VIEL ET COMPAGNIE : VIEL ET COMPAGNIE : 2012 Results

             VIEL ET COMPAGNIE : VIEL ET COMPAGNIE : 2012 Results

                       Consolidated revenue of €874.1m
                          Operating profit of €35.9m
                      Consolidated net profit of €17.0m
                      Net profit - Group share of €7.0m

€m                                   2012  2011
Consolidated revenue                 874.1 900.2
Other operating income                4.2  10.5
Operating profit                     35.9  47.5
Financial result                     -3.7  -5.2
Profit of equity accounted companies  1.8   1.3
Profit before tax                    34.0  43.6
Consolidated net profit              17.0  27.1
Net profit - Group share              7.0  16.2
Minority interests                   10.0  10.9

In a challenging economic environment, all operating subsidiaries of VIEL &
Cie encountered difficult trading conditions across the markets in 2012.



Trading volumes in the group's interdealer broking business were down in 2012,
as was the case for all participants in the IDB sector, although the decline
at Compagnie Financière Tradition was less severe than the sector average.
After a slight fall off in the first half, the trend became more pronounced in
the second half of the year.The objectives of Compagnie Financière Tradition
group were to achieve costs savings in order to protect its results in a
downward trend, while continuing to invest in new technologies and
strengthening its position in Asia.During the year the group substantially
delivered against these objectives.



At Bourse Direct, the Group's online trading subsidiary, the impact of its
growth strategy weighed on results. Despite this, the company generated a rise
in order volumes and substantially increased its market share.



Private banking activities (Swisslife banque Privée) remained stable compared
with 2011.

                                   ********

Consolidated revenue from VIEL & Cie's operating subsidiaries was €874.1m in
2012, against €900.2m in 2011, a decline of 2.9% in current currencies.

The segment analysis of consolidated earnings is a follows:

€m                    2012  2011
Interdealer broking  844.2 866.6
Online trading        29.9  33.6
Consolidated revenue 874.1 900.2



Consolidated operating profit was €35.9m in 2012, a decline of 24.3% from
€47.5m in 2011.

Operating expenses of €842.4m in 2012 were down 2.4% on the year, and
consisted mainly of staff costs, charges for telecoms and financial
information, and business expenses and marketing costs of the Group's
operating subsidiaries.

Profit before tax and exceptional items was €34.0m against €43.6m in 2011.

The net financial result was negative at -€3.7m compared to -€5.2m in 2011.
VIEL & Cie took a consolidated tax charge of €17.0m in 2012 compared with
€16.5m in 2011. This charge was severely penalised by the tax situation of
holding companies and the non-activation of deferred tax assets on the Group's
lossmaking activities.

Consolidated net profit was €17.0m against €27.1m in 2011; minority interests
stood at €10.0m.

Net profit Group share was €7.0m in 2012, against €16.2 in 2011.

Consolidated equity stood at €400.7m, €269.5m of which was the Group share,
after deduction of the gross value of directly held treasury shares totalling
€27.3m.

At the Annual General  Meeting to be held  on 7 June 2013,  the Board will  be 
seeking shareholder approval to pay  a dividend of 8  euro cents per share  in 
cash, representing a  distribution rate  of 88% of  the Group's  share of  net 
profit and a dividend rate of 3.2%^1 per share.

The Board of Directors of VIEL & Cie met on 20 March 2013 to examine and close
the accounts  for  the 2012  financial  year. These  annual  and  consolidated 
accounts are presently being audited by the independent auditors, and the full
financial statements will be included in the Company's financial report.

Outlook
VIEL & Cie will pursue its growth strategy for operational subsidiaries.  This 
will take  place against  ongoing economic  uncertainty, in  which  regulatory 
developments will continue to weigh on  the growth of the financial  industry. 
The Group  will press  ahead with  developing leading-edge  technology in  its 
interdealer broking business, while keeping  a tight rein on operating  costs. 
In its online  broking arm, the  consolidation of its  market share in  France 
will  be  accompanied  by  measures   to  improve  profitability  across   its 
activities.

^1Based on the share price on 20 March 2013



VIEL & Cie is  an investment company comprising  three core businesses in  the 
financial sector: Compagnie Financière Tradition,  one of the world's  leading 
interdealer brokers with a presence in  28 countries, Bourse Direct, a  leader 
in the online trading sector  in France, and a  40% stake in SwissLife  Banque 
Privée, present in the private banking sector in France.

VIEL&Cie shares (codes: FR0000050049,  VIL) are listed  in Compartment B  of 
NYSE Euronext  Paris. For  more information  on our  Group, please  visit  our 
website at www.tradition.com.

                                                          Paris, 21 March 2013

                                  Contacts:

VIEL & Cie                    Image 7
Virginie de Vichet            Priscille Reneaume
Directeur de la Communication T : + 331 53 70 74 93
T : + 331 56 43 70 20

résultats 2012 uk

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Source: VIEL ET COMPAGNIE via Thomson Reuters ONE
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