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Annual Report 2017

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Annual Report 2017 20Annual Remuneration Report Remuneration | Report Financial Report 17Corporate Governance Report Remuneration Report Corporate Governance Report Governance Corporate | We are pioneers and game- changers, stimulated by the endless possibilities of re- en gineering banking. Financial Report | Constant innovation is our key to success. 2017 was especially marked by the implementation of cryptocurrency trading. Swissquote Annual Report 2017 Annual Report 2017 Content 02 Key figures 04 Swissquote share 06 Report to the shareholders 09 Financial Report 10 Consolidated financial statements 108 Report of the statutory auditor on the consolidated financial statements 113 Statutory financial statements 121 Proposed appropriation of retained earnings 122 Report of the statutory auditor on the financial statements 125 Corporate Governance Report 153 Remuneration Report 174 Report of the statutory auditor on the remuneration report 176 Global presence services/global offices The Swiss leader in online banking www.swissquote.com Annual Report 2017 1 Key figures 2017 2016 2015 2014 2013 Number of accounts 309,286 302,775 231,327 221,922 216,357 % change 2.2% 30.9% 4.2% 2.6% 7.3% Assets under custody in CHFm 1 23,240 17,864 11,992 11,562 10,083 % change 30.1% 49.0% 3.7% 14.7% 17.5% Client assets in CHFm 2 24,112 18,557 11,992 11,562 10,083 % change 29.9% 54.7% 3.7% 14.7% 17.5% Employees 593 550 524 532 507 % change 7.8% 5.0% –1.5% 4.9% 37.8% 1 Including cash deposited by clients 2 Including assets that are not held for custody purposes but for which the technology of the Group gives clients access to the stock market and/or that are managed by Swissquote (Robo-Advisory technology). 2017 2016 2015 2014 2013 in CHF thousand, except where indicated Operating income 187,756 150,245 146,622 145,524 124,871 % change 25.0% 2.5% 0.8% 16.5% 12.0% Operating expenses 141,974 127,035 144,684 117,304 111,582 % change 11.8% –12.2% 23.3% 5.1% 31.7% Operating profit 45,782 23,210 1,938 28,220 13,289 % change 97.3% 1097.6% –93.1% 112.4% –50.3% Operating profit margin [%] 24.4% 15.4% 1.3% 19.4% 10.6% Net profit 39,185 20,753 2,075 23,521 11,656 % change 88.8% 900.1% –91.2% 101.8% –47.0% Net profit margin [%] 20.9% 13.8% 1.4% 16.2% 9.3% Total equity 295,148 280,834 267,670 274,362 247,941 % change 5.1% 4.9% –2.4% 10.7% 2.8% % of equity/total assets 5.8% 7.1% 7.2% 7.4% 7.7% Number of shares 15,328,170 15,328,170 15,328,170 15,328,170 14,638,370 % change – – – 4.7% – Capital ratio 26.1% 24.5% 22.0% 23.3% 20.6% Annual Report 2017 2 200 50 180 40 160 30 Key figures 140 20 120 10 100 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Operating income Operating profit in CHFm in CHFm 200.0 50.0 30 180.0 320 40.0 300 25 160.0 30.0 140.0 280 20.0 20 260 120.0 10.0 15 240 100.0 0.0 10 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 220 5 200 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Client assets Number of accounts in CHFm 25,000 320,000 300,000 20,000 280,000 15,000 260,000 240,000 10,000 220,000 5,000 200,000 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Annual Report 2017 3 Swissquote share Stock market trading The registered shares, each with a nominal value of CHF 0.20, are listed on SIX Swiss Exchange under securities number 1067586 and ISIN CH0010675863. Their ticker symbols are: SQN (Swissquote); SQZ.S (Reuters); SQNSW (Bloomberg); SQN (Telekurs). Development of stock market share price 2013–2017 in CHF in % 49.0 63.8 46.0 53.8 43.0 43.8 40.0 33.8 37.0 23.8 34.0 40.0 13.8 31.0 3.8 37.5 28.0 –6.2 25.0 35.0 –16.2 22.0 –26.2 32.5 19.0 –36.2 30.0 16.0 –46.2 13.0 27.5 –56.2 10.0 –66.2 25.0 2013 2014 2015 2016 2017 2018 22.5 0304.005.006.009101112131617.0181920.023.0225.01.26.01.27.030.04.01.31..0011..00217.0031.17.006.01.071.17.008.0.009171.1017131.117.01517011..01617.01..0204.021171.22.0232.17.02.02.2717282..1.0012..017024.0032.17.006.02.0717.0708.0172..00917.0102.1317.01172.15.016172..0.02.204.017212.22.02.23173..02.03.172728173..029173..030.03.4.031.173..0033.04.04.17.005.04.173..006.04.17.0073.1017.011.03.1217133.17183.19.04.0317203.21.04.23.1725.04.261727.04.172817.04.4.04.02.04.0317.04.04.05..1.04.05.05.1708.05.0917.04.1017.04.1171217.04.15.05.1617.05.171819172217.05.23.05.21726.05.2917.05.30.05..05.31.174.05.01.05.02.05.1706.06..05.0717.05.08.06.1709.05.1217.05.1317115.06.171605.06.1719.06.20174.06.212217.06.232617.06.271728.06.2917.06.30.06..1.06.0317.06.04.01705.0.06.06.017.06.0717.06.7101117.06.12.06.1713117.017181917.0204.02117.0225.0177.172617.0277.1717.0284.07.1731.17.0027.17.00317.004.08.7.17077.1708.08.7.17.009.0107.1711.017.1715.08.16077.1717.08..08.184.08.7.1721227.17.08.23.08.22528.08.29.1.08.30.08.4.08.31..08.0104.017.08.05.0177.08.06.01707.08.08.017.08.11.08.121713117.01508181719.020174.021.0221725.09.1726.027179.28.017299..1.030.0.0179.02.0039.04179..0059..070617.0099.1710.01117.0129.1713.1179.1617.19.18.11719.120.19.17.123.10.24179.0.25.1260.17.127.10.301731.0..11701.1020.17.103170..1060..10717.1080.17.10910170.13.11714.1100.1715.1160.17.1.1200.17211.22.117.1231..1241..117271..128.129171..130171.01.104171.05177.1061..10717.10817111..11217.11.1314.11.17151.18.11719.11..12017211..12.1727.11728.12.29.117.12..1172..1.12..1172..12.17.12.17.1172.172.172.17171717 Development of stock market share price January to December 2017 in CHF in % 40.0 64.61 37.5 54.32 35.0 44.03 32.5 33.74 30.0 23.46 27.5 13.17 25.0 2.88 22.5 –7.41 Jan Feb Apr Jun Jul Sep Oct Dec Annual Report 2017 40.0 4 37.5 35.0 32.5 30.0 27.5 25.0 22.5 0304.005.006.009101112131617.0181920.023.0225.01.26.01.27.030.04.01.31..0011..00217.0031.17.006.01.071.17.008.0.009171.1017131.117.01517011..01617.01..0204.021171.22.0232.17.02.02.2717282..1.0012..017024.0032.17.006.02.1707.0708.0172..00917.0102.1317.01172.15.016172..0.02.204.017212.22.02.23173..02.03.172728173..029173..030.03.4.031.173..0033.04.04.17.005.04.173..006.04.17.0073.1017.011.03.1217133.17183.19.04.0317203.21.04.23.1725.04.261727.04.172817.04.4.04.02.04.0317.04.04.05..1.04.05.05.1708.05.0917.04.10.04.171171217.04.15.05.1617.05.171819172217.05.23.05.21726.05.2917.05.30.05..05.31.174.05.01.05.02.05.1706.06..05.0717.05.08.06.1709.05.1217.05.1317115.06.171605.06.1719.06.20174.06.212217.06.232617.06.271728.06.2917.06.30.06..1.06.0317.06.04.01705.0.06.06.017.06.0717.06.7101117.06.12.06.1713117.017181917.0204.02117.0225.0177.172617.0277.1717.0284.07.1731.17.0027.17.00317.004.08.7.17077.1708.08.7.17.009.0107.1711.017.1715.08.16077.1717.08..08.184.08.7.1721227.17.08.23.08.22528.08.29.1.08.30.08.4.08.31..08.0104.017.08.05.0177.08.06.01707.08.08.017.08.11.08.121713117.01508181719.020174.021.0221725.09.1726.027179.28.017299..1.030.0.0179.02.0039.04179..0059..070617.0099.1710.01117.0129.1713.1179.1617.19.18.11719.120.19.17.123.10.24179.0.25.1260.17.127.10.301731.0..11701.1020.17.103170..1060..10717.1080.17.10910170.13.11714.1100.1715.1160.17.1.1200.17211.22.117.1231..1241..117271..128.129171..130171.01.104171.05177.1061..10717.10817111..11217.11.1314.11.17151.18.11719.11..12017211..12.1727.11728.12.29.117.12..1172..1.12..1172..12.17.12.17.1172.172.172.17171717 Swissquote share 2017 2016 2015 2014 2013 Share price in CHF High 38.55 28.90 32.00 40.10 39.85 Low 23.30 21.50 20.55 28.00 27.00 31 December 38.15 23.85 25.25 31.20 39.15 Market capitalisation in CHF million High 590.9 443.0 490.5 614.7 583.3 Low 357.1 329.6 315.0 429.2 395.2 31 December 584.8 365.6 387.0 478.2 573.1 Share data in CHF Operating income per share 13.09 10.09 9.83 9.66 8.77 Net profit per share 2.73 1.39 0.14 1.56 0.82 Equity per share 19.26 18.32 17.46 17.90 16.94 Dividend per share 0.86 1 0.13 – – 0.60 Other pay out per share 0.04 1 0.47 0.60 0.60 – 1 Proposal of the Board of Directors Annual Report 2017 5 Report to the shareholders Net interest income increased on the back of growth in Dear shareholders, Lombard loans issued and steadily rising US short-term in- terest rates.
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