A nnual R eport D ecember 31, 2009 D reyfus S ons & C o B ...

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As of General Meeting of March 16, 2010 Prof. Dr. Hans Guth-Dreyfus, Honorary Chairman Board of Directors Andreas Guth, Chairman Alexis Blum, Deputy Chairman Pierre Dreyfus, Deputy Chairman Otto E. Bargezi Peter Krummenacher Vladimir B. Dreyfus Dr. Rudolf Roth-Olum Catherine Dreyfus Soguel François Voss Paul Dubey Dr. Sebastian Burckhardt, Secretary of the Board of Directors Management Executive Management: Otto E. Bargezi, Chairman Stefan Knöpfel, Deputy Chairman Peter Krummenacher Bernard Blum Dr. Egon Meyer Dr. Beat Lehmann René Stalder Richard Mayr Managers: Claude Levy Bernard Soguel-dit-Picard Alfred Messerli Dr. Daniel Witschi Deputy Managers: Pierre Buchs Thomas Rosch Amos Gutermann Guido Schneider Claude Kiener Jürg Stalder Jean-Jacques Leisi Christine Wey Mario Paini Jean-Pierre Wyss Peter Ramseier Assistant Managers: Andres Angst Clarisse Lyssy Thierry Bloch René Michel Pascal Brasey Dieter Minelli Raymond Brunschwig Lukas Müller Jacques Buchs Alfred Schmid Philippe Burnier Dominik Schneider Stéphane Fiechter Dr. Ursula Schneider-Fuchs Michael Fringeli Christoph Spreyermann Roger Glaus David Staehelin Philipp Gygi Beat Staub Daniel Lang Internal Auditor Nicole Gouëllo, Internal Auditor External Auditors KPMG Ltd 3
Report to the General Meeting The fear of a worldwide depression, which had been widespread the previous year and had manifested itself in an actual collapse of prices on the world’s stock markets, continued during the first quarter of 2009. At that point the indices for most stock markets reached their lows in this cycle. At the end of the year under review it appears that the stabilization of the global financial system by means of the stimulus programmes implemented around the world and of the bail-outs in favour of the banking system has been successful. All available indicators point to a normalization of the systemic risks. China and the USA in particular appear to have bottomed out. As a consequence the stock markets also recovered in the course of the year from the lows and ended the period significantly stronger than at the beginning of the year. However, we are likely to see a slowdown in the economic dynamic lasting for several years. The year under review turned out to be exceptionally eventful, also from the specific perspective of Switzerland. In the wake of the UBS tax fraud case in the USA, the Federal Council felt obliged to give in to the enormous political pressure and announced key changes to our tax and legal system. Those changes led to the launching of a discussion of some important principles at the political and judicial level, as well as in our Bank, and to a review of the business models at many banks. The developments and events described above have strongly influenced the operating result of Dreyfus Sons & Co ltd, Banquiers. It was difficult to achieve results comparable with those of the previous year, in which only the last quarter was marked by the crisis on the financial markets. The liquidity held by our clients, which increased again significantly, combined with extremely cautious investment of these funds, caused the balance sheet total to rise to CHF 2 333.2 mio. As a result of the central banks’ expansive monetary and fiscal 4
Page 1 and 2: D reyfus S ons & C o L I M I T E D
Page 3: Total equity (before appropriation
Page 7 and 8: Assets Liquid assets Off-Balance Sh
Page 9 and 10: Income & Expenses of Ordinary Banki
Page 11 and 12: Notes to Financial Statements 1. Bu
Page 13 and 14: 2. Principles of Accounting and Val
Page 15 and 16: Loans and Advances Amounts due from
Page 17 and 18: Participations majority-owned minor
Page 19 and 20: Reserve for employer contributions
Page 21 and 22: (in 1000 chf) Equity at beginning o
Page 23 and 24: Assets Liquid assets Money market p
Page 25 and 26: Assets Liquid assets Money market p
Page 27 and 28: 4. Information concerning Off-Balan
Page 29 and 30: 5. Information concerning the Profi
Page 31 and 32: 6. Information regarding the Bank
Page 33 and 34: Zurich, February 19, 2010 the appro

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