Reports

Key Figures

in CHF million		2011 adjusted ¹⁾	2011	2010 adjusted ¹⁾	2010
Total operating income		88.4	63.2	111.0	96.8
	Income from interest and dividend	41.2	41.2	49.6	49.6
	Income from commission and service fee	52.2	52.2	46.9	46.9
	Trading loss	-20.4	-20.4	-6.9	-6.9
	Other ordinary income ²⁾	15.4	-9.8	21.4	7.2
Administrative expense		-81.7	-81.7	-87.6	-87.6
Gross income/loss		6.7	-18.5	23.4	9.2
	Depreciation, valuation adjustments and provisions ³⁾	-5.6	-17	-5.0	-16.7
	Income taxes and minority interests	3.8	3.8	6.3	6.3
	Net profit from disconcontinued operations ⁴⁾	3.0	14.5		12.1
Net profit (shareholders of Valartis Group AG)		7.9	-17.2	24.7	10.9

Total assets under management, in CHF billion			6.8		6.3
Net new money inflow, in CHF million			862		220
Employees, as full-time equivalents			297		302

2011 Consolidated Financial Statements (link to the interactive Valartis Group Annual Report)

1) The adjusted consolidated income statement is based on the IFRS consolidated income statement without certain valuation adjustments,
    one-off effects, and the amortisation on acquisitions.
2) Valuation adjustments from associated companies are included in the other ordinary income in the IFRS consolidated income statement in
    the amount of CHF -12.9 million (2010: -2.1 million).
3) Amortisation on previous acquisitions of tangible and intangible assets is included in the IFRS consolidated income statement in the position
    “depreciation” in the amount of CHF -11.5 million (2010: -11.6 million).
4) Gain on sale of discontinued operations including the current net P&L of Valartis Bonus Card AG is included in this position in the IFRS
    consolidated income statement. The realised gain on this participation is disclosed as such (other ordinary income) without the current net P&L
    of Valartis Bonus Card AG in the adjusted consolidated income statement.

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