Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — H1 2016 Earnings Presentation
34 slides from Moltiply's earnings presentation, Aug 11, 2016
Slide 1: First Half 2016 Results
First Half 2016 Results 11th August 2016
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 (16.25% • Founder and key shareholder • Background in auditing (Arthur indirectly through Alma Ventures S
Slide 4: Agenda
Agenda Business Description 1 Current Trading and Outlook 2 Historical Data and Long-term Potential 3 4
Slide 5: Major milestones of our 16-years lifespan
Major milestones of our 16-years lifespan START-UP GROWTH RESTRUCTURING NEW GROWTH € 120.7M € 71.8M € 68.3M € 53.4M € 51.0M € 46.4M € 47.9M € 37.7M € 38.5M € 21.8M € 13.2M € 4.5M € 7.8M € 0.1M € 1.0M € 2.7M 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 BPO Division
Slide 6: Business portfolio
Business portfolio Divisions FY 2015 FY 2015 Broking BPO Revenues € 57,2 M Revenues € 63,6 M EBIT € 18,1 M Division Division EBIT € 13,9 M Business Lines % of Group revenues Multi-brand broking of Commercial, Underwriting mortgages through remote Mortgage Mortgage and Portfolio Services for 19.4% 27
Slide 7: Broking Division – Top brands
Broking Division – Top brands Brand Description Market Position Operations Revenue Model Multi-product Launched in September Focus on marketing activities, Commission on new policy sales aggregator for 2012, is number two player in mostly TV and Internet. With the plus (lower) renewal fees from insu
Slide 8: 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 9: Group structure
Group structure Gruppo MutuiOnline S.p.A. Centro Centro MutuiOnline S.p.A. 100% Finanziamenti S.p.A. 100% 100% Istruttorie S.p.A. 100% CreditOnline Mediazione PP&E S.r.l. CESAM S.r.l. Quinservizi S.p.A. 100% Creditizia S.p.A. 100% 100% Real Estate renting and support services CercAssicurazioni.it S.
Slide 10: Current shareholding structure
Current shareholding structure Shareholding structure as of 10th August 2016* Treasury shares 6.27% Alma Ventures** 32.50% Free Float 36.00% 20.20% 5.03% Investmentaktiengesellschaft für Frankfurter langfristige Investoren TGV Aktienfonds für Stiftungen * Share ownership as communicated to the compa
Slide 11: Share performance since IPO date (6 June 2007)
Share performance since IPO date (6 June 2007) KEY STOCK DATA as of 9th August 2016 Number of Shares 39,511,870 Treasury Shares 2,477,092 Outstanding Shares 37,034,778 Price per Share € 7.57 Market Capitalisation € 280.4 M 11
Slide 12: Agenda
Agenda Business Description 1 Current Trading and Outlook 2 Historical Data and Long-term Potential 3 12
Slide 13: H1 highlights
H1 highlights EBIT Revenues (€m) (€m) 20 Y-o-Y 70 15 +12.5% 16.4 Y-o-Y 14.6 +24.4% 67.3 10 60 5 50 54.1 0 H1 2015 H1 2016 40 EBIT margin 27.0% 24.4% 30 Net Income 20 (€m) 15 10 Y-o-Y +11.5% 0 10 11.0 H1 2015 H1 2016 9.9 5 0 H1 2015 H1 2016 NI margin 18.2% 16.3% 13
Slide 14: Performance by Division
Performance by Division EBIT Revenues (€m) (€m) 20 Y-o-Y 16.4 14.6 +12.5% 70 67.3 15 Y-o-Y Y-o-Y 7.1 -10.4% +24.4% 10 7.9 60 Y-o-Y 54.1 +22.3% 5 Y-o-Y 29.4 9.4 +39.3% 50 6.7 0 40 24.1 H1 2015 H1 2016 30 Broking Division BPO Division Y-o-Y +26.1% 20 37.9 30.0 10 EBIT margin (percent of revenues) 0 H1
Slide 15: Revenue breakdown
Revenue breakdown Broking Division Revenues BPO Division Revenues (€m) (€m) 40 40 37.9 Y-o-Y Y-o-Y +7.8% 35 35 3.1 +26.1% Y-o-Y 30.0 3.2 29.4 Y-o-Y -7.3% 30 30 Y-o-Y 0.8 +52.5% 2.9 24.1 +22.3% 8.5 Y-o-Y 25 Y-o-Y 25 3.4 +3.5% 0.5 10.5 +95.9% 20 5.4 20 8.2 Y-o-Y 15 4.7 5.3 +12.0% 15 Y-o-Y 3.5 3.6 Y-o-
Slide 16: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • In an environment of interest rate at their historical minimums, the growth of the mortgage market is slowing down due to the progressive contraction of re-mortgaging activity, partially offset by the growth of purchase mortgages, linked to the
Slide 17: Broking Division – Business outlook 1/2
Broking Division – Business outlook 1/2 During H1 2016, compared to H1 2015, the performance of Broking Division is the result of the expected progressive contraction of the contribution of Mortgage Broking, the overall stability of Consumer Loan Broking, the growth of Insurance Broking and the sign
Slide 18: Broking Division – Business outlook 2/2
Broking Division – Business outlook 2/2 • Revenues are increasing year on year in H1, despite 16 Insurance Broking Revenues Insurance (€m) further reductions of average premiums. Broking • In the coming months, we foresee a continuation of 12 this trend, without tangible signs of a short-term revers
Slide 19: BPO Division – Business outlook 1/2
BPO Division – Business outlook 1/2 In the H1 2016, the BPO Division records a strong increase of revenues if compared to H1 2015, improving the operating margin, now above 24%. Net of seasonality effects affecting the different quarters, we expect that the results in H2 2016 will be in line with H1
Slide 20: BPO Division – Business outlook 2/2
BPO Division – Business outlook 2/2 • Reports a decline in the semester, due in part to the 25 Insurance BPO Revenues Insurance stochastic trend of the claims, in part to the re-organization (€m) BPO of the operations of an insurance company client, which, 20 following a merger, rationalized its app
Slide 21: Agenda
Agenda Business Description 1 Current Trading and Outlook 2 Long-term Potential 3 21
Slide 22: Historical revenue trends 1/2
Historical revenue trends 1/2 Group Revenues Collapse of the Italian (€m) Mortgage Market 140 120.7 120 100 58% 47% 80 71.8 40% 68.3 60 53.4 61% 51.0 45% 37% 46.4 47.9 58% 37.7 38.5 40 40% 66% 61% 60% 45% 53% 21.8 60% 20 58% 63% 42% 60% 40% 34% 39% 55% 40% 42% 0 2006A 2007A 2008A 2009A 2010A 2011A 2
Slide 23: Historical revenue trends 2/2
Historical revenue trends 2/2 Broking Division Revenues (€m) 70 60 57.2 Other Revenues 2% 50 E-Commerce Price Comparison 41.9 28% 40 6% Insurance Broking 31.7 32.2 17% 25% 30 27.8 Consumer Loan Broking 25.1 22.7 32% 33% 12% 31% 20.5 4% 20 18% 17.3 2% 32% Mortgage Broking 12.7 22% 33% 69% 21% 10 18%
Slide 24: Historical profitability
Historical profitability EBIT (€m) Launch of EBIT margin Segugio.it (%) 30.9 32.0 70% 61% 63% 30 59% 57% 57% 60% 21.9 21.5 22.0 50% 45% 57% 20 17.6 77% 14.5 40% 47% 47% 32% 39% 44% 41% 43% 78% 30% 22% 8.5 93% 84% 36% 27% 10 77% 20% 31% 28% 17% 5.6 26% 24% 9% 12% 21% 67% 3.6 43% 22% 23% 80% 32% 64% 1
Slide 25: Dividend distribution
Dividend distribution Earnings per share, consolidated Dividends per share (€) (€) 0.70 0.45 0.59 0.40 0.60 0.56 0.36 0.37 0.35 0.50 0.30 0.41 0.40 0.38 0.38 0.25 0.21 0.30 0.20 0.25 0.24 0.15 0.15 0.12 0.12 0.12 0.12 0.20 0.09 0.10 0.09 0.09 0.10 0.05 0.00 0.00 2007 2008 2009 2010 2011 2012 2013 20
Slide 26: Appendix
teh Appendix
Slide 27: H1 Profit & Loss
H1 Profit & Loss (€000) H1 2016 H1 2015 % Var. Rev enues 67,288 54,088 24.4% Other income 1,269 1,231 3.1% Capitalization of internal costs 375 462 -18.8% Serv ice costs (25,017) (19,312) 29.5% Personnel costs (21,731) (18,635) 16.6% Other operating costs (2,216) (1,975) 12.2% Depreciation and amort
Slide 28: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q2 2016 Q1 2016 Q4 2015 Q3 2015 Q2 2015 Rev enues 34,454 32,834 36,414 30,217 31,739 Other income 703 566 598 452 547 Capitalization of internal costs 213 162 172 134 292 Serv ice costs (13,101) (11,916) (11,642) (10,513) (10,938) Personnel costs (11,333) (10,398) (12,
Slide 29: Q2 Profit & Loss
Q2 Profit & Loss (€000) Q2 2016 Q2 2015 % Var. Rev enues 34,454 31,739 8.6% Other income 703 547 28.5% Capitalization of internal costs 213 292 -27.1% Serv ice costs (13,101) (10,938) 19.8% Personnel costs (11,333) (10,437) 8.6% Other operating costs (1,008) (1,179) -14.5% Depreciation and amortizat
Slide 30: Q2 highlights
Q2 highlights EBIT Revenues (€m) (€m) 9.3 10 Y-o-Y -11.8% 8.2 40 Y-o-Y 5.2 3.8 -27.5% 34.5 5 Y-o-Y 31.7 +8.6% Y-o-Y 30 Y-o-Y 4.0 4.4 +8.6% +0.1% 15.0 0 15.0 Q2 2015 Q2 2016 20 Broking Division BPO Division Y-o-Y 10 19.4 +16.2% 16.7 EBIT margin (percent of revenues) 0 Q2 2015 Q2 2016 Q2 2015 2015 Q2
Slide 31: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of June 30, December 31, (€000) Change % 2016 2015 ASSETS I ntangible assets 55,999 57,932 (1,933) -3.3% Property, plant and equipment 12,288 11,485 803 7.0% Associates measured w ith equity method 785 2,642 (1,857) -70.3% Other non-current assets 5 61 (56) -91.8% Total
Slide 32: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of June 30, December 31, (€000) Change % 2016 2015 LIABILITIES AND SHAREHOLDERS' EQUITY Total equity attributable to the shareholders of the I ssuer 53,338 52,429 909 1.7% Minority interests 7,133 5,655 1,478 26.1% Total shareholders' equity 60,471 58,084 2,387 4.1%
Slide 33: Net Financial Position
Net Financial Position As of June 30, December 31, (€000) Change % 2016 2015 A. Cash and cash equiv alents 31,378 32,451 (1,073) -3.3% B. Other cash equiv alents - - - N/A C. Financial assets held to maturity or for trading 677 817 (140) -17.1% D. Liquidity (A) + (B) + (C) 32,055 33,268 (1,213) -3.6
Slide 34: 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