Anima Holding S.p.a. · MIL:ANIM
Anima — H1 2024 Earnings Presentation
15 slides from Anima's earnings presentation, 2024
Slide 1: 1H 2024 Results Highlights of a record half-year
1H 2024 Results Highlights of a record half-year
Slide 2: 1H 2024 Highlights
1H 2024 Highlights 197.8 €bn AuM -0.3 €bn Net Inflows* +4.4% Mutual funds’ WAP +7% vs. 1H23 vs. -0.2 €bn in 1H23 vs. +4.1% in 1H23 ➢ Total AuM up €13bn yoy ➢ Excellent results in retail inflows from partner banks and satisfactory flows in the institutional category - Negative -2.1 €bn flows in low-e
Slide 3: ANIMA Group structure
1H 2024 ANIMA Group structure AuM at 30.06.2024 – Instrumental subsidiaries not shown ANIMA Holding Put&Call options on minority stake 100% 100% 100% for 2026-2028 80% 20% Alternative investments business unit Italy’s independent asset One of Italy’s most Real-estate and other illiquid or non-tradit
Slide 4: Split of Assets under Management as of 30.06.2024
1H 2024 Split of Assets under Management as of 30.06.2024 Retail (B2C & B2B2C) Institutional (B2B) 51% AuM = €101.8bn B2C 49% AuM = €95.9bn B2B2C Wrap* 15.5% B2B Alternative Investments Banco BPM Fund users 4.4% 29.1% 5.5% Advisory Pension Funds 7.3% 6.7% other Insurance - U/L Class I 7.9% insurance
Slide 5: Mutual funds’ investment performance
1H 2024 Mutual funds’ investment performance 2024 YTD WAP Funds’ breakdown by category ANIMA Italian industry as of 30.06.2024 % 5.0 19.8% 4.58 4.5 4.45 Equity 34.3% 4.0 20.1% 3.5 3.0 Flexible 15.0% 2.5 15.1% Balanced 10.8% 2.0 1.5 1.0 40.4% Bond 36.3% 0.5 0.0 -0.5 Cash 3.6% 4.6% Mar Apr May Feb Jan
Slide 6: Net flows breakdown by quarter
1H 2024 Net flows breakdown by quarter € bn Bond Balanced Flexible Equity 1.5 ➢ First signs of equity comeback in 2Q 2024 1.8 1.3 1.3 ➢ Flexible outflows mainly 0.8 0.8 connected to the “wrapping” 0.5 0.2 category 0.1 0.1 -0.2 -0.3 -0.3 -0.2 -0.6 -0.6 -1.0 -1.4 -1.5 -1.5 -1.4 -1.7 -0.1 -0.2 1Q23 2Q2
Slide 7: The strongest Retail Net Inflows in 9 years
1H 2024 The strongest Retail Net Inflows in 9 years € mn B2C Retail Net Inflows into Anima Group products data in €mn ➢ B2C Retail inflows: 1.500 1149 a significant qualitative indicator 1.000 ➢ Mostly coming through our 500 332 279 strategic and commercial partner banks 0 ➢ Stronger interest demons
Slide 8: 1H net inflows: eye on profitability
1H 2024 1H 24 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 (B2C) comparable trend in
Slide 9: Consolidated P&L
1H 2024 Consolidated P&L € mn 1H24 1H24 1H23 bps/avg AuM 1H24 1H24 1H23 CONS ANIM ANIM CONS ANIM ANIM Includes Total margin 17.0 16.6 15.4 Castello and ex- Castello and Kairos two months of Margin excl. Class I and AIFs 27.0 25.7 25.3 Kairos Net revenues 192.968 179.651 160.409 ➢ Profitability of Au
Slide 10: 1H Net Income bridge 2023-2024
1H 2024 1H Net Income bridge 2023-2024 € mn 3.1 0.9 0.4 8.0 14.8 Tax Rate 1H 23 50.4 33.1% 43.1 6.1 31.3 162.9 Tax Rate 1H 24 27.2% 118.6 94.5 63.2 1H2023 Income tax 1H2023 Perf Fees Other Badwill BMPS Other Change in 1H2024 Income Tax: 1H2024 NI PBT EBITDA revenue dividend Perimeter PBT Tax step-up
Slide 11: Total Revenues ex performance fees by quarter
1H 2024 Total Revenues ex performance fees by quarter € mn ➢ Structural increase in Other Income since the beginning of 2024 following internalization of some services rendered to mutual funds 98.1 94.9 Other income 86.7 85.5 86.1 87.7 15.0 85.0 14.9 Net Placement fees 80.5 81.0 81.7 81.2 80.1 80.3
Slide 12: Personnel Expenses
1H 2024 Personnel Expenses € mn ➢ Costs stable after 4Q spike ➢ Variable component influenced by provision for year-end bonuses related to performance fees in the last three quarters 21.4 0.8 19.4 Data in €m 2.8 1.4 17.8 2.0 0.7 0.7 14.6 2.1 2.2 13.8 13.9 0.6 13.0 12.5 12.6 12.9 1.4 11.8 5.7 11.3 11
Slide 13: Net financial income quarterly trend
1H 2024 Net financial income quarterly trend € mn ➢ Continued improvement of interest income from liquidity, mainly due to higher rates on time deposits Interest income 4.2 Derivative unwinding Interest expense 3.3 2.6 Amortised financing cost 2.0 1.1 0.8 4.8 5.5 4.0 3.6 4.0 2.1 -2.8 -2.8 -2.5 -2.5
Slide 14: Consolidated Net Financial Position
1H 2024 Consolidated Net Financial Position € mn 30.06.24 31.12.23 30.06.23 29.2 Bond 2019-26 1.75% (283.4) (283.3) (283.2) 5.0 Bond 2021-28 1.50% (299.0) (298.9) (298.8) Accrued interest expense (4.3) (4.1) (4.3) Other payable (1.2) (0.5) - Dividends (0.3) - (0.2) Put&Call options (Castello) (14.1)
Slide 15: Positive remarks from every angle
1H 2024 Positive remarks from every angle Reaping the fruits of constant effort made through difficult times ➢ Net inflows: Outstanding in quality, increasing in quantity ➢ AuM profitability: improvement sustained by product mix, and it’s not a short-time trend ➢ Castello: effective integration and