FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Dated January 22, 2008
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
Aktiebolaget Svensk Exportkredit
Swedish Export Credit Corporation
(Translation of Registrant’s Name into English)
Västra Trädgårdsgatan 11 B
Stockholm
Sweden
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F x |
| Form 40-F o |
|
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): N/A
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): N/A
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o |
| No x |
|
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A
This Report on Form 6-K contains unaudited consolidated and parent company financial statements of AB Svensk Exportkredit (SEK) prepared under Swedish Generally Accepted Accounting Principles as of and for the nine months ended September 30, 2007.
SEK hereby incorporates this Report on Form 6-K by reference in Registration Statement no. 333-131369 filed by SEK with the Securities and Exchange Commission on Form F-3ASR under the Securities Act of 1933.
2
INCOME STATEMENTS (UNAUDITED)
SEK (exclusive of the S-system)
|
| January-September, 2007 |
| January-September, 2006 |
| ||||
|
| Consolidated |
| Parent |
| Consolidated |
| Parent |
|
(Skr mn) |
| Group |
| Company |
| Group |
| Company |
|
Interest revenues |
| 7,977.4 |
| 7,979.4 |
| 5,201.7 |
| 5,203.9 |
|
Interest expenses |
| -7,366.7 |
| -7,367.0 |
| -4,606.5 |
| -4,606.7 |
|
Net interest revenues |
| 610.7 |
| 612.4 |
| 595.2 |
| 597.2 |
|
Commissions earned |
| 19.6 |
| 2.7 |
| 17.9 |
| 1.7 |
|
Commissions incurred |
| -13.9 |
| -12.6 |
| -19.2 |
| -16.7 |
|
Remuneration from the S-system |
| 17.9 |
| 17.9 |
| 20.4 |
| 20.4 |
|
Net results of financial transactions |
| -33.2 |
| -33.2 |
| 2.0 |
| 2.0 |
|
Other operating income |
| 1.1 |
| 2.3 |
| 0.2 |
| 1.5 |
|
Administrative expenses |
| -191.9 |
| -179.6 |
| -180.4 |
| -172.3 |
|
Depreciations of non-financial assets |
| -21.1 |
| -20.4 |
| -22.6 |
| -20.8 |
|
Other operating expenses |
| -0.3 |
| 0.2 |
| -0.5 |
| 0.1 |
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
| 388.9 |
| 389.7 |
| 413.0 |
| 413.1 |
|
|
|
|
|
|
|
|
|
|
|
Changes in untaxed reserves |
| n.a. |
| 0.0 |
| n.a. |
| 0.0 |
|
|
|
|
|
|
|
|
|
|
|
Taxes (Note 6) |
| -108.9 |
| -109.1 |
| -118.4 |
| -118.0 |
|
Net profit for the period |
| 280.0 |
| 280.6 |
| 294.6 |
| 295.1 |
|
|
|
|
|
|
|
|
|
|
|
Earnings per share (Note 5) |
| 283 |
|
|
| 298 |
|
|
|
3
BALANCE SHEETS
|
| September 30, 2007 |
| December 31, 2006 |
| ||||||||
|
| (UNAUDITED) |
|
|
|
|
|
|
| ||||
|
| Consolidated |
| Parent |
| Of which |
| Consolidated |
| Parent |
| Of which |
|
(Skr mn) |
| Group |
| Company |
| S-system |
| Group |
| Company |
| S-system |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash in hand |
| 0.0 |
| 0.0 |
| 0.0 |
| 0.0 |
| 0.0 |
|
|
|
Treasuries/government bonds |
| 1,806.9 |
| 1,806.9 |
| 0.0 |
| 1,786.7 |
| 1,786.7 |
| — |
|
Of which current assets |
| (1,525.3 | ) | (1,525.3 | ) | (0.0 | ) | (1,503.1 | ) | (1,503.1 | ) | — |
|
Of which fixed assets |
| (281.6 | ) | (281.6 | ) | — |
| (283.7 | ) | (283.7 | ) | — |
|
Credits to credit institutions (Note 3) |
| 21,252.0 |
| 21,249.3 |
| 3,123.8 |
| 14,159.0 |
| 14,158.4 |
| 3,737.3 |
|
Credits to the public (Note 3) |
| 46,744.0 |
| 46,744.0 |
| 5,924.2 |
| 41,975.1 |
| 41,975.1 |
| 5,394.4 |
|
Other interest-bearing securities |
| 177,258.9 |
| 177,258.9 |
| — |
| 156,602.2 |
| 156,602.2 |
| — |
|
Of which current assets |
| (138,729.3 | ) | (138,529.3 | ) | — |
| (117,469.8 | ) | (117,469.8 | ) | — |
|
Of which fixed assets |
| (38,790.3 | ) | (38,990.2 | ) | — |
| (39,132.4 | ) | (39,132.4 | ) | — |
|
Of which credits (Note 2) |
| (38,522.2 | ) | (38,522.2 | ) | — |
| (39,109.2 | ) | (39,109.2 | ) | — |
|
Shares in subsidiaries |
| n.a. |
| 118.6 |
| — |
| n.a. |
| 118.6 |
| — |
|
Non-financial assets |
| 150.3 |
| 38.9 |
| — |
| 168.5 |
| 56.4 |
| — |
|
Other assets |
| 10,911.9 |
| 10,937.1 |
| 6.9 |
| 10,301.6 |
| 10,384.3 |
| 22.2 |
|
Prepaid expenses and accrued revenues |
| 4,604.0 |
| 4,599.7 |
| 132.4 |
| 4,207.8 |
| 4,206.9 |
| 153.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets (Note 4) |
| 262,728.0 |
| 262,753.4 |
| 9,187.3 |
| 229,200.9 |
| 229,288.6 |
| 9,307.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES, ALLOCATIONS AND SHAREHOLDERS’ FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowing from credit institutions |
| 871.6 |
| 881.6 |
| 1.7 |
| 3,245.6 |
| 3,255.6 |
| 6.0 |
|
Borrowing from the public |
| 46.6 |
| 49.5 |
| 0.0 |
| 56.0 |
| 58.9 |
| — |
|
Senior securities issued |
| 235,962.6 |
| 235,962.6 |
| 0.0 |
| 203,375.6 |
| 203,375.6 |
| 0.0 |
|
Other liabilities |
| 14,205.2 |
| 14,190.5 |
| 33.3 |
| 11,359.6 |
| 11,408.7 |
| 58.2 |
|
Lending/(borrowing) between SEK and the S-system |
| — |
| — |
| 9,035.5 |
| — |
| — |
| 9,083.7 |
|
Accrued expenses and prepaid revenues |
| 4,093.5 |
| 4,092.8 |
| 116.8 |
| 3,808.2 |
| 3,806.6 |
| 159.9 |
|
Allocations |
| 410.4 |
| 53.3 |
| — |
| 373.7 |
| 16.6 |
| — |
|
Subordinated securities issued |
| 2,733.8 |
| 2,733.8 |
| — |
| 2,857.9 |
| 2,857.9 |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and allocations |
| 258,323.7 |
| 257,964.1 |
| 9,187.3 |
| 225,076.6 |
| 224,779.9 |
| 9,307.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Untaxed reserves |
| n.a. |
| 1,274.2 |
| — |
| n.a. |
| 1,274.2 |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital |
| 990.0 |
| 990.0 |
| — |
| 990.0 |
| 990.0 |
| — |
|
Non-distributable reserves |
| 1,122.5 |
| 411.5 |
| — |
| 1,126.6 |
| 208.3 |
| — |
|
Total non-distributable capital |
| 2,112.5 |
| 1,401.5 |
| — |
| 2,116.6 |
| 1,198.3 |
| — |
|
Profit carried forward |
| 2,011.8 |
| 1,833.0 |
| — |
| 1,622.1 |
| 1,614.5 |
| — |
|
Net profit for the year |
| 280.0 |
| 280.6 |
| — |
| 385.6 |
| 421.7 |
| — |
|
Total distributable capital |
| 2,291.8 |
| 2,113.6 |
| — |
| 2,007.7 |
| 2,036.2 |
| — |
|
Total shareholders’ funds |
| 4,404.3 |
| 3,515.1 |
| — |
| 4,124.3 |
| 3,234.5 |
| — |
|
Total liabilities, allocations and shareholders’ funds |
| 262,728.0 |
| 262,753.4 |
| 9,187.3 |
| 229,200.9 |
| 229,288.6 |
| 9,307.8 |
|
|
|
|
|
|
|
|
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|
COLLATERAL PROVIDED |
|
|
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|
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|
|
|
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|
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|
Collateral provided |
| None |
| None |
| None |
| None |
| None |
| None |
|
Interest-bearing securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Subject to lending |
| 26.6 |
| 26.6 |
| — |
| 29.0 |
| 29.0 |
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTINGENT LIABILITIES |
| None |
| None |
| None |
| None |
| None |
| None |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
COMMITMENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Committed undisbursed credits |
| 21,749.8 |
| 21,749.8 |
| 12,877.9 |
| 21,888.5 |
| 21,888.5 |
| 14,162.6 |
|
4
Specification of Change in Shareholders’ Funds
Consolidated Group
(Skr mn) |
| January-June, 2007 |
| January-December, 2006 |
|
Opening balance of shareholders’ funds |
| 4,124.3 |
| 3,738.7 |
|
Dividend paid. |
| –– |
| –– |
|
Net profit for the period |
| 280.0 |
| 385.6 |
|
Closing balance of shareholders’ funds. |
| 4,404.3 |
| 4,124.3 |
|
STATEMENTS OF CASH FLOWS, SUMMARY
|
| January-September, 2007 |
| January-September, 2006 |
| ||||
|
| Consolidated |
| Parent |
| Consolidated |
| Parent |
|
(Skr mn) |
| Group |
| Company |
| Group |
| Company |
|
|
|
|
|
|
|
|
|
|
|
Net cash used in(-)/provided by(+) operating activities |
| -26,302.3 |
| -26,304.4 |
| -19,774.8 |
| -19,821.4 |
|
Net cash used in(-)/provided by(+) investing activities |
| -2.9 |
| -2.9 |
| -4.9 |
| -4.9 |
|
Net cash used in(-)/provided by(+) financing activities |
| 30,079.6 |
| 30,079.6 |
| 21,980.2 |
| 21,979.6 |
|
Cash and cash equivalents at end of period |
| 3,774.4 |
| 3,772.3 |
| 2,200.5 |
| 2,153.3 |
|
Note 1. Accounting principles
The accounting principles described in SEK’s Annual Report for the year 2006 have been applied unchanged.
Note 2. Other interest-bearing securities – of which credits
Represents credits granted against documentation in the form of interest-bearing securities.
Note 3. Credits past-due
In accordance with the Swedish Financial Supervisory Authority’s regulations, the Company reports credits with principal or interest that is more than 60 days past-due as past-due credits. The aggregate past-due amount of principal and interest on such credits was Skr 0.9 million (12/2006: 1.0). The principal amount not past due on such credits was Skr 18.8 million (12/2006: 2.9).
Note 4. Total assets
The amount of total assets at September 30, 2007, Skr 262.7 billion, was approximately Skr 0.2 billion lower than it would have been if the currency exchange rates as of December 31, 2006, had been unchanged.
Note 5. Earnings per share
Net profit for the period divided by the number of shares.
Note 6. Taxes
Reported amounts of taxes for the nine-month period ended September 30 represent profits before appropriation multiplied by the standard tax rate (28%), with addition to certain tax costs related to holding untaxed reserves. No allocations to, or dissolutions of, untaxed reserves have been made before the calculation of taxes. Such allocations, or dissolutions, may be determined only on a full-year basis. The Company estimates that the standard tax rate gives an acceptable approximation of the effective tax rate.
5
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated January 22, 2008
| AB Svensk Exportkredit | |
| (Swedish Export Credit Corporation) | |
|
| |
|
| |
|
| |
| By: | /s/ Peter Yngwe |
|
| Peter Yngwe, President |
6