Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — Q3 2014 Earnings Presentation
25 slides from Moltiply's earnings presentation, Nov 17, 2014
Slide 1: Gruppo MutuiOnline Third Quarter 2014 Results
Gruppo MutuiOnline Third Quarter 2014 Results 17th November 2014
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: Presenters today
Presenters today •Group Chairman and Head of Broking Division •Founder and key shareholder (16.25% indirectly through Alma Ventures SA) •Background in consulting (McKinsey) and banking (Morgan Stanley) •Degrees in Electrical Engineering and Computer Science, MBA from MIT Marco Pescarmona •Group CEO
Slide 4: Share performance since IPO date (6 June 2007)
Share performance since IPO date (6 June 2007) KEY STOCK DATA as of 14th Nov 2014 Number of Shares 39,511,870 Treasury Shares 2,511,561 Outstanding Shares 37,000,309 Price per Share € 4.72 Market Capitalisation € 174.6 M 4
Slide 5: Current shareholding structure
Current shareholding structure Shareholding structure as of 14th November 2014 * * Share ownership as communicated to the company by relevant investors according to CONSOB regulations; includes all investors above 2% ownership threshold. ** The share capital of Alma Ventures S.A. is owned 50% by Gud
Slide 6: Business portfolio
Business portfolio Divisions H1 2014 H1 2014 Broking BPO Revenues € 11.4 M Revenues € 20.4 M EBIT € 2.0 M Division Division EBIT € 4.6 M Business Lines % Division revenues Multi-brand broking of Commercial, Underwriting mortgages through remote Mortgage 15.0% 22.5% Mortgage and Portfolio Services fo
Slide 7: Broking Division – Top Brands
Broking Division – Top Brands BRAND DESCRIPTION MARKET POSITION OPERATIONS REVENUE MODEL Multi-product Launched in Focus on marketing activities, Commission on new aggregator for September 2012, is mostly TV and Internet. With policy sales plus (lower) insurance, number two player in the exception o
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: Q3 highlights
Q3 highlights EBIT Revenues (€m) (€m) Y-o-Y +80.7% Y-o-Y +28.1% EBIT margin 16% 22% Net Income (€m) Y-o-Y +82.1% NI margin 9% 13% 9
Slide 10: Q3 Segment reporting
Q3 Segment reporting EBIT Revenues (€m) (€m) Y-o-Y Y-o-Y +80.7% +67.3% Y-o-Y Y-o-Y +28.1% +85.6% Y-o-Y +19.5% Broking Division BPO Division Y-o-Y +33.6% EBIT margin (percent of revenues) Q3 2013 2013 Q3 2014 Broking Division 11% 9% 15% Broking Division BPO Division BPO Division 19% 12% 26% Total 16%
Slide 11: 9M highlights
9M highlights EBIT Revenues (€m) (€m) Y-o-Y Y-o-Y +137.4% +29.6% EBIT margin 12% 21% Net Income (€m) Y-o-Y +170.7% NI margin 6% 13% 11
Slide 12: 9M Segment reporting
9M Segment reporting EBIT Revenues (€m) (€m) Y-o-Y Y-o-Y +179.7% Y-o-Y +137.4% +29.6% Y-o-Y Y-o-Y +14.4% +124.2% Broking Division BPO Division Y-o-Y +40.1% EBIT margin (percent of revenues) 9M 2013 2013 9M 2014 Broking Division 7% 9% 17% Broking Division BPO Division BPO Division 15% 12% 24% Total 1
Slide 13: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • The residential mortgage market in Italy confirms its recovery in 2014, mainly due to the progressive increase of mortgage refinancing volumes. • The data provided by Assofin, an industry association that comprises most mortgage lenders, confirm
Slide 14: Broking Division - Business outlook
Broking Division - Business outlook • Within the Broking Division, brokered volumes of all Business Lines confirm a trend of moderate year-on-year recovery, with the margins still significantly influenced by the advertising expenditures for the “Segugio” brand. • As regards our credit broking activi
Slide 15: BPO Division - Business outlook
BPO Division - Business outlook • According to expectations, the results of the BPO Division for Q3 2014 show year-on-year improvements both in terms of revenues and margins. • The year-on-year rate of revenue growth in Q3 2014 represents true organic growth, as it no longer benefits from changes in
Slide 16: Appendix
™ Grup ine PO MutuiOnl Appendix
Slide 17: Q3 Profit & loss
Q3 Profit & loss (€000) Q3 2014 Q3 2013 % Var. Rev enues 15,920 12,423 28.1% Other income 513 255 101.2% Capitalization of internal costs 239 107 123.4% Serv ice costs (5,930) (4,566) 29.9% Personnel costs (6,139) (5,399) 13.7% Other operating costs (600) (449) 33.6% Depreciation and amortization (4
Slide 18: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q3 2014 Q2 2014 Q1 2014 Q4 2013 Q3 2013 Rev enues 15,920 16,764 15,050 14,238 12,423 Other income 513 656 544 510 255 Capitalization of internal costs 239 307 161 478 107 Serv ice costs (5,930) (5,876) (5,644) (5,424) (4,566) Personnel costs (6,139) (7,023) (6,496) (7,
Slide 19: 9M Profit & loss
9M Profit & loss (€000) 9M 2014 9M 2014 % Var. Rev enues 47,734 36,819 29.6% Other income 1,713 718 138.6% Capitalization of internal costs 707 344 105.5% Serv ice costs (17,450) (14,436) 20.9% Personnel costs (19,658) (16,381) 20.0% Other operating costs (1,639) (1,552) 5.6% Depreciation and amorti
Slide 20: Balance sheet 1/2
Balance sheet 1/2 As of September 30, December 31, (€000) Change % 2014 2013 ASSETS I ntangible assets 10,887 10,541 346 3.3% Property, plant and equipment 5,019 5,078 (59) -1.2% Deferred tax assets - 3,197 (3,197) -100.0% Other non-current assets 57 27 30 111.1% Total non-current assets 15,963 18,8
Slide 21: Balance sheet 2/2
Balance sheet 2/2 As of September 30, December 31, (€000) Change % 2014 2013 LIABILITIES AND SHAREHOLDERS' EQUITY Total equity attributable to the shareholders of the I ssuer 32,223 31,336 887 2.8% Minority interest 1,194 1,105 89 8.1% Total shareholders' equity 33,417 32,441 976 3.0% Long-term borr
Slide 22: Historical Revenue Trends
Historical Revenue Trends Broking Division Revenues (€m) Group Revenues (€m) Collapse of Italian mortgage market BPO Division Revenues (€m) 22
Slide 23: Historical Profitability
Historical Profitability EBIT (€m) EBIT margin (%) Launch of Segugio.it Net income (€m) Note: (a) Excludes one off costs related to restructuring of the Group and the IPO of the Company amounting to €816,000 23
Slide 24: Dividend Distribution
Dividend Distribution Earnings per share, consolidated Dividends per share (€) (€) 24
Slide 25: 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