Annual Review 2008 - Hyposwiss Privatbank AG

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Cash flow statement in 1 000 CHF Year under review Previous year 32 Hyposwiss Annual Review 2008 Source of resources Use of resources Balance Source of resources Use of resources Profit for the year 35 043 54 723 Depreciation on fixed assets 1 279 1 464 Value adjustments and provisions 7 923 548 Reserves for general banking risks 3 320 Active deferrals 279 1 508 Passive deferrals 12 155 326 Dividend in the previous year 50 000 40 000 Cash flow from operating result (internal financing) Balance 44 245 62 434 -18 189 58 243 43 646 14 597 Participations 62 80 Fixed assets 198 20 888 Cash flow from operations in fixed assets 62 198 -136 100 888 -788 Due to money-market securities 245 306 Liabilities due to banks 3 627 120 975 Receivables from banks 361 485 75 532 Securities trading portfolios 103 Interbank transactions 3 627 361 833 -358 206 75 838 120 975 -45 137 Medium-term notes 395 2 495 Liabilities to customers in savings and deposit accounts 8 576 2 685 Other liabilities to customers 371 522 119 606 Mortgage loans 10 929 18 238 Receivables from customers 5 434 187 182 Customer business 396 462 395 396 067 205 420 124 786 80 634 Financial investments 1 000 912 Mortgage-backed loans 56 000 Capital market business 1 000 0 1 000 912 56 000 -55 088 Other assets 14 333 8 553 Other liabilities 3 913 10 538 Other balance-sheet items 3 913 14 333 -10 420 10 538 8 553 1 985 Cash flow from banking business 405 002 376 561 28 441 292 708 310 314 -17 606 Liquid assets 10 116 -10 116 3 797 3 797 Total source of resources 449 309 354 848 Total use of resources 449 309 354 848
Auditor’s report The following Auditor’s report refers to the 2008 annual report, which is available from Hyposwiss Private Bank Ltd. Auditor’s report on the annual accounts In the capacity of auditor, we have audited the annual accounts of Hyposwiss Private Bank Ltd., (balance sheet, income statement, cash flow statement and notes to the accounts; pages 25 to 48 of the annual report) for the financial year ended 31 December 2008. Responsibility of the Board of Directors The Board of Directors is responsible for preparing the annual accounts in compliance with the legal requirements and articles of association. This responsibility includes the design, implementation and upkeep of an internal control system to allow the preparation of annual accounts that are free from significant false statements as a result of violations or errors. Furthermore, the Board of Directors is responsible for the selection and application of appropriate accounting methods and for making adequate estimates. Auditor’s responsibility Our responsibility is to issue an audit opinion on the annual accounts based on our audit. We conducted our audit in compliance with Swiss law and with the Swiss auditing standard. On the basis of these standards, audits are to be planned and performed in such a way that material misstatements in the annual accounts are reasonably certain to be recognised. An audit includes the performance of audit activities to obtain audit evidence for the valuations contained in the annual accounts and other information. The choice of audit activities is a matter for the dutiful discretion of the auditor. This incorporates an assessment of the risks of significant false information in the annual accounts as a result of violations or errors. In assessing these risks, the auditor takes into account the internal control system, to the extent that it is significant for the preparation of the annual accounts, in order to define the appropriate audit activities for the circumstances, but not, however, to issue an audit opinion on the effectiveness of the internal control system. The audit also incorporates an assessment of the adequacy of the accounting methods used, the plausibility of the estimates made and an evaluation of the overall view of the annual accounts. We are of the view that the audit evidence obtained by us provides a sufficient and appropriate basis for our audit opinion. Audit opinion In our view, the annual accounts for the financial year ended 31 December 2008 are in compliance with Swiss law and the articles of association. Reporting due to additional statutory regulations We confirm that we meet the statutory requirements in respect of authorisation according to the Federal Act on the Licensing and Oversight of Auditors (Revisionsaufsichtsgesetz, RAG) and independence (Article 728 CO and Article 11 RAG) and that there are no circumstances inconsistent with our independence. In compliance with Article 728a (1) figure 3 CO and the Swiss Audit Standard 890 we confirm that an internal control system exists for the preparation of the annual accounts that has been designed in accordance with the guidelines from the Board of Directors. We further confirm that the application for the appropriation of net retained profits is in compliance with Swiss law and the articles of association and recommend that these annual accounts be adopted. Zurich, 5 February 2009 PricewaterhouseCoopers AG Pascal Portmann Thomas Kleger Audit specialist Chief Auditor Audit specialist Hyposwiss Annual Review 2008 33
Page 1 and 2: Annual Review 2008
Page 3 and 4: Annual Review 2008
Page 5: Contents Editorial Annual review Ba
Page 9 and 10: Editorial Dear Customers Ladies and
Page 11: Bank governing bodies Board of Dire
Page 15: Organisation as at 1 March 2009 * M
Page 19: Key figures 2008 Key figures 2008 i
Page 23 and 24: Finance section Overview The last f
Page 25 and 26: Liabilities Customer deposits grew
Page 27 and 28: Net interest income fell in the yea
Page 29 and 30: Income statement 2008 Income and ex
Page 31: Liabilities in 1 000 CHF 2008 2007
Page 35: Appropriation of disposable profit
Page 40: Hyposwiss Private Bank Ltd. Bahnhof

Annual Review 2008 - Hyposwiss Privatbank AG

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