Annual Report 2018

Consolidated Financial Statements

Consolidated Statements of Income

For the years ended 31 December (CHF in thousands)

Notes

2018

2017

Interest income

22

329,955

308,305

Interest expense

23

20,771

– 24,706

Net interest income

309,184

283,599

Commission and fee income

24

129,646

112,744

Net revenues

438,830

396,344

Provision for losses on financing receivables

4

50,056

– 45,089

Compensation and benefits

105,850

– 97,662

General and administrative expenses

25

87,177

– 70,285

Total operating expenses

193,026

– 167,947

Income before income taxes

195,748

183,308

Income tax expense

17

41,622

– 38,816

Net income

154,126

144,492

Earnings per share

Basic

15

5.47

5.13

Diluted

15

5.46

5.12

See accompanying Notes to the Consolidated Financial Statements.

Consolidated Statements of Financial Position

At 31 December (CHF in thousands)

Notes

2018

2017

Assets

Cash and cash equivalents

499,323

418,422

Financing receivables, net

4

4,806,759

4,561,500

Investment securities

5

10,558

11,754

Property, plant and equipment, net

6

7,413

5,819

Intangible assets, net

7

33,152

26,403

Goodwill

8

15,877

14,508

Other assets

9

62,586

57,788

Deferred income taxes

17

4,564

3,175

Total assets 1

5,440,231

5,099,369

Liabilities and equity

Deposits

10

2,827,254

2,626,786

Accrued expenses and other payables

156,566

144,473

Short-term debt

11

300,015

100,000

Long-term debt

11

1,197,749

1,321,370

Other liabilities

13

25,197

21,278

Total liabilities 1

4,506,780

4,213,908

Common shares

30,000

30,000

Additional paid in capital (APIC)

209,590

294,544

Treasury shares

100,972

– 101,004

Retained earnings

816,069

677,451

Accumulated other comprehensive loss (AOCI)

21,235

– 15,530

Total shareholders' equity

933,451

885,460

Total liabilities and shareholders' equity

5,440,231

5,099,369

1The Group's consolidated assets as at 31 December 2018 and 31 December 2017 include total assets of TCHF 609,644 and TCHF 535,446 respectively, of consolidated variable interest entities ("VIEs") that can only be used to settle the liabilities of the VIEs. The Group's consolidated liabilities as at 31 December 2018 and 31 December 2017 include liabilities of the VIEs of TCHF 399,494 and TCHF 398,866 respectively, for which the VIE creditors do not have recourse to Cembra Money Bank AG.


See accompanying Notes to the Consolidated Financial Statements.