COMPAGNIE FINANCIÈRE TRADITION SA Half-year Report 2023
H A L F - Y E A R R E P O R T | 2 |
4-11 OPERATING REVIEW
13-31 INTERIM CONSOLIDATED FINANCIAL STATEMENTS AT 30 JUNE 2023
- INTERIM CONSOLIDATED INCOME STATEMENT
- INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
- INTERIM CONSOLIDATED BALANCE SHEET
- INTERIM CONSOLIDATED CASH FLOW STATEMENT
- INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
19-31 NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
H A L F - Y E A R R E P O R T 3
The English translation has been prepared for information purposes only. The original French text is the only valid one.
H A L F - Y E A R R E P O R T 4
Operating Review
The level of activity during the first semester continued along the lines of last year, driven by central bank monetary tightening policy to combat stubborn inflation. Compagnie Financière Tradition maintained its growth momentum, underpinned by its organic growth strategy.
Against this backdrop, the Group's consolidated revenue including the share of joint ventures was up 11.8% at constant exchange rates to CHF 552.4m compared with CHF 525.1m in 2022. Revenue from interdealer broking business (IDB) was up 11.6% at constant exchange rates to CHF 534.0m, while revenue from the online forex trading business for retail investors in Japan (Non-IDB), was ahead 18.7% to CHF 18.4m. Operating profit including the share of joint ventures was CHF 74.0m against CHF 56.0m in H1 2022, up 41.9% at constant exchange rates, for an operating margin of 13.4% and 10.7% respectively.
The Group is active in all the major financial markets and operates in numerous currencies. Its results are therefore affected by movements in the exchange rates used to translate local figures into Swiss francs. In the tables below, variations in activity compared with H1 2022 are presented at constant exchange rates, to give a clearer analysis of underlying performance, as well as at current exchange rates used to prepare the income statement.
Companies jointly controlled with other partners are proportionally consolidated in the Group's management reports, as this allows a more accurate evaluation of their economic performance and key indicators.
This presentation method is used in reporting segment information in the notes to the interim and annual financial statements. The Group's revenue and operating profit are presented below including the share of joint ventures, with a reconciliation to reported figures.
REVENUE
Reported consolidated revenue (IFRS) was up 12.5% at constant exchange rates to CHF 513.3m compared with CHF 483.9m in H1 2022.
Analysis of revenue by business and product group:
Variation | Variation | |||
CHFm | 30 june 2023 | 30 june 2022 | at current | at constant |
exchange | exchange | |||
rates | rates | |||
Currencies and interest rates | 225.0 | 234.8 | -4.2 % | +2.1 % |
Securities and security derivatives | 179.8 | 171.8 | +4.6 % | +11.2 % |
Commodities and other | 129.2 | 100.9 | +28.0 % | +34.4 % |
IDB business | 534.0 | 507.5 | +5.2 % | +11.6 % |
Non-IDB business | 18.4 | 17.6 | +4.4 % | +18.7 % |
Total revenue including share of joint | 552.4 | 525.1 | +5.2 % | +11.8 % |
ventures | ||||
Equity accounted joint ventures | -39.1 | -41.2 | ||
Total reported revenue | 513.3 | 483.9 | +6.1 % | +12.5 % |
Analysis of consolidated revenue by region:
Variation | Variation | |||
CHFm | 30 june 2023 | 30 june 2022 | at current | at constant |
exchange | exchange | |||
rates | rates | |||
United Kingdom | 143.2 | 154.5 | -7.3 % | +0.7 % |
Continental Europe | 82.5 | 76.7 | +7.5 % | +11.9 % |
Europe, Middle East and Africa | 225.7 | 231.2 | -2.4 % | +4.4 % |
Americas | 184.4 | 150.6 | +22.5 % | +27.9 % |
Asia-Pacific | 142.3 | 143.3 | -0.7 % | +6.8 % |
Total revenue including share | 552.4 | 525.1 | +5.2 % | +11.8 % |
of joint ventures | ||||
Equity accounted joint ventures | -39.1 | -41.2 | ||
Total reported revenue | 513.3 | 483.9 | +6.1 % | +12.5 % |
H A L F - Y E A R R E P O R T 5
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CFT - Compagnie Financière Tradition SA published this content on 01 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 September 2023 05:15:02 UTC.
