Consolidated statement of cash flow
in CHF 1,000 | Note | 2020 | 2019 | 2019 | Adjustments1, 2 |
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Cash flow from operating activities |
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Group net income |
| 41,622 | 73,543 | 73,543 | 0 |
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Reconciliation to cash flow from operating activities |
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Non-cash-related positions in Group results |
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Depreciation of property, equipment and intangible assets | 28,763 | 29,343 | 29,343 | 0 |
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Creation/dissolution of retirement pension provisions |
| –86 | –373 | –373 | 0 |
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Creation/dissolution of other provisions and valuation allowances |
| 20,262 | –7,324 | –7,316 | –8 | 2 |
Unrealised gains on financial instruments measured at fair value |
| –1,450 | 640 | 640 | 0 |
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Unrealised gains on financial instruments measured at amortised cost |
| 1 | 7 | 7 | 0 |
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Deferred income taxes |
| –38 | 2,257 | 2,257 | 0 |
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Net increase/reduction in banking |
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Amounts due from/to banks, net |
| –1,244,061 | –30,376 | –30,371 | –5 | 2 |
Trading portfolios incl. replacement values, net |
| 2,677 | 4,917 | 3,933 | 984 | 2 |
Amounts due from/to clients |
| 984,449 | 220,020 | 226,436 | –6,416 | 3 |
Accrued receivables and other assets |
| –43,392 | –3,636 | –3,702 | 66 | 2 |
Accruals and other liabilities |
| 11,187 | 33,560 | 33,835 | –275 | 2 |
Income taxes paid | –7,666 | –8,014 | –8,014 | 0 |
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Used provisions and valuation allowances |
| –26,022 | –964 | –964 | 0 |
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Foreign-currency impact on intra-Group payments |
| –10,778 | 3,961 | 3,961 | 0 |
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Net cash flow from operating activities |
| –244,532 | 317,561 | 323,215 | –5,654 |
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Cash flow from investment activities |
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Purchase of financial instruments measured at fair value |
| –6,939 | –74,179 | –74,179 | 0 |
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Proceeds from sale of/maturing financial instruments measured at fair value |
| 27,981 | 101,907 | 101,907 | 0 |
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Purchase of financial instruments measurement at amortised cost |
| –616,744 | –651,762 | –403,410 | –248,352 | 1 |
Proceeds from sale of/maturing financial instruments measured at amortised cost |
| 632,932 | 612,445 | 440,348 | 172,097 | 1 |
Acquisition of property and equipment and intangible assets |
| –22,278 | –32,432 | –32,432 | 0 |
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thereof from acquisitions |
| –10,200 | –10,200 | 0 |
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Sale of property and equipment and intangible assets |
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| 60 | 60 | 0 |
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Net cash flow from investment activities |
| 14,952 | –43,961 | 32,294 | –76,255 |
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Cash flow from financing activities |
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Purchase of treasury shares | –198 | –8,594 | –8,594 | 0 |
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Sale of treasury shares |
| 957 | 962 | 962 | 0 |
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Cash loss due to lease liabilities |
| –5,919 | –5,907 | –5,907 | 0 |
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Dividend distributions |
| –33,163 | –33,004 | –33,004 | 0 |
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Issuance of medium-term bonds |
| 3,428 | 32,951 | 32,951 | 0 |
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Redemption of medium-term bonds |
| –104,216 | –95,295 | –95,295 | 0 |
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Issuance of debentures |
| 154,976 | 154,976 | 0 |
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Net cash flow from financing activities |
| –139,111 | 46,089 | 46,089 | 0 |
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Foreign-currency translation impact2 |
| 8,192 | 14,761 | 8,243 | 6,518 | 4 |
Net increase/reduction in cash and cash equivalents |
| –360,499 | 334,450 | 409,841 | –75,391 |
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Cash and cash equivalents at the beginning of the financial year |
| 3,565,856 | 3,231,406 | 3,279,005 | –47,599 | 1 |
Cash and cash equivalents at the end of the financial year |
| 3,205,357 | 3,565,856 | 3,688,846 | –122,990 | 1 |
Net increase/reduction in cash and cash equivalents |
| –360,499 | 334,450 | 409,841 | –75,391 |
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in CHF 1,000 | Note | 2020 | 2019 | 2019 | Adjustments1, 2 |
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Cash and cash equivalents are represented by |
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Cash | 2,592,848 | 2,910,048 | 2,910,048 | 0 |
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Receivables arising from money market paper1 |
| 0 | 0 | 122,990 | –122,990 | 1 |
Due from banks – at-sight balances | 612,509 | 655,808 | 655,808 | 0 |
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Total cash and cash equivalents |
| 3,205,357 | 3,565,856 | 3,688,846 | –122,990 |
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Consolidated statement of cash flow (summarised) |
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Cash and cash equivalents at beginning of accounting period |
| 3,565,856 | 3,231,406 | 3,279,005 | –47,599 |
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Cash flow from operating activities, net of taxes |
| –244,532 | 317,561 | 323,215 | –5,654 |
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Cash flow from investing activities |
| 14,952 | –43,961 | 32,294 | –76,255 |
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Cash flow from financing activities |
| –139,111 | 46,089 | 46,089 | 0 |
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Foreign-currency translation impact2 |
| 8,192 | 14,761 | 8,243 | 6,518 | 4 |
Cash and cash equivalents at end of accounting period |
| 3,205,357 | 3,565,856 | 3,688,846 | –122,990 |
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Cash flow from operating activities from interest and dividends |
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Interest paid |
| –28,567 | –57,201 | –57,201 | 0 |
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Interest received |
| 141,798 | 186,354 | 186,354 | 0 |
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Dividends received |
| 4,722 | 6,369 | 6,369 | 0 |
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At-sight balances due from banks bear interest at daily rates or are invested in interest-bearing short-term money-market deposits for between one day and three months, depending upon the liquidity requirements of VP Bank Group. Interest rates are based upon equivalent market rates. The fair value of cash and cash equivalents amounts to CHF 3,205.4 million (2019: CHF 3,565.9 million). |
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- Short-term money-market deposits have an original maturity of a maximum of three months. In 2019, money market paper with a total term of over 90 days was erroneously added to the cash and cash equivalents. The previous year's figures have therefore been corrected accordingly.
- The disclosure of foreign-currency effects was checked and refined. The foreign-currency influences on items in the cash and cash equivalents are determined and reported, and the currency differences from changes in the balance sheet are adjusted accordingly. The incorrect figures from the previous year have been corrected accordingly.
- Thereof 1) 4,225 and 2) -10,641.
- Thereof 1) -3,228 and 2) 9,746.
Reconciliation between cash flow from financing activities and the balance sheet positions: |
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in CHF 1,000 | Note | 31.12.2020 | 31.12.2019 | Variance | Variance from | Changes in | Effect of changes in foreign exchange rates | Additions right of use assets | Other |
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Medium-term notes | 76,148 | 177,493 | –101,345 | –100,788 | –557 | 0 | 0 | 0 | |
Debentures issued | 355,205 | 355,327 | –122 | 0 | –122 | 0 | 0 | 0 | |
Lease liabilities | 28,985 | 30,852 | –1,867 | –5,919 | 0 | –228 | 4,022 | 258 | |
Total variance |
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| –103,334 | –106,707 | –679 | –228 | 4,022 | 258 |
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in CHF 1,000 | Note | 31.12.2019 | 31.12.2018 | Variance | Variance from | Changes in | Effect of changes in foreign exchange rates | Additions right of use assets | Other |
Medium-term notes | 177,493 | 240,616 | –63,123 | –62,344 | –779 | 0 | 0 | 0 | |
Debentures issued | 355,327 | 200,474 | 154,853 | 154,976 | –123 | 0 | 0 | 0 | |
Lease liabilities | 30,852 | 0 | 30,852 | –5,907 | 0 | –76 | 36,228 | 607 | |
Total variance |
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| 122,582 | 86,725 | –902 | –76 | 36,228 | 607 |