The preliminary figures are in line with those of the previous year. Increase of turnover despite negative currency effects. Improvement of dealing operations as well as good performance of portfolios for own account. Solvency ratios largely respected.
For the fiscal year ended 31st December 2013, Bondpartners SA hereby announces a preliminary and non-audited individual profit of CHF 2.48m, or a modest decline of 4% of the net result when compared with 2012. The gross income, excluding proceeds from investments (dividends paid by Bondpartners Gibraltar, see below) amounts to CHF 4.37m (vs 4.39m in 2012). New creation of value adjustments and provisions reach CHF 1.16m (vs CHF 8.76m in 2012).
Nota bene. As a reminder, the repatriation in Switzerland of Bondpartners International Ltd’s assets and activities, with the aim of strengthening individual shareholders’ equity, had generated in 2012 an income from holdings reaching about CHF 8m. In 2013, the completion of this operation cleared, meanwhile, a gain of CHF 0.6m.
Including currency effects, the turnover increases by 13%. Ordinary results do all rise except income on currency exchanges which has been affected by the strengthening of the Swiss franc. Operating expenses remain contained. The total balance sheet gains 8% to CHF 147.8m, with current assets making up 93,5% of the latter (namely, liquidity with first grade institutions: 2,5%, due from customers: 2,7%, due from banks: 47%, securities portfolio: 41% of the balance sheet). Value adjustments and provisions increase by 0,5% to CHF 30.6m and non-consolidated shareholders’ equity rises 1,5% to CHF 55m. The parent company’s solvency ratio (Tier One, according to Basel III principles) remains stable and stands at 29% (incl. Tier Two: 43,5%). Eligible and required capitals respectively reach CHF 71.4m and CHF 14.1m.
On a consolidated basis, the net profit reaches CHF 1.97m (vs a loss of CHF 4.67m in 2012, due to elimination of inter-company dividend) while the balance sheet increases by 8% to CHF 142.4m. The Group’s shareholders’ equity exceeds CHF 76.5m (+1,7%), after deduction of the reserve for own shares (CHF 4.3m) and of that for latent taxes (CHF 6.7m).