ABN AMRO reports record operating result Third Quarter Results 2003 31 October 2003.
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Transcript of ABN AMRO reports record operating result Third Quarter Results 2003 31 October 2003.
ABN AMRO reports record operating resultThird Quarter Results 2003
31 October 2003
0 2
Table of Contents
ABN AMRO reports record operating result 3
Operating Performance 4
Asset Quality and Capital 13
Outlook 17
Appendices 19
0 3
ABN AMRO reports record operating result
Compared to the third quarter of 2002
Operating result up (+23.7%) due to higher revenues
Provisioning down (-10.4%)
Net profit strongly up (+40.8%)
Efficiency ratio improved 330 basis points to 66.2%
Tier 1 ratio increased by 79 basis points to 7.79%
Operating Performance
0 5
Revenues Q3 2003
Group performance improves due to increasing momentum in WCS
Revenues increase, driven by revenue growth in WCS and C&CC
Increase in operating expenses largely due to various incidental costs in
C&CC, especially BU NA and BU NL
Operating result improves for the fourth consecutive quarter
WCS28.2%
AM2.6%
PC4.8%
Other9.9%
C&CC54.5%
% change
(EUR mln) Q3 03 Q2 03Q3 03/Q2 03
ytd 03/ytd 02
Revenues 4,827 4,588 5.2 1.0
Expenses 3,195 2,972 7.5 (4.9)
Operating result 1,632 1,616 1.0 15.2
Net profit 832 782 6.4 33.4
Efficiency ratio 66.2% 64.8%
0 6
C&CC shows stable and resilient income stream
Revenues slightly up due to higher commission income in BU NL and BU Brazil
Operating expenses up primarily due to incidentals in BU NA and BU NL
Operating result remains flat on a normalised basis
% change
(EUR mln) Q3 03 Q2 03Q3 03/Q2 03
ytd 03/ytd 02
Revenues 2,632 2,591 1.6 2.2
Expenses 1,636 1,523 7.4 (6.2)
Operating result 996 1,068 (6.7) 17.7
Efficiency ratio 62.2% 58.8%
Revenues Q3 2003
Netherlands30.0%
US43.5%
Brazil17.0%
RoW9.5%
0 7
Revenues of BU NL remain on track despite recession
Revenues up due to an increase in net interest revenue and higher electronic banking commissions
Expense growth inflated due to a EUR 20 mln accrual release in Q2. Normalised expense growth amounts to 2.6% mainly driven by higher profit sharing accruals
Operating result remains flat adjusted for Q2 incidental items
% change
(EUR mln) Q3 03 Q2 03Q3 03/Q2 03
ytd 03/ytd 02
Revenues 790 764 3.4 6.1
Expenses 628 592 6.1 (3.0)
Operating result 162 172 (5.8) 52.7
Efficiency ratio 79.5% 77.5%
Revenues Q3 2003
Interest79.1%
Other 1.1%
Trading0.4%
Commissions 19.4%
0 8
% change
(EUR mln) Q3 03 Q2 03Q3 03/Q2 03
ytd 03/ytd 02
Revenues 1,144 1,154 (0.9) 5.2
Expenses 593 536 10.6 (1.5)
Operating result 551 618 (10.8) 12.1
Efficiency ratio 51.8% 46.4%
Natural servicing hedge supports BU NA income
The US dollar appreciated on average by 1.6% against the Euro during Q3
In local currency terms:
A USD 48 mln mortgage liability reserve was included in Q3 revenues
1.0% underlying revenue growth caused by retail and commercial banking activities. Mortgage revenues flat due to higher servicing income
Expenses increase mainly due to incidental costs related to rebranding and opening of new operations and technology centre
Revenues Q3 2003
Interest53.8%
Other 28.9%
Commissions 13.4%
Trading3.9%
0 9
BU Brazil revenues improve despite decline in interest rates
The Brazilian real was stable against the Euro compared to Q3
Higher revenues reflect volume and spread growth in consumer finance and trading gains. Stable retail revenues
Higher expenses due to increase in staff costs reflecting the implementation of the new Collective Labour Agreement in September
Operating result improves significantly
% change
(EUR mln) Q3 03 Q2 03Q3 03/Q2 03
ytd 03/ytd 02
Revenues 447 423 5.7 (11.4)
Expenses 262 256 2.3 (20.9)
Operating result 185 167 10.8 8.5
Efficiency ratio 58.6% 60.5%
Revenues Q3 2003
Trading6.7%
Other 8.7%
Commissions 13.2%
Interest71.4%
0 10
WCS client-led model delivers on commitments
Higher revenues reflecting better client revenues and improved performance in the BU’s Financial Markets, Working Capital and Private Equity
Expenses up due to combination of higher bonus accruals reflecting improved performance and investments in BU Financial Markets and BU Working Capital
Commitment of positive EP achieved in third quarter
% change
(EUR mln) Q3 03 Q2 03Q3 03/Q2 03
ytd 03/ytd 02
Revenues 1,360 1,297 4.9 (5.6)
Expenses 1,096 1,052 4.2 (9.1)
Operating result 264 245 7.8 18.0
Efficiency ratio 80.6% 81.1%
Revenues Q3 2003
Trading25.3%
Other 1.5%
Commissions 33.5%
Interest39.7%
0 11
Other 7.7%
Trading5.2%
Commissions 49.8%
Interest37.3%
PC improves its efficiency ratio for the second consecutive quarter
Revenues remain almost flat despite absence of significant placements of new funds
Expenses down due to absence of restructuring costs in France
Efficiency ratio improves for second consecutive quarter
Revenues Q3 2003
0 12
AM continues to leverage on improved market conditions
Increase in commissions reflects higher level of Assets under Management and improved margins due to changes in asset mix
Expenses slightly down due to strict cost control
Substantial improvement of efficiency ratio
Revenues Q3 2003
Interest0.8%
Commissions 96.8%
Trading1.6%
Other 0.8%
Asset Quality and Capital
0 14
Provisioning is coming down as global economy recovers
Overall provisioning lower despite increase in Corporate Centre and BU NL
WCS provisioning decreases substantially. Weighted average UCR improves for the third quarter in a row
In C&CC, provisioning is down primarily due to a decrease in Brazil. Provisioning in BU NL up driven by further deterioration of the quality of the SME portfolio
Overall quality of the portfolio remains solid
Annualised provisions / RWA (%)
0.0%
0.5%
1.0%
1.5%
2.0%
Q101
Q201
Q301
Q401
Q102
Q202
Q302
Q402
Q103
Q203
Q203
C&CC WCS ABN AMRO
0 15
Commercial29%
Consumer71%
SME portfolio drives provisioning levels up in BU NL
C&CC NL commercial portfolio by clientC&CC NL total portfolio
Provisions in 2004 expected to be
similar as in 2003, with a peak in
the first half
SME46%
Corporate Clients54%
C&CC SME portfolio
41.8% 41.0% 39.5% 38.1% 36.4%
56.8% 57.9% 59.8% 61.4% 63.2%
0%
20%
40%
60%
80%
100%
Sep. 02 Dec. 02 Mar. 03 Jun. 03 Sep. 03
3.0
3.23.4
3.6
3.84.0
4.2
UCR 1,2,3 UCR >=4 Not rated Average UCR
0 16
Capital Management is on track to deliver targeted Tier 1 ratio
Tier 1 ratio improvement led by high retained earnings
The gearing ratio decreased for the sixth consecutive quarter to 29.9%
We expect to deliver Tier 1 ratio and core Tier 1 ratio close to 8.00% and 5.70% respectively by year end
(EUR bln) 30 06 03 30 09 0230 09 03/ 30 06 03
% change30 09 03/30 09 02
Total assetsShareholders’ equityGroup capitalRisk-weighted assets
Tier 1 ratioTotal capital ratio
614.211.9431.1
228.4
7.63%11.10%
604.611.0131.0
252.1
7.00%10.87%
(2.2)3.41.61.1
(0.6)12.21.9
(8.4)
30 09 03
600.812.3531.6
230.9
7.79%11.42%
Outlook
0 18
ABN AMRO expects a 25% increase in net profit for FY 2003
“We are confident about the performance for the remainder of the year.
We will substantially exceed our previous 2003 outlook, barring any unforeseen adverse circumstances. We now expect the full year net profit to be above EUR 3 billion”
AppendicesThird Quarter Results 2003
0 20
Appendices: table of contents
Key figures: profit and loss account 21
Currency Variations 22
Profit and Loss Account BU NA and BU Brazil 28
Details on WCS Performance 31
Asset Quality and Provisioning 34
Asset Quality and Provisioning in C&CC 37
Asset Quality and Provisioning in WCS 49
0 21
Key figures: profit and loss account
% change
(EUR mln) Q3 2003 Q3 03/Q2 03 Q3 03/Q3 02 ytd03/ytd02
Total Revenue 4,827 5.2 11.7 1.0
Operating expenses 3,195 7.5 6.4 (4.9)
Operating result 1,632 1.0 23.7 15.2
Provisioning for loan losses 303 (0.7) (10.4) (27.5)
Operating profit before taxes 1,327 1.2 38.5 37.5
Net profit 832 6.4 40.8 51.4
Net profit excl. extraord. result 832 6.4 40.8 33.4
EPS excl. extraord. res. 0.51 6.3 37.8 30.3
Currency Variations
0 23
Impact of currency variations on group performance
Revenues
Expenses
Operating result
Pre-tax profit
(1,525)
1,001
(524)
(360)
Reported change (%)
Currency impact(EUR mln)
Organic growth (%)
12.1
5.4
28.1
50.8
1.0
(4.9)
15.2
37.5
Sept YTD 03/Sept YTD 02
Note: Reported change is the arithmetic sum of currency impact and organic growth. In this case, revenues were
negatively impacted by EUR 1,525 mln and costs were positively influenced by EUR 1,001
0 24
Impact of currency variations on group performance
Revenues
Expenses
Operating result
Pre-tax profit
(183)
125
(58)
(42)
Reported change (%)
Currency impact(EUR mln)
Organic growth (%)
15.9
10.5
28.2
42.9
11.7
6.4
23.7
38.5
Q3 03 / Q3 02
Note: Reported change is the arithmetic sum of currency impact and organic growth. In this case, revenues were
negatively impacted by EUR 183 mln and costs were positively impacted by EUR 125 mln
0 25
Impact of currency variations on group performance
Revenues
Expenses
Operating result
Pre-tax profit
18
12
6
6
Reported change (%)
Currency impact(EUR mln)
Organic growth (%)
4.8
7.1
0.6
0.8
5.2
7.5
1.0
1.2
Q3 03 / Q2 03
Note: Reported change is the arithmetic sum of currency impact and organic growth. In this case, revenues were
positively impacted by EUR 18 mln and costs increased by EUR 12 mln
0 26
Reported change (%)
Currency impact(EUR mln)
Organic growth (%)
Q3 03 / Q2 03
Impact of currency variations on BU NA performance
Revenues
Expenses
Operating result
Pre-tax profit
20
9
10
9
(2.6)
8.9
(12.5)
(13.9)
(0.9)
10.6
(10.8)
(12.2)
Note: Reported change is the arithmetic sum of currency impact and organic growth. Revenues were positively impacted by EUR 20 mln and expenses increased by EUR 9 mln
0 27
Impact of currency variations on BU Brazil performance
Revenues
Expenses
Operating result
Pre-tax profit
1
1
0
0
5.5
2.1
10.8
48.4
5.7
2.3
10.8
48.1
Note: Reported change is the arithmetic sum of currency impact and organic growth. Revenues were positively impacted by EUR 1 mln and costs were increased by EUR 1 mln
Reported change (%)
Currency impact(EUR mln)
Organic growth (%)
Q3 03 / Q2 03
Profit and Loss Account BU NA and BU Brazil
0 29
(USD mln) Q3 03 Q2 03
Revenues 1,290 1,324
Expenses 670 613
Operating result 620 711
Provisioning 86 87
Pre-tax profit 534 624
P&L BU NA in local currency
0 30
P&L BU Brazil in local currency
(BRL mln) Q3 03 Q2 03
Revenues 1,490 1,407
Expenses 852 836
Operating result 638 571
Provisioning 215 281
Pre-tax profit 423 290
Details on WCS Performance
0 32
WCS client performance
Overall client revenues for WCS are EUR 3,164 mln, representing 83% of WCS revenues
The revenue contribution of our Priority and Key clients represents almost 54% of total client revenues
WCS Revenues(EUR 3,802 mln YTD 2003)
Revenues by Client(EUR 3,164 mln YTD 2003)
Priority & Key Revenues by Client(EUR 1,713 mln YTD 2003)
Other 17%
Client segments
83%
Integrated Energy
14%
Country Coverage
18%
TMTH15%
FIPS45%
Consumer8% Integrated
Energy17%
Country Coverage
18%
TMTH19%
FIPS39%
Consumer7%
0 33
WCS product performance
Revenues by ProductEUR 1,360 mln in Q3 2003
Revenues by ProductEUR 1,297 mln in Q2 2003
Most important revenue contributor is Financial Markets
Other9%
Equities & CF
14%
Working Capital24%
Financial Markets
53%
Financial Markets
55%Working Capital24%
Equities & CF
19%
Other2%
Asset Quality and Provisioning
0 35
September 2002 December 2002 September 2003
Private loans (EUR bn - by outstanding)
WCS21%
C&CC70%PCAM
3%
Other6%
PCAM3%
Other6%
WCS20%
C&CC71%
Brazil3%Other
4%
NL62%
US31%
WCS22%
C&CC70%
PCAM2%
Other6%
0.0
50.0
100.0
150.0
200.0
Sep-02 Dec-02 Sep-03
Wholesale C&CC Private Other
Private loans
0 36
Q3 2003 loan loss provisioning by SBUs
Overview of total loan loss provisioning per SBU
Loan loss provisioning per SBU (EUR mln) Annualised provisioning / average RWA
SBU Q302 Yr 02 Q1 03 Q2 03 Q3 03 Q3 02 YTD 02 Q1 03 Q2 03 Q3 03
C&CC 185 881 181 217 205 0.49% 0.58% 0.50% 0.61% 0.55%
WCS 141 742 156 83 54 0.68% 0.87% 0.88% 0.48% 0.33%
PCAM 1 13 3 2 3 0.06% 0.21% 0.15% 0.18% 0.11%
Total 338 1,695 343 305 303 0.53% 0.66% 0.59% 0.53% 0.52%
Total ABN mainly includes Corporate Centre and Auto Lease Holland
Other15%
WCS18%
C&CC67%
0.0%
0.5%
1.0%
1.5%
2.0%
Q101
Q201
Q301
Q401
Q102
Q202
Q302
Q402
Q103
Q203
Q203
C&CC WCS ABN AMRO
Asset Quality and Provisioning in C&CC
0 38
Overview of the C&CC consumer and commercial franchise
C&CC Total Private Loans (EUR bln) (Numbers may not add up due to rounding)
Sep. 03 Netherlands N. America Brazil Rest of World Dec 02 Mar 02
Commercial 70.3 31.3 33.3 1.5 4.2 70.1 73.4Consumer 103.6 78.4 20.2 2.9 2.1 102.5 104.4Total Private Loans 173.9 109.7 53.5 4.4 6.3 172.5 177.8
Brazil3%
Rest of World4%
North America
31% Netherlands62%
Commercial40%
Consumer60%
0 39
Q3 2003 loan loss provision by geography
C&CC loan loss provisions - slight decrease despite market conditions
Brazil30%
Other2%
USA36%
Netherlands32%
Loan loss provisioning per SBU (EUR mln) Quarterly annualised provisioning / Avg. RWA
BU Q3 02 Yr 02 Q1 03 Q2 03 Q3 03 YTD 03 Q3 02 Yr 02 Q1 03 Q2 03 Q3 03 YTD 03
Netherlands 23 137 51 57 69 177 0.17% 0.25% 0.40% 0.45% 0.53% 0.44%
USA 87 477 87 76 75 238 0.52% 0.71% 0.56% 0.50% 0.50% 0.52%
Brazil 47 193 42 86 65 193 2.85% 2.72% 2.75% 5.33% 3.97% 4.15%
Other 28 74 1 -2 -4 -5 0.53% 0.34% 0.05% -0.03% -0.06% -0.03%
Total C&CC 185 881 181 217 205 603 0.49% 0.58% 0.50% 0.61% 0.57% 0.55%
Total ABN 338 1,695 343 305 303 951 0.54% 0.67% 0.59% 0.53% 0.53% 0.55%
-1%
0%
1%
2%
3%
4%
5%
6%
Q1 01 Q2 01 Q3 01 Q4 01 Q1 02 Q2 02 Q3 02 Q4 02 Q1 03 Q2 03 Q3 03
Netherlands USA Brazil Rest of World C&CC
0 40
Overview of the portfolio of BU NL
SME46%
Corporate Clients54%
Not rated0.3%
UCR>452.1%
UCR 1,2 and 3
47.6%
Consumer71%
Commercial29%
C&CC NL commercial portfolio by client C&CC NL commercial portfolio by UCR
C&CC NL total portfolio
0 41
Commercial29%
Consumer71%
Overview of the commercial portfolio of BU NL
C&CC NL commercial portfolio by product 2
C&CC NL commercial portfolio by Industry 2C&CC NL total portfolio 1
1 Incl. Bouwfonds 2 excl. Bouwfonds
Other Services2.5%
Mining1.0%
Metal Industry9.3%
Manufacturing2.1%
Chemical Industry3.0%
Food Industry2.4%
Health & Social Services5.6%
Education1.1%
Construction3.5%
Hotels and Restaurants1.7%
Public0.6%
Public Utilities0.0%
Business Services7.4%
Banks and Non-Banking Financial Institutions
14.3%
Real Estate4.6%
Retail Trade5.6%
Stil to / not classified3.7%
Transport & Communication
6.4%Wholesale Trade
13.5%
Agriculture & Fishery11.6%
Corporate Clients SME non programlending
Total Commercial
Sep .02 Dec. 02 Sep . 03
+2.9% +0.4%
+1.7%
0 42
BU NL commercial portfolio asset quality
46.9% 46.7% 48.9% 47.3% 47.6%
47.1% 47.1%50.6% 52.1% 52.1%
6.0% 6.2%
0.5% 0.6% 0.3%
0%
20%
40%
60%
80%
100%
Sep-02 Dec-02 Mar-03 Jun-03 Sep-03
UCR 1,2,3 UCR>=4 Not Rated
0 43
0%
20%
40%
60%
80%
Sept.02 Dec.02 Mar.03 Jun.03 Sept.03
UCR 1, 2, and 3 UCR >= 4
UC
R %
Overview of the portfolio of BU NA
C&CC - Asset quality
Business mix as per Sep 2003
Commercial49%
Resid. Mortgage
46%
Other4%
Individual1%
0 44
Commercial56%
Consumer44%
Overview of BU NA commercial portfolio
C&CC BU NA commercial portfolio
C&CC BU NA commercial portfolio by IndustryC&CC BU NA total portfolio
+ 3.5%
Total USA Commercial
3Q02 4Q02 3Q03
Construction / Contracting6%
Electrical Equipment / Appliance1%
Energy1% Food / Beverage / Tobacco
4%
Government / Agency1%
Grocery Stores / Restaurants2%
Health Care4%
Miscellaneous7%
Other0%
Metal processing / Fabrication5%
Insurance1%
Industry / Commercial Machinery2%
Individuals (unqualif ied)3%
Paper / Pulp / Lumber1%
Non regulated Financials2%
Professional Services5%
Publishing / Broadcasting / Movies1%
Real Estate / Development30%
Regulated Utility1%
Regulated Financial2%
Transportation / Storage4%
Textile / Shoes / Clothing2%
Retailing / Wholesaling (general)5%
Chemicals / Fertilizers2%
Automotive3%Waste Disposal
1%Computer / Off ice Equipment
1%Travel / Lodging / Entertainment2%
0 45
BU NA commercial portfolio asset quality
39.9% 40.2% 40.8% 41.5% 39.9%
60.1% 59.9% 59.2% 58.5% 60.1%
0%
20%
40%
60%
80%
100%
Sep-02 Dec-02 Mar-03 Jun-03 Sep-03
UCR 1,2,3 UCR>=4 Not Rated
0 46
* Note: Includes only loans booked onshore
0%
10%
20%
30%
40%
50%
60%
70%
Sep. 02 Dec. 02 Mar. 03 Jun. 03 Sep. 03
UCR 1/2/3 UCR >=4 Not rated
UC
R %
Overview of the portfolios of BU Brazil
C&CC - Asset quality
Business mix (*) UCR breakdown
UCR 1, 2, 361%
UCR>=433%
Not rated6%
Car Financ.
41%
Retail40%
Middle Corp19%
0 47
Commercial Portfolio
65%
Consumer Portfolio
35%
Education5.3%
Electrical Machinery1.8%
Food & Beverages & Tobacco
4.1%
Health Services5.0%
Metal & Mining6.8%
Capital Goods & Machinery
5.6%
Banking & Finance Companies
2.8%
Consumer Goods4.3%
Construction & Engineering
10.5%
Computer & Related Activities
0.4%
Chemicals6.1%
Miscellaneous2.1%
Oil & Gas2.1%
Others10.1%
Packaging0.9%
Paper & Pulp0.9% Petrochemicals
0.9%
Public0.4%
Automotive10.7%
Agribusiness19.2%
Overview of the portfolio of BU Brazil commercial portfolio
C&CC BU Brazil Commercial Portfolio
C&CC BU Brazil Commercial Portfolio by IndustryC&CC BU Brazil Loan Portfolio
Car FinanceCorp.
SME Middle Corp. TotalCommercial
Sep .02 Dec. 02 Sep . 03
-5.3%
39.3%
-16.0%
-2.7%
0 48
BU Brazil commercial portfolio asset quality
30.0%22.0% 23.0% 21.0% 22.0%
59.0%
66.0% 65.0% 66.0% 65.0%
11.0% 12.0% 12.0% 13.0% 13.0%
0%
20%
40%
60%
80%
100%
Sep-02 Dec-02 Mar-03 Jun-03 Sep-03
UCR 1,2,3 UCR>=4 Not Rated
Asset Quality and Provisioning in WCS
0 50
Geographic exposure calculated based on the country lending office of each counterparty
OECD: Organisation for Economic Co-operation and Development
Asia Pacific Advanced
6.9%
North America26.5 %
Latin America3.4%
Eastern Europe0.5%
Africa0.4%
Europe 56.3%
Middle East0.7%
Asia5.3%
Wholesale corporate portfolio is predominantly OECD
0 51
Breakdown of Wholesale portfolio per client sector
Commercial banks exposure includes commercial lines, money market and OBSI facilities
Wholesale - Corporate portfolioWholesale - Total portfolio
Integrated Energy
10%
Consumer6%
Other FI21%
Commercial Banks33%
Telecom, Media, Technology,
Health9%
Automotive & Industrial
14%
Public Sector7%
Country Coverage
36%
Consumer15%
Integrated Energy
26%
Telecom, Media,
Technology, Health23%
0 52
As a % of total limits of Wholesale Corporate portfolio which excludes FIPS
Wholesale corporate portfolio is well diversified
Tobacco1.0%
Leisure0.6%
(Non) durables5.7%
Food6.0%
Services3.0%
Manufacturing (general)7.6%
Real estate2.3%
Agri/raw materials1.2%
Construction4.3%
Transport services7.1%
Manuf other transport means1.7% Automotive (oem + supply)
9.2%
Metals & mining3.4%
Chemicals5.2%
Utilities8.1%
Oil & gas9.5%
Health/pharma3.9%
Retail1.5%
Technology6.4%
Media5.0%
Telecom7.3%
0 53
TMTH Integrated Energy Automotive & Industrial Consumer Total
Sept.02 Dec.02 Sept.03
-17.5%-19.0%
-14.2%
-13.9%
-16.2%
Continued reduction of exposure
Sector breakdown of wholesale portfolio - Total limits
0 54
Average UCR of wholesale client sectors
Average UCRs - Historical performance Average UCRs
2.6
2.7
2.8
2.9
3.0
3.1
3.2
Jun. 02 Sep. 02 Dec. 02 Mar. 03 Jun. 03 Sep. 03
TMTH Int. Energy
Automotive & Industrials Consumer
WCS Portfolio
0 55
Asset quality of wholesale client sectors
Automotive & industrial Integrated Energy
Consumer
Wholesale corporate portfolio
(36.5% of WCS corp. portfolio) (26.2% of WCS corp. portfolio)
(14.8% of WCS corp. portfolio)
TMTH
(22.6% of WCS corp. portfolio)
UCR 1, 2, 381%
UCR >=419%
UCR >=419%
UCR 1, 2, 381%
UCR 1, 2, 380%
UCR >=420%
UCR >=415%
UCR 1, 2, 385%
UCR 1, 2, 381%
UCR >=419%
80% 80% 81%
20.1% 20.3% 18.7%
0%
20%
40%
60%
80%
100%
Sep. 02 Dec. 02 Sep. 02
UCR 1, 2, 3 UCR >=4