Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — Q1 2016 Earnings Presentation
29 slides from Moltiply's earnings presentation, May 16, 2016
Slide 1: First Quarter 2016 Results
First Quarter 2016 Results 16th May 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 2016 BPO Divi
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 11th May 2016* Treasury shares 6,10% Alma Ventures** 32,50% Free Float 36,17% 20,20% 5,03% Investmentaktiengesellschaft für Frankfurter langfristige Investoren TGV Aktienfonds für Stiftungen * Share ownership as communicated to the company
Slide 11: Share performance since IPO date (6 June 2007)
Share performance since IPO date (6 June 2007) KEY STOCK DATA as of 11th May 2016 Number of Shares 39,511,870 Treasury Shares 2,411,604 Outstanding Shares 37,100,266 Price per Share € 7.33 Market Capitalisation € 271.9 M 11
Slide 12: Agenda
Agenda Business Description 1 Current Trading and Outlook 2 Historical Data and Long-term Potential 3 12
Slide 13: Q1 highlights
Q1 highlights EBIT Revenues (€m) (€m) 10 Y-o-Y 35 +54.9% 8,3 32,8 5 30 5,3 Y-o-Y +46.9% 25 0 Q1 2015 Q1 2016 20 22,3 EBIT margin 24% 25% 15 Net Income 10 (€m) 6 5 Y-o-Y 4 +47.2% 5,3 0 Q1 2015 Q1 2016 3,6 2 0 Q1 2015 Q1 2016 NI margin 16% 16% 13
Slide 14: Performance by Division
Performance by Division EBIT Revenues (€m) (€m) 10 8,3 35 Y-o-Y 32,8 +54.9% Y-o-Y 5,3 3,3 +23.7% 5 30 Y-o-Y Y-o-Y 2,6 +46.9% +59.1% Y-o-Y 5,0 +85.2% 25 14,4 2,7 22,3 0 Q1 2015 Q1 2016 20 9,0 15 Broking Division BPO Division Y-o-Y +38.6% 10 18,4 13,3 5 EBIT margin (percent of revenues) 0 Q1 2015 Q1 2
Slide 15: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • The residential mortgage market grows year on year in Q1 2016, despite a progressive normalization of re-mortgages. For the next quarters, we forecast a significantly weaker year on year evolution, with the real possibility of a substantial cont
Slide 16: Broking Division – Business outlook
Broking Division – Business outlook • During Q1 2016, compared to Q1 2015, the Broking Division shows an increase of revenues and margins mainly thanks to the contribution for the whole period of the consolidation of 7Pixel S.r.l., the company that manages the www.trovaprezzi.it website, controlled
Slide 17: BPO Division – Business outlook
BPO Division – Business outlook • The results and trends of the BPO Division in Q1 2016 are in line with stated expectations. • Revenues and profitability are increasing if compared to Q1 2015. Nevertheless, we expect that the results of the Division for the whole year 2016 will not be not be far fr
Slide 18: 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 19: Agenda
Agenda Business Description 1 Current Trading and Outlook 2 Long-term Potential 3 19
Slide 20: 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 21: 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 22: 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 23: Appendix
teh Appendix
Slide 24: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q4 Q1 2015 2016 Q4 Q3 2015 Q2 Q3 2015 Q1 Q2 2015 Q4 Q1 2014 2015 Rev enues 32,834 36,414 30,217 36,414 31,739 30,217 22,349 31,739 20,566 22,349 Other income 598 566 452 598 547 452 684 547 448 684 Capitalization of internal costs 172 162 134 172 292 134 170 292 170 17
Slide 25: Q1 Profit & Loss
Q1 Profit & Loss (€000) Q1 2016 Q1 2015 % Var. Rev enues 32,834 22,349 46.9% Other income 566 684 -17.3% Capitalization of internal costs 162 170 -4.7% Serv ice costs (11,916) (8,374) 42.3% Personnel costs (10,398) (8,198) 26.8% Other operating costs (1,208) (796) 51.8% Depreciation and amortization
Slide 26: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of March 31, December 31, (€000) Change % 2016 2015 ASSETS I ntangible assets 56,746 57,932 (1,186) -2.0% Property, plant and equipment 11,716 11,485 231 2.0% Associates measured w ith equity method 2,642 2,642 - 0.0% Other non-current assets 18 61 (43) -70.5% Total non
Slide 27: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of March 31, December 31, (€000) Change % 2016 2015 LIABILITIES AND SHAREHOLDERS' EQUITY Equity attributable to the shareholders of the I ssuer 54,614 52,429 2,185 4.2% Minority interest 6,658 5,655 1,003 17.7% Total shareholders' equity 61,272 58,084 3,188 5.5% Lon
Slide 28: Net Financial Position
Net Financial Position As of March 31, December 31, (€000) Change % 2016 2015 A. Cash and cash equiv alents 37,478 32,451 5,027 15.5% B. Other cash equiv alents - - - N/A C. Financial assets held to maturity or for trading 817 817 - 0.0% D. Liquidity (A) + (B) + (C) 38,295 33,268 5,027 15.1% E. Curr
Slide 29: 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