Compagnie Financière Tradition

Transcription

1 Compagnie Financière Tradition H results presentation Zurich 1 September 2016

2 First semester activity in a stabilising market environment Results overview H Performance Differentiation in revenue trend between regions and asset classes Revenue (Variation at constant rates) % Importance to maintain momentum on cost reduction in a consolidating industry Gaitame.com continued to deliver strong result Adjusted underlying operating profit % 9.9% +2.2% Effective tax rate reduced to 24% Reported Operating profit % 8.4% -4.4% Historical focus on strong balance sheet Total shareholders equity above CHF 400m excluding CFT own shares Total net cash position of CHF 228m* Initial CHF 120m bond coming to maturity end of September Profit before tax Net profit % +23.4% margin margin H Net profit Group share % H * Including Group share of joint ventures

3 Revenue overview Group adjusted revenue Adjusted revenue by business Joint ventures % (H1/H1 variation at constant rates) -2.3% IDB Non-IDB +48.1% 19.6 Subsidiaries (reported) IDB quarterly revenue trend (Figures and variation at constant rates) -5.6% +1.4% Q Q Q Q Q Q

4 Adjusted revenue by region Americas: USA, Argentina, Chile, Colombia, Mexico, Brazil (Minority) Revenue in mchf (H1/H1 variation at constant rates) At current rates At constant rates -0.9% 203 At current rates At constant rates -6.0% 188 Europe: UK, France, Belgium, Germany, Italy, Luxembourg, Russia, Spain (Minority), Switzerland Middle East / Africa: UAE, Israel, South Africa 116 At current rates At constant rates +7.5% (Including Gaitame.com) 132 In % of consolidated adjusted revenue Asia Pacific Americas Continental Europe United Kingdom 4 26% 29% 30% 30% 8% 8% 36% 33% Asia-Pacific : IDB: Japan, China Mainland, China Hong Kong, India, Malaysia, Singapore, South Korea, Australia, Philippines, Thailand, Indonesia Non IDB : Gaitame.com forextrading for retail investors in Japan

5 Adjusted revenue by product Adjusted revenue breakdown IDB Revenue trend by product 3% 4% 250 (H1/H1 variation at constant rates) 20% 21% Non IDB -3.0% Commodities Securities Rates 32% 30% 200 H % 45% -6.7% H IDB Revenue by product (variation at constant rates) % +6.5% -3.0% -6.7% H Rates Securities Commodities FX H Rates Securities Commodities

6 Adjusted underlying operating margin increase to 10.1% margin Adjusted underlying operating profit 9.9% 10.1% +2.2% Exceptional items Non IDB IDB IDB Headcount trend Support Front office staff 2'297 2'229 2'125 2'114 2'093 1'622 1'531 1'449 1'414 1' IDB underlying operating ratios IDB OtherKPIs In % of Margin Non compensation costs revenue Support compensation Operational compensation 100% % 60% 40% 20% 0% % 70% 60% 50% 40% 30% 20% 10% 0% Productivité % Contribution % Rémunération des opérationnels H H H1 2014

7 Gaitame.com continue to deliver strong results Revenue trend* EBITDA trend* At current rates At constant rates (variation at constant rates) At current rates At constant rates (variation at constant rates) +48.1% margin 46% +43.8% 40% 28% 40% % H H H Client deposits trend* H H H Number of clients trend* At current rates At constant rates 1' ' ' ' ' ' ' * Figures presented at 100%. Group stake of 52% presented as an equity investment

8 Net profit Group shareup 33.9 % to CHF 29.4m Net profit Group share H H Operating profit as reported Net financial result Change at current exchange rates Change at constant exchange rates -4.5% -4.4% H H Net interest expense Net foreign exchange gains/(losses) Gains/(losses) on financial assets at fair value Other financial (expense)/income Total Share of profit of associates and joint ventures Profit before tax % +11.8% % / H H Normative income tax rate 19% ; 6.4m 25% ; 7.8m Income tax % -17.1% Effective income tax rate 24% 33% Net unrecognized tax losses Non-deductible expenses 5% ; 1.6m 4% ; 1.4m 5% ; 1.5m 7% ; 2.1m Net profit for the period % +23.4% Prior year tax 0% ; 0.1m 2% ; 0.6m Group share % +33.9% Other items -5% ; -1.4m -5% ; -1.9m Effective income tax rate 24% ; 8.2m 33% ; 10.0m 8

9 Continued focus on strong balance sheet Assets Equity and Liabilities Property, Plant & Equipment Capital Intangible assets Share premium Investments in associates and joint ventures Treasury shares Available-for-sale financial assets (AFS) Currency translation Unavailable cash Consolidated reserves Other non-current assets Equity Group share Minority interests Non-current assets Equity Total Receivables related to MP activities Non-current liabilities Receivables related to AH activities Trade & other receivables Short term financial debts Financial assets at fair value and AFS Payables related to MP activities Cash & Cash equivalents Payables related to AH activities Other current assets Trade & other payables Current assets Current liabilities TOTAL ASSETS TOTAL EQUITY AND LIABILITIES

10 Net cash position of CHF 228m 1) Net cash position trend Net adjusted cash flows trend* Movements in exchange rates Net cash flows - financing activities Net cash flows - investing activities Net cash flows - operating activities * H H H * Adjusted 10from variation in MP activities 1) Including Group share of cash at JVs accounted as equity investments

11 Total shareholders equity above CHF 400m excluding own shares 400 Total Group share *Restatedfor IFRS 11 and IAS 19R Shareholders equity trend Shareholders equity breakdown Capital and share premium Consolidated reserves Currency translation Treasury shares Minority interests Capital structure comparison 1 CFT Goodwill / Shareholders' equity Group share ICAP Tullett Prebon BGC/GFI 0% 50% 100% 150% Net profit Dividend Currency translation Change in treasury shares Other ICAP as of 30 March 2016, CFT, BGC/GFI, Tullett Prebon as of 30 June ICAP includes estimated goodwill and intangibles arising from consolidation.

12 Tradition, one of the 3 Global IDB Critical market share Continue to built critical market share Reported consolidated revenue of CHF 425m from subsidiaries with a further ~CHF 90m from investments in joint ventures and associated companies Focus on opportunities arising from external and organic growth Sound financial position Current market capitalization only slightly above the shareholders equity Low level of intangibles (especially compared to peers) Significant net cash position Cost management Transition from cost reduction to operational performance management to continue Optimise IT organisation 12