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Temenos AG Annual Report and Accounts 2020 MAKING BANKING BETTER, TOGETHER Over 3,000 firms across the globe, including 41 of the world’s top 50 banks, rely on Temenos to process the client interactions and daily transactions of more than 1.2 billion banking customers. Overview At a glance THE WORLD’S #1 BANKING SOFTWARE COMPANY Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8%, half the industry average, and returns on equity of 29%, three times the industry average. 1.2 bn Individuals, families and businesses rely on Temenos. That’s 30% of the world’s banked population 41 Our 3,000 banks include 41 of the top 50 global banks Cloud-native and SaaS-ready The APIs can be accessed via a development portal for Temenos solutions are cloud native and SaaS-ready. documentation and testing purposes, and allow banks #1 This means that the software can run natively on cloud to rapidly make changes to their solutions and overall They rely on the world’s infrastructure, taking full advantage of cloud-native operational environment in an insulated and clearly defined capabilities like dynamic scalability and in-built resilience. way using modern technology and design approaches #1 cloud-native intelligent This materially reduces the operational cost of running which shorten the time needed to accomplish this. Some banking platform the technology infrastructure, allowing the bank to scale banks with legacy systems struggle to decompose and operations up or down as needed. Our software is also modernize their core banking solutions. Those banks can cloud-agnostic meaning it can run on all major cloud utilize Temenos’ domain Microservices to continually platforms, providing our clients with choice, flexibility and deploy banking capabilities outside of their core to vendor risk mitigation. In addition, banks increasingly efficiently move into a modern architecture in a continuous need a simple alternative to accessing enterprise-level IT renovation approach. without the associated costs and risks. By using Temenos For more information turn to pages 12 and 18 SaaS, our clients can benefit from our expert-managed services that provide full mission-critical service delivery, Explainable Artificial Intelligence (XAI) enabling them to focus on their core business rather than Temenos is the first to bring transparency and explainability the software and technology. of AI automated decision making to the banking industry. Our patented explainable AI (XAI) platform and machine For more information turn to pages 12, 15 and 16 learning capabilities are embedded in the Temenos Microservices and Open APIs platform and available with all Temenos software either Temenos transforms the traditional approach by breaking through an easy-to-use interface or through APIs delivered down the software into independently scalable banking on-premise, in the cloud or as a SaaS offering. By domain-based Microservices that can be deployed embedding AI and Machine Learning into our products, rapidly, enabling our clients to make high-impact we have accelerated the release of explainable models changes frequently, predictably and seamlessly with that will underpin new AI use cases that focus on creating reduced implementation risk. By exposing these banking seamless customer journeys and automating manual Microservices as APIs in the cloud, our clients benefit processes with self-learning capabilities. Temenos also from the easy plug and play integration to both existing offers pre-packaged machine learning banking models for environments as well as to an ecosystem of partners, specific business functions helping banks accelerate their developers and fintechs via the Temenos Developer AI adoption significantly instead of starting from scratch. Community. Temenos has a published set of Open APIs For more information turn to page 19 which enables clients and other participants in the Temenos technology ecosystem to integrate the solutions into existing operational environments and to design, test and deploy innovative extensions around Temenos’ products. Temenos AG – Annual Report and Accounts 2020 ONLY FOCUSED RELENTLESS FOCUS ON BANKING ON INNOVATION, HIGHEST R&D OVER 27 YEARS LEADING SCALING THROUGH FUNCTIONALITY, ECOSYSTEM OF LOCALIZATION, TECHNOLOGY AND & ADVANCED IMPLEMENTATION TECHNOLOGY PARTNERS PACKAGED LEADER IN OUR PRODUCT, MARKET, 3,000+ SINGLE CODE CLIENTS BASE Temenos offers the winning combination of advanced cloud-native, SaaS-ready and API-first technology and the richest packaged banking functionality to help banks transform faster with the lowest cost of software deployment. Overview Performance Operating responsibly Governance Financial statements 001 Contents OVERVIEW At a glance # Our market opportunity 002 Chairman’s statement 004 Our strategy 006 Highlights of the year 007 Industry recognition 008 Temenos Value Benchmark 010 Software 012 Products 014 Technology platform 018 Sector solutions 020 Research and development 022 Delivering client success 027 Insights 030 PERFORMANCE Business review 032 Financial review 036 Principal risks and uncertainties 042 OPERATING RESPONSIBLY Message from the CEO 048 Our CSR and sustainability approach 050 Achieving business excellence 053 Operating responsibly 057 Investing in our people 072 Enabling access to financial services 083 Investing in our communities 084 Our targets at a glance 092 About this report 093 Independent assurance report 094 Contribution to the UN SDGs 095 UN Global Compact index 097 GRI content index 098 GOVERNANCE Board of Directors 106 Executive Committee 108 Corporate governance 111 Compensation Report 122 Report of the statutory auditor on the Compensation Report 14 3 FINANCIAL STATEMENTS Report of the statutory auditor on the consolidated financial statements 14 4 Consolidated statement of profit or loss 148 Consolidated statement of other comprehensive income 149 Consolidated statement of financial position 150 Consolidated statement of cash flows 151 Consolidated statement of changes in equity 152 Notes to the consolidated financial statements 153 Report of the statutory auditor on Temenos‘ vision is to provide the unconsolidated financial statements 206 financial institutions, of any size, Unconsolidated balance sheet 208 Unconsolidated income statement 209 any sector and anywhere in the Notes to the unconsolidated financial statements 210 world, the software to thrive Financial highlights 217 Information for investors 218 in the digital banking age. Temenos worldwide offices 219 Sources 223 Temenos AG – Annual Report and Accounts 2020 002 Overview Our market opportunity GROWING OUR GLOBAL OPPORTUNITY EUROPE THE AMERICAS MIDDLE EAST & AFRICA ASIA PACIFIC 21 16 7 19 Offices in the region Offices in the region Offices in the region Offices in the region 38% 27 % 18 % 1 7% Total revenue Total revenue Total revenue Total revenue 32% 34% 17 % 17 % Total software Total software Total software Total software licensing revenue licensing revenue licensing revenue licensing revenue Temenos AG – Annual Report and Accounts 2020 Overview Performance Operating responsibly Governance Financial statements 003 Industry context Market growth driven by structural industry drivers A number of disruptive technologies are driving Total addressable market change across the banking landscape and influencing the approach banks take to their IT renovation. 2020 Cloud/ API/ DevOps SaaS Microservices Key bn Core banking USD 63 Digital Front Office Total addressable Payments market 2020 Big Data AI/ Machine Blockchain/ Fund Admin Learning Distributed DB Third party spend Disruptive technologies are intensifying the pressures the industry has always faced: 2020 ▪ Demanding, less loyal customers that shop around for the most bn relevant, convenient and responsive banking services USD 17 ▪ Regulation intended not just to ensure risk and compliance but to actively drive innovation and competition in the industry like Open Third party spend 2020 Banking/PSD2, as well as to ensure resilience and availability of mission-critical IT systems 2025E ▪ Nimble new entrants such as payment providers, e-commerce and bn technology giants as well as neobank and fintech challengers. CAGR +8% USD 26 In addition, the industry has been struggling with historically low interest Third party spend 2025E rates and margins caused by prolonged recessionary conditions, the debt crisis and increased geopolitical volatility for several years now. Third party spend (SaaS vs license and maintenance) The Covid-19 pandemic has worsened the macroeconomic environment in which banks operate. At the same time, it is rapidly changing consumer mindsets and circumstances driving banks to both accelerate and scale 2020 CAGR +25% their digital transformation and customer experience. SaaS market 2020-25 This presents a big opportunity for the banking industry and Temenos, with its market leading software fueled by industry-leading investments in R&D. 2025E CAGR of +6% On-premise market 2020-25 Key SaaS Source: IDC, Ovum, Celent, McKinsey, License and Maintenance Temenos estimates. Temenos AG – Annual Report and Accounts 2020 004 Overview Chairman’s statement 2020, dominated by the Covid-19 pandemic, was a tale of two stories, with our resilient business model enabling us to weather the first six months of the year followed by a strong return to a new normal by the end of the year. It is with great pleasure that we present our Annual Report for 2020 to our shareholders. With the global pandemic
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