Demand in the structured products market has remained very strong.

Transcription

1 FIM Group Corporation STOCK EXCHANGE RELEASE July 31, 2007 FIM GROUP CORPORATION S PROFITABILITY IMPROVED CLEARLY IN Q2 Key figures for April-June 2007 (2006) Net sales: EUR 28.2 million (21.8) Growth in net sales: 29% Operating profit: EUR 9.2 million (5.6) Operating profit margin: 32% (26%) Earnings per share: EUR 0.17 (0.10) Key figures for January-June 2007 (2006) Net sales: EUR 51.3 million (43.1) Growth in net sales: 19% (63%) Operating profit: EUR 12.7 million (11.8) Operating profit margin: 25% (27%) Net profit: EUR 10.8 million (8.3) Earnings per share: EUR 0.25 (0.21) OPERATING ENVIRONMENT Share prices showed strong momentum in the second quarter. The world equity index rose by 6.7 percent in euro terms in January-June In the first quarter the increase was only 1.4 percent whereas in the second quarter the growth accelerated to 5.2 percent. The rise in share prices was even stronger than this in the emerging markets in the second quarter. The emerging market s equities index rose in the second quarter by 12.5 percent against a rise of only 0.6 percent in the first quarter. The world s emerging markets index rose altogether by 13.2 percent in January-June. The strong share price trend on the OMX Helsinki Stock Exchange has held up well. From the beginning of the year to the end of June, the OMX Helsinki Cap Index rose by 18.0% in euro terms. In the Eurozone, economic growth was strong in the first half of the year. Unemployment has been falling steadily, and economic forecasts have been revised upward. In the equity markets, the positive outlook has translated into a strong rise in share prices. In the fixed income market, there was a continuation of the upward trend in long bonds that got under way in the first part of the year. The corporate bond market was robust all the way up to just before the summer. Strong economic growth in the Eurozone bolstered the euro s exchange rate against the United States dollar. Trade volume continued to rise strongly on the OMX Helsinki Stock Exchange. In the H1, trade volume grew by 28 percent compared with the same period of 2006 and was approximately EUR 196 billion (153). The average intra-day volume was about EUR 1.6 billion. Demand in the structured products market has remained very strong. INCOME AND FINANCIAL PERFORMANCE IN JANUARY-JUNE 2007 (comparison figures are for January-June 2006) FIM Group's total income from investment services in January-June grew by 19 percent to EUR 51.3 million (EUR 43.1 million in 2006). FIM has changed its financial reporting from the beginning of Segment reporting covers the business areas FIM Asset Management and FIM Brokerage. FIM Investment Banking is reported as part of the group Others. The sales of structured products were moved from investment banking division to FIM Asset

2 Management in the beginning of the year. Comparison figures have been adjusted to the new reporting structure. FIM Asset Management s total income in January-June grew by 22 percent to EUR 37.2 million (30.5). FIM Brokerage s total income in the report period grew by 17 percent to EUR 16.1 million (13.8). The Group s operating profit in the report period was EUR 12.7 million and the operating profit margin 25 per cent. Due to the Glitnir transaction, the option costs of EUR 2.2 million for FIM s both option series that were originally scheduled for 4 years, were booked in the first quarter of Before this non-recurring booking the operating profit for the review period would have been EUR 14.9 million and operating profit margin 29 %. The Group s H1 expenses, excluding fee and interest expenses, came to EUR 31.8 million (26.3). Expenses increased by 21 percent compared with the same period of The greatest single factor behind the growth in expenses was the effect of the Glitnir acquisition announced in February on the recognition of stock option expenses. The Group s taxes in the January-June period amounted to EUR 1.9 million (3.6). Profit in January-June was EUR 10.8 million (8.3). Earnings per share for the review period were EUR 0.25 (0.21). BALANCE SHEET Total assets as of June 30, 2007 stood at EUR million (130.3). Total assets as of December 31, 2006 stood at EUR million. The Group s shareholders equity at the end of the fiscal period was EUR million (65.7), or EUR 2.52 per share (1.69). The annualized return on equity was 20.8 percent (33.7). The Group s equity ratio was 62.9 percent (50.4) and the Tier 1 ratio (BASEL II) was 32.8 percent. FIM s derivatives exposure at the end of the reporting period consisted mainly of equity derivatives held for trading. The value of the underlying assets of equity derivatives was EUR 54.3 million and they had a fair value of EUR -1.4 million. In addition, receivables denominated in foreign currency were hedged with forward exchange contracts, the underlying assets of which had a value of EUR 20.2 million, their fair value being EUR 0.0 million. INVESTMENTS The Group s investments in tangible and intangible assets (including goodwill) during the review period came to EUR 2.0 million (14,3). PERSONNEL The number of employees has grown greatly in recent years. In January-June 2007, the Group had an average payroll of 300 employees (247). The number of employees at the end of June was 323 (271). At the end of the review period, the personnel were divided by business area as follows: FIM Asset Management, 156 persons, FIM Brokerage, 106 persons. The number of employees working in Finland was 288, with 32 employees in Russia and 3 in Sweden. Personnel figures are stated converted to full-time staff. FIM GROUP ACQUIRED BY GLITNIR BANKI HF

3 In accordance with an agreement made by Glitnir and FIM Group Corporation s 11 largest shareholders on February 5, 2007, Glitnir banki hf purchased 68.1 percent of FIM Group Corporation s shares in transactions completed on March 16, The public tender offer Glitnir made for the shares and option warrants issued by FIM ended on May 16, Glitnir announced on May 25, 2007, that its holding of FIM s shares and voting rights had exceeded 98 percent. Glitnir has initiated the arbitration procedure under the Companies Act in order to redeem the remaining FIM shares. The redemption price offered by Glitnir is EUR 8.00 per share. FIM APPLIES FOR A DELISTING On June 1, 2007, the Board of Directors of FIM Group Corporation submitted to the Helsinki Stock Exchange an application for the cessation of trading in the FIM share and delisting of the share from the Main List of the Helsinki Stock Exchange. The delisting of FIM s share will be carried out after Glitnir has received title to all of FIM s shares and the Helsinki Stock Exchange has decided to delist the share. RESOLUTIONS OF FIM GROUP CORPORATION S ANNUAL GENERAL MEETING FIM Group Corporation s Annual General Meeting, held on March 15, 2007, adopted the 2006 financial statements and discharged the members of the Board of Directors and the President and CEO from liability. The Annual General Meeting decided on the payment of dividends, the composition of the Board of Directors and the election of the auditor. It was resolved that a dividend of EUR 0.14 per share would be paid as proposed by the Board of Directors, to a total of EUR 5.97 million. The dividend was paid out on March 27, The following persons were re-elected as members of the Board of Directors: Niklas Geust, Vesa Honkanen, Antti Kivimaa, Risto Perttunen and Jukka Ylitalo. However, the term of service of these members of the Board of Directors ended when Glitnir banki hf. acquired percent of FIM Group Corporation s shares and voting rights. Due to this change of ownership, the Annual General Meeting elected Bjarni Ármannsson, Frank Ove Reite and Sverrir Örn Thorvaldsson to the Board of Directors as representatives of Glitnir banki hf. as well as reelected Niklas Geust and Vesa Honkanen. Their term of service started from the transfer of ownership on March 21, At its organization meeting on March 22, 2007, the Board of Directors elected Frank Ove Reite as the Chairman. After the change in the ownership, the majority of the members of the company s Board of Directors do not meet the criteria of independence as set forth in the Corporate Governance recommendation of the Helsinki Stock Exchange, the Central Chamber of Commerce of Finland and the Confederation of Finnish Industries EK. The Authorized Public Accountants Kim Karhu and Kaija Leppinen were re-elected as the company's auditors. PricewaterhouseCoopers Oy, Authorized Public Accountants, was elected as the deputy auditor, with Authorized Public Accountant Jarmo Álen as chief auditor. SHARES AND SHARE CAPITAL FIM Group Corporation s share capital as of June 30, 2007, was EUR 2,813,505. The company s issued shares consist of one share class that is divided into a total of 42,683,690 shares. The trade volume of the FIM Group Corporation share on the OMX Helsinki Stock Exchange in the January-June 2007 period was EUR million and 53.7 million

4 shares. Trade volume includes the block trade carried out on March 16, 2007, in which 29,071,813 shares were transferred to Glitnir banki hf. During the report period the share registered a high of EUR 8.30 in February and a low of EUR 5.86 in January. The volume-weighted average share price was EUR At the end of the reporting period on June 30, 2007, the share price was EUR 8.00 and the company had a market capitalization of EUR million. The company had in its possession a total of 36,000 treasury shares as of June 30, 2007, and they had a market value of EUR 0.3 million. The share of all shares and votes was below 0.1 per cent. RISK MANAGEMENT Risk management is an essential part of internal control, and its aim is to reduce the probability of unforeseeable losses or a threat to the reputation of FIM. Risk management covers all material risks connected with FIM s operations, such as operational risks, market risks, liquidity and financing risks, credit risks and strategic risks. The management of operational risks is part of the FIM Group s overall risk management, and it generally involves minimizing risks. In addition to preventive work that is carried on to avert operational risks, the FIM Group seeks to maintain sufficient insurance coverage for the purpose of compensating, say, loss or damage resulting from malfeasance, intrusion into information systems, or other criminal actions. Continuity plans have been put in place to cope with major disturbances to operations. Limits and other operational instructions have been set for the taking of market risks, bearing in mind the sufficiency of equity and capital adequacy planning within the FIM Group. To support liquidity management, FIM Securities Ltd has the possibility, in the form of credit extended by customers (so-called cash account customers), to improve its liquidity, and, additionally, the company has credit facilities that have been agreed with banks and can be drawn down as the need arises. In practice, despite the increase in trading, it has been possible to attend to liquidity management mainly without having recourse to bank credit facilities. Across FIM units, the contractual counterparties in accordance with the adopted definition of credit risk are customers and other trading counterparties as well as other partners in cooperation. In line with the lending policy approved by the Board of Directors, FIM carries on only lending activities in which risk-taking can be limited to a small amount and the risk is manageable. Lending is primarily to private individuals. NEAR-TERM OUTLOOK The trend in FIM s operations during the first months of 2007 has proceeded as expected and the growth in full-year net sales is expected to reach the longterm growth target of 20 percent. Full-year operating profit is estimated to exceed that reported for Cyclical sensitivity is typical of investment service operations and FIM s business operations are also characterized by a marked dependence on the trend in the global securities markets. In the short term, performance fees in discretionary asset management are the type of income that is the most sensitive of all to both positive and negative moves in the market. FIM submitted a license application for banking operations to the Finnish Financial Supervision Authority during the review period. The retail banking operations are scheduled to commence during 2007.

5 REVIEW OF THE BUSINESS UNITS FIM Asset Management The sales of structured products were moved from investment banking division to FIM Asset Management in the beginning of the year. Comparison figures have been adjusted to the new reporting structure. Key figures (million euros except for personnel and client figures) 4-6/07 4-6/06 Change 1-6/07 1-6/06 Change 1-12/06 Total income 22,1 16,0 38 % 37,2 30,5 22 % 57,5 Operating profit 9,6 5,8 66 % 12,9 11,3 14 % 19,9 Operating margin, % 44 % 36 % 35 % 37 % 35 % Personnel, average % % 120 Assets under management (end of period) % Assets under management, mutual funds (end of period) % Assets under management, equity funds (end of period) % Market share, mutual funds (end of period) 3,3 % 3,9 % 3,1 % Market share, equity funds (end of period) 5,7 % 7,8 % 6,0 % Net subscription, mutual funds NA NA -70 Net subscription, equity funds NA NA -170 Number of unit holders, mutual funds (end of period) % Number of clients in discretionary asset management and discretionary fund management (end of period) % Q compared with Q FIM Asset Management s total income in the second quarter was EUR 22.1 million (16.0). The growth in total income compared to the corresponding period in 2006 was 38 percent. Operating profit in April-June was EUR 9.6 million (5.8). The good market situation as well as the booking of discretionary asset management s

6 performance based fees from the H1 in the second quarter had a positive impact on profitability. Operating profit was up 66 percent on the same period a year ago. FIM Asset Management s average payroll of 147 employees grew by 28% on the same period of last year (115). Q1-Q compared with Q1-Q FIM Asset Management s total income in January-June was EUR 37.2 million (30.5). The growth in total income compared to the corresponding period in 2006 was 22 percent. Operating profit in the review period was EUR 12.9 million (11.3). FIM Asset Management s average payroll 142 grew by 30 percent on the same period of last year (109). At the end of the reporting period the payroll was 156. The amount of assets under management at the end of the review period was EUR 3.5 billion which is 30 percent more than year ago. The amount of assets under management has risen by EUR 0.5 billion since the end of Net subscriptions to mutual funds amounted to EUR 242 million in the report period (2). Of FIM s 12 Morningstar-rated balanced and equity funds, 5 funds had five stars at the end of the year. During the reporting period 64 percent of FIM s mutual funds outperformed their benchmark index. Within discretionary asset management and fund management, successful allocation decisions generally led to a return that exceeded the global equity markets. Demand for structured products has been very strong. During the first half of the year FIM sold structured products with mostly at least a five-year maturity for EUR 189 million (141). Sales of structured products were up 34 percent on the corresponding period of the previous year. Preparations for FIM s investment and asset management operations in Russia are progressing in line with plans and operations of the funds FIM Russian Equities, FIM Russian Portfolio and FIM Russian Bonds began during the second quarter of The funds are marketed primarily in Russia but are also open to international customers. Expansion of operations in Sweden has been continued strong. In the reporting period, the Stockholm branch office concluded several new distribution agreements and the first major institutional deal. Cooperation with existing partners was deepened and expanded. Sales development has been positive and the amount of assets under management has been increasing. The Stockholm branch office has also started selling FIM funds in Norway during Q2 trough an established cooperation with Norway's largest insurance company Vital Forsikring. Collaboration with Glitir s asset management services has been started during the report period. Toward the end of the year, this collaboration is expected to open new sales opportunities to FIM s products on the international markets as well as synergies in offering asset management services. As part of this development effort, the mutual fund business is presently preparing the dualregistration of the majority of FIM s mutual funds in Luxembourg. FIM Brokerage Key figures (EUR million except for personnel) 4-6/07 4-6/06 Change 1-6/07 1-6/06 Change 1-12/06

7 Total income 7,5 6,7 13 % 16,1 13,8 17 % 27,7 Operating profit 1,4 0,3 NA 2,4 1,7 42 % 2,4 Operating margin, % 18 % 4 % 15 % 12 % 9 % Personnel, average % % 96 Market share, turnover in euros (OMX Helsinki) 3,2 % 2,8 % 3,6 % 2,9 % 3,0 % Market share, number of transactions (OMX Helsinki) 3,0 % 3,3 % 3,2 % 3,4 % 3,4 % Q compared with Q FIM Brokerage s total income in the second quarter came to EUR 7.5 million (6.7). Total income was up 13 percent on the corresponding period of the previous year. FIM Brokerage s operating profit for the April-June period was EUR 1.4 million (0.3). Operating profit increased due to good market environment. On the other hand, the Q operating profit was burdened by major investments in personnel resources in the Russian brokerage operations. FIM Brokerage s average payroll 105 grew by 8 percent on the same period of last year (97). Q1-Q compared with Q1-Q FIM Brokerage s total income in January-June came to EUR 16.1 million (13.8). Total income was up 17 percent on the corresponding period of the previous year. FIM Brokerage s operating profit was EUR 2.4 million (1.7). The average payroll 102 grew by 10 percent on the same period of last year (93). At the end of the reporting period the payroll was 106. FIM s market share of turnover in euros on the OMX Helsinki Stock Exchange was 3.6 percent, while market share in terms of number of transactions was 3.2 percent. In terms of FIM s and Glitnir s combined turnover in euros, their securities brokerage units were the second largest broker on the OMX Helsinki Stock Exchange in H1. Total market share was 6.1 percent. Others Of FIM s business areas FIM Investment Banking focuses on advisory services in equity capital market transactions and in mergers and acquisitions. As from the beginning of 2007, the business area will no longer be reported on separately. Instead, it is included in the Others group, which primarily comprises the Group administration. In the tables annexed to the Interim Report, reporting has been adjusted to correspond to current practices as from Q In the April-June period, the Others group had net sales of EUR 1.3 million (3.2) and operating profit of EUR -1.9 million (-0.4). In January-June the net sales was EUR 14.1 million (9.2) and operating profit EUR 8.4 million (3.4). Operating profit increased due to dividend payment to the parent company during the reporting period. The dividends totaled about EUR 11 million. The average payroll in January-March was 55 (45) and at the end of the period 61. This report has been prepared in compliance with the requirements of IAS 34 Interim Financial Reporting.

8 The report has been prepared in accordance with the same accounting policies as were applied in the financial statements for However, the Group has adopted the following standards or changes as of January 1, 2007: IFRS 7 Financial Instruments: Disclosures. The standard will have an effect mainly on the notes to the financial statements. IAS 1 (Amendment) Capital Disclosures. The amendment of the standard does not have an effect on this interim report. This interim report is unaudited. Helsinki, July 31, 2007 FIM Group Corporation Board of Directors TABLES FIM GROUP INCOME STATEMENT (IFRS) Thousand euros Fee and commission income Net gains (losses) from securities trading Interest income Gains less losses from available-for-sale financial assets Other operating income TOTAL INCOME FROM INVESTMENT SERVICES Fee and commission expenses Interest expenses General administrative expenses Employee benefits expenses Wages and salaries Social security costs Pension costs Other personnel costs Share-based payments Other administrative expenses Depreciation, amortization and

9 impairment charges Other operating expenses Operating profit PROFIT BEFORE TAX Income taxes PROFIT FOR THE PERIOD Equity holders of the Company Minority interest* Earnings per share attributable to equity holders of the company Basic and diluted earnings per share, EUR 0,17 0,10 0,25 0,21 0,32 Weighted average number of shares during the period, thousands * after August 15, 2006 no minority interests FIM Group Corporation Consolidated Balance Sheet (IFRS) Thousand euros ASSETS Cash and cash equivalents Due from customers Repayable on demand Shares and participations Securities trading Available-for-sale investments Derivative financial instruments Investments in associates Intangible assets Goodwill Other intangible assets Tangible assets Shares in property investment companies Other tangible assets Other assets Accrued income and prepayments Deferred tax receivables TOTAL ASSETS

10 EQUITY AND LIABILITIES EQUITY Equity attributable to equity holders of the Company Share capital Share premium Treasury shares Translation difference Fair value reserve Other reserves Retained earnings Profit for the period Minority interest Total equity LIABILITIES Due to banks and financial institutions Due to customers Repayable on demand Derivative financial instruments and other trading liabilities Other liabilities Accrued expenses and deferred income Deferred tax liabilities Total liabilities TOTAL EQUITY AND LIABILITIES CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Share capital Share premium Other reserves 1000 eur Treasury shares Translation difference Equity at December 31, Net gains (losses) from available-forsale investments Currency translation adjustments 22 Listing expenses, net

11 Profit for the period Minority s share of the profit for the period Total recognized income for the period Dividend for year Change in minority interest Increase in share capital Transfers in equity Purchase/sales of own shares Taxes on equity Equity at June 30, Fair value reserve Retained earnings Total equity attributable to equity holders of the Company Minority interest Total equity Equity at December 31, Net gains (losses) from available-forsale investments Currency translation adjustments Listing expenses, net Profit for the period Minority s share of the profit for the period Total recognized income for the period Dividend for year Change in minority interest Increase in share capital Transfers in equity Purchase/sales of own shares Taxes on equity Equity at June 30, Share Share Other Treasury Translation

12 1000 eur capital premium reserves shares difference Equity at December 31, Net gains (losses) from available-forsale investments Currency translation adjustments -10 Listing expenses, net Profit for the period Minority s share of the profit for the period Total recognized income for the period Dividend for year Change in minority interest Increase in share capital Transfers in equity Equity at June 30, Fair value reserve Retained earnings Total equity attributable to equity holders of the Company Minority interest Total equity Equity at December 31, Net gains (losses) from available-forsale investments Currency translation adjustments Listing expenses, net 0 0 Profit for the period Minority s share of the profit for the period 0 0 Total recognized income for the period Dividend for year Change in minority interest

13 Increase in share capital 0 0 Transfers in equity 0 0 Equity at June 30, FIM GROUP CORPORATION CONSOLIDATED CASH FLOW STATEMENT 1000 eur Net cash from operations (A) Net cash used in investing activities (B) Net cash used in financing activities: Changes in equity Dividends paid and other profit distribution Net cash used in financing activities (C) Change in liquid assets (A+B+C) increase (+)/decrease (-) Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period FIM GROUP QUARTERLY INCOME STATEMENT 4-6/07 1-3/07 Thousand euros 10-12/06 7-9/06 4-6/06 Fee and commission income Net gains/losses from securities trading Interest income Gains less losses from available-forsale investments Other operating income TOTAL INCOME FROM INVESTMENT SERVICES Fee and commission expenses Interest expenses General administrative

14 expenses Employee benefits expenses Wages and salaries Social security costs Pension costs Other personnel costs Share-based payments Other administrative expenses Depreciation, amortization and impairment charges Other operating expenses Operating profit PROFIT BEFORE TAX Income taxes PROFIT FOR THE PERIOD Equity holders of the Company Minority interest* Earnings per share attributable to equity holders of the company Basic and diluted earnings per share, EUR 0,17 0,08 0,10 0,01 0,10 Weighted average number of shares during the period, thousands * after August 15, 2006 no minority interests SEGMENT INFORMATION Thousand euros Asset Management 4-6/07 1-3/ /06 7-9/06 4-6/06

15 Total income Operating profit Brokerage Total income Operating profit Others Total income Operating profit Eliminations Total Income Operating profit Total Total Income Operating profit FEE AND COMMISSION INCOME Fee and commission income from brokerage Transaction-based fees from asset management Fixed management fees from mutual funds Performance based fees from mutual funds Fixed management fees from discretionary asset management Performance based fees from discretionary asset management Advisory fees Custody fees Other fee and commission income Fees from foreign exchange transaction executed on behalf of clients Total KEY FIGURES DESCRIBING FINANCIAL DEVELOPMENT 1-6/ / /2006 Return on equity, annualised % 30.9 % 33.7 % 20.2 % Cost/income ratio Basic and diluted earnings per share, EUR

16 Book value per share, EUR (end of period) Equity ratio, % (end of period) 62.9 % 50.4 % 45.4 % Tier 1 ratio (BASEL II), % (end of period) 32.8 % 81.3 %* %* * In 2006, Tier 1 ratio was calculated on the basis of the relation between the total equity and risk-adjusted receivables according to instruction of the Finnish FSA. Accroidng to this instruction, the ratio only takes into account the primary own funds. Thus, the ratios for 2006 are not comparable with the June 30, 2007 ratio. Return on equity, annualised % operating profit/loss - taxes x Total shareholders' equity (including minority interest) (average from start and end of period) Cost/income ratio Interest expenses + Fee and commission expenses + administrative expenses + depreciation + rents + other operating expenses Total income from investment services Basic and diluted earnings per share, EUR Profit for the period attributable to equity holders of the Company Weighted average number of shares Book value per share, EUR Total shareholders' equity (excluding minority interest) Number of shares at period-end Equity ratio, % Total shareholders' equity (including minority interest) x Balance sheet total Related party transactions (The CEOs and members of the boards of the parent company and its subsidiaries) 1-6/ / /2006 Management compensation eur Salaries and other current employee benefits Pension payments

17 Share-based payments 837(* 0 0 Total *) Options sold to Glitnir banki hf in selling price Changes in Intangible and Tangible assets 1-6/ / /2006 Intangible assets Intangible assets at January 1, Additions Decrease Adjustments Amortization Intangible assets at June 30, Tangible assets Tangible assets at January 1, Additions Decrease Adjustments Amortization Tangible assets at June 30, Contingencies and commitments, including off balance sheet items Collateral Trading and derivative collateral OMX Oy Cash INF- BCH Bank Cash Skandinaviska Enskilda Banken Share and cash Collaterals for derivatives and lending of shares Off balance sheet collateral Bank Collateral OMX Oy Share Nordea Cash INF- BCH Bank Cash Skandinaviska Enskilda Banken Share and cash Handelsbanken Share EUREX Cash Off balance sheet commitments Credit limits not in use Leases and other rental liabilities Future minimum lease payments

18 related to non-cancelable lease commitments Operating leases Not later than one year Later than one year and not later than five years Total Leasing premises Not later than one year Later than one year and not later than five years Total Other rental liabilities Rent securities FIM Group Corporation Risto Perttunen CEO For additional information, please contact: Risto Perttunen, CEO, tel Timo T. Laitinen, CFO, tel Distribution: Helsinki Stock Exchange The main media FIM is a growing investment services group that offers asset management, brokerage and investment banking services for private individuals and organizations. Since March 2007 FIM is part of Icelandic financial group Glitnir ( In addition to the head office in Helsinki, FIM has regional offices in Espoo, Jyväskylä, Kuopio, Lahti, Oulu, Riihimäki, Tampere, Turku and Vaasa. FIM also operates in Stockholm and Moscow. The company had net sales in 2006 of EUR 82.0 million, and it posted operating profit of EUR 19.1 million. FIM had a payroll of 284 employees at the end of