Chief Operating Officer
in CHF 1,000 | 2012 | 2011 | Variance | Variance |
Total interest income | 0 | 0 | 0 | n.a. |
Total income from commission business and services | –3,753 | –4,190 | 437 | 10.4 |
Income from trading activities | 2,517 | 2,346 | 171 | 7.3 |
Income from financial investments | 0 | 0 | 0 | n.a. |
Other income | 0 | 0 | 0 | n.a. |
Total net operating income | –1,236 | –1,844 | 608 | 33.0 |
Personnel expenses | 29,755 | 30,698 | –943 | –3.1 |
General and administrative expenses | 10,914 | 13,944 | –3,030 | –21.7 |
Services to/from other segments | –59,728 | –65,290 | 5,562 | –8.5 |
Operating expenses | –19,059 | –20,648 | 1,589 | 7.7 |
Gross income | 17,823 | 18,804 | –981 | –5.2 |
Depreciation and amortisation | 20,238 | 23,797 | –3,559 | –15.0 |
Valuation allowances, provisions and losses | 0 | 0 | 0 | n.a. |
Divisional earnings before income tax | –2,415 | –4,993 | 2,578 | 51.6 |
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Additional information |
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Headcount (number of employees) | 213 | 225 | –12 | –5.3 |
Headcount (expressed as full-time equivalents) | 193.9 | 207.8 | –13.9 | –6.7 |
Structure
The business segment Chief Operating Officer is respon- sible for banking operations. It encompasses the units Group Operations, Group Information Technology as well as Logistics & Security for the entire VP Bank Group. In addition, the Group Trading and Group Business Advancement units are allocated to the COO.
The Avaloq banking application was successfully implemented and launched at VP Bank in Luxembourg. All Group companies having banking status thus use the common IT platform as from 1 January 2012.
Segment results
Pre-tax segment results in 2012 were CHF –2.4 million against CHF –5.0 million in the prior-year period. The employee headcount fell by 13.9 positions to 193.9 (31 December 2011: 207.8 positions). Accordingly, personnel expenses fell by 3.1 per cent to CHF 29.8 million. In addition, general and administrative expenses declined from CHF 13.9 million to CHF 10.9 million (–21.7 per cent). Because of the lower expenses in the COO segment, there were CHF 59.7 million less in recharges than in the comparable prior-year period (prior-year period: CHF 65.3 million). Depreciation and amortisation fell by CHF 3.6 million to CHF 20.2 million.