Invesco Ltd · NYSE:IVZ
Invesco — Amvescap — Q2 2004 Earnings Presentation
18 slides from Invesco's earnings presentation, Jul 29, 2004
Slide 1: 2004 Interim Results
AMVESCAP Helping people worldwide build their financial security 2004 Interim Results Charles W. Brady, Executive Chairman Mark H. Williamson, CEO, AIM Division James Robertson, Chief Financial Officer July 29, 2004
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: Summary Profit & Loss Account
Summary Profit & Loss Account in thousands Six Months Ended June 30, 2004 2003 Revenues £577,088 £552,594 Expenses: Operating (425,159) (418,723) Exceptional -- (62,094) Goodwill amortization (76,025) (74,838) Operating profit 75,904 (3,061) Investment income 7,558 3,499 Interest expense (20,016) (2
Slide 5: Group Profit & Loss Account
Group Profit & Loss Account in thousands Three Months Ended June 30, 2004 2003 Revenues £288,818 £281,796 Expenses: Operating (212,213) (207,142) Exceptional -- (62,094) Goodwill amortization (38,442) (37,492) Operating profit 38,163 (24,932) Investment income 1,239 2,011 Interest expense (10,227) (
Slide 6: Quarterly Financial Comparisons
Quarterly Financial Comparisons in thousands 2004 2003 Q2 Q2 % change Revenues £ 288,818 £ 281,796 2.5% Operating expenses 212,213 207,142 2.4% Operating profit 76,605 74,654 2.6% Operating margin 26.5% 26.5% EBITDA 92,665 94,596 (2.0)% EPS - diluted 5.4p 5.4p -- EBITDA per share - diluted 11.4p 11.
Slide 7: Quarterly Financial Comparisons
Quarterly Financial Comparisons in thousands 2004 2004 Q2 Q1 % change Revenues £ 288,818 £ 288,270 0.2% Operating expenses 212,213 212,946 (0.3)% Operating profit 76,605 75,324 1.7% Operating margin 26.5% 26.1% EBITDA 92,665 97,461 (4.9)% EPS - diluted 5.4p 5.8p (6.9)% EBITDA per share - diluted 11.
Slide 8: Segmental Analysis
Segmental Analysis in thousands Six Months Ended June 30, 2004 Revenues Expenses Profit AIM U.S. £213,409 £(135,024) £78,385 Canada 84,699 (38,262) 46,437 298,108 (173,286) 124,822 INVESCO U.S. 102,133 (72,566) 29,567 U.K. 93,778 (82,169) 11,609 Europe/Asia 38,518 (37,889) 629 234,429 (192,624) 41,8
Slide 9: Operating Profit – 2004 Q2 V. 2004 Q1
Operating Profit – 2004 Q2 V. 2004 Q1 in thousands 2004 2004 Q2 Q1 Change AIM U.S. £38,327 £40,058 (1,731) Canada 24,945 21,492 3,453 63,272 61,550 1,722 INVESCO U.S. 12,936 16,631 (3,695) U.K. 6,292 5,317 975 Europe/Asia 480 149 331 19,708 22,097 (2,389) Private Wealth/Retirement 668 584 84 Corpora
Slide 10: Funds Under Management - YTD
Funds Under Management - YTD in billions AIM INVESCO Total U.S. Canada U.S. U.K. Europe/Asia PWM December 31, 2003 $370.6 $149.4 $28.7 $120.2 $39.0 $23.8 $9.5 Market gains 9.3 2.2 1.6 2.6 2.1 0.8 -- Net new /(lost) business (6.9) (5.3) 0.6 (2.6) 0.5 0.3 (0.4) Change in money (7.8) (7.8) -- -- -- --
Slide 11: Funds Under Management - QTD
Funds Under Management - QTD in billions AIM INVESCO Total U.S. Canada U.S. U.K. Europe/Asia PWM March 31, 2004 $381.4 $147.6 $30.5 $121.3 $41.9 $25.3 $14.8 Market gains/(loss) 2.0 0.3 0.5 0.5 0.8 (0.1) - Net new (lost) business (5.4) (3.5) 0.1 (1.6) 0.2 (0.5) (0.1) Change in money market funds (5.8
Slide 12: Balance Sheet
Balance Sheet in thousands 30-Jun-04 31-Dec-03 Fixed assets Goodwill £2,385,131 £2,411,803 Investments 87,105 89,639 Tangible assets 159,161 170,598 2,631,397 2,672,040 Current assets Debtors 923,395 880,467 Investments 68,695 74,652 Cash 251,633 318,713 1,243,723 1,273,832 Current liabilities Curre
Slide 13: Group Cash Flow
Group Cash Flow in thousands Six Months Ended June 30, 2004 2003 Operating profit £75,904 £(3,061) Goodwill amortization and depreciation 98,582 101,275 Change in debtors, creditors and other (79,521) 47,340 Net cash inflow from operating activities 94,965 145,554 Interest paid, net of investment in
Slide 14: Analysis Of Net Debt
Analysis Of Net Debt in thousands June 30, 2004 December 31, 2003 (Decrease)/Increase £ $ £ $ £ $ Senior notes ($1,050m) 580,110 1,050,000 589,887 1,050,000 (9,777) - Credit facility 108,690 196,728 130,127 231,627 (21,437) (34,899) Other, including fx 2,028 3,671 10,251 18,246 (8,223) (14,575) Tota
Slide 15: Average Shares Outstanding
Average Shares Outstanding in thousands 30-Jun-04 31-Mar-04 31-Dec-03 Ordinary shares 774,362 772,837 768,538 Exchangeable shares 29,022 29,516 34,347 Shares outstanding 803,384 802,353 802,885 Shares related to options/ long-term incentive plan 9,129 9,105 7,486 Total shares 812,513 811,458 810,371
Slide 16: US GAAP Reconciliation (Profit)
US GAAP Reconciliation (Profit) in thousands Six Months Ended June 30, 2004 2003 Net profit under U.K. GAAP £ 14,588 £ (37,589) U.S. GAAP adjustments: Acquisition accounting 70,626 69,445 Redundancy and reorganizations (22,375) 39,112 Taxation 8,011 (12,375) Other (220) (717) Net income under U.S. G
Slide 17: US GAAP Reconciliation (Equity)
US GAAP Reconciliation (Equity) in thousands June 30, 2004 Dec 31, 2003 Shareholders' funds under U.K. GAAP £ 2,079,225 £ 2,048,471 U.S. GAAP adjustments: Fixed assets: Goodwill 1,120,602 1,071,520 Debtors 136,056 164,325 Investments 2,793 2,901 Current liabilities 26,387 104,750 Long-term debt - no
Slide 18: 2004 Interim Results
AMVESCAP 2004 Interim Results