Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — Q3 2018 Earnings Presentation
35 slides from Moltiply's earnings presentation, Nov 13, 2018
Slide 1: Third Quarter 2018 Results
Third Quarter 2018 Results November 13th, 2018
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 • Founder and key shareholder (16.05% • Founder and key shareholder • Background in auditing (Arthur indirectly through Alma Ventures SA) (16.05%
Slide 4: Agenda
Agenda Business Description 1 Share Information 2 Current Trading and Outlook 3 Historical Performance 4 4
Slide 5: Business portfolio
Business portfolio Online comparison and intermediation Provision of complex Business Process Broking BPO services operating with a portfolio of Outsourcing services for specific verticals leading brands in the Italian market Division Division within the Italian financial services industry Mortgage
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 Headcount* Real Estate 1,473 FTE Gruppo MutuiOnline S.p.A. PP&E S.r.l. renting and 100% support services Centro Centro MutuiOnline S.p.A. PrestitiOnline S.p.A 100% 100% Finanziamenti S.p.A. 100% 100% Istruttorie S.p.A. CercAssicurazioni.it S.r.l. Segugio.it S.r.l. CESAM S.r.l. Quinse
Slide 9: Major milestones
Major milestones START-UP GROWTH RESTRUCTURING NEW GROWTH € 152,8M € 138,1M € 120,7M € 71,8M € 68,3M € 46,4M € 47,9M € 53,4M € 51,0M € 37,7M € 38,5M € 21,8M € 7,8M € 13,2M € 0,1M € 1,0M € 2,7M € 4,5M 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 BPO D
Slide 10: Agenda
Agenda Business Description 1 Share Information 2 Current Trading and Outlook 3 Historical Performance 4 10
Slide 11: Transparency and governance standards
Transparency and governance standards Gruppo MutuiOnline is listed since IPO (June 6, 2007) in the STAR Segment of Borsa Italiana’s equity market dedicated to mid-size companies with a capitalization less than Euro 1 billion, which voluntarily adhere and comply with a number of strict requirements i
Slide 12: Shareholding Structure
Shareholding Structure Shareholding structure as of November 9th, 2018* Treasury shares 5,60% Alma Ventures** 32,10% Free Float 31,21% 9,28% 21,81% Investmentaktiengesellschaft für Frankfurter langfristige Investoren TGV Aktienfonds für Stiftungen * Share ownership as registered in last Shareholders
Slide 13: Share Performance since IPO
Share Performance since IPO KEY STOCK DATA as of Nov. 9th, 2018 Number of Shares 40,000,000 Treasury Shares 2,240,200 Outstanding Shares 37,759,800 Price per Share € 16.46 Market Capitalisation € 621.5 M Since November 2018, MOL is included in the Italian FTSE Italia MID-CAP Index 13
Slide 14: Agenda
Agenda Business Description 1 Share Information 2 Current Trading and Outlook 3 Historical Performance 4 14
Slide 15: Q3 highlights
Q3 highlights EBIT Revenues (€m) (€m) 15 Y-o-Y 50 10 +35.0% 11,0 Y-o-Y 8,1 40 +31.2% 43,9 5 0 30 33,5 Q3 2017 Q3 2018 EBIT margin 24.3% 25.0% 20 Net Income (€m) 10 15 0 10 Y-o-Y Q3 2017 Q3 2018 +48.5% 5 8,2 5,5 0 Q3 2017 Q3 2018 NI margin 16.6% 18.8% 15
Slide 16: Performance by Division
Performance by Division EBIT Revenues (€m) (€m) 15 Y-o-Y 11,0 50 10 8,1 +35.0% Y-o-Y 43,9 4,5 +37.1% Y-o-Y 3,3 40 +31.2% 5 6,5 Y-o-Y 33,5 Y-o-Y 4,8 18,2 +23.7% +33.6% 0 30 Q3 2017 Q3 2018 14,7 20 Broking Division BPO Division Y-o-Y +37.0% 25,7 10 18,8 EBIT margin (percent of revenues) 0 Q3 2017 Q3 2
Slide 17: 9M highlights
9M highlights EBIT Revenues (€m) (€m) 40 Y-o-Y 140 30 +19.5% 34,1 Y-o-Y 20 28,6 120 +15.3% 129,3 10 100 112,1 0 9M 2017 9M 2018 80 EBIT margin 25.5% 26.4% 60 Net Income 40 (€m) 40 20 30 0 Y-o-Y 20 +27.4% 9M 2017 9M 2018 24,8 19,5 10 0 9M 2017 9M 2018 NI margin 17.4% 19.2% 17
Slide 18: 9M Performance by Division
9M Performance by Division EBIT Revenues (€m) (€m) 40 34,1 Y-o-Y 140 28,6 +19.5% 129,3 30 Y-o-Y 16,6 +38.0% Y-o-Y 20 12,0 120 112,1 +15.3% Y-o-Y Y-o-Y 10 17,5 100 55,4 +13.4% 16,5 +6.1% 0 48,8 9M 2017 9M 2018 80 60 Broking Division BPO Division Y-o-Y 40 +16.8% 73,9 63,3 20 EBIT margin (percent of re
Slide 19: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • In Q3 2018, the residential mortgage market is slightly up year on year, due to progressive growth of purchase mortgages, accompanied by a momentary recovery of refinancing activity. • Data from Assofin, an industry association which represents
Slide 20: Broking Division – Business outlook
Broking Division – Business outlook • In Q3 2018, the Broking Division records strongly increasing results year on year, thanks to the positive contribution of all the business lines, with the exception of E-Commerce Price Comparison, which is contracting. • In particular, in Q3 2018, the activity o
Slide 21: BPO Division – Business outlook
BPO Division – Business outlook • Results of the BPO Division are up 16.8% year on year in 9M 2018, with a level of profitability equal to 23.7%, in line with long term targets. The same trends are foreseeable also in the expected overall results in 2018. • It is worth pointing out that such positiv
Slide 22: Agenda
Agenda Business Description 1 Share Information 2 Current Trading and Outlook 3 Historical Performance 4 22
Slide 23: Revenue trends by Division
Revenue trends by Division Group Revenues (€m) Collapse of the Italian Mortgage Market 160 152,8 138,1 140 120,7 120 44% 58% 44% 100 47% 40% 80 71,8 68,3 61% 45% 60 53,4 51,0 46,4 47,9 37% 58% 37,7 38,5 56% 40 40% 56% 66% 61% 60% 45% 53% 21,8 60% 20 63% 58% 42% 60% 40% 40% 34% 39% 55% 42% 0 2006A 20
Slide 24: Revenue Breakdown by Business Line
Revenue Breakdown by Business Line Broking Division Revenues (€m) 90 80 Other Revenues 70 67,2 61,0 3% 57,2 E-Commerce Price Comparison 60 3% 2% 30% 50 Insurance Broking 41,9 28% 36% 40 6% 19% Consumer Loan Broking 31,7 32,2 17% 27,8 25% 25,1 18% 30 22,7 11% 32% 33% 20,5 12% Mortgage Broking 31% 17,
Slide 25: Operating Income by Division
Operating Income by Division EBIT (€m) Collapse of the 39,7 40 Italian Mortgage 35,2 Market 32,0 30,9 30 + 46% 21,9 22,0 Launch of 47% 21,5 Segugio.it 17,6 57% 20 77% 14,5 8,5 78% 84% 36% 10 77% 93% 54% 5,6 53% 67% 3,6 43% 23% 80% 32% 64% 33% 23% 22% 7% 16% 20% 68% 0 2006A 2007A (a) 2008A 2009A 2010
Slide 26: Net Income
Net Income Net income (€m) 30 27,5 24,8 25 23,5 20,9 20 14,8 14,4 15,3 15 9,7 9,9 10 5,2 5 3,6 3,8 0 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A Net income margin (%) 40% 31,9% 30,1% 28,7% 29,1% 30% 25,7% 23,9% 19,5% 18,0% 18,0% 20% 14,5% 9,4% 10% 7,5% 0% 2006A 2007A 2008
Slide 27: Dividend Payout
Dividend Payout Earnings per share, consolidated Dividends per outstanding share (€) (€) 0,80 0,45 0,69 0,40 0,70 0,36 0,37 0,59 0,58 0,35 0,60 0,56 0.30 0,30 0,30 0,50 0,41 0,25 0,40 0,38 0,38 0,21 0,20 0,30 0,25 0.15 0,24 0,15 0,12 0,12 0,12 0,12 0,20 0,09 0,10 0,09 0,09 0,10 0,05 0,00 0,00 2007 2
Slide 28: Appendix
teh Appendix
Slide 29: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Rev enues 43,885 47,638 37,770 40,673 33,457 Other income 1,196 972 609 1,074 667 Capitalization of internal costs 158 346 202 250 186 Serv ice costs (17,527) (16,903) (13,986) (13,909) (12,537) Personnel costs (14,109) (15,512)
Slide 30: Q3 Profit & Loss
Q3 Profit & Loss (€000) Q3 2018 Q3 2017 % Var. Rev enues 43,885 33,457 31.2% Other income 1,196 667 79.3% Capitalization of internal costs 158 186 -15.1% Serv ice costs (17,527) (12,537) 39.8% Personnel costs (14,109) (10,866) 29.8% Other operating costs (1,210) (1,056) 14.6% Depreciation and amorti
Slide 31: 9M Profit & Loss
9M Profit & Loss (€000) 9M 2018 9M 2017 % Var. Rev enues 129,293 112,122 15.3% Other income 2,777 1,852 49.9% Capitalization of internal costs 706 699 1.0% Serv ice costs (48,416) (41,316) 17.2% Personnel costs (41,673) (35,962) 15.9% Other operating costs (4,012) (3,621) 10.8% Depreciation and amor
Slide 32: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of September 30, December 31, (€000) Change % 2018 2017 ASSETS I ntangible assets 98,999 49,611 49,388 99.6% Property, plant and equipment 16,251 14,683 1,568 10.7% Associates measured w ith equity method 2,388 1,986 402 20.2% Non-current financial assets held to maturi
Slide 33: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of September 30, December 31, (€000) Change % 2018 2017 LIABILITIES AND SHAREHOLDERS' EQUITY Total equity attributable to the shareholders of the I ssuer 90,987 80,042 10,945 13.7% Minority interests 8,863 8,350 513 6.1% Total shareholders' equity 99,850 88,392 11,4
Slide 34: Net Financial Position
Net Financial Position As of September 30, December 31, (€000) Change % 2018 2017 A. Cash and cash equiv alents 93,925 76,569 17,356 22.7% B. Other cash equiv alents - - - N/A C. Financial assets held to maturity or for trading 3,385 920 2,465 267.9% D. Liquidity (A) + (B) + (C) 97,310 77,489 19,821
Slide 35: 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