Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — Q1 2015 Earnings Presentation
27 slides from Moltiply's earnings presentation, May 13, 2015
Slide 1: First Quarter 2015 Results
First Quarter 2015 Results 13th May 2015
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 (16.25% • Founder and key shareholder • Background in auditing (Arthur indirectly through Alma Ventures S
Slide 4: Agenda
Agenda Business Description 1 Current Trading and Outlook 2 Historical Data and Long-term Potential 3 4
Slide 5: Business portfolio
Business portfolio Divisions FY 2014 FY 2014 Broking BPO Revenues € 25.1 M Revenues € 43.2 M EBIT € 5.2 M Division Division EBIT € 9.3 M Business Lines % Division revenues Multi-brand broking of Commercial, Underwriting mortgages through remote Mortgage Mortgage and Portfolio Services for 15.8% 24.4
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: Current shareholding structure
Current shareholding structure Shareholding structure as of 13th May 2015 * Treasury shares 6.59% Alma Ventures** 32.50% Free Float 28.97% 2.60% 360 Capital One 4.11% 20.20% 5.03% Stefano Rossini Investmentaktiengesellschaft für Frankfurter langfristige Investoren TGV Aktienfonds für Stiftungen * Sh
Slide 9: Share performance since IPO date (6 June 2007)
Share performance since IPO date (6 June 2007) KEY STOCK DATA as of 11th May 2015 Number of Shares 39,511,870 Treasury Shares 2,602,644 Outstanding Shares 36,909,226 Price per Share € 7.37 Market Capitalisation € 272.0 M 9
Slide 10: Agenda
Agenda Business Description 1 Current Trading and Outlook 2 Historical Data and Long-term Potential 3 10
Slide 11: Q1 highlights
Q1 highlights EBIT Revenues (€m) (€m) 10 25 Y-o-Y 5 +104.7% Y-o-Y 22.3 5.3 20 +48.5% 2.6 0 15 Q1 2014 Q1 2015 15.1 EBIT margin 17% 24% 10 Net Income (€m) 5 6 0 4 Y-o-Y Q1 2014 Q1 2015 +129.8% 3.6 2 1.6 0 Q1 2014 Q1 2015 NI margin 10% 16% 11
Slide 12: Performance by Division
Performance by Division EBIT Revenues (€m) (€m) 10 25 22.3 Y-o-Y 5.3 Y-o-Y 5 +104.7% Y-o-Y 2.6 +277.5% 20 Y-o-Y 2.6 +48.5% +69.1% 0.7 Y-o-Y 9.0 1.9 2.7 +41.5% 15.1 0 15 Q1 2014 Q1 2015 5.3 10 Broking Division BPO Division Y-o-Y +37.2% 13.3 5 9.7 EBIT margin (percent of revenues) 0 Q1 2014 Q1 2015 Q1
Slide 13: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • Thanks to the sensational reduction of long-term interest rates resulting from the expansionary monetary policy of the European Central Bank, the recovery of the mortgage market continues, even if still mainly as a consequence of the strong grow
Slide 14: Broking Division – Business outlook
Broking Division – Business outlook • During Q1 2015, compared to Q1 2014, the Broking Division shows an increase of revenues and profitability thanks to the contribution of all the Business Lines, with a substantial recovery of the credit-related businesses. • The results benefit in particular from
Slide 15: BPO Division – Business outlook
BPO Division – Business outlook • The results and trends of the BPO Division in Q1 2015 are in line with our expectations, as communicated with the consolidated annual report 2014. Compared to Q1 2014, we observe an increase of revenues and operating profitability. • We confirm our previous indicati
Slide 16: Agenda
Agenda Business Description 1 Current Trading and Outlook 2 Historical Data and Long-term Potential 3 16
Slide 17: Historical revenue trends
Historical revenue trends Broking Division Revenues (€m) Collapse of the Group Revenues Italian Mortgage (€m) Market 58% 40% 61% 45% BPO Division Revenues (€m) 17
Slide 18: Historical profitability
Historical profitability EBIT (€m) Launch of EBIT margin Segugio.it (%) Net income (€m) Note: (a) Excludes one off costs related to restructuring of the Group and the IPO of the Company amounting to €816,000 18
Slide 19: Dividend distribution
Dividend distribution Earnings per share, consolidated Dividends per share (€) (€) 0.45 0.40 0.37 0.36 0.35 0.30 0.25 0.21 0.20 0.15 0.12 0.12 0.12 0.12 0.09 0.10 0.05 0.00 may may may may may may may may 2008 2009 2010 2011 2012 2013 2014 2015 Dividends per share 19
Slide 20: Strategic growth engines
Strategic growth engines Retail Credit Recovery New diversified base Trovaprezzi.it New Extensions • Segugio.it • Mortgage Broking • Italian Leader • Asset Management BPO • Further expansion in • Personal Loan Broking in e-commerce price • Insurance BPO adjacent sectors through • Mortgage BPO compar
Slide 21: Appendix
teh Appendix
Slide 22: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q1 2015 Q4 2014 Q3 2014 Q2 2014 Q1 2014 Rev enues 22,349 20,566 15,920 16,764 15,050 Other income 684 448 513 656 544 Capitalization of internal costs 170 17 239 307 161 Serv ice costs (8,374) (6,708) (5,930) (5,876) (5,644) Personnel costs (8,198) (8,918) (6,139) (7,0
Slide 23: Q1 Profit & Loss
Q1 Profit & Loss (€000) Q1 2015 Q1 2014 % Var. Rev enues 22,349 15,050 48.5% Other income 684 544 25.7% Capitalization of internal costs 170 161 5.6% Serv ice costs (8,374) (5,644) 48.4% Personnel costs (8,198) (6,496) 26.2% Other operating costs (796) (588) 35.4% Depreciation and amortization (507)
Slide 24: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of March 31, December 31, (€000) Change % 2015 2014 ASSETS I ntangible assets 68,990 10,688 58,302 545.5% Property, plant and equipment 10,824 5,012 5,812 116.0% Associates measured w ith equity method 50 50 - 0.0% Deferred tax assets 2,057 3,529 (1,472) -41.7% Other no
Slide 25: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of March 31, December 31, (€000) Change % 2015 2014 LIABILITIES AND SHAREHOLDERS' EQUITY Total equity attributable to the shareholders of the I ssuer 37,796 34,692 3,104 8.9% Minority interest 21,060 1,383 19,677 1422.8% Total shareholders' equity 58,856 36,075 22,7
Slide 26: Net Financial Position
Net Financial Position As of March 31, December 31, (€000) Change % 2015 2014 A. Cash and cash equiv alents 25,734 23,730 2,004 8.4% B. Other cash equiv alents - - - N/A C. Financial assets held to maturity or for trading 1,772 - 1,772 N/A D. Liquidity (A) + (B) + (C) 27,506 23,730 3,776 15.9% E. Cu
Slide 27: 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