Banca Generali S.p.a. · MIL:BGN

Banca Generali — Q1 2009 Earnings Presentation

25 slides from Banca Generali's earnings presentation, May 11, 2009

  1. Slide 1: Banca Generali 2009 First Quarter Results

    Banca Generali 2009 First Quarter Results Giorgio Girelli, CEO Milan, May 11, 2009

  2. Slide 2: Today's Agenda

    Today’s Agenda ¾ 1Q09 Results ¾ Net Inflows and AUM ¾ Business Update ¾ Closing Remarks 2 Banca Generali 2009 First Quarter Results

  3. Slide 3: 1Q09 Results: Key Messages

    1Q09 Results 2009: Start off on the right foot NET NET PROFIT PROFIT 1Q09 Results: Key Messages (€ m) +€5.7m 5.0 IN IN A A NUTSHELL: NUTSHELL: SOLID SOLID GROWTH GROWTH ¾ Strong ¾ Strong Interest Interest margin margin despite despite the the interest interest rate rate fall fall Banca Generali 5.8

  4. Slide 4: Consolidated Profit and Loss 1Q09 Results

    1Q09 Results Consolidated Profit and Loss 1Q09 Results (€ m) 1Q 08 1Q 09 % Chg (reported) (reported) 1Q09 Results: Selected Items Net Interest Income 14.0 16.3 16.4% Commission income 63.7 57.7 -9.5% Commission expense -28.0 -24.5 -12.5% ¾ Strong banking income (+45% yoy) Net Commission 35.7 33.1 -7

  5. Slide 5: Financial items affecting 1Q09 results

    1Q09 Results Financial items affecting 1Q09 results €6.8m ¾ Primarily ¾ Primarily referring referring to to the the disposal disposal Realised gains of of bonds bonds held held in in the the HFT HFT and and AFS AFS on the investment portfolio portfolio portfolio 1Q09 1Q09 Unrealised losses ¾ Reflect

  6. Slide 6: Excellent operating performance in a very tough quarter

    1Q09 Results Excellent operating performance in a very tough quarter Breakdown of Net Banking Income (€ m) +45% ¾ Net ¾ Net banking banking impact impact increased increased by by 45% 45% yoy yoy to to 54.9 €54.9 €54.9 million million 37.9 16.3 (30%) ¾ Strong ¾ Strong interest interest margin margin

  7. Slide 7: A positive result in 1Q09 interest margin

    1Q09 Results A positive result in 1Q09 interest margin 3M Euribor 1Q09 vs. 4Q08 Interest Margin % 6 4,7% (Mar 31,2008) 5,4% (Oct 2008) 5 17.8 -8.4% 16.3 4 3 1,5% (Mar 31) 2 1 0 Feb-08 Jul-08 Nov-08 Feb-09 Dec-07 Jan-08 Mar-08 May-08 Jun-08 Dec-08 Jan-09 Mar-09 Sep-08 Oct-08 Apr-08 Aug-08 4Q08 1Q09 (

  8. Slide 8: Gross Commissions with a slight decline yoy, yet improving compared to 4Q08

    1Q09 Results Gross Commissions with a slight decline yoy, yet improving compared to 4Q08 Breakdown of Gross Commissions (€ m) 1Q09 vs. 4Q08 Gross Commissions -9.5% +3% 57.7 55.9 63.7 1.4 (2%) 9.3 57.7 (15%) 2.2 (4%) 13.0 (22%) 4Q08 1Q09 44.8 (70%) 37.3 (65%) Restated ex Simgenia (€ m) 8.2 (13%) 5.2

  9. Slide 9: Net commissions benefited from the announced optimisation at pay-out level

    1Q09 Results Net commissions benefited from the announced optimisation at pay-out level 1Q09 Net Commissions (€ m) 1Q09 Pay-out -7.1% 52.9% 44.0% 42.5% 35.7 33.1 1Q08 FY08 1Q09 (€ m) ¾The decrease in 1Q09 pay-out is already providing some evidence of the actions 1Q08 1Q09 undertaken to enhance profi

  10. Slide 10: Costs hit by one-off items that will not be replicated over next few quarters

    1Q09 Results Costs hit by one-off items that will not be replicated over next few quarters Operating Cost Breakdown ¾ More than half of the cost increase is related to the integration of Banca del (€ m) Gottardo +9.7% 36.8 ¾ Staff costs proved to be well under 30.1 33.5 control, as they increased by

  11. Slide 11: Improved profitability compared to last year

    1Q09 Results Improved profitability compared to last year AUM Profitability Cost/Income Ratio +4 b.p. -12.8 p.p. 1.59% 73.5% 1.55% 60.7% 1.52% 1.54% 1Q08 (*) 1Q09 1Q08 (*) 1Q09 AUM profitability excluding perform. fees Performance Fees * Restated excluding Simgenia and Corporate Assets, including Ba

  12. Slide 12: Agenda: Net Inflows and AUM

    ¾ 1Q09 Results ¾ Net Inflows and AUM ¾ Business Update ¾ Closing Remarks 12 Banca Generali 2009 First Quarter Results

  13. Slide 13: Net Inflows: Banca Generali is once again one the best performers in the sector in 1Q09

    Net Inflows and AUM Net Inflows: Banca Generali is once again one the best performers in the sector in 1Q09 2009 2009 Net Net Inflows: Inflows: Banca Banca Generali Generali vs. vs. Assogestioni Assogestioni Source Assogestioni €98.5m ¾ Banca ¾ Banca Generali Generali strongly strongly outperformed

  14. Slide 14: Quality of net inflows strongly improved compared to last year

    Net Inflows and AUM Quality of net inflows strongly improved compared to last year Banca Generali and BSI Italia 1Q09 Net Inflows by Product Category Net Inflows in Managed Assets* (€ m) (€ m) 24240 08YTD 90 240 -27 09YTD 57 52 41 * Mutual Funds, Managed Portfolio and Life Insurance -13 -9 Banca Gen

  15. Slide 15: Excellent results from the in-house management companies

    Net Inflows and AUM Excellent results from the in-house management companies In-house mutual funds (*) - Net Inflows (€ m) 46.1 ¾ €98.5 million net inflows 22.4 25.0 in mutual funds/Sicav YTD of which €95.0 million 5.0 gathered by BG Selection Sicav Jan 09 Feb 09 Mar 09 Apr 09 Source: Assogestioni;

  16. Slide 16: Excellent fund performance coupled with an increase in managed savings products

    Net Inflows and AUM Excellent fund performance coupled with an increase in managed savings products Banca Generali Asset Breakdown (€ bn) Total Assets broadly stable (-1.3% qoq) 19.0* 18.8* despite challenging equity markets in 1Q09 (S&P Mib -18.42%, 4.7 (25%) Stoxx50 -13.96%, S&P500 -11.7% ) 4.7 (2

  17. Slide 17: Agenda: Business Update

    ¾ 1Q09 Results ¾ Net Inflows and AUM ¾ Business Update ¾ Closing Remarks 17 Banca Generali 2009 First Quarter Results

  18. Slide 18: 1Q09 recruiting better than forecast, excellent prospects for the rest of the year

    Business Update 1Q09 recruiting better than forecast, excellent prospects for the rest of the year 1Q09 Recruiting Results FY09 Recruiting Targets N. FAs AUM (€m) N. FAs AUM (€m) ¾ Good ¾ Good 1Q09 1Q09 recruiting recruiting 15 figures, figures, well well ahead ahead of of plan plan 50 1 5 Relations

  19. Slide 19: Strong managed products YTD and good prospects for Security Deposit transfer

    Business Update Strong managed products YTD and good prospects for Security Deposit transfer BG Selection Sicav Performance Deposits Managed Products Latin America 35.53% Eastern Europe 40.01% Lux-based FoFs Africa&Middle East 22.78% and Sicav China&India 25.92% New Inflows North America 18.55% Paci

  20. Slide 20: Insurance, a key driver for 1Q09 Net Inflows

    Business Update Insurance, a key driver for 1Q09 Net Inflows Deposits €100m New Inflows Traditional policy linked to a new segregated fund investing 60% to 100% RiaLancio of its total assets in corporate bonds End April New Inflows €12m Just Juststarted. started. Focus Focusononannual annual New cap

  21. Slide 21: New product launches scheduled for 2Q09

    Business Update New product launches scheduled for 2Q09 ¾ New ¾ New 55 FoFs FoFs entirely entirely managed managed by by third-party third-party ¾ 55 investment ¾ investment lines: lines: 11 equity equity Asia Asia (Invesco), (Invesco), 11 global global equity equity (Vontobel), (Vontobel), 33 flexi

  22. Slide 22: Agenda: Closing Remarks

    ¾ 1Q09 Results ¾ Net Inflows and AUM ¾ Business Update ¾ Closing Remarks 22 Banca Generali 2009 First Quarter Results

  23. Slide 23: Banca Generali well equipped to face opportunities/challenges in any market conditions

    Closing Remarks Banca Generali well equipped to face opportunities/challenges in any market conditions A very good start of the year, confirming that the medium-long term strategy run by Banca Generali was appropriate: ¾ Defensive asset allocation coupled with network quality upgrade and strength of

  24. Slide 24: Investor Relations Team

    Investor Relations Team Giuliana Giuliana Pagliari Pagliari Investor Investor Relations Relations Officer Officer Tel Tel +39 +39 02 02 6076 6076 5548 5548 Federico Federico Mangiagalli Mangiagalli Tel Tel +39 +39 02 02 6076 6076 5545 5545 Fax Fax +39 +39 02 02 6682 6682 854 854 E-mail E-mail invest

  25. Slide 25: Disclaimer

    Disclaimer The manager responsible for preparing the company’s financial reports (Giancarlo Fancel) declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law of Finance, that the accounting information contained in this press release corresponds to the document results, books and

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