* Consolidated turnover rose 30.1% in the first six months * Consolidated operating profit was up by over 69%; operating margin reached 10.1% * Net profit grew 42.8% to reach CHF 36.1 million; Group share of net profit was up by 46.3% to CHF 28.2 million
First-half consolidated turnover rose by 30.1% (at current exchange rates or 27.1% at constant rates) to reach CHF 596.7 million, up from CHF 458.6 million a year ago.
Compagnie Financière Tradition is a leading global player, with a balanced distribution of turnover in terms of both products and geographic spread. Geographically, Europe accounted for 48.1% of turnover, the United States for 31.1%, and Asia for 20.8%.
Consolidated operating profit grew 69.4% to CHF 60.5 million, up from CHF 35.7 million in the same period last year. The operating margin reached 10.1% of consolidated turnover, up from 7.8% for the first half and 6.5% for the full year 2005.
Financial income generated net earnings of CHF 1.9 million, against CHF 4.8 million in the first six months last year. This decline is mainly due to consolidated foreign exchange losses of CHF 3.9 million during the period, compared with a net gain of CHF 2.4 million in the corresponding period last year. The impact of the fair value measurement of financial assets resulted in the recognition of income of CHF 3.3 million (H1 2005: CHF 1.2 million).
Consolidated pre-tax profit grew to CHF 62.8 million, up from CHF 22.4 million a year ago. The Group took a consolidated tax charge of CHF 26.7 million (H1 2005: CHF 15.1 million), bringing the overall consolidated tax rate to 42.6% of profit before tax (H1 2005: 36.3%).
Consolidated operating profit rose by 42.8% to reach CHF 36.1 million, up from CHF 25.3 million a year ago.
The share of earnings attributable to minority interests rose to CHF 7.9 million, or 21.8% of consolidated net profit, against CHF 6.0 million, or 23.7% in H1 2005.
Group share of net profit grew to CHF 28.2 million, from CHF 19.3 million in the first half of 2005. This result brought consolidated shareholders' equity to CHF 244.1 million at 30 June 2006, CHF 219.3 million of which was Group share.
Compagnie Financière Tradition remained committed to increasing its profitability in the first half, by bringing all necessary resources to bear on restructuring its loss-making activities and applying a series of measures aimed at controlling and reducing direct costs. The Group also pursued its geographic expansion by creating new entities in Brazil and the United Arab Emirates, and opening a representation office in Shanghai. It will continue to monitor consolidation movements among the major players in the interdealer broking sector and to position itself as an important partner in the process.
With a presence in 21 countries, Compagnie Financière Tradition is one of the world's three leading interdealer brokers of financial products (money market products, bonds, interest rate, currency and credit derivatives, equities, equity derivatives, interest rate futures and index futures) and commodity-related products (precious metals, energy, environmental products and pulp and paper). Compagnie Financière Tradition is listed on the SWX Swiss Exchange (CFT). For more information on our Group, visit our site at www.viel.com
Lausanne, 14 September 2006
Compagnie Financière Tradition
Rochat & Partners Patrick Combes, President
Violaine Dällenbach Tel.: +41 21 343 52 90 Tel.: +41 22 718 37 42
--- End of Message --- WKN: 870121; ISIN: CH0014345117; Index: SPI, SSCI, SPIEX; Listed: Main Market in SWX Swiss Exchange;
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