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SIX Annual Report 2019

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SIX Annual Report 2019 Annual Report 2019 Annual Report 2019 Foreword 4 Letter to the shareholders from Dr Romeo Lacher and Jos Dijsselhof Group Report 8 Report on the Business Year 2019 16 Strategic Framework Corporate Governance 19 Management Structure and Shareholders 20 Internal Organization and Competency Rules 23 Board of Directors 24 Executive Board Financial Statements 27 SIX Key Figures 28 Table of Contents 30 SIX Consolidated Financial Statements 2019 125 SIX Group Ltd Financial Statements 2019 six-group.com/annual-report 4 SIX Annual Report 2019 Dr Romeo Lacher, Chairman of the Board of Directors (left), and Jos Dijsselhof, CEO (right). Annual Report 2019 5 Dear readers SIX has changed within the past two years. We have streamlined our organi - zation and realigned it from strategic and operational perspective to respond even better to changing customer needs. With the transfer of the cards business to Worldline in November 2018 our reported operating income dropped by almost half. In 2019, we generated a stable operating income at our continuing business “Those who units and, with continued cost discipline, recorded an increase in EBITDA of 4.4%. This is a solid performance in a difficult environment. want to shape In the years to come, we want to keep growing and improving our operational the change efficiency. In times of fast-paced technological revolution, new competition must change and sinking margins, investments both in our existing infrastructure as well as themselves.” in visionary services such as the SIX Digital Exchange are becoming more and more indispensable. Innovation capacity and expertise in terms of blockchain Dr Romeo Lacher, and digital assets constitute an essential part of the value proposition of a Chairman of the modern financial market infrastructure. Moreover, in November 2019 we announced Board of Directors of SIX our intention to make an all-cash voluntary tender offer for the Spanish stock exchange and financial market infrastructure group Bolsas y Mercados Españoles (“BME”). As a globally prominent infrastructure group, the two companies would enhance their growth opportunities and increase their invest- ment capacity and strategic flexibility. One of our core tasks is to maintain the competitiveness of our customers with our high-performance infrastructure and provide them with optimal access to international capital markets. Consequently, market access is the fundamental requirement for our economic success. The EU decision not to grant equivalence and the resulting ordinance adopted by the Federal Council to strengthen the Swiss capital market constituted a turning point for SIX in the previous year. However, efficient open markets and legal certainty remain to be of top priority and importance for us. 6 SIX Annual Report 2019 Challenges are becoming increasingly complex and innovation cycles are → Dr Romeo Lacher was a member becoming shorter. The new SIX is ready. However, to reach our full potential, of the Board of Directors from 1 January 2008 until 15 March 2020 we need even more. Courage, open mind, entrepreneurial spirit. The cultural and a Chairman from 2017. transformation of our organization could already be clearly noticed in 2019. He will be succeeded by Thomas It will become even more evident in the years to come. Wellauer who will take over the chairmanship from 15 March 2020. We have initiated the transformation. Now it is the time to drive it forward. We would like to thank all employees for their hard work and our customers and shareholders for the loyalty and trust they have placed in us. Dr Romeo Lacher Jos Dijsselhof six-group.com Group Report 7 GROUP REPORT 8 SIX Annual Report 2019 SIX Continues to Invest and Lays the Foundations for Further Growth In 2019, SIX generated an operating income of CHF 1.13 billion (+1.2%). In spite of substantial investments in technology and infrastructure, it achieved earnings before interest, tax, depreciation and amortization (EBITDA) of CHF 213.5 million (+4.4%) due to operating efficiency improvements. EBIT and profit rose, also due to the positive contribution of the stake in Worldline. n the financial year 2019, SIX unit was accelerated by the complete Stable continued to show a solid takeover of the Swiss Euro Clearing operating I performance and generated an Bank (SECB), among other things. ope rating income of CHF 1.13 billion. Stable operating income and income Due to the carve-out of the cards operating efficiency improvements combined with business this operating income is brought SIX sufficient funds for operating approximately half as high as in the investments in innovative technolo- previous year. However, comparing gies and its infrastructure. Operating efficiency the operating income from continuing costs rose slightly compared to the improvements operations, the year-on-year increase previous year (+0.5%). However, this led to an increase was 1.2%. was driven by significant expenses in EBITDA SIX was therefore demonstrably incurred for regulatory projects and successful in compensating for the substantial investments as part of of 4.4%. price reductions granted in all business the company’s realignment launched units in 2018. This is largely attributed in 2018. SIX further developed the to higher volumes in the securities business units Innovation & Digital business and the growth of the Banking and Banking Services, for example, Services → business unit. Furthermore, and continued to drive development → Contribution of individual SIX improved its operating efficiency of the SIX Digital Exchange “SDX” business units to the operating result can be found on page 10 in all business units. In 2019, the infrastructure based on distributed onward. securities business was characterized ledger technology. by high levels of trading activity on the The earnings before interest, tax, world’s financial markets and the EU’s depreciation and amortization (EBITDA) decision on equivalence. Combined with amounted to CHF 213.5 million, and the contingency measure of the Swiss thus was slightly higher than in the Federal Council, the latter resulted previous year (+4.4%). High invest ment in a nearly complete consolidation of costs will require intensified growth trading in Swiss shares at SIX. The and further efficiency improvements growth of the Banking Services business in the next few years. Report on the Business Year 9 SIX Continues to Invest and Lays In November 2019, SIX announced its The stake in Worldline contributed intention to make an all-cash voluntary significantly to the positive contribu- the Foundations for Further Growth tender offer for the Spanish stock tion of the share in profit or loss of exchange and financial market infra- associates in the financial year 2019. In 2019, SIX generated an operating income of CHF 1.13 billion (+1.2%). In spite of substantial structure group Bolsas y Mercados The net financial result was affected investments in technology and infrastructure, it achieved earnings before interest, tax, Españoles (“BME”) to create the third by the foreseeable write-down of the largest European financial market conditional cash compensation that was depreciation and amortization (EBITDA) of CHF 213.5 million (+4.4%) due to operating efficiency infrastructure. As a globally prominent agreed on by the contractual parties improvements. EBIT and profit rose, also due to the positive contribution of the stake in infrastructure group, the two companies as part of the original transaction. Worldline. would enhance their growth oppor - This write-down was partly compen- tunities and increase their respective sated by means of increased value in vestment capacity and also strategic of strategic liquidity invested and the flexibility. positive effect of the equity collar transaction agreed on in October 2019. Stake in Worldline Strengthens Profit Since the equity collar transaction, SIX The non-operating result was impacted now accounts for around one-fifth of by various accounting effects and the stake and for the equity collar at fair transactions in connection with the value. The remaining part of the stake stake of SIX in Worldline in 2019. is still accounted for using the equity In line with its strategic realignment, method, which is why the positive share → From May 2018 until the end of SIX brought its existing cards business price development of this part of the reporting year 2019, the fair value of the Worldline share has risen into a strategic partnership with World - the stake is not reflected in the income from EUR 43.42 to EUR 63.15 (45.4%) . → line in 2018 and respectively obtained statement. The increase in value of the entire 27% of shares in this company along with The bottom line non-operating result participation of SIX in Worldline a cash component of CHF 338 million. was outweighed by the positive con - amounted to EUR 968 Mio. Overview of Key Figures CHF million 2019 2018 Change in % Total operating income 1,129.7 1,115.8 1.2% Total operating expenses –916.2 –911.3 0.5% Earnings before interest, tax, depreciation and amortization (EBITDA) 213.5 204.5 4.4% Depreciation, amortization and impairment –90.1 –67.0 34.4% Net financial result –25.1 4.0 n/a Share of profit or loss of associates 69.6 –6.4 n/a Earnings before interest and tax (EBIT) 168.0 135.0 24.4% Net interest and tax expenses –47.5 –40.0 18.6% Profit for the period from continuing operations 120.5 95.0 26.9% Group net profit 120.5 2,882.7 n/a Workforce (full-time equivalents) 2,593.4 2,474.0 4.8% Total assets 12,656.5 12,671.2 –0.1% Equity ratio (in %, average) 87.6% 81.9% 5.7 pp Return on equity (in %, average) 2.4% 5.1% –2.7 pp 10 SIX Annual Report 2019 tribution of the share in profit or loss by 8.5% compared to the previous year.
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