Annual Report 2011 - Hong Kong Monetary Authority

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Roundup of results The Bank’s net profit at 31 Dec. 2011 came to CHF 101.6 million, marking an increase of 3.1% compared with the year-earlier figure. Revenue Interest income rose 19.8% compared with the previous year, totalling CHF 27.5 million. Income from fees and commissions amounted to CHF 175.4 million, down 5.4% on the 2010 level of CHF 185.4 million. Results of trading operations came to CHF 40.7 million, practically unchanged compared with CHF 41 million the previous year. Other ordinary results rose 17.8% to CHF 138.4 million. The increase was due, in particular, to the higher dividends collected on our long-term holdings and to a lesser extent stemmed from sales of financial investments. Expenses Operating expenses totalled CHF 241.5 million, up 7.1% on the 2010 level. Personnel expenses rose by 3.5% and other operating costs by 17.9%. At CHF 140.5 million gross profit was down 0.6% compared with the year-earlier figure (CHF 141.3 million). Depreciation of fixed assets totalled CHF 24.3 million, marking an increase of CHF 3.6 million on the previous year. Valuation adjustments, provisions and losses edged down by CHF 0.4 million from the end-2010 level to CHF 13.4 million. Taxes due on our 2011 earnings are estimated at CHF 8.4 million, down 5.8% on the year-earlier figure. FINANCIAL REPORT BPER ACCOUNTS 103
Approval of the financial statements and proposed allocation We hereby submit the financial statements for fiscal year 2011 for your approval, together with our proposal for the allocation of available income. Proposal of the Board of Directors concerning the appropriation of earnings Net income for 2011 CHF 101,551,482.– Net income brought forward from previous year CHF 11,281,088.– Total CHF 112,832,570.– which we propose to appropriate as follows: Payment of a 175% ordinary dividend on 200,000 registered shares with a par value of CHF 100 CHF 20,000,000 at 175% 50,000 bearer shares with a par value of CHF 500 CHF 35,000,000.– CHF 25,000,000 at 175% CHF 43,750,000.– Total ordinary dividend CHF 78,750,000.– Allocation to statutory general reserves Nil Allocation to other reserves CHF 29,439,264.– Net income carried forward CHF 4,643,306.– Total CHF 112,832,570.– Subject to your acceptance of our proposal, the dividend will be made payable via Coupon No. 25 from 8 May 2012 at all the domestic counters of UBS, Credit Suisse, Rothschild Bank AG and Banque Privée Edmond de Rothschild SA, at the rate of CHF 175 per registered share with a par value of CHF 100 and CHF 875 per bearer share with a par value of CHF 500, less 35% withholding tax. 104 2011 ANNUAL REPORT - BANQUE PRIVÉE EDMOND DE ROTHSCHILD SA Following the allocation of CHF 29,439,264 to other reserves, shareholders’ equity will amount to CHF 684,028,305, or 9.2% of the balance sheet total.
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Annual Report 2011
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Contents 6 20 Banque Privée Edmond
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Banque Privée Edmond de Rothschild
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1 4 1 Odéon, Théâtre de l’Euro
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within our group, which have develo
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Is this the end of the market econo
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dangerous to bet on bureaucracy as
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SENIOR MANAGEMENT Head Office Execu
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BRANCHES In Switzerland Fribourg Se
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Social Entrepreneurship Economic te
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Corporate governance Introduction O
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1.1.2. / 1.1.3. Group legal structu
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2.6. Transferability restrictions a
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1965-1996 First Vice-President, the
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Jean Laurent-Bellue Member, French,
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3.2. Other activities and vested in
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3.5. Powers The Board of Directors
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4. Executive Committee The Executiv
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Jean-Pierre Pieren Member, Swiss, 1
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Present duties Since 1988 Chief Fin
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5. Remuneration, profi t-sharing an
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This scheme was implemented for a f
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7. Take-overs and defensive measure
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9. Information policy Banque Privé
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Intercultural Dialogue Too often, p
Page 54 and 55: Key fi gures Banque Privée Edmond
Page 56 and 57: Awards 2011 in Milan and Large Fund
Page 58 and 59: esources of institutional clients i
Page 60 and 61: Outlook for 2012 2012 will be marke
Page 62 and 63: Report on other legal requirements
Page 64 and 65: Abroad Banks Banque Privée Edmond
Page 66 and 67: Prifund Conseil SA Luxembourg 3) 10
Page 68 and 69: Dividends are eliminated through re
Page 70 and 71: Personnel welfare liabilities Contr
Page 72 and 73: Consolidated balance sheet at 31 De
Page 74 and 75: Consolidated cash fl ow statement a
Page 76 and 77: - The Risk Manager sees to it that
Page 78 and 79: 2011 2010 Change (in CHF ‘000) (i
Page 82 and 83: Forex adjustments Redesignations In
Page 84 and 85: Situation at end-2010 Uses and rele
Page 86 and 87: 2011 2010 (in CHF ‘000) (in CHF
Page 90 and 91: 22 Breakdown of consolidated assets
Page 94 and 95: (Note 26 cont’d) 2011 2010 Positi
Page 98 and 99: 2011 2010 42 Earnings per share Gro
Page 100 and 101: Health and Research For over a cent
Page 102 and 103: Key fi gures of Banque Privée Edmo
Page 106 and 107: Elections as per our Articles of As
Page 108 and 109: Breakdown of revenues (% of total)
Page 110 and 111: Report on other legal requirements
Page 112 and 113: Balance sheet at 31 December 2011 (
Page 114 and 115: Notes to the fi nancial statements
Page 120 and 121: Par value Number of shares 2011 201
Page 122 and 123: Loans granted to the Bank’s gover
Page 124 and 125: (Note 15 cont’d) 2011 2010 Employ
Page 128 and 129: Edmond de Rothschild Conseil et Cou
Page 130 and 131: Other Edmond de Rothschild Group co
Page 132 and 133: Other Edmond de Rothschild Group co
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Annual Report 2011 - Hong Kong Monetary Authority

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