Invesco Ltd · NYSE:IVZ
Invesco — Amvescap — Q1 2002 Earnings Presentation
19 slides from Invesco's earnings presentation, Apr 24, 2002
Slide 1: 2002 First Quarter Results
AMVESCAP Helping people worldwide build their financial security 2002 First Quarter Results Charles W. Brady, Executive Chairman Robert F. McCullough, Chief Financial Officer April 24, 2002
Slide 2: Forward-Looking Statement
Forward-Looking Statement Callers who access the call during the live transmission will be deemed to have solicited access to the call for the purposes of the UK Financial Services and Markets Act regime governing real-time financial promotion. The presentations that follow may include information t
Slide 3: First Quarter Summary
First Quarter Summary Sluggish global markets. Results for Q1 in line with Q4. Emphasis remains on cost controls. Continuing to invest for the long-term - impacts current operating profits and margin. f Private Wealth - expansion in people, infrastructure and new office location f Internatio
Slide 4: Financial Summary – First Quarter 2002
Financial Summary – First Quarter 2002 Revenues at £377.7m, down 12% from prior year. Pre-tax profits (before goodwill and exceptional items) of £97.5, down 28%. Diluted EPS (before goodwill and exceptional items) of 8.2p, down 27% from prior year, same as 2001 Q4. Funds under management of
Slide 5: Financial Review
AMVESCAP Financial Review
Slide 6: Summary Profit & Loss Account
Summary Profit & Loss Account Three Months Ended March 31, 2002 2001** Revenues £377,749 £427,277 Expenses Operating expenses (272,901) (281,017) Exceptional items -- (4,207) Goodwill amortization (36,837) (31,811) Operating profit 68,011 110,242 Investment income 6,653 3,001 Interest payable (14,03
Slide 7: Quarterly Financial Comparisons
Quarterly Financial Comparisons in thousands 2002 2001 Q1 Q4 % change Revenues £ 377,749 £ 378,745 (0.3%) Operating expenses 272,901 272,049 0.3% Operating profit 104,848 106,696 (1.7%) Operating margin 27.8% 28.2% (1.4%) EBITDA 127,414 127,660 (0.2%) EPS - diluted 8.2p 8.2p 0.0% EBITDA per share -
Slide 8: Segmental Analysis
Segmental Analysis Three Months Ended March 31, 2002 Revenues Expenses Profit Managed Products £225,184 £(131,479) £93,705 INVESCO Institutional 52,258 (40,221) 12,037 INVESCO Global 75,253 (63,280) 11,973 INVESCO Retirement 15,304 (14,881) 423 Private Wealth 9,368 (9,313) 55 New Business 382 (3,229
Slide 9: Operating Profit – 2001 V. 2002
Operating Profit – 2001 V. 2002 in thousands 2002 2001 Change Managed Products £ 93,705 £ 117,316 £ (23,611) INVESCO Institutional 12,037 13,338 (1,301) INVESCO Global 11,973 24,549 (12,576) INVESCO Retirement 423 2,314 (1,891) Private Wealth Management 55 448 (393) New Business (2,847) (2,865) 18 C
Slide 10: Operating Profit – 2001 Q4 V. 2002 Q1
Operating Profit – 2001 Q4 V. 2002 Q1 Q1 Q4 in thousands 2002 2001 Change Managed Products £ 93,705 £ 96,948 £ (3,243) INVESCO Institutional 12,037 13,637 (1,600) INVESCO Global 11,973 10,573 1,400 INVESCO Retirement 423 (342) 765 Private Wealth Management 55 959 (904) New Business (2,847) (2,717) (
Slide 11: Funds Under Management
Funds Under Management in billions Managed Products INVESCO INVESCO Total AIM INVESCO Inst Global PWM Dec 31, 2001 $397.9 $179.8 $31.4 $116.8 $60.0 $9.9 Market gains/(loss) 1.3 0.1 (0.9) 0.3 1.8 - Net new/(lost) business 0.2 0.4 (0.4) (1.0) 1.3 (0.1) Change in money market funds 1.2 1.9 (0.2) - (0.5
Slide 12: Balance Sheet
Balance Sheet March 31, 2002 Dec 31, 2001 Fixed assets Goodwill £2,657,156 £2,693,659 Investments 155,980 166,036 Tangible assets 185,128 209,370 2,998,264 3,069,065 Currents assets Debtors 704,347 576,447 Investments 25,956 33,116 Cash 165,872 175,902 896,175 785,465 Creditors (782,136) (640,804) N
Slide 13: Group Cash Flow
Group Cash Flow in thousands Three Months Ended March 31, 2002 2001 Operating profit, excluding banking and insurance activities £ 67,164 £ 106,218 Amortization and depreciation 52,448 48,799 Change in debtors, creditors and other (398) (32,928) Net cash inflow from operating activities, excluding b
Slide 14: Analysis Of Net Debt
Analysis Of Net Debt in thousands March 31, 2002 December 31, 2001 (Decrease)/Increase £ $ £ $ £ $ Senior notes ($650m) 454,545 650,000 448,276 650,000 6,269 - Senior notes ($300m) 209,790 300,000 206,897 300,000 2,893 - Equity subordinated debentures 65,645 93,872 64,733 93,863 912 9 Credit facilit
Slide 15: Average Shares Outstanding
Average Shares Outstanding in thousands March 31, 2002 Dec 31, 2001 Ordinary shares 772,411 763,977 Exchangeable shares 39,476 41,084 Shares outstanding 811,887 805,061 Shares reserved for: Options 17,837 24,922 Total shares 829,724 829,983 15
Slide 16: Headcount
Headcount March 31, Dec 31, 2002 2001 Managed Products 4,222 4,346 INVESCO Institutional 870 868 INVESCO Global 2,229 2,334 INVESCO Retirement 559 561 Private Wealth 234 252 New Business 74 76 Corporate 83 82 8,271 8,519 16
Slide 17: US GAAP Reconciliation (Profit)
US GAAP Reconciliation (Profit) in thousands Three Months Ended March 31, 2002 2001 Net profit under UK GAAP £ 30,803 £ 57,640 US GAAP adjustments: Acquisition accounting: Amortization of intangibles 36,095 (17,028) Other acquisition items (2,103) - Taxation (3,815) (12,015) Other 544 288 Net income
Slide 18: US GAAP Reconciliation (Equity)
US GAAP Reconciliation (Equity) in thousands March 31, 2002 Dec 31, 2001 Shareholders' funds under UK GAAP £ 2,293,294 £ 2,281,464 US GAAP adjustments: Acquisition accounting 1,034,477 984,436 Treasury stock (180,672) (186,134) Dividends - 52,708 Other (19,082) (20,443) Shareholders' equity under US
Slide 19: 2002 First Quarter Results
AMVESCAP 2002 First Quarter Results