Compagnie Financiere Tradition Sa · SIX:CFT
Compagnie Financiere Tradition Sa — H1 2019 Earnings Presentation
16 slides from Compagnie Financiere Tradition Sa's earnings presentation, Aug 30, 2019
Slide 1: Compagnie Financière Tradition H1 2019 Results
Compagnie Financière Tradition H1 2019 Results Zurich, August 2019
Slide 2: Key figures performance and financial position as of 30 June 2019
Key figures performance and financial position as of 30 June 2019 CHF CHF 521m 34m Net profit – Revenue* Group share CHF CHF 57m ~729m Underlying Market operating capitalization1) profit* Compagnie Financière Tradition CHF CHF 184m 416m Net cash Shareholders’ position* equity** 2 *Adjusted basis inc
Slide 3: A long established Swiss group with proven track record
A long established Swiss group with proven track record Focused on critical size and quality of balance sheet Consistent strategy since acquired by Viel & mCHF 1'400 600 Cie in 1997 Phase 1 Phase 2 Phase 3 Phase 1 – • Return to profitability 1997 to • Built critical market share 1'200 2008 Focus on
Slide 4: Estimated market share
A sector with only 3 global players, of which Tradition #3 Global majors >USD 800m 19% Estimated market share Large multi-specialists <USD 150m Broking 36% Revenues only Equivalent to ~$1bn of Mid-sized specialists <USD 80m revenues 45% Small / micro firms <USD 30m 4
Slide 5: H1 2019 performance summary
Growth in adjusted revenue of 3.4% in constant currencies to CHF 520.5m with net Net profit Group share up 7.9% to CHF 34.2m H1 2019 performance summary, in mCHF • Overall revenue growth 3.4% +3.4% +3.1% +0.4% -5.1% +0.8% +8.5% +7.9% • Market environment changing from periods and regions 474.3 • Con
Slide 6: Revenue overview
Revenue overview Global and diverse product offering Group adjusted revenue Adjusted revenue by business M CHF M CHF 520.5 H1 2018 H1 2019 502.7 IDB +3.4% +3.1% Non-IDB Joint ventures 42.9 46.2 485.5 501.0 +11.3% Subsidiaries 19.5 (reported) 17.2 459.8 474.3 H1 2018 H1 2019 Adjusted revenue by regio
Slide 7: Geographies
Diversified revenue portfolio both in terms of geographies and asset classes Breakdown by region in H1 2019 United Asia Pacific; Kingdom; 28% 32% Europe, Middle East, Africa • United Kingdom, Americas • France, Asia Pacific Geographies • USA, • Belgium, • Japan, • Argentina, • Germany, • China Mainl
Slide 8: Products
Diversified revenue portfolio both in terms of geographies and asset classes Breakdown by product in H1 2019 Non IDB; 4% Currencies and Securities and Commodities; IDB: 96% rates security derivatives Commodities Non-IDB 20% • Interest rate • Government • Oil • Gaitame.com – derivatives bonds • Elect
Slide 9: Adjusted underlying operating profit up 0.4% to CHF 57.4m
Adjusted underlying operating profit up 0.4% to CHF 57.4m Adjusted underlying operating profit IDB headcount trend (Variation at constant rates) 2'260 2'285 margin Exceptional 2'114 2'084 2'168 +0.4% M CHF items 11.0% 11.3% Non IDB 57.0 57.4 1'507 1'541 IDB 1'414 1'380 1'439 6.4 8.5 50.6 48.9 700 70
Slide 10: Gaitame.com improved performance with EBITDA margin reaching 48% in 1H19
Gaitame.com improved performance with EBITDA margin reaching 48% in 1H19 Revenue trend* EBITDA trend* M CHF M CHF At current rates At constant rates (variation at constant rates) At current rates At constant rates (variation at constant rates) +11.3% margin +24.2% 48% 40% 43% 40% 37.6 39.0 28% 34.3
Slide 11: Net profit – Group share up 7.9% to CHF 34.2m
Net profit – Group share up 7.9% to CHF 34.2m Net profit – Group share M CHF H1 2019 H1 2018 Interest expense on bank borrowings and Change Change bonds (net) -2.7 -2.6 at at current constant Interest expense on lease liabilities -1.5 - exchange exchange H1 2019 H1 2018 rates rates Net foreign excha
Slide 12: Continued focus on strong balance sheet
Continued focus on strong balance sheet Balance sheet gross up for IFRS 16 Assets Equity and Liabilities M CHF 30.06.19 31.12.18 M CHF 30.06.19 31.12.18 Property, Plant & Equipment 27.7 27.8 Capital 18.5 18.2 Right-of-use assets 58.9 - Share premium 44.0 37.4 Intangible assets 48.7 50.9 Treasury sha
Slide 13: Shareholders’ equity of CHF 415.8m and net cash position of CHF 184m
Shareholders’ equity of CHF 415.8m and net cash position of CHF 184m1) Net cash position trend Shareholders’ equity breakdown Cash in JVs Financial debts** Unavailable cash, non-current Capital and share premium Consolidated reserves Currency translation Treasury shares Minority interests 398.4 395.
Slide 14: Business model incorporate a strong operating upside
Business model incorporate a strong operating upside Consistent dividend payout Performance trend between 2004 to 2018* Dividend payout trend 2004 to 2018 (in CHFm) Revenue Underlying operating profit 1'800 Net profit Group share 500 1'600 1'556 450 1'417 8.0 8.0 8.0 1'400 1'353 400 6.0 7.0 5.0 5.0
Slide 15: CFT, a Swiss group ranked amongst the top 3 worldwide in its sector
CFT, a Swiss group ranked amongst the top 3 worldwide in its sector Roadmap based on growth initiatives, operational performance and quality of balance sheet Track record of agility to cope with market cycles and structural trends (growth, innovation, cost 1 management) Growth opportunities arising
Slide 16: Thank you
4 Tradition Thank you
Compagnie Financière Tradition — H1 2019 Earnings Presentation on 6ix