This past year, the global economic environment was marked by contrasts. The emerging countries continued to drive the world economy, achieving an average growth rate of 7% and even 10% in the case of China. Most of the industrialized countries, on the other hand, experienced high unemployment rates - 9.8% in the US, 10.1% in the eurozone - and sluggish domestic markets. This contrast was heightened by the austerity policies adopted in most of the large OECD countries, with the exception of the US, in an attempt to curb burgeoning public debt.
The year was a transitional time for Compagnie Financière Tradition. After two years of very high volatility in the markets and strong business volumes, the Group experienced a slowdown in activity levels foreseeable since the second half of 2009. This cycle has often been observed in periods of crisis. Against this background, revenue for 2010 was CHF 1,210.4m, a decline of 7.6% on the year at constant exchange rates. A number of measures were undertaken during the period to bring costs into line with the trend in business volumes.
Profit before tax was CHF 70.0m and net profit was CHF 50.3m. Net profit attributable to shareholders of the parent was CHF 40.9m. Consolidated shareholders’ equity stood at CHF 382.1m at 31 December 2010, of which CHF 318.1m was attributable to shareholders of the parent.
