Selected financial figures for the first half of 2023 (% corresponds to change in comparison with the same period of the previous year):
Operating result on track
In a challenging market environment, dominated by inflation and rising interest rates, SIX achieved a good result for the first half of the year. SIX increased its operating income by 2.6% year-on-year to CHF 771.1 million, with growth at constant currencies coming to 4.4%. Post-trading business made a particular contribution to this increase as a result of high volumes on the repo markets and the data business with successful contract wins. These positive developments more than compensated for lower income in the Banking Services business unit and declining stock exchange trading volumes, which had been higher in the previous year due to a sharp rise in volatility as a result of the outbreak of the war in Ukraine.
At the same time, SIX kept its cost base stable despite a challenging environment due to inflation, with costs up only slightly year-on-year (+1.4%). Overall, this resulted in a 5.6% increase in the operating result before interest, tax, depreciation and amortization (EBITDA) to CHF 225.6 million. Due to a positive one-off effect from the full acquisition of the trade repository Regis-TR in the first half of 2022, earnings before interest and tax (EBIT) declined to CHF 133.3 million (-17.4%) and Group net profit to CHF 105.1 million (-13.3%).
Business highlights in the first half of 2023
In the reporting period, five Chinese companies generated gross proceeds of approximately USD 1.2 billion in total from the listing of their global depository receipts on SIX Swiss Exchange. The Spanish stock exchange BME welcomed four new companies to its BME Growth segment for small and medium-sized enterprises. The new companies raised a total of approximately EUR 23 million in capital. In January, the Swiss city of Lugano also placed the world’s first digital government bond on a regulated financial market infrastructure with SIX Digital Exchange (SDX).
In May, SIX began cooperating with FlexTrade to offer the streaming of global market data in real time using a cloud-based solution. SIX also partnered with the Greek Piraeus Bank in June, taking on responsibility for its international assets. In addition, SIX posted a new monthly record of 6 million transactions for its end-to-end digital invoice eBill in May.
Jos Dijsselhof, CEO of SIX, emphasizes: “With this increase in our operating income for the first half of the year, we are on track to achieve our medium-term target for annual turnover growth of four percent. Our well-diversified business model has thus proven successful again. Even in these challenging times, our services and innovations ensure access to the capital markets and the flow of information and money between financial market players in Switzerland and abroad.”
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|For the six months ended 30 June|
|CHF million||2023||2022||Change in %|
|Total operating income
Total operating income at constant currencies1
|Total operating expenses
Total operating expenses at constant currencies1
|Earnings before interest, tax, depreciation and amortization (EBITDA)
EBITDA at constant currencies1
|Depreciation, amortization and impairment||-89.6||-86.1||4.0%|
|Net financial result||-6.1||14.0||n/a|
|Share of profit or loss of associates||3.4||19.8||-83.0%|
|Earnings before interest and tax (EBIT)
EBIT at constant currencies1
|Net interest and tax expenses||-28.1||-40.1||-29.9%|
|Group net profit
Group net profit at constant currencies1
|Cash flow statement||2023||2022||Change in %|
|Cash flow from operating activities||225.8||1,127.3||-80.0%|
|Cash flow from investing activities||-392.6||-100.5||n/a|
|Cash flow from financing activities||-113.9||-110.5||3.0%|
|Free cash flow2||155.8||172.7||-9.8%|
|Balance sheet||30.06.2023||31.12.2022||Change in %|
|Net debt to EBITDA3||1.65||1.75||-0.10|
|Equity ratio (average)4||69.7%||69.2%||0.5 pp|
|Return on equity (average)5||3.4%||3.6%||-0.3 pp|
|As at or for the six months ended|
|Shareholders' key figures||2023||2022||Change in %|
|Earnings per share (in CHF)||5.57||6.43||-13.4%|
|Operating key figures|
|Workforce (full-time equivalents, in number)||4,022.5||3,685.1||9.2%|
|Workforce (headcount, in number)||4,151||3,826||8.5%|
|Swiss stock exchange trading turnover (in CHF billion)||555.6||705.7||-21.3%|
|Spanish stock exchange trading turnover (Equities only, in EUR billion)||165.7||212.4||-22.0%|
|Market share of Swiss Equities||66.2%||68.9%||-2.7 pp|
|Market share of Spanish Equities||57.4%||60.3%||-2.9 pp|
|Swiss deposit volume (average, in CHF billion)||3,892.0||3,775.2||3.1%|
|Spanish deposit volume (average, in EUR billion)||2,555.1||2,505.9||2.0%|
|Number of SIC transactions (in 1,000)||482,378||466,951||3.3%|
|Number of delivered financial instruments (business unit Financial Information, in million)||895||849||5.4%|
1 Prior year’s figures are translated at average exchange rates for the first half of 2023 (constant currency).
2 Operating cash flows adjusted by changes from receivables/payables from clearing & settlement, financial assets less capital expenditures.
3 Net debt to EBITDA = net debt / adjusted EBITDA of previous 12 months.
4 Equity ratio = average equity of previous 12 months / (average adjusted liabilities of previous 12 months + average equity of previous 12 months). Adjustments to liabilities include the positions “Payables from clearing & settlement” and “Forwards from clearing & settlement”.
5 Return on equity = profit of previous 12 months / average equity of previous 12 months.
Links to Business Unit Performances