Vp Bank Ag Class A · SIX:VPBN
Vp Bank Ag Class A — Investor Presentation (November 2009)
53 slides from Vp Bank Ag Class A's investor presentation, November 2009
Slide 1: VP Bank Equity Story
CorporateCommunications November2009 VPBankEquityStory
Slide 2: Content
Content HistoryofLiechtenstein 3 Liechtenstein– figuresandconstitution 4 Important IndustrialCompanies inLiechtenstein 5 Marketenvironment– theLiechtensteinfinancialcenter 6 Marketenvironment– Liechtensteinasabankingcenter 7 OverviewofVPBank 8 HistoryofVPBank 9 Rootsandstrenghts ofVPBank 10 Position
Slide 3: History of Liechtenstein
HistoryofLiechtenstein • 1396:EarldomVaduz • 1923:CustomstreatywithSwitzerland • 1699/1712:EarldomsofSchellenberg /VaduzgrantedtoJohannAdamAndreasvon • 1924:IntroductionoftheSwissfrancasnationalcurrencyof Liechtenstein Liechtenstein • 1719:Elevationtoimperialprincipality,partoftheGermannationoftheHo
Slide 4: Liechtenstein – figures and constitution
Liechtenstein– figuresandconstitution Crossborder Commuters Surfacearea 160km2 Boundaries 41.2kmborderwithSwitzerland;36.7kmwith Austria GDP(atcurrentprices, 1998– 3‘595,1999– 4‘002,2000– 4‘195,2001– inCHFmillion) 4‘205,2002– 4‘191,2003– 4‘135,2004– 4‘296, Other 2005– 4‘555 500 Population 35,350;1/3
Slide 5: Important Industrial Companies in Liechtenstein
Important IndustrialCompanies inLiechtenstein Liechtenstein‘s major industrial companies 1923 Ivoclar Vivadent AG 1935 Hilcona 1936 Hoval AG 1941 HiltiMaschinenbauAG 1941 ThyssenKruppPresta AG 1946 oerlikon 1948 Swarovski 1957 HerbertOspeltAnstalt 2000 Inficon HoldingAG 5
Slide 6: Market environment – the Liechtenstein financial center
Marketenvironment– theLiechtensteinfinancialcenter Characteristics • Streamlinedpoliticalsystemorientedtowardcitizenry • Stablelegalandsocialsystem Decadesofexperience Political inprivatebankingand • Liberaleconomicsystem continuity wealthmanagement andstability • Shortadministrativepaths • Transpar
Slide 7: Market environment – Liechtenstein as a banking center
Marketenvironment– Liechtensteinasabankingcenter Characteristics Structure • Financialservicesrepresentthecountry’ssecondmostimportant commercial • 15banks sector(30%ofGDP)behindthemanufacturingindustry • Totalassetsundermanagement:CHF121billion(2008) • 150-yearbankingtradition • Financialcenterorie
Slide 8: Overview of VP Bank
OverviewofVPBank • Foundedin1956 Solid • Third-largestbankinLiechtenstein equitybase • TotalclientassetsCHF39.9billion* • NetassetsCHF12.4billion* • Shareholders’equityratio7.2%* Consolidated • Cost/incomeratio64.2%* statementof • 769.7employees(expressedinfulltimeequivalents)* comprehensiveincome:
Slide 9: History of VP Bank
HistoryofVPBank 1956: GuidoFegerfoundsparentbankinVaduz LocationsofVPBankGroup 1962: Conversiontoajoint-stockcompany 1974: Introductionofpublicandemployee-ownedshares 1983: ListinginthesidemarketoftheSwissStockExchange(today’sSIXSwissExchange) asfirstLiechtensteincompanytobepubliclytraded 1987: Trad
Slide 10: Roots and strengths of VP Bank
RootsandstrengthsofVPBank • VPBankfoundedbyGuidoFeger,asuccessfulentrepreneuras wellasoneofLiechtenstein’smostimportantfiduciaries • Continualgrowthinsizeandprofitability • SuccessfulasthethirdbanktobeestablishedinLiechtenstein • Continuationofthefounder’scharitableactivitiesunderthe auspicesoftheSt
Slide 11: Positioning among private banks
Positioningamongprivatebanks Peergroupoverviewasof2010 Briefdescriptionofpeergroup ClaridenLeu Strengthsintheareaofretirementandsuccessionplanning,tax andinheritance advice;broadproductrange;concentrationonfoundations/trusts;morethan 20locationsworldwide. EFGInternational Globalprivatebankingorganiz
Slide 12: Structure of VP Bank
StructureofVPBank Organization Organizationchart BusinessUnits PrivateBankingClients Directclients Intermediaries Externalassetmanagers,fiduciaries,attorneys ServiceUnits BankingServices ServicesfortheBusinessUnits CorporateCenter SupportofGroupmanagement Strategy • TwoBusinessUnits,alignedaccording
Slide 13: Specific features of VP Bank
SpecificfeaturesofVPBank Strategy Productsand marketing Long-termorientationofcorporate strategy ConcentrationontwoBusinessUnits Noinvestmentbankingactivities History Uniforminvestment Presenceinthemajorfinancialcenters philosophy,uniform Solidequitybase investmentprocess Constantlymaintaineddividen
Slide 14: Goals of VP Bank
GoalsofVPBank Qualitativegoals Vision • PositionasoneofthebestSwissandLiechtensteinprivatebanks Werankamongthebest • ReinforcementoftheBank’smarketposition privatebanks. • OptimizationofVPBankGroup’sservicesandprocesses Weearntheprivilegeof • Sustainableestablishmentandimprovementofqualityinallfacet
Slide 15: Markets of VP Bank
Markets of VP Bank yBANK
Slide 16: VP Bank Range of services
VPBankRangeofservices Businessfields Targetgroupsandclientsegments • Holisticconsultingandaccompanimentofwealthyindividualswithregardto Segment Targetgroup financialmattersandrelatedissues(e.g.inheritance,succession,taxes,legal structures,etc.) RetailBanking AccountsvaluedatlessthanCHF100,000(region
Slide 17: Group Executive Management of VP Bank
GroupExecutiveManagementofVPBank GeorgWohlwend1963 GerhardHäring1962 HeadofIntermediaries HeadofBankingServices GEMsince1998 GEMsince2005, Lic.Oec.,SwissBankingSchool CommercialInformationManager, AdvancedExecutiveProgram FredyVogt1958 ErnstNäf1958 SwissBankingSchool ChiefExecutiveOfficera.i. Headof
Slide 18: Board of Directors of VP Bank
BoardofDirectorsofVPBank WaloFrischknecht Prof.Dr.BeatBernet HansBrunhart Dr.DanielSigg Boardmember Boardmember ChairmanoftheBoard Boardmember Lic.oec.MarkusThomasHilti Dr.GuidoMeier RolandFeger Boardmember Boardmember Boardmember Representativeofmajorshareholder Representativeofmajor Representative
Slide 19: VP Bank shares
VPBankshares Sharecapital Shareprice 31.12.2007 31.12.2007 31.12.2008 31.12.2008 Numberof Parvalue Numberof Parvalue shares inCHF1000 shares inCHF1000 Bearershares 5,314,347 53,143 5,314,347 53,143 (CHF10.00parvalue) Registeredshares 6,004,167 6,004 6,004,167 6,004 (CHF1.00parvalue) Totalsharecapita
Slide 20: Key figures of VP Bank
KeyfiguresofVPBank 13.12.2007 31.12.2008 30.06.2009 Consolidatednetincomeperbearershare(inCHF) 26.68 –14.32 4.35 Shareholders’equityperbearershare(inCHF) 180.06 144.13 149.81 Priceperbearershare(inCHF) 280.25 140.10 106.50 Marketcapitalization(inCHFmillion) 1,658 829 630 Dividendperbearershare(inCHF
Slide 21: VP Bank's 6 central messages
VPBank’s6centralmessages VPBankGroupisfocused VPBankcombinestradition onvaluegrowth Wehaveasolidbalancesheetand andinnovation shareholders’equitybase,andwe Asaprivatebankwithmorethan constantlystrivetoachievevalue 50yearsofexperience,wecan enhancement. lookbackonthehealthyevolution VPBankGroupis ofo
Slide 22: Semi-annual report 2009 – VP Bank Group
CorporateCommunications Semi-annual report 2009– VPBankGroup 22
Slide 23: Content
Content Consolidatedincomestatement 24 Consolidatedbalancesheet 27 Clientassets 30 Segments 33 Dividend 36 Contactaddressandagenda/Disclaimer 38 23
Slide 24: Consolidated income statement
Semi-annual report 2009– VPBankGroup Consolidatedincomestatement 24
Slide 25: Total operating income
Totaloperatingincome 06/30/2008 06/30/2009 3 3. 16 inCHFmillion 1 5. 14 .4 82 .8 .8 71 .4 66 –11.2% 60 .3 .4 13 11 5 .2 6. -4 Interest-differential Commission Trading Other Total business business activities income operatingincome 25
Slide 26: Operating expenses
Operatingexpenses 06/30/2008 06/30/2009 inCHFmillion 5 2. 10 .2 93 .5 70 .4 61 .8 .0 –9.1% 32 31 Personnel Generaland Operating expenses administrative expenses expenses 26
Slide 27: Depreciation and amortization
Depreciationandamortization 06/30/2008 06/30/2009 inCHFmillion .9 18 .1 13 +44.1% Depreciationand amortization 27
Slide 28: Valuation allowances, provisions and losses
Valuationallowances,provisionsandlosses 06/30/2008 06/30/2009 inCHFmillion 1 4. 9 2. +40.9% Valuationallowances, provisionsandlosses 28
Slide 29: Consolidated net income
Consolidatednetincome inCHFmillion 4 1 . 5. 0 .9 6 14 26 2 .1 9 2 .0 0 2. 23 .2 0 7 1 . 93 0 .5 2 3 . 6 2 1 Totalnet operating Operating Depreciation & Income Consolidated net income expenses amortization, taxes income provisions 29
Slide 30: Consolidated Statement of Comprehensive Income
Consolidated StatementofComprehensive Income 30
Slide 31: Consolidated balance sheet
Semi-annual report 2009– VPBankGroup Consolidatedbalancesheet 27
Slide 32: Total assets
Totalassets 12/31/2008 06/30/2009 .0 inCHFbillion .4 12 11 +5.3% Totalassets 32
Slide 33: On-balance-sheet customer deposits
On-balance-sheetcustomerdeposits(excl.custody assets) 12/31/2008 06/30/2009 .5 inCHFbillion .1 10 10 +3.6% On-balance-sheet customerdeposits 33
Slide 34: Shareholders' equity
Shareholders’equity inCHFmillion 2 .1 9 0 8 9 .7 2 9 9. 6. 9 0 1. 87 +2 0. 5 1 +2 5. 5. 84 –1 2 7 4 . .6 9 -2 Shareholders’ Dividend IAS39 Treasuryshares, Conso- Shareholders’ equity distribution reserves LTIandforeign- lidated equity 1/1/2009 currency net 06/30/2009 translation income differences 3
Slide 35: Due from banks
Duefrombanks 12/31/2008 2 19 4 06/30/2009 02 7' 7' inCHFmillion +2.4% Duefrombanks 35
Slide 36: Due from customers
Duefromcustomers 12/31/2008 06/30/2009 8 inCHFmillion 15 5 3‘ 98 2‘ 13% 6 . 7 . 2 +5.8% 21% 0 2 . 2 0 3 . .0 6 6 . 1 66% Due Mortgage Other Without from customers collateral collateral collateral 36
Slide 37: Financial instruments
Financialinstruments 12/31/2008 06/30/2009 8 inCHFmillion 6 6. . 1 08 6 5 1‘ 0 . .2 5% 7 9 9 7. 7 7 12% 86 4 4 +25.3% 83% Financial Debtsecurities Equity Trading Instruments incl. securities portfolios and creditderivatives derivatives 37
Slide 38: Client assets
Semi-annual report 2009– VPBankGroup Clientassets 30
Slide 39: Client assets (1/2)
Clientassets(1/2) 12/31/2008 06/30/2009 inCHFmillion .9 1 8 . 39 . 6 5 2 2 .1 5 .1 8 .6 35 28% +13.7% 3% .8 7 1 26% 43% Clientassets Clientsecurities On-balance-sheet Fiduciary Custody accounts client deposits deposits assets 39
Slide 40: Client assets (2/2)
Clientassets(2/2) 12/31/2008 9 06/30/2009 9 '8 39 inCHFmillion 01 '1 35 1 9 1 1 '9 '5 28 28 +4'797 88 +392 '9 10 2 58 6' +4'405 Clientassets Custody assets Total under management client assets 40
Slide 41: Client assets under management – asset classes
Clientassetsundermanagement– assetclasses VPBankGroupasof06/30/2009 12/31/2008 1 8 . . 6 5 2 2 2% 8 .6 5 .1 19% 2% Liquidity .8 17% 7 1 40% Bonds Equities 41% Investmentfunds 15% 15% Other 25% 24% 41
Slide 42: Client assets under management by country
Clientassetsundermanagementbycountry VPBankGroupasof12/31/2008 12/31/2007 1 8 . . 6 5 Switzerland 2 5 .1 2 8 .6 25% 27% Germany 25% 25% Liechtenstein .8 7 1 Russia 2% Austria 3% 3% GreatBritain 3% 4% 17% 4% France 4% 16% Italy 4% 13% 7% 12% 6% Other 42
Slide 43: The investment universe of VP Bank
TheinvestmentuniverseofVPBank 43
Slide 44: Segments
Semi-annual report 2009– VPBankGroup Segments 33
Slide 45: Overview of segments as of 06/30/2009
Overviewofsegmentsasof06/30/2009 Private Interme- Banking Corporate *inCHF Banking Group diaries Services Center Clients Groupnetresultbeforetax* 19.1mio. 36.9mio. –24.5mio. –2.6mio. 28.9mio. Clientassets under 13.4bil. 15.3bil. 0.0bil. 0.2bil. 28.9bil. management* Headcount (full-time 253.6 114.9 2
Slide 46: Private Banking Clients
Private Banking Clients inCHF 06/30/2008 06/30/2009 Variance Totalnet operating income 81.7mio. 64.9mio. –20.6% Operating expenses 45.7mio. 41.8mio. – 8.6% Depreciation &amort.,val.allowances, 2.5mio. 4.0mio. +61.4% provisions,losses Groupnetresultbeforetax 33.5mio. 19.1mio. –43.1% NetNewMoney 0.0bi
Slide 47: Intermediaries
Intermediaries inCHF 06/30/2008 06/30/2009 Variance Totalnet operating income 65.8mio. 56.1mio. –14.8% Operating expenses 20.8mio. 18.0mio. –13.3% Depreciation &amort.,val.allowances, 1.0mio. 1.1mio. +14.2% provisions,losses Groupnetresultbeforetax 44.0mio. 36.9mio. –16.1% NetNewMoney –0.1bil. –0.6b
Slide 48: Banking Services
Banking Services inCHF 06/30/2008 06/30/2009 Variance Totalnet operating income 8.8mio. 8.7mio. – 0.8% Operating expenses 13.1mio. 19.0mio. +45.6% Depreciation &amort.,val.allowances, 8.0mio. 14.2mio. +76.6% provisions,losses Groupnetresultbeforetax –12.3mio. –24.5mio. –99.0% 48
Slide 49: Corporate Center
Corporate Center inCHF 06/30/2008 06/30/2009 Variance Totalnet operating income 7.0mio. 15.4mio. +119.9% Operating expenses 22.9mio. 14.3mio. –37.3% Depreciation &amort.,val.allowances, 4.5mio. 3.7mio. –18.9% provisions,losses Groupnetresultbeforetax – 20.4mio. –2.6mio. +87.2% 49
Slide 50: Dividend
Semi-annual report 2009– VPBankGroup Dividend 36
Slide 51: Dividend
Dividend 2007 inMio.CHF inCHF 2008 .8 14 .0 2 11 3. –8 5 2. Groupnetloss Dividends Dividendperbearer share attributabletothe sum shareholdersof VPBank 51
Slide 52: Dividend yield
Dividendyield % % 9 9 3. 3. % 1 3. % 2 2. % 8 1. 2005 2006 2007 2008 9/9/2009* *Shareprice “bearer shares”as of09/09/2009:CHF112 52
Slide 53: Contact address and agenda / Disclaimer
Contactaddressandagenda Disclaimer Thispresentationhasbeenpreparedbyouremployeesusingsourcesthatweregardas InvestorRelations reliable.Wehaveexercisedtheutmostcareintheproductionof thispresentation,whichis FredyVogt,CFOandmemberofGroupExecutiveManagement intendedsolelyforyourinformation.However,wecan