Invesco Ltd · NYSE:IVZ
Invesco — Amvescap — FY2004 Earnings Presentation
18 slides from Invesco's earnings presentation, Feb 1, 2005
Slide 1: 2004 Year-End Results
AMVESCAP Helping people worldwide build their financial security 2004 Year-End Results Charles W. Brady, Executive Chairman Mark H. Williamson, CEO, AIM Division James Robertson, Chief Financial Officer February 1, 2005
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation may include statements that constitute "forward-looking statements" under the United States securities laws. Forward-looking statements include information concerning possible or assumed future results of our operations, earnings, liquidity, cash flow and
Slide 3: Financial Review
AMVESCAP Financial Review
Slide 4: Group Profit & Loss Account
Group Profit & Loss Account in thousands Year Ended December 31, 2004 2003 Revenues £1,158,451 £1,158,070 Expenses: Operating (859,776) (847,220) Exceptional (249,710) (84,943) Goodwill amortization (157,820) (148,982) Operating (loss)/profit (108,855) 76,925 Investment income 15,268 7,740 Interest
Slide 5: Group Profit & Loss Account (Three Months)
Group Profit & Loss Account in thousands Three Months Ended Dec 31, 2004 2003 Revenues £300,457 £301,219 Expenses: Operating (225,490) (211,649) Exceptional -- (22,849) Goodwill amortization (43,511) (37,049) Operating profit 31,456 29,672 Investment income 4,334 3,038 Interest expense (14,198) (10,
Slide 6: EPS Comparison
EPS Comparison 2004 2003 Change Reported diluted EPS 21.7p 23.2p -6.5% $/£ FX impact 1.5p - Diluted EPS, adjusted for FX 23.2p 23.2p 0.0% Effective tax rate change 1.5p - Diluted EPS, adjusted for FX and tax rate 24.7p 23.2p 6.5% NOTE: Amounts presented are before goodwill amortization and exception
Slide 7: Quarterly Financial Comparisons
Quarterly Financial Comparisons in thousands 2004 2004 2004 2004 Q1 Q2 Q3 Q4 Revenues £ 288,270 £ 288,818 £ 280,906 £ 300,457 Operating expenses (212,946) (212,213) (209,127) (225,490) Operating profit 75,324 76,605 71,779 74,967 Operating margin 26.1% 26.5% 25.6% 25.0% EBITDA 97,545 92,705 85,931 9
Slide 8: Segmental Analysis
Segmental Analysis in thousands Year-Ended December 31, 2004 Revenues Expenses Oper. Profit* AIM U.S. £443,085 £(277,196) £165,889 Canada 174,417 (77,809) 96,608 617,502 (355,005) 262,497 INVESCO U.S. 187,235 (140,099) 47,136 U.K. 188,108 (164,279) 23,829 Europe/Asia 77,773 (76,924) 849 453,116 (381
Slide 9: Operating Profit – 2004 V. 2003
Operating Profit – 2004 V. 2003 in thousands 2004 2003 Change AIM U.S. £165,889 £190,555 £ (24,666) Canada 96,608 77,581 19,027 262,497 268,136 (5,639) INVESCO U.S. 47,136 41,199 5,937 U.K. 23,829 29,423 (5,594) Europe/Asia 849 340 509 71,814 70,962 852 Private Wealth/Retirement 2,533 (3,262) 5,795
Slide 10: Operating Profit – 2004 Q4 V. 2004 Q3
Operating Profit – 2004 Q4 V. 2004 Q3 in thousands 2004 2004 Q4 Q3 Change AIM U.S. £39,152 £40,466 £(1,314) Canada 26,476 23,695 2,781 65,628 64,161 1,467 INVESCO U.S. 13,848 11,607 2,241 U.K. 6,928 5,292 1,636 Europe/Asia (716) 936 (1,652) 20,060 17,835 2,225 Private Wealth/Retirement (395) 1,676 (
Slide 11: Funds Under Management
Funds Under Management in billions AIM INVESCO Total U.S. Canada U.S. U.K. Europe/Asia PWM December 31, 2003 $370.6 $151.1 $28.7 $118.5 $39.0 $23.8 $9.5 Market gains 26.0 7.3 2.7 8.1 5.6 2.0 0.3 Net new (lost) business (19.5) (12.4) 0.7 (6.1) 1.5 (3.0) (0.2) Change in MMF (8.3) (8.1) - - - (0.2) - T
Slide 12: Funds Under Management – Q4 2004
Funds Under Management – Q4 2004 in billions AIM INVESCO Total U.S. Canada U.S. U.K. Europe/Asia PWM September 30, 2004 $362.7 $132.1 $31.6 $118.0 $43.3 $23.3 $14.4 Market gains 20.8 8.0 2.0 5.4 3.8 1.0 0.6 Net new (lost) business (7.6) (3.0) - (2.9) 0.1 (2.1) 0.3 Change in MMF 0.8 0.8 - - - - - Tra
Slide 13: Balance Sheet
Balance Sheet in thousands Dec 31, 2004 Dec 31, 2003 Fixed assets Goodwill £2,303,403 £2,411,803 Investments 70,070 89,639 Tangible assets 148,404 170,598 2,521,877 2,672,040 Currents assets Debtors 1,016,644 890,534 Investments 84,483 74,652 Cash 284,977 318,713 1,386,104 1,283,899 Current liabilit
Slide 14: Group Cash Flow
Group Cash Flow Year Ended Dec 31, 2004 Dec 31, 2003 Operating (loss)/profit £(108,855) £76,925 Goodwill amortization and depreciation 203,405 199,937 Change in debtors, creditors and other 109,075 61,805 Net cash inflow from operating activities 203,625 338,667 Interest paid, net of investment inco
Slide 15: Analysis Of Net Debt
Analysis Of Net Debt in thousands December 31, 2004 December 31, 2003 (Decrease)/Increase in Net Debt £ $ £ $ £ $ Senior notes ($1,229m) 640,619 1,229,476 594,059 1,050,000 46,560 179,476 Credit facility* 78,679 151,000 130,127 230,000 (51,448) (79,000) Other, including fx 5,328 10,226 6,079 10,744
Slide 16: Average Shares Outstanding
Average Shares Outstanding in thousands Dec 31, 2004 Sept 30, 2004 Dec 31, 2003 Ordinary shares 773,574 774,946 768,538 Exchangeable shares 28,586 28,732 34,347 Shares outstanding 802,160 803,678 802,885 Shares related to options/ long-term incentive plan 6,128 6,731 7,486 Total shares 808,288 810,4
Slide 17: IFRS Transition Timeline
IFRS Transition Timeline s uart e r FRS q ts of I ent epor e n 04) on ua rter with se qu al R r i Sub Annu unde n dat = 1 Ja at ent n tq e firs releas ves* si o ver on da te es Pr sitio End S IFR ings arati and sented n ter pre S o C nsiti tran uar n ear 4 com p (tra Q 20 0 IFR 1 Jan 05 2 March 05 3
Slide 18: 2004 Year-End Results
AMVESCAP 2004 Year-End Results