Valartis Group business year 2009 Press & analysts conference Widder Hotel, Zurich / April 13, 2010

Transcription

1 business year 2009 Press & analysts conference Widder Hotel, Zurich / Page 1 1

2 Agenda Business year 2009 Strategy & Highlights Gustav Stenbolt, CEO Financial results Hanspeter Kaspar, CFO Closing remarks Erwin W. Heri, Chairman Q & A All Page 2 2

3 Strategy & Highlights Gustav Stenbolt, CEO Page 3 3

4 Profile Swiss Banking Group with focus on Private Banking is a Swiss banking boutique with significant private banking business as well as asset management and investment banking operations. In addition to delivering wealth management services to high net worth individuals and institutional clients, the Group focuses on the development and management of innovative niche investment products and the provision of selected advisory and banking services. Asset Management: Zurich, Geneva, Luxemburg, Vienna, Moscow, St. Petersburg Private Banking: Zurich, Geneva, Vienna, Liechtenstein Investment Banking: Zurich, Geneva, Vienna 7 domiciles in 5 countries Zurich Geneva Vienna (2) Liechtenstein Moscow St. Petersburg Luxemburg > 200 specialists Portfolio Managers Private Bankers Analysts Sales Traders M&A-specialists Real Estate specialists Page 4 4

5 History Landmarks Establishment of «OZ Zürich Optionen und Futures Aktiengesellschaft» Establishment of MC Trustco, now Valartis Asset Management Establishment of Valartis Europe AG, Vienna (M&A) Merger of OZ Group and MCT Companies Acquisition of Valartis Bank (Liechtenstein) AG [before: Hypo Investment Bank (Liechtenstein) AG] Establishment of Bankhaus Rosenfeld, Vienna, now Valartis Bank (Austria) AG Establishment of OZ Holding, now AG Banking license for OZ Bankers AG Establishment of Hypo Investment Bank (Liechtenstein) AG Group operates under a the new name Valartis Acquisition of Valartis Bank (Austria) AG [before: Anglo Irish Bank (Austria) AG] Page 5 5

6 Structure Ownership and major holdings Free Float 50 % MCG Holding SA, Baar 50 % AG, Baar / ZG 5 Mio. bearer shares / listed on the SIX Swiss Exchange Shareholders Votes Capital Gustav Stenbolt 72.6% 63.8% Philipp LeibundGut 14.8% 19.4% Tudor Global Trading 12.2% 16.2% Board of Directors Erwin W. Heri, Chairman Stefan Holzer, Vice Chairman Philipp LeibundGut Jean-François Ducrest 100 % Major participations 100 % Valartis Bank AG, Zurich / Geneva 27.5% Jelmoli Bonus Card AG, Zurich Valartis Bank (Austria) AG, Vienna 100% Valartis Asset Management KmbH 89% Valartis Bank (Liechtenstein) AG 100% of 5 Funds/Trust -comp. Valartis Asset Management AG, GE/ZH Valartis International Ltd., BVI 100% Valartis Europe AG, Vienna 74% SCCA, Algeria 55% ENR Russia Invest AG, Geneva 38% Eastern Property Holdings Ltd., BVI Valartis Wealth Management AG, Geneva Page 6 6

7 Strategy Significant progress in 2009 Three pillar strategy Focus on Private Banking Balance sheet growth Valartis Bank (Austria) 12/08 Valartis Bank (Liechtenstein) 12/09 4'000 3'500 3'000 2'500 2'000 1'500 1' Balance sheet assets: CHF 2.92 bn 2'924 1' Balance sheet structure Build-up of fixed income portfolio High liquidity (repo eligible bonds) Asset under Management Total: + CHF 2.1 bn Net new money: + CHF 1.76 bn 8'000 7'000 6'000 5'000 4'000 3'000 2'000 1'000 0 Assets under Management: CHF 6.38 bn 6'378 4'239 4'322 3'825 3' Page 7 7

8 Strategy Significant progress in 2009 Strong earnings power Total income: CHF m Cost / Income Ratio: 44% Net profit: CHF 62.8 m Return on Equity: 26.6% Group Net Profit: CHF 62.8 m Shareholders equity: CHF 357 m Steady increase of capital base Low leverage business model Equity ratio at 12% Page 8 8

9 Operating structure Management Management Board G. Stenbolt, CEO H. Kaspar, CFO E. Berthelot, Head PB Compliance Corporate Communication Asset Management Private Banking (PB) Investment Banking Corporate Center Real Estate A. Rolland Investment Products G. Stenbolt Switzerland E. Berthelot Liechtenstein A. Insam Austria E. Traun M&A Corp. Finance P. Brandl Brokerage Trading K. Fröhlicher Services Operations H. Kaspar Projects Equities / Fixed Income PB Geneva Private Clients PB East Mergers & Acquisitions Brokerage Execution Accounting Regulatory Reporting Operations Private Equity PB Zurich Institutional Clients PB International Corporate Finance Trading Risk Control Alternative Investments Back Office Information Systems Page 9 9

10 Asset Management Equities, Private Equity & Alternative Investments Valartis Asset Management brings together an experienced and focused team of more than 30 portfolio managers, analysts, traders and associated professionals based in Geneva, Zurich, Moscow and Vienna. Over the past decade, the group has launched a range of specialized regional and sector funds and investment companies across multiple asset classes. Areas of expertise in asset management: Listed Equities and Fixed Income in Russia and Eastern Europe Private Equity in Russia and CIS Euroland, Swiss and Global Equities European Energy Trading Real Estate related products Best in class 2009 MC Russian Market Fund: + 150%, Outperformance +45% Swiss Small & Mid Cap Selection: +50%, Outperformance +20% Page 10 10

11 Asset Management Real Estate Eastern Property Holdings (EPH) SIX Swiss Exchange listed Real estate investment and development company with; all activities (office, retail, residential and parking) are mainly located in Moscow and St. Petersburg Total assets 12/09: CHF 455 m., NAV CHF 347 m (low leverage) Participation Valartis 12/09: 38%, CHF 132 m on balance sheet, total P&L income gain after tax CHF 19 m Société des Centres Commerciaux d Alg Algérie (SCCA) First shopping-, office and recreation complex in Algeria; opening in June/July Total balance sheet assets 12/09: CHF 75 m, local bank financing CHF 36 m Participation Valartis 12/09: 74% (at cost 100%; no revaluation) MCT Berlin Residential SCA Fund holding residential units, mainly in Berlin and Leipzig Valartis managing the fund with total assets of ca. CHF 450 m (12/09) Car Parking Geneva Valartis Asset Management has won a project to build an underground car park in the city center of Geneva Page 11 11

12 Investment Banking Overview Central execution Private Banking Austria, Liechtenstein, Switzerland Equities, bonds, derivatives, money market, commodities, FX Treasury function Brokerage / block trading / market making Institutional & private clients Equities & derivatives with focus Switzerland M&A / Corporate Finance Support / advise to Small & Mid Caps (EUR m) in Europe Team working out of Vienna and Zurich Minor proprietary trading activities Swiss equity / derivative trading Energy trading Page 12 12

13 Private Banking Acquisition Hypo Investment Bank (Liechtenstein) AG Acquisition of Hypo Investment Bank (Liechtenstein) AG Renamed into Valartis Bank (Liechtenstein) AG Solid balance sheet with total assets of ca. CHF 840 million Total assets under management CHF 1.5 bn Strong / experienced management Valartis holds 89% of the votes and 72.5% of the capital; rest held by management and employees of the bank Goodwill CHF 5.1 million Page 13 13

14 Private Banking Activities 2009 Extending Private Banking operation in Zurich and Geneva Hiring experienced senior people / teams Significant new money inflow Integration of Valartis Bank (Austria) AG Successful integration on all levels Synergies in several areas - Asset Management, M&A, Group functions etc. Page 14 14

15 Private Banking Overview Managing CHF 4.3 billion in assets as of December 31, 2009 Operating out of Geneva, Zurich, Vienna and Liechtenstein (156 employees) Investment capabilities: Know-how in managing multiple asset classes Value-oriented investment approach Dedicated professional executives Open-architecture investment policy AuM* Asset classes AuM* Currencies 13% 11% 4% 2% 47% Liquidity Bonds Stocks Funds Precious metal 3% 3% 7% USD 7% EUR 45% CHF GBP RUB 23% Alternative/Other 35% Other * Assets under Management as of December 31, 2009 (Private Banking only) Page 15 15

16 Financial results Hanspeter Kaspar, CFO Page 16 16

17 P&L, CHF million ý % Total operating income Net interest/dividend income Net commission income Trading income Other ordinary income Associated companies Expenses (Personnel / administrative) Operating profit Depreciations / provisions Taxes Minority share Group net profit (for shareholders) Earnings per share (CHF) Page 17 17

18 Trading Income / Other Income Split, CHF million Trading income Fixed income Equity instruments Other Other ordinary income Eastern Property Holdings Other Page 18 18

19 Assets under Management, CHF million Investment Banking Private Banking '000 6'000 Asset Management '000 4'000 3'000 2'000 1' Page 19 19

20 Balance sheet, CHF million Total assets Cash Due from banks Due from clients Trading portfolio assets 1) Fixed income instruments Equity instruments Other ý % Total liabilities Due to banks Repurchase transactions Due to clients Other Total shareholders equity Minority interest 1) 2009 including Investment Funds of CHF 10 million Page 20 20

21 Acquisition of Valartis Bank (Liechtenstein) AG Purchase Price for 72.5%, CHF million (net of deferred taxes) Total Assets under Management Total Balance sheet assets Purchase Price Shareholder s equity Difference Thereof: Building revaluation Clients/intermediaries Goodwill Page 21 21

22 Closing remarks Erwin W. Heri, Chairman Page 22 22

23 AG General Assembly 2010 Dividend proposal Dividend payout: CHF 0.50 per bearer share Total payout CHF 2.5 million Dividend yield 1.5% (based on year-end share price) Page 23 23

24 Contacts AG Blegistrasse 11A 6340 Baar Switzerland Phone Fax Valartis Bank AG, Geneva 2-4 place du Molard P.O. Box Genf 3 Switzerland Phone Fax Valartis Bank AG Sihlstrasse 24 P.O. Box 8021 Zürich Switzerland Phone Fax Valartis Bank (Austria) AG Rathausstrasse Wien Austria Phone Fax Valartis Bank (Liechtenstein) AG Schaaner Strasse Gamprin-Bendern Liechtenstein Phone Fax Moscow Office 5 Petrovka Street Moscow Russia Page 24 24