Prior to publication of the 2009 financial statements, Nationale Suisse releases a restatement of its 2008 financial results reported in accordance with IFRS
(Thomson Reuters ONE) -
Nationale Suisse / Prior to publication of the 2009 financial statements, Nationale Suisse releases a restatement of its 2008 financial results reported in accordance with IFRS processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Nationale Suisse will release its annual financial statements for the 2009
financial year on 22 April 2010. The figures will be reported in accordance with
IFRS (International Financial Reporting Standards), whereas previous years were
reported in the Swiss GAAP ARR standard. To make the results comparable, the
2009 financial report will include the figures for the previous year (i.e. for
the 2008 financial year) restated according to IFRS. To enable financial
analysts to draw up a forecast for the 2009 financial year for Nationale Suisse,
the company is publishing the key business results and performance indicators
for 2008 restated to IFRS prior to the release of the 2009 financial report.
The reclassification and revaluation of the 2008 figures necessitated by the
switch from Swiss GAAP ARR to IFRS (i.e. restatement) led to the following
changes in the key figures of Nationale Suisse:
(See attached PDF)
The major differences between the two sets of accounting principles lie in the
classification and revaluation of investments. For this reason the return on
investment decreases from 3.4 % to 2.1 %. The decline is due to owner-occupied
property, which is reclassified from Investments to fixed assets in line with
IFRS (Swiss GAAP ARR: Land and buildings). Consequently, realised gains from
sales in this position for example are no longer a component of the return on
investment.
Subsidiaries (in particular insurance intermediaries abroad), which under Swiss
GAAP ARR were reported as non-consolidated participations, are included in the
group of consolidated companies under IFRS. For this reason, sales of such units
made in 2008 give rise to different results under the different standards.
At CHF 7 473.6 million, the balance sheet total is now higher than under Swiss
GAAP ARR (CHF 7 285.4 million). In addition to the revaluations mentioned above
and the changes in the group of consolidated companies, the difference is mainly
due to the change in how the technical reserves are reported. Under IFRS, these
reserves are reported gross as liabilities. The reinsurers' share of the
reserves amounts to around CHF 150 million and is reported as an asset under
IFRS, increasing the balance sheet total accordingly (ARR: reported net).
The Nationale Suisse art collection, which under Swiss GAAP ARR was not
capitalised, is reported on the balance sheet under IFRS as of 31 December 2008
with a value of approximately CHF 11 million.
Disclaimer and cautionary statement:
All information on the individual events/presentations given by Nationale Suisse
can be downloaded as of the day of the event in question at
www.nationalesuisse.ch.
For forward-looking statements and projections contained in this media release
no liability can be assumed. It is pointed out expressly that the statements and
projections contained therein are selective in nature and may deviate materially
from real results or events.
Neither Nationale Suisse Group nor any of its members of the board, directors,
officers, employees or advisors nor any other person make representation or
warranty with regard to the accurateness or completeness of the information
contained in this media release, which is selective in nature and intends to
provide an overview over the business activities of Nationale Suisse Group. The
afore-mentioned persons assume no liability for possible damages or loss arising
directly or indirectly from any use of this media release.
Unless otherwise provided by applicable binding law Nationale Suisse Group is
under no obligation to update the statements contained in this media release.
This media release does not constitute an offer nor a solicitation to subscribe,
buy or exchange shares or other securities. It does not constitute an offering
circular as defined by Art. 652a Swiss Code of Obligations nor a listing
prospectus as defined by the listing rules of the SIX Swiss Exchange. It may not
be copied, altered, offered or sold or otherwise handed out or distributed to
any other person by any recipient without the prior written consent of Nationale
Suisse Group.
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Brief profile
Nationale Suisse is an innovative, The headquarters of Swiss National
international Swiss insurer providing Insurance Company Ltd is
first-rate risk and pension solutions and in Basel. Nationale Suisse is
tailored niche products. The Group has gross listed on the SIX Swiss Exchange
premiums of CHF 1.67 billion, about 30% of (NATN). On 30 June 2009 the Group
which come from their subsidiaries in employed 1,796 persons (FTEs).
Germany, Belgium, Italy and Spain.
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Downloads Disclaimer
You can access this media release on our Swiss National Insurance Company
website www.nationalesuisse.ch under wishes to point out that any
Medien/Medienmitteilung. forward-looking statements in this
report are based on projections,
estimates and assumptions. The
influence of uncertain and
unforeseeable circumstances and
certain risks may mean that actual
performance deviates significantly
from our expectations.
All information on the individual
events/presentations given by
Nationale Suisse can be downloaded
as of the day of the event in
question at www.nationalesuisse.ch.
--------------------------------------------------------------------------------
Information
Sophia Schor Nationale Suisse
Media relations Steinengraben 41
Tel. +41 61 275 23 86 4003 Basel
Fax +41 61 275 22 21 www.nationalesuisse.ch
sophia.schor(at)nationalesuisse.ch
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Important dates
Publication of Annual Report 22.04.2010
Media conference to announce financial 22.04.2010
results at Hotel Widder, Zurich
Financial analysts' conference at Hotel 22.04.2010
Widder, Zurich
Annual General Meeting 07.06.2010
Publication of Semi-Annual Report 23.09.2010
[HUG#1402748]
--- End of Message ---
Nationale Suisse
Steinengraben 41 Basel null
WKN: 1081197;ISIN: CH0010811971;
Restatment _ENG: http://hugin.info/100296/R/1402748/357200.pdf
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Datum: 13.04.2010 - 00:55 Uhr
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