The company chaired by Patrick Combes increased its turnover by more than 10% in the first half.

Compagnie Financière Tradition published its results for the first half of 2020. Activity took place against a backdrop of a progressive health crisis resulting from COVID-19, leading to increased volatility in the financial markets, particularly during the month of March. The significant increase in business volumes and the positive impact on the group's revenues demonstrate, once again, the essential nature of Compagnie Financière Tradition's core business in the search for liquidity on the financial markets, on the different asset classes globally, while optimizing the price for its clients.

Faced with the COVID 19 health crisis, the group has opted for a regional approach depending on the progress of the epidemic and national measures, giving priority to both the health of employees and the continuity of service to customers. Globally and gradually, measures have been implemented in the different regions, with massive use of telework, and respect for the safety distance between employees within offices for those who are not teleworking. In addition, the professional brokerage activity benefited from efforts to recruit specialized brokers in order to strengthen the Group's presence in certain regions and asset classes.

In this context, the group's adjusted consolidated revenue reached 558.0 million francs in the first half of 2020 compared to 520.5 million in the first half of 2019, an increase of 7.2% at current exchange rates and 12, 5% at constant exchange rates. The adjusted turnover of the professional intermediation activity rose by 12.8% at constant exchange rates to reach 537.7 million while the activity dedicated to individual customers in Japan, Gaitame.com , shows an increase of 5.9% to 20.3 million.

Adjusted operating income excluding exceptional items amounted to 75.5 million francs against 57.4 million in the first half of 2019, an increase of 37.7% at constant exchange rates for an operating margin of respectively 13.5% and 11.0%. Exceptional expenses represent 5.6 million against 6.9 million during the previous period.

Published consolidated sales (IFRS) amounted to 512.8 million francs against 474.3 million in the first half of 2019, an increase of 13.6% at constant exchange rates.

Published operating income stood at 58.1 million against 39.5 million in 2019, an increase of 54.2% at constant exchange rates for an operating margin of 11.3% against 8.3 % for the previous period.

In the first half of 2020, the Group recorded a net financial expense of 7.5 million francs compared to 4.4 million in the first half of 2019. Net foreign exchange results due to fluctuations in currency rates had a negative impact on the financial result of the Group and represent a loss of 1.6 million for the period compared to 0.2 million in 2019. Interest charges on bank loans and bonds, net of interest income related to cash investments, amount to 4 .3 million against 2.7 million for the previous period. An additional interest charge of 1.6 million was recorded on finance lease debts in the first half of 2020 compared to 1.5 million in 2019.

The share in the result of associated companies and joint ventures amounted to 10.3 million against 10.8 million in the first half of 2019, down 1.6% at constant exchange rates.

The group's tax charge amounted to 9.4 million francs against 9.1 million in the first half of 2019 for an effective tax rate of 19% against 26% for the previous period.

Consolidated net income thus came to 51.5 million compared to 36.8 million in the first half of 2019. Net income group share amounted to 48.7 million compared to 34.2 million in 2019, up 50.0 % at constant exchange rates.

BALANCE SHEET

The group has maintained its historical focus on the strength of its balance sheet focused on significant equity while minimizing the level of intangible assets as well as a strong net cash position. Indeed, before deduction of treasury shares for an amount of 17.4 million, consolidated shareholders' equity is 416.6 million for adjusted cash including the Group's share in the net cash of joint ventures for an amount of 222 .9 million as of June 30, 2020.

Consolidated shareholders' equity as of June 30, 2020 amounted to CHF 399.2 million (December 31, 2019: CHF 416.5 million), of which CHF 378.5 million is attributable to shareholders of the parent company (December 31, 2019: CHF 396.9 million). ). The total amount of adjusted cash, including financial assets at fair value, net of financial debt, stands at 119.5 million as of June 30, 2020 compared to 77.4 million as of December 31, 2019.

OUTLOOK

After a first half showing good progress compared to the previous year, the group noted a slowdown in its activity during the current month of August. Compagnie Financière Tradition intends to pursue its growth strategy while maintaining its focus on cost management.