Results
In 2004, we reported net profit of CHF 8,089 million, up 30%
from CHF 6,239 million a year earlier. This result includes a CHF
45 million contribution from Motor-Columbus, which we fully
consolidated from third quarter 2004. Motor-Columbus is a
Swiss holding company whose only significant asset is a
majority ownership interest in Swiss-based electricity provider
Atel. In 2004, we increased our stake in Motor-Columbus to
55.6% in order to protect the value of its existing investment
and put ourselves in a better position to divest it profitably in
the future.
Motor-Columbus results are reported separately as part of
our industrial holdings, helping us to preserve full continuity
in the presentation of our core financial businesses.
Our financial businesses achieved a record result in 2004,
with net profit of CHF 8,044 million, up 29% from a year
earlier. Operating income grew in all categories despite the
falling US dollar. Asset-based revenues showed particular
strength, reflecting improved market valuations as well as
strong inflows of net new money. Costs remained under strict
control, and increased at a slower pace than business growth.
