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2020 Annual Report 2020 Valiant Annual Report 2020 Valiant 2020 annual report Geschäftsbericht 2020_Englisch_1 1 24.03.2021 11:03:18 2 Report by the Chairman and the CEO 5 Interview with the Chairman and the CEO Management report 13 Strategy and goals 22 Business performance 25 Risk assessment 28 Investors Corporate responsibility report 33 Foreword 36 Sustainable business model 37 Elements of corporate responsibility Corporate governance report 62 Group structure 66 Capital structure 68 Board of Directors 82 Executive Board 85 Compensation, shareholdings and loans 86 Shareholders’ participation rights 88 Change of control and defensive measures 89 Auditors 91 Information policy Compensation report 95 Foreword 96 Key components and principles of our compensation policy 98 Decision-making authority for determining compensation 100 Components of compensation 103 Calculation of variable compensation 104 Executive Board targets and attainment 106 Compensation approved at the Annual General Meeting 107 Compensation in the reporting period 112 Auditor’s report Financial report 115 Consolidated financial statements 119 Notes to the consolidated financial statements 160 Auditor’s report 164 Disclosures of capital adequacy and liquidity 165 Statutory financial statements of Valiant Holding AG 174 Auditor’s report on Valiant Holding AG Offices 178 Addresses and locations Geschäftsbericht 2020_Englisch_1 1 24.03.2021 11:03:18 Valiant in 2020 There for our clients We delivered on our performance promise even in an 121.9m extraordinary situation. We kept our branches open Net profit was up by 0.7% in 2020. and continued to provide all of our services both online and in person thanks to our innovative branch concept. In addition, we brought in additional measures to support companies and organisations in 2020, including liquidity support, loan repayment holidays, COVID-19 loans and temporary rent waivers for SMEs 16.1% that rent premises from Valiant. With a total capital ratio of 16.1%, Valiant has a very solid capital base and exceeds FINMA requirements 16 April: We strengthened our investment and by a considerable margin. pension business One of the goals of Strategy 2020-2024 is to strengthen our investment and pension business. We aim to significantly increase commission income, and last year we began laying the foundations for how we CHF 5 will achieve this – including by bringing in 40 additional Our shareholders will receive an investment and pension specialists. unchanged dividend of CHF 5.00 per share this year. 13 May: 23rd Annual General Meeting Shareholders approved all of the Board of Directors' recommendations by a substantial margin. The dividend was increased by CHF 0.60 to CHF 5.00 per share – the fifth increase in as many years. 105 bp Shareholders elected Markus Gygax as the new Despite the difficult conditions, we once again achieved a high net interest Chairman and Ronald Trächsel as a new member of the margin. Board of Directors. 16 November: Valiant continued to expand, opening a new branch in Rapperswil Valiant is one of the few Swiss banks that is expanding +4.3% its branch network. On 16 November 2020, we opened Client loans increased by 4.3% to our most recent branch in Rapperswil. At the new CHF 25.9 billion. branch, which is equipped with an innovative welcome screen and self-service facilities, we combine personalised advice with digital services. Geschäftsbericht 2020_Englisch_1 2 24.03.2021 11:03:18 Key figures Balance sheet 2020 2019 2018 2017 2016 Total assets in CHF thousands 33,184,237 29,905,977 27,382,675 27,563,587 26,094,545 Due from customers and mortgage loans1 in CHF thousands 25,867,970 24,803,037 24,021,398 23,520,525 22,202,660 Client deposits in CHF thousands 21,028,487 19,194,858 18,290,909 18,722,952 18,240,801 Equity capital in CHF thousands 2,361,107 2,318,261 2,266,681 2,202,582 2,127,732 Client assets in CHF thousands 30,282,957 28,295,338 26,377,559 27,750,317 26,806,215 Income statement Net interest income before value adjustments for credit risk, and loan losses in CHF thousands 330,411 314,697 307,305 296,017 290,244 Operating income in CHF thousands 413,122 405,312 401,778 387,383 389,268 Operating expenses in CHF thousands – 241,604 – 234,205 – 226,019 – 226,050 – 220,915 Operating profit in CHF thousands 147,030 142,899 151,882 136,225 138,969 Group profit in CHF thousands 121,869 121,059 120,328 119,236 117,514 Cost/income ratio2 as % 56.5 57.0 55.9 58.3 58.4 Profitability RorE (return on required equity) as % 10.9 11.2 11.4 11.3 11.5 RoE (return on equity) as % 5.2 5.3 5.4 5.5 5.6 Equity capital Risk-weighted assets in CHF thousands 14,037,317 13,475,177 13,221,662 13,176,503 12,735,188 Eligible capital in CHF thousands 2,261,455 2,217,836 2,181,738 2,273,055 2,202,973 Core capital ratio Tier1 + Tier2 as % 16.1 16.5 16.5 17.2 17.3 Leverage ratio as % 7.0 7.0 7.5 7.2 7.3 Headcount Number of employees 1,061 1,045 1,013 1,000 957 Full-time equivalents 937 918 890 873 842 Share data Book value per share in CHF 149.51 146.80 143.53 139.47 134.73 Net profit per share in CHF 7.72 7.67 7.62 7.55 7.44 Dividend in CHF 5.003 5.00 4.40 4.00 3.80 Payout ratio as % 64,8 65,2 57,7 53,0 51,1 Year-end share price in CHF 86.50 98.40 108.00 105.40 101.40 Market capitalisation in CHF millions 1,366 1,554 1,706 1,665 1,601 Moody’s rating Short-term deposits Prime-1 Prime-1 Prime-1 Prime-1 Prime-1 Long-term deposits A1 A1 A1 A1 A1 Baseline Credit Assessment a3 a3 a3 a3 a3 1 From 2017 includes value adjustments for credit risk. Restatement of 2016 2 Before value adjustments for credit risk, and loan losses 3 Proposed Geschäftsbericht 2020_Englisch_1 2 24.03.2021 11:03:18 1 2020 Annual Report / Valiant Holding AG 2020 annual report Geschäftsbericht 2020_Englisch_1 1 24.03.2021 11:03:19 Report by the Chairman and the CEO 2 2020 Annual Report / Valiant Holding AG Report by the Chairman and the CEO Dear Shareholders, Growth targets exceeded Client loans increased by 4.3% to CHF 25.9 billion at the end of 2020. COVID-19 loans accounted for 1.2 percentage points of that growth. Last year was a successful one for Valiant. Client deposits climbed by 9.6% to We exceeded our targets across the board and CHF 21.0 billion. Once again, this increase reflects remained on track with the implementation of the strong trust placed in Valiant by our Strategy 2020–2024. We recorded consolidated customers. Our successful implementation of our net profit of CHF 121.9 million, an increase of 0.7% growth strategy was also reflected in the cost/ compared with the previous year. Operating income ratio, which fell from 57.0% to 56.5% income came in at CHF 413.1 million, up 1.9% on before value adjustments for credit risks, even the previous year. Operating profit stood at though we invested in the expansion and created CHF 147.0 million, up 2.9% year on year. Thanks to 19.9 additional FTEs. Our active cost and business our clients’ strong trust in us and our employees’ process management paid off, with operating outstanding work, we successfully navigated the expenses increasing by only 3.2% as a result of the coronavirus pandemic in 2020. We also advanced expansion. rapidly on our growth trajectory. Innovative branches Strong operating performance in our core We continue to provide our clients with simple, business personalised services despite the coronavirus Interest income, a key driver of Valiant’s business pandemic. They can still obtain advice in person at performance, rose sharply in 2020. Net interest Valiant branches. Alternatively, clients can meet income before value adjustments climbed by a with an advisor by video, either from one of our solid 5.0% to CHF 330.4 million. At the same time, innovative branches or from home. interest expense declined, thanks in part to the Most of our branches are equipped with bank’s covered bond issues. We recognised innovative welcome screens, where clients are CHF 14.3 million in value adjustments for credit greeted via video and given advice based on their risks, in keeping with the bank’s cautious lending needs. They can handle straightforward policy. Even during the coronavirus pandemic, transactions on their own in a separate room. Valiant’s loan portfolio remained robust and of a However, advisors are always available on site to high quality. Net interest income came in at assist clients on all financial matters. In 2020, we CHF 316.1 million, an increase of 2.3% on the pre- equipped a further 17 branches with these vious year. modern front-office areas and client service Commission income from securities trading facilities. Over 60 branches have now been fitted and investment activities climbed by 5.9%, and out in this way. net trading income rose 11.8%. Other operating income declined by 0.6%, primarily as a result of lower income from holdings. Geschäftsbericht 2020_Englisch_1 2 24.03.2021 11:03:19 Report by the Chairman and the CEO 3 2020 Annual Report / Valiant Holding AG More branches to be opened New website and mobile app Valiant wants to leverage economies of scale and We will continue to enhance our digital channels in is expanding from Lake Geneva to Lake 2021.
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