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Annual Report 2020 Annual Report 2020 Annual Report 2020 Foreword 4 Interview with Dr Thomas Wellauer and Jos Dijsselhof Group Report 8 Report on the Business Year 2020 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 2020 125 SIX Group Ltd Financial Statements 2020 six-group.com/annual-report 4 SIX Annual Report 2020 Dear readers A very good annual result in spite of difficult social and economic conditions, the merger of SIX with BME and the progress made in estab- lishing the digital exchange SDX: SIX had a challenging but successful business year in 2020. In this interview, our Chairman Thomas Wellauer and CEO Jos Dijsselhof explain the underlying growth strategy – and why this serves the share holders and customers of SIX and the financial centers in Switzerland and Spain in equal measure. Mr. Wellauer, you took over as Chairman of the Board to seize opportunities and to actively help shape of Directors in March 2020. How would you sum up the current transformation of our sector. At the same your first year? time, there is a pronounced sense of responsibility Dr Thomas Wellauer From the outset I felt that SIX was for the stability and security of our infrastructure a highly professional organization that relies above and towards our clients. Both have contributed to all on its motivated and committed employees. There our business success in a year of absolute crisis. This is a spirit of optimism and an absolute determination gives us a very good basis for taking SIX forward successfully. “We are growing in order to remain profitable and hence fit for the future.” Dr Thomas Wellauer, Chairman of the Board of Directors Annual Report 2020 5 “I would like to thank all our employees for their outstanding performance in a year that was extremely challenging for us all in both our professional and our private lives.” Jos Dijsselhof, CEO You had a similar impression of SIX when you took Why did you not put the growth ambitions for SIX up your post just over three years ago, Mr. Dijsselhof. temporarily on the back burner in this difficult year Has your impression been confirmed? of the pandemic? Jos Dijsselhof Yes, for me it has been confirmed once Jos Dijsselhof Firstly, because we didn’t have to: We again how professionally and successfully our were comfortably able at all times to ensure the organization is able to cope with challenges on several security and stability of our infrastructure and thus fronts. In my first year at SIX, 2018, we realigned the quality of provision in our core business, even the company’s organizational structure and strategy in the times of greatest market uncertainty. Secondly, following the sale of the cards business to Worldline, because we couldn’t allow ourselves to do that: The while consistently maintaining the quality of our radical changes in financial market infrastructures are services. However, in 2020 the challenges were greater global and fundamental, and they are proceeding at still. In times of considerable market uncertainty a rapid pace. In view of the huge challenges it faces, and one of the biggest crises in the last 100 years, the sector is consolidating. We cannot afford to lose we continued with our core business and also handled touch with all this if we wish to survive and further major projects such as the acquisition of BME, the develop our position as an independent Swiss infra- establishment of SDX and the Switzerland-wide structure provider in the long term. introduction of the QR-bill – and we did so with most Dr Thomas Wellauer We are growing in order to of the staff working from home. Our annual result remain profitable and hence fit for the future in a reflects the high level of reliability and efficiency business that depends on scale. The cost-effectiveness provided by our systems – and by our employees! of our infrastructure can be improved significantly by additional volume. The resources this makes available can be invested in innovation or system optimization that benefits us as well as our clients and the whole of the financial center. 6 SIX Annual Report 2020 Dr Thomas Wellauer, Chairman Jos Dijsselhof, CEO Where do you see the greatest growth potential? Let’s hazard a prediction: what will the company Dr Thomas Wellauer We seek primarily to grow SIX look like five years from now? organically by offering our customers innovative Jos Dijsselhof We will have made best use of the services at competitive prices. This growth can be available synergies with BME and thereby considerably accelerated through acquisitions and partnerships. improved our profitability. We will be one of the We want to grow in all four businesses: trading leading financial market infrastructures in Europe, and post-trading, financial information and banking and we will have international appeal – especially services. In the long term we see great potential in as a forward thinker and market leader in digital digital assets. With the launch of our digital exchange, assets. As a company we will have become more open SDX, we have established ourselves as a pioneer to the world and more agile, and we will be attracting in this important area for the future. The further the best talent with our culture of innovation. development of the associated ecosystem will be Dr Thomas Wellauer Not least, we will be a strong and something we can also utilize in our other areas of reliable partner for our shareholders and clients and business. we will be fulfilling a central function for the stable and Jos Dijsselhof In order to grow organically we need sustainable development of the financial economy to increase the transaction volumes on our infrastructure, in our markets. SIX is a provider you can’t go past in extend our geographical reach, improve our profitability, Europe. ■ and continue to foster a positive and open corporate culture. The acquisition of the Spanish stock exchange operator BME, completed in 2020, will help us on all these points. SIX and BME are an outstanding match along the entire securities value chain. The merger will strengthen the competitiveness of both the Swiss and Spanish financial centers. Dr Thomas Wellauer Jos Dijsselhof Group GROUP REPORT 8 SIX Annual Report 2020 SIX Demonstrates Its Importance for a Stable Economy and Strengthens the Competitiveness of the Financial Center In a globally challenging environment defined by the COVID-19 crisis, SIX demonstrated operational stability and, with the inclusion of the contribution from the newly acquired Bolsas y Mercados Españoles (BME), achieved operating income of CHF 1.4 billion (+21.8%) and EBITDA of CHF 368.9 million (+72.8%). EBIT and profit received an additional boost from the strong net financial result. The successful acquisition of BME will further enhance the profitability and competitiveness of SIX. Thanks to its operational stability from the Securities & Exchanges business and diversified business model, SIX unit (+11.7%). Alongside the high volumes successfully mastered the challenging due to the pandemic the unit’s results circumstances of 2020: The global were supported by the fact that SIX spread of the COVID-19 pandemic and enjoyed a market share of almost 100% the associated market uncertainty in the trading of Swiss equities, with EU engendered a high level of volatility equivalence remaining suspended. in the financial markets and prompted In the Banking Services business unit, record high volumes on the Swiss Stock operating income remained roughly Exchange at the end of the first quarter in stable (–0.9%), although Swiss payment particular. From mid-March, a large part transactions were heavily impacted of the staff at SIX worked from home by the COVID-19 pandemic as well. Cash or in split operations. SIX infrastructures withdrawals at ATMs and debit card remained available at all times, and payments at the point of sale decreased stable, fair, and orderly stock market dramatically during the Swiss lockdown trading was ensured even in the midst in spring. As the year progressed, debit of considerable market turbulence. transactions recovered. The growth in digital payment solutions, such as eBill, The substantial increase in operating was even accelerated by the pandemic, income to CHF 1,375.9 million (+21.8% while the use of cash remained at a low compared to the previous year) was level. Overall, the opposing trends attributable to two main drivers: Firstly, canceled each other out. following the successful completion Operating income in the Financial of the acquisition of BME, SIX benefited Information business unit remained stable from the additional contribution from as well (–0.7%) despite negative foreign SIX successfully the Spanish financial market infrastruc- currency effects. As SIX has its broadest mastered the ture once the transaction had closed international footprint in Financial challenging in June (CHF 196.6 million). Secondly, the Information, it feels the effects of high level of trading activity on the foreign exchange movements most circumstances exchanges boosted the contribution keenly. of 2020. Report on the Business Year 9 The strong operating performance The most important projects in the recorded by SIX despite more difficult year under review were the ongoing SIX Demonstrates Its Importance for market conditions was of central impor- work on establishing the SIX Digital tance for the economy. This is the result Exchange (SDX) and the acquisition of many years of experience and of BME as well as the immediate com- a Stable Economy and Strengthens continuous investment in a stable and mencement of efforts to integrate it into innovative infrastructure.
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