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Six-Annual-Report-2018-En.Pdf Annual Report 2018 Foreword 4 Interview with Dr Romeo Lacher and Jos Dijsselhof Group Report 8 Business Year 2018 Corporate Governance 17 Management Structure and Shareholders 18 Internal Organization and Competency Rules 21 Board of Directors 22 Executive Board Financial Statements 25 SIX Key Figures 26 Table of Contents 28 SIX Consolidated Financial Statements 2018 126 SIX Group Ltd Financial Statements 2018 Annual Report 2018 six-group.com/annual-report 4 SIX Annual Report 2018 Dr Romeo Lacher, Chairman of the Board of Directors (left), and Jos Dijsselhof, CEO (right). Dear readers The 2018 year was an exceptional one for SIX. Conducting a strategic and organizational realignment and a critical evaluation of the services provided, the Board of Directors initiated a turn- ing point in the company’s ten-year history. Dr Romeo Lacher, Chairman of the Board of Directors, and CEO Jos Dijsselhof discuss the reasons behind the transformation of the company in these eventful times: What impact has it had on SIX, and what are the associated objectives? Foreword 5 Digitalization, recognition of equivalence, compet- on new and innovative services – without neglect ing itive pressure – the challenges faced by the financial the quality of our core business. This has proved market infrastructure in 2018 were hardly minor. to me that we have highly qualified and dedicated Why is the Board of Directors putting the company staff. The reorganization has also offered an through a transformation on top of all of this? opportunity to break down old “silos” so that we Dr Romeo Lacher There have been massive changes can redefine how we work together as a Group. within a short space of time, not only in our business As the annual result amply demonstrates, 2018 was environment but also in the demands placed on an exceptional year. the services that SIX provides. Our customers are coming under considerable economic and regulatory So what effect is the realignment actually having pressure. They are therefore increasingly looking on the company and its business activities? for opportunities to outsource specific activities and Jos Dijsselhof In the securities business we have tasks. Through focusing on our core business, we brought the stock exchange and the post-trade are now able to respond more effectively to this need; area together in organizational terms. We are thus we are closer to the customer, more agile and thus able to offer a comprehensive range of services also more competitive. for the capital market from a single source. Further, Jos Dijsselhof Ten years after the company’s we have bundled our activities in the Swiss payment foundation was the right time to forge ahead with business within the new Banking Services business the transformation, even in an admittedly difficult unit. The business unit covers the interbank payments environment. Our employees rose to the challenge infrastructure, ATM operation, debit transaction successfully. I would like to take this opportunity processing and electronic billing. We have, however, to thank them most sincerely for their support and moved the cards business – merchant acquiring cooperation. and international card processing – into a strategic partnership with the European market leader, Jos Dijsselhof, you have been CEO of SIX since Worldline. This will have a very positive impact on the start of 2018. How would you sum up this eventful the cards business and give it renewed impetus. first year? Dr Romeo Lacher In future, SIX will be focusing Jos Dijsselhof It has been impressive to see how on infrastructure services in the securities business, professionally and successfully the organization has banking services and financial information. These coped with multiple challenges: We were able to three business areas constitute our core business. complete the reorganization rapidly and concentrate We operate under a single, strong brand: SIX. “Our employees rose to the challenge suc- cessfully. I thank them for their support and cooperation.” Jos Dijsselhof, CEO 6 SIX Annual Report 2018 “The political debate on the relationship between Switzer- land and the EU continues to present a major challenge.” Dr Romeo Lacher, Chairman of the Board of Directors Are there still areas of “work in progress” being confronted with challenges that can have in the company’s realignment? rapid and far-reaching effects on our business. Jos Dijsselhof We successfully concluded the restruc- We are now in a position to react flexibly and turing in April 2018 and also bundled our innovation innovatively. activities in a Group-wide business unit. This means Jos Dijsselhof I have every confidence for the we have put in place the major building blocks for future. In 2018, we announced the development a successful future. Now it is a matter of refining and of a digital stock exchange, we started operating continuously im proving on the measures we have Switzerland’s first cyber security center for the taken. Through the CHF 50 million venture fund financial industry, and we are planning a Swiss cloud “SIX FinTech Ventures”, that we set up to promote solution for banks. Speed and innovation are innovation in the financialcenter, we have now in vested in creasingly becoming the keys to success. And the in the first promising start-ups; others will follow. “new” SIX is optimally positioned to achieve this. It will also take a while for the cultural change in the We will be actively helping to shape the digital company to reach everyone. We are actively encour- transformation of the financial center. aging this process, but it is bound to take time. Dr Romeo Lacher In my view, the political debate Let’s hazard a prediction: How will SIX be serving on the relationship between Switzerland and the the Swiss financial center in 2023? EU continues to present a major challenge, and this Dr Romeo Lacher In 2023, SIX is still the reliable is a debate which closely concerns us as the Swiss infrastructure provider and strong partner of the market infrastructure operator. How to respond banks in Switzerland and in international markets. to new providers with innovative services is another Our top-class, innovative services have continued challenge. In general terms, we need to exploit to industrialize the Swiss financial center and drive dig i ta lization in a targeted way in order to enhance forward the sector’s digital transformation. Our our processes and the services we provide for our name represents innovative, globally competitive customers. As you mentioned, we are constantly financial market services. ■ Dr Romeo Lacher Jos Dijsselhof Group Report 7 GROUP REPORT 8 SIX Annual Report 2018 SIX Ends the 2018 Transition Year Successfully and Enters Its Second Decade in an Excellent Position Ten years after its foundation, SIX concluded a comprehensive realignment in 2018. At the same time, SIX generated an operating income of CHF 1.94 billion, which was virtually the same as in the previous year. It achieved this despite the fact that the Cards business unit contributed to operating income for only 11 months of the year before being transferred to Worldline. Group net profit rose to CHF 2.88 billion thanks to the positive one­off effect of this transaction. s part of a strategic and oper­ The slight decline (– 0.3 %), compared Agile, inno - ating realignment, SIX has with the previous year, is attributable vative, customer- A restructured its core business partly to price cuts, and partly to and moved the cards business, includ­ the outsourcing of the cards business focused: The ing merchant acceptance and acquiring as of 30 November, which meant that “new” SIX and international card processing, December – traditionally the month with is optimally into a strategic partnership with French the highest turnover in this business – company Worldline. SIX has bundled no longer made a contribution to the positioned. the securities business – that is, the operating income of SIX. listing, trading, settlement and custody One­off expenses were incurred of securities – into a single business in 2018 by the complex carve­out unit: Securities & Exchanges. The range of the cards business, M&A activities, of services offered by the Financial and the operating realignment of the Information business unit has been core business. At CHF 221.3 million, expanded to cover indices and reference the operat ing profit was therefore lower interest rates. With the new Banking than in the previous year (– 21.1 %), Services business unit, SIX has set up a as expected. competence center for Swiss payments. Earnings before interest and tax It will handle interbank payments, (EBIT) and Group net profit reached connecting to the SEPA region, process­ an all­time high thanks to the transferral ing card­based and mobile payments of the cards business. The overall pro­ for banks, and operating ATMs, as well ceeds of the transaction boosted the net as QR bills and eBill. Furthermore, financial result by CHF 2,724.0 million. SIX has pooled its innovation activities This one­off effect consists of 49.1 million in a centralized, Group­wide business shares in Worldline (equal to a 27 % stake) unit called Innovation & Digital, thus and a cash component of CHF 338 mil­ strengthening its innovation capacity. lion. The bottom line showed an EBIT of CHF 2,946.9 million and a Group net Overview of Key Figures profit ofCHF 2,882.7 million. For 2018, the Board of Directors Including the cards business, which In accordance with International recommends that the Annual General Meeting approve an ordi- will in future be operated in a strategic Financial Reporting Standards (IFRS, nary dividend of CHF 4.10 per share partnership with Worldline, SIX ended page 24 onward), SIX has adjusted its and an extraordinary dividend of the 2018 financial year with an oper­ financial reporting to reflect the discon­ CHF 17.30 per share.
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