Kempen European High Dividend Fund N.V. N · EURONEXT:KEHDF
Kempen European High Dividend Fund N.V. N — Van Lanschot — Shareholder Meeting (May 2013)
27 slides from Kempen European High Dividend Fund N.V. N's shareholder meeting presentation, May 14, 2013
Slide 1: Annual General Meeting of Shareholders
Annual General Meeting of Shareholders 14 May 2013
Slide 2: Agenda item 2b: Report of the Board of Managing Directors for 2012
Agenda item 2b Report of the Board of Managing Directors for 2012
Slide 3: 2012 Highlights
2012 Highlights Client assets +5% to € 52.3 billion Growth in • Increase in assets under management through robust performance of Client Assets discretionary management products and new institutional mandates • Closing of several foreign offices resulted in outflow Bank is profitable despite market
Slide 4: Continuing growth Assets under Management
Continuing growth Assets under Management Client assets Assets under Management (€ billion) (€ billion) 52.3 49.8 48.0 11.4 42.0 % private 13.1 36% banking 13.5 33% discretionary Savings & deposits 13.4 28% Assets under management 23% Total 45.0 40.9 40.9 36.7 36.7 40.0 34.5 34.5 6.8 28.6 35.0 28.6
Slide 5: Transparent balance sheet
Transparent balance sheet Total assets € 18.0 billion Cash and balances with banks 1.5 Due to banks 2.1 Financial instruments 1.6 11.4 Customer savings and deposits Loans and advances 13.5 2.9 Issued debt securities 0.8 Other Other 1.4 Equity 0.8 Assets Equity and Liabilities 4
Slide 6: Good asset quality
Good asset quality • High quality loan book: • 51% residential mortgages in the Netherlands and Belgium • 36% corporate loans: • Good sector diversification, low concentrations • Property: small loans, only lending in the Netherlands; virtually no financing of project development; relatively low vac
Slide 7: Loan book
Loan book Breakdown of Impaired loans Loan loss provisions loan book (€ million) 1.4% 57 36% 6.3% 51% 178 64 7.0% 13% Residential Mortgages Other private loans Corporate loans 6
Slide 8: Solid profile strengthened further in 2012
Solid profile strengthened further in 2012 • Core Tier I ratio 11.0% (2011: 10.9%) • Funding ratio 84.4% (2011: 91.8%) • Further diversification and lengthening of funding position through issue of: • € 126 million 7-year retail note • € 150 million 3-year RMBS • CHF 250 million 3.5-year senior unse
Slide 9: Van Lanschot Summary
Van Lanschot Summary • Positive underlying result despite difficult market conditions • Capital, funding and liquidity positions remain strong • Measures taken to reduce costs, prudent loan loss provisioning • Van Lanschot continues to attract new client assets • Economic circumstances remain challe
Slide 10: Developments in 2013
Developments in 2013 Q1 • Net profit for first quarter 2013: € 24.8 million • Underlying profit before non-recurring items: € 26.3 million • Addition to loan loss provisions lower at € 19.7 million • Client assets grow to € 53.0 billion • Significant improvement of capital ratio: Core Tier I ratio i
Slide 11: Strategic review 2013-2017
Strategic review 2013-2017
Slide 12: Executive summary
Executive summary • We choose to be a pure-play, independent wealth manager • Our objective is to preserve and create wealth for clients • We strongly believe that wealth management offers attractive growth opportunities and that we have inherent and distinctive strengths • Our strategy is to: • Foc
Slide 13: We work together to preserve and create wealth for clients
We work together to preserve and create wealth for clients private banking asset CLIENTS merchant management banking 12
Slide 14: We have made the choice for wealth management because …
We have made the choice for wealth management because … … of our inherent and … it offers attractive growth distinctive strengths opportunities We can build on our inherent There is room for a high- strengths in private banking, quality, high-service, asset management and independent wealth merchant
Slide 15: Our strategy is to focus, simplify and grow
Our strategy is to focus, simplify and grow Focus Simplify Grow 14
Slide 16: Focus means making choices
Our strategy is to focus – Focus means making choices • Reinforced private banking offering with specific service concepts … - personal banking - private banking - private office • … and specialist services for - entrepreneurs - healthcare professionals - business professionals & executives - founda
Slide 17: Focus means making choices - lending only to private banking clients
Focus means making choices - lending only to private banking clients • Active reduction of corporate loans not related to private banking • Managed in a separate business unit by dedicated management • Target 50% reduction of € 4.4 billion in risk-weighted assets in the coming 5 years • Reallocation
Slide 18: Simplify means increasing our effectiveness and efficiency
Our strategy is to simplify – Simplify means increasing our effectiveness and efficiency • Transparent and simplified product and service offering • Efficient organisation, with centralised teams for private banking mid-office and investment expertise • Lean IT and streamlined back office • Signific
Slide 19: We envisage growth in all our core activities
Our strategy is to grow – We envisage growth in all our core activities Private banking • Growing assets managed for our clients • More focused service concepts • More tailored product offering • Maintaining client proximity Asset management • Leveraging strong long-term track record in niche produc
Slide 20: Growth in private banking means …
Growth in private banking means … • New service offering – personal banking: • an inclusive offering for all clients seeking advice on wealth preservation and creation • welcoming wealth management starters • State-of-the art online solutions for wealth management, investment advice and savings, sup
Slide 21: Growth in private banking means a choice of service levels for clients
Growth in private banking means a choice of service levels for clients Service level Personal banking Private banking Private office ▪ Private equity, SRI ▪ Tailored discretionary and fiduciary management ▪ Family office offering ▪ Structuring ▪ International structuring ▪ Investment advice ▪ Invest
Slide 22: Growth in asset management means ...
Growth in asset management means ... • Building on the current excellent track record in its selected investment strategies and integrated solutions for institutional investors through: • Expanding in a select number of European countries with its investment strategies • Increasing penetration in th
Slide 23: Growth in merchant banking means ...
Growth in merchant banking means ... • Building on the leading positions in corporate finance and brokerage in the Benelux • Expanding its strong European positions in the selected niches listed real estate, life sciences and cleantech through a vertically integrated approach • Selective broadening
Slide 24: Key priorities for next two years to deliver short-term results
Key priorities for next two years to deliver short-term results 2013 2014 Introduction of new online Migration of major part of proposition product administration to target IT platform Launch of personal banking marketing campaign Transformation of a number of branches to new Client Meeting Creation
Slide 25: A wealth manager with an asset-light balance sheet: Targets 2017
A wealth manager with an asset-light balance sheet and strong capital base Targets 2017 Focus • Core Tier I ratio > 15% • Return on Core Tier I equity of 10-12% Simplify • Cost-income ratio of 60-65% Grow 24
Slide 26: Annual General Meeting of Shareholders
Annual General Meeting of Shareholders 14 May 2013
Slide 27: Disclaimer
Disclaimer Forward looking statements This presentation contains forward looking statements concerning future events. Those forward-looking statements are based on the current information and assumptions of the Van Lanschot management concerning known and unknown risks and uncertainties. Forward-loo