|
In millions of Swiss francs |
2004 |
2003 |
|
Consolidated turnover |
849.7 |
786.1 |
|
Consolidated operating profit |
54.3 |
61.1 |
|
Consolidated operating margin |
6.4% |
7.8% |
|
Financial income |
-1.7 |
9.6 |
|
Consolidated profit before tax and exceptional items |
52.6 |
70.7 |
|
Consolidated net profit |
55.2 |
43.4 |
|
Consolidated net profit - group share |
50.5 |
38.4 |
Despite the general sluggishness of the markets, turnover for the year was up 10.1% at constant exchange rates. Consolidated turnover rose to CHF 849.7 million, against CHF 786.1 million in 2003, representing an increase of 8.1% at current exchange rates.
In terms of geographic spread, the U.K. and U.S. are still Compagnie Financière Tradition's major revenue generators, accounting for 31.5% and 30.8% of turnover respectively, followed by Asia with 19.8%, and Europe with 17.9%.
Consolidated operating profit declined 11.2% during the year, to CHF 54.3 million, bringing the consolidated operating margin to 6.4% of consolidated turnover, compared with 7.8% in 2003.
Consolidated profit before tax and exceptional items was CHF 52.6 million in 2004, and included a net financial loss of CHF 1.7 million compared with a profit of CHF 9.6 million in 2003. This financial loss mainly comprises interest earned on the reinvestment of short-term cash flow, interest paid on consolidated short-term debt, exchange-rate gains and losses, and an allocation to provisions for investments of CHF 0.9 million.
The Company booked an extraordinary profit of CHF 25.6 million in 2004, which resulted from the profit made on the sale of its two buildings in Lausanne at the end of June.
Consolidated net profit was CHF 55.2 million. Minority interests stood at CHF 4.7 million, against CHF 5.0 million in the previous period.
Group share of consolidated net profit was CHF 50.5 million, up 31.7% on 2003. This result takes the annualised return on consolidated shareholders' equity to 25.0% (or 12.3% excluding the extraordinary profit).
Consolidated shareholders' equity amounted to CHF 215.8 million at 31 December 2004, of which the Group share was CHF 204.6 million.
The Board will be seeking shareholder approval at the Annual General Meeting of Shareholders, to be held in May 2005, for payment of a dividend of CHF 6.0 per share (CHF 5.0 in 2004).
About Compagnie Financière Tradition
With a presence in 18 countries, Compagnie Financière Tradition is one of the world's top three brokers of financial products (money markets, bond markets, interest rate, currency and credit derivatives, equities, equity derivatives, interest rate futures and index futures) and commodity-related products (precious metals, energy and environmental products, and pulp and paper). The Company is listed on the Swiss Exchange(CFT).
For further information on our Group, please visit our site at www.traditiongroup.com.
Lausanne, 10 March 2005
