2007 Annual Report 2007 ANNUAL REPORT Winning the Tournament
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Life is full of achievements, large and small. Some concern our careers, while others are more personal. The photos that illustrate this annual report provide a glimpse into a few small success stories that we consider Head Office Place Saint-François 14 exemplary. We feel that these photos reflect our philosophy – at BCV, we Case postale 300 take banking personally and build our business one client at a time. 1001 Lausanne Switzerland 2007 ANNUAL REPORT 2007 Annual Report Phone: +41 848 808 880 Fax: +41 21 212 12 22 Telex: 454 304 bcvl ch Swift code: BCVLCH2L Clearing number: 767 www.bcv.ch Cover photo: [email protected] Winning the tournament. Life is full of achievements, large and small. Some concern our careers, while others are more personal. The photos that illustrate this annual report provide a glimpse into a few small success stories that we consider Head Office Place Saint-François 14 exemplary. We feel that these photos reflect our philosophy – at BCV, we Case postale 300 take banking personally and build our business one client at a time. 1001 Lausanne Switzerland 2007 ANNUAL REPORT 2007 Annual Report Phone: +41 848 808 880 Fax: +41 21 212 12 22 Telex: 454 304 bcvl ch Swift code: BCVLCH2L Clearing number: 767 www.bcv.ch Cover photo: [email protected] Winning the tournament. BCV at a glance Key figures – 5-year overview Key figures (in CHF millions) in CHF millions 2003 2004 2005 2006 2007 Balance sheet at 31 December 1 2007 2006 Change as % Total assets 33 972 31 783 32 233 33 031 35 337 Advances to customers 23 208 22 112 21 685 22 059 22 479 Total assets 35 337 33 031 7% Customer deposits and bonds 25 683 24 566 24 638 25 120 27 490 Total income 1 088 1 101 –1% Shareholders’ equity 2 563 2 920 3 229 3 419 3 225 Gross profit 529 536 –1% Net profit 477 534 –11% Assets under management 60 248 64 071 71 751 80 775 84 349 Assets under management 84 349 80 775 4% Key income-statement data Ratios Total income 943 944 1 038 1 101 1 088 Cost/income ratio 1 59% 59% Operating expenses 554 546 552 565 559 ROE 14% 16% Gross profit 389 399 486 536 529 BIS capital adequacy ratios Depreciation and write-offs 151 86 91 91 85 Tier 1 capital ratio 16.3% 18.3% Value adjustments, provisions and losses 78 40 16 8 10 Total capital ratio 16.3% 18.5% Net profit 157 337 457 534 477 1 Excluding goodwill amortization and write-downs Headcount Full-time equivalents 2 483 2 423 2 349 2 390 2 045 Ratios Shareholders’ equity/total assets 7.5% 9.2% 10.0% 10.3% 9.1% Thanks Highlights in 2007 SFBC capital adequacy ratio 156% 185% 196% 199% 179% BCV would like to thank its employees as well as the various external BIS Tier 1 capital ratio 13.4% 16.5% 17.8% 18.3% 16.3% partners involved in preparing this document. BIS total capital ratio 15.1% 17.4% 18.5% 18.5% 16.3% BCV posted very good financials: French texts and project management Wilhelm Blaeuer, Investor Relations • Revenues were stable at CHF 1.1bn (-1%) despite the transfer of Unicible’s assets BIS risk-weighted assets at 31 December Finance & Risks Division and operations. (in CHF millions) 18 464 17 224 17 612 18 140 18 962 • Gross profit was CHF 529m (-1%). English translations and adaptations • Net profit stood at CHF 477m. Gross profit/average shareholders’ equity 15.2% 13.7% 15.0% 15.9% 15.5% BCV Translations Unit, with the collaboration Cost/income ratio 2 71.3% 66.5% 61.8% 59.4% 59.0% of the following freelance translators: Gross profit per employee (in CHF thousands) 156.6 164.7 206.8 225.8 244.7 Brian Cover, Montreux (CH) Our strong financial position allowed us to buy back the remaining ROE 6.5% 12.4% 14.9% 16.0% 14.3% Chris Durban and Bob Blake, Paris (F) participation-certificate capital. Dylan Gee, London (UK) Credit ratings This document is an English translation of the original French text Standard & Poor’s (S&P) A-/negative/A-2 A-/stable/A-2 A-/stable/A-2 A/stable/A-1 A+/stable/A-1 Moody’s assigned us a credit rating of A1, and Standard & Poor’s raised our entitled “Rapport annuel 2007.” Only the French text is authoritative. A1/Prime-1 rating from A (stable) to A+ (stable). Moody’s stable Concept and design www.angebault-portenier.ch BCV’s sights are now firmly set on the future: 1 Following changes to accounting principles applied in preparing the 2007 financial statements, the corresponding line items from 2003 to 2006 • Our business trends are back on track thanks to our CroisSens growth project. were adjusted. Photos 2 • We entered into a strategic IT and back-office partnership with Excluding goodwill amortization and write-downs Sven Bänziger Milo Keller Zurich Cantonal Bank. Marc Ninghetto • We transferred the assets and operations of our former IT subsidiary to IBM (Suisse) SA. Printing Neidhart + Schön AG • Our image on the local market has improved significantly. © BCV, April 2008 BCV at a glance Key figures – 5-year overview Key figures (in CHF millions) in CHF millions 2003 2004 2005 2006 2007 Balance sheet at 31 December 1 2007 2006 Change as % Total assets 33 972 31 783 32 233 33 031 35 337 Advances to customers 23 208 22 112 21 685 22 059 22 479 Total assets 35 337 33 031 7% Customer deposits and bonds 25 683 24 566 24 638 25 120 27 490 Total income 1 088 1 101 –1% Shareholders’ equity 2 563 2 920 3 229 3 419 3 225 Gross profit 529 536 –1% Net profit 477 534 –11% Assets under management 60 248 64 071 71 751 80 775 84 349 Assets under management 84 349 80 775 4% Key income-statement data Ratios Total income 943 944 1 038 1 101 1 088 Cost/income ratio 1 59% 59% Operating expenses 554 546 552 565 559 ROE 14% 16% Gross profit 389 399 486 536 529 BIS capital adequacy ratios Depreciation and write-offs 151 86 91 91 85 Tier 1 capital ratio 16.3% 18.3% Value adjustments, provisions and losses 78 40 16 8 10 Total capital ratio 16.3% 18.5% Net profit 157 337 457 534 477 1 Excluding goodwill amortization and write-downs Headcount Full-time equivalents 2 483 2 423 2 349 2 390 2 045 Ratios Shareholders’ equity/total assets 7.5% 9.2% 10.0% 10.3% 9.1% Thanks Highlights in 2007 SFBC capital adequacy ratio 156% 185% 196% 199% 179% BCV would like to thank its employees as well as the various external BIS Tier 1 capital ratio 13.4% 16.5% 17.8% 18.3% 16.3% partners involved in preparing this document. BIS total capital ratio 15.1% 17.4% 18.5% 18.5% 16.3% BCV posted very good financials: French texts and project management Wilhelm Blaeuer, Investor Relations • Revenues were stable at CHF 1.1bn (-1%) despite the transfer of Unicible’s assets BIS risk-weighted assets at 31 December Finance & Risks Division and operations. (in CHF millions) 18 464 17 224 17 612 18 140 18 962 • Gross profit was CHF 529m (-1%). English translations and adaptations • Net profit stood at CHF 477m. Gross profit/average shareholders’ equity 15.2% 13.7% 15.0% 15.9% 15.5% BCV Translations Unit, with the collaboration Cost/income ratio 2 71.3% 66.5% 61.8% 59.4% 59.0% of the following freelance translators: Gross profit per employee (in CHF thousands) 156.6 164.7 206.8 225.8 244.7 Brian Cover, Montreux (CH) Our strong financial position allowed us to buy back the remaining ROE 6.5% 12.4% 14.9% 16.0% 14.3% Chris Durban and Bob Blake, Paris (F) participation-certificate capital. Dylan Gee, London (UK) Credit ratings This document is an English translation of the original French text Standard & Poor’s (S&P) A-/negative/A-2 A-/stable/A-2 A-/stable/A-2 A/stable/A-1 A+/stable/A-1 Moody’s assigned us a credit rating of A1, and Standard & Poor’s raised our entitled “Rapport annuel 2007.” Only the French text is authoritative. A1/Prime-1 rating from A (stable) to A+ (stable). Moody’s stable Concept and design www.angebault-portenier.ch BCV’s sights are now firmly set on the future: 1 Following changes to accounting principles applied in preparing the 2007 financial statements, the corresponding line items from 2003 to 2006 • Our business trends are back on track thanks to our CroisSens growth project. were adjusted. Photos 2 • We entered into a strategic IT and back-office partnership with Excluding goodwill amortization and write-downs Sven Bänziger Milo Keller Zurich Cantonal Bank. Marc Ninghetto • We transferred the assets and operations of our former IT subsidiary to IBM (Suisse) SA. Printing Neidhart + Schön AG • Our image on the local market has improved significantly. © BCV, April 2008 CONTENTS Letter from the Chairman and the CEO 2 Business Sector Reports 36 Retail Banking 37 Executive Board 4 Corporate Banking 40 Wealth Management 44 Overview of BCV 6 Trading 47 Corporate Responsibility: BCV’s Missions 8 Investor Information 50 Contributing to the economic 9 development of the Canton of Vaud Financial Statements 52 Meeting clients’ needs 14 Report on the Consolidated Financial Statements 56 Creating lasting value for shareholders 15 Consolidated Financial Statements 63 Being a benchmark employer 15 Parent Company Financial Statements 108 Playing an active role in the community 17 Corporate Governance 122 Economic Environment 18 Compliance 150 BCV in 2007 28 Markets and business volumes 29 Risk Management 152 Financial results 29 Business sector overview 30 Organization Chart 165 Highlights of the year 31 Key projects and investments 32 Retail Network 166 Strategy and outlook 33 Business trends at the main subsidiaries 33 Regional Managers 167 2007 Annual Report 1 The period between 2003 and 2006 was an eventful one Group.