CHANGES IN SAMPO GROUP'S REPORTING STRUCTURE
SAMPO PLC STOCK EXCHANGE RELEASE 25 April 2007 at 4.30p.m.
CHANGES IN SAMPO GROUP'S REPORTING STRUCTURE
In a transaction completed on 1 February 2007, Sampo plc sold the entire stock
of Sampo Bank plc to Danske Bank A/S. The transaction causes changes in the
Sampo Group's financial reporting structure and in certain income statement and
balance sheet items.
Sampo Bank and its subsidiaries formerly constituted the 'Banking and Investment
Services' segment. This segment will be removed as of 1 January 2007. The Sampo
Group reports the Sampo Bank Group result for January 2007 on one line in the
Interim Report for January-March 2007 under 'Discontinued operations'.
In the 'Other' segment the treatment of Primasoft Oy changes as a result of the
Sampo Bank transaction. Sampo Group's holding in Primasoft Oy decreased to 20
per cent of the shares and 30 per cent of the votes. As of 1 January 2007,
Primasoft will be treated as an associate. The segment will be renamed
'Holding'.
The items related exclusively to banking and investment services will be removed
from the income statement and balance sheet. Additionally, certain changes will
be made in the consolidated income statement, the most significant of which are
presented in the following table.
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| Line | Change/Content |
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| Insurance premiums written | Premiums written after ceded |
| | reinsurance in both P&C and life |
| | insurance. Change in the unearned |
| | premium provision of P&C insurance |
| | will be reported in future under the |
| | item 'Change in technical provisions |
| | of insurance and investment |
| | contracts'. |
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| Net income from investments | Interest expenses (mainly on |
| | preferred capital notes) and profit |
| | shares in associates have been |
| | transferred in the income statement |
| | to the line before the item 'Profit |
| | from continuing operations'. |
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Changes in the consolidated balance sheet are due to a new itemisation of
investment assets and a change in the order of liquidity.
ASSETS
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| Line | Change/Content |
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| Investment property | Presented in the future as a separate |
| | item, previously as part of |
| | 'Investment assets'. |
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| Investments in associates | Presented in the future as a separate |
| | item, previously as part of |
| | 'Investment assets'. |
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LIABILITIES
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| Line | Change/Content |
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| Financial liabilities | Item includes interest bearing loans |
| | and liabilities from derivative |
| | contracts. |
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| Pension liabilities | If's defined benefit plans, |
| | previously included in the item |
| | 'Other liabilities'. |
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Sampo Group will apply the new reporting structure when publishing its
January-March Interim Report on 9 May 2007. The attachment to this document
presents the 2006 income statement and balance sheet reported in accordance with
the new reporting structure.
SAMPO PLC
Jarmo Salonen
Head of Investor Relations and Group Communications
Further information
Peter Johansson
Group CFO
Tel. +358 (0)10 516 0010
Jarmo Salonen
Head of Investor Relations and Group Communications
Tel. +358 (0)10 516 0030
Distribution:
Helsinki Stock Exchange/OMX
Main news media
Financial Supervision
www.sampo.com
ATTACHMENT
SAMPO GROUP'S INCOME STATEMENT AND BALANCE SHEET FOR THE YEAR 2006 REPORTED IN
ACCORDANCE WITH THE NEW REPORTING STRUCTURE
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| CONSOLIDATED INCOME | | | | | | |
| STATEMENT BY SEGMENT | | | | | | |
| FOR YEAR ENDED 31 | | | | | | |
| DECEMBER 2006 | | | | | | |
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| EURm | P&C | Life | Holdin | Eliminat | Group | |
| | insura | insura | g | ion | | |
| | nce | nce | | | | |
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| Insurance premius | 3,773 | 660 | - | - | 4,433 | |
| written | | | | | | |
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| Net income from | 390 | 601 | 24 | -7 | 1,008 | |
| investments | | | | | | |
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| Other operating income | 23 | 1 | 96 | -56 | 64 | |
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| Claims incurred | -2,480 | -550 | - | - | -3,030 | |
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| Change in liabilities | -8 | -345 | - | - | -353 | |
| for insurance and | | | | | | |
| investment contracts | | | | | | |
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| Staff costs | -431 | -19 | -38 | 5 | -483 | |
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| Other operating | -505 | -45 | -57 | 35 | -572 | |
| expenses | | | | | | |
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| Finance costs | -33 | -8 | -52 | 9 | -85 | |
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| Share of associates' | 0 | 1 | 0 | - | 1 | |
| profit/loss | | | | | | |
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| Profit from continuing | 730 | 295 | -27 | -13 | 984 | |
| operations before taxes | | | | | | |
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| Taxes | -209 | -74 | 4 | -1 | -281 | |
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| Profit from continuing | 520 | 220 | -23 | -14 | 703 | |
| operations | | | | | | |
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| Profit from | | | | | 275 | |
| discontinued operations | | | | | | |
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| Intra-segment | | | | | 13 | |
| elimination items | | | | | | |
| attributable to | | | | | | |
| discontinued operations | | | | | | |
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| Profit for the period | | | | | 991 | |
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| Attributable to | | | | | | |
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| Equity holders of | | | | | 977 | |
| parent company | | | | | | |
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| Minority interest | | | | | 15 | |
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| CONSOLIDATED BALANCE | | | | | |
| SHEET BY SEGMENT AT 31 | | | | | |
| DECEMBER 2006 | | | | | |
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| EURm | P&C | Life | Holding | Elimina- | Group |
| | insuran | insuran | | tion | |
| | ce | ce | | | |
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| Assets | | | | | |
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| Property, plant and | 28 | 5 | 18 | - | 51 |
| equipment | | | | | |
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| Investment property | 41 | 110 | 19 | - | 170 |
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| Intangible assets | 599 | 159 | 23 | - | 782 |
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| Investments in associates | 4 | 1 | 0 | - | 5 |
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| Financial assets | 9,821 | 5,657 | 4,043 | -3,598 | 15,921 |
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| Investments related to | - | 1,753 | - | - | 1,753 |
| unit-linked insurance | | | | | |
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| Tax assets | 113 | 13 | 22 | 1 | 149 |
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| Reinsurers' share of | 521 | 4 | 0 | - | 525 |
| insurance liabilities | | | | | |
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| Other assets | 1,475 | 121 | 78 | -36 | 1,638 |
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| Cash and cash equivalents | 230 | 58 | 336 | -582 | 41 |
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| Non-current assets classified as | | | - | 26,585 |
| held for sale | | | | |
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| Total assets | 12,831 | 7,882 | 4,538 | -4,216 | 47,620 |
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| Liabilities | | | | | |
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| Liabilities for insurance | 8,247 | 4,695 | - | - | 12,942 |
| and investment contracts | | | | | |
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| Liabilities for | - | 1,752 | - | - | 1,752 |
| unit-linked insurance and | | | | | |
| investment contracts | | | | | |
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| Financial liabilities | 499 | 112 | 930 | -146 | 1,395 |
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| Tax liabilities | 407 | 189 | 11 | - | 607 |
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| Provisions | 42 | - | - | - | 53 |
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| Employee benefits | 109 | - | - | - | 97 |
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| Other liabilities | 961 | 39 | 98 | -32 | 1,065 |
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| Liabilities directly | - | - | - | - | 24,520 |
| associated with | | | | | |
| non-current assets | | | | | |
| classified as held for | | | | | |
| sale | | | | | |
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| Total liabilities | 10,264 | 6,787 | 1,039 | -179 | 42,431 |
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| Equity | | | | | |
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| Share capital | | | | | 95 |
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| Reserves | | | | | 2,012 |
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| Retained earnings | | | | | 3,061 |
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| Equity attributable to | | | | | 5,168 |
| parent company's | | | | | |
| equityholders | | | | | |
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| Minority interest | | | | | 21 |
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| Total equity | | | | | 5,189 |
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| Total equity and | | | | | 47,620 |
| liabilities | | | | | |
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