Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — H1 2014 Earnings Presentation
20 slides from Moltiply's earnings presentation, Aug 12, 2014
Slide 1: Gruppo MutuiOnline First Half 2014 Results
Gruppo MutuiOnline First Half 2014 Results 12th August 2014
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 Chairman and Head of Broking Division •Founder and key shareholder (16.25% indirectly through Alma Ventures SA) •Background in consulting (McKinsey) and banking (Morgan Stanley) •Degrees in Electrical Engineering and Computer Science, MBA from MIT Marco Pescarmona •Group CEO
Slide 4: Share performance June 2007 (IPO date) – 8th August 2014
Share performance 6 June 2007 (IPO date) – 8th August 2014 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% -30% -35% -40% -45% -50% -55% -60% -65% -70% MOL Total Return vs. MOL vs.FTSE ITALIA STAR 4
Slide 5: Current shareholding structure
Current shareholding structure Shareholding structure as of 11th August 2014 * Treasury shares, 6.11% Free float, 29.44% Alma Ventures**, 32.50% 360 Capital One, 2.60% Stefano Rossini, 4.11% Investmentaktiengesellschaft Frankfurter Aktienfonds für für langfristige Investoren Stiftungen, 5.03% TGV, 2
Slide 6: Business portfolio
Business portfolio 2013 Divisions 2013 Revenues € 20.5 M Revenues € 30.5 M EBIT €1.8 M Broking BPO EBIT €3.8 M Division Division Business Lines Multi-brand broking of Mortgage Mortgage Commercial, Underwriting and mortgages through remote € 8.3 M € 13.1 M Portfolio Services for Mortgages Broking BPO
Slide 7: Broking Division – Top Brands/Services 1/2
Broking Division – Top Brands/Services 1/2 BRAND DESCRIPTION MARKET POSITION OPERATIONS REVENUE MODEL Online Mortgage Leader in online Experienced telephone Commission from Broker (vertical mortgage consultants provide lenders on closed specialist), distribution since independent advice and mortgage
Slide 8: Broking Division – Top Brands/Services 2/2
Broking Division – Top Brands/Services 2/2 BRAND DESCRIPTION MARKET POSITION OPERATIONS REVENUE MODEL Online Insurance Legacy brand as Mostly technology based Fee on new policy sales Broker (vertical customer lead generation, provides plus (lower) renewal specialist), acquisition for customer suppor
Slide 9: BPO Division – Main Services
BPO Division – Main Services PRODUCT LIFE CYCLE DISTRIBUTION UNDERWRITING/CLOSING SERVICING • Commercial activities for online • Income Analysis • Current Account Servicing Mortgage lenders (in lenders’ name) • Technical-Legal Analysis • Collections BPO • Centralized packaging • Anti-fraud checks •
Slide 10: H1 highlights
H1 highlights Revenues EBIT (€m) (€m) 6.6 Y-o-Y 31.8 +185.4% Y-o-Y +30.4% 2.3 24.4 EBIT margin 9% 21% Net Income (€m) 5 4.0 4 Y-o-Y 3 +261.6% 2 1.1 1 0 H1 13 H1 14 NI margin 5% 13% 10
Slide 11: H1 Segment reporting
H1 Segment reporting Revenues EBIT (€m) (€m) 6.6 31.8 Y-o-Y Y-o-Y Y-o-Y 2.0 +298.8% +30.4% +185.4% Y-o-Y 24.4 11.4 +12.0% 2.3 2.9 4.6 Y-o-Y 0.5 +154.6% 1.8 10.2 Y-o-Y 20.4 +43.7% Broking Division BPO Division 14.2 EBIT margin H1 2013 2013 H1 2014 Broking Division 5% 9% 17% Broking Division BPO Divis
Slide 12: Revenue breakdown
Revenue breakdown Broking Division Revenues BPO Division Revenues (€m) (€m) 25 20.4 20 Y-o-Y Y-o-Y 2.7 N/A +43.7% 2.9 Y-o-Y 15 14.2 +254.2% Y-o-Y 11.4 0.8 10.2 +12.0% Y-o-Y Y-o-Y 0.3 +96.3% 10 7.7 +20.3% 0.1 Y-o-Y 6.4 3.3 3.8 +15.9% 2.5 Y-o-Y 2.6 -3.4% 5 7.1 Y-o-Y 7.0 +2.2% 4.8 Y-o-Y 4.2 +14.6% 0 H1
Slide 13: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • The residential mortgage market in Italy confirms its recovery, but with significant elements of fragility. • Data from Assofin, an industry association which represents the main lenders active in the sector, indicate in last months a strengthen
Slide 14: Broking Division business update
Broking Division business update • Within the Broking Division, volumes are slowly recovering year-on-year with a more substantial improvement of margins, in a still uncertain and challenging context. • As regards our credit broking activity (Mortgage Broking and Loan Broking), we see brokered volum
Slide 15: BPO Division business update
BPO Division business update • The results of the BPO Division for H1 2014 show year on year improvements both in terms of revenues and margins. Notably, in Q2 2014, the Division was close to our profitability targets, with an operating margin over 20%, although uneven across the business lines and
Slide 16: Appendix
™ Grup ine PO MutuiOnl Appendix
Slide 17: H1 Profit & loss
H1 Profit & loss (€000) H1 2014 H1 2013 % Var. Rev enues 31,814 24,396 30.4% Other income 1,200 463 159.2% Capitalization of internal costs 468 237 97.5% Serv ice costs (11,520) (9,870) 16.7% Personnel costs (13,519) (10,982) 23.1% Other operating costs (1,039) (1,103) -5.8% Depreciation and amortiz
Slide 18: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q2 2014 Q1 2014 Q4 2013 Q3 2013 Q2 2013 Rev enues 16,764 15,050 14,238 12,423 13,834 Other income 656 544 510 255 158 Capitalization of internal costs 307 161 478 107 139 Serv ice costs (5,876) (5,644) (5,424) (4,566) (4,805) Personnel costs (7,023) (6,496) (7,201) (5,
Slide 19: Q2 highlights
Q2 highlights Revenues EBIT (€m) (€m) 4.0 Y-o-Y Y-o-Y +56.8% 2.0 +97.6% 1.3 16.8 2.9 Y-o-Y Y-o-Y 0.8 2.7 +124.9% +21.2% 1.2 13.8 Y-o-Y 6.1 +8.9% 5.6 Broking Division BPO Division Y-o-Y 10.7 +29.5% 8.2 EBIT margin Q2 2013 2013 Q2 2014 Broking Division 14% 9% 21% Broking Division BPO Division BPO Divi
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