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

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Disclosure announcement transmitted by euro adhoc.
The issuer is responsible for the content of this announcement.
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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
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ots Originaltext: Swiss First
Im Internet recherchierbar: http://www.presseportal.de

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