Slide 1: 1Q2015 Results Presentation
1Q2015 Results Presentation 29 April 2015 PRIVATE & CONFIDENTIAL. NOT FOR EXTERNAL CIRCULATION. CO. REG. NO. R200007899C Page 1
Slide 2: Disclaimer
Disclaimer This presentation should be read as an overview of iFAST Corporation Ltd.’s ("iFAST Corp" or together with its subsidiaries, the “Group”) current business activities and operating environment. This presentation should not be solely relied upon by current and potential investors when makin
Slide 3: Table of Content
Table of Content Section Title I Financial Results 1Q2015 results Financial ratios Financial position Interim dividend II Performance Trends Assets under Administration (AUA) Net sales and subscription excluding switching Recurring net revenue, non-recurring net revenue and operating expenses Perfor
Slide 4: Key summary
Key summary • Net profit was up 49.1% YoY to S$3.01 million in 1Q2015 Net profit & EPS • Net revenue was up 18.2% YoY to S$9.86 million in 1Q2015 • EPS was up 16.0% YoY to 1.16 cents in 1Q2015 • Profit before tax (PBT) margin (based on net PBT margin & ROE revenue) was 32.7% and Return On Equity (RO
Slide 5: Section I: Financial Results
PRIVATE & CONFIDENTIAL. NOT FOR EXTERNAL CIRCULATION. CO. REG. NO. R200007899C Section I: Financial Results PRIVATE & CONFIDENTIAL. NOT FOR EXTERNAL CIRCULATION. CO. REG. NO. R200007899C Page 5
Slide 6: Financial Results (1Q2015 vs 1Q2014)
Financial Results (1Q2015 vs 1Q2014) S$ (Million) 1Q2014 1Q2015 YoY change (%) Revenue 17.51 20.89 +19.3 Net revenue 8.34 9.86 +18.2 Other income 0.08 0.48 +501.3 Expenses 6.24 7.18 +15.2 Net finance income 0.02 0.08 +331.6 Share of result of associate, net of tax - -0.02 N.M. Profit before tax 2.21
Slide 7: Key financial highlights (FY2011-1Q2015)
Key financial highlights (FY2011-1Q2015) FY2011 FY2012 FY2013¹ FY2014² 1Q2015 Net revenue (S$ million) 25.20 26.29 31.58 36.68 9.86 Net revenue (YoY change) +15.7% +4.4% +20.1% +16.1% +18.2% Ased Net profit (S$ million) 2.77 3.74 7.86 10.51 3.01 Net profit (YoY change) N.M. +35.0% +110.2% +33.7% +49
Slide 8: Results Overview (FY2011-1Q2015)
Results Overview (FY2011-1Q2015) S$ (Million) FY2011 FY2012 FY2013¹ FY2014² 1Q2015 Revenue 61.12 56.41 69.47 78.35 20.89 Net revenue 25.20 26.29 31.58 36.68 9.86 Other income 0.06 0.08 0.16 0.24 0.48 Expenses 22.81 22.40 23.58 26.14 7.18 Net finance income -0.08 -0.03 0.03 0.10 0.08 Share of result
Slide 9: PBT margin (based on net revenue)
PBT margin (based on net revenue) 35% 32.7% 29.6%² 30% 25.9%¹ 25% 20% 15.0% 15% 9.4% 10% 5% 0% FY2011 FY2012 FY2013 FY2014 1Q2015 Notes: 1. Excluding one-off gain of S$0.62 million on distribution to owners of the Company in October 2013 2. Excluding IPO expenses of S$1.95 million in December 2014 P
Slide 10: Financial Ratios
Financial Ratios S$ (Million) FY2011 FY2012 FY2013 FY2014 1Q2015 Operating 1.40 2.33 7.13 10.18 3.06 Cashflows Capital 1.71 0.21 1.57 2.34 0.88 Expenditure 31 Dec 31 Dec 31 Dec 31 Dec 31 Mar S$ (Million) 2011 2012 2013 2014 2015 Net Current 21.92 20.95 20.70 63.16 69.28 Assets 31 Dec 31 Dec 31 Dec 3
Slide 11: Cash position
Cash position As at 31 Dec 2014 As at 31 Mar 2015 (S$ million) (S$ million) Cash and cash equivalents 35.39 23.75 Other investments¹ 22.02 39.59 Total cash and other investments 57.41² 63.34 Notes: 1. Other investments represent investments in available-for-sale financial assets. 2. The Group's cash
Slide 12: Number of issued shares
Number of issued shares As at 31 Dec 2014 As at 31 Mar 2015 Total number of issued shares 256,225,334¹ 259,891,301 Notes: 1. The Group's total number of issued shares as at 31 December 2014 do not include the issuance of 3,280,000 new shares on 6 January 2015, following the exercise of over- allotme
Slide 13: Our Consolidated Financial Position as at Mar 2015
Our Consolidated Financial Position as at 31 Mar 2015 S$’000 NON-CURRENT ASSETS Fixed Assets 1,723 Intangible Assets 2,538 Associate 368 Others 28 4,657 CURRENT ASSETS Trade & other receivables 18,153 Prepayments & others 714 Other Investments 39,592 Cash & cash equivalents 23,750 82,209 TOTAL ASSET
Slide 14: Our Consolidated Financial Position as at Mar 2015 – cont’d
Our Consolidated Financial Position as at 31 Mar 2015 – cont’d S$’000 CURRENT LIABILITIES Trade & other payables 12,323 Current tax payable 608 12,931 NON-CURRENT LIABILITIES Deferred Tax 188 Other Payables 59 247 EQUITY Share Capital 61,446 Accumulated profits 15,474 Other reserves (3,232) EQUITY A
Slide 15: Interim dividend
Interim dividend First interim dividend for 2015 - Schedule Dividend per share 0.68 cents per ordinary share 8 May 2015 Ex-dividend date 20 May 2015 Payment date • Our Directors proposed a first interim dividend for 2015 based on 58.8% of our net profit (excluding exceptional items) for the first qu
Slide 16: Section II: Performance Trends
PRIVATE & CONFIDENTIAL. NOT FOR EXTERNAL CIRCULATION. CO. REG. NO. R200007899C Section II: Performance Trends PRIVATE & CONFIDENTIAL. NOT FOR EXTERNAL CIRCULATION. CO. REG. NO. R200007899C Page 16
Slide 17: Group AUA
Group AUA S$ million AUA (as at 31 March 2015): S$5.75 billion $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 B2B: 74.7% and B2C: 25.3% $- Dec-00 Sep-01 Jun-02 Mar-03 Dec-03 Sep-04 Jun-05 Mar-06 Dec-06 Sep-07 Jun-08 Mar-09 Dec-09 Sep-10 Jun-11 Mar-12 Dec-12 Sep-13 Jun-14 Mar-15 B2B B2C PRIVATE & C
Slide 18: Group AUA Trends
Group AUA Trends Singapore: 73.2% Hong Kong: 22.8% Malaysia: 4.0% • AUA grew 21.8% YoY to S$5.75 billion in 1Q2015 (as at 31 March 2015) • AUA grew at a 10-year CAGR of 24.3% in1Q2015 (as at 31 March 2015) • AUA from the B2B and B2C segments grew 23.1% and 18.0% YoY respectively in1Q2015 (as at 31 M
Slide 19: Net sales & subscription ex-switching
Net sales & subscription ex-switching S$ million S$ million Net sales Subscription ex-switching $600 $501 $1,600 $1,547 $500 $458 $1,365 $400 $1,200 $947 $940 $300 $800 $193 $200 $474 $143 $400 $100 $55 $- $- 2011 2012 2013 2014 1Q2015 2011 2012 2013 2014 1Q2015 PRIVATE & CONFIDENTIAL. NOT FOR EXTER
Slide 20: Net revenue breakdown between recurring and non-recurring sources
Net revenue breakdown between recurring and non-recurring sources Average contribution from recurring net revenue as opposed to non-recurring net revenue in the S$ million period from FY2011 to 1Q2015 was 81.9% 40 35 30 25 20 15 9.9 10 6.9 4.3 5 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 20
Slide 21: Net revenue as a ratio of average AUA
Net revenue as a ratio of average AUA 0.800% 0.700% 0.144% 0.127% 0.101% 0.134% 0.600% 0.125% 0.500% 0.400% 0.300% 0.571% 0.574% 0.591% 0.581% 0.526% 0.200% 0.100% 0.000% FY2011 FY2012 FY2013 FY2014 1Q2015 Recurring net revenue / AUA Non-recurring net revenue / AUA Note: 1. The ratio for 1Q2015 has
Slide 22: Net revenue and operating expenses as a ratio of average AUA
Net revenue and operating expenses as a ratio of average AUA 0.800% 0.735% 0.708% 0.708% 0.700% 0.672% 0.651% 0.588% 0.573% 0.574% 0.591% 0.581% 0.600% 0.526% 0.571% 0.529% 0.524% 0.515% 0.500% 0.400% 0.300% 0.200% 0.100% 0.000% FY2011 FY2012 FY2013 FY2014 1Q2015 Net revenue / AUA Recurring net reve
Slide 23: Recurring and Non-Recurring Net Revenue
Recurring and Non-Recurring Net Revenue S$ (Million) FY2011 FY2012 FY2013 FY2014 1Q2015 Recurring net revenue 20.38 22.34 25.62 29.48 8.09 Non-recurring net revenue 4.82 3.95 5.96 7.20 1.77 Total net revenue 25.20 26.29 31.58 36.68 9.86 YoY Change (%) FY2011 FY2012 FY2013 FY2014 1Q2015 Recurring net
Slide 24: Net Revenue – Geographical Segment
Net Revenue – Geographical Segment S$ (Million) FY2011 FY2012 FY2013 FY2014 1Q2015 Singapore 21.15 21.33 24.10 25.72 7.10 Hong Kong 3.65 4.39 6.50 9.48 2.36 Malaysia 0.40 0.57 0.98 1.48 0.40 Group 25.20 26.29 31.58 36.68 9.86 YoY Change (%) FY2011 FY2012 FY2013 FY2014 1Q2015 Singapore +13.0 +0.9 +13
Slide 25: Net Revenue – B2B Business Segment
Net Revenue – B2B Business Segment B2B Net Revenue (S$ Million) FY2011 FY2012 FY2013 FY2014 1Q2015 Recurring net revenue 14.10 16.03 18.16 21.09 5.74 Non-recurring net revenue 2.68 2.11 3.06 4.46 1.03 Total B2B net revenue 16.78 18.14 21.22 25.55 6.77 YoY Change (%) FY2011 FY2012 FY2013 FY2014 1Q201
Slide 26: Net Revenue – B2C Business Segment
Net Revenue – B2C Business Segment B2C Net Revenue FY2011 FY2012 FY2013 FY2014 1Q2015 (S$ Million) Recurring net revenue 6.28 6.31 7.46 8.39 2.35 Non-recurring net revenue 2.14 1.84 2.90 2.74 0.74 Total B2C net revenue 8.42 8.15 10.36 11.13 3.09 YoY Change (%) FY2011 FY2012 FY2013 FY2014 1Q2015 Recu
Slide 27: Profit/Loss – Geographical Segment
Profit/Loss – Geographical Segment Profit/Loss After Tax (S$ Million) FY2011 FY2012 FY2013 FY2014 1Q2015 Singapore 5.53 5.64 7.81¹ 8.99² 2.75 Hong Kong (1.97) (1.19) 0.40 2.10 0.40 Malaysia (1.44) (1.19) (0.59) (0.09) (0.015) China - - - (0.52) (0.13) Group 2.12 3.26 7.62 10.48 3.00 Notes: 1. Exclud
Slide 28: Updates on FY2015 plans
Updates on FY2015 plans 1. Growing our capabilities as an investment platform • Our key focus continues to be on improving the range of products and services that we provide as an investment platform to ensure we can remain a leader in our industry. • As we upgrade the range of products and services
Slide 29: Section III: Appendices
PRIVATE & CONFIDENTIAL. NOT FOR EXTERNAL CIRCULATION. CO. REG. NO. R200007899C Section III: Appendices PRIVATE & CONFIDENTIAL. NOT FOR EXTERNAL CIRCULATION. CO. REG. NO. R200007899C Page 29
Slide 30: Business Overview
Business Overview • We are an Internet-based investment products distribution platform with assets under administration (AUA) of S$5.75 billion as at 31 March 2015 (stock code: AIY) • Two main business divisions: – Business-to-Consumer (B2C) website, Fundsupermart.com, targeted at DIY investors (AUA
Slide 31: Business Model
Business Model PRIVATE & CONFIDENTIAL. NOT FOR EXTERNAL CIRCULATION. CO. REG. NO. R200007899C Page 31
Slide 32: AUA-driven Business Model
AUA-driven Business Model • When B2C customers and B2B adviser-assisted investors transact in investment products, the value of their investments is termed AUA Non-recurring Recurring revenue (based on AUA) revenue Platform Fees Wrap Fees Upfront Commissions Trailer Fees (from B2B and B2C (from B2B
Slide 33: Investment Case
Investment Case An Established and Leading Investment Products Distribution Platform Scalable Business Model Revenue Growth driven by Recurring Revenue which is based on Assets under Administration (“AUA”) Continued Growth of Investment Platforms in Asia ex-Japan PRIVATE & CONFIDENTIAL. NOT FOR EXTE
Slide 34: Our Milestones
Our Milestones 2002 2008 2014 Launch of Launch of Incorporation of iFAST iFAST Platform Services iFAST Platform Services Platform Services (Shenzhen) (B2B) in Singapore (B2B) in Hong Kong Qianhai in China 2007 2014 Launch of Listing on SGX-ST Fundsupermart.com Mainboard 2000 (B2C) in Hong Kong Launc
Slide 35: Our Value Proposition
Our Value Proposition B2B Financial Advisers • One platform, multiple investment products • Adoption of recurring revenue business model Suppliers based on Assets Under Administration (“AUA”) • Platform performs efficient collection of fees • One platform, multiple B2B and • Backroom functions manag
Slide 36: Fees Illustration
Fees Illustration B2B Financial Advisers • Upfront Adviser- Commissions assisted Suppliers • Wrap Fees Investors • Platform Fees • Trailer Fees • Upfront B2C Commissions Investors • Platform Fees PRIVATE & CONFIDENTIAL. NOT FOR EXTERNAL CIRCULATION. CO. REG. NO. R200007899C Page 36
Slide 37: Thank you. For more information, please visit www.ifastcorp.com
Thank you. For more information, please visit www.ifastcorp.com PRIVATE & CONFIDENTIAL. NOT FOR EXTERNAL CIRCULATION. CO. REG. NO. R200007899C Page 37