Transformation to CS First Boston
Results excluding certain items included in our reported results are non-GAAP financial measures. Following the reorganization implemented at the beginning of 2022, we have amended the
presentation of our adjusted results. Management believes that such results provide a useful presentation of our operating results for purposes of assessing our Group and divisional performance
consistently over time, on a basis that excludes items that management does not consider representative of our underlying performance. Provided below is a reconciliation of our adjusted results to
the most directly comparable US GAAP measures.
Reconciliation of adjustment items (2/2)
Asset Management in CHF mn
4Q22
3Q22
2Q22
Net revenues
Real estate (gains)/losses
(Gains)/losses on business sales
Gain related to InvestLab transfer
286
336
311
1Q22
361
4Q21
399
2022
1,294
2021
1,508
Investment Bank in USD mn
Net revenues
4Q22
465
3Q22
2Q22
1Q22
4Q21
2022
2021
1,136
1,150
2,096
1,820
4,847
10,836
(2)
(2)
Real estate (gains)/losses
Archegos
.
(57)
(57)
(19)
(19)
518
Adjusted net revenues
465
1,136
1,150
2,020
1,820
4,771
11,354
|
Impairment on York Capital Management
10
10
113
Provision for credit losses
24
(6)
57
(169)
(8)
(94)
4,468
Adjusted net revenues
286
346
311
359
399
1,302
1,621
Archegos
167
5
167
(4,577)
Provision for credit losses
1
(1)
2
(2)
2
Adjusted provision for credit losses
24
(6)
57
(2)
(3)
73
(109)
Total operating expenses
312
247
279
308
308
1,146
1,146
Total operating expenses
1,965
1,833
2,258
2,131
4,002
8,187
10,040
Restructuring expenses
(12)
(3)
(1)
(16)
(3)
Goodwill impairment
(24)
(1,775)
(24)
(1,775)
Expenses related to real estate disposals
(1)
(1)
(1)
Restructuring expenses
(214)
(30)
(63)
(39)
(27)
(346)
(78)
Expenses related to business sales
Major litigation provisions
(43)
(200)
(163)
(243)
(163)
Adjusted total operating expenses
300
243
278
308
308
1,129
1,142
Expenses related to real estate disposals
(13)
(4)
(3)
(9)
(20)
(47)
Income/(loss) before taxes
(27)
90
30
53
93
146
362
Archegos
(8)
(8)
(14)
(12)
(21)
(42)
(29)
Adjusted income/(loss) before taxes
(15)
104
31
51
93
171
479
Adjusted total operating expenses
1,700
1,782
1,953
2,077
2,007
7,512
7,948
Income/(loss) before taxes
(1,524)
(691)
(1,165)
134
(2,174)
(3,246)
(3,672)
Adjusted income/(loss) before taxes
(1,259)
(640)
(860)
(55)
(184) (2,814)
3,515
Investment Bank in CHF mn
4Q22
3Q22
2Q22
1Q22
4Q21
2022
2021
Corporate Center in CHF mn
4Q22
3Q22
2Q22
1Q22
4Q21
2022
2021
Net revenues
454
1,106
1,109
1,938
1,666
4,607
9,908
Net revenues
204
35
(91)
(173)
(69)
(25)
(67)
Real estate (gains)/losses
(53)
(53)
Real estate (gains)/losses
(18)
(18)
Archegos
(17)
(17)
470
(Gains)/losses on business sales
4
5
Adjusted net revenues
454
1,106
1,109
1,868
1,666
4,537
10,378
Valuation adjustment related to major litigation
69
Provision for credit losses
23
(6)
55
(156)
(7)
(84)
4,209
Adjusted net revenues
186
35
(91)
(173)
(65)
(43)
7
Archegos
155
5
155
(4,307)
Provision for credit losses
(1)
(1)
(8)
Adjusted provision for credit losses
23
(6)
55
(1)
(2)
71
(98)
Total operating expenses
124
205
302
547
464
1,178
1,655
Total operating expenses
1,889
1,778
2,170
1,970
3,661
7,807
9,172
Restructuring expenses
(55)
(5)
(1)
1
(60)
1
Goodwill impairment
(23)
(1,623)
(23)
(1,623)
Major litigation provisions
13
(124)
(227)
(423)
(362)
(761)
(1,010)
Restructuring expenses
(201)
Major litigation provisions
(41)
Expenses related to real estate disposals
སྐྱེ་སེ
(30)
(60)
(36)
(25)
(327)
(71)
Archegos
5
5
(191)
(149)
(232)
(149)
Adjusted total operating expenses
82
76
74
125
107
357
651
(12)
(5)
(3)
(8)
(20)
(44)
Income/(loss) before taxes
80
(170)
(393)
(719)
(533) (1,202)
(1,714)
Archegos
(8)
(8)
(13)
(11)
(19)
(40)
(26)
Adjusted income/(loss) before taxes
104
(41)
(165)
(297)
(172)
(399)
(636)
Adjusted total operating expenses
1,639
1,728
1,878
1,920
1,837
7,165
7,259
Income/(loss) before taxes
(1,458)
(666)
(1,116)
124
(1,988)
(3,116)
(3,473)
Adjusted income/(loss) before taxes
(1,208)
(616)
(824)
(51)
(169)
(2,699)
3,217
44
42
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