Julius Baer Gruppe AG · SIX:BAER
Julius Baer Gruppe — H1 2004 Earnings Presentation
21 slides from Julius Baer Gruppe's earnings presentation, Aug 13, 2004
Slide 1: 2004 half-year results
2004 half-year results Rolf W. Aeberli Chief Financial Officer Media conference on 13 August 2004 Zurich
Slide 2: Assets under management by business line
Assets under management by business line USD effect: CHF + 450 m CHF bn EUR effect: CHF – 917 m D 12.03 150 142 138 136 129 12% 125 122 113 116 109 103 39 19% 100 33 29 75 21 27 30% 21 50 59 61 62 2% 25 0 H1 00 H2 00 H1 01 H2 01 H1 02 H2 02 H1 03 H2 03 H1 04 Private Banking Institutional Mandates In
Slide 3: Analysis of AuM development in 2004
Analysis of AuM development in 2004 CHF bn 135 2.1 129.1 130 4.2 125 6.9 120 INF 115.5 0.3 115 PB IM 110 105 100 Dec. 12 02 PB Net new IAM Perfor- June money: 11.5INF 6 2003 mance 2004 PB: Private Banking IM: Institutional Mandates INF: Investment Funds 3
Slide 4: Net operating income
Net operating income CHF m 1000 866 900 843 800 755 700 646 D H1 03 615 600 518 520 4% 503 502 500 57 63 -1% 63 67 400 64 82 29% 300 200 354 386 373 5% 100 0 H1 00 H2 00 H1 01 H2 01 H1 02 H2 02 H1 03 H2 03 H1 04 Commissions/Fees Trading Net interest income Other income 4
Slide 5: Commission income on securities and investment
Commission income on securities and investment CHF m 800 759 723 700 652 562 D H1 03 600 528 500 462 462 450 5% 428 400 116 79 - 41% 133 300 200 347 371 26% 295 100 0 H1 00 H2 00 H1 01 H2 01 H1 02 H2 02 H1 03 H2 03 H1 04 Asset value-related Transaction-related 5
Slide 6: Stable gross fee margin
Stable gross fee margin bps 80.0 70 70.0 63 62 62 61 58 58 58 56 60.0 50.0 40.0 30.0 20.0 10.0 0.0 H1 00 H2 00 H1 01 H2 01 H1 02 H2 02 H1 03 H2 03 H1 04 Gross fee margin: asset management fees as a percentage of average assets under management 6
Slide 7: Trading income
Trading income CHF m 120 110 D H1 03 100 86 82 29% 80 66 67 64 64 82% 60 42 40 30 55 57 62 13% 20 0 -20 H1 00 H2 00 H1 01 H2 01 H1 02 H2 02 H1 03 H2 03 H1 04 -40 Foreign Exchange Equities Bonds 7
Slide 8: Headcount at period end
Headcount at period end FTEs 2469 2399 2400 2286 2324 2274 2150 397 2171 2200 373 344 357 327 2000 261 307 D H1 03 1800 1600 2072 2026 1967 1889 1942 1947 1864 1400 1766 1800 -17% 1200 1000 H1 00 H2 00 H1 01 H2 01 H1 02 H2 02 H1 03 H2 03 H1 04 Julius Baer Group Brokerage 8
Slide 9: Operating expenses
Operating expenses CHF m 600 535 504 500 473 460 D H1 03 433 395 385 363 400 341 -11% 122 120 300 111 -9% 39 200 63 61 56% 100 223 180 169 -24% 0 H1 00 H2 00 H1 01 H2 01 H1 02 H2 02 H1 03 H2 03 H1 04 Personnel expenses Bonus General expenses 9
Slide 10: Net profit
Net profit CHF m 300 249 250 200 183 150 138 118 123 87 91 100 64 66 50 16 0 H1 00 H2 00 H1 01 H2 01 H1 02 H2 02 H1 03 H2 03 H1 04 without Brokerage H1 loss (CHF 20 m) and one-off restructuring costs (CHF 55 m) 10
Slide 11: Profitability and capital management
Profitability and capital management ROE and BIS ratio tier 1 % Financial soundness 35 § Strong equity base: CHF 1.5 bn 30 30 § BIS ratio tier 1 of 17.0% 25 23 § Minor impact of Basel II 19 Share buy-back 20 16 15 15 17 17 15 12 § Program 2004/2005 CHF 65 m; by 30 June 04 CHF 19 m 10 5 repurchased 5
Slide 12: Private Banking
Private Banking CHF m Net profit AuM H1 04: CHF 62 bn (+2%) 70 § CHF 0.3 bn net new money 61 60 55 56 § CHF 0.6 bn market performance 53 52 48 Segment results 50 § Income: CHF 233 m (+14%) 40 § Expenses: CHF 164 m (-1%) 29 30 § Net profit: CHF 52 m (+82%) 20 Margins 10 § Gross margin up from 72 to 7
Slide 13: Asset Management
Asset Management CHF m Net profit AuM H1 04: CHF 66 bn (+23%) 70 § CHF 11.1 bn net new money 60 60 § CHF 1.4 bn market performance 49 Segment results 50 38 § Income: CHF 159 m (+34%) 40 § Expenses: CHF 100 m (+10%) 28 30 24 25 § Net profit: CHF 49 m (+94%) 22 20 Margins 10 § Gross margin up from 49
Slide 14: Trading & Sales
Trading & Sales CHF m Net profit Net income: CHF 91 m (+44%) 50 § FX trading: increase initiated by 42 clients and own trading activities 40 § Equity trading: sharp increase 30 § Bond trading: positive 30 Expenses: CHF 38 m (-3%) 20 20 20 18 § Increase in personnel costs 11 § Decline in other operat
Slide 15: Appendix 1: Group P&L first half 2004
Appendix 1: Group P&L first half 2004 CHF m H1 03 H1 04 Change Net interest income 63 63 -1% Commissions/Service fees 354 373 5% Results from trading operations 64 82 29% Other income 21 2 -91% Net operating income 502 520 4% Personnel expenses 263 230 -13% Other operating expenses 122 111 -9% Opera
Slide 16: Appendix 2: Segment reporting first half 2004
Appendix 2: Segment reporting first half 2004 CHF m Private Asset Trading Corp. Group Banking Mgmt. & Sales Center total Net operating income 233.3 159.3 91.1 35.8 519.6 Operating expenses 163.9 99.8 37.9 63.6 365.2 Result before taxes 69.4 59.4 53.2 -27.7 154.4 Taxes 18.5 10.9 11.0 -7.5 32.9 Result
Slide 17: Appendix 3: Asset and currency mix of AuM
Appendix 3: Asset and currency mix of AuM Asset mix Currency mix 100% 100% 80% 80% 30% 30% 31% 33% 32% 60% 30% 60% 34% 36% 32% 39% 40% 40% 35% 32% 33% 37% 32% 20% 42% 36% 38% 20% 29% 34% 27% 26% 25% 25% 24% 0% 0% 00 01 02 03 H1 04 00 01 02 03 H1 04 Equities Bonds Money market Third-party funds CHF E
Slide 18: Appendix 4: Depreciation, write-offs, valuation adjustments and provisions
Appendix 4: Depreciation, write-offs, valuation adjustments and provisions CHF m 80 69 70 60 50 38 37 D H1 03 40 34 30 28 9 30 26 25 24 -3% 20 7 9 41% 29 10 18 15 -19% 0 H1 00 H2 00 H1 01 H2 01 H1 02 H2 02 H1 03 H2 03 H1 04 Depreciation / write-offs Valuation adjustments / provisions 18
Slide 19: Julius Baer. True to you.
Julius Bar True to you.
Slide 20: Disclaimer
Disclaimer C A U T IO N A R Y S TAT E M E N T R E G A R D IN G F O R W A R D -L O O K IN G IN F O R M AT IO N T h is p re s e n ta tio n m a y c o n ta in p ro je c tio n s o r o th e r fo r w a rd -lo o k in g s ta te m e n ts r e g a rd in g f u tu r e f in a n c ia l p e rfo rm a n c e a n d r e
Slide 21: Investor Relations Contacts
Investor Relations Contacts jan.bielinski@juliusbaer.com phone: +41 (0) 58 888 5501 rainer.skierka@juliusbaer.com phone: +41 (0) 58 888 5230 21