CFO & Corporate Center
in CHF 1,000 | 2012 | 2011 | Variance | Variance |
Total interest income | 30,720 | 7,955 | 22,765 | 286.2 |
Total income from commission business and services | 2,351 | 2,343 | 8 | 0.3 |
Income from trading activities | –356 | 5,489 | –5,845 | n.a. |
Income from financial investments | 17,093 | 6,275 | 10,818 | 172.4 |
Other income | 287 | 52 | 235 | 451.9 |
Total net operating income | 50,095 | 22,114 | 27,981 | 126.5 |
Personnel expenses 1 | 368 | 24,887 | –24,519 | –98.5 |
General and administrative expenses | 15,257 | 17,928 | –2,671 | –14.9 |
Services to/from other segments | 1,519 | 4,648 | –3,129 | –67.3 |
Operating expenses | 17,144 | 47,463 | –30,319 | –63.9 |
Gross income | 32,951 | –25,349 | 58,300 | n.a. |
Depreciation and amortisation | 6,534 | 6,328 | 206 | 3.3 |
Valuation allowances, provisions and losses | –25 | –2,915 | 2,890 | 99.1 |
Divisional earnings before income tax | 26,442 | –28,762 | 55,204 | n.a. |
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Additional information |
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Client assets under management (in CHF billion) | 0.2 | 0.3 |
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Headcount (number of employees) | 130 | 132 | –2 | –1.5 |
Headcount (expressed as full-time equivalents) | 107.1 | 109.2 | –2.1 | –1.9 |
Structure
CFO & Corporate Center encompasses the areas of Group Finance & Risk, Group Legal, Compliance & Tax, Group Human Resources Management and Group Communica- tions & Marketing. Those revenues and expenses having no direct relationship to the operating divisions, as well as consolidation items, are reported in the Corporate Center. At the same time, all adjustments arising from the conversion of the personnel pension plan from a defined-benefit to defined-contribution scheme as well as the early adoption of IAS 19 (revised) flow into this business segment. The prior year’s figures were restated accordingly.
Segment results
Pre-tax results in 2012 amounted to CHF 26.4 million, as opposed to a prior year’s result of CHF –28.8 million as restated for IAS 19 (revised).
Net interest income improved noticeably due to lower interest expense as a consequence of the matured debenture bond, higher interest income from financial investments as well as higher revenues from maturity transformation. Year-on-year, it increased by CHF 22.8 million to a value of CHF 30.7 million. Income from financial investments also showed a welcome year-on-year increase of CHF 10.8 million to CHF 17.1 million. On the other hand, trading income declined as a result of lower income from hedging operations in comparison to the prior-year period. Total operating income rose by CHF 28.0 million to CHF 50.1 million (prior-year period: CHF 22.1 million).
Operating expenses fell by CHF 30.3 million (–63.9 per cent) from CHF 47.5 million to CHF 17.1 million. The reasons for this decline were primarily non-recurring credits resulting to the conversion of the Treuhand-Personalstiftung (Group pension fund) from a defined-benefit to defined-contribution scheme as well as the initial adoption of IAS 19 (revised).
Year-on-year, the charge for depreciation and amortisation changed only marginally whilst valuation allowances, provisions and losses on a net basis showed a small or neutral release in comparison with the prior year of CHF 2.9 million. The employee headcount as of 31 December 2012 was 107.1, expressed in terms of full-time equivalents, in comparison to 109.2 positions as of 31 December 2011 (–1.9 per cent).