Item 1: Annual Report, Group and Parent Company Accounts for 1999; Reports of the Group and Parent Company Auditors
The Board of Directors proposes that the report on the financial year 1999 and the Group and Parent Company Accounts for 1999 be approved.
The reports of the Board of Directors and the Group Executive Board are contained in the Financial Report, copies of which can be ordered by shareholders. All shareholders registered with the company will automatically receive a copy of the Annual Review, in which the most important information is summarized.
The Group income statement shows total operating income of CHF 28,621 million and total operating expenses of CHF 20,452 million, pre-tax profit of CHF 8,169 million and Group net profit of CHF 6,300 million. Group total assets increased by CHF 37.5 billion to CHF 981.6 billion. Shareholders' equity came to CHF 34.8 billion at year-end.
At the Parent Company net profit for the year was CHF 6,788 million. With total operating income of CHF 22,560 million and total operating expenses of CHF 14,332 million, operating profit came to CHF 8,228 million. Depreciation, write-offs and provisions amounted to CHF 2,238 million, extraordinary income to CHF 2,518 million, extraordinary expenses to CHF 411 million and taxes to CHF 1,309 million.
ATAG Ernst & Young Ltd. recommend in their reports to the General Meeting that the Group and Parent Company Accounts be approved. The Group Auditors confirm that the Group Accounts present a true and fair view of the Group's financial position, the results of operations and the cash flows.