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◚⯎ ANNUAL REPORT 2020 Financial Report Corporate Governance Report Remuneration Report Sustainability Report swissquote.com SWISSQUOTE IS NOT A TYPICAL SWISS BANK. Our history, ambition and DNA comes from the world of creativity, software develop- ment and the empowerment of investors. These values still remain central to Swissquote. Annual Report 2020 Key figures 2 Swissquote share 4 Our vision 6 Our values 8 Global offices 10 Report to the shareholders 12 FINANCIAL REPORT 16 Consolidated financial statements 20 Report of the statutory auditor on the consolidated financial statements 114 Statutory financial statements 119 Proposed appropriation of retained earnings 126 Report of the statutory auditor on the financial statements 127 CORPORATE GOVERNANCE REPORT 130 REMUNERATION REPORT 166 Report of the statutory auditor on the Remuneration Report 190 Supplementary regulatory disclosures 191 SUSTAINABILITY REPORT 196 Global offices 227 The Swiss leader in online banking www.swissquote.com Annual Report 2020 1 Key figures 2020 2019 2018 2017 2016 Number of accounts 410,248 359,612 329,100 309,286 302,775 % change 14.1% 9.3% 6.4% 2.2% 30.9% Net new money in CHFbn 5.3 4.6 3.1 2.7 6.1 % change 16.3% 46.3% 14.8% -55.3% 394.5% Client assets in CHFm ¹ 39,773 32,241 23,822 24,112 18,557 % change 23.4% 35.3% -1.2% 29.9% 54.7% Employees 805 722 662 593 550 % change 11.5% 9.1% 11.6% 7.8% 5.0% 1 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. in CHF thousand, except where indicated 2020 2019 2018 2017 2016 Operating income ¹ 317,309 230,641 214,524 187,756 150,245 % change 37.6% 7.5% 14.3% 25.0% 2.5% Operating expenses 211,668 180,052 160,763 141,974 127,035 % change 17.6% 12.0% 13.2% 11.8% –13.4% Operating profit 105,642 50,588 53,761 45,782 23,210 % change 108.8% –5.9% 17.4% 97.3% 1097.6% Operating profit margin [%] 33.3% 21.9% 25.1% 24.4% 15.4% Net profit 91,021 44,654 44,603 39,185 20,753 % change 103.8% 0.1% 13.8% 88.8% 900.1% Net profit margin [%] 28.7% 19.4% 20.8% 20.9% 13.8% Total equity 440,181 374,757 352,221 295,148 280,834 % change 17.4% 6.4% 19.3% 5.1% 4.9% Capital ratio [%] 23.0% 21.7% 29.0% 26.1% 24.5% 1 Including credit loss expense. 85.90 CHF 23.0% 317.3m CHF SWISSQUOTE STOCK PRICE CAPITAL RATIO OPERATING INCOME as at 31 December 2020 (including credit loss expense) Annual Report 2020 2 Key figures OPERATING INCOME CLIENT ASSETS (including credit loss expense) in CHFm in CHFm 2020 317.3 2020 39,773 2019 230.6 2019 32,241 2018 214.5 2018 23,822 2017 187.8 2017 24,112 2016 150.2 2016 18,557 OPERATING PROFIT NET PROFIT in CHFm in CHFm 2020 105.6 2020 91.0 2019 50.6 2019 44.7 2018 53.8 2018 44.6 2017 45.8 2017 39.2 2016 23.2 2016 20.8 5.3bn CHF 33.3% 39.8bn CHF NET NEW MONEY INFLOW OPERATING PROFIT MARGIN CLIENT ASSETS Annual Report 2020 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 2016 – 2020 in CHF 277% 90 83 244% 76 211% 69 179% 62 146% 55 113% 48 80% 41 48% 34 27 15% 20 –18.0% 2016 2017 2018 2019 2020 DEVELOPMENT OF STOCK MARKET SHARE PRICE JANUARY TO DECEMBER 2020 in CHF 91.1% 90 82.8% 85 74.5% 80 66.2% 75 57.9% 49.6% 70 41.3% 65 32.9% 60 24.6% 55 16.3% 8.0% 50 –0.3% 45 –8.6% 40 –16.9% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual Report 2020 4 Swissquote share 2020 2019 2018 2017 2016 SHARE PRICE IN CHF High 90.80 53.50 75.80 38.55 28.90 Low 44.28 34.25 38.20 23.30 21.50 31 December 85.90 48.52 45.25 38.15 23.85 MARKET CAPITALISATION IN CHF MILLION High 1,391.8 820.1 1,161.9 590.9 443 Low 678.7 525.0 585.5 357.1 329.6 31 December 1,316.7 743.7 693.6 584.8 365.6 TOTAL EQUITY Operating income¹ per share 21.35 15.52 14.64 13.09 10.09 Earnings per share 6.12 3.00 3.04 2.73 1.39 Equity per share 28.72 24.45 22.98 19.26 18.32 Dividend per share 1.502 1.00 1.00 0.86 0.13 Other payout per share – – – 0.04 0.47 1 Including credit loss expense. 2 Proposal of the Board of Directors. EARNINGS PER SHARE PAYOUT PER SHARE in CHF in CHF 2020 6.12 2020 1.50 2019 3.00 2019 1.00 2018 3.04 2018 1.00 2017 2.73 2017 0.90 2016 1.39 2016 0.60 Annual Report 2020 5 OUR VISION «We want to be the world's most pioneering and intuitive online bank. Therefore, we challenge convention via innovation and technology.» Annual Report 2020 6 SWISSQUOTE IN A NUTSHELL Swiss digital banking Multiple growth Group with Swiss opportunities roots and growing Pioneers in Robo- international Advisory services and operations crypto-assets Listed since Unique one-stop 2000 on Swiss Stock shop positioning for Exchange SIX private clients and Leading cross-assets institutional partners platform Reputable brand Technology Well capitalised powerhouse Strongly regulated Annual Report 2020 7 OUR VALUES UNITE AS ONE DARE TO BE DIFFERENT DO THE RIGHT THING IN PURSUIT OF EXCELLENCE ALWAYS SAY IT HOW IT IS CHAMPION THE CUSTOMER Annual Report 2020 8 SWISSQUOTE TRADING PLATFORM BOND Member +70 Real time +60 000 SIX & EUREX Stock exchanges www.swissquote.ch Bonds FUND £ $ € 20 000 +90 000 +40 +75 Investment funds Structured products Themes trading Currency pairs and FX options +10 +10 Deriva- +20 CFD stock indices Cryptocurrencies Precious metals and & tokens tives commodities EUREX, CME, etc. SWISSQUOTE SERVICES Multicurrency Custodian Services to White-label Online leasing account services asset managers services £ $ € Robo-Advisory eMortgages Multicurrency Crypto Lombard and services credit card services margin loans Annual Report 2020 9 GLOBAL OFFICES «With offices in 4 seven countries, 2 Swissquote expands 1 its international presence and is a 3 global market player.» 3 Malta Swissquote Financial Services (Malta) Ltd Geneva, Zurich, Bern 1 Swissquote Bank Ltd eForex services eTrading services Luxembourg London 2 Swissquote Bank Europe SA 4 Swissquote Ltd Robo-Advisory services Fund custody services Annual Report 2020 10 5 6 7 5 Dubai Swissquote MEA Ltd, Swissquote Bank Ltd Rep. Office Hong Kong 6 Swissquote Asia Ltd, Swissquote Bank Ltd Singapore Rep. Office 7 Swissquote Pte. Ltd Annual Report 2020 11 Report to the shareholders Dear shareholders, Operating expenses in line with expectations 2020 was an exceptional year in a large number of respects. At CHF 211.7 million (CHF 180.1 million), operating Swissquote achieved strong and fundamental growth and can expenses were 17.6 percent higher than in the previous year, for the first time report over 400,000 clients accounts. Client due mainly to the rise in payroll and related expenses assets rose to a record of CHF 39.8 billion on the back of an (+CHF 20.7 million). At the end of 2020, Swissquote had a organic net new money inflow of CHF 5.3 billion. Operating workforce of 805 employees (+11.5 percent). income rose by 37.6 percent compared with the previous year to CHF 317.3 million, while pre-tax profit more than Net profit exceeds expectations doubled year-on-year to CHF 105.6 million. Profitability The combination of expenses and revenues brought a remained at a high level, with the pre-tax profit margin at 108.8 percent increase in pre-tax profit to CHF 105.6 33.3 percent. Not only was the revised forecast for 2020 million (CHF 50.6 million) and resulted in a pre-tax profit exceeded by a significant margin, but the medium-term margin of 33.3 percent (21.9 percent) for 2020. Net profit targets for 2022 had already been met by year-end. doubled year-on-year to CHF 91.0 million (CHF 44.7 Swissquote shares performed well, with the share price million), exceeding expectations. This is the result of the climbing by 77 percent to CHF 85.90. strong organic growth and the rise in average client assets that enabled Swissquote to demonstrate its operational Revenues set new records year after year strengths as well as its ability to improve profitability at a high At CHF 321.8 million (CHF 239.9 million), operating level. High-end technology and innovation are two other revenues were at their highest level to date, having risen by factors that contributed greatly to these record figures. 34.2 percent year-on-year. Adjusted for negative interest rates of CHF 4.7 million and fair value adjustments of Solid capital base CHF 0.2 million, operating income were up by 37.6 percent Swissquote succeeded in combining record profitability and on the previous year to CHF 317.3 million (CHF 230.6 organic growth with a stable and solid Basel III capital ratio million).
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