13 slides from Agf Management Limited Class B's earnings presentation, Jan 25, 2023
Slide 1: AGF Management Limited Earnings Conference Call Fourth Quarter 2022
AGF Management Limited Earnings Conference Call Fourth Quarter 2022 January 25, 2023
Slide 2: Caution Regarding Forward-Looking Statements
Caution Regarding Forward-Looking Statements The forward-looking information is provided as of January 25, 2023. Certain information presented in these remarks and in this presentation that is not historical factual information may constitute forward-looking information within the meaning of securit
Slide 3: Conference Call Participants
Conference Call Participants Presenting Kevin McCreadie, CFA, MBA Chief Executive Officer & Chief Investment Officer Jenny Quinn Vice-President & Interim Chief Financial Officer Available for questions Judy G. Goldring, LL.B, LL.D, ICD.D President & Head of Global Distribution 3
Slide 4: Today's Discussion
Today’s Discussion • Highlights of the 4th Quarter and Fiscal 2022 • Business Updates • Financial Results • Capital & Liquidity • Focus & Priorities 4
Slide 5: Fiscal 2022 Highlights
Fiscal 2022 Highlights Assets1 of Investment Performance $765 million outperformed $41.8 billion of mutual fund net sales target and peers Diluted Successfully completed SIB of EPS of $0.96 Lipper Fund Award $24 million 75% higher than Winner 2 prior year (1) Includes AUM and fee-earning assets. (2)
Slide 6: Assets Under Management and Fee-earning Assets
Assets Under Management and Fee-earning Assets1,2 ($ millions) Q4 2022 Q4 2021 Change Mutual funds 23,898 24,006 (0%) Institutional, Sub-advisory & ETF 8,514 9,082 (6%) Private Wealth 7,275 7,366 (1%) Private Capital3 2,132 2,181 (2%) Total AUM and fee-earning assets 41,819 42,635 (2%) (1) Fee-earni
Slide 7: Mutual Fund Business Review
Mutual Fund Business Review Industry Sales ($B)1 AGF Retail Mutual Fund Sales ($M)2 Gross Sales Net Sales Gross Sales Net Sales 92 83 79 989 71 900 818 790 49 45 672 33 594 22 18 355 330 288 (11) 132 76 (20) 51 (28) Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2
Slide 8: Financial Results
Financial Results1 Sequential Quarter Year Over Year ($ millions, except per share amounts) Q4-22 Q3-22 Variance FY2022 FY2021 Variance Revenue 114.2 112.5 1.5% 469.0 461.6 1.6% SG&A 51.5 46.4 (11.0%) 194.6 195.1 0.3% Trailers and Subadvisory 32.5 32.9 1.2% 135.8 138.8 2.2% EBITDA before Commissions
Slide 9: Financial Results – BPS Detail
Financial Results – BPS Detail1 Sequential Quarter Year Over Year (bps of average AUM) Q4-22 Q3-22 FY2022 FY2021 Average AUM excl. Private Capital ($B)2 37.6 37.1 38.6 38.8 Average Mutual Fund 22.5 22.2 23.0 22.5 Average Institutional, Sub-Advisory, 15.1 14.9 15.6 16.3 ETFs & Private Wealth Revenue
Slide 10: Capital & Liquidity
Capital & Liquidity1 80 400% 70 350% 70 300% 60 60 59 58 250% 50 55 ($ millions) 200% 40 150% 30 100% 20 43% 42% 43% 44% 37% 50% 10 0% - -50% TTM Q4-FY21 TTM Q1-FY22 TTM Q2-FY22 TTM Q3-FY22 TTM Q4-FY22 TTM FCF TTM Dividend to FCF % (1) Free cash flow represents cash available for distribution to our
Slide 11: 2023 Focus & Priorities
2023 Focus & Priorities Deliver consistent Maintain sales and repeatable momentum and Build a diversified private markets investment generate net business performance inflows Meet expense guidance Enhance while continuing Corporate to invest in key Sustainability growth areas 11
Slide 12: Thank You!
Thank You! To learn more about AGF’s history visit: www.agf.com/ca/en/about- agf/our-story To learn more visit AGF.com ® The “AGF” logo and “Invested in Discipline” are registered trademarks of AGF Management Limited and used under licence.
Slide 13: Disclaimer
DISCLAIMER Refinitiv Lipper Fund Awards, ©2022 Refinitiv. All rights reserved. Used under license. AGF Global Select Fund (F Series) was awarded the 2022 Refinitiv Lipper Fund Award in the Global Equity category for the three-, five- and 10-year periods out of a classification total of 243, 205 and