Compagnie Financière Tradition : Nicht-IFRS*-Umsatz im ersten Quartal 2013: 252,6 Millionen Schweizer Franken
Compagnie Financière Tradition /
Compagnie Financière Tradition : Nicht-IFRS*-Umsatz im ersten Quartal 2013:
252,6 Millionen Schweizer Franken
. Verarbeitet und übermittelt durch Thomson Reuters ONE.
Für den Inhalt der Mitteilung ist der Emittent verantwortlich.
Press release
New IFRS standard in effect from
1 January 2013 impacts revenue reporting
Non-IFRS* revenue in Q1 2013:
CHF 252.6 million
New accounting standard
The consolidated accounts of Company Financière Tradition Group are prepared in
accordance with International Financial Reporting Standards (IFRS).
Until 2012, companies over which the Group exercised joint control with other
partners were consolidated using the proportionate consolidation method.
Compagnie Financière Tradition SA's equity holding in each of these jointly
controlled entities was recognised on a line-by-line basis in the consolidated
balance sheet and income statement. This essentially concerned the currency
options business operated jointly with ICAP and Volbroker, and the forex trading
business for retail investors in Japan operated by Gaitame.com Co., Ltd.
Following the Group's adoption of IFRS 11 - Joint Arrangements from 1 January
2013, the proportionate consolidation method has been replaced by the equity
method. This transition will affect almost all line items in the financial
statements, notably by decreasing consolidated revenue and expenses, assets and
liabilities, but will not impact the net profit for the period and shareholders'
equity. The presentation change also required the restatement of financial
information for the previous financial year.
However, the Group is retaining the proportionate consolidation method for
consolidating these companies in its management reports ('Non-IFRS'), since this
allows a more precise assessment of the Group's economic performance and key
indicators. This presentation method is used in the publication of segment
information, disclosed in the notes to the interim and annual accounts.
In this context, the Group is reporting below its revenue on an IFRS and Non-
IFRS basis.
Revenue
Compagnie Financière Tradition reported first-quarter consolidated IFRS revenue
of CHF 235.3m, compared with CHF 265.3m in same period in 2012, a decline of
11.3% at current exchange rates or 10.6% in constant currencies.
For the same period, the Group's consolidated Non-IFRS revenue was CHF 252.6m,
compared with CHF 282.9m in 2012, a decline of 9.7% at constant exchange rates.
The Non-IFRS revenue from interdealer broking business (IDB) was down 10.2% in
constant currencies while the forex trading business for retail investors in
Japan (Non-IDB) was up 8.4%.
However, trading volumes were higher than in the second half of 2012, with Non-
IFRS consolidated revenue up 15% at constant exchange rates. The IFRS revenue
from IDB business rose 14% while that from Non-IDB business was up by 60%.
The geographic breakdown of consolidated IFRS and Non-IFRS revenue is as
follows:
IFRS Non-IFRS
CHFm Q1 2013 Q1 2012 Q1 2013 Q1 2012
United Kingdom 82.9 89.7 88.6 94.7
Continental Europe 22.1 32.1 22.6 32.7
Europe, Middle East and Africa 105.0 121.8 111.2 127.4
Americas 68.8 77.8 70.9 80.2
Asia-Pacific 61.5 65.7 63.4 67.8
IDB business 235.3 265.3 245.5 275.4
Non-IDB business - - 7.1 7.5
Total 235.3 265.3 252.6 282.9
To date, Compagnie Financière Tradition's consolidated Non-IFRS revenue in April
2013 is projected up by more than 14% at constant exchange rates compared with
the same month last year.
Finally, the full effects of the cost saving measures implemented in 2012 have
been felt since the beginning of 2013.
*Based on the management reports and IFRS 2012
With a presence in 28 countries, Compagnie Financière Tradition SA is one of the
world's leading interdealer brokers (IDB). The Group provides broking services
for a complete range of financial products (money market products, bonds,
interest rate, currency and credit derivatives, equities, equity derivatives,
interest rate futures and index futures) and non-financial products (energy and
environmental products, and precious metals).
Compagnie Financière Tradition (CFT) is listed on the SIX Swiss Exchange. To
find out more about our Group please visit our website at www.tradition.com.
Lausanne, 24 April 2013
Press contacts:
MHP Communications Voxia communication
John Sarsfield / James Morgan / Fern Jérémy Nieckowski
Hammond.
Tel. : +44 20 3128 8530 / 8533 / 8092 Tel. : +41 22 591 22 65
Email : Tradition@mhpc.com Email : jeremy.nieckowski@voxia.ch
CFT_Q1 2013:
http://hugin.info/133362/R/1695644/558070.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Compagnie Financière Tradition via Thomson Reuters ONE
[HUG#1695644]
http://www.traditiongroup.com
Compagnie Financière Tradition /
Compagnie Financière Tradition : Nicht-IFRS*-Umsatz im ersten Quartal 2013:
252,6 Millionen Schweizer Franken
. Verarbeitet und übermittelt durch Thomson Reuters ONE.
Für den Inhalt der Mitteilung ist der Emittent verantwortlich.
Press release
New IFRS standard in effect from
1 January 2013 impacts revenue reporting
Non-IFRS* revenue in Q1 2013:
CHF 252.6 million
New accounting standard
The consolidated accounts of Company Financière Tradition Group are prepared in
accordance with International Financial Reporting Standards (IFRS).
Until 2012, companies over which the Group exercised joint control with other
partners were consolidated using the proportionate consolidation method.
Compagnie Financière Tradition SA's equity holding in each of these jointly
controlled entities was recognised on a line-by-line basis in the consolidated
balance sheet and income statement. This essentially concerned the currency
options business operated jointly with ICAP and Volbroker, and the forex trading
business for retail investors in Japan operated by Gaitame.com Co., Ltd.
Following the Group's adoption of IFRS 11 - Joint Arrangements from 1 January
2013, the proportionate consolidation method has been replaced by the equity
method. This transition will affect almost all line items in the financial
statements, notably by decreasing consolidated revenue and expenses, assets and
liabilities, but will not impact the net profit for the period and shareholders'
equity. The presentation change also required the restatement of financial
information for the previous financial year.
However, the Group is retaining the proportionate consolidation method for
consolidating these companies in its management reports ('Non-IFRS'), since this
allows a more precise assessment of the Group's economic performance and key
indicators. This presentation method is used in the publication of segment
information, disclosed in the notes to the interim and annual accounts.
In this context, the Group is reporting below its revenue on an IFRS and Non-
IFRS basis.
Revenue
Compagnie Financière Tradition reported first-quarter consolidated IFRS revenue
of CHF 235.3m, compared with CHF 265.3m in same period in 2012, a decline of
11.3% at current exchange rates or 10.6% in constant currencies.
For the same period, the Group's consolidated Non-IFRS revenue was CHF 252.6m,
compared with CHF 282.9m in 2012, a decline of 9.7% at constant exchange rates.
The Non-IFRS revenue from interdealer broking business (IDB) was down 10.2% in
constant currencies while the forex trading business for retail investors in
Japan (Non-IDB) was up 8.4%.
However, trading volumes were higher than in the second half of 2012, with Non-
IFRS consolidated revenue up 15% at constant exchange rates. The IFRS revenue
from IDB business rose 14% while that from Non-IDB business was up by 60%.
The geographic breakdown of consolidated IFRS and Non-IFRS revenue is as
follows:
IFRS Non-IFRS
CHFm Q1 2013 Q1 2012 Q1 2013 Q1 2012
United Kingdom 82.9 89.7 88.6 94.7
Continental Europe 22.1 32.1 22.6 32.7
Europe, Middle East and Africa 105.0 121.8 111.2 127.4
Americas 68.8 77.8 70.9 80.2
Asia-Pacific 61.5 65.7 63.4 67.8
IDB business 235.3 265.3 245.5 275.4
Non-IDB business - - 7.1 7.5
Total 235.3 265.3 252.6 282.9
To date, Compagnie Financière Tradition's consolidated Non-IFRS revenue in April
2013 is projected up by more than 14% at constant exchange rates compared with
the same month last year.
Finally, the full effects of the cost saving measures implemented in 2012 have
been felt since the beginning of 2013.
*Based on the management reports and IFRS 2012
With a presence in 28 countries, Compagnie Financière Tradition SA is one of the
world's leading interdealer brokers (IDB). The Group provides broking services
for a complete range of financial products (money market products, bonds,
interest rate, currency and credit derivatives, equities, equity derivatives,
interest rate futures and index futures) and non-financial products (energy and
environmental products, and precious metals).
Compagnie Financière Tradition (CFT) is listed on the SIX Swiss Exchange. To
find out more about our Group please visit our website at www.tradition.com.
Lausanne, 24 April 2013
Press contacts:
MHP Communications Voxia communication
John Sarsfield / James Morgan / Fern Jérémy Nieckowski
Hammond.
Tel. : +44 20 3128 8530 / 8533 / 8092 Tel. : +41 22 591 22 65
Email : Tradition@mhpc.com Email : jeremy.nieckowski@voxia.ch
CFT_Q1 2013:
http://hugin.info/133362/R/1695644/558070.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Compagnie Financière Tradition via Thomson Reuters ONE
[HUG#1695644]
http://www.traditiongroup.com