Swiss financial infrastructure provider SIX has this morning reported its results for 2019.

Speed read

Operating income amounted to CHF 1,129.7 million in the 2019 financial year; an increase of 1.2 percent from 2018, when income was CHF 1,115.8 million.

Earnings before interest, tax, depreciation and amortization (EBITDA) totalled CHF 213.5 million; 4.4 percent higher year-on-year despite substantial investments in technology and infrastructure.

Earnings before interest and tax (EBIT) increased to CHF 168.0 million (+24.4 percent).

Profit from continuing operations rose 26.9 percent to CHF 120.5 million.

Authorization of all-cash tender offer for BME by Spanish authorities (CNMV and Spanish Government) expected until end of H1 2020.

In full

SIX says it performed well operationally in the 2019 financial year and generated operating income totalling CHF 1,129.7 million. While reported operating income is around 50 percent less than in the previous year due to the carve-out of the card business in 2018, SIX achieved a year-on-year increase in the operating income of 1.2 percent.

Operating costs rose slightly compared with the previous year (+0.5 percent) due to expenses relating to regulatory projects as well as the substantial investment associated to the realignment of the company, launched in 2018.

These investments include the continued expansion of the business units Innovation & Digital and Banking Services. The business also forged ahead with the build-up of the infrastructure for the SIX Digital Exchange (SDX), which is based on distributed-ledger technology (DLT).

Earnings before interest, tax depreciation and amortization (EBITDA) of CHF 213.5 million increased slightly compared with the previous year (+4.4 percent), despite substantial investments in technology and infrastructure. SIX says these high investment expenses will enable further efficiency improvements and stronger growth in the coming years.

SIX recorded a 24.4 percent increase in earnings before interest and tax (EBIT) to CHF 168.0 million and a 26.9 percent increase in profit from continuing operations to CHF 120.5 million. Group net profit of 2018 was affected by the one-off effect resulting from the sale of the card business and is therefore not directly comparable.

At CHF 506.3 million, the Securities & Exchanges business unit in 2019 again contributed the largest portion of the SIX operating income. Despite considerable price reductions in securities trading and post-trade services, the operating income decreased only slightly compared with the previous year (-1.4 percent). SIX says it had seven initial public offerings on the primary market in the reporting period. The corresponding transaction volume totalled CHF 3.1 billion, the fourth-largest on a European exchange in 2019.

Trading turnover at SIX rose year-on-year by 8.5 percent. This increase was also due to the almost complete consolidation of trading in Swiss shares at SIX that was caused by the loss of EU equivalence which commenced in July, in connection with the Swiss Federal Council's measure to strengthen the Swiss capital market.

Trading turnover also had a positive impact on post-trading. Deposit volume averaged CHF 3.414 billion during the year, which is 5.3 percent higher than in the previous year. In addition, the number of settlement transactions rose by 5.6 percent.

Regulatory data and services, as well as the index business, continued to perform well in 2019 and realized significant growth. The growth in the demand for compliance and tax data was particularly strong.

SIX also continued to benefit from global demand for its data services for detecting corruption and money laundering, with particularly high demand for the Sanctions Securities Monitoring Service.

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Swiss financial infrastructure provider SIX has this morning reported its results for 2019.

Speed read

Operating income amounted to CHF 1,129.7 million in the 2019 financial year; an increase of 1.2 percent from 2018, when income was CHF 1,115.8 million.

Earnings before interest, tax, depreciation and amortization (EBITDA) totalled CHF 213.5 million; 4.4 percent higher year-on-year despite substantial investments in technology and infrastructure.

Earnings before interest and tax (EBIT) increased to CHF 168.0 million (+24.4 percent).

Profit from continuing operations rose 26.9 percent to CHF 120.5 million.

Authorization of all-cash tender offer for BME by Spanish authorities (CNMV and Spanish Government) expected until end of H1 2020.

In full

SIX says it performed well operationally in the 2019 financial year and generated operating income totalling CHF 1,129.7 million. While reported operating income is around 50 percent less than in the previous year due to the carve-out of the card business in 2018, SIX achieved a year-on-year increase in the operating income of 1.2 percent.

Operating costs rose slightly compared with the previous year (+0.5 percent) due to expenses relating to regulatory projects as well as the substantial investment associated to the realignment of the company, launched in 2018.

These investments include the continued expansion of the business units Innovation & Digital and Banking Services. The business also forged ahead with the build-up of the infrastructure for the SIX Digital Exchange (SDX), which is based on distributed-ledger technology (DLT).

Earnings before interest, tax depreciation and amortization (EBITDA) of CHF 213.5 million increased slightly compared with the previous year (+4.4 percent), despite substantial investments in technology and infrastructure. SIX says these high investment expenses will enable further efficiency improvements and stronger growth in the coming years.

SIX recorded a 24.4 percent increase in earnings before interest and tax (EBIT) to CHF 168.0 million and a 26.9 percent increase in profit from continuing operations to CHF 120.5 million. Group net profit of 2018 was affected by the one-off effect resulting from the sale of the card business and is therefore not directly comparable.

At CHF 506.3 million, the Securities & Exchanges business unit in 2019 again contributed the largest portion of the SIX operating income. Despite considerable price reductions in securities trading and post-trade services, the operating income decreased only slightly compared with the previous year (-1.4 percent). SIX says it had seven initial public offerings on the primary market in the reporting period. The corresponding transaction volume totalled CHF 3.1 billion, the fourth-largest on a European exchange in 2019.

Trading turnover at SIX rose year-on-year by 8.5 percent. This increase was also due to the almost complete consolidation of trading in Swiss shares at SIX that was caused by the loss of EU equivalence which commenced in July, in connection with the Swiss Federal Council's measure to strengthen the Swiss capital market.

Trading turnover also had a positive impact on post-trading. Deposit volume averaged CHF 3.414 billion during the year, which is 5.3 percent higher than in the previous year. In addition, the number of settlement transactions rose by 5.6 percent.

Regulatory data and services, as well as the index business, continued to perform well in 2019 and realized significant growth. The growth in the demand for compliance and tax data was particularly strong.

SIX also continued to benefit from global demand for its data services for detecting corruption and money laundering, with particularly high demand for the Sanctions Securities Monitoring Service.