2019 Annual Report€¦ · 5. Presentation of derivative financial instruments (Assets and...

Banque Audi (Suisse) SA

2019AnnualReport

2019AnnualReport

REPORT OF THE BOARD OF DIRECTORSFOR THE YEAR ENDED 31 DECEMBER 2019

REPORT OF THE STATUTORY AUDITOR ON THE FINANCIAL STATEMENTS

BALANCE SHEET AS AT 31 DECEMBER 2019

INCOME STATEMENT FROM JANUARY 1 TO 31 DECEMBER 2019

STATEMENT OF CHANGES IN EQUITY

ALLOCATION OF NET INCOME PROPOSED BY THE BOARD OF DIRECTORS AND APPROVED BY THE SHAREHOLDERS’ MEETING

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NOTES TO THE FINANCIAL STATEMENTSAS AT 31 DECEMBER 2019

1. Nature of the Bank’s business and staffing levels

2. Siginificant accounting policies

3. Risk management

4. Presentation of collateral for loans/receivables, off-balance sheet transactions, as well as impaired loans/receivables

5. Presentation of derivative financial instruments (Assets and liabilities)

6. Breakdown of financial investments

7. Presentation of participations

8. Disclosure of companies in which the Bank holds a permanent direct or indirect significant participation

9. Presentation of tangible fixed assets

10. Other assets and other liabilities

11. Disclosure of assets pledged or assigned to secure own commitments and assets under reservation of ownership

12. Disclosures on the economic situation of own pension schemes

13. Presentation of value adjustments and provisions, reserves for general banking risks and changes therein

during the current year

14. Presentation of share capital

15. Disclosure of amounts due from/to related parties

16. Disclosure of holders of significant participations

17. Presentation of maturity structure of financial instruments

18. Presentation of assets and liabilities by domestic and foreign origin

19. Breakdown of total assets by country or group of countries

20. Breakdown of total assets abroad by credit rating of country groups

21. Presentation of assets and liabilities by the most significant currencies for the Bank

22. Breakdown of contingent liabilities

23. Breakdown of fiduciary transactions

24. Breakdown of assets under management or custody

25. Breakdown of the result from trading activities

26. Disclosure of material refinancing income in the item Interest and discount income as well as material negative interest

27. Breakdown of personnel expenses

28. Breakdown of general and administrative expenses

29. Breakdown of extraordinary income and expenses,

30. Presentation of current taxes, deferred taxes and disclosure of tax rate

BOARD OF DIRECTORS

EXECUTIVE COMMITTEE

BANK AUDI ADDRESSES

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SUMMARY

The year 2019 was a year of consolidation for Banque Audi (Suisse)

SA (the “Bank”), particularly in the face of continuing political and

economic uncertainty in Lebanon. Despite such constraints, the

Bank was able to achieve a net profit for the year of CHF 28.5

million, which is comparable to 2018. Operating income for 2019

amounted to CHF 79.7 million, relatively stable compared to CHF

77.2 million in 2018. In an environment of increased regulation

and control, and resulting cost increases, operating expenses

remain stable and well-controlled at CHF 39.1 million, a mere

increase of 2.6% year-on-year. The Bank’s cost to income ratio

therefore remained stable at 49.1%, a level which continues to be

superior to comparable Swiss banks.

Total Balance Sheet assets of the Bank remained stable at CHF

1.69 billion versus CHF 1.68 billion at the end of 2018.

BALANCE SHEET

Despite a relative stable total Balance Sheet level year-on-year

at CHF 1.69 billion, the composition of the Balance Sheet has

changed, as the Bank has adapted its commercial and risk

management approach to the global operating conditions. In

particular, the Lombard loan portfolio decreased by CHF 35.8

million to CHF 759.5 million, as the Bank sought to improve the

quality of pledged collateral by reducing loan-to-value rates on

certain assets classes/countries, resulting in the reduction and/

or reimbursement of certain loans, with reduced risk-weighted

assets and no impairments. This reduction in the Lombard loan

portfolio, coupled with the non-renewal at maturity of CHF 95

million of bonds in the Bank’s financial investment portfolio, and

an increase in CHF 31.9 million increase year-on-year in customer

deposits, generated additional liquidity for the Bank as evidenced

by the increase in the amounts deposited at the Swiss National

Bank to CHF 487.6 million as at the end of 2019, and the strong

level of the Bank’s Liquidity Coverage Ratio at 420%.

From an Assets under Management (“AUM”) perspective, the Bank

posted total AUMs of CHF 6.9 billion, an increase of 7.5% year-on-

year, principally due to net new money of CHF 285 million during

the year. This underlines the Bank’s strength in asset gathering and

client servicing, despite challenging market conditions.

INCOME STATEMENT

Results from interest operations increased by CHF 4.0 million to

CHF 28.7 million, principally due the Bank’s treasury operations, as

the Lombard loan portfolio was de-risked as mentioned above.

Commission business and services income remained stable at

CHF 37.6 million versus CHF 39.8 million at the Bank, despite an

increase in commission expenses during the year, principally due to

retrocessions paid to client-referring intermediaries.

Results from trading activities amounted to CHF 13.3 million in

2019 compared to CHF 12.5 million. This income is primarily

driven by customer foreign exchange activity, as no proprietary

foreign exchange trading, outside of hedging foreign exchange risk

inherent in the Bank’s operations, is being undertaken by the Bank.

Operating expenses increased marginally year-on-year to CHF 39.1

million, as the Bank continues to strengthen its personnel, through

selective hires to replace/upgrade employees holding key positions.

ALLOCATION OF RETAINED EARNINGS

It is proposed to pay the 2019 net profit of CHF 28.5 million as an

ordinary dividend, payable before 30 September 2020.

At year-end 2019, after the allocation of retained earnings,

shareholders equity amounts to CHF 169.4 million (Net Tier

I capital), with a Tier I capital ratio of 48.69%. This compares

favorably to the 2018 Tier I ratio of 43.2%, due to the Bank’s

efforts in 2019 to de-risk its balance sheet. As at 31 December

2019, the Bank continues to be well-capitalized with a combined

Tier I and Tier II capital of CHF 173.2 million.

NEW FINMA REGIME FOR CATEGORY 4 AND 5 BANKS

In 2018, the Swiss Financial Market Supervisory Authority FINMA

defined a new regime for category 4 and 5 banks which have a

relatively high level of capital and liquidity. Banks were required to

announce to FINMA their intention to participate in this new regime

before end of January 2020. Although the Bank, as a category 4

bank, participated in the “pilot” phase of this new regime, the

Board of Directors and the Executive Management of the Bank

decided ultimately not to participate at this time, principally due

to certain disadvantageous changes in the capital adequacy rules

under Basle III. The Bank remains open to reconsidering its position,

should the situation become more favourable.

REPORT OF THE BOARD OF DIRECTORSFOR THE YEAR ENDED 31 DECEMBER 201901

06BANQUE AUDI (SUISSE) SA

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REPORT OF THE STATUTORY AUDITORON THE FINANCIAL STATEMENTS02

ANNUAL REPORT 2019

BANQUE AUDI (SUISSE) SA 08

BALANCE SHEET AS AT 31 DECEMBER 2019(EXPRESSED IN THOUSANDS OF SWISS FRANCS)

BALANCE SHEETNotes 31/12/2019 31/12/2018

ASSETSLiquid assets 487,641 426,790 Amounts due from banks 11 105,936 157,258 Amounts due from customers 4 759,471 795,281 Mortgage loans 4 21,000 21,000 Positive replacement values of derivative financial instruments 5 19,089 33,397 Financial Investments 6 248,200 199,328 Accrued income and prepaid expenses 13,357 17,141 Participations 7,8 258 1,384 Tangible fixed assets 9 31,376 32,132 Other assets 10 1,592 805 Total assets 1,687,920 1,684,516

LIABILITIES

Amounts due to banks 185,568 198,517

Amounts due in respect of customer deposits 1,244,623 1,212,708

Negative replacement values of derivative financial instruments 5 21,604 34,211

Accrued expenses and deferred income 28,914 27,843

Other liabilities 10 2,432 6,269

Provisions 13 6,632 6,841

Share capital 14 25,000 25,000

Statutory retained earnings reserve 17,000 17,000

Voluntary retained earnings reserve 19,300 19,300

Profits carried forward 108,386 108,386

Profit for the period 28,461 28,441 Total liabilities 1,687,920 1,684,516

OFF-BALANCE SHEET TRANSACTIONSNotes 31/12/2019 31/12/2018

Contingent liabilities 4,22 27,201 32,761 Irrevocable commitments 4 2,228 1,934

09 ANNUAL REPORT 2019

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INCOME STATEMENT FROM 1 JANUARY TO 31 DECEMBER 2019(EXPRESSED IN THOUSANDS OF SWISS FRANCS)

Notes 2019 2018

RESULTS FROM INTEREST OPERATIONSInterest and discount income 28,013 23,384 Interest and dividend income from trading portfolio 78 - Interest and dividend income from financial investments 2,633 3,554 Interest expenses 26 (2,072) (2,283)Gross results from interest operations 28,652 24,655 Changes in value adjustment for default risks and losses from interest operations - - Subtotal net results from interest operations 28,652 24,655

RESULTS FROM COMMISSION BUSINESS AND SERVICESCommission income from securities trading and investment activities 48,555 47,429 Commision income from lending activities 215 247 Commission income from other services 1,098 944 Commission expense (12,307) (8,796)Subtotal results from commission business and services 37,561 39,824

RESULTS FROM TRADING ACTIVTIES 25 13,305 12,469

OTHER RESULTS FROM ORDINARY ACTIVITIESResult from the disposal of financial investments 114 232 Income from non-consolidated participations - 68 Other ordinary income 77 - Other ordinary expenses - - Subtotal other results from ordinary activities 191 300

OPERATING EXPENSESPersonnel expenses 27 (28,146) (27,307)General and administrative expenses 28 (10,992) (10,848)Subtotal operating expenses (39,138) (38,155)

Value adjustments on participations and depreciation of tangible fixed assets and intangible assets

7,9 (2,695) (1,714)

Changes to provisions and other value adjustments, and losses (804) (14)

OPERATING RESULT 37,072 37,365

Extraordinary income 29 1,666 1,146

Extraordinary expenses 29 (75) -

Taxes 30 (10,202) (10,070)

PROFIT FOR THE PERIOD 28,461 28,441


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ALLOCATION OF NET INCOME PROPOSED BY THE BOARD OF DIRECTORS AND APPROVED BY THE SHAREHOLDERS' MEETING(EXPRESSED IN THOUSANDS OF SWISS FRANCS)

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Share capital

Statutory retained earnings

reserve

Voluntary retained earnings

reserve

Profit carried

forwardProfit for

the period TotalEquity as at 1 January 2019 25,000 17,000 19,300 108,386 28,441 198,127 Other allocations to other reserves - - - 28,441 (28,441) - Dividend and other distributions - - - (28,441) - (28,441)Profit for the period - - - - 28,461 28,461 Equity as at 31 December 2019 25,000 17,000 19,300 108,386 28,461 198,147

The Bank paid an ordinary dividend on 30 June 2019

2019 2018

RETAINED EARNINGSProfit for the period 28,461 28,441 Profit brought forward 136,827 137,058 Ordinary dividend (28,441) (28,672)Retained earnings at the end of the year 136,847 136,827

ALLOCATION OF THE RETAINED EARNINGSOrdinary dividend 28,461 28,441 Profit carried forward 108,386 108,386 Total 136,847 136,827


STATEMENT OF CHANGES IN EQUITY (EXPRESSED IN THOUSANDS OF SWISS FRANCS)05

NOTES TO THE FINANCIAL STATEMENTSAS AT 31 DECEMBER 2019

1. NATURE OF THE BANK’S BUSINESS AND STAFFING LEVELS

General InformationBanque Audi (Suisse) SA is a Bank incorporated in Switzerland,

headquartered in Geneva and owned by Bank Audi sal, Beirut,

Lebanon.

The Bank’s primary activities are wealth management and

administration in the form of investment management,

investment advisory services, placing of deposits on a fiduciary

basis and secured lending for private customers.

The Bank has a representative office in Beirut for the purpose

of developing the market of the Middle Eastern region. The

subsidiary in Monaco has been liquidated at the end of the year.

The Bank’s staff at 31 December 2018 comprises 100 employees,

of which 4 are located in the representation office in Beirut (at 31

December 2018: 99 of which 4 located in the representation office

in Beirut and 2 in the Monaco subsidiary).

OutsourcingThe Bank outsources services as defined by circular FINMA 2018/3.

These services comprise its interbank messaging.

2. SIGINIFICANT ACCOUNTING POLICIES

Basis of PreparationThe annual financial statements are prepared in compliance with

the requirements of the Swiss Civil Code, the Swiss law on banks

and related ordinance and the directives of the Swiss Financial

Markets Supervisory Authority (FINMA), as defined by circular

FINMA 2015/1 (PCB).

Accounting Recognition of TransactionsAll transactions made until the balance sheet date are booked

the day they are executed. Non-executed spot transactions are

included in the balance sheet on transaction date.

Foreign Currency and Precious Metal BalancesThe financial statements are presented in Swiss francs. Foreign

currency and precious metal balances are translated into their

Swiss franc equivalents at the closing rate of exchange. Income

and expense amounts denominated in foreign currencies are

converted to Swiss francs at the end of each month.

The rates applied at 31 December 2019 for the conversion of the

main currencies into Swiss francs are the following:

USD 0.96840 (2018 : 0.98070)

EUR 1.08499 (2018 : 1.12290)

Forward Foreign Exchange Transactions and Derivative Financial Instruments

Trading Transactions

Outstanding forward foreign exchange transactions and derivative

financial instruments, comprising currency and securities options,

are expressed at prevailing market rates in the financial statements.

The variation in positive and negative replacement values resulting

from this treatment are included in results from trading activities in

the income statement.

The contract volumes as presented correspond to the values of the

underlying currencies and securities from which the instruments

are derived.

Hedging Transactions

Hedging transactions are reported using the same valuation

principles as the transactions that they are serving to hedge and

are included under the same accounting captions. The continuing

validity of the accounting treatment of hedging transaction

is reviewed periodically. Transactions that can no longer be

considered as valid hedges are treated as trading transactions.

Liquid Assets and Amounts Due from & to Banks and CustomersLiquid assets and amounts due from and to banks and customers

are reported in the balance sheet at their nominal value.

Impaired customer loans are subject to individual provisions

which are recorded as a deduction from the amount due.

Securities and Precious Metal Trading PortfoliosSecurities held as trading items and securities held as available

for sale are valued at their prevailing market rates at the balance

sheet date. The financing cost of the securities portfolio is not

included in the same income statement caption.

Financial InvestmentsInterest bearing financial investments that are intended to be held

to maturity are included in the balance sheet at cost adjusted on

pro-rata basis to accrue to their value at maturity. In event of the

risk of non-repayment at maturity a specific provision is made

and deducted from the reported value.


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Tangible Fixed AssetsTangible fixed assets are reported in the balance sheet at cost and

are depreciated over their estimated useful economic lives on a

straight line basis.

Owned operating premises are reported in the balance sheet at

a maximum of their acquisition cost, less depreciation deemed to

be economically necessary, on a straight line basis.

The useful lives of the different categories used for depreciation

purposes are:

- Information technology hardware and purchased software : 3 years

- Office furniture and equipment: 5 years

- Installations and office improvements: 5 years

- Motor vehicles: 5 years

- Owned premises: 50 years

ProvisionThe principle of prudence is applied in recognizing adequate value

adjustments and provisions in all situations that involve a degree

of uncertainty as to the appreciation or evaluation of the risk.

Value AdjustmentsThe credit policy of the Bank is to lend to customers on a fully

secured basis with collateral of quality, duly weighted. Impairment

of collateral is the primary reason for which loan recovery may

become doubtful. A value adjustment is made against each specific

impaired loan and is the difference between the nominal value

of the loan and the estimated recoverable amount taking into

account the estimated realisable value of the collateral. Provisions

are made for interest remaining due for more than three months.

TaxesIncome and capital tax are provided for on all taxable items,

including those in respect of which payment is deferred. The

provisions are included in accrued expenses.

3. RISK MANAGEMENT

The risk management policies of the Bank are embodied in the

internal directives approved by the Board of Directors. These

directives set out the scope of the activities, their nature and the

levels of authority delegated to management.

The directives are accompanied by operating procedures that are

developed by the departments concerned.

Monitoring of compliance with the directives is performed by the

internal control function of the Bank.

Market RiskMarket risk management policy is defined in the directives on

foreign exchange and securities trading. The requirements and

limits include those relating to:

· Approved instruments

· Individual and overall positions

· Transaction limits

· Loss limits

With regard to foreign exchange activities, trading for the Banks’

own account is minimal, the principal role being that of serving

the customer base and covering customer transactions in the

inter-bank market. Positions in foreign exchange or securities

options are generally not taken other than for hedging revenues

denominated in foreign currencies.

Interest Rate RiskThe directive on interest rate risk defines the authorized instruments

and limits. The directive reflects the Bank’s policy of low interest

rate risk in view of the short maturities inherent in underlying

customer transactions and the hedging of such transactions.

Credit RiskThe policy and rules on credit risk are set out in the directive on

credit activities. Credit activity is limited to secured lending and

exceptionally to mortgage loans. The value of portfolios pledged

are established by reference to a loan-to-value rate defined by asset

class. The value of assets included in portfolios pledged by clients

are regularly reappraised. Exposures are subject to daily monitoring

by the Credit Department and approvals for over-limit situations

are submitted to the authority levels stipulated in the directive.

Country RiskManagement of exposure to country risk including limits is set

out in an internal directive. Country risk is principally generated

by the Bank’s investment portfolio and guarantees provided by

customers to whom the Bank lends and is subject to verification

on a regular basis.

Reputational and Compliance RiskThese risks arise from the absence of compliance with professional

standards and legal requirements. The compliance function performs

the tasks conferred to it in a chart of compliance that is approved

by the Board of Directors.

Operational RiskOperational risks are those that arise in the event of erroneous

or omitted execution of a transaction or more generally from a

procedural or technological weakness. These weaknesses result

in one of the risks set out above. The operational risks are covered

by written departmental procedures.

Risk Analysis by the Board of DirectorsThe Board of Directors has defined the principal objectives of

risk management of the Bank by performing an inventory of

identified risks and an evaluation of the probability of occurrence

and its consequences, thus enabling the effective allocation of

the Bank’s resources.

Capital AdequacyThe Bank’s capital adequacy report is available on its website

bankaudipb.com in compliance with FINMA Circular 2016/01.


4. PRESENTATION OF COLLATERAL FOR LOANS/RECEIVABLES, OFF-BALANCE SHEET TRANSACTIONS, AS WELL AS IMPAIRED LOANS/RECEIVABLES

(EXPRESSED IN THOUSANDS OF SWISS FRANCS)

Type of Collateral

Presentation of collateral for loans/receivables, off-balance sheet transactions

Secured bymortgage

Othercollateral Unsecured Total

LOANS (BEFORE NETTING WITH VALUE ADJUSTMENTS)Amounts due from customers - 759,234 948 760,182Mortgage loans - Office and business premises 21,000 - - 21,000Total Loans (before netting with value adjustments) 31/12/2019 21,000 759,234 948 781,182

31/12/2018 21,000 795,044 956 817,000 Total Loans (after netting with value adjustments) 31/12/2019 21,000 759,234 237 780,471

31/12/2018 21,000 795,044 237 816,281

OFF-BALANCE SHEETContingent liabilities - 26,208 993 27,201 Irrevocable commitments - - 2,228 2,228 Total off-balance sheet 31/12/2019 - 26,208 3,221 29,429

31/12/2018 - 32,761 1,934 34,695

Impaired loans/receivables Gross debt amount

Estimated liquidation

value ofcollateral

Net debt amount

Individual value

adjust-ments

Total impaired loans/receivables 31/12/2019 711 - 711 71131/12/2018 719 - 719 719

5. PRESENTATION OF DERIVATIVE FINANCIAL INSTRUMENTS (ASSETS AND LIABILITIES) (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

Trading Instruments Hedging Instruments

Replacement value Contract Replacement value ContractPositive Negative volume Positive Negative volume

FOREIGN EXCHANGEForward contracts 333 679 97,684 - - -Swaps 9,487 9,985 1,521,199 - - -Options (OTC) 2,278 2,278 102,407 - - -

PRECIOUS METALSForward contracts - 18 1,203 - - -Swaps 56 1,709 3,402 - - -Options (OTC) 4,300 4,300 211,403 - - -

EQUITY SECURITIES / INDICESOptions (OTC) 2,635 2,635 6,811 - - -

Total 31/12/2019 19,089 21,604 1,944,109 - - -31/12/2018 32,993 34,211 2,320,614 404 - 58,842

The Bank does not apply any netting contracts on positive and negative replacement values.

BREAKDOWN BY COUNTERPARTY Central clearing house Bank & securities dealers Other customers Positive replacement values - 18,306 783


6. BREAKDOWN OF FINANCIAL INVESTMENTS(EXPRESSED IN THOUSANDS OF SWISS FRANCS)

Book Value Fair Value

31/12/2019 31/12/2018 31/12/2019 31/12/2018

PRESENTATION OF FINANCIAL INVESTMENTSDebt securities: - Intended to be held to maturity 58,620 153,772 58,689 152,232 Equities securities 2 3 2 3 Precious metals 189,578 45,553 189,578 45,553 Total financial investments 248,200 199,328 248,269 197,788 Of which, securities eligible for repo transactions in accordance with liquidity requirements - - - -

Precious metals are intended to hedge customer deposits booked on the balance sheet as non-physical metals, recorded at fair value,

as well as the spot component of short term swap transactions on such metals.

BREAKDOWN OF COUNTERPARTIESBY RATING

From AAA to AA-

From A+ to A-

From BBB+ to BBB-

Book value of debt securities 4,843 48,939 4,838

The Bank’s ratings are based on Standard & Poor’s rating categories.

7. PRESENTATION OF PARTICIPATIONS (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

Acquisition cost

Accumulated value

adjustment and changes

in book valueBook value 31.12.2018 Additions

Disposals (including exchange

difference)Value

adjustmentsBook value 31.12.2019

Other participations- without market value 2,247 (863) 1,384 - (31) (1,095) 258 Total participations 2,247 (863) 1,384 - (31) (1,095) 258

Effective 20 December 2019, the Bank has liquidated its subsidiary, Audi Capital Gestion, Monaco, and made a value adjustment of 100%.

8. DISCLOSURE OF COMPANIES IN WHICH THE BANK HOLDS A PERMANENT DIRECTOR INDIRECT SIGNIFICANT PARTICIPATION

COMPANY NAMEAND DOMICILE

Business Activity Currency

Company Capital

(in 1’000s

Share of Capital and Votes

(in %) 31.12.2019

Share of Capital and Votes

(in %) 31.12.2018

HeldDirectly/

Indirectly

Audi Capital (KSA), Riyad Financial services SAR 5,000 19.99% 19.99% Directly Audi Capital Gestion, Monaco Financial services EUR 0 0.00% 99.70% Directly


9. PRESENTATION OF TANGIBLE FIXED ASSETS (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

Acquisition cost

Accumulated depreciation

Book value31/12/ 2018 Additions Disposals Depreciation

Book value 31/12/2019

Bank buildings 37,749 (7,908) 29,841 - - (755) 29,086 Other tangible fixed assets 13,025 (11,359) 1,666 394 - (421) 1,639 Acquired software 5,076 (4,451) 625 449 - (423) 651 Total tangible fixed assets 55,850 (23,718) 32,132 843 - (1,599) 31,376

10. OTHER ASSETS AND OTHER LIABILITIES (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

Other Assets Other Liabilities

31/12/2019 31/12/2018 31/12/2019 31/12/2018Transit accounts 1,216 500 272 4,283 Indirect taxes 376 305 2,160 1,582 Compensation account - - - 404 Total 1,592 805 2,432 6,269

11. DISCLOSURE OF ASSETS PLEDGED OR ASSIGNED TO SECURE OWN COMMITMENTS AND ASSETS UNDER RESERVATION OF OWNERSHIP


31/12/2019 31/12/2018

Book value Effectivecommitments Book value Effective

commitments

PLEDGED/ASSIGNED ASSETS :- Amounts due from banks 29,886 29,886 89,740 89,740 - Financial investments 18,419 18,419 - - Total pledged assets 48,305 48,305 89,740 89,740


12. DISCLOSURES ON THE ECONOMIC SITUATION OF OWN PENSION SCHEMES(EXPRESSED IN THOUSANDS OF SWISS FRANCS)

Employer contribution reserve (ECR)No reserve for future contributions has been set up by the Bank.

PRESENTATION OF THE ECONOMICBENEFIT/OBLIGATION AND THE PENSION EXPENSES Contributions paid

Pension expenses in personnel expenses

2019 2019 2018

Pension plans with over-funding 1,604 1,604 1,579

Total 1,604 1,604 1,579

The Bank has signed a contract of affiliation to the collective foundation AXA in Lausanne, an independent provident institution

applying the legal dispositions governing employees pension plans in Switzerland and offering a defined contribution plan. Its objective

is to insure employees against the economic impact resulting from retirement, disability and death.

In addition to the basic plan, executives and members of management are eligible for a supplemental defined-contribution plan. These

plans are financed by both the employer and the employees in accordance with the regulations of the plans.

On 1 January 2019, AXA transferred the 100% insured pension fund to a new partially insured plan. At 31 december 2019, the

unaudited coverage rate is 112.5%, which means that there is no underfunding at this date.

Liabilities relating to own pension schemesThe Bank has no liabilities relating to its own pension schemes as of 31 December 2019 (2018: none).

13. PRESENTATION OF VALUE ADJUSTMENTS AND PROVISIONS, RESERVES FOR GENERAL BANKING RISKS AND CHANGES THEREIN DURING THE CURRENT YEAR (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

Balance as at 31/12/2018

Used inconformity

withdesignated

purposeCurrency

differences

Past due interest,

recoveries

New creations

charged to income

Release to income

Balance at31/12/2019

Other provisions 6,841 - (1) - 811 (1,019) 6,632 Total provisions 6,841 - (1) - 811 (1,019) 6,632

Reserves for general banking risks

- - - - - - -

Value adjustments for default and country risks 719 - (9) - 1 - 711

- of which, value adjustments for default risks in respect of impaired loans/receivables

719 - (9) - 1 - 711

14. PRESENTATION OF SHARE CAPITAL(EXPRESSED IN THOUSANDS OF SWISS FRANCS )

31/12/2019 31/12/2018Total nominal

valueNumber of

sharesCapital eligible

for dividendTotal nominal

valueNumber of

sharesCapital eligible

for dividend

Share capital 25,000 25,000 25,000 25,000 25,000 25,000Total 25,000 25,000 25,000 25,000 25,000 25,000


15. DISCLOSURE OF AMOUNTS DUE FROM/TO RELATED PARTIES(EXPRESSED IN THOUSANDS OF SWISS FRANCS)

Due from Amounts due to

31/12/2019 31/12/2018 31/12/2019 31/12/2018Holders of qualified participations 265 282 19,934 45,094 Group companies 10,535 19,530 50,909 71,712 Transactions with members of governing bodies - - 134 433

Other related companies 763 943 40,294 428 Total 11,563 20,755 111,271 117,667

The Bank confirms that the conditions applicable to amounts due from and to related parties are at arm’s length.

16. DISCLOSURE OF HOLDERS OF SIGNIFICANT PARTICIPATIONS(EXPRESSED IN THOUSANDS OF SWISS FRANCS)

The holders of participations below directly hold participations exceeding 5% of all voting rights:

31/12/2019 31/12/2018Nominal Share as % Nominal Part en %

BAPB Holding Limited, Chypre 25,000 100% 25,000 100%

At 31 December 2019, the share capital of Bank Audi (Suisse) SA, Geneva, is 100% held indirectly by Bank Audi SAL, Beirut, through

BAPB Holding Limited, Cyprus (formely Banaudi International Holding Limited, Cyprus) which directly holds all of the share capital and

voting rights of the Bank.

17. PRESENTATION OF MATURITY STRUCTURE OF FINANCIAL INSTRUMENTS (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

Due

At sight CancellableWithin 3 months

Within3 to 12 months

Within12 monthsto 5 years Total

ASSETS / FINANCIAL INSTRUMENTSLiquid assets 487,641 - - - - 487,641 Amounts due from banks 99,936 - - 6,000 - 105,936 Amounts due to customers - 117,553 541,473 90,761 9,684 759,471 Mortgage loans - - 21,000 - - 21,000 Positive replacement values of derivative financial instruments 19,089 - - - - 19,089 Financial investments 189,578 2 14,527 44,093 - 248,200 Total 31/12/2019 796,244 117,555 577,000 140,854 9,684 1,641,337 Total 31/12/2018 656,998 95,225 680,404 131,151 69,276 1,633,054

DEBT CAPITAL / FINANCIAL INSTRUMENTSAmounts due to banks 185,568 - - - - 185,568 Amounts due in respectof customer deposits 1,244,623 - - - - 1,244,623

Negative replacement values of derivative financial instruments 21,604 - - - - 21,604

Total 31/12/2019 1,451,795 - - - - 1,451,795 Total 31/12/2018 1,445,436 - - - - 1,445,436


18. PRESENTATION OF ASSETS AND LIABILITIES BY DOMESTIC AND FOREIGN ORIGIN (CLIENT’S DOMICILE) (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

31/12/2019 31/12/2018

Switzerland Foreign Switzerland Foreign

ASSETSLiquid assets 487,641 - 426,790 - Amounts due from banks 81,438 24,498 57,505 99,753 Amounts due from customers 32,482 726,989 13,809 781,472 Mortgage loans 21,000 - 21,000 - Positive replacement values of derivative financial instruments 16,311 2,778 27,298 6,099 Financial investments 189,578 58,622 45,553 153,775 Accrued income and prepaid expenses 10,675 2,682 14,869 2,272 Participations - 258 - 1,384 Tangible fixed assets 31,376 - 32,132 - Other assets 1,592 - 805 - Total assets 872,093 815,827 639,761 1,044,755

LIABILITIESAmounts due to banks 40,127 145,441 422 198,095 Amounts due in respect of customer deposits 32,886 1,211,737 30,019 1,182,689 Negative replacement values of derivative financial instruments 13,159 8,445 30,735 3,476 Accrued expenses and deferred income 28,609 305 27,226 617 Other liabilities 2,432 - 6,269 - Provisions 6,632 - 6,841 - Share capital 25,000 - 25,000 - Statutory retained earnings reserve 17,000 - 17,000 - Voluntary retained earnings reserve 19,300 - 19,300 - Profit carried forward 108,386 - 108,386 - Profit for the period 28,461 - 28,441 - Total liabilities 321,992 1,365,928 299,639 1,384,877

19. BREAKDOWN OF TOTAL ASSETS BY COUNTRY OR GROUP OF COUNTRIES (CLIENT’S DOMICILE) (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

31/12/2019 31/12/2018

Absolute Share as % Absolute Share as %

Switzerland 872,093 51.7% 639,761 37.9%Europe 140,724 8.3% 204,706 12.2%North America 11,864 0.7% 36,843 2.2%South America 4,509 0.3% 4,405 0.3%Middle-East 450,951 26.7% 561,267 33.3%Other countries 207,779 12.3% 237,534 14.1%Total assets 1,687,920 100.0% 1,684,516 100.0%


20. BREAKDOWN OF TOTAL ASSETS ABROAD BY CREDIT RATING OF COUNTRY GROUPS (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

31/12/2019 31/12/2018Standard & Poor’s Internal Rating Absolute Share as % Absolute Share as %AAA / AA- 1 372,651 70.7% 442,873 60.1%A+ / A- 2 - 0.0% - 0.0%BBB+ / BBB- 3 53,719 10.2% 60,648 8.2%BB+ / BB 4 999 0.2% 15,257 2.1%BB- 5 46,175 8.8% 47,208 6.4%B+ / B- 6 37,249 7.1% 67,417 9.2%CCC+ / D 7 975 0.2% 88,281 12.0%No rating 0 14,854 2.8% 15,038 2.0%Total assets 526,622 100.0% 736,722 100.0%

The Bank uses its own internal sovereign risk rating system which corresponds to the Standard & Poor’s ratings published above.

21. PRESENTATION OF ASSETS AND LIABILITIES BY THE MOST SIGNIFICANT CURRENCIES FOR THE BANK


CHF USD EUR OtherPrecious

metals TotalASSETS

Liquid assets 487,067 123 362 89 - 487,641 Amounts due from banks 27,061 66,949 3,420 8,196 310 105,936 Amounts due from customers 132,619 306,919 281,756 38,104 73 759,471 Mortgage loans 21,000 - - - - 21,000 Positive replacement values of derivative financial instruments 1,217 8,080 4,675 761 4,356 19,089 Financial Investments - 58,620 2 - 189,578 248,200 Accrued income and prepaid expenses 9,964 2,929 324 140 - 13,357 Participations - - - 258 - 258 Tangible fixed assets 31,376 - - - - 31,376 Other assets 666 523 403 - - 1,592 Total assets shown in balance sheet 710,970 444,143 290,942 47,548 194,317 1,687,920

Delivery entitlements from spot exchange, forward forex and forex options transactions 16,193 675,775 692,801 336,522 216,007 1,937,298 Total assets 727,163 1,119,918 983,743 384,070 410,324 3,625,218

LIABILITIESAmounts due to banks 29,956 80,395 42,251 1,785 31,181 185,568

Amounts due in respect of customer deposits 34,811 577,842 436,501 91,405 104,064 1,244,623 Negative replacement values of derivative financial instruments 2,116 2,968 6,250 4,242 6,028 21,604

Accrued expenses and deferred income 28,376 264 234 40 - 28,914

Other liabilities 2,100 255 71 6 - 2,432

Provisions 6,539 93 - - - 6,632

Share capital 25,000 - - - - 25,000

Statutory retained earnings reserve 17,000 - - - - 17,000

Voluntary retained earnings reserve 19,300 - - - - 19,300

Profit carried forward 108,386 - - - - 108,386

Profit for the period 28,461 - - - - 28,461 Total liabilities shown in balance sheet 302,045 661,817 485,307 97,478 141,273 1,687,920

Delivery obligations from spot exchange, forward forex and forex options transactions 430,196 448,546 500,132 289,465 270,726 1,939,065 Total liabilities 732,241 1,110,363 985,439 386,943 411,999 3,626,985 Net position per currency (5,078) 9,555 (1,696) (2,873) (1,675) (1,767)


INFORMATION ON OFF-BALANCE SHEET TRANSACTIONS

22. BREAKDOWN OF CONTINGENT LIABILITIES (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

31/12/2019 31/12/2018

Other contingent liabilities 27,201 32,761 Total contingent liabilities 27,201 32,761

23. BREAKDOWN OF FIDUCIARY TRANSACTIONS (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

31/12/2019 31/12/2018

Fiduciary deposits third-party companies 1,675,753 1,313,380 Fiduciary deposits with group companies and linked companies 429,570 748,819 Total fiduciary transactions 2,105,323 2,062,199

24. BREAKDOWN OF ASSETS UNDER MANAGEMENT OR CUSTODY (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

31/12/2019 31/12/2018

BREAKDOWN OF ASSETS UNDER MANAGEMENT OR CUSTODYAssets under discretionary asset management agreements 592,323 601,959 Other assets under custody 6,350,358 5,857,108 Total assets under management or custody (including double counting) 6,942,681 6,459,067 - of which, double counting - -

CHANGE IN ASSETS UNDER MANAGEMENT OR CUSTODY 2019 2018Total assets under management or custody (including double counting) at beginning of year 6,459,067 6,182,664

+/- Net new money inflows/(outflows) 284,990 612,014 +/- Price gains/(losses), interest, dividends and currency gains/(losses) 256,183 (352,547)+/- Other effects (57,559) 16,936 Total assets under management or custody (including double counting) at end of year 6,942,681 6,459,067

Assets under discretionary asset management agreements are those for which clients have signed a discretionary asset management agreement.

Net new money comprises a combination of several factors. Firstly, inflow of funds resulting from the acquisition of new clients as well as fresh funds from existing clients. Secondly, outflows, subtracted from total inflows, comprising partial or total withdrawals of existing clients’ assets. Changes in the value of assets caused by market effects (particularly price movements or interest / dividend payments) or interest charges, fees or expenses debited from clients are not included in the calculation of net new money inflows / outflows.

Other changes include the increase/decrease in assets under management or custody generated from financing provided by the Bank.


INFORMATION ON INCOME STATEMENT

25. BREAKDOWN OF THE RESULT FROM TRADING ACTIVITIES (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

2019 2018BREAKDOWN BY BUSINESS ACTIVITY

Trading activities for the account of the client 14,535 14,291 Trading activities for own account (1,230) (1,822)Total result from trading activities 13,305 12,469

2019 2018BREAKDOWN BY BUSINESS TYPE

Result from trading activities from :- Equity securities (including funds) 2,595 4,127 - Foreign currencies 10,710 8,342 Total result from trading activities 13,305 12,469

26. DISCLOSURE OF MATERIAL REFINANCING INCOME IN THE ITEM INTEREST AND DISCOUNT INCOME AS WELL AS MATERIAL NEGATIVE INTEREST (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

2019 2018

Negative interest paid to the Swiss National Bank (1,574) (2,168)

27. BREAKDOWN OF PERSONNEL EXPENSES(EXPRESSED IN THOUSANDS OF SWISS FRANCS)

2019 2018

Salaries (23,564) (23,028)Social security benefits (1,486) (1,437)Pension fund expenses (1,604) (1,579)Other personnel expenses (1,492) (1,263)Total personnel expenses (28,146) (27,307)

28. BREAKDOWN OF GENERAL AND ADMINISTRATIVE EXPENSES (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

2019 2018

Office space expenses (551) (566)Expenses for information and communications technology (2,239) (2,011)Expenses for vehicles, equipment, furniture and other fixtures, as well as operating lease expenses

(21) (19)

Fees of audit firm (432) (432) - of which, for financial and regulatory audit (432) (432)Other operating expenses (7,749) (7,820)Total general and administrative expenses (10,992) (10,848)


29. BREAKDOWN OF EXTRAORDINARY INCOME AND EXPENSES (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

2019 2018

EXTRAORDINARY INCOMEReversal of hidden reserves 924 470 Reversal of tax provisions from prior years 344 641 Reversal of accrued taxes from prior years 226 - Other extraordinary items 172 35 Total extraordinary income 1,666 1,146

EXTRAORDINARY EXPENSESResult of stamp tax control from prior years (66) - Other extraordinary items (9) - Total extraordinary expenses (75) -

30. PRESENTATION OF CURRENT TAXES, DEFERRED TAXES AND DISCLOSUREOF TAX RATE (EXPRESSED IN THOUSANDS OF SWISS FRANCS)

2019 2018

Current taxes (10,202) (10,070)Total taxes (10,202) (10,070)Weighted average tax rate based on the operating result 24% 26%


S.E.M. RAYMOND AUDIHONORARY CHAIRMAN

PHILIPPE RAFIC SEDNAOUICHAIRMAN OF THE BOARD

Mr. Sednaoui has had a long international career with over 40 years of experince in the banking industry. He has held several senior executive positions in various banks, and most recently was General Manager in two different banks in Switzerland. He is currently the Head of the Private Bank at Bank Audi Group. He holds a Master’s degree in International Relations and Economics from the Institut d’Etudes, Paris.

MICHEL CARTILLIERVICE-CHAIRMAN OF THE BOARD (INDEPENDENT*)

Mr. Cartillier has over 45 years of financial services experience and has held senior executive and non-executive positions in several multinational banks. He is also Chairman of the Audit Committee of Banque Audi (Suisse) SA. He holds a degree in Economic Science and a postgraduate degree in Political

Economics from the University of Lyon.

SAMIR N. HANNABOARD MEMBER

Mr. Hanna is currently the Chief Executive Officer and Chairman of the Executive Committee of Bank Audi Group. He joined Bank Audi in January 1963 and has spent his entire career at the Bank. He is also the Chairman of Board of Directors of Odeabank, subsidiary of Bank Audi sal in Turkey, and a Board

member of several other affiliates of Bank Audi Group.

JEAN-PIERRE JACQUEMOUDBOARD MEMBER (INDEPENDENT*)

Mr. Jacquemoud is an Attorney at Law. He holds a Law degree from the University of Geneva and a Master’s degree in Comparative Law from the University of Texas in Austin. He holds a lawyers license from the Bar of Geneva and the Bar of New York. He is currently the principal partner at the Swiss law firm, Jacquemoud & Stanislas in Geneva. He also serves on the Board of Directors of various other companies in Switzerland,

both within and outside the financial services sector.

MARC J AUDIBOARD MEMBER

As a member of the founding family of Bank Audi Group, Mr. Audi has over 35 years of banking experience with Bank Audi Group. He is currently General Manager at Bank Audi sal, the ultimate parent company of Banque Audi (Suisse) SA, responsible for the activity in Lebanon. He is also a member of the Board of Directors and Executive Committee of Bank Audi sal. He holds a Master’s degree in Business Management from

the University of Paris IX Dauphine.

PIERRE RESPINGERBOARD MEMBER (INDEPENDENT*)

Mr. Respinger has over 50 years of experience in the banking industry, where he has held various senior executive roles in a number of international Banks in Switzerland and overseas. He is also the Chairman of the Remuneration Committee of Banque Audi (Suisse) SA. He holds a diploma from the Ecole des Hautes Etudes Commerciales of Paris and a Human Sciences and Social

Studies degree from the University of Paris-Sorbonne.

PIERRE DE BLONAYBOARD MEMBER (INDEPENDENT*)

Mr. de Blonay has spent his entire career in the financial services industry in Switzerland and overseas. He also serves on the board of directors of various other companies in the banking and investment funds sectors.

AUDIT COMMITTEE

Michel Cartillier (Chairman)Jean-Pierre JacquemoudPierre de Blonay

REMUNERATION COMMITTEE

Pierre Respinger (Chairman)Samir N. HannaMarc J. AudiJean-Pierre Jacquemoud

* Independent Board Members (FINMA, circular 2017/1).


BOARD OFDIRECTORS08

JOSEPH HALLITHEAD OF PRIVATE BANKING

Mr. Hallit joined the Bank in January 2015, after over 15 years of Private Banking experience in Bank Audi Group in Saudi Arabia, Qatar and Lebanon. He holds a Bachelor degree in Economic Science from the University of St. Joseph, Beirut and a Masters degree in Economic Science from the University of Paris-Sorbonne.

GREGOR MACINTOSHCHIEF INVESTMENT OFFICER

Mr. Macintosh joined the Bank in November 2017, after over 20 years of investment management experience in Switzerland and overseas. His most recent position was Chief Investment Officer Fixed Income & Macro Strategies in a Swiss private bank. He holds a BA Honours degree in Economics from Heriot-Watt University, Edinburgh and a Post-Graduate Diploma in Investment Analysis from the University of Stirling.

GREGORY SATNARINECHIEF FINANCIAL OFFICER / CHIEF OPERATIONS OFFICER

Mr. Satnarine joined the Bank in November 2014. He has over 30 years of banking and financial services experience, principally with international financial services firms, including over 15 years of experience as Chief Financial Officer and Chief Operations Officer in the Swiss banking sector. A qualified Chartered Accountant from the UK with a Bachelor’s degree in Economics, Accounting & Finance from the London School of Economics & Political Science.

EXECUTIVE COMMITTEE

RAGI BOUSTANYGENERAL MANAGER

Mr. Boustany Joined the Bank in November 2015, after over 30 years of experience with an international bank in various senior executive positions in Commercial & Investment Banking and Private Banking. He has held General Manager positions in the Middle East, UK and Switzerland. He holds a Law degree from the University “la Sagesse”, Beirut.

ELIE BAZHEAD OF TREASURY & FOREIGN EXCHANGE

Mr. Baz joined the Bank in 1987 and has over 30 years of foreign exchange and metals trading experience. He holds a degree in Business Management from the University of St. Joseph, Beirut.

JEAN-MARC CODORELLOHEAD OF BUSINESS MANAGEMENT

Mr. Codorello joined the Bank in April 2013, after over 20 years of experience with a major international bank and an audit firm. He holds an Economic Science and Social Studies degree from the University of Geneva.

MIREILLE GAVARDHEAD OF LEGAL & COMPLIANCE

Mrs. Gavard joined the Bank in September 2010, after over 25 years of experience in senior executive positions in legal and compliance for various Swiss and international banks. She holds a Law degree from the University of Geneva.

INTERNAL AUDITVÉRONIQUE VALLE


09

BANQUE AUDI (SUISSE) SA

BANK AUDI FRANCE saParis Tel: +33 1 53 83 50 0073 Champs-Elysées Avenue Fax: +33 1 42 56 09 74 75008 Paris, France [email protected] bankaudi.fr

BANK AUDI sal - JORDAN BRANCHESAmmanHEADQUARTERSBldg. 26, Suleiman Al-Nabulsi Str. Tel: +962 6 4604000Abdali, Amman Fax: +962 6 4680015P.O. Box 840006 Amman [email protected], Jordan bankaudi.com.jo

BANK AUDI saeHEADQUARTERSPyramids Heights Office ParkCairo-Alexandria Desert Road Tel: +20 2 35343300Km 22, Sixth of October City Fax: +20 2 35362120P.O. Box 300 El Haram [email protected] Code 12556 bankaudi.com.eg

BANK AUDI LLCDohaQatar Financial Centre Tower, 18th Fl. Tel: +974 44967365Diplomatic Area, West Bay Fax: +974 44967373P.O. Box 23270 [email protected], Qatar bankaudipb.com

BANK AUDI sal – IRAQ BRANCHESHEADQUARTERSBank Audi Bldg., District 923 Tel: (964-772) 9768900Al-Jadriya Main Street, Baghdad [email protected]. Box 2080 Al-Jadriya, Iraq bankaudiiraq.com

AUDIINVESTMENT BANK

AUDI INVESTMENT BANK salBeirut Bank Audi Plaza Tel: +961 1 994000Bab Idriss Fax: +961 1 999406P.O. Box 16-5110 [email protected], Lebanon bankaudigroup.com

ODEA BANK A.S.IstanbulHEADQUARTERSOdea Bank A.S. headquarters Tel: +90 212 3048444Levent 199, Buyukdere Street Fax: + 90 212 3048445No. 199, Floors 33-39 [email protected] Sisli, Istanbul, Turkey odeababk.com.tr

BANK AUDIPRIVATE BANK

BANQUE AUDI (SUISSE) SAHEAD OFFICEGeneva Tel: +41 22 704 11 11Cours des Bastions, 18 Fax: +41 22 704 11 00P.O. Box 384 [email protected] Geneva 12, Switzerland bankaudipb.com

REPRESENTATIVE OFFICEBeirutBank Audi PlazaBab IdrissP.O. Box 11-2666 Tel: +961 1 977 544Beirut, Lebanon Fax: +961 1 980 535

AUDI PRIVATE BANK salBeirutBank Audi Plaza Tel: +961 1 954800 - 954900Bab Idriss Fax: +961 1 954880P.O. Box 11-1121 [email protected], Lebanon bankaudipb.com

AUDI CAPITAL (KSA) cjscRiyadhCentria Bldg., 3rd Floor, 2908 PrinceMohammad Bin Abdul Aziz Rd.(Tahlia). Postal Address: Unit No. 28 Tel: +966 11 2199300Ar Riyadh 12241-6055 Fax: +966 11 4627942P.O. Box 250744 Riyadh 11391 [email protected] of Saudi Arabia audicapital.com

BANK AUDI salAbu Dhabi REPRESENTATIVE OFFICEEtihad Towers, Tower 3, 15th Fl. Tel: +971 2 6331180Office 1503, Corniche Street Fax: +971 2 6336044P.O. Box 94409 Abu Dhabi [email protected] Arab Emirates bankaudipb.com

BANK AUDI

BANK AUDI salBeirutHEADQUARTERSBank Audi Plaza Tel: +961 1 994000Bab Idriss Fax: +961 1 990555P.O. Box 11-2560 Customer helpline: +961 1 212120Beirut, Lebanon [email protected] bankaudigroup.com

COUNTRY MANAGEMENT LEBANONBank Audi Palladium Tel: +961 1 994000Bab Idriss Fax: +961 1 990555P.O. Box 11-2560 [email protected], Lebanon bankaudi.com.lb

M1 Building Tel: +961 1 994000Bab Idriss Fax: +961 1 990555P.O. Box 11-2560 [email protected], Lebanon bankaudi.com.lb

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