Saturday, 4 September 2010
 

Key figures

Key figures - pro-forma 1
  H1 2010
CHF M

H1 2009
CHF M

H2 2009
CHF M

Change to H1 2009
in %
Consolidated income statement
Net fee and commission income 286.1

259.1

263.9

10.4
Performance fees 57.7

3.5

14.0

1,537.1
Income from associates 16.4

13.8

17.9

18.9
Other operating income 7.7

10.4

6.6

-26.2

Operating income

 367.9

286.9

302.4

28.3
 

Personnel expenses

 171.9

124.6

134.4

38.0
General expenses 56.9

57.7

72.9

-1.4
Depreciation and amortisation 3.4

6.5

4.4

-47.7

Operating expenses

 232.2

188.8

211.7

23
 
Profit before taxes 135.7

98.1

90.7

38.4
 
Income taxes 29.4

19.9

19.2

47.5
Net profit 106.3

78.1

71.5

36.1
 
Gross margin (basis points) 62.4

57.0

54.5

9.5
Cost/income ratio 63.1%

65.8%

70.0%

  

-
Pre-tax margin (basis points) 23.0

19.5

16.3

18.1
Tax rate 21.6%

20.3%

21.1%

-
 

Client assets (CHF bn)

Assets under management 2

 116.6

105.3

113.6

10.7
Average assets under management 117.9

100.7

111.0

17.2

Net new money 3

 5.6

-1.6

2.0

456.6
 

Personnel
Number of full-time employees 1,042

1,035

1,023

0.7
of whom Switzerland 313

291

302

7.6

of whom abroad

 729

744

721

-2.0
 
  30.06.2010
CHF M		 30.06.2009
CHF M		 31.12.2009
CHF M		 Change to 30.06.2009
in %
Consolidated balance sheet
Total assets 3,042.3

3,877.6

3,161.4

-21.5
Total equity 2,659.6

3,018.9

2,619.3

-11.9
Tangible equity (total equity, excl. goodwill, customer relationships & brand) 1,268.9

258.4

1,222.8

391.1
Return on tangible equity 4 16.8%

60.5%

11.7%

-72.3
 
  30.06.2010
CHF M		 30.06.2009
CHF M		 31.12.2009
CHF M		 Change to 30.06.2009
in %
Share information
Number of registered shares 206,630,756

206,630,756

206,630,756

-
Share capital (CHF M) 10.3

10.3

10.3

-
EPS for six-month period 5 0.54

0.38

0.35

42.0
Book value 6 6.40

1.25

5.93

412.4
Closing price 11.75

-

12.59

-

  1. The consolidated pro-forma financial results for 2009 have been adjusted to include income from associates (Artio Global Investors Inc.), but exclude the consolidation of Artio Global Investors Inc.'s results for 2009. They also exclude the amortization of customer relationships and the elimination of non-recurring revenues paid to GAM Holding AG from Bank Julius Baer & Co Ltd during the period to September 2009. Including these items the net profit for the first six months of 2010 as shown in the interim financial statements amounted to CHF 100.5 million.
  2. Excludes CHF 14.8bn of Julius Baer branded funds distributed by Swiss & Global Asset Management and sub-advised by GAM.
  3. Excluding double count of net new money relating to Julius Baer branded funds distributed by Swiss & Global Asset Management and sub-advised by GAM, which are counted in both businesses.
  4. Net profit (annualised) / tangible equity.
  5. Net profit for six-month period / weighted average number of shares.
  6. Tangible equity / weighted average number of shares.
Share price
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