On the strength of record turnover and trading volume, the SWX Group closed out the 2005 financial year with a net profit of CHF 89.2 million, representing a 59 % increase over the previous year. Revenues rose by 6 % to CHF 379.5 million, and operating expenses of CHF 253.1 million were slightly higher than the prior-year level as a result of contributions to the Swiss Finance Institute and the previously announced social plan. Earnings before interest and taxes (EBIT) rose by an annualised 61 % to CHF 110.4 million. While its course of business was marked primarily by a boom in share trading, income from standardised derivatives declined as the result of an adjustment to SWX’s share of Eurex profits (20 % to the new level of 15 %). Nonetheless, the strong growth of Eurex compensated for a portion of that adjustment-related decrease. For the 2005 financial year, the SWX Group’s financial statements were drawn up for the first time in accordance with IFRS accounting standards.
Jürg Spillmann, Head of the SWX Group Executive Committee, summarised his presentation of the financial results by stating: “The SWX Group not only reinforced its position as a result of the booming securities markets and a number of successful initiatives, it also broadened its range of services in order to remain competitive in the European securities exchange industry – in the best interests of the Swiss financial marketplace“.
Heinrich Henckel, CEO of the SWX Swiss Exchange, described the initiatives underway at SWX in the area of securitised derivatives. Its most significant project will be a planned collaboration with Deutsche Börse AG in the area of securitised derivatives trading (see separate media release for details concerning the announced joint venture with Deutsche Börse AG for the trading of structured products and warrants). Henckel also explained the advantages issuers enjoy thanks to Internet-based listing, as well as the attractive pricing policy SWX has introduced for bulk purchasers of derivatives-listing packages.
At its meeting today, the General Assembly of the SWX Swiss Exchange Association elected Professor Peter Gomez as its new board chairman (see separate media release regarding changes to the composition of the Board of Directors). Jacques de Saussure, ad interim Chairman of the Board of the SWX Group, commented on the election as follows: „We are pleased by the election of Peter Gomez as our new Chairman and wish him great satisfaction in this challenging assignment. As a strategic thinker, he is ideally equipped to balance the multifaceted interests of the various stakeholders in a securities exchange organisation.“
