Annual Report 2011 - Hong Kong Monetary Authority

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Consolidated cash fl ow statement at 31 December 2011 (in thousands of CHF) Source of funds 2011 2010 Application of funds Balance Source of funds Application of funds Consolidated net income 125,064 - 149,898 - Depreciation of fixed assets 36,038 - 34,697 - Accrued income and prepaid expenses 23,122 - 881 - Accrued expenses and deferred income 12,509 - - 5,589 Valuation adjustments and provisions 4,317 - - 30,468 Reserve for general banking risks 16,767 - 36,919 - Previous year’s dividend 69,750 81,000 Other changes in reserves and minority interests - 16,358 - 57,204 Net cash used in/provided by operating activities (results of operations) Share capital 217,817 86,108 131,709 222,395 174,261 48,134 Additional paid-in capital 424 - - 37,559 Net cash used in/provided by transactions involving shareholders’ equity 424 - - 37,559 Non-consolidated holdings - 1,332 - 2,791 Real estate - 76,322 - - Other fixed assets - 23,511 - 25,052 Intangible assets - 7,436 - 6,214 Exchange rate changes Net cash used in/provided by transactions involving financial 2,090 - 14,619 - investments and fixed assets 2,090 108,601 (106,511) 14,619 34,057 (19,438) Claims arising from money market paper 100,303 - - 95,028 Liabilities arising from money market paper - 24 - 2,973 Money market transactions 100,303 24 100,279 - 98,001 (98,001) Due from banks 1,219,191 - - 1,590,655 Due to banks 13,417 - - 106,682 Financial investments - 275,784 - 116,246 Banking and trading activities 1,232,608 275,784 956,824 - 1,813,583 (1,813,583) Due from customers 260,367 - - 208,304 Mortgage loans 2,963 - - 2,608 Savings and deposit accounts - 379 309 - Other amounts due to customers 1,630,564 - - 453,550 Medium-term bank bonds - - - - Transactions with customers 1,893,894 379 1,893,515 309 664,462 (664,153) Other assets - 2,937 - 160,951 Other liabilities - 2,114 148,711 - Other balance sheet items - 5,051 (5,051) 148,711 160,951 (12,240) Cash and other liquid assets - 2,972,268 2,575,083 - Securities and precious metals trading portfolios 1,079 - 21,757 - Liquid assets 1,079 2,972,268 (2,971,189) 2,596,840 - 2,596,840 Net cash used in/provided by banking activities 3,227,884 3,253,506 (25,622) 2,745,860 2,736,997 8,863 Total cash flows 3,448,215 3,448,215 2,982,874 2,982,874 Balance FINANCIAL REPORT CONSOLIDATED ACCOUNTS 73
Notes to the consolidated fi nancial statements Description of operations and disclosure of staff size Banque Privée Edmond de Rothschild SA is a full-service bank specialising in wealth manage ment for private and institutional clients. It is a member of SIX Swiss Exchange. Converted to full-time jobs, the number of staff employed by the Banque Privée Edmond de Rothschild Group stood at 1683 at end-2011 versus 1604 a year earlier. Through its network of branches and subsidiaries in Switzerland and abroad, the Group conducts on its clients’ behalf all the operations customarily performed by private banking institutions. Fee and commission business on behalf of clients mainly includes portfolio management, fiduciary deposits and payment transactions, along with trading in securities, precious metals and derivative instru ments. The Group also manages and administers investment funds. In addition, the Group actively deals in debt instruments, equities, currencies, precious metals and derivatives on a proprietary basis, but does not engage in commodity trading. Disclosure of accounting principles and valuation policies The general accounting and consolidation principles are set out under a separate heading. All assets, liabilities and off-balance sheet transactions reported under the same heading in the Notes to the consolidated financial statements. 74 2011 ANNUAL REPORT - BANQUE PRIVÉE EDMOND DE ROTHSCHILD SA Description of our risk control and management system Risk management Risk policy Banque Privée Edmond de Rothschild SA (“the Bank”) is responsible for supervising, administering and monitoring the Banque Privée Edmond de Rothschild Group (“the Group”), of which it is the parent company. A joint risk policy drawn up by the Bank and approved by the Board of Directors sets the general guidelines that apply to all the Group entities. Taking account of these guidelines and local regulations, each affiliate sets up its own section in charge of identifying, monitoring and mitigating the risks to which it is exposed. The Bank has longstanding experience with risk management, and has equipped itself with sufficient human and technical resources in terms of quantity as well as quality. Risk management is organised in the following manner: - The Board of Directors decides what the features of risk management should be and what strategy the Group should pursue with regard to risk. - The Audit Committee supervises and evaluates the operational aspects of risk management. It monitors risks periodically by examining reports compiled at regular intervals or on request by the Risk Control and Management Dept. - The Executive Committee is responsible for implementing procedures designed to identify, analyse, value and monitor all risks incurred by the Bank and the Group. Together with the Risk Committee it oversees implementation of the risk policy laid down by the Board of Directors and ensures that all important information on the status of the aforementioned risks is collected, processed and notified to the designated management and supervisory bodies. - Department heads are in charge of anticipating, preventing and managing the main occurrences that could affect the attainment of their business objectives and the underlying operational processes.
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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
Page 24 and 25: Corporate governance Introduction O
Page 26 and 27: 1.1.2. / 1.1.3. Group legal structu
Page 28 and 29: 2.6. Transferability restrictions a
Page 30 and 31: 1965-1996 First Vice-President, the
Page 32 and 33: Jean Laurent-Bellue Member, French,
Page 34 and 35: 3.2. Other activities and vested in
Page 36 and 37: 3.5. Powers The Board of Directors
Page 38 and 39: 4. Executive Committee The Executiv
Page 40 and 41: Jean-Pierre Pieren Member, Swiss, 1
Page 42 and 43: Present duties Since 1988 Chief Fin
Page 44 and 45: 5. Remuneration, profi t-sharing an
Page 46 and 47: This scheme was implemented for a f
Page 48 and 49: 7. Take-overs and defensive measure
Page 50 and 51: 9. Information policy Banque Privé
Page 52 and 53: 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 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 104 and 105: Roundup of results The Bank’s net
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
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(Note 15 cont’d) 2011 2010 Employ
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2011 2010 Change (in CHF ‘000) (i
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Edmond de Rothschild Conseil et Cou
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Other Edmond de Rothschild Group co
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Other Edmond de Rothschild Group co
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Annual Report 2011 - Hong Kong Monetary Authority

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