Anima Holding S.p.a. · MIL:ANIM
Anima — FY2023 Earnings Presentation
17 slides from Anima's earnings presentation, 2024
Slide 1: FY23 Results: Re-charging Completed
FY23 Results Re-charging Completed
Slide 2: FY 2023 Highlights
FY 2023 Highlights 191.5 €bn AuM -0.2 €bn Net New Money* +8.4% Mutual funds’ WAP +8.1% vs. FY22 vs. +1.6 €bn in FY22 vs. -10.7% in FY22 ➢ Total AuM up €14.4bn yoy ➢ Negative flows in low-impact ‘wrapping’ category, positive overall in other categories (ex Class I insurance) ➢ Very solid WAP substant
Slide 3: Assets by segment as of 31.12.2023
FY 2023 Assets by segment as of 31.12.2023 Retail Institutional 50% AuM = €96.0bn 50% AuM = €95.5bn Fund users AIFs Wrap* 2.7% 4.2% 16.7% Pension Funds BAMI 6.4% 29.7% other Class I Advisory 11.5% 7.9% Insurance - U/L 8.2% PST funds and U/L BMPS 12.9% 15.2% CA Italy PST Class I other 2.8% 0.4% 75.0%
Slide 4: Mutual funds' investment performance
FY 2023 Mutual funds’ investment performance 2023 YTD WAP Funds’ breakdown by category as of 31.12.2023 ANIMA Italian industry % 9.0 8.85% 18.8% 8.38% 8.0 Equity 32.5% 7.0 22.3% 6.0 Flexible 16.3% 5.0 17.1% 4.0 Balanced 11.7% 3.0 2.0 37.1% Bond 35.6% 1.0 0.0 Cash Oct Mar Apr May Feb Nov Dec Sep Jan
Slide 5: Net flows breakdown by quarter
FY 2023 Net flows breakdown by quarter NNM into mutual funds by category data in €bn 0.6 Bond Balanced Flexible 1.5 ➢ Repositioning towards fixed income Equity 0.2 slowing down in Q4, equity appetite has not picked up yet 0.5 1.3 ➢ Flexible outflows largely connected to 1.0 0.4 0.0 0.8 0.8 0.0 0.0 d
Slide 6: FY23 net inflows: eye on profitability
FY 2023 FY23 net inflows: eye on profitability Focus on Wrapping Fund users • The vast majority of ‘wrapping’ outflows is represented by funds underlying other funds, especially target-date funds • Negative ‘wrapping’ flows in the absence of a PROFITABILITY Retail clients comparable trend in other c
Slide 7: Consolidated P&L
FY 2023 Consolidated P&L* €m FY23 FY23 FY22 FY23 FY22 CONS ANIM ANIM bps/avg AuM CONS ANIM Net revenues 333.142 322.312 326.460 Total margin 15.6 15.3 Performance fees 34.889 34.889 16.589 Margin excl. Class I 25.1 25.5 Total revenues 368.031 357.201 343.050 Personnel cost (59.565) (54.200) (48.929)
Slide 8: FY Net Income bridge 2022-2023
FY 2023 FY Net Income bridge 2022-2023 (€ mln) +24% 4.0 149.3 -5.4 -0.4 2.0 12.4 9.1 120.8 6.6 • Tax Rate 12M 22 > 34.7% • Tax Rate 12M 23 > 32.1% NI FY22 EBITDA Own invested Yield on Derivative Tax Other Castello SGR* NI 23 portfolio liquidity unwinding *Net Income of Castello SGR from the closing
Slide 9: Performance fees keep rolling
FY 2023 Performance fees keep rolling Funds with HWM-based performance fee calculation Beginning of 2023 Beginning of 2024 16% 12% 34% Total assets Total assets ~ €21bn ~ €23bn 88% 50% Above HWM Within 2% of HWM >2% below HWM 9
Slide 10: Personnel Expenses: the price of success and growth
FY 2023 Personnel Expenses: the price of success and growth ➢ Fixed personnel costs driven by : ➢ modest increase of FTEs at Anima ➢ consolidation of Castello SGR ➢ application of new banking collective contract (€400k in Q4 o/w €200k one-off) ➢ Variable costs: business performance in 4Q resulted in
Slide 11: Net financial income quarterly trend
FY 2023 Net financial income quarterly trend ➢ Strong improvement in net interest income in 2023 due to active liquidity management, including partial (2H22) and full (1H23) bank debt repayment with consequent capital gain on hedging derivative NET FINANCIAL INCOME (CUMULATED YtD) Data in €m 5.4 Int
Slide 12: Consolidated Net Financial Position
FY 2023 Consolidated Net Financial Position €m 31.12.23 31.12.22 5.0 Bank loan - (82.0) Bond 2019-26 1.75% (283.3) (283.1) Bond 2021-28 1.50% (298.9) (298.6) Accrued interest expense (4.1) (4.1) Other payable (0.5) - Total cash 610.4 605.4 Put&Call options (Castello) (13.7) - mainly in subsidiaries,
Slide 13: Kairos Partners SGR
Signed Nov.16, 2023 FY 2023 Kairos Partners SGR Closing expected in Q2 2024 • Founded in 1999, one of Italy’s most renowned AM brands Private Bankers • Active in open-end investment companies, • Kairos employees ca. 20 private bankers mutual funds, AIFs, and institutional mandates managing altogethe
Slide 14: ANIMA Group - Envisioned structure
FY 2023 ANIMA Group - Envisioned structure ANIMA Holding Put&Call options on minority stake 100% 100% 100% for 2026-2028 80% 20% Closing of acquisition expected in 2Q24 Alternative investments business unit Italy’s independent asset One of Italy’s most Real-estate and other illiquid or non-tradition
Slide 15: Dividend proposal €0.25 per share
FY 2023 Dividend proposal* €0.25 per share May 2024 May 2024 May 2024 20 21 22 Ex-Dividend Date Record Date Payment Date DPS (€) 0.17 0.25 0.26 0.19 0.16 0.20 0.22 0.28 0.22 0.25* 95 95 Cash Dividends (€ mn) 77 79 79* 75 73 71 Buyback (€ mn) 59 61 61 50 45 31 34 2014 2015 2016 2017 2018 2019 2020 20
Slide 16: Re-charging Completed
FY 2023 Re-charging Completed The ANIMA system is ready to run at full speed in 2024 Net Inflows (ex Class I insurance): after a neutral 2023, the expected normalization of interest rates will enhance the appeal of managed assets for both clients and distributors Performance: positive return expecte
Slide 17: Disclaimer and safe harbor statements
Investor Relations Digital link: Luca Mirabelli see and download Tel. +39.02.63536.226 our presentation Luca.mirabelli@animaholding.it Anima Holding SpA ANIMA and its suppliers print this presentation, when Corso Garibaldi, 99 needed, on FSC 100% I – 20121 Milano www.animaholding.it certified paper