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7/27/2019 (11)Q1 .pdf
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Results for the first Quarter of 2008Results for the first Quarter of 2008Conference Call, 24Conference Call, 24thth April 2008April 2008
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Key Figures
Growth
FXBook the Swissquote eForex application
Balance Sheet
Appendix
AgendaAgenda
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Key FiguresKey Figures
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0
10'000
20'000
30'000
40'000
50'000
60'000
70'000
80'000
90'000
100'000
110'000
Q1-2006 Q1-2007 Q1-2008
Clients [End of Period]
Massive growth in clients and record net new moniesMassive growth in clients and record net new monies
0
50
100
150
200
250
300
350
400
450
Q1-2006 Q1-2007 Q1-2008
Net new Monies [CHF m]
CHF mill ion
39,5%
19,9%
39,5% increase over 2007
6818 net new clients Year-to-
Date Ambitious growth target for 2008
maintained: 115000 Clientsexpected
19,9% higher inflow of Assetsover 2007
414 million record net newmonies in the first quarter
Goal for 2008: 1.2 Billion netnew monies
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Revenues & profitability maintained despite market turmoilRevenues & profitability maintained despite market turmoil
0
5'000
10'000
15'000
20'000
25'000
30'000
35'000
40'000
Q1-2006 Q1-2007 Q1-2008
Net Revenues
CHF mill ion
0
2'000
4'000
6'000
8'000
10'000
12'000
14'000
Q1-2006 Q1-2007 Q1-2008
Net Profit
CHF m illio n
Revenues slightly up 2.2% over2007
27,6 million revenues in the1st quarter of 2008
Lower activity compensated bystrong client growth
2,2%
-5,8% Profit slightly below last yearsfigures due to higher marketingexpenses.
Net profit of 11,5 million (41,7%net profit margin)
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Q1Q1--20072007
+2.2%+2.2%
--5.8%5.8%
+39.5%+39.5%
+5.9%+5.9%
+0.6m+0.6m
--0.7m0.7m
+27662+27662
+299m+299m
+27.8%+27.8%+29.4m+29.4m
27.6m27.6m
11.5m11.5m
9769497694
5354m5354m
135.3m135.3m
--4.1%4.1%--0.6m0.6m14.7m14.7m
Q1Q1--20082008
RevenuesRevenues
Net profitNet profit
ClientsClients
Assets u. CustodyAssets u. Custody
EquityEquity
Operating profitOperating profit
Key figures for Q1Key figures for Q1--2008 (compared with Q12008 (compared with Q1--2007)2007)
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Q4Q4--20072007
--2.8%2.8%
--1.0%1.0%
+7.5%+7.5%
--8.5%8.5%
--0.8m0.8m
--0.1m0.1m
+6818+6818
--496m496m
+6.9%+6.9%+8.7m+8.7m
27.6m27.6m
11.5m11.5m
9769497694
5354m5354m
135.3m135.3m
--2.4%2.4%--0.4m0.4m14.6m14.6m
Q1Q1--20082008
Key figures for Q1Key figures for Q1--2008 (compared with Q42008 (compared with Q4--2007)2007)
RevenuesRevenues
Net profitNet profit
ClientsClients
Assets u. custodyAssets u. custody
EquityEquity
Operating profitOperating profit
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0
5
10
15
2025
30
35
40
45
50
01.avr
01.mai
01.juin
01.juil
01.aot
01.sept
01.oct
01.nov
01.d
c
01.janv
01.f
vr
01.mars
Trades per client per year
Transactions per client per year at the lower end of ourTransactions per client per year at the lower end of our bandwithbandwith
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0
1'000
2'000
3'000
4'000
5'000
6'000
7'000
8'000
9'000
Q1-05
Q2-05
Q3-05
Q4-05
Q1-06
Q2-06
Q3-06
Q4-06
Q1-07
Q2-07
Q3-07
Q4-07
Q1-08
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
darts
tpcpy
Daily average revenue transactions (darts) however maintainedDaily average revenue transactions (darts) however maintained
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Unchanged profitability levelsUnchanged profitability levels
0
2'5005'000
7'500
10'000
12'50015'000
17'500
20'000
22'500
25'000
27'500
30'000
32'500
Q1-05
Q2-05
Q3-05
Q4-05
Q1-06
Q2-06
Q3-06
Q4-06
Q1-07
Q2-07
Q3-07
Q4-07
Q1-08
Operating Profit
Quarterly Revenues
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Operating costs per client and quarter below CHF 100Operating costs per client and quarter below CHF 100
150 144 147 146 145 135 125 124 135 128 120104 98
26 26 29 29 30 31 27 32 28 2737
30 25
249235
277295
373
325
285
341
403 376
348325
293
0
50
100
150
200
250
300
350400
450
Q1-05
Q2-05
Q3-05
Q4-05
Q1-06
Q2-06
Q3-06
Q4-06
Q1-07
Q2-07
Q3-07
Q4-07
Q1-08
Costs Marketing Revenues
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Brokerage revenue below 60%Brokerage revenue below 60%
16'064
58%
1'890
7%
7'426
27%
2'2178%
Net Brokerage Custody & Other Interest Trading
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GrowthGrowth
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20000
2500030000
3500040000
4500050000
5500060000
6500070000
75000800008500090000
95000100000
105000
janv.0
3
avr.03
juil.03
oct.03
janv.0
4
avr.04
juil.04
oct.04
janv.0
5
avr.05
juil.05
oct.05
janv.0
6
avr.06
juil.06
oct.06
janv.0
7
avr.07
juil.07
oct.07
janv.0
8
avr.08
0
20
40
60
80
100
120
140
160
180
200
220
240
260
280
Clients
Opening Requests
Ongoing accelerated growthOngoing accelerated growth
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6'818
0
1'000
2'000
3'000
4'000
5'000
6'000
7'000
8'000
9'000
Q1-05
Q2-05
Q3-05
Q4-05
Q1-06
Q2-06
Q3-06
Q4-06
Q1-07
Q2-07
Q3-07
Q4-07
Q1-08
Higher client growth since 2007Higher client growth since 2007
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414
1'500
2'000
2'500
3'000
3'500
4'000
4'500
5'000
5'500
6'000
6'500
Q1-05
Q2-05
Q3-05
Q4-05
Q1-06
Q2-06
Q3-06
Q4-06
Q1-07
Q2-07
Q3-07
Q4-07
Q1-08
Net Assets Inflow
CHF m ill ion
Customer assets decreased by 8.5% despiteCustomer assets decreased by 8.5% despite
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414.4
0
50
100
150
200
250
300
350
400
450
Q1-05
Q2-05
Q3-05
Q4-05
Q1-06
Q2-06
Q3-06
Q4-06
Q1-07
Q2-07
Q3-07
Q4-07
Q1-08
CHF m
414 million record net new monies in the first quarter of 2007414 million record net new monies in the first quarter of 2007
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FXBookFXBook, The Swissquote, The Swissquote ForexForex trading Platformtrading Platform
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FXBookFXBook, The Swissquote, The Swissquote ForexForex trading Platformtrading Platform
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FXBookFXBook, The Swissquote, The Swissquote ForexForex trading Platformtrading Platform
Services OfferingServices Offering
24 hour trading of 6 major currencies
Access to the worlds biggest liquidity pool of 60 major banks
Commission free and up to 1.8 pips spread
Cutting edge technology
Competitive PositioningCompetitive Positioning
With the ruling of the FBC the eForex service offering will be authorized (asof 1st April 2009) only for banks
The customer will therefore benefit from the security and fairness rulesapplicable to all bank clients
Swissquote will benefit from the new rules and take a leading part in theeForex business in Switzerland
First success report to be published at the half-year results
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Balance SheetBalance Sheet
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Balance sheet per 31Balance sheet per 31stst March 2008March 2008
[CHF m] 31s
March 2008 31s
December 2007 Change %
ASSETS
Cash & deposits 1'183.3 1'103.2 80.1 6.8%
Loans to customers 77.2 93.4 (16.2) -21.0%
Investment securities 66.9 72.3 (5.4) -8.1%
Property & systems 29.5 28.7 0.8 2.7%
Other assets 24.3 13.4 10.9 44.9%
Total assets 1'381.2 1'311.0 70.2 5.1%
LIABILITIES AND EQUITY
Liabilities
Due to customers 1'200.7 1'143.6 57.1 4.8%Other liabilities 45.2 40.9 4.3 9.5%
Total liabilities 1'245.9 1'184.5 61.4 4.9%
Equity
Ordinary shares 7.3 7.3 - 0.0%
Reserves & retained earnings 143.5 133.0 10.5 7.3%
Treasury shares (15.5) (13.8) (1.7) 11.0%
Total equity 135.3 126.5 8.8 6.5%
Total liabilities and equity 1'381.2 1'311.0 70.2 5.1%
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AppendixAppendix
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Complete key figures for the fist quarter 2008Complete key figures for the fist quarter 2008
CHF'000 Q1-2008 Q1-2007 Change Change [%] Q1-2008 Q4-2007 Change Change [%]
Net Fee & Commission Income 18'280.7 19'707.2 (1'426.5) -7.2% 18'280.7 18'810.6 (529.9) -2.8%
Interest Spread 7'426.1 5'295.6 2'130.5 40.2% 7'426.1 7'188.8 237.3 3.3%
Trading Results 1'890.1 2'001.4 (111.3) -5.6% 1'890.1 2'426.8 (536.7) -22.1%
Total Net Revenues 27'596.9 27'004.2 592.7 2.2% 27'596.9 28'426.2 (829.3) -2.9%
Operating Expenses (9'269.0) (9'081.9) (187.1) 2.1% (9'269.0) (9'060.0) (209.0) 2.3%
Marketing Expenses (2'319.0) (1'858.2) (460.8) 24.8% (2'319.0) (2'649.6) 330.6 -12.5%
Depreciation and Provision (1'358.8) (788.1) (570.7) 72.4% (1'358.8) (1'706.7) 347.9 -20.4%
Total Expenses & Depreciation (12'946.8) (11'728.2) (1'218.6) 10.4% (12'946.8) (13'416.3) 469.5 -3.5%
Operating Profit 14'650.1 15'276.0 (625.9) -4.1% 14'650.1 15'009.9 (359.8) -2.4%
Taxes (3'139.3) (3'053.2) (86.1) 2.8% (3'139.3) (3'387.3) 248.0 -7.3%
Net Profit 11'510.8 12'222.8 (712.0) -5.8% 11'510.8 11'622.6 (111.8) -1.0%
Operating Profit Margin 53.1% 56.6% 53.1% 52.8%
Net Profit Margin 41.7% 45.3% 41.7% 40.9%
31.03.2008 31.03.2007 Change Change [%] 31.03.2008 31.12.2007 Change Change [%]
Number of Clients 97'694 70'032 27'662 39.5% 97'694 90'876 6'818 7.5%
Increase of Clients in Period 6'818 5'965 853 14.3% 6'818 6'772 46 0.7%
Increase in % 7.5% 9.3% 7.5% 8.1%
Assets under Custody 5'354 5'055 299 5.9% 5'354 5'850 (496) -8.5%
Change [in Million CHF] (496) 563 (496) 76
Increase in % -8.5% 12.5% -8.5% 1.3%
Net New Monies in Period [in Million CHF] 414.4 345.7 68.7 19.9% 414.4 281.0 133.4 47.5%
Equity [in Million CHF] 135.3 105.9 29.4 27.8% 135.3 126.6 8.7 6.9%
Comparison with Previous QuarterComparison with Previous Year