CFO Peter Johansson
Slide 24: P&C developments
P&C developments Torbjörn Magnusson, CEO of If P&C
Slide 25: Performance update, Nordic P&C market, Underwriting excellence
– Performance update – The Nordic P&C market – Underwriting excellence and business initiatives 2
Slide 26: Highlights Q1 2011
Highlights Q1 2011 • Strong financial performance well in line with long-term targets • Very stable results vs. peers • Positive volume development • Continued focus on business initiatives Combined ratio Operating result (MEUR) GWP growth excl. currency effects (quarter on quarter growth) 98.2% 221
Slide 27: Results by Business Area
Results by Business Area Private Commercial 99.6% 97.6% 96 7% 96.7% 94.0% 93.5% 93.0% 3M-10 2010 3M-11 3M-10 2010 3M-11 Industrial Baltic & Russia 99.7% 98.6% 94.0% 93.4% 91.5% 90.6% 3M-10 2010 3M-11 3M-10 2010 3M-11 4
Slide 28: Performance over time
Performance over time Gross Written Premiums (MEUR) 4 019 4 085 4 057 4 189 3 962 3 888 2005 2006 2007 2008 2009 2010 Cost ratio Combined ratio 91.8% 92.1% 92.8% 90.5% 89.9% 90.6% 24.3% 24.0% 23.7% 23.7% 24.1% 23.7% 23.4% 2005 2006 2007 2008* 2009 2010 Q1-11 2005 2006 2007 2008 2009 2010 * Cost rati
Slide 29: Performance update, Nordic P&C market, Underwriting excellence
– Performance update – The Nordic P&C market – Underwriting excellence and business initiatives 6
Slide 30: Market growth and profitability
Market growth and profitability Market GWP 2010 (BnEUR) Average CoR – Leading P&C companies 100% Sweden 6.4 98% 96% 94% Denmark* 6.2 92% 90% Norway 5.4 88% 86% 84% Finland 34 3.4 82% 80% 2005 2006 2007 2008 2009 2010 Sweden Norway Finland Denmark * GWP based on figures for 2009 Average exchange rate
Slide 31: New Nordic competitive landscape
New Nordic competitive landscape Nordic market shares, % If 19 31 Other 12 Tryg P hj l Pohjola 5 9 6 Gjensidige Topdanmark 8 9 RSA Scandinavia Länsförsäkringar Total market premium 2009: BnEUR 20 Estimated market shares based on reported GWP in relation to premiums for Nordic insurance market 2009.
Slide 32: If key ratios in Danish P&C adjusted for Topdanmark
If key ratios in Danish P&C adjusted for investment/holding in Topdanmark K ratios Key ti If Denmark D k If Denmark D k pro fforma** Market share 5.0% 8.9% Combined ratio 101.3% 98.0% p Expense ratio 20.6% % 18.4% % • If holds 21 21.23% 23% of the shares in Topdanmark as of May 23 23, 2011 • Average
Slide 33: Highly consolidated and efficient P&C market
Highly consolidated and efficient P&C market Industry consolidation Expense ratios 2010 7% 17% 21% 17% 17% 18% If 40% 37% Nordics* Nordics Zurich 93% Generali 83% 79% 83% 83% 82% 60% 63% AXA RSA Allianz 2002 2010 2002 2010 2002 2010 2002 2009 Aviva 0% 5% 10% 15% 20% 25% 30% 35% Total market share –
Slide 34: Turbulence in the Nordic insurance market
Turbulence in the Nordic insurance market 11
Slide 35: Combined ratio targets and results
Combined ratio targets and results Company Combined ratio targets Outcome 2010 If <95% 92.8% Tryg Group 90% (medium term) 98.8% 90-93% Gjensidige 95.3% (new targets, previously <97%) Alm Brand Alm. 95% 98 2% 98.2% Topdanmark 91% 93.3% Pohjola (Operating ratio) 89-94% 89.7% Source: Annual reports, co
Slide 36: Solvency ratio
Solvency ratio Solvency ratio for selected Nordic P&C companies (Calculated according to If’s solvency ratio principles) 190% 2008 174% 2009 2010 157% 145% 146% 127% 106% 104%102% 77% 79% 72% 66% 62% 61% 44% 46% 32% % If Topdanmark Tryg Gjensidige LF Folksam Source: Annual reports 13
Slide 37: Performance update, Nordic P&C market, Underwriting excellence
– Performance update – The Nordic P&C market – Underwriting excellence and business initiatives 14
Slide 38: Underwriting excellence
Underwriting excellence If P&C’s long term Quarterly y combined ratios over time financial targets 100% Combined ratio 95% < 95 % 90% 85% Return on Equity 80% > 17.5 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 - 05 - 05 - 05 - 05 - 06 - 06 - 06 - 06 - 07 - 07 - 07 -
Slide 39: Strong diversification benefits
Strong diversification benefits Standard deviation of quarterly combined ratios* (%-points) Sources of diversification If 2.6% • Markets/segments Gjensidige 5.3% • Large claims Pohjola 5.6% • Weather effects / Events TopDK 5.6% Tryg 5.7% 0% 1% 2% 3% 4% 5% 6% * Average combined ratio calculated based
Slide 40: Strong underwriting and risk control
Strong underwriting and risk control S&P upgraded If’s Enterprise Risk Management (ERM) grade to Strong Some examples of ERM-rating: The decision was based on If’s Excellent No companies • Strong underwriting control Strong If, AXA, If AXA Hannover Re, Re Munich • G d risk Good i k controll Re, RSA
Slide 41: If well positioned for Solvency II
If well positioned for Solvency II Capital base in relation to NWP (Q4 2010) 79% 71% 58% 34% 17% Solvency I Capital requirement - QIS 5 (Solvency II) S&P - diversified Actual Solvency / Regulatory "internal model" requirements) target capital ratio requirements i requirements 18
Slide 42: Leveraging on Nordic synergies
Leveraging on Nordic synergies Expense ratio improvements 19 5% 19.5% • Economy off scale E l through th h unrivalled i ll d 19.0% critical mass on a Nordic basis 18.5% • Centralized IT and support functions 18 0% 18.0% • Capacity to invest: 17.5% • Automation of claims process 17.0% 16 5% 16.5% • N
Slide 43: Successful car brand partnership efforts continues
Successful car brand partnership efforts continues If market share and total new passenger If volume development Volkswagen Group car registration Denmark, objects Sweden (VGS), objects 40,000 160,000 5.6% 6% 35,000 140,000 , 4.7% 4 3% 4.3% 5% 30,000 120,000 100,000 4% 25,000 80,000 3% 20,000 60,000
Slide 44: Internet is an integrated part of our service model
Internet is an integrated part of our service model Customer value in sales, service and claims Sales partner ntres Internnet Service ms er Claim Call cen Alliance p Othe 21
Slide 45: Increased service through online sales and claims
Increased service through online sales and claims If online Nordic sales BA Private, objects If share of total claims reported online BA Private 50% 120,000 45% 40% 100,000 35% 80,000 30% 25% 60,000 20% 40,000 15% 10% 20,000 5% 0 0% 2008 2009 2010 Sweden Norway Denmark Finland Total 2008 2009 2010 2
Slide 46: Selective growth in healthcare segment
Selective growth in healthcare segment Development private healthcare policies Danish If premium private healthcare Denmark, market, objects portfolio DKK KDKK 1,200,000 100 000 100,000 1,000,000 80,000 800,000 60,000 600,000 40,000 400 000 400,000 200,000 20,000 0 0 2003 2004 2005 2006 2007 2008 20
Slide 47: If's superior claims handling is the key message in our advertising concept
If’s superior claims handling is the key message in our advertising concept • Customers who have had a claim are the most satisfied ones • The average score from our customers who have had a claim is 4.5 (on a scale of 1–5) • Approx. 60% of all claims in BA Private are settled within 24 hours • “Tru
Slide 48: Relax, we'll help you.
Relax, we'll help you. if 25
Slide 49: Sampo Capital Markets Day June 2011
S Sampo Capital C it l Markets M k t DDay 1 June 2011 Fredrik Rystedt Group CFO / EVP
Slide 50: Disclaimer
Di l i Disclaimer This presentation contains forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Although Nordea believes that the expectations reflected in such forward forward-looking looking statements are r
Slide 51: Solid first quarter results
Solid first quarter results 3
Slide 52: Strong start of the year – record level income
S Strong start off the h year – record d llevell income i Total income, EURm Continued strengthening of 2 507 2 510 relationships 2 359 2 363 2 279 2 277 2 303 More ancillary income 2 158 2 161 Strong business momentum Stable net interest income Net fee and commission income remains strong
Slide 53: Expenses down Q-o-Q
E Expenses down d Q-o-Q Q Q Total expenses, EURm Expenses down 6%, adjusted for FX and one-off gain in 4Q10 1 270 1 265 1 219 1 186 1 196 Currency effect of 4% y-o-y 1 164 1 116 1 090 1 087 Number of staff up 2% y-o-y yoy Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 5
Slide 54: Net loan losses on low levels and further improved credit quality
Nett lloan llosses on low N l levels l l and d further f th improved credit quality Net loan losses, EURm 22bps¹ – in line with expected losses over a business cycle 425 EUR 67m from Amagerbanken 356 358 347 – Danish deposit system provision i i 261 245 Write-backs in the Baltic 207 22bps¹ 166
Slide 55: Solid capital position
S lid capital Solid it l position iti Risk-Weighted Risk Weighted Assets (RWA), EURbn RWA excl excl. transition rules down 215 214 1.8% driven by 198 179 185 182 RWA optimisation activities Improved credit quality Lower volumes in international Q1/10 Q4/10 Q1/11 network Transition rules Full
Slide 56: The Nordea platform – strong starting point
The Nordea platform – strong starting point 8
Slide 57: Relationship strategy delivers…
R l i Relationship hi strategy delivers… d li Household Corporate New European Markets New Markets Move existing customers up to Increase market Continue successful relationship segments share with largest organic growth path Attract new customers customers in Poland to relationship segments
Slide 58: … and is designed to meet the New Normal challenges
… and is designed to meet the New Normal challenges It enables Great Customer experiences Safety and stability Generates “Someone Someone who cares” cares more income Full range of advice High efficiency in service Enables capital and funding efficiency Minimizes Full customer balance shee
Slide 59: Taking the distribution model to the next level
To refine T fi the th household h h ld relationship l ti hi banking, b ki we are taking our distribution model to the next level • New branch format where advice and transactions are separated • Advisoryy branches = focus on high g qualityy advice • Service branches = focus on high efficiency and se
Slide 60: …with high customer acquisition
…with high customer acquisition Net increase HH Gold, Gold Premium & PB Customers 80 000 179,975 70 000 60 000 133,269 117,571 50 000 39,141 40 000 30 000 20 000 10 000 0 Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- 08 08 08 08 09 09 09 09 10 10 10 10 11 Fionia 12
Slide 61: Strengthened corporate relationship banking with enhanced offerings
Strengthened St th d corporate t relationship l ti hi banking b ki with ith enhanced service and product offerings SRM capacities for CMB and Large segments Debt capital markets (DCM) activities Equities and Corporate finance offering Further strengthening of Capital Markets activities to co
Slide 62: Improved relationships drives ancillary business
I Improved d relationships l ti hi drives di ancillary ill business b i CMB Sweden “lead Revenues, EURm Lending, EURbn relationships” %¹ 339 43 298 43 31 31 2008 2010 Q1 2010 Q1 2011 2008 2010 Leading corporate relationship bank in 3 of the 4 Nordic markets 14 ¹ Greenwich study
Slide 63: The platform is being upgraded
Th platform The l f is i being b i upgraded d d Infrastructure Product Distribution & platforms capabilities Integrated New customer PB IT infrastructure savings acquisition (PB, Gold) • NTP offering Household • New IBM contract Branch network focus Multi- on advice not manual • Finance processes ch
Slide 64: What the platform and relationship strategy deliver
Wh the What h platform l f and d relationship l i hi strategy deliver d li Increased customer acknowledgement Improved market positions Productivity and efficiency Low risk Strong financials 16
Slide 65: Increased customer acknowledgement and improved market positions
Increased customer acknowledgement and improved market positions Total Group CSI CSI gap to peers Position in Prospera equity 71 8 71.8 ranking Nordic avg. ranking, avg 3.0 5 70.6 12 06 -0.6 2007 2010 2007 2010 2006 2010 Household lending market share Private Banking, market share AuM, growth 2007-2
Slide 66: Improved productivity and efficiency ratios
Productivit y I Improved d productivity d ti it and d efficiency ffi i ratios ti Business volumes¹/FTE, EURm Income/customer, EURm 20,7 221 219 20,2 19,6 207 207 18,6 18,9 203 205 201 200 200 17,6 17,8 16 3 16,3 16 8 16,8 Q1/09 Q2/09 Q3/09 Q4/09 Q1/10 Q2/10 Q3/10 Q4/10 Q1/11 Q1/09 Q2/09 Q3/09 Q4/09
Slide 67: RAP: We are well on track
RAP W RAP: We are well ll on track t k Risk-adjusted profit, 2007-2011 Q1 52.3% 38.7% Q107 Q207 Q307 Q407 Q108 Q208 Q308 Q408 Q109 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111 Rol l i ng f our quar t er compar ed wi t h FY 2006 E UR 1 1, 957m Long-t er m t ar get f or aver age y ear l y gr owt h 19
Slide 68: ROE: We are delivering
ROE We ROE: W are delivering d li i Adjusted¹ Return on Equity 2007-2010 19 1 19,1 17,6 14,8 14,1 11,3 11,3 9,7 9,3 7,6 22 2,2 2 2007 2008 2009 2010 Average 2007-2010 Nordea Average Nordic peers ¹ To be comparable RoE is adjusted for one-offs 20 ² Nordic peers as per Q3: Danske Bank, DnB NOR, SEB, S
Slide 69: TSR: We are delivering
21 % -100 100 -90 -80 -70 -60 -50 -40 30 -30 -20 -10 0 10 20 30 RBS TSR: Dexia TSR W Com mmerzbank Lloyds 2007 – 27 May, 2011 Unicredit KBC Socie ete Generale d li Intessa Sanpaolo i Barclays We are delivering Cre edit Agricole Danske Bank BBVA SEB Swedbank Erste Bank Santander BNP Paribas B Nordea
Slide 70: Adapting to New Normal
22 Nordea @ Adapting to New Normal
Slide 71: Changed environment – higher raw material costs
Ch Changed d environment i t – higher hi h raw material t i l costs t Core Tier 1 capital ratio (excl. Hybrids), % Increased capital p requirements… q 10,7 7,5 2007 Q1 2011 Li idit b Liquidity buffer, ff EURb EURbn …as as well as liquidity buffer 56 23 2007 Q1 2011 Average g bond maturity, y, years
Slide 72: Nordea's ambition is to be top-league in ROE
Nordea’s ambition is to be top-league in ROE… European banks ROE 20 % 18 % 16 % 14 % 12 % 10 % 8% 6% 4% 2% 0% Retail Wholesale Global banks banks banks 15% is top- 24 league Note: Peers according to BoAML, April 12 2011
Slide 73: …and we are committed to take necessary steps
…and we are committed to take necessary steps Key elements Improve our RWA • Develop new and RWA efficient product solutions efficiency • Optimize our RWA processes and methods • Tactically manage our RWAs Ticket to grow in the New Normal Improve overall • Continued focus on efficiency across value
Slide 74: Balance sheet management – pressure on a bank's balance sheet
Balance B l sheet h t managementt – the th pressure on a bank’s balance sheet increases dramatically Efficient Efficient management of management of liquidity funding Regulators Shareholders Efficient Efficient management of management of assets / income sources capital 26
Slide 75: Asset efficiency
A Asset t efficiency ffi i Negative effect from new regulations is expected to be offset by: Advanced IRB Efficiency gains - optimise use of RWA Mitigation actions – less capital intensive solutions RWA efficiency initiatives covering processes, data and methodologies Focus on capital-li
Slide 76: Equity efficiency
E it efficiency Equity ffi i Liabilities and equity Strong equity generation gives flexibility Regulation key, but not decisive Deposits Optimisation of capital structure and wholesale funding Tier 1 and tier 2 capital C C CoCos Core tier 1 capital => > Minimising Mi i i i total t t l average
Slide 77: Funding efficiency
F di efficiency Funding ffi i Focus areas for funding and business efficiency: Efficient use of diversified funding base for various issues Use of covered bonds for matching of asset types Pricing of liquidity cost and risk Matching between behavioural maturities of assets and liabilities
Slide 78: Cost efficiency
C t efficiency Cost ffi i Adjust group initiatives to mainly support efficiency and profitability Level of cost increase will be reduced during 2H2011¹ Continuing g into 2012 30 ¹ In local currencies
Slide 79: New organisation - focus on momentum and efficiency
New organisation N i ti - focus f on momentum t and d efficiency Three main Business Areas Retail Banking Wholesale Banking Wealth Management All parts of value chains to be incorporated Objective to improve efficiency efficiency, increase RoE and deepen customer relationship 31
Slide 80: Key messages
Key messages Strong St business b i momentum t continues ti Strong gpplatform and relationship p strategy gy delivers Taking Nordea into New Normal Maintain business momentum and focus on returns Capital efficiency Cost efficiency RoE R E 32
Slide 81: Sampo Capital Markets Day June 2011
Sampo Capital S C it l Markets M k t D Day 1 June 2011 F d ik Rystedt Fredrik R t dt Group CFO / EVP
Slide 82: Capital Market Day London 1 June 2011
Capital Market Day London 1 June 2011 Björn Wahlroos, Chairman of the Board
Slide 83: GDP - Annual growth rate and projections for 2011/2012
GDP - Annual growth rate and projections for 2011/2012,% 6 5 4 3 2 1 0 -1 -2 USA Denmark -3 -4 Finland Norway -5 Sweden Euro area -6 -7 -8 -9 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E2012E Source: OECD Economic Outlook Dec , 2010 2
Slide 84: Capital Market Day London 1 June 2011
Capital Market Day London 1 June 2011 Björn Wahlroos, Chairman of the Board