Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — Q1 2019 Earnings Presentation
33 slides from Moltiply's earnings presentation, May 15, 2019
Slide 1: First Quarter 2019 Results
First Quarter 2019 Results 15th May 2019
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 (16.05% • Founder and key shareholder • Background in auditing (Arthur indirectly through Alma Ventures S
Slide 4: Agenda
Agenda Business Description 1 Share Information 2 Current Trading and Outlook 3 Historical Performance 4 4
Slide 5: Business portfolio
Business portfolio Online comparison and intermediation Provision of complex Business Process Broking BPO services operating with a portfolio of Outsourcing services for specific verticals leading brands in the Italian market Division Division within the Italian financial services industry Mortgage
Slide 6: 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 7: 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 8: Group structure
Group structure Headcount* 1,761 FTE Group structure as of May 14th, 2019 * 2018 average 8
Slide 9: Major milestones
Major milestones START-UP GROWTH RESTRUCTURING NEW GROWTH € 185,1M € 152,8M € 138,1M € 120,7M € 71,8M € 68,3M € 46,4M € 47,9M € 53,4M € 51,0M € 37,7M € 38,5M € 21,8M € 7,8M € 13,2M € 0,1M € 1,0M € 2,7M € 4,5M 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2
Slide 10: Agenda
Agenda Business Description 1 Share Information 2 Current Trading and Outlook 3 Historical Performance 4 10
Slide 11: Transparency and governance standards
Transparency and governance standards Gruppo MutuiOnline is listed since IPO (June 6, 2007) in the STAR Segment of Borsa Italiana’s equity market dedicated to mid-size companies with a capitalization less than Euro 1 billion, which voluntarily adhere and comply with a number of strict requirements i
Slide 12: Shareholding Structure
Shareholding Structure Shareholding structure as of May13th, 2019* Treasury shares 5,90% Alma Ventures** 32,10% Free Float 32,54% 9,28% 20,18% Investmentaktiengesellschaft für Frankfurter langfristige Investoren TGV Aktienfonds für Stiftungen * Share ownership as updated after the last Shareholders’
Slide 13: Share Performance since IPO
Share Performance since IPO KEY STOCK DATA as of May 10th, 2019 Number of Shares 40,000,000 Treasury Shares 2,360,254 Outstanding Shares 37,639,746 Price per Share € 16.64 Market Capitalisation € 626.3 M Since November 2018, MOL is included in the Italian FTSE Italia MID-CAP Index 13
Slide 14: Agenda
Agenda Business Description 1 Share Information 2 Current Trading and Outlook 3 Historical Performance 4 14
Slide 15: Q1 highlights
Q1 highlights EBIT Revenues (€m) (€m) 15 Y-o-Y 60 +27.3% 10 12,4 9,7 50 Y-o-Y 53,6 5 +42.0% 40 0 Q1 2018 Q1 2019 37,8 30 EBIT margin 25.7% 23.1% 20 Net Income (€m) 10 10 Y-o-Y 8 +46.1% 9,0 0 6 Q1 2018 Q1 2019 4 6,1 2 0 Q1 2018 Q1 2019 NI margin 16.3% 16.7% 15
Slide 16: Performance by Division
Performance by Division EBIT Revenues (€m) (€m) 15 Y-o-Y 12,4 60 9,7 +27.3% Y-o-Y 53,6 10 +22.4% 6,0 4,9 50 Y-o-Y Y-o-Y Y-o-Y 5 +42.0% 6,4 +32.3% 20,8 +21.4% 4,9 40 37,8 0 Q1 2018 Q1 2019 30 17,1 Broking Division BPO Division 20 Y-o-Y 32,8 +59.0% 10 20,6 EBIT margin (percent of revenues) 0 Q1 2018 Q
Slide 17: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • In Q1 2019, the residential mortgage market slowed down, due to both the renewed normalization of remortgage volumes and an unexpected drop of purchase mortgages volumes. • Data from Assofin, an industry association which represents the main len
Slide 18: Broking Division – Business outlook
Broking Division – Business outlook • The Broking Division, after a year of extremely favorable results, could deliver for the rest of 2019 a weaker and more uncertain performance, resulting from expectations of growth of Insurance Broking and E-Commerce Price Comparison, stability of Personal Loan
Slide 19: BPO Division – Business outlook
BPO Division – Business outlook • The results for Q1 2019 are in line with management expectations, showing significant growth in turnover, as compared to Q1 2018. • This growth is mainly due to the change in the consolidation area of the Group: in Q1 2018, in fact, the results of Agenzia Italia S.p
Slide 20: Agenda
Agenda Business Description 1 Share Information 2 Current Trading and Outlook 3 Historical Performance 4 20
Slide 21: Revenue trends by Division
Revenue trends by Division Group Revenues (€m) Collapse of the Italian Mortgage Market 200 185,1 160 152,8 138,1 43% 58% 120,7 120 44% 40% 44% 61% 47% 80 71,8 45% 68,3 53,4 51,0 46,4 47,9 37% 57% 58% 37,7 38,5 56% 40 66% 61% 40% 56% 21,8 60% 45% 53% 60% 63% 58% 42% 60% 40% 40% 34% 39% 55% 42% 0 2006
Slide 22: Revenue Breakdown by Business Line – Broking Division
Revenue Breakdown by Business Line 90 Broking Division Revenues (€m) 79,1 80 Other Revenues 3% E-Commerce Price Comparison 70 67,2 24% 3% Insurance Broking 61,0 60 57,2 3% Consumer Loan Broking 2% 30% Mortgage Broking 50 18% 28% 36% 41,9 40 61% 6% 8% 45% 19% 31,7 32,2 25% 17% 18% 30 27,8 25,1 11% 32
Slide 23: Revenue Breakdown by Business Line – BPO Division
Revenue Breakdown by Business Line 120 BPO Division Revenues (€m) 106,0 100 Other revenues 21% Leasing/Rental BPO 85,6 Asset Management BPO 80 77,1 10% 8% 11% 8% Insurance BPO 9% 63,6 8% CQ Loan BPO 60 10% 20% 17% Mortgage BPO 61% 11% 21% 45% 43,2 40 12% 28% 30,5 14% 29,9 14% 13% 62% 20,6 21,2 35% 6
Slide 24: Operating Income by Division
Operating Income by Division EBIT (€m)50 46,1 Collapse of the Italian Mortgage 39,7 40 Market 35,2 30,9 + 32,0 51% 30 Launch of 46% 21,9 21,5 22,0 Segugio.it 47% 17,6 57% 20 77% 14,5 8,5 78% 93% 84% 36% 10 77% 5,6 53% 54% 49% 3,6 43% 67% 32% 64% 23% 22% 7% 16% 23% 80% 0 33% 20% 68% 2006 2007 (a) 200
Slide 25: Net Income
Net Income Net income (€m) 40 34,1 30 27,5 23,5 24,8 20.9 20 14.8 14.4 15.3 9.7 9,9 10 5.2 3.6 3.8 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Net income margin (%) 40% 31,9% 30,1% 28,7% 29,1% 30% 25,7% 23,9% 19,5% 18,0% 18,0% 18,4% 20% 14,5% 9,4% 10% 7,5% 0% 2006 2007 2008 20
Slide 26: Dividend Payout
Dividend Payout Earnings per share, consolidated Dividends per outstanding share (€) (€) 1,00 1,00 0,88 0,90 0,90 0,80 0,80 0,69 0,70 0,70 0,59 0,58 0,60 0,56 0,60 0,50 0,50 0,41 0,38 0,38 0,36 0,37 0,40 0,40 0.30 0,30 0,30 0,30 0,25 0,24 0,30 0,21 0,20 0,20 0.15 0,12 0,12 0,12 0,12 0,09 0,09 0,09 0
Slide 27: Appendix
teh Appendix
Slide 28: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q4 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Rev enues 53,618 55,830 43,885 47,638 37,770 Other income 906 1,302 1,196 972 609 Capitalization of internal costs 165 384 158 346 202 Serv ice costs (21,418) (21,740) (17,527) (16,903) (13,986) Personnel costs (16,497) (18,242)
Slide 29: Q1 Profit & Loss
Q1 Profit & Loss (€000) Q1 2019 Q1 2018 % Var. Rev enues 53,618 37,770 42.0% Other income 906 609 48.8% Capitalization of internal costs 165 202 -18.3% Serv ice costs (21,418) (13,986) 53.1% Personnel costs (16,497) (12,052) 36.9% Other operating costs (1,760) (1,266) 39.0% Depreciation and amortiza
Slide 30: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of March 31, December 31, (€000) Change % 2019 2018 ASSETS I ntangible assets 109,892 98,641 11,251 11.4% Property, plant and equipment 25,841 16,995 8,846 52.1% Participation measured w ith equity method 1,419 1,554 (135) -8.7% Financial assets at fair v alue 55,144 10
Slide 31: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of March 31, December 31, (€000) Change % 2019 2018 LIABILITIES AND SHAREHOLDERS' EQUITY Total equity attributable to the shareholders of the I ssuer 96,819 81,792 15,027 18.4% Minority interests 1,464 1,154 310 26.9% Total shareholders' equity 98,283 82,946 15,337
Slide 32: Net Financial Position
Net Financial Position As of March 31, December 31, (€000) Change % 2019 2018 A. Cash and cash equiv alents 41,287 67,876 (26,589) -39.2% B. Other cash equiv alents - - - N/A C. Financial assets held to maturity or for trading 3,018 3,395 (377) -11.1% D. Liquidity (A) + (B) + (C) 44,305 71,271 (26,9
Slide 33: 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