Ina Invest : Rapport annuel 2020 (anglais)

Annual Report 2020

Note:

Ina Invest primarily publishes and communicates digitally. Read ourAnnual Report 2020 online.

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Table of contents

The year 2020 ........................................................................................................................................................................ 5

Overview of key figures .................................................................................................................................................. 5

Letter to the Shareholders ............................................................................................................................................ 6

Corporate Governance ....................................................................................................................................................... 8

1 Group structure and shareholders ..................................................................................................................... 9

1.1 Group structure ..................................................................................................................................................... 9

1.2 Major shareholders .............................................................................................................................................. 9

1.3 Cross-shareholdings ............................................................................................................................................ 9

2 Capital structure ................................................................................................................................................... 10

2.1 Capital ................................................................................................................................................................... 10

2.2 Conditional and authorised capital in particular ..................................................................................... 10

2.3 Shares and participation certificates ........................................................................................................... 11

2.4 Dividend-rights certificates ............................................................................................................................ 11

2.5 Restrictions on transferability and nominee registrations ................................................................... 11

2.6 Convertible bonds and options .................................................................................................................... 13

3 Board of Directors ................................................................................................................................................ 14

3.1 Members of the Board of Directors ............................................................................................................. 14

3.2 Education, activities and vested interests .................................................................................................. 14

3.3 Rules of the Articles of Association regarding the number of permissible activities according to Art. 12 (1)(1) of the Swiss Ordinance against Excessive Compensation at Stock Exchange Listed

Companies ("OaEC") ................................................................................................................................................ 18

3.4 Election and term of office ............................................................................................................................. 19

3.5 Internal Organisation ........................................................................................................................................ 19

3.6 Division of responsibilities .............................................................................................................................. 23

3.7 Information and control instruments with respect to the CEO .......................................................... 24

4 Executive Management ...................................................................................................................................... 25

4.1 Education, activities and vested interests .................................................................................................. 25

4.2 Rules of the Articles of Association regarding the number of permissible activities according to Art. 12 (1)(1) of the Swiss Ordinance against Excessive Compensation at Stock Exchange Listed

Companies ("OaEC") ................................................................................................................................................ 25

4.3 Management contracts .................................................................................................................................... 25

5 Compensation, shareholdings and loans ..................................................................................................... 26

5.1 Content and procedure to determine compensation and the shareholding programmes ...... 26

5.2 Rules under the Articles of Association ...................................................................................................... 26

• 6 Shareholders' participation rights ................................................................................................................... 27

• 6.1 Limitation of voting rights and proxy voting ............................................................................................ 27

  6.2 Quorums under the Articles of Association .............................................................................................. 27

  6.3 Convening the General Meeting .................................................................................................................. 28

  6.4 Adding items to the agenda .......................................................................................................................... 28

  6.5 Registrations in the Share Register .............................................................................................................. 28

• 7 Change of control and defensive measures ................................................................................................ 29

  • 7.1 Duty to make an offer ...................................................................................................................................... 29

  • 7.2 Change-of-control clause ............................................................................................................................... 29

• 8 Auditors ................................................................................................................................................................... 30

8.1 Duration of the Head Auditor's mandate and term of office .............................................................. 30

8.2 Auditing fees ....................................................................................................................................................... 30

8.3 Additional fees .................................................................................................................................................... 30

8.4 Informational instruments of the External Audit ..................................................................................... 30

9 Information policy ................................................................................................................................................ 31

Compensation Report ...................................................................................................................................................... 32

Letter to the Shareholders ......................................................................................................................................... 32

1 Philosophy of compensation ............................................................................................................................ 34

2 Governance of compensation .......................................................................................................................... 34

2.1 Compensation provisions in the Articles of Association ....................................................................... 34

2.2 Nomination and Compensation Committee (NCC) ................................................................................ 34

2.3 Compensation Governance ............................................................................................................................ 35

3 Principles and components of compensation ............................................................................................ 37

3.1 Board of Directors ............................................................................................................................................. 37

3.2 CEO ......................................................................................................................................................................... 38

4 Compensation for 2020 ..................................................................................................................................... 40

4.1 Board of Directors compensation for 2020 (from the listing date of 12 June 2020) ................... 40

4.2 Additional information about the Board of Directors' compensation ............................................. 41

4.3 CEO's compensation in 2020 (from the listing date of 12 June 2020) ............................................. 41

4.4 Additional information on the CEO's compensation ............................................................................. 41

5 Shareholdings as of 31 of December 2020 .................................................................................................. 42

5.1 Board of Directors ............................................................................................................................................. 42

5.2 CEO ......................................................................................................................................................................... 42

Report of the statutory auditor ..................................................................................................................................... 43

Consolidated financial statements of Ina Invest Group as at 31 December 2020 ........................................ 44

Consolidated income statement .............................................................................................................................. 45

Consolidated balance sheet ...................................................................................................................................... 46

Consolidated cash flow statement .......................................................................................................................... 47

Consolidated statement of changes in equity ..................................................................................................... 48

Notes to the consolidated annual financial statements ................................................................................... 49

1 General information and principles ................................................................................................................ 49

2 Operating activities .............................................................................................................................................. 51

3 Financing ................................................................................................................................................................. 65

4 Other disclosures .................................................................................................................................................. 72

Report of the Independent Valuer ............................................................................................................................... 89

Report of the statutory auditor ..................................................................................................................................... 94

Annual financial statements of Ina Invest Holding Ltd ......................................................................................... 99

Income statement ......................................................................................................................................................... 99

Balance sheet ................................................................................................................................................................ 100

Notes ............................................................................................................................................................................... 101

1 Principles ................................................................................................................................................................ 101

2 Information on balance sheet and income statement items ................................................................ 102

3 Other information ............................................................................................................................................... 105

Report of the statutory auditor ................................................................................................................................... 108

Contacts .............................................................................................................................................................................. 113