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CONSOLIDATED AND PARENT COMPANY
FINANCIAL STATEMENTS
66
Page
Consolidated financial statements
Consolidated income statement 68Consolidated balance sheet 69Consolidated statement of source and application of funds 70Consolidated off-balance sheet and fiduciary business 71
Notes to the consolidated financial statements
1 Summary of significant accounting policies 732 Changes to accounting policies 793 Acquisitions and divestitures 804 Segment reporting 81 4.1 Segment reporting by operating segments 81 4.2 Segment reporting by geographic segments 855 Subsequent events 86
Income statement6 Income statement of the banking and insurance business 877 Income statement by origin 888 Net interest income 899 Net trading income 89
10 Depreciation and amortization 8911 Valuation adjustments, provisions and losses from the banking business 9012 Extraordinary income 9013 Extraordinary expenses 9014 Taxes 9115 Income statement of the insurance business 9216 Insurance premiums, claims and related reinsurance 9317 Net investment income from the insurance business 94
Balance sheet: Assets18 Money market papers 9519 Loans 9519.1 Due from banks 9519.2 Due from customers and mortgages 9519.3 Collateral of due from customers and mortgages 9619.4 Loan valuation allowance 9619.5 Impaired loans 9620 Securities and precious metals trading portfolios 9721 Own shares included in securities trading portfolios 9822 Financial investments from the banking business 98
www.credit-suisse.com 67
Page
23 Investments from the insurance business 9924 Own shares included in financial investments from the banking
and insurance business 10025 Non-consolidated participations 10026 Tangible fixed assets 10027 Operating leases 10128 Intangible assets 10129 Other assets 10230 Assets pledged or assigned and assets subject to ownership reservation 102
Balance sheet: Liabilities and shareholders’ equity31 Medium-term notes and bonds 10232 Other liabilities 10333 Valuation allowances and provisions 10334 Technical provisions for the insurance business 10335 Statement of shareholders’ equity 104
Other information36 Liabilities due to own pension funds 10537 Loans to members of the Group’s governing bodies 10538 Maturity structure of current assets and borrowed funds 10639 Securities lending and borrowing and repurchase agreements 10640 Balance sheet by origin 10741 Balance sheet by currencies 10842 Share-based compensation 10943 Foreign currency translation rates 11244 Principal participations 11245 Bonds issued 117
Report of the Group auditors 126
Parent company financial statements 127
68
CONSOLIDATED F INANCIAL STATEMENTS
Consolidated income statement
in CHF m
Interest and discount incomeInterest and dividend income from trading portfoliosInterest and dividend income from financial investmentsInterest expenses
Net interest income
Commission income from lending activitiesCommission income from securities and investment transactionsCommission income from other servicesCommission expenses
Net commission and service fee income
Net trading income
Premiums earned, netClaims incurred and actuarial provisionsCommission expenses, netInvestment income from the insurance business
Net income from the insurance business
Income from the sale of financial investmentsIncome from investments in associatesIncome from other non-consolidated participationsReal estate incomeSundry ordinary incomeSundry ordinary expenses
Other ordinary income/(expenses), net
Operating income
Personnel expensesOther operating expenses
Operating expenses
Gross operating profit
Depreciation of non-current assetsAmortization of acquired intangible assetsAmortization of goodwillValuation adjustments, provisions and losses from the banking business
Depreciation, valuation adjustments and losses
Profit before extraordinary items, taxes and minority interests
Extraordinary incomeExtraordinary expensesTaxes
Net profit before minority interests
Minority interests
Net profit
Certain reclassifications have been made to prior-period amounts to conform to the current presentation.
Change from2000 in %
(563
(27) 6
27
94
112) 16
8
4
12) 3) (3
(31
2
12(173322
(12) 56
) –
5
1826
20
(27
62405213105
110
(72
(50) (84) (64
(70
) (4
(73
)
)
))
)
)
)
)
)))
)
)
)
1999
19,3804,127
471) (18,640
5,338
59410,504
393) (635
10,856
6,578
26,146) (26,893) (1,743
6,656
4,166
505781224
574) (1,487
(294
26,644
13,5545,227
18,781
7,863
9810
1101,540
2,631
5,232
93) (152) (855
4,318
) (68
4,250
2000
30,1818,021
706) (33,595
5,313
71716,039
669) (829
16,596
8,791
28,690) (28,900) (2,113
8,489
6,166
1,02319918
1401,243
) (2,258
) 365
37,231
18,5036,645
25,148
12,083
1,353157246
1,265
3,021
9,062
105) (1,796) (1,349
6,022
) (237
5,785
2001
28,68713,078
514(35,528
6,751
78016,6091,421(965
17,845
9,183
32,195(29,731(2,0405,876
6,300
1,14616624
1711,091
(3,523
(925
39,154
21,8908,394
30,284
8,870
2,186793770
2,592
6,341
2,529
52(281(486
1,814
(227
1,587
Notes
8
8
8
8
6, 7
6, 7
6, 7, 9
15
16
6, 7
6, 7
6, 7
6, 7
10
10
10
11
6, 7
6, 7, 12
6, 7, 13
6, 7, 14
6, 7
The accompanying notes are an integral part of these financial statements.
www.credit-suisse.com 69
Consolidated balance sheet
in CHF m
AssetsCash and other liquid assets Money market papersDue from banksReceivables from the insurance businessDue from customers MortgagesSecurities and precious metals trading portfoliosFinancial investments from the banking businessInvestments from the insurance businessNon-consolidated participationsTangible fixed assetsIntangible assetsAccrued income and prepaid expensesOther assets
Total assets
Subordinated assetsReceivables due from non-consolidated participations
Liabilities and shareholders’ equityMoney market papers issuedDue to banksPayables from the insurance businessDue to customers in savings and investment depositsDue to customers, otherMedium-term notes (cash bonds)Bonds and mortgage-backed bonds Accrued expenses and deferred income Other liabilitiesValuation adjustments and provisionsTechnical provisions for the insurance business
Total liabilities
Reserve for general banking risksShare capital Capital reserveRevaluation reserves for the insurance businessReserve for own sharesRetained earnings Minority interestsNet profit
Total shareholders’ equity
Total liabilities and shareholders’ equity
Subordinated liabilitiesLiabilities due to non-consolidated participations
Certain reclassifications have been made to prior-year amounts to conform to the current presentation.
Notes
38
18, 38
19, 38
38
19, 38
19, 38
20, 38
22, 38
23
25
4, 26
28
29
4, 40, 41
38
38
38
38
38
31, 38
31, 38
32
33
34
35
35
35
35
35
35
35
35
40, 41
Changein %
66
(720905
46(11
(5(21117
4
(68(64
(17(735(223(624(9(2
(135
4
0(40
1(8431216021
(73
(11
4
(441
)
)
))
))
))
)
)
)))
)
)
)
)
)
31.12.00
2,92830,127
218,5219,871
170,42892,432
198,91725,574
132,6321,8299,913
23,29916,29454,668
987,433
4,876771
23,176359,441
8,80739,233
213,5493,225
65,52428,02157,65313,107
132,175
943,911
2,3196,009
19,2824,789
6002,1672,5715,785
43,522
987,433
21,801779
31.12.01
3,09232,027
203,78511,823
186,15192,655
208,37437,306
131,2911,8469,422
22,85018,09563,796
1,022,513
1,578276
19,252335,93211,86438,547
261,7523,019
81,50525,51256,49311,362
138,354
983,592
2,3193,590
19,446749
2,4695,6403,1211,587
38,921
1,022,513
20,8921,098
The accompanying notes are an integral part of these financial statements.
70
CONSOLIDATED F INANCIAL STATEMENTS
Consolidated statement of source and application of funds
in CHF m
Net profit Provisions for credit and other risksLossesProvisions for taxesDepreciation and amortizationExtraordinary incomeExtraordinary expensesParticipations valued according to the equity methodAccrued income and prepaid expensesAccrued expenses and deferred income
Operating activities
Share capital (including par value reduction)Capital surplus and retained earningsDividends paidForeign currency translation impactMinority interests
Equity transactions
Investments in companiesReal estateOther tangible fixed and intangible assets
Investments in long-term assets
Financial investments from the banking businessInvestments from the insurance businessValuation adjustments and provisionsTechnical provisions for the insurance business 1)
Other assets Other liabilities
Financial investments, provisions, other assets and liabilities
From operations, equity transactions and investments
Money market papersDue from banksReceivables from the insurance businessDue from customersMortgages
Assets
Money market papers issuedDue to banksPayables from the insurance businessDue to customers in savings and investment depositsDue to customers, otherMedium-term notes and bonds
Liabilities
From other balance sheet items
Change in liquid assets
Securities and precious metals trading portfoliosCash and other liquid assets
Certain reclassifications have been made to prior-period amounts to conform to the current presentation.
1) In line with insurance practice, the change in the technical provisions is shown as a total amount under changes in provisions affecting the cash flow.
)
)
)
)
)
)))
)
)))
)
))
))
)
))
)
))
1999
4,2501,423
79855
1,091) (32
101) (78 ) 673
2,552
10,914
62225
) (1,430) 1,318
(381
(206
(463(267
) (4,585
) (5,315
) (1,361 ) (7,575) (591
11,213) 7,072
(5,124
) 3,634
9,027
) (2,401) (24,647) 1,042) (2,324) (6,089
) (34,419
7,38544,494(2,109
) (2,6113,521(244
50,436
16,017
25,044
) (24,231(813
2000
5,7852,736
1441,3491,756
) (10190
) (199) (4,480) 13,069
20,340
) 565) 7,478) (1,986
(7031,517
) 6,871
) 145) 186) (21,391
) (21,060
) (6,746(14,861
) (3,94118,194
) (3,554) 6,426
) (4,482
) 1,669
) (1,133(53,585
) (2,719) (65,573 ) (15,696
) (138,706
) 1,056) 160,598
2,452) (4,774
31,46718,196
208,995
70,289
71,958
) (72,171) 213
2001
1,5872,732
59486
3,749(4
238(166
(1,801(2,509
4,371
(2,419(4,407
(175112701
(6,188
(171(134
(2,588
(2,893
(11,7991,341
(4,3956,179
(8,074(1,160
(17,908
(22,618
(1,90014,759(1,952
(17,293(291
(6,677
(3,924(23,509
3,057(686
48,20315,775
38,916
32,239
9,621
(9,457(164
The accompanying notes are an integral part of these financial statements.
www.credit-suisse.com 71
Consolidated off-balance sheet and fiduciary businessin CHF m
Credit guarantees in form of bills of exchangeand other guarantees
Bid bonds, delivery and performance bonds,letters of indemnity, other performance-related guarantees
Irrevocable commitments in respect of documentary credits Other contingent liabilities
Contingent liabilities
Irrevocable commitmentsLiabilities for calls on shares and other equity instrumentsConfirmed credits
Total off-balance sheet
Fiduciary transactions
1) Book value for off-balance sheet positions represents the amount at risk, meaning gross amount less any subparticipations.2) Including credit guarantees of securities lent as arranger of CHF 21,148 m.
Off-balance sheet collateral
in CHF m
Credit guarantees in form of bills of exchangeand other guarantees
Bid bonds, delivery and performance bonds,letters of indemnity, other performance-related guarantees
Irrevocable commitments in respect of documentary creditsOther contingent liabilities
Contingent liabilities
Irrevocable commitmentsLiabilities for calls on shares and other equity instrumentsConfirmed credits
Total off-balance sheet
As of December 31, 2000
Other information
in CHF m
Outstanding commitmentsto fund loans at fixed ratesto fund loans at variable ratesto sell loans
Unused lines of credit granted to customers
Exposure with respect to the debts of other guaranteed
Book value
31.12.01
29,789
5,0563,2575,484
43,586
129,86479476
174,320
41,448
Withoutcollateral
4,222
2,4421,7523,558
11,974
60,44779475
73,290
54,778
31.12.01
7,677104,976
0
12,598
21,122
Total grossamount
31.12.00
8,550
5,2563,2215,026
22,053
126,998305150
149,506
Othercollateral
25,537
2,4841,5041,850
31,375
68,58501
99,961
85,306
Maturitygreater than
1 year31.12.01
2,846
1,024180
1,528
5,578
37,137627
1
43,343
Maturitywithin1 year
31.12.01
28,684
4,4324,2013,956
41,273
92,72716775
134,242
Total grossamount
31.12.01
31,530
5,4564,3815,484
46,851
129,86479476
177,585
Mortgagecollateral
30
1301
76
237
83200
1,069
7,374
Book1) value
31.12.00
2) 7,013
4,8243,1425,026
20,005
126,998305150
147,458
41,974
Total31.12.01
029,789
5,0563,2575,484
43,586
129,86479476
174,320
147,458
31.12.00
7,803110,722
221
7,314
8,425
1)
The accompanying notes are an integral part of these financial statements.
72
CONSOLIDATED F INANCIAL STATEMENTS
in %
4
(8
(330
5
5
–
(34
Totalin CHF m
19,111
120,560
50
226
Derivative instruments
in CHF bn
Forward rate agreements Swaps Options bought and sold (OTC) Forwards FuturesOptions bought and sold (traded)
Interest rate products
Forwards 1)
Swaps 2)
Options bought and sold (OTC)FuturesOptions bought and sold (traded)
Foreign exchange products
Forwards 1)
Options bought and sold (OTC)FuturesOptions bought and sold (traded)
Precious metals products
ForwardsOptions bought and sold (OTC)FuturesOptions bought and sold (traded)
Equity/index-related products
ForwardsOptions bought and sold (OTC)FuturesOptions bought and sold (traded)
Other products
Total derivative instruments
Netting agreementsReplacement values from the insurance business 3)
Total replacement values according to the balance sheet (other assets/liabilities)
1) Including outstanding spot transactions.2) Cross-currency interest rate swaps.3) Included in the investments from the insurance business.
Negative replacement
value31.12.00
0.154.410.71.10.00.1
66.4
12.216.13.80.00.0
32.1
0.71.30.00.0
2.0
2.615.50.11.4
19.6
2.70.60.00.0
3.3
123.4
) (73.1) (0.2
50.1
Negative replacement
v31.12.00
0.154.410.71.10.00.1
66.4
12.216.13.80.00.0
32.1
0.71.30.00.0
2.0
2.615.50.11.4
19.6
2.70.60.00.0
3.3
))
Nominalvalue
31.12.00
109.03,674.8
886.9268.8466.9386.9
5,793.3
558.0305.9273.4
1.70.4
1,139.4
18.516.10.10.1
34.8
22.6265.844.6
140.9
473.9
69.86.42.41.8
80.4
7,521.8
))
Positive replacement
value31.12.00
0.155.010.21.10.00.0
66.4
11.515.13.80.00.0
30.4
0.80.70.00.0
1.5
1.913.30.81.1
17.1
2.10.60.00.1
2.8
118.2
(73.1(0.1
45.0
Negative replacement
value31.12.01
0.279.816.22.30.10.1
98.7
16.617.95.70.00.0
40.2
0.71.10.00.0
1.8
1.511.90.00.2
13.6
3.10.20.00.2
3.5
157.8
) (104.3) (0.3
53.2
Positivereplacement
value31.12.01
0.280.114.12.30.10.2
97.0
19.114.65.80.00.1
39.6
0.60.70.00.0
1.3
3.59.30.60.7
14.1
2.80.60.00.1
3.5
155.5
(104.3(0.2
51.0
Nominalvalue
31.12.01
243.35,469.01,647.7
74.7581.1
1,105.0
9,120.8
1,125.3389.2419.9
1.30.6
1,936.3
19.510.00.00.0
29.5
38.3185.539.2
130.9
393.9
110.36.61.72.1
120.7
11,601.2
The accompanying notes are an integral part of these financial statements.
www.credit-suisse.com 73
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
1 Summary of significant accounting policies
Basis for accountingThe Credit Suisse Group (the Group) consolidated financialstatements are prepared in accordance with the accountingrules of the Swiss Federal Law on Banks and SavingsBanks and the respective Implementing Ordinance, theFederal Banking Commission guidelines and Swiss GAAPFER Financial Reporting Standards for the insurance busi-ness of the Group, which collectively are the generallyaccepted accounting principles for banks and insurancecompanies, respectively in Switzerland, or Swiss GAAP.The consolidation and valuation policies of the Group are incompliance with the Swiss stock exchange listing regula-tions. The financial year for the Group ends on December31. In preparing the consolidated financial statements,management is required to make estimates and assump-tions that affect the reported amounts of assets andliabilities, and disclosure of contingent assets and liabilitiesat the date of the consolidated financial statements and thereported amounts of revenues and expenses during thereporting period. Actual results could differ from those esti-mates. Certain reclassifications have been made to prior-period amounts to conform to the current presentation.
ConsolidationThe consolidated financial statements include the accountsof Credit Suisse Group and its subsidiaries. The Group con-solidates subsidiaries in which it holds, directly or indirectly,more than 50% of the voting rights of an entity or where ithas the ability to exercise control over an entity. The effectsof intercompany transactions are eliminated in preparing theconsolidated financial statements. Minority interests inshareholders’ equity and net profit are disclosed separately.
The Group accounts for participations in which it holds20% to 50% of the voting rights and/or has the ability toexercise a significant influence using the equity method ofaccounting. The Group’s profit or loss share is included inOther ordinary income. Certain majority-owned participa-tions which operate outside of the Group’s core businessare accounted for according to the equity method.
Participations in which the Group holds less than20% of the voting rights and/or does not have the abilityto exercise significant influence are held at cost, lessprovisions for other than temporary impairment. Theseitems are included in Non-consolidated participations.
Foreign currency translationFor the purpose of consolidation, the balance sheets offoreign Group companies are translated into Swiss francs
using the year-end exchange rate, and their incomestatements are translated using the average exchangerate prevailing throughout the year. Translation adjust-ments arising on consolidation are recorded directly inshareholders’ equity.
In the annual accounts of the individual Group compa-nies, assets, liabilities and off-balance sheet items denomi-nated in foreign currencies are translated into the relevantreporting currency using the year-end exchange rate. In-come and expense items denominated in foreign currenciesare translated into the reporting currency using theexchange rate as of the transaction date. Resultingexchange differences are included in the consolidatedincome statement, except for differences relating to debtand equity securities held as available-for-sale by the insur-ance business, which are recorded directly in shareholders’equity.
OffsettingIn the banking business, receivables and payables areoffset when all the following conditions are met: receiv-ables and payables arise from transactions of similarnature, with the same counterparty, with the same orearlier maturity of the receivable and in the same curren-cy and which cannot lead to a counterparty risk. Positiveand negative replacement values are offset with thesame counterparty when bilateral agreements exist thatare recognized and legally enforceable. In the insurancebusiness, receivables and payables are offset when theGroup has a legal right to offset amounts with the samecounterparty and transactions are expected to be settledon a net basis.
Trade/settlement date accountingProprietary and customer securities spot transactions arerecorded on a trade date basis. Foreign exchange,money market and precious metals transactions arerecorded on settlement (value) date. Prior to the settle-ment (value) date, foreign exchange and precious metalstransactions are reported with their replacement values inOther assets and Other liabilities, respectively.
Cash, due from banks and money market papersCash and due from banks are accounted for at nominalvalue. Money market instruments held for trading arecarried at fair value. Money market instruments not heldfor trading or for sale are recorded net of unamortizedpremiums/discounts. The necessary provisions for recog-nizable risks and potential losses are normally deductedfrom the appropriate asset items in the balance sheet.
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
74
Loans (due from customers and mortgages) Loans are initially recorded at cost, which is for originatedloans generally equal to the principal amount. Loans held-to-maturity are recorded net of unamortized premiums/dis-counts. Loans held-for-sale are recorded at lower of cost ormarket value. Interest income is accrued as earned.
Loans are carried net of any provisions for impair-ment. The Group provides for credit losses based onregular and detailed analysis of each loan in the portfolioconsidering collateral and counterparty risk. If uncertain-ty exists as to the repayment of either principal or inter-est, a provision is either established or adjusted accord-ingly.
The Group considers a loan impaired when, based oncurrent information and events, it is probable that it willbe unable to collect all amounts due according to thecontractual terms of the loan agreement. In the bankingbusiness, a loan is classified as non-performing no laterthan when the contractual payments of principal and/orinterest are more than 90 days past due. The Groupcontinues to accrue interest for collection purposes; how-ever, a corresponding provision is set up against interestincome. In addition, for any accrued but unpaid interestat the date the loan is placed on non-performing status,a corresponding provision is booked against the accrualthrough the income statement. At this time and on aperiodic basis going forward, the remaining principal isevaluated for collectibility and a provision is establishedfor the shortfall between the net recoverable amount andthe remaining principal balance.
A loan can be further downgraded to non-interestearning when the collection of interest is in such adoubtful state that further accrual of interest is deemednot necessary and is ceased. At this time and on a peri-odic basis going forward, any unreserved remaining prin-cipal balance is evaluated for collectibility and an addi-tional provision is established as required. Only loansclassified as non-interest earning can be written-off(both principal and interest). Write-off of a loan occurswhen the Group is certain that there is no possibility torecover the principal.
Interest collected on non-performing loans is account-ed for using the cash basis, cost recovery method or acombination of both, as appropriate. Interest collected onnon-interest earning loans is accounted for using thecost recovery method only. Generally, an impaired loanmay be restored to performing status when all delinquentprincipal and interest are brought up to date in accor-dance with the terms of the loan agreement and whencertain creditworthiness performance criteria are met.
Securities and precious metals trading portfoliosDebt and equity securities and precious metals held inthe trading portfolios are carried at fair value.
Fair value is determined using quoted market prices,where a price-efficient and liquid market exists. In theabsence of such a market, the fair value is establishedon the basis of a valuation model. Unrealized and realizedgains and losses on these positions are recognized inNet trading income. Interest and dividend income fromthe trading portfolios is recorded in Net interest income.
Financial investments from the banking businessThis position includes securities, private equity invest-ments, real estate held-for-sale as well as debt securitiesheld-to-maturity. Participations acquired and held for sub-sequent disposal are also included in FinancialInvestments.
Debt and equity securities and real estate held-for-sale are valued at lower of cost or market. Unrealizedlosses are recorded in the income statement when themarket value is lower than the cost. When the marketvalue increases, unrealized gains are recorded only to theextent losses were previously recognized. Losses on debtsecurities due to impairment in creditworthiness arerecorded in Valuation adjustments, provisions and losses.
Debt securities held-to-maturity are carried at amor-tized cost (accrual method). Premiums and discounts arerecognized over the term of the instrument until finalmaturity. Realized profits or losses which are interestrelated and which arise from the early disposal orredemption of the instrument are recognized over theremaining term of the instrument sold. Losses due toimpairment in creditworthiness are recorded in Valuationadjustments, provisions and losses.
Derivative instruments - banking businessPositive and negative replacement values of all derivativeinstruments are reported within Other assets and Otherliabilities, respectively.
Trading derivative instruments are carried at fair valueas positive and negative replacement values. Thereplacement values are presented net by counterparty fortransactions in those products where the Group has alegal right to set off; otherwise the replacement valuesare presented gross by contract. Realized and unrealizedgains and losses are included in Net trading income. Themajority of the Group’s derivative positions are tradingrelated.
The Group uses derivatives to manage interest rate,foreign currency, equity market and credit risks. When
www.credit-suisse.com 75
applying hedge accounting, gains and losses on thederivative instruments are recognized in income on thesame basis as the underlying exposure. Derivatives in thebanking book not used for hedging purposes are typicallyvalued at lower of cost or market. However, certainderivative instruments used for interest rate risk manage-ment are valued according to the accrual method. Theinterest component is accrued or deferred over the termof the instrument. Realized gains or losses, which areinterest related and which arise from the early disposal orredemption of the instrument, are also accrued ordeferred over the remaining term of the instrument.
Gains and losses related to qualifying hedges of firmcommitments and probable anticipated transactions aredeferred and recognized in income or as adjustments tocarrying amounts when the hedged transactions occur.
Investments from the insurance businessDebt and equity securities held as available-for-sale arecarried at fair value. Unrealized gains and losses includ-ing foreign exchange gains and losses are recorded with-in Revaluation reserves for the insurance business inshareholders’ equity, net of deferred taxes. Realizedgains and losses on securities are determined using thespecific identification method. Realized gains and losses,the amortization of premiums and discounts relating todebt securities are included in Investment income fromthe insurance business.
Debt and equity securities held as trading are carriedat fair value. Debt securities held-to-maturity are carriedat amortized cost. Non-marketable securities are valuedat fair value which normally equals cost. Gains and lossesfrom the valuation of the trading portfolios and realizedgains and losses on these positions are recorded inInvestment income from the insurance business.
A decline in the market value of any available-for-sale or held-to-maturity securities below cost that isdeemed to be other than temporary results in a reduc-tion in the carrying amount to fair value. The impairmentis charged to Investment income from the insurancebusiness and a new cost basis for the security is estab-lished.
Real estate held for investment, including capitalimprovements, is carried at cost less accumulated depre-ciation over its estimated useful life, generally 40 to 67years. In some of our operating regions, the economicuseful lives are substantially longer than in other regions,based on the materials used and varying constructioncodes. Land is not depreciated. It is the Group’s policy toevaluate for impairment whenever events or circum-
stances indicate that the carrying value of an asset maynot be recoverable. An impairment is deemed to haveoccurred if the carrying value of a property exceeds itsexpected future cash flows, computed undiscounted andwithout interest charges. Methods for measuring impair-ment include market appraisals and cash flow analysesand recognizing impairment results in a new cost basis.Depreciation and write-downs are included in Investmentincome from the insurance business.
Investments for the benefit of life insurance policy-holders who bear the investment risk are carried at fairvalue.
Loans, mortgages and short-term investments areaccounted for at nominal value, net of any provisions forimpairment. The Group considers a loan impaired when,based on current information and events, it is probablethat it will be unable to collect all amounts due accordingto the contractual terms of the loan agreement. The pro-vision charge for credit losses is recorded in Investmentincome from the insurance business.
Derivatives are used to manage interest rate, foreigncurrency and equity market risks. Gains and losses onhedging derivative instruments are recognized in incomeon the same basis as the underlying exposure. Allderivatives are recognized on the balance sheet at theirfair value. The effective portion of derivative instrumentsused to hedge a position is recorded in the income statement with an offsetting entry related to the hedgeditem.
Own shares and own bondsThe Group buys and sells own shares, own bonds andderivatives on own shares within its normal trading andmarket-making activities. In addition, the Group holdsown shares to hedge commitments arising from employ-ee compensation schemes. Own shares are included inthe trading portfolio and are carried at fair value, or areheld in Financial investments from the banking businessand are carried at lower of cost or market, or are held inInvestments from the insurance business and are carriedat fair value. Own shares repurchased for cancellationare carried at cost. Changes in fair value and realizedgains and losses on own shares and own bonds includedin the trading portfolio are reported in Net tradingincome. Changes in the fair value of own shares andbonds held in Investments from the insurance businessare reported in shareholders’ equity, net of tax, and therealized gains and losses from such investments arereported in Investment income from the insurance busi-ness. Interest earned and dividends received are reported
76
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
as Interest Income. Derivatives on own shares are carriedat fair value and reported as positive and negativereplacements values in Other assets and Other liabilities,respectively. Realized and unrealized gains and losses onderivatives on own shares are recognized in Net tradingincome.
Tangible fixed assets Real estate held for own use, including capital improve-ments, is carried at cost less accumulated depreciationover its estimated useful life, generally 40 to 67 years. Insome of our operating regions, the economic useful livesare substantially longer than in other regions, based onthe materials used and varying construction codes. Landis not depreciated. Other tangible fixed assets such ascomputers, machinery, furnishings, vehicles and otherequipment, as well as alterations and improvements torented premises, are depreciated using the straight-linemethod over their estimated useful life, generally three tofive years.
It is the Group’s policy to evaluate for impairmentwhenever events or circumstances indicate that the car-rying value of an asset may not be recoverable. Animpairment is deemed to have occurred if the carryingvalue of a tangible fixed asset exceeds its expectedfuture cash flows, computed undiscounted and withoutinterest charges. Methods for measuring impairmentinclude market appraisals and cash flow analyses andrecognizing impairment results in a new cost basis.
Intangible assetsThe Group capitalizes certain costs relating to the acqui-sition, installation and development of software. TheGroup depreciates capitalized software costs on astraight-line basis over the estimated useful life of thesoftware, normally not exceeding three years.
Identifiable intangible assets are generally acquiredthrough business combinations and other transfers ofassets. Acquired intangible assets are initially recorded atfair value and depreciated over their estimated useful life,not to exceed 20 years. The useful life of intangibleassets relating to individuals does not exceed five years.
Goodwill represents the excess of purchase priceover the estimated fair value of net assets acquired atthe acquisition date. The goodwill included in this balancesheet position arises from acquisitions after January 1,1997. Prior to January 1, 1997, goodwill was charged toequity. Goodwill is amortized using the straight-linemethod over its estimated useful life, not to exceed 20years.
The Present Value of Future Profits (PVFP) is the pres-ent value of anticipated profits embedded in each life andhealth insurance portfolio purchased. Interest accrues onthe unamortized PVFP based upon the policy liability rateor contract rate. The PVFP asset is amortized over theyears that such profits are anticipated to be received inproportion to the estimated gross margins or estimatedgross profits for participating traditional life products andnon-traditional life products, respectively, and over thepremium-paying period in proportion to premiums forother traditional life products.
Expected future gross profits used in determining thePVFP are based on actuarial determinations of futurepremium collection, mortality, morbidity, surrenders, oper-ating expenses, and yields on assets supporting policyliabilities, as well as other factors.
The discount rate used to determine the PVFP is therate of return required to invest in the business beingacquired. Additionally, the PVFP asset is adjusted for theimpact on estimated gross margins and profits of netunrealized gains and losses on securities.
Periodically, the PVFP asset is evaluated for recover-ability. If the present value of future net cash flows fromthe blocks of business acquired is insufficient to recoverthe PVFP, the difference is charged to expense as anadditional write-off of the PVFP.
It is the Group’s policy to evaluate for impairmentwhenever events or circumstances indicate that the car-rying value of an asset may not be recoverable. Animpairment is deemed to have occurred if the carryingvalue of an intangible asset exceeds its expected futurecash flows, computed undiscounted and without interestcharges. Methods for measuring impairment include,where appropriate, market appraisals and cash flowanalyses and recognizing impairment results in a newcost basis.
Deferred policy acquisition costsDeferred policy acquisition costs consist primarily of com-missions, underwriting expense and policy issuance costsand are included in Accrued income and prepaid expens-es. Acquisition costs, which vary with and are directlyrelated to the acquisition of insurance contracts, aredeferred to the extent they are deemed recoverable.
Deferred policy acquisition costs on participating tra-ditional life products are amortized over the expected lifeof the contracts in proportion to the estimated gross mar-gins. Deferred policy acquisition costs on other traditionallife products are amortized over the premium paying peri-od of the related policies in proportion to net premiums
www.credit-suisse.com 77
using assumptions consistent with those used in comput-ing the provision for future policy benefits. Deferred poli-cy acquisition costs on non-traditional life products areamortized over the expected life of the contracts as aconstant percentage of the estimated gross profit.
The effect on the amortization of deferred policyacquisition costs of revisions to estimated gross marginsor profits for all contracts are reflected in the currentperiod income statement. The deferred policy acquisitioncosts asset related to participating traditional life productsand non-traditional life products is adjusted for the impacton estimated gross margins or profits net of unrealizedgains and losses on securities.
Deferred policy acquisition costs for non-life productsare amortized over the periods in which the premiums areearned. Future investment income attributable to relatedpremiums is taken into account in measuring the recov-erability of the carrying value of this asset.
TaxesIncome tax expense is calculated on the basis of theannual results of the individual financial statements of theGroup companies. Deferred tax assets and liabilities arerecognized for the expected future tax consequences oftemporary differences between the financial statementcarrying amounts and the tax bases of assets and liabili-ties. Deferred tax assets and liabilities are calculatedbased on expected tax rates and are recorded in OtherAssets and Valuation adjustments and provisions, respec-tively. Deferred income tax expense represents the netchange in the deferred tax asset or liability balance dur-ing the year and is charged to tax expense, except to theextent the change relates to transactions recognizeddirectly in shareholders’ equity. This amount together withincome taxes payable or receivable in the current yearrepresents the total income tax expense for the year.Generally, deferred tax assets for net operating losscarry-forwards are not recognized. Deferred tax assetson net operating losses are recorded in the event man-agement’s assessment is that their realization in a futureperiod is certain, based on contracts existing at the bal-ance sheet date to sell businesses at a taxable gain.Other deferred tax assets are recognized subject to man-agement’s judgment that realization is more likely thannot. No provision is made for non-recoverable withhold-ing taxes on undistributed profits of Group companies.
Reserve for general banking risksIn accordance with Swiss banking regulations, thereserve for general banking risks is recorded as a sepa-
rate component of shareholders’ equity. Changes to thisequity component are disclosed as an extraordinary itemin the income statement.
Repurchase and reverse repurchase agreements (Repos)The Group enters into purchases of securities underagreements to resell as well as sales of securities underagreements to repurchase substantially identical securi-ties. Such agreements normally do not constitute eco-nomic sales and are therefore treated as financing trans-actions. Securities sold subject to such agreements con-tinue to be recognized in the balance sheet. The pro-ceeds from the sale of these securities are treated as lia-bilities. Securities purchased under agreements to resellare recognized as loans collateralized by securities.Receivables and liabilities are valued using the accrualmethod. Those held in the trading book (matched bookrepo trading) are carried at fair value. Transactions inwhich economic control over the securities transferredhas been relinquished are reported as either purchasesor sales together with a related forward commitment toresell or repurchase.
Securities lending and borrowingSecurities borrowed and lent with cash collateral anddaily margining are reported as repurchase and reverserepurchase transactions. All other securities borrowedand lent that are collateralized by cash are included inthe balance sheet at amounts equal to the cashadvanced or received. Securities lent or securities pro-vided as collateral for securities borrowed continue to berecognized in the balance sheet at their carrying value ifcontrol over the securities transferred is not relinquished.Securities borrowed and securities received as collateralfor securities lent are only recognized in the balancesheet if control over the securities transferred is relin-quished. Lending fees earned or incurred are recognizedas interest income and interest expense, respectively forthe banking business and as Investment income fromthe insurance business for the insurance business.
Pension plansThe Group sponsors various retirement benefit plans for itsemployees worldwide. These plans include both definedbenefit and defined contribution plans, as well as otherretirement benefits such as post-retirement life insuranceand post-employment medical benefits. Pension expenseis recorded in Personnel expenses and is based on eitheractual contributions or actuarial valuation methods andprojected plan liabilities for accrued service.
78
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
Premium income and related expensesPremiums from traditional life products, both partici-pating and non-participating, are recognized as revenuewhen due from the policyholder. Profit for contracts witha limited number of premium payments is deferred andrecognized over the period that coverage is provided.
Premiums from non-traditional life products are rec-ognized as revenue when due from policyholders. Forcontracts with front-end fees, any excess front-end feesare deferred and recognized in proportion to the estimat-ed gross profits. These deferred fees are adjusted forthe impact on estimated gross profits of net unrealizedgains and losses on securities.
Premiums from non-life products are recorded atinception of the contract and are earned primarily on apro-rata basis over the term of the related policy cover-age with the unearned portion deferred in the balancesheet as unearned premiums.
ReinsuranceContracts providing for indemnification against loss orliability relating to insurance risk are accounted for asreinsurance. Reinsurance contracts that do not transfersignificant insurance risk are accounted for as deposits.Gains on retroactive reinsurance ceded are deferred and amortized over the estimated remaining settlementperiod.
Technical provisions for the insurance businessProvision for future policyholder benefitsThe provision for future policyholder benefits for partici-pating traditional life products is computed using the netlevel premium method, which represents the presentvalue of future policy benefits less the present value offuture net premiums. The method uses assumptions formortality and interest rates that are guaranteed in thecontracts or used in determining dividends.
The provision for future policyholder benefits for othertraditional life products is computed using the net levelpremium method. The assumptions are based on theGroup’s experience and industry standards including pro-vision for adverse deviations that were in effect as of theissue date of the contract.
The provision for future policyholder benefits for non-traditional life products is equal to the account value,which represents premiums received and allocatedinvestment return credited to the policy less deductionsfor mortality costs and expense charges.
When the provision for future policyholder benefitsplus the present value of expected future gross premi-
ums for a product are insufficient to provide for expectedfuture benefits and expenses for the line of business,deferred policy acquisition costs are written-off toincome and, if required, a premium deficiency reserve isestablished by a charge to income. A premium deficien-cy reserve is adjusted for the impact of net unrealizedgains and losses.
Provision for death and other benefitsClaim reserves represent amounts due on life and acci-dent and health claims that have accrued as of the bal-ance sheet date, but have not yet been paid. Thisincludes incurred but not reported claims (IBNR) andclaims expense liability. The interest rate used to dis-count future payments is impacted by the net unrealizedgains and losses on securities, resulting in an adjustmentto claim reserves.
Provision for future dividends to policyholders Dividends on participating traditional life products areaccrued when earned and calculated in accordance withlocal statutory or contractual regulations. The provisionfor policyholder dividends also includes a deferred bonusreserve (DBR), which represents amounts that resultfrom differences between these presented financialstatements and the local statutory financial statementsand that will reverse and enter into future policyholderdividends calculations. The calculation of the DBRreflects only the contractual or regulatory defined mini-mum distribution to policyholders.
The provision for policyholder dividends is adjustedfor the impact of net unrealized gains and losses onsecurities to the extent that the policyholder will partic-ipate in such gains and losses on the basis of contractual or regulatory requirements when they are realized.
Life products, where the investment risk is borne by the policyholdersAssets and liabilities are maintained separately for non-traditional life products designed to meet specificinvestment objectives of policyholders. The policyholderbears the investment risk associated with the products,and investment income and investment gains and loss-es accrue directly to the policyholders. Assets and lia-bilities associated with these products are carried at fairvalue. Changes in the fair value of assets and liabilitiesare recognized in Investment income from the insur-ance business and Claims incurred and actuarialprovisions.
www.credit-suisse.com 79
Provision for unpaid claims and claim adjustment expenses Claim and claim adjustment expenses are recorded asincurred. Claim provisions comprise estimates of theunpaid portion of the reported losses and estimates ofthe amount of losses incurred but not yet reported to theinsurer. Management periodically reviews the estimates,which may change in light of new information. Any sub-sequent adjustments are recorded in the period in whichthey are determined.
Certain claim reserves for which the payment patternand ultimate cost are fixed and reliably determinable onan individual claim basis are discounted at a maximum ofthe risk-free rate.
2 Changes to accounting policies
Prior to 2001, deferred tax assets for net operating losscarry-forwards were not recorded. The new policy onlyallows such deferred tax assets to be recorded in theevent of a sale of a business at a taxable gain where therealization of the deferred tax asset is certain. The impacton the 2001 financial statements was a tax benefit ofCHF 303 million (USD 179 million). The 2000 and 1999consolidated financial statements would be unchangedhad they been prepared under the new policy.
80
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
3 Acquisitions and divestitures
The scope of consolidation has undergone the followingmaterial changes:
Acquisitions
Vojensky Otevreny Penzijni Fond (VOPF)On April 4, 2001, Winterthur Life & Pensions acquired oneof the largest Czech pension funds, Vojensky OtevrenyPenzijni Fond (VOPF). The Group acquired 93.28% oftotal capital on January 18, 2001, and 6.66% of total cap-ital on May 9, 2001.
JO Hambro Investment Management LimitedOn February 7, 2001, Credit Suisse Private Bankingacquired JO Hambro Investment Management Ltd., aninvestment company targeting high-net-worth individuals.
Commercial General Union On September 30, 2001, Winterthur Insurance acquiredthe non-life insurance activities of Commercial GeneralUnion in Belgium.
SLC Asset ManagementOn December 7, 2001, Credit Suisse Asset Managementacquired SLC Asset Management Limited, SLC PooledPensions Limited and Sun Life of Canada Unit ManagersLimited, the principal UK asset management subsidiariesof Sun Life Financial Services of Canada Inc. The compa-nies are asset management companies with contracts formanagement of the insurance assets (including property)of their former affiliate Sun Life Assurances Company ofCanada (UK) Limited and third-party institutional and retailfunds.
Divestitures
Winterthur InternationalEffecive June 30, 2001, Winterthur Insurance sold its largemultinational corporate insurance business WinterthurInternational to the Bermuda-based financial services groupXL Capital Ltd.
CSFBdirect, Inc.On February 1, 2002, Credit Suisse First Boston (USA),Inc. completed the previously announced sale ofCSFBdirect, Inc., its US-based online trading operations tothe Bank of Montreal.
DLJdirect, Ltd. On January 25, 2002, Credit Suisse First Boston (USA),Inc. completed the previously announced sale of DLJdirect,Ltd., its UK-based online trading operations, to TDWaterhouse.
AutranetOn February 1, 2002, Credit Suisse First Boston (USA),Inc. completed the previously announced sale of Autranet,a broker-dealer subsidiary active in the distribution to insti-tutional investors of investment research products pur-chased from independent research specialists, to TheBank of New York.
www.credit-suisse.com 81
4 Segment reporting
4.1 Segment reporting by operating segments
The activities of the Group are managed and organizedbased on the different types of products and services that the Group offers to its customers. Operating incomeincludes income directly attributable to the individual seg-ments as further described below.
For the years ended December 31, 2001, 2000 and1999, based on the Group's management reportingprinciples, the Group reported results for Credit SuissePrivate Banking, Credit Suisse First Boston and CreditSuisse Asset Management, as well as the original seg-ments of the Credit Suisse Financial Services businessarea, Winterthur Insurance, Winterthur Life & Pensions,Credit Suisse Banking and, beginning in 2000, CreditSuisse Personal Finance. Certain reclassifications havebeen made to prior-period amounts to conform to thecurrent presentation.
The Group's consolidated results comprise the results of the segments and of the Corporate Center. CorporateCenter costs and revenues attributable to operating busi-nesses have been allocated to the respective segments.The Corporate Center column also records expensesrelating to projects sponsored by the Group, restructur-ing costs, the difference between provisions for expect-ed credit risk recorded by each segment and actualcredit loss experience, as well as other items as set outbelow.
Inter-segment revenue sharing and cost allocation Responsibility for each of the Group's products is allo-cated to one of the segments. In cases where one seg-ment contributes to the performance of another, revenuesharing agreements are in place to compensate for suchefforts. These agreements are negotiated periodically bythe relevant segments on a product-by-product basis.Allocated revenues are added to, or deducted from, therevenue line item of the respective segments.
Certain administrative, processing and informationtechnology services may be based in one segment butshared by other segments. The segment supplying theservice receives compensation from the recipient segmenton the basis of service level agreements and transfer pay-ments. Service level agreements are negotiated periodical-ly by the relevant segments with regard to each individualproduct or service. The cost of shared services and theirrelated allocations are added to, or deducted from, Otheroperating expenses in the respective segments.
The aim of the revenue sharing and cost allocationagreements is to reflect the pricing structure of an unre-lated third party transaction, although this is not achievedin all cases.
Own use real estate Own use real estate in Switzerland, which consists pri-marily of bank premises, is managed centrally. Realestate costs reflect market rent plus an additional chargeif actual costs exceed market rent. These costs areincluded in the Other operating expenses line of eachsegment.
Valuation adjustments, provisions and losses Provisions for credit risk at the segment level are gener-ally based on expected credit losses, which are deter-mined according to a statistical model derived from his-torical average losses. Management believes that thestatistical model provides a long-term view of credit lossexperience. In any year, statistically determined provi-sions may be higher or lower than the actual credit expe-rience relating to the credit risk covered by this model,depending on the economic environment, interest ratesand other factors. The segments record an expense itemfor statistically determined expected credit provisions. Ona consolidated basis, the Valuation adjustments, provi-sions and losses line in the income statement reflectsactual credit provisions for the year. To reflect the differ-ence between the expected credit provisions recorded bythe segment and the actual credit provisions for the year,an adjustment is recorded at the Corporate Center.
Non-credit related losses and counterparty defaultsother than those relating to the lending business are notcovered by the statistical model. Provisions for theselosses and defaults are based on actual experience andare recorded by the relevant segment.
Taxes Taxes are calculated individually for each segment, onthe basis of average tax rates across its various geo-graphic markets, as if the segment operated on a stand-alone basis. The difference between these average taxrates and the actual consolidated tax expense results inan adjustment to taxes at the Corporate Center.
82
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
4.1 Segment reporting by operating segments (continued)
Segment income statement 2001
in CHF m
Operating income 1)
Personnel expensesOther operating expenses
Operating expenses
Gross operating profit
Depreciation of non-current assetsValuation adjustments,
provisions and losses
Profit before extraordinary items, taxes and minority interests
Extraordinary income/(expense), net
Taxes
Net profit before minority interests
Minority interests
Net profit
Other dataTotal assets as of
December 31, 2001
1) Operating income for the insurance business is defined as net premiums earned, less claims incurred and change in technical provisions and expenses forprocessing claims, less commissions, plus net investment income from the insurance business.
Credit Suisse
Banking
3,806
1,602851
2,453
1,353
200
343
810
15) (200
625
) (1
624
105,599
WinterthurLife &
Pensions
2,503
749671
1,420
1,083
393
0
690
0) (153
537
) (2
535
121,373
WinterthurInsurance
3,236
1,388873
2,261
975
199
0
776
0(224
552
(46
506
44,239
CreditSuisse
PersonalFinance
56
194290
484
(428
58
4
(490
(5) 97
(398
) 0
(398
574
CreditSuisseAsset
Management
1,575
666472
1,138
437
126
0
311
(14) (61
236
) 0
236
18,705
CorporateCenter
(628
226(1,307
(1,081
453
397
271
(215
(239) 1
(453
) (157
(610
(71,169)
CreditSuissse
Group
) 39,154
21,890) 8,394
) 30,284
8,870
3,749
2,592
) 2,529
) (229(486
) 1,814
) (227
) 1,587
1,022,513
))
)
CreditSuisse
FirstBoston
22,825
15,3595,543
20,902
1,923
2,292
1,938
(2,307
) (1) 685
(1,623
(1
(1,624
679,813
CreditSuissePrivate
Banking
5,781
1,7061,001
2,707
) 3,074
84
36
) 2,954
) 15(631
) 2,338
(20
) 2,318
123,379
Segmenttotals
39,782
21,6649,701
31,365
8,417
3,352
2,321
) 2,744
) 10(487
) 2,267
) (70
) 2,197
1,093,682
www.credit-suisse.com 83
4.1 Segment reporting by operating segments (continued)
Segment income statement 2000
in CHF m
Operating income 1)
Personnel expensesOther operating expenses
Operating expenses
Gross operating profit
Depreciation of non-current assetsValuation adjustments,
provisions and losses
Profit before extraordinary items, taxes and minority interests
Extraordinary income/(expense), net
Taxes
Net profit before minority interests
Minority interests
Net profit
Other dataTotal assets as of
December 31, 2000
Certain reclassifications have been made to prior-period amounts to conform to the current presentation.
1) Operating income for the insurance business is defined as net premiums earned, less claims incurred and change in technical provisions and expenses forprocessing claims, less commissions, plus net investment income from the insurance business.
Credit Suisse
Banking
3,925
1,513917
2,430
1,495
96
562
837
20) (208
649
) (1
648
100,653
WinterthurLife &
Pensions
2,075
664544
1,208
867
116
0
751
0) (101
650
) (56
594
121,864
WinterthurInsurance
3,459
1,337823
2,160
1,299
175
0
1,124
0(305
819
(90
729
41,062
CreditSuisse
PersonalFinance
61
113223
336
(275
18
1
(294
0) 67
(227
) 0
(227
444
CreditSuisse
FirstBoston
20,364
12,0113,634
15,645
4,719
940
537
3,242
) 0) (884
2,358
(3
2,355
669,758
CorporateCenter
(466
475(860
(385
(81
281
5
(367
(1,711 ) 904
(1,174
) (58
(1,232
(62,456
CreditSuissse
Group
) 37,231
18,503) 6,645
) 25,148
) 12,083
1,756
1,265
) 9,062
) (1,691 (1,349
) 6,022
) (237
) 5,785
) 987,433
))
)
CreditSuisseAsset
Management
1,562
656481
1,137
425
82
0
343
(1 ) (56
286
) 0
286
14,955
CreditSuissePrivate
Banking
6,251
1,734883
2,617
) 3,634
48
160
) 3,426
1(766
) 2,661
(29
) 2,632
101,153
Segmenttotals
37,697
18,0287,505
25,533
12,164
1,475
1,260
9,429
20) (2,253
7,196
) (179
7,017
1,049,889
84
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
4.1 Segment reporting by operating segments (continued)
Segment income statement 1999
in CHF m
Operating income 1)
Personnel expensesOther operating expenses
Operating expenses
Gross operating profit
Depreciation of non-current assetsValuation adjustments,
provisions and losses
Profit before extraordinary items, taxes and minority interests
Extraordinary income/(expense), net
Taxes
Net profit before minority interests
Minority interests
Net profit
Other dataTotal assets as of
December 31, 1999
Certain reclassifications have been made to prior-period amounts to conform to the current presentation.
1) Operating income for the insurance business is defined as net premiums earned, less claims incurred and change in technical provisions and expenses forprocessing claims, less commissions, plus net investment income from the insurance business.
Credit Suisse
Banking
3,478
1,401866
2,267
) 1,211
51
610
) 550
34(130
) 454
) (3
) 451
97,733
WinterthurLife &
Pensions
626
533413
946
(320
89
0
(409
0) 132
(277
) (2
(279
106,086
WinterthurInsurance
2,740
1,267787
2,054
686
75
0
611
0(178
433
(38
395
39,138
CreditSuisse
FirstBoston
14,532
7,9992,714
10,713
3,819
439
786
2,594
) 0) (713
1,881
(1
1,880
439,781
CorporateCenter
(596
469(698
(229
(367
347
89
(803
(109) 574
(338
) (5
(343
(66,492
Credit SuisseGroup
) 26,644
13,554) 5,227
) 18,781
) 7,863
1,091
1,540
) 5,232
) (59(855
) 4,318
) (68
) 4,250
) 729,022
))
)
CreditSuisseAsset
Management
1,149
467377
844
305
44
0
261
(2 ) (24
235
) 0
235
13,125
CreditSuissePrivate
Banking
4,715
1,418768
2,186
2,529
46
55
2,428
18) (516
1,930
) (19
1,911
99,651
Segmenttotals
27,240
13,0855,925
19,010
8,230
744
1,451
6,035
50) (1,429
4,656
) (63
4,593
795,514
www.credit-suisse.com 85
4.2 Segment reporting by geographic segments
The geographic analysis of income and assets is providedin order to disclose similar information to other financialservices companies who comply with internationally recog-nized standards and does not reflect the way the Group ismanaged.
Management believes note 4.1, Segment reporting byoperating segments, is a more meaningful representation ofthe way in which the Group is managed.
Gross operating income 2001 1)
in CHF m
Interest incomeCommission and service fee incomeNet trading incomeInsurance premiums earned, netInvestment income from the insurance businessOther ordinary income
Gross operating income
Expenses 2)
Operating income
Total
42,27918,8109,183
32,195) 5,876
2,598
110,941
(71,787
39,154
)
Asia/Pacific/
Africa
1,768814674791(39591
4,599
Americas
22,3249,6343,5822,777
276155
38,748
OtherEuropeancountries
10,9993,2633,541
17,1222,266
822
38,013
Switzerland
7,1885,0991,386
11,5053,3731,030
29,581
Gross operating income 2000 1)
in CHF m
Interest incomeCommission and service fee incomeNet trading incomeInsurance premiums earned, netInvestment income from the insurance businessOther ordinary income
Gross operating income
Expenses 2)
Operating income
Total
38,90817,4258,791
28,690) 8,489
2,623
104,926
(67,695
37,231
Asia/Pacific/
Africa
1,482861
1,213714
(169263
4,364
Americas
19,4447,6272,3112,458
338336
32,514
OtherEuropeancountries
10,5083,4453,477
14,5434,358
645
36,976
Switzerland
7,4745,4921,790
10,9753,9621,379
31,072
)
Gross operating income 1999 1)
in CHF m
Interest incomeCommission and service fee incomeNet trading incomeInsurance premiums earned, netInvestment income from the insurance businessOther ordinary income
Gross operating income
Expenses 2)
Operating income
Certain reclassifications have been made to prior-period amounts to conform to the current presentation.
1) The geographic analysis is based on the location of the office recording the transactions.2) Includes interest expenses, commission expenses, claims incurred and technical provisions for the insurance business, commission expenses from the insurance busi-
ness and sundry ordinary expenses.
)
Total
23,97811,4916,578
26,1466,6561,193
76,042
(49,398
26,644
Americas
9,8214,2051,5522,072
295108
18,053
Asia/Pacific/
Africa
1,098552
1,19134714
265
3,467
OtherEuropeancountries
7,9002,3552,464
12,8763,802
255
29,652
Switzerland
5,1594,3791,371
10,8512,545
565
24,870
86
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
4.2 Segment reporting by geographic segments (continued)
Assets by countries/regions 1)
in CHF m
SwitzerlandUnited KingdomGermanyOther European countriesNorth AmericaCentral and South AmericaAsia/PacificMiddle Eastern countriesAfrica
Total
1) The geographic analysis of tangible fixed assets is based on the location of the reporting entities, whereas the analysis of total assets is driven by the customers’ domicile.
31.12.00
210,704107,48066,634
113,608378,68723,32181,2073,5602,232
987,433
31.12.00
4,7081,330
533462
2,148521206
41
9,913
31.12.01
208,427146,41574,553
107,411380,00933,16166,3883,8202,329
1,022,513
31.12.01
4,6921,270
591474
1,663513214
41
9,422
Tangible fixed assets Total assets
5 Subsequent events
Acquisitions and divestitures
HOLT Value Associates L.P.
On January 31, 2002, Credit Suisse First Boston (USA),Inc., acquired HOLT Value Associates, L.P., a leadingprovider of independent research and valuation services toasset managers.
Changes in capital structure
The Group’s Board of Directors will propose a par valuereduction of CHF 2 per share in lieu of a dividend at theAnnual General Meeting on May 31, 2002. If approved atthe Annual General Meeting, this capital reduction will bepaid out on August 14, 2002.
www.credit-suisse.com 87
6 Income statement of the bankingand insurance business 1)
in CHF m
Net interest income Net commission and service incomeNet trading incomeNet income from the insurance business 2)
Other ordinary income/(expenses), net
Operating income
Salaries and other compensationEmployee benefitsOther personnel expenses
Personnel expenses 2)
Premises and real estate expensesExpenses for IT, machinery, furnishings,
vehicles and other equipmentSundry operating expenses
Other operating expenses 2)
Operating expenses
Gross operating profit
Depreciation of non-current assetsAmortization of acquired intangible assetsAmortization of goodwillValuation adjustments, provisions and losses
from the banking business
Depreciation, valuation adjustments and losses
Profit before extraordinary items,taxes and minority interests
Extraordinary incomeExtraordinary expensesTaxes
Net profit before minority interests
Minority interests
Net profit
1) Income statements for the banking and insurance business are presented on a stand-alone basis.2) Expenses due to the handling of both claims and investments are allocated to the income from the insurance business, of which CHF 599 m (2000: CHF 525 m,
1999: CHF 579 m) are related to personnel expenses and CHF 371 m (2000: CHF 355 m, 1999: CHF 511 m) to other operating expenses.
2001
6,68017,8669,183
–(538
33,191
17,4141,452
886
19,752
1,155
1,5364,162
6,853
26,605
6,586
1,667793697
2,592
5,749
837
52(50
(108
731
(179
552
2000
5,23916,6298,791
–) 1,046
31,705
14,6161,159
724
16,499
811
9853,483
5,279
21,778
9,927
1,092157215
1,265
2,729
7,198
105) (1,796) (943
4,564
) (91
4,473
1999
5,25210,8706,578
–577
23,277
10,331908515
11,754
731
8982,397
4,026
15,780
7,497
8280
101
1,540
2,469
5,028
93) (152) (809
4,160
) (28
4,132
2001
–––
6,352(380
5,972
1,675358105
2,138
238
325984
1,547
3,685
2,287
5190
73
–
592
1,695
0) (231) (378
1,086
) (48
1,038
2000
–––
6,197) (666
5,531
1,523359122
2,004
248
250868
1,366
3,370
2,161
2610
31
–
292
1,869
0) 0) (406
1,463
) (146
1,317
2001
6,75117,8459,1836,300
) (925
39,154
19,0891,810
991
21,890
1,394
1,8535,147
8,394
30,284
8,870
2,186793770
2,592
6,341
2,529
52(281
) (486
1,814
) (227
1,587
)
))
)
1999
–––
4,226) (853
3,373
1,298297205
1,800
132
287782
1,201
3,001
372
15309
–
162
210
00
) (45
165
) (40
125
1999
5,33810,8566,5784,166(294
26,644
11,6291,205
720
13,554
863
1,1523,212
5,227
18,781
7,863
9810
110
1,540
2,631
5,232
93) (152) (855
4,318
) (68
4,250
2000
5,31316,5968,7916,166
) 365
37,231
16,1391,518
846
18,503
1,059
1,2124,374
6,645
25,148
12,083
1,353157246
1,265
3,021
9,062
105) (1,796) (1,349
6,022
) (237
5,785
Credit Suisse GroupInsurance businessBanking business
88
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
7 Income statement by origin 1)
in CHF m
Net interest incomeNet commission and service fee incomeNet trading incomeNet income from the insurance businessOther ordinary income/(expenses), net
Operating income
Personnel expensesOther operating expenses
Operating expenses
Gross operating profit
% of total
Depreciation of non-current assetsAmortization of acquired intangible assetsAmortization of goodwillValuation adjustments, provisions and losses
from the banking business
Depreciation, valuation adjustments and losses
Profit before extraordinary items, taxesand minority interests
Extraordinary income/(expenses)Taxes
% of total
Net profit before minority interests
Minority interests
Net profit
% of total
1) The analysis is based on the location of the office recording the transactions.
Foreign1999
2,6206,6455,2072,515
) (60
16,927
9,7743,195
12,969
3,958
50%
6940
62
808
1,564
2,394
) (53 ) (682
80%
1,659
(69
1,590
37%
)
))
)
Switzerland1999
2,7184,2111,3711,651(234
9,717
3,7802,032
5,812
3,905
50%
2870
48
732
1,067
2,838
) (6 ) (173
20%
2,659
) 1
2,660
63%
Foreign2000
1,95611,2527,0013,592
104
23,905
14,1174,330
18,447
5,458
45%
657157199
559
1,572
3,886
) (1,539 ) (366
27%
1,981
(264
1,717
30%
Switzerland2000
3,3575,3441,7902,574
) 261
13,326
4,3862,315
6,701
6,625
55%
6960
47
706
1,449
) 5,176
) (152(983
) 73%
) 4,041
) 27
) 4,068
) 70%
Foreign2001
3,83013,1467,7973,874
(1,039
27,608
17,5206,069
23,589
4,019
45%
1,191793685
1,976
4,645
(626
) (4) 313
(64%
(317
(353
(670
(42%
Switzerland2001
2,9214,6991,3862,426
114
11,546
4,3702,325
6,695
4,851
55%
9950
85
616
1,696
3,155
(225(799
164%
2,131
126
2,257
142%
www.credit-suisse.com 89
9 Net trading income
in CHF m
Debt instrumentsEquity instrumentsForeign exchange and banknote tradingPrecious metalsOther
Total net trading income
Certain reclassifications have been made to prior-period amounts to conform to the current presentation.
10 Depreciation and amortization
in CHF m
Real estateOther tangible fixed assetsPresent value of future profits (PVFP) 1)
Other intangible assetsNon-consolidated participations
Depreciation of non-current assets
Amortization of acquired intangible assetsAmortization of goodwill
Total depreciation and amortization
1) Interest accrued of CHF 157 m (2000: CHF 156 m, 1999: CHF 50 m) on the unamortized PVFP balance is presented net against amortization.
8 Net interest income
in CHF m
Interest income on loans due from customersInterest income on loans due from banksInterest income from money market papersCredit commissions treated as interest earningsInterest income from leasing operations
Interest and discount income
Interest incomeDividend income
Interest and dividend income from trading portfolios
Interest incomeDividend income
Interest and dividend income from financial investments
Interest income
Interest expenses for liabilities due to customersInterest expenses for liabilities due to banks
Interest expenses
of which interest expenses for subordinated liabilities
Total net interest income
Certain reclassifications have been made to prior-period amounts to conform to the current presentation.
))
)
)
1999
10,4977,5261,019
24296
19,380
3,488639
4,127
339132
471
23,978
) (12,268 ) (6,372
) (18,640
) (833
5,338
2000
13,85314,2251,725
252126
30,181
7,136885
8,021
345361
706
38,908
) (15,475 ) (18,120
) (33,595
) (879
5,313
2001
13,43813,1791,590
329151
28,687
11,3511,727
13,078
352162
514
42,279
(15,786(19,742
(35,528
(916
6,751
1999
11579039370
981
0110
1,091
2000
23993314
15116
1,353
157246
1,756
1999
2,7112,3681,344
11441
6,578
2000
2,2434,9631,075
123387
8,791
2001
1,9324,8971,648
3703
9,183
2001
2071,269
23738786
2,186
793770
3,749
90
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
13 Extraordinary expenses
in CHF m
Losses from the disposal of participationsAllocation to reserve for general banking risksRestructuring chargesOther extraordinary expenses
Total extraordinary expenses
11 Valuation adjustments, provisions and losses from the banking business
in CHF m
Valuation allowancesof which losses from lending activities
Balance sheet risksOff-balance sheet risksOther provisionsLosses on financial investments
Total valuation adjustments, provisions and lossesfrom the banking business
Non-technical provisions for the insurance business 1)
1) Included in other expenses from the insurance business.
12 Extraordinary income
in CHF m
Gains from the disposal of participationsRelease of reserve for general banking risksOther extraordinary income
Total extraordinary income
1999
1,01634
) 37) 7
43545
1,540
96
1999
112161
93
2000
97362
(83(1130482
1,265
95
2000
28
95
105
2001
1,634134
8082846
2,592
136
2001
40
48
52
1999
01011239
152
2000
0190
1,501105
1,796
2001
2380
1924
281
www.credit-suisse.com 91
14 Taxes
in CHF m
SwitzerlandForeign
Current taxes
SwitzerlandForeign
Deferred taxes
Total taxes
reportedin %
12,678
))
)
1999
3821,148
1,530
(209) (466
) (675
855
2000
9531,981
2,934
30) (1,615
) (1,585
1,349
2001
659755
1,414
140(1,068
(928
486
Restructuring charges 1)
in CHF m
PersonnelPremises 2)
Other 3)
Total restructuring charges
of which included in extraordinary expensesof which included in ordinary expenses
1) See note 33 “Valuation allowances and provisions” for further details.2) Premises charges include lease termination costs, moving expenses and losses related to the closure and sale of property.3) Other charges include technology write-offs, rebranding and advertising costs and consultancy fees.
1999
4600
46
1234
2000
932268342
1,542
1,50141
2001
437
13
63
1944
In 2001, restructuring charges of CHF 44 million relatedto the insurance business and CHF 19 million related toe-business activities.
During 2000, the Group recorded restructuringcharges of CHF 1,499 million related to the acquisitionof Donaldson, Lufkin & Jenrette, Inc. Personnel chargesof CHF 900 million included CHF 664 million forannounced and anticipated termination benefits and
CHF 236 million for other personnel-related expensesincluding retention awards. Substantially all of theremaining CHF 43 million in 2000 restructuring costsrelated to Winterthur Life & Pensions’ acquisition of Colonial UK.
In 1999, restructuring charges of CHF 34 millionrelated to Credit Suisse Asset Management’s acquisitionof Warburg Pincus Asset Management.
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
92
15 Income statement of the insurance business
in CHF m
Non-lifeNet premiums writtenChange in provision for unearned premiums
and in provision for future policy benefits (health)
Net premiums earned
Claims and annuities paidChange in provision for unpaid claims and annuities
Claims and annuities incurred
Dividends paid to policyholdersChange in provision for future dividends to policyholders
Dividends to policyholders incurred
Operating expenses
Underwriting result
Net investment incomeInterest received on deposits and bank accounts Interest paidOther income/(expenses), including foreign currency translation impact
Profit before taxes and minority interests
Life Net premiums writtenChange in provision for unearned premiums
Net premiums earned
Death and other benefits paidChange in provision for death and other benefits
Death and other benefits incurred
Change in provision for future policy benefits
Dividends paid to policyholdersChange in provision for future dividends to policyholders
Dividends to policyholders incurred
Operating expensesNet investment incomeInterest received on deposits and bank accountsInterest on bonuses credited to policyholdersInterest paidOther income/(expenses), including foreign currency translation impact
Profit before taxes and minority interests
CombinedProfit before taxes and minority interestsInterest on debenturesAmortization of goodwillTaxes
Profit before minority interests
Minority interests
Net profit
)
))
)
))
)
)
)
)
))
)
)
)
)
)
)))
)
)))
)
1999
12,604
) (548
12,056
) (8,835 ) (310
) (9,145
) (341 ) (46
) (387
) (3,639
) (1,115
1,69190
) (77 28
617
14,088) 2
14,090
) (7,649 ) (384
) (8,033
) (7,945
) (1,415 ) 31
) (1,384
) (1,252 5,048
135) (117 ) (220 ) (716
(394
223) (4 ) (9 ) (45
165
) (40
125
2000
14,632
) (1,113
13,519
) (10,108 ) (324
) (10,432
) (309 ) (66
) (375
) (3,971
) (1,259
2,38596
) (114 ) 53
1,161
15,172) (1
15,171
) (9,417 ) (317
) (9,734
) (6,377
) (1,439 (543
) (1,982
) (1,685 6,051
88) (116 ) (215 ) (416
785
1,946) (46 ) (31 ) (406
1,463
) (146
1,317
Notes
16
17
16
17
2001
16,840
(1,833
15,007
(10,311(1,198
(11,509
(290(21
(311
(4,336
(1,149
2,217 29
(97(165
835
17,203 (15
17,188
(11,922(245
(12,167
(5,457
(1,4491,162
(287
(1,8703,651
86 (135(193(53
763
1,598(61(73
(378
1,086
(48
1,038
16 Insurance premiums, claims and related reinsurance
in CHF m
Non-lifeSwitzerlandOther European countriesNorth AmericaAsia-PacificOther regions
Direct written premiums
AssumedCeded
Net premiums written
DirectAssumedCeded
Net premiums earned
DirectAssumedCeded
Claims and annuities incurred, net
Life SwitzerlandOther European countriesAsia-Pacific
Direct written premiums
AssumedCeded
Net premiums written
DirectAssumedCeded
Net premiums earned
DirectAssumedCeded
Death and other benefits incurred, net
CombinedDirect written premiumsAssumedCeded
Net premiums written
)
)
))
)
)
)
))
)
)
1999
2,8737,8392,627
24342
13,624
277) (1,297
12,604
13,084216
) (1,244
12,056
) (9,894 (406
1,155
) (9,145
7,8136,223
148
14,184
20) (116
14,088
14,17820
) (108
14,090
) (8,086 ) (4
57
) (8,033
27,808297
) (1,413
26,692
2000
2,9339,7163,213
19964
16,125
383) (1,876
14,632
14,711340
) (1,532
13,519
) (11,644 ) 141
1,071
) (10,432
7,8147,059
564
15,437
15) (280
15,172
15,43814
) (281
15,171
) (9,788 ) (48
102
) (9,734
31,562398
) (2,156
29,804
2001
2,94910,9203,536
14952
17,606
806(1,572
16,840
16,162524
(1,679
15,007
(12,489(451
1,431
(11,509
8,3408,146
707
17,193
220(210
17,203
17,190208
(210
17,188
(12,189(5274
(12,167
34,7991,026
(1,782
34,043
www.credit-suisse.com 93
94
17 Net investment income from the insurance business
in CHF m
Non-lifeDebt securities and loansEquity securitiesReal estateMortgagesShort-term investmentsNon-consolidated participations
Investment income
Realized gains/(losses) on real estateRealized gains/(losses) on other investments(Depreciation)/appreciation on investments
Gains/(losses) on investments
Investment expenses
Net investment income
Life Debt securities and loansEquity securitiesReal estateMortgagesShort-term investmentsNon-consolidated participations
Investment income
Realized gains/(losses) on real estateRealized gains/(losses) on other investments(Depreciation)/appreciation on investments
Gains/(losses) on investments
Investment incomeGains/(losses)
Net investment income where the investment risk is borne by policyholders
Investment expenses
Net investment income
CombinedDebt securities and loansEquity securitiesReal estateMortgagesShort-term investmentsNon-consolidated participations
Investment income
Gains/(losses) on investmentsNet investment income where the investment
risk is borne by policyholdersInvestment expenses
Net investment income from the insurance business
)
)
)
)
)
)
1999
93311512858796
1,319
20482
) (30
472
) (100
1,691
2,592387360408490
3,796
(78930
) (86
766
111) 639
) 750
) (264
5,048
3,525502488466128
6
5,115
1,238
) 750) (364
6,739
2000
1,02916012059
10948
1,525
381,022
) (28
1,032
) (172
2,385
2,793404372398679
4,043
402,670
) (105
2,605
214) (544
) (330
) (267
6,051
3,82256449245717657
5,568
3,637
) (330 ) (439
8,436
2001
974161127609515
1,432
170750(31
889
(104
2,217
2,7984623954218514
4,175
31926
(123
834
224(1,338
(1,114
(244
3,651
3,77262352248118029
5,607
1,723
(1,114(348
5,868
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
www.credit-suisse.com 95
18 Money market papers
in CHF m
Government treasury notes and billsMoney market placementsOther bills of exchange and money market papers
Total money market papers
of which rediscountable or pledgeable with central banks
19 Loans
19.1 Due from banks
in CHF m
Due from banks, grossValuation allowance
Total due from banks, net
Certain reclassifications have been made to prior-year amounts to conform to the current presentation.
19.2 Due from customers and mortgages
in CHF m
Due from customers, grossValuation allowance
Due from customers, net
Mortgages, grossValuation allowance
Mortgages, net
Total due from customers and mortgages, net
Due from customers and mortgages by sector
in CHF m
Financial servicesReal estate companiesOther services including technology companiesManufacturingWholesale and retail tradeConstructionTransportation and communicationHealth and social servicesHotels and restaurantsAgriculture and miningNon-profit and international organizations
Commercial
ConsumersPublic authoritiesLease financingsProfessional securities transactions and securitized loans
Due from customers and mortgages, gross
Valuation allowance
Total due from customers and mortgages, net
Certain reclassifications have been made to prior-year amounts to conform to the current presentation.
31.12.01
10,61215,5955,820
32,027
12,698
31.12.01
203,821(36
203,785
31.12.01
192,349(6,198
186,151
95,685(3,030
92,655
278,806
31.12.01
39,21317,62722,86012,79110,9703,676
10,9041,8542,8661,600
27
124,388
86,3585,0003,135
69,153
288,034
(9,228
278,806
)
)
)
)
31.12.00
7,23617,2985,593
30,127
9,162
31.12.00
218,614) (93
218,521
31.12.00
176,627) (6,199
170,428
96,926) (4,494
92,432
262,860
31.12.00
39,01316,87022,00012,53613,4113,9705,0052,8133,1032,706
210
121,637
87,4364,8172,653
57,010
273,553
) (10,693
262,860
96
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
19.3 Collateral of due from customers and mortgages
in CHF m
Due from customersResidential propertiesBusiness and office propertiesCommercial and industrial propertiesOther properties
Mortgages
Total collateral
As of December 31, 2000
Certain reclassifications have been made to prior-year amounts to conform to the current presentation.
19.4 Loan valuation allowance
in CHF m
Due from banksDue from customersMortgages
Total loan valuation allowance
of which on principalof which on interest
Roll forward of loan valuation allowance
in CHF m
At beginning of financial yearNet additions charged to income statementNet write-offsBalances acquired/(sold)Provisions for interestForeign currency translation impact and other
At end of financial year
Withoutcollateral
58,911
58,911
58,670
31.12.01
366,1983,030
9,264
7,5531,711
2000
12,489973
) (3,509 ) 352
248233
10,786
Othercollateral
121,338
121,338
105,801
2001
10,7861,613
(3,805(3
400273
9,264
Mortgagecollateral
5,90264,85611,48711,1175,195
92,655
98,557
98,389
Total 31.12.01
186,151
92,655
278,806
262,860
31.12.00
936,1994,494
10,786
8,7412,045
1999
13,3071,015
) (2,821 0
489499
12,489
1
936,1994,494
10,786
8,7412,045
)
19.5 Impaired loans
in CHF m
With a specific allowanceWithout a specific allowance
Total impaired loans, gross
31.12.01
12,957912
13,869
31.12.00
14,4931,186
15,679
www.credit-suisse.com 97
20 Securities and precious metals trading portfolios
in CHF m
Listed on stock exchangeUnlisted
Debt instruments
of which own bonds and medium-term notes
Listed on stock exchangeUnlisted
Equity instruments
of which own shares
Precious metals
Total securities and precious metals trading portfolios
of which rediscountable or pledgeable with central banks
Substantial assets and liabilities included in other balance sheet positions 1)
Lent trading positions (due from banks and customers) Borrowed trading positions (due to banks and customers)
Derivative instruments from trading activitiesPositive replacement values (other assets)Negative replacement values (other liabilities)
1) These are valued at fair value and any related profit/loss is shown in net trading income.
Totalin CHF m
145,33192,432
237,763
183,663
Change in %
6229
11845450
120
31.12.01
66,30891,434
157,742
1,037
44,2025,123
49,325
4,410
1,307
208,374
77,306
762,996
49,65152,386
31.12.00
63,68465,678
129,362
837
59,4548,081
67,535
7,474
2,020
198,917
72,618
1832,613
43,91949,300
Impaired loans include non-performing loans, non-interestearning loans, troubled debt restructuring and potentialproblem loans. Troubled debt restructuring consists of:loans that are accruing at interest rates different from theoriginal terms of such loans; restructurings involving theforgiveness of principal and/or accrued interest; or restruc-turings involving the receipt of an equity interest from thecounterparty. On receipt of cash, suspended interest is
recovered first, except when amounts are outstanding forcosts and other late payment charges, in which case cashreceived is first applied to these costs and other late pay-ment charges.
Potential problem loans consist of loans where interestpayments are being made. However, there exists somedoubt in the credit officer’s assessment as to the timingand/or certainty of the repayment of contractual principal.
in CHF m
Non-performing loansNon-interest earning loansRestructured loansPotential problem loans
Total impaired loans, gross
31.12.01
7,9922,808
1142,955
13,869
31.12.00
7,9893,615
2683,807
15,679
Other information
in CHF m
Average balance of impaired loansInterest income which was recognizedInterest income recognized on a cash basis
2001
14,197184169
2000
16,545314308
98
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
22 Financial investments from the banking business
in CHF m
Listed on stock exchangeUnlisted
Debt instruments
of which valued according to the accrual methodof which valued at lower of cost or marketof which own bonds and medium-term notes
Listed on stock exchangeUnlisted
Equity instruments
of which own sharesof which qualifying participations
Repossessed commoditiesPrecious metalsReal estate
Total financial investments from the banking business
of which valued at lower of cost or marketof which securities rediscountable or pledgeable
with central banks
Totalin CHF m
145,33192,432
237,763
183,663
Change in %
6229
11845450
120
31.12.01
14,0552,242
16,297
15,2191,078
31
3,53715,387
18,924
7732,713
69
2,070
37,306
6,700
13,275
31.12.00
12,2301,734
13,964
13,035929
1
3,3605,772
9,132
03,139
09
2,469
25,574
6,767
11,056
31.12.01
1,098
5,706
69
2,080
8,899
31.12.00
946
6,758
09
2,469
10,182
31.12.01
1,176
3,849
169
2,291
7,341
31.12.00
965
3,564
09
2,620
7,158
21 Own shares included in securities trading portfolios
In registered share equivalents, including derivativesAt beginning of financial yearAt end of financial year
The number of shares has been adjusted for the 4-for-1 share split effective as of August 15, 2001.
2001in CHF m
465) (7
2001No. of shares
6,035,628 (92,891
2000No. of shares
438,760 ) 6,035,628
2000in CHF m
36465
Cost Market value Book value
23 Investments from the insurance business
December 31, 2001in CHF m
Debt securities issued by Swiss Federal Government,cantonal or local governmental entities
Debt securities issued by foreign governmentsCorporate debt securitiesOther
Debt securities
Equity securities
Total securities – available-for-sale
Debt securitiesEquity securities
Total securities – trading
Own sharesMortgage loansOther loansReal estateShort-term investments and other
Investments from the insurance business
Equity securitiesDebt securitiesShort-term investmentsReal estate
Investments where the investment risk is borne by policyholders
Total investments from the insurance business
December 31, 2000in CHF m
Debt securities issued by Swiss Federal Government, cantonal or local governmental entities
Debt securities issued by foreign governmentsCorporate debt securitiesOther
Debt securities
Equity securities
Total securities – available-for-sale
Own sharesMortgage loansOther loansReal estateShort-term investments and other
Investments from the insurance business
Equity securitiesDebt securitiesShort-term investmentsReal estate
Investments where the investment risk is borne by policyholders
Total investments from the insurance business
Grossunrealized
gains
152474672543
1,841
2,406
4,247
––
–
––––––
–
––––
–
Grossunrealized
gains
128648
1,111260
2,147
9,021
11,168
–––––
–
––––
–
–
Grossunrealized
losses
70223267129
689
2,219
2,908
––
–
––––––
–
––––
–
Grossunrealized
losses
2516355944
791
1,417
2,208
–––––
–
––––
–
–
Book value
8,28719,50322,94715,823
66,560
22,332
88,892
1,85837
1,895
1849,8114,6487,5493,793
116,772
10,9342,495
794296
14,519
131,291
Book value
5,74818,49736,3812,952
63,578
31,718
95,296
599,4244,3167,0983,550
119,743
10,1361,2331,402
118
12,889
132,632
Amortizedcost
8,20519,25222,54215,409
65,408
22,145
87,553
––
–
–––––
–
––––
–
–
Amortized cost
5,64518,01235,8292,736
62,222
24,114
86,336
–––––
–
––––
–
–
Fair value
8,28719,50322,94715,823
66,560
22,332
88,892
––
–
–––
10,376–
–
––––
–
–
Fair value
5,74818,49736,3812,952
63,578
31,718
95,296
–––
10,072–
–
––––
–
–
www.credit-suisse.com 99
100
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
Fire insurance values
in CHF m
Real estate (including investments from the insurance business)Other tangible fixed assets
25 Non-consolidated participations
in CHF m
Investments in associatesOther non-consolidated
participations
Total non-consolidatedparticipations
Listed on stock exchangeUnlisted
26 Tangible fixed assets
in CHF m
Historical costAt beginning of financial yearAdditionsDisposals and write-offsBalances acquired/(sold)Reclassifications 1)
Foreign currency translation impact
At end of financial year
Accumulated depreciationAt beginning of financial yearDepreciationDisposals and write-offsBalances acquired/(sold)Reclassifications 1)
Foreign currency translation impact
At end of financial year
Net book value at end of financial year
Net book value at beginning of financial year
1) Including CHF 148 m transfer to real estate held-for-investment from the insurance business, CHF 45 m to real estate held-for-sale and CHF 33 m to intangibleassets.
24 Own shares included in financial investmentsfrom the banking and insurance business
In registered share equivalents, including derivativesAt beginning of financial yearAt end of financial year
The number of shares has been adjusted for the 4-for-1 share split effective as of August 15, 2001.
2000in CHF m
636
2000No. of shares
76,936471,484
2001in CHF m
36777
2001No. of shares
471,48411,048,553
Total2001
14,6071,902
) (983) (112) (355
71
15,130
4,6941,476
) (318) (16) (142
14
5,708
9,422
9,913
)))
)))
Other physical assets
5,1521,154
) (462) (13) (13
28
5,846
2,9761,063
) (224(6
(2710
3,792
2,054
2,176
31.12.00
18,6253,889
31.12.01
18,4623,911
Leaseholdimprovements
2,175377
) (414) (82) (53
41
2,044
471206(56
) 2) 7) 8
638
1,406
1,704
Real estateinvestment
50822
) (16) (3) (56) 7
462
6115
) 1) (3) (6) (1
67
395
447
Own usepremises
6,772349(91(14
(233(5
6,778
1,186192(39(9
(116(3
1,211
5,567
5,586
Foreigncurrency
translationand transfers
) 133
(63
) 70
Balances acquired/
(sold)
) (4
) 0
) (4
Write-offs
) (15
) (71
) (86
Disposals
(267
(86
(353
Additions
173
217
390
Netbook value
31.12.00
1,459
) 370
) 1,829
01,829
Accumulatedwrite-offs
0
(15
(15
Cost
1,459
385
1,844
Netbook value
31.12.01
1,479
) 367
1,846
1781,668
www.credit-suisse.com 101
28 Intangible assets
in CHF m
Historical costAt beginning of financial yearAdditionsDisposals and write-offsUnrealized gains/(losses)Balances acquired/(sold)Reclassifications 2)
Foreign currency translation impact
At end of financial year
Accumulated depreciationAt beginning of financial yearDepreciation and amortizationDisposals and write-offsBalances acquired/(sold)Reclassifications 2)
Foreign currency translation impact
At end of financial year
Net book value at end of financial year
Net book value at beginning of financial year
1) PVFP: Present value of future profits embedded in each life and health insurance portfolio purchased, see note 1 Summary of significant accounting policies.2) Including CHF 33 m transfer from tangible assets and CHF 46 m to provisions.3) Interest accrued of CHF 157 m on the unamortized PVFP balance is presented net against amortization.
27 Operating leases
in CHF m
20022003200420052006Thereafter
Future operating lease commitmentsMinimum non-cancelable sublease rentals
Total net future minimum lease commitments
Rental expenses
in CHF m
Minimum rentalsContingent rentals
Gross rental expensesSublease rental income
Total net rental expenses
)
)
31.12.01
803715649601534
5,123
8,425(291
8,134
2000
5853
588) (17
571
2001
8600
860(43
817
Total2001
24,2952,401
) (1,22131
) (101(40402
25,767
9962,187(156
) (75(18(17
2,917
22,850
23,299
)
))
))))
Otherintangible
assets
14423
) (3–
) (7401
91
10910
) 0) (61) 0) 1
59
32
35
1) Software
1,084673
(196–
(271
) 1
1,536
3313) 377
(51(14(25
) (3
615
921
753
Presentvalue of
future profits
2,57559
) 0310
) 11(46
2,630
53237
) 00
) 11) (6
295
2,335
2,522
Goodwill
13,2011,607
) (283–0
(52247
14,720
332770
) (360
(4) (6
1,056
13,664
12,869
Acquiredintangible
assets
7,29139
(739–00
199
6,790
171793(69
00
(3
892
5,898
7,120
102
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
30 Assets pledged or assigned and assets subject to ownership reservation 1)
in CHF m
Assets pledged and assigned as collateralof which assets provided with the right to sell or repledge with respect to securities lending
Actual commitments secured
1) None of the Group’s assets were under reservation of ownership, either in the current or in the previous year.
Other information
in CHF m
Cash restricted under Swiss and foreign banking regulations
31.12.00
108,77091,96892,940
31.12.00
9,872
31.12.01
141,993125,274114,785
31.12.01
13,529
31 Medium-term notes and bonds
in CHF m
Medium-term notes (cash bonds)Bonds issued by Credit Suisse Group and subsidiariesBonds issued by central issuing office of the Association of Swiss Regional BanksMortgage bonds issued by the Swiss Mortgage Bond Bank
Bonds and mortgage-backed bonds
Total medium-term notes and bonds
of which subordinated bonds
Maturity structure
in CHF m
20022003200420052006Thereafter
Total
For further details, see note 45 Bonds issued.
31.12.00
3,22563,985
381,501
65,524
68,749
21,769
Total31.12.01
19,25811,9868,488
11,34913,38020,063
84,524
31.12.01
3,01980,015
01,490
81,505
84,524
20,746
Bonds
18,26711,0007,790
11,16613,28020,002
81,505
Medium-termnotes
99198669818310061
3,019
29 Other assets
in CHF m
Trading derivative instrumentsOther derivative instruments
Positive replacement value of derivative instruments
Deferred tax assetOther
Total other assets
31.12.01
49,6511,378
51,029
6,9105,857
63,796
31.12.00
43,9191,118
45,037
6,8832,748
54,668
www.credit-suisse.com 103
34 Technical provisions for the insurance business
in CHF m
Non-lifeProvision for unearned premiums Provision for future policyholder benefits (health)Provision for unpaid claims and claim adjustment expensesActuarial provision for annuitiesProvision for future dividends to policyholders
Technical provisions
LifeProvision for unearned premiums Provision for future policyholder benefitsProvision for death and other benefitsProvision for future dividends to policyholdersBonuses held on deposit
Technical provisions
Provisions for insurance policies, where the investmentrisk is borne by policyholders
Total technical provisions for the insurance business
33 Valuation allowances and provisions
in CHF m
At beginning of financial yearNet additions charged to income statementNet additions charged to equityNet write-offsBalances acquired/(sold)Provisions for interestChange in definition of purpose (reclassifications)Foreign currency translation impact
At end of financial year
1) Including valuation allowances for money market papers and debt instruments included in financial investments from the banking business.2) Including off-balance sheet risks.3) In 2001, the restructuring provision for Donaldson, Lufkin & Jenrette, Inc. declined by CHF 676 m from CHF 854 m to CHF 178 m.4) The increase in deferred tax assets of CHF 1,054 m is not included in provisions for taxes and deferred taxes.5) Change owing to deferred taxes on unrealized gains/losses on investments from the insurance business.
Total2001
23,8964) 4,285) 5) (1,152) (6,533
18402
) (256) 21
20,681
Provisionfor
taxes
9,7821,540
(1,152) (1,108) 23
0(333(92
8,660
Other3) provisions
1,199807
–) (582
(10
) 1079
1,539
Provisionfor
restructuring
1,03363
–) (844) 0
0) (1
38
289
Provisionfor other
2) business risks
702157
–) (180
(10
) (1038
583
Provisionfor credit
1) risks
39184
–) (14) 0
0(178
8
291
Totalexcluding
allowances2001
13,1072,651
) (1,152) (2,728
210
) (508(29
11,362
))
))
Valuationallowances
10,7891,634
–(3,805
(340225250
9,319
Gross31.12.00
5,8233,071
19,9621,3301,702
31,888
2478,4963,9906,9093,395
92,814
13,417
138,119
Net31.12.01
5,9873,413
15,4861,4091,443
27,738
1384,0853,6354,3273,458
95,518
15,098
138,354
Gross31.12.01
6,4153,414
18,6561,5071,454
31,446
1584,8293,7124,3283,458
96,342
15,098
142,886
Net31.12.00
4,9963,071
15,5601,3241,702
26,653
2177,8523,9296,9083,395
92,105
13,417
132,175
32 Other liabilities
in CHF m
Trading derivative instrumentsOther derivative instruments
Negative replacement value of derivative instruments
Compensation accountOther
Total other liabilities
31.12.01
52,386808
53,194
4622,837
56,493
31.12.00
49,300782
50,082
3257,246
57,653
104
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
35 Statement of shareholders’ equity
in CHF m
As of December 31, 1998Dividends paidCapital increases, par value and capital surplusTransfer of reservesBalances acquired/(sold)Acquisition of minority interestsChange in revaluation reserves, netForeign currency translation impactReclassifications from provisionsAllocation to reserve for general banking risksRelease of reserve for general banking risksNet profit
As of December 31, 1999
of which reserve for own shares
Dividends paidCapital increases, par value and capital surplusTransfer of reservesBalances acquired/(sold)Acquisition of minority interestsChange in revaluation reserves, netForeign currency translation impactReclassifications from provisionsAllocation to reserve for general banking risksRelease of reserve for general banking risksNet profit
As of December 31, 2000
of which reserve for own shares
Dividends paidRepayment out of share capitalCapital increases, par value and capital surplusCancellation of repurchased sharesBalances acquired/(sold)Acquisition of minority interestsChange in revaluation reserves, netForeign currency translation impactNet profit
As of December 31, 2001
of which reserve for own shares
1) For further information relating to redeemable preferred securities, see next page.
1) Total
26,560) (1,430
7660
226) (643) (515) 1,318
3101(21
4,318
30,683
600
) (1,9869,627
0190
) (1(498
) (7036
190(8
6,022
43,522
600
) (175(2,3921,160(569
) (241) (12) (4,298
1121,814
38,921
2,469
)
))
)
)
)))
)
))
))))
Minorityinterests
1,619) (55
3)
226(643(36(28
68
1,154
) (55911
)190
(1228
) (93
237
2,571
) (161
985
(241(12
(25810
227
3,121
Retainedearningsincludingnet profit
523(1,375
(5
)1,346
4,250
4,739
0
(1,931
(31
)(610
5,785
7,952
0
(14
)102
1,587
9,627
2,400
Revaluationreserves
5,994
(479
5,515
(726
4,789
)
(4,040
749
Capitalreserves
10,994
7015
11,700
600
8,15131
19,882
600
)164
) (531
19,515
69
Sharecapital
5,382
62
)
5,444
565
)
6,009
(2,39211
(38
3,590
Reservefor general
bankingrisks
2,048
3101(21
2,131
6190
(8
2,319
2,319
Significant shareholders:BZ Group Holding has notified Credit Suisse Group that itheld as of December 31, 2001, on a consolidated basis86,526,357 registered shares, corresponding to 7.2% of
the total issued and outstanding registered shares of CreditSuisse Group, of which 1.3% were recorded in the shareregister of Credit Suisse Group with the right to vote.
www.credit-suisse.com 105
Issuer
Credit Suisse First Boston Capital (Guernsey) I Ltd.Credit Suisse Group Capital (Guernsey) II Ltd.Credit Suisse Group Capital (Guernsey) III Ltd.Credit Suisse Group Capital (Guernsey) IV Ltd.Credit Suisse Group Capital (Guernsey) V Ltd.Credit Suisse Group Capital (Guernsey) VI Ltd.
Total as of December 31, 2001
1) Based on six-month LIBOR as of December 29, 2001, plus 1.70%.
37 Loans to members of the Group’s governing bodies 1)
in CHF m
At beginning of financial yearAdditionsReductions
At end of financial year
Loans to companies controlled by members of the Group’s governing bodies Contingent liabilities towards companies controlled by members of the Group’s governing bodies
1) Members of the Group’s governing bodies are defined as members of the Credit Suisse Group Board of Directors and the Group Executive Board.
Related notesissued by CSG
solely redeemableby issuer
on and after
1) June 29, 2004June 21, 2010June 15, 2015June 30, 2010
November 7, 2011December 18, 2011
Coupon rate
3.683%7.974%8.514%6.500%6.905%3.570%
Liquidationvalue
in CHF m
209371364150593389
2,076
in m
125250150150400
30,500
Currency
USDEURGBPCHFEURJPY
Issue date
June 1999June 2000June 2000June 2000
November 2001December 2001
35 Statement of shareholders’ equity (continued)
Redeemable preferred securitiesThe Group has non-cumulative guaranteed perpetualpreferred securities (preferred securities) outstanding aslisted below. They are issued through fully owned specialpurpose subsidiaries in Guernsey, Channel Islands, that areestablished for the exclusive purpose of issuing such pre-
ferred securities and investing the gross proceeds in notesreceivable of the Group. The preferred securities are classi-fied as minority interests. The Group has made unsecured,subordinated guarantees for the benefit of the holders ofthe preferred securities.
31.12.01
882
(36
54
00
31.12.00
7524
) (11
88
112105
31.12.99
5722
) (4
75
112107
)
36 Liabilities due to own pension funds
in CHF m
Liabilities due to own pension funds
31.12.01
1,650
31.12.00
722
Notional amount
106
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
38 Maturity structure of current assets and borrowed funds
in CHF m
Current assetsCash and other liquid assetsMoney market papersDue from banksReceivables from the insurance businessDue from customersMortgagesSecurities and precious metals trading portfoliosFinancial investments from the banking business
Total current assets
As of December 31, 2000
Borrowed fundsMoney market papers issuedDue to banksPayables from the insurance businessDue to customers in savings and
investment depositsDue to customers, otherMedium-term notes (cash bonds)Bonds and mortgage-backed bonds
Total borrowed funds
As of December 31, 2000
Total31.12.01
3,09232,027
203,78511,823
186,15192,655
208,37437,306
775,213
748,798
19,252335,93211,864
38,547261,752
3,01981,505
751,871
712,955
Nomaturity
2,070
2,070
2,469
Due after5 years
13271
9,43414,320
381
24,419
28,509
10835
3143,634
6120,002
24,856
25,725
Due within12 monthsto 5 years
2191,508
16,00931,968
10,715
60,419
50,180
1,160503
10912,5031,967
43,236
59,478
34,866
Duewithin 3 to 12 months
2,55514,688
18,84614,292
4,301
54,682
45,958
1,60323,262
919,786
85114,043
49,636
45,136
Due within3 months
18,488103,754
65,3888,066
423
196,119
291,022
16,479148,910
119122,458
1404,224
292,330
317,156
Redeemableby notice
23364,79011,82340,31524,008
476
141,645
54,012
035,939
37,90325,228
00
99,070
63,304
At sight
3,09210,51918,774
36,1591
208,37418,940
295,859
276,648
0126,48311,864
1188,143
00
226,501
226,768
39 Securities lending and borrowing and repurchase agreements
in CHF m
Due from banksDue from customers
Securities lending
Due from banksDue from customers
Reverse repurchase agreements
Due to banksDue to customers
Securities borrowing
Due to banksDue to customers
Repurchase agreements
Certain reclassifications have been made to prior-year amounts to conform to the current presentation.
Other information
in CHF m
Collateral received at fair value with the right to sell or repledgeof which sold or repledged at fair value
31.12.01
715
76
163,66666,921
230,587
2,823173
2,996
138,45067,688
206,138
31.12.01
368,020362,962
31.12.00
1749
183
179,49453,100
232,594
2,287326
2,613
130,33140,844
171,175
31.12.00
300,929291,539
www.credit-suisse.com 107
40 Balance sheet by origin 1)
in CHF m
AssetsCash and other liquid assetsMoney market papersDue from banksReceivables from the insurance businessDue from customersMortgagesSecurities and precious metals trading portfoliosFinancial investments from the banking businessInvestments from the insurance businessNon-consolidated participationsTangible fixed assetsIntangible assetsAccrued income and prepaid expensesOther assets
Total assets
Liabilities and shareholders’ equityMoney market papers issuedDue to banksPayables from the insurance businessDue to customers in savings and investment depositsDue to customers, otherMedium-term notes (cash bonds)Bonds and mortgage-backed bondsAccrued expenses and deferred incomeOther liabilitiesValuation adjustments and provisionsTechnical provisions for the insurance businessShareholders’ equity (excluding minority interests)Minority interests
Total liabilities and shareholders’ equity
Certain reclassifications have been made to prior-year amounts to conform to the current presentation.
1) The analysis is based on customers’ domicile.
Foreign31.12.00
33926,924
212,0116,120
134,80420,420
183,80921,46579,2361,2495,238
22,52113,44749,146
776,729
23,001317,390
5,2443,678
155,3340
53,83624,05548,3488,760
76,59525,8642,443
744,548
Switzerland31.12.00
2,5893,2036,5103,751
35,62472,01215,1084,109
53,396580
4,675778
2,8475,522
210,704
17542,0513,563
35,55558,2153,225
11,6883,9669,3054,347
55,58015,087
128
242,885
Foreign31.12.01
36728,269
199,9566,089
150,67817,915
199,41232,20680,491
8604,756
21,94614,21656,925
814,086
18,891301,900
4,8653,395
185,6820
71,25721,66751,9388,689
80,37023,5832,815
775,052
Switzerland31.12.01
2,7253,7583,8295,734
35,47374,7408,9625,100
50,800986
4,666904
3,8796,871
208,427
36134,0326,999
35,15276,0703,019
10,2483,8454,5552,673
57,98412,217
306
247,461
108
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
41 Balance sheet by currencies
in CHF m
AssetsCash and other liquid assetsMoney market papersDue from banksReceivables from the insurance businessDue from customersMortgagesSecurities and precious metals trading portfoliosFinancial investments from the banking businessInvestments from the insurance businessNon-consolidated participationsTangible fixed assetsIntangible assetsAccrued income and prepaid expensesOther assets
Total assets
As of December 31, 2000
Liabilities and shareholders’ equityMoney market papers issuedDue to banksPayables from the insurance businessDue to customers in savings and investment depositsDue to customers, otherMedium-term notes (cash bonds)Bonds and mortgage-backed bondsAccrued expenses and deferred incomeOther liabilitiesValuation adjustments and provisionsTechnical provisions for the insurance businessShareholders’ equity (excluding minority interests)Minority interests
Total liabilities and shareholders’ equity
As of December 31, 2000
Total31.12.01
3,09232,027
203,78511,823
186,15192,655
208,37437,306
131,2911,8469,422
22,85018,09563,796
1,022,513
987,433
19,252335,93211,86438,547
261,7523,019
81,50525,51256,49311,362
138,35435,8003,121
1,022,513
987,433
Othercurrencies
55410,63779,0565,219
28,374700
87,35710,45476,741
1461,9963,9188,000
11,850
325,002
285,847
224133,510
4,733295
47,6630
19,7694,3015,1404,897
77,4279,2312,395
309,585
297,116
US dollars
6317,666
118,093870
120,48516,076
110,66616,9943,723
7552,663
18,0236,108
47,243
479,428
483,055
18,866173,822
1320
160,4220
47,75517,93247,7963,8872,943
14,644278
488,477
463,693
Swiss francs
2,4753,7246,6365,734
37,29275,87910,3519,858
50,827945
4,763909
3,9874,703
218,083
218,531
16228,6006,999
38,25253,6673,019
13,9813,2793,5572,578
57,98411,925
448
224,451
226,624
www.credit-suisse.com 109
42 Share-based compensation
All share-related data have been adjusted for the 4-for-1share split effective as of August 15, 2001.
The Group has adopted several share-based compen-sation programs, which are a key feature of the overallcompensation package to employees and senior execu-tives. These programs generally represent a portion of theemployee bonuses. They are also awarded as retentionincentives or special awards. At December 31, 2001, theGroup had conditional capital of 45,206,248 shares avail-able for future share-based option and award programs.However, the Group is also able to satisfy its obligationfor these programs through share repurchases.
Incentive share option plans The Group has share option plans under which incentiveoptions may be periodically granted to key employees.The options are granted at an exercise price generallynot less than the fair value of the shares at the date ofgrant, have a vesting term of between zero and threeyears following the date of grant, are generally blockedfrom exercise for four years following the date of grantand generally expire from four to ten years from the dateof grant. Additionally, some plans are subject to perfor-mance-based vesting criteria.
Most of the options granted through and including theyear 1999 have performance features that allow vestingupon the attainment of specified share prices or earningslevels. Options granted in 1996 included a five year performance-based feature and were granted at a priceof CHF 33.13 per share, and options granted in 1998included a five year performance-based feature and weregranted at a price of CHF 67.50 per share. Optionsvesting due to the attainment of performance criteriatotaled 3,780,000 and 13,180,000, respectively, during1999 and 1998. At December 31, 2001, no outstandingoptions were subject to performance-based vestingrequirements.
In connection with the acquisition of DLJ, the Groupreplaced certain outstanding options to purchase sharesof DLJ previously granted by DLJ. Specifically, inNovember 2000, the Group granted 24,400,144 vestedand unvested options to the holders of the DLJ options.The following tables and amounts include the effect ofthese grants. There were no compensation charges atthe date of grant.
The Group recognized no other compensationexpense related to option plans in 2001, 2000 or 1999.For certain share option plans, the employee may elect
to receive cash in lieu of shares. In 2001, 2000 and1999, options totaling 3,135,000, 5,264,000 and3,604,000, respectively, were exercised in this manner.In January 2002, pursuant to the Group’s incentive com-pensation plans, 32,181,261 options were granted at anexercise price of CHF 65.75.
During 2001, certain vesting schedules were acceler-ated according to the terms and conditions of the plans.As a consequence, 1,087,900 options vested andbecame immediately exercisable. In addition, 1,038,836already vested options also became exercisable. Theseoptions are included in the number of exercisable optionsand in the pro forma expenses for 2001.
110
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
Options outstanding Options exercisable
42 Share-based compensation (continued)
Share option activities during the periods indicated are as follows: 1)
in CHF (except no. of options)
Outstanding at beginning of financial yearGranted during the year 2)
Exercised during the yearForfeited during the year
Outstanding at end of financial year
Exercisable at end of financial year
1) Certain restatements have been made to prior-period amounts to conform to the current presentation.2) Includes a substantial amount of share options granted to employees subsequent to the financial year-end as part of the financial year compensation.3) Includes options totaling 24,400,144, granted to former holders of DLJ options at a weighted-average exercise price of CHF 36.22.
Weighted-average
exercise price1999
42.9473.92
) 33.13) 61.65
49.02
34.96
Number of options
1999
19,608,3962,356,000
(3,832,000(40,000
18,092,396
10,100,000
Weighted-average
exercise price2000
49.023) 60.04
) 30.46) 46.11
62.03
29.18
Number ofoptions
2000
18,092,39647,977,904(9,906,516(1,174,868
54,988,916
11,547,612
Weighted-average
exercise price2001
62.0368.21
) 39.53) 34.42
66.81
45.45
Number ofoptions
2001
54,988,91639,890,090(5,752,475(1,550,108
87,576,423
15,742,784
Share option plans – pro forma information
in CHF m, except the per share amounts
Net profit As reportedPro forma 1) 2) 3)
Earnings per share As reportedPro forma 1) 2) 3)
Earnings per share – diluted As reportedPro forma 1) 2) 3)
1) The above pro forma amounts are not indicative of future reported net profits.2) The pro forma net profit calculation includes options granted subsequent to the financial year-end as part of the financial year compensation.3) Certain restatements have been made to prior-period amounts to conform to the current presentation.
1999
4,2503,921
3.923.61
3.893.59
2000
5,7855,428
5.214.89
5.194.87
2001
1,5871,026
1.330.86
1.320.85
Number ofoptions
exercisable
4,556,9201,826,3762,013,2562,589,2843,060,6961,696,252
15,742,784
Weighted-average
exercise pricein CHF
15.4435.3144.5054.2767.4584.94
45.45
Weighted-average
exercise pricein CHF
15.4434.9044.5853.8366.7984.72
66.81
Weighted-average
remaining lifein years
4.085.987.377.689.259.00
8.60
Number ofoptions
outstanding
4,556,9201,987,6004,615,5167,414,993
41,209,17427,792,220
87,576,423
Range ofexercise price
in CHF
12.50–25.0025.01–37.5037.51–50.0050.01–62.5062.51–75.00
75.01–100.00
The pro forma disclosure below is based on a fair valuemeasure of accounting. For option plans with a cash settle-ment feature, the pro forma expense of the period is thechange of the intrinsic value of the options outstanding
during the period. The pro forma expense for option planswith no cash settlement feature is calculated based on thefair value at the grant date for those options which havevested during the period.
The table below provides additional information about options outstanding as of December 31, 2001.
www.credit-suisse.com 111
42 Share-based compensation (continued)
The following amounts are the weighted-average of fair values of options at the date of grant relating to options whoseexercise price was equal to the market price of the Group’s shares at the date of the grant. 1) 2)
in CHF
Weighted-average fair values of options at the date of grantWeighted-average exercise prices per share option granted
1) Weighted-average calculation includes options granted subsequent to the financial year-end as part of the financial year compensation.2) Certain restatements have been made to prior-period amounts to conform to the current presentation.3) For certain options which were granted during 2000, related to the DLJ acquisition, the exercise price was less than the market price of the Group’s shares at
the date of grant. For these options, the per share weighted-averages of both the fair values at the date of grant and the exercise prices were CHF 57.77 and CHF 36.22, respectively.
3) 1999
20.3573.92
2000
23.1184.69
2001
19.6168.21
Share option plans
Expected dividend yieldExpected life of share options, in yearsExpected volatilityExpected CHF risk-free interest rates
1) Weighted-average calculation includes options granted subsequent to the financial year-end as part of the financial year compensation.2) Certain restatements have been made to prior-period amounts to conform to the current presentation.
1999
2.27%5
32.54%3.64%
2000
2.75%5
35.12%3.19%
2001
2.75%5
37.70%2.98%
The fair values were estimated using the Black-Scholes option pricing model and the following weighted-average assumptions were made: 1) 2)
Shares awarded 1) 2)
Weighted-average fair value at the date of grant, in CHF 1) 2)
1) Includes a substantial amount of shares granted to employees subsequent to the financial year-end as part of the financial year compensation.2) Certain restatements have been made to prior-period amounts to conform to the current presentation.3) Specifically, 25,782,568 shares were awarded under the DLJ Retention Plan in November 2000.
In January 2002, pursuant to the Group’s share award plans, 7,120,931 shares were granted at a price of CHF 70.65 per share for 2001. The expense for share-based compensation for the years ended December 31, 2001, 2000 and1999 was CHF 2,882 million, CHF 1,985 million and CHF 772 million, respectively. These amounts include chargesrelated to awards earned for the reporting period, but granted in the following years.
1999
3) 24,623,34472.11
2000
50,381,996 81.72
2001
23,504,77471.73
The table below shows the details of shares granted under all the share award plans during the periods indicated 1).
Share award plansThe Group also has share award plans which provideshares to its employees. Awards are generally a fixed mon-etary amount with the actual number of shares being deter-mined by the Compensation and Appointments Committeeon the date of grant. The most significant plans are theCSG Swiss Share Plan and the CSG International SharePlan, which includes the DLJ Retention Plan.
Awards under the CSG Swiss Share Plan vest 100%and are owned by the recipient upon grant. Awards underthe CSG International Share Plan are subject to forfeitureprovisions for two years. Longevity premium awards underboth plans vest on the third anniversary of the date of
grant. Most of the shares granted under these plans cannotbe sold before the fourth anniversary of the date of grant.Awards made in November 2000 under the DLJ RetentionPlan vest over three years and can be sold upon vesting.
During 2001, certain vesting schedules were accelerat-ed according to the terms and conditions of the plans. As aconsequence, 468,764 shares under the DLJ RetentionPlan vested immediately and were delivered during 2001.Since these activities continued in 2002, 1,669,792 sharesunder the DLJ Retention Plan vested immediately and weredelivered during 2002. The expenses due to acceleratedvesting are included in the profit and loss of the respectiveperiod.
112
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
43 Foreign currency translation rates
in CHF
1 US dollar1 Euro1 British pound sterling1 Canadian dollar1 Singapore dollar1 Hong Kong dollar
100 German marks100 Dutch guilders100 French francs100 Italian lire100 Japanese yen100 Spanish pesetas
1999
1.49001.58002.40001.00000.88000.1910
81.000071.900024.15000.08201.31000.9520
2000
1.67001.54002.53001.12000.97000.2140
78.800069.950023.50000.07951.55000.9260
2001
1.69001.51002.43001.09000.94000.2165
77.230068.550023.03000.07801.39000.9080
31.12.00
1.63461.52422.44421.08990.94370.2096
77.931169.165223.23630.07871.42520.9160
31.12.01
1.67541.48242.42821.05340.90560.2149
75.793967.268422.59900.07661.27590.8909
(USD)(EUR)(GBP)(CAD)(SGD)(HKD)(DEM)(NLG)(FRF)(ITL)
(JPY)(ESP)
Year-end rate used inthe balance sheet
Average rate used inthe income statement
44 Principal participationsPrincipal fully consolidated participations as of December 31, 2001Company name(% of equity capital held)
Credit Suisse Group 100 Credit Suisse100 Credit Suisse First Boston100 “Winterthur” Swiss Insurance Company99 Neue Aargauer Bank50 Swisscard AECS AG
100 Bank Leu AG100 1) Bank Hofmann AG88 Clariden Holding AG
100 BGP Banca di Gestione Patrimoniale S.A. 100 Bank Leu (Luxembourg) S.A.100 Credit Suisse Fides100 Credit Suisse Trust AG100 Credit Suisse Trust Holdings Ltd.100 Credit Suisse IT Assets AG100 Fides Information Services100 Credit Suisse Group Finance (Guernsey) Ltd.100 Credit Suisse Group Capital (Guernsey) II Ltd.100 Credit Suisse Group Capital (Guernsey) III Ltd.100 Credit Suisse Group Capital (Guernsey) IV Ltd.100 Credit Suisse Group Capital (Guernsey) V Ltd.100 Credit Suisse Group Capital (Guernsey) VI Ltd.100 Credit Suisse Group Finance (U.S.) Inc.100 Credit Suisse Group Finance (Luxembourg) S.A.100 Credit Suisse First Boston Private Equity100 Merban Equity100 CSFB IGP100 PE Portfolio Investment Holding100 Credit Suisse Group PE Holding AG100 2) Credit Suisse First Boston International 88 Hotel Savoy Baur en Ville
100 Wincasa
1) 33.33% held by Credit Suisse.2) 80% held by Credit Suisse First Boston.
Currency Capital in m
CHF 3,114.7CHF 4,399.7CHF 193.7CHF 273.8CHF 0.1CHF 200.0CHF 30.0CHF 8.1CHF 50.0CHF 25.0CHF 5.0CHF 5.0GBP 2.0CHF 2.4CHF 1.0CHF 0.0EUR 0.0GBP 0.0CHF 0.0EUR 0.0JPY 0.0USD 600.0EUR 0.1CHF 0.0CHF 0.0CHF 0.0CHF 0.0CHF 12.0USD 682.3CHF 7.5CHF 1.5
Domicile
Zurich, SwitzerlandZurich, SwitzerlandZurich, Switzerland
Winterthur, SwitzerlandAarau, SwitzerlandZurich, SwitzerlandZurich, SwitzerlandZurich, SwitzerlandZurich, Switzerland
Lugano, SwitzerlandLuxembourg, Luxembourg
Zurich, SwitzerlandZurich, Switzerland
St. Peter Port, GuernseyZurich, SwitzerlandZurich, Switzerland
St. Peter Port, GuernseySt. Peter Port, GuernseySt. Peter Port, GuernseySt. Peter Port, GuernseySt. Peter Port, GuernseySt. Peter Port, Guernsey
Wilmington, DE, USALuxembourg, Luxembourg
Zug, SwitzerlandZug, SwitzerlandZug, SwitzerlandZug, SwitzerlandZug, Switzerland
London, United KingdomZurich, Switzerland
Winterthur, Switzerland
44 Principal participations (continued)Principal fully consolidated participations as of December 31, 2001Company name(% of equity capital held)
100 Credit Suisse 94 City Bank
100 Schweizerische Schiffshypothekenbank100 Credit Suisse Immobilien Leasing AG50 Credit Suisse Fleetmanagement94 Innoventure Capital AG
100 WECO Inkasso AG100 ABZ Finanz- und Beteiligungsgesellschaft AG100 Credit Suisse (UK) Ltd.100 Credit Suisse (Guernsey) Ltd.100 Credit Suisse (Gibraltar) Ltd.100 Credit Suisse (Bahamas) Ltd.100 Credit Suisse Hottinguer S.A.100 Credit Suisse (Deutschland) Aktiengesellschaft100 Credit Suisse (Italy) S.p.A.100 Credit Suisse Gestion S.G.I.I.C. S.A.100 Credit Suisse Asesoramiento y Servicios S.A.100 Credit Suisse Investment Consulting (Taiwan) Ltd.100 Credit Suisse Investment Advisory (Hong Kong) Ltd.100 Credit Suisse (Luxembourg) S.A.100 Credit Suisse (Monaco) S.A.M.100 Credit Suisse (Austria) Vermögensverwaltungs AG100 Credit Suisse Securities Ltd.100 Swiss American Corporation100 JOHIM (Holdings) Ltd. 100 EFFUS AG 100 General de Valores y Cambios, S.V.B., S.A. (GVC) 100 GVC, Gestion, S.G.I.I.C., S.A. 100 Frye-Louis Capital Management Holding Co., Inc.60 1) Swiss Egyptian Portfolio Management
100 Capital.e AG100 Credit Suisse International Services Ltd.100 CSPB Non-Traditional Investments Ltd.100 Pearl Investment Management Ltd.
100 Credit Suisse First Boston100 2) Credit Suisse First Boston, Inc.100 Credit Suisse First Boston Corp.100 Credit Suisse First Boston Mortgage Capital LLC100 Credit Suisse First Boston Management Corp.100 Credit Suisse First Boston (USA), Inc.100 Donaldson, Lufkin & Jenrette Securities Corp.100 Banco de Investimentos Credit Suisse First Boston S.A.100 Credit Suisse First Boston (Bahamas) Ltd.100 Credit Suisse First Boston Canada100 AJP Cayman Ltd.100 Credit Suisse First Boston Aktiengesellschaft100 Bank Credit Suisse First Boston AO100 Credit Suisse First Boston (Cyprus) Ltd.75 Credit Suisse First Boston (India) Securities Ltd.
100 Credit Suisse First Boston Investments (Guernsey) Ltd.100 Credit Suisse First Boston Capital (Guernsey) I Ltd.80 3) Credit Suisse First Boston International
100 Credit Suisse First Boston (International) Holding AG100 Credit Suisse First Boston International (Guernsey) Ltd.
1) 75% voting rights.2) 43% voting rights held by Credit Suisse Group.3) 20% held by Credit Suisse Group.
Currency Capital in m
CHF 3,114.7CHF 7.5CHF 10.0CHF 3.0CHF 7.0CHF 10.0CHF 0.5CHF 4.0GBP 24.5GBP 4.0GBP 5.0USD 12.0EUR 52.9DEM 20.0
ITL 66,017.0EUR 2.4EUR 0.1TWD 30.0HKD 1.0CHF 25.0EUR 12.0EUR 0.1GBP 10.0USD 38.9GBP 0.0CHF 15.0EUR 5.4EUR 0.7USD 12.1EGP 4.5CHF 0.1USD 0.0USD 0.1USD 0.0
CHF 4,399.7USD 187.0USD 1.0USD 0.0USD 30.3USD 389.6USD 0.0BRL 164.8USD 16.9CAD 157.3USD 101.2EUR 109.9USD 37.8USD 725.0INR 979.8
USD 300.0USD 0.0USD 682.3CHF 37.5USD 0.2
Domicile
Zurich, SwitzerlandZurich, SwitzerlandBasle, SwitzerlandZurich, SwitzerlandZurich, SwitzerlandZurich, SwitzerlandZurich, Switzerland
Zug, SwitzerlandLondon, United KingdomSt. Peter Port, Guernsey
Marina Bay, GibraltarNassau, Bahamas
Paris, FranceFrankfurt, Germany
Milan, ItalyMadrid, SpainMadrid, SpainTaipei, Taiwan
Hong Kong, ChinaLuxembourg, Luxembourg
Monte Carlo, MonacoVienna, Austria
London, United KingdomNew York, NY, USA
London, United KingdomZurich, Switzerland
Barcelona, SpainBarcelona, Spain
Wilmington, DE, USACairo, Egypt
Zug, SwitzerlandSt. Peter Port, Guernsey
Nassau, BahamasNassau, Bahamas
Zurich, SwitzerlandNew York, NY, USANew York, NY, USANew York, NY, USANew York, NY, USANew York, NY, USANew York, NY, USA
São Paulo, BrazilNassau, Bahamas
Toronto, CanadaGeorge Town, Cayman Islands
Frankfurt, GermanyMoscow, Russia
Limassol, CyprusMumbai, India
St. Peter Port, GuernseySt. Peter Port, GuernseyLondon, United Kingdom
Zug, SwitzerlandSt. Peter Port, Guernsey
www.credit-suisse.com 113
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
44 Principal participations (continued)Principal fully consolidated participations as of December 31, 2001Company name(% of equity capital held)
100 Credit Suisse First Boston (Europe) Ltd.100 Credit Suisse First Boston Equities Ltd.100 Credit Suisse First Boston Finance B.V.100 Credit Suisse First Boston Pacific Capital Markets Ltd.100 Credit Suisse First Boston (Cayman) Ltd.100 Credit Suisse First Boston (Hong Kong) Ltd.100 Credit Suisse First Boston NZ Restructuring No. 1 Ltd.100 Credit Suisse First Boston (Singapore) Ltd.100 Credit Suisse First Boston Singapore Futures Pte. Ltd.100 Credit Suisse First Boston Australia (Holdings) Ltd.100 Credit Suisse First Boston Australia Securities Ltd.100 Credit Suisse First Boston Australia Ltd.100 Credit Suisse First Boston (Australia) Equities Ltd.100 Credit Suisse First Boston Securities (Japan) Ltd.100 Credit Suisse First Boston (Latam Holdings) LLC100 Credit Suisse First Boston Australia (Finance) Ltd.100 Credit Suisse First Boston Finance (Guernsey) Ltd.100 Credit Suisse First Boston New Zealand Investments Ltd. 100 Credit Suisse Asset Management (Australia)100 Credit Suisse Asset Management (UK) Holding Ltd.100 Credit Suisse Asset Management Ltd.100 Credit Suisse Trust & Banking Co. Ltd.100 Credit Suisse Asset Management LLC100 Credit Suisse Bond Fund Management Company S.A.100 Credit Suisse Equity Fund Management Company S.A.100 Credit Suisse Money Market Fund Management Company S.A.100 Credit Suisse Portfolio Fund Management Company S.A.100 Credit Suisse Asset Management Funds100 Credit Suisse Asset Management (Deutschland) GmbH100 Credit Suisse Asset Management SIM S.p.A.100 Credit Suisse Asset Management (France) S.A.100 Credit Suisse Asset Management Holding, Corp.100 GTN Global Properties Holding Ltd.100 Credit Suisse First Boston S.A. Securities (Proprietary) Ltd. 100 SLC Asset Management Ltd.100 Sun Life of Canada Unit Managers Ltd.100 SLC Pooled Pensions Ltd.100 Olympus Servicing LP100 Column Financial Inc.100 DLJ Mortgage Capital Inc.100 Credit Suisse First Boston Finance (USA) LLC
100 “Winterthur” Swiss Insurance Company100 Winterthur Life100 The Federal67 Winterthur-ARAG Legal Assistance
100 Gartenhotel100 Swissline100 Xenum Services100 Credit Suisse Life & Pensions100 Winterthur Beteiligungsgesellschaft m.b.H.100 WINCOM Versicherungs-Holding AG70 DBV-Winterthur Group
100 Credit Suisse Leasing Deutschland GmbH100 Medvantis Group100 Winterthur Insurance Health & Accident100 Winterthur Italia Holding S.p.A.100 Winterthur Assicurazioni S.p.A.100 Winterthur Vita S.p.A.100 Hispanowin S.A.
Currency Capital in m
USD 27.3GBP 15.0EUR 0.0AUD 10.0USD 0.0HKD 381.1NZD 10.0SGD 163.7USD 11.1AUD 42.0AUD 29.9AUD 14.1AUD 13.0USD 165.0USD 29.6AUD 10.0USD 0.2NZD 1.6AUD 0.3GBP 16.0GBP 0.0JPY 9,000.0USD 0.0CHF 0.3CHF 0.3CHF 0.3CHF 0.3CHF 7.0EUR 2.6EUR 6.2EUR 25.1USD 0.0USD 0.0ZAR 1.0GBP 19.5GBP 0.2GBP 1.0USD 13.7USD 0.0USD 0.0USD 0.0
CHF 193.7CHF 175.0CHF 10.0CHF 9.0CHF 2.5CHF 0.5CHF 0.1CHF 15.0EUR 0.3DEM 102.7EUR 87.2EUR 0.0EUR 6.2EUR 0.1EUR 132.6ITL 250,882.2
EUR 74.9ESP 16,165.4
Domicile
London, United KingdomLondon, United Kingdom
Amsterdam, The NetherlandsSydney, Australia
George Town, Cayman IslandsHong Kong, China
Wellington, New ZealandSingapore, SingaporeSingapore, Singapore
Sydney, AustraliaSydney, AustraliaSydney, Australia
Melbourne, AustraliaTokyo, Japan
George Town, Cayman IslandsMelbourne, Australia
St. Peter Port, GuernseyWellington, New Zealand
Sydney, AustraliaLondon, United KingdomLondon, United Kingdom
Tokyo, JapanNew York, NY, USA
Luxembourg, LuxembourgLuxembourg, LuxembourgLuxembourg, LuxembourgLuxembourg, Luxembourg
Zurich, SwitzerlandFrankfurt, Germany
Milan, ItalyParis, France
New York, NY, USALimassol, Cyprus
Parktown, South AfricaLondon, United KingdomLondon, United KingdomLondon, United Kingdom
Austin, TX, USAAtlanta, GA, USA
New York, NY, USAWilmington, DE, USA
Winterthur, SwitzerlandWinterthur, Switzerland
Zurich, SwitzerlandWinterthur, SwitzerlandWinterthur, SwitzerlandWallisellen, Switzerland
Zurich, SwitzerlandVaduz, Liechtenstein
Wiesbaden, GermanyWiesbaden, GermanyWiesbaden, GermanyWiesbaden, GermanyWiesbaden, GermanyWiesbaden, Germany
Milan, ItalyMilan, ItalyMilan, Italy
Barcelona, Spain
114
44 Principal participations (continued)Principal fully consolidated participations as of December 31, 2001Company name(% of equity capital held)
100 Winterthur Inmuebles 2100 Winterthur Seguros Generales100 Winterthur Inmuebles100 Winterthur Ibérica100 Winterthur Asistencia100 Winterthur Vida Española100 WINVALOR Agencia de Valores90 Winterthur Salud de Seguros
100 Winterthur Pensiones100 Webinsurance Partners85 Winterthur-Europe Assurances
100 Les Assurés Réunis100 Commercial General Union99 Sofimmocentrale70 Touring Assurances
100 I.S.C.C. International Service Call Centre51 Jean Verheyen
100 Winterthur-Europe Vie100 Winterthur (UK) Holdings100 Churchill Insurance Group100 Churchill Insurance93 Churchill Management
100 National Insurance & Guarantee Group100 Winterthur UK Financial Services Group Ltd.80 Capital. e Ltd.
100 Winterthur Versicherungs AG100 Winterthur Pensionskassen AG100 Wintisa Management und Consulting AG100 Credit Suisse Life & Pensions Management GmbH100 Companhia Europeia de Seguros100 Winterthur Pensiones97 Rhodia Assurances65 Winterthur pojist’ovna, a.s.85 Winterthur penzijní fond, a.s.
100 Vojenski otevreny penzijni fond a.s.65 Winterthur Elsö Svajci – Magyar Péntàrszolgàltato Rt.65 Winterthur Biztósitó Resvenyt Rt.
100 Winterthur Towarzystwo Ubezpieczeniowe S.A.66 Winterthur Zycie Towarzystwo Ubezpieczeniowe S.A.70 Winterthur Powszechne Towarzystwo Enerytalne S.A.
100 Winterthur U.S. Holdings100 General Casualty100 Republic Financial Services100 Southern Guaranty100 Unigard100 Winterthur Canada Financial Corp.100 The Citadel General100 L’Unique100 Winterthur Holdings Australia Ltd.97 Winterthur Insurance (Far East)52 Winterthur Insurance (Asia)
100 Winterthur Insurance Services Asia Ltd.60 Winterthur Life Indonesia
100 CS Life Japan100 Winterthur Overseas100 Winterthur Capital100 Winterthur Atlantic100 SRS Holding Group100 Winterthur Swiss Insurance (Macau)78 Winterthur Alternative Investment Strategies Limited
Domicile
Barcelona, SpainBarcelona, SpainBarcelona, SpainBarcelona, SpainBarcelona, SpainBarcelona, SpainBarcelona, SpainBarcelona, SpainBarcelona, SpainBarcelona, Spain
Brussels, BelgiumBrussels, BelgiumBrussels, BelgiumBrussels, BelgiumBrussels, BelgiumBrussels, BelgiumBrussels, Belgium
Luxembourg, LuxembourgLondon, United KingdomBromley, United KingdomBromley, United KingdomBromley, United KingdomLondon, United Kingdom
Basingstoke, United KingdomSt. Peter Port, Guernsey
Vienna, AustriaVienna, AustriaVienna, AustriaVienna, Austria
Lisbon, PortugalLisbon, Portugal
Lyon, FrancePrague, Czech Republic
Brno, Czech RepublicPrague, Czech Republic
Budapest, HungaryBudapest, Hungary
Warsaw, PolandWarsaw, PolandWarsaw, Poland
Wilmington, DE, USASun Prairie, WI, USA
Dallas, TX, USAMontgomery, AL, USA
Bellevue, WA, USAToronto, CanadaToronto, CanadaQuébec, CanadaSydney, Australia
Singapore, SingaporeHong Kong, ChinaHong Kong, ChinaJakarta, Indonesia
Tokyo, JapanHamilton, BermudaHamilton, BermudaHamilton, BermudaHamilton, Bermuda
Macau, MacauGeorge Town, Cayman Islands
Currency Capital in m
EUR 55.9EUR 48.7EUR 56.8ESP 4,423.5EUR 4.0EUR 35.0EUR 0.9EUR 8.3EUR 8.2EUR 0.0EUR 198.3BEF 524.0EUR 23.7BEF 471.9BEF 1,000.0BEF 3.6BEF 5.0EUR 8.7GBP 42.6GBP 159.4GBP 312.0GBP 2.6GBP 140.0GBP 0.0CHF 4.4ATS 127.5ATS 70.0ATS 1.0EUR 0.4PTE 5,936.1EUR 1.7EUR 18.3CZK 374.0CZK 142.4CZK 75.7HUF 700.0HUF 3,600.0PLN 40.0PLN 135.0PLN 105.0USD 0.0USD 3.0USD 0.0USD 2.0USD 0.0CAD 0.0CAD 34.1CAD 7.0AUD 23.2SGD 25.0HKD 176.6HKD 38.8IDR 44,500.0JPY 16,725.0USD 0.3EUR 0.0GBP 0.1USD 70.0MOP 20.0USD 130.0
www.credit-suisse.com 115
116
44 Principal participations (continued)Principal participations as of December 31, 2001, valued according to the equity methodCompany name
Credit Suisse GroupInreska Ltd.Capital UnionSECB Swiss Euro Clearing Bank GmbH
Credit SuisseCornèr Banca S.A.
Credit Suisse First BostonValcambi S.A.Innovent Capital Ltd.Banco Comercial S.A.
“Winterthur” Swiss Insurance CompanyNorwich Winterthur HoldingsNorwich Winterthur Reinsurance Expertisa Technopark ImmobilienWincare VersicherungenWinterthur Financial ServicesZürcher Freilager Zentrum RegensdorfSwiss Prime SiteAllgemeine Hypothekenbank Winterthur Fund Management Co. Winterthur Research S.A.BahosaWinterthur-Service S.A.Seguros Atlas
1) 27.4% voting rights.
Currency Capital in m
GBP 3.0USD 50.0EUR 9.2
CHF 12.0
CHF 12.0CHF 10.6UYP 39.8
GBP 54.5GBP 57.8CHF 0.2CHF 40.0CHF 0.1CHF 0.5CHF 4.0CHF 4.5CHF 604.0EUR 100.0EUR 0.1EUR 0.1ESP 1,536.2EUR 0.2MXN 125.0
Equity interestin %
100.0 25.025.0
27.3
100.0 13.119.9
48.5 46.5
100.0 25.0
100.0 100.0 36.2 50.0 23.37.1
100.0 100.0 38.2
100.0 30.0
1)
Domicile
Zurich, SwitzerlandSt. Peter Port, Guernsey
Dubai, UAEFrankfurt, Germany
Zurich, SwitzerlandLugano, Switzerland
Zurich, SwitzerlandBalerna, Switzerland
George Town, Cayman IslandsMontevideo, Uruguay
Winterthur, SwitzerlandNorwich, United KingdomNorwich, United Kingdom
Winterthur, SwitzerlandZurich, Switzerland
Winterthur, SwitzerlandWinterthur, Switzerland
Zurich, SwitzerlandRegensdorf, Switzerland
Olten, SwitzerlandFrankfurt, Germany
Luxembourg, LuxembourgBarcelona, SpainBarcelona, SpainBarcelona, Spain
Mexico City, Mexico
Principal participations as of December 31, 2001, valued at costCompany name
Credit Suisse GroupGSTP Global Straight Through Processing AG
Credit SuisseSwiss Mortgage Bond BankSwiss Steel AG
Credit Suisse First BostonTelekurs Holding AGSwiss Financial Services Group AGSNOC Swiss Nominee CompanyEuro-Clear Clearance System Ltd.Central Banco Investimento S.A.SWIFTBanco General de Negocios
1) 12.1% voting rights.
Currency Capital in m
CHF 139.8
CHF 300.0CHF 137.7
CHF 45.0CHF 26.0CHF 2.0USD 2.5EUR 9.4EUR 10.8ARS 163.0
Equity interestin %
5.7
9.5 30.7
17.4 20.0 25.0 4.8 5.0 1.7
26.4 1)
Domicile
Zurich, Switzerland
Zurich, SwitzerlandEmmen, Switzerland
Zurich, SwitzerlandZurich, SwitzerlandZurich, Switzerland
London, United KingdomLisbon, Portugal
La Hulpe, BelgiumBuenos Aires, Argentina
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
45 Bonds issued
All underlying cashflows related to bonds denominated in currencies superseded by the Euro will take place in Euro from January 1, 2002.
As of December 31, 2001
Bonds issued by Credit Suisse Group
Bonds issued by subsidiaries
Credit Suisse Group Finance (Guernsey) Ltd., St. Peter Port
All bonds issued by Credit Suisse Group Finance (Guernsey) Ltd. are guaranteed by Credit Suisse Group.
Credit Suisse Group Finance (U.S.) Inc., Wilmington
All bonds issued by Credit Suisse Group Finance (U.S.) Inc. are guaranteed by Credit Suisse Group.
Neue Aargauer Bank, Aarau
Bank Leu AG, Zurich
Credit Suisse, Zurich
Par valuein m
250600800
1,000500500
11250250250750400
1,0001,250
500300750250
100130
100
125200100100100100250100120
1)
1)
1)
1)
1)
1)
1)
1)
1) 7)
1)
1) 7)
1) 7)
7)
1)
Currency
CHFCHFCHFCHFCHFCHF
USDUSDEURCHFEUREUR
USDEUREUREURUSDGBP
CHFCHF
CHF
CHFCHFCHFCHFCHFCHFCHFCHFCHF
Earliest date callable
05.10.200505.10.2005
Yearof issue
199420001997199719981999
199219991999199920011999
200020002000200020002000
19962000
1986
199119921992199219911992199319951995
Interest rate
6.00%4.13%4.00%4.00%3.50%3.50%
4.88%5.50%3.75%2.50%6.38%floating
floating5.75%6.63%floatingfloating7.00%
4.25%5.00%
5.00%
7.50%6.75%7.25%7.75%7.75%7.25%5.25%5.50%5.75%
Convertible bond
Step-up callable bondsStep-up callable bonds
Maturity date
15.12.200304.10.200431.10.200623.05.200715.09.200802.07.2009
19.11.200224.02.200317.02.200404.03.200407.06.201329.07.2019
05.10.200305.10.200505.10.201005.10.201005.10.201005.10.2020
28.06.200207.04.2010
17.11.2006
20.02.200216.03.200230.06.200225.09.200215.01.200315.01.200331.03.200302.02.200528.04.2005
www.credit-suisse.com 117
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
118
45 Bonds issued (continued)
As of December 31, 2001
Credit Suisse (Luxembourg) S.A., Luxembourg
Credit Suisse Guernsey Branch, St. Peter Port
JOHIM (Holdings) Ltd., London
Credit Suisse First Boston, Zurich
Par valuein m
150300150200200600300200300
2,5001,500
125300
50
160.0100.013.947.0
250.0132.017.5
127.220.075.0
3,935,677.049.48.7
13.02.52.05.7
30.035.05.0
60.011.53.0
56.970.04.55.0
30.013.182.640.020.081.01.0
34.2
1)
1) 6) 7)
1)
1) 7)
1)
1)
1)
1)
1)
1)
1)
1)
1)
8)
4) 9)
4) 9)
3) 9)
4) 9)
3) 9)
3) 4) 9)
3) 9)
3) 9)
1)
4) 9)
3) 4) 9)
3) 9)
3) 9)
3) 9)
4) 9)
3) 4) 9)
4) 9)
3) 9)
4) 9)
4) 9)
3) 9)
4) 9)
3) 9)
3) 9)
4) 9)
3) 9)
3) 9)
3) 4) 9)
3) 9)
4) 9)
3) 9)
4) 9)
3) 4) 9)
Currency
CHFCHFCHFCHFCHFCHFCHFCHFCHF
LUFLUF
EURCHF
GBP
USDCHFUSDCHFUSDEURUSDCHFUSDCHFTRLUSDEURCHFEURUSDUSDEURCHFUSDCHFUSDUSDUSDCHFEURUSDCHFEURUSDEURUSDCHFUSDEUR
Earliest date callable
09.07.2009
Yearof issue
199519951996199619971999200020002001
19911993
19992001
2001
20011992
1999–200120002001
2000–20011999–2001
1999200019912001
1999–200120002000200020012001200120012001199220012001
2000–200120012001200120012001
1999–20011999–2001
2001200020012001
Interest rate
5.00%3.13%4.38%4.50%4.00%5.00%4.63%4.75%4.38%
9.13%7.25%
6.25%4.25%
variable
2.67%7.00%0.00%6.00%2.56%various0.00%4.50%
15.25%7.50%0.00%various0.00%6.50%4.50%7.90%0.00%various
12.25%7.70%6.75%variable
12.50%variousvariablevariable6.80%9.50%
11.75%variousvarious0.00%7.75%4.20%various
Maturity date
12.10.200513.11.200505.01.200608.02.200831.07.200912.11.200910.02.201007.09.201028.03.2011
31.12.200106.08.2003
perpetual27.07.2011
15.02.2004
11.01.200215.01.200215.01.200221.01.200225.01.200201.02.200202.02.200211.02.200215.02.200220.02.200221.02.200201.03.200211.03.200221.03.200228.03.200204.04.200212.04.200220.04.200207.05.200210.05.200215.05.200220.05.200231.05.200206.06.200211.06.200214.06.200218.06.200227.06.200227.06.200203.07.200205.07.200203.08.200209.08.200216.08.200220.08.2002
45 Bonds issued (continued)
As of December 31, 2001 Par valuein m
65.05.05.73.8
10.01,500.0
15.070.0
140.030.0
137.515.0
110.09.5
15.015.010.01.5
125.075.020.010.075.08.0
7,000.03.5
225.015.05.0
20.028.012.020.035.82.3
23.0200.025.030.05.0
15.063.09.5
600.02.5
50.013.03.0
21.128.03.53.1
10.0200.0
5.43.02.0
40.0
3) 9)
4) 9)
3) 9)
4) 9)
3) 9)
2)
3) 9)
3) 9)
3) 9)
4) 9)
3) 9)
3) 9)
3) 9)
4) 9)
3) 9)
4) 9)
3) 9)
4) 9)
1)
1)
3) 9)
3) 9)
3)
4) 9)
4) 9)
4) 9)
3) 9)
3) 9)
4) 9)
3) 9)
3) 9)
4) 9)
3) 9)
3) 9)
4) 9)
3) 9)
1) 3)
3) 9)
4) 9)
4) 9)
3) 9)
3) 9)
3) 9)
1) 3)
4) 9)
3) 4) 9)
3) 9)
4) 9)
3) 9)
3) 9)
3) 9)
3) 9)
4) 9)
3) 9)
4) 9)
4) 9)
4) 9)
Currency
EURUSDCHFUSDEURUSDCHFSEKCHFUSDNOKEURCHFUSDEURUSDEURUSDCHFCHFUSDEURUSDUSDVEBUSDEURCHFUSDCHFUSDUSDUSDEURUSDUSDUSDCHFUSDUSDEURCHFEURDEMUSDUSDEURUSDEUREURGBPUSDUSDCHFEURUSDEURUSD
Earliest date callable
Yearof issue
20002001200020012001199720002000
2000–2001200120012000200120012001200120012001199319932001200119962001200120012001200120012001199720012000
2000–20012001199719932001200120012001
1998–2000200119932001
2000–2001200120012001200120012001200119962001200120012001
Interest rate
16.00%0.00%0.00%
10.75%24.80%variable6.00%
10.00%various0.00%6.02%7.00%variousvarious7.00%0.00%various8.13%3.50%3.50%
11.00%7.00%1.00%various
15.75%9.35%0.00%6.50%8.30%8.00%0.00%7.90%0.00%0.00%7.65%3.29%6.04%0.00%0.00%9.75%9.50%5.00%0.00%6.16%0.00%various1.00%
11.70%0.00%various2.50%2.50%0.00%4.38%0.00%8.50%8.05%9.80%
Maturity date
04.09.200205.09.200213.09.200226.09.200227.09.200215.10.200216.10.200217.10.200214.11.200215.11.200219.11.200222.11.200203.12.200215.12.200222.01.200324.01.200321.02.200324.03.200331.03.200331.03.200302.04.200304.04.200325.04.200330.04.200303.05.200319.05.200325.06.200327.06.200312.07.200318.07.200331.07.200329.08.200329.08.200308.09.200314.09.200318.09.200329.09.200309.10.200310.10.200312.10.200323.10.200313.11.200314.11.200317.11.200321.11.200308.12.200329.12.200320.01.200402.03.200422.03.200422.03.200422.03.200406.04.200422.04.200428.05.200404.06.200425.06.200402.07.2004
www.credit-suisse.com 119
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
45 Bonds issued (continued)
As of December 31, 2001 Par valuein m
2,500.09.0
15.014.05.0
300.047.560.321.9
100.011.626.02.0
225.03.02.9
50.05.1
18.050.08.3
200.06.5
22.0237.595.010.035.081.240.577.220.0
190.53.05.0
35.110.011.0
500.0750.0500.0
5.0100.0150.0497.7128.138.248.9
165.0200.052.5
150.0225.0
6.7150.0100.0250.0160.0
4) 9)
3) 4) 9)
3) 4) 9)
3) 4) 9)
4) 9)
1) 3)
3) 4) 9)
3) 4) 9)
3) 9)
1) 3)
3) 4) 9)
3) 9)
4) 9)
1)
4) 9)
3) 9)
3) 9)
3) 9)
4) 9)
3) 9)
3) 9)
3) 9)
4) 9)
3) 4) 9)
1) 4)
1) 4)
3) 9)
3) 9)
3) 4) 9)
3) 9)
3) 9)
3) 9)
3) 9)
4) 9)
4) 9)
3) 9)
3) 9)
4) 9)
1) 3)
1) 3)
1) 3)
4) 9)
1)
1)
1) 3)
3) 9)
3) 9)
3) 9)
3) 9)
1) 5)
3) 9)
1) 3)
1) 3)
3) 9)
1) 3)
1) 4)
1) 4)
1) 4)
Currency
JPYUSDUSDUSDUSDUSDEURUSDEURDEMUSDUSDUSDCHFUSDEURUSDEURUSDUSDUSDUSDUSDUSDUSDUSDEURUSDUSDUSDUSDEURUSDUSDUSDUSDUSDUSDUSDFFRFFRUSDCHFCHFCHFUSDUSDUSDUSDUSDUSDGBPEURUSDEUREURUSDUSD
Earliest date callable
Yearof issue
2001200120012001200119942001
1999–200120011994
1999–200120002001199520001999199920002001
1999–200020011998200120011996199720012001200120012001200120012000200020012001
2000–200119971997199720011995199519972001200120012000199820011997199919991999200020002000
Interest rate
0.00%variousvarious0.00%9.15%8.38%0.00%various3.85%6.04%various0.00%2.50%5.75%1.29%0.00%1.00%0.00%various1.81%1.25%2.00%0.00%0.00%7.21%6.84%0.00%7.00%0.00%6.75%0.00%0.00%0.00%2.82%2.20%0.00%2.25%various7.90%6.41%6.50%1.38%5.25%5.25%4.38%0.00%0.00%0.00%2.00%6.50%0.00%8.25%6.25%0.00%6.00%6.50%4.43%4.66%
Maturity date
27.07.200423.08.200411.09.200415.10.200416.11.200418.11.200419.11.200417.12.200420.12.200430.12.200427.01.200522.02.200508.03.200531.03.200506.04.200505.05.200527.05.200509.06.200505.07.200505.08.200509.11.200510.11.200530.12.200529.01.200630.06.200630.06.200613.07.200609.08.200621.08.200613.09.200618.09.200621.09.200610.10.200626.10.200611.11.200613.11.200621.12.200613.03.200701.05.200712.06.200712.06.200729.06.200706.07.200706.07.200723.07.200726.10.200716.11.200706.12.200719.02.200801.05.200803.11.200810.07.200913.10.200901.12.200915.12.200901.03.201025.04.201025.04.2010
120
45 Bonds issued (continued)
As of December 31, 2001
Credit Suisse First Boston Finance (Guernsey) Ltd., St. Peter Port
Credit Suisse First Boston International (Guernsey) Ltd., St. Peter Port
Credit Suisse First Boston Finance B.V., Amsterdam
Credit Suisse First Boston (Cayman) Ltd., George Town
Par valuein m
415.03,000.0
400.020.2
750.015.015.0
176.223.824.8
30,500.012.05.0
63.924.015.020.046.019.040.325.025.0
10,000.0100.0
500.0
300.0100.019.0
200.03,000.0
200.0150.0
15.2136.6
4.34.3
367.5432.7769.5353.8436.6424.0449.5404.1580.1121.0
1) 3)
1) 4)
1) 4)
3) 9)
1) 4)
1) 3)
1) 4)
1)
1)
2)
1) 4)
1) 3)
1) 3)
1) 4)
1) 3)
1) 3)
1) 3)
1) 3)
1) 3)
1) 3)
1) 3)
1) 3)
1) 3)
1) 4)
1)
1)
1)
Currency
DEMJPYEURUSDEUREUREURCHFCHFAUDJPYEURUSDUSDUSDUSDUSDUSDUSDUSDEUREURJPYUSD
DEM
USDUSDCHF
USDLUFUSDUSD
RURRURRURRURRURRURRURRURRURRURRURRURRURRUR
Earliest date callable
01.12.202810.07.2007
Yearof issue
199820002001200120011999200019861986200020011999199920001999199919991999199919991999199919981997
1992
200120011998
1993199319931986
20011999–20011999–20001999–20001999–20011999–20011999–20011999–20011999–20011999–20011999–20011999–20011999–2001
2001
Interest rate
5.75%2.19%6.90%0.00%6.58%8.68%9.00%5.00%5.00%variable3.57%7.15%0.00%variable0.00%0.00%0.00%0.00%0.00%0.00%9.35%7.05%4.51%7.74%
0.00%
variable variable 2.67%
5.88%7.75%5.50%5.69%
variablevariablevariablevariablevariablevariablevariablevariablevariablevariablevariablevariablevariablevariable
Maturity date
11.05.201009.08.201007.11.201112.12.201107.06.201322.10.201427.01.201510.03.201610.03.201620.04.201731.12.201815.10.201903.01.202215.01.202230.12.202402.01.202502.01.202630.12.202630.12.202703.01.202815.10.202915.10.2029perpetualperpetual
22.10.2002
05.03.200220.03.200229.08.2003
26.05.200301.07.200325.08.2003perpetual
06.02.200222.05.200205.06.200218.09.200209.10.200222.01.200305.02.200321.05.200304.06.200317.09.200308.10.200319.11.200321.01.200415.12.2004
www.credit-suisse.com 121
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
122
45 Bonds issued (continued)
As of December 31, 2001
Credit Suisse First Boston (Cyprus) Ltd., Limassol
Banco de Investimentos Credit Suisse First Boston S.A., São Paulo
Credit Suisse First Boston Inc., New York
Par valuein m
1,210.2
438.54,876.9
74.25.0
10.0387.110.060.0
11,500.0650.0500.030.010.0
350.08.55.0
26.0472.0
3.0400.0275.0200.0715.0150.0550.0210.0
5.060.05.0
65.010.0
132.917.0
285.0362.045.0
400.0325.050.0
191.0100.0190.0244.820.040.0
150.0116.3164.8150.0130.070.0
1)
1)
1)
1)
1)
1)
1)
Currency
RUR
JPYJPYUSDUSD
USDUSDUSDUSDJPYUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDEURUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDDEMUSDUSD
Earliest date callable
Yearof issue
2000–2001
2001200119951995
20002001200020002000199920012000199720012000199420002001199220012001200120012001200119991993
1999/20001993
1993–20002000
1992–2000199320012001
1998–20002000
1998–200020002001200120012001199919991994
1992–200019941995
1992–19991999
Interest rate
7.00%
1.95%various
11.00%6.29%
6.98%various7.25%7.18%various5.88%various6.96%6.85%4.32%various8.04%various0.00%7.83%0.00%0.00%variousvarious0.00%variousvarious7.65%various8.10%various7.17%various7.26%variousvariousvarious5.08%variousvariousvarious0.00%0.00%0.00%7.49%various6.20%various5.69%6.94%variousvarious
Maturity date
19.12.2002
14.03.200201.04.200212.06.200301.11.2003
09.01.200213.02.200225.02.200215.03.200227.03.200201.04.200223.04.200230.05.200219.06.200225.06.200210.07.200201.08.200222.08.200223.08.200203.09.200209.09.200223.10.200223.10.200207.11.200208.11.200206.12.200206.12.200215.01.200317.01.200303.02.200310.02.200321.03.200321.04.200327.04.200328.04.200307.05.200312.05.200327.06.200315.07.200315.08.200325.08.200310.09.200323.10.200302.11.200308.01.200402.02.200420.02.200408.03.200415.03.200405.04.200416.04.200404.05.2004
45 Bonds issued (continued)
As of December 31, 2001
Credit Suisse First Boston International, London
Par valuein m
10.033.365.0
375.01.0
170.0365.055.0
208.5500.0400.013.31.01.0
200.0500.0
5.05.31.0
268.95,250.0
4.033.760.060.01.0
250.091.6
150.0500.010.03.03.61.75.2
22.2
714.6170,298.8
1,101.521.886.0
174.7360.0
3,500.030.310.070.075.0
20,000.095.539.2
4,200.01,500.0
150.814,393.0
109,000.0
1)
1)
1)
1)
1)
1)
1)
1)
Currency
USDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSD
USDJPY
HKDSGDCHFEURNOKLUFUSDEURDEMCHF
ITLEURGBPJPYLUFUSDGRD
ITL
Earliest date callable
Yearof issue
200019992001200120002001200120012000200020002000200020001993199519952000200019962001200019991995200020001997200119981998199919932001199619932001
1996–20011996–2001
20012001200120012001199220011997
1996–199819971997
2000–20011997–19981997–1999
19931995–2001
19981998
Interest rate
7.28%various2.59%0.00%7.08%0.00%0.00%0.00%various8.00%7.27%7.09%7.20%7.05%7.18%6.88%6.95%
12.85%7.09%7.75%5.88%7.08%7.33%various7.47%7.29%various0.00%6.50%6.50%7.42%8.50%0.00%5.63%7.71%0.00%
variousvariousvarious0.00%variousvariousvariousvarious0.00%0.00%variousvariable0.00%variousvariousvarious7.63%various0.00%various
Maturity date
06.06.200401.07.200401.08.200407.09.200420.10.200425.10.200409.11.200403.12.200401.02.200501.03.200511.05.200506.06.200515.08.200505.09.200527.10.200501.11.200507.11.200515.11.200502.03.200615.05.200601.08.200631.08.200602.11.200627.02.200728.03.200717.07.200701.10.200730.11.200701.04.200801.06.200815.09.200815.02.201314.11.201315.02.201602.04.201803.12.2021
03.01.200204.01.200204.01.200211.01.200231.01.200222.02.200211.03.200224.04.200201.05.200230.07.200215.10.200231.10.200219.12.200231.01.200304.02.200309.03.200319.03.200321.03.200316.04.200305.05.2003
www.credit-suisse.com 123
NOTES TO THE CONSOLIDATED F INANCIAL STATEMENTS
45 Bonds issued (continued)
As of December 31, 2001 Par valuein m
200.0400.025.0
149.3137.170.0
441,000.02.4
100.0100.0
1,600.0105,000.0
20.015.013.010.0
1,273.1485,900.0
9,362.0500.0
3,300.0200.0
60,000.0200.0
4.5124.7177.1
331,200.030,000.0
500.019.31.0
40.050.0
1,000.0500.0
103,600.0110.6290.052.8
120.070.0
150.02,500.0
80.040.050.0
220.0246.4
100,000.0155.0
68,000.0186.1200.0500.0140.0152.7108.0
1)
1)
1)
1)
1)
1)
1)
1)
1)
1)
1)
1)
Currency
BEFATSFRFUSDEURNOK
ITLEURSEKNOKJPYITL
CHFDEMCHFEURUSD
ITLPTEPTEJPYBEFITL
FRFGBPEURUSD
ITLITL
JPYDEMEURUSDFIMJPYJPYITL
EURUSDUSDCHFDEMNOKJPY
DEMUSDFIM
EURUSD
ITLDEM
ITLEURJPYPTE
DEMDEMDEM
Earliest date callable
Yearof issue
199719981995
1996–20011997–2001
19971997–1998
200120012001
1995–19981997–1998
2001199719941994
1995–20011997–2000
19971998
1996–19981995199719971998
2000–20011995–2001
199819982001
1996–1998200119941997200119961997
2000–20012001
1997–20011996–1997
1997200119971997199719972001
1998–2001199819981998
2000–20011997–1998
19981998
1993–19941997–1998
Interest rate
8.00%various0.00%variousvarious0.00%various0.00%variablevariablevarious0.00%variablevariable0.00%0.00%variousvarious0.00%variablevarious8.25%0.00%0.00%9.13%variousvariousvarious0.00%0.00%various0.00%0.00%0.00%0.00%5.70%variousvarious0.00%variousvariousvariousvariablevariousvariablevariable0.00%0.00%variousvariablevarious0.00%variousvariousvariable0.00%0.00%various
Maturity date
13.06.200313.08.200306.11.200316.01.200403.02.200407.02.200416.03.200401.03.200419.03.200402.04.200426.04.200411.05.200413.05.200430.07.200401.12.200401.12.200418.01.200524.01.200517.04.200526.04.200528.04.200508.06.200501.12.200508.12.200516.02.200609.03.200615.03.200616.03.200611.05.200615.05.200625.05.200601.06.200628.07.200606.11.200601.11.200619.12.200627.01.200731.01.200701.02.200728.03.200703.04.200710.04.200730.04.200715.05.200723.05.200702.07.200706.11.200701.12.200723.01.200824.02.200804.03.200818.03.200830.04.200808.05.200802.06.200801.08.200830.11.200810.03.2009
124
45 Bonds issued (continued)
As of December 31, 2001
Winterthur Capital Ltd., Hamilton
“Winterthur” Swiss Insurance Company, Winterthur
DBV-Winterthur Group, Wiesbaden
1) Subordinated bonds. 6) Issued bonds with warrants: ex warrant.2) Credit linked notes issued by Credit Suisse First Boston, Guernsey branch. 7) Subparticipation of Credit Suisse First Boston issued bonds.3) Issued by Credit Suisse First Boston, London branch. 8) Preference shares.4) Issued by Credit Suisse First Boston, Nassau branch. 9) Structured notes, reclassed from “Due to customers” to5) Issued by Credit Suisse First Boston, New York branch. “Other bonds” per December 31, 2001.
Par valuein m
1,500.017,000.0
212.642.020.0
30,000.059.939.0
27,500.051.0
387.674.17.5
74.312,000.0
4.020,000.0
15.025.050.5
27,500.04,300.0
250,000.075.736.4
1,700.015.030.0
1,800.024,000.0
81.340.066.7
220.020,000.0
100.0130.060.0
610.01,650.0
125.1250.0
500
500
100100
1)
1)
1)
1)
1)
1)
Currency
JPYITL
DEMEURDEM
ITLDEMEURITL
USDEURUSDEUREURITL
USDITL
DEMEUREURITL
JPYITL
EURUSDPTE
DEMDEMJPYITL
USDDEMUSDUSDJPYGBPCHFNLGDEMPTEEURUSD
EUR
CHF
DEM DEM
Earliest date callable
Yearof issue
19971997
1994–19961999–2001
199719951997200019981997
1999–20011993–2001
20011999–2001
19981997199819972001
2000–20011998
1998–200119942001199819971997199819981998199519971998
1992–19971993–1995
19951995–19981995–1997
1998199820011997
2000
2000
19981998
Interest Rate
various6.70%0.00%0.00%0.00%0.00%0.00%0.00%
10.00%0.00%variousvarious0.00%variousvariablevariable8.00%0.00%0.00%0.00%6.50%variable0.00%variousvariable0.00%0.00%6.00%variousvarious0.00%0.00%
10.76%variablevarious
10.25%variousvariousvariousvariable0.00%variable
5.38%
4.00%
0.88%0.75%
Convertible bondsConvertible bonds
Maturity date
15.05.200930.05.200928.06.200924.08.200906.01.201001.03.201020.06.201027.09.201018.10.201017.12.201031.01.201130.06.201101.11.201130.01.201218.04.201224.04.201230.04.201204.06.201201.07.201202.01.201302.04.201329.07.201320.12.201422.06.201622.09.201601.09.201715.09.201716.02.201826.03.201801.08.201815.12.202102.10.202214.12.2028perpetualperpetualperpetualperpetualperpetualperpetualperpetualperpetualperpetual
14.04.2005
31.03.2006
28.07.200328.07.2003
www.credit-suisse.com 125
126
REPORT OF THE GROUP AUDITORS
Report of the Group auditors to the AnnualGeneral Meeting of Credit Suisse Group, Zurich
As auditors of the Group we have audited the consolidated financial state-ments (income statement, balance sheet, statement of source and applica-tion of funds and notes) of Credit Suisse Group for the year endedDecember 31, 2001.
These consolidated financial statements are the responsibility of theBoard of Directors. Our responsibility is to express an opinion on theseconsolidated financial statements based on our audit. We confirm that wemeet the legal requirements concerning professional qualification andindependence.
Our audit was conducted in accordance with auditing standards promul-gated by the Swiss profession and with the International Standards onAuditing issued by the International Federation of Accountants (IFAC). Thesestandards require that an audit be planned and performed to obtain reason-able assurance about whether the consolidated financial statements are freefrom material misstatement. We have examined on a test basis evidence sup-porting the amounts and disclosures in the consolidated financial statements.We have also assessed the accounting principles used, significant estimatesmade and the overall consolidated financial statement presentation. Webelieve that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated financial statements give a true and fairview of the financial position, the results of operations and the source andapplication of funds in accordance with Swiss Accounting Rules for Banksand Swiss GAAP FER for the insurance business of the Group, which areexplained in the notes to the consolidated financial statements, and complywith Swiss law.
We recommend that the consolidated financial statements submitted toyou be approved.
KPMG Klynveld Peat Marwick Goerdeler SA
Brendan R. Nelson Peter HanimannChartered Accountant Certified AccountantAuditors in Charge
Zurich, March 1, 2002
www.credit-suisse.com 127
PARENT COMPANY F INANCIAL STATEMENTS
Important commentAccording to the Articles of Association of Credit SuisseGroup, the Board of Directors shall determine the compa-ny’s financial year.At the board meeting held on December 6, 2001, theBoard of Directors approved to change the financial year ofthe Parent Company of Credit Suisse Group to end onDecember 31. Therefore, the current accounting period ofthe Parent Company covers the nine months from April 1,2001, to December 31, 2001; the prior-period comparativefigures are for the 12 months from April 1, 2000, to March 31, 2001.
Parent company
Page
Financial statements
Income statement 128Balance sheet before appropriation of retained earnings 129
Notes to the financial statements1 Contingent liabilities 1302 Balance sheet assets with retention of title to secure own obligations 1303 Off-balance sheet obligations relating to leasing contracts 1304 Fire insurance value of tangible fixed assets 1305 Liabilities relating to pension plans and other retirement benefit obligations 1306 Bonds issued 1307 Principal participations 1308 Release of undisclosed reserves 1309 Revaluation of long-term assets to higher than cost 130
10 Own shares held by the company and by Group companies 13011 Share capital, conditional and authorized capital of Credit Suisse Group 131
Report of the auditors on capital increases to the Board of Directors of Credit Suisse Group on conditional capital increases 132
12 Significant shareholders 13313 Legal reserves 13314 Provisions 133
Proposals to the Annual General Meeting 134
Report of the statutory auditors 135
128
PARENT COMPANY F INANCIAL STATEMENTS
Income statement
in CHF 1,000
IncomeInterest income and income from securitiesIncome from investments in Group companiesOther income
Total income
ExpensesInterest expensesPersonnel expenses and directors’ emolumentsOther expensesDepreciation, write-offs and provisionsTaxes
Total expenses
Net profit
12 months2000/2001
1,702,3983,458,863
298,679
5,459,940
414,213123,599157,634117,70399,614
912,763
4,547,177
9 months2001
992,80060,763
435,336
1,488,899
312,61278,070
137,593521,08040,197
1,089,552
399,347
Balance sheet before appropriation of retained earnings
in CHF 1,000
AssetsInvestments in Group companies Long-term loans to Group companiesSecurities
Long-term assets
Liquid assets held at third partiesLiquid assets held at Group companiesSecuritiesOther receivables from third partiesOther receivables from Group companiesAccrued income and prepaid expenses
Current assets
Total assets
Shareholders’ equity and liabilitiesShare capitalLegal reserveReserve for own sharesFree reservesRetained earnings:
retained earnings brought forwardnet profit
Shareholders’ equity
BondsLong-term loans from Group companiesProvisions
Long-term liabilities
Payable to third partiesPayable to Group companiesAccrued expenses and deferred income
Current liabilities
Total liabilities
Total shareholders’ equity and liabilities
Change in %
) 0407
2
) (100) (63) (43) (21
–40
) (40
) (5
) (40) (40) (18
–
) (97) (91
) (7
) (122546
7
) (911
) (16
) (11
2
) (5
))))
)
)
)))
))
)
)
)
)
)
)
Change
(127,259860,055190,178
922,974
(250,017(2,599,551(1,101,555
(10,336490,054363,727
(3,107,678
(2,184,704
(2,425,115(7,877,346
(531,23614,100,000
(1,552,823(4,147,830
(2,434,350
(500,000775,447258,473
533,920
(84,87315,805
(215,206
(284,274
249,646
(2,184,704
31.03.01
32,330,7802,163,8052,848,988
37,343,573
250,0274,096,7852,539,935
49,1210
907,999
7,843,867
45,187,440
6,014,94419,694,2443,000,000
0
1,598,2084,547,177
34,854,573
4,150,0003,051,064
558,820
7,759,884
93,6321,145,1931,334,158
2,572,983
10,332,867
45,187,440
31.12.01
32,203,5213,023,8603,039,166
38,266,547
101,497,2341,438,380
38,785490,054
1,271,726
4,736,189
43,002,736
3,589,82911,816,8982,468,764
14,100,000
45,385399,347
32,420,223
3,650,0003,826,511
817,293
8,293,804
8,7591,160,9981,118,952
2,288,709
10,582,513
43,002,736
Notes
7
11
13
10
6
14
www.credit-suisse.com 129
130
NOTES TO THE PARENT COMPANY F INANCIAL STATEMENTS
1 Contingent liabilities in CHF 1,000
Aggregate indemnity liabilities, guarantees and other contingent liabilitiesof which have been entered into on behalf of subsidiaries
The company belongs to the Swiss value-added tax (VAT) group of Credit Suisse Group, and thus carries joint liability to the Swiss federal tax authority for value-addedtax debts of the entire Group.
2 Balance sheet assets with retention of title to secure own obligations
There are no such assets.
3 Off-balance sheet obligations relating to leasing contracts
There are no such obligations.
4 Fire insurance value of tangible fixed assets
There are no such assets.
5 Liabilities relating to pension plans and other retirement benefit obligations
There are no such liabilities.
6 Bonds issued in CHF m
Warrant bonds (ex warrant)Bonds (subordinated)BondsBondsBondsBonds Bonds
7 Principal participations
The company’s principal participations are shown in the notes to the consolidated financial statements.
8 Release of undisclosed reserves
No significant undisclosed reserves were released.
9 Revaluation of long-term assets to higher than cost
There was no such revaluation.
10 Own shares held by the company and by Group companiesin CHF 1,000, except no. of shares
Shares included in financial investments from the banking and insurance business
In registered share equivalents, including derivativesAt beginning of financial yearAt end of financial year
Shares included in securities trading portfoliosIn registered share equivalents, including derivativesAt beginning of financial yearAt end of financial year
The number of shares has been adjusted for the 4-for-1 share split effective as of August 15, 2001.
31.03.01
32,300,79632,130,756
31.12.01
27,138,67026,851,186
31.03.01
500250800
1,000500500600
31.12.01
–250800
1,000500500600
Year of issue/maturity date
1993–06.08.20011994–15.12.20031997–31.10.20061997–23.05.20071998–15.09.20081999–02.07.20092000–04.10.2004
Interest rate
2.250%6.000%4.000%4.000%3.500%3.500%4.125%
12 months2000/2001
30,389 533,205
449,119840,853
No. of shares
368,896 7,125,104
5,427,428) 11,009,504
9 months2001
533,205 776,680
840,853) (6,577
No. of shares
7,125,104 11,048,553
11,009,504(92,891
www.credit-suisse.com 131
11 Share capital, conditional and authorized capital of Credit Suisse Group
Share capital as of March 31, 2001
Issued capitalCancellation of sharesPar value reduction paymentShare split
Conditional capitalWarrants and convertible bondsAGM of June 4, 1992 / Convertible bondsBonds converted November 19, 1992–March 31, 2001AGM of June 1, 2001 (par value reduction)AGM of June 1, 2001 (share split)AGM of June 1, 2001Bonds converted April 1, 2001–December 31, 2001Remaining capital
Warrants and convertible bondsAGM of May 29, 1995AGM of June 1, 2001 (par value reduction)AGM of June 1, 2001 (share split)AGM of June 1, 2001Remaining capital
Staff sharesEGM of September 29, 2000Subscriptions exercised April 1, 2000–March 31, 2001AGM of June 1, 2001 (increase)AGM of June 1, 2001 (par value reduction)AGM of June 1, 2001 (share split)AGM of June 1, 2001Subscriptions exercised April 1, 2001–December 31, 2001Remaining capital 1)
Staff shares (Donaldson, Lufkin & Jenrette option programs)EGM of September 29, 2000Subscriptions exercised September 29, 2000–March 31, 2001AGM of June 1, 2001 (decrease)AGM of June 1, 2001 (par value reduction)AGM of June 1, 2001 (share split)AGM of June 1, 2001Subscriptions exercised April 1, 2001–December 31, 2001Remaining capital
Authorized capitalAcquisitions of companies/participationsAGM of May 28, 1999Exercise of convertible bonds from Winterthur March 2, 2000 Capital lapsed May 28, 2001Remaining capitalAGM of June 1, 2001Remaining capital
Acquisitions of Donaldson, Lufkin & JenretteEGM of September 29, 2000Acquisitions of Donaldson, Lufkin & Jenrette November 3, 2000AGM of June 1, 2001 (decrease)Remaining capital
Share capital as of December 31, 2001
1) As of March 1, 2002, 69,187,511 shares (par value CHF 207,562,533) were reserved for rights issued to the management and staff.
Par value in CHF
6,014,943,920
) (38,000,000(2,390,777,568
514,800
378,528
2,769,753
3,589,829,433
))
No. ofregistered shares
300,747,196
(1,900,000
896,541,588
))
) 171,600
)
)
)
) 126,176
)))
) 923,251
))
))
1,196,609,811
Par valuein CHF
150,000,000) (145,864,500
(1,654,2000
2,481,300) (514,800
1,966,500
250,000,000(100,000,000
0150,000,000150,000,000
240,000,000) (1,376,600
151,376,600(156,000,000
0234,000,000
) (378,528233,621,472
240,000,000) (21,551,720) (118,448,280
(40,000,0000
60,000,000) (2,769,753
57,230,247
260,000,000) (32,600,000) (227,400,000
0136,440,000136,440,000
600,000,000) (514,543,340) (85,456,660
0
No. ofregistered shares
7,500,000(7,293,225
0620,325827,100
(171,600655,500
12,500,0000
37,500,00050,000,00050,000,000
12,000,000(68,830
7,568,8300
58,500,00078,000,000
(126,17677,873,824
12,000,000(1,077,586(5,922,414
015,000,00020,000,000
(923,25119,076,749
13,000,000(1,630,000
(11,370,0000
45,480,00045,480,000
30,000,000(25,727,167(4,272,833
0
132
NOTES TO THE PARENT COMPANY F INANCIAL STATEMENTS
Report of the auditors on capital increases to the Board of Directors of Credit Suisse Group on conditional capital increases
We have examined the issuance of shares for the period from April 1, 2001to December 31, 2001 in accordance with the resolutions passed by theAnnual General Meeting of Shareholders of June 4, 1992, September 29,2000 and June 1, 2001, respectively, in accordance with Swiss law and theCompany’s Articles of Association.
It is the responsibility of the Board of Directors to execute the issuance of new shares in accordance with the Company’s Articles of Association. Our responsibility is to examine whether the issuance of new shares wasdone in accordance with Swiss law, the Company’s Articles of Association,the applicable offering documents, regulations and contracts. We confirm that we meet the legal requirements concerning professional qualification and independence.
Our examination was conducted in accordance with the auditingstandards promulgated by the Swiss profession, which require that our examination be planned and performed to obtain reasonable assurance aboutwhether the issuance of new shares is free from material errors. We haveperformed the audit procedures required in the circumstances and are of theopinion that they form a reasonable basis for our opinion.
In our opinion the issuance of 1,221,027 registered share equivalents(after share split and par value reduction), with a nominal value of CHF 3each and a total nominal value of CHF 3,663,081, is in agreement withSwiss law, the Company’s Articles of Association, the applicable offering documents of November 18, 1992 and the related amendment of August 29, 2001, regulations and contracts.
KPMG Klynveld Peat Marwick Goerdeler SA
Zurich, September 27, 2001 and February 20, 2002
www.credit-suisse.com 133
12 Significant shareholders
BZ Group Holding has notified Credit Suisse Group that it held as of December 31, 2001, on a consolidated basis86,526,357 registered shares, corresponding to 7.2% of the total issued and outstanding registered shares of CreditSuisse Group, of which 1.3% were recorded in the share register of Credit Suisse Group with the right to vote.
13 Legal reserves
The change in legal reserves compared to March 31, 2001, equals the capital surplus of CHF 123.1 m (2000/2001: CHF 8,103.9 m) received for newly issued shares, net of issuing costs of CHF 0.4 m (2000/2001: CHF 85.7 m) and thetransfer of CHF 8,000 m (2000/2001: CHF 0 m) to free reserves.
14 Provisions
This item includes general provisions of CHF 311 m (as of March 31, 2001: CHF 301 m).
134
PROPOSALS TO THE ANNUAL GENERAL MEETING
Proposed appropriation of retained earnings
in CHF
Retained earnings brought forwardNet profit
Retained earnings available for appropriation
Transfer to free reservesTo be carried forward
Total
Proposed par value reduction
Instead of distributing a dividend, the Board of Directors proposes a par value reduction of CHF 2 per registered share,reducing the nominal value from CHF 3 to CHF 1. Shareholders holding Credit Suisse Group shares as of August 13,2002, are eligible to receive the par value reduction. The cash payment will be made on August 14, 2002.
On behalf of the Board of Directors:Chairman: L. Mühlemann
Executive Board:L. Mühlemann, H.-U. Doerig, J.J. Mack, P.K. Ryan, T. Wellauer
Zurich, March 1, 2002
45,385,374399,347,344
444,732,718
440,000,0004,732,718
444,732,718
www.credit-suisse.com 135
Report of the statutory auditors to the Annual General Meeting of Credit Suisse Group, Zurich
As statutory auditors, we have audited the accounting records and the financialstatements (income statement, balance sheet and notes) of Credit Suisse Groupfor the period ended December 31, 2001.
These financial statements are the responsibility of the Board of Directors.Our responsibility is to express an opinion on these financial statements basedon our audit. We confirm that we meet the legal requirements concerning pro-fessional qualification and independence.
Our audit was conducted in accordance with auditing standards promulgatedby the Swiss profession, which require that an audit be planned and performedto obtain reasonable assurance about whether the financial statements are freefrom material misstatement. We have examined on a test basis evidence sup-porting the amounts and disclosures in the financial statements. We have alsoassessed the accounting principles used, significant estimates made and theoverall financial statement presentation. We believe that our audit provides areasonable basis for our opinion.
In our opinion, the accounting records, financial statements and the pro-posed appropriation of retained earnings comply with Swiss law and theCompany’s Articles of Association.
We recommend that the financial statements submitted to you be approved.
KPMG Klynveld Peat Marwick Goerdeler SA
Brendan R. Nelson Peter HanimannChartered Accountant Certified AccountantAuditors in Charge
Zurich, March 1, 2002
REPORT OF THE STATUTORY AUDITORS
136
FIVE-YEAR SUMMARY OF SELECTED F INANCIAL DATA
Share dataShares issued Shares repurchased
Shares outstanding
Weighted average shares outstanding 1)
Market capitalization Year-end, in CHF mChange in %As a % of SMI (at year-end)
Share price in CHF
At year-endHighLow
Per share information in CHF
Book value Cash flow Gross operating profit Repayment of capital/dividend
Basic earnings per share Diluted earnings per share
Price/earnings ratio Price/book value ratio
Trading volume on Swiss Exchange (SWX)in CHF m Total per year
Daily averagein 1000 units Total per year
Daily average
All share-related data have been adjusted for the 4-for-1 share split effective as of August 15, 2001.
1) Adjusted for weighted average shares repurchased.2) Proposal of the Board of Directors to the Annual General Meeting on May 31, 2002.
Note: Within the framework of the Swiss Accounting and Reporting Recommendations, Credit Suisse Group has changed its accounting principles in the year 2000 in order to increase the transparency for its insurance business and to align with a more internationally-recognised standard. Prior-year comparative figures have been adjusted accordingly, excluding the years 1998 and 1997.
31.12.97
1,064,512,388–
1,064,512,388
1,051,808,952
1997
60,060) 124.9
9.2
1997
56.5059.5033.44
1997
22.25.76.81.3
0.40.4
149.72.5
1997
63,447262.2
1,386,3165,728.6
31.12.98
1,076,345,476–
1,076,345,476
1,070,169,864
1998
57,854(3.77.5
1998
53.7595.5037.38
1998
24.05.76.21.3
2.92.9
18.72.2
1998
115,362459.6
1,775,4287,073.6
31.12.99
1,088,825,952–
1,088,825,952
1,085,243,040
1999
86,15348.99.9
1999
79.1379.1353.00
1999
27.16.57.21.8
3.93.9
20.22.9
1999
88,107346.9
1,301,9885,126.0
31.12.00
1,201,751,960–
1,201,751,960
1,111,100,088
2000
92,535) 7.4
8.7
2000
77.0097.1373.25
2000
34.19.7
10.92) 2.0
5.215.19
14.82.3
2000
108,361431.7
1,335,3445,320.0
31.12.01
1,196,609,8117,730,000
1,188,879,811
1,194,090,788
2001
84,173(9.09.3
2001
70.8087.0044.80
2001
29.97.07.42.0
1.331.32
53.22.4
2001
115,487461.9
1,603,6636,414.7
Consolidated income statement in CHF m
Net interest incomeNet commissions and service fee incomeNet trading incomeNet income from the insurance businessOther ordinary income/(expenses), net
Operating income
Personnel expenses Other operating expenses
Operating expenses
Gross operating profit
Depreciation, valuation adjustments and losses
Profit before extraordinary items, taxes and minority interests
Extraordinary incomeExtraordinary expensesTaxes
Net profit before minority interests
Minority interests
Net profit
Cash flow
Return on equity (ROE) in %
Reported ROE
Consolidated balance sheet in CHF m
Total assetsShareholders' equityMinority interests in shareholders' equity
BIS data/capital ratiosBIS risk-weighted assets in CHF mBIS tier 1 ratio in %BIS total capital ratio in %
Assets under management in CHF bn
Total assets under management
In 2001, the Group adjusted its definition of assets under management to be more restrictive and comparable with competitors. Previous-year figures have beenadjusted up to 1999; however 1998 and 1997 comparative figures have not been adjusted.
Number of employees Switzerland banking
insuranceOutside Switzerland banking
insuranceTotal employees Credit Suisse Group
Certain reclassifications have been made to prior-period amounts to conform to the current presentation.
1997
4,5796,5925,2824,775(218
21,010
9,9313,979
13,910
7,100
3,214
3,886
1,323) (3,534) (1,074
601
) (204
397
6,026
1997
1.7
31.12.97
689,56825,6512,005
31.12.97
208,38210.916.8
31.12.97
863.0
31.12.97
21,4427,108
13,23520,45762,242
)
))
)
1998
5,1528,3272,3785,357
) 486
21,700
10,5864,473
15,059
6,641
3,832
2,809
1,554) (573) (575
3,215
) (147
3,068
6,066
1998
11.7
31.12.98
652,43728,1622,325
31.12.98
202,07812.017.8
31.12.98
937.8
31.12.98
20,6256,827
15,75318,37561,580
1999
5,33810,8566,5784,166(294
26,644
13,5545,227
18,781
7,863
2,631
5,232
93) (152) (855
4,318
) (68
4,250
7,008
1999
15.6
31.12.99
729,02230,6831,154
31.12.99
209,87011.817.8
31.12.99
1,132.7
31.12.99
20,8856,569
17,24919,26063,963
2000
5,31316,5968,7916,166
) 365
37,231
18,5036,645
25,148
12,083
3,021
9,062
105) (1,796) (1,349
6,022
) (237
5,785
10,734
2000
17.7
31.12.00
987,43343,5222,571
31.12.00
239,46511.318.2
31.12.00
1,392.0
31.12.00
21,4546,781
30,66621,63780,538
2001
6,75117,8459,1836,300(925
39,154
21,8908,394
30,284
8,870
6,341
2,529
52(281(486
1,814
(227
1,587
8,384
2001
4.1
31.12.01
1,022,51338,9213,121
31.12.01
222,8749.5
15.7
31.12.01
1,425.5
31.12.01
22,3466,297
28,41522,64179,699
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