Swissquote Group Holding Ltd. · SIX:SQN
Swissquote — H1 2009 Earnings Presentation
34 slides from Swissquote's earnings presentation, Jul 24, 2009
Slide 1: Results for the first Half of 2009
Results for the first Half of 2009 Press conference, 24th July 2009 1
Slide 2: Agenda
Agenda • Edelweiss • Business Development • Trends for the 3nd Quarter • New Services • Interim Statement of Financial Positions • Key Figures 2
Slide 3: Edelweiss, Quant Fund & Co.
Edelweiss, Quant Fund & Co. (& SWISSQUOTE
Slide 4: Edelweiss
Edelweiss • The latest Marketing campaign highlights the Swissness of our bank • Swissquote is market leader in Switzerland with the highest growth and market share of above 55% • Growth potential is still high. The need to develop the scope of services as well 4
Slide 5: Re: Market Share in Switzerland
Re: Market Share* in Switzerland • 20% of the adult population domiciled in Switzerland owns securities (1Mio) • 40% of it are „Self Directed“ investors and use the services of existing Online Banks • Swissquote has a 55% market share • We estimate the total market potential for Swissquote to be at
Slide 6: Re: Market Share in Switzerland
Re: Market Share* in Switzerland • The remaining 60% consists of: • pure private banking type of clients (represents 25% of shareholders) • „Validators“ type of clients (represents also 25% of shareholders) • Some Non Investors • The new ePrivate Banking services, Swissquote is working on, are targe
Slide 7: Swissquote Quant Swiss Equities Fund
Swissquote Quant Swiss Equities Fund • Performance of the Swissquote managed investment fund continues developing nicely • Serves as benchmarks for the development of ePrivate Banking tools 7
Slide 8: Business Development
Business Development @& SWISSQUOTE
Slide 9: Trading Volumes in 2nd Quarter 2009
Trading Volumes in 2nd Quarter 2009 12'000 35.0 darts tpcpy 10'000 30.0 25.0 8'000 20.0 6'000 15.0 4'000 10.0 2'000 5.0 0 0.0 Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Q2-04 Q3-04 Q4-04 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 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 • Recovery of trad
Slide 10: Commission, Interest & Trading Income
Commission, Interest & Trading Income CHF '000 35'000 Trading 30'000 Interest 25'000 Commission 20'000 15'000 10'000 5'000 0 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 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 • Fee and commission income remained stable thx to client growth •
Slide 11: Client Growth
Client Growth 10'000 9'000 Saving Client Growth 8'000 Trading Client Growth 7'000 6'000 5'000 4'000 3'000 2'000 1'000 0 Q1-04 Q2-04 Q3-04 Q4-04 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 Q2-08 Q3-08 Q4-08 Q1-09 • Growth remains strong • 6‘348 net clients in 2nd qua
Slide 12: Assets Under Custody Recover in 2nd Quarter 2009
Assets Under Custody Recover in 2nd Quarter 2009 CHF million 6'500 6'000 5'500 5'000 4'500 4'000 3'500 3'000 2'500 2'000 1'500 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 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 • 240.3 Mio Net new funds in Q2-2009 • Rebound in markets and net
Slide 13: Costs and Revenues per Client and Quarter
Costs and Revenues per Client and Quarter Costs Marketing Revenues 450 400 350 300 250 200 150 100 50 0 Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Q2-04 Q3-04 Q4-04 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 Q2-08 Q3-08 Q4-08 Q1-09 • Shrinking of revenues stopped. Interest rate
Slide 14: Quarterly Revenues Chart
Quarterly Revenues Chart 32'500 30'000 Operating Profit 27'500 Quarterly Revenues 25'000 22'500 20'000 17'500 15'000 12'500 10'000 7'500 5'000 2'500 0 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 Q2-08 Q3-08 Q4-08 Q1-09 • Revenues at 25 Mio up 7.2% compared to previo
Slide 15: Asset Margin
Asset Margin Assets under Custody Asset Margin 7'000 300 6'000 250 5'000 200 4'000 150 3'000 100 2'000 1'000 50 0 0 Q2-05 Q3-05 Q4-05 Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 • Asset margin at 2% despite much lower interest revenues 15
Slide 16: Quarterly Profit Chart
Quarterly Profit Chart CHF '000 18'000 60% Operating Profit 16'000 Net Profit OP Margin 50% 14'000 12'000 40% 10'000 30% 8'000 6'000 20% 4'000 10% 2'000 0 0% Q2-05 Q3-05 Q4-05 Q1-06 Q2-06 Q3-06 Q4-06 Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 • Robust Profit of 8,5 Mio. in 2nd quart
Slide 17: Key Figures First Half (compared to previous year)
Key Figures First Half (compared to previous year) H1-2009 H1-2008 Revenues 48.3m -6.3m -11.4% Operating profit 20.3m -8.0m -28.2% Net profit 15.9m -6.3m -28.5% Clients 131’834 +27’587 +26.5% Assets u. Custody 5’485m -23m -0.4% Equity 152.4m +16.1m +11.8% 17
Slide 18: Key Figures 2nd Quarter (compared to previous quarter)
Key Figures 2nd Quarter (compared to previous quarter) Q2-2009 Q1-2008 Revenues 25.0m +1.7m +7.2% Operating profit 10.7m +1.1m +11.8% Net profit 8.5m +1.0m +13.4% Clients 131’834 +6’348 +5.1% Assets u. Custody 5’485m +841.2 +18.1% Equity 152.4m +7.2m +5.0% 18
Slide 19: Trends for the 3rd Quarter
19 Trends for the 3rd Quarter @& SWISSQUOTE
Slide 20: Target growth in 3rd quarter: +5'000 New Clients
Target growth in 3rd quarter : + 5‘000 New Clients Total Accounts [T,C,M] Target Requests 132000 240 130000 220 128000 200 126000 180 124000 160 122000 140 120000 120 118000 100 116000 80 114000 60 112000 40 110000 20 108000 0 01.juil. 01.nov. 01.déc. 01.janv. 01.févr. 01.août 01.oct. 01.sept. 01.av
Slide 21: Weak trading volumes in June, improving in July
Weak trading volumes in June, improving in July Trades per client per year 50 45 40 35 30 25 20 15 10 5 0 01.nov. 01.janv. 01.oct. 01.sept. 01.avr. 01.juil. 01.déc. 01.juin 01.août 01.févr. 01.mars 01.mai 21
Slide 22: New Funds Developing Positively +68.9m since 1st July
New Funds Developing Positively +68.9m since 1st July Net Assets Inf low" Assets Change Total Assets 600 6'250 400 6'000 5'750 200 5'500 0 nov..08 juin.08 juin.09 janv..09 janv..09 oct..08 sept..09 sept..08 avr..09 juil..08 juil..09 mars.09 déc..08 févr..09 août.08 août.09 mai.09 5'250 -200 5'000 -4
Slide 23: New Services
23 New Services @& SWISSQUOTE
Slide 24: Dynamic Saving Accounts
Dynamic Saving Accounts • Since 1st April 2009 rate leadership at 1,8% • Already more than 145 Mio. assets • 4‘885 clients at 30 June 2009 (+ 1‘550 in the 2nd quarter) • Increased scope for saving clients with ETF saving plans 24
Slide 25: Dynamic Saving Accounts – Saving Plans
Dynamic Saving Accounts – Saving Plans The concept • ETF saving plans at attractive conditions (CHF 9.- flat pro portfolio) • Initially 67 SIX listed ETFs from most reputable issuers • 4 preset saving plans. Savers can customize their plans individually 25
Slide 26: Dynamic Saving Accounts – Saving Plans
Dynamic Saving Accounts – Saving Plans Innovative Tools • Full automation of the investment process • Investment planning assisted by a robot • Efficient design and modern ergonomy • The new saving tool for the Internet era. 26
Slide 27: Currency- and Precious Metal-Trading
Currency- and Precious Metal-Trading • Successful new services with already 1‘100 active clients • New currency (SEK) added. In total 26 tradable currency pairs • Since 24 July, trading in gold and silver is possible. No commission. Spread of 60 cts for gold and 4 cts for silver 27
Slide 28: Currency- and Precious Metal-Trading
Currency- and Precious Metal-Trading 28
Slide 29: Interim Statement of Financial Positions
Interim Statement of Financial Positions 29
Slide 30: Interim Statement of Financial Position at 30 June 2009
Interim Statement of Financial Position at 30 June 2009 [CHF m] 30 June 2009 31.12.2008 Change % ASSETS Deposit at central bank 61.3 293.2 - 231.9 -378.3% Treasury Bills 668.0 - Loans and advances to banks 496.4 765.7 - 269.3 -54.3% Trading assets 17.6 - Loans to customers 84.9 71.7 13.2 15.5% Inves
Slide 31: Structure of Financial Positions at 30 June 2009
Structure of Financial Positions at 30 June 2009 31
Slide 32: Equity and Surplus
Equity and Surplus CHF million 180 160 Total Equity Equity Surplus 140 120 100 80 60 40 20 0 Q2-08 Q3-08 Q4-08 Q1-09 Q2-09 32
Slide 33: Key Figures
33 Key Figures @& SWISSQUOTE
Slide 34: Key Figures for 1st Half of 2009
Key Figures for 1st Half of 2009 Comparison with Previous Year Comparison with Previous Quarter CHF'000 H1-2009 H1-2008 Change Change [%] Q2-2009 Q1-2009 Change Change [%] Net Fee & Commission Income 33'807.4 34'640.7 (833.3) -2.4% 18'322.8 15'484.6 2'838.2 18.3% Interest Income, net 5'613.9 15'640.
Swissquote Group Holding — H1 2009 Earnings Presentation on 6ix