Invesco Ltd · NYSE:IVZ
Invesco — Amvescap — Q3 2005 Earnings Presentation
16 slides from Invesco's earnings presentation, Oct 27, 2005
Slide 1: 2005 Third Quarter Results
AMVESCAP Helping people worldwide build their financial security 2005 Third Quarter Results Martin L. Flanagan, Chief Executive Officer James I. Robertson, Executive Vice President October 27, 2005
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation may include statements that constitute "forward-looking statements" under the United States securities laws. Forward-looking statements include information concerning possible or assumed future results of our operations, earnings, liquidity, cash flow and
Slide 3: Financial Review
AMVESCAP Financial Review
Slide 4: Summary Profit & Loss Account
Summary Profit & Loss Account in thousands Nine Months Ended Sept 30, 2005 2004 Revenues £ 884,160 £ 858,009 Expenses: Operating (679,039) (658,731) U.S. regulatory settlement - (229,167) Operating profit/(loss) 205,121 (29,889) Other income 16,996 13,568 Interest expense (35,212) (29,898) Profit/(l
Slide 5: Group Profit & Loss Account
Group Profit & Loss Account in thousands Three Months Ended Sept 30, 2005 2004 Revenues £ 302,664 £ 280,907 Expenses: Operating (238,698) (229,421) U.S. regulatory settlement - (229,167) Operating profit/(loss) 63,966 (177,681) Other income 14,931 3,251 Interest expense (11,324) (9,883) Profit/(loss
Slide 6: Quarterly Financial Comparisons
Quarterly Financial Comparisons in thousands 2005 2004 Q3 Q3* % change Revenues £ 302,664 £ 280,907 7.7% Operating expenses 238,698 229,421 4.0% Operating profit 63,966 51,486 24.2% Operating margin 21.1% 18.3% EBITDA 97,029 67,611 43.5% EPS - diluted 5.3p 3.5p 51.4% EBITDA per share - diluted 12.0p
Slide 7: Quarterly Financial Comparisons
Quarterly Financial Comparisons in thousands 2005 2005 Q3 Q2 % change Revenues £ 302,664 £ 295,512 2.4% Operating expenses 238,698 223,183 7.0% Operating profit 63,966 72,329 (11.6)% Operating margin 21.1% 24.5% EBITDA 97,029 91,423 6.1% EPS - diluted 5.3p 4.8p 10.4% EBITDA per share - diluted 12.0p
Slide 8: Segmental Analysis
Segmental Analysis in thousands Nine Months Ended Sept 30, 2005 Operating Revenues Expenses Profit AIM U.S. £ 306,350 £ (205,676) £ 100,674 Canada 149,461 (65,471) 83,990 455,811 (271,147) 184,664 INVESCO U.S. 160,157 (116,791) 43,366 U.K. 166,913 (136,166) 30,747 Europe/Asia 49,803 (57,528) (7,725)
Slide 9: Operating Profit – 2005 Q3 V. 2005 Q2
Operating Profit – 2005 Q3 V. 2005 Q2 in thousands 2005 2005 Q3 Q2 Change AIM U.S. £ 33,398 £ 32,423 975 Canada 33,064 24,757 8,307 66,462 57,180 9,282 INVESCO U.S. 16,649 15,201 1,448 U.K. 7,449 15,941 (8,492) Europe/Asia (3,323) (3,769) 446 20,775 27,373 (6,598) Private Wealth/Retirement (2,045) (
Slide 10: Funds Under Management - YTD
Funds Under Management - YTD in billions AIM INVESCO Total US Canada US UK Europe/Asia PWM December 31, 2004 $382.1 $137.6 $34.6 $121.0 $49.6 $24.1 $15.2 Market gains 15.5 3.5 1.4 2.5 5.4 2.5 0.2 Net new/(lost) business (12.5) (11.2) 0.5 (6.0) 4.6 (0.7) 0.3 Change in money market funds (1.3) (1.2) -
Slide 11: Funds Under Management - QTD
Funds Under Management - QTD in billions AIM INVESCO Total US Canada US UK Europe/Asia PWM June 30, 2005 $373.2 $128.6 $36.2 $116.8 $52.9 $23.4 $15.3 Market gains 11.1 3.8 0.5 2.5 2.8 1.1 0.4 Net new/(lost) business (4.3) (3.8) (0.1) (2.1) 1.8 (0.1) - Change in money market funds 0.1 0.1 - - - - - F
Slide 12: Balance Sheet
Balance Sheet in thousands Sept 30, 2005 December 31, 2004 Non-current assets Goodwill and intangible assets £ 2,454,146 £ 2,317,247 Property and equipment 107,564 118,272 Deferred tax assets 70,996 78,217 Investments 98,369 70,070 2,731,075 2,583,806 Current assets Trade and other receivables 588,5
Slide 13: Group Cash Flow
Group Cash Flow in thousands Nine Months Ended Sept 30, 2005 2004 Operating profit £ 205,121 £ (29,889) Amortization and depreciation 32,767 37,086 Interest paid, net of investment income (36,238) (25,660) Taxation (45,173) (43,428) Change in other assets and liabilities 99,797 229,361 Net cash infl
Slide 14: Analysis Of Net Debt
Analysis Of Net Debt in thousands September 30, 2005 December 31, 2004 (Decrease)/Increase £ $ £ $ £ $ Senior notes 648,235 1,150,000 640,619 1,229,476 7,616 (79,476) Credit facility - - 78,679 151,000 (78,679) (151,000) Other, including fx 5,713 10,136 5,328 10,226 385 (90) Total Debt 653,948 1,160
Slide 15: Average Shares Outstanding
Average Shares Outstanding in thousands Sept 30, 2005 June 30, 2005 Dec 31, 2004 Ordinary shares 765,844 765,559 773,574 Exchangeable shares 27,928 28,070 28,586 Shares outstanding 793,772 793,629 802,160 Shared - based compensation 9,691 7,444 4,528 Total average shares 803,463 801,073 806,688 15
Slide 16: 2005 Third Quarter Results
AMVESCAP 2005 Third Quarter Results