Compagnie Financiere Tradition Sa · SIX:CFT
Compagnie Financiere Tradition Sa — FY2011 Earnings Presentation
16 slides from Compagnie Financiere Tradition Sa's earnings presentation, Mar 16, 2012
Slide 1: 2011 Results
2011 Results Zurich March 16, 2012
Slide 2: Highlights: Market environment and CFT achievements
Highlights Market environment and CFT achievements Market CFT • Results affected by strength of Swiss franc and the swing in contribution from Gaitame • IDB revenue up yoy in constant currencies better than • Global financial storm moved to Europe largest competitors • Market leading position in Asi
Slide 3: Highlights: 2011 results at a glance
Highlights Delivering stable results, adapting to a no growth environment, investing in technology Performance 2011 results at a glance M CHF • Group revenues up 0.3% in constant currencies • IDB +2.6% (4.0% H2 vs H2) • Gaitame in line with H2 2010 • Underlying margin of 6.6% in 2011, versus 7.4% in
Slide 4: Macro environment
Macro environment Major regional events, heightened economic and financial uncertainty 07/01 CFTC proposes Swap Execution Facilities (SEF) regulation 2011 timeline 14/01 Arab Spring/Exit Ben Ali 10/02 NYSE and Deutsche Börse announce merger plan 11/03 Tsunami on Fukushima 13/06 Greece downgrade 07/0
Slide 5: Strategic positioning
Strategic positioning 2011 confirming market share gains against key competitors CFT – 2011 quarterly performance CFT IDB vs ICAP – April/September M CHF Largest competitors - Relative size1 CFT IDB vs Tullett Prebon – Full year 1 –FY 2011 for CFT and Tullett Prebon, LTM Oct 2010/Sep 2011 for ICAP –
Slide 6: Group revenue
Group revenue Resilience of the IDB model amid negative news flow for the financial sector Half yearly / yearly revenue Half-yearly trend by business line M CHF (Variation at constant rate) M CHF in constant currencies 1,556.1 +0.3% 1,417.1 1,352.7 1,210.4 1,144.4 1,069.2 +4.0% +3.8% -2.4% -2.7% (H2
Slide 7: IDB regional revenue
IDB regional revenue Continued geographic expansion with an already long established presence across Asia • United Kingdom Trend by region • Good level of activity in Interest Rate Derivatives and FX M CHF in constant currencies (H2/H2 variation at constant rate) • Landmark launch of Trad-X • Growth
Slide 8: IDB product mix
IDB product mix Continued efforts to fill the gaps and enhance market share for the existing 300+ desks Bridge by asset class Trend by asset class M CHF in constant currencies All percentages based on calculations in constant currency terms (H2/H2 variation at constant rate) -1.4% +8.6% +10.1% +2.3%
Slide 9: Electronic trading
Electronic trading Successful launch of Trad-X amid regulatory plans to overhaul the OTC derivatives markets Current regulatory initiatives CFT’s response – Trad-X • G-20 Sep 2009 / Focus on systemic risk and transparency • Launch of the trading platform in May, initially available for • Shift from
Slide 10: Operating performance
Operating performance Cost cutting efforts supporting investment in the near term • Results affected by the strength of the Swiss franc and the Group operating performance performance of the Japanese retail business Variation Variation • IDB operating profit up 30.8% yoy in constant M CHF 2011 2010
Slide 11: IDB business cost management
IDB business cost management Ongoing effort – a continuing priority in 2012 2011 savings & investments Plan overview • Savings mostly achieved in Europe Europe 72% Americas 22% Asia-Pacific 6% • Restructuring costs of around CHF 5m • Investments realised to • Protect growing businesses in a competit
Slide 12: Non IDB business
Non IDB business Gaitame has scale and balance sheet in a key market Non IDB revenue pro forma 1 Non IDB underlying op. profit pro forma 1 M CHF M CHF • Launched in 2002, Gaitame.com quickly became a leader in the Japanese retail FX market Gaitame’s client deposits pro forma 1 • Strategic challenges
Slide 13: Net profit and balance sheet
Net profit and balance sheet Transitioning from an organic growth strategy only in a post 2008 environment Assets Liabilities Net profit Group share M CHF 31.12.11 31.12.10 M CHF 31.12.11 31.12.10 Tangible assets 30.4 36.0 Capital 15.4 15.4 Variation Variation M CHF 2011 2010 constant current Intang
Slide 14: Shareholder's equity, cash and debt
Shareholder’s equity, cash and debt Net tangible equity of CHF 296m, with the smallest % of goodwill in the sector Shareholders’ equity Cash and debt M CHF M CHF 31.12.2011 31.12.2010 Cash & cash equivalents 333.0 352.3 Bank overdraft (*) -3.1 -9.2 Adjustments from changes in AH & MP activities -4.7
Slide 15: Outlook
Outlook CFT in summary Roadmap • CFT is one of only five global IDBs in the world • Cost management remains key priority – Built mostly through organic growth – Investments in development and infrastructure to – Industry leader in Asia Pacific be offset through further cost savings • Experts in pric
Slide 16: 2011 Results
2011 Results Zurich March 16, 2012
Compagnie Financière Tradition — FY2011 Earnings Presentation on 6ix