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SIX recorded a loss of 1.0 billion francs in 2023, it announced on Wednesday. In mid-December, SIX posted a loss in the range of 1.0 to 1.1 billion. It made a net profit of 185 million in 2022. And in the first half of 2023 alone, SIX earned 105 million francs.
Operating profit EBIT decreased to -975.0 million. Operating income increased by 2.1 percent to 1.5 billion francs.
On the one hand, payments provider Worldline, in which SIX holds a 10.5 percent stake, is responsible for the huge shortfall. Given the collapse in the French company’s share price (-57%), SIX had to make a negative value adjustment of 862 million.
On the other hand, the so-called goodwill on the Spanish stock exchange had to be adjusted downwards by 340 million. “Goodwill” arises when a company is purchased at a purchase price above its book value. This is due to increasing discount rates and low trade volumes in Spain and the rest of Europe.
Without value adjustments, the consolidated result would have been slightly lower than in 2022 at 181 million. It said that when adjusted for exchange rates, SIX would increase its result by 1.3 percent compared to the previous year.
The board of directors wishes to propose to the general assembly a higher ordinary dividend of 5.20 francs per share for 2023. For 2022, shareholders (about 120 financial institutions) received 5.10 francs per share.
SIX expects challenging political and macroeconomic conditions for the economy and society for the current fiscal year 2024, similar to those in 2023. But in the medium term, the financial infrastructure operator wants to achieve an increase in sales of more than 3 percent per year.
Profitability also needs to be constantly increased. The focus is on cost synergies and targeted savings measures.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
