SEB Financial Officers' Index: Growing pessimis...

Swedish financial officers have become increasingly pessimistic over
the past three months. Respondents are mainly concerned at the
potential impact of the weakening business cycle on corporate
profitability. Significant numbers of officers expect lower profits
this year compared to last. Any potential profitability improvements
are expected to be the result of cost cutting and increased
efficiency rather than volume increases and price hikes.


SEB's Financial Officers' survey, addressed to around 70 of Sweden's
largest companies, shows respondents becoming increasingly negative
towards the business climate generally. SEB's Financial Officers'
Index for February published today stands at 47, down from 50 in
November.

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

"Companies' continued strong focus on cost cutting and staff
reductions, both in Sweden and abroad, emphasizes the current
deterioration in business conditions. This suggests the likelihood of
a period of lower investments and economic growth," says Ebba
Lindahl, Head of Credit Research at SEB and co-author of the report
with Jonas Ranneby.

The Financial Officers' survey also shows that fewer respondents  now
view the financial position of their companies as favourable.

"Although higher interest rate costs are not perceived to be the main
cause for concern in 2009, officers have found financial institutions
even less willing to lend. This is likely to lead to reduced
corporate investments which could in turn weigh on economic growth in
Sweden," says Ranneby.

The proportion of Financial Officers expecting their companies to
reduce staff within the next six months remains high.

"Almost 60  percent  of the  officers  believe their  companies  will
reduce the number of  employees in Sweden over  the next six  months.
The result is  similar to that  reported in the  last survey. At  the
same time  70 percent  of the  officers, compared  to 60  percent  in
November, now  expect to  make employee  cut backs  outside  Sweden,"
reports Ranneby.

This is the twelfth 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.

____________________________________________________________________________

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


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