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Mirabaud Group Consolidated Financial Statements 2016 Contents MIRABAUD GROUP CONSOLIDATED FINANCIAL STATEMENTS 2016 CONTENTS Annual report 2 Governing bodies of the Mirabaud Group 3 Balance sheet 4 Income statement 6 Cash flow statement 7 Statement of changes in equity 8 Notes to the consolidated financial statements 9 Report of the Group Auditors 44 MIRABAUD GROUP CONSOLIDATED FINANCIAL STATEMENTS 2016 MIRABAUD GROUP | CONSOLIDATED FINANCIAL STATEMENTS 2016 2 ANNUAL REPORT As of 31 December 2016, total assets under admin- With a total equity of CHF 187.4 million, excluding istration amount to CHF 33.1 billion (including CHF consolidated profit, the Group’s Tier 1 capital ratio 3.2 billion of double-counted assets). This reflects the is 20.21%. solid client base built over many years across the dif- ferent business lines in Switzerland and abroad. During 2016, Mirabaud stepped up its wealth man- agement, asset management and brokerage activi- The annual Group financial statements report a con- ties in its various markets. The Group is continuing to solidated profit of CHF 31.6 million. grow and invest. Revenue amounts to CHF 289.0 million including net interest income of CHF 24.1 million, fee and com- mission income of CHF 227.7 million and dealing in- come of CHF 30.3 million. Operating result amounts to CHF 39.5 million. Consolidated balance sheet amounts to CHF 4’326.8 million. Liabilities are comprised primarily of clients The Partners deposits. Two thirds of assets are deposited with the Swiss National Bank or invested, mainly in short-term government notes, ensuring liquidity and security. MIRABAUD GROUP | CONSOLIDATED FINANCIAL STATEMENTS 2016 3 GOVERNING BODIES OF THE MIRABAUD GROUP PARTNERS Yves MIRABAUD Antonio PALMA Lionel AESCHLIMANN Camille VIAL BOARD OF DIRECTORS OF MIRABAUD SCA Yves MIRABAUD Antonio PALMA Lionel AESCHLIMANN Camille VIAL SUPERVISORY BOARD OF MIRABAUD SCA Pierre BONGARD Bernard VISCHER François SUNIER MIRABAUD GROUP | CONSOLIDATED FINANCIAL STATEMENTS 2016 4 BALANCE SHEET Swiss Francs Assets 31.12.2016 31.12.2015 Liquid assets 1’455’287’499 1’575’934’795 Amounts due from banks 431’033’644 339’495’540 Amounts due from customers 736’541’746 614’203’852 Mortgage loans – – Trading portfolio assets – – Positive replacement values of derivative financial instruments 132’049’861 78’637’950 Financial investments 1’361’079’746 1’374’696’989 Accrued income and prepaid expenses 42’074’395 46’135’899 Non-consolidated participations 1’001’599 1’145’486 Tangible fixed assets 107’585’880 100’008’152 Intangible assets – – Other assets 60’147’617 49’390’389 Total assets 4’326’801’987 4’179’649’052 Total subordinated claims – – MIRABAUD GROUP | CONSOLIDATED FINANCIAL STATEMENTS 2016 5 Liabilities 31.12.2016 31.12.2015 Amounts due to banks 67’336’762 57’042’430 Amounts due in respect of customer deposits 3’782’679’777 3’683’999’283 Trading portfolio liabilities – – Negative replacement values of derivative financial instruments 125’335’990 74’262’988 Accrued expenses and deferred income 84’093’654 90’182’327 Other liabilities 29’796’354 52’359’818 Provisions 18’585’198 17’668’466 Capital accounts 141’466’440 138’361’500 Retained earnings reserve 46’157’684 40’710’705 Currency translation reserve -255’303 -2’013’534 Consolidated profit 31’605’431 27’075’069 Total liabilities 4’326’801’987 4’179’649’052 Total subordinated liabilities – – OFF-BALANCE SHEET TRANSACTIONS Swiss Francs 31.12.2016 31.12.2015 Contingent liabilities 175’343’914 86’719’834 Irrevocable commitments 4’952’000 3’280’000 Obligations to pay up shares and make further contributions – – Credit commitments – – MIRABAUD GROUP | CONSOLIDATED FINANCIAL STATEMENTS 2016 6 INCOME STATEMENT Swiss Francs 2016 2015 Interest and discount income 21’687’766 16’087’887 Interest and dividend income from financial investments 408’793 476’329 Interest expense 1’964’800 747’228 Gross result from interest operations 24’061’359 17’311’444 Changes in value adjustments for default risks and losses from interest operations -4’806 -29’478 Net result from interest operations 24’056’553 17’281’966 Commission income from securities trading and investment activities 252’385’010 245’902’668 Commission income from lending activities 747’386 291’951 Commission income from other services 7’151’003 6’572’874 Commission expense -32’540’606 -27’823’237 Result from commission business and services 227’742’793 224’944’256 Result from trading activities 30’298’069 36’429’750 Result from the disposal of financial investments 729’494 951’076 Income from non-consolidated participations 8’855’348 14’934’189 Result from real estate 248’080 289’986 Other ordinary income 468’920 1’505’299 Other ordinary expenses -3’386’042 -5’271’626 Other result from ordinary activities 6’915’800 12’408’924 Personnel expenses -173’291’184 -182’006’698 General and administrative expenses -71’094’429 -68’491’221 Operating expenses -244’385’613 -250’497’919 Value adjustments on participations and depreciation and amortisation of tangible fixed assets and intangible assets -4’132’451 -3’833’181 Changes to provisions and other value adjustments, and losses -974’200 -2’462’831 Operating result 39’520’951 34’270’965 Extraordinary income 76’861 729’348 Extraordinary expenses -129’906 -544’511 Taxes -7’862’475 -7’380’733 Consolidated profit 31’605’431 27’075’069 MIRABAUD GROUP | CONSOLIDATED FINANCIAL STATEMENTS 2016 7 CASH FLOW STATEMENT Swiss Francs 2016 2015 Cash inflows Cash outflows Cash inflows Cash outflows Cash flow from operating activities (internal financing) Consolidated profit 31’605’431 – 27’075’069 – Value adjustments on participations, depreciation and amortisation of 4’132’451 – 3’833’181 – tangible fixed assets and intangible assets Provisions and other value adjustements 916’732 – 2’177’174 – Change in value adjustments for default risks and losses 4’806 – 29’478 – Accrued income and prepaid expenses 4’061’504 – – 9’572’932 Accrued expenses and deferred income – 6’088’673 15’047’839 – Other items – 33’320’692 32’303’190 42’114’930 Subtotal 40’720’924 39’409’365 80’465’931 51’687’862 Cash flow from shareholders’ equity transactions Share capital / participation capital / cantonal banks’ endowment capital / etc. 3’104’940 – 340’614 – Recognised in reserves – 19’869’859 – 39’620’075 Subtotal 3’104’940 19’869’859 340’614 39’620’075 Cash flow from transactions in respect of participations, tangible fixed assets and intangible assets Participations 143’887 – 453’417 – Real estate – 8’302’500 – – Other tangible fixed assets – 3’407’679 – 5’304’543 Subtotal 143’887 11’710’179 453’417 5’304’543 Cash flow from banking operations Medium - and long-term business (> 1 year) Amounts due from banks Amounts due from customers – 2’500’000 2’500’000 – Financial investments 3’881’671 – 1’430’329 – Short-term business (< 1 year) Amounts due to banks 10’294’332 – 53’944’437 – Amounts due in respect of customer deposits 98’680’494 – – 323’354’413 Negative replacement values of derivative financial instruments 51’073’002 – 22’041’708 – Amounts due from banks – 91’538’103 78’994’694 – Amounts due from customers – 119’842’700 195’986’386 – Positive replacement values of derivative financial instruments – 53’411’911 – 25’021’750 Financial investments 9’735’572 – 77’304’591 – Liquidity Liquid assets 120’647’295 – – 68’473’464 Subtotal 294’312’366 267’292’714 432’202’145 416’849’627 Total 338’282’117 338’282’117 513’462’107 513’462’107 MIRABAUD GROUP | CONSOLIDATED FINANCIAL STATEMENTS 2016 8 STATEMENT OF CHANGES IN EQUITY Swiss Francs Capital accounts - - tions tions Total reserve reserve Definitely liable Indefinitely liable Retained earnings partners contribu partners contribu Consolidated profit Currency translation Equity as of December 31, 2015 83’498’000 54’863’500 40’710’705 -2’013’534 27’075’069 204’133’740 Employee participation schemes / recognition in reserves – – – – – – Capital movements increase / decrease – 3’104’940 – – – 3’104’940 Currency translation differences – – – 1’758’231 – 1’758’231 Dividends and other distributions – – 4’480’335 – -27’075’069 -22’594’734 Other allocations to (transfers from) the other reserves – – 966’644 – – 966’644 Consolidated profit – – – – 31’605’431 31’605’431 Equity as of December 31, 2016 83’498’000 57’968’440 46’157’684 -255’303 31’605’431 218’974’252 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS MIRABAUD GROUP | CONSOLIDATED FINANCIAL STATEMENTS 2016 10 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 2016 COMPANY NAME, LEGAL STRUCTURE Scope of Consolidation and related changes AND DOMICILE The scope of the consolidation includes, as of December 31, 2016, all entities controlled by the Partners. The sig- Mirabaud was founded in Geneva in 1819. Over time, the nificant entities are disclosed on page 20 of the report. Group has developed into a multinational. Mirabaud provides its clients with customised financial and advisory services in The scope of the consolidation has not changed in 2016. three core areas : Wealth Management (portfolio manage- ment, investment advisory services and services for inde- pendent financial advisors), Asset Management (institutional Consolidation method management, fund management and distribution) and Bro- kerage (traditional brokerage). The entities directly or indirectly controlled by the Group are consolidated using the global integration method. The The Mirabaud Group (herein after “The Group” or “Mira- share capital is consolidated using the anglo-saxon meth- baud”) comprises the financial statements of all entities in od (purchase method). which the Mirabaud Group Partners are holding directly or The Group’s internal transactions, as well as the intercom- indirectly more than 50% of capital or votes, and which are pany profits, have been reported as elimination entries subject to the joint management of the indefinitely liable Part- when establishing the consolidated financial statements.
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