Compagnie Financière Tradition : Revenue of CHF 1,017.5m
(Thomson Reuters ONE) -
Compagnie Financière Tradition /
Compagnie Financière Tradition : Revenue of CHF 1,017.5m
. Processed and transmitted by Thomson Reuters ONE.
The issuer is solely responsible for the content of this announcement.
Press release
Revenue of CHF 1,017.5m with a strategic position in Asia Pacific
Net profit - Group share holds up at CHF 19.1m
Continued cost reduction
Investments in technology
+----------------------------+-------+-------+--------------------------------+
| | | | |
|CHFm | | |Variation in constant currencies|
| | 2012 | 2011 | |
| | | | |
+----------------------------+-------+-------+--------------------------------+
|Revenue |1,017.5|1,069.2| -8.8% |
+----------------------------+-------+-------+--------------------------------+
|Underlying operating profit*| 59.6 | 70.3 | -19.0% |
+----------------------------+-------+-------+--------------------------------+
|Operating profit | 44.9 | 51.1 | -14.7% |
+----------------------------+-------+-------+--------------------------------+
|Net profit for the period | 24.2 | 26.6 | -11.7% |
+----------------------------+-------+-------+--------------------------------+
|Net profit Group share | 19.1 | 20.9 | -10.7% |
+----------------------------+-------+-------+--------------------------------+
*Before amortisation of customer relationships and other exceptional costs and
income.
Compagnie Financière Tradition encountered challenging market conditions in
2012 where activity level remained subdued, as was the case for all participants
in the interdealer broking sector. After a slight decrease in the first half,
this trend deepened in the second half of the year.
The Group's objectives to achieve costs savings in order to protect its results
in a downward trend, while continuing to invest in new technologies and
strengthen its position in Asia were substantially delivered against during the
year.
Revenue
In this context, Compagnie Financière Tradition reported consolidated revenue of
CHF 1,017.5m in 2012 compared with CHF 1,069.2m in 2011, down 4.8% in current
currencies or a decline of 8.8% in constant currencies. After contracting 3.7%
in constant currencies in the first half of 2012, revenue was down 14.3% in the
second half compared with the same period last year.
Revenue from interdealer broking activities was CHF 993.2m, down 8.5% in
constant currencies. This downward trend affected all geographic areas, but was
less pronounced in the Asia Pacific region. Electronic trading of interest rate
swaps continued to develop with activity levels increasing during the last
quarter.
Revenue from Gaitame.com, 49.8% of which is included in the consolidation, was
CHF 24.3m, down 20.2% on the year in constant currencies, but activity picked up
in the fourth quarter of 2012.
Operating profit
Consolidated operating profit was CHF 44.9m in 2012 against CHF 51.1 in 2011,
with an operating margin of 4.4% compared with 4.8% in 2011. This result
includes a net amount of CHF 14.7m (2011: CHF 19.2m) in exceptional income and
costs, including reorganisation costs of CHF 9.0m. These reorganisation costs
were generated in connection with cost saving measures undertaken during the
year, for a total annualised amount of close to CHF 85.0m. At the same time the
Group invested an annualised amount of approximately CHF 27.0m in specific
groups of products.
The Group pursued its investments in technology during the year, to expand the
reach of its electronic broking capabilities, devoting over CHF 20.0m during the
period. Following the 2011 launch of Trad-X, the global hybrid platform for
trading euro interest rate swaps, the Group built on its success by expanding
its services into USD interest rate swaps in February 2013. Plans to launch
ParFX, a spot FX trading platform, are on stream for the second quarter of
2013. All of these initiatives demonstrate the Group's ability to form
consortiums with key market players to drive the development of its electronic
activities.
Net profit and equity
Consolidated net profit was CHF 24.2m in 2012 against CHF 26.6m in 2011, with
net profit - Group share of CHF 19.1m against CHF 20.9m in the previous year, a
decline of 10.7% in constant currencies. This result brought consolidated equity
to CHF 364.1m at 31 December 2012, CHF 305.6m of which was attributable to
Company shareholders.
Dividend
At the Annual General Meeting to be held on 23 May 2013, the Board will be
seeking shareholder approval to pay a dividend of CHF 2 per share (yield
3.5%[1]). Shareholders will be given the option of receiving their payment in
cash or in shares.
Outlook
Consolidated revenue for the first two months of 2013 is down compared with the
same period in 2012, but is in line with sector averages. However, measures
undertaken in 2012 to reduce the Group's cost base kicked in in 2013.
Nevertheless, the Company intends to pursue its efforts to reduce costs and
increase flexibility while continuing to invest in technology.
With a presence in 28 countries, Compagnie Financière Tradition SA is a leading
interdealer broker (IDB) in the international market. The Group provides broking
services for a complete range of financial products (money market products,
bonds, interest rate, currency and credit derivatives, equities, equity
derivatives, interest rate futures and index futures) and non-financial products
(energy and environmental products, and precious metals).
Compagnie Financière Tradition is listed on the SIX Swiss Exchange (CFT).For
more information on our Group, please visit our website at www.tradition.com.
[1]Based on the closing price of the share on 14 March 2013
Lausanne, 15 March 2013
Press contacts:
MHP Communications Voxia communication SA
John Sarsfield / James Morgan / Fern Hammond Jérémy Nieckowski
Tél. : +44 20 3128 8530 / 8533 / 8092 Tél. : +41 22 591 22 65
Email : Tradition(at)mhpc.com jeremy.nieckowski(at)voxia.ch
CFT_ results 2012:
http://hugin.info/133362/R/1685502/552186.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Compagnie Financière Tradition via Thomson Reuters ONE
[HUG#1685502]
Unternehmensinformation / Kurzprofil:
Datum: 15.03.2013 - 07:30 Uhr
Sprache: Deutsch
News-ID 239738
Anzahl Zeichen: 8176
contact information:
Town:
Lausanne
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 122 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Compagnie Financière Tradition : Revenue of CHF 1,017.5m"
steht unter der journalistisch-redaktionellen Verantwortung von
Compagnie Financière Tradition (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
