Moltiply Group S.p.a. · MIL:MOL
Moltiply — FY2021 Earnings Presentation
44 slides from Moltiply's earnings presentation, Mar 16, 2022
Slide 1: Full Year 2021 Results
Full Year 2021 Results March 16th, 2022
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: Presenting Today
Presenting Today Marco Pescarmona Alessandro Fracassi Francesco Masciandaro Group Chairman and Head of Broking Division Group CEO and Head of BPO Division Group CFO • Founder and key shareholder (16.05% • Founder and key shareholder • Background in auditing (Arthur indirectly through Alma Ventures S
Slide 4: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Historical Performance 4 4
Slide 5: Business portfolio
Business portfolio Online comparison and intermediation Provision of complex Business Process Broking BPO services operating with a portfolio of Outsourcing services for specific verticals leading brands in the Italian market Division Division within the Italian financial services industry Mortgage
Slide 6: Broking Division – Top brands
Broking Division – Top brands Brand Description Market Position Operations Revenue Model Multi-product aggregator Strong number two Focus on marketing activities, Commission on new policy sales for insurance, personal player in insurance mostly TV and Internet. Relies plus (lower) renewal fees from
Slide 7: BPO Division – Main services
BPO Division – Main services Product Life Cycle DISTRIBUTION UNDERWRITING/CLOSING SERVICING • Commercial activities for online • Income Analysis Mortgage lenders (in lenders’ name) • Technical-Legal Analysis BPO • Centralized packaging • Anti-fraud checks • CRM activities for origination • Notary co
Slide 8: Group structure
Group structure Headcount* 2,329 FTE Group structure as of December 31st, 2021 * 2021 average 8
Slide 9: Broking Division structure
Broking Division structure Group structure as of December 31st, 2021 9
Slide 10: BPO Division structure
BPO Division structure Group structure as of December 31st, 2021 10
Slide 11: Major milestones
Major milestones START-UP GROWTH RESTRUCTURING NEW GROWTH Revenues (€m) 313.5 259.4 Collapse of 219.9 Italian mortgage 185.1 market 152.8 138.1 120.7 71.8 68.3 46.4 47.9 53.4 51.0 37.7 38.5 13.2 21.8 0.1 1.0 2.7 4.5 7.8 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Slide 12: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Historical Performance 4 12
Slide 13: Transparency and governance standards
Transparency and governance standards Gruppo MutuiOnline is listed since IPO (June 6, 2007) in the STAR Segment of Borsa Italiana’s equity market dedicated to mid-size companies with a capitalization less than Euro 1 billion, which voluntarily adhere and comply with a number of strict requirements i
Slide 14: Shareholding Structure
Shareholding Structure Shareholding structure as of March 15th, 2022* Treasury shares 4.75% Alma Ventures** 32.10% Free Float 41.34% 21.81% Investmentaktiengesellschaft für langfristige Investoren TGV * Share ownership as registered in last Shareholders’ meetings and as communicated to the company b
Slide 15: Share Performance since IPO
Share Performance since IPO 3,000 85.0 80.0 KEY STOCK DATA as of Mar. 15th, 2022 2,750 75.0 2,500 Number of Shares 40,000,000 70.0 Treasury Shares 1,901,423 65.0 2,250 Outstanding Shares 38,098,577 60.0 Price per Share € 35.40 2,000 Market Capitalisation € 1,349 M 55.0 1,750 50.0 Since November 2018
Slide 16: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Historical Performance 4 16
Slide 17: Full-year Highlights
Full-year Highlights Broking Division BPO Division EBITDA (€m) Revenues 150 (€m) 100 Y-o-Y 92.6 76.6 +20.9% 313.5 Y-o-Y 55% 300 50 59% +20.8% 259.4 41% 45% 43% 0 2020 2021 200 43% EBITDA margin 29.5% 29.5% EBIT (€m) 100 150 57% 57% 100 0 63.1 Y-o-Y 69.0 +9.3% 2020 2021 50 64% 66% 34% 36% 0 2020 2021
Slide 18: Impact of Asset Revaluations on Net Income
Impact of Asset Revaluations on Net Income Net Income Adj. Net Income (€m) (€m) 150 150 130.7 100 85.1 100 130.7 50 Y-o-Y -86.3% 45.6 50 0 2020 NI (-) Tax benefit 2020 NI Adj* 150 from the 17.8 revaluations Y-o-Y 0 100 +4.39% 2020 2021 2020 2021 50 29.7 NI margin (Adj) 17.6% 15.2% 47.5 NI margin 50.
Slide 19: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • The residential mortgage market in Q4 2021 was down Y-o-Y in terms of new gross originations, as a result of the stability of the volumes of purchase mortgages and the strong contraction in the volumes of remortgages. • Data from Assofin, an ass
Slide 20: Broking Division – Key Financials
Broking Division – Key Financials EBITDA Revenues (€m) (€m) 150 100 300 45.0 Y-o-Y 50.7 50 +12.8% 0 2020 2021 200 EBITDA margin 40.5% 37.8% Y-o-Y 134.2 111.1 +20.9% EBIT 100 (€m) 150 0 100 2020 2021 41.9 Y-o-Y 44.2 50 +5.6% 0 2020 2021 EBIT margin 37.7% 32.9% 20
Slide 21: Broking Division – Performance and outlook (1/3)
Broking Division – Performance and outlook (1/3) • The Broking Division also grew significantly in 2021, partly due to the acquisition of SOS Tariffe S.r.l. at the end of 2020. Results for the year no longer appear to be materially affected by the pandemic. • For 2022, results are expected to grow f
Slide 22: Broking Division – Performance and outlook (2/3)
Broking Division – Performance and outlook (2/3) Consumer Loan Broking Revenues • The measures implemented in 2021, together with a strong increase in (€m) marketing expenditures, have led to significant Y-o-Y growth in 60 intermediated volumes and revenues, although accompanied by a 50 significant
Slide 23: Broking Division – Performance and outlook (3/3)
Broking Division – Performance and outlook (3/3) E-Commerce Price Comparison Revenues • Revenues are essentially stable Y-o-Y in 2021, despite a significant increase in (€m) marketing expenditures, due to the absence of some exceptional favorable 60 effects present in 2020 related to the Covid-19 pa
Slide 24: BPO Division – Key Financials
BPO Division – Key Financials EBITDA Revenues (€m) (€m) 150 100 300 Y-o-Y 41.8 50 31.6 +32.3% 0 2020 2021 200 Y-o-Y 179.2 EBITDA margin 21.3% 23.3% 148.3 +20.8% EBIT 100 (€m) 150 0 100 2020 2021 50 Y-o-Y 21.2 24.8 +16.7% 0 2020 2021 EBIT margin 14.3% 13.8% 24
Slide 25: BPO Division – Performance and outlook (1/4)
BPO Division – Performance and outlook (1/4) • The BPO Division’s performance in 2021 was solid, with an increase in revenue and operating margin at the EBITDA level when compared to 2020. Most of the growth was due to the expanded consolidation perimeter in Insurance BPO, thanks the acquisition of
Slide 26: BPO Division – Performance and outlook (2/4)
BPO Division – Performance and outlook (2/4) Real Estate Services BPO Revenues • The business line performed beyond management’s expectations, growing (€m) both in terms of revenues and margins, thanks to our effort to reduce direct 60 costs related to real estate valuations and to the contribution
Slide 27: BPO Division – Performance and outlook (3/4)
BPO Division – Performance and outlook (3/4) Insurance BPO Revenues • As expected, 2021 was a transition year, characterized by the restructuring of (€m) the business existing prior to the acquisition of Gruppo Lercari, and 60 management has been focused on the integration process, which will 50 con
Slide 28: BPO Division – Performance and outlook (4/4)
BPO Division – Performance and outlook (4/4) BPO Leasing/Rental Revenues • The business line represented by Agenzia Italia S.p.A. performed beyond (€m) management’s initial expectations, with growth of over 10% compared with 60 2020 and an increase in operating margins. This result, although benefit
Slide 29: Dividend Payout
Dividend Payout Earnings per share, consolidated (€) 4.00 3.42 3.50 3.00 2.50 2.00 1.50 1.07 0.89 1.00 0.59 0.69 0.56 0.58 0.38 0.38 0.41 0.43 0.50 0.25 0.24 0.09 0.09 0.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Earnings per share Dividends per outstanding share (
Slide 30: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Historical Performance 4 30
Slide 31: Revenue trends by Division
Revenue trends by Division Group Revenues (€m) Collapse of the Italian Mortgage Market 350 313.5 300 259.4 250 43% 58% 219.9 200 185.1 43% 40% 39% 152.8 150 61% 138.1 43% 45% 120.7 44% 100 44% 71.8 47% 57% 68.3 53.4 57% 46.4 47.9 51.0 61% 50 37.7 58% 38.5 37% 57% 66% 61% 40% 56% 56% 21.8 60% 45% 53%
Slide 32: Revenue Breakdown by Business Line
Revenue Breakdown by Business Line 180 Broking Division Revenues (€m) 150 134.2 1% 8% 120 Other Revenues 111.1 Telco & Energy Comparison* 4% 26% E-Commerce Price Comparison 86.8 Insurance Broking 90 31% 79.1 3% Consumer Loan Broking 61% 45% 3% 18% Mortgage Broking 67.2 27% 61.0 24% 3% 60 57.2 18% 3%
Slide 33: Revenue Breakdown by Business Line
Revenue Breakdown by Business Line BPO Division Revenues 179.2 180 1% (€m) 20% 148.3 150 Other revenues 133.1 6% BPO Leasing/Rental 22% Investment Services BPO 120 Insurance BPO 24% 17% 106.0 6% Loans BPO 5% Real Estate Services BPO* 21% 7% 90 85.6 4% Mortgage BPO 17% 14% 61% 77.1 10% 8% 45% 8% 17%
Slide 34: EBITDA by Division
EBITDA by Division EBITDA EBITDA margin (€m) (%) 150 50% 40.5% 120 40% 37.8% 35.0% 92.6 30% 90 29.1% 76.6 29.5% 29.5% 64.0 25.3% 55% 20% 23.3% 60 21.3% 47% 59% 10% 30 53% 45% 41% 0% 0 2019 2020 2021 2019 2020 2021 BPO Division Broking Division Broking Division BPO Division Group 34
Slide 35: Operating Income by Division
Operating Income by Division EBIT (€m)80 Collapse of the 69.0 Italian Mortgage 63.1 Market 60 + 50.8 46.1 Launch of 39.7 64% 40 Segugio.it 35.2 66% 30.9 32.0 52% 51% 21.9 21.5 22.0 46% 17.6 47% 20 14.5 57% 77% 8.5 78% 84% 5.6 36% 48% 36% 77% 93% 3.6 53% 54% 49% 34% 67% 32% 64% 43% 0 33% 23% 22% 7% 1
Slide 36: Net Income
Net Income Net income (€m) 150 130.7* 120 Tax benefit from the 90 revaluations 85.1 60 47.5** 40.6 34.4 23.5 24.8 27.5 Recalculation of 14.8 14.4 15.3 20.9 30 29.7 DTA due to 9.7 9.9 45.6 regulatory changes 5.2 3.6 3.8 17.8 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Slide 37: Appendix
beh Appendix
Slide 38: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Rev enues 83,231 71,444 80,559 78,230 80,674 Other income 1,704 971 1,413 994 1,308 Capitalization of internal costs 1,915 804 1,181 953 906 Serv ices costs (34,087) (27,534) (34,526) (34,488) (32,169) Personnel costs (24,538) (2
Slide 39: Q4 Profit & Loss
Q4 Profit & Loss (€000) Q4 2021 Q4 2020 % Var. Rev enues 83,231 80,674 3.2% Other income 1,704 1,308 30.3% Capitalization of internal costs 1,915 906 111.4% Serv ice costs (34,087) (32,169) 6.0% Personnel costs (24,538) (23,851) 2.9% Other operating costs (3,184) (2,701) 17.9% Depreciation and amort
Slide 40: Full Year Profit & Loss
Full Year Profit & Loss (€000) FY 2021 FY 2020 % Var. Rev enues 313,464 259,386 20.8% Other income 5,082 4,156 22.3% Capitalization of internal costs 4,853 3,619 34.1% Serv ice costs (130,635) (104,771) 24.7% Personnel costs (89,919) (76,258) 17.9% Other operating costs (10,293) (9,564) 7.6% Depreci
Slide 41: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of December 31, December 31, (€000) Change % 2021 2020* ASSETS I ntangible assets 202,758 209,283 (6,525) -3.1% Property, plant and equipment 24,669 27,841 (3,172) -11.4% Associates measured w ith equity method 1,058 2,320 (1,262) -54.4% Non-current financial assets at
Slide 42: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of December 31, December 31, (€000) Change % 2021 2020* LIABILITIES AND SHAREHOLDERS' EQUITY Total equity attributable to the shareholders of the Issuer 264,399 233,257 31,142 13.4% Minority interests 4,671 3,575 1,096 30.7% Total shareholders' equity 269,070 236,83
Slide 43: Net Financial Position
Net Financial Position As of December 31, December 31, (€000) Change % 2021 2020 A. Cash and cash equiv alents 165,857 122,371 43,486 35.5% B. Other cash equiv alents - - - N/A C. Financial assets held to maturity or for trading 1,510 4,588 (3,078) -67.1% D. Liquidity (A) + (B) + (C) 167,367 126,959
Slide 44: 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