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    Con­sol­i­dated state­ment of cash flow

    in CHF 1,000

    Cash flow from op­er­at­ing ac­tiv­i­ties

    Group net in­come

    Rec­on­cil­i­a­tion to cash flow from op­er­at­ing ac­tiv­i­ties

    Non-cash-re­lated po­si­tions in Group re­sults

    De­pre­ci­a­tion of prop­erty, equip­ment and in­tan­gi­ble as­sets

    Cre­ation/​dis­so­lu­tion of re­tire­ment pen­sion pro­vi­sions

    Cre­ation/​dis­so­lu­tion of other pro­vi­sions and val­u­a­tion al­lowances

    Un­re­alised gains on fi­nan­cial in­stru­ments mea­sured at fair value

    Un­re­alised gains on fi­nan­cial in­stru­ments mea­sured at amor­tised cost

    De­ferred in­come taxes

    Net in­crease/​re­duc­tion in bank­ing

    Amounts due from/​to banks, net

    Trad­ing port­fo­lios incl. re­place­ment val­ues, net

    Amounts due from/​to clients

    Ac­crued re­ceiv­ables and other as­sets

    Ac­cru­als and other li­a­bil­i­ties

    In­come taxes paid

    Used pro­vi­sions and val­u­a­tion al­lowances

    For­eign-cur­rency im­pact on in­tra­group trans­ac­tions

    Net cash flow from op­er­at­ing ac­tiv­i­ties

     

    Cash flow from in­vest­ment ac­tiv­i­ties

    Pur­chase of fi­nan­cial in­stru­ments mea­sured at fair value

    Pro­ceeds from sale of/​ma­tur­ing fi­nan­cial in­stru­ments mea­sured at fair value

    Pur­chase of fi­nan­cial in­stru­ments mea­sured at amor­tised cost

    Pro­ceeds from sale of/​ma­tur­ing fi­nan­cial in­stru­ments mea­sured at amor­tised cost

    Ac­qui­si­tion of prop­erty and equip­ment and in­tan­gi­ble as­sets

    thereof from ac­qui­si­tions

    Sale of prop­erty and equip­ment and in­tan­gi­ble as­sets

    Net cash flow from in­vest­ment ac­tiv­i­ties

     

    Cash flow from fi­nanc­ing ac­tiv­i­ties

    Pur­chase of trea­sury shares

    Sale of trea­sury shares

    Cash loss due to lease li­a­bil­i­ties

    Div­i­dend dis­tri­b­u­tions

    Is­suance of medium-term bonds

    Re­demp­tion of medium-term bonds

    Re­demp­tion of deben­tures

    Net cash flow from fi­nanc­ing ac­tiv­i­ties

     

    For­eign-cur­rency trans­la­tion im­pact

    Net in­crease/​re­duc­tion in cash and cash equiv­a­lents

     

    Cash and cash equiv­a­lents at the be­gin­ning of the fi­nan­cial year

    Cash and cash equiv­a­lents at the end of the fi­nan­cial year

    Net in­crease/​re­duc­tion in cash and cash equiv­a­lents

     

     

    in CHF 1,000

    Cash and cash equiv­a­lents are rep­re­sented by

    Cash

    Re­ceiv­ables aris­ing from money mar­ket pa­per

    Due from banks – at-sight bal­ances

    To­tal cash and cash equiv­a­lents

     

    Con­sol­i­dated state­ment of cash flow (sum­marised)

    Cash and cash equiv­a­lents at be­gin­ning of ac­count­ing pe­riod

    Cash flow from op­er­at­ing ac­tiv­i­ties, net of taxes

    Cash flow from in­vest­ing ac­tiv­i­ties

    Cash flow from fi­nanc­ing ac­tiv­i­ties

    For­eign-cur­rency trans­la­tion im­pact

    Cash and cash equiv­a­lents at end of ac­count­ing pe­riod

     

    Cash flow from op­er­at­ing ac­tiv­i­ties from in­ter­est and div­i­dends

    In­ter­est paid

    In­ter­est re­ceived

    Div­i­dends re­ceived

     

    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 2,875.8 mil­lion (2020: CHF 3,205.4 mil­lion).

    in CHF 1,000

    Note

    2021

    2020

    Cash flow from op­er­at­ing ac­tiv­i­ties

     

     

     

    Group net in­come

     

    50,638

    41,622

    Rec­on­cil­i­a­tion to cash flow from op­er­at­ing ac­tiv­i­ties

     

     

     

    Non-cash-re­lated po­si­tions in Group re­sults

     

     

     

    De­pre­ci­a­tion of prop­erty, equip­ment and in­tan­gi­ble as­sets

    22/23

    36,383

    28,763

    Cre­ation/​dis­so­lu­tion of re­tire­ment pen­sion pro­vi­sions

     

    2,217

    –86

    Cre­ation/​dis­so­lu­tion of other pro­vi­sions and val­u­a­tion al­lowances

     

    1,069

    20,262

    Un­re­alised gains on fi­nan­cial in­stru­ments mea­sured at fair value

     

    –3,077

    –1,450

    Un­re­alised gains on fi­nan­cial in­stru­ments mea­sured at amor­tised cost

     

    –85

    1

    De­ferred in­come taxes

     

    –287

    –38

    Net in­crease/​re­duc­tion in bank­ing

     

     

     

    Amounts due from/​to banks, net

     

    –205,006

    –1,244,061

    Trad­ing port­fo­lios incl. re­place­ment val­ues, net

     

    362

    2,677

    Amounts due from/​to clients

     

    14,972

    984,449

    Ac­crued re­ceiv­ables and other as­sets

     

    –7,164

    –43,392

    Ac­cru­als and other li­a­bil­i­ties

     

    28,204

    11,187

    In­come taxes paid

    10a

    –8,672

    –7,666

    Used pro­vi­sions and val­u­a­tion al­lowances

     

    –4,347

    –26,022

    For­eign-cur­rency im­pact on in­tra­group trans­ac­tions

     

    8,364

    –10,778

    Net cash flow from op­er­at­ing ac­tiv­i­ties

     

    –86,429

    –244,532

     

     

     

     

    Cash flow from in­vest­ment ac­tiv­i­ties

     

     

     

    Pur­chase of fi­nan­cial in­stru­ments mea­sured at fair value

     

    –54,403

    –6,939

    Pro­ceeds from sale of/​ma­tur­ing fi­nan­cial in­stru­ments mea­sured at fair value

     

    47,934

    27,981

    Pur­chase of fi­nan­cial in­stru­ments mea­sured at amor­tised cost

     

    –580,498

    –616,744

    Pro­ceeds from sale of/​ma­tur­ing fi­nan­cial in­stru­ments mea­sured at amor­tised cost

     

    497,475

    632,932

    Ac­qui­si­tion of prop­erty and equip­ment and in­tan­gi­ble as­sets

     

    14,791

    –22,278

    thereof from ac­qui­si­tions

    46

    53,414

    0

    Sale of prop­erty and equip­ment and in­tan­gi­ble as­sets

     

    37

    0

    Net cash flow from in­vest­ment ac­tiv­i­ties

     

    –74,664

    14,952

     

     

     

     

    Cash flow from fi­nanc­ing ac­tiv­i­ties

     

     

     

    Pur­chase of trea­sury shares

    30

    –50

    –198

    Sale of trea­sury shares

     

    909

    957

    Cash loss due to lease li­a­bil­i­ties

     

    –6,145

    –5,919

    Div­i­dend dis­tri­b­u­tions

     

    –24,289

    –33,163

    Is­suance of medium-term bonds

     

    14,752

    3,428

    Re­demp­tion of medium-term bonds

     

    –36,900

    –104,216

    Re­demp­tion of deben­tures

    26

    –100,000

    0

    Net cash flow from fi­nanc­ing ac­tiv­i­ties

     

    –151,723

    –139,111

     

     

     

     

    For­eign-cur­rency trans­la­tion im­pact

     

    –16,700

    8,192

    Net in­crease/​re­duc­tion in cash and cash equiv­a­lents

     

    –329,516

    –360,499

     

     

     

     

    Cash and cash equiv­a­lents at the be­gin­ning of the fi­nan­cial year

     

    3,205,357

    3,565,856

    Cash and cash equiv­a­lents at the end of the fi­nan­cial year

     

    2,875,841

    3,205,357

    Net in­crease/​re­duc­tion in cash and cash equiv­a­lents

     

    –329,516

    –360,499

     

     

     

     

     

     

     

     

    in CHF 1,000

    Note

    2021

    2020

    Cash and cash equiv­a­lents are rep­re­sented by

     

     

     

    Cash

    13

    2,384,252

    2,592,848

    Re­ceiv­ables aris­ing from money mar­ket pa­per

     

    0

    0

    Due from banks – at-sight bal­ances

    15

    491,589

    612,509

    To­tal cash and cash equiv­a­lents

     

    2,875,841

    3,205,357

     

     

     

     

    Con­sol­i­dated state­ment of cash flow (sum­marised)

     

     

     

    Cash and cash equiv­a­lents at be­gin­ning of ac­count­ing pe­riod

     

    3,205,357

    3,565,856

    Cash flow from op­er­at­ing ac­tiv­i­ties, net of taxes

     

    –86,429

    –244,532

    Cash flow from in­vest­ing ac­tiv­i­ties

     

    –74,664

    14,952

    Cash flow from fi­nanc­ing ac­tiv­i­ties

     

    –151,723

    –139,111

    For­eign-cur­rency trans­la­tion im­pact

     

    –16,700

    8,192

    Cash and cash equiv­a­lents at end of ac­count­ing pe­riod

     

    2,875,841

    3,205,357

     

     

     

     

    Cash flow from op­er­at­ing ac­tiv­i­ties from in­ter­est and div­i­dends

     

     

     

    In­ter­est paid

     

    –14,477

    –28,567

    In­ter­est re­ceived

     

    123,743

    141,798

    Div­i­dends re­ceived

     

    7,360

    4,722

     

     

     

     

    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 2,875.8 mil­lion (2020: CHF 3,205.4 mil­lion).

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    Rec­on­cil­i­a­tion be­tween cash flow from fi­nanc­ing ac­tiv­i­ties and the bal­ance sheet po­si­tions:

    in CHF 1,000

    Medium-term notes

    Deben­tures is­sued

    Lease li­a­bil­i­ties

    To­tal vari­ance

     

     

    in CHF 1,000

    Medium-term notes

    Deben­tures is­sued

    Lease li­a­bil­i­ties

    To­tal vari­ance

    Rec­on­cil­i­a­tion be­tween cash flow from fi­nanc­ing ac­tiv­i­ties and the bal­ance sheet po­si­tions:

     

    in CHF 1,000

    Note

    31.12.2021

    31.12.2020

    Vari­ance
    ab­solute

    Vari­ance from
    cash flows

    Changes in 
    fair val­ues

    Ef­fect of changes in for­eign ex­change rates

    Ad­di­tions right of use as­sets

    Other
    vari­ances

    Medium-term notes

    25

    53,997

    76,148

    –22,151

    –22,148

    –3

    0

    0

    0

    Deben­tures is­sued

    26

    255,134

    355,205

    –100,071

    –100,000

    –71

    0

    0

    0

    Lease li­a­bil­i­ties

    32

    25,174

    28,985

    –3,811

    –6,145

    0

    119

    2,042

    173

    To­tal vari­ance

     

     

     

    –126,033

    –128,293

    –74

    119

    2,042

    173

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    in CHF 1,000

    Note

    31.12.2020

    31.12.2019

    Vari­ance
    ab­solute

    Vari­ance from
    cash flows

    Changes in 
    fair val­ues

    Ef­fect of changes in for­eign ex­change rates

    Ad­di­tions right of use as­sets

    Other
    vari­ances

    Medium-term notes

    25

    76,148

    177,493

    –101,345

    –100,788

    –557

    0

    0

    0

    Deben­tures is­sued

    26

    355,205

    355,327

    –122

    0

    –122

    0

    0

    0

    Lease li­a­bil­i­ties

    32

    28,985

    30,852

    –1,867

    –5,919

    0

    –228

    4,022

    258

    To­tal vari­ance

     

     

     

    –103,334

    –106,707

    –679

    –228

    4,022

    258

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