Compagnie Financiere Tradition Sa · SIX:CFT
Compagnie Financiere Tradition Sa — H1 2011 Earnings Presentation
14 slides from Compagnie Financiere Tradition Sa's earnings presentation, 2011
Slide 1: 2011 First Half Results
2011 First Half Results We Compagnie Financiére Tradition
Slide 2: Highlights
Highlights • First half affected by the strength of the Swiss franc and Performance the performance of our Japanese retail business Revenue in • For the IDB business, strong underlying performance constant through the first quarter followed by a much quieter currencies second quarter due to lower ac
Slide 3: Macro environment
Macro environment Volatility First quarter 2011 •Context marked by QE2 implementation in the United States and better than expected company results •Spikes in volatility, geopolitical events in North Africa and the middle East taking center stage •Inflation pressures rising with commodity prices •Ja
Slide 4: Group revenue
Group revenue Half year / yearly revenue Half-yearly trend by business line M C HF M CHF (Variation at constant rate) (Variation at constant rate) 1,556.1 1,417.1 1,352.7 1,210.4 1,144.4 +1.3% -64.7% -2.7% +9.8% Revenue by region Regional bridge All percentages based on calculations in constant curr
Slide 5: IDB regional revenue
IDB regional revenue Trend in H1 by region M CHF (Variation at constant rate) -3.5% -1.8% +18.5% -2.9% • UK • Americas • Landmark launch of Trad-X • Growth in Commodities • Difficult markets in Equities • Difficult markets in Equities and CDS • Growth in Commodities • Asia-Pacific • Continental Euro
Slide 6: IDB product mix
IDB product mix Bridge by asset class Trend in H1 - IDB products M CHF All percentages based on calculations in (Variation at constant rate) +5.8% constant currency terms M CHF +11.1% -6.7% -64.7% Revenue breakdown +5.8% -6.7% +11.1% 6
Slide 7: Operating performance
Operating performance Group operating performance Half-yearly IDB business underlying op. profit Variation Variation M CHF M CHF H1 2011 H1 2010 constant current (Variation at constant rate) Revenue 559.6 656.4 -2.7% -14.8% Net operating expenses -532.2 -613.8 -1.4% -13.3% Reported operating profit
Slide 8: Non IDB business – Gaitame performance
Non IDB business – Gaitame performance Non IDB revenue - pro forma (*) Gaitame’s client deposits - pro forma (*) M CHF M CHF As at 31 December • Market ultimately transitioning to the 25:1 leverage limit for retail traders (Aug 1, 2011) • Expected medium term positive effects in terms of increased n
Slide 9: Net profit and balance sheet
Net profit and balance sheet Assets Liabilities Net profit Group share M CHF 30.06.11 31.12.10 M CHF 30.06.11 31.12.10 Variation Variation Tangible assets 28.8 36.0 Capital 15.4 15.4 M CHF H1 2011 H1 2010 constant current Reported operating profit 27.4 42.6 -20.3% -35.7% Intangible assets 69.9 73.0
Slide 10: Balance sheet
Balance sheet Shareholders’ equity Cash and debt MCHF 30.06.2011 31.12.2010 MCHF Cash & cash equivalents 277.8 352.3 Bank overdraft (*) -3.1 -9.2 Adjustments from changes in AH & MP activities 4.8 -2.1 Adjusted gross cash for cash flow statement 279.5 341.0 Financial assets @ fair value 11.8 10.5 Fi
Slide 11: Regulatory developments – Moving slowly
Regulatory developments – Moving slowly • Unchanged themes, but G-20 broad commitments severely tested • Complex task to translate them into workable rules while preserving resilient markets • Much needed but challenging coordination, nationally and internationally • Trade off between financial syst
Slide 12: Trad-X – Successful launch
Trad-X – Successful launch • March 15, 2011: Announcement of the launch of a hybrid trading platform initially available for Interest Rate Swaps • May19: Effective launch, with significant volume and industry-wide recognition as of the start • 1900 orders in Euro interest swaps with a notional value
Slide 13: Outlook
Outlook • Continue reorganisation of Gaitame • Continue to build-out electronic broking model across products and geographies • Sustain and leverage market leadership amongst IDBs in Asia-Pacific • Maintain historical focus on sound balance sheet and capital position • Continue to implement cost red
Slide 14: 2011 First Half Results
2011 First Half Results We Compagnie Financiére Tradition
Compagnie Financière Tradition — H1 2011 Earnings Presentation on 6ix