Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — FY2022 Earnings Presentation
46 slides from Moltiply's earnings presentation, Mar 16, 2023
Slide 1: Full Year 2022 Results
Full Year 2022 Results March 16th, 2023
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 (16.29% • Founder and key shareholder (16.29% • Background in auditing (Arthur indirectly through Alma Ve
Slide 4: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Net Financial Position Update 4 Historical Performance 5 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 Italian and international brands Division Division within the Italian financial services industry Credit Mortga
Slide 6: Broking Division – Italian Brands
Broking Division – Italian Brands Brand Description Market Position Operations Revenue Model Multi-product aggregator Strong number two Focus on marketing activities, Commission on new policy sales for insurance, personal player in insurance mostly TV and Internet. Relies plus (lower) renewal fees f
Slide 7: Broking Division – International Brands
Broking Division – International Brands Brand Description Market Position Operations Revenue Model Multi-product aggregator, # 1 aggregator brand in Operates as regulated Commissions on new with focus on online Spain with strong brand insurance and mortgage broker intermediated policies. Free for in
Slide 8: BPO Division – Main services
BPO Division – Main services Product Life Cycle DISTRIBUTION UNDERWRITING/CLOSING SERVICING • Commercial activities for online • Income Analysis Mortgage lenders (in lenders’ name) • Technical-Legal Analysis BPO • Centralized packaging • Anti-fraud checks • CRM activities for origination • Notary co
Slide 9: Group structure
Group structure Headcount* 2,555 FTE Group structure as of December 31st, 2022 * 2022 average 9
Slide 10: Broking Division structure
Broking Division structure Group structure as of December 31st, 2022 10
Slide 11: BPO Division structure
BPO Division structure Group structure as of December 31st, 2022 11
Slide 12: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Net Financial Position Update 4 Historical Performance 5 4 12
Slide 13: 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 high quality mid-size companies, which voluntarily adhere and comply with a number of strict requirements in line with best international pra
Slide 14: Shareholding Structure
Shareholding Structure Shareholding structure as of March 15th, 2023* Treasury shares 6.39% Alma Ventures** 32.58% Free Float 35.21% 4.01% 21.81% Investmentaktiengesellschaft für Stan Holding S.r.l. langfristige Investoren TGV * Share ownership as registered in last Shareholders’ meetings and as com
Slide 15: Share Performance since IPO
Share Performance since IPO 3,000 85.0 80.0 KEY STOCK DATA as of Mar. 15th, 2023 2,750 75.0 2,500 Number of Shares 40,000,000 70.0 Treasury Shares 2,554,331 65.0 2,250 Outstanding Shares 37,445,669 60.0 Price per Share € 24.72 2,000 Market Capitalisation € 925.7 M 55.0 1,750 50.0 Since November 2018
Slide 16: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Net Financial Position Update 4 Historical Performance 5 4 16
Slide 17: Full-year Highlights
Full-year Highlights Broking Division BPO Division Revenues EBIT (€m) (€m) 400 150 313.5 Y-o-Y 310.8 300 -0.9% 100 43% 42% 200 69.0 Y-o-Y 66.5 -3.5% 50 64% 59% 100 58% 57% 36% 41% 0 0 2021 2022 2021 2022* EBIT margin 22.0% 21.4% EBITDA Net Income (€m) (€m) 150 150 100 92.6 Y-o-Y 88.6 100 -4.3% 55% 5
Slide 18: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • The ongoing contraction of the residential mortgage market continued in Q4 2022 and in the early months of 2023, due to a collapse in remortgage volumes and a significant contraction of purchase mortgage volumes. • Data from Assofin, an associat
Slide 19: Broking Division – Key Financials
Broking Division – Key Financials EBITDA Revenues (€m) (€m) 150 400 100 50.7 Y-o-Y 46.8 50 -7.7% 300 0 2021 2022 200 EBITDA margin 37.8% 35.7% 134.2 Y-o-Y 131.0 -2.4% EBIT 100 (€m) 150 0 100 2021 2022 44.2 Y-o-Y 39.3 50 -11.1% 0 2021 2022 EBIT margin 32.9% 30.0% 19
Slide 20: Broking Division – Performance and outlook (1/3)
Broking Division – Performance and outlook (1/3) • After a first half of 2022 with solidly growing results, the Broking Division suffered significantly in H2 2022 the contraction of the mortgage market, which was more pronounced and impactful than expected. • For the first part of 2023, on a like-fo
Slide 21: Broking Division – Performance and outlook (2/3)
Broking Division – Performance and outlook (2/3) Insurance Broking Revenues • During 2022, the business line continued to grow, even if slower than in (€m) previous years, especially in terms of new customers. 70 60 • For 2023, we observe an initial increase in insurance premiums, which is likely to
Slide 22: Broking Division – Performance and outlook (3/3)
Broking Division – Performance and outlook (3/3) E-Commerce Price Comparison Revenues • During 2022, the business continued to grow, although less than in 2021. Work (€m) continued on improving the product and expanding the services offered, 70 aimed at providing consumers with the best options for
Slide 23: BPO Division – Key Financials
BPO Division – Key Financials EBITDA Revenues (€m) (€m) 150 400 100 50 41.8 Y-o-Y 41.8 -0.1% 300 0 2021 2022 200 179.2 Y-o-Y 179.7 EBITDA margin 23.3% 23.2% +0.3% EBIT 100 (€m) 150 0 100 2021 2022 50 Y-o-Y 27.3 24.8 +10.1% 0 2021 2022 EBIT margin 13.8% 15.2% 23
Slide 24: BPO Division – Performance and outlook (1/4)
BPO Division – Performance and outlook (1/4) • In 2022, the BPO Division performed in line with the projections released during 2022. Revenues and operating margins at the EBITDA level are broadly in line with 2021. This result benefits from the contribution of acquisitions completed during 2022. In
Slide 25: BPO Division – Performance and outlook (2/4)
BPO Division – Performance and outlook (2/4) Real Estate Services BPO Revenues • After a record year, 2023 results will see a reduction related to the gradual (€m) phasing out during the year of the market for financial institutions purchasing 70 tax credits related to “Ecobonus” incentives, for whi
Slide 26: BPO Division – Performance and outlook (3/4)
BPO Division – Performance and outlook (3/4) Insurance BPO Revenues • 2022 saw revenue growth at the organic level and through acquisitions, while (€m) experiencing pressure on operating margins. In 2023, management expects a 70 continuation of slight organic growth and will focus on streamlining an
Slide 27: BPO Division – Performance and outlook (4/4)
BPO Division – Performance and outlook (4/4) Leasing & Rental BPO/IT • The good performance of the business line related to Leasing & Rental BPO/IT (€m) services continues in 2022, despite the fact that the automotive market was 70 still affected by the problems of global logistics chains. 60 • Sign
Slide 28: Dividend Payout
Dividend Payout Earnings per share, consolidated (€) 4.00 3.42 3.00 2.23 2.00 1.07 1.14** 1.24 0.89 1.00 0.59 0.69 0.56 0.58 0.71 0.38 0.38 0.41 1.19* 0.25 0.24 0.09 0.09 0.43 0.00 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Earnings per share Dividends per outsta
Slide 29: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Net Financial Position Update 4 Historical Performance 5 4 29
Slide 30: Net Financial Position
Net Financial Position As of December 31, December 31, (€000) Change % 2022 2021* A. Cash and current bank accounts 269,647 165,857 103,790 62.6% B. Cash equiv alents - - - N/A C. Other current financial assets 7,430 6,467 963 14.9% D. Liquidity (A) + (B) + (C) 277,077 172,324 104,753 60.8% E. Curre
Slide 31: Agenda
Agenda Business Description 1 Share Information 2 Business Update 3 Net Financial Position Update 4 Historical Performance 5 4 31
Slide 32: Major milestones
Major milestones Revenues (€m) 313.5 310.8 259.4 Collapse of 219.9 Italian mortgage 185.1 market 152.8 138.1 120.7 71.8 68.3 53.4 37.7 46.4 47.9 38.5 51.0 1.0 2.7 4.5 7.8 13.2 21.8 0.1 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Slide 33: Revenue trends by Division
Revenue trends by Division Group Revenues (€m) 350 313.5 310.8 300 259.4 250 43% 42% 58% 219.9 200 185.1 43% 40% 39% 152.8 150 61% 138.1 43% 45% 120.7 44% 100 44% 71.8 47% 57% 58% 68.3 53.4 57% 46.4 47.9 51.0 61% 50 37.7 58% 38.5 37% 57% 66% 61% 40% 56% 21.8 60% 60% 45% 53% 56% 58% 42% 55% 60% 63% 0
Slide 34: Revenue Breakdown by Business Line – Broking Division
Revenue Breakdown by Business Line 200 Broking Division Revenues (€m) 160 134.2 131.0 Other Revenues 7% Telco & Energy Comparison* 120 8% 111.1 E-Commerce Price Comparison 3% 25% Insurance Broking 29% Credit Broking 86.8 61% 31% 45% 79.1 2% 80 67.2 18% 27% 61.0 24% 22% 57.2 18% 30% 19% 18% 41.9 28%
Slide 35: Revenue Breakdown by Business Line – BPO Division
Revenue Breakdown by Business Line 200 BPO Division Revenues (€m) 179.2 179.7 Other revenues 160 20% 148.3 22% Leasing & Rental BPO/IT Investment Services BPO 133.1 6% 22% Insurance BPO 6% 120 Loans BPO 24% 17% 106.0 6% Real Estate Services BPO* 19% 5% Mortgage BPO 21% 7% 61% 85.6 4% 17% 14% 45% 77.
Slide 36: EBITDA by Division
EBITDA by Division EBITDA EBITDA margin (€m) (%) 150 50% 40.5% 120 40% 37.8% 35.0% 35.7% 92.6 88.6 29.1% 30% 90 76.6 29.5% 29.5% 28.5% 64.0 25.3% 55% 53% 20% 23.3% 23.2% 60 21.3% 59% 47% 10% 30 53% 45% 47% 41% 0% 0 2019 2020 2021 2022 2019 2020 2021 2022 BPO Division Broking Division Broking Divisio
Slide 37: Operating Income by Division
Operating Income by Division EBIT (€m) 69.0 66.5 63.1 60 50.8 46.1 39.7 65% 59% 40 35.2 66% 30.9 32.0 52% 51% 46% 21.9 21.5 22.0 47% 20 17.6 57% 77% 14.5 8.5 78% 93% 84% 36% 48% 35% 41% 77% 3.6 5.6 53% 54% 49% 34% 67% 64% 43% 33% 23% 22% 7% 16% 23% 0 2006 2007 (a) 2008 2009 2010 2011 2012 2013 2014
Slide 38: Net Income
Net Income Net income (€m) 150 130.7 120 Tax benefit from the 90 revaluations 85.1 60 47.5** 47.5 40.6 34.4 23.5 24.8 27.5 15.3 20.9 30 29.7 5.2 9.7 14.8 14.4 3.6 3.8 9.9 45.6* 17.8 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Net income margin (%) 60% 50.4%
Slide 39: Appendix
beh Appendix
Slide 40: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q4 2022 Q3 2022 Q2 2022 Q1 2022 Q4 2021 Rev enues 84,397 69,383 79,125 77,865 83,231 Other income 4,280 1,889 2,062 1,417 1,704 Capitalization of internal costs 3,605 1,167 1,589 1,153 1,915 Serv ices costs (35,305) (29,521) (30,782) (32,405) (34,087) Personnel costs (
Slide 41: Q4 Profit & Loss
Q4 Profit & Loss (€000) Q4 2022 Q4 2021 % Var. Rev enues 84,397 83,231 1.4% Other income 4,280 1,704 151.2% Capitalization of internal costs 3,605 1,915 88.3% Serv ice costs (35,305) (34,087) 3.6% Personnel costs (30,835) (24,538) 25.7% Other operating costs (3,475) (3,184) 9.1% Depreciation and amo
Slide 42: Q4 Highlights
Q4 Highlights Broking Division BPO Division Revenues EBIT (€m) (€m) 100 30 83.2 Y-o-Y 84.4 +1.4% 80 19.2 Y-o-Y 44% 40% 20 60 -20.0% 15.4 40 61% 10 57% 20 56% 60% 39% 43% 0 0 Q4 2021 Q4 2022 Q4 2021 Q4 2022 EBIT margin 23.1% 18.2% EBITDA Net Income (€m) (€m) 30 30 25.0 Y-o-Y -9.5% 22.7 15 9.0 20 56%
Slide 43: Full Year Profit & Loss
Full Year Profit & Loss (€000) FY 2022 FY 2021 % Var. Rev enues 310,770 313,464 -0.9% Other income 9,648 5,082 89.8% Capitalization of internal costs 7,514 4,853 54.8% Serv ice costs (128,013) (130,635) -2.0% Personnel costs (99,670) (89,919) 10.8% Other operating costs (11,681) (10,293) 13.5% Depre
Slide 44: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of December 31, December 31, (€000) Change % 2022 2021* ASSETS I ntangible assets 299,516 202,758 96,758 47.7% Property, plant and equipment 26,763 24,669 2,094 8.5% Participation measured w ith equity method 942 1,058 (116) -11.0% Financial assets at fair v alue 106,64
Slide 45: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of December 31, December 31, (€000) Change % 2022 2021 LIABILITIES AND SHAREHOLDERS' EQUITY Total equity attributable to the shareholders of the I ssuer 270,232 264,399 5,833 2.2% Minority interest 1,999 4,671 (2,672) -57.2% Total shareholders' equity 272,231 269,07
Slide 46: 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