Invesco Ltd · NYSE:IVZ
Invesco — Amvescap — Q2 2005 Earnings Presentation
16 slides from Invesco's earnings presentation, Aug 2, 2005
Slide 1: 2005 Interim Results
AMVESCAP Helping people worldwide build their financial security 2005 Interim Results Charles W. Brady, Chairman Martin L. Flanagan, Chief Executive Officer James I. Robertson, Chief Financial Officer August 2, 2005
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation may include statements that constitute "forward-looking statements" under the United States securities laws. Forward-looking statements include information concerning possible or assumed future results of our operations, earnings, liquidity, cash flow and
Slide 3: Financial Review
AMVESCAP Financial Review
Slide 4: Summary Profit & Loss Account
Summary Profit & Loss Account in thousands Six Months Ended June 30, 2005 2004 Revenues £ 581,496 £ 577,102 Operating expenses (440,341) (429,310) Operating profit 141,155 147,792 Investment income 2,065 10,317 Interest expense (23,888) (20,015) Profit before taxation 119,332 138,094 Taxation (42,64
Slide 5: Group Profit & Loss Account
Group Profit & Loss Account in thousands Three Months Ended June 30, 2005 2004 Revenues £ 295,512 £ 288,818 Operating expenses (223,183) (215,267) Operating profit 72,329 73,551 Investment income 657 1,272 Interest expense (12,729) (10,317) Profit before taxation 60,257 64,506 Taxation (21,532) (23,
Slide 6: Quarterly Financial Comparisons
Quarterly Financial Comparisons in thousands 2005 2004 Q2 Q2 % change Revenues £ 295,512 £ 288,818 2.3% Operating expenses 223,183 215,267 3.7% Operating profit 72,329 73,551 (1.7)% Operating margin 24.5% 25.5% EBITDA 91,423 92,458 (1.1)% EPS - diluted 4.8p 5.1p (5.9)% EBITDA per share - diluted 11.
Slide 7: Quarterly Financial Comparisons
Quarterly Financial Comparisons in thousands 2005 2005 Q2 Q1 % change Revenues £ 295,512 £ 285,984 3.3% Operating expenses 223,183 217,158 2.8% Operating profit 72,329 68,826 5.1% Operating margin 24.5% 24.1% EBITDA 91,423 88,768 3.0% EPS - diluted 4.8p 4.7p 2.1% EBITDA per share - diluted 11.4p 11.
Slide 8: Segmental Analysis
Segmental Analysis in thousands Six Months Ended June 30, 2005 Operating Revenues Expenses Profit AIM U.S. £ 201,455 £ (134,179) £ 67,276 Canada 95,383 (44,457) 50,926 296,838 (178,636) 118,202 INVESCO U.S. 103,774 (77,057) 26,717 U.K. 110,195 (86,897) 23,298 Europe/Asia 32,076 (36,478) (4,402) 246,
Slide 9: Operating Profit – 2005 Q2 V. 2005 Q1
Operating Profit – 2005 Q2 V. 2005 Q1 in thousands 2005 2005 Q2 Q1 Change AIM U.S. £ 32,423 £ 34,853 (2,430) Canada 24,757 26,169 (1,412) 57,180 61,022 (3,842) INVESCO U.S. 15,201 11,516 3,685 U.K. 15,941 7,357 8,584 Europe/Asia (3,769) (633) (3,136) 27,373 18,240 9,133 Private Wealth/Retirement (2,
Slide 10: Funds Under Management - YTD
Funds Under Management - YTD in billions AIM INVESCO Total US Canada US UK Europe/Asia PWM December 31, 2004 $382.1 $137.6 $34.6 $121.0 $49.6 $24.1 $15.2 Market gains/(losses) 4.4 (0.3) 0.9 - 2.6 1.4 (0.2) Net new (lost) business (8.2) (7.4) 0.6 (3.9) 2.8 (0.6) 0.3 Change in money market funds (1.4)
Slide 11: Funds Under Management - QTD
Funds Under Management - QTD in billions AIM INVESCO Total US Canada US UK Europe/Asia PWM March 31, 2005 $375.4 $131.0 $35.9 $118.0 $51.6 $23.9 $15.0 Market gains/(losses) 5.8 1.5 0.6 0.9 1.8 1.0 - Net new (lost) business (5.7) (4.5) 0.2 (1.9) 0.6 (0.4) 0.3 Change in money market funds 0.5 0.6 - -
Slide 12: Balance Sheet
Balance Sheet in thousands June 30, 2005 December 31, 2004 Non-current assets Goodwill and intangible assets £ 2,385,655 £ 2,317,247 Property and equipment 112,603 118,272 Investments 90,962 70,070 2,589,220 2,505,589 Current assets Trade and other receivables 575,835 606,264 Investments 589,859 499
Slide 13: Group Cash Flow
Group Cash Flow in thousands Six Months Ended June 30, 2005 2004 Operating profit £ 141,155 £ 147,792 Amortization and depreciation 22,567 24,814 Interest paid, net of investment income (20,962) (17,290) Taxation (26,669) (33,309) Change in debtors, creditors, and other (7,529) (62,800) Net cash inf
Slide 14: Analysis Of Net Debt
Analysis Of Net Debt in thousands June 30, 2005 December 31, 2004 (Decrease)/Increase £ $ £ $ £ $ Senior notes ($1,150m) 631,382 1,150,000 640,619 1,229,476 (9,237) (79,476) Credit facility 13,726 25,000 78,679 151,000 (64,953) (126,000) Other, including fx 5,582 10,166 5,328 10,226 254 (60) Total D
Slide 15: Average Shares Outstanding
Average Shares Outstanding in thousands June 30, 2005 Mar 31, 2005 Dec 31, 2004 Ordinary shares 765,559 765,286 773,574 Exchangeable shares 28,070 28,148 28,586 Shares outstanding 793,629 793,434 802,160 Shared - based compensation 7,444 7,234 4,528 Total average shares 801,073 800,668 806,688 15
Slide 16: 2005 Interim Results
AMVESCAP 2005 Interim Results