Earnings before interest and tax (EBIT) increased by 65.7% to CHF 243.9 million. This increase compared to the previous year was mainly due to a one-off effect in 2021 related to the stake of SIX in Worldline. In 2021, an impairment resulting from the announced sale of Worldline’s Terminals, Solutions & Services (TSS) business negatively affected the share of profit or loss of associates and joint ventures of SIX. Share of profit or loss of associates and joint ventures in 2022 amounted to CHF 21.6 million (2021: CHF –102.1 million) and was also mainly related to the stake of SIX in Worldline. Group net profit amounted to CHF 185.0 million (2021: CHF 73.5 million).
Realignment of Legal Structure
SIX realigned its legal structure for further growth in the international capital market infrastructure business. The consolidation of the three business units Exchanges, Securities Services, and Financial Information in the newly formed SIX Exchange Group Ltd is effective as per 1 January 2023. This realignment has no impact on the governance or management of SIX.
For 2022, in accordance with the SIX Group dividend policy, the Board of Directors recommends that the Annual General Meeting approve an ordinary dividend of CHF 5.10 per share, which equates an increase of 7.4% compared to the previous year (prior year: CHF 4.7).
Financial and Business Outlook
Despite a challenging 2022 and external headwinds, SIX remains committed to its growth strategy. SIX expects a revenue increase of > 4% p.a. in the medium term, driven by dedicated initiatives such as SDX and digital assets, revenue synergies from the BME acquisition, and growth from the Financial Information business unit.
Cost efficiency remains a priority for SIX. An optimized cost base will be achieved by leveraging the largely fixed cost nature of the business, cost synergies from the BME acquisition, and other targeted cost measures. Profitability is expected to increase on the back of increasing revenues and an optimized cost base.
SIX will continue to diversify its product portfolio, support organic growth and innovation, and also explore inorganic growth opportunities while maintaining competitive prices and delivering attractive returns to its shareholders.