1st half-year and 2nd quarter Q2 Presentation of results From SpareBank 1 Gruppen Kirsten Idebøen, CEO August 10th
Good underlying earnings improvement marred by weak equity markets and flood damage Group pre-tax profit* (MNOK), quarterly Pre-tax profit for 1 st half-year was MNOK 308 (295). Pre-tax profit for Q2 was MNOK 145 (164) Non-recurring effects in 2010 related to pensions, as 373.8 a result of winding up surviving spouse and children s pension and the discontinuation of the old Q2 early retirement pension (AFP), totalling MNOK 45.8 and MNOK 38.5, respectively, MNOK 69 of which was in Q2 Q1 163.1 163.9 131 162 145.4 Profit after tax for 1 st half-year was MNOK 249 (248) Profit after tax in Q2 was MNOK 97 (156) 68 87 Annualised return on equity: 10.1 (11.9) % Capital adequacy ratio of 16.2 (17.8) % Core capital adequacy ratio of was 13.9 (12.7) % 2008 2009 2010 Group's total assets were NOK 41.5 billion, compared with NOK 40.7 billion at year-end 2010 2 * Comparison figures for 2008 and 2009 have been restated and do not include the Bank 1 Oslo Group
Improved profit in life and P&C insurance companies Pre-tax profit by subsidiary (MNOK) Significantly improved administration result and good investment result for life insurance 192 238 1H2010 1H Good portfolio growth provides increased premium income for P&C insurance. Improved financial result, but weaker insurance result 80 107 High non-recurring costs in ODIN Forvaltning. Total assets under management declined by NOK 2.2 billion 31 24 Factoring and the debt recovery business 7 10-5 -26 performed well, but marred by increasing pressure on margins v SB1 Li e SB1 Skad ODIN s SB1G Finan SB1 Market ts Higher costs in SB1 Markets as a consequence of planned new recruitment 3
SpareBank 1 Skadeforsikring Group Good portfolio growth in 1 st half-year. Improved financial results 4
SpareBank 1 Skadeforsikring Group Good portfolio o o growth in 1 st half-year. Improved financial a results Pre-tax profit, quarterly (MNOK) 207 Total portfolio of NOK 5 billion. A growth of MNOK 277, or 5.9 %, since end of 2010 MNOK 97 from Unison Forsikring Q11k 1.kvQ2 2k 2.kv MNOK 180 from SpareBank 1 Skadeforsikring 54 125 48 36 43 50 Pre-tax profit was MNOK 107 (80) for 1 st 56 half-year and MNOK 56 (43) in Q2 Insurance result*: MNOK -22 (23) and MNOK 8 (75) in Q2 Financial income: MNOK 162 (83) and MNOK 67 (-15) in Q2 Financial return of 1.8 (1.0) % year to date 2008 2009 2010 * Insurance result for includes Unison Forsikring and Skandia Lifeline 5
SpareBank 1 Skadeforsikring Group Fewer winter-related related claims this year, marked, however, by large claims in Q1 and flood damage in Q2 Net combined ratio quarterly (%) Net combined ratio annual (%) 108.6 % 99.6 % 93.9 % 90.9 % 22.2 % 21.8 % 24.8 % 20.2 % 92.9 % 89.8 % 100.3 % 105.5 % 101.9 % 17 7.1 % 22.7 % 23.8 % 21.9 % 22.4 % 87.2 % 89.9 % 94.6 % 94.0 % 96.2 % 97.7 % 71.7 % 69.2 % 74.8 % 88 8.3 % 75.9 % 67.1 % 76.6 6 % 83 3.6 % 79.4 % 66.7 % 20.5 % 20.6 % 20.7 % 21.9 % 22.5 % 21.0 % 69.3 % 73.9 % 72.1 % 73.8 % 76.7 % Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 Q2 Net claims ratio Net cost ratio Adjusted for recognition of income from a non-recurring effect related to pensions in 2010, 1.0 percentage point of the increase in the cost ratio is attributed to the investment in Unison Forsikring 2005 2006 2007 2008 2009 2010 Net claims ratio Net cost ratio Extensive profit-improvement measures implemented with regard to pricing, quality of the insurance portfolio and operating costs 6
SpareBank 1 Livsforsikring Significant improvement in the administration result 7
SpareBank 1 Livsforsikring Significant improvement in year-to-date administration result Pre-tax profit (MNOK), quarterly Risk result trend (MNOK) 206 352 Q1 Q2 Year-end 325 1sthalf half-year 92 100 129 109 210 190 189 44 24 92 140-52 2008 2009 2010 2008 2009 2010 Pre-tax profit of MNOK 238 (192) for 1 st half- Risk result after technical provisions reduced by year and MNOK 109 (100) in Q2 higher disability compensations: MNOK 140 (189) for 1 st half-year Administration result: MNOK -43 (-81) for 1 st MNOK 70 (97) for Q2 half-year and MNOK -24 (-40) in Q2 Gross premium income: MNOK 1,758 (1,719) Investment result: MNOK 314 (198) for 1 st halfyear CM: MNOK 1,119 (1,076) and MNOK 108 (129) in Q2 RM: MNOK 639 (643) Value of real estate assets reduced by MNOK 41 in Q2 8
SpareBank 1 Livsforsikring Solid buffers Buffer capital trend, quarterly (%) 15.4 % 16.1 % 14.6 % 15.2 % 14.0 % Securities adjustment reserve, annual (MNOK) 617 327 326 Q2 Q3 Q4 Q1 Q2 2010 2010 2010 Core capital in excess of minimum Additional provisions Interim profit Securities adjustment reserve Buffer capital including quarterly profit: 14.0 (15.4) % Total assets: NOK 26.2 billion, NOK 0.3 billion lower than at the end of 2010 Securities adjustment reserve: MNOK 326 (221) 2009 2010 1H Capital adequacy ratio: 17.11 (22.1) % Term subordinated loan capital of MNOK 200 was redeemed in June The net liable capital consists of core capital Estimated solvency margin: 268 (322) % 9
SpareBank 1 Forsikring Allocation of financial assets by yp portfolio as at 30/06/11 / (31/12/10) / SB 1 Livsforsikring SB 1 Skadeforsikring Group Group portfolio 14.7 (14.8) % 34.9 (34.8) % 09(09)% 0.9 (0.9) Company portfolio -3.3 (-1.6) % 0.1 (0.1) % 24.3 (21.0) % 0.1 (0.1) % 9.2 (9.4) % 13.2 (13.6) % 10.5 (10.6) % 27.9 (28.0) % 21.6 (21.5) % 59.8 (48.4) % 19.0 (28.8) % 67.1 (66.3) % Stocks Other Stocks Other Stocks Other Real estate Bonds - amortized cost Real estate Bonds - amortized cost Real estate Bonds - amortized cost Bonds - market value Bonds - market value Bonds - market value NOK 15.6 (16.0) billion NOK 2.6 (2.8) billion NOK 9.2 (8.9) billion 10
SpareBank 1 Forsikring Market unrest - consequences SB 1 Livsforsikring The fall in prices and rates up to now is completely covered by the securities adjustment reserve, and the fall will only have a limited effect on the results in the financial statements. The share percentage was 14.7 % or NOK 2.3 billion as at 30 June No adjustments have yet been made to the portfolio The company's buffer capital situation is still good, and the company can withstand a fall in share prices of around 50 % before the additional provisions, which can be used in the accounts for, are fully exploited SB 1 Skadeforsikring Group The insurance company's investment strategy has been stable in recent years. The share percentage was 9.2 %, or MNOK 844, as at 30 June No changes to the insurance company's investment strategy have been considered, and the company has therefore not made any special adjustments after the recent turbulence in the market Whether the portfolio should be adjusted d is assessed on an ongoing basis. Taking the owner's profit and equity into account is a key component of these assessments 11
ODIN Forvaltning Good new sales of combination funds 12
ODIN Forvaltning Good new sales of combination funds 30 Pre-tax profit (MNOK), quarterly 29 Q1 Q2 Pre-tax profit for 1 st half-year: MNOK 24 (30) Results are still affected by high non-recurring costs, most of which were recognised in Q1 Profit in Q2 of MNOK 12 (17) 10 14 17 12 12 Total assets of NOK 30.1 billion - Down NOK 2.2 billion since the end of 2010-7 2008 2009 2010 Equity fund market share of 9.99 % as of June, compared with 10.7 % at the end of 2010 Combination fund market share of 3.5 % for 1 st half-year 13
SpareBank 1 Gruppen Finans Group Growth in factoring and the debt recovery business, but pressure on the margins 14
SpareBank 1 Gruppen Finans Group Growth in factoring and the debt recovery business, but pressure on the margins Pre-tax profit year to date (MNOK) Pre-tax profit for 1 st half-year: MNOK 9.8 (6.9)* 1H2010 4.9 1H 9.4 12.2 6.9 9.8 Reduced losses in 1 st half-year have contributed to improved profit in BA Factoring, but the company is experiencing pressure on the margins BA Portfolio had a total portfolio volume of MNOK 964 as of June, compared with MNOK 620 at the end of 2010. Book value of MNOK 55 3.7 1.0 1.6 Conecto AS's volume of business has shown a slightly rising trend over the past 12 months Factorin ng Portfoli io Conecto o* (debt recove ery) SB1G Group F p** *Conecto was acquired with accounting effect from 10 September 2010. The profit up until the acquisition date has been entered directly against the Group s equity. **Pre-tax profit for SpareBank 1 Gruppen Finans Group also includes overhead costs and excess value amortisation. 15
SpareBank 1 Markets Building up a leading capital market environment is progressing according to plan 16
SpareBank 1 Markets Reason for this initiative Income as a percentage of total assets from the capital market in 2010: Composition of DnB NOR Markets' income for 2010:* DnB Nor Nordea Handelsbanken Danske bank SpareBank 1 Alliance 0.07% 0,07 0,22 0,21 0,26 0.22 % 0.21 % 0.25 % 0.29 % 0,29 0.26 % - Potential for over NOK 1 billion given the level of Nordic peers 7% 17% 4% 25% 72% 25% 22% Other market making/trading revenues Income from the liquidity portfolio FX, interest rate and commodity derivatives Securities service Corporate Finance Investment products The SpareBank 1 Alliance, which is Norway's second largest financial group, has a significant earnings potential in the capital market area 17 * Source: Annual Accounts 2010, DnB NOR - Minimum i of 72 % of the income can be attributed to the bank's comparative advantages; use of its balance sheet A bank balance sheet has a comparative advantage, which may entail a restructuring of the broker industry over time
SpareBank 1 Markets Building up a leading capital market environment is progressing g according to plan Operative matters AgoSec Argo Securities changed its name to SpareBank 1 Markets The recruitment work has basically been completed and the organisation will be operative in The acquisition of UB Securities in London provides access to international investment environments Results Pre-tax loss for 1 st half-year: MNOK -26 (-5) Pre-tax loss in Q2: MNOK -22 (-2) Revenue: - Commission income on stocks and derivatives: MNOK 21 (20) - Debt capital markets: MNOK 8 (9) - Corporate Finance: MNOK 22 (15) A leading capital market environment is strategically important - and has a significant earnings potential for the SpareBank 1 Alliance 18
Future outlook SPAREBANK 1 GRUPPEN Anticipates i t continued good growth for the most important t companies in SpareBank 1 Gruppen Growth increases the costs in the short term, but it also provides a good foundation for increased future earnings Increased volatility in the financial markets entails greater uncertainty for the financial results, which represent esent a significant part of SpareBank 1 Gruppen's value creation SpareBank 1 Gruppen is well equipped to meet the new capital requirements with regard to the introduction of Solvency II There will be an increased focus on interaction across the companies in order to realise efficiency gains on both cost and income 19
Norway's savings bank 20 20
Appendix 21
SpareBank 1 Alliance SpareBank 1 SR-Bank (19.5%) SpareBank 1 SMN (19.5%) SpareBank 1 Nord-Norge (19.5%) Sparebanken Hedmark (12%) Samarbeidende Sparebanker (19.5%) LO (Trade Union) (10%) SpareBank 1 Gruppen AS SpareBank 1 Markets (96.1%) SpareBank 1 Livsforsikring (100%) ODIN Forvaltning (100%) Alliance Cooperation SpareBank 1 Medlemskort (100%) (Bank-owned companies) SpareBank 1 Gruppen Finans (100%) Conecto (100 %) SpareBank 1 Boligkreditt EiendomsMegler 1 BNbank SpareBank 1 Oslo og Akershus SpareBank 1 Skadeforsikring (100%) Unison Forsikring (100%) Broad cooperation - Technology - Brand/communication -Expertise - Common processes and application of best practices - Purchasing Regional competence centres - Payment services: Trondheim - Credit: Stavanger - Training: i Tromsø 22
SpareBank 1 Gruppen Profit for 1 st half-year Half year Year Figures in MNOK 2010 2010 Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring 238.4 192.2 350.4 - SpareBank 1 Skadeforsikring Group 106.5 79.7 641.1 - ODIN Forvaltning 24.1 31.11 64.66 - SpareBank 1 Markets -25.5-4.6-57.6 - SpareBank 1 Medlemskort 5.6 6.6 11.1 - SpareBank 1 Gruppen Finans Group 9.8 6.9 8.6 - Correction Group 14.2 31.3 17.6 Net result before tax from subsidiaries 373.1 343.3 1,036.0 Total operating costs (parent company) -43.2-31.9-7.6 Net investment charges (parent company) -22.1-16.2-43.2 Pre-tax result 307.7 295.2 985.1 Taxes -58.6-46.8-153.6 Net result for the period 249.1 248.4 831.6 Majority interest 250.4 249.2 841.0 Minority interest -1.3-0.8-9.5 Half year Year Key figures 2010 2010 Annualised return on equity 10.1 % 11.9 % 18.7 % 23
SpareBank 1 Gruppen Quarterly profits Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Figures in MNOK 2010 2010 2010 2010 2009 2009 2009 Part of result from subsidiaries before tax - SpareBank 1 Livsforsikring 109.00 129.4 72.5 85.88 100.3 91.99 81.0 81.2 205.6 - SpareBank 1 Skadeforsikring Group 56.2 50.3 307.5 253.9 43.4 36.3 115.3 272.8 184.9 - ODIN Forvaltning 12.2 11.9 16.5 17.0 16.7 14.4 24.0 16.0 9.6 - SpareBank 1 Markets -22.1-3.4-24.0-29.0-1.9-2.7-9.5-14.6-11.9 - SpareBank 1 Medlemskort 2.5 3.1 1.9 2.7 3.3 3.4 0.7 1.8 4.1 - SpareBank 1 Gruppen Finans Group 3.0 6.8 6.6-4.9 7.0-0.1 2.3 3.9 11.0 - Correction Group 15.1-0.9-6.3-7.4 16.3 15.1-8.6 12.0-6.0 Net result before tax from subsidiaries 175.9 197.1 374.6 318.1 185.1 158.2 205.2 373.1 355.4 Total operating costs (parent company) -15.6-27.7-16.5 40.7-11.9-20.0-15.5-13.2-12.1 Net investment charges (parent company) -15.0-7.1-15.6-11.4-9.3-6.9-9.8-2.1-7.0 Pre-tax result 145.4 162.4 342.5 347.4 163.9 131.3 177.2 357.7 373.8 Taxes -48.1-10.5-18.5-88.4-8.3-38.5-9.3-27.3-131.4 Net result for the period 97.2 151.9 324.0 259.1 155.6 92.8 167.9 330.4 242.4 Majority interest 98.0 152.4 327.9 263.9 155.9 93.3 169.6 333.1 244.6 Minority interest -0.8-0.5-3.9-4.8-0.3-0.5-1.7-2.6-2.1 24
SpareBank 1 Livsforsikring Profit for 1 st half-year Q2 Q1 Q2 Half year Year Figures in MNOK 2010 2010 2010 Insurance risk income 333.0 335.8 321.7 668.7 637.0 1,292.6 Insurance risk claims -252 252.6-255 255.55-213 213.4-508.2-422.7-939.0 Risk result 80.4 80.2 108.3 160.6 214.3 353.6 Tecnical allocations - 10.3-10.8-11.6-21.1-25.8-28.2 Risk result after tecnical allocations 70.1 69.4 96.7 139.5 188.5 325.4 Fees 172.8 170.7 164.1 343.5 310.3 637.9 Expenses, exclusive comissions - 138.6-129.7-144.5-268.2-275.7-589.2 Comissions - 58.5-59.8-59.4-118.2-115.3-235.6 Administration result -24.2-18.7-39.8-42.9-80.6-186.9 Net investment income 207.3 319.1 234.0 526.4 410.3 764.3 Guaranteed interest to policyholders - 99.2-113.3-105.5-212.5-212.5-447.0 Investment result 108.0 205.8 128.5 313.8 197.8 317.3 Reserves 0.0-33.0-12.0-33.0-24.0-45.3 Investment result after reserves 108.0 172.8 116.5 280.8 173.8 272.0 Compensation guaranteed interest 5.9 5.4 9.7 11.3 14.9 29.9 Result before additional provisions 159.8 228.8 183.1 388.7 296.6 440.4 Undistributed profits to customers - 60.0-118.9-79.3-178.9-121.5-161.7 Return on company's assets 92 9.2 19.5-3.5 35 28.7 17.0 71.6 Net profit to owner before tax 109.0 129.4 100.3 238.4 192.2 350.4 Taxes - 35.3 0.5-17.8-34.7-17.8-60.2 Net profit/loss for the period 73.8 129.9 82.5 203.6 174.3 290.2 Key figures Half year Year 2010 2010 Capital adequacy ratio 17.1 % 22.1 % 19.3 % Buffer capital in % of insurance provisions 14.0 % 15.4 % 14.6 %* * Buffer capital for the year is shown after the profit has been allocated 25
SpareBank 1 Livsforsikring Profit by portfolio for 1 st half-year Figures in MNOK Group portfolio Previously established individual products Investment choice portfolio Company portfolio Total Risk result 137.7 8.7-6.9 0.0 139.5 Administration result 34.2-19.9-57.2 0.0-42.9 Net investment result 222.5 84.0 6.1 1.2 313.8 Reserves - long life 0.0-33.0 0.0 0.0-33.0 Compensation interest guarantee 11.3 0.0 0.0 0.0 11.3 Transferred to policyholders -144.3-34.5-0.2 0.0-178.9 Return on company's assets 0.0 0.0 0.0 28.7 28.7 Sum 261.4 54 5.4-58.2 29.8 238.4 26
SpareBank 1 Livsforsikring Premium income trends for 1 st half-year Q2 Q1 Q2 Half year Year Figures in MNOK 2010 2010 2010 Individual annuity and pension insurance 71.1 73.1 83.1 144.1 158.3 306.7 Individual endowment insurance 141.1 138.5 128.9 279.6 255.9 519.1 Group pension insurance 55.2 242.7 72.1 297.9 324.1 549.5 Individual life insurance 49.0 48.0 45.4 97.0 89.9 183.1 Group life insurance 131.5 217.5 125.8 348.9 335.6 587.7 Unit Linked - Annuity 9.5 10.7 10.8 20.2 24.5 46.6 Unit Linked - Endowment 46.6 51.6 55.4 98.2 114.3 237.0 Defined contribution pension 235.6 236.2 216.6 471.8 416.6 864.2 Total gross due premium income 739.5 1,018.2 737.9 1,757.7 1,719.3 3,293.8 Premium reserves transferred from other companies 113.5 142.0 80.5 255.5 161.3 352.5 Reinsurance ceded d - 40.8-40.2-42.0-81.1 1-85.5 5-152.0 Premium income for own account 812.1 1,120.0 776.4 1,932.1 1,795.0 3,494.2 27
SpareBank 1 Livsforsikring Asset allocation by portfolio As at 30/06/11 (31/12/10) Group portfolio Company portfolio Investment choice portfolio 34.9 (34.8) % 14.7 (14.8) % 0.9 (0.9) % 0.1 (0.1) % -3.3 (-1.6) % 24.3 (21.0) % 42.3 (39.0) % Stocks Real estate Bonds - market value 27.9 (28.0) % 21.6 (21.5) % 59.8 (48.4) % 19.0 (28.8) % 57.77 (61.0) % 0.0 (0.0) % Other Bonds - amortized cost Stocks Real estate Bonds - market value Other Bonds - amortized cost Stocks Other Bonds NOK 15.6 (16.0) billion NOK 2.6 (2.8) billion NOK 6.8 (6.7) billion 28
SpareBank 1 Livsforsikring Return on customer portfolios with guarantee at the end of the quarter Value-adjusted return, excluding property value change: Booked return: Q1 Q2 Q1 Q2 2.7 Q1 Q2 2.1 Q1 2.5 Q2 Q1 Q2 3.5 Q1 Q2 2.6 Q1 Q2 3.3 Q1 Q2 3.0 t Percen 1.1 1.6 1.5 1.3 1.7 Perce ent 2.2 1.4 1.5 1.5 SpareBank 1 Storebrand Vital Nordea SpareBank 1 Storebrand Vital Nordea 29 Source: company presentations
SpareBank 1 Livsforsikring Return on ordinary customer portfolio with guarantee as at 30/06/ Percent Norwegian shares -5.9 Foreign shares 0.9 Money market 1.6 Norwegian bonds 1.8 Foreign bonds 30 3.0 held to maturity 2.6 Real estate 3.5 30
SpareBank 1 Livsforsikring Balance sheet for 1 st half-year Half year Year Figures in MNOK 2010 2010 Intangible assets 80 26 42 Investments 2,569 2,929 2,862 Reinsurance's part of insurance obligations 221 226 221 Accounts receivable 117 160 153 Other assets 261 153 335 Prepayed liabilities and accrued income 0 0 0 Investments group portfolio 15,782 15,696 16,169 Investments options portfolio 6,782 5,881 6,701 Total assets 25,811 25,072 26,483 Paid in capital 1,602 1,602 1,602 Other equity 590 561 386 Subordinated loan capital 200 525 400 Insurance obligations - contractual 15,719 15,551 16,127 Insurance obligations - investment options 6,894 5,970 6,805 Provisions for obligations 176 129 144 Premium deposits from reinsurance companies 136 131 134 Other obligations 406 527 764 Accrued liabilities, prepaied income 88 77 120 Total liabilities and equity 25,811 25,072 26,483 31
SpareBank 1 Skadeforsikring Group Profit for 1 st half-year Q2 Q1 Q2 Half year Year Figures in MNOK 2010 2010 2010 Gross written premium 1,380.6 1,553.3 1,171.9 2,933.9 2,497.1 4,731.8 Net earned premium 1,137.7 1,100.8 1,007.0 2,238.5 1,972.4 4,184.4 Net incurred claims - 903.9-920.7-764.0-1,824.6-1,616.6-3,208.5 Net insurance operating costs - 255.2-241.1-171.8-496.3-366.9-880.6 Other insurance income/costs 8.2 4.5-0.5 12.7-0.8 132.0 Changes in other technical reserves 21.4 26.5 4.6 47.9 34.5 39.6 Operating result before finance 8.2-29.9 75.3-21.7 22.5 266.9 Net financial income 66.8 95.1-14.6 161.8 83.0 433.1 Other costs 0.0 0.0-1.0 0.0-2.0-2.7 Result before changes in security reserve 75.0 65.1 59.7 140.1 103.5 697.3 Changes in security reserve - 18.8-14.8-15.9-33.6-23.4-55.8 Pre-tax profit 56.2 50.3 43.8 106.5 80.1 641.5 Taxes - 14.4-10.5-12.6-25.0-7.1-60.5 Net profit/loss for the period 41.8 39.8 31.2 81.6 73.0 581.1 Key figures Q2 Q1 Q2 Half year Year Figures in percentage 2010 2010 2010 Claims ratio, net 79.4 % 83.6 % 75.9 % 81.5 % 82.0 % 76.7 % Cost ratio, net 22.4 % 21.9 % 17.1 % 22.2 % 18.6 % 21.0 % Combined ratio, net 101.9 % 105.55 % 92.99 % 103.7 % 100.6 % 97.77 % Capital adequacy ratio 29.0 % 27.6 % 32.5 % 32
SpareBank 1 Skadeforsikring Group Allocation of financial assets As at 30/06/ (31/12/10) 67.1 (66.3) % Bonds held as current assets Bonds held ldto maturity Real state Stocks Hedgefond 10.5 (10.6) % 13.2 (13.6) % 0.1 (0.1) % 9.2 (9.4) % NOK 9.2 (8.9) billion 33
ODIN Forvaltning Profit for 1 st half-year Q2 Q1 Q2 Half year Year Figures in MNOK 2010 2010 2010 Management fees 85.5 86.8 79.6 172.3 157.8 317.9 Total operating income 85.5 86.8 79.6 172.3 157.8 317.9 Salaries 27.5 29.2 24.1 56.6 49.8 104.2 Depreciations 4.4 3.9 3.7 8.3 7.5 14.8 Other operating costs 41.2 42.5 35.8 83.7 70.4 137.8 Total operating costs 73.1 75.6 63.6 148.7 127.7 256.8 Operating profit 12.4 11.2 16.0 23.6 30.1 61.1 Net financial income - 0.2 0.7 0.7 0.5 1.0 3.6 Pre-tax profit 12.2 11.9 16.7 24.1 31.1 64.6 Taxes 3.3 3.3 4.6 6.6 8.5 19.3 Net profit/loss for the period 8.9 8.6 12.1 17.5 22.6 45.3 34