Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — Q4 2007 Earnings Presentation
24 slides from Moltiply's earnings presentation, Feb 18, 2008
Slide 1: Gruppo MutuiOnline Fourth Quarter 2007 Results
Gruppo MutuiOnline Fourth Quarter 2007 Results 18th February 2008
Slide 2: Presenters today
Presenters today •Group •Group Chairman Chairman and and Head Head of of Broking Broking Division Division •Founder •Founder and and key key shareholder shareholder (16.13% (16.13% indirectly indirectly through through Alma Alma Ventures Ventures SA) SA) •Background •Background in in consulting cons
Slide 3: Business portfolio
Business portfolio Broking Broking BPO BPO DIVISION DIVISION 2007: 2007: Rev. €22.7m EBIT Rev. €22.7m (a) €13.4m EBIT(a) €13.4m 2007: 2007: Rev. €15.0m EBIT Rev. €15.0m (a) €4.1m EBIT(a) €4.1m Multi-brand Multi-brand Multi-brand Multi-brand Multi-brand Multi-brand Employee Employee broking broking o
Slide 4: Current shareholding structure
Current shareholding structure Shareholding structure as of 13th February 2008* Free Float , 24.45% Alma Ventures SA**, 32.25% Treasury Shares, 1.19% Stefano Rossini, 4.32% Talaris Capit al Part ner LP, 5.36% Jupit er Vent ures SA, Nest or 2000 Sprl, 11.37% 5.47% Parvus Asset Vent ures, Capit al Res
Slide 5: Full-year Highlights
Full-year Highlights Revenues EBIT (€m) (€m) 20 17.6 Y-o-Y 16 +106% 40 37.7 12 Y-o-Y 8.5 36 +72% 8 32 4 28 0 2006 2007 (a) 24 21.8 EBIT EBIT margin margin 39% 39% 47% 47% 20 16 12 Net Income (€m) 8 10 9.7 4 Y-o-Y 8 +89% 0 6 5.2 2006 2007 4 2 0 2006 2007 NI NI margin margin 24% 24% 26% 26% Note: (a)
Slide 6: Performance by Division
Performance by Division Revenues EBIT (€m) (€m) 20 17.6 Y-o-Y 16 +106% 40 37.7 Y-o-Y 12 13.5 Y-o-Y 8.5 +134% 36 +72% 8 5.7 32 4 Y-o-Y 2.8 4.1 +48% 28 0 22.7 Y-o-Y +79% 2006 2007 (a) 24 21.8 20 Broking Division BPO Division 16 12.7 12 EBIT margin 8 15.0 Y-o-Y +64% 4 9.1 2006 2006 2007 2007(a) (a) 0 B
Slide 7: Historical Revenue Trends
Historical Revenue Trends Broking Division Revenues Group Revenues (€m) (€m) 25 CAGR 22.7 +58% 11% 20 18% 15 12.7 40 37.7 8.4 6% 10 18% 35 5.8 5% 71% CAGR 7% 18% +69% 5 22% 76% 30 77% 0 71% 60% 25 21.8 2004A 2005A 2006A 2007A 20 MutuiOnline PrestitiOnline CreditPanel 15 13.2 58% BPO Division Revenue
Slide 8: Historical Profitability
Historical Profitability EBIT EBIT margin (€m) (%) 20 17.6 70% CAGR 16 +97% 60% 59% 50% 45% 12 47% 76% 40% 39% 35% 8.5 39% 8 30% 29% 28% 31% 4.6 67% 20% 4 2.3 64% 10% 33% 24% 98% 36% 3% 0 0% 2% 2004A 2005A 2006A 2007A (a) 2004A 2005A 2006A 2007A (a) BPO Div Division Broking ision Broking Div ision B
Slide 9: Evolution of the Italian Residential Mortgage Market
Evolution of the Italian Residential Mortgage Market Residential mortgage flows Euro billion Y-o-Y -1.5% 70 CAGR +13.1% 62.9 61.9 60 56.2 Potential causes for slow-down 50 49.2 • Residential real estate market slow-down 40 • High and volatile interest rates environment 30 • Lenders’ credit tightenin
Slide 10: Mortgage Origination Volumes
Mortgage Origination Volumes Broking Division mortgage origination volumes Broking Division mortgage market share (€mn) Percentage CAGR 2.4% 1.400 +53% 1.196 1.9% 1.200 2.0% 1.000 1.6% 800 695 1.1% 1.2% 511 0.9% 600 0.7% 336 0.8% 400 200 0.4% 0 0.0% 2004 2005 2006 2007 2004A 2005A 2006A 2007P Source
Slide 11: Importance of Remortgage Business
Importance of Remortgage Business Applications: breakdown by mortgage destination Origination volumes: breakdown by mortgage destination % of MutuiOnline mortgage applications % of total Mutuionline closed mortgages 100% 100% 10% 6% 14% 30% 80% 80% 60% 60% 90% 94% 86% 40% 40% 70% 20% 20% 0% 0% 2006A
Slide 12: Personal Loan Origination Volumes
Personal Loan Origination Volumes PrestitiOnline: Personal loan origination volume PrestitiOnline: personal loans market share (€mn) Percentage CAGR 0,8% 200 +72% 182 160 0,6% 120 0,4% 95 Reliable 0,4% market figures not 80 yet 0,2% 0,2% available 43 36 0,2% 40 0 0,0% 2004 2005 2006 2007 2004 2005 2
Slide 13: Outlook for Broking Division
Outlook for Broking Division •The •The number number of of mortgage mortgage and and personal personal loan loan applications applications collected collected increased increased alsoalso in in Q4 2007 compared with the Q4 2007 compared with the Q4 2006. Q4 2006. •Regarding •Regarding mortgage mortg
Slide 14: Outlook for BPO Division
Outlook for BPO Division •Regarding •Regarding mortgage mortgage outsourcing outsourcing we we have have started started preparations preparations for for the the launch launch of of aa new new client client within within H1H1 2008, 2008, while while another another client, client, already already m
Slide 15: Share Buy Back Program
Share Buy Back Program •During •During thethe financial financial year year ended ended on on December December 31, 31, 2007, 2007, thethe Company Company initiated initiated a a share share buy buy back back program, program, upup to to 2% 2% of of the the ordinary ordinary share share capital, cap
Slide 16: Changes in Tax Rates (2008 Budget Law)
Changes in Tax Rates (2008 Budget Law) Corporate Corporate Income Income TaxTax •Reduction •Reduction from from 33% 33% to to 27.5% 27.5% (IRES) (IRES) Regional Regional Taxes Taxes •Reduction •Reduction from from 4.25% 4.25% to to 3.9% 3.9% (this (this tax tax isis applied applied to to a a taxable
Slide 17: Appendix
INE MutuiOn Appendix
Slide 18: Q4 highlights
Q4 highlights Revenues EBIT (€m) (€m) 7 6.6 13.6 6 Y-o-Y +254% 10 5 4 3 Y-o-Y 1.9 +113% 2 8 1 0 6.4 Q4 06 Q4 07 6 EBIT EBIT margin margin 29% 29% 48% 48% 4 Net Income (€m) 2 5 Y-o-Y 4.0 4 +258% 0 3 Q4 06 Q4 07 2 1.1 1 0 Q4 06 Q4 07 NI NI margin margin 17% 17% 29% 29% 18
Slide 19: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) (€000) Q4 Q4 2007 2007 Q3 Q3 2007 2007 Q2 Q2 2007 2007 Q1 Q1 2007 2007 Revenues 13,633 8,333 9,343 6,366 Other income 179 154 108 4 Capitalization of internal costs 55 41 55 48 Services costs (3,183) (2,065) (2,673) (2,283) Personnel costs (3,439) (1,994) (1,988) (1,50
Slide 20: Profit & Loss Breakdown
Profit & Loss Breakdown Margin components 2007 1.7% 27.1% 100% 0.0% 23.7% 3.8% 2.7% 44.5% 18.6% 25.9% Total Other income Services costs Personnel Other Depreciation EBIT Net interest Tax Net profit revenues costs operating margin income margin costs Margin components 2006 2.5% 26.4% 100% 0.4% 26.2%
Slide 21: Key Performance Indicators for MutuiOnline Business Line
Key Performance Indicators for MutuiOnline Business Line Mortgage applications received Total number 65.133 70.000 60.000 50.000 40.784 42.994 Weighted conversion rate* 40.000 33.846 Percentage 30.000 15.3% 16.0% 20.000 12.5% 10.000 10.9% 12.0% 9.9% 0 2004 2005 2006 2007 8.0% Originated mortgages 4.
Slide 22: Key Performance Indicators for CreditPanel Business Line
Key Performance Indicators for CreditPanel Business Line Mortgage applications received Originated mortgages Total number Total number 8.000 1.200 995 5.968 1.000 6.000 800 4.000 3.038 600 421 400 2.000 200 0 0 2004 2005 2006 2007 2004 2005 2006 2007 Note: KPIs do not include Milan and Torino shops;
Slide 23: Key Performance Indicators for PrestitiOnline Business Line
Key Performance Indicators for PrestitiOnline Business Line Personal loans applications received Total number 67.371 70.000 60.000 53.188 50.000 43.346 37.011 40.000 Conversion rate* 30.000 Percentage 20.000 18.7% 20.0% 10.000 15.6% 0 16.0% 12.5% 12.3% 2004 2005 2006 2007 12.0% 8.0% Originated perso
Slide 24: 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