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4H0-004 - HCP-Hyperion System 9 Financial Management 4.1 - BrainDump Information

Vendor Name : Hyperion
Exam Code : 4H0-004
Exam Name : HCP-Hyperion System 9 Financial Management 4.1
Questions and Answers : 104 Q & A
Updated On : February 22, 2019
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4H0-004 exam Dumps Source : HCP-Hyperion System 9 Financial Management 4.1

Test Code : 4H0-004
Test Name : HCP-Hyperion System 9 Financial Management 4.1
Vendor Name : Hyperion
Q&A : 104 Real Questions

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Hyperion HCP-Hyperion System 9 Financial

Erie Indemnity enterprise Selects Hyperion system 9 | killexams.com Real Questions and Pass4sure dumps

Hyperion a issuer in enterprise efficiency management software, these days introduced that The Erie Indemnity company (ERIE) will use Hyperion device 9 to integrate its planning processes and aid articulate its approach and goals companywide.

"enhancing performance size is a strategic integral for us," observed Charles Longua, vice chairman, corporate monetary Planning and analysis at ERIE. "We desired a complete package for commercial enterprise efficiency dimension that would aid our budgeting, planning and reporting strategies. it's why we chosen the built-in suite of products in Hyperion equipment 9."

ERIE chosen Hyperion system 9 with its centralized, internet-based economic planning, budgeting and forecasting answer, to track and monitor its plans and forecasts and change its spreadsheet methods. The solution might be used to devise revenue, working charges, workforce administration and economic reporting.

The company's Hyperion device 9 answer permits ERIE's users to access statistics locked in transactional techniques and leverages information from current information shops to bring assorted levels of viewing and evaluation in a single document. The business will use the solution for monetary studies that include particulars on income, expenses and staffing with advice from profits statements and stability sheets.

This BeyeNETWORK news item includes counsel from a contemporary press liberate through the company mentioned.

Fluidigm proclaims Fourth Quarter and whole 12 months 2018 economic results | killexams.com Real Questions and Pass4sure dumps

Fourth quarter earnings extended 17 p.c to $32.three million

Mass cytometry profits growth of 48 percent in fourth quarter

Full 12 months 2018 salary extended 11 percent to $113.0 millionIncluding fairness providing, ending money of $95.4 million

SOUTH SAN FRANCISCO, Calif., Feb. 07, 2019 (GLOBE NEWSWIRE) -- Fluidigm company (NASDAQ:FLDM) nowadays introduced monetary outcomes for the fourth quarter and entire 12 months ended December 31, 2018.

economic Highlights

Fourth Quarter 2018

  • total earnings extended 17 % to $32.3 million from $27.7 million within the fourth quarter of 2017, with mass cytometry profits increase of forty eight percent in comparison to the 12 months ago duration.
  • GAAP web loss become $14.8 million, compared with a GAAP net lack of $10.5 million for the fourth quarter of 2017. GAAP net loss became higher within the fourth quarter of 2018 essentially because of non-money pastime associated with the convertible debt trade in 2018 and the have an impact on of a positive litigation settlement in the fourth quarter of 2017.
  • Non-GAAP web loss changed into $2.4 million, in comparison with a $three.0 million non-GAAP net loss for the fourth quarter of 2017.
  • Full 12 months 2018

  • total profits improved eleven p.c to $113.0 million from $one zero one.9 million in full yr 2017.
  • GAAP internet loss become $fifty nine.0 million, compared with a GAAP web lack of $60.5 million for the full 12 months 2017.
  • Non-GAAP web loss became $20.7 million, in comparison with a $30.2 million non-GAAP net loss for the total yr 2017.
  • “We experienced extraordinary international salary growth underpinned via potent operational execution within the fourth quarter,” said Chris Linthwaite, President and CEO.

    “Demand for the Hyperion™ Imaging system, Helios™, and associated consumables displays sustained momentum within the adoption expense of mass cytometry in the fourth quarter. The accepted trend in multi-equipment placements continues, driven via immunology-related research in pharma and biotech. final month, a huge contract analysis company introduced a diffusion of its mass cytometry skill. nowadays, we introduced a consortium challenge with pharma groups that are counting on our pioneering mass cytometry and Imaging Mass Cytometry™ programs for insights on immune feature,” introduced Linthwaite.

    “For the entire year, we performed double-digit revenue increase, increasing our markets and constructing recurring earnings through new content and partnerships. financial discipline has been an important pillar and we have strengthened our steadiness sheet this year through a convertible debt change and our fresh equity providing. we are smartly-located to help accelerating boom in 2019 as we execute on a multi-omic-based strategy to supply significant insights in health and disease.”

    A full reconciliation of GAAP to non-GAAP measures can be present in the tables of this information liberate.

    Fourth Quarter 2018 effects

    revenue through class:

    category revenue through category yr-over-YearChange % of TotalRevenue contraptions $13.6 million 21 % 42 % Consumables $13.5 million 15 % 42 % service $5.2 million 9 % 16 %

    salary by means of market:

  • Mass cytometry salary, comprising contraptions, consumables, and service, multiplied 48 % to $19.1 million from $12.9 million in the prior 12 months length. Mass cytometry product profits elevated 50 % to $sixteen.2 million from $10.eight million within the prior yr. 
  • Microfluidics revenue, comprising contraptions, consumables, and service, diminished 11 percent to $13.2 million from $14.eight million within the prior year length. Microfluidics product profits diminished 11 percent to $eleven.0 million from $12.three million within the prior year duration due to lower sales of contraptions, offset by way of consumables boom.
  • complete revenue through geographic enviornment:

    Geographic enviornment profits byGeography year-over-YearChange % of TotalRevenue Americas $14.2 million 19 % 44 % EMEA $10.2 million 7 % 32 % Asia Pacific $7.9 million 26 % 24 %

    Product margin:

    GAAP product margin became 56.four % in the fourth quarter of 2018 compared to forty eight.0 p.c in the year in the past duration and fifty two.0 % within the third quarter. Non-GAAP product margin was 69.6 % within the fourth quarter of 2018 in comparison to sixty three.four percent in the 12 months in the past duration and 66.0 % within the third quarter. The year-over-yr raises in product margins had been because of larger plant utilization and favorable product mix. Sequentially, raises in product margins had been basically due to favorable product combine and higher plant utilization. within the case of GAAP margin, 12 months-over-12 months and sequential increases in product margins were coupled with mounted amortization over bigger  earnings.

    money, cash equivalents, and investments as of December 31, 2018:

    cash, money equivalents, and investments as of December 31, 2018, had been $95.4 million, including $59.5 of web proceeds from the company’s public offering of usual stock in the fourth quarter. money, money equivalents, and investments as of September 30, 2018, have been $35.eight million.

    Operational and company growth

    Market growth:

  • Caprion Biosciences, a leading CRO, delivered an incremental Helios instrument to satisfy an increasing demand for strengthen biomarker discovery and immune monitoring capabilities to. 
  • Fluidigm introduced participation in an international consortium, shaped with pharma and academic analysis in Europe. The TIMID Consortium is a distinct mission that utilizes both mass cytometry and Imaging Mass Cytometry together with other technologies to explore the normal cellular groundwork of T cell-pushed immune-mediated inflammatory diseases (TIMIDs) . The analysis is geared toward greater precise remedies for IMIDs the use of latest healing procedures and identification of latest goals for drug construction. Frits Koning, Professor of Immunology at Leiden university scientific center within the Netherlands is main mass cytometry and Imaging Mass Cytometry analysis of the human mucosal immune device in sufferers with inflammatory bowel ailment.
  • massive publications:

  • A Nature Immunology paper published January 21 by way of Frits Koning and colleagues from Leiden institution scientific middle characterized the construction of CD4+ T cells in the human fetal intestine the usage of mass cytometry and Imaging Mass Cytometry together with sequencing strategies. 
  • A telephone Metabolism paper that was posted on January 31 by way of Bernd Bodenmiller from the school of Zurich and researchers in Geneva and the USA, used Imaging Mass Cytometry to map Human class 1 Diabetes progression at a single mobile and spatial stage. This work opens up new avenues, not accessible using usual tactics to discover type 1 Diabetes pancreas pathology as a place to begin to take into account the significance of the immune equipment during this sickness.
  • New product innovation and partnership agreements:

  • contract with Indica Labs to expand and simplify imaging mass cytometry facts evaluation: Fluidigm and Indica Labs announced a co-advertising contract to provide an additional new solution to streamline image analysis for Imaging Mass Cytometry.
  • REAP-seq for multi-omic single-cellphone analysis for the C1 system: In January, Fluidigm introduced the introduction of a REAP-seq (RNA expression and protein sequencing) protocol for use with the C1. REAP-seq became developed in collaboration with Merck for co-detection of both mobile protein and RNA using microfluidics technology. This protocol is posted in Nature Biotechnology.
  • Full year 2018 consequences

    salary by means of class:

    category revenue through class year-over-YearChange % of TotalRevenue devices $forty five.5 million 7 % forty % Consumables $forty eight.2 million 15 % 43 % service $19.three million 11 % 17 %

    profits via market:

  • Mass cytometry profits, comprising gadgets, consumables, and repair, accelerated 27 % to $fifty nine.6 million from $forty six.eight million within the prior yr period. Mass cytometry product earnings improved 25 percent to $forty nine.three million from $39.6 million in the prior yr. 
  • Microfluidics earnings, comprising devices, consumables, and service, diminished 3 percent to $53.4 million from $fifty five.2 million within the prior 12 months duration. Microfluidics product earnings reduced 1 p.c to $44.three million from $forty four.eight million within the prior yr length as a result of reduce income of single-phone microfluidics products and high throughput devices, in part offset by a powerful raise in earnings of consumables.
  • total revenue by geographic enviornment:

    Geographic enviornment salary byGeography year-over-YearChange % of TotalRevenue Americas $51.2 million four % forty six % EMEA $36.6 million 12 % 32 % Asia-Pacific $25.2 million 26 % 22 %

    Approximate energetic installed base at year-end 2018:

    energetic put in base for selected devices 2018 Mass cytometry 240 Biomark™/Biomark HD and EP1™ 550 entry Array™ and Juno™ 200

    2019 assistance

    Consumables pull-through 2019 ($000) Mass cytometry $73 – $78 Biomark/Biomark HD and EP1 $forty four - $50 access Array and Juno $25 - $30

    First Quarter 2019 guidance  

  • total income of $­­­­­28 million to $31 million.
  • GAAP working fees of $29.5 million to $30.5 million.
  • Non-GAAP working costs of $26.5 million to $27.5 million excluding stock-based compensation and depreciation and amortization costs of about $2 million and $1 million, respectively. 
  • total money outflow of $20 million to $22 million, including total annual incentive compensation and retention bonus payments of $10.eight million, and a semi-annual interest payment of $2.eight million.
  • convention call InformationFluidigm will host a convention name today, February 7, 2019, at 2:00 p.m. PT (5:00 p.m. ET) to focus on fourth quarter and full year 2018 fiscal outcomes and operational progress. people drawn to being attentive to the convention call may do so by way of dialing (877) 556-5248 for domestic callers, or (720) 545-0029 for international callers. Please reference conference id 2891608. A reside webcast of the convention call will be purchasable on-line from the Investor members of the family page of the enterprise’s web page at https://investors.fluidigm.com/activities.cfm. The link will not be energetic unless 1:45 p.m. PT (4:forty five p.m. ET) on February 7, 2019.

    After the are living webcast, the call might be archived on Fluidigm’s Investor relations page at https://traders.fluidigm.com/. in addition, a mobile replay of the teleconference might be available 90 minutes after the conclusion of the name. The replay dial-in numbers are (855) 859-2056 for home callers and (404) 537-3406 for overseas callers. Please use the convention id number: 2891608. The cell replay will be obtainable except February 14.

    remark concerning Use of Non-GAAP economic InformationFluidigm has offered definite fiscal suggestions according to U.S. GAAP and also on a non-GAAP foundation for the three-month periods and years ended December 31, 2018, and December 31, 2017, in addition to projected for the primary quarter of 2019. administration believes that non-GAAP financial measures, taken along side GAAP fiscal measures, give useful tips for each administration and investors with the aid of except for certain non-cash and different expenses that don't seem to be indicative of the enterprise’s core operating effects. administration makes use of non-GAAP measures to evaluate the company’s performance relative to forecasts and strategic plans and to benchmark the company’s performance externally against opponents. Our estimates of forward-looking non-GAAP working fees exclude estimates for inventory-primarily based compensation expense and depreciation and amortization; loss on disposal of property and machine; future adjustments regarding developed and bought technologies; different intangible belongings; and profits taxes, among other gadgets, certain of which are introduced in the tables accompanying our salary unencumber. The time and volume of certain fabric items crucial to estimate non-GAAP financial measures are inherently unpredictable or outside of our handle. fabric alterations to any of these objects might have a major impact on suggestions and future GAAP effects. Non-GAAP tips is not organized below a finished set of accounting rules and may simplest be used to supplement an understanding of the company’s working consequences as stated under U.S. GAAP. Fluidigm encourages buyers to carefully agree with its outcomes under GAAP, as well as its supplemental non-GAAP tips and the reconciliation between these presentations, to greater thoroughly take note its business. Reconciliations between GAAP and non-GAAP operating consequences are introduced within the accompanying tables of this liberate.

    Use of forward-searching StatementsThis press release consists of ahead-looking statements within the which means of the inner most Securities Litigation Reform Act of 1995, including, amongst others, statements involving income boom in 2019, the execution of product recommendations and anticipated impact on our business, predicted benefits of collaborations and contractual relationships, consumables pull-via for 2019,  and projected revenues, charges, and cash flows for the primary quarter of 2019. ahead‑searching statements are discipline to a lot of hazards and uncertainties that may cause actual effects to differ materially from presently predicted consequences, together with however no longer confined to challenges inherent in establishing, manufacturing, launching, marketing, and promoting new items; hazards regarding reliance on earnings of capital gadget for a big percentage of revenues in every quarter; abilities product efficiency and nice considerations; the feasible loss of key personnel, purchasers, or suppliers; highbrow property hazards; competition; uncertainties in contractual relationships; Fluidigm analysis and construction, earnings, marketing, and distribution plans and capabilities; reduction in analysis and construction spending or alterations in funds priorities through customers; interruptions or delays in the provide of add-ons or substances for, or manufacturing of, its items; seasonal diversifications in client operations; unanticipated raises in prices or expenses; and dangers associated with overseas operations. information on these and extra risks and uncertainties and other suggestions affecting Fluidigm's enterprise and operating results is contained within the Fluidigm Annual record on kind 10-okay for the yr ended December 31, 2017, and in its different filings with the Securities and exchange fee, together with the Fluidigm Quarterly document on form 10-Q for the quarter ended September 30, 2018. These ahead-searching statements speak only as of the date hereof. Fluidigm disclaims any responsibility to update these ahead-searching statements apart from as may be required by legislations.

    About FluidigmFluidigm (NASDAQ:FLDM) is an trade-main biotechnology tools provider with a vision to improve lifestyles via comprehensive fitness perception. We center of attention on probably the most urgent needs in translational and medical research, together with melanoma, immunology, and immunotherapy. using proprietary CyTOF® and microfluidics applied sciences, we enhance, manufacture, and market multi-omic options to drive meaningful insights in health and sickness, identify biomarkers to notify choices, and speed up the building of greater constructive treatments. Our customers are leading academic, executive, pharmaceutical, biotechnology, and plant and animal research laboratories international. in conjunction with them, we strive to raise the exceptional of lifestyles for all. For extra tips, consult with fluidigm.com.

    Fluidigm, the Fluidigm brand, CyTOF, and access Array, Biomark, C1, EP1, Helios, Hyperion, Imaging Mass Cytometry, and Juno are logos and/or registered trademarks of Fluidigm enterprise within the u.s. and/or different nations. All different emblems are the only real property of their respective homeowners. Fluidigm products are provided for research Use best. no longer to be used in diagnostic processes.


    Agnes LeeVice President, Investor RelationsFluidigm Corporation650 416 7423agnes.lee@fluidigm.com

          FLUIDIGM supplier   CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS   (In hundreds, apart from per share amounts)   (Unaudited)           Three Months Ended December 31,    Twelve Months Ended December 31,         2018       2017       2018       2017     profits:                    gadgets   $   13,660     $   eleven,322     $   forty five,491     $   forty two,505        Consumables       13,494         eleven,694         forty eight,159         forty one,894       Product salary       27,154         23,016         93,650         84,399       service profits       5,171         4,729         19,314         17,348       License revenue       -         -         -         190     total income     32,325         27,745         112,964         one hundred and one,937     can charge of income:                   charge of product revenue       eleven,844         eleven,979         44,861         forty five,039       can charge of service salary       1,670         1,479         6,454         4,916     complete can charge of profits       13,514         13,458         fifty one,315         49,955     Gross income       18,811         14,287         61,649         51,982     working charges:                     analysis and building       7,958         7,158         30,030         30,826       selling, prevalent and administrative       21,971         15,863         seventy nine,783         seventy nine,516     complete operating prices       29,929         23,021         109,813         a hundred and ten,342     Loss from operations     (eleven,118 )       (eight,734 )       (forty eight,164 )       (fifty eight,360 )   activity expense     (4,069 )       (1,457 )       (13,893 )       (5,824 )   different earnings (loss), web       172         (186 )       637         385     Loss before earnings taxes       (15,015 )       (10,377 )       (sixty one,420 )       (sixty three,799 )   income tax benefit (loss)       240         (79 )       2,407         three,264     net loss $   (14,775 )   $   (10,456 )   $   (59,013 )   $   (60,535 )                       internet loss per share, basic and diluted $   (0.36 )   $   (0.27 )   $   (1.49 )   $   (1.eighty four )                       Shares used in computing web loss per share, primary and diluted     41,489       38,704       39,652       32,980                       FLUIDIGM supplier   CONDENSED CONSOLIDATED steadiness SHEETS   (In lots)                               December 31, 2018   December 31, 2017 (1)                     assets             existing assets:                 cash and cash equivalents       $   95,401   $   58,056     brief-term investments           -       5,080     money owed receivable, internet           sixteen,651       15,049     Inventories           13,003       15,088     pay as you go fees and different latest property           2,051       1,528   complete current belongings           127,106       ninety four,801   Property and equipment, net            eight,825       12,301   other non-latest property           6,208       7,541   Developed expertise, internet           57,400       sixty eight,600   Goodwill             104,108       104,108   total property       $   303,647   $   287,351                     LIABILITIES AND STOCKHOLDERS' equity             present liabilities:                 accounts payable       $   four,027   $   4,211     accumulated compensation and connected benefits           14,470       10,535     different accrued liabilities           7,621       eight,490     Deferred earnings, present portion           eleven,464       10,238   complete current liabilities           37,582       33,474   Convertible notes, internet           172,058       195,238   Deferred tax liability, net           13,714       16,919   other non-present liabilities           8,177       10,785   complete liabilities           231,531       256,416   total stockholders' fairness           seventy two,116       30,935   complete liabilities and stockholders' equity     $   303,647   $   287,351                     (1) Derived from audited consolidated monetary statements                       FLUIDIGM organization   CONDENSED CONSOLIDATED STATEMENTS OF money FLOWS   (In lots)   (Unaudited)                                   Twelve Months Ended December 31,                  2018       2017     working activities         internet loss       $   (59,013 )   $   (60,535 )   Depreciation and amortization     5,372         7,409     inventory-based mostly compensation expense     eleven,023         9,092     Amortization of developed expertise               eleven,200         11,200     Amortization of debt coupon codes, premiums and issuance fees     eight,379         287     Loss on disposal of property and gadget     141         135     other non-money gadgets     a hundred seventy five         (890 )   changes in property and liabilities, web     (2,478 )       9,204     internet money used in operating activities     (25,201 )       (24,098 )                       Investing actions         Purchases of investments     (1,450 )       (6,276 )   Proceeds from earnings and maturities of investments     6,541         25,550     Purchases of intangible property    -          (50 )   Purchases of property and equipment     (372 )       (1,566 )   internet money offered by way of investing activities     4,719         17,658                         Financing activities         price of debt and equity issuance prices     (2,862 )       -     Proceeds from issuance of regular stock     fifty nine,469         28,793     Proceeds from employee fairness classes, web     1,053         204     internet cash supplied by means of financing actions     57,660         28,997                         impact of foreign trade fee fluctuations on money and cash equivalents     167         454     web raise in cash and cash equivalents     37,345         23,011     cash and money equivalents at starting of duration     fifty eight,056         35,045     cash and money equivalents at end of length $   95,401     $   fifty eight,056                         FLUIDIGM company   RECONCILIATION OF GAAP TO NON-GAAP economic suggestions    (In thousands, apart from per share quantities)   (Unaudited)             Three Months Ended December 31,    Twelve Months Ended December 31,              2018       2017       2018       2017                             web loss (GAAP)       $   (14,775 )   $   (10,456 )   $   (59,013 )   $   (60,535 )   inventory-based mostly compensation cost         4,966         1,995         eleven,023         9,092     Amortization of developed expertise  (a)       2,800         2,800         eleven,200         eleven,200     Depreciation and amortization           1,248         1,457         5,372         5,824     hobby cost (b)           four,069         1,514         13,893         7,091     benefit from acquisition related salary taxes (c)        (835 )       (433 )       (three,360 )       (2,968 )   Loss on disposal of property and device       141         134         141         a hundred thirty five     net loss (Non-GAAP)       $   (2,386 )   $   (2,989 )   $   (20,744 )   $   (30,161 )   Shares utilized in net loss per share calculation -                    simple and diluted (GAAP and Non-GAAP)       forty one,489         38,704         39,652         32,980                             net loss per share - primary and diluted (GAAP)   $   (0.36 )   $   (0.27 )   $   (1.49 )   $   (1.84 )   net loss per share - primary and diluted (Non-GAAP)   $   (0.06 )   $   (0.08 )   $   (0.52 )   $   (0.91 )                                                                           ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP PRODUCT MARGIN                                   Three Months Ended December 31,   Twelve Months Ended December 31,             2018       2017       2018       2017     Product margin (GAAP)       $   15,310     $   eleven,037     $   48,789     $   39,360     Amortization of developed expertise  (a)       2,800         2,800         11,200         11,200     Depreciation and amortization (d)          488         538         1,979         2,165     stock-based compensation price (d)       303         223         853         1,077     Product margin (Non-GAAP)       $   18,901     $   14,598     $   62,821     $   fifty three,802                             Product margin percent (GAAP)       56.4 %     forty eight.0 %     fifty two.1 %     46.6 %   Product margin percent (Non-GAAP)     69.6 %     sixty three.four %     67.1 %     63.7 %                                                   ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP working prices                                   Three Months Ended December 31,   Twelve Months Ended December 31,             2018       2017       2018       2017     working prices (GAAP)       $   29,929     $   23,021     $   109,813     $   one hundred ten,342     inventory-primarily based compensation rate (e)       (4,663 )       (1,772 )       (10,one hundred seventy )       (8,015 )   Depreciation and amortization (e)         (760 )       (976 )       (three,393 )       (4,926 )   Loss on disposal of property and gadget (e)       (141 )       (134 )       (141 )       (135 )   operating expenses (Non-GAAP)     $   24,365     $   20,139     $   ninety six,109     $   ninety seven,266                                                                             ITEMIZED RECONCILIATION BETWEEN GAAP AND NON-GAAP LOSS FROM OPERATIONS                                   Three Months Ended December 31,    Twelve Months Ended December 31,              2018       2017       2018       2017     Loss from operations (GAAP)       $   (11,118 )   $   (8,734 )   $   (48,164 )   $   (58,360 )   stock-based mostly compensation rate          4,966         1,995         eleven,023         9,092     Amortization of developed technology  (a)       2,800         2,800         11,200         eleven,200     Depreciation and amortization (e)         1,248         1,514         5,372         7,091     Loss on disposal of property and gadget (e)       141         134         141         a hundred thirty five     Loss from operations (Non-GAAP)     $   (1,963 )   $   (2,291 )   $   (20,427 )   $   (30,842 )                                                   (a) represents amortization of developed know-how in reference to the DVS acquisition                 (b) represents hobby rate, primarily on convertible debt                 (c) represents the tax have an effect on on the buy of intangible assets in reference to the DVS acquisition               (d) represents expense associated with can charge of product profits                  (e) represents price linked to research and development, selling, universal and administrative actions                                       

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    Page Overview 48 Outlook 48 Industry Trends 50 Impact of a Low Interest Rate Environment 51 Results of Operations 54 Consolidated Results of Operations 54 Segment Results of Operations 55 Segment Measures 57 Impact of Foreign Currency Exchange Rates 58 Accounting Policies & Pronouncements 60 Application of Critical Accounting Estimates 60 Adoption of New Accounting Pronouncements 72 Results of Operations by Segment 72

    Table of Contents

    Certain of the statements included in this section constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on management's current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. Prudential Financial, Inc.'s actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in the "Risk Factors" and "Forward-Looking Statements" sections herein.

    Our principal operations are comprised of five divisions, which together encompass seven segments, and our Corporate and Other operations. The PGIM division is comprised of our PGIM segment (formerly named the Investment Management segment). The U.S. Workplace Solutions division consists of our Retirement and Group Insurance segments. The U.S. Individual Solutions division consists of our Individual Annuities and Individual Life segments. The International Insurance division consists of our International Insurance segment, and the Closed Block division consists of our Closed Block segment. Our Corporate and Other operations include corporate items and initiatives that are not allocated to business segments and businesses that have been or will be divested or placed in run-off.

    Revenues and Expenses

    We earn our revenues principally from insurance premiums; mortality, expense, asset management and administrative fees from insurance and investment products; and investment of general account and other funds. We receive premiums primarily from the sale of certain individual life insurance, group life and disability insurance, retirement and annuity contracts. We earn mortality, expense, and asset management fees primarily from the sale and servicing of separate account products including variable life insurance and variable annuities, and from the sale and servicing of other products including universal life insurance. We also earn asset management and administrative fees from the distribution, servicing and management of mutual funds, retirement products and other investment management products and services. Our operating expenses principally consist of insurance benefits provided and reserves established for anticipated future insurance benefits, general business expenses, dividends to policyholders, commissions and other costs of selling and servicing our products and interest credited on general account liabilities.


    Our profitability depends principally on our ability to price our insurance and annuity products at a level that enables us to earn a margin over the costs associated with providing benefits and administering those products. Profitability also depends on, among other items, our actuarial and policyholder behavior experience on insurance and annuity products, and our ability to attract and retain customer assets, generate and maintain favorable investment results, effectively deploy capital and utilize our tax capacity, and manage expenses.

    Historically, the participating products included in the Closed Block have yielded lower returns on capital invested than many of our other businesses. As we have ceased offering domestic participating products, we expect that the proportion of the traditional participating products in our in-force business will gradually diminish as these older policies age, and we grow other businesses. However, the relatively lower returns to us on this existing block of business will continue to affect our consolidated results of operations for many years.


    Management expects that results in 2019 will continue to benefit from our differentiated mix of market-leading businesses that complement each other to provide competitive advantages. Our mix of high-quality protection, retirement and investment management businesses creates growth potential due to earnings diversification and the opportunity to provide customers with integrated cross-business solutions, as well as capital benefits from a balanced risk profile. While challenges exist in the form of a low interest rate environment (see "Impact of a Low Interest Rate Environment"), fee compression in certain of our businesses and other market factors, we expect that our choice of businesses coupled with strong execution will produce attractive returns.

    Table of Contents

    We are well positioned to meet the needs of customers and tap into significant market opportunities through our U.S. Financial Wellness businesses, PGIM, our investment management business and our International Insurance business. U.S. Financial Wellness represents our Workplace Solutions and Individual Solutions businesses. We see an opportunity to address the evolving needs of individual customers, workplace clients, and society at large through our increasingly important financial wellness solutions. We possess the key components to execute on this strategy, including a workplace platform covering twenty million individuals; solutions that cover protection, retirement, savings, income, and investment needs; and a customer-centric approach with different ways to engage with our clients through multiple channels such as meeting with one of our financial advisors, calling or video-conferencing with an advisor, or interacting with us in a purely digital manner. Our goal is to meet our customers' needs when, where and how they want. By leveraging technology and our scale, we can significantly expand the addressable market, build deeper and longer-lasting relationships with customers and clients, and make a meaningful difference in the financial wellness of their lives.

    PGIM has also produced differentiated outcomes with strong investment performance that has led to consistently positive annual net institutional flows over the past sixteen years. In addition to providing solutions for its third-party clients, PGIM provides our U.S. Financial Wellness and International Insurance businesses with a competitive advantage through its investment expertise across a broad array of asset classes, including specialty classes such as real estate, private placements, and commercial mortgages.

    Our International Insurance business includes our world-class Japanese life insurance operation and investments in high-growth markets with large populations such as Brazil, India, Indonesia and China. We approach these markets in a differentiated way, and that has led to steady overall growth, attractive returns and significant capital generation.

    In summary, we feel confident about our prospects for the future supported by our integrated and complementary businesses. Specific outlook considerations for each of our businesses include the following:

    U.S. Workplace Solutions. In our Retirement business we continue to provide products that respond to the needs of plan sponsors to manage risk and control their benefit costs, while ensuring we maintain appropriate pricing and return expectations under changing market conditions. Our differentiated capabilities and demonstrated execution in the pension risk transfer business is expected to continue to generate attractive growth opportunities. We expect, however, that growth will not be linear given the episodic nature of larger cases, which is the segment of the market where we are most competitive and where the returns are the most compelling. In addition, while we foresee continuation of the spread and fee compression that we have been experiencing in our full-service business, we believe these are manageable headwinds. In our Group Insurance business, we are focused on expanding our Premier market segment, while maintaining a leadership position in the national segment. We are seeing benefits from our multi-year underwriting efforts, especially in our disability business where improved claims management and our continued pricing discipline have resulted in improvements to our benefits ratio. In both Retirement and Group Insurance, we believe our Financial Wellness platform provides meaningful differentiation in the market and is helping us build deeper customer relationships.

    U.S. Individual Solutions. Our Individual Annuities business remains focused on helping its customers meet their investment and retirement needs. We expect continued strong results and stable free cash flows, with near-term returns on assets above our long-term target. We expect to incur costs associated with our enhanced risk management strategy, but this program is expected to produce less volatile net income and cash flows, particularly in adverse scenarios. In addition, we expect a natural reduction in average fee rates due to the maturation of the existing block and due to sales of newer products which generally have lower rate structures. We expect the combination of these factors to cause our returns on assets to migrate to the long-term target over time. We continue to execute on our product diversification strategy and remain focused on a broad range of outcome-oriented solutions for customers. Our Individual Life business is continuing to execute on its product diversification strategy in order to maintain a diversified product mix and an attractive risk profile. We continue to deepen relationships with distribution partners while developing a more customer-oriented experience. Recent product actions could result in a slightly higher portion of sales in term and variable life as we remain committed to achieving a diversified product offering.

    Table of Contents

    PGIM. Our investment management business is focused on maintaining strong investment performance while leveraging both the scale of its approximately $1.2 trillion distinctive multi-manager model and Prudential enterprise relationships. PGIM is making targeted investments to further diversify its product offerings, expand its global investment and distribution footprint, selectively acquire new investment capabilities, and further strengthen external recognition as a leading global asset manager. These capabilities will enable PGIM to continue to meet our clients' evolving needs and, in turn, to generate flows across multiple asset classes, client segments and geographies. Underpinning our growth strategy is our ability to continue to deliver robust investment performance, and to attract and retain high-caliber investment talent. While we are experiencing fee pressures, our average fee yield has remained relatively flat due to new flows coming into higher fee yielding strategies within fixed income, equities and alternatives such as real estate and private fixed income, and because of our diverse business profile.

    International Insurance. We continue to concentrate on deepening our presence in Japan and other markets in which we currently operate and expanding our distribution capabilities in emerging markets. We continue to focus on protection solutions and innovate as clients' needs evolve. The returns on our death protection products are largely driven by mortality margins which helps mitigate the exposure of results to interest rates. We have seen a shift in sales mix with a greater emphasis on U.S. dollar-denominated products in Japan. We expect this trend to continue. We are also focused on achieving scale in select growth markets outsides of Japan. With regard to distribution, we are seeking to grow Life Planners in all countries where that model exists and to strategically expand the Bank and Independent Agency channel, however we may see a decline in Gibraltar Life Insurance Company, Ltd. ("Gibraltar Life") Consultants as we continue to focus on increasing quality and productivity standards.

    In order to capitalize on the growth opportunities in our domestic and international markets highlighted above, we continue to make investments in and across our businesses. These investments are focused on product development, distribution and technology. We are investing in product innovation through the use of data and digital initiatives to better understand and serve the needs of a customer base with changing demographics and to achieve a goal of offering a broader array of cost effective and easily comprehensible products. We are investing in expanding our distribution capabilities through a focus on customer experience and technology enabled advice and distribution, cross-business collaboration, further development of work site relationships with individuals and expanding our ability to offer relevant products and services to customers through whichever channels they choose. In addition, we are making investments in our information technology infrastructure in order to streamline processes and enhance the effectiveness of our administrative systems.

    While we expect these strategic investments to ultimately generate business growth, they may result in elevated expenses in the near term. In addition, we expect the time periods required for these investments to generate returns to vary. These investments are being funded through a combination of operating cost efficiencies and the returns generated by our businesses, and we expect to be able to continue to absorb some of these investment costs through efficiency gains.

    Industry Trends

    Our U.S. and international businesses are impacted by financial markets, economic conditions, regulatory oversight, and a variety of trends that affect the industries where we compete.

    Financial and Economic Environment.

    U.S. Businesses - As discussed further under "Impact of a Low Interest Rate Environment" below, interest rates in the U.S. remain lower than historical levels, which may continue to negatively impact our portfolio income yields and our net investment spread results. In addition, we are subject to financial impacts associated with movements in equity markets and the evolution of the credit cycle as discussed in "Segment Results of Operations" where applicable and more broadly in "Risk Factors".

    International Businesses - Our international insurance operations, especially in Japan, continue to operate in a low interest rate environment. Although the local market in Japan has adapted to low interest rates, as discussed under "Impact of a Low Interest Rate Environment" below, the current reinvestment yields for certain blocks of business in our international insurance operations are now generally lower than the current portfolio yield supporting these blocks of business, which may negatively impact our net investment spread results. The continued low interest rate environment in the U.S. may also impact the relative attractiveness of U.S. dollar-denominated products to yen-denominated products in Japan. In addition, we are subject to financial impacts associated with movements in foreign currency rates, particularly the Japanese yen. Fluctuations in the value of the yen will continue to impact the relative attractiveness of both yen-denominated and non-yen denominated products. In addition, we are subject to financial impacts associated with movements in equity markets and the evolution of the credit cycle as discussed in "Segment Results of Operations" where applicable and more broadly in "Risk Factors".

    Table of Contents


    U.S. Businesses - Customer demographics continue to evolve and new opportunities present themselves in different consumer segments such as the millennial and multicultural markets. Consumer expectations and preferences are changing. We believe existing customers and potential customers are increasingly looking for cost-effective solutions that they can easily understand and access through technology-enabled devices. At the same time, income protection, wealth accumulation and the needs of retiring baby boomers are continuing to shape the insurance industry. A persistent retirement security gap exists in terms of both savings and protection. Despite the ongoing phenomenon of the risk and responsibility of retirement savings shifting from employers to employees, employers are becoming increasingly focused on the financial wellness of the individuals they employ.

    International Businesses- Japan has an aging population as well as a large pool of household assets invested in low-yielding deposit and savings vehicles. The aging of Japan's population, along with strains on government pension programs, have led to a growing demand for insurance products with a significant savings element to meet savings and retirement needs as the population prepares for retirement. We are seeing a similar shift to retirement-oriented products across other Asian markets, including Korea and Taiwan, each of which also has an aging population.

    Regulatory Environment. See "Business-Regulation" for a discussion of regulatory developments that may impact the Company and the associated risks.

    Competitive Environment. See "Business-" for a discussion of the competitive environment and the basis on which we compete in each of our segments.

    Impact of a Low Interest Rate Environment As a global financial services company, market interest rates are a key driver of our results of operations and financial condition. Changes in interest rates can affect our results of operations and/or our financial condition in several ways, including favorable or adverse impacts to: investment-related activity, including: investment income returns, net interest margins, net investment spread results, new money rates, mortgage loan prepayments and bond redemptions; insurance reserve levels, market experience true-ups and amortization of both deferred policy acquisition costs ("DAC") and value of business acquired ("VOBA");

    customer account values, including their impact on fee income;

    fair value of, and possible impairments on, intangible assets such as goodwill;

    product offerings, design features, crediting rates and sales mix; and

    policyholder behavior, including surrender or withdrawal activity.

    See below for discussions related to the current interest rate environments in our two largest markets, the United States and Japan; the composition of our insurance liabilities and policyholder account balances; and the hypothetical impacts to our results if these interest rate environments are sustained.

    U.S. Operations excluding the Closed Block Division

    Interest rates in the U.S. have experienced a period of historically low levels in large part due to Federal Reserve efforts to assist with the economic recovery subsequent to the financial crisis of 2008. However, more recently market interest rates have begun to climb in conjunction with a series of Federal Reserve decisions to raise interest rates in response to a strengthening economy. While market conditions and events make uncertain the timing, amount and impact of any further monetary policy decisions by the Federal Reserve, a trend of rising interest rates may enhance our reinvestment yields, primarily for our investments in fixed maturity securities and commercial mortgage loans. As interest rates rise, our reinvestment yield may approach or exceed the overall portfolio yield. Conversely, if interest rates were to decline, our reinvestment yield may fall below our overall portfolio yield, resulting in an unfavorable impact to earnings.

    For the general account supporting our U.S. Individual Solutions division, U.S. Workplace Solutions division, PGIM division and our Corporate and Other operations, we estimate annual principal payments and prepayments that we would be required to reinvest to be approximately 6.0% of the fixed maturity security and commercial mortgage loan portfolios through 2020. The portion of the general account attributable to these operations has approximately $198 billion of such assets (based on net carrying value) as of December 31, 2018. The average portfolio yield for fixed maturity securities and commercial mortgage loans is approximately 4.3%, as of December 31, 2018.

    Table of Contents

    Included in the $198 billion of fixed maturity securities and commercial mortgage loans are approximately $113 billion that are subject to call or redemption features at the issuer's option and have a weighted average interest rate of approximately 4%. Of this $113 billion, approximately 64% contain provisions for prepayment premiums. If we reinvest scheduled payments or prepayments (not subject to a prepayment fee) at rates below the current portfolio yield, including in some cases at rates below those guaranteed under our insurance contracts, future operating results will be impacted to the extent we do not, or are unable to, reduce crediting rates on in-force blocks of business, or effectively utilize other asset/liability management strategies described below, in order to maintain current net interest margins.

    The following table sets forth the insurance liabilities and policyholder account balances of our U.S. Operations excluding the Closed Block Division, by type, for the date indicated:

    As of December 31, 2018 (in billions) Long-duration insurance products with fixed and guaranteed terms $ 124 Contracts with adjustable crediting rates subject to guaranteed minimums 57 Participating contracts where investment income risk ultimately accrues to contractholders 15 Total $ 196

    The $124 billion above relates to long-duration products such as group annuities, structured settlements and other insurance products that have fixed and guaranteed terms, for which underlying assets may have to be reinvested at interest rates that are lower than portfolio rates. We seek to mitigate the impact of a prolonged low interest rate environment on these contracts through asset/liability management, as discussed further below.

    The $57 billion above relates to contracts with crediting rates that may be adjusted over the life of the contract, subject to guaranteed minimums. Although we may have the ability to lower crediting rates for those contracts above guaranteed minimums, our willingness to do so may be limited by competitive pressures. The following table sets forth the related account values by range of guaranteed minimum crediting rates and the related range of the difference, in basis points ("bps"), between rates being credited to contractholders as of December 31, 2018, and the respective guaranteed minimums.

    Account Values with Adjustable Crediting Rates Subject to Guaranteed Minimums:

    Greater than 1-49 50-99 100-150 150 At bps above bps above bps above bps above guaranteed guaranteed guaranteed guaranteed guaranteed minimum minimum minimum minimum minimum Total ($ in billions) Range of Guaranteed Minimum Crediting Rates: Less than 1.00% $ 0.5 $ 1.2 $ 0.5 $ 0.1 $ 0.0 $ 2.3 1.00% - 1.99% 1.0 4.1 11.1 2.1 0.6 18.9 2.00% - 2.99% 1.3 0.7 1.9 1.1 0.7 5.7 3.00% - 4.00% 26.7 2.0 0.2 0.2 0.0 29.1 Greater than 4.00% 0.9 0.0 0.0 0.0 0.0 0.9 Total(1) $ 30.4 $ 8.0 $ 13.7 $ 3.5 $ 1.3 $ 56.9 Percentage of total 54 % 14 % 24 % 6 % 2 % 100 % __________

    . . .

    Feb 15, 2019

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    Municipality Finance Plc Financial Statements Bulletin | killexams.com real questions and Pass4sure dumps

    February 13, 2019 07:01 ET | Source: Kuntarahoitus Oyj


    Municipality Finance Plc

    Financial Statements Bulletin              13 February 2019, at 2:00 p.m.

    Municipality Finance Plc Financial Statements Bulletin

    1 January - 31 December 2018

    2018 in Brief

  • The Group's net operating profit without unrealised fair value changes grew by 1.2% and amounted to EUR 189.6 million at the end of the financial year (2017: EUR 187.4 million). Taking fair value changes into account, net operating profit was EUR 190.0 million (2017: EUR 198.4 million).
  • The Group's net interest income grew by 3.4% from the previous year and amounted to EUR 236.3 million (2017: EUR 228.5 million).
  • The balance sheet total grew by 2.7% and was EUR 35,677 million (2017: EUR 34,738 million) at the end of the year.
  • The Group's capital adequacy continued to strengthen and CET1 capital ratio was 66.34% (2017: 53.01%). Tier 1 capital ratio and total capital ratio were 87.97% at the end of December (2017: 72.50%).
  • At the end of December, the Group's leverage ratio amounted to 4.06% (2017: 3.84%).
  • New loans withdrawn in the January-December period totalled EUR 2,953 million (2017: EUR 2,439 million). The lending portfolio amounted to EUR 22,354 million (2017: EUR 21,219 million). Of this amount, EUR 1,143 million had been withdrawn at the end of December 2018 as green finance targeted for environment-friendly investments (2017: EUR 803 million).
  • The leasing portfolio increased 42.2% and amounted to EUR 614 million at the end of December (2017: EUR 432 million).
  • In January-December, EUR 7,436 million was acquired in long-term funding (2017: EUR 9,510 million). The total amount of acquired funding was EUR 30,856 million (2017: EUR 30,153 million).
  • At the end of December, total liquidity was EUR 8,722 million (2017: EUR 9,325 million).
  • Return on equity (ROE) decreased slightly to 10.76% (2017: 12.57%).
  • The Board of Directors proposes to the Annual General Meeting in spring 2019 that EUR 0.16 per share will be paid in dividends, totalling EUR 6,250,207.68. In 2018, a dividend of EUR 6,250,207.68 was paid.
  • Key Figures (Group)

      31 Dec 2018 31 Dec 2017 Net operating profit without unrealised changes in fair value (EUR million) 189.6 187.4 Net operating profit (EUR million) 190.0 198.4 Net interest income (EUR million) 236.3 228.5 New loans withdrawn (EUR million) 2,953 2,439 New funding acquisition (EUR million) 7,436 9,510 Balance sheet total (EUR million) 35,677 34,738 Common Equity Tier 1 (CET1) (EUR million) 1,065 946 Tier 1 capital (T1) (EUR million) 1,413 1,293 Total own funds (EUR million) 1,413 1,293 Ratio of Common Equity Tier 1 (CET1) to risk-weighted assets, % 66.34 53.01 Ratio of Tier 1 capital (T1) to risk-weighted assets, % 87.97 72.50 Ratio of total own funds to risk-weighted assets, % 87.97 72.50 Leverage ratio, % 4.06 3.84 Return on equity (ROE), % 10.76 12.57 Cost-to-income ratio 0.21 0.18 Personnel 151 134

    Comment on the Financial Year by President and CEO Esa Kallio:

    2018 was a good year for MuniFin and its customers. Demand for financing grew slightly and our performance in funding was excellent. With our revamped customer strategy, we aim to provide even more suitable solutions.

    Finland's economy continued to grow in 2018, although the pace slowed down towards the end of the year. Investment needs among our customers remained high, and thus we saw continued good demand for our financing, both among municipalities and in state-subsidised housing production. Migration to growth centres maintained the need for affordable rental housing.

    The international economy was filled with uncertainties in 2018. These include the growing tension between major world powers, the threat of a trade war, Brexit turmoil and Italy's worrying debt situation, all of which will also have an impact on the capital markets in 2019. Despite the instability, we performed extremely well in our funding activities - we were successful in the timing of our benchmark bond issuances and they were in great demand among international investors.

    Our strategy was revamped in 2017 and it extends to 2022. Our vision is to be the best possible financial expert for our customers in an ever-changing world. With this goal in mind, we polished our values and sharpened our customer strategy this year.

    Our strategy is built on rock-solid foundations. In the future, we will continue to focus on financing the diverse needs of municipalities and state-subsidised housing production. With our new customer operations model, we seek to find solutions that are an even better fit for our customers' changing needs.  We feel that our responsibility as a builder of an affluent society extends over the entire lifecycle of financing.

    MuniFin's operating model is based on partnership. I would like to take the opportunity to thank our customers for our excellent cooperation, constantly developed together along the lines of the customers' expectations. MuniFin's own experts have worked throughout the year with strong commitment and I owe this year's good result for them.

    Operating Environment in 2018

    In 2018, trends in the Finnish and global economies remained generally favourable, but the rate of growth slowed down in many areas. Forecasting market trends was complicated by, among other things, the growing tensions between the major world powers, the consequent restrictions on international trade, and, in Europe, particularly by the risks posed by Italy's debt situation and the difficulties involved in the Brexit negotiations. However, these, and the ongoing uncertainties affecting global politics, did not have a major impact on the markets. In 2018, the European Central Bank ended net purchases under its purchase programme, but in spite of this plenty of liquidity was available in the market for most of the year, meaning that the availability of financing remained at a good level. However, towards the end of the year market liquidity weakened substantially compared with the beginning of the year.

    Housing construction remained brisk in Finnish growth centres. Municipalities also stepped up their investments, and demand for financing grew towards the end of the year due to lower-than-anticipated municipal tax revenue. Changes in service needs ushered in investment pressures in growth centres with respect to municipal infrastructure, traffic arrangements, and schools and daycare centres. Also the property maintenance backlog was shortened around the country.

    The regional government, health and social services reform did not progress as expected during the year. This uncertainty involves MuniFin's customer base, but it does not appear to have had a significant impact on the appetite for investments.

    Credit ratings

    The credit ratings of Moody's and Standard & Poor's and their outlooks for MuniFin did not change in 2018. The credit rating of MuniFin is the same as the state's credit rating: Standard & Poor's rating is AA+ and Moody's rating is Aa1. The ratings' outlooks are stable.

    Rating agency Long-term funding Outlook Short-term funding Moody's Investors Service Aa1 Stable P-1 Standard & Poor's AA+ Stable A-1+

    Income Statement and Statement of Financial Position

    Municipality Finance Group

    Consolidated income statement 1-12/2018 * 1-12/2017 Change, % EUR million       Net interest income 236.3 228.5 3.4 Unrealised fair value changes 0.4 11.0 -96.5 Other income 1.9 1.8 5.6 Total income 238.5 241.3 -1.1 Commission expenses -4.2 -4.1 2.7 Personnel expenses -15.2 -13.6 12.1 Other administrative expenses -12.0 -8.8 37.0 Depreciation and impairment on tangible and intangible assets -2.3 -2.0 18.2 Other operating expenses -15.4 -14.5 6.0 Total expenses -49.1 -42.9 14.5 Expected credit losses (ECL) 0.6 - - Net operating profit 190.0 198.4 -4.2 Net operating profit without unrealised fair value changes 189.6 187.4 1.2

    Figures have been rounded, so the total of individual figures may differ from the total figure presented.

    * The company has applied the IFRS 9 option to not restate prior periods, and thus the unrealised fair value changes for 2017 are not fully comparable due to reclassification.

    The Group's business operations remained strong during 2018. The Group's net operating profit without unrealised fair value changes amounted to EUR 189.6 million (2017: EUR 187.4 million). This was affected particularly by the year-on-year improvement in net interest income, but also by higher costs. Taking unrealised fair value changes into account, net operating profit was EUR 190.0 million (2017: EUR 198.4 million).

    Net interest income grew by 3.4% to EUR 236.3 million (2017: EUR 228.5 million) at the end of the financial year. Growth of net interest income was due to successful funding operations, volume growth and a favourable interest rate environment for MuniFin's business operations. The Group's net interest income does not recognise the interest expenses of the AT1 capital loan through profit or loss, as the capital loan is treated as an equity instrument in the consolidated accounts. The interest expenses of the capital loan are treated similarly to dividend distribution, that is, as a decrease in retained earnings under shareholders' equity upon realisation of payment on an annual basis.

    Following the adoption of IFRS 9 at the beginning of 2018, MuniFin reclassified financial assets and liabilities. Due to reclassification, the unrealised fair value changes of financial instruments have increased the volatility of financial results. At year-end, the impact of the unrealised fair value changes on profit totalled EUR 0.4 million (2017: EUR 11 million), of which net income from hedge accounting amounted to EUR 27.6 million (2017: EUR 2.7 million). Unrealised net income from securities transactions totalled EUR -27.3 million (2017: EUR 8.3 million). The company has applied the IFRS 9 option to not restate prior periods, and thus the unrealised fair value changes for the previous year are not fully comparable due to reclassification.

    The Group's expenses grew by 14.5% and amounted to EUR 49.1 million at the end of December (2017: EUR 42.9 million).

    Commission expenses totalled EUR 4.2 million (2017: EUR 4.1 million) and primarily comprise paid guarantee fees, custody fees and funding programme update fees.

    Administrative expenses were EUR 27.2 million (2017: EUR 22.3 million), of which personnel expenses comprised EUR 15.2 million (2017: EUR 13.6 million) and other administrative expenses EUR 12.0 million (2017: EUR 8.8 million). Administrative expenses were increased particularly by growth in the number of employees at the parent company. Due to increase in banking regulation, the company needs to develop its governance, risk management and processes. In addition, the company made substantial investments in developing customer service as well as service offerings and systems.  

    Depreciation and impairment on tangible and intangible assets amounted to EUR 2.3 million at the end of the financial year (2017: EUR 2.0 million).

    Other operating expenses grew to EUR 15.4 million (2017: EUR 14.5 million). Growth in other operating expenses was mainly due to financial supervision costs paid to the ECB and to the Finnish Financial Supervisory Authority, and the contributions paid to EU-level crisis resolution fund.

    Impairments of financial assets have been calculated as from the beginning of 2018 in accordance with the requirements of IFRS 9. The amount of expected credit losses (ECL) calculated in accordance with IFRS 9 decreased during the financial year compared with the amount booked at the time of IFRS 9 transition on 1 January 2018 and the change recognised in profit or loss was EUR 0.6 million at the end of the year.

    The Group's comprehensive income includes unrealised fair value changes related to financial instruments due to the IFRS 9 transition that are not treated as fair value changes through profit or loss. During the financial year, the largest items affecting the comprehensive income were a fair value change of EUR 49.0 million due to changes in own credit risk on financial liabilities designated at fair value through profit or loss as well as a net change in cost-of-hedging totalling EUR 27.7 million. The changes in the fair value of items included in the comprehensive income reflect the temporary effects of market conditions on the valuation level of financial instruments at the reporting date. Deferred valuation changes may vary significantly over the reporting periods, causing more volatility in fair value equity reserves.

    Consolidated statement of financial position 31 Dec 2018 31 Dec 2017 Change, % EUR million       Cash and balances with central banks 3,522 3,554 -0.9 Loans and advances to credit institutions 1,381 1,251 10.3 Loans and advances to the public and public sector entities 22,968 21,651 6.1 Debt securities 5,863 6,494 -9.7 Derivative contracts 1,539 1,433 7.3 Other assets 405 354 14.3 Total assets 35,677 34,738 2.7 Liabilities to credit institutions 823 802 2.5 Liabilities to the public and public sector entities 3,871 3,747 3.3 Debt securities issued 26,902 26,304 2.3 Derivative contracts 2,205 2,216 -0.5 Other liabilities 390 330 18.2 Total equity 1,486 1,339 10.9 Total liabilities and equity 35,677 34,738 2.7

    The consolidated balance sheet saw growth of 2.7% from the end of 2017 and at the end of December 2018 amounted to EUR 35,677 million (2017: EUR 34,738 million). The increase in balance sheet assets is primarily due to growth in the lending and leasing portfolio. The growth of liabilities is due to increased funding and is shown in liabilities to credit institutions, liabilities to the public and public sector entities, and debt securities issued. Equity at the end of the year totalled EUR 1,486 million (2017: EUR 1,339 million), including the AT1 capital loan of EUR 347.4 million. Equity increased due to profit for the period. However, the transition to IFRS 9 as from 1 January 2018 decreased equity by EUR 43 million. In addition, in the consolidated accounts interest expenses amounting to EUR 12.6 million net of deferred tax on the AT1 capital loan were deducted from the equity upon the realisation of the interest payment in April, and the dividends of EUR 6.3 million paid to MuniFin shareholders were likewise deducted.

    The Parent Company

    At the end of 2018, MuniFin's net interest income was EUR 220.1 million (2017: EUR 212.3 million), and the company's net operating profit amounted to EUR 173.8 million (2017: EUR 181.9 million). The interest expenses of EUR 16.2 million for 2018 on the AT1 capital loan, which forms part of the Additional Tier 1 capital in capital adequacy calculation, have been deducted in full from the parent company's net interest income (2017: EUR 16.2 million). In the parent company, the AT1 capital loan has been recorded under the balance sheet item Subordinated liabilities. The balance sheet of the parent company at the end of the year amounted to EUR 35,676 million (2017: EUR 34,738 million).


    The turnover of MuniFin's subsidiary Inspira was EUR 2.5 million for 2018 (2017: EUR 2.7 million), while its net operating profit amounted to EUR 0.0 million (2017: EUR 0.2 million).


    Customer finance and other services for customers

    MuniFin is the only credit institution in Finland which specialises in financing the local government sector and state-subsidised housing production, and is by far the largest financier for its customer base. MuniFin's customers consist of municipalities, municipal federations and municipality-controlled entities, as well as organisations and housing sites defined as not for profit by the Housing Finance and Development Centre of Finland (ARA). The company offers its customers versatile financing services, as well as comprehensive support for investment planning and financial management.

    Demand for MuniFin's financing saw year-on-year growth. Changes in service needs in growth centres call for new investments in municipal infrastructure, traffic arrangements and the development of the service network, and shortening of the maintenance backlog. Demand for financing grew towards the end of the year, partly due to lower-than-anticipated municipal tax revenue. Migration to growth centres maintained the need for the construction of affordable rental housing.

    The total of new loans withdrawn, EUR 2,953 million, was more than the year before (2017: EUR 2,439 million).

    MuniFin's total customer financing year-on-year growth was 6.1% and amounted to EUR 22,968 million at year-end (2017: EUR 21,651 million). The long-term loan portfolio increased 5.3% and amounted to EUR 22,354 million at the end of the year (2017: EUR 21,219 million). Financial leasing portfolio increased 42.2% and amounted to EUR 614 million at year-end (2017: EUR 432 million). The largest share of portfolio growth is generated by property leasing agreements. Property leasing is typically used to finance school buildings, for instance.

    Green finance, launched in 2016 to finance environmental investments, continued to attract interest, and the company has successfully increased awareness of the product among its customers. By the end of 2018, EUR 1,143 million in green financing had been withdrawn (2017: EUR 803 million). Whether or not a project fits in with the green finance framework is determined by an evaluation team comprising external experts.

    The company's year-end balance sheet included EUR 726 million in municipal papers and municipal commercial papers issued by municipalities and municipal companies (2017: EUR 749 million).

    In 2018, MuniFin's Apollo e-service for financial portfolio management was expanded to include features such as investment management. With pilot customers, it was deployed for use in wide-ranging economic modelling and forecasting. Customers are rapidly adopting the Apollo service. Its users include all of Finland's largest cities.

    Demand for the services provided by MuniFin's subsidiary Inspira was brisk in 2018. Its assignments focused on the regional government, health and social services reform that is currently under preparation, participating in the competitive tendering processes of schools and daycare centre buildings, and M&A projects.

    Funding and liquidity management

    MuniFin's funding strategy is to diversify its funding sources, which aims to ensure the continuity of its funding under all market conditions. MuniFin actively diversifies its funding across different currencies and maturities as well as geographical areas and investor groups. Active long-term cooperation with investors has increased name recognition of MuniFin in different markets.

    Liquidity remained generally strong in the international capital markets during 2018, and MuniFin's funding operations were very successful. Extensive diversification has also made funding efficient, which makes the funding terms for MuniFin's customers competitive. MuniFin's name is widely known in the international capital markets, where investors regard it as one of the most flexible, reliable and fast-reacting issuers.

    MuniFin's public benchmark issuances were in extremely high demand. In 2018, MuniFin organised four benchmark bonds: two in USD (both 1 billion), one in GBP (400 million) and one in EUR (750 million). The 15-year term of the EUR 500 million benchmark bond issued in January 2018 is the longest benchmark bond in the company's history so far and the size of the bond was increased by EUR 250 million in October. These benchmark bonds are listed on the London Stock Exchange.

    Long-term funding acquired during the year totalled EUR 7,436 million (2017: EUR 9,510 million). MuniFin's short-term debt instruments under the Euro Commercial Paper (ECP) programme amounted to EUR 3,062 million at the end of the year (2017: EUR 3,833 million).

    Total funding at the end of 2018 was EUR 30,856 million (2017: EUR 30,153 million). Of this amount, 24% was denominated in euros (2017: 23%) and 76% in foreign currencies (2017: 77%). In total, the company issued bonds denominated in 11 different currencies in 2018 (2017: 14 currencies).

    MuniFin currently acquires all of its funding from the international capital market. In total, 260 long-term funding arrangements were made in 2018 (2017: 318).

    The majority of funding is carried out as standardised issues under debt programmes, of which MuniFin uses the following:

    Medium Term Note (MTN) programme EUR 30,000 million Euro Commercial Paper (ECP) programme EUR 7,000 million AUD debt programme (Kangaroo) AUD 2,000 million

    MuniFin's funding is guaranteed by the Municipal Guarantee Board, which has the same credit ratings from Moody's and Standard & Poor's as MuniFin and the Finnish government. The Municipal Guarantee Board is a public-law institution, whose members are all Finnish mainland municipalities. The members are responsible for the liabilities of Guarantee Board in proportion to their population. The Municipal Guarantee Board has granted guarantees for MuniFin's debt programmes, as well as for funding arrangements outside the programmes. As a result, debt instruments issued by MuniFin are classified as zero-risk when calculating the capital adequacy of credit institutions and as Level 1 liquid assets in liquidity calculation in the EU.

    The company's liquidity remained excellent during 2018. MuniFin's investment operations mostly comprise the management of acquired funding. The funds are invested in liquid and highly rated financial instruments, so as to ensure business continuity under all market conditions.

    According to the company's liquidity policy, its liquidity must be sufficient to cover the needs of continued undisturbed operations (including new net lending) for at least the following 12 months.

    At the end of 2018, total liquidity was EUR 8,722 million (2017: EUR 9,325 million). Investments in debt securities totalled EUR 5,146 million (2017: EUR 5,755 million) and their average credit rating was AA (2017: AA). The average maturity of the portfolio stood at 2.1 years at year-end (2017: 2.5 years). In addition to this, the company had EUR 3,576 million in other investments (2017: EUR 3,570 million), of which EUR 3,554 million was in central bank deposits (2017: EUR 3,554 million) and EUR 22 million in money market deposits in credit institutions (2017: EUR 16 million). The company invests cash collateral received on the basis of derivative collateral agreements primarily in short-term money market investments.

    As of 2015, MuniFin has also monitored the ESG performance (Environmental, Social and Governance) of its liquidity investments. At the end of 2018, MuniFin's liquidity investments had an ESG average of 50.9 on a scale of 1-100 (2017: 49.1). The benchmark index is 50.8 (2017: 49.2).

    Capital Adequacy

    The Group's capital adequacy has remained strong and clearly above the statutory requirements and the minimum capital adequacy requirements set by the authorities.

    At the end of 2018, the Municipality Finance Group's ratio of total own funds to total risk was 87.97% (2017: 72.50%), and its CET1 capital ratio was 66.34% (2017: 53.01%). The total capital ratio saw year-on-year growth of 15.47 percentage points, largely due to growth in own funds and the decline in total risk exposure. The parent company's total capital ratio was 89.37% (2017: 73.15%), and its CET1 capital ratio was 67.33% (2017: 53.46%).

    Common Equity Tier 1 capital (CET1) at the end of the year totalled EUR 1,065 million (2017: EUR 946 million), and Tier 1 capital (T1) amounted to EUR 1,413 million (2017: EUR 1,293 million). There was no Tier 2 capital, and the company's own funds totalled EUR 1,413 million (2017: EUR 1,293 million).

    CET1 capital includes the profit for the financial year, as the result for the financial year has been subject to a financial review by the auditors and can, therefore, be included in CET1 capital based on the permission granted by the ECB in accordance with the Capital Requirements Regulation.

    The parent company's CET1 capital totalled EUR 1,064 million at the end of the year (2017: EUR 945 million), and Tier 1 capital (T1) amounted to EUR 1,413 million (2017: EUR 1,293 million). There was no Tier 2 capital, and the company's own funds totalled EUR 1,413 million (2017: EUR 1,293 million).

    Risk exposure amount, Group     EUR million 31 Dec 2018 31 Dec 2017 Credit and counterparty credit risk 977 1,108 Market risk - - Credit valuation adjustment risk 247 341 Operational risk 383 335 Total 1,606 1,784

    The Group's risk-weighted assets decreased by 10% since the end of 2017 and amounted to EUR 1,606 million at year-end (2017: EUR 1,784 million). The overall credit and counterparty risk decreased from the year-end 2017 figure of EUR 1,108 million to EUR 977 million at the end of the financial year. This was particularly affected by the decrease in the size of liquidity portfolio. The credit valuation adjustment risk (CVA VaR) declined to EUR 247 million (2017: EUR 341 million). This was mainly due to the lower amount of derivatives exposure and shortening average maturity of the derivatives. The currency position was less than 2% of own funds and therefore, based on Article 351 of the Capital Requirements Regulation (CRR), the own funds requirement for market risk has not been calculated. The exposure for operational risk grew by EUR 48 million to EUR 383 million (2017: EUR 335 million) due to an increase in the profit indicator.

    The leverage ratio of MuniFin at the end of the year was 4.06% (2017: 3.84%), calculated using currently valid calculation principles. According to the draft legislation, the minimum leverage ratio is 3%. A proposal concerning the leverage ratio is currently under consideration at the EU level and the leverage ratio with its calculation principles is expected to come into effect no earlier than in 2021.

    At the end of the year, the liquidity coverage ratio (LCR) was 177% (2017: 173%). As from the beginning of 2018, LCR must be at least 100%. MuniFin is also preparing for the Net Stable Funding Ratio (NSFR), which is being made ready at EU level and will, according to the current estimate, not take effect until sometime in 2021.

    Risk Management

    There were no material changes in the company's risk appetite in 2018. Risks remained within the set limits during the financial year and, according to the company's assessment, risk management met the requirements set for it. The IFRS 9 standard adopted at the beginning of 2018 has increased volatility of the financial results through unrealised fair value changes of financial instruments. In the adoption, MuniFin reclassified financial assets and liabilities, and the profit and loss volatility of financial liabilities in particular has grown. The company continuously monitors and analyses the volatility arising from valuations and prepares for any impacts it may have on profit and capital adequacy.

    Outlook for 2019

    Developments in the global economy and capital markets seem fairly stable, but the financial markets are filled with uncertainties. The international financial markets are characterised particularly by the slowdown in the global economy, the financial system-level risks related to Italy's debt situation and the hard-to-predict impacts of the UK's potential exit from the EU. The company is prepared for Brexit, and it is not expected to result in material changes in the company's operations.

    From the perspective of Finnish local government finances, the outlook for 2019 is still stable. The regional government, health and social services reform is still under preparation; evaluating its overall effects on MuniFin's customer base and the company's own operations is challenging. The reform is not currently expected to have a fundamental impact on MuniFin's operating volumes in 2019.

    In 2019, MuniFin will continue to put major effort into developing the service offering and systems in order to further enhance its efficiency and operations, as well as on the digitisation of services. MuniFin expects that expenses will be higher than in 2018 due to personnel increases, the development of IT systems and higher fees collected by authorities. Considering the above-mentioned outlook in the operational environment and assuming that there are no major changes in the development of interest rates and credit risk premiums when compared to market expectations, MuniFin expects its net operating profit without unrealised fair value changes to remain in the same level than in 2018 or decrease.  The developments in financial markets and the IFRS 9 standard adopted at the beginning of 2018 might increase the volatility of financial results through the unrealised fair value changes of financial instruments.

    The estimates presented herein are based on current views on the development of the operating environment and operations.

    Proposal from the Board of Directors Concerning Profit for the Financial Year 2018

    Municipality Finance Plc has distributable funds of EUR 133,868,022.38, of which the profit for the financial year totalled EUR 21,831,739.09.

    The Board of Directors proposes to the Annual General Meeting that

  • EUR 0.16 per share be paid in dividends, totalling EUR 6,250,207.68, and that
  • the distributable funds of EUR 127,617,814.70 be retained in equity.
  • The result for the financial year is good, and the Board of Directors considers the payment of a moderate dividend to be a strongly grounded decision. In recent years, the company has been preparing for the anticipated banking regulation's capital requirements, in particular leverage ratio's entry into force. Own funds have been strengthened with retained earnings and the issue of an AT1 loan. At the end of 2018, the company's leverage ratio was 4.06%. The effective date for the leverage ratio requirement has not yet been finalised, but the company currently fulfils the anticipated leverage ratio requirement of 3%. The Board of Directors estimates that the moderate distribution of dividends will not place the fulfilment of the capital requirements or the company's liquidity in jeopardy. MuniFin clearly fulfils all the prudential requirements set for it. 

    Dividends will be paid to shareholders who are recorded in the company's list of shareholders on 4 April 2019. The Board of Directors proposes that the dividends be paid on 9 April 2019.

    No events have taken place since the end of the financial year that would have a material effect on the company's financial position. The company's liquidity is solid and, in the Board's opinion, the proposed distribution of profits does not put the company's liquidity in jeopardy.

    Municipality Finance Plc

    Further information:Esa Kallio, President and CEO, tel. +358 50 337 7953Marjo Tomminen, CFO, tel. +358 50 386 1764

    MuniFin (Municipality Finance Plc) is one of Finland's largest credit institutions: the company's balance sheet exceeds EUR 35 billion. The company is owned by Finnish municipalities, the public sector pension fund Keva and the Republic of Finland.

    MuniFin's mission is to build a better future in line with the principles of responsibility and in cooperation with its customers. MuniFin's customers are Finnish municipalities, municipal federations, municipally controlled companies and non-profit housing corporations. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin's customers are domestic but the company operates in a completely global business environment. It is the most active Finnish bond issuer in international capital markets and the first Finnish green bond issuer.  The funding is exclusively guaranteed by the Municipal Guarantee Board.

    The Municipality Finance Group also includes the subsidiary company, Financial Advisory Services Inspira Ltd.

    Read more: www.munifin.fi

    Municipality Finance PlcJaakonkatu 3 A, P.O. Box 74400101 Helsinki, FinlandTel. +358 9 6803 5666www.munifin.fifirstname.lastname@munifin.fi

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