Financial results for H1 2012

Transcription

1 CONFERENCE CALL Eivind Kolding CEO & Chairman of the Executive Board Henrik Ramlau-Hansen CFO & Member of the Executive Board 7 August 2012

2 Agenda Key points Financial results Capital, funding and liquidity Strategy process Outlook for 2012 Q&A session Appendix: Trends in focus areas & business units 2

3 Highlights Income statement & key figures (DKK m) H H Index Q Q Index Net interest income 12,390 11, ,218 6, Net fee income 4,013 4, ,026 1, Net trading income 5,684 5, ,462 3, Other income 1,634 1, Net income from insurance business Total income 24,604 23, ,251 12, Expenses 13,482 14, ,632 6, Profit bef. loan imp. charges 11,122 9, ,619 5, Loan impairment charges 7,031 5, ,109 3, Profit before tax 4,091 3, ,510 1, Tax 1,805 1, , Net profit 2,286 1, , Net profit ex non-core Ireland 4, ,840 1, Return on avg. shareholders' equity (%) C/I ratio (%) Core tier 1 capital ratio (%) Risk-weighted assets (bn) Total loans ex repos (bn) 1,704 1, ,704 1, Deposits (ex repos) & RD bonds (bn) 1,486 1, ,486 1, Total assets (bn) 3,481 3, ,481 3, Loan loss ratio (%) Key points H1 Best half year result since 2008 Improvement driven both by a solid increase in net interest income and lower expenses Impairments higher than H due to deterioration of the macro economic climate Key points Q2 Resilient net interest income Solid trading income Danica: new discounting curve and risk allowance for 3 out of 4 groups Declining expenses, cost programme on track Lower impairments, in Denmark and Northern Ireland in particular 3

4 Net interest income: Resilient, but strong underlying drivers both positive and negative Quarterly net interest income (DKK m) Net interest income drivers Positive +7% Increased lending rates 6,182 6,172 6,218 Negative Low and declining central bank rates 6,016 Increased funding cost 5,785 Sensitivity Short term interest rate sensitivity across all currencies + 25 bp = DKK +800 m 25 bp = DKK 800 m 4

5 Net fee income: Stable despite low activity Quarterly net fee income (DKK m) Fee income drivers Portfolio fees Activity fees 2,049 1,938 2,218 1,987 2,026 Activity levels remain subdued Small decline in activity based fees Increase in portfolio based fees 1,412 1,374 1,499 1,299 1,386 Fee income split, Q (%) Banking Activities ex CIB Danske Capital CIB

6 Trading: Strong H1 2012, but outlook is uncertain Quarterly trading income (DKK m) Trading income drivers 3,222 Solid trading income mainly from bond and derivatives trading Q2 gain on unlisted shares DKK 283 m and DKK 396 m on pension plans 2,445 2,462 Prospera Ranking Danske Markets selected most valued player in the Nordic bond and derivates markets 1,638 Interest rate sensitivity (group) 1 pp increase in yield curve: DKK -128 m Trading income split, Q (%) FX & money market Repos & derivatives 4 18 Bonds & DCM Equities

7 Insurance: Result boosted by booking of risk allowance, helped by strong investment result and new discount curve Quarterly insurance income (DKK m) Key points Risk allowance for 3 out of 4 groups New discount curve reduces liabilities with DKK 1.3 bn and improves the usable part of bonus potential of paid up policies with DKK 1.1 bn Danish and German interest rate spread reduced, increasing liabilities with DKK 350 m Shadow account of DKK 1.2 bn Expect some risk allowance for the full year Premiums declining due to intensified price competition in Denmark and Sweden

8 Expenses: Elevated by restructuring cost, but cost programme on track Total expenses (DKK bn) No. of staff, end of period ( 000) Adjustments (bonus, severance, dep. guarantee, asset write down) Adjusted expenses 24 6,678 6,459 6,850 6, , Q * 6,226 6,179 5,944 5,572 6,221 No. of branches, end of period Q * * Estimated. 8

9 Impairments: Declining trend in recent quarters due to personal customers and SME s Impairments by customer segment (DKK bn) Impairment drivers Financials SMEs Large corp. Personal 4.8 Decline in impairments of DKK 800 m in Q2 Drop in impairments in Denmark and Northern Ireland Q2 impairments primarily related to SME s in Denmark and Ireland Large corporates, including CRE in Ireland and shipping Personal customers across geographies No significant changes due to new rules from Danish FSA DKK 1.4 bn of total impairments from non-core Ireland 9

10 Impairments: Lower impairments in Denmark and Northern Ireland Impairments (DKK m) Loan loss ratio (bp, annualised) Denmark 1, Denmark Finland Finland Sweden Sweden Norway Norway 2 33 Northern Ireland Northern Ireland Ireland Ireland Baltics Baltics CIB CIB Non-core Ireland 1,016 1,374 Non-core Ireland 2,329 1,587 Group 3,109 3,922 Group

11 Capital: Earnings and capital efficiency increases tier 1 and core tier 1 Capital ratios, under CRD/Basel II (%) Total capital Tier 1 (including state hybrid) Core tier Solvency need Capital drivers RWA of DKK 893 bn Government hybrid contributes with 2.7 %-point of the Tier 1 and total capital ratios DKK 2 bn state hybrid in Realkredit Danmark repaid in May RWA Q Capital efficiency programme 10 Other 3 Q4 11 Q2 12 Q

12 Funding, deposits and rating: Declining wholesale deposits after rating downgrade, but funding plan completed Deposits, end of period (DKK bn) Long term funding (DKK bn) Markets CIB BA, other * Danske Bank s issuer rating Moody s S&P Fitch Long-term Baa1 A- A Short-term P-2 A-2 F1 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Outlook Stable Stable Negative * End of July

13 Liquidity: Strong liquidity buffer despite deposit outflow 12-month liquidity*, end of period (DKK bn) Key points Q Q Q month liquidity of more than DKK 125 bn month liquidity curve remains positive for more than 2½ years Eligible liquidity buffer of more than DKK 300 bn 200 Goal: LCR compliant at the end of 2012 Bond portfolio rating, DKK 484 bn (%) AAA 100 A Other mos 6 mos 9 mos 12 mos 84 * Moody s Financial Strength. Main assumptions: No access to capital markets; no refinancing of debt to credit institutions, issued bonds or subordinated capital; moderate reduction of business activities. 13

14 Strategy process: On track, to be completed in Q3 and reported in Q4 Corporate strategy Vision/Mission Corporate Story Corporates & Institutions strategy Business Banking strategy Personal Banking strategy Short-term measures 14

15 Outlook for 2012: Low result, but high uncertainty due to economic and financial instability Macro Sluggish economic recovery and low interest rate environment NII Re-pricing continues, declining central bank rates create headwinds Expenses Cost cutting on track with FTE reduction of 2,000 end 2013 Loan losses Expected to remain high for 2012, same level as 2011 Net profit Expected to remain low due to weak market conditions Strategy Strategic review to be completed in Q

16 Q&A session Press 1 to ask a question Press # to cancel Press Ask a question in your webcast player 16

17 Appendix Tax 18 NII and margin developments 19 Expenses 22 Credit 23 Capital and funding 33 Business units 35 17

18 Adjusted tax rate close to 26%, but actual tax rate remains high owing to Ireland Actual and adjusted tax rates (DKK m) Q Q Q Q Q Pre-tax profit 2,510 1, ,081 Pre-tax loss, BA Ireland 1,616 1,371 1,524 1,490 1,780 Permanent non-taxable difference* Adjusted pre-tax profit, Group 4,034 2,986 2,070 1,492 3,531 Tax according to P&L 1, Taxes from previous years** Adjusted tax Adjusted tax rate 24.4% 23.9% 20.1% 26.5% 25.8% Actual tax rate 40.1% 50.5% 67.5% NM 42.3% * Permanent non-taxable differences are due primarily to value adjustments and the dividend from Nets. ** Taxes from previous years are due primarily to a reduction of the tax rate in the UK. 18

19 Net interest income: Margin improvement visible in most markets Quarterly change in net interest income (DKK m) Net interest margins, NII/loan stock (%) Q1 12 6,172 Denmark Q2 11 Q2 12 Lending volume 46 Finland Funding 60 Sweden Equity 28 Norway Deposit volume 12 N. Ireland Deposit margin* 127 Ireland** Lending margin* 8 Baltics Other 57 CIB Q2 12 6,218 Group * Lending and deposit margin affected by change in base rate from Treasury (net effect -50 m). ** Margins for Q2 11 for Ireland is including non-core Ireland. 19

20 Higher lending margins are beginning to feed through Quarterly lending margins (%) Quarterly deposit margins (%) Denmark* Q3 11 Q4 11 Q1 12 Finland Q2 12 Sweden Norway Northern Ireland Ireland** Baltics CIB * Includes Realkredit Danmark. ** Non-core Ireland is included in margins for Ireland prior to. 20

21 Net interest income: Trend in Realkredit Danmark Net interest income at Realkredit Danmark, excluding lending margins (DKK m) Q1 Q2 Q3 Q4 21

22 Expenses: On track with cost programme Expenses (DKK m) Quarterly change in expenses (DKK m) H1 12 H1 11 Index Q2 12 Q1 12 Index Expenses 13,482 14, ,632 6, Perf. based compensation Severance payments etc Deposit guarantee scheme 34 1, Asset write-down Adjusted expenses 12,165 12, ,221 5, Q1 12 6,850 Asset write-down Fjordbank Mors Employees (number of FTEs) 23,624 Perf. based comp. 113 Severance etc ,093 21,522 21, ,997 Others 279 Q2 12 6, Q

23 Impairment dynamics Individual loan impairment charges, ex Baltics (DKK bn) Change in allowance account (DKK m) New Increased Reversals 5.4 Allowance, end , Gross impairments 104,082 Reversals 25, Write-offs 29, Allowance end-q ,007 Q2 11 Q3 11 Q4 11 Q1 12 Q

24 Loan quality Impairment-tested loans (%) Coverage, individual allowance /impairment-tested loans (%) Q1 12 Q1 12 Q2 12 Q2 12 Denmark Denmark Finland Finland Sweden Sweden Norway Norway N. Ireland N. Ireland Ireland Ireland Baltics Baltics CIB CIB Non-core Ireland Non-core Ireland Group Group Note: Loans in rating categories 10 and 11 are subject to individual impairment testing. Rating category 10 contains exposures to customers which are not in default but for which evidence of impairment exists; rating category 11 contains exposures to customers in default. 24

25 Retail Banking Denmark, including Realkredit Danmark Impairments at Retail Banking Denmark, Q (DKK m) Individual Collective Total Bank Personal customers Agriculture Commercial property Other Total RD Personal customers Commercial Total Retail Banking Denmark 1, month arrears, Realkredit Danmark (% of stock) Loans by LTV and rating, Realkredit Danmark, end-q (%) Rating Total Public LTV ratio guarantee > Total (DKK bn) Portfolio facts, Realkredit Danmark, end-q Q409 Q210 Q ,671 loans (residential and commercial) 2,941 loans in 3- and 6-month arrears (0.7%) 186 repossessed properties DKK 11 bn of loans with LTV > 100%, including DKK 3bn with public guarantee Average LTV ratio of 70% LTV ratio on origination (legal requirement) Residential: max. 80% Commercial: max. 60% 25

26 Denmark: House prices still declining but affordability keeps improving Danish house price by region (%) Affordability index, quarterly data from Region Prices Change Change in Preview* peaked since peak Q1 12 Q2 12 Copenhagen Q Zealand Q South Denmark Q Central Jutland Q Northern Jutland Q Nationwide Q Fixed rate Mixed rate 140 Above average = expensive Average Below average = cheap Danish housing market (000 s) Unemployment and foreclosures (%) No. housing units for sale 80 House price per sq m (rhs) Y swap rate Unemployment No. of forced sales (rha) * Leading indicator, based on monthly statistics from home (Danske Bank s real estate agency) that cover about one-third of the market. Sources: Danske Research, Danmarks Statistik, Association of Danish Mortgage Banks, home, Adam, Danish Central Bank, Skat and own calculations

27 Limited exposure to agriculture and shipping Agriculture: breakdown of loan portfolio, Q (%) Mixed operations Other 6 14 Shipping: breakdown of loan portfolio, Q (%) Other Agriculture Ro-Ro 9 25 Product tanker 2 6 Offshore supply 10 Car carriers 7 Chemical tanker Container Grocery trade 15 Pig farming Cattle breeding 10 7 Offshore rig Gas tanker Crude tanker 7 8 Dry bulk Cruise/Ferry Agricultural exposure and allowance, Q (DKK bn) Business unit Gross Allowance Coverage exposure Realkredit Danmark % Retail Banking Denmark % - portion from pig farmers % Other business units % Total exposure % Shipping exposure and allowance, Q (DKK bn) Business unit Gross exposure Allowance Coverage CIB % -portion from Danish customers % -portion from Norwegian customers % -portion from other customers % Other business units % Total exposure % 27

28 Macro trends Bankruptcies (index 1996 = 100) Business confidence indicator (index 1996 = 100) Denmark 400 Finland Norway Sweden Sweden 160 Finland Denmark Rating upgrades*, corporates, 12-month rolling average (%) 100 Denmark Norway Sweden Finland CIB Property prices, Nordic countries (index 1996 = 100) 400 Denmark Norway Sweden Finland 50 Upgrades > downgrades Downgrades > upgrades * Relation between upgrades and total rating changes. From Q4 2011, ratings are affected by recalibration

29 Denmark and Northern Ireland: Loan exposure Dividend Individual impairments Value of collateral Residential mortgage exposure Commercial property exposure Denmark (DKK bn) Northern Ireland (DKK bn) Denmark (DKK bn) Northern Ireland (DKK bn) Gross exposure Impaired loans Gross exposure Impaired loans Gross exposure Impaired loans Gross exposure Impaired loans Collective impairments 0.2 bn Impaired 2% Collective impairments 0.0 bn Impaired 3% Collective impairments 0.3 bn Impaired 13% Collective impairments 0.1 bn Impaired 43% Note: Value of collateral is capped by size of loan and reflects a haircut of at least 20%. Impaired loans are individually impairment tested (rating categories 10 and 11). Rating category 10 contains exposures to customers which are not in default but for which evidence of impairment exists; rating category 11 contains exposures to customers in default. 29

30 Q2 10 Q4 10 Q2 11 Q4 11 Q2 12 Ireland: Breakdown of loan portfolio Dividend Individual impairments Value of collateral Personal mortgages (DKK bn) Other (DKK bn) Total (DKK bn) Arrears*, private customers (%) days 180+ days Market Gross exposure Impaired loans Gross exposure Impaired loans Gross exposure Impaired loans Collective impairments 0.2 bn Impaired 11% Collective impairments 0.3 bn Impaired 17% Collective impairments 0.6 bn Impaired 13% Note: Value of collateral is capped by size of loan and reflects a haircut of at least 20%. Impaired loans are individually impairment tested (rating categories 10 and 11). Rating category 10 contains exposures to customers which are not in default but for which evidence of impairment exists; rating category 11 contains exposures to customers in default. *Number of arrears, excluding buy-to-let financing. 30

31 Non-core Ireland Dividend Individual impairments Value of collateral CRE (DKK bn) Personal mortgages (DKK bn) Other* (DKK bn) Total (DKK bn) Gross exposure Impaired loans Gross exposure Impaired loans Gross exposure Impaired loans Gross exposure Impaired loans Collective impairments 0.1 bn Impaired 83% Collective impairments 0.1 bn Impaired 21% Collective impairments 0.1 bn Impaired 65% Collective impairments 0.3 bn Impaired 64% Note: Value of collateral is capped by size of loan and reflects a haircut of at least 20%. Impaired loans are individually impairment tested (rating categories 10 and 11). Rating category 10 contains exposures to customers which are not in default but for which evidence of impairment exists; rating category 11 contains exposures to customers in default. * Consists primarily of consumer related industries. 31

32 Solid funding structure and liquidity position Loan portfolio and long-term funding, Q (DKK bn) Maturing funding (DKK bn) 1,704 1, Senior debt 69 Hybrid T1 Subordinated T2 Senior Covered bonds Bank loans Deposits Bank mortgages Covered bonds RD mortgages Issued RD bonds Loans Funding

33 Central banks Due to credit inst. (ex. CIB) Repos Short-term bonds Deposits Mortgage finance (match funded) Cov. bonds Long-term bonds Subord. debt Shareholders eq. Well-diversified funding position Funding position (%) Funding sources (%) Q4 11 Q Central banks Subordinated debt 7 3 Equity 5 Deposits Repos Banks 7 0 S-T bonds 1 L-T bonds 6 Covered bonds 6 25 Match-funded DK mortgage bonds Short-term funding Long-term funding Issued long-term bonds: DKK 141bn incl. Sampo and RD Issued covered bonds: DKK 153 bn incl. Sampo 33

34 Retail Banking Denmark: Visible increase in net interest income but higher impairments lower the result Income statement (DKK m) Trend in lending volume, average (DKK bn) H H Index Retail Corporate Net interest income 6,270 5, Net fee income 1,590 1, Other income Total income 8,364 8, Total expenses 4,565 4, Profit bef. loan imp. charges 3,799 3, Loan impairment charges 2,290 1, Profit before tax 1,509 2, ROE before loan imp. charges Margin trends, ex RD (%) Market shares, incl. CIB and repo lending*, ex RD (%) Lending Deposits Lending Deposits * Danske Markets. 34

35 Retail Banking Finland: Strong net interest income, but low result due to loan losses Income statement (DKK m) Trend in lending volume, average (DKK bn) H H Index Net interest income 1,122 1, Net fee income Other income Total income 1,847 1, Total integration expenses Expenses ex total intgr. exp. 1,334 1, Profit bef. loan imp. charges Loan impairment charges Profit before tax ,996 ROE before loan imp. charges Retail Corporate Margin trends (%) Market shares, incl. CIB (%) Lending Deposits Lending Deposits

36 Retail Banking Sweden: High return held up by 20 % increase in net interest income Income statement (DKK m) Trend in lending volume, average (DKK bn) H H Index Retail Corporate Net interest income 1,384 1, Net fee income Other income Total income 1,745 1, Expenses Profit bef. loan imp. charges Loan impairment charges Profit before tax ROE before loan imp. charges Margin trends (%) Market shares, incl. CIB (%) Lending Deposits Lending Deposits

37 Retail Banking Norway: Solid increase in total income more than double pre-tax profit Income statement (DKK m) Trend in lending volume, average (DKK bn) H H Index Retail Corporate Net interest income Net fee income Other income Total income 1,486 1, Expenses Profit bef. loan imp. charges Loan impairment charges Profit before tax ROE before loan imp. charges Margin trends (%) Market shares, incl. CIB (%) Lending Deposits Lending Deposits

38 Banking Activities Northern Ireland: Moving in the right direction with higher income and lower costs and impairments Income statement (DKK m) Trend in lending volume*, average (DKK bn) H H Index Retail Corporate Net interest income Net fee income Other income Total income Expenses Profit bef. loan imp. charges Loan impairment charges Profit before tax % +12% ROE before loan imp. charges Margin trends (%) Market shares (%) Lending Deposits Retail Corporate * Corporate lending volume excludes lending to public sector. 38

39 Banking Activities Ireland: Higher expenses due to restructuring of the continuing business Income statement (DKK m) Trend in lending volume, end of period (DKK bn) H H Index Retail Corporate Net interest income Net fee income Other income Total income Expenses Profit bef. loan imp. charges Loan impairment charges 520 3, Profit before tax , ROE before loan imp. charges Margin trends (%) Market shares (%) 2 Lending Deposits 4 Lending Deposits Note: Figures from Q and back are not restated after non-core split-up from Banking Activities Ireland. 39

40 Non-core Ireland: Marked by high impairments Income statement (DKK m) Trend in lending volume, end-of-period (DKK bn) H H Index Net interest income Net fee income Other income Total income Expenses Profit bef. loan imp. charges Loan impairment charges 2, Profit before tax -2, Retail Corporate Included in BA Ireland Margin trends (%) Portfolio breakdown (%) Lending Deposits CRE Personal mortgages Other 26% Included in BA Ireland % 24% Note: Figures from Q and back are not restated after non-core split-up from Banking Activities Ireland. 40

41 Banking Activities Baltics: Higher income and increased write back of impairments increases pre-tax profit by 50 % Income statement (DKK m) Trend in lending volume, average (DKK bn) H H Index Retail Corporate Net interest income Net fee income Other income Total income Expenses Profit bef. loan imp. charges Loan impairment charges Profit before tax ROE before loan imp. charges Margin trends (%) Market shares, lending (%) Lending Deposits Estonia Latvia Lithuania

42 CIB: Solid NII development and continued margin improvement, but higher loan losses from shipping and construction Income statement (DKK m) Trend in lending volume, average (DKK bn) H H Index Net interest income 1, Net fee income Other income Total income 1,482 1, Total integration expenses Expenses ex total intgr. exp Profit bef. loan imp. charges Loan impairment charges Profit before tax ROE before loan imp. charges Margin trends (%) Geographical breakdown of lending, Q (%) Lending Deposits Sweden Denmark Finland Norway 42

43 Danske Markets & Treasury: Solid Q2 from derivates and bond trading, one off gains increase income in Treasury Income statement (DKK m) Trading income split, Q H H Index Danske Markets 4,916 3, Group Treasury Total income 4,989 4, Expenses 1,574 1, Profit bef. loan imp. charges 3,415 3, Loan impairment charges Profit before tax 3,390 3, FX & money market Repos & derivatives Bonds & DCM Equities ROE before loan imp. charges Impairments, 3% of Group lending (DKK m) Trading activities, accumulated income (DKK bn) ,000 6, ,000 2,000 0 Q1 Q2 Q3 Q4 43

44 Danske Capital: Lower fee income due to changed asset mix, margins remain flattish Income statement (DKK m) AuM customer breakdown (DKK bn) H H Index Private equity Institutional Retail* Life insurance Net interest income Net fee income portion from performance fees Other income Total income Expenses Profit bef. loan imp. charges Loan impairment charges Profit before tax Margin trends** (%) AuM asset breakdown (%) Cash Equities Bonds * Retail includes Danske Invest. ** Margin for asset management is adjusted income, including performance fees, divided by business volume, end of period. 44

45 % change in equities Danica Pension: Strong investment result and partially booked risk allowance Income statement (DKK m) Investment allocation for Danica Traditionel, end-q (%) H1 12 H1 11 Index Equities Bonds Credit bonds Property Premiums (bn) Danica Traditionel (insurance result) Unit-linked (insurance result) Health and accident (ins. result) Investment result Financing result Special allotments Net income bef. postp. risk allow Change in shadow account Net income Possibility of booking risk allowance in 2012*, end-q (%) % 25% Full risk allowance 0% -25% Partial risk allowance No risk allowance -50% -2,00% -1,00% 0,00% 1,00% 2,00% % point change in interest rate New schemes Low 16 9 Medium 15 9 High * Under assumption of a rolling yield spread of 0 between Danish and German government bonds at the end of

46 Danica Pension s profit model = Profit model Condition/ sensitivity H DKK m Danica Traditionel. Mainly risk allowance 69 bp of technical provisions (DKK 173 bn) Unit-linked business. Longterm: approximately 0.4% of AuM Can be booked only if investment return is high enough and if no use of bonus potential of paid-up policies Prices and volume Risk allowance Other Solid income base but also price competition Health and accident business Combined ratio Price competition -53 Return on investment portfolio at shareholders risk Financing result Special allotments, depending on profit and business volume Shadow account Equity markets, interest rates S-T interest rate (equity allocated capital) Expected to be around DKK 0.1 billion in 2012 if investment return is at normal level Uncertainty because of dependency on investment return for the rest of the year Annualised investment return: 3.8% Low short-term interest rate -47 Total

47 Disclaimer Important Notice This presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of Danske Bank A/S in any jurisdiction, including the United States, or an inducement to enter into investment activity. No part of this presentation, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. The securities referred to herein have not been, and will not be, registered under the Securities Act of 1933, as amended, and may not be offered, exercised or sold in the United States absent registration or an applicable exemption from registration requirements. References to a potential share offering by Danske Bank are included herein pursuant to Rule 135c of the Securities Act of 1933, as amended. This presentation contains forward-looking statements that reflect management s current views with respect to certain future events and potential financial performance. Although Danske Bank believes that the expectations reflected in such forwardlooking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of various factors many of which are beyond Danske Bank s control. This presentation does not imply that Danske Bank has undertaken to revise these forward-looking statements, beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that will lead to changes compared to the date when these statements were provided. 47