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swissfirst AG

euro adhoc: Swissfirst AG
Financial Figures/Balance Sheet
swissfirst: Third quarter and nine-month results 2005

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
25.11.2005
-   Total operating income up by 66.3% to CHF 32 million in the third quarter
    of 2005
-   Solid improvement in operating profit of CHF 10.593 million to CHF 24.13
    million in the third quarter
-   Net profit after minorities up by 78% to CHF 16.2 million in the third
    quarter of 2005
-   Assets under management reach all-time high of CHF 5.586 billion
-   First time consolidation of Bellevue units as of October 1, 2005
swissfirst Group, active in investment banking, asset management and
private banking, generated total operating income of CHF 32.0 million
in the third quarter of 2005. This is a 66.3% increase over last
year's result of CHF 19.242 million. After nine months, total
operating income rose by 14.8% to CHF 78.641 million. In comparison
to the previous year, total expenses in the third quarter fell by 9%
to CHF 7.872 million. This resulted in an increase in operating
profit of CHF 10.593 million to CHF 24.13 million, representing a
rise of 29.4% to CHF 52.465 million for the first nine months of
2005. Net profit after minorities for the third quarter of 2005 was
CHF 16.2 million which is 78% higher than the figure of last year.
swissfirst closed the first nine months of 2005 with a net profit of
CHF 38.148 million. This represents an increase of 18.2%. swissfirst
Structured Bonds AG was sold to management effective on July 1, 2005
and is no longer consolidated. The results for this reporting period
are the last swissfirst results without the operational units of the
Bellevue Group.
Higher commission income Commission income rose by 23% to CHF 18.526
million in the third quarter of 2005, resulting in commission income
of CHF 49.659 million for the nine months ending September 2005. Net
income from portfolio management activities for the first nine months
of 2005 was CHF 37.551 million, being 10.2% higher than the same
period last year.
Improved interest income Interest income advanced by 27.2% to CHF
3.402 million due to the increased return on financial assets and
good credit demand. An increase in interest income of 27.8% to CHF
11.147 million was achieved for the first nine months.
Good trading income Trading income in the first months of 2005
improved from CHF 7.337 million to CHF 10.069 million due to good
results in the third quarter (CHF 4.184 million).
Lower cost base swissfirst lowered its total costs by 9% to CHF 7.872
million in the third quarter of 2005. For the first nine months of
the year, total costs were reduced by 6.4% to CHF 26.176 million.
Consequently, the cost-to-income ratio improved from 40.8% to 33.3%.
Substantial increase in shareholders' equity compared to the end of
2004 At CHF 299.103 million, swissfirst's equity (excluding
minorities) at the end of September 2005 was substantially higher
than at the start of the year (CHF 238.656 million). The nominal
share reduction and dividend paid at the end of September 2005
amounted to CHF 54 million and have already been deducted. The
annualized return on equity at the end of September 2005 was 19.1%
(2004: 16.1%).
Continued high net inflow of new client assets in asset management
business swissfirst enjoyed a strong increase in client assets under
management of CHF 692 million to CHF 5.586 billion during the first
nine months of the year. Asset management activities accounted for
CHF 4.619 billion of this total. Assets under management in this
segment have increased by CHF 828 million since the beginning of the
year, of which about CHF 450 million is attributable to a positive
market performance.
Integration of Bank am Bellevue AG/Bellevue Asset Management AG  The
integration of the operational units of Bank am Bellevue AG and
Bellevue Asset Management AG in the swissfirst Group is proceeding
faster than originally planned. The transfer of Bank am Bellevue AG
and Bellevue Asset Management AG was finalized at a price of CHF 276
million on November 22, 2005. The first time consolidation of these
units commences on October 1, 2005. Applicable integration costs will
be included in the current account for the fourth quarter.
The designated members of the Board of Directors - Martin Bisang
(Chairman), Thomas Matter (Delegate) and Daniel Schlatter - will be
proposed to the shareholders for election at the forthcoming ordinary
general meeting on May 6, 2006. The current Board of Directors will
step down as of this date.
Corporate organization from January 1, 2006 The company, under the
leadership of Thomas Matter (CEO) will be structured into the
following business units from January 1, 2006: Investment Banking,
Asset Management, Private Banking and Services. Daniel Hefti
continues as Chief Financial Officer.
Investment Banking includes Bank am Bellevue, which operates the
brokerage for Swiss equities under the management of Jürg Schäppi,
and Corporate Finance, under the management of Gregor Greber. This
unit also encompasses swissfirst Derivatives AG, which offers
tailored solutions in the area of derivatives. The asset management
activities of both groups will be amalgamated into swissfirst Asset
Management AG. The Mandates section, under the management of Mirko
Sangiorgio, will provide individualized asset management with
absolute returns and comprehensive solutions for pension funds. The
BB Biotech, BB Medtech and BB Biotech Ventures II investment
companies remain the responsibility of Stephan Meier. The private
banking business, managed by Urs Kaufmann, will be concentrated in
the swissfirst Bank AG. swissfirst Services AG incorporates the back
office services for the swissfirst Group and for external companies,
and is managed by Peter Kaszuba.
Investor calendar:
Press conference for 2005 annual financial report:      March 31, 2006
Annual general meeting 2005:                            May 6, 2006
The complete report on the third quarter and first nine months of
2005 can be downloaded at our website: www.swissfirst.ch. The
documents referred to at the media and analysts conferences are also
available at our website.
swissfirst is an independent financial group listed on SWX Swiss
Exchange that specializes in investment banking, private banking and
asset management. Its business operations are especially geared
toward portfolio management and investment advisory services for
private and institutional clients and toward corporate finance
business. swissfirst is focused on the Swiss market, Swiss products
and Swiss know-how.
Profit and Loss       Q3 2004   Q3 2005    +/- %  2004      2005      '+ / - %
                      3 months  3 months         9 months  9 months   9m '04/05
                      CHF mn    CHF mn           CHF mn    CHF mn
Net interest income   2.673     3.402      27.2%  8.722    11.147     27.8%
Net fee and commission
income               15.060    18.526      23.0% 49.021    49.659      1.3%
Net trading income    1.304     4.184      n.m.   7.337    10.069     37.2%
Other income          0.204     5.890      n.m.   3.421     7.766    127.0%
Total operating
income               19.242    32.002      66.3% 68.501    78.641     14.8%
Personnel expenses   -6.019    -5.532     -8.1% -18.411   -17.048     -7.4%
Other operating
expenses             -2.629    -2.340     -11.0% -9.550    -9.128     -4.4%
Total expenses       -8.649    -7.872      -9.0% -27.961   -26.176    -6.4%
Gross operating
profit               10.593    24.130     127.8%  40.540    52.465     29.4%
Depreciation of fixed
/tangible assets      -0.492   -0.431     -12.4%  -1.358    -1.299     -4.3%
Amortisation of
goodwill               0.000    0.000      n.m.    0.000     0.000      n.m.
Valuation adjustments,-0.462   -0.002      n.m.   -0.476    -1.339      n.m.
provisions and losses
Taxes                 -0.116    -6.202     n.m.   -4.536    -8.544     88.4%
Net profit before
minorities            9.524     17.495     83.7%  34.169    41.282     20.8%
Minorities           -0.420     -1.295     n.m.   -1.887    -3.134     66.1%
Net profit after
minorities            9.104     16.200     78.0%  32.283    38.148     18.2%
Earnings per share    1.82       1.62       n.m.   6.46      3.81       n.m.
Number of shares
f.d.)             5'000'000  10'000'000          5'000'000  10'000'000
                                     1)                             1)
1) Split of the shares
May 17, 2005
n.m. = not  meaningful
Balance sheet        as of             as of        as of       '+ / - %
                  31.12.04           30.9.04       30.9.05    31.12.04
                    CHF mn            CHF mn        CHF mn
Equity
(excl. minorities)  238.656           252.089       299.103          25.3%
Balance sheet total     916             1'071         1'348
Assets under
Management             4'894             4'902        5'586          14.1%
  Private Banking      2'036             1'937        2'642          29.8%
  Asset Management     1'755             1'801        1'977          12.6%
  Investment Banking   1'039             1'130          911         -12.3%
  Corporate Items        64                34            56         -12.5%
Staff
(full-time equivalents)  112.8             110           111        -1.6%
Income      swissfirst          BaB and BAM *           pro forma**
(in mn CHF), not audited
           2004  as of  30.9.05  2004   as of  30.9.05 2004    as of  30.9.05
Interest
income    11.3    11.1            3.2     1.8             14.5    12.9
Commission
income    62.5    49.7            40.4    36.1    ***     102.9   85.7    ***
Trading
income     7.1     10.1            1.3     3.6             8.4     13.7
Others     3.0     7.76            0.0     2.8             3.0     10.6
Total
income    83.9     78.6            44.9    44.2            128.8   122.9
Personnel
expenses -23.9    -17.1            -9.5    -7.2            -33.4   -24.3
Other
operating
expenses -12.1     -9.1            -8.0    -6.0            -20.1   -15.1
Total
expenses -36.0    -26.2           -17.5   -13.3            -53.5   -39.5
Gross
operating
profit    47.9     52.4            27.5    31.0             75.4    83.4
Depreciation/
Valuation
adjustments
          -2.4     -2.6            -0.3    -0.3             -2.7    -2.9
Extraordinary Result                        0.0     ****                    ****
Taxes     -4.2     -8.5            -4.0    -5.7             -8.2    -14.2
Net profit
(bef. minorities)
          41.3     41.3            23.2    25.0              64.5    66.3
Minorities-2.9     -3.1             0.0     0.0              -2.9    -3.1
Net profit
(excl. minorities
          38.4     38.2             23.2    25.0             61.6    63.2
(in mn CHF),
not audited
       2004  as of  30.9.05    2004  as of  30.9.05       2004  as of  30.9.05
Asset under Management
      4'894   5'586             4'403   5'404             9'297   10'990
Equity (incl. minorities)
      238.7   299.1              90.7    51.1               n/a     n/a
Staff   113     111                49      50               162     161
* Bank am Bellevue AG and Bellevue Asset Management AG
** not audited
*** Adjusted by the Performance Fee of CHF 15,1 mn
**** Extraordinary profit of CHF 4,2mn not included
end of announcement                               euro adhoc 25.11.2005 05:30:00

Further inquiry note:

Mirko Sangiorgio, tel. +41 (1) 204 82 21, mirko.sangiorgio@swissfirst.ch

Branche: Banking
ISIN: CH0003376818
WKN: 929068
Index: SPI
Börsen: SWX Swiss Exchange / official market

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Plus de actualités: swissfirst AG