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Annual Report 2011 Fax +41 (0)91 743 63 49 BDS-12 01 Relazione 2011 Cop ENG Layout 1 16.04.12 14:20 Pagina 2 BDS-12_01_Relazione_2011_Cop_ENG_Layout 1 16.04.12 14:20 Pagina 1 ADDRESSES Head Office, General Management Lugano Banca del Sempione SA Via Peri 5 CH–6900 Lugano Tel. +41 (0)91 910 71 11 Fax +41 (0)91 910 71 60 www.bancadelsempione.ch [email protected] Swift code: BASE CH22 Branches Bellinzona Banca del Sempione SA Viale Stazione 8a CH–6500 Bellinzona Tel. +41 (0)91 910 71 11 Fax +41 (0)91 825 81 34 Chiasso Banca del Sempione SA Piazza Boffalora 4 CH–6830 Chiasso Tel. +41 (0)91 910 71 11 Fax +41 (0)91 683 99 06 Locarno–Muralto Banca del Sempione SA Piazza Stazione 9 CH–6600 Locarno–Muralto Tel. +41 (0)91 910 71 11 Annual Report 2011 Fax +41 (0)91 743 63 49 BDS-12_01_Relazione_2011_Cop_ENG_Layout 1 16.04.12 14:20 Pagina 2 The world changes. People, goods, and money move at increasingly faster speeds and change the reality in which we live. Even the centre of political power is changing geographically. To navigate these seas, you need a steady hand with the strength of experience, guided by prudence. These are the levers that Banca del Sempione operates every day in favour of its clients, the community where it does business, and its staff members and shareholders. In this annual report, Banca del Sempione wants to highlight the lessons of its experience, to tell the story of the cocoa fruit berries. The cocoa plant produces cocoa fruits and their berries are the seeds which are proces- sed into chocolate. The history of the chocolate industry is precious for many reasons. First of all, it is a Swiss success story throughout the world. In addition, it was one of the first instances of globalisation. Finally, it forms a tight nexus with finance because originally cocoa seeds also functioned as money in pre-Colombian societies. From a seed to a market, then. From a closed system to an international network. From the knowledge of expert hands to the creation of value. It seems like a remote history, but it is a tradition that Banca del Sempione cultivates every day. BDS-12_01_Relazione_2011_Interno_ENG_- 16.04.12 13:45 Pagina 1 Banca del Sempione SA Annual Report Report on the fifty-first year of operations, presented to the General Meeting of Shareholders on 27 April 2012 BDS-12_01_Relazione_2011_Interno_ENG_- 16.04.12 13:45 Pagina 2 BDS-12_01_Relazione_2011_Interno_ENG_- 16.04.12 13:45 Pagina 3 Contents 6 Bank’s governing bodies 9 Chairman’s report 1. Consolidated annual financial statements of Banca del Sempione’s Group 18 Consolidated balance sheet 19 Consolidated income statement 20 Consolidated statement of Cash Flows 21 Notes to the annual consolidated financial statements 38 Auditor’s Report 2. Other activities of the Group 46 Accademia SGR SpA 48 BASE Investments SICAV 50 Sempione SIM SpA 51 Banca del Sempione (Overseas) Ltd. 3. Annual financial statements of Banca del Sempione SA 58 Balance sheet 59 Income statement 63 Notes to the annual financial statements 68 Auditor’s Report BDS-12_01_Relazione_2011_Interno_ENG_- 16.04.12 13:46 Pagina 6 Banca del Sempione SA Bank’s governing bodies Board of Directors of the Management of the Submanagement of the Banca del Sempione SA Banca del Sempione SA Banca del Sempione SA Fiorenzo Perucchi 1) 2) chairman Stefano Rogna general manager Carlo Buono joint manager Günter Jehring 1) vice chairman Giordano Bellotti manager Arianna Baccalà Ghommidh assistant manager Bruno Armao Massimo Gallacchi manager Marco Cappelleri assistant manager Francesco Arcucci 2) Pietro Scibona manager Michele Donelli assistant manager Sergio Barutta 1) 2) Athos Walter manager Giuliano Flematti assistant manager Giampio Bracchi Maurizio Foppoli assistant manager Giuseppe Franchi 1) 2) Angelo Gilardoni assistant manager Sandro Medici 1) Silvia Jehring assistant manager Silvio Tarchini 2) Sascha Kever assistant manager Antonella Novati assistant manager Dario Piffaretti assistant manager Auditor Maria Quagliozzi assistant manager PricewaterhouseCoopers SA, Lugano Massimo Valsangiacomo assistant manager Peter Wüst assistant manager Guido Zanon assistant manager 1 members of executive board 2 independent members BDS-12_01_Relazione_2011_Interno_ENG_- 16.04.12 13:46 Pagina 7 Management of the branches of the Internal auditors Banca del Sempione SA Frank Leisinger chief inspector Chiasso Gabriele Domenighetti inspector Roberto Piccioli manager–branch manager Bellinzona Ermes Bizzozero joint manager–branch manager Locarno–Muralto Claudio Lanini assistant manager–branch manager Banca del Sempione SA 67Annual Report 2011 BDS-12_01_Relazione_2011_Interno_ENG_- 16.04.12 13:46 Pagina 8 BDS-12_01_Relazione_2011_Interno_ENG_- 16.04.12 13:46 Pagina 9 Chairman’s Report 2011 will be remembered for the world’s financial market turbulence as well as for the ongoing debt crisis that struck the eurozone countries. The need to find safe havens for saving and investment has made Switzerland and the Swiss franc a top choice for investors. The country’s system is robust, capable of providing security and strength, and its currency has brought attention to Swiss brokers, a trend which has continued into early 2012. Concerned about the Swiss franc’s strength, the National Bank of Switzerland has decisively intervened to set a cap on the market, achieving the desired result of bringing the EUR/CHF rate back from its August high of 1.01 to the 1.20 area. The decision surprised the markets and exhilarated Swiss businesses who were demanding intervention to contain prices of goods and services that they export to eurozone countries. Now the question is whether to intervene again, but the NBS has refused it, making further action to lower the exchange rate less likely. Certainly, exchange rate developments will also depend significantly on what the EU does with its financial policy in the coming months in an environment that is still very tricky. The primary objective is to restore market confidence and ensure cohesion within the eurozone. At any rate, the countries involved will have to implement the necessary structural reforms to avoid another recession which would be devastating to their attempts to restructure their government finances. Finally, austere spending and budget policies will act to bring the necessary calm back to the markets. At that point the economies of the emerging countries China, Russia, India and Brazil will have to function as engines of growth and allow for a brighter outlook. Such a scenario would also allow the international banking system to manage its operations with greater optimism, without compromising the need to act more sensibly and with greater balance, which the rush for profits and year-end bonuses affected at most banks. The mission must be to support productive companies and households and avoid supporting speculative initiatives. In an adverse financial environment, featuring moments of high tension and gloom, our bank has acted with due diligence, ending the year with positive and satisfying results, though lower than in the previous year. Our purpose is to maintain the absolute strength of our operations and act with extreme caution on our clients’ operations in a shared logic designed to preserve capital in an extremely difficult market environment. Lending operations and interest income On the revenue side of the income statement, interest income was in line with start-of-year projections. This was made possible by a careful proprietary bond portfolio management policy that effectively combined return objectives with issuer quality. Anticipating that the crisis was peaking, we turned to deposits with the National Bank of Switzerland for liquidity in CHF and German, Dutch and French government securities for liquidity in EUR. This policy also allowed us to appropriately contain exposure on the interbank market where we are a major lender. Moreover, with the aim of providing our clients with global service, we further developed our lending opera- tions, focusing on Lombard loans and mortgages. On mortgages, we are focusing sharply on real estate risk which is beginning to lurk on the markets. Commission income Our conservative policy in particularly difficult markets has weighed on securities brokerage commissions. The market experienced some dramatic movements, especially in the second half of the year, leading both the bank and especially clients to maintain a cautious stance, limiting trading. Banca del Sempione SA 89Annual Report 2011 BDS-12_01_Relazione_2011_Interno_ENG_- 16.04.12 13:46 Pagina 10 Trading operations In such an environment, the search for investments in strong currencies was a major factor throughout 2011. The operations of our forex division allowed us to offer clients constant quality solutions in terms of currency diversification and it generated attractive volume for our bank. Implementation of new procedures allowed it to operate effectively and efficiently also in terms of controls. Operating costs The item in question was subject to timely examinations and held under control, without ever losing sight of the need to provide high quality services which inevitably impose expenses and investment. We focused on re- curring expenses and, despite the hiring of several new staff members, we even kept personnel costs below the level of last year. Client assets Net funds inflow was positive despite major economic difficulties and several significant transactions that led clients to liquidate part of their positions in favour of real estate investments with the objective of weathering the difficult financial market situation. Consolidated Operating Result Consolidated
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