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Rothschild Bank AG Zurich Annual Report 2011/2012

Rothschild Bank AG Zurich

Annual Report 2011/2012

Rothschild Bank AG Zurich

Annual Report for the year ended 31st March 2012

Part 1 – Overview

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Key

Figures

2

Chairman’s Statement

3

Directors, Executive Committee, Auditors and Senior Staff

4

Part 2 – Consolidated Financial Statements

A Consolidated Balance Sheet

6

B Consolidated Income Statement and Statement of Cash Flows

9

C Notes to the Consolidated Financial Statements

11

D Consolidation, Accounting and Valuation Principles

25

E Notes on Risk Management

29

Business and Services Provided by Rothschild Bank AG Zurich and Subsidiaries

32

Report of the Statutory Auditor on the Consolidated Financial Statements

34

Part 3 – Financial Statements of Rothschild Bank AG

Balance Sheet of Rothschild Bank AG

38

Income Statement

41

Proposal of the Board of Directors to the Annual General Meeting

42

Notes to the Financial Statements

43

Accounting and Valuation Principles of Rothschild Bank AG

48

Notes on Risk Management

51

Report of the Statutory Auditor on the Financial Statements

53

Part 4 – Addresses

Head Office, Subsidiaries and Representatives of Rothschild Bank AG

55

Group Directory

56

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2

Key Figures

Rothschild Bank AG Zurich, consolidated

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31. 3. 2012 1000 CHF

31. 3. 2011 1000 CHF

 

Change

1000 CHF

%

Consolidated balance sheet Total shareholders’ equity

401,728

417,866

– 16,138

– 3.9

Total assets

3,911,762

3,051,928

859,834

28.2

Consolidated income statement Net interest income

23,313

17,994

5,319

29.6

Net commission income

109,551

126,878

– 17,327

– 13.7

Results from trading operations

29,018

25,485

3,533

13.9

Gross income

169,688

177,583

– 7,895

– 4.4

Total operating expenses

– 135,190

– 130,980

– 4,210

3.2

Consolidated net profit

19,602

33,373

– 13,771

– 41.3

Net profit per employee

43.4

83.2

– 39.9

– 47.9

Staff (at the end of business year)

Staffing level domestic

358

306

52

17.0

Staffing level abroad

94

95

– 1

– 1.1

Total staffing level

452

401

51

12.7

Chairman’s Statement

The past year has been one of very good development in a particularly difficult environment. Our focus on real wealth preservation and providing the best independent advice has remained attractive for clients, and we have seen near-record inflows of net new assets.

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We have reinforced our position in our core markets, bolstering our client and investment teams in the UK, Switzerland, Germany and Asia with a series of hires, including new staff in Singapore and Hong Kong and new team heads in Frankfurt and Geneva.

At the same time, we have also invested heavily in our operational systems, introducing a new global IT platform which was successfully implemented at the end of May 2012. This platform brings together all the functions and processes that are crucial to our business model and allows our teams to service their clients more effectively.

In addition, we reorganised our investment process last year, placing a greater emphasis on real capital preservation and providing more flexibility to take meaningful positions in promising asset classes. Within our trust business, we have continued to enhance our wealth planning expertise.

For the full year, assets under management rose by 4 % to CHF 13.3 billion. The net inflow of close to CHF 1 billion has shown a marked increase over the previous year (+ 36 %). However, the persistent strength of the Swiss franc weighed heavily on our bottom line, as did our combined investment in new people and systems. Our net profit fell by 41 % to CHF 19.6 million.

Looking ahead, we are optimistic about the new financial year and expect to see further strong inflows of assets. Our clear positioning and targeted investment should also enable us to achieve a renewed and sustainable improvement in our long-term profitability.

On behalf of the Board, I take this opportunity to thank our clients for their continued faith in our Bank. Hans-Heinrich Coninx, Richard Martin, Otto H. Suhner and Guy Wais stepped down from the Board in the financial year just ended and I thank them again for their invaluable services.

This year was particularly stressful for our staff in view of the work needed to reach the successful introduction of the new IT platform. I would like to extend my thanks to all of them for their dedication to the Bank and the services they render to our clients.

On behalf of the Board of Directors

Baron Eric de Rothschild

Directors, Executive Committee and Auditors

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4

Board of Directors

Chairman

Baron Eric de Rothschild 1)

Deputy Chairman

Baron David de Rothschild 1)

Members

Dr Hans Heinrich Coninx 3) * Sylvain Hefes 2) Nigel Higgins Philip Marcovici 2) *

Richard Martin 3) Alain Massiera

Claude Messulam* Dr Rudolf Tschäni 1) 2) *

Bernard I. Myers 1) 2) *

Otto H. Suhner 3) * Peter A. Smith 2) *

Guy Wais 3) *

1)

2)

3)

Members of the Committee of the Board Members of the Audit Committee Stepped down as of March 2012

* Meets the criteria on independence in accordance with FINMA circular 08/24

Executive Committee

General Manager

Veit de Maddalena

Members of the Executive Committee

Stefan Liniger

Thomas Pixner

Alexander Troschel

Dirk Wiedmann

Internal Audit

Wilfried Bürge,

Soheyla Sadeghian,

Managing Director and Head Internal Audit

Assistant Director

Statutory Auditors

KPMG AG

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Senior Staff

Managing Directors

Daniel Arnold Andreas Bickel Gregg P. Blonigan Carlo Braunwalder Luca Dal Dosso Robert Deverell Marc Dietrich Edward Ennis Ernst A. Furrer Aitor I. Garcia

Directors

Victoria Burke Robert Baumann Ursizin Blumenthal Siegbert Böttinger Irina Buholzer Bernhard Bumann Michael Curschellas Mark de Munk Patrik Gilli Agnieszka Joanna Golynska Marie-Hélène Guex

Assistant Directors

Thomas Balmer Fernando Beltrán de Otálora Thomas Blum Kerstin Böttcher Jan Brunschwig Enrica Cargasacchi Edith Dennis Jaume Domènech Roland Ducommun Mario Fischer Urs-Beat Fus Alejandro Garcia

1) From April 2012

Giovanna Lagutaine Schwarzenbach Marc Lauer Simon Lutch Steffen Mack Dr Joe Maersch Daniel Maurer Matthias Montani Heinz Nesshold Riccardo Petrachi Jon Andrea Mario von Planta 1)

Dr Urs Peter Kälin Jörg Kopp Bruno Knecht Valeria Kühne Léon Lee Dominique Julien Maire Urs Meier Martin Noseda Benjamin M. Prior Davide Rima

Viktor Izakowicz 1) Ivo Hubli Kurt Immer Harry Jääskeläinen Guido Lustenberger Mirjam Meili Urs Pfister Jacop Rentschler Claudia Ruggli Rüegg Claudia Rutishauser Yasmin Sabeti Soheyla Sadeghian

Ariane Richter Merz Luigi Roccu Claudio Sacchet Christopher Schallenberger Marco Schaller Christoph Schärer Jean-Pierre Stillhart Barbara Vannotti-Holzrichter Marcel Weiss

Sofie Rosman Harold Rudel Roger Schwarzenbach Cristina Theus Sigismondi Michel van der Spek Guido V. Vassalli Sven Vinther Daniel Weber Ernst Wegmann Christian H. Wentzel

Thomas Schmid Susanne Schweizer-Hagmann Jacobo Steiner Ludwig Stierli Marc Triebswetter 1) Barbara Ursprung Marco Vonesch Fiona Wallace-Mason Joachim Wegmann Karl Wieland Beat Wolfer Rudolf A. Würmli

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A Consolidated Balance Sheet

as of 31st March 2012 and 2011

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Assets

 

31. 3. 2012 1000 CHF

31. 3. 2011 1000 CHF

 

Change

 

Notes

1000 CHF

%

Cash

13

2,313,758

299,646

2,014,112

672.2

Money market instruments

9, 13

40,000

373,842

– 333,842

– 89.3

Due from banks

9, 13, 14

524,633

1,331,949

– 807,316

– 60.6

Due from customers

1, 2, 11, 13, 14

536,326

580,673

– 44,347

– 7.6

Trading balances in securities and precious metals

3, 9, 13

1,212

829

383

46.2

Financial investments

4, 9, 13

286,009

251,050

34,959

13.9

Participations

5, 6

84,722

84,722

Fixed assets

6, 7

45,694

45,972

– 278

– 0.6

Intangible assets

6

32,817

5,937

26,880

452.8

Accrued income and prepaid expenses

11,723

12,624

– 901

– 7.1

Other assets

8

34,868

64,684

– 29,816

– 46.1

Total assets

15, 16, 17

3,911,762

3,051,928

859,834

28.2

Total assets due from non-consolidated participations and significant shareholders

13,085

13,367

– 282

– 2.1

A Consolidated Balance Sheet

as of 31st March 2012 and 2011

Liabilities and shareholders’ equity

 

31. 3. 2012 1000 CHF

31. 3. 2011 1000 CHF

 

Change

 

Notes

1000 CHF

%

Money market instruments

32

676

– 644

– 95.3

Due to banks

13, 14

50,252

80,781

– 30,529

– 37.8

Due to customers, other

13, 14

3,345,353

2,441,482

903,871

37.0

Accrued expenses and deferred income

45,800

47,314

– 1,514

– 3.2

Other liabilities

8

51,181

53,542

– 2,361

– 4.4

Valuation adjustments and provisions

11, 12

17,416

10,267

7,149

69.6

Reserves for general banking risks

11, 12

22,769

22,769

Share capital

12

10,330

10,330

Capital reserve

12

4,620

4,620

Reserves and retained earnings

12

336,951

337,351

– 400

– 0.1

Minority interests in shareholders’ equity

12

7,456

9,423

– 1,967

– 20.9

Consolidated net profit

12

19,602

33,373

– 13,771

– 41.3

of which minority interest in consolidated net profit

12

– 2,531

1,648

– 4,179

– 253.6

Total liabilities and shareholders’ equity

15, 17

3,911,762

3,051,928

859,834

28.2

Total liabilities due to non-consolidated participations and significant shareholders

33,840

17,526

16,314

93.1

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A Consolidated Off-Balance Sheet Transactions

as of 31st March 2012 and 2011

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8
 

31. 3. 2012 1000 CHF

31. 3. 2011 1000 CHF

 

Change

 

Notes

1000 CHF

%

Contingent liabilities

1, 18

62,837

75,904

– 13,067

– 17.2

Irrevocable commitments

1, 19

7,925

5,685

2,240

39.4

Fiduciary transactions

22

1,276,939

1,476,854

– 199,915

– 13.5

Derivative instruments

20, 21

– positive replacement value

24,981

51,332

– 26,351

– 51.3

– negative replacement value

43,792

48,176

– 4,384

– 9.1

– contract volume

4,200,844

2,467,896

1,732,948

70.2

B Consolidated Income Statement

for the period 1st April to 31st March

 

2011/12

2010/11

Change

 

Notes

1000 CHF

1000 CHF

1000 CHF

%

Interest and discount income

22,376

16,487

5,889

35.7

Interest and dividend income on financial investments

2,013

2,556

– 543

– 21.2

Interest expense

– 1,076

– 1,049

– 27

2.6

Net interest income

27

23,313

17,994

5,319

29.6

Commission income on lending activities

426

628

– 202

– 32.2

Commission income on asset management

71,499

81,589

– 10,090

– 12.4

Commission income on trust and company management services

39,277

46,413

– 7,136

– 15.4

Commission income on other services

681

838

– 157

– 18.7

Commission expense

– 2,332

– 2,590

258

– 10.0

Net commission income

27

109,551

126,878

– 17,327

– 13.7

Results from trading operations

24, 27

29,018

25,485

3,533

13.9

Results from the sale of financial investments

– 49

49

– 100.0

Income from non-consolidated participations

6,200

5,772

428

7.4

Real estate income

1,606

1,503

103

6.9

Total other ordinary results

27

7,806

7,226

580

8.0

Total income

27

169,688

177,583

– 7,895

– 4.4

Personnel expenses

10, 25, 27

– 105,756

– 99,811

– 5,945

6.0

Operating expenses

26, 27

– 29,434

– 31,169

1,735

– 5.6

Total operating expenses

27

– 135,190

– 130,980

– 4,210

3.2

Gross profit

27

34,498

46,603

– 12,105

– 26.0

Depreciation and write-offs of non-current assets

6

– 4,740

– 5,084

344

– 6.8

Valuation adjustments, provisions and losses

11

– 4,720

– 752

– 3,968

527.7

Result before extraordinary items and taxation

25,038

40,767

– 15,729

– 38.6

Taxation

11, 28

– 5,436

– 7,394

1,958

– 26.5

Consolidated net profit

12

19,602

33,373

– 13,771

– 41.3

of which minority interest in consolidated net profit

– 2,531

1,648

– 4,179

– 253.6

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B Consolidated Statement of Cash Flows

10
10

for the period 1st April to 31st March

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Source

31. 3. 2012 Application of funds

Balance

Source

31. 3. 2011 Application of funds

Balance

of funds

1000 CHF

of funds

1000 CHF

Consolidated net profit incl. minorities

19,602

33,373

Depreciation of non-current assets

4,740

5,084

Valuation adjustments and provisions

4,720

1,750

Accrued income and prepaid expenses

901

497

Accrued expenses and deferred income

1,514

836

Dividend of previous year

32,000

22,000

Dividend paid to minorities

3,553

3,533

Cash flow from operating results

29,963

37,067

– 7,104

41,540

25,533

16,007

Participations

36

Tangible fixed assets

4,195

4,452

Intangible assets

27,167

5,947

Cash flow from investment activities

31,362

– 31,362

36

10,399

– 10,363

Due to banks over 90 days

Due from banks over 90 days

50,649

79

Money market instruments

334,486

327,792

Due to customers, other

903,871

82,594

Due from customers

44,347

55,929

Trading balances in securities and precious metals

383

523

Financial investments

34,959

150,072

Other assets

29,816

3,588

Other liabilities

2,361

2,897

Cash flow from banking operations

1,312,520

88,352

1,224,168

331,291

292,183

39,108

Cash

2,014,112

37,423

Due from banks up to 90 days

857,965

118,901

Due to banks up to 90 days

30,529

37,600

Other positions

– 974

874

Liquidity

857,965

2,043,667 – 1,185,702

75,023

119,775

– 44,752

Total source of funds

2,200,448

447,890

Total application of funds

2,200,448

447,890

C Notes to the Consolidated Financial Statements

Information on the Balance Sheet

1 Listing of collateral of loans and off-balance sheet transactions

 

Mortgage

Other

Without

collateral

collateral

collateral

Total

1000

CHF

1000 CHF

1000 CHF

1000 CHF

Due from customers

 

497,539

38,787

536,326

Total loans

Current year

497,539

38,787

536,326

 

Previous year

544,374

36,299

580,673

Contingent liabilities

 

62,833

4

62,837

Irrevocable commitments

 

7,925

7,925

Total off-balance sheet transactions

Current year

62,833

7,929

70,762

 

Previous year

75,890

5,699

81,589

2

Endangered receivables

 

Estimated

 

Gross

realisable

Net

debt

value of

debt

Individual

 

amount

collateral

amount

provisions

1000

CHF

1000 CHF

1000 CHF

1000 CHF

Total bad and doubtful debts

Current year

 

Previous year

3

Trading balances in securities and precious metals

 
 

31.

3. 2012

31. 3. 2011

Change

1000

CHF

1000 CHF

1000 CHF

%

Shares

 

1,212

829

383

46.2

Trading balances in securities and precious metals

 

1,212

829

383

46.2

4

Financial investments

 

Book value

 

Fair value

31.

3. 2012

31. 3. 2011

31. 3. 2012

1000 CHF

31. 3. 2011 1000 CHF

1000

CHF

1000 CHF

Interest bearing securities / accrual method

 

67,787

103,483

69,112

105,163

Precious metals

 

218,222

147,567

218,222

147,567

Total financial investments

 

286,009

251,050

287,334

252,730

 

of which eligible for repo based on liquidity requirements

 

64,290

52,085

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C Notes to the Consolidated Financial Statements

5

Participations

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12

Consolidated participations

 

Partici-

Partici-

 

Share

pation

pation

capital

of votes

of capital

Name

Domicile

Business activity

in 1000

in %

in %

Rothschild Bank (C.I.) Ltd.

Guernsey

Bank

27,000 CHF

100.00

100.00

Equitas SA

Geneva

Asset management

1,000 CHF

90.00

90.00

Rothschild Advisory Partners AG

Zurich

Advisory services

2,000 CHF

100.00

100.00

Rothschild Vermögensverwaltungs-GmbH

Frankfurt

Asset management

250 EUR

100.00

100.00

RBZ Treuhand AG

Zurich

Fiduciary services

100 CHF

100.00

100.00

Creafin AG

Zurich

Asset management

100 CHF

100.00

100.00

Sagitas AG

Glarus

In liquidation

100 CHF

100.00

100.00

Anterana Holdings AG

Glarus

Fiduciary services

100 CHF

100.00

100.00

Rothschild Wealth Management (Singapore) Ltd.

Singapore

Asset management

500 SGD

100.00

100.00

Rothschild Wealth Management (Hong Kong) Ltd.

Hong Kong

Asset management

10,000 HKD

100.00

100.00

Rothschild Private Trust Holdings AG

Zurich

Holding

5,000 CHF

56.84

56.84

Rothschild Trust (Schweiz) AG

Zurich

Trust services

500 CHF

100.00

100.00

RTS Geneva SA

Geneva

Trust services

100 CHF

100.00

100.00

Master Nominees

Tortola

Nominee services

– USD

100.00

100.00

Rothschild Trust Cayman Ltd.

George Town

Trust services

400 KYD

100.00

100.00

Rothschild Trust BVI Ltd.

Tortola

Trust services

250 USD

100.00

100.00

RTB Trustees

Tortola

Trust services

– USD

100.00

100.00

Rothschild Trust (Singapore) Ltd.

Singapore

Trust services

987 SGD

100.00

100.00

Rothschild Trust Corp. Ltd.

London

Trust services

250 GBP

100.00

100.00

Rothschild Nominees

London

Nominee services

– GBP

100.00

100.00

Rothschild Trust Guernsey Ltd.

Guernsey

Trust services

3,500 GBP

100.00

100.00

Rothschild Trust (Bermuda) Ltd.

Bermuda

Trust services

– USD

100.00

100.00

Rothschild Trust Canada Inc.

Charlottetown

Trust services

10 CAD

100.00

100.00

Rothschild Trust Financial Services Ltd.

St. Peter Port

Trust services

– GBP

100.00

100.00

Rothschild Trust New Zealand Ltd.

Auckland

Trust services

– NZD

100.00

100.00

Rothschild Trust Protectors Ltd.

Charlottetown

Trust services

– CAD

100.00

100.00

C Notes to the Consolidated Financial Statements

Non-consolidated participations

 

31. 3. 2012 1000 CHF

31. 3. 2011 1000 CHF

Change

1000 CHF

%

Non-consolidated participations without market value

84,722

84,722

Total non-consolidated participations

84,722

84,722

Major non-consolidated participations

 

Partici-

Partici-

 

Share

pation

pation

 

Business

capital

of votes

of capital

Name

Domicile

activity

in 1000

in %

in %

Rothschild Bank International Ltd.

Guernsey

Bank

5000 GBP

0.00

40.00

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The investment in Rothschild Bank International Ltd. (RBI), formerly NM Rothschild & Sons (CI) Ltd., Guernsey, has a book value of CHF 83.3 million (preferred shares without voting rights). RBI is an affiliated company, which is controlled by Rothschilds Continuation Holdings AG, Zug.

6 Participations and fixed assets

 

Accu-

Depre-

mulated

Book

ciation/

Book

depre-

value

Re-

Disposals/

Valuation

value

 

Historical

ciation

previous

classi-

Forex

adjust-

current

cost

write-offs

year

fications

Additions

impact

ments

year

1000 CHF

1000 CHF

1000 CHF

1000 CHF

1000 CHF

1000 CHF

1000 CHF

1000 CHF

Other participations

84,722

84,722

84,722

Total participations

84,722

84,722

84,722

Bank buildings

51,383

34,383

17,000

17,000

Other properties

27,092

16,092

11,000

11,000

Outfitting costs

25,014

10,927

14,087

2,853

– 11

2,671

14,280

Other fixed assets

11,538

7,653

3,885

1,342

40

1,773

3,414

Total fixed assets

115,027

69,055

45,972

4,195

29

4,444

45,694

IT platform

(host system)

5,203

5,203

26,685

31,888

Other intangible assets

3,469

2,735

734

482

– 9

296

929

Total intangible assets

8,672

2,735

5,937

27,167

– 9

296

32,817

Total

208,421

71,790

136,631

31,362

20

4,740

163,233

7

Fire insurance value

 
 

31. 3. 2012 1000 CHF

31. 3. 2011 1000 CHF

Fire insurance value of real estate

 

94,681

93,190

Fire insurance value of other fixed assets

 

71,543

79,868

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C Notes to the Consolidated Financial Statements

8 Other assets and other liabilities

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31.

3. 2012

 

31.

3. 2011

 

Other

Other

Other

 

Other

assets

liabilities

assets

liabilities

1000

CHF

1000 CHF

1000

CHF

1000 CHF

Replacement values of all derivative financial instruments

24,781

43,792

51,332

 

48,176

Compensation accounts, stamp duty, VAT, withholding tax

 

2,801

3,459

2,569

 

3,057

Due from Trust customers

 

5,693

9,289

 

Other assets and liabilities

 

1,593

3,930

1,494

 

2,309

Total other assets and other liabilities

34,868

51,181

64,684

 

53,542

9

Indication of pledged or assigned assets to secure own commitments and of assets with reservation of title

 

Pledged or ceded assets and assets with reservation of title without securities lending and borrowing and without repurchase and reverse repurchase agreements

 

31.

3. 2011

 

31.

3. 2011

 

of which

 

of which

Book value

used

Book value

 

used

 

1000

CHF

1000 CHF

1000

CHF

1000 CHF

Money market instruments

40,000

29,956

 

Due from banks

40,784

11,764

17,117

 

2,299

Securities

64,290

94,969

 

Total

145,074

11,764

142,042

 

2,299

10

Disclosure of liabilities to Rothschild Bank pension plan

Swiss pension plans

 

Additional supporting

 

BVG pension scheme

foundation

31. 3. 2012

31. 3. 2011

31. 3. 2012

31. 3. 2011 1000 CHF

1000

CHF

1000 CHF

1000 CHF

Cover margin according Swiss GAAP FER 16

9,554

15,794

5,265

5,791

Excess in relation to disclosed liabilities in %

5.7 %

9.8 %

25.9 %

28.2 %

Economic benefit

Economic liability

The disclosures are based on the annual accounts of the pension schemes as of 31.12.2011 and 31.12.2010 respectively.

C Notes to the Consolidated Financial Statements

 

Additional supporting

 
 

BVG pension scheme

foundation

Total 31. 3. 2012 1000 CHF

 

31. 3. 2012 1000 CHF

31. 3. 2011 1000 CHF

31. 3. 2012 1000 CHF

31. 3. 2011 1000 CHF

31. 3. 2011 1000 CHF

Employer contribution reserve not capitalised

598

598

598

598

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15

All employees of Rothschild Bank and its Swiss subsidiaries are members of a definied contribution pension scheme, which covers the mandatory benefits specified in the BVG and super-obligatory benefits. A second supporting foundation provides further supplementary super-obligatory benefits.

Due to pension schemes amount to CHF 2.1 million (last year: CHF 11.3 million).

NMR Overseas Pension Plan

The Group’s subsidiaries Rothschild Bank (CI) Ltd., Guernsey (“RBCI”), and Rothschild Trust Guernsey Ltd., Guernsey (“RTG”), participate in the NMR Overseas Pension Fund, a defined benefit scheme operated for the benefit of employees of certain Rothschild Group entities outside the United Kingdom and outside of Switzerland. A funding valuation (which is being prepared at least every three years) of the scheme as of 31st March 2009 revealed a funding deficit of GBP 15.9 million. The Board of Trustees has agreed that annual contributions of GBP 2.1 million should be paid to the scheme from 31st March 2009 to 31st March 2019. The proportion to be carried by RBCI and RTG amounts to GBP 1 million p.a. or 46% of the total contributions.

As restructuring measures were agreed, the economic liability was determined based on the net present value of the future extraordinary contributions.The provision has been increased by CHF 3.3 million to CHF 9.2 million. In the case of a recovery of the Plan, the decision of the Board of Trustees maybe unwound.

11 Valuation adjustments and provisions, reserves for general banking risks

 

Recoveries,

New

 

Usage in

overdue

creation,

Reversals,

 

Balance

conformity

interest,

charged to

credited to

Balance

previous

with their

currency

income

income

current

year

purpose

differences

statement

statement

year

1000 CHF

1000 CHF

1000 CHF

1000 CHF

1000 CHF

1000 CHF

Provisions for deferred taxes

3,425

3,425

Provisions for pension obligations

5,997

– 104

3,265

9,158

Other provisions

845

– 90

– 5

4,083

4,833

Total valuation adjustments and provisions

10,267

– 90

– 109

7,348

17,416

Total valuation adjustments and provisions as per balance sheet

10,267

17,416

Reserves for general banking risks

22,769

22,769

Statutory accounts include hidden reserves according to para. 30 Swiss Banking GAAP. These are treated under reserves for general banking risks in the consolidated true and fair accounts.

C Notes to the Consolidated Financial Statements

12 Statement of changes in shareholders’ equity

R
R
16
16
 

1000 CHF

Share capital

10,330

Capital reserve

4,620

Reserves and retained earnings

337,351

Minority interest in shareholders’ equity

9,423

Reserves for general banking risks

22,769

Consolidated net profit incl. minority interests

33,373

Shareholders’ equity at beginning of current year

417,866

Dividends paid

– 32,000

Dividends paid to minorities

– 3,553

Translation adjustments

– 187

Consolidated net profit incl. minority interests

19,602

Shareholders’ equity at end of current year

401,728

Share capital

10,330

Capital reserve

4,620

Reserves and retained earnings

336,951

Minority interest in shareholders’ equity

7,456

Reserves for general banking risks

22,769

Consolidated net profit incl. minority interests

19,602

Shareholders’ equity at end of current year

401,728

C Notes to the Consolidated Financial Statements

13

Maturity structure of current assets, financial investments and liabilities

 
 

Maturity

Maturity

Maturity

Maturity

 

Redeemable

within

within 3–

within

after

Total 31. 3. 2012 1000 CHF

 

At sight

by notice

3 months

12 months

1–5 years

5 years

1000 CHF

1000 CHF

1000 CHF

1000 CHF

1000 CHF

1000 CHF

Cash

2,313,758

2,313,758

Money market instruments

40,000

40,000

Due from banks

449,588

5,925

69,120

524,633

Due from customers

32,591

235,105

157,531

102,216

8,883

536,326

Trading balances in securities and precious metals

1,212

1,212

Financial investments

218,222

1,808

16,529

49,450

286,009

Total current assets

3,015,371

235,105

205,264

187,865

58,333

3,701,938

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