euro adhoc: Swissfirst AG
quarterly or semiannual financial statement
Report
for the first quarter of fiscal 2006
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
06.05.2006
- Total income up by 119%, to reach CHF 49.0 mn - 157.9% surge in operating profit, to CHF 33.8 mn - Net profit after minority interests increases by 129.3%, to CHF 25.1 mn - Assets under management at the end of March 2006: CHF 11,861 mn In a positive market environment, and including Bank am Bellevue AG along
with Bellevue Asset Management AG (today merged with Swissfirst Asset Management AG), the Swissfirst Group generated CHF 49 mn in total income in the first quarter of 2006, which corresponds to a 119% increase year-on-year. Total expenses for the period under review were in the region of CHF 15.3 mn (+65.1%). After deducting the usual fixed asset depreciation, impairments/provisions and taxes, the Group's profit was up by 119%, to reach CHF 26.2 mn. With minority holdings virtually unchanged year-on-year, Group net profit distributable to Swissfirst shareholders amounts to CHF 25.1 mn, up by 129% year-on-year.
Net interest income in decline Net interest income for the three months came to CHF 2.4 mn, down by 24.6% year-on-year. This decline is attributable to lower dividend income on financial investments and to interest payable on the bond issue of November 2005. Ordinary lending operations continue to reflect a stable margin.
Higher commission income In the first quarter of 2006, the Swissfirst Group reported CHF 41.6 mn in net commission income, equivalent to an increase of 163%. This figure includes CHF 6 mn in performance fees from investment activity (BB Med¬tech). Net income from investment banking was in the region of CHF 24.1 mn for the first quarter of 2006, compared with CHF 10.2 mn for the same period a year earlier. Asset management operations generated CHF 24.3 mn in net income (previous year: CHF 11.5 mn). Accordingly, asset management activities contribute roughly 50% of total net income.
Good trading figures
Trading operations managed to benefit from the ongoing attractive fundamentals. Net trading income improved from CHF 2.6 mn to CHF 4.8 mn.
Higher cost base
Total expenses in the first quarter of 2006 amounted to CHF 15.3 mn, up by 65% year-on-year. This increase corresponds to the figures budgeted. The cost-to-income ratio, at 31.2%, is down on last year's level (35.3%). The headcount at the end of March 2006 came to 158 (full-time equivalents), slightly lower than at the end of 2005 (165).
Significantly higher shareholders' equity compared with end-2005
At the end of the first quarter of 2006, the Swissfirst Group reported CHF 333.2 mn in shareholders' equity (excluding minority interests); (end-2005: CHF 315.5 mn). This results in an annualized return on equity of 31% (previous year: 21.6%).
Assets under management: CHF 11,861 mn
At the end of March 2006, customer assets under management amounted to CHF 11,861 mn. This corresponds to an increase of CHF 947 mn compared with the end of 2005. In the wake of the integration of the Bellevue units (BaB and BaM) assets of CHF 403 mn assets were reallocated from the Asset Management to the Private Banking.
Investor calendar:
Results for the second quarter of 2006: August 25, 2006
The full report on the first quarter of 2006 is available for download from our website www.swissfirst.ch.
Swissfirst is an independent financial group listed on the SWX (Swiss Securities Exchange) that specializes in investment and private banking as well as in asset management. In particular, its business operations extend to include asset management and investment advisory services for private and institutional clients along with corporate finance business.
Key data (CHF mn)
Profit and Loss Q1 2005 Q1 2006 '+ / - %
3 months 3 months 3m '05/06
CHF mn CHF mn 1)
Net interest income 3.114 2.348 -24.6%
Net fee and commission income 15.841 41.623 162.8%
Net trading income 2.593 4.756 83.4%
Other income 0.791 0.293 n.m.
Total operating income 22.339 49.022 119.4%
Personnel expenses -5.934 -9.196 55.0%
Other operating expenses -3.317 -6.074 83.1%
Total expenses -9.251 -15.270 65.1%
Gross operating profit 13.088 33.752 157.9%
Depreciation of fixed/tangible assets -0.434 -0.512 n.m.
Amortisation intangible assets 0.000 -1.686 n.m.
Valuation adjustments, -0.098 -0.103 4.9%
provisions and losses
Taxes -0.593 -5.277 n.m.
Group profit 11.962 26.174 118.8%
Shareholders of Swissfirst AG 10.957 25.119 129.3%
Minorities 1.006 1.055 4.9%
Earnings per share 1.10 2.39 118.3%
Outstanding shares (fully diluted) 10'000'000 10'500'000
1) incl. Bellevue units (BaB, BaM) 2)
2) Split as of the shares, May 17, 2005
n.m. = not meaningful
Balance sheet as of as of '+ / - %
31.12.05 31.3.06 31.12.05
CHF mn CHF mn
Equity (excl. minorities) 315.539 333.174 5.6%
Balance sheet total 1'785 1'833
Assets under Management 10'914 11'861 8.7%
Private Banking 2'849 3'764 3) 32.1%
Asset Management 4'906 4'861 3) -0.9%
Investment Banking 3'085 3'165 2.6%
Corporate Items 74 71 -4.1%
not comparable, see text
Staff (full-time equivalents) 164.8 158 -4.1%end of announcement euro adhoc 06.05.2006 08:30:00
Further inquiry note:
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