2. Share performance
400
350
300
250
200
150
100
Swiss Market Index
Credit Suisse Group
1996 1997 1998 1999 2000
Change
Share data 30 June 2000 31 Dec. 1999 in %
Number of shares issued 273,911,468 272,206,488 1
Shares ranking for dividend 273,911,468 272,206,488 1
Average 1
273,278,067 271,310,760
Market capitalisation (CHF m) 88,884 86,153 3
Bookvalue per share (CHF) 123.27 119.84 3
1st half 2000 1st half 1999
Earnings per share (CHF) 13.21 9.85 34
Earnings per share fully diluted (CHF) 13.16 9.79 34
Share price (CHF) (at 25 August 2000: 381.0)
at 30 June/31 Dec. 324.5 316.5 3
half-year/year high 339.5 316.5 7
half-year/year low 265.5 212.0 25
Financial calendar
Publication of 2000 annual results Tuesday, 13 March 2001
Annual General Meeting 2001 Friday, 1 June 2001
4
3. FINANCIAL HIGHLIGHTS 1ST HALF 2000
1st half 2000 1st half 1999 Change
Consolidated income statement in CHF m in CHF m in %
Revenue 217,848 13,804 29
Gross operating profit 6,133 4,671 31
Net profit 3,610 2,665 35
Cash flow 5,049 4,024 25
1st half 2000 1st half 1999 Change
Return on equity (ROE) in % in % in %
Credit Suisse Group 21.2 9
19.4
Banking business 25.9 7
24.2
Insurance business 11.3 7
10.6
Insurance business return on invested capital (ROIC) 18.7 9
17.2
30 June 2000 Change
31 Dec. 1999
Consolidated balance sheet in CHF m in %
in CHF m
Total assets 817,193 13
722,746
Total shareholders’ equity 36,388 6
34,368
– of which minority interests 2,622 50
1,747
Total risk-weighted assets (BIS) 215,078 1
213,298
BIS tier 1 capital 28,275 0
28,261
– of which non-cumulative preferred stock 1,116 458
200
BIS total capital 41,412 1
40,843
30 June 2000 Change
31 Dec. 1999
Assets under management in CHF bn in CHF bn in %
Total assets under management 1,227 4
1,182
– of which advisory 649 3
629
– of which discretionary 578 5
553
30 June 2000 31 Dec. 1999 Change
BIS ratios in % in %
in %
BIS tier 1 ratio
Credit Suisse 7.1 4
6.8
Credit Suisse First Boston 11.2 13
9.9
Credit Suisse Group 13.1 –1
13.2
BIS total capital ratio Credit Suisse Group 19.3 1
19.1
Change
Staff numbers 30 June 2000 in %
31 Dec. 1999
Total staff 66,379 4
63,963
– of which in Switzerland banking business 20,953 0
20,885
insurance business 6,717 2
6,569
– of which outside Switzerland banking business 18,080 5
17,249
insurance business 20,629 7
19,260
5
4. CONSOLIDATED HALF-YEAR RESULTS
Credit Suisse Group announced a net profit of CHF 3.6 bn after taxes and
minority interests for the first half of 2000, thereby exceeding the very good
result of the first six months of 1999 by 35%. The new Credit Suisse Financial
Services business area posted a net profit of CHF 948 m (up 36%); net profit
at Credit Suisse Private Banking rose 61% to CHF 1.4 bn; Credit Suisse First
Boston posted a net profit of CHF 1.2 bn (up 22%); Credit Suisse Asset
Management reported cash earnings of CHF 161 m (up 39%). The Group’s
return on equity advanced from 19% to 21%.
The first-half 2000 results were characterised by strong performance and progress
against strategic goals by all business units. Credit Suisse First Boston further expand-
ed market share in its global business. Credit Suisse Private Banking showed good
growth and continued its leadership in e-commerce applications for private banking.
Another milestone was the formal establishment of the Credit Suisse Financial Services
business area in April 2000. Credit Suisse Group also continued its strong investment
and focus in e-commerce and e-enabled business models.
A supportive equity capital market, particularly in the first quarter, resulted in
strong growth in commissions and trading throughout the Group, particularly at
Credit Suisse First Boston and Credit Suisse Private Banking, while capital market
slowed to a more normal level in the second quarter.
The Group’s assets under management have risen to CHF 1,227 bn since the
end of 1999 – up CHF 45 bn or 3.8%. Net inflow of new funds was CHF 28 bn or
2.4%, to which Credit Suisse Private Banking contributed CHF 12 bn (first-half 1999:
CHF 8.9 bn), Credit Suisse Financial Services CHF 1.8 bn (first-half 1999:
CHF 4.8 bn) and Credit Suisse Asset Management CHF 14.6 bn (first-half 1999:
CHF 19.0 bn).
The Group’s revenue advanced 29% to CHF 17.8 bn against the first half
of 1999. Commission and service fee income rose by 51% to CHF 7.5 bn and trading
income by 49% to CHF 5.4 bn. Interest income fell by CHF 486 m or 17% to CHF
2.3 bn, primarily owing to narrower interest margins at Credit Suisse First Boston.
Income from insurance business grew by 22% to CHF 2.7 bn.
Operating expenses climbed 28% to CHF
11.7 bn, with personnel expenses advancing
OVERVIEW OF ASSETS 30 June 2000 31 Dec. 1999 Change
UNDER MANAGEMENT in CHF bn in CHF bn in %
33% to CHF 8.9 bn and other operating
expenses rising 16% to CHF 2.8 bn. The
285.5
Credit Suisse Financial Services 276.8 3.1
increase in operating expenses can be attrib-
1.8
– of which net new assets (1st half year) 4.8
uted primarily to performance-related staff
141.4
– of which discretionary 135.4
bonuses, which rose to CHF 4.3 bn (up 51%),
3.8 reflecting higher levels of revenue.
494.9
Credit Suisse Private Banking 476.7
Gross operating profit rose by 31% to
12.0
– of which net new assets (1st half year) 8.9
CHF 6.1 bn. Valuation adjustments, provisions
104.7
– of which discretionary 95.2
and losses declined by 31% to CHF 606 m.
443.2
Credit Suisse Asset Management 424.6 4.4
Extraordinary expenses increased from CHF
14.6
– of which net new assets (1st half year) 19.0
14 m to CHF 134 m. Of the increase, CHF
334.2
– of which discretionary 324.2
103 m was due to the allocation of provisions
7.0 to the “Reserves for general banking risks”,
Credit Suisse First Boston (Private Equity) 6.1 5.7
based on the Group’s statistically driven credit
– of which net new assets (1st half year) 0.2 0.7
loss model. After deducting taxes of CHF 1.1 bn
Credit Suisse Group (consolidated) 1,226.7 1,181.8 3.8
(up 68%) and minority interests of CHF 101 m,
– of which net new assets (1st half year) 28.0 33.4
the Group produced a net profit of CHF 3.6 bn,
– of which discretionary 577.7 553.4
up 35% on the first six months of 1999.
6
5. STAFF NUMBERS
Net profit per share came to CHF 13.21 (up 34%), and book value per share BY BUSINESS UNIT
has increased by 3% since the start of 1999 to CHF 123.27. As at 30 June 2000,
2,067
Credit Suisse Group employed 66,379 staff (up 4%). 15,863
In March 2000, Credit Suisse Group announced the establishment of Credit
Suisse Financial Services, and on 1 July 2000 the business area was formally estab-
lished. It comprises the Credit Suisse Banking (private and corporate customers in 39,115
Switzerland), Credit Suisse Personal Finance (European on-shore business with
affluent private clients), Credit Suisse e-Business (Internet-based services), Winterthur 8,544
Insurance (non-life insurance), and Winterthur Life & Pensions (life insurance and CSFS
pension fund solutions) business units and a shared Technology and Services unit. CSPB
CSFB
The Credit Suisse Private Banking, Credit Suisse First Boston and Credit Suisse Asset CSAM
Management business units remained unchanged.
Business unit results
For the first six months of 2000, the business units forming Credit Suisse Financial
Services as of 1 April 2000 posted a total net profit of CHF 948 m, a 36% increase
compared to the same period in 1999. In order to provide comparability, the following
reports on the results of the businesses forming the Credit Suisse Financial Services
business area are presented as in the management structure which was in place until
30 June 2000.
Winterthur produced a 24% growth in net profit to CHF 625 m. This result was
achieved despite a challenging operating environment and continued moderate realisa-
OVERVIEW OF BUSINESS
UNIT RESULTS
Credit Credit Credit Credit Adjustments
Suisse Suisse Suisse Suisse including Credit
1st half 2000 Financial Private First Asset Corporate Suisse
in CHF m Services Banking Boston Management Center Group
4,533 3,206 9,624 733 –248 17,848
REVENUE
Personnel expenses 1,727 874 5,754 308 254 8,917
Other operating expenses 1,152 387 1,453 225 – 419 2,798
2,879 1,261 7,207 533 –165 11,715
TOTAL OPERATING EXPENSES
1,654 1,945 2,417 200 – 83 6,133
GROSS OPERATING PROFIT
Depreciation and write-offs on non-current assets 104 24 331 32 151 642
1)
Valuation adjustments, provisions and losses 283 104 301 0 – 82 606
1,267 1,817 1,785 168 –152 4,885
PROFIT BEFORE EXTRAORDINARY ITEMS/TAXES
Extraordinary income 30 5 0 0 9 44
Extraordinary expenses 1)
9 14 0 0 111 134
Taxes 287 411 545 39 –198 1,084
1,001 1,397 1,240 129 – 56 3,711
NET PROFIT BEFORE MINORITY INTERESTS
– of which minority interests 53 15 0 0 33 101
948 1,382 1,240 129 – 89 3,610
NET PROFIT (after minority interests)
Average allocated equity capital 16,723 3,069 10,748 1,066
Return on average equity capital 12.0% n/a 23.1% n/a
Equity capital allocation as of 1 July 2000 16,198 3,152 10,786 1,092
1)
– 66 –22 –15
net of allocation (-)/release (+) of reserves for general banking risks
7
6. tion of capital gains (total investment return was a sustainable 6.2%). Non-life business
REVENUE
COMPOSITION
achieved rate increases in many markets and good growth partially offset by higher
claims. In life business, an aggressive pricing environment in Switzerland – particularly
15%
13%
in single-premium sales – was partially offset by good growth in annual life premiums
and in other European markets. The annualised return on invested capital increased to
18.7%.
Credit Suisse generated a net profit of CHF 366 m, thereby exceeding the
30%
result for the first half of 1999 by CHF 165 m or 82%. While revenue climbed 16% to
42%
CHF 2.0 bn, driven particularly by high commissions from securities transaction vol-
Balance sheet business
umes, operating expenses advanced by only 6%. The cost/income ratio (excl. goodwill
Commission and service fees
Trading
amortisations) further improved, falling 4.9 percentage points to 61.5%.
Insurance
The Personal Financial Services Europe project has been operating success-
fully in Italy since May 1999 and will be launched in other European markets over the
next twelve months. Overall, the project reported a start-up pre-tax loss of CHF 56 m
in the first half of 2000, resulting from capital expenditure establishing the business,
including corresponding marketing activities. Credit Suisse (Italy) significantly expanded
its client base from 12,400 to 16,100 and assets under management reached
CHF 5 bn as at the end of June 2000, an increase of 25% since year-end 1999. The
Credit Suisse (Italy) finance portal was launched in April of this year. Within the next
few weeks, Credit Suisse Group will launch a pan-European e-commerce platform,
offering clients across Europe comprehensive financial information, investment funds
from leading fund management companies and online brokerage on the world’s main
REVENUE CONTRIBUTION
BY BUSINESS UNIT
stock exchanges. Youtrade, Switzerland’s leading online broker with more than 20,000
clients and a market share of around 35% as at 30 June, once again exceeded expec-
4%
25%
tations and broke even 14 months after its inception.
Credit Suisse Private Banking increased net profit by 61% compared with the
same period in 1999 to CHF 1.4 bn. Revenue climbed by 42% to CHF 3.2 bn, attrib-
utable primarily to a CHF 618 m increase in commission income to CHF 2.1 bn. Oper-
18%
ating expenses advanced 17% to CHF 1.3 bn, of which personnel expenses rose 23%
53%
to CHF 874 m, the result primarily of a 53% increase in performance-related pay.
CSFS
Assets under management climbed by 3.8% to CHF 495 bn in the first six months of
CSPB
CSFB
2000, of which CHF 12 bn (first-half 1999: CHF 8.9 bn) or 2.5% can be attributed to
CSAM
net inflow of new funds and 1.3% to market-related and structural growth.
Credit Suisse First Boston further increased its key market shares and pro-
duced a net profit of CHF 1.2 bn (up 22%) or USD 761 bn (up 9%). Revenue rose by
30% to CHF 9.6 bn (or by 15% to USD 5.9 bn). The 38% increase in operating
expenses to CHF 7.2 bn (or a 23% rise to USD 4.4 bn) reflects investment in organic
growth in Equity business and Investment Banking as well as higher bonus provisions
resulting from increased earnings. The 34% (in USD: 42%) drop in earnings from
Fixed Income business to CHF 2.3 bn (USD 1.4 bn) was more than compensated for
by the 96% (in USD: 74%) increase in earnings from Equity business to CHF 4.8 bn
PROFIT CONTRIBUTION
BY BUSINESS UNIT
(USD 2.9 bn). Earnings from Investment Banking expanded 59% (in USD: 41%) to
CHF 2.4 bn (USD 1.5 bn). Geographically, 48% of earnings were generated in North
4%
America, 35% in Europe and 17% in other regions, reflecting Credit Suisse First
26%
33%
Boston’s strong global presence. Return on equity further improved from 21% to 23%.
Credit Suisse Asset Management posted a net profit of CHF 129 m, a 16%
increase against the first half of 1999. On a cash earnings basis (excluding goodwill
amortisation and other non-cash items), income rose by 38% to CHF 161 m. Compari-
son with the first six months of 1999 is impacted by the acquisition of Warburg Pincus
37%
CSFS
Asset Management in July 1999. Revenue expanded by 59% to CHF 733 m. Higher
CSPB
personnel costs and investment in IT produced operating expenses of CHF 533 m – a
CSFB
CSAM
rise of 67%. Discretionary assets under management were up 3.1% to CHF 334 bn;
8
7. this is the combined effect of an increase of CHF 14.6 bn (first half of 1999: CHF
19.0 bn), or 4.5%, resulting from net new business, and a reduction of CHF 4.5 bn, or
1.4%, resulting from market movements including foreign exchange. Total assets under
management rose 4.4% to CHF 443 bn.
Outlook
Credit Suisse Group anticipates a good overall result for the year as a whole. It cannot
be assumed, however, that the favourable market conditions of the first six months will
continue in the second half of the year; investment in new business activities and tech-
nologies could also influence the annual result.
CREDIT SUISSE GROUP ORGANISATION AND EXECUTIVE BOARD AS OF 1 JULY 2000
Chief Executive Officer: Thomas Wellauer
Chief Financial Officer: Erwin W. Heri
Technology and Services: Ulrich Körner
Chairman and Chief
Executive Officer: Chief Executive Officer: Manfred Broska
Lukas Mühlemann
Chief Executive Officer: Markus Dennler
Chief Risk Officer and Chief Executive Officer: Rolf Dörig
Vice-Chairman of the
Executive Board: Chief Executive Officer: Olivier Steimer
Hans-Ulrich Doerig
Chief Executive Officer: Thomas Wellauer
Chief Financial Officer:
Philip Ryan
Chief Executive Officer: Oswald J. Grübel
Chief Executive Officer: Allen D. Wheat
Vice-Chairman of the Executive Board: Richard E. Thornburgh
Chief Executive Officer: Phillip M. Colebatch
9
8. COMPREHENSIVE FINANCIAL SERVICES
For the first half year 2000, Credit Suisse Financial Services posted a total net
profit of CHF 948 m, a 36% increase compared to the same period in 1999.
Total assets under management grew by CHF 8.7 bn or 3%, to CHF 285.5 bn
and the annualised return on invested capital increased to 16.9%.
In April Credit Suisse Group announced the formation of the business area Credit Suisse Financial
Services by combining Credit Suisse, Winterthur and its Personal Financial Services Europe
initiative in order to more closely integrate banking, insurance and e-commerce. The new business
area consequently adapted its structure to reflect these objectives and on 1 July formed five
business units (Winterthur Insurance, Winterthur Life & Pensions, Credit Suisse Banking,
Credit Suisse Personal Finance and Credit Suisse e-Business) plus a Technology & Services unit.
Credit Suisse Financial Services serves close to 17 million clients with around 40,000 employees
and approximately 17,000 tied agents.
Credit Suisse Financial Services turned in a strong performance for the first half year.
All business units contributed to this result: Winterthur, comprising Winterthur Insurance and
Winterthur Life & Pensions in the new structure, produced a strong 24% growth in net profits to
CHF 625 m in a challenging market environment and Credit Suisse (Credit Suisse Banking in the
new structure) increased net profit by 82% to CHF 366 m benefiting from a combination of
strong revenue growth and continued expense control. The Personal Financial Services Europe
initiative, comprising Credit Suisse Personal Finance and part of Credit Suisse e-Business in the
new structure, is continuing its expansion; ongoing investments in technology and marketing led
to a reported loss of CHF 43 m.
OVERVIEW OF BUSINESS AREA
CREDIT SUISSE FINANCIAL SERVICES
Personal Credit
Financial Suisse
1st half 2000 Winterthur Winterthur Credit Services Financial
in CHF m Non-life Life Suisse Europe Services
1,585 2) 961 2) 1,952 35 4,533
REVENUE
Personnel expenses 671 2) 289 2) 745 22 1,727
Other operating expenses 434 2) 225 2) 429 64 1,152
1,105 514 1,174 86 2,879
TOTAL OPERATING EXPENSES
480 447 778 – 51 1,654
GROSS OPERATING PROFIT
Depreciation and write-offs on non-current assets 39 28 32 5 104
1)
Valuation adjustments, provisions and losses 0 0 283 0 283
441 419 463 – 56 1,267
PROFIT BEFORE EXTRAORDINARY ITEMS/TAXES
Extraordinary income 0 30 0 30
Extraordinary expenses 0 9 0 9
Taxes 183 117 –13 287
677 367 – 43 1,001
NET PROFIT BEFORE MINORITY INTERESTS
– of which minority interests 52 1 0 53
625 366 – 43 948
NET PROFIT (after minority interests)
Average allocated equity capital 12,187 4,476 60 16,723
Return on average equity capital 11.1% 16.4% n/a 12.0%
11,768 4,349 81 16,198
Equity capital allocation as of 1 July 2000
136.7 142.8 6.0 285.5
TOTAL ASSETS UNDER MANAGEMENT IN CHF BN
– of which net new assets 1.2 – 0.2 0.8 1.8
– of which discretionary 136.7 2.1 2.6 141.4
1)
– 66 – 66
net of allocation to (–)/release (+) of reserves for general banking risks
2)
defined as premiums earned (net), less claims incurred and expenses for processing claims as well as actuarial provisions, less commissions (net), plus investment
income from insurance business; expenses from the handling of both claims and investments are allocated to revenue; personnel expenses non-life: CHF 168 m, life:
CHF 66 m, other operating expenses non-life: CHF 118 m, life: CHF 53 m.
10
9. INSURANCE FOR PRIVATE AND CORPORATE CUSTOMERS WORLDWIDE
In the first half of 2000, Winterthur, comprising Winterthur Insurance and
Winterthur Life & Pensions in the new structure, produced a robust 24%
growth in net profit to CHF 625 m. This result was achieved with strong
earnings development in both life and non-life businesses, continued moder-
ate realisations of capital gains resulting in a total investment return of a sus-
tainable 6.2%. Net premiums grew 4% overall, comprising a 13% increase in
non-life business, aided by rate increases in a number of challenging non-life
markets and a 2% decrease in life business due to aggressive pricing compe-
tition in Switzerland. Annualised return on invested capital increased to 18.7%.
Winterthur successfully managed the difficult conditions in most markets and even
continued major investments in operational improvements and new technologies. While
evidence of more rational pricing emerged in the UK and Spanish motor markets, poor
conditions elsewhere were met with an ongoing determination to achieve adequate
pricing and further a long-term reduction in costs.
Winterthur’s non-life businesses reported higher loss frequencies in Switzerland
and Germany, and material increases in the average costs of claims in Italy, France
and the US. Winterthur’s Spanish operations registered a major turnaround compared to
last year with a 6-point improvement in the half-year combined ratio. Conversely, the
results from the motor business in Italy worsened as unprecedented government
intervention has frozen the rates for third-party liability, removing insurers’ ability to adjust
rates in response to steep increases in claims costs. Webinsurance, Winterthur’s
proprietary European e-commerce channel, was expanded to Italy and Belgium in 2000,
enabling Winterthur to sell motor, home and accident insurance directly via the Internet
in eight European countries and in the
United States. NON-LIFE BUSINESS
In the UK, a number of important part- 1st half 2000 1st half 1999 Change
in CHF m in CHF m in %
nerships delivered a strong new customer flow
Gross premiums 8,816 7,677 15
to Churchill, resulting in extraordinary 55%
growth compared to the first half of 1999. The Net premiums 7,900 7,020 13
Premiums earned, net 6,459
acquisition of NIG Skandia was completed on 5,841 11
1 April and added CHF 350 m of premiums to Claims incurred, net – 5,082 – 4,458 14
the mid-year accounts. Dividends to policyholders incurred, net –185 –136 36
Winterthur’s life business continued to Operating expenses, net
(including commissions paid) –1,947
implement value-creating pricing as competi- –1,805 8
tors aggressively pursued growth strategies. –755 – 558 35
UNDERWRITING RESULT, NET
As a result, single premium sales in Switzer-
Net investment income 910 25
1,142
land, in particular, and mortgage endowments
Interest on deposits and bank accounts 47 9
51
in the UK were reduced. By contrast,
Other interest paid – 34 118
–74
Winterthur’s annual life premiums grew 8.6%
over the first half of 1999. New product Other income and expenses
(including exchange rate differences) –9 –
77
launches in Switzerland and Italy are expected
to boost overall growth in the second half of PROFIT (before extraordinary items,
441 356 24
tax, minority interests)
the year.
Winterthur continued to reinforce its Assets under management as at 30.6./31.12. 32,360 31,131 4
strong position in the life and pension markets Technical provisions as at 30.6./31.12. 26,183 23,041 14
of Eastern Europe and Asia. The acquisition Combined ratio (excl. dividend to policyholders) 108.8% 107.2%
of Nicos Life (Japan) was finalised on
Claims ratio 78.7% 76.3%
1 April 2000, marking Winterthur’s expansion
Expense ratio 30.1% 30.9%
into the world’s largest life insurance market.
Insurance reserve ratio 205.8% 214.8%
With its announcement of the acquisition of
11
10. Colonial Life UK, the British subsidiary of the Australian Colonial, Winterthur also reinforced its
position in the UK life market.
Major investment continued in Winterthur’s Euro Life e-commerce platform. The first unit-
linked product family was successfully launched in Germany in July.
Results from non-life business: Gross premiums in non-life business grew at a strong 15%,
benefiting from significant price increases in Spain, the UK, US and smaller European markets.
The combined ratio (sum of the claims and expense ratio) increased slightly from 107.2% to
108.8%, as a further improvement in the expense ratio, from 30.9% to 30.1% did not offset a
2.4 percentage point deterioration in the loss ratio to 78.7%. Net investment income increased by
25% to CHF 1.1 bn. Overall, the result (before tax and minority interests) totalled CHF 441 m,
a 24% increase over the comparable period last year.
Results from life business: Life premiums registered a 2% decline for the half-year. The
expense ratio increased slightly to 10.3% owing to continued investments in the European Life
e-platform and investments in new business. Claims incurred were up 31%, largely the result of
payouts from big single premium contracts. These also reduced the corresponding actuarial provi-
sions so that total outflow was 6% below last year’s sum. Net investment income was up 11%
to CHF 3.1 bn. Overall, Winterthur’s life operations posted a strong 27% gain in net profits to
CHF 419 m (before extraordinary items, tax and minority interests) in the first half of 2000.
Winterthur Group results first half 2000: Total gross premiums rose by 6% to CHF 17.2 bn as at
30 June 2000. Net investment income increased to CHF 4.3 bn for the half year ended 30 June
2000; the average annualised return on assets was a sustainable 6.2%. Pre-tax operating profit
increased 25% to CHF 860 m. Modest increases in taxes and minority interests resulted in a slightly
lower 24% rise in net profits to CHF 625 m.
LIFE BUSINESS
1st half 2000 1st half 1999 Change
in CHF m in CHF m in %
Gross premiums 8,379 8,534 –2
Net premiums 8,293 8,490 –2
Premiums earned, net 7,533 7,683 –2
Claims incurred, net – 4,788 – 3,665 31
Change in actuarial provision, net – 3,309 – 4,948 – 33
Allocation to participation, net –1,162 – 857 36
Operating expenses, net
(including commissions paid) –776 – 697 11
Net investment income 3,122 2,821 11
Interest on deposits and bank accounts 81 72 13
Interest on bonuses credited to policyholders – 66 – 63 5
–118
Other interest paid – 93 27
Other income and expenses
(including exchange rate differences) – 98 78 –226
PROFIT (before extraordinary items,
419 331 27
tax, minority interests)
Assets under management as at 30.6./31.12. 104,298 100,879 3
Technical provisions as at 30.6./31.12. 89,446 84,519 6
Expense ratio 10.3% 9.1%
Claims incurred and change in actuarial
provision in relation to premiums earned 107.5% 112.1%
12
11. CORPORATE AND PRIVATE CUSTOMERS IN SWITZERLAND
The first six months of 2000 were very successful for Credit Suisse (Credit
Suisse Banking in the new structure). Net profit rose by 82% year-on-year to
CHF 366 m. Return on equity climbed from 9.2% to 16.4%. Revenue advanced
16%, while operating expenses rose only 6%. The cost/income ratio improved
further from 66.4% to 61.5%.
Gross operating profit grew 34%, with all important income streams, particularly com-
missions from securities transactions, posting significant increases. Mortgage claims
rose by 2% or CHF 1.2 bn in the first half of the year, while in the investment sector
the bank improved its market share in fund sales. Assets under management climbed
to CHF 143 bn, up 1.4% or CHF 2 bn. Fund holdings advanced by over 9% to
CHF 35.2 bn.
Investment savings continued to prove popular among private customers, with a
further increase in average invested assets. Securities investments in the pension provi-
sion segment advanced sharply in the first six months to CHF 2.3 bn. Credit Suisse
launched the Flex Investment Account, an attractive account for specific savings tar-
gets. It has an interest rate which is geared to the money market and reset every three
months. Credit card business also continued to perform well. 340,000 cards from the
Eurocard portfolio were integrated successfully and the bank also succeeded in acquir-
ing about 60,000 new card customers.
In corporate banking, trade financing continued its good performance aided by
the improved economic environment in Switzerland. Foreign exchange trading also
posted a further rise. At the end of May 2000
the bank set up Credit Suisse Fleet Manage-
INCOME STATEMENT
ment AG in partnership with Deutsche Leasing 1st half 2000 1st half 1999 Change
in CHF m in CHF m in %
AG. The new company offers medium-to-large
national and international firms comprehensive Net interest income 1,166 1,105 6
vehicle fleet management services with a 24- Net commission and service fee income 599 458 31
hour-a-day mobility guarantee. The first con- Net trading income 177 107 65
tracts have already been signed. Other ordinary income 10 15 – 33
In Direct Banking, the number of
1,952 1,685 16
REVENUE
Internet Banking customers rose by 30% in
Personnel expenses 745 680 10
the first half-year to around 220,000.
Other operating expenses 429 424 1
Yourhome, Credit Suisse’s homes and home
ownership Internet portal, recorded 300,000 1,174 1,104 6
TOTAL OPERATING EXPENSES
visitor sessions. Over 100 firms are interested 778
GROSS OPERATING PROFIT 581 34
in working with yourhome. E-business is
Deprecation and write-offs on non-current assets 32 21 52
expanding continuously and new business
– of which amortisation of goodwill 6 6 0
models are being developed, as evidenced by
Valuation adjustments, provisions and losses* 283 303 –7
the launch of the independent joint finance
portal with bluewin and TA-Media. PROFIT BEFORE EXTRAORDINARY
463 257 80
ITEMS AND TAXES
Extraordinary income 30 19 58
Extraordinary expenses 9 5 80
Taxes 117 69 70
367 202 82
NET PROFIT
– of which minority interests 1 1 0
366 201 82
NET PROFIT (after minority interests)
* net of allocation to (-) / release of (+)
– 66 –12
reserves for general banking risks
13
12. At CHF 100.8 bn, Credit Suisse’s total assets have
Results first half 2000:
increased by 1% since 31 December 1999. Customer lending expanded by 1%
to CHF 91.9 bn. In the same period, customer assets contracted by 5% to
CHF 61.6 bn. Investment funds became increasingly popular among private customers.
In the corporate customer segment, fiduciary deposits posted a pleasing rise.
The 16% increase in revenue to CHF 1,952 m was generated mainly by non-
interest business. Commission and service fee income, primarily from securities trading,
rose by 31%. Trading income – income from trading in foreign exchange, foreign bank-
notes and precious metals on behalf of customers – jumped 65%. Interest business
posted a 6% improvement. Operating expenses grew at a modest 6%, resulting in a
34% increase in gross operating profit to CHF 778 m. This marked increase in
efficiency lead to a further improvement in the cost/income ratio (excl. amortisation of
goodwill) of 4.9 percentage points to 61.5%.
Valuation adjustments, provisions and losses came to CHF 283 m. This includes
credit risk costs of CHF 261 m for statistically expected losses and CHF 22 m for
other provisions. Actual valuation adjustments in credit business fell by 25% against the
first six months of 1999 and were CHF 66 m below the statistically expected figure.
The risk structure of the credit portfolio improved still further.
Net profit increased by 82% to CHF 366 m and the ROE improved to 16.4%.
BALANCE SHEET
30 June 2000 31 Dec. 1999 Change
in CHF m in CHF m in %
Cash and other liquid assets 1,103 1,374 –20
Money market claims 551 489 13
Due from banks 893 654 37
Due from other business units 1,314 1,080 22
Due from customers 27,687 27,816 0
Mortgages 64,242 63,024 2
RATIOS/KEY PERFORMANCE INDICATORS Securities and precious metals trading portfolio 24 21 14
1st half 2000 Financial investments
1999 1,316 1,711 –23
Average allocated equity capital CHF m 4,476 Participations
4,409 32 31 3
Allocated equity capital Tangible fixed assets 2,165 2,237 –3
CHF m (1 July/1 January) 4,349 4,611
Accrued income and prepaid expenses 355 292 22
BIS tier 1 ratio*
Other assets 1,152 1,174 –2
30.6./31.12. 7.1% 6.8%
100,834 99,903 1
TOTAL ASSETS
Cost/income ratio 61.8% 66.8%
– excl. amortisation of goodwill 61.5% 66.4%
Due to banks 3,076 1,938 59
Return on average equity capital 16.4% 9.2%
Due to other business units 20,047 16,689 20
Number of employees at
Due to customers in savings and
30.6./31.12. 11,472 11,404
investment accounts 34,072 36,330 –6
Pre-tax margin 24.8% 16.1%
Due to customers, other 27,521 28,530 –4
Staff expenses/operating expenses 63.5% 61.6%
Medium-term notes 3,587 3,883 –8
Staff expenses/total income 38.2% 40.4%
Bonds and mortgage-backed bonds 5,494 5,563 –1
Number of branches at 30.6./31.12. 239 239
Accrued expenses and deferred income 719 504 43
Net interest margin 2.36% 2.37%
Other liabilities 1,207 1,501 –20
Loan growth 1.5% 3.8%
Valuation adjustments and provisions 340 135 152
Deposit/loan ratio 30.6./31.12. 67.0% 71.4%
Capital 4,771 4,830 –1
Assets under management
100,834
CHF bn at 30.6./31.12. 99,903 1
143 TOTAL LIABILITIES
141
* legal entity Credit Suisse
14
13. PERSONAL FINANCIAL SERVICES EUROPE
Personal Financial Services Europe project (PFS): With the “Personal Financial Ser-
vices Europe” initiative which will be carried forward in the new structure of Credit Suisse
Personal Finance and Credit Suisse e-business, Credit Suisse Group aims to strengthen
its presence in selected European markets and to extend its leading position in
e-commerce in Switzerland to the rest of Europe. It offers a complete range of products
for wealth creation and protection, a targeted combination of personal advice and Internet-
based facilities and a comprehensive service to private clients who have upwards of
CHF 80,000 (EUR 50,000) to invest. In the first half of 2000, the initiative comprised the
pilot market, Italy (Credit Suisse (Italy)), the pan-European e-commerce platform project
and the online broker, youtrade.
Credit Suisse (Italy) continued to chart a successful course. Assets under manage-
ment increased by more than 25% to CHF 5 bn in the first half of 2000, while the num-
ber of clients rose from 12,400 to 16,100. This sound foundation will be strengthened
with the opening of new Investment Centres in major Italian cities and the vigorous exten-
sion of the range of products on offer. Expansion will be driven forward in other selected
markets – Germany, Spain and the UK – by means of organic growth and small-scale
acquisitions.
Progress on establishing the pan-European e-commerce platform also continues.
The Credit Suisse Italy finance portal – offering a broad range of financial and product
information – was launched in April of this year. In the next few weeks, Credit Suisse will
launch a Luxembourg-based online service which will offer investment funds from leading
fund management companies in addition to comprehensive financial information and
online brokerage on the world’s main stock exchanges. The service will be expanded
continuously – the next phase being localised services in specific markets.
With more than 20,000 clients as at 30 June, youtrade once again exceeded
expectations and broke even after just 14 months. Youtrade is Switzerland’s leading online
broker, with a market share of around 35%.
Overall, the Personal Financial Services Europe project (Credit Suisse (Italy),
youtrade and the pan-European e-commerce platform), reported a start-up loss (pre tax)
of CHF 56 m in the first half of 2000 as a result of capital expenditure on establishing the
business.
KEY PERFORMANCE INDICATORS
CS Italy (total) youtrade PFS
30 June 2000 30 June 2000 31 Dec. 1999 30 June 2000 31 Dec. 1999
31 Dec. 1999
Assets under management
5.1 4.0 0.9 0.5 6.0 4.5
(in CHF bn)
16,117 12,395 20,049 9,603 36,366 21,998
Number of clients
297 230 – – 297 230
Personal bankers
15
14. SERVICES FOR PRIVATE INVESTORS IN SWITZERLAND AND ABROAD
During the first six months of 2000, Credit Suisse Private Banking produced
continued strong results which exceeded the very good performance of the
second half of 1999. Net profit increased by 61% to CHF 1,382 m compared to
the prior year period. Assets under management grew by 3.8% to CHF 495 bn
over the end of 1999, with net new business accounting for CHF 12 bn.
Credit Suisse Private Banking continued its leadership as a technological and
financial innovator by providing new services through its Internet portal
www.cspb.com.
Credit Suisse Private Banking remained an Internet first mover by adding further innov-
ative services to its financial portal at www.cspb.com. Launched in March 2000,
Estate Lab offers users an overview of exclusive properties in several European coun-
tries and comprehensive advice on virtually all aspects of buying and selling real estate.
A number of new fund providers are now offering their products via Fund Lab, the
interactive fund data base, bringing its total number of funds to over 800. Insurance
Lab, which now largely covers the Swiss life insurance market, positions Credit Suisse
Private Banking as a premier provider of Swiss life insurance products. The new tool
Financial Check-Up Online permits users to assess online their personal financial
situation quickly and simply and gives specific advice on how to optimise their finances.
The range of interactive services available under Investors’ Circle was broadened to
include Portfolio Tracker, which enables clients to continuously follow the performance
of their chosen securities and portfolios.
During the first half of 2000, Credit
INCOME STATEMENT
1st half 2000 1st half 1999** Change
Suisse Private Banking also introduced a
in CHF m in CHF m in %
series of innovative products and services
Net interest income 612 420 46
for its clients. In response to increased
Net commission and service fee income 2,128 1,510 41
demand for alternative investment vehicles,
Net trading income 421 289 46
Absolute Europe AG and Absolute Technolo-
Other ordinary income 45 31 45 gy AG were launched to complement the
already very successful Absolute Investment
3,206 2,250 42
REVENUE
AG. All three companies invest in broadly
Personnel expenses 874 713 23
diversified, return-oriented strategies with low
Other operating expenses 387 368 5
correlation to the stock and bond markets
1,261 1,081 17
TOTAL OPERATING EXPENSES
and the ability to generate high returns irre-
1,945 1,169 66
GROSS OPERATING PROFIT spective of prevailing market trends. Dream
Team, a new product package aimed specifi-
Deprecation and write-offs on non-current assets 24 21 14
cally at leading sportsmen and women which
– of which amortisation of goodwill 4 4 0
was introduced in March, provides a broad
Valuation adjustments, provisions and losses* 104 39 167
range of asset management and insurance
PROFIT BEFORE EXTRAORDINARY
services specially tailored to meet the particular
1,817 1,109 64
ITEMS AND TAXES
needs of this profession. In a new develop-
Extraordinary income 5 9 – 44
ment, Credit Suisse Private Banking now also
Extraordinary expenses 14 7 100
offers comprehensive support to entrepreneurs
Taxes 411 243 69
who are considering selling their business or
1,397 868 61
NET PROFIT raising growth capital for their company.
Credit Suisse Private Banking continued
– of which minority interests 15 9 67
to expand internationally, opening a branch
1,382 859 61
NET PROFIT (after minority interests)
in Valencia, Spain and a representative
* net of allocation to (-) / release of (+) reserves
office in Jakarta, Indonesia. At the end of
–22 –9
for general banking risks
June 2000, Credit Suisse Private Banking
** reclassification of trust income from other ordinary
had 51 branches in Switzerland and 38 offices
income to net commission and service fee income
beginning from January 1, 2000
abroad.
16
15. During the first half, the volume of securities transactions surged to extraordinary levels
which was effectively handled by the systems and operations teams. Credit Suisse
Private Banking and Credit Suisse Group will be embarking on a project to reengineer
the securities operating platform to position the securities business for the volumes and
business developments of the future.
In a challenging market environment, particularly in the
Results first half 2000:
second quarter, assets under management increased by CHF 18 bn or 3.8% compared
to year end 1999. Net new business accounted for CHF 12 bn, or 2.5%.
Total assets under management amounted to CHF 495 bn at the end of June 2000.
Total revenue rose by 42% to CHF 3,206 m, reflecting strong growth in income from
commission and service fees (up 41%), trading (up 46%) and net interest income (up
46%).
The 17% increase in operating expenses to CHF 1,261 m is due mainly to higher
personnel expenses, especially higher performance-related remuneration.
The number of staff increased by 173 to 8,544. Investment in new technologies con-
tinue to grow, and accounts for the majority of the 5% rise in other operating expenses
to CHF 387 m. Tax expenditure increased by 69% to CHF 411 m. There was a
marked improvement in the cost/income ratio from 49% for the half-year 1999 to 40%
for the six months ended on 30 June 2000, which was the result of the very rapid
revenue growth in the first quarter of 2000. Net profit grew by 61% to CHF 1,382 m.
Net profit in relation to average assets under management rose from 41 to 57 basis
points.
BALANCE SHEET INFORMATION
30 June 2000 31 Dec.1999
in CHF m in CHF m
Total assets 102,531 99,651
Due from customers 35,982 31,902
– of which secured by mortgages 8,109 7,667
– of which secured
by other collateral 23,928 22,731
RATIOS/KEY PERFORMANCE INDICATORS
1st half 2000 1999
Average allocated equity capital
CHF m 3,069 2,689
Allocated equity capital
CHF m (1 July/1 January) 3,152 2,875
Cost/income ratio 40.1% 49.0%
– excl. amortisation of goodwill 40.0% 48.8%
Number of employees 30.6./31.12. 8,544 8,371
Pre-tax margin 56.4% 49.4%
Fee income/total income 66.4% 67.1%
Fee income/operating expenses 168.8% 139.7%
Assets under management
CHF bn 30.6./31.12. 495 477
Growth in assets under management 3.8% 9.2%
– of which net new business* 2.5% 2.2%
– of which performance and
structural effects 1.3% 7.0%
After-tax profit/average AuM 57 bp 41 bp
* excluding dividends and interests
17
16. GLOBAL INVESTMENT BANKING
The first half of 2000, despite mixed markets, produced record six-month
results for Credit Suisse First Boston. Revenues, compared to the first half
of 1999, rose 15% to USD 5.9 bn (CHF 9.6 bn); net profit was a record USD
761 m (CHF 1,240 m) while the ROE was 23% versus the previous year’s 21%.
The consistent investment in building the equity business and investment
banking is continuing to show returns as evidenced by improved market
share, significant growth in revenue and improved margins in equity prod-
ucts.
Credit Suisse First Boston’s performance is measured not only against financial targets
but also in terms of market share across products and regions. Credit Suisse First
Boston continues to rank amongst the top 4 or 5 investment banks in the world as
determined by market share achievements. Significant progress has been made in the
past three years in strengthening its competitive position in: equity new issuance,
merger & acquisition advisory, debt new issuance, equity research rankings in third
party polls and secondary equity sales penetration.
At June 30, 2000, Credit Suisse First Boston had market share rankings in equity
new issuance of #5, #5 in M&A advisory, and #4 ranking in debt new issuance. Credit
Suisse First Boston’s rankings in IPO’s was #4 and particularly in tech IPO’s was #1.
The percentage market share in M&A was 23% and 8% in equity new issuance.
The equity research rankings as measured by Institutional Investor in the U.S. was #5
INCOME STATEMENT
1st half 2000
1st half 2000 1st half 1999 Change 1st half 1999 Change
in USD m
in CHF m in CHF m in % in USD m in %
Fixed Income 1,433
2,336 3,564 – 34 2,458 – 42
Equity 2,947
4,804 2,450 96 1,690 74
Investment Banking 1,466
2,389 1,506 59 1,038 41
Private Equity 12
19 74 –74 51 –76
Other 46
76 –174 – –120 –
5,904
9,624 7,420 30 5,117 15
REVENUE
Personnel expenses 3,530
5,754 4,010 43 2,766 28
Other operating expenses 891
1,453 1,200 21 827 8
4,421
7,207 5,210 38 3,593 23
TOTAL OPERATING EXPENSES
1,483
2,417 2,210 9 1,524 –3
GROSS OPERATING PROFIT
203 151 34
Depreciation and write-offs on non-current assets 331 219 51
– of which amortisation of goodwill 27
44 32 38 22 23
Valuation adjustments, provisions and losses* 185
301 497 – 39 343 – 46
1,095
1,785 1,494 19 1,030 6
PROFIT BEFORE EXTRAORDINARY ITEMS AND TAXES
Extraordinary income 0
0 0 0 0 0
Extraordinary expenses 0
0 0 0 0 0
Taxes 334
545 478 14 330 1
761
1,240 1,016 22 700 9
NET PROFIT
–
– of which minority interests 0
0 2 – 1
761
1,240 1,014 22 699 9
NET PROFIT (after minority interests)
–9
–15 58 40
* net of allocation to (-)/release of (+) reserves for general banking risks
The business unit income statement differs from the Group's legal accounts in presenting brokerage, execution and clearing expenses as part of operating expenses in
common with US competitors, rather than netted against revenues.
18
17. compared to the previous ranking of #6; #4 in Europe versus the previous year of #6;
and in non-Japan Asia #6 versus a #15 ranking one year ago.
During the past six months, Credit Suisse First Boston lead managed the demu-
tualization and IPO of MetLife with USD 5.2 bn of proceeds; advised on five of the ten
largest M&A deals globally including France Telecom on its USD 46 bn merger with
Orange; lead managed the largest industrial investment grade debt offering in the US
for International Paper with USD 3 bn of proceeds. Credit Suisse First Boston also
acquired Schroder’s Japanese equity business, which included approximately 100
people facilitating Credit Suisse First Boston’s re-entry into the Japanese cash equities
business. Credit Suisse First Boston had exited the Japanese cash market in 1994.
Revenues reflect a good balance across all areas of Credit
Results first half 2000:
Suisse First Boston’s global business with revenue split 48% to North America, 35% to
Europe and 17% to the rest of the world. The outstanding performance of the equity
division, with revenues over 70% greater than the first half of 1999, has more than
compensated for a decline in fixed income revenues of 42% versus the prior year peri-
od. Fixed income experienced difficult market conditions and substantially lower propri-
etary trading results. The latter as a result of the strategic decision taken by Credit
Suisse First Boston to reduce risk post 1998 events.
Competitive pay practices in the industry combined with the continued investment
in the customer businesses in equities and investment banking have resulted in the first
half compensation costs rising 28% versus the previous comparable period. Headcount
in investment banking is up 17% while equity headcount is up 28% versus June 1999;
total firm headcount is up 10% to 15,863. Non-compensation related expenses rose
8% versus 1999 reflecting growth in the businesses and IT expense. The firm con-
tinues to focus on the optimization of capital. Credit Suisse First Boston in the first half
of the year utilized 12% less regulatory capital in its businesses versus a year ago,
while maintaining a very healthy tier 1 ratio of 11.2%. The improvement in the tier 1
ratio is due to the implementation of historical simulation for measuring market risk.
The individual divisions performed as follows (percentages reflect dollar figures):
Revenues increased 41%, despite, as was the case for
Investment Banking (IBD):
the prior three years, a continued decrease in net interest income and fees from the
lending business. Equity capital markets revenue in 2000 is up 105% from the first half
of 1999. Meanwhile M&A revenue increased 44%. All other product areas within IBD
were relatively flat to slightly down versus their first half 1999 levels.
Expenses before incentive compensation accruals were up 28% RATIOS/KEY PERFORMANCE INDICATORS
reflective of the headcount increase. IBD net profit continues to be 1st half 2000 1999
unsatisfactory due to the high level of investment spending. Average allocated equity capital
in CHF m 10,748 9,910
Equity: Revenues increased 74%. The customer “cash” businesses, Allocated equity capital
particularly in the US and Western Europe, have performed extremely in CHF m (1 July/1 January) 10,786 10,494
well doubling the prior year’s record revenues. The derivatives and BIS tier 1 ratio* 30.6./31.12. 11.2% 9.9%
convertibles area has also generated outstanding results, chiefly in Cost/income ratio 78.3% 73.2%
– excl. amortisation of goodwill 77.9%
the index arbitrage and convertible securities product areas. A mix- 72.7%
ture of generally increasing market shares in both primary and sec- Return on average equity capital 23.1% 20.5%
ondary areas underlie the greater 2000 results in all geographic Number of employees per
30.6./31.12. 15,863 15,185
areas. The technology sector has also been a key contributor to the
Pre-tax margin 18.5%
success of the Equity division, and for IBD. 20.1%
Staff expenses/total expenses 79.8% 77.0%
Revenues have decreased 42% versus the
Fixed Income (FID): Staff expenses/total income 59.8% 54.1%
comparable prior year period. ROE was 10% excluding the results of * legal entity Credit Suisse First Boston
19
18. the discontinued Real Estate Investment group. Importantly, Credit Suisse First
Boston’s global debt capital markets underwriting position remained at #4 and market
share has continued to increase. The drop in revenue, vis-à-vis the prior year, is a
reflection of the difficult fixed income market which is hampered by rising interest rates,
widening credit spreads and declining high yield new issuance activity. The “customer
flow business” in the three major businesses (Rates, Credit Products, Emerging
Markets) remained solid, though slightly below levels of the same period in 1999.
Results from proprietary areas declined materially; this reflected the risk reduction
strategy pursued since the end of 1998 as well as poor results in option books and in
comparison to the very good results of the first half of 1999.
During the first half, the division made twelve investments.
Private Equity (PE):
PE signed contracts of sale on two transactions, which will close in the third quarter.
Funds under management approximate USD 3.7 bn.
20
19. BALANCE SHEET
30 June 2000 31 Dec. 1999 Change
in CHF m in CHF m in %
Cash 2,159 1,161 86
Money market paper 26,501 22,893 16
Due from banks 215,748 169,030 28
– of which securities lending and
reverse repurchase agreements 170,203 134,406 27
Due from other business units 2,322 2,478 –6
Due from customers 64,465 54,132 19
– of which securities lending and
reverse repurchase agreements 25,601 23,783 8
Mortgages 8,203 7,352 12
Securities and precious metals
trading portfolio 141,584 122,837 15
Financial investments 6,611 6,354 4
Participations 936 1,023 –9
Tangible fixed assets 2,693 2,515 7
Goodwill 1,094 1,128 –3
Accrued income and prepaid expenses 6,200 5,823 6
Other assets 41,696 43,055 –3
– of which replacement value of derivatives 37,749 39,413 –4
520,212 439,781 18
TOTAL ASSETS
(in USD m)
TOTAL ASSETS 318,328 275,224 16
Money market liabilities 28,479 30,118 –5
Due to banks 285,763 222,802 28
– of which securities borrowing and
repurchase agreements 82,512 67,150 23
Due to other business units 9,317 9,536 –2
Due to customers, in savings
and investment deposits 64 110 – 42
Due to customers, other 92,423 69,550 33
– of which securities borrowing and
repurchase agreements 35,506 31,357 13
Bonds and mortgage-backed bonds 33,553 34,478 –3
Accrued expenses and deferred income 11,215 10,410 8
Other liabilities 43,606 47,956 –9
– of which replacement value of derivatives 37,126 40,644 –9
Valuation adjustments and provisions 2,379 2,366 1
13,413
Capital 12,455 8
520,212 439,781 18
TOTAL LIABILITIES
318,328
(in USD m) 275,224 16
TOTAL LIABILITIES
21
