Selected key financial figures for the first half of 2022

  • Operating income amounted to CHF 751.7 million (+0.8%, currency-adjusted +2.6%)
  • Operating earnings before interest, tax, depreciation and amortization (EBITDA) amounted to CHF 213.7 million (-5.5%)
  • The non-operating result increased year-on-year thanks to one-off effects in the financial result
  • Earnings before interest and tax (EBIT) increased by 4.9% to CHF 161.4 million
  • Net profit increased by 12.1% to CHF 121.3 million


Net profit rises significantly
Despite increasing macroeconomic challenges, SIX kept its operating income virtually unchanged year-on-year in the first half of the year (+0.8%). Adjusted for currency effects, the growth rate increased to 2.6%. The diversified business model of SIX once again proved its worth. The investments made in the Banking Services business unit over the past three years led to positive developments in the reporting period, such as in Debit & Mobile Services, ATMs and eBill. These largely compensated for the declines in income in other business units resulting from currency effects and unfavorable market developments. Investments in infrastructure and integration expenses led to a year-on-year cost increase of 3.5%. Overall, this resulted in operating earnings before interest, tax, depreciation and amortization (EBITDA) of CHF 213.7 million, down 5.5% year-on-year. Earnings before interest and tax (EBIT) of CHF 161.4 million are 4.9% above the previous year’s level due to one-off effects in financial income mainly related to the full acquisition of REGIS-TR trade repository. Net profit increased by a substantial 12.1% to CHF 121.3 million.

Consistent implementation of growth strategy
SIX achieved various further milestones in the implementation of its strategy during the reporting period, increasing volumes, reach and productivity. Xlife Sciences was the first SME to go public in the new “Sparks” Swiss SME segment. At the same time, the Spanish market counterpart “BME Growth,” which has already existed for some time, recorded six company listings: Enerside Energy, Vytrus Biotech, Hannun, SUBSTRATE AI, Labiana Health and IBI LION. In the international custody business, SIX expanded into Singapore and launched a new clearing platform for the Scandinavian markets. For the environment, social and governance (ESG) investment topics, SIX further expanded its data offering and, in the area of open banking, established its bLink platform more firmly in the market.

SIX took further steps in the integration of Spanish Bolsas y Mercados Españoles (BME) in the first half of the year. Among other things, it introduced the CONNEXOR reference data platform, which is well established in the Swiss market, to the Spanish market in February and has enabled customers there to settle and hold Swiss securities via its Spanish central securities depository Iberclear since June.

“Despite turbulent market conditions, we have achieved a solid result in the first half of the year,” emphasizes Jos Dijsselhof, CEO of SIX. “We provide global access to the Swiss and Spanish financial centers, guarantee capital raising, trading and settlement, and ensure the supply of data to the financial markets and payment transactions. In economically and geopolitically challenging times, it is particularly important that our customers and all market participants can always rely on us.

At the same time, we are continuing to drive forward our growth in order to systematically develop new business potential and continuously invest in new and improved services, as well as in our infrastructure and security. This enables us to ensure that we continue to drive change in response to changing needs in our markets and can continue to offer our customers excellent service at all times in the future.”

Financial and business outlook
It can currently be assumed that the development since the beginning of the year will largely continue in the second half of the year. SIX remains committed to its growth strategy and the medium- to long-term turnover and cost targets published in March. The focus is particularly on the digital assets business and the data offering in the ESG area. At the same time, net debt is to be continuously reduced. The ongoing integration of BME will also remain a focus in the second half of the year.

Download the Interim Report

The publication provides a full report on the performance of the business units of SIX and outlines the ongoing efforts of SIX in providing the financial sector with innovative products and services.

Key Figures of SIX

  For the six months ended 30 June
CHF million 2022 2021 Change in %
Income statement      
Total operating income 751.7 745.8 0.8%
Total operating expenses -538.0 -519.7 3.5%
Earnings before interest, tax, depreciation and amortization (EBITDA)
213.7 226.1 -5.5%
Depreciation, amortization and impairment -86.1 -86.9 -0.9%
Net financial result 14.0 3.5 n/a
Share of profit or loss of associates and joint ventures 19.8 11.0 79.7%
Earnings before interest and tax (EBIT) 161.4 153.8 4.9%
Net interest and tax expenses -40.1 -45.6 -12.0%
Group net profit
121.3 108.2 12.1%
Cash flow statement 2022 2021 Change in %
Cash flow from operating activities 1’127.3 134.5 n/a
Cash flow from investing activities -100.5 -58.3 72.4%
Cash flow from financing activities -110.5 -98.3 12.4%
       
Balance sheet 30.06.2022 31.12.2021 Change in %
Total assets 19’976.5 17’983.4 11.1%
Total liabilities 14’968.2 12’771.0 17.2%
Total equity 5’008.3 5’212.3 -3.9%
Net debt to EBITDA (average)1 1.59 1.57 0.02
Equity ratio (average)2 70.3% 71.6% -1.3 pp
Return on equity (average)3 1.6% 1.4% 0.3 pp
       
Shareholders' key figures 30.06.2022 30.06.2021 Change in %
Earnings per share (in CHF) 6.43 5.73 12.2%
Ordinary dividend paid per share (in CHF) 4.75 4.30 10.5%
       
Operating key figures 30.06.2022 30.06.2021 Change in %
Workforce (full-time equivalents, in number) 3’818.9 3’579.7 6.7%
Workforce (headcount, in number) 3’954 3’718 6.3%
Swiss stock exchange trading turnover (in CHF billion) 705.7 694.2 1.7%
Spanish stock exchange trading turnover (Equities only, in EUR billion) 212.4 188.2 12.9%
Market share of Swiss Equities (average Q4) 68.9% 81.6% -12.7 pp
Market share of Spanish Equities (average Q4) 60.3% 63.0% -2.7 pp
Swiss deposit volume (average, in CHF billion) 3’775.2 3’955.5 -4.6%
Spanish deposit volume (average, in EUR billion) 2’505.9 2’467.7 1.5%
Number of SIC transactions (in 1,000) 466’951 425’110 9.8%
Number of delivered financial instruments (business unit Financial Information, in million) 849 850 -0.1%

Net debt to EBITDA = net debt / adjusted EBITDA previous 12 months

Equity ratio = average equity previous 12 months / (average adjusted liabilities previous 12 months + average equity previous 12 months).
  The adjustments of the liabilities include the positions "payables from clearing & settlement" and "negative replacement values from clearing & settlement".

Return on equity = profit previous 12 months / average equity previous 12 months.


Any questions?

Please do not hesitate to contact Julian Chan.

 
About SIX
SIX provides and operates stable and efficient infrastructure for the Swiss and Spanish financial centers, thus ensuring access to the capital markets and the flow of information and money between financial market players. As a global provider of financial information, SIX delivers high-quality reference, pricing, corporate actions, and ESG data and provides regulatory services and indices to clients around the world. The company is owned by its users (more than 120 banks) with a workforce of 4,160 employees and a presence in 19 countries.
www.six-group.com