Newsletter 2013-01 (PDF) - PostFinance

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1 March 2013 − Protection for products offered by PostFinance together with partners (vested benefits account and retirement savings account 3a) will not change as a result of the demerger. − Future reporting will comply with Swiss accounting standards for banks (BAG standard) and supplementary FINMA guidelines. − Even as a public limited company, PostFinance will pursue a conservative investment policy and guarantee risk tolerance in accordance with financial market requirements. − New provisions regarding investments made by major or institutional investors will apply to PostFinance Ltd from the demerger date. Basic service for payment transactions PostFinance’s business activities are defined in the «Purpose» article of the Postal Organisation Act, according to which Swiss Post remains responsible for providing a basic service with regard to payment transactions. Swiss Post will delegate the provision of services to the future PostFinance Ltd. The Postal The future group structure of Swiss Post PostCom supervision FINMA supervision Prof. Dr Rolf Watter PostMail Swiss Post Ltd PostLogistics Management and service units Swiss Post Solutions Post Offices & Sales PostBus Ltd Post CH Ltd PostFinance Ltd Immobilien AG News from PostFinance Organisation Act defines the provision of the following financial services: − Payment services − Accepting customer deposits − Account services and other related services − Investments for own account − Other financial services on behalf of third parties − Under the new legislation, PostFinance will still not be able to issue its own loans and provide mortgages. It will continue to offer these products in cooperation with partners. PostFinance has made organisational changes in order to meet the new legal requirements. It modified its structure at the beginning of 2012 in order to comply with the stricter requirements applicable in terms of corporate governance and regulation. FAQ about PostFinance Ltd can be found at postfinance.ch/ltd. PostFinance Ltd obtains rating from Standard & Poor’s The future PostFinance Ltd has obtained an AA from rating agency Standard & Poor’s (S&P). Meanwhile, Swiss Post Ltd has also been assigned a rating (AA+). When awarding its ratings, S&P takes into account different factors such as the general business position, capital resources and earnings as well as the risk, financing and liquidity situation. Issues such as the ownership structure and basic service mandate were also relevant. The rating shows that Post Finance will remain a solid, reliable financial institution after the demerger into a public limited company. The Board of Directors of PostFinance Ltd The Board of Directors of PostFinance Ltd was e lected in October 2012. The seven-member Board of Directors will be chaired by business lawyer Prof. Dr Rolf Watter. He brings to the role extensive knowledge of corporate and securities law. His deputy is Dr Marco Durrer (Board of Directors of Swiss Post). Legal and compliance specialist Dr Michaela Troyanov, and Dr Patrick Frost, also with many years of management experience in the financial services industry, join the PostFinance Board of Directors. On the Swiss Post side, Adriano P. Vassalli was elected, together with CEO Susanne Ruoff and Head of Finance Pascal Koradi. The newly acquired expertise of the PostFinance Ltd Supervisory Board is already being put to use during the transition period. 2
1 March 2013 PostFinance annual results 2012 Customer assets of over 100 billion francs 111,000 new customers put their trust in the financial institution and opened 213,000 new accounts last year. The total number of accounts at the end of December was therefore 4.55 million (+ 4.9 percent). The associated inflow of new money of about 12 billion francs increased customer assets to 104 billion francs (+ 12.6 percent). Last year, PostFinance’s earnings before taxes compared to the previous year increased by 40 million francs to 631 million francs (+ 6.8 percent). The main reasons for the good results were interest income and reversals of previous years’ flat-rate writedowns amounting to 25 million francs. Onetime profit of 17 million francs from PostFinance key figures 2012 2011 Delta Annual earnings before taxes (CHF m) incl. associated companies (SIC, SECB) 631 591 40 Operating income (CHF m) 1,534 1,474 60 – Net interest income after writedowns 1,062 1,024 38 – Service and commission income 303 301 2 – Trading income 148 146 2 Operating expenses (CHF m) – Staff costs – Material expenditure – depreciation Number of customers (reference date, thousands) 2,922 2,811 111 Number of customer accounts (reference date, thousands) 4,549 4,336 213 Customer assets (annual average, CHF m) 103,850 92,225 11,625 Funds and securities (reference date, CHF m) 4,524 3,988 536 Mortgages (reference date, CHF m) * 4,167 3,684 483 Loans to business customers (reference date, CHF m) 6,514 6,842 –328 E-finance users (reference date, thousands) 1,463 1,350 113 Headcount (full-time equivalent, annual average) 3,473 3,422 51 Millions of transactions processed (reference date, accumulated) 932 907 25 * PostFinance offers mortgages through its partner banks. 905 471 426 8 882 446 426 10 New PostFinance head office to open its doors in May 2013 PostFinance has been one of Switzerland’s biggest job creators for many years. Since 1998, the number of fulltime positions has risen from 1,602 to over 3,400. The growth of the company’s workforce has also impacted on its space requirements. The majority of the 1,800 employees currently based in five different locations across Berne will be brought together in the new, modern head office building. The first employees will be relocating to the new 13-storey head office on Mingerstrasse in the north of Berne as of May 2013. The 55-metre-high new head office, which will have capacity for 1,200 employees and 15,000 m 2 of gross floor space, is one of the largest buildings in Berne, reflecting the company’s successful business development story. The building has been constructed in line with MINERGIE-ECO standards (minergie.ch). 23 25 0 –2 News from PostFinance the cancellation of a financial investment also contributed to the results. Net interest income after writedowns increased by 38 to 1,062 million francs (+ 3.8 percent) in spite of the difficult financial market situation. At the same time, PostFinance benefited from current long-term investment income last year. Constantly falling interest margins will adversely affect PostFinance’s results next year. PostFinance well capitalized As a public limited company, PostFinance needs to be funded with equity, the amount of which will be determined by the Capital Adequacy Ordinance (CAO). The same legal framework will apply as for banks. PostFinance’s compliance will be monitored by FINMA. PostFinance Ltd will have equity of around 4.6 billion francs. Risk-weighted assets amount to around 24 billion francs. This gives a tier 1 equity share (hard equity) of over 19 %. For a category 2 bank, which is the category PostFinance Ltd will be allocated to, FINMA requires a tier 1 equity share of between 13.6 % and 14.4 %. PostFinance Ltd will therefore be well capitalized. Right from the start, it will meet the strict equity require-ments set by Basel III and the new Capital Adequacy Ordinance – in terms of equity quantity and quality alike. Watch the new PostFinance head office being built on Minger strasse in Berne via webcam 1 and webcam 2. – http://w w w.bildersammlung.ch/ bern-webcam-wetter-bern-5/ webcam.php – http://w w w.bildersammlung.ch/ bern-webcam-wetter-bern-6/ webcam.php 3
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