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.credit-suisse Annual Report Part 1 Financial highlights 2000 Editorial

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  • 1. 2000/2001 CREDIT SUISSE GROUP ANNUAL REPORT
  • 2. PART I 2 Financial highlights 2000 4 To our shareholders PART II 6 An overview of Credit Suisse Group 6 Organisation 8 Financial review 11 Strategic review PART III 13 Review of business units 16 Credit Suisse Financial Services 23 Credit Suisse Private Banking 25 Credit Suisse Asset Management 27 Credit Suisse First Boston PART IV 30 Credit Suisse Group Risk Management PART V 50 Consolidated financial statements PART VI 107 Parent company financial statements 118 Five-year summary of selected financial data 120 Management 126 Main offices 127 Information for investors This symbol is used to indicate topics on which further information is available on our web- site. Go to www.credit-suisse.com/annualreport2000/bookmarks.html to find links to the relevant information. The additional information indicated is openly accessible and does not form part of the Annual Report. Some areas of the Credit Suisse Group’s websites are only available in English. Important note Within the framework of the Swiss Accounting and Reporting Recommendations, Credit Suisse Group changed its accounting policies in the year 2000 in order to increase the transparency for its insurance business and to align with a more interna- tionally-recognised standard. The Group’s financial statements as of 31 December 1999 have also been restated to conform with the current year’s presentation. In the tables of this publication, 1999 results will be shown in “previously reported” as well as in “new basis” columns. In text sections, comparisons to 1999 results are based on the previously reported figures.
  • 3. CREDIT SUISSE GROUP FINANCIAL HIGHLIGHTS 2000 Change Share data 31 Dec. 2000 31 Dec.Dec. 1999 31 2000 in % Number of shares issued 300,437,990 300,437,990 272,206,488 10 Shares ranking for dividend 300,437,990 300,437,990 272,206,488 10 Average 277,775,022 271,310,760 2 Shares ranking for dividend as of 31.3.2001/2000 300,747,196 273,842,638 10 Market capitalisation (in CHF m) 92,535 92,535 86,153 7 2000 20001999 Change in CHF in CHFCHF in in % Share price at year-end 308 308 316.5 (3) for inclusion in Swiss tax returns 312 312 302 3 year high 388.5 388,5 316.5 23 year low 293 293 212 38 Repayment of capital 1)/dividend 8 1) 87 14 1) Proposal of the Board of Directors to the Annual General Meeting on 1.6.2001. Previously Change to New basis reported previously 2000 20001999 1999 reported in CHF in CHFCHF in in CHF in % Earnings per share 20.83 15.66 19.24 8 Operating earnings per share 1) 25.98 16.07 19.65 32 Earnings per share – diluted 20.75 15.54 19.11 9 Operating earnings per share – diluted 1) 25.89 15.95 19.48 #D33 Book value per share 136.30 108.48 119.84 14 1) Excl. amortisation of acquired intangible assets and goodwill, as well as excl. restructuring provision. Share performance Market capitalisation Swiss Market Index Credit Suisse Group as of 31 December (in CHF bn) 100 400 90 350 80 300 250 70 60 200 50 150 40 30 100 20 10 0 1998 91 92 93 94 95 96 97 98 99 00 1996 1999 2000 2001 1997 Financial calendar Annual General Meeting 2001 Friday, 1 June 2001 Distribution of par value reduction Wednesday, 15 August 2001 First quarter results Monday, 21 May 2001 Second quarter results Wednesday, 29 August 2001 Third quarter results Tuesday, 20 November 2001 2
  • 4. Previously Change to New basis reported previously 2000 1999 1999 reported Consolidated income statement in CHF m in CHF m in CHF m in % Operating income 37,231 26,644 27,870 34 Gross operating profit 12,083 7,863 9,132 32 Net operating profit 1) 7,218 4,360 5,330 35 Net profit 5,785 4,250 5,221 11 Cash flow 10,734 7,008 7,983 34 Previously Change to New basis reported previously 2000 1999 1999 reported Return on equity (ROE) in % in % in % in % Credit Suisse Group: – Reported ROE 17.7 15.6 18.2 (3) Operating ROE 1) – 21.5 16.0 18.5 16 Banking business: – Reported ROE 18.2 22.1 22.1 (17) Operating ROE 1) – 23.1 22.4 22.4 3 Insurance business: – Reported ROE 16.2 1.5 11.0 47 Operating ROE 1) – 16.6 1.6 11.1 50 – Return on invested capital (ROIC) 26.3 n/a 18.0 46 Previously Change to New basis reported previously 31 Dec. 2000 31 Dec. 1999 31 Dec. 1999 reported Consolidated balance sheet in CHF m in CHF m in CHF m in % Total assets 987,433 729,022 722,746 37 Shareholders' equity 43,522 30,683 34,368 27 Minority interests in shareholders' equity 2,571 1,154 1,747 47 Previously Change to New basis reported previously 31 Dec. 2000 31 Dec. 1999 31 Dec. 1999 reported BIS data in CHF m in CHF m in CHF m in % BIS risk-weighted assets 239,465 209,870 213,298 12 BIS tier 1 capital 27,111 24,833 28,261 (4) – of which non-cumulative perpetual preferred securities 1,102 200 200 451 BIS total capital 43,565 37,414 40,843 7 BIS ratios in % in % in % BIS tier 1 ratio Credit Suisse 7.1 6.8 6.8 Credit Suisse First Boston 2) 13.6 9.9 9.9 Credit Suisse Group 3) 11.3 11.8 13.2 BIS total capital ratio Credit Suisse Group 18.2 17.8 19.1 31 Dec. 2000 31 Dec. 1999 Change Assets under management in CHF bn in CHF bn in % Advisory assets under management 797.4 631.9 26.2 Discretionary assets under management 619.6 556.2 11.4 Total assets under management 1,417.0 1,188.1 19.3 Net new assets 53.3 41.9 27.2 Change Number of employees 31 Dec. 2000 31 Dec. 1999 in % Switzerland 28,235 27,454 3 Outside Switzerland 52,303 36,509 43 Total employees Credit Suisse Group 80,538 63,963 26 1) Excl. amortisation of acquired intangible assets and goodwill (2000: CHF 359 m; 1999: CHF 110 m), as well as excl. restructuring provision of CHF 1,074 m, all after tax. 2) Ratio is based on a total tier 1 capital of CHF 17.6 bn, of which non-cumulative perpetual preferred securities are CHF 1.1 bn. 3) Ratio is based on a total tier 1 capital of CHF 27.1 bn, of which non-cumulative perpetual preferred securities are CHF 1.1 bn. www.credit-suisse.com 3
  • 5. TO OUR SHAREHOLDERS Credit Suisse Group in very good shape Dear shareholders put in a varied performance and, after climbing to an all-time high in August, Credit Suisse Group had another suc- closed at end-2000 just below its clos- cessful year. Even in the challenging ing price for the previous year. Over a second half of 2000, the Group five-year horizon, however, the share succeeded in sustaining its strong per- price rose by 22% per annum. formance of the first six months, and Between 1996 – prior to its com- net operating profit for the year rose by plete restructuring – and 2000, Credit Lukas Mühlemann a total of 35% to CHF 7.2 billion. Suisse Group achieved sustained Chairman and Chief Executive Officer Instead of a dividend, the Group’s growth and demonstrated high earn- Board of Directors will propose a par ings strength. Revenue rose by an av- value reduction of CHF 8 per share to erage of 22% per annum and assets the Annual General Meeting on under management grew annually by 1 June 2001. This distribution com- 22% during this period. Operating pares to a dividend of CHF 7 for 1999 earnings per share increased by 33% and CHF 5 for 1998. per annum and operating return on eq- The Group further strengthened its uity advanced from 9.8% to 21.5%. position as one of the world’s leading We are confident that we will be able to financial services companies through maintain strong momentum in the the implementation of a number of future. strategic initiatives in 2000. The year While organic growth is the key to saw the launch of a host of new ser- realising this objective, we also aim to vices and innovative products, under- close strategic gaps via targeted acqui- lining the Group’s dynamism and its ef- sitions. forts to provide professional, high- The acquisition of US investment quality services in response to all of its bank Donaldson, Lufkin & Jenrette clients’ financial needs. The use of new (DLJ) last autumn is the largest and technologies, including the Internet, most challenging move by the Group continues to be of high importance. since its 1997 merger with Winterthur. 2000 was a turbulent year on The integration of DLJ will significantly the financial markets. Against this strengthen Credit Suisse Group’s posi- backdrop, Credit Suisse Group stock tion in its two strategic core areas of 4
  • 6. “The year saw the launch of a host of new services and innovative products, underlining the Group’s dynamism and its efforts to provide professional, high-quality services in response to all of its clients’ financial needs.” business, investment banking and industry. Credit Suisse Group is very asset management. In addition, the well positioned to meet these chal- Group made a number of smaller lenges. acquisitions to strengthen its asset On behalf of the Board of Directors gathering and asset management busi- of Credit Suisse Group, I wish to thank nesses. our shareholders and our clients for the During 2000, the Group introduced trust that they place in our institution. Value Based Analysis (VBA), an ac- We also owe sincere thanks to our cepted measure of value creation. VBA 80,000 employees for their commit- subtracts the cost of capital used in the ment to client service all over the globe. business from cash flow in order to measure value created in a given period. We will use VBA in both perfor- mance measurement of our business units and in management compensa- tion. We have also introduced Economic Lukas Mühlemann Risk Capital (ERC), which is a consis- Chairman and Chief Executive Officer tent measurement of the capital need- ed to cover all identifiable risks under April 2001 extreme conditions. ERC will form an integral part of our capital allocation process. Future prospects look very attrac- tive for financial services companies such as Credit Suisse Group. However, financial services providers also face ever-greater challenges: in addition to vying for good staff, they are confront- ed by increasingly fierce competition between the most powerful companies in the fields of banking and insurance, as well as from new rivals outside the www.credit-suisse.com 5