EDITORIAL

Dear shareholders,

On its way to becoming the leader in the Swiss payment market, the Aduno Group assigned top priority to the card business in 2019.

We made significant progress towards achieving this goal last year. The sale of the leasing and private credit business bundled in cashgate AG to Cembra Money Bank on 2 September 2019 was a key milestone in this regard. As a result, the Aduno Group further refined its activities last year and is now ideally placed to expand its leading position in the payment segment. The increase in its stake in Contovista from 70% to 100% on 24 July 2019 is an example of this: the pioneering solutions of the Schlieren-based FinTech company – from personal and business finance management through to data analytics and AI – complement our existing portfolio perfectly. It will allow us to continue to provide both customer banks and end users with innovative cashless payment services and products in the future.

In terms of its products, the Aduno Group was able to convince further key customer banks of the added value offered by its next generation of debit cards. These debit cards combine the advantages of previous debit cards with modern functionalities such as online shopping, digital payment solutions and global acceptance at 43 million points of sale. The Aduno Group is Switzerland’s first and so far only provider of these new payment cards. As a result, customer banks benefit from a fully modular product and service structure, Europe's leading fraud management system, a state-of-the-art card app and the largest range of mobile payment solutions. In a rapidly evolving and converging market, the Aduno Group is the only provider to offer banks the strategic flexibility of debit, credit and flex cards from a single source.

However, the Aduno Group is also a trailblazer in the area of digitisation: by June 2019, the "one" app had already surpassed one million downloads, making it one of the most successful financial apps in Switzerland. As a result, the "one" app won multiple awards last year in the categories of design, usability and user experience. Further key milestones in the digitisation strategy in 2019 included the introduction of Apple Pay, Samsung Pay and SwatchPAY!. Today, customers of the Aduno Group have a broad range of mobile payment solutions at their disposal. Of course, we will continue to expand our offering in 2020.

The first quarter of 2020 was dominated by the coronavirus pandemic. The pandemic has left its mark on the business. The Aduno Group has recorded a significant decline in transaction volumes in various parts of the business in recent weeks – especially in the catering and tourism sectors. It is not yet possible to predict the extent of these declines overall, but a significant contraction in sales is expected in the current year.

This Annual Report was prepared in accordance with the new Swiss GAAP FER accounting standards.

We would like to take this opportunity to thank all those who contributed to the success of the Aduno Group. Last year our employees once again delivered a tremendous performance in the front office, in support and in the projects. We would like to extend a special thanks for their enormous commitment and willingness to embrace change as part of the Group’s realignment. Our gratitude of course also goes out to our customers and shareholders for the trust they have placed in us and for our good collaborative relationship.

Pascal Niquille
Chairman of the Board of Directors

Max Schönholzer
Chief Executive Officer

Pascal Niquille 
Chairman of the Board of Directors

Max Schönholzer
Chief Executive Officer