Interim report January-June 2007

Interim report January-June 2007

New unique user-friendly web site

Financial development for the first half year
• Revenues increased by 12% to SEK 394.2 (350.5) million 
• Profit decreased by 3% to SEK 124.5 (128.0) million
• Profit per share decreased by 4% to SEK 0.75 (0.78)
• Profit before tax decreased by 2% to SEK 176.0 (178.9) million

Financial development for the second quarter
• Revenues increased by 7% to SEK 188.7 (176.5) million 
• Profit decreased by 10% to SEK 55.1 (61.5) million
• Profit per share decreased by 11% to SEK 0.33 (0.37)
• Profit before tax decreased by 9% to SEK 78.3 (85.8) million

Business development
• Number of accounts increased by 23% to 167,300 (135,900)*
• Assets in deposits increased by 39% to SEK 57.3 (41.5) billion*
• Number of trades per day increased by 8% to 36,600 (33,900)*
• Assets in deposits for mutual funds increased by 62% to SEK 6.5 (4.0) billion*
• Assets in deposits for Nordnet Pension increased by 137% to SEK 5.8 (2.5)
billion* 
• New web site was launched on Nordnet's six markets


* In comparison with the same period 2006
CEO's comment"The new website is fantastic"*

Thanks to our award-winning services our clients can save smarter. We offer very
low fees and maximum freedom of choice with services and information that helps
the clients to manage their savings.

Recently, we launched our new website, with revolutionizing simplicity and
user-friendliness it gives our clients even better possibilities to save
smarter. One of the most important competitive advantages is to offer the best
website on the market - and that is what we are doing.

It´s going well for Nordnet. We are showing strong growth while showing good
profits. During the first six months of 2007 we grew by 17,800 new accounts,
which corresponds to a 12% growth, which is close to our target of a 25% growth
for the year. Insurance and pension savings, as well as savings in mutual funds,
are increasing strongly. Cash deposits and lending are increasing as well. This
means that our revenues, besides commission income from transactions, have had a
very positive development. This has decreased the risk level in the business and
increased the cost coverage ratio. Operating costs is developing according to
plan. Business development is intense and we are rolling out more of our
services on our markets. During the second half of the year, the launch of new
services will continue at a high pace and we will also expand our sales
resources. For 2008 our growth possibilities will therefore be stronger than
ever and account growth has then the possibility to outpace the current target
of 25% annually. 

Profit development compared to last year has not been as good as the business
development. There are several reasons for this. The increased growth in Finland
and Germany and the pressure on commissions in the Nordic market have caused the
average revenue per trade to fall. Operating costs have increased due to
business expansion for future growth. Price pressure in the financial sector is
continuing. Our efforts to grow will lead to higher volumes at low marginal
costs which will compensate for lower margins.

Let me conclude by quoting some of our clients that have commented on the new
web site:

“It looks like your not only following the development in user-friendliness -
you are leading it!”*
“The new web site is fantastic!”*
“This is great… Thanks. Easy and logical navigation. Better overview of my
account!*
“I just want to tell you that the new design and features are wonderful! You
have really succeeded!”*


Set your money free!
Klas Danielsson


*Quotations from clients that have commented on the new web site.