Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — Q3 2015 Earnings Presentation
31 slides from Moltiply's earnings presentation, Nov 13, 2015
Slide 1: Third Quarter 2015 Results
Third Quarter 2015 Results 13th November 2015
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 Group CFO • Founder and key shareholder (16.25% • Founder and key shareholder • Background in auditing (Arthur indirectly through Alma Ventures S
Slide 4: Agenda
Agenda Business Description 1 Q3 and 9M Current Trading and Outlook 2 Historical Data and Long-term Potential 3 4
Slide 5: Business portfolio
Business portfolio Divisions H1 2015 H1 2015 Broking BPO Revenues € 24.1 M Revenues € 30.0 M EBIT € 7.9 M Division Division EBIT € 6.7 M Business Lines % Division revenues Multi-brand broking of Commercial, Underwriting mortgages through remote Mortgage Mortgage and Portfolio Services for 41.7% 51.6
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 Gruppo MutuiOnline S.p.A. Centro Centro MutuiOnline S.p.A. 100% Finanziamenti S.p.A. 100% 100% Istruttorie S.p.A. 100% CreditOnline Mediazione Creditizia S.p.A. PP&E S.r.l. CESAM S.r.l. Quinservizi S.p.A. 100% 100% 100% Real Estate CercAssicurazioni.it S.r.l. renting and Mikono S.r.l
Slide 9: Current shareholding structure
Current shareholding structure Shareholding structure as of 13th November 2015 * Treasury shares 5.14% Alma Ventures** 32.50% Free Float 37.13% 20.20% 5.03% Investmentaktiengesellschaft für Frankfurter langfristige Investoren TGV Aktienfonds für Stiftungen * Share ownership as communicated to the co
Slide 10: Share performance since IPO date (6 June 2007)
Share performance since IPO date (6 June 2007) KEY STOCK DATA as of 11th November 2015 Number of Shares 39,511,870 Treasury Shares 2,032,095 Outstanding Shares 37,479,775 Price per Share € 8.79 Market Capitalisation € 329.4 M 10
Slide 11: Agenda
Agenda Business Description 1 Q3 and 9M Current Trading and Outlook 2 Historical Data and Long-term Potential 3 11
Slide 12: Q3 highlights
Q3 highlights EBIT Revenues (€m) (€m) 12 35 8 Y-o-Y 9.3 +165.1% 30 30.2 4 25 Y-o-Y 3.5 +89.8% 0 Q3 2014 Q3 2015 20 EBIT margin 22% 31% 15 15.9 Net Income 10 (€m) 10 5 0 Y-o-Y 7.3 Q3 2014 Q3 2015 5 +255.3% 0 2.1 Q3 2014 Q3 2015 NI margin 13% 24% 12
Slide 13: Q3 Performance by Division
Q3 Performance by Division EBIT Revenues (€m) (€m) 12 9.3 35 8 Y-o-Y 30.2 +165.1% Y-o-Y 5.8 +570.6% 30 3.5 4 Y-o-Y 0.9 Y-o-Y 25 Y-o-Y +159.5% 2.6 3.5 +31.5% +89.8% 14.8 0 Q3 2014 Q3 2015 20 15.9 15 Broking Division BPO Division 5.7 10 Y-o-Y +50.8% 15.4 5 10.2 EBIT margin (percent of revenues) 0 Q3 2
Slide 14: 9M highlights
9M highlights EBIT Revenues (€m) (€m) 25 Y-o-Y 20 +137.6% 23.9 90 15 80 84.3 10 70 Y-o-Y 5 10.1 +76.6% 60 0 9M 2014 9M 2015 50 EBIT margin 21% 28% 40 47.7 30 Net Income (€m) 20 20 10 15 Y-o-Y 17.2 0 +184.1% 9M 2014 9M 2015 10 5 6.1 0 9M 2014 9M 2015 NI margin 13% 20% 14
Slide 15: 9M Performance by Division
9M Performance by Division EBIT Revenues (€m) (€m) 23.9 25 Y-o-Y 90 20 +137.6% Y-o-Y 84.3 13.7 +384.8% 15 80 10.1 10 70 Y-o-Y 2.8 Y-o-Y +76.6% Y-o-Y 5 10.2 38.9 +127.1% 7.2 +41.0% 60 0 47.7 9M 2014 9M 2015 50 40 17.1 Broking Division BPO Division 30 Y-o-Y 20 45.4 +48.4% 30.6 EBIT margin 10 (percent
Slide 16: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • Thanks to the very low level of the long-term interest rates and to the strong competition among banks, the recovery of the mortgage market continues, even if still mainly due to the strong growth of remortgages, that reached their peak during t
Slide 17: Broking Division – Business outlook
Broking Division – Business outlook • Also during Q3 2015, compared to Q3 2014, the Broking Division shows a strong increase of revenues and profitability thanks to the contribution of all the Business Lines. • The results continue to benefit from the important growth of volumes and revenues of Mort
Slide 18: BPO Division – Business outlook
BPO Division – Business outlook • The strong growth trend of the BPO Division continues also in Q3 2015 compared to Q3 2014, while the profitability (EBIT/Revenues) is substantially stable, over 23%. • As in Q2 2015, the growth engine is Mortgage BPO, but also CQS Loan BPO and Insurance BPO show dou
Slide 19: Agenda
Agenda Business Description 1 Q3 and 9M Current Trading and Outlook 2 Historical Data and Long-term Potential 3 19
Slide 20: Historical revenue trends
Historical revenue trends Broking Division Revenues (€m) 41.9 40 6% Collapse of the 31.7 32.2 25% Group Revenues Italian Mortgage 27.8 30 (€m) Market 33% 25.1 22.7 32% 4% 31% 20.5 71.8 20 18% 17.3 1% 32% 70 68.3 12.7 1% 33% 69% 22% 21% 10 18% 68% 67% 30% 25% 82% 69% 60 82% 47% 41% 43% 53.4 37% 0 51.
Slide 21: Historical profitability
Historical profitability EBIT (€m) Launch of EBIT margin Segugio.it (%) 30.9 30 70% 61% 63% 59% 57% 57% 22.0 60% 21.9 21.5 50% 45% 20 17.6 77% 14.5 40% 47% 47% 39% 44% 41% 43% 78% 84% 30% 8.5 77% 93% 36% 22% 10 5.6 20% 31% 28% 17% 3.6 26% 24% 9% 12% 21% 67% 32% 64% 10% 7% 23% 80% 17% 21% 33% 23% 22%
Slide 22: Dividend distribution
Dividend distribution Earnings per share, consolidated Dividends per share (€) (€) 0.60 0.56 0.45 0.40 0.37 0.50 0.36 0.35 0.41 0.40 0.38 0.38 0.30 0.25 0.30 0.21 0.25 0.24 0.20 0.20 0.15 0.12 0.12 0.12 0.12 0.09 0.09 0.09 0.10 0.10 0.05 0.00 0.00 2007 2008 2009 2010 2011 2012 2013 2014 may may may
Slide 23: Strategic growth engines
Strategic growth engines Retail Credit Recovery New diversified base Trovaprezzi.it New Extensions • Segugio.it • Mortgage Broking • Italian Leader • Asset Management BPO • Further expansion in • Personal Loan Broking in e-commerce price • Insurance BPO adjacent sectors through • Mortgage BPO compar
Slide 24: Appendix
teh Appendix
Slide 25: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q3 2015 Q2 2015 Q1 2015 Q4 2014 Q3 2014 Rev enues 30,217 31,739 22,349 20,566 15,920 Other income 452 547 684 448 513 Capitalization of internal costs 134 292 170 17 239 Serv ice costs (10,513) (10,938) (8,374) (6,708) (5,930) Personnel costs (9,646) (10,437) (8,198) (
Slide 26: Q3 Profit & Loss
Q3 Profit & Loss (€000) Q3 2015 Q3 2014 % Var. Rev enues 30,217 15,920 89.8% Other income 452 513 -11.9% Capitalization of internal costs 134 239 -43.9% Serv ice costs (10,513) (5,930) 77.3% Personnel costs (9,646) (6,139) 57.1% Other operating costs (576) (600) -4.0% Depreciation and amortization (
Slide 27: 9M Profit & Loss
9M Profit & Loss (€000) 9M 2015 9M 2014 % Var. Rev enues 84,305 47,734 76.6% Other income 1,683 1,713 -1.8% Capitalization of internal costs 596 707 -15.7% Serv ice costs (29,825) (17,450) 70.9% Personnel costs (28,281) (19,658) 43.9% Other operating costs (2,551) (1,639) 55.6% Depreciation and amor
Slide 28: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of September 30, December 31, (€000) Change % 2015 2014 ASSETS I ntangible assets 53,311 10,688 42,623 398.8% Property, plant and equipment 11,444 5,012 6,432 128.3% Associates measured w ith equity method 2,010 50 1,960 3920.0% Deferred tax assets - 3,529 (3,529) -100.
Slide 29: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of September 30, December 31, (€000) Change % 2015 2014 LIABILITIES AND SHAREHOLDERS' EQUITY Equity attributable to the shareholders of the I ssuer 46,252 34,692 11,560 33.3% Minority interest 3,086 1,383 1,703 123.1% Total shareholders' equity 49,338 36,075 13,263
Slide 30: Net Financial Position
Net Financial Position As of September 30, December 31, (€000) Change % 2015 2014 A. Cash and cash equiv alents 24,169 23,730 439 1.8% B. Other cash equiv alents - - - N/A C. Financial assets held to maturity or for trading 527 - 527 N/A D. Liquidity (A) + (B) + (C) 24,696 23,730 966 4.1% E. Current
Slide 31: 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