ZURICH, Switzerland, August 05, 2003 (PRIMEZONE) -- Credit Suisse Group (NYSE:CSR) (Other OTC:CSGKF) today announced a net profit of CHF 1.3 billion for the second quarter of 2003 and a net profit of CHF 2.0 billion for the first half of 2003. Net profit for the second quarter of 2003 was more than double that of the first quarter of 2003. Credit Suisse First Boston achieved solid results in the second quarter of 2003, driven by strong performance in the Institutional Securities segment. At Credit Suisse Financial Services, both Private Banking and Corporate & Retail Banking increased their operating income substantially, while Winterthur's results continued to improve in the second quarter of 2003, with reduced administration costs in both insurance segments.
Oswald J. Grubel, Co-CEO of Credit Suisse Group and Chief Executive Officer of Credit Suisse Financial Services, stated, "The doubling of the Group's net profit in the second quarter of 2003 demonstrates the underlying strength of our businesses. I am pleased that all segments of Credit Suisse Financial Services again reported stronger results compared with the first quarter of 2003, reflecting healthier operating income and the success of our efficiency measures."
John J. Mack, Co-CEO of Credit Suisse Group and Chief Executive Officer of Credit Suisse First Boston, said, "Credit Suisse First Boston's results firmly underscore its top-line momentum in the second quarter of 2003 and the strength of its franchise. Although many markets remain challenging, we are both confident that the Group will continue to make progress towards its goal of achieving sound profitability in 2003."
Group Results: Second Quarter of 2003
Credit Suisse Group reported a net profit of CHF 1.3 billion in the second quarter of 2003. The second quarter 2003 net profit increased CHF 694 million compared with the first quarter of 2003 and represents a strong improvement compared with the net loss of CHF 579 million in the second quarter of 2002. The Group's operating income was CHF 7.5 billion in the second quarter of 2003, up 7% on the first quarter of 2003 and down slightly compared with the second quarter of 2002. The Group's operating expenses increased 1% compared with the first quarter of 2003 to CHF 5.1 billion -- mainly reflecting increased incentive compensation accruals due to improved performance -- but were down 23% compared with the second quarter of 2002. The Group's valuation adjustments, provisions and losses were CHF 131 million in the second quarter of 2003, down 44% or CHF 102 million compared with the first quarter of 2003 and down 77% or CHF 431 million compared with the second quarter of 2002, due predominantly to lower valuations, provisions and losses at Credit Suisse First Boston, reflecting an improved credit environment and recoveries. Earnings per share for the second quarter of 2003 were CHF 1.09, compared with CHF 0.53 for the first quarter of 2003. The Group's return on equity was 18.5% in the second quarter of 2003, compared with 9.2% for the first quarter of 2003.
Credit Suisse Group continued to strengthen its capital base during the second quarter of 2003, due primarily to earnings generation, managed balance sheet growth and the sale of non-core businesses (Pershing). The Group's consolidated BIS tier 1 ratio was 11.1% as of June 30, 2003, an increase from 10.0% as of March 31, 2003. In cooperation with the Swiss Federal Banking Commission, the capital treatment of the Group's investment in Winterthur is being refined; this will have an effect on the consolidated BIS capital calculations. The capital charge for the Winterthur Group investment will no longer be reflected as an addition to risk-weighted assets but as a reduction to regulatory capital. Subsequent to final regulatory approval, the revised methodology is expected to be applied as of the period ended September 30, 2003. If this methodology was applied retroactively, the Group's consolidated BIS tier 1 ratio would be 10.3% as of June 30, 2003, compared with 9.3% as of March 31, 2003.
Winterthur's announced divestitures of Churchill in the UK, Winterthur Italy and Republic in the US are expected to further improve the Group's capital base upon completion in the second half of 2003. The synthetic securitization of prime Swiss residential mortgages of approximately CHF 3.0 billion, originated by the Corporate & Retail Banking segment, is also expected to have a positive effect on the Group's capital position in the second half of 2003.
Group Results: First Half of 2003
The Group reported a net profit of CHF 2.0 billion for the first half of 2003, compared with a net loss of CHF 211 million for the first half of 2002. The Group's operating income was CHF 14.6 billion for the first six months of 2003, down 9% compared with the first half of 2002, while the Group's first half 2003 operating expenses decreased 23% to CHF 10.1 billion over the same period in 2002.
Credit Suisse Financial Services reported improved results across all of its segments in the second quarter of 2003. The business unit recorded a net profit of CHF 829 million for the second quarter of 2003, up CHF 145 million compared with the first quarter of 2003 and up CHF 1.1 billion compared with the second quarter of 2002. Taking account of statistical rather than actual credit provisions, Credit Suisse Financial Services reported a business unit profit of CHF 808 million in the second quarter of 2003, corresponding to an increase of CHF 142 million compared with the first quarter of 2003 and of CHF 1.1 billion compared with the second quarter of 2002. Second quarter 2003 operating income of CHF 3.4 billion increased 1% compared with the first quarter of 2003 and was up 26% compared with the second quarter of 2002, while operating expenses were down 2% compared with the first quarter of 2003 and down 12% versus the second quarter of 2002.
Private Banking reported a segment profit of CHF 469 million in the second quarter of 2003, up 26% compared with the first quarter of 2003 and in line with the strong second quarter of 2002. Operating income increased 9% compared with the first quarter of 2003 -- driven mainly by higher transaction-based income -- but declined 8% compared with the second quarter of 2002, due mainly to a lower asset base. Operating expenses increased CHF 22 million, or 3%, to CHF 793 million compared with the first quarter of 2003, as the reduction in base salary costs in line with headcount development was exceeded by higher performance-related compensation accruals and charges for headcount reductions. Compared with the second quarter of 2002, operating expenses decreased CHF 89 million, or 10%, reflecting ongoing efficiency measures. The cost/income ratio improved for the third consecutive quarter, declining 4.6 percentage points to 58.6% from the first quarter. The gross margin increased to 120.4 bp in the second quarter of 2003, compared with 113.8 bp in the first quarter of 2003 and 120.1 bp in the second quarter of 2002.
Corporate & Retail Banking reported a segment profit of CHF 157 million in the second quarter of 2003, up 27% compared with the first quarter of 2003 and up 41% compared with the second quarter of 2002. Operating income rose 7% compared with the first quarter of 2003 to CHF 784 million, due mainly to realized gains from the recovery portfolio within other ordinary income, and higher interest and trading income, but was practically unchanged compared with the second quarter of 2002. Second quarter 2003 operating expenses rose by CHF 11 million, or 2%, compared with the first quarter of 2003, to CHF 484 million, due to higher personnel expenses. A reduction in base salary costs in line with headcount development was exceeded by higher performance-related compensation accruals and charges for headcount reductions. Compared with the second quarter of 2002, operating expenses decreased CHF 68 million, or 12%, due to ongoing efficiency measures. The cost/income ratio improved further in the second quarter of 2003 to 64.8%, compared with 67.4% in the first quarter of 2003 and 72.5% in the second quarter of 2002. The return on average allocated capital increased compared with the first quarter of 2003 from 10.7% to 13.3%.
Life & Pensions reported a segment profit of CHF 228 million in the first half of 2003, compared with a segment loss of CHF 412 million in the first half of 2002. This result was driven primarily by a significant improvement in investment performance as well as a reduction in administration costs. In the second quarter of 2003, the segment profit increased by CHF 6 million, or 5%, to CHF 117 million, compared with the first quarter of 2003. In the first half of 2003, gross premiums written declined 3%, or CHF 293 million, to CHF 10.0 billion, compared with the first half of 2002. Adjusted for acquisitions, divestitures and exchange rate impacts, the volume of gross premiums written decreased 1% compared with the first half of 2002. Administration costs decreased 17% to CHF 599 million in the first half of 2003, and the expense ratio improved by 0.6 percentage points to 8.4%, compared with the first half of 2002. Investment income increased CHF 1.7 billion to CHF 2.5 billion in the first half of 2003 compared with the first half of 2002, due primarily to a significant decrease in impairments and realized losses on equity investments.
Insurance reported a segment profit of CHF 194 million in the first half of 2003, compared with a segment loss of CHF 637 million in the first half of 2002. This recovery was driven primarily by a significant improvement in the Insurance segment's underwriting results due to the implementation of broad-based tariff increases, a continued strict underwriting policy, a significant improvement in investment performance and reduced administration costs. In the second quarter of 2003, the segment profit increased by CHF 10 million, or 11%, to CHF 102 million, compared with the first quarter of 2003. For the first half of 2003, net premiums earned rose 4% compared with the first half of 2002, to CHF 8.1 billion, and -- adjusted for acquisitions, divestitures and exchange rate impacts -- were up 10%. The Insurance segment reported an improvement in net investment income from a loss of CHF 179 million in the first half of 2002 to income of CHF 604 million in the first half of 2003, due primarily to a significant decrease in impairments and realized losses on equity investments.
Credit Suisse First Boston's results are reported and discussed below on a US dollar basis.
At Credit Suisse First Boston, increased operating income and continued cost control were the primary factors driving the improved performance compared with the first quarter of 2003. The business unit reported a net profit of USD 296 million (CHF 395 million) in the second quarter of 2003, compared with a net profit of USD 161 million (CHF 221 million) in the first quarter of 2003 and a net profit of USD 61 million (CHF 101 million) in the second quarter of 2002. Excluding the amortization of acquired intangible assets and goodwill net of tax, net operating profit increased 46% to USD 426 million (CHF 570 million) compared with the first quarter of 2003 and was up 86% compared with the second quarter of 2002. Excluding Pershing, which was sold to The Bank of New York effective May 1, 2003, net operating profit increased 55% compared with the first quarter of 2003 and 105% compared with the second quarter of 2002. Operating income increased 9% from the first quarter of 2003 to USD 3.2 billion (CHF 4.2 billion), mainly reflecting broad performance improvements across products and geographies and continued tight expense controls. Operating expenses rose 7% compared with the first quarter of 2003 -- due mainly to increased incentive compensation accruals linked to improved performance -- but declined 12% compared with the second quarter of 2002, reflecting headcount reductions and cost containment efforts. For the second quarter of 2003, Credit Suisse First Boston reported an 18.5% operating return on average allocated capital and an 18.3% operating pre-tax margin, compared with an operating return on average allocated capital of 12.4% and an operating pre-tax margin of 13.2% in the first quarter of 2003.
Institutional Securities reported a segment profit of USD 470 million (CHF 628 million) for the second quarter of 2003, compared with USD 348 million (CHF 476 million) in the first quarter of 2003 and USD 296 million (CHF 477 million) in the second quarter of 2002. Operating income increased 10% to USD 2.9 billion (CHF 3.8 billion) from the first quarter of 2003, with the Fixed Income division continuing to report strong results -- comparable to first quarter levels - led by leveraged finance and mortgages, where Credit Suisse First Boston ranked number one in global high yield new issues and global commercial mortgage-backed securities transactions. Revenue increased compared with the first quarter of 2003 in both the Equity and Investment Banking divisions. Operating income in the second quarter of 2003 decreased 2% compared with the second quarter of 2002. Expense trends for the segment were consistent with those of Credit Suisse First Boston overall.
CSFB Financial Services reported a segment profit of USD 38 million (CHF 50 million) for the second quarter of 2003, up 3% compared with the first quarter of 2003 but down 46% compared with the second quarter of 2002, primarily reflecting the sale of Pershing. Operating income of USD 299 million (CHF 397 million) for the second quarter of 2003 was down 2% compared with the first quarter of 2003 and 46% compared with the second quarter of 2002. Excluding Pershing (whose 2003 net results are shown in operating income net of expenses), operating income increased 3% compared with the first quarter of 2003, due mainly to improved results at Credit Suisse Asset Management, and declined 13% compared with the second quarter of 2002, due mainly to lower results at Private Client Services. In the second quarter of 2003, operating expenses increased 5% compared with the first quarter of 2003 but were down 42% compared with the second quarter of 2002. Excluding Pershing, operating expenses in the second quarter of 2003 were down 5% compared with the second quarter of 2002.
Net New Assets
Credit Suisse Group recorded a net asset inflow of CHF 2.3 billion in the second quarter of 2003, compared with a net asset outflow of CHF 3.5 billion in the first quarter of 2003. The Group's total assets under management were CHF 1,234.2 billion as of June 30, 2003. This corresponds to an increase of 6.4% compared with March 31, 2003, primarily reflecting the recent improvements in the markets. Credit Suisse Financial Services reported net new assets of CHF 4.8 billion in the second quarter of 2003, with net inflows of CHF 3.8 billion at Private Banking, CHF 0.5 billion at Corporate & Retail Banking and CHF 0.5 billion at Life & Pensions. Credit Suisse First Boston reported a net asset outflow of CHF 2.5 billion in the second quarter of 2003, as CHF 1.0 billion of net new assets at Institutional Securities was offset by net outflows of CHF 3.5 billion from CSFB Financial Services (CHF 1.7 billion from Credit Suisse Asset Management and CHF 1.8 billion from Private Client Services).
Outlook
Given the current business environment, Credit Suisse Group expects continued sound profitability for 2003, although many of the Group's markets remain challenging. The Group anticipates that operating income will remain strong in the banking industry -- albeit with a seasonally lower third quarter in Private Banking -- and expects improved technical results in the insurance segments going forward. Life & Pensions and Credit Suisse First Boston remain exposed to the volatility of the capital markets. A strong client focus, further improvements in efficiency and revenue growth remain the key priorities across the Group.
Enquiries
Credit Suisse Group, Media Relations Telephone +41 1 333 8844 Credit Suisse Group, Investor Relations Telephone +41 1 333 4570
Commentary on Results - Non-GAAP Financial Information
For additional information with respect to Credit Suisse Group's results for the second quarter and first half of 2003, we refer you to the Group's Quarterly Report Q2 2003, as well as the Group's slide presentation for analysts and press, posted on the Internet at www.credit-suisse.com/results. This press release may contain non-GAAP financial information. A reconciliation of such non-GAAP financial information to the most directly comparable measures under Swiss Generally Accepted Accounting Principles (as well as other related information) is also included in the Quarterly Report Q2 2003. The segment results described above represent net operating profit before minority interests, excluding acquisition-related costs.
Credit Suisse Group
Credit Suisse Group is a leading global financial services company headquartered in Zurich. The business unit Credit Suisse Financial Services provides private clients and small and medium-sized companies with Private Banking and financial advisory services, banking products, and Pension and Insurance solutions from Winterthur. The business unit Credit Suisse First Boston, an Investment Bank, serves global institutional, corporate, government and individual clients in its role as a financial intermediary. Credit Suisse Group's registered shares (CSGN) are listed in Switzerland and Frankfurt, and in the form of American Depositary Shares (CSR) in New York. The Group employs around 72,500 staff worldwide. As of June 30, 2003, it reported assets under management of CHF 1,234.2 billion.
Cautionary Statement Regarding Forward-looking Information
This press release contains statements that constitute forward-looking statements. In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without limitation, statements relating to our plans, objectives or goals; our future economic performance or prospects; the potential effect on our future performance of certain contingencies; and assumptions underlying any such statements. Words such as "believes," "anticipates," "expects," "intends" and "plans" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements except as may be required by applicable laws. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include (i) market and interest rate fluctuations; (ii) the strength of the global economy in general and the strength of the economies of the countries in which we conduct our operations in particular; (iii) the ability of counterparties to meet their obligations to us; (iv) the effects of, and changes in, fiscal, monetary, trade and tax policies, and currency fluctuations; (v) political and social developments, including war, civil unrest or terrorist activity; (vi) the possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries in which we conduct our operations; (vii) the ability to maintain sufficient liquidity and access capital markets; (viii) operational factors such as systems failure, human error, or the failure to properly implement procedures; (ix) actions taken by regulators with respect to our business and practices in one or more of the countries in which we conduct our operations; (x) the effects of changes in laws, regulations or accounting policies or practices; (xi) competition in geographic and business areas in which we conduct our operations; (xii) the ability to retain and recruit qualified personnel; (xiii) the ability to maintain our reputation and promote our brands; (xiv) the ability to increase market share and control expenses; (xv) technological changes; (xvi) the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users; (xvii) acquisitions, including the ability to integrate successfully acquired businesses; (xviii) the adverse resolution of litigation and other contingencies; and (xix) our success at managing the risks involved in the foregoing. We caution you that the foregoing list of important factors is not exclusive; when evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, as well as the risks identified in our most recently filed Form 20-F and reports on Form 6-K furnished to the US Securities and Exchange Commission.
Cautionary statement regarding non-GAAP financial information
This press release may contain non-GAAP financial information. A reconciliation of such non-GAAP financial information to the most directly comparable measures under generally accepted accounting principles, is posted on our website at http://www.credit-suisse.com/sec.html.
Today's Presentation of the Results
Speakers
-- Oswald J. Grubel, Co-CEO of Credit Suisse Group and Chief Executive
Officer of Credit Suisse Financial Services
-- John J. Mack, Co-CEO of Credit Suisse Group and Chief Executive
Officer of Credit Suisse First Boston
-- Philip K. Ryan, Chief Financial Officer of Credit Suisse Group
-- Ulrich Korner, Chief Financial Officer of Credit Suisse Financial
Services
-- Barbara Yastine, Chief Financial Officer of Credit Suisse First Boston
Analysts' presentation, Zurich (English)
-- August 5, 2003, 9.00 am CET / 7.00 am GMT / 3.00 am EST at the Credit
Suisse Forum St. Peter, Zurich
-- Internet: -- Live broadcast at www.credit-suisse.com/results - Video
playback available approximately 3 hours after the event
-- Telephone: -- Live audio dial-in on +41 91 610 5600 (Europe), +44 866
291 4166 (UK), or +1 207 107 0611 (US), ask for "Credit Suisse Group
quarterly results"; please dial in 10 minutes before the start of the
presentation - Telephone replay available approximately 1 hour after
the event on +41 91 612 4330 (Europe), +44 207 866 4300 (UK) or +1
412 858 1440 (US), conference ID 090#
Media conference, Zurich (English/German)
-- August 5, 2003, 11.00 am CET / 9.00 am GMT / 5.00 am EST at the Credit
Suisse Forum St. Peter, Zurich * Simultaneous interpreting: German --
English, English -- German
-- Internet: -- Live broadcast at www.credit-suisse.com/results -- Video
playback available approximately 3 hours after the event
-- Telephone: -- Live audio dial-in on +41 91 610 5600 (Europe), +44 866
291 4166 (UK), or +1 207 107 0611 (US), ask for "Credit Suisse Group
quarterly results"; please dial in 10 minutes before the start of the
presentation -- Telephone replay available approximately 1 hour after
the event on +41 91 612 4330 (Europe), +44 207 866 43 00 (UK) or +1
412 858 1440 (US), conference ID 285# (English) or 270# (German)
The full report including tables can be downloaded from the enclosed link.
http://reports.huginonline.com/912558/120876.pdf
Credit Suisse Group to Change Stock Option Practices: Will Begin Expensing Options and Reduce Level of Options Outstanding
The Board of Directors of Credit Suisse Group has decided to adopt a fair value method of expensing future option awards as of the financial year 2003 and to modify its practice with regard to the use of options.
Option awards will continue to be part of Credit Suisse Group's compensation plans as a means of aligning employee and shareholder interests and retaining key personnel, but at a lower level than in recent years.
Moreover, to further reduce the current level of options outstanding, the Board has decided to launch an Option Reduction Program. This program will allow current employees to exchange their eligible vested options originally granted on or after December 31, 1999, with an exercise price equal to or greater than CHF 60 for their choice of new options, restricted or phantom shares, or a 50/50 combination thereof. It also allows them to exchange their eligible vested options with an exercise price greater than CHF 30 and less than CHF 60 for restricted or phantom shares. The offer will be a value-for-value exchange under applicable accounting rules, which means that, on a grant-by-grant basis, the aggregate value of new options and/or restricted or phantom shares granted to each participant will be equal to the aggregate value of the participant's eligible options surrendered in the offer.
The option valuations will be based on the Black-Scholes option-pricing model, using assumptions that are consistent with the principles utilized for the preparation of Credit Suisse Group's pro-forma option expense disclosures in the notes to the Credit Suisse Group's annual consolidated financial statements. The exercise price of the new options issued in the offer will be 10% above the market price of Credit Suisse Group's shares on the SWX Swiss Exchange on the valuation date (which is expected to be September 5, 2003), and the restricted and phantom shares issued in the offer will be granted at the market price of Credit Suisse Group's shares on the SWX Swiss Exchange on the valuation date. The new options will have a term of seven years, which is shorter than the original term of previously issued options. The new options and restricted or phantom shares issued in the exchange offer will be either unvested or blocked (i.e. subject to transfer restrictions) for one year.
In addition, Credit Suisse Group will introduce three-year vesting for all option awards granted in future compensation cycles. For future stock awards, Credit Suisse First Boston will also introduce three-year vesting in line with industry practice in investment banking, while Credit Suisse Financial Services and the Group Corporate Center will continue to vest stock awards at grant with a four-year blocking period.
The financial statement impact of these decisions will be to expense issued options at fair value as they vest over the three-year period, starting in 2004. For Credit Suisse First Boston stock awards starting in 2003, these awards will also be expensed as vested - beginning in 2004 -- resulting in the deferred recognition of the related compensation cost.
Inquiries Credit Suisse Group, Media Relations Telephone +41 1 333 8844 Credit Suisse Group, Investor Relations Telephone +41 1 333 4570 Internet www.credit-suisse.com
Credit Suisse Group
Credit Suisse Group is a leading global financial services company headquartered in Zurich. The business unit Credit Suisse Financial Services provides private clients and small and medium-sized companies with Private Banking and financial advisory services, banking products, and Pension and Insurance solutions from Winterthur. The business unit Credit Suisse First Boston, an Investment Bank, serves global institutional, corporate, government and individual clients in its role as a financial intermediary. Credit Suisse Group's registered shares (CSGN) are listed in Switzerland and Frankfurt, and in the form of American Depositary Shares (CSR) in New York. The Group employs around 72,500 staff worldwide. As of June 30, 2003, it reported assets under management of CHF 1,234.2 billion.
Credit Suisse Group ("CSG") has not commenced the exchange offer to which this communication pertains. Holders of CSG options are strongly advised to read the Schedule TO, the Offer to Exchange and other documents related to the exchange offer to be filed with the Securities and Exchange Commission when they become available because they will contain important information. Holders of CSG options may obtain copies of these documents for free, when available, at the Securities and Exchange Commission website at www.sec.gov or from CSG's Human Resources department.
Cautionary Statement Regarding Forward-looking Information This press release contains statements that constitute forward-looking statements. In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without limitation, statements relating to our plans, objectives or goals; our future economic performance or prospects; the potential effect on our future performance of certain contingencies; and assumptions underlying any such statements. Words such as "believes," "anticipates," "expects," "intends" and "plans" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements except as may be required by applicable laws. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors include (i) market and interest rate fluctuations; (ii) the strength of the global economy in general and the strength of the economies of the countries in which we conduct our operations in particular; (iii) the ability of counterparties to meet their obligations to us; (iv) the effects of, and changes in, fiscal, monetary, trade and tax policies, and currency fluctuations; (v) political and social developments, including war, civil unrest or terrorist activity; (vi) the possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries in which we conduct our operations; (vii) the ability to maintain sufficient liquidity and access capital markets; (viii) operational factors such as systems failure, human error, or the failure to properly implement procedures; (ix) actions taken by regulators with respect to our business and practices in one or more of the countries in which we conduct our operations; (x) the effects of changes in laws, regulations or accounting policies or practices; (xi) competition in geographic and business areas in which we conduct our operations; (xii) the ability to retain and recruit qualified personnel; (xiii) the ability to maintain our reputation and promote our brands; (xiv) the ability to increase market share and control expenses; (xv) technological changes; (xvi) the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users; (xvii) acquisitions, including the ability to integrate successfully acquired businesses; (xviii) the adverse resolution of litigation and other contingencies; and (xix) our success at managing the risks involved in the foregoing. We caution you that the foregoing list of important factors is not exclusive; when evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, as well as the risks identified in our most recently filed Form 20-F and reports on Form 6-K furnished to the US Securities and Exchange Commission.
The press release can be downloaded from the enclosed link. http://reports.huginonline.com/912557/120877.pdf