Interim report January - March 2001

Operating profit amounted to SEK 2,007 M First quarter 2001 in brief * Operating profit declined by 9 percent to SEK 2,007 M (2,216) * The return on equity amounted to 15.8 percent (20.2) * Net interest income rose by 14 percent to SEK 3,796 M (3,344) * Net commission income decreased 11 percent to SEK 1,519 M (1,712) * Earnings per share amounted to SEK 2.57 (2.91) * Loan losses remained unchanged at SEK 350 M (350) * The number of Internet banking customers in the Group rose to approx. 1.2 million (0.7) * FöreningsSparbanken begins selling external mutual funds * The cooperation with Posten greatly expands the distribution network Merger with SEB * FöreningsSparbanken and SEB are merging and forming SEB Swedbank * Integration planning begins Group profit The Group's operating profit for the first quarter of 2001 amounted to SEK 2,007 M (2,216). The return on equity during the period was 15.8 percent (20.2). Earnings per share amounted to SEK 2.57 (2.91). Accounting change The interim report has been prepared in accordance with the Swedish Financial Accounting Standards Council's recommendation RR20, regarding interim reporting. As of financial year 2001, insurance companies whose assets do not exceed 20 percent of a group's assets are consolidated in a simplified manner. This means that profit from insurance operations is reported on a separate line in the profit and loss account and that the insurance operations' assets and liabilities are reported separately in the consolidated balance sheet. In accordance with RR5, Reporting changes in accounting principles, comparative figures have been restated. Beginning with this interim report, an operational profit and loss account has been introduced as well. The operational profit and loss account comprises the same legal entities and follows the same accounting principles as the legal profit and loss account, with the exception that the items related to the insurance operations are integrated into the income and expenses of other operations. The descriptions in the running text in this interim report are based on the operational profit and loss account, unless indicated otherwise. The business area review is also based on the operational accounts. Apart from the above-mentioned changes, the accounting principles have not been changed since the Annual Report 2000. Income Net interest income The Group's net interest income rose by SEK 452 M or 14 percent to SEK 3,796 M (3,344). The change in net interest income is primarily due to volume-related income in Hansapank and FI-Holding and a surplus loan insurance refund of approximately SEK 100 M. In addition, the state deposit guarantee fee, which is charged to net interest income, has been reduced by SEK 112 M. Compared with the fourth quarter of 2000, net interest income rose by SEK 336 M or 10 percent. Net commission income Net commission income decreased by SEK 193 M or 11 percent to SEK 1,519 M (1,712). Due to a drop-off stock trading, brokerage commissions declined by SEK 160 M. Commissions from asset management fell by SEK 86 M owing to significantly lower, falling stock prices. Net commission income from payment services continued to grow, rising by SEK 62 M compared with the first quarter of 2000. Compared with the fourth quarter of 2000, net commission income decreased by SEK 254 M or 14 percent, mainly due to lower equity-related income. Net profit on financial operations Net profit on financial operations amounted to SEK 224 M (432). Profit from trading in stocks and fixed income instruments declined, while income from currency operations developed positively, mainly at Swedbank Markets, though also in Hansapank and FI-Holding. Other income Other income amounted to SEK 246 M (192) during the first quarter of 2001. Expenses Staff costs Staff costs for the first quarter of 2001 remained largely unchanged at SEK 1,597 M (1,530). Profit was charged with SEK 113 M (62) for profit sharing costs in the group, of which SEK 100 M has been earmarked as a possible future allocation to the Kopparmyntet profit sharing fund. Change in the number of full-time positions Number of employees in the Group in terms of full-time positions Mar 31 Dec 31 Mar 31 2001 2000 2000 Permanent 9,201 9,106 9,040 employees Temporary 527 574 709 employees Subtotal 9,728 9,680 9,749 Hansapank 3,190 3,180 2,927 FIH 139 142 138 Permanent 13,057 13,002 12,814 employees IT expenses During the first quarter of 2001 the Group's total IT expenses, after deducting income from independent savings banks and jointly owned banks, amounted to SEK 683 M (473). As previously announced in connection with the sale of shares in Poland's Bank Handlowy in June 2000, the Bank decided in the fourth quarter of 2000 to move ahead certain investments to web-adapt internal systems and add to the range of services in the Internet bank. This work, which will be completed during the first half of this year, will result in a number of significant functional and efficiency improvements. Consequently, activity in the IT area will be higher during the first half of the year than the second, not taking into account activities owing to the planned merger with SEB. Loan losses The loan loss level for the first quarter of 2001 was 0.2 percent (0.2). Loan losses amounted to SEK 350 M (350), of which FI-Holding and Hansapank accounted for SEK 53 M (44). The Group's problem loans, net, amounted to SEK -268 M (+606) as of March 31, 2001. A specification of loan losses and problem loans is provided in Notes 4 and 5. Tax expense 25 percent The tax expense amounted to SEK 505 M (563), or an effective tax rate of 25 percent (25). Interest rate risk An increase in market interest rates of one percentage point as of March 31, 2001 would have reduced the value of the Group's interest-bearing assets and liabilities, including derivatives, by approximately SEK 513 M (558). The decrease in value for positions in SEK would have amounted to SEK 320 M (407) and for positions in foreign currency SEK 193 M (151). The Group's interest rate risk in foreign currency is primarily in the foreign subsidiaries Hansapank and FI-Holding. An interest rate increase of one percentage point would have reduced the Group's net profit on financial operations by approximately SEK 145 M (370) as of March 31, 2001. The Group also holds positions in inflation- indexed instruments, denominated in SEK, which a one-percent increase in real interest rates would have reduced in value by approximately SEK 65 M (66) as of March 31, 2001, of which approximately SEK 37 M (27) would affect reported net profit on financial operations. Capital adequacy ratio 10.4 percent On March 31, 2001 the capital adequacy ratio amounted to 10.4 percent (10.8), of which the primary capital ratio was 6.6 percent (6.9). Market risks as a share of the total capital adequacy ratio amounted to 0.5 percentage points (0.5). The total risk-weighted amount rose to SEK 533 billion (509). The increase is primarily attributable to higher lending by FI-Holding and Spintab. Profit for the first quarter of 2001 is not included in the capital base. Specification of capital adequacy SEK M Mar 31 Dec 31 Mar 31 2001 2000 2000 Primary capital 35,216 35,045 29,456 Supplementary capital 24,695 24,091 22,285 Less shares, etc. - 5,160 - 5,020 -3,889 Expanded portion of capital base 912 883 827 Capital base 55,663 54,999 48,679 Risk-weighted amount for credit risk 506,261 484,775 440,121 Risk-weighted amount for market risks 26,519 24,192 17,679 Total risk-weighted amount 532,780 508,967 457,800 Capital adequacy ratio, % 10.4 10.8 10.6 Primary capital ratio, % 6.6 6.9 6.4 As of March 31, 2001 the FöreningsSparbanken financial companies group included the FöreningsSparbanken Group, Eskilstuna Rekarne Sparbank AB, Färs och Frosta Sparbank AB, FöreningsSparbanken Sjuhärad AB, FöreningsSparbanken Söderhamn AB, Bergslagens Sparbank AB, Aktia Sparbank Ab in Finland and Sparebank 1 Gruppen in Norway. The Group's insurance companies are not included. Business area development Savings Customer savings in FöreningsSparbanken amounted to approximately SEK 514 billion (531) as of March 31, 2001. Savings and investments, the Group SEK billion Mar 31 Dec 31 Mar 31 2001 2000 2000 Deposits from the public Households, SEK 112.5 110.5 117.4 Other, SEK 78.5 68.6 74.0 Households, foreign currency 8.1 7.5 5.8 of which Hansapank 8.1 7.5 5.7 Other, foreign currency 25.8 24.7 16.6 of which Hansapank 9.9 9.1 5.7 Total 224.9 211.3 213.8 Discretionary management 20.5 21.5 24.8 Fund management 257.7 287.9 307.0 Retail bonds, interest-bearing 3.0 3.1 6.2 Retail bonds, stock index 5.8 5.6 5.4 Unit-linked insurance 40.8 45.4 43.8 of which in own companies - 38.7 - 43.5 - 43.0 Total 514.0 531.3 558.0 Deposits rose during the quarter Customer deposits rose to SEK 225 billion (211). Since the beginning of the year deposits have increased by a total of SEK 13.6 billion or slightly over 6 percent. Deposits in SEK rose by nearly 7 percent or just under SEK 12 billion to SEK 191.0 billion (179.1), while deposits in foreign currency rose by SEK 1.7 billion or slightly over 5 percent to SEK 33.9 billion (32.2). Robur's share of net investments rose to 18% in first quarter Net contributions to Robur's funds totalled approximately SEK 2 billion (4) in the first quarter, of which approximately SEK 1 billion (4) was insurance savings in Robur Försäkring. Robur's share of net investments in the fund market was 18 percent during the quarter. Its share of gross fund investments during the quarter was 24 percent. Fund management, Robur Mar 31 Dec 31 Mar 31 2001 2000 2000 Assets under management (SEK bn) 258 288 307 Of which: Swedish equities, % 31.0 34.0 33.2 Foreign equities, % 42.5 45.3 45.2 Interest-bearing securities, % 26.5 20.7 21.6 Number of customers (thousands) 2 669 2 637 2 500 Insurance savings, Robur Försäkring Assets under management (SEK bn) 40 45 44 Number of policies (thousands) 535 498 408 Assets under management by Robur amounted to SEK 258 billion (288) as of March 31, 2001, a decrease of SEK 30.2 billion or 10.5 percent since the beginning of the year. Compared with March 31, 2000, assets under management have declined by SEK 49 billion or 16 percent. The decrease is due to falling prices on the world's stock markets. Robur's share of assets under management in the fund market was 32 percent as of December 31, 2000. The subsidiary FöreningsSparbanken Kapitalförvaltning manages assets of SEK 34 billion (35), of which SEK 14 billion (13) is invested in Robur funds. Unit-linked insurance Sales (premiums paid) of unit-linked insurance amounted to SEK 2,747 M during the first quarter. Net contributions during the same period amounted to SEK 1,817 M. As of March 31, 2001 assets under management by Robur Försäkring amounted to approximately SEK 40 billion (45), a decrease of approximately SEK 5 billion or 11 percent since December 31, 2000. On a moving 12-month basis Robur Försäkring had a market share for new unit-linked insurance policies of 24 percent as of year-end. Robur Försäkring had around 535,000 (408,000) policies as of March 31, 2001, in addition to around 1 million (950,000) group life insurance policyholders. Lending The Group's net lending to the public and credit institutions other than banks and the National Debt Office, excluding repurchase agreements (repos), amounted to approximately SEK 625 billion (572) as of March 31, an increase of SEK 53 billion or 9 percent in the past year. Lending by Hansapank and FIH totalled approximately SEK 87 billion, compared with 58 billion as of March 31, 2000. Since December 31, 2000 lending has risen by approximately SEK 18 billion or 3 percent, of which approximately SEK 5 billion relates to local banks in Sweden, SEK 9 billion to FIH and SEK 1 billion to Hansapank. Loans to the household sector amounted to approximately SEK 274 billion (270). Household lending rose by approximately SEK 4 billion or 2 percent during the first quarter, owing in its entirety to increased mortgage lending by Spintab. During the first quarter Spintab continued to raise its lending volume, primarily loans to the public and agricultural loans arranged through the Swedish branch office network. Exposure to telecom and IT companies The Group's exposure to companies in the telecommunications industry amounted to SEK 8.3 billion as of March 31, 2001. The large part of the exposure to the telecommunications sector relates to large, well-known, financially strong Nordic companies. Exposure to the IT sector is marginal. Lending, The Group SEK billion Mar 31 Dec 31 Mar 31 2001 2000 2000 Households 274.5 270.1 256.4 Of which Spintab 214.5 210.1 200.1 Of which Hansapank 4.0 2.1 2.1 Real estate management 135.9 131.1 132.3 Retail, hotels, restaurants 24.5 23.5 21.8 Construction 9.7 9.6 8.7 Manufacturing 48.6 43.7 39.6 Transportation 12.5 11.5 9.0 Forestry and agriculture 25.7 25.4 23.7 Other service businesses 15.3 15.6 12.2 Other business lending, 54.3 50.3 39.6 incl. credit institutions Municipalities *) 13.8 14.3 16.3 Other 10.6 12.8 12.4 Subtotal 625.4 607.9 572.0 Repurchase agreements (repos) 40.1 28.6 25.9 Total lending 665.5 636.5 597.9 Of which Hansapank 16.7 15.3 10.5 Of FIH 70.2 61.4 47.7 *) Not including municipal companies. Payments In the Payments business area, several high-profile card agreements were signed, including with the Swedish Football Association, Swedish Hockey League and Swedish Golf Union. The cooperation with the Swedish Federation of Trade and Services is continuing. An agreement was signed on lower clearing fees for card transactions for local retailers that participate in a cash reduction project and/or sign on for the joint Allround card concept. The Allround concept gives member companies of the Federation access to a bonus and loyalty system via the jointly owned company Allround AB. In the future, the concept will be linked to FöreningsSparbanken's bank card. Cards FöreningsSparbanken's card operations reported continued growth. As of March 31, 2001 the Bank had approximately 2.5 million cards in issue, an increase of 123,000 or 5 percent compared with the previous year. Customers' card use continues to increase. The number of card transactions cleared rose to 48 million (36) during the first quarter, up 33 percent compared with the corresponding quarter of 2000. e-billing With e-billing, bills are sent directly to customers' online bank accounts, where they can safely and conveniently approve payment. During the first quarter 12 more companies signed on for the service, bringing the total to 68. Among the large companies added during the quarter was Statoil. Telia has begun a pilot project with e-bills and plans a market launch of the service in March. Agreements have been signed with another 32 companies that will offer e-billing in 2001. Giro The Bank's customers are increasingly switching from paper-based giro payments to an electronic, Internet-based giro system via FöreningsSparbanken by Internet. Paper-based giro transactions decreased by 4 percent, while Internet-based transactions rose by 62 percent. Retail Retail, FöreningsSparbanken's banking organization primarily for private clients and smaller and medium-size companies in the Swedish market, coordinates meeting places for customers, i.e. the physical branch office network and electronic meeting places such as FöreningsSparbanken by Internet and FöreningsSparbanken by Telephone. The branch network is organized into 107 local banks around the country. With its 579 branches, FöreningsSparbanken has the largest branch network of any Swedish bank. Cooperation agreement with Posten creates a stronger branch and distribution network FöreningsSparbanken has signed a cooperation agreement with Posten, the Sweden postal service. The agreement gives the Bank's customers, who already have access to Sweden's most extensive branch network, access to teller service at around 1,350 post offices as well as via 2,700 rural mailmen. By the summer the Bank's customers are expected to be able to use the postal service's distribution network for basic teller transactions. Sale of third-party mutual funds will soon begin FöreningsSparbanken has signed agreements with a number of third-party fund management companies. In the near future the Bank's customers will be offered 24 funds from seven different fund companies, in addition to Robur's range of funds. This is the first step in FöreningsSparbanken's strategy to open the value chain, i.e. to offer a broader range of products and services, including those of external suppliers, through the Bank's sales channels. Third-party funds have been selected based on high ratings and internationally recognized fund managers. In practical terms, this means that the third-party funds that are selected may complement as well as compete with Robur's own funds. FöreningsSparbanken by Telephone As of March 31, 2001 approximately 1,096,000 customers (896,000) had signed up for FöreningsSparbanken by Telephone with personal assistance, an increase of 200,000 or 22 percent from a year earlier. The number of telephone banking customers who use the self-service option was approximately 1.9 million (1.9). The number of self-service visits to the telephone bank rose by 5 percent compared with the corresponding period of 2000. The number of visitors to the telephone bank using personal assistance rose by 7 percent during the first quarter compared with the corresponding period a year earlier. Alliances Cooperation with independent savings bank and jointly owned banks FöreningsSparbanken has entered an agreement with Sparbanken Nord on the sale of FöreningsSparbanken's branch operations in Jokkmokk effective May 1, 2001. FöreningsSparbanken has also signed a letter of intent with Ivetofta Sparbank in Bromölla on the sale of FöreningsSparbanken's branches in Bromölla and Näsum. The change in ownership is scheduled to take place this year. Denmark - increased holding in FIH FöreningsSparbanken has acquired an additional 5 percent of the shares in FI-Holding, which in turn owns nearly 100 percent of FIH, now giving FöreningsSparbanken a total of 64.7 percent of the company. FIH's operating profit for the first quarter of 2000 amounted to SEK 194 M (182). The return on equity was 13.3 percent (10.0). Lending amounted to SEK 70 billion (61) on March 31, 2001, with total assets of approximately SEK 92 billion (78). Baltic states FöreningsSparbanken owns 57.72 percent of Estonia's Hansapank. Hansapank reported an operating profit of SEK 242 M (179) in the first quarter of 2000. Its return on equity was 27.1 percent (25.5). Deposits from the bank's customers amounted to SEK 18 billion (17) as of March 31, while lending totalled SEK 17 billion (15). Total assets were approximately SEK 28 billion (26) as of the same date. Norway FöreningsSparbanken owns 25 percent of SpareBank 1 Gruppen. SpareBank 1 Gruppen's acquisition of VÅR-gruppen has been finalized. Following the merger, Sparebank 1 Gruppen, together with its Norwegian co-owner banks, is the fourth largest banking and financial group in Norway. Profit development was negative due to falling stock prices, which among other things affected profit in the group's insurance company. Finland FöreningsSparbanken owns approximately 25 percent of Aktia Sparbank in Finland. Aktia reported an operating profit of approximately SEK 98 M (92) in the first quarter of the year. The return on equity amounted to 21,4 percent (30,5). Deposits amounted to SEK 16 billion, while lending totalled SEK 18 billion kronor. Total assets as of March 31, 2001 amounted to SEK 29 billion (26). E-business 1,174,000 Internet banking users in the Group As of March 31 the Group had 1,174,000 Internet banking users, compared with 720,000 one year ago. Corporate customers' use of e-payroll growing quickly The e-payroll list service introduced by FöreningsSparbanken by Internet in September 2000 allows businesses to administer their salary payments via the Internet bank. Since the start, 16,812 companies have signed agreements to add the service. The Group's Internet banking services Mar 31 Dec 31 Mar 31 2001 2000 2000 No. of customers in Sweden 832,000 749,000 487,000 Of whom private customers 762,000 691,000 453,000 Of whom business customers 70,000 58,000 34,000 Telephone bank via the Internet 65,000 65,000 100,000 No. of Baltic customers 277,000 214,000 133,000 Total number of customers 1,174,000 1,028,000 720,000 Customers' Internet use continues to rise The number of Internet payments rose compared with the first quarter of 2000, from 6.7 to 11.7 million. Of the giro payments during the quarter, 29 percent (21) were made online. 20 percent (22) of the total number of fund purchases and redemptions within the Group were made via the Internet as well. NetTrade online equity trading As of March 31 FöreningsSparbanken's online brokerage service, NetTrade, had approximately 48,000 customers, an increase of about 22,000 or 85 percent since March 31, 2000. During the quarter NetTrade accounted for 35 percent (28) of equity trades through FöreningsSparbanken's local banks. Marakanda - e-commerce alliance with Telia Marakanda is an e-commerce company jointly owned by Telia and FöreningsSparbanken. In addition to its position in the public sector, Marakanda hopes to develop operations for small and medium-size private companies. The company's system is already used by around 30 large companies and organizations. Firstviewbank.com Firstviewbank, which opened in February 2001, is FöreningsSparbanken's Internet bank in the Danish private market. Due to changes in market conditions for stand-alone Internet banks, the Bank has decided to postpone the marketing launch of Firstviewbank. Merger with SEB On February 22 it was announced that the Boards of Directors of FöreningsSparbanken and SEB had decided to combine the two companies through a legal merger. The name of the new bank will be SEB Swedbank. Complementary banks create customer value and growth opportunities The merger, between two banks that complement each other well, creates Sweden's leading financial group with a stronger range of products and services for customers. FöreningsSparbanken has a well-established local presence and a prominent position throughout the country among private individuals and small and medium-size companies as well as organizations, municipalities and county councils. SEB's image is strong among large corporations and it is a leading bank in urban areas. It also has a leading position among financially active customers. Accessibility will improve for customers of both banks through, among other things, the expanded branch coverage in Sweden. The merger will make it possible to further develop a unified and competitive, extensive and locally based banking alternative with an improved range of products and services for private individuals, companies and institutions. SEB Swedbank will be one of Europe's 25 largest banks The new Group will have 35,000 employees, total assets of approximately SEK 2,000 billion and assets under management of SEK 1,300 billion. FöreningsSparbanken and SEB will merge as equals, creating one of the 25 largest banks in Europe in terms of market value. The merger is expected to yield annual cost savings of SEK 2.5-3.0 billion, mainly at a central level, in IT and the product companies, and due to changes in the branch network. No employees will be terminated as a result of the merger. However, the number of employees is expected to be reduced by 2,000 during a three-year period through attrition and targeted retirement offers. The merger is expected to generate restructuring costs of approximately SEK 4 billion, which will be covered over time by payments from pension funds and the sale of branches to independent savings banks and jointly owned banks. Increases in income due to the merger is expected to, by a margin, exceed any losses in income the merger causes. Preliminary timetable for the merger The merger is contingent on, among other things, the approval of the extraordinary general meetings of the two banks and the necessary approval from the Government and the appropriate authorities, including the EU. Depending on whether the EU decides to simply review or thoroughly investigate the merger, a decision will be announced either in late June or in November. Prior to the merger, integration planning will be led by an integration committee. A number of project teams, covering the entire new group, have been formed to plan the forthcoming integration. The boards of both banks have unanimously recommended that shareholders vote in favour of the merger. All preparation work of both a legal and practical nature is proceeding according to plans in every respect. Highlights after March 31, 2001 Hansapank signs agreement to acquire LTB Hansapank has signed an agreement to acquire 90 percent of Lithuania's second largest bank, the savings bank Lietuvos Taupomasis Bankas (LTB). The purchase price is equivalent to SEK 375 M. Following the transaction, Hansapank's current subsidiary in Lithuania, Hansabankas, will be merged with LTB. The acquisition now gives the Hansapank Group a strong position in all three Baltic states. Key ratios for the Group Jan-Mar Jan-Mar Full-year 2001 2000 2000 Return on equity, % 15.8 20.2 19.7 Return on total equity, % 0.83 1.04 1.04 Earnings per share * 2.57 2.91 12.10 Earnings per share after 2.57 2.91 12.08 dilution ** Equity per share, SEK 63.58 56.58 66.22 I/C ratio before loan losses 1.68 1.80 1.76 I/C ratio after loan losses 1.52 1.62 1.63 C/I ratio before loan losses 0.60 0.56 0.57 C/I ratio after loan losses 0.66 0.62 0.61 Capital adequacy ratio, % 10.4 10.6 10.8 Primary capital ratio, % 6.6 6.4 6.9 Loan loss ratio, net, % 0.2 0.2 0.2 Share of doubtful claims, % - 0.1 0.1 0.0 Provision ratio for doubtful 113 90 105 claims, % No. of shares at beginning of 527,808,843 527,808,843 527,808,843 period No. of shares at end of period 527,808,843 527,808,843 527,808,843 * No. of shares in calculation 527,808,843 527,808,843 527,808,843 ** No. of shares after dilution 528,589,633 527,808,843 528,697,422 Consolidated profit and loss account Q1 Q1 Full- year 2001 2000 % 2000 SEK M Interest receivable 13,797 12,583 10 52,560 Interest payable - - 9,239 8 - 38,971 10,001 Net interest income 3,796 3,344 14 13,589 Dividends received 70 52 35 247 Commissions receivable 1,916 2,098 -9 8,377 Commissions payable - 397 - 386 3 - 1,593 Net commission income 1,519 1,712 -11 6,784 Net profit on financial operations 224 432 1,694 - 48 Other operating income 246 192 28 1,689 Total income 5,855 5,732 2 24,003 General administrative expenses - Staff costs - 1,597 - 1,530 4 - 6,734 - Surplus insurance refund from SPP 286 - Other - 1,523 - 1,291 18 - 5,791 Depreciation and writedown of - 164 - 153 - 641 tangible fixed assets 7 Amortization of goodwill - 163 - 156 4 - 630 Other operating expenses - 31 - 97 - - 209 68 Total expenses - 3,478 - 3,227 8 - 13,719 Profit before loan losses 2,377 2,505 - 5 10,284 Loan losses, net, including change in value of property taken over - 350 - 350 0 - 1,115 Share of profit of associated - 20 61 197 companies Operating profit 2,007 2,216 - 9 9,366 Appropriations - 2 -1 100 - 5 Tax - 505 - 563 - - 2,476 10 Minority interest - 144 - 114 26 - 501 Profit for the period 1,356 1,538 - 6,384 12 * Of which deposit guarantee fees - 28 -140 -80 - 553 ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/04/27/20010427BIT00030/bit0001.doc The Full Report http://www.bit.se/bitonline/2001/04/27/20010427BIT00030/bit0001.pdf The Full Report

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