annual report - gastrosocial.ch¤ftsbericht... · preface gastrosocial again recorded encouraging...

ANNUAL REPORT 2018

Preface

GastroSocial again recorded encouraging and stable growth in the 2018 financial year. The number of affiliated businesses reached 20 587 for the Compensation Fund and 20 677 for the Pension Fund. The total payroll grew to some CHF 6.69 billion for the Compensation Fund and CHF 5.43 billion for the Pension Fund. Contributions for the Compensation Fund were around CHF 1.07 billion and for the Pension Fund around CHF 401 million.

The 2018 investment year was marked by negative fluctuations in the yields of global government and corporate bonds, as well as declining returns from the equity markets and real estate funds. In contrast to the success of previous years, Swiss pension funds suffered a setback from minus 3.45 % on average. GastroSocial posted a return of minus 3.05 %, which corresponds to the BVG benchmark index. The funding ratio is 115.3 % with investment capital of around CHF 7 billion.

Each day, our employees in the Compensation Fund and Pension Fund happily dedicate themselves to making the administrative work of our customers easier and to keep the administrative costs low.

In this report, you will find some recipes that reflect a cross-section of our clientele. We hope you enjoy recre-ating them at home!

Urs-Peter Amrein Björn WertliChairman of the Executive Board Director

Contents

Organisational chart 4

Cook yourself! 5

Business operations of the Compensation Fund 13

Key figures at a glance 14

Key figures in detail 22

Outsourced tasks 25

Annual financial statements 32

Legal form, governing & executive bodies and management 33

Business operations of the Pension Fund 35

Key figures at a glance 36

Key figures in detail 44

Balance sheet 46

Funding ratio and interest rate 47

Operating statement 48

Investment 50

Legal form, governing & executive bodies and management 52

GASTROSOCIAL 54 GASTROSOCIAL

Organisational chart

Cook yourself!

GastroSocial meets a wide range of needs. In this annual report, we are presenting four different companies from our clientele. We asked each of them to share a recipe from their restaurant with us. You can now cook your way through the GastroSocial menu yourself and enjoy these inspirational creations. Things started to get really interesting when we asked the chefs what their favourite dishes are and which ingredient they would never use in their dishes.

The full profiles of the interviewed chefs can be found at: gastrosocial.ch/interview-en

GastroSocial would like to thank you for your loyalty – at the end of the year our estimated pool of insured persons included around 172 000 employees and self-employed individuals from more than 20 300 companies. We also offer insurance solutions for companies outside the hotel and catering industry. GastroSocial’s customer portfolio includes mountain railways, thermal spas, retailers and casinos, as well as clinics and health organisations.

Since 1948 (Compensation Fund) and 1974 (Pension Fund), GastroSocial has been demonstrating quality, exceptional customer focus and has always been seing the bigger picture.

We hope you will enjoy reading this annual report as much as cooking the different recipes!

AustraliaSuperfood Veggie-BurgerOutback Lodge, Winterthur

* * *Japan

Tuna tatakiThe Alpina Gstaad, Gstaad

* * *Ticino

Open Raviolo stuffed with beef tartarFattoria L’Amorosa, Sementina

* * *Orient

PastillaLe Palais Oriental, Montreux

Board of Directors of Compensation Fund Massimo Suter Chairman

Executive Committee Urs-Peter Amrein Chairman

Board of Trustees of Pension FundJosef Schüpfer Chairman Controlling

Beat Sutter

DirectorBjörn Wertli

Human Resources Monika Wehrli

Management Assistants

Team of expertsCorporate development/Quality Management

Customer ServiceFelix Schwan

CF AdministrationAndreas Thode

PF AdministrationPatrick Nasciuti

FinanceAndreas Beccarelli

InvestmentsBeat Wüst

ResourcesStefan Mattenberger

Sales Force Employer Audits Contributions Finance Real EstateInformation Technology

First-Level-Support Contributions Vested Benefits Collections Securities Logistics

GastroSocial@net FAZ/EO/MSE Benefits

Customer Affiliation

Salary Statement Checks

Legal Service

Marketing/Communication

Pensions/IV Daily Allowance

Lugano Branch Office

Special Tasks

As at January 2018

http://gastrosocial.ch/interview-en

6 GASTROSOCIAL

OUTBACK LODGEWinterthur

Adventure is guaranteed on a visit to the Outback Lodge, where Fodor Gyula and his team love to experiment behind the stove. Their concept is to prepare simple dishes in a special way, using ingre-dients that are mostly coming from Switzerland.

Guests love the Giga Spareribs, which are left for 24 hours in a special BBQ and cola marinade before being smoked with cherry wood for another five hours. Once ready, they are served with Down Under Fries, coleslaw and sour cream. And it’s not just the food that is distinctly Australian but also the ambience, which is characterised by a simple, rustic look in wood.

Fodor Gyula would use any ingredients in his cooking that are allowed, but his favourite spice is chilli. Kangaroo steak, cooked medium and glazed with Australian lemon & myrtle herb butter, is his favourite dish. It is served with a traditional ragout of green beans, and jazzed up with bush tomato chutney and poppadoms – a flatbread made out of lenses. Best washed down with a Chopfab Amber beer!

Cuisine AustraliaManaging Director Sebastian SchmiderSous-chef Fodor GyulaDish Superfood Veggie-Burger

8 GASTROSOCIAL

AUSTRALIAOutback Lodge, Winterthur

«I feel secure knowing that I’m being supported by a competent sector specialist such as GastroSocial. And best of all: I hardly have to do anything.»

Fodor GyulaSous-chef, Outback Lodge, Winterthur

10 GASTROSOCIAL

Superfood Veggie-BurgerQuinoa patty in a brioche with guacamole & bush tomato sauce

(4 burgers)

Patties

100 g quinoa

20 g chia seeds

10 g diced onions

½ bunch of parsley

Salt, pepper, cardamom, curry powder

1 tsp butter

4 tsp tomato & ginger chutney (tomatoes, cane sugar, onions, sunflower oil,

vinegar, ginger, cinnamon and cloves)

4 tsp guacamole

1 small red onion cut into strips

4 mini bread rolls (brioche)

1 sliced pickle

4 sliced plum tomatoes

4 leaves Chinese cabbage

Preparation

‒ Leave the quinoa to simmer for approximately 15 minutes, set aside to cool down

‒ Finely chop the parsley

‒ Mix the quinoa, chia seeds, onions, spices and parsley into a firm mass,

leave to settle for 20 minutes

‒ Form the mixture into a patty, fry in a pan until crispy

‒ Toast the mini bread roll and spread the sauces onto it

‒ Put the Chinese cabbage, onions, tomatoes and

pickles on it

‒ Lay the grilled quinoa patty on top

Business operations of the Compensation Fund

GASTROSOCIAL COMPENSATION FUND 1514 GASTROSOCIAL COMPENSATION FUND

Key figures at a glance

20 587

Affiliated companies + 0.3 % 2017: 20 516

The number of affiliated companies rose slightly compa-red to the previous year.

174 348

Insured persons+ 1.8 % 2017: 171 314

The number of persons insured with the Compensation Fund increased again.

6 688 m CHF

Gross payroll+ 2.3 % 2017: 6 537 m CHF

As in the previous year, GastroSocial was in 2018 once again successful in the acquisition of companies from all segments. In comparison to the previous year, the gross payroll (inclusive taxable income of the self-employed individuals) of the affiliated companies increased accor-dingly.

1 074 m CHF

Invoiced contributions+ 1.6 % 2017: 1 057 m CHF

In addition to the AHV/IV/EO, contribution volumes also increased slightly for the outsourced tasks, e.g. the family compensation funds.

26 952

Number of pensions+ 0.6 % 2017: 26 788

In 2018, GastroSocial paid benefits totalling around CHF 567 million to its AHV and IV pensioners.

19 974

Daily sickness benefits and accident insurance contracts (SWICA)– 2.0 % 2017: 20 372

The premium volume increased overall despite a decline in the number of contracts.

16 GASTROSOCIAL

THE ALPINA GSTAADGstaad

Martin Göschel’s cuisine is dominated by regional products. In the mountain air, certain things grow more slowly but this is rewarded with a more intense flavour and outstanding quality.

Martin Göschel is a major proponent of natural, balanced and healthy cuisine. He is convinced that health will become a key issue when it comes to food. At The Alpina Gstaad sustainability is already firmly established as a philosophy. The restaurant therefore offers a correspondingly wide range of vegetarian and vegan dishes. To keep waste to a minimum, suppliers deliver the products in reusable boxes.

Many of the herb and spice blends are homemade, such as the mixture of seven different types of pepper, the mild and spicy curry and the fish seasoning for the BBQ. Within the team, harmony and creativity are the order of the day, which is why the traditional male domain of preparing the meat and fish dishes is handled by a woman.

Cuisine JapanExecutive Chef Martin Göschel Chef Restaurant Megu Takumi MuraseDish Tuna tataki

18 GASTROSOCIAL

JAPANThe Alpina Gstaad, Gstaad

«The employees of GastroSocial have a strong service mentality. They answer my questions quickly and competently.»

Martin Göschel Executive Chef, The Alpina Gstaad, Gstaad

20 GASTROSOCIAL

Tuna tataki with kanzuri radish, ponzu and nori vinaigrette (4 Portions)

Yellowfin Tuna Loins400 g Yellowfin tuna loinsBriefly sear the tuna on all sides using a bunsen burner, then quench in cold water, let it drain on a towel, set aside and temper

Kanzuri dressing40 g kanzuri paste (fermented chilli paste)30 ml Yamae soy sauceMix together

Ponzu gel70 ml yuzu juice70 ml rice vinegar30 ml Kikkoman soy sauce30 ml mirin40 ml Tamari soy sauce1 squeeze of lemon juice Bring everything to the boil and reduce to about half.

Preparation

° Put a thick line of Nori dressing onto the plate

° Mix the vegetables strips and season with the Kanzuri dressing

° Cut the tuna loins into pieces 0.5 cm thick, place them on the plate together with the Kanzuri radish salad

° Garnish the fish with Ponzu gel

° Optional: Goes perfect with mango cubes and mango puree

Kanzuri radish salad100 g beer radish 60 g carrotsCut into thin strips

Nori dressing40 ml rice vinegar2 g sugar1 squeeze of lemon juice30 ml Kikkoman soy sauce3 leaves (6 g) of nori seaweedBring everything to the boil and reduce a little


Key figures in detail

Affiliated companies

20182017201620152014

20 134

11 805

8 329

20 231

12 341

7 890

20 294

12 005

8 289

20 516

12 673

7 843

20 587

13 081

7 506

Total affiliated companies Legal entities Natural entities

Payroll structureCHF

26 400

120 648

68.0 %

17.6 %

6.7 %

5.1 %

2.7 %

25 303

127 267

25 677

131 984

25 592

132 599

CHF

< 100 000

100 000 – 300 000

300 001 – 500 000

500 001 – 1 000 000

> 1 000 000

The diagram shows the distribution of the affiliated companies in relation to gross payroll (inclusive taxable income of the self-employed individuals). Most of them are micro-companies.

Invoiced contributions

CHF 2017 2018

AHV/IV/EO, personal and equal contributions 679 296 000 691 641 000

Maternity insurance 396 000 467 000

ALV contributions 133 856 000 136 779 000

Family Compensation Fund contributions 132 789 000 134 238 000

of which contributions from outsourced tasks 13 930 000 14 329 000

Premiums for daily sickness benefits insurance 56 539 000 56 093 000

Accident insurance premiums 54 195 000 54 610 000

Total contribution volume 1 057 071 000 1 073 828 000

Trend in contribution volumes m CHF

1 002

1 032 1 038

1 0571 074

20182017201620152014

The Federal Social Insurance Office places tight regulation on compensation funds with regard to contribution collection, fees, default interest and time limits, and ensures a consistent implementation at all times. Over the past years, total contributions to the Compensation Fund have been around the one billion mark.


Number of AHV pensions

2017 2018

Retirement pensions 20 425 20 777

Widow’s and widower’s pensions 872 838

Orphan’s pensions 519 479

Supplementary spouse’s pensions 17 17

Supplementary child’s pensions 294 303

Care allowances 637 653

Total of AHV pensions 22 764 23 067

Number of IV pensions

2017 2018

Disability pensions 2 793 2 713

Supplementary spouse’s and child’s pensions 1 009 954

Care allowances 222 218

Total of IV pensions 4 024 3 885

Trend in pensions

20182017201620152014

21 964 22 301 22 379 22 764 23 067

4 024 3 8854 1364 5064 706

Total of AHV pensions Total of IV pensions

Outsourced tasks

Institution Tasks

SWICA Contract administration and premium collection

Canton of Geneva Maternity insurance clearing office

Family compensation offices Management in 19 cantons, clearing office in 7 cantons

Swiss Confederation Refunding CO2 levies

GastroSuisse and cantonal associations Contribution collection for vocational training funds

Cantons Contribution collection for various cantonal funds

Daily sickness benefits and accident insurance

20182017201620152014

8 876

7 811

4 297

8 680

7 657

4 274

8 665 8 471 8 3237 465

4 186

7 601

4 300

7 705

4 337

Daily sickness benefits contracts Accident insurance contracts Supplementary accident insurance contracts

26 GASTROSOCIAL

FATTORIA L’AMOROSASementina

The rustic country house Fattoria L’Amorosa, near the Swiss city of Bellinzona, is nestled among herb plants, olive trees and vines. The menu is small, but all of the dishes are homemade using fresh and local ingre-dients. The simple Mediterranean Ticino food is authentically prepared with great affection, and seasoned with fresh herbs from the garden. Nuno Correia’s favourite herb is basil. He loves its intense aroma and fantastic freshness.

The manager recommends Brasato di Manzo al Merlot – beef stewed in Merlot. The premium- quality meat and patient preparation make it the restaurant’s most popular dish.

The appropriate wines are grown in the restaurant’s own vineyard nearby. The macaroni is homemade and served with black truffle or Ticino sausage and saffron. A traditional espresso or grappa completes the menu.

Cuisine TicinoManager & sommelier Nuno CorreiaChef de cuisine Carmine PierinoDish Open Raviolo stuffed

with beef tartar

28 GASTROSOCIAL

TICINOFattoria L’Amorosa, Sementina

«The long-standing experience and solid business performance of GastroSocial make me feel secure.»

Nuno CorreiaManager & sommelier

30 GASTROSOCIAL

Open Raviolo stuffed with beef tartarFlavoured with truffles, with curry & mustard sauce (4 portions)

200 g fresh pasta dough280 g fresh beef without fat (top quality)Truffle oil if desiredParsley if desired12 g saltExotic pepper if desired

Sauce2 ml fresh cream20 g curry powder15 g mustard 50 ml fresh orange juice

Preparation— Roll out the pasta dough thinly and cut out the ravioli shapes, boil in salted water and drain on a paper towel

— Finely dice the meat using a sharp knife, marinate with salt, some parsley, a little truffle oil and orange juice

— Whisk together the ingredients for the sauce— Add the sauce onto a plate, put a piece of the pasta dough on top, fill the meat into it and cover with another piece of pasta

— Garnish with parsley, pepper, truffle oil and fine truffle shavings


Annual financial statements Legal form, governing & executive bodies and management

Legal structure Independent federal institution under public law

Board of Directors of Compensation Fund Massimo Suter Chairman

Ernst Bachmann Vice-Chairman (until 30.06.2018)

François Gessler (until 30.06.2018)

Annalisa Giger (from 01.07.2018)

Muriel Hauser

Walter Höhener

Bruno Lustenberger (from 01.07.2018)

Gilles Meystre

Casimir Platzer

André Roduit (from 01.07.2018)

Moritz Rogger-Riechsteiner

Josef Schüpfer (until 30.06.2018)

The Board of Directors consists of ex officio members of the Board of GastroSuisse.

Presidium GastroSocialUrs-Peter Amrein Chairman

Josef Schüpfer Chairman of the Board of Trustees

Massimo Suter Chairman of the Board of Directors

Head of Compensation FundBjörn Wertli

Auditing and supervisionAuditors PricewaterhouseCoopers Ltd, Basel

Supervision Federal Social Insurance Office, Bern

Compensation balance sheet

CHF 2017 2018

AHV/IV/EO contributions 679 296 000 691 641 000

Benefits paid out – 599 891 000 – 602 528 000

AHV pensions – 475 649 000 – 479 977 000

AHV care allowances – 5 784 000 – 5 865 000

IV pensions – 67 420 000 – 65 974 000

IV care allowances – 2 505 000 – 2 244 000

IV daily allowances – 13 379 000 – 13 023 000

Income compensation payments – 13 584 000 – 13 340 000

Maternity allowances – 21 570 000 – 22 105 000

Surplus transferred to AHV Compensation Fund 79 405 000 89 113 000

Administrative costs

CHF 2017 2018

Operating expenses

Personnel expenses 15 773 000 16 155 000

General expenses 2 380 000 2 527 000

Real estate expenses 1 324 000 1 508 000

Project reserves 2 210 000 1 280 000

Depreciation 1 214 000 1 807 000

Other expenses 475 000 474 000

Income surplus 325 000 294 000

Total operating expenses 23 701 000 24 045 000

CHF 2017 2018

Operating income

Company contributions to administrative costs 13 468 000 13 417 000

Cost contributions for outsourced tasks 8 230 000 8 415 000

Fees 1 255 000 1 571 000

Investment income 421 000 229 000

Other income 327 000 413 000

Total operating income 23 701 000 24 045 000

Business operations of the Pension Fund

GASTROSOCIAL PENSION FUND 3736 GASTROSOCIAL PENSION FUND

Key figures at a glance

20 677

Affiliated companies + 1.5 % 2017: 20 380

The number of affiliated companies rose again compared to the previous year.

171 890

Insured persons+ 6.1 % 2017: 162 077

The number of insured persons has been increasing for years.

3 021 m CHF

Insured payroll+ 7.3 % 2017: 2 815 m CHF

As in the previous year, in 2018 GastroSocial was once again successful in the acquisition of companies from all segments. In comparison to the previous year, the insured payroll of the affiliated companies increased accordingly.

401 m CHF

Invoiced contributions+ 4.6 % 2017: 384 m CHF

This key figure confirms the continuing growth of GastroSocial.

12 711

Number of pensions+ 6.4 % 2017: 11 948

As before, the number of pensions is still very low.

115.3

Funding ratio– 5.6 % 2017: 120.9 %

Although the funding ratio decreased due to negative performance, increases in pension capital and technical provisions. The financial position of the GastroSocial Pension Fund is still very sound.

6 989 m CHF

Investment capital– 0.7 % 2017: 7 036 m CHF

The investment capital remains at around CHF 7 billion.

38 GASTROSOCIAL

LE PALAIS ORIENTALMontreux

Mr and Mrs Gharibi are giving free reign to Daniel Moguen, the chef cook in their kitchen of the Le Palais Oriental. Daniel Moguen’s favourite spice is saffron which fits in well as their menu is oriental. The dishes from Iran, Lebanon and Morocco are prepared with fresh regional products and typical spices from the Middle East.

The ingredients must be fresh and of the highest quality. By alternating the dishes daily, the products can be used up quickly to avoid wastage. No ready- made products are used, which keeps packaging to a minimum.

All dishes have a special oriental character, which is very popular. Besides locals, the clientèle is made up of Iranians as well as diplomats from various foreign embassies. They are familiar with the food: the most popular dishes are «Tchelo-kebab-e-barg» (a lamb skewer), «Djoudjeh-kebab» (a chicken skewer) and «Tchelo-kebab-e-kubideh» (a minced lamb skewer). This last one is also Daniel Moguen’s favourite.

Cuisine OrientOwner/Management Therese & Shahriar GharibiCook Daniel MoguenDish Pastilla

40 GASTROSOCIAL

ORIENTLe Palais Oriental, Montreux

«GastroSocial knows exactly what my needs are and what challenges I face during my work. Like us, they put the customers’ needs first.»

Daniel MoguenCook, Le Palais Oriental, Montreux

42 GASTROSOCIAL

Pastilla with milk, almonds and honey (4 portions)

20 round sheets of feuille de brick *200 g oven-roasted almond flakes500 ml milk2 tsp corn starch80 g sugar1 to 2 tbsp orange blossom waterSome cinnamon, honey and chopped pistachios for garnishing

Preparation

- Heat up 400 ml of milk with the sugar

- Mix the corn starch with the remaining cold milk, add

- Add orange blossom water and stir over a low heat with a wooden spoon until creamy in texture

- Remove from the heat and set aside to cool

- Put some neutral-flavoured oil in a large pan and fry the brick pastry sheets until they turn golden; drain on a paper towel

- Put a little bit of cream onto a brick sheet and sprinkle with roasted almond flakes, place another sheet on top and cover with cream and almond flakes, repeat (5 brick sheets per person)

- Sprinkle with chopped pistachios and cinnamon, refine with honey

Important: The pastilla must be served immediately, otherwise the brick sheets will become soft.

* You can also use yufka, strudel or filo dough instead of brick.


Key figures in detail

Affiliated companies

20182017201620152014

19 874 20 169

11 430

8 739

20 337 20 380 20 677

12 964

7 713

12 428

7 952

11 955

8 382

Total affiliated companies Legal entities Natural entities

The segmentation of the affiliated companies was recorded from 2015 onwards.

Payroll structureCHF

64.7 %

24.7 %

5.9 %

3.3 %

1.4 %

CHF

< 100 000

100 000 – 300 000

300 001 – 500 000

500 001 – 1 000 000

> 1 000 000

The diagram shows the distribution of the affiliated companies in relation to payroll. Most of them are micro- companies.

Invoiced contributionsm CHF

343 362 370 384 401

20182017201620152014

Number of insured persons

20182017201620152014

152 570 157 661 158 191 162 077

127 267

25 303

131 984

25 677

132 599

25 592

137 054

25 023

171 890

147 074

24 816

Insured over 25

Insured under 25

Number of pensions

20182017201620152014

5 311

3 020

8091 236

5 642

3 003

853

6 080

3 015

8941 361

6 525

3 060

9591 404

6 987

3 160

9851 5791 344

Retirement pensions IV pensions Partner’s pensions Child’s pensions


Balance sheet Funding ratio and interest rate

Assets

CHF 31.12.2017 31.12.2018

Investment 7 036 022 000 6 989 278 000

Liquid resources and money market 150 045 000 157 431 000

Bonds 1 993 181 000 1 960 611 000

Mortgages/Constant Cash Flow 747 218 000 810 375 000

Equities 2 605 751 000 2 478 537 000

Real estate 1 539 827 000 1 582 324 000

Receivables 52 796 000 59 869 000

Accrued income and deferred expenses 27 675 000 26 513 000

Total assets 7 116 493 000 7 075 660 000

Liabilities

CHF 31.12.2017 31.12.2018

Liabilities 35 633 000 21 035 000

Accrued expenses and deferred income 648 000 791 000

Employer contribution reserves 11 550 000 12 263 000

Pension capital and technical reserves 5 848 903 000 6 105 588 000

Pension capital active insured 4 304 742 000 4 477 882 000

Pension capital pensioners 1 258 273 000 1 326 968 000

Technical reserves 285 888 000 300 738 000

Fluctuation reserve 1 219 754 000 935 978 000

Foundation capital 5 000 5 000

Total liabilities 7 116 493 000 7 075 660 000

Funding ratio 120.9 % 115.3 %

Funding ratio in %

116.6114.7

117.1

120.9

115.3

20182017201620152014

The funding ratio represents the relationship between pension assets and pension liabilities.

Interest in %

20182017201620152014

2.00

1.75

1.50

2.00

1.00

1.50

1.00

1.25

1.751.75

GastroSocial Pension Fund Minimum interest rate

The Pension Fund’s sound financial position enabled to pay interest of 1.5 % on both mandatory and extra-mandatory pension fund assets for 2018. That is 0.5 percentage points more than the minimum interest rate of 1 % prescribed by the Federal Council.

The pensioners’ pension capital is calculated on the base of a technical interest rate of 2.75 % as of 31 december 2018. For the actuarial calculation, the GastroSocial Pension Fund uses the technical basis BVG 2015, periodic table 2017.


CHF 2017 2018

Inflow from contributions and deposits 638 762 000 644 629 000

Contributions 385 738 000 405 582 000

Purchases 19 594 000 21 888 000

Vested benefits paid in 233 430 000 217 159 000

Outflows for benefits and advance withdrawals – 427 462 000 – 445 561 000

Regulatory benefits – 159 635 000 – 162 344 000

Retirement pensions – 46 442 000 – 50 595 000

Survivor’s pension – 7 810 000 – 7 654 000

Disability pensions – 25 561 000 – 27 908 000

Other regulatory benefits – 5 607 000 – 5 008 000

Lump sum payments at retirement – 69 436 000 – 67 965 000

Lump sum death payments – 4 779 000 – 3 214 000

Private supplementary benefits 0 – 100 000

Vested benefits paid out – 267 827 000 – 283 117 000

Creation (–)/Release (+) of pension capital and technical reserves – 443 509 000 – 253 417 000

Creation (–)/Release (+) of pension capital – 302 988 000 – 238 567 000

Creation (–)/Release (+) of technical reserves – 140 521 000 – 14 850 000

Income from insurance benefits 7 196 000 7 242 000

Insurance costs – 4 771 000 – 5 944 000

Net result from insurance component – 229 784 000 – 53 051 000

CHF 2017 2018

Investment income 571 811 000 – 177 948 000

Money market – 751 000 – 1 911 000

Bonds 58 077 000 – 51 600 000

Mortgages/Constant Cash Flow 25 146 000 36 309 000

Equities 409 290 000 – 199 628 000

Real estate 80 049 000 38 882 000

Asset management costs – 35 908 000 – 41 197 000

Net investment result 535 903 000 – 219 145 000

Administrative costs – 13 507 000 – 13 995 000

General administration – 11 722 000 – 12 271 000

Marketing and advertising – 556 000 – 378 000

Agents and brokers – 984 000 – 1 114 000

Auditors and pension actuary of employee benefits insurance – 175 000 – 164 000

Supervisory authorities – 70 000 – 68 000

Administrative income 2 497 000 2 415 000

Net result for the administrative account – 11 010 000 – 11 580 000

Income (+)/Expenses (–) surplus before creation/release of fluctuation reserve

295 109 000 – 283 776 000

Creation (–)/Release (+) of fluctuation reserve – 295 109 000 283 776 000

Income/Expenses surplus 0 0

GastroSocial is a not-for-profit foundation. The administrative expenses of CHF 66 per beneficiary and year are comparatively the lowest throughout Switzerland.

Operating statement


Investment

Review/OutlookPolitical uncertainty remained high throughout the year in many areas, and central banks pushed ahead with their strategy of cautious monetary policy normalisation. Their aim is to support world economic growth at its current level without becoming exposed to greater inflation risk.

Against this backdrop, the investment markets went through several, occasionally intense phases of uncertainty. These culminated in a December that was marked by historic lows for the stock markets. Our broadly diversified portfolio was unable to shield us from these developments and we posted a return of minus 3.05 % – in line with the BVG benchmark index but behind our ambitious internal benchmark.

In 2019 we are again expecting a volatile but moderately positive investment environment which, as in the previous year, will be strongly influenced by developments on a political level. We are continuing to keep a close eye on global developments so that we can take well-informed and timely action in the event of a crisis. In the first quarter we will migrate the previous investment strategy over to the new, more broadly diversified one, taking into account the tactical environment. Our main focus continues to be on risk-conscious medium-term portfolio optimisation – not on short-term market fluctuations, which are often driven by sentiment.

Asset structure, strategy and bandwidths

Asset class CHFPercentage as at

31.12.2018Strategy Bandwidth

Money market 157 431 000 2.3 % 1.0 % 0 – 10 %

CHF bonds 537 978 000 7.7 % 12.0 % 8 – 16 %

Foreign currency bonds 1 422 632 000 20.4 % 19.0 % 10 – 28 %

Mortgages/Constant Cash Flow 810 375 000 11.6 % 10.0 % 4 – 16 %

Swiss equities 632 831 000 9.1 % 10.0 % 6 – 12 %

Foreign equities 1 845 706 000 26.4 % 24.0 % 13 – 35 %

Swiss real estate 1 291 961 000 18.5 % 20.0 % 18 – 22 %

Foreign real estate 290 364 000 4.2 % 4.0 % 1 – 6 %

Total 6 989 278 000 100.0 % 100.0 %

The Investment Committee has approved the lower deviation from the minimum for CHF bonds.

Performance

Asset class Performance as at 31.12.2018 Benchmark

Money market 0.69 % – 0.86 %

CHF bonds – 0.26 % 0.07 %

Foreign currency bonds – 3.71 % – 2.09 %

Mortgages/Constant Cash Flow 3.44 % 2.37 %

Swiss equities – 9.22 % – 8.57 %

Foreign equities – 7.52 % – 9.39 %

Swiss real estate 2.03 % 4.00 %

Foreign real estate 1.73 % 4.00 %

Overall performance – 3.05 % – 2.43 %

The posted return of minus 3.05 % was in line with the BVG benchmark index but remained behind the ambitious internal benchmark.

Annual performancein %

20182017201620152014

7.87 7.71

9.86

0.501.24

0.47

4.55

8.777.94

5.81

– 3.05 – 2.43 – 3.05

3.75 3.21

2017 2018

Performance GastroSocial 8.77 % – 3.05 %

Benchmark 7.94 % – 2.43 %

Pictet reference index for pension funds 5.81 % – 3.05 %

52 GASTROSOCIAL PENSION FUND

Legal form, governing & executive bodies and management

Legal form

Pension foundation equality

Board of Trustees: Employer representativesJosef Schüpfer Chairman, member of Investment Committee

Ruedi Bartel

Muriel Hauser

Peter Oesch

Ruedi Stöckli

Massimo Suter Member of Investment Committee

Board of Trustees: Employee representativesStefan Unternährer Vice-Chairman, member of Investment Committee

René Haas

Franziska Hänggi

Markus Kunz Member of Investment Committee

Esther Lüscher

René Meier

The term of office for Trustees is 3 calendar years. The employer representatives have been elected by GastroSuisse and the employee representatives by the Hotel & Gastro Union.

Presidium GastroSocialUrs-Peter Amrein Chairman

Josef Schüpfer Chairman of the Board of Trustees

Massimo Suter Chairman of the Board of Directors

ManagerBjörn Wertli

Auditing and supervisionPension actuary

Contractual partnerExecutive expert (auditor in charge of the mandate)

Mercer Schweiz AG, ZurichBruno Filiberti, confederate certified expert of the Pension Fund SKPE

AuditorsLeading auditor

PricewaterhouseCoopers Ltd, BaselMichael Stämpfli

Supervisory authorities BVG- und Stiftungsaufsicht Aargau, Aarau (BVSA)

Imprint

Content and layout GastroSocial, AarauPhoto Adrian Ehrbar Photography, Umiken

The printed matters are released in German, French, Italian and English and are also available on the website at gastrosocial.ch.

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GastroSocial

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