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Financial Statement 2008

S i n c e

19 74


Look further ahead, towards tomorrow


Financial Statement 2008 Auditors’ report for the financial year ended 31.12.2008 ______________________________________________________ 2 Balance sheet as of 31.12.2008 _________________________________________________________________________________________ 4 Operating account as of 31.12.2008 _______________________________________________________________________________________ 5 Notes to the financial statement as of 31.12.2008 ______________________________________________________________ _ _ 7


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La Collective de Prévoyance – Copré, Financial statements on 31 December 2008

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BALAN CE SHE ET 31.1 2.2 00 8 CHF 31.1 2.2 00 8 CHF

31.1 2.2 00 7 CHF 31.1 2.2 00 7 CHF

ASSET S Inve st me nts Liquid funds Inve st me nts Debtors Liquid funds Bonds & Equivalents Debtors Shares & Equivalents Bonds & Equivalents Real estate Shares & Equivalents Investments in employer’s enterprise Real estate Investments in employer’s enterprise Prep ay ment s an d a c crue d in co me

343, 73 1,4 68. 85 64 72,286,454.69 343, 73 1,4 68. 85 74 1,800,458.05 64 72,286,454.69 64 89,850,274.22 74 1,800,458.05 64 53,578,007.24 64 89,850,274.22 64 123,937,305.00 64 53,578,007.24 67 2,278,969.65 64 123,937,305.00 67 2,278,969.65 75 1,99 5,2 81. 01

292, 00 2,4 75. 75 24,827,563.73 292, 00 2,4 75. 75 6,349,943.41 24,827,563.73 95,040,648.25 6,349,943.41 78'872'989.64 95,040,648.25 83,537,084.00 78'872'989.64 3,374,246.72 83,537,084.00 3,374,246.72 1,93 5,8 68. 60

Prep Totalayasment set ss an d a c crue d in co me

75 345, 1,99 5,2 81. 01 72 6,7 49. 86

1,93 293, 93 5,8 8,3 68. 44. 60 35

345, 72 6,7 49. 86

293, 93 8,3 44. 35

76

38,6 41, 89 4.4 7 10,764,021.10 38,6 41, 89 4.4 7 1,376,008.72 10,764,021.10 26,000,000.00 1,376,008.72 501,864.65 26,000,000.00 501,864.65 5,06 1,7 91. 29

47,2 81, 67 2.6 5 11,042,930.30 47,2 81, 67 2.6 5 4,000,000.00 11,042,930.30 32,000,000.00 4,000,000.00 238,742.35 32,000,000.00 238,742.35 17,9 53, 40 1.6 0

Accr ue d Li abiliti es an d Def erre d in co me Emplo yer-p aid co ntrib utio ns w itho ut re no un ce d u se

76 67

5,06 1,7 91. 29 4,52 2,3 46. 80

17,9 53, 40 1.6 0 4,41 3,2 47. 15

Emplo yer-p aid co ntrib utio ns w itho ut re no un ce d u se Non-a ctu arial pro visi on s

67

4,52 2,3 46. 80 0.00

4,41 3,2 47. 15 0.00

Non-a ctu arial pro visi on s Non- co mmitte d fu nd s of t he affiliat ed co mpa nie s

57

0.00 3,18 1,9 95. 51

0.00 1,97 4,6 14. 75

3,18 1,9 95. 51 311, 69 7,5 45. 05 282,317,360.00 311, 69 7,5 45. 05 27,562,691.25 282,317,360.00 1,817,493.80 27,562,691.25 1,817,493.80 0.00

1,97 4,6 14. 75 200, 34 5,2 57. 90 183,829,491.95 200, 34 5,2 57. 90 15,408,357.05 183,829,491.95 1,107,408.90 15,408,357.05 1,107,408.90 21,9 70, 15 0.3 0

0.00 -17,3 78, 82 3.2 6 0.00 -17,3 78, 82 3.2 6 -17,378,823.26 0.00 345,-17,378,823.26 72 6,7 49. 86

21,9 70, 15 0.3 0 0.00 0.00 0.00 0.00 0.00 293, 93 8,3 44.0.00 35

345, 72 6,7 49. 86

293, 93 8,3 44. 35

BALAN CE SHE ET

Annex index Annex index

ASSET S

Total as set s

LIABILI TIES LIABILI TIES Debt s Termination benefits and pensions Debt s Banks / Insurances Termination benefits and pensions Mortgage loans Banks / Insurances Other liabilities Mortgage loans Other liabilities Accr ue d Li abiliti es an d Def erre d in co me

77 78 77 78

Non- co mmitte d fu nd s of t he affiliat ed co mpa nie s Pen sio n lia biliti es an d a ctu arial re ser ve s Active participants’ liabilities Pen sio n lia biliti es an d a ctu arial re ser ve s Pensioners’ liabilities Active participants’ liabilities Actuarial reserves Pensioners’ liabilities Actuarial reserves Res erv e for flu ctu atio ns i n a s set val ue

57

Res erv e for flu ctu atio ns i n a s set val ue Fou nd atio n c apit al / No n-c o mmitte d fu nd s Balance at the beginning of the period Fou nd atio n c apit al / No n-c o mmitte d fu nd s Income surplus/expense surplus Balance at the beginning of the period Incomeli abi surplus/expense surplus Total litie s

63

Total li abi litie s

52 54 52 56 54 56 63


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La Collective de Prévoyance – Copré, Financial statements on 31 December 2008

OPERATI VE ACCO UNT Annex Index

200 8 CHF

200 7 CHF

44,9 76, 03 6.1 6 14,776,037.05 24,349,694.85 4,384,195.30 1,087,887.76 320,981.15 57,240.05

33,9 72, 13 0.1 5 9,665,222.80 16,235,080.40 6,300,145.95 470,857.15 1,252,877.45 47,946.40

109, 06 0,3 11. 15 108,352344.85 707,966.30

63,5 15, 96 1.3 0 63,177,030.20 338,931.10

154, 03 6,3 47. 31

97,4 88, 09 1.4 5

-7,31 8,5 21. 80 -1,634,399.90 -194,252.35 -995,578.70 -656,108.55 -3,838,182.30 0.00

-3,47 0,6 07. 55 -1,027,663.15 -96,085.20 -884,033.25 -485,354.45 -596,159.40 -381,312.10

-34,5 33, 29 2.6 0 -30,343,727.15 -4,189,565.45

-27,9 88, 22 7.0 5 -25,271,372.90 -2,716,854.15

-41,8 51, 81 4.4 0

-31,4 58, 83 4.6 0

-112, 58 4,5 43. 86 -91,672207.85 -12,154,334.20 -710,084.90 -6,815,660.20 57 -1,145,127.81 67 -87,128.90

-67,4 21, 89 1.3 5 -58,787,959.35 -1,801,666.60 -606,768.90 -4,589,649.05 -404,066.45 -1,231,781.00

2,57 9,5 91. 80 2,318,305.80 261,286.00

2,33 8,9 48. 15 2,225,265.15 113,683.00

Insur an ce co sts Insurance premiums Share of insurance surpluses

-6,57 3,9 70. 75 -6,412,945.00 -161,025.75

-5,67 9,4 29. 15 -5,571,301.40 -108,127.75

Net result of i n sura nce a ctivitie s

-4,39 4,3 89. 90

-4,73 3,1 15. 50

Ordinar y a nd oth er c ontrib utio ns an d tra nsf ers-in Employee contributions Employer contributions One-time payments and purchase amounts Transfers to non-committed funds following takeover of participants Transfers to employer-paid contribution reserve Payments from Security Fund BVG/LPP Entry l u mp su m tra nsf ers Termination benefit transfers Reimbursements of withdrawals for home ownership / divorce

73

Inflow fro m co ntrib utio ns an d e ntry l ump su m tra nsf ers Reg ulat ory b en efits Retirement pensions Survivors’ pensions Disability pensions Liberation from contribution payment Lump sum retirement payments Lump sum payments on death and disability Ter min atio n b en efits Terminations benefits for leavers Withdrawals for encouragement of home ownership / divorce

Outflow f or be nefit s a nd w ithdr awal s

Decr ea se s/in crea s es i n p en sio n lia bility, act uari al re se rves an d co ntributi on r es erv es Decrease/increase in active participants’ liabilities Decreases/increase in pensioners’ liabilities Decrease/increase in actuarial reserves Interest on retirement savings capital Decrease/Increase in non-committed funds of the affiliates Decrease/Increase in contribution reserves Inco me fro m i ns ura nc e be nefit s Insurance benefits Payments from Security Fund BVG/LPP

52 54 56


La Collective de Prévoyance – Copré, Financial statements on 31 December 2008

La Collective de Prévoyance – Copré, Financial statements on 31 December 2008 Net retur n o n in ve st me nts -31,0 24, 72 6.3 8 Return on liquid funds 661 845,009.87 Return on bonds and equivalents 662 706,802.61 Return on shares and equivalents 663 -40,362,829.49 Return on real estate 664 Net retur n o n in ve st me nts -31,09,216,898.20 24, 72 6.3 8 Investment administration expenses 665 -1,124,971.51 Return on liquid funds 661 845,009.87 Return benefits -194,328.66 Return on on termination bonds and equivalents 662 706,802.61 Interest onshares non-committed funds of affiliated companies 57 -62,252.95 Return on and equivalents 663 -40,362,829.49 Intereston onreal the estate employer-paid contributions 67 -21,970.75 Return 664 9,216,898.20 Interest of premiums paid in advance -27,083.70 Investment administration expenses 665 -1,124,971.51 Decrease / Increase in provision for employers’ claim losses 67 0.00 Return on termination benefits -194,328.66 Interest on non-committed funds of affiliated companies Decr ea se/i ncre as e in no ncontributions a ctu arial pro visi on s Interest on the employer-paid Decrease/increase of litigation provisions Interest of premiums paid in advance

57 67

Decrease / Increase in provision for employers’ claim losses Other in co me

67

Inco mestrati surplon us/ex expe nse Ad mini pe ns es surpl us bef ore add ing t o or r el ea sin g from r eserve s for fl uct Administration expenses uati on s in asset va lu e Marketing and advertising expenses Incre as e/d ecr ea se i n re ser ve s for flu ctu atio n in as set v alue s

-12,000.00 149, 40 4.9 0

0.00 -26,5 91. 76 0.00

57,6 55. 00 -29,9 83. 75 57,655.00

-3,91 7,1 68. 58 13,9 03. 06 -2,068,160.91 -1,849,007.67 -26,5 91. 76

-2,74 9,5 87. 04 149, 40 4.9 0 -1,710,891.65 -1,038,695.39 -29,9 83. 75

-3,91 7,1 68. 58 48, 97 3.5 6 71 -39,3 -2,068,160.91 72 -1,849,007.67 63 21,9 70, 15 0.3 0

-2,74 9,5 87. 04 28,9 72. 55 -1,710,891.65 -1,038,695.39 -28,9 72. 55

-17,3 48, 78, 97 82 3.5 3.2 6 -39,3

0.00 28,9 72. 55

21,9 70, 15 0.3 0

-28,9 72. 55

-17,3 78, 82 3.2 6

0.00

71 72

Inco me surpl us/ expe nse surpl us bef ore add ing t o or r el ea sin g Inco me surplsus/ nse from r eserve forexpe fl uct uatisurpl on s us in asset va lu e Incre as e/d ecr ea se i n re ser ve s for flu ctu atio n in as set v alue s

Inco me surpl us/ expe nse surpl us

3 / 19 7,33 4,5 98. 94 444,660.69 1,667,569.98 4,119,570.49 2,439,510.24 7,33 4,5 98. 94 -1,072,269.01 444,660.69 -96,441.20 1,667,569.98 -36,418.20 4,119,570.49 -105,203.75 2,439,510.24 -14,380.30 -1,072,269.01 -12,000.00 -96,441.20

-62,252.95 0.00 -21,970.75 0.00 -27,083.70 0.00 13,9 03. 06

Decr ea se/i ncre as e in no n a ctu arial pro visi on s Other e xp en se s Decrease/increase of litigation provisions Ad mini strati on ex pe ns es Other in co me Administration expenses Marketing advertising expenses Other e xpand en se s

36 / 22 / 19

63

-36,418.20 57,6 55. 00 -105,203.75 57,655.00 -14,380.30


La Collective de Prévoyance – Copré, Financial statements on 31 December 2008 La Collective de Prévoyance – Copré, Financial statements on 31 December 2008

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Not Not es es on on tt he he Financ Financ ial ial St St atement atement 1 1

General General Information Information and and Organization Organization

11 11

Le g al for m a n d o bje ctive s Le g al for m a n d o bje ctive s

The Collective de Prévoyance - Copré (hereafter the Foundation), previously the Columna Fondation The Collective de Prévoyance - Copré (hereafter the Foundation), previously the Columna Fondation communautaire de prévoyance professionnelle, was founded by the former Banque Populaire Suisse. communautaire de prévoyance professionnelle, was founded by the former Banque Populaire Suisse. It is a semi-autonomous collective foundation, with its headquarters in the Canton of Geneva. It is It is a semi-autonomous collective foundation, with its headquarters in the Canton of Geneva. It is governed by number 80 and subsequent Articles of the Swiss Civil Code, by Articles 331 to 331e of the governed by number 80 and subsequent Articles of the Swiss Civil Code, by Articles 331 to 331e of the Code of Obligations (CO), by the Federal Law on the Old-Age, Survivors and Disability Benefit Plan Code of Obligations (CO), by the Federal Law on the Old-Age, Survivors and Disability Benefit Plan (LPP), by the Federal and relative Ordinances, by the Federal and Cantonal requirements concerning (LPP), by the Federal and relative Ordinances, by the Federal and Cantonal requirements concerning occupational retirement, as well as by its own statutes and regulations. occupational retirement, as well as by its own statutes and regulations. The primary objective of the Foundation is to protect the staff of every affiliated employer from the The primary objective of the Foundation is to protect the staff of every affiliated employer from the economic consequences of old age, disability and death, by guaranteeing determined benefits in economic consequences of old age, disability and death, by guaranteeing determined benefits in conformity with the provisions of the occupational retirement regulations and the pension plan. conformity with the provisions of the occupational retirement regulations and the pension plan. 12 12

LPP re gistr atio n an d r e gistr atio n with t he Se cu rity Fu nd LPP re gistr atio n an d r e gistr atio n with t he Se cu rity Fu nd

The Foundation fulfils the LPP requirements and is registered with the LPP occupational pension register. The Foundation fulfils the LPP requirements and is registered with the LPP occupational pension register. It contributes to the LPP guarantee fund. It contributes to the LPP guarantee fund. 13 13

Stat ute s a n d r eg ulati on s Stat ute s a n d r eg ulati on s

Founding act Founding act Pension regulations Pension regulations Organizational regulations Organizational regulations Internal regulations for the affiliated companies Internal regulations for the affiliated companies Regulations on liabilities of an actuarial nature Regulations on liabilities of an actuarial nature Investment regulations Investment regulations Regulations on partial liquidation Regulations on partial liquidation 14 14

15.12.1987 15.12.1987 01.01.2007 01.01.2007 01.01.2007 01.01.2007 05.07.2005 05.07.2005 01.01.2006 01.01.2006 01.01.2007 01.01.2007 01.01.2005 01.01.2005

G ove rni n g b o dy ( e qu al r ep re se nt atio n) / A ut ho rize d sig n ato ries G ove rni n g b o dy ( e qu al r ep re se nt atio n) / A ut ho rize d sig n ato ries

The bodies of the Foundation are the Delegate Assembly, the Board of Trustees and the Management. The bodies of the Foundation are the Delegate Assembly, the Board of Trustees and the Management. The Delegate Assembly is the governing body according to the terms of Art. 51 LPP. It is composed of an The Delegate Assembly is the governing body according to the terms of Art. 51 LPP. It is composed of an equal number of representatives of the affiliated companies and representatives of the insured. equal number of representatives of the affiliated companies and representatives of the insured. It meets whenever required by the circumstances, but at least once annually. The Delegate Assembly It meets whenever required by the circumstances, but at least once annually. The Delegate Assembly appoints the members of the Board of Trustees and the Auditing Body. It votes approval of the accounts appoints the members of the Board of Trustees and the Auditing Body. It votes approval of the accounts and the management report, as well as the formal approval of the Board of Trustees. It authorizes and the management report, as well as the formal approval of the Board of Trustees. It authorizes changes in the statutes and regulations. changes in the statutes and regulations.


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La Collective de Prévoyance – Copré, Financial statements on 31 December 2008

The Board of Trustees is composed of 6 members. On 31 December 2008, it is composed of the following: Function Mandate period/end Representation Authorized signature Rancic Christina Fiechter Robert Grivel Jacques Baud Florence Michel Pierre Perroud Michèle

Member, Chairman Member, Vice-chairman Member Member Member, Manager Member

4 years, 20.09.2009 4 years, 20.09.2009 4 years, 20.09.2009 4 years, 20.09.2009 4 years, 20.09.2009 4 years, 21.06.2011

affiliated companies affiliated companies affiliated companies insured insured insured

collectively with 2 collectively with 2 collectively with 2 collectively with 2 collectively with 2 collectively with 2

The Management is composed of the Chairman, Vice-Chairman and Manager of the Foundation. It manages the current affairs.

15

Actu ari es, au dito rs, a dvis ors a nd su pe rvis ory aut h ority

Agreed actuary (expert):

M. Christophe Steiger, Fractais SA, Lausanne

Auditors:

Ernst & Young SA, Genève

Real estate counsellor: Technical and accounting administration: Security Depositor: Management of the security portfolio:

GFI, Gestion de fortunes immobilières SA, Genève Hpr SA, Vevey Credit Suisse IAM Independent Asset Management SA Axa Investment Managers SA Banque Julius Baer & Cie SA Régie du Rhône SA, Genève Furer SA, Vevey Swiss Real Estate Management SREM S.A., Genève

Real estate management:

Supervisory authority:

16

Supervisory authority of the canton of Geneva Registry n° GE 1118

Affiliate d em plo ye rs

Number on 31 December 2007: Transfers in: Transfers out. Number on 31 December 2008 :

2

Active participants and pensioners

21

Active p articip a nts

Total active insured

22

175 101 -18 258

31. 1 2.2 0 08 4,874

31. 1 2.2 0 07 3,779

95 1 96 51 13 5 261

71 0 81 46 10 5 213

Pe nsio n ers

Retired persons Children of retired parents Disabled Children of disabled Widows and widowers Orphans Total


La La Collective Collective de de Prévoyance Prévoyance – – Copré, Copré, Financial Financial statements statements on on 31 31 December December 2008 2008

3

Implementation of objectives

31 31

Expl an atio on pl an ss Expl an atio n n of of th th e e pe pe nsi nsi on pl an

6 // 19 69 / 22 19

In In order order to to attain attain its its objectives, objectives, the the Foundation Foundation has has developed developed pension pension regulations regulations that that are are common common to to all all the the affiliated affiliated companies. companies. The The pension pension plan plan specific specific to to each each affiliate affiliate describes describes the the insured insured benefits benefits insured insured by by the the affiliate. affiliate. 32 32

Fin Fin a a ncin ncin g, g, fin fin a a ncin ncin g g m m et et ho ho d d

The The financing financing of of the the contributions contributions varies varies from from one one affiliate affiliate to to the the other other and and is is defined defined in in the the occupational occupational pension pension plan plan specific specific to to the the affiliate. affiliate. 33 33

Furt an ac Furt he he rr inf inf orm orm atio atio n n on on p p en en sio sio n n pl pl an ac tivities tivities

The The death death and and disability disability risks risks are are reinsured reinsured with with the the Bâloise Bâloise Compagnie Compagnie d’Assurance d’Assurance sur sur la la vie. vie. Up Up to to 31 31 March March 2003, 2003, longevity longevity risk risk was was also also completely completely reinsured, reinsured, but but from from 1 1 April April 2003, 2003, the the Foundation Foundation is itself insuring this risk, and, for this purpose, has set up actuarial reserves for retired pensioners. is itself insuring this risk, and, for this purpose, has set up actuarial reserves for retired pensioners.

4

Significant accounting policies and valuation methods, consistency

41 41

Stat R 26 Stat eme eme nt nt of of cc om om plia plia nc nc e e wit wit h h th th e e S S wiss wiss GA GA AP AP FE FE R 26

The The 31.12.2008 31.12.2008 accounts accounts of of the the Foundation Foundation were were set set up up and and presented presented in in conformity conformity with with the the Swiss Swiss GAAP FER 26 standard. GAAP FER 26 standard. 42 42

Signific Signific ant ant ac ac co co u u ntin ntin g g policie policie ss a an nd d v v alu alu atio atio n n met met ho ho ds, ds, co co nsist nsist e e ncy ncy

Investments: Investments:

Evaluation Evaluation of of the the securities securities depends depends upon upon the the stock stock exchange exchange values values on on the the date date of the balance sheet or on the last known VNI. In consequence of the accounting of the balance sheet or on the last known VNI. In consequence of the accounting principle principle adopted adopted (stock (stock exchange exchange value), value), the the plus/minus plus/minus values values resulting resulting from from the the annual annual evaluation evaluation for for setting setting up up the the balance balance sheet sheet are are posted posted separately, separately, in in order order to to avoid avoid confusing confusing them them with with profits/losses profits/losses on on securities securities sold sold during during the the financial financial year year – – operations operations requiring requiring a a cash cash flow. flow.

Foreign Foreign currency: currency:

The The returns returns and and expenses expenses in in foreign foreign currency currency are are converted converted at at the the current current exchange rate. Assets and commitments in foreign currency figure in the exchange rate. Assets and commitments in foreign currency figure in the balance balance sheet sheet at at the the end end of of the the year year (bank (bank rates): rates): USD USD 1.06435, 1.06435, EUR EUR 1.479423, 1.479423, GBP GBP 1.530215, 1.530215, JPY JPY 1.174131, 1.174131, CAD CAD 0.862071, 0.862071, AUD AUD 0.741977. 0.741977. The The losses losses or or profits profits that that result result from from the the resulting resulting rates rates are are entered entered into into the the profit profit and and loss loss statement. statement.

Real Real estate: estate:

The The properties properties were were evaluated evaluated at at their their yield yield value value (dynamic (dynamic rental rental situation situation on on 01.01.2009 capitalized at a rate of 6.5%, as against 7.5% in 2007). 01.01.2009 capitalized at a rate of 6.5%, as against 7.5% in 2007).

Other Other assets: assets:

Other Other assets assets were were evaluated evaluated at at their their nominal nominal value. value.


La Collective de Prévoyance – Copré, Financial statements on 31 December 2008

710 / 22 / 19

Commitments:

This concerns savings capital for the active insured, industrially disabled or disabled. Actuarial reserves required for the current pensions are recalculated annually.

Technical provisions:

The longevity provision serves to finance the increase in the retirement capital of the pension beneficiaries arising from a change in the actuarial tables. It corresponds to the rate of 0.5% per annum since the establishment of the technical base employed i.e. 4%. This rate is applied to the pension commitments of the pension beneficiaries, after deduction of child and orphan commitments. The provision for the improvement of the conversion rate has been set up in order to maintain the conversion rate as stable as possible within the time limit. It is determined from an evaluation of the possible cases of retirement over the following five years, by considering – in order to take account of retirements taken in the form of capital sums – the 75% of additional retirement capital required for guaranteeing the difference between the pension effectively paid and the pension that would be paid if the applied conversion rate had been determined in an actuarial manner.

Other liabilities:

Evaluation of the other liabilities is carried out at the nominal value.

43

Modific atio n of t he ac co un tin g p rinci ples a nd p res e ntati on of t h e a cc ou nts

From the accounting year of 2008, the capitalization rate of real estate was lowered to 6.5% (previously 7.5%). The impact was as follows: Pro p erty Bussigny, Lausanne 8 Corsier, Ch. Neuf 1-3 Crans, Pas de l'Ours 4 Genève, Cavour 17 Genève, Contamines 1 Genève, Palettes 23 Lausanne, Ale 8 Lausanne, Echallens 80 Le Mont, Lausanne 38 Lens, Flanthey 10 Meyrin, Livron 21 Meyrin, Livron 23 Montreux, Alpes 52 Neuchâtel, Grand-Rue 1a Paudex, Bernadaz 3 Penthaz, Cossonay 1-7 Petit-Saconnex, Lamartine 22 Petit-Saconnex, Lamartine 24 Yverdon-les-Bains, Cheminet 31-39 Total

Estimat e on 3 1.1 2. 20 0 8 at the n ew rat e of 6.5 % 4,229’169 3,355,320 2,531,631 5,405,538 10,487,492 8,577,077 4,464,849 2,745,723 7,169,843 0 6,880,062 5,801,538 21,255,123 3,328,615 2,877,785 6,429,969 6,274,062 10,713,631 11,409,877 12 3, 93 7, 30 4

Estimat e on 3 1.1 2. 20 0 8 at the old ra te of 7.5 % 3,665,280 2,907,947 2,194,080 4,684,780 9,089,160 7,433,467 3,869,533 2,379,627 6,213,867 0 5,962,720 5,028,000 18,421,107 2,884,780 2,494,080 5,572,640 5,437,520 9,285,147 9,888,560 10 7, 41 2, 29 5


La La Collective Collective de de Prévoyance Prévoyance – – Copré, Copré, Financial Financial statements statements on on 31 31 December December 2008 2008

5 5

Actuarial Actuarial risks risks // Risk Risk benefit benefit co co verage verage // Coverage Coverage rate rate

51 51

Ty be n Ty p pe e of of risk risk be n efit efit cc ove ove ra ra g g e, e, rr ein ein su su ra ra nc nc e e

8 // 19 811 / 22 19

Until Until 31 31 December December 2008, 2008, the the death death and and disability disability risks risks are are covered covered by by a a reinsurance reinsurance contract contract with with the the Bâloise Compagnie d’Assurance sur la Vie. The indexation of the current pensions determined Bâloise Compagnie d’Assurance sur la Vie. The indexation of the current pensions determined by by the the Board of of Trustees Trustees is Board is the the responsibility responsibility of of the the Foundation, Foundation, which which sets sets up up actuarial actuarial reserves reserves for for this this purpose. purpose. The The Foundation Foundation itself itself insures insures the the longevity longevity risk risk and, and, for for this this purpose, purpose, sets sets up up actuarial actuarial reserves reserves for for the the pensioners, and a longevity provision, as well as provisions for improving the conversion rate. pensioners, and a longevity provision, as well as provisions for improving the conversion rate. Calculation Calculation of of the the actuarial actuarial reserves reserves is is carried carried out out on on the the basis basis of of the the EVK EVK 2000 2000 table, table, with with a a technical technical interest rate of 4%. interest rate of 4%. 52 52

De ngs ca De vel vel opm opm e e nt nt a an nd d rr etu etu rn rn o on n ss avi avi ngs ca pit pit al al

Balance Balance on on 1 1 January January of of the the active active assureds’ assureds’ pension pension capital capital Retroactive allotments/losses Retroactive allotments/losses Savings Savings contributions contributions Other Other contributions contributions and and inflows inflows Termination benefit Termination benefit inflows inflows Reimbursement Reimbursement of of withdrawals withdrawals for for encouragement encouragement of of home home Ownership / divorce Ownership / divorce Termination Termination benefits benefits for for leavers leavers Withdrawals for for encouragement encouragement of of home home ownership ownership // divorce divorce Withdrawals Dissolution due to retirement, deaths and disablements Dissolution due to retirement, deaths and disablements Remuneration Remuneration of of the the savings savings capital capital Allotment of termination Allotment of termination benefits benefits Total ng ss cc apit ns ur Total ss avi avi ng apit al al of of tt h he e a a ctive ctive ii ns ur ed ed

31. 31. 1 1 2.2 2.2 0 0 08 08 CHF CHF 183,829,491.95 183,829,491.95 -1,888,629.85 -1,888,629.85 29,043,119.50 29,043,119.50 4,384,195.30 4,384,195.30 99,962,490.35 99,962,490.35

31. 31. 1 1 2.2 2.2 0 0 07 07 CHF CHF 120,451,883.55 120,451,883.55 32,012.40 32,012.40 19,226,737.95 19,226,737.95 6,300,145.95 6,300,145.95 62,572,899.60 62,572,899.60

707,966.30 338,931.10 707,966.30 338,931.10 -27,475,259.50 -24,646,854.60 -27,475,259.50 -24,646,854.60 -4,189,565.45 -2,716,854.15 -4,189,565.45 -2,716,854.15 -8,906,691.60 -2,341,021.30 -8,906,691.60 -2,341,021.30 6,815,660.20 4,589,649.05 6,815,660.20 4,589,649.05 34,582.80 21,962.40 34,582.80 21,962.40 28 2, 31 7, 36 0. 00 18 3, 82 9, 95 28 2, 31 7, 36 0. 00 18 3, 82 9, 49 49 1. 1. 95

Tec Tec hnic hnic al al rr ules ules For For the the reference reference period period from from 01.01 01.01 to to 31.12.2008, 31.12.2008, the the interest interest allocated allocated to to the the savings savings accounts accounts of of the the active insured, industrially disabled insured and the disabled have been calculated on the statutory assets active insured, industrially disabled insured and the disabled have been calculated on the statutory assets at at a a rate rate of of 2.75 2.75 % % (3 (3 % % in in 2007). 2007). 53 53

Total Total retirement retirement savings savings capital capital in in accordance accordance with with the the law law on on occupational occupational pensions pensions

Savings Savings capital capital in in accordance accordance with with LPP LPP (pilot (pilot accounts) accounts) Minimum LPP interest rate determined by the Federal Minimum LPP interest rate determined by the Federal Council Council

31. 31. 1 1 2.2 2.2 0 0 08 08 CHF CHF 12 12 7, 7, 16 16 7, 7, 21 21 3. 3. 25 25 2.75 2.75 % %

31. 31. 1 1 2.2 2.2 0 0 07 07 CHF CHF 82, 94, 8 40 82, 4 4 94, 8 65. 65. 4 0 2.5 % 2.5 %


912 / 22 / 19

La Collective de Prévoyance – Copré, Financial statements on 31 December 2008

54

De vel opm e nt a n d r em un er atio n of th e savi ng s ca pital o f th e pe nsi on er s

A – De vel opm e nt a n d r em un er atio n of p e nsio n ca pital of th e disa ble d Balance on 1 January of the pension capital 5,279,126.25 Transfer of the actives’ capital 324,588.65 Savings contributions 409,097.25 Termination inflows 2,738,047.85 Remuneration of pension capital 215,801.55 Decrease in savings capital -504,890.15 Total of t he p ensi on c apit al of t he dis a ble d ins ur ed 8,4 6 1,7 7 1.4 0

5,401,696.25 555,905.90 317,578.85 41,071.55 162,176.25 -1,199,302.55 5,2 7 9,1 2 6.2 5

B – Development of the coverage capital for the pensioners Balance of the coverage capital on 1 January Inflows Modification related to changes in the calculation bases Modification related to the new state of the insured on 31 December Total pe nsi on ca pital of t he p en sio ne rs

10,129,230.80 8,204,994.20 4,939,616.20 31,234.00 0.00 0.00 4,032,072.85 1,893,002.60 19,100,919.85 10, 1 29, 2 30. 8 0

Total pe nsi on ca pital of t he p en sio ne rs ( A+B)

27, 5 62, 6 91. 2 5 15, 4 08, 3 57. 0 5

Number of pensioners (details under point 22)

55

261

213

Co ncl usio ns of t he l ast act u arial r e po rt

An actuarial evaluation was carried out on the basis of the financial statements as of 31 December 2007. The conclusions were as follows: •

on 31.12.2007, the Foundation experienced a positive short term equilibrium. The pensions assets covered the pension liabilities to the extent of 112%. With a 111% degree of OPP2 coverage, moreover, there was no underfunding according to the legal provisions,

in a long term view, however, the equilibrium level of the Foundation is only at 97%, since the reserve for fluctuations in asset value has not been completely set up. We recommend the continued provision of a modest contribution from the assets of less than 4% and not to adjust the current pensions.


La Collective de Prévoyance – Copré, Financial statements on 31 December 2008

56

1013 / 22 / 19

Actu ari al pri nci ples a nd ot he r sig nifica nt act u a rial as su mpti on s

A – Lo n ge vity p ro visio n Balance of the longevity provision on 1 January Modification related to the new state of the insured on 31 December Total longevity provision

31. 1 2.2 0 08 CHF 354,308.90 409,284.90 76 3, 59 3. 80

31. 1 2.2 0 07 CHF 245,942.00 108,366.90 35 4, 30 8. 90

B – P ro visio n fo r imp ro vin g th e c o nv ersi on ra t e Balance of provision for improving the conversion rate on 1 January Modification related to the new state of the insured on 31 December Total of the provision for improving the conversion rate

753,100.00 300,800.00 1,0 5 3,9 0 0.0 0

254,698.00 498,402.00 75 3, 10 0. 00

Total of t he act u arial pr ovisio ns (A +B)

1,8 1 7,4 9 3.8 0

1,1 0 7,4 0 8.9 0

1,974,614.75 1,145,127.81 0.00 62,252.95 3,1 8 1,9 9 5.5 1

1,534,130.10 470,857.15 -66,790.70 36,418.20 1,9 7 4,6 1 4.7 5

Pension liability and necessary actuarial provisions

31. 1 2.2 0 08 CHF 311,697,545.05

31. 1 2.2 0 07 CHF 200,345,257.90

Pension liability and actuarial provisions Reserve for fluctuations in asset values Foundation capital, non-committed funds Available assets for coverage of regulatory liabilities

311,697,545.05 0.00 -17,378,823.26 294,318,721.79

200,345'257.90 21,970,150.30 0.00 222,315,408.20

94. 4 %

11 1. 0%

57

No n- com mitte d fu n ds of t he affiliat ed com p ani es

Balance of non-committed funds on 1 January Constitution of non-committed funds of the affiliates Decrease in non-committed funds Interest on non-committed funds of the affiliates Total of non-committed funds of affiliates

58

Co ve ra ge r ate u nd er Article 4 4 OPP 2

De gr e e of co ve ra g e (Available assets compared to the committed liabilities)

This rate shall be applicable to all the affiliates, with the exception of those having non-committed funds, for which the coverage rate is higher.


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11 // 19 1114 / 22 19

6

Explanatory notes on the investments and net return on investments

61 61

Or on s Or g g aniz aniz atio atio n n of of inv inv est est me me nt nt activitie activitie s, s, inv inv est est me me nt nt rr ules ules a a nd nd re re g g ulati ulati on s

The The Foundation’s Foundation’s assets assets are are deposited deposited with with Credit Credit Suisse. Suisse. Management Management mandates mandates of of the the security security portfolio portfolio are are entrusted entrusted to to IAM IAM independent independent Asset Asset Management Management SA, SA, Axa Axa Investment Investment Managers Managers SA, SA, and and Bank Bank Julius Julius Baer Baer & & Cie Cie SA. SA. Since Since 1 1 January January 2006, 2006, investment investment regulations regulations of of the the Foundation Foundation have have contained contained the the necessary necessary provisions provisions for ensuring the commitment to loyalty. for ensuring the commitment to loyalty. 62 62

Exp Exp a a nsio nsio n n of of inv inv est est me me nt nt po po ssibilities ssibilities a a nd nd co co nc nc lusio lusio n n of of th th e e rr e e po po rt rt (A (A rt. rt. 5 59 9 OP OP P2 P2 ))

In In conformity conformity with with the the regulatory regulatory provisions provisions in in force force that that permit permit the the application application of of Article Article 59 59 OPP2 OPP2 concerning the extension of the investment limits, the Foundation holds a small amount in concerning the extension of the investment limits, the Foundation holds a small amount in company company shares shares and and investment investment funds funds in in raw raw materials materials (1.12%) (1.12%) and and in in the the emerging emerging markets markets (0.26%). (0.26%). These These investments investments contribute contribute to to the the diversification diversification of of the the risks risks without without endangering endangering the the financial financial health health of of the the Foundation. Foundation. 63 63

Target Target value value of of the the reserve reserve for for fluctuation fluctuation in in asset asset value value and and calculation calculation of of the the reserve reserve

Balance Balance on on 1 1 January January of of the the reserve reserve for for fluctuation fluctuation in in asset asset value value Increase/decrease Increase/decrease according according to to the the operating operating amount amount Reserve Reserve for for fluctuation fluctuation in in asset asset value value in in the the balance balance sheet sheet

31. 1 2.2 31. 1 2.2 0 0 08 08 CHF CHF 21,970,150.30 21,970,150.30 -21,970,150.30 -21,970,150.30 0.0 0.0 0 0

31. 1 2.2 31. 1 2.2 0 0 07 07 CHF CHF 21,941,177.75 21,941,177.75 28,972.55 28,972.55 21, 9 70, 30 21, 9 70, 1 1 50. 50. 3 0

Tar ue of n a ue Tar get get val val ue of tt he he rr ese ese rv rv e e ff or or flu flu ctu ctu atio atio n n ii n a sset sset val val ue (a (a bs bs olut olut e e v v alu alu e) e) Underfunding Underfunding of of the the reserve reserve for for fluctuation fluctuation in in asset asset value value

39, 00 39, 8 8 50, 50, 0 0 00. 00. 0 0 -39,850,000.00 -39,850,000.00

27, 00 27, 0 0 10, 10, 2 2 29. 29. 0 0 -5,040,078.70 -5,040,078.70

For For calculating calculating its its reserve reserve for for fluctuation fluctuation in in asset asset value, value, the the Board Board of of Trustees Trustees retained retained a a mixed mixed technique technique of of simulating simulating jointly jointly and and in in the the long long term, term, the the development development of of the the assets assets held held by by the the Foundation. Foundation. This This multiple multiple simulation simulation enables enables a a large large number number of of possible possible developments developments of of the the Foundation’s Foundation’s wealth wealth to to be be revealed. revealed. Having Having regard regard to to their their highly highly improbable improbable character, character, the the most most unfavourable unfavourable scenarios scenarios are are excluded. excluded. The The scenario scenario implying implying the the greatest greatest loss loss is is then then selected selected from from the the residual residual sub-set. sub-set. The The amount amount corresponding to this loss is the Value-at Risk (VaR). corresponding to this loss is the Value-at Risk (VaR). The The theoretically theoretically predictive predictive validity validity of of this this amount amount is is a a function function of of the the number number of of simulated simulated scenarios scenarios excluded expressed as excluded [0.5%]. [0.5%]. This This dimension dimension is is expressed as its its complement complement to to one one [100%], [100%], in in this this case case 99.5% 99.5% [100%-0.5%]. [100%-0.5%]. As As an an additional additional precautionary precautionary measure, measure, the the Board Board of of Trustees Trustees has has insisted insisted on on taking taking into into consideration consideration an an even even riskier riskier scenario scenario than than that that revealed revealed by by the the VAR VAR at at 99.5%, 99.5%, by by resorting resorting to to the the metric metric correlative correlative referred referred to to in in the the literature literature as as the the Expected Expected Shortfall Shortfall (ES) (ES) or, or, alternatively alternatively as as the the Expected Expected Tail Tail Loss Loss (ETL). The latter figure is obtained by operating the average of the extreme values previously (ETL). The latter figure is obtained by operating the average of the extreme values previously excluded excluded as as being being highly highly improbable. improbable. The The importance importance of of the the real real estate estate assets assets in in the the balance balance sheet sheet had had to to be be taken taken into into account account more more efficiently. efficiently. For For this this purpose, purpose, the the simulations simulations employed employed in in order order to to determine determine the the RFAV RFAV have, have, for for the the first first time, time, employed employed the the SWX SWX Immofondsindex Immofondsindex for for 30% 30% of of the the total total assets. assets.


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La Collective de Prévoyance – Copré, Financial statements on 31 December 2008

64 64 1

Bre ak d ow n of inv estm e nts i nto i nv estm ent c at eg ori es Str uct ur e of t h e inv est me nts ac co rdi ng to t he i nv estm ent re g ulati on s 31.12.2008

Liq uid ass ets/i nv estm e nt in t h e mon ey ma rk et - Liquid funds/investments in the money market – CHF - Liquid funds/investments in the money market – currencies Ot he r C H F r ec eiva ble s Inv estm en ts wit h t he em plo ye r

Total ass ets Total ex po su re i n fo rei gn cur re nc y

31.12.2007

Effective Strategy allocation in %

CHF 72, 2 86, 4 55

20. 9 1%

CHF 24, 8 27, 5 64

8.4 5 %

69,941,171

20.23%

24,196,019

8.23%

2,345,284

0.68%

631,545

0.21%

1,8 0 0,4 5 8

0.5 2 %

6,3 4 9,9 4 3

2.1 6 %

2,2 7 8,9 7 0

0.6 6 %

3,3 7 4,2 4 7

1.1 5 %

Bo nd s & E quiv al ent s 89, 8 50, 2 74 Bo nd s in CH F 65, 0 36, 7 91 - Swiss bonds 44,279,441 - Foreign bonds in CHF 20,757,350 For eig n b o nd s in c ur re nci es 24, 8 13, 4 83 - Foreign bonds n currencies 24,734,280 - Investment funds in foreign 79,203 bonds Sh ar es & Eq uival e nts 53, 5 78, 0 07 Sh ar es in CH F 42, 4 47, 4 98 - Swiss shares 11,470,754 - Investment funds in Swiss shares 5,658,465 in CHF - Investment funds in foreign 25,318,279 shares in CHF For eig n s ha re s in c ur re nci es 5,9 5 7,5 2 9 - Foreign shares in currencies 0 - Investment funds in foreign 5,957,529 shares Com p an y s ec urities or 3,8 3 9,6 7 5 inve stm ent f u nd s inv est e d in ra w mat eri als Com p an y s ec urities or 1,3 3 3,3 0 5 inve stm ent f u nd s inv est e d in eme rgi n g ma rk ets Re al e stat e 12 3, 93 7, 30 5 Pre p aym ent a nd ac cr ue d inco me

Effective allocation in %

1,9 9 5,2 8 1 34 5, 72 6, 75 0 34, 4 49, 6 01

free

25. 9 9% 95, 0 40, 6 48 18. 8 1% 64, 8 29, 2 34 12.81% 48,100,617 6.00% 16,728,617 7.1 8 % 30, 2 11, 4 15 7.15% 30,211,415 0.02% 0

32. 3 3% 22. 0 6% 0%-60% 16.36% 5.69% 10. 2 8% 0%-20% 10.28% 0.00%

15. 5 0% 78, 8 72, 9 90 12. 2 8% 53, 6 74, 0 83 3.32% 31,391,341 1.64%

26. 8 3% 0%-40% 18. 2 6% 0%-30% 10.68%

7.32%

22,282'742

1.7 2 % 0.00% 1.72%

9,6 1 4,6 7 9 0 9,614,679

3.2 7 % 0%-30% 0.00% 3.27%

1.1 1 %

8,0 1 2,4 1 6

2.7 3 % 0%-10%

0.3 9 %

7,5 7 1,8 1 2

2.5 8 % 0%-15%

35. 8 5%

83, 5 37, 0 84

28. 4 2% 0%-50%

0.5 8 %

1,9 3 5,8 6 9

0.6 6 %

10 0. 00 % 29 3, 93 8, 34 5

10 0. 00 %

9.9 6 %

48, 0 29, 4 51

The investment limits according to the investment regulations are respected

7.58%

16. 3 4% 0%-40%


La Collective de Prévoyance – Copré, Financial statements on 31 December 2008

64 2

List of p ro pe rtie s h eld

Pro p erty Bussigny, Lausanne 8 Corsier, Ch. Neuf 1-3 Crans, Pas de l'Ours 4 Genève, Cavour 17 Genève, Contamines 1 Genève, Palettes 23 Lausanne, Ale 8 Lausanne, Echallens 80 Le Mont, Lausanne 38 Lens, Flanthey 10 Meyrin, Livron 21 Meyrin, Livron 23 Montreux, Alpes 52 Neuchâtel, Grand-Rue 1a Paudex, Bernadaz 3 Penthaz, Cossonay 1-7 Petit-Saconnex, Lamartine 22 Petit-Saconnex, Lamartine 24 Yverdon-les-Bains, Cheminet 31-39 Total

64 3

1316 / 22 / 19

Estimat e on 3 1.1 2. 20 0 8 4,229,169 3,355,320 2,531,631 5,405,538 10,487,492 8,577,077 4,464,849 2,745,723 7,169,843 0 6,880,062 5,801,538 21,255,123 3,328,615 2,877,785 6,429,969 6,274,062 10,713,631 11,409,877 12 3, 93 7, 30 4

Estimat e on 3 1.1 2. 20 0 7 0 2,799,840 2,170,720 4,681,760 8,556,785 7,349,920 3,782,512 0 3,303,840 400,000 6,742,296 4,928,000 21,560,370 2,799,200 0 0 5,417,520 9,044,320 0 83, 5 37, 0 83

Expl an atio n of th e pr op er ty m an a ge me nt

In January 2008, our property stock increased to CHF 124,000,000.-- following the acquisition of five properties of the Lausanne City Pension Fund and the Mont-sur-Lausanne COOP extension. The management of the property stock has been delegated to GFI Gestion de Fortune Immobilière SA, which collaborates closely with Swiss Real Estate Management SREM SA, a company that is specialised in the management of works belonging to Mr Pierre Michel, Manager of the Foundation and of Michel & Associés. The contracts governing the relations between GFI, SREM and Michel & Associés have been submitted to the Board of Trustees, which has not noted any conflict of interest prejudicial to the Foundation. In view of the importance of the property stock, the Board of Trustees of the Foundation has adopted a property management policy as well as a control system for the property activities and has renegotiated the agreements with the GFI Gestion de Fortune Immobilière SA. The control system ensures respect for the pension rules and, in particular, for those applicable to the conflicts of interest. Our auditor, Ernst & Young, will audit the activities of GFI and SREM and respect for the control system of the property activities installed by the Board of Trustees.

65

Cu rr ent (o p en ) fin an cial de rivativ e in str um ent s

On 31 December 2007 and on 31 December 2008, there were no open positions in derivative instruments.


1417 / 22 / 19

La Collective de Prévoyance – Copré, Financial statements on 31 December 2008

66

Com me nts o n th e net ret ur n on inv estm e nts 20 0 8 CHF 84 5, 01 0 847,860 -2,850

20 0 7 CHF 44 4, 66 1 386,321 58,340

70 6, 80 3 1,676,530 585,833 1'261,194 -509,776 1'427'199 -5,703,225 -2,388,647 4,357,695

1,6 6 7,5 7 0 1,374,922 393,394 1,228,595 -107,820 145'380 -35,621 -2,223,089 89,808

66 3 Sh ar es & Eq uival e nts

-4 0,3 6 2,8 2 9

4,1 1 9,5 7 0

66 3 0 Sh ar es - Dividends on Swiss shares - Dividends on foreign shares in currencies - Dividends on Swiss investment funds - Dividends on foreign investment funds in CHF - Dividends on foreign investment funds - Losses on sales - Profits on sales - Exchange differences realized - Depreciation - Appreciation

-3 1,4 3 7,2 9 7 651,686 0 172,200 321,055 0 -11,876,561 114,484 -980,088 -20,410,273 570,199

48 3, 97 0 540,681 0 0 60,946 0 -680,803 404,412 118,132 -4,866,159 4,906,761

66 3 1 Com p an y s ha re s/inv est me nt f un ds i n r aw mat e rials - Revenues - Losses on sales - Profits on sales - Exchange differences realized - Depreciation - Appreciation

-4, 15 9, 40 9 13,332 0 0 0 -4,484,398 311,657

2,0 0 3,3 0 8 1,485 -11,421 0 1,309 0 2,011,935

66 3 2 Com p an y s ha re s/inv est me nt f un ds i n e me rgi ng mar ket s - Revenues - Losses on sales - Profits on sales - Exchange differences realized - Depreciation - Appreciation

-4, 76 6, 12 3 28,420 -1,448,432 0 -125,958 -3,324,007 103,854

1,6 3 2,2 9 3 50,288 0 0 0 0 1,582,005

66 1 Liq uid f un ds - Interest on current bank accounts - Various exchange differences 66 2 Bo nd s & E quiv al ent s - Interest yield on Swiss bonds - Interest yield on foreign bonds in CHF - Interest on foreign bonds in currencies - Losses on sales - Profits on sales - Exchange differences realized - Depreciations - Appreciations


La Collective de Prévoyance – Copré, Financial statements on 31 December 2008

1518 / 22 / 19

66 4 Re al e stat e - Real estate expenses - Real estate revenues - Losses on sales - Profits on sales - Depreciation - Appreciation - Mortgage interest

9,2 1 6,8 9 8 -4,019,772 7,670,726 0 80,333 0 6,798,167 -936,583

2,4 3 9,5 1 0 -1,827,481 4,404,229 -27,672 100,000 0 1,056,171 -1,008,858

-375,973

-256,878

-1, 12 4, 97 2 -210,068 -43,606

-1, 07 2, 26 9 -233,030 -34,639

-478,743 -287,983 -84,434 -20,137

-516,753 -271,653 0 -16,194

293,938,344 345,726,750 319,832,547 -31,024,726 -9. 7%

156,036,972 293,938,344 224,987,658 7,334'599 3.3 %

- Expenses for real estate administration 66 5 Exp e nse s f or in ve stme nt m a na g eme nt Expenses on security transactions Bank c/c expenses Expenses for asset management by IAM Independent Asset Management SA Expenses for asset management by Axa Investment Managers SA Expenses for asset management by Banque Julius Baer Expenses for the bookkeeping of securities by Credit Suisse 66 6 Ret ur n on i nv estm en ts Total assets at the beginning of the accounting period Total assets at the end of the accounting period Average state of the assets Net performance of the investments Ret ur n on i nv estm en ts

67

Com me nts o n inv est me nts i n em pl oye rs’ ent er pris es an d em ploy er -p aid co ntrib utio n res er ve s

Gross investment with employers Provision for losses on employers’ claims Net investments with the employers

31. 1 2.2 0 08 CHF 2,300,969.65 -22,000.00 2,2 7 8,9 6 9.6 5

31. 1 2.2 0 07 CHF 3,396,246.72 -22,000.00 3,3 7 4,2 4 6.7 2

Balance on the employers’ contribution reserve on 1 January Increase Decrease Interest Total c o ntrib uti on re se rve of t h e e mpl oy ers

4,413,247.15 320,981.15 -233,852.25 21,970.75 4,5 2 2,3 4 6.8 0

3,076,262.40 1,252,877.45 -21,096.45 105,203.75 4,4 1 3,2 4 7.1 5


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7

Comments on other balance sheet and operating account positions

71 71

Expl an atio nistr atio Expl an atio n n of of a a dmi dmi nistr atio n n exp exp e e ns ns es es it it em em

Various Various general general expenses expenses Administration fees Administration fees Auditing Auditing fees fees Various Various mandate mandate fees fees Retrocession Retrocession of of the the reinsurer’s reinsurer’s commission commission by by the the administration. administration. Total ad ministr atio n ex pe ns es Total ad ministr atio n ex pe ns es

20 20 20 0 08 8 20 0 07 7 CHF CHF CHF CHF -235,198.71 -306,818.50 -235,198.71 -306,818.50 -1,602,313.90 -1,203,591.35 -1,602,313.90 -1,203,591.35 -103',88.40 -91,460.00 -103',88.40 -91,460.00 -344,077.10 -309,206.40 -344,077.10 -309,206.40 216,617.20 200,184.60 216,617.20 200,184.60 -2, 06 8, 16 0. 91 -1, 71 65 -2, 06 8, 16 0. 91 -1, 71 0, 0, 89 89 1. 1. 65

Administration Administration expenses expenses invoiced invoiced to to the the affiliated affiliated companies companies Administration Administration expenses expenses invoiced invoiced to to the the affiliated affiliated companies companies

1,1 1,1 1 1 7,7 7,7 3 3 8.0 8.0 0 0

74 10 74 4, 4, 03 03 9. 9. 10

Since Since 1 1 January January 2009, 2009, the the Foundation Foundation no no longer longer reinsures reinsures integrally. integrally. It It will will no no longer longer receive receive reinsurance reinsurance from from its its reinsurer. reinsurer. The The figures figures presented presented below, below, even even historic, historic, no no longer longer take take account account of of these these reinsurances. reinsurances. The The 2008 2008 accounting accounting period, period, as as well well as as the the 2009 2009 forecasts, forecasts, indicate indicate that that the the upward upward tendency tendency of of administrative administrative expenses expenses has has been been checked checked and and that that the the additional additional income income sought sought by by growth growth has has begun begun to to bear bear fruit. fruit. In In “francs “francs per per insured”, insured”, these these expenses expenses have have developed developed from from CHF CHF 474.474.- in in 2006 2006 to to CHF CHF 479.479.- in in 2007, 2007, and and from from then then to to CHF CHF 445.445.- in in 2008. 2008. They They should should diminish diminish to to about about CHF CHF 400.400.- in in 2009. 2009. In In “percentage “percentage of of the the savings savings capital”, capital”, these these expenses expenses have have declined declined from from 1.09% 1.09% in in 2006 2006 to to 0.95% 0.95% in in 2007 and to 0.73% in 2008, and are envisaged at 0.63% for 2009, while as “percentage of assets”, 2007 and to 0.73% in 2008, and are envisaged at 0.63% for 2009, while as “percentage of assets”, they they also also decreased decreased to to 0.76% 0.76% in in 2006, 2006, to to 0.65% 0.65% in in 2007 2007 and and to to 0.66% 0.66% in in 2008, 2008, in in order order to to reach reach 0.45% 0.45% in in 2009. 2009. The The marked marked improvement improvement in in administrative administrative expenses expenses envisaged envisaged for for 2009 2009 is is especially especially the the result result of of a a renegotiation of the administrative contract with Hpr that has provoked a decrease in expenses of about renegotiation of the administrative contract with Hpr that has provoked a decrease in expenses of about CHF CHF 250,000.-. 250,000.-. At At the the end end of of the the 2007 2007 accounting accounting period, period, the the Board Board of of Trustees Trustees of of the the Foundation Foundation had had expressed expressed in in concern concern about about the the growth growth in in administration administration expenses. expenses. It It has has noted noted with with satisfaction satisfaction a a reversal reversal of of this this tendency tendency but but will will remain remain vigilant vigilant concerning concerning this this development. development. It It will will do do its its utmost utmost in in managing managing expenses expenses to to avoid avoid an an increase increase in in cost. cost. Nevertheless, Nevertheless, since since the the management management expenses expenses contributed contributed by by the the insured insured (CHF (CHF 312.-) 312.-) is is not not covering covering the the administrative administrative expenses, expenses, the the results results of of the the asset asset management management will will have have determining determining influence influence on on the the fixing fixing of of our our price price scale. scale. 72 72

Expl an atio ng a ng e Expl an atio n n of of th th e e m m ar ar keti keti ng a nd nd a a dv dv ertisi ertisi ng e xp xp en en se se s s

Various Various advertising advertising expenses expenses Commissioning Commissioning expenses expenses Marketing expenses expenses Marketing Total ex ex pe pe ns ns es es ff or or ma ma rk rk etin Total etin g g a an nd d p pu u blicity blicity

20 20 20 0 08 8 20 0 07 7 CHF CHF CHF CHF -391,790.77 -172,573.54 -391,790.77 -172,573.54 -477,484.90 -321,346.85 -477,484.90 -321,346.85 -979,732.00 -544,775.00 -979,732.00 -544,775.00 -1, 84 9, 00 7. 7. 67 67 -1, 39 -1, 84 9, 00 -1, 03 03 8, 8, 69 69 5. 5. 39


La Collective de Prévoyance – Copré, Financial statements on 31 December 2008

1720 / 22 / 19

By including advertising/marketing and commissioning, this heading actually covers the expenses of “acquiring clients”. The marked increase in this position breaks down into the growth of these three elements: -

advertising/marketing progressed strongly between 2006 and 2008 in order to support the development project that started in 2007;

-

commissioning expenses grew as a result of the influx of new clients in 2007 and 2008. It should be recalled that capital allied to the balance augmented by 66 million in 2007 (+48.9%) and by 111 millions (+55.6%) in 2008 ;

-

marketing expenses grew for the same reasons as those indicated above. Since this activity was externalised through Hpr, the marketing contract is currently undergoing renegotiation, the effect of which will be experienced again in 2009.

73

Expl an atio n of th e i nflo w of l um p s um tr a nsf er s

Termination benefits from active insured Termination benefits from active insured after their leaving Termination benefits from disabled insured Pensioners’ inflows Total infl ow of t ermi n atio n b e nefits

31. 1 2.2 0 08 31. 1 2.2 0 07 CHF CHF 99,962,490.35 62,572,899.60 712,190.45 531,825.05 2,738,047.85 41,071.55 4,939,616.20 31,234.00 10 8, 35 2, 34 4. 85 63, 1 77, 0 30. 2 0

In 2008, this item again underwent a strong increase, due to a large number of newly affiliated companies during 2008.

74

Expl an atio n of th e de bt ors’ it em

Current account reinsurance Current account advanced tax Current account estate agency Total de bt ors

31. 1 2.2 0 08 CHF 1,060,214.00 671,313.11 68,930.94 1,8 0 0,4 5 8.0 5

31. 1 2.2 0 07 CHF 5,880,081.10 322,142.45 147,719.86 6,3 4 9,9 4 3.4 1

The considerable decrease in the "current account reinsurance" is explained by the fact that the Foundation altered its manner of reinsurance in 2009 by opting out for a stop-loss coverage. The 2009 premiums were settled at the end of 2008 for an amount of 325,600.00, as against CHF 5,700'000.00 in 2007.

75

Expl an atio n of p re p aym e nts an d acc ru ed inc o me

Various Real estate Benefits to be received from the reinsurer Accrued interest Total of p re p aym e nt a n d a ccr u ed i nc ome

31. 1 2.2 0 08 CHF 33,811.45 72,474.50 254,527.60 1,634,467.46 1,9 9 5,2 8 1.0 1

31. 1 2.2 0 07 CHF 12,662.05 41,494.00 30,545.70 1,851,166.85 1,9 3 5,8 6 8.6 0


La Collective de Prévoyance – Copré, Financial statements on 31 December 2008

76

Expl an atio n of a ccr u ed li abilities an d de fe rr ed inco me 31. 1 2.2 0 08 31. 1 2.2 0 07 CHF CHF 1,077,037.19 719,814.95 3326,798.25 15,836,724.50 0.00 750',934.00 657,955.85 645,928.15 5,0 6 1,7 9 1.2 9 17, 9 53, 4 01. 6 0

Various Reception of new company funds Real estate Benefits received in advance from the reinsurer Total of a ccr u ed li abilities an d de fe rr ed i nc om e

77

1821 / 22 / 19

Expl an atio n of th e ba nk s/ins ur a nc es it em

The decrease in this item is due to the fact that the fixed advance amounting to CHF 4,000,000.00, subscribed in 2007, was reimbursed on 4 February 2008. The amount on 31.12.2008 is composed of current account balances resulting from asset management mandates.

78

Expl an atio n of th e m ort g ag e de bts

The detail of the mortgage debts is as follows: Amo unt i n C H F Inte re st Fixed mortgage: instalment 1 6,000,000.00 Fixed mortgage: instalment 2 6,000,000.00 Fixed mortgage 10,000,000.00 Fixed mortgage 4,000,000.00 Total of t he m ort g ag es

8

r at e Co ntr act sta rt 3.60% 10.03.2004 3.20% 10.03.2004 3.60% 31.03.2007 3.50% 15.05.2007

Expir y 10.03.2014 09.03.2011 30.03.2022 15.05.2017

26, 0 00, 0 00. 0 0

Supervisory authority requirements

The financial statements on December 2007 did not arouse any particular comments. The Foundation followed up the request by the supervisory authority to provide the degree of coverage per affiliated company on 31.12.2007, calculated according to Art. 44 OPP2.

9

Further information regarding the financial situat ion

91

Un d erf un din g/ ex pla nati on of t he me as ur es t ak en

The Board of Trustees of the Foundation were notified of the degree of coverage of the Foundation, calculated by the expert at 94.4% according to the OPP2. After analysis of the origin of this situation and consulting the expert on the underfunding, it concluded that its cause was not structural but economic. Having reviewed the risk structure of the Foundation, it considered that special stabilization measures were unwarranted at this stage. On the advice of an expert, we informed the supervisory authority about the underfunding situation within the prescribed time limits and forms. The affiliated companies were apprised of this by a detailed circular letter dated 18 February 2009. This letter, with its special prominence, has since been available for consultation on the Foundation’s internet site. The insured and pensioners have been informed of it, either by their employers or by visiting the internet site.


La Collective de Prévoyance – Copré, Financial statements on 31 December 2008

92

1922 / 22 / 19

Pled g e of as set s

The pledged mortgage certificates are as follows: 1 Pro p erty Corsier, Ch. Neuf 1-3 Genève, Cavour 17 Genève, Contamines 1 Genève, Palettes 23 Lausanne, Ale 8 Le Mont, Lausanne 38 Meyrin, Livron 21 Meyrin, Livron 23 Montreux, Alpes 52 Neuchâtel, Grand-Rue 1a Pt-Saconnex, Lamartine 22bis Pt-Saconnex, Lamartine 24 Total

st

mor tg ag e certific at e 520,000 3,030,000 4,600,000 5,600,000 1,900,000 572,000 4,000,000 1,115,000 10,420,000 1,800,000 1,800,000 2,150,000 37, 5 07, 0 00

2

nd

mo rtg a ge certific at e 150,000

3

rd

m or tg ag e certific at e

800,000

235,800 450,000 1,500,000 250,000 3,3 8 5,8 0 0

2,500,000 3,200,000 5,7 0 0,0 0 0

Total 670,000 3,030,000 4,600,000 5,600,000 2,700,000 572,000 4,000,000 1,350,800 10,420,000 2,250,000 5,800,000 5,600,000 46, 5 92, 8 00

By means of a pledge of the securities portfolio, a guarantee was issued by Credit Suisse on 02.12.2008, according to which this bank commits itself to paying, at 05.01.2009 value, on behalf of La Collective de Prévoyance – Copré, an amount of CHF 96,195,000 concerning the purchase of the property in the La Levratte district in Nyon.

10

Events subsequent to the balance she et date

The Foundation has modified its manner of reinsuring disability and death risks as from 1 January 2009, by opting for a stop-loss type of reinsurance concluded with Zurich Compagnie d’Assurances sur la Vie. This reinsurance is completed by an excess of loss type contract with Elips Life AG. In conformity with the request by the supervisory authority, the Foundation has succeeded in providing it with a provisional announcement on the financial situation for the 2008 accounting period, concerning the pension institutions subject to the LFLP. In early January 2009, the Foundation acquired property in Nyon, in the La Levratted district, for a sum of about CHF 97 million.

The present document is a translation from the original text in French. In case of discrepancies between the English and French versions, the French version shall apply and prevail.


S i n c e

19 74

Headquarters: 8, rue Jacques-Grosselin case postale 1956 CH-1227 Carouge

Administration: 39, rue de la Madeleine case postale CH-1800 Vevey 1

T 022 308 86 69 F 022 308 86 06 w w w.copre.ch

Financials statement2008  
Financials statement2008  
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