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Banque Audi (Suisse) SA Banque Audi (Suisse) SA Banque Audi (Suisse) SA 01 REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2020 06 02 REPORT OF THE STATUTORY AUDITOR ON THE FINANCIAL STATEMENTS 07 03 BALANCE SHEET AS AT 31 DECEMBER 2020 09 04 INCOME STATEMENT FROM 1 JANUARY TO 31 DECEMBER 2020 10 05 STATEMENT OF CHANGES IN EQUITY 11 06 ALLOCATION OF NET INCOME PROPOSED BY THE BOARD OF DIRECTORS AND APPROVED BY THE SHAREHOLDERS’ MEETING 11 07 NOTES TO THE FINANCIAL STATEMENTS AS AT 31 DECEMBER 2020 12 1. Nature of the Bank’s business and staffing levels 12 2. Significant accounting policies 12 3. Risk management 13 4. Presentation of collateral for loans/receivables, off-balance sheet transactions, as well as impaired loans/receivables 14 5. Breakdown of trading portfolio 14 6. Presentation of derivative financial instruments (assets and liabilities) 15 7. Breakdown of financial investments 15 8. Presentation of participations 16 9. Disclosure of companies in which the Bank holds a permanent direct or indirect significant participation 16 10. Presentation of tangible fixed assets 16 11. Other assets and other liabilities 16 12. Disclosure of assets pledged or assigned to secure own commitments and assets under reservation of ownership 17 13. Disclosures on the economic situation of own pension schemes 17 14. Presentation of value adjustments and provisions, reserves for general banking risks and changes therein during the current year 18 15. Presentation of share capital 18 16. Disclosure of amounts due from/to related parties 18 17. Disclosure of holders of significant participations 19 18. Presentation of maturity structure of financial instruments 19 19. Presentation of assets and liabilities by domestic and foreign origin 20 20. Breakdown of total assets by country or group of countries 20 21. Breakdown of total assets abroad by credit rating of country groups 21 22. Presentation of assets and liabilities by the most significant currencies for the Bank 21 23. Breakdown of contingent liabilities 22 24. Breakdown of fiduciary transactions 22 25. Breakdown of assets under management or custody 22 26. Breakdown of the result from trading activities 23 27. Disclosure of material refinancing income in the item Interest and discount income as well as material negative interest 23 28. Breakdown of personnel expenses 23 29. Breakdown of general and administrative expenses 23 30. Breakdown of extraordinary income and expenses, 24 31. Presentation of current taxes, deferred taxes and disclosure of tax rate 24 08 BOARD OF DIRECTORS 25 09 EXECUTIVE COMMITTEE 26 10 BANK AUDI ADDRESSES 27 BANQUE AUDI (SUISSE) SA 06 REPORT OF THE BOARD OF DIRECTORS 01 FOR THE YEAR ENDED 31 DECEMBER 2020 SUMMARY The year 2020 was a year where two important events continued inherent in the Bank’s operations, is being undertaken by the Bank. to impact Banque Audi (Suisse) SA (the “Bank”), namely the Operating expenses decreased year-on-year by CHF 3.6 million to global pandemic crisis and the prolonged economic and monetary CHF 35.5 million, as a result of certain cost reduction measures crisis impacting Lebanon since the end of 2019. Despite such implemented by the Bank to partially offset the impact of decreasing constraints, the Bank was able to achieve a net profit for the year revenue during the year. of CHF 21.1 million. Operating income for 2020 amounted to CHF 65.0 million, compared to CHF 79.7 million in 2019. However, ALLOCATION OF RETAINED EARNINGS operating expenses were reduced to CHF 35.5 million, with a cost to income ratio of 54.7%. It is proposed to pay the 2020 net profit of CHF 21.1 million as an ordinary dividend, payable before 30 September 2021. Total Balance Sheet assets of the Bank totalled CHF 1.87 billion, an increase of CHF 180 million versus 2019. At year-end 2020, after the allocation of retained earnings, shareholders equity amounts to CHF 171.6 million (Net Tier I BALANCE SHEET capital), with a Tier I capital ratio of 42.9%. As at 31 December 2020, the Bank continues to be well-capitalized with a combined The year-on-year increase in Total Balance Sheet assets to CHF Tier I and Tier II capital of CHF 180.6 million. 1.87 billion is principally due to a CHF 251 million increase in customer deposits. This increase, in conjunction with the NEW FINMA REGIME FOR CATEGORY 4 reduction in the Lombard Loan portfolio, which decreased by AND 5 BANKS CHF 251 million, together with the relatively small increase in the Bank’s financial investment portfolio of CHF 45 million, due In 2018, the Swiss Financial Market Supervisory Authority FINMA to limited market opportunities, resulted in a significant increase defined a new regime for category 4 and 5 banks which have a in the Bank’s liquidity position. As a result, amounts deposited at relatively high level of capital and liquidity. Although the Bank, as the Swiss National Bank increased by CHF 356 million to CHF 843 a category 4 bank, participated in the “pilot” phase of this new million as at the end of 2020, and the Bank’s Liquidity Coverage regime, the Board of Directors and the Executive Management Ratio strengthened to 635%. of the Bank decided ultimately not to participate in this regime, principally due to certain disadvantageous changes in the capital From an Assets under Management (“AUM”) perspective, the adequacy rules under Basel III. Bank posted total AUMs of CHF 5.5 billion, a decrease of 20% year-on-year, principally due the deterioration of global markets and the US Dollar exchange rate versus the Swiss Franc, as well as negative net new money of CHF 386 million during the year. INCOME STATEMENT Results from interest operations decreased year-on-year by CHF 12.0 million to CHF 16.7 million, principally due the decrease in the Lombard Loan portfolio and the increase in amounts deposited at the Swiss National Bank. Commission business and services income decreased year-on- year by CHF 2.9 million to CHF 34.8 million, principally due to the decrease in AUMs. However, results from trading activities remained stable year-on-year at CHF 13.4 million. This income is primarily driven by customer foreign exchange activity, as no proprietary foreign exchange trading, outside of hedging foreign exchange risk 07 ANNUAL REPORT 2020 REPORT OF THE STATUTORY AUDITOR 02 ON THE FINANCIAL STATEMENTS Ernst & Young Ltd Phone: +41 58 286 56 56 Place de Pont-Rouge 1 Fax: +41 58 286 56 57 P.O. Box 1575 www.ey.com/ch CH-1211 Genève 26 To the general meeting of Banque Audi (Suisse) SA, Genève Geneva, 9 March 2021 Report of the statutory auditor on the financial statements As statutory auditor, we have audited the financial statements of Banque Audi (Suisse) SA, which comprise the balance sheet, income statement, statement of changes in equity and notes, for the year ended 31 December 2020. Board of Directors’ responsibility The Board of Directors is responsible for the preparation of the financial statements in accordance with the requirements of Swiss law and the company’s articles of incorporation. This responsibility includes designing, implementing and maintaining an internal control system relevant to the preparation of financial statements that are free from material misstatement, whether due to fraud or error. The Board of Directors is further responsible for selecting and applying appropriate accounting policies and making appropriate accounting estimates that are reasonable in the circumstances. Auditor’s responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Swiss law and Swiss Auditing Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control system relevant to the entity's preparation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control system. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements for the year ended 31 December 2020 comply with Swiss law and the company’s articles of incorporation. BANQUE AUDI (SUISSE) SA 08 2 Report on other legal requirements We confirm that we meet the legal requirements on licensing according to the Audit Oversight Act (AOA) and independence (article 728 CO and article 11 AOA) and that are no circumstances incompatible with our independence In accordance with article 728a paragraph 1 item 3 CO and Swiss Auditing Standard 890, we confirm that an internal control system exists, which has been designed for the preparation of financial statements according to the instructions of the Board of Directors. We further confirm that the proposed appropriation of available earnings complies with Swiss
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