7. Further notes. Parent company Swiss Stock Exchange (SWX Swiss Exchange Association), Selnaustrasse 30, 8021 Zurich, Switzerland
|
|
- Evan Matthews
- 5 years ago
- Views:
Transcription
1 78 Annual financial statements Note 2 The staff pension fund of the SWX Group is a defined benefit plan under IAS 19. Owing to the revaluation of pension assets and liabilities by external actuaries, a gain of CHF 3.6 million was recognized in the income statement at 31 December Note 3 In compliance with IAS 36, goodwill is no longer written off according to plan. The goodwill amortization of CHF 0.3 million required by Swiss GAAP ARR was therefore cancelled and booked to the income statement for 2004, taking into account deferred taxes. Note 4 As a result of the adjustments mentioned above, profit for 2004 rose by CHF 2.9 million, taking into account deferred income taxes. 7. Further notes 7.1 Related parties Based on IAS 24, the following persons and entities qualify as related parties within the context of the SWX Group s normal business operations: Parent company Swiss Stock Exchange (SWX Swiss Exchange Association), Selnaustrasse 30, 8021, Switzerland The Swiss Stock Exchange is always referred to as the SWX Swiss Exchange Association in the annual financial statements. Parties with joint control Members of the Swiss Stock Exchange (the SWX Swiss Exchange Association): Name ABN Amro Bank Banca del Gottardo Bank am Bellevue Bank CIAL (Schweiz) Bank Hofmann AG Bank Julius Bär & Co. AG Location Lugano Küsnacht Basel Name Location Bank Leu AG Bank Sal. Oppenheim Jr. & Cie. (Schweiz) Bank Sarasin & Cie. Bank Vontobel AG Banque Bonhôte & Cie. SA Neuchâtel Banque Cantonale de Genève Banque Cantonale Vaudoise Lausanne Banque de Dépôts et de Gestion Lausanne Banque Piguet & Cie. SA Banque Privée Edmond de Rothschild S.A. Basler Kantonalbank Basel BNP Paribas Private Bank (Switzerland) SA BSI SA Lugano BZ Bank Aktiengesellschaft Wilen Cornèr Banca S.A. Lugano Coutts Bank von Ernst AG Credit Agricole Indosuez Lausanne Credit Lyonnais (Suisse) SA Credit Suisse Credit Suisse First Boston Deutsche Bank (Schweiz) AG Dreyfus Söhne & Cie. AG, Banquiers Basel EFG Private Bank SA E. Gutzwiller & Cie., Banquiers Basel Ehinger & Armand von Ernst AG Fortis Bank (Nederland) N.V. Frankfurt Branch Frankfurt Goldmann, Sachs & Co. Bank Hottinger & Cie., Banquiers HSBC Private Bank (Suisse) SA ING Bank (Switzerland) Ltd La Roche & Cie., Banquiers Basel LGT Bank in Liechtenstein AG Vaduz Liechtensteinische Landesbank AG Vaduz Lombard Odier Darier Hentsch & Cie. Maerki Baumann & Co. AG Merrill Lynch Capital Markets AG Mirabaud & Cie., Banquiers Pictet & Cie., Banquiers Privatbank IHAG AG Rahn & Bodmer, Banquiers Rüd, Blass & Cie. AG, Bankgeschäft
2 Annual financial statements 79 Name SG Private Banking (Suisse) SA Société de Bourse Lémanique Société Générale, Paris Swissnetbank.com AG Timber Hill (Europe) AG UBS AG Union Bancaire Privée Zürcher Kantonalbank Key management Key management in the reporting year comprised the Board of Directors of the Swiss Stock Exchange (the SWX Swiss Exchange Association), which is identical to that of the SWX Group, as well as the members of the Management Committee of the SWX Swiss Exchange (shown with an asterisk after their name in the following list): Andreas Amschwand Walter Berchtold David J. Blumer Dr. Raymond Breu Werner Bürki (*) Jean-Luc De Buman Jacques de Saussure Bernard Droux Hans Fischer Dr. Reto Francioni G. Andreas Guth Andreas Häberli Dr. Heinrich Henckel (*) Reto Himmel Lee Hodgkinson (*) Daniel Keist (*) Peter Keller (*) Chris Landis (*) Eduardo Leemann Yves Maas Bruno Meier Peter R. Rahn Jürg Spillmann (*) Stephan Zimmermann Location Lausanne Zug Associated companies Name Other related parties Location Eurex Ltd Eurex Frankfurt Frankfurt Eurex Clearing AG Frankfurt Eurex Bonds GmbH Frankfurt Eurex Repo GmbH Frankfurt U.S. Holding Inc. Chicago U.S. Futures Exchange L.L.C. Chicago STOXX Ltd Stock Exchange Intelligence Ltd Basel Name SWX Group Welfare Fund Location The information required by IAS on related parties is disclosed directly in the relevant positions. Where this is not possible, this information is given below. In principle, services are billed on an arm s length basis. The most important terms and conditions governing the exchange of services between the SWX Group and related parties are as follows: SWX Swiss Exchange Association The SWX Swiss Exchange is the collecting agency for fines imposed by the Disciplinary Commission. Proceeds from the fines are credited to the Solidarity Fund of the SWX Swiss Exchange Association. In addition, other payments are transacted through the current account maintained by the two entities. Parties with joint control Revenue and expenses relating to parties with joint control reflect transactions conducted on prevailing market terms. Amounts outstanding at year-end are not hedged and are settled in cash. There are no guarantees provided in respect of parties with joint control. No provisions were issued at the end of the year for doubtful receivables from parties with joint control. Outstanding debts are monitored on a continuous basis and reviewed for long-term impairment no later than at year-end.
3 80 Annual financial statements Associated companies The most important business relationships with associated companies are set out in the table below. All transactions were conducted at prevailing market prices. Office and administrative services provided by SWX Swiss Exchange to Eurex Ltd Office and administrative services provided by Eurex Ltd to SWX Swiss Exchange Eurex derivatives trading Office and administrative services provided by SWX Swiss Exchange to STOXX Ltd Key management Members of the SWX Swiss Exchange Board of Directors are paid a fixed annual remuneration. Members of the management also receive a variable, profit-related salary component, to which there is no legal claim. The following table gives an overview of compensation for the SWX Swiss Exchange key management: Compensation Post-employment benefits Total Compensation includes pro rata expenses incurred in the reporting period. The amount actually paid may differ from the amount shown above. Key management personnel were not granted any further advantages or benefits in the reporting periods.
4 Annual financial statements Notes to the consolidated income statement Revenue Revenue parties with joint control Revenue associated companies Revenue third parties Total revenue Personnel expense Compensation Social security payments Other personnel costs Total personnel expense The Board of Directors decided to introduce a cost-cutting programme to ensure the lasting profitability of the core business of the SWX Swiss Exchange. Non-recurring personnel expenditure of CHF 4.8 million was set aside at 31 December 2005 to finance the social plan approved by the management. In 2005, an average of 469 people were on the permanent staff (467 in the previous year). There were 465 full-time positions occupied at 31 December 2005, compared with 467 a year earlier.
5 82 Annual financial statements Staff pension fund Calculation parameters Discount rate 3.0 % 3.5 % Interest rate for projected pension 3.0 % 3.5 % Long-term return 4.0 % 4.0 % Salary trend 1.5 % 1.5 % Pensions trend 0 % 0 % Retirement age Men Women Termination probabilities Pursuant to BVG 2000 Composition of pension plan surplus or deficit recorded on the balance sheet: Net assets at market value Present value of obligations Surplus or deficit Non-capitalizable part of surplus Amount recognized on balance sheet Net assets at market value include reserves of CHF million for the employer s contributions. The amount of CHF million recognized on the balance sheet comprises assets of CHF million and liabilities of CHF million, shown under Capitalized pension fund assets and Pension fund liabilities, respectively. Breakdown of pension fund costs Current expenditure on service years Interest on present value of obligations Expected net return on investment (4 680) (3 946) Change in non-capitalizable part (546) Employee contributions (3 037) (2 913) Pension fund costs included in Personnel expense
6 Annual financial statements 83 Actual revenue from budgeted assets Expected net return on investment Actuarial gains or losses (638) Actual revenue Movements in amount shown on balance sheet 1 January (12 426) (8 801) Pension fund costs for the period Employer s contributions (7 537) (11 675) 31 December (14 927) (12 426) Capital taxes Capital taxes current year (635) (1 009) Total capital taxes (635) (1 009) Other operating expenses Other operating expenses relating to associated companies (52 715) (55 290) Other operating expenses relating to third parties ( ) ( ) Total other operating expenses ( ) ( )
7 84 Annual financial statements Income from associated companies Dividend income from STOXX Ltd Income from equity stake in STOXX Ltd (109) Impact of new arrangement for dividend-right certificates of Eurex Ltd 0 (3 544) Income from equity stake in Eurex Ltd (186) Impairment, Eurex Ltd 0 (7 130) Total income from associated companies (6 969) Net financial income Securities earnings (1 284) Foreign currency earnings 517 (1 276) Refund of foreign value-added tax Settlement of projects by Deutsche Börse AG Compensation payment by Deutsche Börse AG for voting pool agreement Other financial income (628) Total net financial income (3 188) Net interest income Interest income from SWX Swiss Exchange Association Interest income from associated companies 0 31 Interest income from parties with joint control Interest income from third parties Total interest income Interest expense for third parties (70) (155) Total interest expense (70) (155) TOTAL NET INTEREST INCOME
8 Annual financial statements Income taxes Deferred income taxes (1 185) (34) Total deferred income taxes (1 185) (34) Income taxes previous years 239 (1 449) Income taxes current year (25 344) (14 406) Total income taxes (25 105) (15 855) TOTAL TAX EXPENSE (26 290) (15 889) Analysis of tax burden Profit before tax Weighted overall tax rate 22 % 22 % Expected tax expense New inclusion of deferred tax assets Tax reductions arising from loss carry-forwards 0 (1 437) Difference from local tax rates (74) 0 Effective tax expense Effective tax expense as % of profit before tax 23 % 20 % The weighted overall tax rate is calculated from the profit tax rates applicable to individual Group companies in the various tax territories, taking into account their respective tax situation.
9 86 Annual financial statements 7.3 Notes to the consolidated balance sheet Cash and cash equivalents Bank current accounts parties with joint control Cash, post office and bank current accounts third parties Total cash, post office and bank current accounts Time deposits parties with joint control Time deposits third parties Total time deposits (less than 90 days) TOTAL CASH AND CASH EQUIVALENTS Securities Money market funds Bonds Hedge funds Other securities Total securities with fair value Money market funds: These funds invest mainly in CHF-denominated money market instruments issued by prime borrowers. The average residual term to maturity of the fund portfolio is not more than one year. Bonds: Assets are invested in bonds denominated in CHF, EUR and GBP. The benchmark indices are SBI-CHF Domestic, maturity range 1 to 7 years, and SBI-CHF Foreign, maturity range 1 to 7 years. The weighting is 50 % for each category. Euro Corporate Bonds and / or Absolute Return Bonds (ARB) may be used up to a maximum of 10 % of the portfolio value to enhance the return. Minimum ratings for borrower quality are A (Standard & Poor s) or A2 (Moody s). Hedge funds: Investments in hedge funds are made only in funds of funds. In order to be protected from manager-specific and investment-specific (strategy) risks, the portfolio must be diversified into individual funds as well as strategies. The amount invested in an individual fund may not exceed 15 % of the fund of funds, while the amount invested in an individual strategy may not exceed 40 %. The decision to invest in a hedge fund or to change the existing exposure rests with the Executive Committee. The investment in hedge funds is carried on the balance sheet at net asset value, as no market value is available. Net asset value is based on the market values of hedge fund investments. The unrealized gain or loss resulting from this valuation is booked to the income statement. The net asset value is notified by the fund administrator. Because of the uncertainty concerning the valuation of such investments and the fact that not all markets are liquid, net asset value calculated at the time of valuation may diverge substantially from realizable values.
10 Annual financial statements 87 Other securities: These securities comprise shares in companies which are held with strategic considerations in mind. Securities held to final maturity: In 2004, the SWX Swiss Exchange granted U.S. Futures Exchange L.L.C, a company of the Eurex Group, a subordinated loan of CHF 2.7 million. This loan was fully written off on the basis of an impairment review Short-term receivables Trade receivables from third parties from associated companies from SWX Swiss Exchange Association from other related parties Total trade receivables Other receivables from third parties Total other receivables TOTAL SHORT-TERM RECEIVABLES Short-term loans Interest-bearing short-term loans to SWX Swiss Exchange Association Total interest-bearing short-term loans Interest-free short-term loans to associated companies Total interest-free short-term loans TOTAL SHORT-TERM LOANS The SWX Swiss Exchange granted Eurex Frankfurt an interest-free loan of CHF 3.2 million, carried under interest-free short-term loans to associated companies. The loan was repaid in February 2006.
11 88 Annual financial statements Prepaid expenses and accrued income Exchange fees and other revenue Accrued interest on securities Other Total prepaid expenses and accrued income Deferred income taxes Deferred taxes arising from differences in assets between the IFRS consolidated balance sheet and the tax accounts are as follows: in CHF 1000 Deferred tax assets Deferred tax liabilities Valuation difference internally developed software Capitalization of pension fund General bad debt charge (164) (164) (396) Goodwill STOXX Ltd 0 0 (240) Valuation of STOXX Ltd using equity method (1 226) (1 226) (483) Pension fund liabilities (4 724) (4 724) (4 528) Total deferred income taxes 993 (6 114) (5 121) (3 936) No noteworthy additional tax liabilities are expected as a result of dividend payments by Group companies and associated companies. Changes in deferred taxes during 2005 and 2004 are as follows: At 1.1. (3 936) (3 902) Formation (liquidation) of timing differences (1 185) (685) Changes in tax rates At (5 121) (3 936) A tax rate of 25 % was applied for the calculation of deferred income taxes. This is the locally applicable tax rate of the SWX Swiss Exchange. Temporary valuation differences only concern SWX Group companies.
12 Annual financial statements Tangible fixed assets in CHF 1000 Hardware Leasehold improvements Other Acquisition costs at Additions Acquisition costs at Cumulative depreciation at 1.1. ( ) (14 532) (18 684) ( ) ( ) Additions (10 819) (2 949) (774) (14 541) (17 127) Cumulative depreciation at ( ) (17 481) (19 458) ( ) ( ) NET BOOK VALUE AT NET BOOK VALUE AT Fire insurance values Hardware Other tangible fixed assets
13 90 Annual financial statements Intangible assets in CHF 1000 Goodwill Standard software Externally developed software Internally developed software Acquisition costs at Additions Disposals (0) (0) (0) (0) (0) (447) Acquisition costs at Cumulative amortization at 1.1. (38 367) (12 339) (35 708) (10 876) (97 290) (83 506) Additions (0) (3 355) (10 035) (6 715) (20 105) (12 720) Special amortization (0) (0) (0) (0) (0) (1 064) Cumulative amortization at (38 367) (15 694) (45 743) (17 591) ( ) (97 290) NET BOOK VALUE AT NET BOOK VALUE AT Software licences have been capitalized since Externally developed software consists of extended functionalities designed by third parties for the Eurex system. The figure for internally developed software refers to development costs for extending the SWX platform, which have been capitalized since the 2001 financial year Associated companies Eurex Ltd, STOXX Ltd, Total associated companies See note for more information on developments at subsidiaries.
14 Annual financial statements Short-term payables Trade payables to third parties to associated companies Total trade payables Other short-term payables to third parties to related parties Total other short-term payables TOTAL SHORT-TERM PAYABLES Accrued expenses and deferred income Employee benefits Swiss Federal Banking Commission (SFBC) Other accruals and deferrals Total accrued expenses and deferred income Pursuant to the ordinance of 2 December 1996 (as amended on 21 October 2003) concerning fees of the Swiss Federal Banking Commission, part of the Commission s costs are covered by a turnover fee levied by the SWX Swiss Exchange on securities trading. The estimated amount payable to the Commission for the 2005 financial year is CHF 9.0 million Tax liabilities Tax liabilities previous years Tax liabilities current year Total tax liabilities
15 92 Annual financial statements Long-term provisions in CHF 1000 Repair work on buildings Other Book value at Additions Reclassification (1 007) Foreign currency earnings (2) 0 (2) 0 BOOK VALUE AT Repair work on buildings: Under the existing rental contracts for the premises at Selnaustrasse 30 in and Canary Wharf in London, alterations made to these buildings by the tenant must be removed and the buildings restored to their original state at the tenant s expense upon termination of the rental agreement. Appropriate provisions are therefore issued for this purpose over the remaining term of the contracts, based on estimates prepared by external architects. Other provisions: total provisions of CHF 5 million were set aside to cover any legal obligations which may arise from service agreements, and in connection with the social plan approved by the Board of Directors and notified to employees in 2005.
16 Annual financial statements Other information Segment data in CHF 1000 Cash trading Eurex derivatives trading Data sales Admission Corporate Services Total Group 2005 Total Group 2004 Revenue Operating expenses ( ) (62 017) (10 480) (5 466) (48 685) ( ) ( ) Income from associated companies (6 969) Financial income (3 188) EBITDA (35 138) Depreciation and amortization of tangible and intangible assets (17 533) (10 448) (1 641) (85) (4 940) (34 646) (30 911) EBIT (40 078) Interest income Income taxes (1 641) (743) 0 (25 452) (26 290) (15 889) Profit (loss) for the year (61 374) Intangible assets Tangible fixed assets Holdings in associated companies Other assets Total assets Liabilities (31 182) (8 881) (1 183) (134) (57 565) (98 945) (78 972) Investments Total expenses with no impact on cash flow (13 623) (18 691) (3 284) (6 114) (22 166) (17 547)
17 94 Annual financial statements Major contracts The following long-term contracts were in effect at 31 December 2005: Cooperation agreement with Deutsche Börse concerning Eurex Ltd (expiry 2014) Rental contracts entered into by the SWX Group: Canton of, Selnau stock exchange building (expiry 2012) Canary Wharf Management Ltd, Canary Wharf, London (expiry 2006) Société Privée de Gérance, (expiry 2012) Telekurs Services AG, (expiry 2007) Payments due under these rental contracts are as follows: Within one year In two to five years In more than five years Total future rental payments Contingent liabilities The SWX Swiss Exchange has committed itself in a comfort letter to providing Eurex Clearing AG, Frankfurt, with 20 % of the financial resources it needs to fulfil its obligations as a clearing house. The terms of this undertaking were revised with effect from 1 January The commitment is now 15 % and is limited to a maximum amount of EUR 105 million. This new arrangement replaces the comfort letter of 8 November The commitment for events prior to 1 January 2005 is 20 % Post-balance-sheet events On 3 March 2006, the Board of Directors recommended approval of the consolidated annual financial statements of the SWX Group. No events occurred after the balance sheet date which would have a material impact on the consolidated financial statements for the year ended 31 December In compliance with regulatory requirements of the Financial Services Authority (FSA), the SWX Swiss Exchange has committed itself to providing virt-x Ltd with sufficient financial resources at any time.
7. Further notes. Parent company Swiss Stock Exchange (SWX Swiss Exchange Association), Selnaustrasse 30, 8021 Zurich, Switzerland
74 7. Further notes Name Location 7.1 Related parties Based on IAS 24, the following persons and entities qualify as related parties within the context of the SWX Group s normal business operations: Parent
More information7. Further notes. Parent company Swiss Stock Exchange (SWX Swiss Exchange Association), Selnaustrasse 30, 8021 Zurich, Switzerland
Annual financial statements SWX Group Annual Report 2007 57 7. Further notes Name Location 7.1 Related parties Based on IAS 24, the following persons and entities qualify as related parties within the
More information1 Summary of significant accounting policies
Notes to the consolidated annual financial statements 1 Summary of significant accounting policies Introduction The consolidated financial statements of the SWX Group have been prepared in accordance with
More information1 Summary of significant accounting policies
Notes to the consolidated annual financial statements 1 Summary of significant accounting policies Introduction The consolidated financial statements of the SWX Group have been prepared in accordance with
More informationSWX Group %
SWX Group Annual Report 2003 03 KEY FIGURES SWX Group 2003 2002 % Revenue* 344 532 339 355 1.5 Profit* 42 311 41 386 2.2 Cash flow* 114 249 119 653 4.5 Total assets* 381 058 360 676 5.6 Equity* 294 387
More informationSWX Group %
Annual Report 2004 SWX Group Annual Report 2004 KEY FIGURES SWX Group 2004 2003 % Revenue* 358 821 344 532 4.1 Profit* 53 253 42 311 25.9 Cash flow* 94 906 114 249 16.9 Total assets* 415 857 381 058 9.1
More informationFINAL TERMS NESTLÉ HOLDINGS, INC.
FINAL TERMS 12th February, 2007 NESTLÉ HOLDINGS, INC. Issue of CHF 250,000,000 2.625 per cent. Notes due 14th February, 2018 (the "Notes") Guaranteed by Nestlé S.A. under the Debt Issuance Programme PART
More informationSwiss collective investment schemes Changes - October, 2007
Swiss collective investment schemes Changes - October, 2007 Approvals: Adamant Funds - Adamant Global Generika Adamant Funds - Adamant Global Medtech Balfidor Fondsleitung AG, Basel (Public limited company
More informationFINAL TERMS. 3 October 2007 NESTLÉ HOLDINGS, INC.
FINAL TERMS 3 October 2007 NESTLÉ HOLDINGS, INC. Issue of CHF 200,000,000 3.00 per cent. Notes due 9 October 2012 (the "Notes") Guaranteed by Nestlé S.A. under the Debt Issuance Programme PART A CONTRACTUAL
More informationForeign investment funds Changes - June, 2005
Foreign investment funds Changes - June, 2005 Authorized for the distribution in Switzerland: ABN AMRO Funds Absolute Return Bond Fund (Euro) ABN AMRO Funds Denmark Bond Fund ABN AMRO Funds Denmark Fund
More informationFINAL TERMS PART A CONTRACTUAL TERMS. 5. Issue Price: per cent. of the Aggregate Nominal Amount
FINAL TERMS February 9, 2007 Kaupthing Bank hf. Issue of CHF 200,000,000 3.00 per cent. Notes due February 12, 2010 under the 12,000,000,000 Euro Medium Term Note Programme PART A CONTRACTUAL TERMS Terms
More informationFINAL TERMS. 1. (a) Issuer: Nestlé Finance International Ltd. (b) Guarantor: Nestlé S.A. 2. (a) Series Number: 47. (b) Tranche Number: 1
FINAL TERMS Dated 9 February 2009 Issue of CHF 275,000,000 2.125 per cent. Notes due 12 August 2014 Guaranteed by Nestlé S.A. under the Debt Issuance Programme PART 1 CONTRACTUAL TERMS Terms used herein
More informationForeign investment funds Changes - July, 2006
Foreign investment funds Changes - July, 2006 Authorized for the distribution in Switzerland: ABN AMRO Funds - Asia Pacific High Dividend Equity Fund ABN AMRO Funds - Brazil Equity Fund ABN AMRO Funds
More informationForeign investment funds Changes - September 2005
Foreign investment funds Changes - September 2005 Authorized for the distribution in Switzerland: Activest GlobalDepot Defensiv Activest GlobalDepot Dynamisch Activest Investmentgesellschaft Schweiz AG,
More informationSWX Swiss Exchange Association. SWX Group
92 Annex SWX Group Annual Report 2007 Annex SWX Swiss Exchange Association The members of the SWX Swiss Exchange Association held their sixth ordinary general meeting on 11 May 2007. The meeting approved
More informationForeign investment funds Changes - Mai 2005
Foreign investment funds Changes - Mai 2005 Authorized for the distribution in Switzerland: Activest-Commodities Activest Investmentgesellschaft Schweiz AG, Bern AMC FUND AMC Classical (CHF) AMC FUND AMC
More informationCoöperatieve Centrale Raiffeisen-Boerenleenbank (Rabobank Nederland) Utrecht, The Netherlands
Prospectus dated 11 September 2006 Coöperatieve Centrale Raiffeisen-Boerenleenbank (Rabobank Nederland) Utrecht, The Netherlands B.A. 3.125% Bonds 2006-2026 of CHF 200,000,000 - with reopening clause -
More informationInvestor Presentation 2005 Basler Kantonalbank
Investor Presentation 2005 Basler Kantonalbank Agenda Key figures for the BKB Group Half-yearly results for the BKB Group Vision / aims & lines of attack for the BKB Group Price performance 25.04.2006
More informationForeign collective investment schemes Changes - May, 2008
Foreign collective investment schemes Changes - May, 2008 Approved for distribution in or from Switzerland: Advance Umbrella Fund plc - Advance Emerging Markets Fund FIRST INDEPENDENT FUND SERVICES, Zürich
More information2014 Financial Report
Consolidated Financial Statements A 2014 Financial Report Consolidated Financial Statements 71 CONSOLIDATED FINANCIAL STATEMENTS CONTENTS Consolidated Income Statement Consolidated Statement of Comprehensive
More informationForeign investment funds Changes - April 2006
Foreign investment funds Changes - April 2006 Authorized for the distribution in Switzerland: AIG MULTILABEL SICAV - AIT Europe Value Equity AIG MULTILABEL SICAV - AIT Switzerland Value Equity AIG MULTILABEL
More informationSIX Repo Ltd. List of Participants As of 15 December December Client
As of 15 December 2017 December 2017 Client 1.0 CH Repo and OTC Spot Markets Aargauische Kantonalbank CH Aargau Abbey National Treasury Services PLC GB London Acrevis Bank AG CH St. Gallen AEK Bank 1826
More informationUBS AG Standalone financial statements and regulatory information for the year ended 31 December 2016
UBS AG Standalone financial statements and regulatory information for the year ended 31 December 2016 Table of contents 1 UBS AG standalone financial statements (audited) 26 UBS AG standalone regulatory
More informationFinancial Statements 2014
Financial Statements 2014 Unlocking the potential. Table of contents 4 SIX Key figures 5 SIX consolidated financial statements 2014 6 Full-year report of SIX as at 31 December 2014 7 Consolidated income
More informationForeign collective investment schemes Changes - June, 2008
Foreign collective investment schemes Changes - June, 2008 Approved for distribution in or from Switzerland: UBS ETF - MSCI EMU Agent 2: AXA ROSENBERG EQUITY ALPHA TRUST - AXA Rosenberg Eurobloc 130/30
More informationVIII Parent company financial statements Credit Suisse (Bank)
495 VIII Parent company financial statements Credit Suisse (Bank) 497 Report of the Statutory Auditor 499 Financial review 500 Parent company financial statements 503 Notes to the financial statements
More informationFinancial Statements 2016
Financial Statements 2016 Table of contents 4 SIX key figures 5 SIX consolidated financial statements 2016 6 Full-year report of SIX as at 31 December 2016 7 Consolidated income statement 8 Consolidated
More informationCreating end-to-end solutions FINANCIAL REPORT 2017
Creating end-to-end solutions FINANCIAL REPORT 2017 Financial Report 2017 Consolidated Financial Statement panalpina.com 2 Consolidated financial statements CONTENTS Consolidated income statement 3 Consolidated
More informationAgence mondiale antidopage. Lausanne. Report of the statutory auditor to the Foundation Board on the financial statements 2016
Agence mondiale antidopage Lausanne Report of the statutory auditor to the Foundation Board on the financial statements Report of the statutory auditor to the Foundation Board of Agence mondiale antidopage
More informationForeign collective investment schemes Changes - September 2016
Foreign collective investment schemes Changes - September 2016 Approved for distribution in or from Switzerland: Absolute Insight Funds plc (F00163881) Insight Broad Opportunities Fund (F01110091) AIM
More informationBASF Finance Europe N.V. Arnhem. Annual Report 2009
Annual Report 2009 Annual Report 2009 BASF Finance Europe N.V. Index Page 1. Directors report... 3 2. Financial statements... 7 2.1. Balance sheet as at December 31, 2009... 7 2.2 Income statement for
More informationBCV at a glance 2016
BCV at a glance 2016 BCV at a glance Key figures (in CHF millions) 2016 2015 Change as % Total assets 44 085 43 418 2 Total income 967 1 026 6 Operating profit 383 399 4 Net profit 310 336 8 Assets under
More informationSwiss collective investment schemes Changes - September, 2008
Swiss collective investment schemes Changes - September, 2008 Approvals: Polytech Ventures & Cie Société en commandite de placements collectifs Paying agent: Polytech Ventures & Cie Société en commandite
More informationContents Financial Report
44 Financial Report mobilezone has achieved record sales and again increased its consolidated profit. In the past fiscal year mobilezone Group achieved a consolidated profit of CHF 36.1 million (2015:
More informationCompagnie Financière Tradition Interim Condensed Consolidated Financial Statements For the period ended 30 June 2007
Compagnie Financière Tradition Interim Condensed Consolidated Financial Statements For the period ended 30 June 2007-1- Ernst & Young S.A. Place Chauderon 18 Case postale CH-1002 Lausanne Telephone +41
More informationArgenta Bank- en Verzekeringsgroep nv
Argenta Bank- en Verzekeringsgroep nv IFRS Annual Financial Statements 2016 Financial statements for the 2016 financial year (covering the period from 1 January 2016 to 31 December 2016) of Argenta Bank-
More informationThe International Private Banking Study 2013
Department of Banking and Finance The International Private Banking Study 2013 Urs Birchler Christian Bührer René Hegglin Lukas Meier Florian Reeh Kopfzeile 2 Department of Banking and Finance The International
More informationAgence mondiale antidopage. Lausanne. Report of the statutory auditor to the Foundation Board on the financial statements 2017
Agence mondiale antidopage Lausanne Report of the statutory auditor to the Foundation Board on the financial statements Report of the statutory auditor to the Foundation Board of Agence mondiale antidopage
More informationBank secrecy on the front page: event studies evaluating the fight against offshore tax evasion
Bank secrecy on the front page: event studies evaluating the fight against offshore tax evasion Niels Johannesen & Tim Stolper Max Planck Institute for Tax Law and Public Finance University of Sydney November
More informationCONSOLIDATED INCOME STATEMENT
CONSOLIDATED FINANCIAL STATEMENTS 94 CONSOLIDATED INCOME STATEMENT Note 2015 % 2014 % January 1 to December 31, (except per-share amounts) Net revenues 8 2 077 425 100.0 1 932 571 100.0 Cost of goods and
More informationCAIA (Chartered Alternative Investment Analyst) SM Exam Preparation Course for Level I in Zurich
CAIA (Chartered Alternative Investment Analyst) SM 2018 Exam Preparation Course for Level I in Zurich CfBS Center for Business Studies AG www.cf-studies.ch, info@cf-studies.ch, 044 240 04 50 CAIA Program
More informationF83. I168 other information. financial report
Dufry Annual Report 2010 financial report F83 F83 financial report 84 CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMber 31, 2010 84 Consolidated Income Statement 85 Consolidated Statement of Comprehensive
More informationExchange Traded Product Day
Exchange Traded Product Day Lugano, 26 November 2013 Welcome Global ETF and ETP asset growth (as of October 31, 2013) Source: ETFGI, Global ETF and ETP industry insights October 2013 26 November 2013 2
More informationRhodia. Consolidated financial statements. Year ended December 31, 2009
Rhodia Consolidated financial statements Year ended December 31, 2009 Rhodia Notes to the Consolidated Financial Statements for the Year ended December 31, 2009 1 / 82 CONTENTS A. CONSOLIDATED INCOME STATEMENTS...
More informationCONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2005 CONTENTS CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS ADOPTED BY THE EUROPEAN
More informationPerformance 81. Group structure 101
CONTENTS CONSOLIDATED FINANCIAL STATEMENTS Consolidated income statement 74 Consolidated balance sheet 75 Consolidated statement of shareholders equity 76 Consolidated cash flow statement 77 Notes General
More informationConsolidated Balance Sheet - 1/2
Consolidated Balance Sheet March 31, 212 ASSETS CURRENT ASSETS: Cash and cash equivalents (Notes 8 and 19) Time deposits over three months (Note 19) Receivables (Note 19): Trade notes (Note 11) Trade accounts
More informationWorld Anti-Doping Agency Lausanne. Report of the Auditors to the Foundation Board on the Financial Statements 2006
Lausanne Report of the Auditors to the Foundation Board on the Financial Statements With offices in Aarau, Basel, Berne, Chur, Geneva, Lausanne, Lugano, Lucerne, Neuchâtel, Sitten, St. Gallen, Thun, Winterthur,
More informationCAIA (Chartered Alternative Investment Analyst) SM Exam Preparation Course for Level I in Zurich
CAIA (Chartered Alternative Investment Analyst) SM 2017 Exam Preparation Course for Level I in Zurich CfBS Center for Business Studies AG www.cf-studies.ch, info@cf-studies.ch, 044 240 04 50 2 3 CAIA Program
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 Date: March
More informationFINANCIAL STATEMENTS 2015
Financial Statements 2015 FINANCIAL STATEMENTS 2015 CONTENT Consolidated income statement 94 Consolidated statement of comprehensive income 95 Consolidated statement of financial position 96 Consolidated
More informationConsolidated Balance Sheets Osaka Gas Co., Ltd. and Consolidated Subsidiaries March 31, 2010 and 2011
Consolidated Balance Sheets Osaka Gas Co., Ltd. and Consolidated Subsidiaries March 31, 2010 and 2011 Assets Fixed Assets Property, plant and equipment (Note 9) Production facilities 90,195 84,785 $ 1,019,663
More informationForeign investment funds Changes - April, 2005
Foreign investment funds Changes - April, 2005 Authorized for the distribution in Switzerland: Capital @ Work Umbrella Fund - Bonds @ Work Capital @ Work Umbrella Fund - Inflation @ Work CENTRALE ACTIONS
More informationForeign collective investment schemes Changes February 2014
Foreign collective investment schemes Changes February 2014 Approved for distribution in or from Switzerland: AMUNDI TRESO 12 MOIS (F01027439) Representative: CACEIS (Switzerland) SA, Nyon : UCITS AMUNDI
More informationCONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS Results as at 2004 1 30 JUNE 2004 - C O N T E N T S - Note 1 Note 2 Note 3 Note 4 Note 5 Note 6 Consolidated balance sheet Consolidated profit and loss account Consolidated
More informationTABLE OF CONTENTS. Financial Review 71
TABLE OF CONTENTS Financial Review 71 Consolidated Financial Statements 74 Consolidated Income Statement for the Year Ended 31 December 74 Consolidated Statement of Comprehensive Income for the Year Ended
More informationFinancial Statements 2017
Financial Statements 2017 Table of contents 4 SIX key figures 5 SIX consolidated financial statements 2017 6 Full-year report of SIX as at 31 December 2017 9 Consolidated income statement 10 Consolidated
More informationFINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEET PROVISIONS CONSOLIDATED INCOME STATEMENT TRADE AND OTHER PAYABLES 84
56 AALBERTS INDUSTRIES N.V. ANNUAL REPORT 2015 1. CONSOLIDATED BALANCE SHEET 58 18. PROVISIONS 81 2. CONSOLIDATED INCOME STATEMENT 59 19. TRADE AND OTHER PAYABLES 84 3. CONSOLIDATED STATEMENT OF COMPREHENSIVE
More informationForeign collective investment schemes Changes - July 2014
Foreign collective investment schemes Changes - July 2014 Approved for distribution in or from Switzerland: ABN AMRO Multi-Manager Funds Aristotle US Equities (F01036687) Pzena European Equities (F01036688)
More information2 To the shareholders. 15 Statement of the Board of Directors. 5 Overview of financial results
High-quality solutions for rising demands. Financial Statements and Corporate Governance 212 Content Group Review 212 1 Schindler in brief 2 Schindler in brief 2 To the shareholders 15 Statement of the
More informationFee & Expense Analysis of European Cross-Border Funds
Fee & Expense Analysis of European Cross-Border Funds Lipper Fitzrovia http://www.lipperfi tzrovia.com Global Fiduciary Review Fee & Expense Analysis of European Cross-Border Funds In this first report
More informationVIII. Parent company financial statements Credit Suisse (Bank) 431 Report of the Statutory Auditor. 433 Financial review
VIII Parent company financial statements Credit Suisse (Bank) 431 Report of the Statutory Auditor 433 Financial review 434 Parent company financial statements 437 Notes to the financial statements (see
More informationSchindler in brief To the shareholders Elevators & Escalators. Corporate Citizenship Overview of financial results Financial calendar
Global challenges. First-class solutions. Financial Statements and Corporate Governance 2 Schindler in brief To the shareholders Elevators & Escalators Corporate Citizenship Overview of financial results
More informationAnnual Report Financial Statements Corporate Governance. Schindler
Annual Report 2004 Financial Statements Corporate Governance Schindler Contents 4 6 7 8 9 10 49 Financial Statements Consolidated balance sheet Consolidated profit and loss statement Conclusion of the
More informationConsolidated Balance Sheet - 1/2
Consolidated Balance Sheet March 31, ASSETS CURRENT ASSETS (Note 3): Cash and cash equivalents (Notes 9 and 21) Time deposits over three months (Note 21) Receivables (Note 21): Trade notes (Note 13) Trade
More informationSelecta Group B.V. and its subsidiaries, Amsterdam (The Netherlands)
Selecta Group B.V. and its subsidiaries, Amsterdam (The Netherlands) Consolidated financial statements for the year ended 30 September and report of the independent auditor Table of Contents Consolidated
More informationCAIA (Chartered Alternative Investment Analyst) SM Live Online Courses for Levels I and II (Virtual Classroom)
CAIA (Chartered Alternative Investment Analyst) SM 2018 Live Online Courses for Levels I and II (Virtual Classroom) CfBS Center for Business Studies AG www.cf-studies.ch, info@cf-studies.ch, 044 240 04
More informationAusländische kollektive Kapitalanlagen Mutationen - Juni 2016
Ausländische kollektive Kapitalanlagen Mutationen - Juni 2016 Zum Vertrieb in oder von der Schweiz aus genehmigt: 1741 Asset Management Funds SICAV (F00156639) Vescore Sustainable Equity EMU Smart Hedging
More informationCONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS First half of 2005 CONTENTS CONSOLIDATED FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS ADOPTED BY THE EUROPEAN UNION
More informationNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
60 TUNGSTEN CORPORATION PLC // ANNUAL REPORT AND NOTES TO THE CONSOLIDATED 1. General information Tungsten Corporation plc (the Company) and its subsidiaries (together, the Group) is a global e-invoicing
More informationBCV at a glance Overview of BCV Key figures Our legal status Change as % Ratios Our core businesses Highlights in 2008
BCV AT A GLANCE 2008 Overview of BCV Our legal status Banque Cantonale Vaudoise (BCV) was founded on 19 December 1845 by the Vaud Cantonal Parliament (Grand Conseil vaudois) as a société anonyme de droit
More informationManagement s Responsibility for the Financial Statements
REPORT OF THE INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS TO THE MANAGEMENT OF BNP PARIBAS BANGKOK BRANCH We have audited the financial statements of BNP Paribas Bangkok Branch, which comprise the statement
More informationCONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS December 31, 2017 and 2016 INDEPENDENT AUDITOR S REPORT 94 CONSOLIDATED STATEMENTS OF EARNINGS 95 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) 96 CONSOLIDATED
More informationCosmo Pharmaceuticals S.A. Statutory Financial Statements
Cosmo Pharmaceuticals S.A. Statutory Financial Statements Cosmo Pharmaceuticals S.A. 19, Rue de Bitbourg L-1273 Luxembourg Share capital EUR 3,748,935.58 Registre de Commerce et des Sociétés Luxembourg
More informationConsolidation principles for subsidiaries
Annual Report 2012. Lenzing Group 91 IFRS 13 summarizes the requirements in determining fair value, and in this regard replaces the current regulations contained in the individual IFRSs. With few exceptions,
More informationSUMITOMO DENSETSU CO., LTD. Non-consolidated Financial Statements
SUMITOMO DENSETSU CO., LTD. Non-consolidated Financial Statements Independent Auditors' Report To the Shareholders and Board of Directors of Sumitomo Densetsu Co., Ltd. We have audited the accompanying
More information2007 Financial Statements. Consolidated Financial Statements of the Nestlé Group Financial Statements of Nestlé S.A.
2007 Financial Statements Consolidated Financial Statements of the Nestlé Group Financial Statements of Nestlé S.A. Consolidated Financial Statements of the Nestlé Group Principal exchange rates...2 Consolidated
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 Date: March
More informationAnnual Results Reporting 2004 Consolidated Financial Statements Consolidated operating statements in USD millions, for the years ended December 31
Annual Results Reporting 2004 Consolidated Financial Statements Consolidated operating statements in USD millions, for the years ended December 31 Notes 2004 2003 Revenues Gross written premiums and policy
More informationForeign collective investment schemes Changes - August, 2008
Foreign collective investment schemes Changes - August, 2008 Approved for distribution in or from Switzerland: AVIVA INVESTORS - AUSTRALIAN RESOURCES FUND AVIVA INVESTORS - GLOBAL EQUITY INCOME FUND AVIVA
More informationReport of the independent auditor
Report of the independent auditor with financial statements as of 30 June 2018 of AIBA - International Boxing Association, Lausanne AIBA - INTERNATIONAL BOXING ASSOCIATION, LAUSANNE BALANCE SHEET AS OF
More informationFinancial Report. 2000/2001 Schaffner Holding AG
Financial Report 2/21 Schaffner Holding AG Dieser Geschäftsbericht ist auch in Deutsch erhältlich. The German version is legally binding. Contents Financial report of the Schaffner Group 1 2 Consolidated
More informationConsolidated statement of financial position as at December 31 Before allocation of profit In Eur 1,000
74 Consolidated statement of financial position Consolidated statement of financial position as at December 31 Before allocation of profit In Eur 1,000 Assets Note Non-current assets Intangible assets
More informationCONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED BALANCE SHEET 16/17 CONSOLIDATED PROFIT AND LOSS ACCOUNT CHANGE IN CONSOLIDATED RESERVES CONSOLIDATED CASH FLOW STATEMENT NOTES ON THE CONSOLIDATED FINANCIAL
More informationINDEX TO UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
INDEX TO UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS Unaudited Condensed Consolidated Interim Financial Statements of Tata Consultancy Services Limited Unaudited Condensed Consolidated
More informationINAPORT: ROFESSIONAL GLOBAL SSET MANAGEMENT OMPANY ITH SWISS TANDARDS
INAPORT: ROFESSIONAL GLOBAL SSET MANAGEMENT OMPANY ITH SWISS TANDARDS 1 CONTENT About FINAPORT 3 Our offer: 5 Systematic asset management 7 Tailored asset management 8 Alternative investments 8 Private
More informationFinancial Report 2011
Financial Report 2011 8 orell füssli 1 financial statements of the orell füssli group 10 1.1 consolidated income statement 1.2 consolidated balance sheet at 31 december 1.3 consolidated cash flow statement
More informationThree Months Ended Twelve Months Ended 12/31/ /31/ /31/ /31/
Consolidated Statements of Operations (In thousands, except share and per share data) TABLE 1 Software licenses $11,336 $8,901 $37,859 $30,709 Support and maintenance 12,631 12,194 49,163 45,591 Professional
More informationBanking in Luxembourg Trends & Figures 2018
Banking in Luxembourg Trends & Figures 2018 All information used and presented in this publication relates to the data provided in the CSSF s annual report and in the individual annual accounts of legally
More informationBANKMED S.A.L. (FORMERLY BANQUE DE LA MEDITERRANEE S.A.L.) AND SUBSIDIARIES
BANKMED S.A.L. (FORMERLY BANQUE DE LA MEDITERRANEE S.A.L.) AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AND AUDITOR S REPORT YEAR ENDED DECEMBER 31, 2005 BANKMED S.A.L. (FORMERLY BANQUE DE LA MEDITERRANEE
More informationConsolidated financial statements DKSH Group
> DKSH Annual Report 2012 > XXX Consolidated financial statements DKSH Group Consolidated income statement 74 Consolidated statement of comprehensive income 75 Consolidated statement of financial position
More informationMIRABAUD GROUP CONSOLIDATED FINANCIAL STATEMENTS 2017
MIRABAUD GROUP CONSOLIDATED FINANCIAL STATEMENTS 2017 CONTENTS Annual report 2 Governing bodies of the Mirabaud Group 3 Balance sheet 4 Income statement 6 Cash flow statement 7 Statement of changes in
More informationStatement of Directors Responsibilities In Respect of the Strategic Report, the Directors Report and the Financial Statements
Financial Section Financial Section Statement of Directors Responsibilities In Respect of the Strategic Report, the Directors Report and the Financial Statements The Directors are responsible for preparing
More informationConverse Bank Closed Joint Stock Company Consolidated financial statements. Year ended 31 December 2016 together with independent auditor s report
Consolidated financial statements Year ended 31 December 2016 together with independent auditor s report 2016 Consolidated financial statements Contents Independent auditor s report Consolidated statement
More informationTHE GALA CORAL GROUP PRELIMINARY INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) TRANSITION STATEMENTS
THE GALA CORAL GROUP PRELIMINARY INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) TRANSITION STATEMENTS INTRODUCTION Implementation of International Financial Reporting Standards ( IFRS ) For the year
More informationUBS Group AG Commission File Number: UBS AG Commission File Number: (Registrants' Names)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 Date: March
More informationNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS A. GENERAL BASIS OF PRESENTATION
70 CONSOLIDATED FINANCIAL STATEMENTS / NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS A. GENERAL BASIS OF PRESENTATION ACCOUNTING PRINCIPLES The consolidated
More informationNotes to the consolidated financial statements A. General basis of presentation
86 Notes to the consolidated financial statements A. General basis of presentation Accounting principles The consolidated financial statements of Franz Haniel & Cie. GmbH, Duisburg, for the year ended
More informationInvestor Presentation 2009 Basler Kantonalbank. Our aim is the sustainable and permanent communication with investors and analysts.
Investor Presentation 2009 Basler Kantonalbank Our aim is the sustainable and permanent communication with investors and analysts. Key Figures for BKB Group (as at 30.06.2009) in CHF m Total assets Customer
More informationCanwel Building Materials Group Ltd.
Canwel Building Materials Group Ltd. Consolidated Financial Statements (Unaudited) Three months ended March 31, 2011 and 2010 (in thousands of Canadian dollars) Notice of No Auditor Review of Interim Financial
More information