Impax Asset Management Group Plc · LSE:IPX
Impax Asset Management — Shareholder Meeting (March 2019)
20 slides from Impax Asset Management's shareholder meeting presentation, Mar 7, 2019
Slide 1: Annual General Meeting – 7 March 2019
Annual General Meeting – 7 March 2019 Ian Simm, Chief Executive FOR PROFESSIONAL INVESTORS ONLY
Slide 2: 2018 highlights
2018 highlights Strong Net inflows of £1.46bn and Closing of Pax AUM up 72% investment strong mandate acquisition1 to £12.5bn2 performance pipeline 28 February 2019 AUM - £12.7 billion3 1On 18 January 2018 Impax Asset Management Group plc acquired Pax World Management LLC (Pax). 2As at 30 September
Slide 3: Financial highlights
Financial highlights1 2018 2017 Change Assets under management2 £12.5bn £7.3bn 72% Revenue £65.7m £32.7m 101% Adjusted operating profit £20.0m £9.3m 114% Adjusted profit/(loss) before tax £19.2m £8.7m 120% Adjusted diluted earnings per share 12.4p 5.9p 110% Shareholders’ equity £52.6m £35.6m 48% Int
Slide 4: Business update
Business update Be gs
Slide 5: Impax Asset Management - overview
Impax Asset Management - overview Thematic Equities £9bn Unconstrained & US Equities £1.2bn Specialist manager, 20 years’ experience Smart Beta 150 staff including 52 investment specialists £12.5bn £995m AUM1 Fixed Income £835m Global distribution and client relations Real Assets £450m London manage
Slide 6: Solid track record of growth – AUM FYE £m
Solid track record of growth – AUM FYE £m 1998 15 1999 20 2000 39 2001 38 2002 55 2003 66 2004 69 2005 214 2006 429 2007 982 2008 1,099 2009 1,265 2010 1,823 2011 1,896 2012 1,828 2013 2,197 2014 2,755 2015 2,823 2016 4,502 2017 7,261 2018 12,515 AUM shown is at end of financial years to 30 Septembe
Slide 7: AUM growth – breakdown by client domicile
AUM growth– breakdown by client domicile (£m) 802 UK/Ireland 930 4,898 EMEA 6,581 Impax LN Managed1 68 Asia-Pacific 76 1,020 North America 1,437 451 Private Equity 428 22 Property 22 Impax NH 3,041 2017 2018 Data as at 30 September 2018. 1Pax GEM is counted in North America, not in Impax NH. 7
Slide 8: Acquisition of Pax World Management LLC
Acquisition of Pax World Management LLC • Founded in 1971, a pioneer in “sustainable investing” • Successful collaboration with Impax since 2008 (to launch/grow the Pax Global Environmental Markets fund) • Synergies focused on cross-selling opportunities • Transaction completed on 18 January 2018 •
Slide 9: Integration of Impax NH
Integration of Impax NH • Investment teams Impax Asset Management Group plc structure1 ― No integration Impax Asset Management Group plc ― Channels established to exchange ideas/best practice • Client service and business development Impax Asset Impax Asset ― Teams have collaborated since 2008 Manag
Slide 10: Breakdown of AUM increase
Breakdown of AUM increase IMPAX LN: LISTED EQUITY FUNDS (£m)1 IMPAX NH: PAX WORLD FUNDS (£m)1 30 SeptemberFinish 2018 9,024 30 September 2018 3,645 Market movement 516 Market movement 288 Inflows 2,792 Inflows 561 Outflows (1,071) Outflows (678) Start 30 September 2017 6,787 18 January 2018 3,474 •
Slide 11: Private Equity Infrastructure
Private Equity Infrastructure NEF II INVESTMENTS NEF ll • € Over 95% of total value of portfolio now € realised € • Excellent performance track record 105MW • Impax has received £3.2m net payments from carried interest € € NEF III € € € 48MW • Final close on 31 May 2018 €€ € € € € Key as at 30 Septe
Slide 12: Financial update
Financial update Be gs
Slide 13: Adjusted “IFRS” performance measures
Adjusted “IFRS” performance measures As a result of the acquisition, certain financial performance measures have been prepared on an adjusted basis. “Adjusted” financial metrics are shown after removing the effects of primarily: • Acquisition costs incurred as part of the transaction; • Amortisation
Slide 14: Financial highlights - operating performance (FYE 9/18)
Financial highlights - operating performance (FYE 9/18) REVENUE (£m) OPERATING PROFIT (adjusted) (£m) 2018 49.7 16.0 65.7 2018 20.0 2017 32.7 2017 9.3 Impax LN Impax NH Total • Impax NH revenue from acquisition on 18 January 2018 • 30 September 2018 revenue run rate £47.3m and £22.3m for Impax LN an
Slide 15: Financial highlights – earnings (FYE 9/18)
Financial highlights – earnings (FYE 9/18) ADJUSTED DILUTED EPS (p) 2.6 2018 12.4 1.1 2017 5.9 15
Slide 16: Financial highlights – dividends (FYE 9/18)
Financial highlights – dividends (FYE 9/18) DIVIDEND (p) 2018 1.1 3.0 4.1 2.6 2017 0.7 2.2 2.9 2.9 2016 0.5 1.6 2.1 2015 0.4 1.2 1.6 0.5 2014 0.3 1.1 1.4 2013 0.9 2012 0.75 2011 0.7 2010 0.6 Interim 2009 0.4 Final 2008 0.35 Special 16
Slide 17: Financial highlights - balance sheet (FYE 9/18)
Financial highlights - balance sheet (FYE 9/18) BALANCE SHEET (£m) 2018 17.1 4.3 21.4 4.3 2017 16.3 8.5 24.8 Free cash Investments 17
Slide 18: Looking ahead
Looking ahead Be gs
Slide 19: Impax’s strong position
Impax’s strong position Acknowledged Attractive Established leading global investment distribution brand skills/strategies network Potential for Scope to Building further develop/add shareholder scaling new capabilities value 19
Slide 20: Important information
Important information Disclaimer This document has been Issued in the UK by Impax Asset Management Group plc, whose shares are quoted on AIM. Impax Asset Management Group plc is registered in England & Wales, number 03262305. Impax Asset Management Group plc is the parent company of Impax Asset Mana
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