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Credit Suisse Group Annual Report 2006

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Credit Suisse Group Annual Report 2006 Credit Suisse Group Annual Report 2006 Investment Banking • Private Banking • Asset Management Highlights 2006 CHF 38,603 million Credit Suisse Group’s net revenues amounted to CHF 38,603 million in 2006, an increase of 27% compared to 2005. CHF 11,327 million Net income for 2006 totaled CHF 11,327 million, up 94% compared to 2005. CHF 8,281million Income from continuing operations was CHF 8,281 million, up 83% compared to 2005. CHF 95.4 billion In 2006, Credit Suisse Group recorded net new assets of CHF 95.4 billion, compared to CHF 57.4 billion in 2005. CHF 1,485.1 billion Assets under management stood at CHF 1,485.1 billion as of December 31, 2006, up 12.6% from December 31, 2005. 44,871 At year end 2006, Credit Suisse Group employed 44,871 people, of which 20,353 were in Switzerland and 24,518 were in more than 50 countries around the globe. For purposes of the Annual Report, unless the context otherwise requires, the terms “Credit Suisse”, “the Group”, “we”, “us” and “our” mean Credit Suisse Group and its consolidated subsidiaries and the term “the Bank” means Credit Suisse, the Swiss bank subsidiary of the Group, and its consolidated subsidiaries. Credit Suisse Group financial highlights Year ended December 31, in CHF m, except where indicated 2006 2005 2004 Consolidated statements of income Net revenues 38,603 30,489 27,033 Income from continuing operations 8,281 4,526 4,996 Income from discontinued operations, net of tax 1) 3,070 1,310 639 Net income 11,327 5,850 5,628 Return on equity 27.5% 15.4% 15.9% Earnings per share, in CHF Basic earnings per share from continuing operations 1) 7.53 3.98 4.25 Basic earnings per share 10.30 5.17 4.80 Diluted earnings per share from continuing operations 1) 7.19 3.90 4.23 Diluted earnings per share 9.83 5.02 4.75 Cost/income ratio – reported 63.2% 76.2% 72.4% Cost/income ratio 2) 69.6% 81.6% 75.4% Net new assets, in CHF bn 95.4 57.4 28.2 December 31, in CHF m, except where indicated 2006 2005 Assets under management, in CHF bn 1,485.1 1,319.4 Consolidated balance sheet Total assets 1,255,956 3)1,339,052 Shareholders’ equity 43,586 42,118 Consolidated BIS capital data Risk-weighted assets 253,676 232,891 Tier 1 ratio 13.9% 11.3% Total capital ratio 18.4% 13.7% Number of employees Switzerland – Banking 20,353 20,194 Outside Switzerland – Banking 24,518 24,370 Winterthur 0 3) 18,959 Number of employees (full-time equivalents) 44,871 63,523 Stock market data Share price per registered share, in CHF 85.25 67.00 Share price per American Depositary Share, in USD 69.85 50.95 Market capitalization 90,575 75,399 Market capitalization, in USD m 74,213 57,337 Book value per share, in CHF 41.02 37.43 Par value reduction, in CHF 0.46 4) – Dividend per registered share, in CHF 2.24 4) 2.00 1) Before extraordinary items and cumulative effect of accounting changes. 2) Excludes minority interest revenues of CHF 3,663 million, CHF 2,074 million and CHF 1,088 million and minority interest expenses of CHF 103 million, CHF 32 million and CHF 16 million in 2006, 2005 and 2004, respectively, from the consolidation of certain private equity funds and other entities in which the Group does not have a significant economic interest in such revenues and expenses. 3) Impacted by the sale of Winterthur on December 22, 2006. 4) Proposal of the Board of Directors to the Annual General Meeting on May 4, 2007. Financial calendar First quarter results 2007 Wednesday, May 2, 2007 Annual General Meeting Friday, May 4, 2007 Dividend payment Thursday, May 10, 2007 Par value reduction payment Wednesday, July 18, 2007 Second quarter results 2007 Thursday, August 2, 2007 Third quarter results 2007 Thursday, November 1, 2007 Ticker symbols / Stock exchange listings Bloomberg Reuters Telekurs SWX Swiss Exchange/virt-x CSGN VX CSGN.VX CSGN,380 New York Stock Exchange (ADS) 1) CS US CS.N CS,065 CSG share ADS 1) Swiss security number 1213853 570660 ISIN number CH0012138530 US2254011081 CUSIP number 225 401 108 1) One ADS represents one common share. Ratings Standard & Fitch Moody’s Poor’s Ratings Credit Suisse Group Short term – A-1 F1+ Long term Aa3 A+ AA- Outlook Stable Stable Stable Credit Suisse Short term P-1 A-1+ F1+ Long term Aa3 AA- AA- Outlook Stable Stable Stable Share data December 31 2006 2005 Shares issued 1,214,862,013 1,247,752,166 Treasury shares (152,394,952) (122,391,983) Shares outstanding 1,062,467,061 1,125,360,183 Share price in CHF 2006 2005 2004 High (closing price) 85.35 68.50 49.50 Low (closing price) 62.70 46.85 37.35 The following table shows principal Swiss franc foreign exchange rates: Closing rate Average rate in CHF 31.12.06 31.12.05 2006 2005 2004 1 US dollar (USD) 1.2208 1.3137 1.25 1.24 1.24 1 Euro (EUR) 1.6085 1.5572 1.57 1.55 1.54 1 British pound sterling (GBP) 2.3987 2.2692 2.31 2.26 2.28 100 Japanese yen (JPY) 1.0260 1.1190 1.08 1.13 1.15 Share performance Market capitalization CHF Swiss Market Index (rebased) Credit Suisse Group As of end of reporting period (in CHF bn) 90 100 90 80 80 70 70 60 60 50 40 50 30 40 20 10 30 2004 2005 2006 98 99 00 01 02 03 04 05 06 Credit Suisse Group Annual Report 2006 The 2006 Business Review provides an overview of Credit Suisse’s activities during 2006, a record year for the bank. In addition, specialists from Credit Suisse explore current topics such as the financing of infrastructure projects, the rise of the emerging markets and the transformation of the banking industry in the 21st century. The publication will be available in English and German. The Business Review should be read in conjunction with the Credit Suisse Group Annual Report 2006. 4 Message from the Chairman 6 Message from the Chief Executive Officer 9 Information on the company 10 Credit Suisse at a glance 10 The year at Credit Suisse 16 Organizational structure of Credit Suisse 18 Vision, mission and principles 19 Strategy 20 Products and services 27 Marketing and distribution 28 Operating environment and competition 31 Operating and financial review 32 Overview 34 Summary of Credit Suisse Group results 34 Recent developments 36 Credit Suisse Group 40 Investment Banking 45 Private Banking 52 Asset Management 57 Corporate Center 59 Assets under management 61 Risk management 85 Corporate governance 133 Financial information 136 Consolidated financial statements 232 Parent company financial statements 241 Main offices Message from the Chairman Dear shareholders, clients and colleagues Credit Suisse celebrated its long history of banking expertise and innovation in 2006 in the context of its 150th anniversary, while building a solid platform for its future growth. It is particularly satisfying to note that 2006 was also the year in which we reported our best ever financial result, confirming the success of our efforts to realign the business over the last three years. Our 150 years of banking experience have provided us with a strong foundation that allows us to constantly look ahead and anticipate the needs of our clients in a rapidly changing environment. It was this experience that enabled us to quickly adapt to the impact of globalization on our industry and to devise an appropriate response in the form of our integrated global banking model that mirrors the increasingly integrated global marketplace in which we operate. As a result, we began repositioning our business and – as one of the most highly integrated banks Walter B. Kielholz worldwide – now have the necessary structure, flexibility and resources to satisfy Chairman of the Board of Directors our clients’ demands for holistic solutions and global execution capabilities. Credit Suisse Group Our efforts to create an integrated global bank in 2006 included the sale of our insurance business, Winterthur, to AXA S.A. for cash consideration of CHF 12.3 billion. This key strategic step provided us with the best opportunity to deliver the full value of Winterthur to our shareholders in a single transaction, while providing an opportunity for the future growth of the business within a leading global insurance company. The creation of an integrated bank and the sale of Winterthur mean that we now have a very clear strategic focus and can concentrate our capital and resources on our banking business and the global expansion of Credit Suisse. We already have a leading presence in Europe and North America, as well as in rapidly developing emerging markets such as Brazil, Mexico, China, Russia and the Middle East. Going forward, we will continue to leverage our position in our existing markets and will target new high-growth regions throughout the world. Our integrated banking model not only provides us with a platform for growth, it also enables us to generate significant operating efficiencies, increase the scale of our business and generate the necessary cash flow and capital to fund our ambitious growth plans. The strongest capital base in our history Credit Suisse today has the strongest capital base in its history. At the Annual General Meeting on May 4, 2007, the Board of Directors will propose a further share buyback program of up to CHF 8 billion over three years.
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