lcf rothschild group · investhedge awards 2007 ... the lcf rothschild group was declared best fund...

PRESS RELEASE

FINANCIAL YEAR 2007

EDMOND DE ROTHSCHILD S.A.LCF ROTHSCHILD GROUP

BANQUE PRIVÉE

Banque Privée Edmond de Rothschild Group

Group operations and results 4

Group key figures 7

Consolidated balance sheet 8

Consolidated profit and loss account 10

Banque Privée Edmond de Rothschild S.A.

Parent company results 11

Key figures 13

Balance sheet 14

Profit and loss account 16

Contents

3

2007 marked the tenth anniversary of the death ofour founder, Baron Edmond de Rothschild. BaronEdmond left a lasting imprint on our Group. As anentrepreneur and a man of vision, he allied himselfwith talented professionals, laying the basis of aprivate banking institution that would rise to thechallenges before it. We all have fond memories ofBaron Edmond. He was a distinguished and warm-hearted person to whom we are deeply indebted.

Last year also commemorated a decade since BaronBenjamin de Rothschild became our Chairman. BaronBenjamin had already long been involved in runningsegments of our business. Building on his father’sheritage, he has turned our Group into a dynamic,state-of-the-art player steeped in his family’s tradition.Under his guidance, we have posted consistentlyrobust earnings growth throughout the past ten years.

Assets under management up 20.7%

2007 ended on a particularly happy note for ourGroup. Thanks to the efforts made in recent years,client funds surged to CHF 100.3 billion at 31 Dec.2007, up 20.7% on the year-earlier figure of CHF 83.1billion. Fresh money totalled CHF 10.2 billion lastyear, more than twice the amount registered in 2006.

Net profit up sharply to a new all-time record

For the third year in a row we have pleasure inreporting record earnings for the Banque PrivéeEdmond de Rothschild Group, which posted a gross

profit of CHF 364.4 million, up 23.2% on the 2006figure (CHF 295.8 million). Consolidated net earningscame to CHF 246.4 million compared with CHF 192.7million a year earlier, marking a gain of 27.9%.

These achievements came on the back of untiringefforts aimed at reinforcing our core business,improving our organisational structure, recruitingnew wealth management teams and implementingexpansion plans with a view to serving clients better.

LCF Edmond de Rothschild Pri fund

Last year’s hefty gains were driven to a large extent byour rapidly expanding Investment Funds Dept, whosein-house funds continued to perform well, under -pinned by recognised quality. Our umbrella vehicle,LCF Edmond de Rothschild Prifund, enjoyed remark -able growth and now has more than CHF 9.6 billionof assets.

InvestHedge Awards 2007 – best fund of

hedge funds manager

The LCF Rothschild Group was declared best fundof hedge funds manager for 2007 at the sixth annualInvestHedge Awards in New York. Five of ourGroup’s funds were nominated for best fund of hedgefunds in their respective category, in a field of over2500 alternative investment vehicles. TCH, one ofthe products managed by our London affiliate, wonthe Global Macro fund award.

Press releaseGeneva, 2 April 2008

Banque Privée Edmond de Rothschild Group

Consolidated annual results (to 31.12.2007)

Net profit up 27.9% to a new all-time record

Assets under management up 20.7%, past the CHF 100 billion mark

No subprime-related losses

Best fund of hedge funds manager prize for our Group at the 2007 InvestHedge Awards

Dividend substantially higher + anniversary dividend

4

No subprime-related losses

Thanks to caution and top-quality management ofour clients’ accounts, our Group avoided the USsubprime mortgage meltdown and its widespreadimpact on financial markets last year. We made nodirect investments in this segment, either forourselves or on behalf of clients.

Substantially higher dividend

and anniversary dividend

Against a background of steadily rising earnings, we propose an ordinary dividend of CHF 108 million,up sharply from the year-earlier level (CHF 81 million).We further propose an anniversary dividend, alsoamounting to CHF 108 million.

Roundup of 2007 results

RevenueInterest income totalled CHF 106.3 million, up 29.7%on the CHF 82 million reported at end-2006. Theincrease was mainly attributable to a higher volumeof lending and to wider interest spreads.

Income from fees and commissions rose 20% to CHF 583.9 million from CHF 486.6 million the previousyear, a gain made possible by the growth of clientassets and by the expansion of our related wealthmanagement operations.

Results of trading operations amounted to CHF 128.9million, up 15.1% on their 2006 level of CHF 112million. The increase was fuelled to a large extent byhigher profits on securities transactions.

Other ordinary results totalled CHF 46.9 million,versus a year-earlier figure of CHF 33.4 million. Thisitem chiefly comprises dividends collected on non-consolidated holdings.

ExpensesThe average number of staff employed by the Grouplast year was 1375, up from 1277 in 2006. Personnelexpenses amounted to CHF 388.2 million, comparedwith the previous year’s level of CHF 321.3 million.The 20.8% increase reflects the growth of our work -force as well as an increase in performance-relatedremuneration.

Other operating expenses rose 17.1% to CHF 113.4million from CHF 96.9 million in 2006.

Total operating expenses came to CHF 501.6 million,20% higher than the year-earlier level.

Gross profitGroup gross profit was up 23.2% and totalled CHF

364.4 million, versus CHF 295.8 million in 2006.

Depreciation of fixed assets worked out to CHF 29.7million, as against CHF 28.8 million the previous year.

Extraordinary income amounted to CHF 13.9 million,down by CHF 3.6 million on the 2006 figure. Thisitem chiefly included the release of provisions nolonger required for operating purposes.

Extraordinary expenses came to CHF 20.9 million,CHF 4.7 million less than the CHF 25.6 million reportedthe previous year. This line primarily contains theGroup allocation to reserves for general banking risks.

Taxes came to CHF 61.5 million, up 18.5% on theyear-earlier figure of CHF 51.9 million.

Balance sheet reviewThe consolidated balance sheet total stood at CHF

11.5 billion at end-2007, 36.9% higher than the year-earlier level.

Current assets including cash, bank deposits, loans tocustomers, mortgage bills, claims arising from moneymarket paper and securities and precious metals held

5

for trading purposes, totalled CHF 10.4 billion. Thismarked a 38.5% increase compared with the previousyear’s figure of CHF 7.5 billion.

Financial investments amounted to CHF 235.2 million,practically unchanged from the CHF 236 millionreported in 2006.

Fixed assets rose to CHF 194.7 million from CHF 174million at end-2006.

Adjustment accounts totalled CHF 150.5 million,compared with CHF 95.5 million the previous year.

“Other assets” were sharply higher at CHF 334.3 million,mainly reflecting an increase in the positive replace -ment value of derivative instruments, which came toCHF 240.2 million at the close of the reporting yearcompared with CHF 166.4 million at end-2006.

On the liabilities side, borrowed funds comprised ofdebits on money market paper, medium-term bondsand sums due to banks and customers togetheramounted to CHF 9.4 billion, or 81.8% of the balancesheet total, versus CHF 6.6 billion the previous year.The rise mostly stemmed from the larger volume ofclient funds awaiting investment at end-2007.

“Other liabilities” were sharply higher at CHF 368million, primarily reflecting an increase in the negativereplacement value of derivative instruments whichcame to CHF 229.3 million at the close of the reportingyear compared with CHF 165 million at end-2006.

Valuation adjustments and provisions totalled CHF 102 million, up from CHF 100.4 million in 2006.

Reserves for general banking risks were raised 9.7% to CHF 205.8 million from their year-earlier level ofCHF 187.5 million.

Prior to the dividend payout, Group capital andreserves stand at CHF 1.3 billion, up by CHF 159.5million on the 2006 level. They now represent 11.6%

of the balance sheet total. Return on equity workedout to 22.3% and the BIS ratio (in terms of basicshareholders’ equity) came to 38.4%. Thus, the Group’scapital and reserves exceed the BIS-recommendedlevels by a wide margin.

Outlook for 2008

Thanks to a long-term strategy geared towardsorganic growth and our core business of wealthmanagement, our Group has headed into 2008brimming with confidence despite roiling financialmarkets. We will continue to press ahead with theplans and projects developed in previous years. Ourongoing efforts to win new clients will be focused, inparticular, on Europe, Asia, the Middle East andLatin America.

We will also continue adding new professionals toour workforce and will invest considerably inpremises as well as in IT equipment, knowing thatthese outlays will further enhance the quality of ourcustomer service and ensure our future competitive -ness. Our attitude remains guarded, however, in viewof geopolitical, economic and market environmentsfraught with uncertainty.

6

7

2007 2006 Change

(in CHF) (in %)

106,342

583,945

128,870

501,636

246,402

22.3

2.5

2,385

477

8,250,863

1,908,479

815,286

8,559,640

1,333,081

11,458,132

100,268

10,939 10,249

1,375 563 812

1,438

1,402

81,970

486,567

112,007

418,149

192,664

18.8

2.4

1,835

367

5,717,487

1,588,119

730,877

5,876,796

1,173,616

8,368,540

83,071

9,139 3,949

1,277 537 740

1,307

1,269

24,372

97,378

16,863

83,487

53,738

-

-

550

110

2,533,376

320,360

84,409

2,682,844

159,465

3,089,592

17,197

1,800 6,300

98 26 72

131

133

29.7

20.0

15.1

20.0

27.9

-

-

30.0

30.0

44.3

20.2

11.5

45.7

13.6

36.9

20.7

19.7 -

7.7 4.8 9.7

10.0

10.5

Key figuresBanque Privée Edmond de Rothschild Group

Consolidated profit and loss account (in thousands of CHF)

Net interest income

Fee and commission income

Results of trading operations

Operating expenses (personnel costs and other overheads)

Group net income

Profitability (%)

Return on equity - net income/average shareholders’ equity (2)

Return on assets- net income/average assets

Shares (in CHF)

Earnings per bearer share after deducting portion due to minority interests

Earnings per registered share after deducting portion due to minority interests

Consolidated balance sheet (in thousands of CHF)

Due from banks

Advances to customers

Due to banks

Customer deposits

Shareholders’ equity (1)

Balance sheet total

Assets under management (in millions of CHF)

Total assets under management (includes double reporting)

of which: - double reportingNet inflow of fresh funds

Group personnel (number of employees)

Average number of employees - in Switzerland- abroadTotal number of employees at year-end

Number of employees at year-end, converted into full-time jobs

(1) Including Group net income before payment of dividend by parent company and minority interests.(2) After appropriation of the parent company’s earnings.

8

Consolidated balance sheetat 31 December 2007 (in thousands of CHF)

Assets

Cash and other liquid assets

Claims arising from money market paper

Due from banks

Due from customers

Mortgage loans

Total advances to customers

Securities and precious metals trading portfolios

Financial investments

Non-consolidated holdings

Fixed assets

Intangible assets

Accrued income and prepaid expenses

Other assets

Total assets

Subordinated amounts receivable

Due from non-consolidated Group companiesand qualifying shareholders

Notes 2007 2006 Change

(in thousands of CHF) (in %)

17

1, 17

17

2, 17

2, 17

3, 19

4, 17

5, 17

6, 7

7

7

8

9, 18, 20, 21, 22

6, 13

215,001

20,261

8,250,863

1,900,983

7,496

1,908,479

43,902

235,181

89,481

194,692

15,545

150,457

334,270

11,458,132

3,144

555

181,773

25,476

5,717,487

1,583,037

5,082

1,588,119

21,930

235,967

81,458

174,007

14,522

95,481

232,320

8,368,540

3,413

530

33,228

(5,215)

2,533,376

317,946

2,414

320,360

21,972

(786)

8,023

20,685

1,023

54,976

101,950

3,089,592

(269)

25

18.3

(20.5)

44.3

20.1

47.5

20.2

100.2

(0.3)

9.8

11.9

7.0

57.6

43.9

36.9

(7.9)

4.7

9

Consolidated balance sheetat 31 December 2007 (in thousands of CHF)

Liabilities

Liabilities arising from money market paper

Due to banks

Due to customers on savings or deposit accounts

Other amounts due to customers

Total due to customers

Accrued expenses and deferred income

Other liabilities

Valuation adjustments and provisions

Reserves for general banking risks

Share capital

Additional paid-in capital and other reserves

Retained earnings

Treasury stock

Minority interests in shareholders’ equity

Consolidated net incomeof which: - minority interestsTotal Group capital and reserves

Total liabilities

Subordinated liabilities

Due to non-consolidated holdingsand qualifying shareholders

Off-balance sheet transactions

Contingent liabilities

Irrevocable liabilities

Derivative instruments

Positive replacement values

Negative replacement values

Underlying values

Fiduciary transactions



3, 19, 23, 24

3

25

26

429,192

93,677

240,204

229,314

22,052,176

11,383,544

370,164

83,163

166,396

164,969

13,146,352

8,306,717

59,028

10,514

73,808

64,345

8,905,824

3,076,827

15.9

12.6

44.4

39.0

67.7

37.0



17

17

17

10, 17

11

12

12

13

14

15

16

18, 20, 22

6, 13

544

815,286

5,135

8,554,505

8,559,640

279,581

367,997

102,003

205,767

45,000

123,973

706,915

(46,977)

52,001

246,402 37,369

1,333,081

11,458,132

-

47,767

43

730,877

6,770

5,870,026

5,876,796

225,789

261,048

100,371

187,488

45,000

99,525

635,308

(35,654)

49,285

192,664 31,936

1,173,616

8,368,540

-

7,416

501

84,409

(1,635)

2,684,479

2,682,844

53,792

106,949

1,632

18,279

-

24,448

71,607

(11,323)

2,716

53,738 5,433

159,465

3,089,592

-

40,351

1’165.1

11.5

(24.1)

45.7

45.7

23.8

41.0

1.6

9.7

-

24.6

11.3

31.8

5.5

27.9 17.0 13.6

36.9

-

544.1

10

Consolidated profit and loss accountfor the year ended 31 December 2007 (in thousands of CHF)

Interest and discount income

Interest and dividend income on trading portfolios

Interest and dividend income on financial investments

Interest payable

Interest income, net

Commission income on lending activities

Commission income on securitiesand investment transactions

Commission income on other services

Commissions payable

Fee and commission income, net


Proceeds from the sale of financial investments

Income from holdings

of which: - holdings reported using the equity method- other non-consolidated holdings

Real estate income

Other ordinary income

Other ordinary expenses

Other ordinary results

Total operating income

Personnel expenses

Other operating expenses

Total operating expenses

Gross profit

Depreciation of fixed assets

Valuation adjustments, provisions and losses

Result before extraordinary items and taxes

Extraordinary income

Extraordinary expenses

Taxes

Consolidated net incomeof which: - minority interests’ share in consolidated net income



28

28

28

29

30

31

32

33

19, 34

19, 35

7, 36

37

38

38

39

40, 41, 42

371,070

911

5,054

270,693

106,342

1,661

607,302

88,772

113,790

583,945

128,870

7,884

30,719

11,557 19,162

743

7,741

172

46,915

866,072

388,197

113,439

501,636

364,436

29,685

19,791

314,960

13,858

20,936

61,480

246,402 37,369

257,510

796

5,119

181,455

81,970

1,438

497,531

80,361

92,763

486,567

112,007

2,126

24,135

6,073 18,062

805

7,114

733

33,447

713,991

321,261

96,888

418,149

295,842

28,772

14,392

252,678

17,477

25,619

51,872

192,664 31,936

113,560

115

(65)

89,238

24,372

223

109,771

8,411

21,027

97,378

16,863

5,758

6,584

5,484 1,100

(62)

627

(561)

13,468

152,081

66,936

16,551

83,487

68,594

913

5,399

62,282

(3,619)

(4,683)

9,608

53,738 5,433

44.1

14.4

(1.3)

49.2

29.7

15.5

22.1

10.5

22.7

20.0

15.1

270.8

27.3

90.3 6.1

(7.7)

8.8

(76.5)

40.3

21.3

20.8

17.1

20.0

23.2

3.2

37.5

24.6

(20.7)

(18.3)

18.5

27.9 17.0

11

Parent company resultsAt 31.12.2007

Net profit up 32.4% to a new record

Banque Privée Edmond de Rothschild S.A. set a newall-time record for non-consolidated earnings lastyear. The Bank’s net profit at 31 Dec. 2007 totalledCHF 162.4 million, marking a rise of 32.4% comparedwith the year-earlier figure of CHF 122.6 million.

Following appropriation of net income, shareholders’equity will amount to CHF 484.5 million, or 18.5% ofthe balance sheet total. On that basis return on equityat end-2007 worked out to 31.8%, compared with23.8% the previous year.

Large dividend increase

The Board of Directors proposes that the dividend beraised by 33.3% to CHF 108 million for the reportingyear, supplemented by an anniversary dividend alsoamounting to CHF 108 million. The payout will beCHF 480.– (2006: CHF 180.–) per registered shareand CHF 2400.– (2006: CHF 900.–) per bearer share.

Balance sheet review

At 31 Dec. 2007 the balance sheet total stood at CHF

2.6 billion, up by CHF 588 million compared with theyear-earlier figure.

On the assets side, cash and claims arising from moneymarket paper totalled CHF 77.6 million, up by CHF

20.9 million on the 2006 level of CHF 56.7 million.This increase stems from a jump in assets depositedwith the Swiss National Bank, in response to heavyturbulence on financial markets at the end of thereporting year.

Funds due from banks rose by CHF 319.7 million toCHF 1.4 billion, including CHF 653.6 million heldwith correspondents under reverse repo agreements.

Cash, bank deposits and money market claims togethercame to CHF 1.5 billion, as against CHF 1.2 billion theprevious year, and accounted for 57.6% of thebalance sheet total.

Loans to customers amounted to CHF 418.8 million,or 44% more than at end-2006. They represented16% of the balance sheet total.

Securities and precious metals held for tradingpurposes totalled CHF 22 million, up sharply on theprevious year’s level.

Financial investments totalled CHF 107.5 million, upCHF 10.4 million, or 10.7%, on the year-earlier figure.

Fixed assets came to CHF 79.5 million, practicallyunchanged.

Other assets amounted to CHF 221.1 million, up58.3% on the 2006 total. The increase was mainlyattributable to the higher replacement value of openforward currency contracts. This item is offset by thecorresponding increase in negative replacementvalues included in “Other liabilities”.

On the liabilities side, funds due to banks surged to CHF 483.7 million, chiefly reflecting cashmanagement at the Group level.

At 31 Dec. 2007 customer deposits awaiting investmenttotalled CHF 929.6 million and accounted for 35.5%of the balance sheet total.

At CHF 231.9 million, other liabilities were up consid -er ably as a result of the higher replacement value ofopen forward currency contracts at the end of thereporting period.

Valuation adjustments and provisions grew by CHF

14.5 million to CHF 138.6 million, mainly owing tothe increase in “Other provisions”.

12

Following appropriation of net income, shareholders’equity will amount to CHF 484.5 million, or 18.5% ofthe balance sheet total. On that basis return on equityat end-2007 worked out to 31.8%, compared with23.8% the previous year.

Roundup of results

The Bank’s net profit at 31 Dec. 2007 totalled CHF 162.4 million, marking a leap of 32.4% comparedwith the year-earlier figure of CHF 122.6 million.

RevenueInterest income rose 29.9% versus the 2006 level toCHF 37.3 million. This reflected larger businessvolume as well as wider interest spreads.

Income from fees and commissions amounted to CHF 179.4 million, compared with CHF 147.7 millionin 2006. This 21.5% rise was made possible by a jumpin assets under management and by buoyant conditionson equity markets during parts of the reporting period.

Results of trading operations came to CHF 34.2 million,up 24.7% from CHF 27.5 million the previous year. Theincrease mainly resulted from securities transactions.

Other ordinary results grew by 28.6% to CHF 146.4million, thanks in particular to the higher dividendspaid on our long-term holdings.

ExpensesOperating expenses totalled CHF 183.2 million, markinga 19.7% increase on the 2006 level. Personnel expenseswere up by 23.8% and other operating costs up by 7.1%.

At CHF 214.2 million, gross profit was up 30% com -pared with the year-earlier figure (CHF 164.7 million).

Depreciation of fixed assets amounted to CHF 12.3million, down slightly on the 2006 level.

Valuation adjustments, provisions and losses totalledCHF 25.1 million, up 46.8% on the previous year.

Extraordinary income came to CHF 6.7 million,unchanged compared with end-2006.

Taxes due on our 2007 earnings are estimated at CHF 21 million, up by CHF 1.9 million on the year-earlier level.

Outlook for 2008

Thanks to a long-term strategy geared towards organicgrowth and our core business of wealth management,our Group has headed into 2008 brimming withconfidence despite roiling financial markets. We willcontinue to press ahead with the plans and projectsdeveloped in previous years. Our ongoing efforts towin new clients will be focused, in particular, onEurope, Asia, the Middle East and Latin America.

We will also continue adding new professionals toour workforce and will invest considerably in premisesas well as in IT equipment, knowing that these outlayswill further enhance the quality of our customerservice and ensure our future competitiveness. Ourattitude remains guarded, however, in view of geopo -litical, economic and market environments fraughtwith uncertainty.

13

2007 2006 Change

(in CHF) (in %)

1,432,461

418,764

483,696

929,637

484,459

2,620,327

37,313

179,411

34,246

183,160

162,350

457

31.8

7.0

216,000

480

3,567,000

1,804

2,400

43,500

5.5

1,112,742

290,786

161,075

853,060

536,854

2,032,277

28,727

147,715

27,457

152,984

122,601

421

23.8

6.3

81,000

180

2,214,000

1,362

900

27,000

3.3

319,719

127,978

322,621

76,577

(52,395)

588,050

8,586

31,696

6,789

30,176

39,749

36

-

-

135,000

300

1,353,000

442

1,500

16,500

-

28.7

44.0

200.3

9.0

(9.8)

28.9

29.9

21.5

24.7

19.7

32.4

8.6

-

-

166.7

166.7

61.1

32.4

166.7

61.1

-

Key figuresof Banque Privée Edmond de Rothschild S.A., Geneva

Balance sheet (in thousands of CHF)

Due from banks

Advances to customers

Due to banks

Customer deposits

Shareholders’ equity (after appropriation)

Balance sheet total

Profit and loss account (in thousands of CHF)




Operating expenses (personnel costs and overheads)

Net income

Staff (number of employees)

Number of employees at year-end (converted into full-time jobs)

Profitability (%)

Return on equity- net profit /average shareholders’ equity after profit appropriation

Return on assets- net profit /average assets

Shares

Dividend (in thousands of CHF)

Dividend (% of share capital)

Stock market capitalisation (in thousands of CHF)

Data per bearer share:

- net income per share (CHF)

- dividend (CHF)

- quoted price at 31.12 (CHF)

- gross yield (%)

The Bank’s registered shares are reported at their 31 Dec. 2007 value less 20%.

14

Balance sheetbefore profit appropriation at 31 December 2007 (in thousands of CHF)

Assets

Cash and other liquid assets

Claims arising from money market paper

Due from banks

Due from customers

Mortgage loans

Total advances to customers

Securities and precious metals held for trading purposes

Financial investments

Holdings

Fixed assets

Accrued income and prepaid expenses

Other assets

Total assets

Subordinated amounts receivable

Amounts due from Group companiesand qualifying shareholders

Liabilities

Liabilities arising from money market paper

Due to banks

Other amounts due to customers

Total due to customers

Accrued expenses and deferred income

Other liabilities

Valuation adjustments and provisions

Reserves for general banking risks

Share capital

General statutory reserve

Other reservesof which: - treasury stock

Net profit brought forward

Net profit for the year

Total shareholders’ equity before profit appropriation

Total liabilities

Subordinated liabilities

Due to Group companies and qualifying shareholders



13

1

2

3

4

5

6, 13

3, 10

7

8

9

9

10

10, 11, 12

3, 10

58,532

19,078

1,432,461

412,342

6,422

418,764

21,980

107,540

236,677

79,519

24,674

221,102

2,620,327

-

378,047

529

483,696

929,637

929,637

85,561

231,878

138,567

50,000

45,000

98,010

391,254 46,977

3,845

162,350

700,459

2,620,327

-

455,095

35,629

21,086

1,112,742

286,974

3,812

290,786

5,280

97,118

236,897

80,373

12,692

139,674

2,032,277

-

241,802

42

161,075

853,060

853,060

72,535

153,686

124,025

50,000

45,000

90,135

357,113 35,654

3,005

122,601

617,854

2,032,277

-

208,271

22,903

(2,008)

319,719

125,368

2,610

127,978

16,700

10,422

(220)

(854)

11,982

81,428

588,050

-

136,245

487

322,621

76,577

76,577

13,026

78,192

14,542

-

-

7,875

34,141 11,323

840

39,749

82,605

588,050

-

246,824

64.3

(9.5)

28.7

43.7

68.5

44.0

316.3

10.7

(0.1)

(1.1)

94.4

58.3

28.9

-

56.3

1,159.5

200.3

9.0

9.0

18.0

50.9

11.7

-

-

8.7

9.6 31.8 28.0

32.4

13.4

28.9

-

118.5

15

Balance sheetat 31 December 2007 (in thousands of CHF)

Off-balance sheet transactions

Contingent liabilities

Irrevocable liabilities

Derivative instruments:- positive replacement values- negative replacement values- underlying values

Fiduciary transactions



15

16

233,425

3,706

220,284 213,691

20,284,500

7,402,583

230,040

4,612

138,710 138,294

12,174,113

6,889,802

3,385

(906)

81,574 75,397

8,110,387

512,781

1.5

(19.6)

58.8 54.5 66.6

7.4

16

Profit and loss accountfor the year ended 31 December 2007 (in thousands of CHF)

Interest and discount income

Interest and dividend income on trading portfolios

Interest and dividend income on financial investments

Interest payable


Commission income on lending activities

Commission income on securities and investment transactions

Commission income on other services

Commissions payable



Proceeds from the sale of financial investments

Income from holdings

Proceeds from real estate

Other ordinary income

Other ordinary expenses

Other ordinary results

Personnel expenses

Other operating expenses

Operating expenses

Gross profit

Depreciation of fixed assets

Valuation adjustments, provisions and losses

Result before extraordinary items and taxes

Extraordinary income

Extraordinary expenses

Taxes

Net income for the reporting year

In 2006 CHF 1.3 million was reclassified from “Other ordinary income” to “Interest and dividend income from financial investments”.



17

18

18

48,620

82

1,228

12,617

37,313

1,117

211,402

21,836

54,944

179,411

34,246

10,730

130,130

57

5,603

136

146,384

143,334

39,826

183,160

214,194

12,338

25,133

176,723

6,725

130

20,968

162,350

30,840

86

1,407

3,606

28,727

940

177,044

20,348

50,617

147,715

27,457

9,244

99,879

57

5,196

577

113,799

115,792

37,192

152,984

164,714

12,596

17,117

135,001

6,709

2

19,107

122,601

17,780

(4)

(179)

9,011

8,586

177

34,358

1,488

4,327

31,696

6,789

1,486

30,251

-

407

(441)

32,585

27,542

2,634

30,176

49,480

(258)

8,016

41,722

16

128

1,861

39,749

57.7

(4.7)

(12.7)

249.9

29.9

18.8

19.4

7.3

8.5

21.5

24.7

16.1

30.3

-

7.8

(76.4)

28.6

23.8

7.1

19.7

30.0

(2.0)

46.8

30.9

0.2

-

9.7

32.4

Geneva18, rue de Hesse - CH-1204 GenevaPhone +41 22 818 91 11 - Fax +41 22 818 91 21

Fribourg11, rue de Morat - CH-1700 FribourgPhone +41 26 347 24 24 - Fax +41 26 347 24 20

Lausanne2, avenue Agassiz - CH-1003 LausannePhone +41 21 318 88 88 - Fax +41 21 323 29 22

Website: www.lcf-rothschild.ch

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