Interim Report -
First Half 2010
Contents
Financial Review
Group Financial Highlights 3
Summary 4
Financial Review 6
Financial Statements
Income Statement 11
Statement of Comprehensive Income 11
Balance Sheet 12
Holdings in Subsidiaries and Associates etc 13
Group Financial Highlights - Quarterly 14
Group Financial Highlights - Half-yearly 15
Capital 16
Cash Flow Statement 18
Segment Statements 19
Notes 20
Management Statement 30
Supplementary Information 31
Group Financial Highlights
1H 1H Index Full year
2010 2009 10/09 2009
Income statement (DKKm)
Core income excl trading income 1,660 1,641 101 3,320
Trading income 726 641 113 1,266
Total core income 2,386 2,282 105 4,586
Costs, core earnings 1,281 1,288 99 2,466
Core earnings before impairment 1,105 994 111 2,120
Impairment of loans and advances etc 633 565 112 1,195
Core earnings 472 429 110 925
Profit on investment portfolios 124 211 59 430
Profit before non-recurring items 596 640 93 1,355
Non-recurring items, net - - - 86
Profit before contribution to Private Contingency Association
etc 596 640 93 1,441
Contribution to Private Contingency Association etc 261 214 122 443
Profit before tax 335 426 79 998
Tax 84 107 79 217
Profit for the period 251 319 79 781
Balance sheet highlights (DKKbn)
Loans and advances at amortised cost 74.1 75.6 98 74.5
Loans and advances at fair value 6.6 12.9 51 12.9
Deposits and other debt 64.9 71.6 91 68.8
Bonds issued at amortised cost 8.6 10.1 85 8.6
Subordinated capital 3.1 3.5 89 3.1
Shareholders' equity 9.4 7.5 125 9.1
Total assets 154.4 160.1 96 157.8
Financial ratios per share (DKK per share of DKK 10)
EPS Basic ** 3.4 5.0 11.7
EPS Diluted ** 3.4 5.0 11.7
Share price at end of period 124.8 122.3 133.8
Book value 127.5 116.2 124.1
Share price/book value 0.98 1.05 1.08
Average number of shares outstanding (millions) 73.7 63.6 66.9
Other financial ratios and key figures
Solvency ratio 15.7 13.8 15.2
Core capital ratio 13.5 11.4 13.1
Pre-tax profit as % of average shareholders' equity ** 3.6 5.8 12.3
Post-tax profit as % of average shareholders' equity ** 2.7 4.4 9.6
Costs (core earnings) as % of core income 53.7 56.4 53.8
Interest rate risk 0.2 2.2 1.0
Foreign exchange position 1.5 3.4 1.1
Foreign exchange risk 0.0 0.1 0.0
Loans and advances relative to deposits * 1.0 1.0 1.0
Loans and advances relative to shareholders' equity * 7.9 10.1 8.2
Growth in loans and advances for the period * (0.6) (8.3) (9.6)
Excess cover relative to statutory liquidity requirements 96.8 106.8 94.4
Total large exposures 0.0 34.6 17.2
Accumulated impairment ratio excl PCA ** 2.1 1.3 1.7
Impairment ratio for the period excl PCA ** 0.77 0.63 1.34
Number of full-time staff at end of period 2,323 2,414 96 2,369
Financial ratios prepared according to “Recommendations & Financial Ratios
2010” published by the Danish Society of Financial Analysts.
* Financial ratios calculated on the basis of loans and advances at amortised
cost.
** Half-year ratios have not been converted to a full-year basis.
Summary
Considering the ongoing difficult economic situation, profit before tax of DKK
335m for the first six months of 2010 is considered satisfactory. Pre-tax
profit equals a return of 7.2% p.a. on average shareholders' equity.
The Interim Report is characterised by:
• 1% increase in core income excl trading income
• 13% rise in trading income
• Total core income of DKK 2,386m - an all-time high so far
• Unchanged level of costs (core earnings)
• Impairment of loans and advances of DKK 633m
• Profit on investment portfolios of DKK 124m
• Contribution of DKK 261m to the Private Contingency Association etc
• 2% reduction in bank loans and advances to DKK 74.1bn
• 9% decline in deposits to DKK 64.9bn
• Core capital ratio of 13.5%
• Solvency ratio of 15.7%.
Income statement - 1H (DKKm) 2010 2009
Core income excl trading income 1,660 1,641
Trading income 726 641
Total core income 2,386 2,282
Costs, core earnings 1,281 1,288
Core earnings before impairment 1,105 994
Impairment of loans and advances etc 633 565
Core earnings 472 429
Profit on investment portfolios 124 211
Profit before contribution to Private Contingency Association etc 596 640
Contribution to Private Contingency Association etc 261 214
Profit before tax 335 426
Tax 84 107
Profit for the period 251 319
Core earnings before impairment represent DKK 1,105m against DKK 994m in 1H
2009. The increase of DKK 111m consists of a rise in core income excl trading
income of DKK 19m, an increase in trading income of DKK 85m and a decline of
DKK 7m in costs (core earnings).
Core earnings before impairment are in the upper end of the range as announced
in the Interim Report for Q1 2010.
Impairment of loans and advances etc represents DKK 633m (1H 2009: DKK 565m).
Profit on investment portfolios amounts to DKK 124m and the expense to the
Private Contingency Association etc totals DKK 261m. Less a calculated tax
charge of DKK 84m, profit for the period stands at DKK 251m.
Profit for the period equals a return on average shareholders' equity of 5.4%
p.a. compared with 8.8% p.a. in 2009. Earnings per share stands at DKK 3.4
compared with DKK 5.0 in 2009.
The Group's solvency ratio stands at 15.7%, including a core capital ratio of
13.5 percentage points compared with 15.2% and 13.1 percentage points,
respectively, at end-2009. Since the beginning of the year the core capital
ratio excluding hybrid core capital has risen from 11.5% to 11.9%.
The Group's liquidity measured under the 15% and 10% statutory requirements
constitutes 33.8% and 19.7%, respectively, at 30 June 2010.
In 1H the number of Sydbank clients grew - a highly satisfactory trend. The
influx of new clients has doubled compared with previously. The rise in the
number of clients in 1H is equivalent to just under 2%.
The Group continues to project core earnings before impairment of loans and
advances in the region of DKK 1.9-2.1bn in 2010 - unchanged compared with
previous announcements.
Financial Review
Core income excl trading income
Total core income excl trading income grew by 1% to DKK 1,660m.
Core income excl trading income - 1H (DKKm) 2010 2009
Interest margins etc 1,381 1,378
Mortgage credit 110 109
Payment services 73 75
Remortgaging and loan fees 44 40
Other commission 42 28
Other operating income 10 11
Total 1,660 1,641
Due to a decline in bank loans and advances of 2% and in deposits of 9%
compared with one year ago, income from interest margins etc continues to show
significant robustness with a slight increase of DKK 3m to DKK 1,381m.
After a set-off of DKK 4m - triggered by a loss as regards the share guaranteed
by Sydbank in connection with the Totalkredit mortgage credit cooperation - net
income totals DKK 86m (2009: DKK 74m). The cooperation with DLR Kredit has
generated an income of DKK 19m (2009: DKK 31m). Total mortgage credit income
represents DKK 110m (2009: DKK 109m).
The remaining income components of core income excl trading income have gone up
by a total of 10% compared with 1H 2009.
Trading income
Total trading income rose by 13% - from DKK 641m in 2009 to DKK 726m in 2010.
The Group has seen a favourable development in demand from clients. Retail as
well as institutional segments have performed satisfactorily and the high level
of income in Q1 was maintained in these segments. The uncertainty surrounding
Southern European countries in Q2 has had an adverse impact on trading
portfolio income. The Group has not had positions in any of the Southern
European bond markets.
Trading income - 1H (DKKm) 2010 2009
Bonds 180 155
Shares 147 125
Foreign exchange 121 134
Money market 73 93
Asset management 205 134
Total 726 641
Costs and depreciation
The Group's total costs and depreciation recorded DKK 1,443m (2009: DKK
1,423m). DKK 5m is ascribable to investment portfolio earnings and DKK 157m
(2009: DKK 130m) to the Private Contingency Association etc.
Costs and depreciation - 1H (DKKm)
2010 2009
Staff costs 744 753
Other administrative expenses 512 484
Depreciation and impairment of property, plant and equipment 46 57
Other operating expenses 141 129
Total costs and depreciation 1,443 1,423
Distributed as follows:
Costs, core earnings 1,281 1,288
Costs, investment portfolio earnings 5 5
Costs, guarantee commission to the Private Contingency Association etc 157 130
Costs (core earnings) of DKK 1,281m decreased by DKK 7m compared with one year
ago. At end-1H 2010 the Group's staff numbered 2,323 (full-time equivalent)
compared with 2,414 at 30 June 2009. Five small branches were closed in 2010,
bringing the number of branches to 105 in Denmark and unchanged three in
Germany.
Core earnings before impairment of loans and advances
Core earnings before impairment of loans and advances represent DKK 1,105m - an
increase of DKK 111m or 11% compared with one year ago.
Impairment of loans and advances etc
Impairment of loans and advances constitutes DKK 633m (2009: DKK 565m). As at
30 June 2010 the impairment ratio (excl the provision for the Private
Contingency Association) relative to bank loans and advances represents 0.83%
and 0.72% relative to bank loans and advances and guarantees. At end-June
accumulated impairment and provisions (excl the provision of DKK 325m for the
Private Contingency Association) amount to DKK 1,767m, a rise of DKK 209m
compared with the beginning of the year.
Core earnings
Core earnings represent DKK 472m compared with DKK 429m in 2009.
Investment portfolio earnings
Less funding charges and less related costs of DKK 5m, investment portfolios
generated a profit of DKK 124m (2009: DKK 211m).
The Group's interest rate risk comprises DKK 19m at 30 June 2010. The Group's
exchange rate risk continues to be very low and its equity position is modest.
Contribution to the Private Contingency Association etc
Guarantee commission and the provision for the guarantee to the Private
Contingency Association amount to DKK 141m and DKK 104m, respectively,
totalling DKK 245m for the first six months of 2010. In addition DKK 16m has
been charged to income to cover the expected additional minimum payment to the
credit institution department (“Pengeinstitutafdelingen”) under the Guarantee
Fund for Depositors and Investors for the purpose of restoring the liquid
resources of the Fund's capital following the bankruptcy of Capinordic Bank.
Subsidiaries
The subsidiary bank, Sydbank (Schweiz) AG, which conducts private banking
activities in St. Gallen, Switzerland, recorded a profit after tax of DKK 4m
(2009: loss of DKK 6m). Ejendomsselskabet recorded a profit after tax of DKK 1m
(2009: loss of DKK 1m).
Profit for the period
Profit before tax amounts to DKK 335m. Less a calculated tax charge of DKK 84m,
profit for the period stands at DKK 251m compared with DKK 319m in 2009.
Return
Return on average shareholders' equity represents 5.4% p.a. against 8.8% p.a.
in 2009. Earnings per share stands at DKK 3.4 compared with DKK 5.0 in 2009.
Q2 compared with Q1
• Core income excl trading income rose by DKK 2m.
• Trading income decreased by 18%.
• Costs (core earnings) declined by 5%.
• Impairment of loans and advances etc fell by 4%.
• Profit on investment portfolios decreased from DKK 116m to DKK 8m.
• Contribution to the Private Contingency Association etc declined by 12%.
Profit for the period (DKKm) 2010 2009
Q2 Q1 Q4 Q3 Q2 Q1
Core income excl trading income 831 829 849 830 819 822
Trading income 327 399 296 329 369 272
Core income 1,158 1,228 1,145 1,159 1,188 1,094
Costs, core earnings 625 656 592 586 629 659
Core earnings before impairment 533 572 553 573 559 435
Impairment of loans and advances etc 310 323 346 284 295 270
Core earnings 223 249 207 289 264 165
Profit on investment portfolios 8 116 69 150 139 72
Profit before non-recurring items 231 365 276 439 403 237
Non-recurring items, net - - 86 - - -
Profit before contribution to PCA etc 231 365 362 439 403 237
Contribution to Private Contingency Association etc 122 139 116 113 142 72
Profit before tax 109 226 246 326 261 165
Tax 27 57 29 81 66 41
Profit for the period 82 169 217 245 195 124
After tax, profit for Q2 amounts to DKK 82m compared with DKK 169m in Q1.
Balance sheet
The Group's total assets made up DKK 154.4bn at 30 June 2010 against DKK
157.8bn at year-end 2009.
Assets (DKKbn) 30 Jun
2010 31 Dec 2009
Amounts owed by credit institutions etc 18.3 14.5
Loans and advances at fair value (reverse transactions) 6.6 12.9
Loans and advances at amortised cost (bank loans and advances) 74.1 74.5
Securities and holdings etc 33.2 38.5
Assets related to pooled plans 7.4 6.7
Other assets etc 14.8 10.7
Total 154.4 157.8
The Group's bank loans and advances total DKK 74.1bn - a decline of DKK 0.4bn
compared with year-end 2009 and 2% compared with 30 June 2009.
Shareholders' equity and liabilities (DKKbn) 30 Jun
2010 31 Dec 2009
Amounts owed to credit institutions etc 42.9 45.4
Deposits and other debt 64.9 68.8
Deposits in pooled plans 7.4 6.7
Bonds issued 8.6 8.6
Other liabilities etc 17.5 15.6
Provisions 0.6 0.5
Subordinated capital 3.1 3.1
Shareholders' equity 9.4 9.1
Total 154.4 157.8
The Group's deposits make up DKK 64.9bn against DKK 68.8bn at year-end 2009 and
DKK 71.6bn at end-June 2009. The decline in deposits is predominantly
ascribable to time deposits.
Capital
The Danish Financial Supervisory Authority has granted the Bank permission to
prepay supplementary capital of EUR 108m, equivalent to DKK 800m in October
2010.
At end-1H 2010, shareholders' equity constitutes DKK 9,366m - an increase of
DKK 248m since year-end 2009. The change appears as net purchase of own shares
of DKK 3m and profit for the period of DKK 251m.
Since year-end 2009, risk-weighted items have decreased by DKK 0.1bn to DKK
77.8bn.
The Group's solvency ratio stands at 15.7%, including a core capital ratio of
13.5 percentage points compared with 15.2% and 13.1 percentage points,
respectively, at end-2009. During the same period the core capital ratio
excluding hybrid core capital rose from 11.5% to 11.9%.
The solvency need is determined on the basis of the regulatory requirement of
8.0%. For precautionary reasons, an estimated buffer of one percentage point
has been added to the regulatory requirement and the Group's solvency need at
30 June 2010 remains unchanged at 9%.
The Committee of European Banking Supervisors (CEBS) included Sydbank in the
group of 91 banks from the EU covered by the stress test.
The stress test uses three distinct macroeconomic scenarios. The scenarios do
not express the current or expected trend in the economy but are designed to
assess the resilience of the banking sector against an unexpected deterioration
of macroeconomic conditions.
The CEBS has set the limit for passing the stress test at a core capital ratio
of 6%. In the most adverse scenario Sydbank's core capital ratio at end-2011 is
calculated at 13.2%. Sydbank is pleased with the outcome of the EU-wide stress
test and the Group's individual results indicating
• great resilience to adverse economic developments in the period 2010-2011
• insignificant exposure to rising interest rates on government bonds and
• sufficient Tier 1 capital and capital base.
The outcome of the EU-wide stress test appears from Company Announcement No
06/10.
Liquidity
The Group's liquidity measured under the 15% and 10% statutory requirements
constitutes 33.8% and 19.7%, respectively, at 30 June 2010.
Rating
Sydbank's rating - A1 (long-term debt), P-1 (short-term debt) and C+ (financial
strength) - was maintained in 1H.
Regulation
Efforts to expand and tighten the regulation and supervision of banks are
conducted nationally as well as internationally. The EU Commission and the
Basel Committee are working on new and stricter requirements concerning
liquidity, capital definitions, leverage ratios, impairment charges etc (CRD
IV).
Via participation in working groups under the Danish Bankers' Association etc
and in international quantitative impact studies (QIS) Sydbank is closely
monitoring the developments in the scope and content of any future requirements
and consequently it becomes possible for the Bank to affect the content.
Expiry of the government guarantee
On 1 June 2010 the Danish parliament passed legislation on the management of
distressed banks after the expiry of the general government guarantee on 30
September 2010.
Under the new scheme distressed banks will be allowed to transfer continuing
assets at their net realisable value to the Financial Stability Company. Any
additional losses incurred on the resale of the assets are guaranteed by a new
unit of the Guarantee Fund for Depositors and Investors. The capital of the new
unit derives from guarantee commitments from the sector totalling DKK 3.2bn.
Losses on these commitments will be covered by the sector.
After 1 October 2010 the Bank's payment of guarantee commission as well as its
commitment to cover the losses of distressed banks will cease, an expected
total of DKK 367m for the first nine months.
Clients
In 1H the number of Sydbank clients grew - a highly satisfactory trend. The
influx of new clients has doubled compared with previously. The rise in the
number of clients in 1H is equivalent to just under 2%.
Outlook for 2010
The Group continues to project core earnings before impairment of loans and
advances in the region of DKK 1.9-2.1bn in 2010 - unchanged compared with
previous announcements.
Income Statement
Sydbank Group Sydbank A/S
1H 1H 1H 1H
DKKm Note 2010 2009 2010 2009
Interest income 2 2,149 3,262 2,144 3,262
Interest expense 3 484 1,569 485 1,571
Net interest income 1,665 1,693 1,659 1,691
Dividends on shares 16 31 16 31
Fee and commission income 4 668 529 648 518
Fee and commission expense 93 82 93 81
Net interest and fee income 2,256 2,171 2,230 2,159
Market value adjustments 5 245 297 240 295
Other operating income 10 11 10 11
Staff costs and administrative expenses 6 1,256 1,237 1,232 1,218
Depreciation and impairment of property, plant and equipment 46 57 44 55
Other operating expenses 141 129 141 129
Impairment of loans and advances etc 8 737 650 737 650
Profit on holdings in associates and
subsidiaries 9 4 20 9 13
Profit before tax 335 426 335 426
Tax 10 84 107 84 107
Profit for the period 251 319 251 319
EPS Basic (DKK) * 3.4 5.0
EPS Diluted (DKK) * 3.4 5.0
Dividend per share (DKK) - -
* Based on average number of shares outstanding,
see page 16.
Statement of Comprehensive Income
Profit for the period 251 319 251 319
Other comprehensive income
Translation of foreign entities 25 (4) 25 (4)
Hedge of net investment in foreign entities (25) 4 (25) 4
Other comprehensive income for the period 0 0 0 0
Comprehensive income for the period 251 319 251 319
Balance Sheet
Sydbank Group Sydbank A/S
30 Jun 31 Dec 30 Jun 31 Dec
DKKm Note 2010 2009 2010 2009
Assets
Cash and balances on demand
at central banks 1,771 862 1,757 849
Amounts owed by credit institutions and central banks
11 16,550 13,637 16,947 13,942
Loans and advances at fair value 6,580 12,930 6,580 12,930
Loans and advances at amortised cost 74,102 74,544 73,383 73,998
Bonds at fair value 31,255 36,642 31,255 36,642
Shares etc 1,679 1,552 1,679 1,552
Holdings in associates etc 309 310 309 310
Holdings in subsidiaries etc - - 255 225
Assets related to pooled plans 7,338 6,735 7,338 6,735
Intangible assets 13 14 13 14
Total land and buildings 1,044 1,046 827 828
investment property 2 2 2 2
owner-occupied property 1,042 1,044 825 826
Other property, plant and equipment 124 139 117 132
Current tax assets 40 32 40 32
Deferred tax assets 12 11 7 7
Other assets 12 13,541 9,316 13,539 9,313
Prepayments 61 51 59 51
Total assets 154,419 157,821 154,105 157,560
Shareholders' equity and liabilities
Amounts owed to credit institutions and central banks
13 42,926 45,406 43,273 45,460
Deposits and other debt 14 64,937 68,780 64,289 68,479
Deposits in pooled plans 7,338 6,735 7,339 6,735
Bonds issued at amortised cost 8,633 8,622 8,633 8,622
Current tax liabilities 9 8 9 8
Other liabilities 15 17,492 15,524 17,482 15,513
Deferred income 9 27 9 27
Total liabilities 141,344 145,102 141,034 144,844
Provisions 16 581 477 577 474
Subordinated capital 17 3,128 3,124 3,128 3,124
Shareholders' equity:
Share capital 742 742 742 742
Revaluation reserves 112 112 112 112
Other reserves:
Reserves according to articles of association 418 418 418 418
Reserve for net revaluation according to the equity
method 33 33 33 33
Retained earnings 8,061 7,813 8,061 7,813
Total shareholders' equity 9,366 9,118 9,366 9,118
Total shareholders' equity and liabilities 154,419 157,821 154,105 157,560
Holdings in Subsidiaries and Associates etc
30 June 2010
Sydbank Group
Ownership Shareholders' Total Total
DKKm Activity share (%) equity assets liabilities Income Result
Consolidated subsidiaries
Sydbank (Schweiz) AG, St. Gallen, Switzerland Banking 100 207 0
Ejendomsselskabet af 1. juni 1986 A/S, Aabenraa Real property 100 8 1
Associates
Value-Call S.A., Luxembourg Investment and finance 50 43 50 5 43 29
Foreningen Bankdata, Fredericia IT 50 371 489 118 652 (6)
Core Property Management A/S, Copenhagen Real property 20 28 35 7 22 7
Other entities in which the Group owns more than 10% of the share capital
PRAS A/S, Copenhagen Investment and finance 11 1,649 1,649 0 30 29
ValueInvest Asset Management S.A., Luxembourg Investment and
finance 14 37 58 21 36 14
Scandinavian Private Equity Partners A/S, Copenhagen Investment and
finance 17 9 10 1 2 0
Hedgeforeningen Sydinvest, afdeling Aktie & ObligationsMix II,
Aabenraa Investment and finance 28 67 165 97 35 34
BI Holding A/S, Copenhagen Investment and finance 10 252 407 154 425 32
Berlin KGI A/S, Nyborg Real property 13 183 186 3 0 4
Financial data according to the most recently published annual report.
Group Financial Highlights - Quarterly
Q2 Q1 Q4 Q3 Q2 Q1
2010 2010 2009 2009 2009 2009
Income statement (DKKm)
Core income excl trading income 831 829 849 830 819 822
Trading income 327 399 296 329 369 272
Total core income 1,158 1,228 1,145 1,159 1,188 1,094
Costs, core earnings 625 656 592 586 629 659
Core earnings before impairment 533 572 553 573 559 435
Impairment of loans and advances etc 310 323 346 284 295 270
Core earnings 223 249 207 289 264 165
Profit on investment portfolios 8 116 69 150 139 72
Profit before non-recurring items 231 365 276 439 403 237
Non-recurring items, net - - 86 - -
-
Profit before contribution to Private Contingency Association
etc 231 365 362 439 403 237
Contribution to Private Contingency Association etc 122 139 116 113 142 72
Profit before tax 109 226 246 326 261 165
Tax 27 57 29 81 66 41
Profit for the period 82 169 217 245 195 124
Balance sheet highlights (DKKbn)
Loans and advances at amortised cost 74.1 73.3 74.5 73.9 75.6 78.2
Loans and advances at fair value 6.6 7.4 12.9 9.1 12.9 15.8
Deposits and other debt 64.9 62.2 68.8 65.3 71.6 73.5
Bonds issued at amortised cost 8.6 8.6 8.6 10.1 10.1 10.1
Subordinated capital 3.1 3.1 3.1 3.2 3.5 4.2
Shareholders' equity 9.4 9.3 9.1 8.9 7.5 7.2
Total assets 154.4 149.0 157.8 153.4 160.1 161.4
Financial ratios per share (DKK per share of DKK 10)
EPS Basic ** 1.1 2.3 3.0 3.7 3.0 2.0
EPS Diluted ** 1.1 2.3 3.0 3.7 3.0 2.0
Share price at end of period 124.8 147.8 133.8 133.3 122.3 71.5
Book value 127.5 126.5 124.1 120.8 116.2 114.0
Share price/book value 0.98 1.17 1.08 1.10 1.05 0.63
Average number of shares outstanding (millions) 73.7 73.7 73.3 67.0 64.3 63.0
Other financial ratios and key figures
Solvency ratio 15.7 15.3 15.2 14.8 13.8 15.0
Core capital ratio 13.5 13.1 13.1 12.9 11.4 11.3
Pre-tax profit as % of average shareholders' equity ** 1.2 2.4 2.7 4.0 3.5 2.3
Post-tax profit as % of average shareholders' equity ** 0.9 1.8 2.4 3.0 2.7 1.7
Costs (core earnings) as % of core income 54.0 53.4 51.7 50.6 52.9 60.2
Interest rate risk 0.2 1.0 1.0 0.4 2.2 2.3
Foreign exchange position 1.5 2.8 1.1 1.4 3.4 1.5
Foreign exchange risk 0.0 0.0 0.0 0.0 0.1 0.0
Loans and advances relative to deposits * 1.0 1.1 1.0 1.0 1.0 1.0
Loans and advances relative to shareholders' equity * 7.9 7.9 8.2 8.4 10.1 10.8
Growth in loans and advances for the period * 1.1 (1.7) 0.8 (2.2) (3.3) (5.2)
Excess cover relative to statutory liquidity requirements
96.8 121.1 94.4 93.8 106.8 66.6
Total large exposures 0.0 13.6 17.2 20.1 34.6 21.4
Accumulated impairment ratio excl PCA ** 2.1 2.1 1.8 1.5 1.3 1.3
Accumulated impairment ratio for the period excl PCA
** 0.38 0.39 0.39 0.34 0.33 0.28
Number of full-time staff at end of period 2,323 2,344 2,369 2,385 2,414 2,429
Financial ratios prepared according to “Recommendations & Financial Ratios
2010” published by the Danish Society of Financial Analysts.
* Financial ratios calculated on the basis of loans and advances at amortised
cost.
** Quarterly ratios have not been converted to a full-year basis.
Group Financial Highlights - Half-yearly
1H 1H 1H 1H 1H
2010 2009 2008 2007 2006
Income statement (DKKm)
Core income excl trading income 1,660 1,641 1,482 1,235 1,101
Trading income 726 641 635 772 705
Total core income 2,386 2,282 2,117 2,007 1,806
Costs, core earnings 1,281 1,288 1,276 1,116 1,020
Core earnings before impairment 1,105 994 841 891 786
Impairment of loans and advances etc 633 565 (13) (270) (22)
Core earnings 472 429 854 1,161 808
Profit/(Loss) on investment portfolios 124 211 (192) (30) 58
Profit before non-recurring items 596 640 662 1,131 866
Non-recurring items, net - - 196 46
-
Profit before contribution to Private Contingency Association
etc 596 640 858 1,177 866
Contribution to Private Contingency Association etc 261 214 -
- -
Profit before tax 335 426 858 1,177 866
Tax 84 107 190 276 241
Profit for the period 251 319 668 901 625
Balance sheet highlights (DKKbn)
Loans and advances at amortised cost 74.1 75.6 82.5 68.9 61.1
Loans and advances at fair value 6.6 12.9 11.5 8.0 7.2
Deposits and other debt 64.9 71.6 67.6 57.1 46.0
Bonds issued at amortised cost 8.6 10.1 10.1 10.0 10.4
Subordinated capital 3.1 3.5 4.2 3.8 3.5
Shareholders' equity 9.4 7.5 7.1 6.2 5.2
Total assets 154.4 160.1 149.8 121.1 107.5
Financial ratios per share (DKK per share of DKK 10)
EPS Basic ** 3.4 5.0 10.5 13.1 9.1
EPS Diluted ** 3.4 5.0 10.5 13.1 9.1
Share price at end of period 124.8 122.3 180.5 264.0 193.5
Book value 127.5 116.2 112.0 94.2 76.8
Share price/book value 0.98 1.05 1.61 2.80 2.52
Average number of shares outstanding (millions) 73.7 63.6 63.5 68.6 68.4
Other financial ratios and key figures
Solvency ratio 15.7 13.8 14.8 12.6 10.4
Core capital ratio 13.5 11.4 10.7 9.3 7.3
Pre-tax profit as % of average shareholders' equity ** 3.6 5.8 12.4 18.7 17.0
Post-tax profit as % of average shareholders' equity ** 2.7 4.4 9.7 14.3 12.3
Costs (core earnings) as % of core income 53.7 56.4 60.3 55.6 56.5
Interest rate risk 0.2 2.2 3.0 0.3 2.2
Foreign exchange position 1.5 3.4 12.9 16.1 10.9
Foreign exchange risk 0.0 0.1 0.0 0.2 0.1
Loans and advances relative to deposits * 1.0 1.0 1.1 1.1 1.2
Loans and advances relative to shareholders' equity * 7.9 10.1 11.6 11.1 11.8
Growth in loans and advances for the period * (0.6) (8.3) 10.8 5.2 14.1
Excess cover relative to statutory liquidity
requirements 96.8 106.8 69.7 48.4 38.8
Total large exposures 0.0 34.6 39.5 29.5 64.9
Accumulated impairment ratio excl PCA ** 2.1 1.3 0.9 1.5 2.3
Accumulated impairment ratio for the period excl PCA
** 0.77 0.63 (0.01) (0.35) (0.03)
Number of full-time staff at end of period 2,323 2,414 2,457 2,237 2,172
Financial ratios prepared according to “Recommendations & Financial Ratios
2010” published by the Danish Society of Financial Analysts.
* Financial ratios calculated on the basis of loans and advances at amortised
cost.
** Half-year ratios have not been converted to a full-year basis.
Capital - Sydbank Group
Reserve for
Reserves net reval.
acc to acc to
Share Revaluation articles of equity Retained
DKKm capital reserves association method earnings Total
Shareholders' equity at 1 Jan 2010 742 112 418 33 7,813 9,118
Changes in equity in 2010
Purchase of own shares - - - - (1,033) (1,033)
Sale of own shares - - - - 1,030 1,030
Comprehensive income for the period - - - - 251 251
Total changes in equity - - - - 248 248
Shareholders' equity at 30 Jun 2010 742 112 418 33 8,061 9,366
Shareholders' equity at 1 Jan 2009 675 91 411 20 5,891 7,088
Changes in equity in 2009
Purchase of own shares - - - - (655) (655)
Sale of own shares - - - - 791 791
Tax on equity items - - - - (56) (56)
Comprehensive income for the period - - - - 319 319
Total changes in equity - - - - 399 399
Shareholders' equity at 30 Jun 2009 675 91 411 20 6,290 7,487
1H Full year 1H
The Sydbank share 2010 2009 2009
Share capital (DKK) 742,499,990 742,499,990 675,000,000
Shares issued (number) 74,249,999 74,249,999 67,500,000
Shares outstanding at end of period 73,438,476 73,471,636 64,433,558
Average number of shares outstanding 73,673,196 66,926,690 63,641,304
The Bank has only one class of shares as all shares carry the same rights.
Capital - Sydbank Group
30 Jun 31 Dec 30 Jun
DKKm 2010 2009 2009
Solvency
Solvency ratio 15.7 15.2 13.8
Core capital ratio 13.5 13.1 11.4
Capital base after deductions
Shareholders' equity 9,366 9,118 7,487
Revaluation reserves (112) (112) (91)
Proposed dividend - - -
Intangible assets and capitalised tax assets (25) (25) (25)
Core capital (excl hybrid core capital) 9,229 8,981 7,371
Hybrid core capital 1,383 1,386 1,388
50% of holdings > 10% (135) (105) (102)
50% of total holdings etc > 10% - - (12)
50% of difference between expected losses and
accounting value adjustments and accounting provision -
(33) (184)
50% of the value of transferred payments etc with delivery risk
- (5) -
Core capital (incl hybrid core capital) after deductions 10,477 10,224 8,461
Subordinated loan capital 1,745 1,744 2,093
Revaluation reserves 112 112 91
Difference between expected losses and impairment charges 151
- -
Capital base before deductions 12,485 12,080 10,645
50% of holdings > 10% (135) (105) (102)
50% of total holdings etc > 10% - - (13)
50% of difference between expected losses and
accounting value adjustments and accounting provision -
(33) (184)
50% of the value of transferred payments etc with delivery risk
- (5) -
Holdings in associates (125) (128) (54)
Capital base after deductions 12,225 11,809 10,292
Credit risk 63,985 62,608 60,475
Market risk 6,437 8,764 7,432
Operational risk 7,378 6,537 6,537
Risk-weighted items 77,800 77,909 74,444
Regulatory solvency requirement 6,224 6,233 5,956
Adequate capital base 7,002 7,012 5,956
Cash Flow Statement - Sydbank Group
1H Full year 1H
DKKm 2010 2009 2009
Operating activities
Pre-tax profit for the period 335 998 426
Taxes paid (79) 86 (111)
Adjustment of non-cash operating items 882 1,867 421
Cash flows from working capital (6,290) (193) 2,993
Cash flows from operating activities (5,152) 2,758 3,729
Investing activities
Purchase and sale of holdings in associates 4 (67) 12
Purchase and sale of property, plant and equipment (29) (128) (62)
Cash flows from investing activities (25) (195) (50)
Financing activities
Purchase and sale of own holdings (3) 371 80
Share issue - 855 -
Raising of subordinated capital 4 (1,095) (745)
Issue of bonds 10 (1,473) (3)
Cash flows from financing activities 11 (1,342) (668)
Cash flows for the period (5,166) 1,221 3,011
Cash equivalent positions at 1 Jan 7,421 6,200 6,200
Cash flows for the period (5,166) 1,221 3,011
Total cash equivalent positions at end of period 2,255 7,421 9,211
Segment Statements - Sydbank Group
DKKm Banking Sydbank Markets Treasury Other Total
Business segments 1H 2010
Core income excl trading income 1,677 (17) - - 1,660
Trading income 406 320 - - 726
Core income 2,083 303 - - 2,386
Costs, core earnings 1,095 160 5 26 1,286
Core earnings before impairment 988 143 (5) (26) 1,100
Impairment of loans and advances etc 633 - - - 633
Core earnings 355 143 (5) (26) 467
Investment portfolio income - - 121 8 129
Profit/(Loss) before non-recurring items 355 143 116 (18) 596
Non-recurring items, net - - - - -
Profit before contribution to Private Contingency Association
etc 355 143 116 (18) 596
Contribution to Private Contingency Association etc - - - 261 261
Profit before tax 355 143 116 (279) 335
Business segments 1H 2009
Core income excl trading income 1,682 (41) - - 1,641
Trading income 288 353 - - 641
Core income 1,970 312 - - 2,282
Costs, core earnings 1,103 158 5 27 1,293
Core earnings before impairment 867 154 (5) (27) 989
Impairment of loans and advances etc 571 (6) - - 565
Core earnings 296 160 (5) (27) 424
Investment portfolio income - - 217 (1) 216
Profit/(Loss) before non-recurring items 296 160 212 (28) 640
Non-recurring items, net - - - - -
Profit before contribution to Private Contingency Association
etc 296 160 212 (28) 640
Contribution to Private Contingency Association etc - - - 214 214
Profit before tax 296 160 212 (242) 426
Notes
Note 1
Accounting policies
The Interim Report has been prepared in accordance with IAS 34 “Interim
Financial Reporting” as adopted by the EU and in compliance with additional
Danish disclosure requirements for interim reports. As a result of the
application of IAS 34, the presentation is less complete compared with the
presentation of an annual report and the recognition and measurement principles
are in compliance with IFRS.
The accounting policies are consistent with those adopted in the 2009 Annual
Report, to which reference is made.
The 2009 Annual Report provides a comprehensive description of the accounting
policies applied.
The measurement of certain assets and liabilities requires managerial estimates
as to how future events will affect the value of such assets and liabilities.
The significant estimates made by the management in the application of the
Group's accounting policies and the inherent considerable uncertainty of such
estimates used in the preparation of the condensed interim report are identical
to those used in the preparation of the annual report as at 31 December 2009.
The Group's significant risks and the external elements which may affect the
Group are described in detail in the 2009 Annual Report.
Notes
Sydbank Group Sydbank A/S
1H 1H 1H 1H
DKKm 2010 2009 2010 2009
Note 2
Interest income
Reverse transactions with credit institutions and central banks 14 28 14 28
Amounts owed by credit institutions and central banks 43 114 44 115
Reverse loans and advances 45 228 45 228
Loans and advances and other amounts owed 1,585 2,074 1,579 2,073
Bonds 406 654 406 654
Derivatives 45 159 45 159
Other interest income 11 5 11 5
Total 2,149 3,262 2,144 3,262
Note 3
Interest expense
Repo transactions with credit institutions and central banks 63 14 63 14
Credit institutions and central banks 95 426 96 428
Repo deposits 1 6 1 6
Deposits and other debt 257 922 257 922
Bonds issued 37 129 37 129
Subordinated capital 31 72 31 72
Other interest expense 0 0 0 0
Total 484 1,569 485 1,571
Note 4
Fee and commission income
Securities trading and custody accounts 369 279 354 270
Payment services 95 78 95 78
Loan fees 46 39 46 39
Guarantee commission 61 43 61 43
Other fees and commission 97 90 92 88
Total 668 529 648 518
Note 5
Market value adjustments
Other loans and advances and amounts owed at fair value 1 (2) 1 (2)
Bonds 351 198 351 198
Shares etc (81) 41 (81) 41
Investment property - 0 - 0
Foreign exchange 133 133 128 132
Derivatives (159) (73) (159) (74)
Assets related to pooled plans 268 275 268 275
Deposits in pooled plans (268) (275) (268) (275)
Other assets/liabilities 0 0 0 0
Total 245 297 240 295
Notes
Sydbank Group Sydbank A/S
1H 1H 1H 1H
DKKm 2010 2009 2010 2009
Note 6
Staff costs and administrative expenses
Salaries and emoluments to:
Group Executive Management:
Salaries 8 5 8 5
Pensions 0 1 0 1
Severance pay 8 - 8 -
Board of Directors 2 2 2 2
Shareholders' Committee 1 1 1 1
Total 19 9 19 9
Staff costs:
Wages and salaries 598 617 585 607
Pensions 65 70 64 69
Social security contributions 3 3 3 3
Payroll tax etc 59 54 58 53
Total 725 744 710 732
Other administrative expenses:
IT 258 253 254 251
Rent etc 66 65 68 67
Marketing and entertainment expenses 40 36 38 34
Other expenses 148 130 143 125
Total 512 484 503 477
Total 1,256 1,237 1,232 1,218
Note 7
Staff
Average number of staff (full-time equivalent) 2,382 2,484 2,351 2,452
Notes
Sydbank Group Sydbank A/S
1H 1H 1H 1H
DKKm 2010 2009 2010 2009
Note 8
Impairment of loans and advances recognised in the income statement
Impairment and provisions 551 431 551 431
Write-offs 201 232 201 232
Recovered from debt previously written off 15 13 15 13
Impairment of loans and advances etc 737 650 737 650
Impairment and provisions at end of period
Individual impairment and provisions 1,955 1,136 1,955 1,088
Collective impairment and provisions 137 194 137 194
Impairment and provisions at end of period 2,092 1,330 2,092 1,282
Individual impairment of loans and advances and provisions for guarantees
Impairment and provisions at 1 Jan 1,637 954 1,605 904
Exchange rate adjustment 4 (1) 0 0
Impairment and provisions during the period 565 411 565 412
Other movements 94 - 94 -
Write-offs covered by impairment and provisions 345 228 309 228
Impairment and provisions at end of period 1,955 1,136 1,955 1,088
Individual impairment of loans and advances 1,609 987 1,609 939
Individual provisions for guarantees 346 149 346 149
Impairment and provisions at end of period 1,955 1,136 1,955 1,088
Collective impairment of loans and advances and provisions for guarantees
Impairment and provisions at 1 Jan 141 152 141 152
Impairment and provisions during the period (4) 42 (4) 42
Impairment and provisions at end of period 137 194 137 194
Individual impairment of loans and advances subject to objective evidence of
impairment
Balance before impairment of individually assessed loans and
advances 3,801 1,963 3,801 1,915
Impairment of individually assessed loans and advances 1,609 987 1,609 939
Balance after impairment of individually assessed loans and
advances 2,192 976 2,192 976
Note 9
Profit on holdings in associates and subsidiaries
Profit on holdings in associates etc 4 20 4 20
Profit/(Loss) on holdings in subsidiaries - - 5 (7)
Total 4 20 9 13
Notes
Sydbank Group Sydbank A/S
1H 1H 1H 1H
DKKm 2010 2009 2010 2009
Note 10
Effective tax rate
Current tax rate of Sydbank 25.0 25.0 25.0 25.0
Permanent differences - - - -
Adjustment of prior year tax charges - - - -
Effective tax rate 25.0 25.0 25.0 25.0
Sydbank Group Sydbank A/S
30 Jun 31 Dec 30 Jun 31 Dec
DKKm 2010 2009 2010 2009
Note 11
Amounts owed by credit institutions and central banks
Amounts owed at notice by central banks 3,750 3,554 3,750 3,554
Amounts owed by credit institutions 7,798 5,091 8,195 5,396
Reverse transactions 5,002 4,992 5,002 4,992
Total 16,550 13,637 16,947 13,942
Note 12
Other assets
Positive market value of derivatives etc 12,779 8,330 12,779 8,330
Sundry debtors 396 336 393 332
Interest and commission receivable 364 649 365 650
Other assets 2 1 2 1
Total 13,541 9,316 13,539 9,313
Note 13
Amounts owed to credit institutions and central banks
Amounts owed to central banks 15,218 12,522 15,218 12,522
Amounts owed to credit institutions 22,592 18,928 22,939 18,982
Repo transactions 5,116 13,956 5,116 13,956
Total 42,926 45,406 43,273 45,460
Notes
Sydbank Group Sydbank A/S
30 Jun 31 Dec 30 Jun 31 Dec
DKKm 2010 2009 2010 2009
Note 14
Deposits and other debt
On demand 40,414 40,645 39,766 40,344
At notice 661 697 661 697
Time deposits 18,251 21,526 18,251 21,526
Special categories of deposits 5,460 5,912 5,460 5,912
Repo transactions 151 - 151 -
Total 64,937 68,780 64,289 68,479
Note 15
Other liabilities
Negative market value of derivatives etc 11,813 7,488 11,813 7,488
Sundry creditors 5,515 7,886 5,505 7,880
Interest and commission etc 164 146 164 145
Other liabilities 0 4 0 0
Total 17,492 15,524 17,482 15,513
Note 16
Provisions
Provisions for pensions and similar obligations 3 3 3 3
Provisions for deferred tax 208 208 208 208
Provisions for guarantees * 346 240 346 240
Other provisions 24 26 20 23
Total 581 477 577 474
* Of which the Private Contingency Association 325 220 325 220
Notes
Sydbank Group Sydbank A/S
30 Jun 31 Dec 30 Jun 31 Dec
DKKm 2010 2009 2010 2009
Note 17
Subordinated capital
Interest rate Nominal (m) Maturity
Floating Bond loan EUR 100 21.10.2013 745 744 745 744
Floating Bond loan DKK 200 14.11.2014 200 200 200 200
Floating Bond loan EUR 100 04.04.2015 744 743 744 743
Floating Bond loan EUR 8 31.10.2015 56 56 56 56
Total supplementary capital 1,745 1,743 1,745 1,743
Floating Bond loan EUR 100 Perpetual 739 738 739 738
Floating Bond loan EUR 75 Perpetual 559 558 559 558
6.36 Bond loan DKK 85 Perpetual 85 85 85 85
Total hybrid core capital 1,383 1,381 1,383 1,381
Total 3,128 3,124 3,128 3,124
Note 18
Contingent liabilities and other obligating agreements
Contingent liabilities
Financial guarantees 3,039 2,702 2,925 2,589
Mortgage finance guarantees 2,615 2,343 2,615 2,343
Registration and remortgaging guarantees 5,002 5,057 5,002 5,057
Loss guarantee/guarantee 427 531 427 531
Other contingent liabilities 1,492 1,420 1,492 1,420
Total 12,575 12,053 12,461 11,940
Other obligating agreements
Irrevocable credit commitments 2 14 2 14
Other liabilities * 57 61 113 114
Total 59 75 115 128
* Including intra-group liabilities in relation to rented premises - - 61 57
A group of minority shareholders (“Foreningen af Minoritetsaktionærer i
bankTrelleborg”) has filed a class action regarding the legality of the
compulsory redemption against Fonden for bankTrelleborg, Sydbank and the Danish
Financial Supervisory Authority. In continuation of the compulsory redemption
of the shares in bankTrelleborg, the shares were priced by appraisers in
accordance with section 144 (4) of the Danish Financial Business Act. A few
shareholders have brought the findings of the appraisers before the courts as
regards Fonden for bankTrelleborg and Sydbank.
Notes
Note 18 - continued
Moreover, in 2009 the group of minority shareholders filed an action against
Sydbank regarding an inadequate prospectus in connection with the conversion of
sparTrelleborg to bankTrelleborg.
In addition, the Group is party to a number of legal actions. These actions are
under continuous review and the necessary provisions made are based on an
assessment of the risk of loss. Pending legal actions are not expected to have
any significant impact on the financial position of the Group.
Sydbank and the majority of Danish banks are participating in the government
guarantee scheme which was adopted by the Danish parliament on 10 October 2008.
The scheme extends from 5 October 2008 to 30 September 2010 and involves an
unconditional government guarantee for the obligations of Danish banks, except
for subordinated capital and covered bonds.
Note 19
Repo and reverse transactions
In connection with repo transactions, which involve selling securities to be
repurchased at a later date, the securities remain on the balance sheet, and
consideration received is recognised as a deposit. Repo transaction securities
are treated as assets provided as collateral for liabilities. At 30 June 2010,
the fair value of repo transaction securities stood at DKK 5,221m.
In connection with reverse transactions, which involve buying securities to be
resold at a later date, the Group is entitled to sell the securities or deposit
them as collateral for other loans. The securities are not recognised on the
balance sheet and consideration paid is recognised as a loan. At 30 June 2010,
the fair value of reverse transaction securities stood at DKK 11,489m.
Note 20
Collateral
At 30 June 2010, the Group had deposited as collateral securities at a market
value of DKK 16,785m with Danish
and foreign stock exchanges and clearing centres etc in connection with margin
calls and securities settlements etc.
Note 21
Related parties
Sydbank is the bank of a number of related parties. Transactions with related
parties are settled on an arm's length basis.
No unusual transactions took place with related parties in 1H 2010. Reference
is made to the 2009 Annual Report for a detailed description of transactions
with related parties.
Note 22
Reporting events occurring after the balance sheet date
After the expiry of the half year no matters of significant impact on the
financial position of the Sydbank Group have occurred.
Note 23
Large shareholders
Two shareholders have each reported a holding of at least 5% of Sydbank's share
capital:
ATP, Copenhagen
Nykredit A/S, Copenhagen
Notes
Sydbank Group
1H 1H Index Full year
DKKm 2010 2009 10/09 2009
Note 24
Core income
Core income excl trading income
Interest margins etc 1,381 1,378 100 2,776
Mortgage credit 110 109 101 221
Payment services 73 75 97 159
Remortgaging and loan fees 44 40 110 83
Other commission 42 28 150 59
Other operating income 10 11 91 22
Total 1,660 1,641 101 3,320
Mortgage credit
Totalkredit cooperation 90 77 117 168
Totalkredit, set-off of loss 4 3 133 8
Totalkredit cooperation, net 86 74 116 160
DLR Kredit 19 31 61 52
Other mortgage credit income 5 4 125 9
Total 110 109 101 221
Trading income
Bonds 180 155 116 292
Shares 147 125 118 258
Foreign exchange 121 134 90 234
Money market 73 93 78 178
Asset management 205 134 153 304
Total 726 641 113 1,266
Notes
Sydbank Group
Q2 Q1 Q4 Q3 Q2 Q1
DKKm 2010 2010 2009 2009 2009 2009
Note 24 - continued
Core income
Core income excl trading income
Interest margins etc 689 692 697 701 679 699
Mortgage credit 61 49 55 57 61 48
Payment services 33 40 51 33 43 32
Remortgaging and loan fees 21 23 22 21 21 19
Other commission 22 20 18 13 11 17
Other operating income 5 5 6 5 4 7
Total 831 829 849 830 819 822
Mortgage credit
Totalkredit cooperation 47 43 45 46 47 30
Totalkredit, set-off of loss 3 1 2 3 3 0
Totalkredit cooperation, net 44 42 43 43 44 30
DLR Kredit 15 4 10 12 15 16
Other mortgage credit income 2 3 2 2 2 2
Total 61 49 55 57 61 48
Trading income
Bonds 73 107 49 88 94 61
Shares 66 81 66 67 78 47
Foreign exchange 65 56 49 51 57 77
Money market 23 50 40 45 67 26
Asset management 100 105 92 78 73 61
Total 327 399 296 329 369 272
Management Statement
Today we have reviewed and approved the Interim Report - First Half 2010 of
Sydbank A/S.
The consolidated interim financial statements for 1H 2010 have been prepared in
accordance with International Financial Reporting Standards as adopted by the
EU. Furthermore, the Interim Report has been prepared in compliance with
additional Danish disclosure requirements for interim reports of listed
financial companies. The Interim Report has not been audited or reviewed.
We consider the accounting policies applied to be appropriate and the Interim
Report gives a true and fair view of the Group's assets, shareholders' equity
and liabilities and financial position at 30 June 2010 and of the results of
the Group's operations and consolidated cash flows for the accounting period 1
January - 30 June 2010 as well as a description of the most significant risks
and elements of uncertainty which may affect the Group.
Aabenraa, 17 August 2010
Group Executive Management
Karen Frøsig Preben L. Hansen Allan Nørholm
(Group Chief Executive)
Board of Directors
Kresten Philipsen Anders Thoustrup Svend Erik Busk
(Chairman) (Vice-Chairman)
Otto Christensen Peder Damgaard Harry Max Friedrichsen
Peter Gæmelke Hanni Toosbuy Kasprzak Sven Rosenmeyer Paulsen
Steen Tophøj Jan Uldahl-Jensen Margrethe Weber
Supplementary Information
Financial Calendar
In 2010 the Group's financial statements will be released as follows:
Interim Report - Q1-Q3 2010
26 October 2010
Sydbank contacts
Karen Frøsig, Group Chief Executive
Tel: +45 74 37 20 00
Mogens Sandbæk, CFO
Tel: +45 74 37 24 00
Niels Møllegaard, Group Executive Vice President
Tel: +45 74 37 20 50
Address
Sydbank A/S
Peberlyk 4
DK-6200 Aabenraa
Tel: +45 74 37 37 37
CVR No DK 12626509
Relevant links
sydbank.dk
sydbank.com
For further information reference is made to Sydbank's 2009 Annual Report at
sydbank.com/about/ir/finreports.
