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swissfirst AG

euro adhoc: Swissfirst AG
Financial Figures/Balance Sheet
swissfirst: Reporting on the second quarter
first half of 2005

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
26.08.2005
  • Total operating income up 4.4% to CHF 24.3 million in the second quarter of 2005
  • Good operating profit growth of 10.7% to CHF 15.247 million in the second quarter
  • Strong inflow of new money increases assets under management from CHF 4,894 million to CHF 5,350 million
  • Substantial increase in shareholders’ equity to CHF 282.242 million (end of 2004: CHF 238.656 million)
  • Nominal share capital of CHF 0.40 and a special dividend of CHF 5.00 per bearer share will be paid out on September 30, 2005
swissfirst Group, active in investment banking, asset management and
private banking, generated total operating income of CHF 24.3 million
in the second quarter of 2005. This represents an increase of 4.4%
compared to the prior-year figure of CHF 23.279 million and an 8.8%
increase over the first-quarter figure of CHF 22.338 million. Due to
the high comparison base in the first quarter of 2004, total
operating income for the first half of 2005 was down 5.3% to CHF
46.639 million. Total expenses in the second quarter of 2005 were
4.8% lower at CHF 9.053 million. swissfirst thus increased operating
profit by 10.7% to CHF 15.247 million. After valuation adjustments,
depreciation and taxes, second-quarter net profit after minorities
was unchanged at CHF 10.991 million (previous year CHF 11.008
million). Net profit after minorities for the first six months of
2005 was down 5.3% to CHF 21.947 million.
Asset management business still accounts for 50% of net operating
income  Net commission income in the second quarter of 2005 declined
by 8.3% to CHF 15.292 million compared to Q2 2004, but was virtually
unchanged versus the first quarter of 2005. This resulted in a
decline of 8.3% to CHF 31.133 million for the entire first half.
Brokerage transactions with derivatives and Swiss equities remained
sluggish but it appears that the low point will be reached during the
current year.  On the one hand net income from portfolio management
activities (Asset Management and Private Banking) for the first half
of 2005 was virtually unchanged at CHF 21.346 million. On the other
hand the gross operating profit for the same period increased from
CHF 8.26 million to CHF 9.504 million.
Higher interest income Net interest income advanced 24.9% to CHF
4.632 million due to the increased return on financial assets and
high credit demand. An increase in net interest income of 28% to CHF
7.746 million was achieved in the first half.
Trading income flat Net trading income for the first six months of
the year was almost unchanged at CHF 5.886 million compared to the
previous year’s figure of CHF 6.033 million.
Lower cost base swissfirst lowered its total costs by 4.8% to CHF
9.053 million in the second quarter of 2005. Despite the expansion of
infrastructure during the first six months of the year (Zug and
Lucerne offices), total costs were reduced by 5.2% to CHF 18.305
million in the first half. Compared to the end of 2004, the
cost-to-income ratio improved from 42.9% to 39.2%.
Substantial increase in shareholders’ equity compared to the end of
2004 swissfirst’s equity (excluding minorities) at mid-year 2005
amounted to CHF 282.242 million. The annualized return on equity at
the mid-year mark was 16.9%. As already reported, the payment of CHF
0.40 in nominal share capital and a dividend (including special
distribution) of CHF 5.00 per bearer share will be paid out on
September 30, 2005, as resolved by the general meeting of
shareholders in 2005. The total dividend payout of CHF 50 million has
already been deducted in the statement of shareholders’ equity as of
mid-year. Adjusted for this sum, shareholders’ equity on June 30,
2005 would have amounted to CHF 332.242 million.
Continued high net inflow of new client assets in asset management
business swissfirst enjoyed a strong increase in client assets under
management of CHF 456 million to CHF 5,350 million during the first
half of the year. Asset management activities accounted for CHF 4,443
million of this total. Assets under management in these two units
increased by CHF 652 million since the beginning of the year, of
which about CHF 300 million is attributable to a positive market
performance. Particularly pleasing is the 20.5% increase in assets at
our Private Banking unit since the beginning of the year.
Sale of swissfirst Structured Bonds AG as of June 30, 2005 As already
announced, swissfirst has sold its majority stake in swissfirst
Structured Bonds AG as of June 30, 2005. This subsidiary will no
longer be consolidated as of July 1, 2005. This transaction will
close during the second half of the year. swissfirst Structured Bonds
AG managed client assets of over CHF 400 million as of mid-year.
Investor calendar:
Third-quarter 2005 results              November 25, 2005
The complete report on the second quarter and first half of 2005 can
be downloaded at our website www.swissfirst.ch.
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    Q2 2004   Q2 2005    +/- %    H1 2004   H1 2005     '+ / - %
                  3 months  3 months  Q2 '04/05 6 months  6 months    H1 '04/05
                    CHF mn    CHF mn               CHF mn    CHF mn
Net interest income  3.708     4.632    24.9%      6.049     7.746        28.0%
Net fee and         16.669    15.292    -8.3%     33.961    31.133        -8.3%
commission income
Net trading income   0.371     3.292     n.m.      6.033     5.886        -2.4%
Other income         2.532     1.084   -57.2%      3.216     1.875       -41.7%
Total operating     23.279    24.300     4.4%      49.259    46.639       -5.3%
income
Personnel expenses  -6.077    -5.582    -8.2%     -12.392   -11.516       -7.1%
Other operating     -3.434    -3.471     1.1%      -6.921    -6.789       -1.9%
expenses
Total expenses      -9.511    -9.053    -4.8%     -19.313   -18.305       -5.2%
Gross operating     13.768    15.247    10.7%      29.946    28.335       -5.4%
profit
Depreciation of     -0.478    -0.434    -9.2%      -0.866    -0.868        0.2%
fixed/tangible assets
Amortisation of      0.000     0.000     n.m.       0.000     0.000        n.m.
goodwill
Valuation           -0.009    -1.239     n.m.      -0.014    -1.337        n.m.
adjustments,
    provisions and losses
Taxes               -1.589    -1.749    10.0%      -4.421    -2.343      -47.0%
Net profit before   11.692    11.825     1.1%      24.645    23.787       -3.5%
minorities
  Minorities        -0.684    -0.834    22.0%      -1.467     -1.840      25.4%
Net profit after    11.008    10.991    -0.2%      23.179     21.947      -5.3%
minorities
Earnings per share    2.20      1.10                 4.64       2.19     -52.7%
Number of shares  5'000'000  10'000'000           5'000'000  10'000'000
(f.d.)                           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             30.6.04   30.6.05       31.12.04
                             CHF mn              CHF mn    CHF mn
Equity (excl. minorities)   238.656              298.812   282.242         18.3%
Balance sheet total             916                1'098     1'252
Assets under Management       4'894                4'997     5'350          9.3%
  Private Banking             2'036                1'926     2'454         20.5%
  Asset Management            1'755                1'820     1'989         13.3%
  Investment Banking          1'039                1'216     850          -18.2%
  Corporate Items                64                   35      57          -10.9%
Staff (full-time equivalents)  112.8                114.6     111.3        -1.3%
end of announcement                               euro adhoc 26.08.2005 05:45:00

Contact:

For further information please contact:
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