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swissfirst AG

euro adhoc: Swissfirst AG
Financial Figures/Balance Sheet
Results for the 2005 business year

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
31.03.2006
- Total operating income increases 40.8% to CHF 118.1 million
- Operating profit up by 59.6% to CHF 76.4 million
- Net profit after minorities advances 55.6% to CHF 59.7 million
- Total assets under management of CHF 10.914 billion at the end of 2005
- A dividend of CHF 2 per share will be proposed at the general meeting
- Net profit after minorities for the fourth quarter of 2005: CHF 21.6 million 
(includes first-time consolidation of Bellevue units).
Swissfirst Group's total operating income for the 2005 business year amounted
to CHF 118.1 million, an increase of 40.8% over the previous year figure of CHF
83.9 million. Besides the positive market environment, from which all business
units were able to benefit, this strong growth was driven by the first time
consolidation of the Bellevue units (Bank am Bellevue AG and Bellevue Asset
Management AG) in the fourth quarter of 2005.
Total operating expenses rose at a proportionally slower rate of 15.7%, and
stood at CHF 41.7 million for the full year. This resulted in a gross operating
profit of CHF 76.4 million, 59.6% more than the previous year of CHF 47.9
million. After deduction of increased fixed asset depreciation,
impairments/provisions, tax expense and minorities, Group net profit stood at
CHF 59.7 million. This represents an increase of 55.6% over the prior year
result.
The Board of Directors will propose a dividend of CHF 2.00 per bearer share
at the General Meeting on May 6, 2006.
Interest income improves
Despite the shifting environment on the interest rate front and falling
demand for credits, net interest income for the past fiscal year rose from CHF
11.3 million to CHF 13.6 million (+20.4%).
Increase in commission income
Swissfirst Group generated net commission income of CHF 81.6 million in the
past business year, an increase of 30.6% over the 2004 figure of CHF 62.5
million. Much of this growth was attributable to the Investment Banking and the
Asset Management.
Gross commission income from transactions rose from CHF 50 million to CHF
57.8 million while their percentage share of total gross commissions declined
from 74.8% to 67.6%. Commissions from the Asset Management activities increased
by 25.7% to CHF 17.6 million, accounting for an unchanged 21% share of total
gross commissions. Furthermore, the Swissfirst Group booked considerably higher
performance fees of CHF 5.5 million (previous year CHF 1.3 million) from
investment activities (BB Medtech).
Good trading results
Our trading operations benefited strongly from the favorable market
environment and contributed CHF 12.0 million to net operating income, up from
CHF 7.1 million the prior year.
Higher cost base
Due to the integration of the acquired business units, total expenses for the
past business year rose to CHF 41.7 million, representing a 15.7% increase
versus the previous year. The cost-to-income ratio was reduced from 42.9% to
35.3%. The headcount increased during the past year from 112.8 to 164.8
(full-time equivalents).
Significantly higher shareholders' equity at the end of 2005
Swissfirst Group's total equity (excluding minority shares) amounted to CHF
315.5 million at year-end 2005, well above the figure of CHF 238.7 million
reported for the previous year. The return on average equity stood at 21.6%
(previous year 14.8%).
Assets under management: CHF 10.914 billion
At the end of 2005 Swissfirst Group was entrusted with client assets of CHF
10.914 billion. Changes in the scope of consolidation (additions: Bank am
Bellevue and Bellevue Asset Management, deconsolidated: Swissfirst Structured
Bonds) had a positive net effect of CHF 5.259 billion. Net new money inflows in
the portfolio management activities amounted to CHF 660 million (CHF 203 million
for the Group). The share of assets under administration at our asset management
activities increased from CHF 3.791 billion to CHF 7.755 billion at year-end
2005.
Integration of Bank am Bellevue AG and Bellevue Asset Management AG
As already announced last year, the integration of the operational units Bank
am Bellevue AG and Bellevue Asset Management AG into the Swissfirst Group was
concluded at the end of 2005, sooner than expected. The new units were
consolidated for the first time in the fourth quarter of 2005.
The total purchase price amounted to CHF 276 million, which was partially
financed through the issue of a CHF 150 million bond (2 1/8% coupon, 2005/2008)
last November by Swissfirst Bank AG. The rest was financed through the issue of
500,000 bearer shares and cash. Intangible assets of CHF 79.6 million and
goodwill of CHF 160.3 million were carried on the consolidated balance sheet at
year-end 2005 as a result of this purchase.
Proposals to the General Meeting on May 6, 2006
The Board of Directors will propose the payment of a dividend of CHF 2.00 per
bearer share at the General Meeting scheduled for May 6, 2006.
In addition, the Board members Dr. Roland Oswald (Board Chairman), Hans E.
Buck, Hans Kaufmann, Karl-Ludwig Goeldner and Alex Wassmer are not standing for
re-election. Special thanks is extended to the Board members for their strong
commitment, profound knowledge and their loyalty and dedication - some have been
on the Board since the IPO - and they have been of great value in guiding and
enhancing the development of Swissfirst Group over the years.
Thomas Matter will continue on his function as CEO of Swissfirst Group.
However, he will not be proposed for election to the Board of Director since the
Swiss Federal Banking Commission (SFBC/EBK) does not allow persons to hold a
dual position on the supervisory and executive boards at the holding level of a
banking firm. Consequently, the following persons are proposed for election to
the Board of Directors: Martin Bisang (Chairman), Daniel Schlatter and Hans-Jörg
Graf.
Investor calendar:
General meeting:                             6 May 2006
   Results for the first quarter of 2006:       8 May 2006
The documentation handed out at the presentations for the media and analysts
can be downloaded at 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.
Key data (CHF mn)
Profit and Loss              Q4 2004  Q4 2005  +/- %    2004     2005  '+ / - % 
                            3 months 3 months      12 months 12months 12m '04/05
                              CHF mn CHF mn 1)        CHF mn CHF mn 1)
Net interest income            2.585   2.470   -4.5%  11.307   13.617     20.4%
Net fee and commission income 13.480  31.964  137.1%  62.501   81.623     30.6%
Net trading income            -0.283   2.008    n.m.   7.054   12.077     71.2%
Other income                  -0.387   3.020    n.m.   3.034   10.786      n.m.
Total operating income        15.395  39.462  156.3%  83.896  118.103     40.8%
Personnel expenses            -5.475  -6.987   27.6% -23.886  -24.035      0.6%
Other operating expenses      -2.567  -8.503  231.2% -12.117  -17.631     45.5%
Total expenses                -8.042 -15.490   92.6% -36.003  -41.666     15.7%
Gross operating profit         7.353  23.972  226.0%  47.893  76.437      59.6%
Depreciation of fixed/
tangible assets               -0.358  -2.248    n.m.  -1.716  -3.547     106.7%
Amortisation of goodwill       0.000   0.000    n.m.   0.000   0.000       n.m.
Valuation adjustments,        -0.250  -1.676    n.m.  -0.726  -3.015       n.m.
    provisions and losses
Taxes                          0.338   2.503    n.m.  -4.198  -6.041      43.9%
Group profit                   7.084  22.552  218.4%  41.253  63.834      54.7%
  Shareholders of 
Swissfirst AG                  6.085  21.571  254.5%  38.368  59.719      55.6%
  Minorities                   0.998   0.981           2.885   4.115      42.6%
Earnings per share             0.61    2.05     n.m.   3.84    5.69       48.2%
Outstanding shares 
(fully diluted)           10'000'000 10'500'000   10'000'000 10'500'000
1) incl. Bellevue units 
  (BaB, BaM)                      2)                      2)                  
2) Split as of the shares, 
   May 17, 2005    
n.m.= not meaningful
Balance sheet                          as of                    as of  '+ / - %
                                    31.12.04                 31.12.05  31.12.04
                                      CHF mn                   CHF mn
Equity (excl. minorities)            238.656                  315.539     32.2%
Balance sheet total                      916                    1'785
Assets under Management                4'894                   10'914    123.0%
  Private Banking                      2'036                    2'849     39.9%
  Asset Management                     1'755                    4'906    179.5%
  Investment Banking                   1'039                    3'085    196.9%
  Corporate Items                         64                       74     15.6%
Staff (full-time equivalents)          112.8                    164.8     46.1%
Pro forma figures     
(CHF mn), not audited              pro forma as                    pro forma 
                                    of  30.9.05        Q4 2005       2005 *)
Total income                              138.0           39.5         177.5 
Total expenses                            -39.5          -15.5         -55.0
Gross operating profit                     98.5           24.0         122.5
Group profit                               81.4           22.6         104.0
  Shareholders of Swissfirst AG            78.3           21.6          99.9
  Minorities                                3.1            1.0           4.1
*) incl. performance fee of CHF 20,6 mn
end of announcement                               euro adhoc 31.03.2006 05:30:00

Further inquiry note:

For further information please contact:
Mirko Sangiorgio, Tel. +41 (44) 267 72 13, mirko.sangiorgio@swissfirst.ch

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

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