mer, 13 mars 2024
In a startling turn, the Swiss Stock Exchange operator SIX grapples with a massive billion-euro loss, attributed to significant write-downs in investments.
The stock exchange operator SIX suffered a billion-euro loss last year. This was due to two major write-downs – at the Spanish stock exchange and at the Worldline investment.
SIX recorded a loss of CHF 1.0 billion in 2023, as announced on Wednesday. In mid-December, SIX had already announced a loss in the region of CHF 1.0 billion to CHF 1.1 billion.
In 2022, it had generated a net profit of 185 million. And in the first half of 2023 alone, SIX earned CHF 105 million.
The operating profit EBIT slipped to -975.0 million. Operating income rose by 2.1 percent to CHF 1.5 billion.
The payment transaction provider Worldline, in which SIX holds a 10.5% stake, is partly to blame for the huge shortfall. In view of the collapse in the share price of the French company (-57%), SIX had to make a negative value adjustment of 862 million.
On the other hand, the Spanish stock exchange also had to adjust goodwill downwards by 340 million. “Goodwill” arises when a company is acquired at a purchase price above the book value. This is due to higher discount rates and lower trading volumes in Spain and the rest of Europe.
Without the value adjustments, the Group result would have been 181 million, slightly lower than in 2022. Adjusted for exchange rate effects, SIX would have increased its result from the previous year by 1.3 percent, it said.
The Board of Directors intends to propose a higher ordinary dividend of CHF 5.20 per share to the Annual General Meeting for 2023. For 2022, shareholders – around 120 financial institutions – received CHF 5.10 per share.
For the current financial year 2024, SIX anticipates similarly challenging political and macroeconomic conditions for the economy and society as in 2023. In the medium term, however, the financial infrastructure operator aims to achieve revenue growth of more than 3% per year.
Profitability is also to be continuously increased. The focus here is on cost synergies and targeted cost-cutting measures.
©Keystone/SDA
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