Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — Q1 2018 Earnings Presentation
32 slides from Moltiply's earnings presentation, May 14, 2018
Slide 1: First Quarter 2018 Results
First Quarter 2018 Results 14th May 2018
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 • Founder and key shareholder (16.25% • Founder and key shareholder • Background in auditing (Arthur indirectly through Alma Ventures SA) (16.25%
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* Real Estate 1,473 FTE Gruppo MutuiOnline S.p.A. PP&E S.r.l. renting and 100% support services Centro Centro MutuiOnline S.p.A. PrestitiOnline S.p.A 100% 100% Finanziamenti S.p.A. 100% 100% Istruttorie S.p.A. CercAssicurazioni.it S.r.l. Segugio.it S.r.l. CESAM S.r.l. Quinse
Slide 9: Major milestones
Major milestones START-UP GROWTH RESTRUCTURING NEW GROWTH € 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 2018 BPO D
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 May 11th, 2018* Treasury shares 4,77% Alma Ventures** 32,10% Free Float 32,04% 9,28% 21,81% Investmentaktiengesellschaft für Frankfurter langfristige Investoren TGV Aktienfonds für Stiftungen * Share ownership as registered in last Shareholders’ me
Slide 13: Share Performance since IPO
Share Performance since IPO KEY STOCK DATA as of May 9th, 2018 Number of Shares 40,000,000 Treasury Shares 1,907,206 Outstanding Shares 38,092,794 Price per Share € 16.06 Market Capitalisation € 611.8 M Since April 2017, 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) Y-o-Y 10 -1.4% 40 Y-o-Y -2.0% 9,9 9,7 35 38,5 37,8 5 30 0 25 Q1 2017 Q1 2018 20 EBIT margin 25.6% 25.7% 15 Net Income 10 (€m) 8 5 Y-o-Y 6 -8.5% 6,7 0 6,1 Q1 2017 Q1 2018 4 2 0 Q1 2017 Q1 2018 NI margin 17.4% 16.3% 15
Slide 16: Performance by Division
Performance by Division EBIT Revenues (€m) (€m) 9,9 Y-o-Y 9,7 38,5 Y-o-Y 10 -1.4% 40 37,8 Y-o-Y -2.0% 4,4 4,9 +10.3% 35 5 30 5,4 Y-o-Y 17,5 17,1 Y-o-Y 4,9 -10.9% -2.3% 0 25 Q1 2017 Q1 2018 20 Broking Division BPO Division 15 10 21,0 20,6 Y-o-Y -1.8% 5 EBIT margin (percent of revenues) 0 Q1 2017 Q1 2
Slide 17: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • The year on year decline of the mortgage market, which started at the end of last year continues in the first months of 2018. • Indeed, data from Assofin, an industry association which represents the main lenders active in the sector, report a y
Slide 18: Broking Division – Business outlook
Broking Division – Business outlook • The operating income of the Broking Division in Q1 2018 is up year on year and it should continue to be up in the next quarters, although with some uncertainties which are mainly related to E-Commerce Price Comparison. • In the first months of 2018, the Mortgage
Slide 19: BPO Division – Business outlook
BPO Division – Business outlook • The results of Q1 2018 are basically stable when compared to Q1 2018, both in terms of revenues and margins. Such performance is consistent with the directors’ expectations and announcements. • At the single business lines level, the expected trends are also confirm
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 160 152,8 138,1 140 120,7 120 44% 58% 44% 100 47% 40% 80 71,8 68,3 61% 45% 60 53,4 51,0 46,4 47,9 37% 58% 37,7 38,5 56% 40 40% 56% 66% 61% 60% 45% 53% 21,8 60% 20 63% 58% 42% 60% 40% 40% 34% 39% 55% 42% 0 2006A 20
Slide 22: Revenue Breakdown by Business Line
Revenue Breakdown by Business Line Broking Division Revenues (€m) 90 80 Other Revenues 70 67,2 61,0 3% 57,2 E-Commerce Price Comparison 60 3% 2% 30% 50 Insurance Broking 41,9 28% 36% 40 6% 19% Consumer Loan Broking 31,7 32,2 17% 27,8 25% 25,1 18% 30 22,7 11% 32% 33% 20,5 12% Mortgage Broking 31% 17,
Slide 23: Operating Income by Division
Operating Income by Division EBIT (€m) Collapse of the 39,7 40 Italian Mortgage 35,2 Market 32,0 30,9 30 + 46% 21,9 22,0 Launch of 47% 21,5 Segugio.it 17,6 57% 20 77% 14,5 8,5 78% 84% 36% 10 77% 93% 54% 5,6 53% 67% 3,6 43% 23% 80% 32% 64% 33% 23% 22% 7% 16% 20% 68% 0 2006A 2007A (a) 2008A 2009A 2010
Slide 24: Net Income
Net Income Net income (€m) 30 27,5 24,8 25 23,5 20,9 20 14,8 14,4 15,3 15 9,7 9,9 10 5,2 5 3,6 3,8 0 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A Net income margin (%) 40% 31,9% 30,1% 28,7% 29,1% 30% 25,7% 23,9% 19,5% 18,0% 18,0% 20% 14,5% 9,4% 10% 7,5% 0% 2006A 2007A 2008
Slide 25: Dividend Payout
Dividend Payout Earnings per share, consolidated Dividends per outstanding share (€) (€) 0,80 0,45 0,69 0,40 0,70 0,36 0,37 0,59 0,58 0,35 0,60 0,56 0.30 0,30 0,30 0,50 0,41 0,25 0,40 0,38 0,38 0,21 0,20 0,30 0,25 0.15 0,24 0,15 0,12 0,12 0,12 0,12 0,20 0,09 0,10 0,09 0,09 0,10 0,05 0,00 0,00 2007 2
Slide 26: Appendix
teh Appendix
Slide 27: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Rev enues 37,770 40,673 33,457 40,131 38,534 Other income 609 1,074 667 657 528 Capitalization of internal costs 202 250 186 314 199 Serv ice costs (13,986) (13,909) (12,537) (14,800) (13,979) Personnel costs (12,052) (13,788) (1
Slide 28: Q1 Profit & Loss
Q1 Profit & Loss (€000) Q1 2018 Q1 2017 % Var. Rev enues 37,770 38,534 -2.0% Other income 609 528 15.3% Capitalization of internal costs 202 199 1.5% Serv ice costs (13,986) (13,979) 0.1% Personnel costs (12,052) (12,170) -1.0% Other operating costs (1,266) (1,503) -15.8% Depreciation and amortizati
Slide 29: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of March 31, December 31, (€000) Change % 2018 2017 ASSETS I ntangible assets 48,804 49,611 (807) -1.6% Property, plant and equipment 15,005 14,683 322 2.2% Associates measured with equity method 1,869 1,986 (117) -5.9% Deferred tax assets - 1,676 (1,676) -100.0% Other
Slide 30: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of March 31, December 31, (€000) Change % 2018 2017 LIABILITIES AND SHAREHOLDERS' EQUITY Total equity attributable to the shareholders of the I ssuer 86,120 80,042 6,078 7.6% Minority interests 8,880 8,350 530 6.3% Total shareholders' equity 95,000 88,392 6,608 7.5%
Slide 31: Net Financial Position
Net Financial Position As of March 31, December 31, (€000) Change % 2018 2017 A. Cash and cash equiv alents 108214 76,569 31,645 41.3% B. Other cash equiv alents 0 - - N/A C. Financial assets held to maturity or for trading 920 920 - 0.0% D. Liquidity (A) + (B) + (C) 109,134 77,489 31,645 40.8% E. C
Slide 32: 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