Compagnie Financière Tradition

Transcription

1 Compagnie Financière Tradition FY2015 results presentation Zurich 11 March 2016

2 Group results benefit from maintained focus on cost management Results overview FY 2015 Performance Overall Group revenue stabilising Different trend per region and asset classes Revenue (Variation at constant rates) % Cost management now business as usual Sustained investments in distinctive technology having negative short term financial implications IT costs rationalization initiated Adjusted operating profit Reported Operating profit % 5.6% 7.3% 4.9% +45.5% +48.6% Good positioning of Tradition SEF through its electronic platform Trad-X Profit before tax % margin Enhanced performance from Gaitame.com Strong balance sheet with total shareholders equity of CHF 370m and net cash position of CHF 228m Dividend increase to CHF 3.50 in cash Net profit Net profit Group share % +49.2% margin FY 2015 FY

3 Revenue overview Group reported revenue Group adjusted revenue H2 reported H1 reported -1.7% Joint ventures Subsidiaries (reported) % Adjusted revenue by business IDB Quarterly revenue trend IDB -5.8% (H2/H2 variation at constant rates) H H H H Non-IDB +51.5% (Figures and variation at constant rates) -0.5% -10.7% Q Q Q Q Q Q Q Q

4 Adjusted revenue by region Americas: USA, Argentina, Chile, Colombia, Mexico, Brazil (Minority) Europe: UK, France, Belgium, Germany, Italy, Luxembourg, Russia, Spain (Minority), Switzerland Revenue in mchf (variation at constant rates) At current rates At constant rates -1.2% At current rates At constant rates -5.8% Middle East / Africa: UAE, Israel, South Africa At current rates At constant rates +7.7% (Including Gaitame.com) In % of consolidated adjusted revenue Asia Pacific Americas Continental Europe United Kingdom 4 25% 26% 30% 31% 8% 8% 37% 35% Asia-Pacific : IDB: Japan, China Mainland, China Hong Kong, India, Malaysia, Singapore, South Korea, Australia, Philippines, Thailand, Indonesia Non IDB : Gaitame.com forex trading for retail investors in Japan

5 Adjusted revenue by product Adjusted revenue breakdown IDB Revenue trend by product 2% 3% 19% 20% 250 (H2/H2 variation at constant rates) Non IDB Commodities Securities 33% 31% % H Rates 46% 46% % H H H IDB Revenue by product +6.8% (variation at constant rates) % -2.6% -6.9% FY 2014 Rates Securities Commodities FX FY Rates Securities Commodities 5

6 Adjusted operating margin increase to 8.3% from 5.6% Adjusted operating profit IDB Headcount trend margin 5.6% % 8.3% Exceptional items Non IDB IDB '765 Support Front office staff '622 1'531 1'449 1' In % of Margin Non compensation costs revenue Support compensation Operational compensation 100% % 60% 40% 20% 0% IDB underlying operating ratios % FY broker variable % 44.7% 80% 70% 60% 50% 40% 30% 20% 10% 0% IDB OtherKPIs Productivity Contribution % Op comp %

7 Enhanced performance from Gaitame.com Revenue trend* EBITDA trend* At current rates At constant rates (variation at constant rates) At current rates At constant rates (variation at constant rates) +57.3% margin 39% % % % % +191% Client deposits trend* Number of clients trend* At current rates At constant rates 1'256 1' ' ' ' ' ' * Figures presented at 100%. Group stake of 49.9% presented as an equity investment

8 Net profit Group share up 49.2% to CHF 40.5m Reported operating profit FY 2015 FY 2014 Var cst. Var cur. Underlying adjusted operating profit % +16.7% Amortisation of intangibles Net exceptional expenses Exceptional income Adjsuted operating profit % +45.4% Equity method for joint ventures Operating profit as reported % +43.7% Net profit Group share Net financial result FY 2015 FY 2014 Var cst. Var cur. Reported operating profit % +43.7% Net financial result Share of profit of associates and joint ventures Profit before tax % +35.3% Income tax % +19.9% Effective tax rate 30% 35% Net profit for the period % +41.5% Net profit - Group share % +46.0% FY 2015 FY 2014 Net interest expense Net foreign exchange gains/(losses) Gains/(losses) on financial assets at fair value Other financial income Net financial expense

9 Continued focus strong on balance sheet Assets Equity and Liabilities Property, Plant & Equipment Capital Intangible assets Share premium Investments in associates and joint ventures Treasury shares Available-for-sale financial assets (AFS) Currency translation Unavailable cash Consolidated reserves Other non-current assets Equity Group share Minority interests Non-current assets Equity Total Receivables related to MP activities Non-current liabilities Receivables related to AH activities Trade & other receivables Short term financial debts Financial assets at fair value and AFS Payables related to MP activities Cash & Cash equivalents Payables related to AH activities Other current assets Trade & other payables Current assets Current liabilities TOTAL ASSETS TOTAL EQUITY AND LIABILITIES

10 Net cash position of CHF 228m 1) Net cash position trend Net adjusted cash flows trend* Cash in JVs Unavailable cash, non-current Cash and cash equivalents Financial debts* Other liquid assets (AFS) 228 Movements in exchange rates Net cash flows - financing activities Net cash flows - investing activities Net cash flows - operating activities * FY 2014 FY 2015 * Adjusted from variation in MP activities 1) Including Group share of cash at JVs accounted as equity investments 10

11 Shareholders equity and capital structure Shareholders equity trend Total Group share * 2012* 2013 *Restated for IFRS 11 and IAS 19R Shareholders equity Group sharebridge Capital structure comparison CFT ICAP Goodwill / Shareholders' equity Group share Tullett Prebon Net profit Dividend Capital increase 11 Currency Change in translation treasury shares Other BGC/GFI 0% 50% 100% 150% 200% 1 - ICAP as of 30 September 2015, CFT, BGC/GFI, Tullett Prebon as of 31 December ICAP includes estimated goodwill and intangibles arising from consolidation.

12 Fundamentals remain essential to deliver the Group s strategy One of the Top 3 Global IDB Built critical market share and a strong franchise in key market segments Sound financial position Current market capitalization only slightly above the shareholders equity Low level of intangibles (especially compared to peers) Significant net cash position Focus on opportunities arising from external and organic growth Build a pipeline of niche brokers and new hires Cost management Proved its ability to manage costs despite a strong organic growth culture and a decentralised organisation Transition from cost reduction to operational performance management Optimise IT organisation Technological Innovation and partnerships Made an early choice to develop its own proprietary technology A pioneer in D2D IRS electronic trading with Trad-X Established partnerships with most of the key banks for a given product segment Replicate in Europe the SEF achievements (MiFID 2) Roll out IT capabilities throughout the organisation Better monetize data in proportion of transactional revenue 12