SEB Financial Officers' Index: Growing pessimis...

Swedish financial officers have become much more pessimistic since
our last survey in September. Respondents are obviously concerned by
evidence showing increasing business cycle weakness, citing lower
demand as their main cause for concern. A significant number of
officers also foresee lower profits next year compared to 2008. Any
potential profitability improvements are expected to be driven by
cost cutting and greater efficiency rather than volume increases and
higher prices.


SEB's Financial Officers' survey, addressed to around 50 of  Sweden's
largest companies, shows  respondents becoming increasingly  negative
towards the overall business climate. SEB's Financial Officers' Index
for November published today stands at 50, down from 56 in September.

The survey indicates that  only a small  minority of respondents  now
regard the business climate as favorable.

"Evidence that the business climate is deteriorating comes in the
form of companies' significantly larger focus on cost cutting and
staff reductions, both in Sweden and abroad. This implies that we are
moving toward a period of lower investments and weaker economic
growth", says Ebba Lindahl, credit strategist at SEB and co-author of
the report with Monica Ochman.

The Financial Officers' survey  also suggests that fewer  respondents
view their companies' financial position as favorable.

"The increasing reluctance of financial institutions to lend could
eventually lead to reduced investments by companies, which may in
turn dampen Swedish economic growth", says Ochman.

The proportion of Financial Officers expecting their companies to
raise prices on their own products has declined dramatically.

"The result contrasts  sharply with the  last survey which  indicated
that 74 per cent of respondents expected to raise prices. Being  less
concerned about raw  material costs  could be  an explanation",  says
Lindahl.

This is the eleventh publication of SEB's Financial Officers'  Index,
a unique  quarterly survey  whose purpose  is to  reflect changes  of
sentiment  in   the   financial  environment   and   facilitate   the
understanding of economic and financial trends. The survey  comprises
a total  of 14  questions covering  areas such  as business  climate,
strategic investments, employment, views  on currencies and  interest
rates, financial strength,  and lending  attitudes amongst  financial
institutions.  The  full   report  (in  Swedish)   is  available   at
www.sebgroup.com\press.


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For further information, please contact:
Ebba Lindahl, Trading Strategy, SEB, tel. [phone]
Elisabeth Lennhede, Press Officer, tel. [phone]


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