Sal. Oppenheim Public Web – Annual Report 2004

Income statement as at 31 December 2004
	2004	2003	+/-
	€ M	€ M	€ M
Net interest income	137.6	92.8	44.8
Net commission income	187.4	240.6	-53.2
Net trading income	41.9	70.6	-28.7
Administrative expenses	-310.1	-340.0	29.9
Net other operating income and expenses	2.1	-0.6	2.7
Risk provision	4.5	4.2	0.3
– thereof adjustments	-12.8	-10.6	-2.2
– thereof income from securities held in the liquidity reserve	17.3	14.8	2.5
Net financial assets	34.0	28.7	5.3
Release of special reserves	0.0	0.3	-0.3
Net profit on ordinary activities	97.4	96.6	0.8
Income from disposal of OIK shares	59.6	0.0	59.6
Pre-tax net income for the year	157.0	96.6	60.4
Taxes on income	-12.3	-12.8	0.5
Other taxes	-3.2	-0.9	-2.3
Net income for the year	141.5	82.9	58.6

Balance sheet as at 31 December 2004
	2004	2003	+/-
	€ M	€ M	€ M
Cash reserve	194	129	65
Debt instruments and bills of exchange	–	28	-28
Due from banks	2,431	2,482	-51
Due from clients	2,841	2,169	672
Bonds and other fixed-income securities	1,189	1,365	-176
Equities and investment units	2,781	2,097	684
Equity investments	472	137	335
Other assets	1,990	1,277	713
Assets	11,898	9,684	2,214
Liabilities to banks	480	609	-129
Liabilities to clients	6,228	5,476	752
Certificated liabilities	2,325	1,408	917
Shareholders’ equity	1,300	784	516
Other liabilities	1,565	1,407	158
Liabilities	11,898	9,684	2,214