This document summarizes the income statement and balance sheet of Credit Suisse Group for the 1996/97 fiscal year. The income statement shows a net profit of CHF 947.7 million, down 3% from the previous year. The balance sheet indicates total assets of CHF 20.8 billion, with shareholders' equity representing CHF 15.8 billion or 76% of total assets. Notes to the financial statements provide additional details on contingent liabilities, bonds issued, and conditional share capital.
This document contains Discounted cash flow (DCF) analysis of NTPC which tells future free cash flow projections and discounts them (most often using the weighted average cost of capital) to arrive at a present value, which is used to evaluate the potential for investment. If the value arrived at through DCF analysis is higher than the current cost of the investment, the opportunity may be a good one.
Note:
1) The figures of Balance Sheet, Profit and Loss and Cash Flow Statements are in crores.
2) For reference XL sheet is attached in this document ,where it included all the calculations to arrive Discounted Cash Flow of NTPC.
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This document contains Discounted cash flow (DCF) analysis of NTPC which tells future free cash flow projections and discounts them (most often using the weighted average cost of capital) to arrive at a present value, which is used to evaluate the potential for investment. If the value arrived at through DCF analysis is higher than the current cost of the investment, the opportunity may be a good one.
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
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Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
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Putting the SPARK into Virtual Training.pptxCynthia Clay
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Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
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credit suisse Annual Report Part 3 Financial report continued Income statement
1. 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
2. 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
3. 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
4. 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
5. 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
6. 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
7. 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
8. 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
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9. 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
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10. 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
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11. 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
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12. 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
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