SIX Group performed well in the first half of 2011 despite an adverse exchange rate environment, posting good interim results thanks to diversification and active cost management.
Operating income was down 3.1% year-on-year at CHF 629 million. Revenue in local currency was up 1.7%. At CHF 102 million, Group net income was 5.3% lower than the year- back figure, although the decline was only 1.6% after adjustment for currency effects.
The results for the first six months of 2011 were influenced by volatility on the stock markets, which was triggered by the Fukushima disaster and the worsening euro crisis as well as the impact of the Swiss franc's strength. Revenue in Securities Trading was slightly higher than in the first half of 2010 in spite of price reductions. The downstream Securities Services business field profited from high settlement volumes and additional income in custody and administration. The negative effects of exchange rates on revenue were most pronounced for Eurex and the financial information and card processing operations. Acquiring, meanwhile, was buoyed by the expansion of international activities.
Operating income for the first half of the year was CHF 628.8 million, that is3.1% or CHF 20.2 million lower than in the first half of 2010. The currency effect amounted to CHF 38.2 million, with revenue in local currency showing a rise of1.7%. Lower personnel and project costs helped operating expenses to fall by1.4% year-on-year to CHF 434.4 million. Group net income after minority interests amounted to CHF 102.1 million in the first half of 2011 and was thus5.3% or CHF 5.7 million below the prior-year figure. Adjusted for currencyeffects, it was CHF 106.1 million, representing a year-on-year drop of 1.6% orCHF 1.7 million.
Urs Rüegsegger, CEO SIX Group: "Taking account of the negative operatingenvironment, I am very satisfied with the results for the first half-year. Adjustedfor exchange rates, our operating figures can be seen as good."