SEB Financial Officers' Index: Increasing optim...

Consistent with positive economic indicators, Swedish financial
officers are becoming increasingly optimistic. More respondents now
expect higher volumes to contribute to improved profitability in
2010. In addition, officers regard price increases as more likely.
However, the effects on corporates of the economic downturn persist
with many respondents believing their companies to be only mid way
through the crisis.


SEB's Financial Officers' survey, addressed to around 70 of  Sweden's
largest companies, shows respondents  becoming more positive  towards
the current  macro-economic  environment. SEB's  Financial  Officers'
Index for November published today stands at 59, compared with 54  in
August. This represents the highest value since May 2008.

The Financial Officers' survey suggests respondents are more  neutral
regarding the current business climate.

"Our survey clearly shows an increasing number of financial officers
expecting volume increases to contribute to profitability next year.
Even if cutting costs remains important this finding could indicate
that most steps taken to reduce costs have now been completed", says
Ebba Lindahl, head of Credit Research at SEB and co-author of the
report with Disa Hammar.

At the same time, it is also clear from the survey that the crisis is
not yet over for many companies.

"More than 40 percent of financial officers believe their company is
only mid way through the crisis. This result has not changed
significantly since our last survey in August and suggests that it
may still take some time before companies fully recover despite the
turnaround in the global economy", says Hammar.

Companies expect higher prices next year.

"Financial  officers  view  the   price  development  of  their   own
companies' products more  favorably, which  should positively  impact
results next year. Although most respondents expect unchanged prices,
some 46 percent  expect to raise  them during the  next six  months",
says Lindahl.

This is the fifteenth publication of SEB's Financial Officers' Index,
a unique quarterly survey intended to reflect changes of sentiment in
the  financial  environment  and  facilitate  the  understanding   of
economic and financial  trends. The  survey comprises a  total of  15
questions covering  a range  of  issues including  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 & PR Officer, tel. [phone],
[e-mail]


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