Anima Holding S.p.a. · MIL:ANIM
Anima — H1 2018 Earnings Presentation
22 slides from Anima's earnings presentation, Aug 2, 2018
Slide 1: 1H18 Results
1H18 Results Aggregator at work Milan, 2 August 2018
Slide 2: 1H18 - Table of contents
1H18 - Table of contents 01 ANIMA… who 02 ANIMA… what 03 ANIMA… how much 04 ANIMA… why 2
Slide 3: ANIMA… who
O1 ANIMA... who ANIMA
Slide 4: Highlights
Highlights «new» ANIMA, «old» skills: a problem solver and fee generator, with a distinctive attitude of service company strongly linked to its distributors through long term strategic partnerships ▶ Continued focus on recurrent revenue generation and -0.4 Net New Money (€bn) sustainable profitabili
Slide 5: ANIMA… what
O2 ANIMA... what ANIMA
Slide 6: Anima AuM evolution
Anima AuM evolution 19.1 94.4 -0.4* 92.6 -1.5 1.7 0.9 72.7 AuM 2016 NNM Mkt M&A AuM 2017 NNM Mkt AuM 1H18 ▶ *NNM significantly affected by the divestment of a large mandate by an institutional client weighing on Q2 for a total of approx €1.2bn including wrap component Source: ANIMA, data in € bn ANI
Slide 7: 1H18 net inflows breakdown
1H18 net inflows breakdown 94.398 0.292 -1.490 -0.646 -0.354 Retail 56.983 92.554 55.897 Institutional 37.415 36.657 AuM 2017 EoP NNM Mkt effect AuM 1H18 EoP Source: ANIMA, data in € bn ANIMA: different, yet unique! 7
Slide 8: Business by segment
Business by segment Retail Institutional 60% AuM = €55.9bn 40% AuM = €36.7bn 4.4% 0.4% 11.9% FAs other Funds 9.1% users/subadvisory Other banks 25.4% BPPB Insurance 0.8% CVAL 6.5% 17.2% Poste BAMI 49.6% 10.4% BMPS Pension 29.2% funds 86.1% Strategic 35.1% partners* Wrap# Source: ANIMA as of 30-Jun-2
Slide 9: Investment performance
Investment performance 2018 monthly ytd WAP 1H18 funds’ breakdown by category IT Industry ANIMA 0.6 0.4 10.7% Equity 22.8% 0.2 0.0 -0.2 39.4% -0.4 Flexible 25.0% -0.6 -0.8 Balanced 10.2% 12.4% -1.0 -1.2 -1.4 Bond 38.7% 35.4% -1.6 -1.8 Cash -2.0 3.3% 2.1% jan feb mar apr may jun IT Industry ANIMA Sou
Slide 10: Flagship funds sailing smoothly over troubled waters
Flagship funds sailing smoothly over troubled waters ▶ ANIMA Sforzesco (90% fixed income vs 10% equity) and Visconteo (70% fixed income vs 30% equity) have combined AuM of €9.1bn as of June 30th ,2018 ▶ YTD performance highlights very strong focus on protection and volatility control, in line with t
Slide 11: 1H18 net inflows in mutual funds by asset class
1H18 net inflows in mutual funds by asset class 1.000 750 500 250 0 -250 -500 -750 -1.000 -1.250 -1.500 -1.750 -2.000 Cash Bond Balanced Flexible Equity Source: NNM in ANIMA mutual funds – data in €m According to ASSOGESTIONI classification ANIMA: different, yet unique! 11
Slide 12: Focus on flows
Focus on flows Total Net New Money* 2,500 1,843 2,000 1,653 803 1,500 1,138 1,000 2,130 829 1,563 1,680 1,418 292 Retail 500 537 Institutional 0 -27 -287 -280 -760 -500 -1,000 1H16 2H16 1H17 2H17 1H18 ▶ * excluding single large one offs: +€3.4bn in 1H16, -€1.5bn in 2H16 , -€1.8bn in 2H17 and -€1.2bn
Slide 13: Poste – evolution of the partnership
Poste – evolution of the partnership Total Net New Money 1,200 1,121 1,100 1,000 945 900 839 796 800 700 600 1,002 455 Mutual funds 531 500 862 652 199 400 300 200 332 384 Unit linked 100 144 83 119 0 1H16 2H16 1H17 2H17 1H18 ▶ During July 2018 the shareholders’ meetings of both ANIMA Sgr and Bancop
Slide 14: ANIMA… how much
O ANIMA... how much ANIMA 14
Slide 15: P&L overview
P&L overview €m 1H18 1H171 % 20171 bps/avg AuM 1H18 1H171 20171 Net commissions 151.469 115.693 233.137 Retail 30.9 28.3 28.5 Performance fees 17.988 3.657 23.890 Institutional 27.8 27.9 28.0 Total revenues 169.458 119.350 +42% 257.027 Average 29.7 28.1 28.3 Personnel cost (22.656) (18.362) (36.267)
Slide 16: Amortisation of intangibles (1/2)
Amortisation of intangibles (1/2) ▶ As of 31 December 2017 "Intangible assets" amounted to €1,389.2m and included: the goodwill of Anima CGU (generated in the period 2009-2012 for €639.2m and tested yearly under IAS 36, the provisional goodwill arising from the acquisition of Gestielle SGR for €
Slide 17: Amortisation of intangibles (2/2)
Amortisation of intangibles (2/2) ▶ Aletti Gestielle SGR goodwill generated in H1 €12.7m depreciation due to the beginning of a 15ys amortisation for the initial amount of €380.3m which includes €112.5m deferred tax (@29.57% tax rate) ▶ The acquisition of the insurance mandates from BAMI on June 29t
Slide 18: Net financial position
Net financial position €m 1H18 2017 1H17 Bank loan (525.3) (450.0) (180.0) 207.7 Bridge to equity loan - (250.0) - Accrued interest expense - (0.2) - 537,9 Due to Banco BPM - (113.7) - Total cash 344,2 387,7 mainly in subsidiaries, TOTAL DEBT (525.3) (813.9) (180.0) including regulatory capital Cash
Slide 19: LTIP: focus on cash EPS
LTIP: focus on cash EPS 2018-20 cumulated adjusted EPS targets ▶ new LTIP approved by the EGM for max € 1,602 € 1.528 8,780,353 shares (2.31% of current share capital) split over three rolling 3ys vesting periods 2020E € 0,541 ▶ LTIP KPIs : 50% based on adjusted (cash) EPS growth 25% growth of m
Slide 20: ANIMA… why
O ANIMA... why ANIMA 20
Slide 21: Closing remarks
Closing remarks ▶ Execution of the BAMI and Poste deals absolutely on track (and even slightly ahead of expected timeline) ▶ We continue to remain focused on cash generation and profitability, as H1 figures demonstrate ▶ In H1, especially leveraging on our strategic partnerships, we delivered organi
Slide 22: Disclaimer and safe harbor statements
Anima Holding spa Investor Relations Corso Garibaldi, 99 Fabrizio Armone I – 20121 Milano Tel. +39.02.63536.226 www.animaholding.it fabrizio.armone@animaholding.it Disclaimer and safe harbor statements These slides have been prepared by Anima Holding S.p.A. (“Anima”, the “Company” and together with