Compagnie Financiere Tradition Sa · SIX:CFT
Compagnie Financiere Tradition Sa — H1 2010 Earnings Presentation
12 slides from Compagnie Financiere Tradition Sa's earnings presentation, Sep 1, 2010
Slide 1: 2010 First Half Results
2010 First Half Results Zurich – 1 September 2010
Slide 2: Financial highlights
Financial highlights Financial highlights Persisting post crisis imbalances – Banks’ balance sheet repair – Public deficits Constant currency revenue 656,4 – Role of central banks development Revenue 743,6 – Western versus “Emerging” economies -9.8% Set back in financial stability in Q2 65,8 – Inten
Slide 3: Revenues
Revenues Half year / yearly revenues Half year revenues M CHF 1 556,1 (Variation at constant rate) 800, 0 1 417,1 767,8 1 352,7 743,6 750, 0 1 144,4 740,4 -9,8% 609,1 700, 0 656,4 567,3 650, 0 609,1 +7,0% 600, 0 MCHF 788,3 743,6 676,7 656,4 550, 0 577,1 H2 500, 0 H1 450, 0 2006 2007 2008 2009 2010 4
Slide 4: Revenues by product segment
Revenues by product segment Sequential trend All percentages based on calculations in constant currency terms 800 -14.7% -18.1% 700 -10.3% 3.8% 8.4% 8.4% 600 500 Rates FX rates Commodities Rates FX rates Commodities H1 2009 H2 2009 H1 2010 Securities Securities impact impact & other & other Revenues
Slide 5: Operating performance
Operating performance Underlying results An ongoing cost saving plan – Closed number of underperforming businesses and exited low performers Variation vs – Reduced non broking staff and cost M CHF H1 2010 H1 2009 H1 2009 – New CIO rationalizing IT infrastructure and organisation Revenues 656.4 743.6
Slide 6: Operating performance
Operating performance Underlying key operating ratios Underlying cost base evolution M CHF 300 H1 2009 H1 2010 200 In % H1 2010 H1 2009 Revenues 100.0 100.0 100 Compensation costs 69.7 68.3 Operational 58.3 59.3 0 Administrative 11.4 9.0 Broker costs Broker costs Other staff Telecom & Travel / Rent
Slide 7: Net profit group share
Net profit group share Net profit Group Share M CHF H1 2010 H1 2009 Variation Reported operating profit 42.6 91.8 -53.6% Net financial income 2.5 -2.2 -212.7% Share of profit of associates 0.6 3.3 -81.2% Profit before tax 45.7 92.9 -50.8% Income tax -17.0 -30.0 -43.4% Net profit for the period 28.7
Slide 8: Balance sheet and cash
Balance sheet and cash Simplified balance sheet Assets Liabilities M CHF 30.06.10 31.12.09 M CHF 30.06.10 31.12.09 Property, Plant & Equipment 46.7 51.5 Capital 15.4 15.3 Intangible assets 84.5 89.9 Share premium 48.7 48.8 Investments in associates 18.8 15.0 Treasury shares -6.3 -7.7 Available-for-s
Slide 9: Stock performance
Stock performance Market structure stocks CFT’s share price versus indices 2009 YTD 2010 as of 27/8/2010 100 CF T SMI SPIEXX 90 MF 80 TLPR 70 C FT 60 50 MKTX 40 BGC P 30 20 C ME Apr-08 Jun-08 Aug-08 Apr-09 Jun-09 Aug-09 Apr-10 Jun-10 Aug-10 Dec-07 Feb-08 Oct-08 Dec-08 Feb-09 Oct-09 Dec-09 Feb-10 IAP
Slide 10: Regulatory overview
Regulatory overview “Ensuring efficient, safe and sound derivatives markets” – Focus on systemic risk and transparency In the US, moving from legislation to regulation – Passage into law of the Dodd Frank Wall Street Reform and Consumer Protection Act on July 21 • Titles VI and VII relevant to OTC d
Slide 11: Regulatory overview
Regulatory overview Awaiting details regarding additional capital requirements – Dictated by local regulators and Basle 3 Overall, still not clear yet how structural reforms will impact on banks, their customers and counterparties – New regulatory landscape likely in place by 2012 • Industry-led ini
Slide 12: In summary
In summary Objective to be an influential participant in the wholesale financial markets – For the financial sector at large, challenges due to the fallout from the crisis • Continuing uncertainties around policy and regulatory responses – Medium term opportunities for global IDBs • Consolidation an
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