Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — Q4 2009 Earnings Presentation
20 slides from Moltiply's earnings presentation, Feb 15, 2010
Slide 1: Gruppo MutuiOnline Fourth Quarter 2009 Results
Gruppo MutuiOnline Fourth Quarter 2009 Results 15th February 2010
Slide 2: Disclaimer
Disclaimer Certain statements contained herein are statements of future expectations and other forward-looking statements. These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties. The user of such information should recognize t
Slide 3: Presenters today
Presenters today •Group •Group Chairman Chairman and and Head Head of of Broking Broking Division Division •Founder •Founder and and key key shareholder shareholder (16.25% (16.25% indirectly indirectly through through Alma Alma Ventures Ventures SA) SA) •Background •Background in in consulting cons
Slide 4: Share performance 6 June 2007 (IPO date) - 8 February 2010
gi u/ 0 100 200 300 400 500 600 700 800 900 1.000 07 lu g/ 07 ag o/ 07 ot t/ 07 no v/ 07 ge n/ 08 fe b/ 08 m ar /0 m 8 ag /0 8 gi u/ 08 lu g/ 08 se t/ 0 8 ot t/ 08 Volumes ('000 shares) di c/ 08 ge n/ 09 fe b/ 09 Price ap r/ 09 m ag /0 9 lu g/ 09 ag o/ 09 se t/ 09 no v/ 09 di c/ 09 fe b/ 10 1,5 2,0
Slide 5: Current shareholding structure
Current shareholding structure Shareholding structure as of 8th February 2010* Free float; 24,43% Alma Ventures**; 32,50% Treasury shares; 3,90% 360 Capital One; 2,60% Algebris Investments (UK) Stefano Rossini***; 4,32% LLP; 5,16% Parvus Asset Management (UK) LLP; Capital Research & Index Venture Gr
Slide 6: Business portfolio
Business portfolio Broking Broking BPO BPO DIVISION DIVISION 2009: 2009: Rev. €31.7m EBIT Rev. €31.7m EBIT €20.0m €20.0m 2009: 2009: Rev. €16.2m EBIT Rev. €16.2m EBIT €1.5m €1.5m Multi-brand Multi-brand Multi-brand Multi-brand Multi-brand Multi-brand Employee Employee broking broking of of broking b
Slide 7: Full-year Highlights
Full-year Highlights Revenues EBIT (€m) (€m) 25 21.9 Y-o-Y 21.0 -4% 20 55 15 50 Y-o-Y 47.9 46.3 +3% 10 45 5 40 0 35 2008 2009 (a) 30 EBIT EBIT margin margin 47% 47% 44% 44% 25 20 Net Income 15 (€m) 10 Y-o-Y 15 14.8 14.4 -2% 5 0 10 2008 2009 5 0 2008 2009 NI NI margin margin 32% 32% 30% 30% Note: (a)
Slide 8: Performance by Division
Performance by Division Revenues EBIT (€m) (€m) 25 21.9 Y-o-Y 21.5 -2% 20 55 Y-o-Y Y-o-Y 15 17.1 20.0 +17% 50 +3% 47.9 46.3 10 45 5 Y-o-Y 4.8 -69% 40 0 1.5 31.7 Y-o-Y 35 +14% 2008 2009 30 27.8 Broking Division BPO Division 25 20 15 EBIT margin 10 18.5 16.2 Y-o-Y -13% 5 2008 2009 2008 2009 0 Broking
Slide 9: Historical Revenue Trends
Historical Revenue Trends Broking Division Revenues (€m) Group Revenues CAGR +36% 31.7 (€m) 30 27.8 7% 12% CAGR 25 22.7 32% +56% 11% 20 31% 50 47.9 18% 46.3 15 12.7 45 6% 10 18% 57% 61% 71% 40 37.7 5 76% 35 0 60% 66% 30 2006A 2007A 2008A 2009A 60% 25 21.8 MutuiOnline PrestitiOnline CreditPanel 20 15
Slide 10: Historical Profitability
Historical Profitability EBIT EBIT margin (€m) CAGR (%) 24 +36% 21.9 21.5 70% 63% 61% 20 59% 17.6 60% 16 50% 47% 45% 47% 78% 40% 39% 44% 12 93% 76% 30% 31% 8.5 8 20% 28% 26% 67% 4 10% 24% 22% 33% 7% 9% 0 0% 2006A 2007A (a) 2008A 2009A 2006A 2007A (a) 2008A 2009A (b) BPO Div Division Broking ision Br
Slide 11: Broking Division business update
Broking Division business update •During •During Q4 Q4 2009, 2009, the the Broking Broking Division Division generated generated slightlyslightly higher higher revenues revenues compared compared to to Q4 Q4 2008, 2008, thanks to the contribution of the MutuiOnline Business Line, thanks to the contr
Slide 12: BPO Division business update
BPO Division business update •Q4 •Q4 2009 2009 shows shows again again a a decrease decrease in in the the turnover turnover and and in in the the margins margins of of the the BPOBPO Division Division compared compared to Q4 2008. However in Q4 2009 we begin to see the expected recovery signals, to
Slide 13: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market Residential mortgage flows Euro billion • New Bank of Italy data confirms a strong contraction of the residential mortgage market in first 9 months 45 41,9 2009 (-15% YoY); market contraction Y-o-Y 40 -15% for FY 2008 was -10% 35,6 • According to
Slide 14: Evolution of the Italian real estate market
Evolution of the Italian real estate market Number of residential real-estate transactions Thousands of transactions 550 505 Y-o-Y 500 -14% • Italian Land Agency data confirms a 450 433 slowdown in terms of number of 400 residential real estate transactions in 9m 2009 (-14% YoY) 350 300 250 • Market
Slide 15: Mortgage origination volumes
Mortgage origination volumes Broking Division mortgage origination volumes Broking Division mortgage market share (€bn) Percentage 5,0% 2,5 4,0% 2,0 4,0% 2,0 3,0% 1,5 1,3 2,3% 1,0 2,0% 0,5 1,0% 0,0 0,0% 2008A 2009A 2008A 2009E Source: company and Bank of Italy data; 2009 market share estimated by ma
Slide 16: Back-ups
Back-ups arr 16
Slide 17: Q4 highlights
Q4 highlights Revenues EBIT (€m) (€m) 8 Y-o-Y 6.2 -3% 6.1 6 16 Y-o-Y -1% 13.8 13.6 4 2 12 0 Q4 08 Q4 09 EBIT EBIT margin margin 45% 45% 45% 45% 8 Net Income 4 (€m) 5 4.7 Y-o-Y -15% 4.1 4 0 3 Q4 08 Q4 09 2 1 0 Q4 08 Q4 09 NI NI margin margin 34% 34% 30% 30% 17
Slide 18: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) (€000) Q4 Q4 2009 2009 Q3 Q3 2009 2009 Q2 Q2 2009 2009 Q1 Q1 2009 2009 Revenues 13.590 10.618 12.304 11.365 Other income 145 110 65 84 Capitalization of internal costs 101 76 96 76 Services costs (3.000) (2.800) (3.080) (2.995) Personnel costs (3.812) (2.768) (3.247) (
Slide 19: Profit & Loss Breakdown
Profit & Loss Breakdown Margin components 2009 1.6% 24.8% 100% 0.0% 27.0% 3.3% 2.7% 43.7% 13.7% 30.0% Total Other income Services costs Personnel Other Depreciation EBIT Net interest Tax Net profit revenues costs operating and margin income margin costs impairment Margin components 2008 1.2% 23.0% 1
Slide 20: Declaration of the manager responsible for preparing the Company's financial reports
Declaration of the manager responsible for preparing the Company’s financial reports Declaration Pursuant to Art. 154/bis, Paragraph 2 – Part IV, Title III, Chapter II, Section V-bis, of Italian Legislative Decree No. 58 of 24 February 1998: “Consolidation Act on Financial Brokerage Pursuant to Arti