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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
Dated March 26, 2004
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 26, 2004
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Commission File Number 001-15244
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CREDIT SUISSE GROUP
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(Translation of registrant's name into English)
Paradeplatz 8, P.O. Box 1, CH-8070 Zurich, Switzerland
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F
Form 20-F /X/ Form 40-F / /
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Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1):
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Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a
Form 6-K if submitted solely to provide an attached annual report to
security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7):
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Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a
Form 6-K if submitted to furnish a report or other document that the
registrant foreign private issuer must furnish and make public under the laws
of the jurisdiction in which the registrant is incorporated, domiciled or
legally organized (the registrant's "home country"), or under the rules of
the home country exchange on which the registrant's securities are traded, as
long as the report or other document is not a press release, is not required
to be and has not been distributed to the registrant's security holders, and,
if discussing a material event, has already been the subject of a Form 6-K
submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes / / No /X/
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If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-
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[GRAPHIC OMITTED CREDIT SUISSE GROUP]
Media Relations
CREDIT SUISSE GROUP
P.O. Box 1
CH-8070 Zurich
Telephone +41-1-333 8844
Fax +41-1-333 8877
e-mail media.relations@credit-suisse.com
CREDIT SUISSE GROUP CORRECTS ITS FOURTH QUARTER AND FULL-YEAR 2003 RESULTS
ZURICH, MARCH 26, 2004 - CREDIT SUISSE GROUP TODAY ANNOUNCED THAT IT HAS
CORRECTED ITS FOURTH QUARTER AND FULL-YEAR 2003 NET PROFIT REPORTED UNDER SWISS
GAAP FROM CHF 1.2 BILLION TO CHF 1.0 BILLION, AND FROM CHF 5.2 BILLION TO CHF
5.0 BILLION, RESPECTIVELY. THE CORRECTION IS A RESULT OF AN ERROR IN THE INPUT
DATA USED FOR THE FOURTH QUARTER 2003 ACCOUNTS OF DBV-WINTERTHUR IN GERMANY.
CREDIT SUISSE GROUP'S ANNUAL REPORT 2003, REFLECTING THE CORRECTED FULL-YEAR
RESULTS, WILL BE AVAILABLE AS OF MARCH 31, 2004, AS PLANNED.
In connection with the preparation for its first quarter 2004 closing,
DBV-Winterthur - a German subsidiary of Winterthur Group which forms part of
Credit Suisse Financial Services - identified, through its internal processes,
an error in the input data used for the fourth quarter 2003 accounts in its life
and health insurance businesses. The error occurred when DBV-Winterthur, in the
fourth quarter of 2003, adopted a refinement in the methodology for calculating
future dividends to policyholders (the `deferred bonus reserve' component) and
inadvertently included an item in the input data which should not have been
considered under the refined method. Credit Suisse Group said that the error
would not affect DBV-Winterthur's local statutory results nor its current or
future obligations to policyholders.
As a result of correcting the error, the segment profit before minority
interests for the Life & Pensions and Insurance segments was reduced from CHF
369 million to CHF 124 million, and from CHF 153 million to CHF 105 million,
respectively, for the fourth quarter of 2003. For the full year 2003, the
segment profit before minority interests for the Life & Pensions and Insurance
segments was reduced from CHF 723 million to CHF 478 million, and from CHF 1,338
million to CHF 1,290 million, respectively.
Page 1 of 3
Credit Suisse Group's net profit reported under Swiss GAAP for the fourth
quarter and the full year 2003 was reduced from CHF 1,166 million to CHF 956
million, and from CHF 5,209 million to CHF 4,999 million, respectively.
Corrected key profit numbers for the fourth quarter and the full year 2003 can
be found in the tables below, and the corrected business unit and segment income
statements for the fourth quarter of 2003 are available at
www.credit-suisse.com/results. Credit Suisse Group's Annual Report including its
2003 audited consolidated financial statements - as well as a corrected
Financial Report for the fourth quarter of 2003 - will be available on the
Internet as of March 31, 2004.
ENQUIRIES
Credit Suisse Group, Media Relations Telephone +41 1 333 8844
Credit Suisse Group, Investor Relations Telephone +41 1 333 4570
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 contains non-GAAP financial information. A reconciliation of
such non-GAAP financial information to the most directly comparable measures
under generally accepted accounting principles will be available on the Internet
at http://www.credit-suisse.com/sec.html as soon as practicable.
Page 2 of 3
CORRECTED PROFIT NUMBERS FOR THE FOURTH QUARTER OF 2003
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AS PREVIOUSLY REPORTED CORRECTED BY AS CORRECTED
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Life & Pensions:
Segment Profit(1) CHF 369 million - CHF 245 million CHF 124 million
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Insurance:
Segment Profit(1) CHF 153 million - CHF 48 million CHF 105 million
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Credit Suisse
Financial Services: CHF 977 million - CHF 210 million CHF 767 million
Net Profit
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Credit Suisse Group:
Net Profit CHF 1,166 million - CHF 210 million CHF 956 million
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CORRECTED PROFIT NUMBERS FOR THE FULL YEAR 2003
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AS PREVIOUSLY REPORTED CORRECTED BY AS CORRECTED
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Life & Pensions:
Segment Profit(1) CHF 723 million - CHF 245 million CHF 478 million
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Insurance:
Segment Profit(1) CHF 1,338 million - CHF 48 million CHF 1,290 million
------------------------------ --------------------------- ----------------------- -------------------
Credit Suisse
Financial Services: CHF 4,310 million - CHF 210 million CHF 4,100 million
Net Profit
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Credit Suisse Group:
Net Profit CHF 5,209 million - CHF 210 million CHF 4,999 million
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(1) Represents net operating profit before cumulative effect of change in
accounting principle and minority interests
Page 3 of 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CREDIT SUISSE GROUP
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(Registrant)
Date March 26, 2004 By: /s/ David Frick
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(Signature)*
Member of the Executive Board
*Print the name and title of the signing
officer under his signature. /s/ Karin Rhomberg Hug
Managing Director