2013-03-21 07:32:56 -
Consolidated revenue of €874.1m
Operating profit of €35.9m
Consolidated net profit of €17.0m
Net profit - Group share of €7.0m
+--------------------------------------+-------+-------+
| €m | 2012 | 2011 |
+--------------------------------------+-------+-------+
| Consolidated revenue | 874.1 | 900.2 |
+--------------------------------------+-------+-------+
| Other operating income | 4.2 | 10.5 |
+--------------------------------------+-------+-------+
| Operating profit | 35.9 | 47.5 |
+--------------------------------------+-------+-------+
| Financial result | -3.7 | -5.2 |
+--------------------------------------+-------+-------+
| Profit of equity accounted companies | 1.8 | 1.3 |
+--------------------------------------+-------+-------+
| Profit before tax | 34.0 | 43.6 |
+--------------------------------------+-------+-------+
| Consolidated net profit | 17.0 | 27.1 |
+--------------------------------------+-------+-------+
| Net profit - Group share | 7.0 | 16.2 |
+--------------------------------------+-------+-------+
| Minority interests | 10.0 | 10.9 |
+--------------------------------------+-------+-------+
In a challenging economic environment, all operating subsidiaries of VIEL & Cie
encountered difficult trading conditions across the markets in 2012.
Trading volumes in the group's interdealer broking business were down in 2012,
as was the case for all participants in the IDB sector, although the decline at
Compagnie Financière Tradition was less severe than the sector average.
After a slight fall off in the first half, the trend became more pronounced in
the second half of the year. The objectives of Compagnie Financière Tradition
group were to achieve costs savings in order to protect its results in a
downward trend, while continuing to invest in new technologies and strengthening
its position in Asia. During the year the group substantially delivered against
these objectives.
At Bourse Direct, the Group's online trading subsidiary, the impact of its
growth strategy weighed on results. Despite this, the company generated a rise
in order volumes and substantially increased its market share.
Private banking activities (Swisslife banque Privée) remained stable compared
with 2011.
********
Consolidated revenue from VIEL & Cie's operating subsidiaries was €874.1m in
2012, against €900.2m in 2011, a decline of 2.9% in current currencies.
The segment analysis of consolidated earnings is a follows:
€m 2012 2011
Interdealer broking 844.2 866.6
Online trading 29.9 33.6
---------------------------------------
Consolidated revenue 874.1 900.2
---------------------------------------
Consolidated operating profit was €35.9m in 2012, a decline of 24.3% from €47.5m
in 2011.
Operating expenses of €842.4m in 2012 were down 2.4% on the year, and consisted
mainly of staff costs, charges for telecoms and financial information, and
business expenses and marketing costs of the Group's operating subsidiaries.
Profit before tax and exceptional items was €34.0m against €43.6m in 2011.
The net financial result was negative at -€3.7m compared to -€5.2m in 2011.
VIEL & Cie took a consolidated tax charge of €17.0m in 2012 compared with €16.5m
in 2011. This charge was severely penalised by the tax situation of holding
companies and the non-activation of deferred tax assets on the Group's
lossmaking activities.
Consolidated net profit was €17.0m against €27.1m in 2011; minority interests
stood at €10.0m.
Net profit Group share was €7.0m in 2012, against €16.2 in 2011.
Consolidated equity stood at €400.7m, €269.5m of which was the Group share,
after deduction of the gross value of directly held treasury shares totalling
€27.3m.
At the Annual General Meeting to be held on 7 June 2013, the Board will be
seeking shareholder approval to pay a dividend of 8 euro cents per share in
cash, representing a distribution rate of 88% of the Group's share of net profit
and a dividend rate of 3.2%(1) per share.
The Board of Directors of VIEL & Cie met on 20 March 2013 to examine and close
the accounts for the 2012 financial year. These annual and consolidated accounts
are presently being audited by the independent auditors, and the full financial
statements will be included in the Company's financial report.
Outlook
VIEL & Cie will pursue its growth strategy for operational subsidiaries. This
will take place against ongoing economic uncertainty, in which regulatory
developments will continue to weigh on the growth of the financial industry. The
Group will press ahead with developing leading-edge technology in its
interdealer broking business, while keeping a tight rein on operating costs. In
its online broking arm, the consolidation of its market share in France will be
accompanied by measures to improve profitability across its activities.
(1)Based on the share price on 20 March 2013
VIEL & Cie is an investment company comprising three core businesses in the
financial sector: Compagnie Financière Tradition, one of the world's leading
interdealer brokers with a presence in 28 countries, Bourse Direct, a leader in
the online trading sector in France, and a 40% stake in SwissLife Banque Privée,
present in the private banking sector in France.
VIEL & Cie shares (codes: FR0000050049, VIL) are listed in Compartment B of NYSE
Euronext Paris. For more information on our Group, please visit our website at
www.tradition.com.
Paris, 21 March 2013
Contacts :
VIEL & Cie Image 7
Virginie de Vichet Priscille Reneaume
Directeur de la Communication T : + 331 53 70 74 93
T : + 331 56 43 70 20
résultats 2012 uk:
hugin.info/143611/R/1686865/553112.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: VIEL ET COMPAGNIE via Thomson Reuters ONE
[HUG#1686865]
