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A N N U a L R E P O R T 2 0 ANNUAL REPORT 2011 EFG International is an international private banking and asset management group based in Zurich. It was founded on the back of a passionate conviction: clients of our industry expect and deserve more. The essence of private banking is relationships; at EFG International, our role is to provide the conditions for these to flourish. Courtesy of an entrepreneurial business model, our business attracts professionals of the highest calibre, who enjoy the controlled freedom to operate in their clients’ best interests. EFG International’s global family of private banking businesses operates in over 30 locations worldwide. The business benefits from the resources and substantial capital reserves of EFG Bank European Financial Group, based in Geneva, which is EFG International’s largest shareholder with 49.34%. EFG INTERNATIONAL EFG INTERNATIONAL FINANCIAL HIGHLIGHTS PERFORMANCE EVOLUTION AUM and AUA (1) in CHF millions 31 December 2011 in CHF billions 106.9 Income AUA 97.1 92.8 Operating income 763.2 AUA 98.3 88.2 AUM 86.0 AUA Net profit, excluding one-offs 83.5 AUA 81.0 AUA 87.7 86.0 AUA IFRS net loss (294.1) AUM AUM 77.2 79.0 73.6 AUM AUM AUM Balance Sheet Total Assets 21,041 Shareholders’ Equity 1,012 Market Capitalisation Share Price (in CHF) 7. 11 Market Capitalisation (ordinary shares) (2) 954 2006 2007 2008 2009 2010 2011 BIS Capital Total BIS Capital 723 Operating income Total BIS Capital Ratio 12.9% in CHF millions 946.3 913.8 Ratings long term outlook 859.1 Moody’s A3 Stable 808.1 763.2 Fitch A Negative 634.4 Personnel Total number of CROs 567 Total number of employees 2,547 Listing Listing at the SIX Swiss Exchange, Switzerland; ISIN: CH0022268228 2006 2007 2008 2009 2010 2011 Ticker Symbols Reuters EFGN.S Bloomberg EFGN SW Total Balance Sheet in CHF millions 20,650 20,893 21,041 18,894 18,037 15,888 (1) Including announced acquisitions. 2006 2007 2008 2009 2010 2011 (2) Excluding treasury shares. 1 International practitioners of the craft of private banking CONTENTS CHAIRMAN’S LETTER 4 LETTER FROM THE CEO 6 INTERNATIONAL PRESENCE 15 FINANCIAL REVIEW 18 EFG INTERNATIONAL BOARD AND MANAGEMENT 26 SOCIAL COMMITMENT 29 RISK MANAGEMENT 32 PARENT COMPANIES 40 CORPORATE GOVERNANCE 42 Group structure and shareholders 44 Capital structure 45 Board of Directors 48 Executive Committee 58 Compensation, shareholdings and loans 61 Shareholders’ rights of participation 63 Changes of control and defence measures 64 Auditors 65 Information policy 66 CONSOLIDATED FINANCIAL STATEMENTS 68 Consolidated statement of comprehensive income 70 Consolidated balance sheet 72 Consolidated statement of changes in equity 73 Consolidated cash flow statement 75 Notes 76 Auditor’s report 154 PARENT COMPANY FINANCIAL STATEMENTS 156 Parent company income statement 158 Parent company balance sheet 159 Notes 160 Auditor’s report 168 CONTACTS AND ADDRESSES 171 3 CHAIRMAN’S LETTER Jean Pierre Cuoni Dear shareholders, dear clients, 2011 was a truly transformational year for EFG International. Economic uncertainty contin- ued to weigh on client confidence, and therefore activity levels, and the underlying business was not as profitable as it should have been. As a result, there was a change of leadership and a detailed business review, with a number of actions designed to refocus the business on delivering disciplined, profitable growth. Excluding one-off charges, the underlying profit was CHF 83.5 million, on operating income for the year of CHF 763.2 million, down 6%. Revenue-generating Assets under management were CHF 78.4 billion at end-December 2011, down from CHF 84.8 billion a year earlier. Net new assets were CHF 0.6 billion for continuing businesses, but CHF (1.2 billion) taking into account outflows in businesses being exited. In this context, our detailed business review was both necessary and timely. It has required significant management attention and resources, with an inevitable impact on growth during the second half, but strong progress has been made in resetting our business (with a number of loss-making or non-core businesses and locations being sold or closed), simplifying complexity and reducing costs. As a result of the measures being taken, there will be a net financial benefit of CHF 35 million, realised in part in 2012 and in full in 2013. Private banking represents a substantial and growing opportunity, and although there are pressures in relation to offshore business – in particular in Switzerland – EFG International is relatively well placed. The business was only established in 1995; it has for most of that time operated offshore and onshore; and it benefits from an internationally diversified and balanced spread of business, well suited to regional HNWI growth trends. As I have always said, EFG International has many competitive strengths, courtesy of its high quality and loyal CROs and the strength of their relationships with clients. We have drawn a line under past mistakes, and our focus is clear: private banking. Everyone in the business is now working hard to convert our strengths as a pure-play private bank into a level of profitability that adequately reflects EFG International’s scale and natural growth potential. I would like to thank all employees for their continued hard work and loyalty. Jean Pierre Cuoni, Chairman of the Board 5 LETTER FROM THE CEO John Williamson In the year ended 31 December 2011 , financial highlights for EFG International were as follows: − Net profit before one-off charges was CHF 83.5 million, compared with a baseline of CHF 110.0 million as communicated in October 2011 , on operating income of CHF 763.2 million, down 6% year-on-year. − Revenue-generating Assets under Management were CHF 78.4 billion as at 31 Decem- ber 2011 , down from CHF 84.8 billion as at end-2010. − Net new assets were CHF 0.6 billion for continuing businesses, but CHF (1.2 billion) taking into account outflows in businesses being exited.This compares with net new assets of CHF 9.7 billion for 2010. − The number of Client Relationship Officers (CROs) stood at 567 at end 2011 , down from 675 as at end-2010. REVIEW OF BUSINESS Last year was another challenging year, particularly during the second half. As a conse- quence, performance during the final quarter (normally the strongest for EFG International) was constrained by continuing economic uncertainty and its impact on client confidence. EFG International’s focus during the second half was on a detailed review of its business, with actions designed to reset the business and position it to deliver disciplined, profitable growth in future. EFG International’s underlying performance during 2011 was disappointing, highlighting the importance of our detailed business review. We have taken numerous steps to reset the business, including reducing the number of locations from 50 to 32. We have also moved quickly, so as to ensure that our focus in 2012 is on driving the business forward.The devotion of time and resources impacted growth during the second half, but good progress has been made in resetting our business, sharpening focus and reducing costs. I believe strongly that EFG International has manifold strengths as a pure-play private bank; is well positioned in a changing private banking market; and benefits from high quality and loyal CROs. Now the focus is on demonstrating that we can convert these strengths into a level of profitability that adequately reflects EFG International’s scale, revenue base and natural growth potential. 7 Core business performance constrained by external conditions and, as previously announced, IFRS net profit significantly impacted by the business review EFG International made an IFRS net loss for 2011 of CHF 294.1 million, reflecting exceptional costs relating to resetting the business, flagged at the time of its business review last October, as follows: − Restructuring charges and provisions of CHF 46.0 million. − Net goodwill and intangibles impairment of CHF 223.8 million, plus a negative currency impact relating to a subsidiary of CHF 10.0 million.These had no impact on regulatory capital. − An impairment (in line with other banks) of CHF 72.5 million, relating to Greek sovereign exposure and based on the year-end valuation. The IFRS net result was also adversely affected by CHF 25.3 million in relation to life settle- ment revenues (including a one-off reduction of CHF 17.6 million).This followed detailed due diligence in 2011 on a policy-by-policy basis, which provided further comfort as to the solidity of the life insurance portfolio, which is being held to maturity. However, EFG International has decided to adopt more conservative estimates regarding future premium payments and the expected yield on the portfolio. Excluding the above factors, the underlying net profit was CHF 83.5 million. Operating income for the year was CHF 763.2 million in 2011 , down 6% year-on-year (compared to the 2010 revenues adjusted for the 2010 MBAM impairment), but up 6% on a constant currency basis. The revenue margin was constant at 94 bps. Operating expenses were CHF 713.7 million, down 1% on the previous year, with the cost-income ratio standing at 91.6% (88.1% excluding legal provisions), compared with 85.2% in 2010.This outturn does not reflect the business review measures that will impact costs from 2012 onwards. Revenue-generating Assets under Management were CHF 78.4 billion at end-2011 , down from CHF 84.8 billion a year earlier. Net new assets were CHF 0.6 billion for continuing businesses, but CHF (1.2) billion after taking into account outflows at businesses in the process of being exited.This represents a disappointing outcome, given net new assets of CHF 2.7 billion dur- ing the first half of 2011.
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