Compagnie Financiere Tradition Sa · SIX:CFT
Compagnie Financiere Tradition Sa — FY2023 Earnings Presentation
19 slides from Compagnie Financiere Tradition Sa's earnings presentation, Mar 22, 2024
Slide 1: FY 2023 Results Presentation
FY 2023 RESULTS H1 2023 PRESENTATION RESULTS PRESENTATION 22 March 2024 Lausanne 1 SEPTEMBER 2023 Lausanne
Slide 2: Summary of CFT's FY2023 key financial metrics
Summary of CFT’s FY2023 key financial metrics Strong financial performance in spite of CHF strengthening further Variations in constant currencies +9.5% +17.1% +15.9% CHF 1,054m CHF 128m CHF 94m Revenue* Operating Net profit – profit* Group share Productivity up 12% Margin: 12.1% Basic earnings per
Slide 3: FY2023 confirming the longer term track record
FY2023 confirming the longer term track record A long established Swiss group focused on critical size and sound balance sheet Focus on organic growth and sound financial Consolidated revenue, shareholders’ equity and net cash (including share of JVs) 1 position: • Strong net cash position 1200 600
Slide 4: CFT's track record of delivering return for shareholders
CFT’s track record of delivering return for shareholders, a demonstration of the Group’s DNA, long term vision and ambition A total return of 17.4% p.a. with dividends reinvested in shares since 1 January 1997 Total Return Analysis (TRA) - 1/1/1997 and 21/3/2024 4 Source: Bloomberg
Slide 5: Consistent dividend policy
Consistent dividend policy Cumulative dividends of CHF 50 paid during 2013 to 2023 excluding distribution of treasury shares Dividend payout trend 2013 to 2023 in CHF 5.5 5.0 5.0 5.0 5.0 5.0 Dividend 4.5 in CHF 3.5 3.0 2.5 2013 2014 2015 2016* 2017 2018* 2019* 2020* 2021* 2022* +9.1% 106% CHF 6 Payo
Slide 6: Normalization of central banks monetary beneficial to the Group's operations
Normalization of central banks monetary beneficial to the Group’s operations Momentum from organic growth strategy; impact from CHF strength on reported revenue and profitability +10.6% +9.5% +17.1% +19.7% +16.1% +13.4% +15.9% 1 053.9 1 028.6 982.4 950.8 947.4 2023 margin 873.6 2022 margin 2021 marg
Slide 7: One of only global Wholesale and Institutional brokerage firms
One of only 3 global Wholesale and Institutional brokerage firms A diversified transactional platform servicing the world’s largest banks and non bank institutions Expertise in complex The world’s largest Tradition market place transactions, illiquid instruments, difficult market conditions banks an
Slide 8: Growth in both wholesale and retail businesses in constant currencies
Growth in both wholesale and retail businesses in constant currencies Gaitame reported revenue impacted by JPY weakening Reported revenue and revenue including share of JV Revenue including share of JV by business M CHF Joint ventures +9.6% M CHF Wholesale Subsidiaries +9.5% 994.7 1 022.5 (reported)
Slide 9: Diversified revenue portfolio by geographies and asset classes
Diversified revenue portfolio both in terms of geographies and asset classes Positive revenue development trend reflected in all regions Breakdown by region in 2023 United Asia Pacific; Kingdom; 26% 26% Continental Americas; Europe; 15% 33% Trend by region Non IDB APAC Americas CE UK 4% 3% 3% 24% 24
Slide 10: Wholesale revenue: diversified by geography and asset class
Diversified revenue portfolio both in terms of geographies and asset classes Strong improvement in Energy and Commodities products supported by organic growth Currencies and Securities and Energy and rates security derivatives Commodities Retail FX Breakdown by product in 2023 Non IDB; 3% • Interest
Slide 11: Operating profit including share of joint ventures up 17.1% to CHF 127.7m
Operating profit including share of joint ventures up 17.1% to CHF 127.7m Improved average annualized productivity up 12.4% to CHF 821’000 per individual Operating profit including share of JVs IDB headcount trend (Variation at constant rates) 2'387 2'410 margin 2'329 IDB Non IDB +17.1% M CHF 12.1%
Slide 12: Gaitame.com: EBITDA margin remained high at 54% in 2023
Gaitame.com : EBITDA margin remained high at 54% in 2023 Increase in profit, number of customers and deposits in constant terms; Reported figures impacted by weaker Japanese currency Revenue trend* EBITDA trend* M CHF M CHF At current rates At constant rates (variation at constant rates) At current
Slide 13: Net interest income increase by CHF 9.4m
Net interest income increase by CHF 9.4m with income from gross cash investments Financial results impacted by FX losses vs last year gains Net profit – Group share M CHF FY 2023 FY 2022 Change Change at Net interest income/(expense) +3.0 -6.4 at current constant exchange exchange FY 2023 FY 2022 ra
Slide 14: Continued focus on sound balance sheet with important equity and net cash position
Continued focus on sound balance sheet with important shareholders’ equity and net cash position Low level of intangibles assets including goodwill Assets Equity and Liabilities M CHF 31.12.2023 31.12.2022 M CHF 31.12.2023 31.12.2022 Property, Plant & Equipment 17.2 19.5 Capital 19.4 19.1 Right-of-u
Slide 15: Shareholders' equity of CHF 453.5m and net cash position
Shareholders’ equity of CHF 453.5m before deduction of own shares of CHF 27.5m and net cash position increasing from CHF 243m to CHF 260m1) with strong operating cash flows Gross cash of close to CHF 470m including share of JVs; Gross debt / LTM EBITDA incl JV ~1.5x Shareholders’ equity breakdown Ne
Slide 16: Share buybacks set to accelerate in 2024
Share buybacks set to accelerate in 2024 In 2023, 24’000 shares were purchased on 2nd line of trading for an amount of CHF 2.9m Overview Quantity and estimated value • CFT announced in May 2023 a share buyback Number of shares Esitmated value program on its bearer shares for the purpose of M CHF a c
Slide 17: CFT, a Swiss group ranked amongst the top 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 1 Track record of agility to cope with market cycles and structural trends 2 Positive impact from the normalization of central banks’ policies
Slide 18: Events calendar
Events calendar: Thursday 25 April 2024 Publication of the Annual Report 2023 and the Notice of the General meeting Thursday 2 May 2024 Publication of consolidated revenue for the first quarter 2024 (before the opening of the stock exchange) Tuesday 21 May 2024 Annual General Meeting Thursday 8 Augu
Slide 19: Q & A Thank you!
4 Compagnie Financiére Tradition Compagnie Financiére Tradition SA ll, rue de Langallerie, CH 1003 Lausanne T.: +41 21343 52 87 F.: +41 21343 55 00 Q&A Thank you!
Compagnie Financière Tradition — FY2023 Earnings Presentation on 6ix