2005 Annual Report Julius Baer Holding Ltd. - GAM Holding AG

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62 JULIUS BAER GROUP Financial Report Group 2005 63 Consolidated income statement 64 Consolidated balance sheet 66 Consolidated equity 68 Consolidated statement of cash flows Notes 69 Consolidation policies and valuation principles 82 Comment on risk management 94 Information on the consolidated income statement 98 Segment reporting by business line 100 Earnings per share and shares outstanding 101 Information on the consolidated balance sheet 124 Companies consolidated as of 31 December 2005 134 Assets under management 137 Report of the Group auditors to the Ordinary Shareholders’ Meeting of Julius Baer Holding Ltd., Zurich
Consolidated income statement 2004 2005 Change Change Note CHF 1000 restated CHF 1000 CHF 1000 % Interest and discount income 151140 215420 64280 42.5 Interest and dividend income on financial investments 125075 123208 -1867 -1.5 Interest expenses 155423 210735 55312 35.6 Net interest income 1 120792 127893 7101 5.9 Commission income on lending activities 1644 1992 348 21.2 Commission income on securities and investment transactions 2 931544 1338464 406920 43.7 Commission income on other services 26309 21002 -5307 -20.2 Commission expenses 178892 228655 49763 27.8 Results from commission and service fee activities 780605 1132803 352198 45.1 Results from trading operations 3 128955 148856 19901 15.4 Other ordinary results 4 1838 94805 92967 - Operating income 8 1032190 1504357 472167 45.7 Personnel expenses 5 489227 839174 349947 71.5 General expenses 6 241969 326156 84187 34.8 Depreciation and amortization 14 29647 105969 76322 257.4 Valuation adjustments, provisions and losses 13525 44374 30849 228.1 Operating expenses 774368 1315673 541305 69.9 Net profit before taxes 8 257822 188684 -69138 -26.8 Taxes 7, 8 49945 43873 -6072 -12.2 Net profit 8 207877 144811 -63066 -30.3 Attributable to: Shareholders of Julius Baer Holding Ltd. 8 210196 146146 -64050 -30.5 Minority interest 8 -2319 -1335 984 42.4 207877 144811 -63066 -30.3 2004 2005 Change Change Note CHF restated CHF CHF % Share information Basic net profit per registered share 9 4.13 2.59 -1.54 -37.3 Diluted net profit per registered share 9 4.13 2.58 -1.55 -37.6 JULIUS BAER GROUP 63
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2005 Annual Report Julius Baer Hold
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Key figures 2004 2005 Change CHF m
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Annual Report 2005
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Foreword 4 Dear Shareholders and Cl
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Foreword 6 Annual financial results
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Foreword 8 The significant economie
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Foreword 10 2005 will go down in th
Page 17 and 18: anks, the decision has been made to
Page 19 and 20: this corresponds to CHF 2.59 per re
Page 21: 2004 2005 Change Change CHF m CHF m
Page 24 and 25: Private Banking 20 Private Banking
Page 26 and 27: Asset Management 22 Asset Managemen
Page 28 and 29: Trading & Sales 24 Trading & Sales
Page 30 and 31: Corporate Center 26 Corporate Cente
Page 32 and 33: Corporate Center 28 Our model of su
Page 35 and 36: Corporate Governance
Page 37 and 38: 1.2 Cross-shareholdings There are n
Page 39 and 40: 2.3 Changes of capital The descript
Page 41 and 42: egistered shares not physically rep
Page 43 and 44: Corporate Governance tors of Julius
Page 45 and 46: 3.3 Cross-involvement Since 2004, M
Page 47 and 48: The Chairman’s Committee receives
Page 49 and 50: Group Executive Board The Group Exe
Page 51 and 52: Group Managing Board of UBS AG, 199
Page 53 and 54: 4.3 Other activities and functions
Page 55 and 56: Equity Bonus Plan 2004 2005 Number
Page 57 and 58: 5.3 Compensation for former members
Page 59 and 60: 5.7 Additional honorariums No addit
Page 61 and 62: 7. Changes of control and defense m
Page 63 and 64: 9. Information policy Julius Baer H
Page 65: Financial Report
Page 69 and 70: 31.12.2004 31.12.2005 Change Change
Page 71 and 72: Translation differences 2003 2004 2
Page 73 and 74: Consolidation policies and valuatio
Page 75 and 76: when the contractually stipulated p
Page 77 and 78: A hedge is regarded as highly effec
Page 79 and 80: Intangible assets Intangible assets
Page 81 and 82: In the case of defined benefit pens
Page 83 and 84: Under revised IAS 32, certain deriv
Page 85 and 86: Notes JULIUS BAER GROUP 81
Page 87 and 88: 3. Credit risks Credit or counterpa
Page 89 and 90: Assets by countries/country groups
Page 91 and 92: 5. Liquidity and financing risks Th
Page 93 and 94: The liquidity position of Bank Juli
Page 95 and 96: Hedges The Group hedges a portion o
Page 97 and 98: 7. Reputational risks The Group’s
Page 99 and 100: 3 Results from trading operations N
Page 101 and 102: 7 Taxes Notes 2004 2005 Change Chan
Page 103 and 104: The depreciation and write-offs of
Page 105 and 106: Information on the consolidated bal
Page 107 and 108: 12 Financial investments 31.12.2004
Page 109 and 110: Notes 31.12.2004 31.12.2005 Change
Page 111 and 112: 18 Financial liabilities designated
Page 113 and 114: 20a Deferred tax assets Notes 31.12
Page 115 and 116: 23 Corporate capital Notes Register
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25 Pension plans and other employee
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26 Assets and liabilities by domest
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27 Consolidated off-balance-sheet t
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28 Derivative financial instruments
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29 Financial instruments (continued
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30 Risk-weighted assets (BIS) Notes
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Notes Head Office Currency Capital
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Notes Head Office Currency Capital
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Pro-forma information The following
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Movements in shares granted under v
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Notes 31.12.2004 31.12.2004 31.12.2
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Breakdown of assets under managemen
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Report of the Group auditors to the
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Financial Report of Julius Baer Hol
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lion to CHF 28 million due to capit
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Balance sheet 31.12.2004 31.12.2005
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Proposal of the Board of Directors
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Report of the statutory auditors to
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Addresses and contacts
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2005 Annual Report Julius Baer Holding Ltd. - GAM Holding AG

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