credit suisse Annual Report Part 3 Financial report continued Income statement
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     credit suisse Annual Report Part 3 Financial report continued Income statement credit suisse Annual Report Part 3 Financial report continued Income statement Document Transcript

    • INCOME STATEMENT (PARENT COMPANY) 1996/97 1995/96 Change Change in CHF 1000 in CHF 1000 in CHF 1000 in % INCOME Interest income and income from securities 201,905 160,931 40,974 25 Income from investments in Group companies 206,094 959,872 –753,778 –79 Other income 1 52,033 60,172 –8,139 –14 Extraordinary income 1,303,278 0 1,303,278 – 1,763,310 1,180,975 582,335 49 TOTAL EXPENSES Interest expenses 133,987 124,547 9,440 8 Personnel expenses and directors’ fees 32,602 20,064 12,538 62 Other expenses 43,893 36,700 7,193 20 Depreciation, write-offs and provisions 1 0 0 0 – Extraordinary expenses 558,898 0 558,898 – Taxes 46,213 24,386 21,827 90 815,593 205,697 609,896 297 TOTAL 947,717 975,278 –27,561 –3 NET PROFIT FOR THE YEAR 1 1995/96: release of hidden reserves of CHF 1,059 m, compensated for by the write-off of an equal amount of goodwill, resulting from merger of Leu Holding Ltd. with Credit Suisse Group. See notes to the parent company’s financial statements. 58
    • BALANCE SHEET BEFORE ALLOCATION OF RETAINED EARNINGS (PARENT COMPANY) 31.3.97 31.3.96 Change Change in CHF 1000 Notes in CHF 1000 in CHF 1000 in % ASSETS Investments in Group companies 15,987,345 14,507,420 1,479,925 10 7 Long-term loans to Group companies 762,089 391,633 370,456 95 Securities 1,123,340 1,906,874 –783,534 –41 Total long-term assets 17,872,774 16,805,927 1,066,847 6 Liquid assets held at third parties 1 230,001 –230,000 –100 Liquid assets held at Group companies 1,479 90,189 –88,710 –98 Securities 2,830,059 71,058 2,759,001 – Other receivables from third parties 63,659 239,717 –176,058 –73 Other receivables from Group companies 57,572 644,164 –586,592 –91 Accrued income and prepaid expenses 45,947 50,117 –4,170 –8 Total current assets 2,998,717 1,325,246 1,673,471 126 20,871,491 18,131,173 2,740,318 15 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES Share capital 3,902,748 3,774,933 127,815 3 Legal reserve 9,854,054 9,321,915 532,139 6 13 Reserve for own shares 600,000 600,000 0 0 10 Retained earnings: – Retained earnings, beginning balance 552,093 331,316 220,777 67 – Net profit for the year 947,717 975,278 –27,561 –3 Total shareholders’ equity 15,856,612 15,003,442 853,170 6 Bonds 1,461,608 1,459,541 2,067 0 6 Long-term loans from Group companies 866,447 733,316 133,131 18 Provisions 391,569 199,096 192,473 97 14 Total long-term liabilities 2,719,624 2,391,953 327,671 14 Payable to third parties 1,822,214 0 1,822,214 – Payable to Group companies 345,145 646,551 –301,406 –47 Accrued expenses and deferred income 127,896 89,227 38,669 43 Total current liabilities 2,295,255 735,778 1,559,477 212 Total liabiliites 5,014,879 3,127,731 1,887,148 60 20,871,491 18,131,173 2,740,318 15 TOTAL See notes to the parent company’s financial statements. 59
    • NOTES TO THE FINANCIAL STATEMENTS (PARENT COMPANY) 31 March 1997 31 March 1996 in CHF 1000 in CHF 1000 1 CONTINGENT LIABILITIES Aggregate guarantees and indemnity liabilities. 27,672,753 855,230 of which have been entered into on behalf of subsidiaries 27,672,068 855,230 2 BALANCE SHEET ASSETS WITH RETENTION OF TITLE TO SECURE OWN OBLIGATIONS There are no such assets. 3 OFF-BALANCE-SHEET OBLIGATIONS RELATING TO LEASING CONTRACTS There are no such obligations. 3,400 2,100 4 FIRE INSURANCE VALUE OF TANGIBLE FIXED ASSETS 5 LIABILITIES RELATING TO PENSION PLANS AND OTHER RETIREMENT BENEFIT OBLIGATIONS There are no such liabilities. 6 BONDS ISSUED 31 March 1997 31 March 1996 TYPE in CHF m Interest rate Maturity date in CHF m Warrant bonds (series IA) 3.50% 1989–20.07.1997 200 200 Warrant bonds (series NA) 3.50% 1989–20.07.1998 300 300 Bonds 7.00% 1990–23.02.2000 200 200 Warrant bonds 2.25% 1993–06.08.2001 500 500 Bonds (subordinated) 6.00% 1994–15.12.2003 250 250 7 PRINCIPAL PARTICIPATIONS The company’s principal participations are shown in the notes to the consolidated financial statements. 8 RELEASE OF HIDDEN RESERVES No significant hidden reserves were released (1995/96: CHF 1,059 m). 9 REVALUATION OF LONG-TERM ASSETS TO HIGHER THAN COST There was no such revaluation. 10 OWN SHARES HELD BY THE COMPANY 1996/97 1995/96 AND BY GROUP COMPANIES No. of shares in CHF 1000 No. of shares in CHF 1000 SHARES ISSUED AND RESERVED, INVESTMENT SECURITIES Registered shares, at beginning of financial year 126,623 2,954 10,296 570 + additions 0 0 192,455 9,336 – disposals 4,223 465 76,128 6,952 Registered shares, at end of financial year 122,400 2,489 126,623 2,954 Bearer shares, at beginning of financial year – – 38,491 9,336 + additions – – 0 0 – disposals – – 38,491 9,336 Bearer shares, at end of financial year – – 0 0 60
    • 1996/97 1995/96 No. of shares in CHF 1000 No. of shares in CHF 1000 HOLDINGS INCLUDED IN CURRENT ASSETS In registered share equivalents, including derivatives At beginning of financial year 5,887,713 646,327 6,334,690 587,034 At end of financial year 237,596 41,045 5,887,713 646,327 11 AUTHORISED AND CONDITIONAL CAPITAL AUTHORISED CAPITAL Credit Suisse Group no longer holds any authorised capital. CONDITIONAL CAPITAL On 4 June 1992, the Annual Meeting of Shareholders approved the creation of conditional capital which would allow the share capital to be lifted by up to CHF 250,000,000 through the issuance of a maximum of 500,000 bearer shares having a par value of CHF 500 each. This conditional capital secures the conversion and warrant rights of future holders of bonds issued by either Credit Suisse Group or one of its Group companies. On 12 November 1992, the Board of Directors of Credit Suisse Group voted to allow 300,000 of these shares of CHF 500 par value (equivalent to 7,500,000 registered shares of CHF 20 par value) to be used to secure the conversion rights attached to the USD 500,000,000 in 4 7/8% subordinated convertible bonds issued by CS Holding Finance B.V., due 2002. By 31 March 1997, bonds amounting to USD 451,055,000 had been converted into 6,765,825 registered shares with a par value of CHF 20 each, and the corresponding shares issued. The total par value of the remaining 734,175 registered shares – par value CHF 20 each – in respect of this conditional capital, which had not been issued, was CHF 14,683,500. On 8 July 1993, the Board of Directors of Credit Suisse Group approved the use of a further 200,000 of these bearer shares of CHF 500 par value (equivalent to 5,000,000 registered shares of CHF 20 par value) to secure the warrant rights attached to the CHF 500,000,000 in 2 1/4% warrant bonds issued by Credit Suisse Group in 1993, which are due in 2001. By 31 March 1997, warrants for 4,998,845 registered shares of CHF 20 par value had been exercised and the corresponding shares issued. The remaining conditional capital has lapsed. On 29 May 1995 the Annual General Meeting of Shareholders approved the creation of conditional capital which would allow the share capital to be lifted by up to CHF 250,000,000 through the issuance of a maximum of 12,500,000 registered shares with a par value of CHF 20 each. This conditional capital secures the conversion and warrant rights of future holders of bonds or similar debt securities issued by Credit Suisse Group or one of its Group companies. By 31 March no warrant or conversion rights had been assigned by the Board of Directors. At the Annual Meeting held on 30 May 1994, the shareholders approved the creation of conditional capital which would allow the share capital to be lifted by up to CHF 60,000,000 through the issuance of a maximum of 3,000,000 registered shares having a par value of CHF 20 each. This conditional capital serves to secure the subscription rights of staff of Credit Suisse Group and its Group companies. By 31 March 1997, subscription rights for 1,474,963 shares to the value of CHF 29,499,260 had been exercised and the corresponding shares issued. The total par value of the remaining 1,525,037 registered shares – par value CHF 20 each – in respect of this conditional capital, which had not been issued, amounted to CHF 30,500,740. The table on page 62 shows the changes that have taken place in the company’s share capital and how the authorised and conditional capital has been employed. 61
    • NOTES TO THE FINANCIAL STATEMENTS (PARENT COMPANY) Par value SHARE CAPITAL OF CREDIT SUISSE GROUP No. of registered shares in CHF 188,746,670 3,774,933,400 SHARE CAPITAL AT 31 MARCH 1996 No. of shares Par value in CHF Conditional capital AGM of 4 June 92 Warrants and convertible bonds 12,500,000 250,000,000 Bonds converted 19 Nov. 92–31 Mar. 96 5,371,800 107,436,000 Bonds converted 1 Apr. 96–31 Mar. 97 1,394,025 27,880,500 1,394,025 27,880,500 Warrants exercised 6 Aug. 93–31 Mar. 96 2,150 43,000 Warrants exercised 1 Apr. 96–25 Sept. 96 4,996,695 99,933,900 4,996,695 99,933,900 Warrants not exercised (lapsed) 1,155 23,100 Remaining capital 734,175 14,683,500 AGM of 29 May 95 Warrants and convertible bonds 12,500,000 250,000,000 Remaining capital 12,500,000 250,000,000 AGM of 30 May 94 Staff shares 3,000,000 60,000,000 Subscriptions exercised 30 May 94–31 Mar. 96 1,474,963 29,499,260 Subscriptions exercised 1 Apr. 96–31 Mar. 97 0 0 0 0 Remaining capital 1,525,037 30,500,740 195,137,390 3,902,747,800 SHARE CAPITAL AT 31 MARCH 1997 62
    • AUDITORS’ REPORT TO THE BOARD OF DIRECTORS OF CREDIT SUISSE GROUP ON CONDITIONAL CAPITAL INCREASES As auditors of your company we examined, in accordance with Article 653f of the Swiss Code of Obligations, the issuance of share capital for the period from 1 April 1996 to 31 March 1997 in accordance with Swiss law, the company’s Articles of Association and the decision taken by the Annual Meeting of Shareholders dated 4 June 1992. Based on our examinations we conclude that the issuance of 6,390,720 registered shares with par value per share of CHF 20 and an aggregate par value of CHF 127,814,400 is in agreement with Swiss law, the company’s Articles of Association and the respective prospectuses. Our examinations were conducted in accordance with professionally accepted auditing standards in Switzerland. We confirm that we meet the legal requirements concerning professional qualification and independence. KPMG Klynveld Peat Marwick Goerdeler SA, Zurich, 14 April 1997 12 SUBSTANTIAL SHAREHOLDERS AND THEIR HOLDINGS AS AT 31 MARCH 1997 Other than bank nominees, all of whom have complied with Article 4, paragraph 3 of the Articles of Association, there are no shareholders registered in the Company’s share register who own 5% or more of the outstanding share capital. 13 LEGAL RESERVE The change in legal reserve compared to 31 March 1996 equals the capital surplus of CHF 550.0 m (1995/96: CHF 216.3 m) received for newly issued shares, net of issuing costs of CHF 17.9 m (1995/96: CHF 9.0 m). 14 PROVISIONS This item represents mainly general provisions of CHF 301 m (1995/96: CHF 106 m). 63
    • PROPOSED ALLOCATION OF RETAINED EARNINGS in CHF Retained earnings, beginning of year 552,093,467 Net profit for 1996/97 947,716,610 1,499,810,077 RETAINED EARNINGS AT 31 MARCH 1997 PROPOSED DIVIDEND DISTRIBUTION CHF 4.00 per registered share of CHF 20 par value 780,063,960 (195 015 990 eligible for the dividend) To be brought forward 719,746,117 1,499,810,077 TOTAL On behalf of the Board of Directors: The Chairman: Rainer E. Gut The Executive Board: L. Mühlemann, R. E. Thornburgh, H.-U. Doerig, A. D. Wheat, O. Grübel, P. M. Colebatch, K. Jenny, P. Meier Zurich, 30 April 1997 64
    • REPORT OF THE STATUTORY AUDITORS TO THE ANNUAL GENERAL MEETING OF CREDIT SUISSE GROUP, ZURICH As statutory auditors, we have audited the accounting records and the financial statements (profit and loss account, balance sheet and notes) of Credit Suisse Group for the year ended 31 March 1997. These financial statements are the responsibility of the Board of Directors. Our responsibility is to express an opinion on these finan- cial statements based on our audit. We confirm that we meet the legal requirements concerning professional qualification and independence. Our audit was conducted in accordance with auditing standards promulgated by the Swiss profession, which require that an audit be planned and performed to obtain reasonable assurance about whether the financial statements are free from material misstatement. We have examined on a test basis evidence supporting the amounts and disclosures in the financial statements. We have also assessed the account- ing principles used, significant estimates made and the overall financial statement presentation. We believe that our audit provides a reason- able basis for our opinion. In our opinion, the accounting records, financial statements and the proposed appropriation of retained earnings comply with Swiss law and the company’s Articles of Association. We recommend that the financial statements submitted to you be approved. KPMG Klynveld Peat Marwick Goerdeler SA B.A. Mathers P. Hanimann Chartered Accountant Certified Accountant Auditors in Charge Zurich, 30 April 1997 65
    • SEVEN-YEAR SUMMARY OF SELECTED FINANCIAL DATA 1996 1995* 1994 1993 1992 1991 1990 CHF m CHF m CHF m CHF m CHF m CHF m CHF m CONSOLIDATED BALANCE SHEET (AT 31 DECEMBER) Cash and other liquid assets, due from banks, money market claims 145,336 127,247 124,341 95,876 73,614 63,534 71,000 Due from customers, mortgages 229,452 176,877 180,461 164,138 125,402 112,494 105,776 Securities and precious metals trading portfolios, financial investments 95,824 68,593 62,137 61,452 31,866 27,736 24,090 Non-consolidated participations 685 1,403 1,679 1,312 1,341 1,614 1,535 Tangible fixed assets 7,047 7,496 6,027 5,176 3,802 3,056 2,760 Accrued income and prepaid expenses, other assets 45,810 30,874 16,653 18,530 13,328 12,053 10,775 524,154 412,490 391,298 346,484 249,353 220,487 215,936 TOTAL ASSETS Due to banks 194,572 145,540 115,078 87,961 61,712 51,918 56,782 Money market liabilities, due to customers 225,504 180,433 181,129 165,709 124,315 113,300 110,544 Bonds, mortgage backed bonds and medium-term notes 34,810 34,304 36,878 35,137 27,814 25,037 22,373 Accrued expenses and deferred income, other liabilities, value adjustments and provisions 52,842 34,851 40,970 41,870 23,754 19,690 16,475 Reserve for general banking risks* 2,388 432 1,007 1,007 1,007 1,009 1,006 Share capital 3,886 3,771 3,665 3,427 2,644 2,489 2,489 Capital reserve, retained earnings and net profit 10,152 13,159 12,571 11,373 8,107 7,044 6,267 Shareholders’ equity (before profit allocation) 16,426 17,362 17,243 15,807 11,758 10,542 9,762 Of which minority interests 581 878 944 728 1,256 1,157 994 Shareholders’ equity after minority interests 15,845 16,484 16,299 15,079 10,502 9,385 8,768 TOTAL LIABILITIES AND 524,154 412,490 391,298 346,484 249,353 220,487 215,936 SHAREHOLDERS’ EQUITY *1995 figures are adjusted according to the Swiss accounting rules for banks. Only the reserve for general banking risks has been adjusted on the balance sheets for 1990–1994. RESOURCES STAFF (FULLY CONSOLIDATED ENTITIES ONLY) 1996 1995 1994 1993 1992 1991 1990 At year end: Switzerland 23,553 24,330 24,035 23,062 17,695 17,884 18,391 Outside Switzerland 11,268 9,980 10,950 10,353 9,778 8,999 8,894 Total 34,821 34,310 34,985 33,415 27,473 26,883 27,285 Average 34,453 34,537 34,316 32,597 27,106 27,053 27,388 NUMBER OF OFFICES Switzerland 369 402 427 384 234 240 239 Outside Switzerland 101 98 90 97 93 94 87 Total 470 500 517 481 327 334 326 66
    • 1996 1995* 1994 1993 1992 1991 1990 CHF m CHF m CHF m CHF m CHF m CHF m CHF m CONSOLIDATED INCOME STATEMENT Net interest income 3,488 3,305 3,078 3,232 2,710 2,488 1,978 Net commission and service fee income 4,942 4,175 3,915 4,546 3,243 2,768 2,365 Net trading income 3,901 2,943 2,479 5,176 2,269 2,099 709 Other ordinary income 559 579 969 772 685 401 572 12,890 11,002 10,441 13,726 8,907 7,756 5,624 NET OPERATING INCOME Personnel expenses 6,121 4,890 4,772 5,410 3,779 3,295 2,738 Other operating expenses 2,217 2,057 2,258 2,220 1,685 1,489 1,683 Total operating expenses 8,338 6,947 7,030 7,630 5,464 4,784 4,421 4,552 4,055 3,411 6,096 3,443 2,972 1,203 GROSS OPERATING PROFIT Losses, write-offs, depreciation and provisions 2,084 1,657 2,167 3,024 1,752 1,342 1,446 PRE-TAX 2,468 2,398 1,244 3,072 1,691 1,630 –243 OPERATING PROFIT Extraordinary income* 1,340 640 702 87 73 49 236 Extraordinary expenses* 5,407 934 175 240 53 7 0 Taxes 833 563 338 926 533 532 213 –2,432 1,541 1,433 1,993 1,178 1,140 –220 GROUP LOSS/GROUP PROFIT of which minority interests 157 140 102 284 150 160 –369 –2,589 1,401 1,331 1,709 1,028 980 149 NET LOSS/NET PROFIT 3,719 3,492 3,073 5,170 2,910 2,440 990 OPERATING CASH FLOW *1995 figures are adjusted according to the Swiss accounting rules for banks. Only the reserve for general banking risks has been adjusted on the balance sheets for 1990–1994. RETURN ON EQUITY (ROE) IN % 1996 1995* 1994 1993 1992 1991 1990 ROE –13.7 9.0 8.8 14.3 10.8 11.3 –2.2 ROE (after minority interests) –15.2 8.7 8.6 13.2 10.6 10.9 1.6 OTHER RATIOS IN % BIS core capital ratio (tier 1) 8.0 8.6 7.1 6.8 – – – BIS capital ratio 11.9 12.7 11.1 10.6 – – – Operating expenses/net operating income 64.7 63.1 67.3 55.6 61.3 61.7 78.6 PRODUCTIVITY PER EMPLOYEE in CHF 1000 in CHF 1000 in CHF 1000 in CHF 1000 in CHF 1000 in CHF 1000 in CHF 1000 Net operating income 374.13 321.56 304.26 421.08 328.60 286.70 205.35 Personnel expenses 177.66 142.92 139.06 165.97 139.42 121.80 99.97 Other operating expenses 64.35 60.12 65.80 68.10 62.16 55.04 61.45 Total operating expenses 242.01 203.05 204.86 234.07 201.58 176.84 161.42 Gross operating profit 132.12 118.52 99.40 187.01 127.02 109.86 43.92 Pre-tax operating profit 71.63 70.09 36.25 94.24 62.38 60.25 –8.87 67
    • INFORMATION FOR INVESTORS As of 19 June 1995, Credit Suisse Group (formerly CS Holding), has a unified share structure, consisting of only registered shares. A brief overview of registration procedures and voting rights under the unified share structure follows: In order to register with full voting power for any number of shares, purchasers of shares must submit an application stating Registration. that the shares have been acquired in own name and for own account. Persons who do not specifically state that the shares are being held for own account will be registered as Nominees. Nominees will be granted full voting power for a number of shares not exceeding 2% of the total outstanding share capital. In excess of this limit, voting rights will be granted upon disclosure of the beneficial owner of shares representing 0.5% or more of the total outstanding share capital. Registered shareholders and their appointed proxies will have, in principle, full voting power. Nominees may Voting (and notification). not vote shares representing more than 2% of the total outstanding share capital, unless they disclose the beneficial owners of shares representing 0.5% or more of the total outstanding share capital and comply with the registration requirements. Upon attaining the threshold of ownership of 5, 10, 20, 33 1/3, 50 or 66 2/3% of the total registered share capital, purchasers of shares must disclose the number of shares acquired and the beneficial owners within 30 days. For full details, we refer to the Article of Association of Credit Suisse Group which are available to shareholders upon request. As of 31 December 1996, no single shareholder held more than 5% of total outstanding shares. Credit Suisse Group shares (CHF 20 par) Ticker symbols Stock exchange listings Bloomberg Reuters Telekurs SWX (Swiss Exchange) CSGN SW CSGZn.S CSGN,001 Frankfurt CSHN GR CSGZn.F 876800,13 Tokyo – CSGZn.T N1492,106 Also traded in New York (ADR)* CSGKY US CSGKY.OB CSGKY,130 London (SEAQ) CSG LI CSHZnq.LT C2,182 Paris (OTC) CSHR FP CSHZ.PA 916190,25 *4 ADRs = 1 registered share Swiss security number 146248 ISIN number CH0001462487 CUSIP number 225 401 108 Share price at 31 December for inclusion in Swiss tax returns: CHF 135 Enquiries Annual reports may be ordered from: CREDIT SUISSE GROUP CREDIT SUISSE Investor Relations Dept. Xdp 25 Gerhard Beindorff P.O. Box 100 Telephone: + 41 1 333 45 70 CH-8070 Zurich Fax: + 41 1 333 25 87 Switzerland Mailing address: P.O. Box 1, CH-8070 Zurich, Switzerland Fax: + 41 1 332 57 11 Internet: www.credit-suisse.com 68
    • NO. OF SHARES CHF 20 PAR 1996 1995 1994 1993 1992 1991 1990 Number of shares issued at 31 Dec. 194,307,590 188,530,820 183,228,108 171,357,115 132,187,500 124,411,780 124,411,780 Shares ranking for dividend – at 31 December 194,186,189 188,408,971 183,105,339 166,447,150 121,280,965 108,847,230 107,318,475 – average 190,011,086 184,675,138 170,821,387 146,277,693 113,317,042 108,052,153 105,387,677 PER SHARE ISSUED CHF CHF CHF CHF CHF CHF CHF Book value (at year-end) 81.6 87.5 89 90.6 86.6 86.2 81.7 Cash flow (average) 19.6 18.9 18.0 35.3 25.7 22.6 9.4 Gross operating profit (average) 24.0 22.0 20.0 41.7 30.4 27.5 11.4 Net loss/profit (average) –13.6 7.6 7.8 11.7 9.1 9.1 1.4 Net profit (fully diluted) – 7.5 7.6 11.1 9.0 9.0 – Dividend 4 4 3.6 3.6 3 3 3 STOCK EXCHANGE PRICE IN CHF Year-end 137.50 118.25 112 147 79.40 66.40 59 High/low 139.25/105.75 119/90 147.50/96 150/72.80 80/62 86/55 112.20/59 P/E ratio 31 December –10.1 15.6 14.4 12.6 8.7 7.3 42.1 P/BV ratio 31 December 1.7 1.4 1.3 1.6 0.9 0.8 0.7 MARKET CAPITALISATION IN CHF M Year-end 26,701 22,279 20,508 24,515 10,202 7,513 6,402 Change – in % 19.8 8.6 –16.3 140.3 35.8 17.4 – – compared to SMI (percentage points) –10.6 –16.9 –5.2 99.9 9.6 –2.8 – In % of SMI (at year-end) 6.4 6.7 7.7 8.2 6.3 5.7 – High (based on average no. of shares) 26,459 21,976 25,196 21,942 9,065 9,292 11,824 Low (based on average no. of shares) 20,094 16,621 16,399 10,649 7,026 5,943 6,218 TRADING VOLUME SWISS EXCHANGE (SWX) in CHF m Total per year 34,455 19,097 21,167 35,930 7,302 6,524 – Daily average 142.4 78.9 87.5 148.5 30.2 27.0 – in 1000 units Total per year 282,279 176,885 175,754 236,315 95,210 85,325 – Daily average 1,166.4 730.9 726.3 976.5 393.5 352.5 – RATINGS Agency Credit Suisse Group Credit Suisse Credit Suisse First Boston Long term Short term Long term Short term Long term Short term Moody’s, New York A1 – Aa3 P1 Aa3 P1 Standard & Poor’s, New York AA– A1+ AA– A1+ AA A1+ IBCA, London AA A1+ AA– A1+ AA+ A1+ Fitch, New York AA F1+ AA– F1+ AA F1+ Credit Suisse Financial Products carries the same ratings as Credit Suisse First Boston 69