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

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Consolidated statement of cash flows 68 JULIUS BAER GROUP 2004 2005 1000 CHF 1000 CHF 1000 CHF 1000 CHF Interest received (excluding financial investments) 153844 182094 Commissions received 957914 1157704 Interest paid -151793 -196531 Commissions paid -177247 -150350 Payments for personnel and other operating expenses -688588 -576984 Other income -36494 110992 Subtotal 57636 526925 Changes in assets and liabilities from operating activities: Claims and investments 584196 1131348 Trading portfolios 322967 1239456 Liabilities 1166451 -1505892 Other -33076 -160030 Cash flow from operating activities before taxes 2098174 1231807 Taxes paid -108497 -101972 Cash flow from operating activities after taxes 1989677 1129835 Acquisition of financial investments -2093549 -1821274 Acquisition of non-current assets -40246 -51634 Sale of financial investments 1003924 2163236 Sale of non-current assets 1612 4272 Interest received from financial investments 134966 131385 Dividends received from financial investments 2210 4558 Investments of subsidiaries -301 -5766129 Disposal of subsidiaries - 11871 Cash flow from investing activities -991384 -5323715 Dividend payments -61403 -80419 Change in holdings of treasury shares -74381 -60973 Capital increase 4654483 Repayment of long-term debt -150000 Decrease in minority interests - -17681 Issuance of preferred securities - 225000 Cash flow from financing activities -135784 4570410 Total 862509 376530 Cash and cash equivalents at beginning of the year 1146494 2054987 Cash flow from operating activities after taxes 1989677 1129835 Cash flow from investing activities -991384 -5323715 Cash flow from financing activities -135784 4570410 Effects of exchange rate changes 45984 -69474 Cash and cash equivalents at end of the year 2054987 2362043 Cash and cash equivalents include cash, credit balances at central banks, as well as bills and notes which are eligible for refinancing at central banks. They are structured as follows: 31.12.2004 31.12.2005 Note 1000 CHF 1000 CHF Cash 157500 483553 Bills and money market instruments eligible for discount at central banks 12 1066392 963715 Securities acceptable to central banks 11, 12 831095 914775 Total 2054987 2362043
Consolidation policies and valuation principles General accounting policies Julius Baer Holding Ltd. is a Swiss corporation. Amounts in the annual financial statements are stated in thousands of Swiss francs. The consolidated financial statements were prepared in compliance with the International Financial Reporting Standards (IFRS) and employed the historical cost principle, with the exception of the trading positions, derivative financial instruments and available-for-sale financial investments, which are measured at fair value. Use of estimates in preparing the consolidated financial statements In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Actual results in the future could differ from such estimates. Consolidation policies Method of consolidation The consolidation of capital is based on the purchase method, i.e. capital is consolidated on the date of acquisition. The consolidated financial statements include, in addition to the figures for Julius Baer Holding Ltd., the results from participations according to the following rules: Consolidated participations Group companies in which Julius Baer Holding Ltd. directly or indirectly owns a majority of the voting stock, or in which it exercises control in some other way, are fully consolidated. A complete list of these companies is provided on pages 124 to 127. All internal Group claims, liabilities, off-balance-sheet transactions, expenses and income are eliminated. The interest of minority shareholders in the equity and Notes net profit are stated in the consolidated balance sheet within the equity position and in the consolidated income statement as net profit attributable to minority interest. Non-consolidated participations Investments in entities in which Julius Baer Holding Ltd. holds between 20% and 50% of the voting stock and/or over which it can wield significant influence (associates) are reported in the consolidated accounts using the equity method. These companies are recorded in the consolidated financial statements according to the percentage share of the Group in their equity and net profit. The remaining participations are included in the balance sheet at fair value in available-for-sale financial investments. Currency translation The Group companies prepare their financial statements in the respective functional currency. The balance sheets of Group companies that are denominated in foreign currencies are translated into Swiss francs at the closing exchange rate on the balance sheet date. An average exchange rate for the year is used for the income statements. Exchange differences arising from consolidation are shown as accu- The following exchange rates are used for the major currencies: Year-end rates Average exchange rates for the year 31.12.2004 31.12.2005 2004 2005 USD/CHF 1.1371 1.3178 1.2394 1.2510 EUR/CHF 1.5457 1.5546 1.5441 1.5480 GBP/CHF 2.1833 2.2626 2.2730 2.2660 JPY/CHF 1.1097 1.1166 – – JULIUS BAER GROUP 69
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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
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anks, the decision has been made to
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this corresponds to CHF 2.59 per re
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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 and 66: Financial Report
Page 67 and 68: Consolidated income statement 2004
Page 69 and 70: 31.12.2004 31.12.2005 Change Change
Page 71: Translation differences 2003 2004 2
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
Page 117 and 118: 25 Pension plans and other employee
Page 119 and 120: 26 Assets and liabilities by domest
Page 121 and 122: 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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