Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — FY2016 Earnings Presentation
35 slides from Moltiply's earnings presentation, Mar 15, 2017
Slide 1: Full Year 2016 Results
Full Year 2016 Results 15th March 2017
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 Current Trading and Outlook 2 Long-term Potential 3 4 4
Slide 5: Major milestones of our 16-years lifespan
Major milestones of our 16-years lifespan START-UP GROWTH RESTRUCTURING NEW GROWTH € 120.7M € 138.1M € 71.8M € 68.3M € 53.4M € 51.0M € 46.4M € 47.9M € 37.7M € 38.5M € 21.8M € 13.2M € 4.5M € 7.8M € 0.1M € 1.0M € 2.7M 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Slide 6: Business portfolio
Business portfolio Divisions FY 2016 FY 2016 Broking BPO Revenues € 61.0 M Revenues € 77.1 M EBIT € 16.4 M Division Division EBIT € 18.8 M Business Lines % of Group revenues Multi-brand broking of Commercial, Underwriting mortgages through remote Mortgage Mortgage and Portfolio Services for 14.3% 33
Slide 7: 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 8: 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 9: Group structure
Group structure Gruppo MutuiOnline S.p.A. PP&E S.r.l. 100% Real Estate renting and support services CreditOnline Mediazione Centro Centro MutuiOnline S.p.A. 100% 100% Creditizia S.p.A Finanziamenti S.p.A. 100% 100% Istruttorie S.p.A. CercAssicurazioni.it S.r.l. Segugio.it S.r.l. CESAM S.r.l. Quinser
Slide 10: Current shareholding structure
Current shareholding structure Shareholding structure as of 10th March 2017* Treasury shares 4.76% Alma Ventures** 32.50% Free Float 37.51% 20.20% 5.03% Investmentaktiengesellschaft für Frankfurter langfristige Investoren TGV Aktienfonds für Stiftungen * Share ownership as communicated to the compan
Slide 11: Share performance since IPO date (6 June 2007)
Share performance since IPO date (6 June 2007) KEY STOCK DATA as of 10th Mar 2017 Number of Shares 39,511,870 Treasury Shares 1,879,820 Outstanding Shares 37,632,050 Price per Share € 9.30 Market Capitalisation € 350.0 M 11
Slide 12: Agenda
Agenda Business Description 1 Current Trading and Outlook 2 Long-term Potential 3 4 12
Slide 13: Full-year highlights
Full-year highlights EBIT Revenues (€m) (€m) 40 Y-o-Y 160 30 +10.0% 35.2 32.0 140 20 Y-o-Y +14.4% 138.1 10 120 120.7 0 100 2015 2016 80 EBIT margin 26.5% 25.5% 60 Net Income 40 (€m) 30 20 Y-o-Y +5.7% 20 23.5 24.8 0 2015 2016 10 0 2015 2016 NI margin 19.5% 18.0% 13
Slide 14: Performance by Division
Performance by Division EBIT Revenues (€m) (€m) 40 35.2 32.0 Y-o-Y 160 +10.0% 30 Y-o-Y 16.4 138.1 18.1 -9.4% 140 20 Y-o-Y 120.7 +14.4% Y-o-Y 120 10 18.8 Y-o-Y 13.9 +35.2% 61.0 +6.7% 0 100 2015 2016 57.2 80 Broking Division BPO Division 60 Y-o-Y 40 77.1 +21.3% 63.6 20 EBIT margin (percent of revenues
Slide 15: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • Year 2016 was characterized by a strong recovery of the market for purchase mortgages, accompanied by a contraction of the market for remortgages, whose decrease started in June and progressively accelerated. The drop of remortgaging activity wa
Slide 16: Broking Division – Business outlook 1/3
Broking Division – Business outlook 1/3 • In FY 2016, the Broking Division has recorded satisfactory results, even if down compared to FY 2015, for a combination of the following factors: o the decreased contribution of Mortgage Broking, attributable to the drop of brokered mortgage volumes for the
Slide 17: Broking Division – Business outlook 2/3
Broking Division – Business outlook 2/3 • The amount of brokered loans has been stable in 2016 Consumer Loan Broking Revenues Consumer 35 (€m) compared to 2015, despite a small growth of the reference Loan FY 2015 FY 2016 market, mainly due to the increased competitiveness of 30 Broking other distri
Slide 18: Broking Division – Business outlook 3/3
Broking Division – Business outlook 3/3 E-Commerce Price Comparison Revenues 35 (€m) • The results of the business line are up significantly in FY 2016, E-Commerce 30 when compared to FY 2015. This growth benefits from the Price difference in the consolidation period, equal to 12 months 25 21.8 Comp
Slide 19: BPO Division – Business outlook 1/3
BPO Division – Business outlook 1/3 •Year 2016 has been very positive for the BPO Division, with revenues reaching new historical highs and margins in line with long term targets. As we commented during the year, this performance has exceeded our own expectations, thanks to the exceptional contribut
Slide 20: BPO Division – Business outlook 2/3
BPO Division – Business outlook 2/3 • 2016 revenues have been slightly compared to 2015. As we 35 CQ Loans BPO Revenues CQ Loan pointed out several times, the room for growth in terms of 30 (€m) BPO market share is limited, and management focus has been 25 on the improvement of operational efficienc
Slide 21: BPO Division – Business outlook 3/3
BPO Division – Business outlook 3/3 • The Asset Management BPO business line has recorded a Asset Management BPO Revenues Asset 20 (€m) Management significant growth compared to 2015, also thanks to the BPO contribution of some one-off projects with our main client. 15 • During 2017 the revenues lin
Slide 22: Dividend distribution
Dividend distribution Earnings per share, consolidated Dividends per outstanding share (€) (€) 0.70 0.45 0.59 0.59 0.40 0.60 0.56 0.36 0.37 0.35 0.50 0.30* 0.30 0.41 0.40 0.38 0.38 0.25 0.21 0.30 0.20 0.25 0.24 0.15 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 2008 2009
Slide 23: Agenda
Agenda Business Description 1 Current Trading and Outlook 2 Long-term Potential 3 23
Slide 24: Historical revenue trends 1/2
Historical revenue trends 1/2 Group Revenues Collapse of the Italian (€m) Mortgage Market 138.1 140 120.7 120 44% 100 58% 47% 80 40% 71.8 68.3 60 61% 53.4 51.0 45% 47.9 37% 46.4 58% 37.7 38.5 40 40% 56% 66% 61% 60% 45% 53% 21.8 60% 20 63% 58% 42% 60% 40% 34% 39% 55% 40% 42% 0 2006A 2007A 2008A 2009A
Slide 25: Historical revenue trends 2/2
Historical revenue trends 2/2 Broking Division Revenues (€m) 80 70 61.0 Other Revenues 60 57.2 3% 2% E-Commerce Price Comparison 50 36% 41.9 28% Insurance Broking 40 6% 31.7 32.2 17% Consumer Loan Broking 27.8 25% 18% 30 22.7 25.1 32% 33% 20.5 12% 31% 4% 11% Mortgage Broking 20 18% 17.3 2% 32% 12.7
Slide 26: Historical profitability 1/2
Historical profitability 1/2 EBIT (€m) 40 Collapse of the 35.2 Italian Mortgage 32.0 30.9 Market 30 + 47% 21.9 21.5 22.0 Launch of 57% 20 17.6 Segugio.it 77% 14.5 78% 84% 36% 10 8.5 77% 93% 5.6 53% 67% 3.6 43% 23% 80% 32% 64% 33% 23% 22% 7% 16% 20% 68% 0 2006A 2007A (a) 2008A 2009A 2010A 2011A 2012A
Slide 27: Historical profitability 2/2
Historical profitability 2/2 Net income (€m) 24.8 25 23.5 20.9 20 14.8 15.3 14.4 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 27
Slide 28: Appendix
teh Appendix
Slide 29: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Rev enues 39,524 31,257 34,454 32,834 36,414 Other income 559 511 703 566 598 Capitalization of internal costs 402 162 213 162 172 Serv ice costs (14,053) (11,632) (13,101) (11,916) (11,642) Personnel costs (12,407) (9,691) (11,3
Slide 30: Q4 Profit & Loss
Q4 Profit & Loss (€000) Q4 2016 Q4 2015 % Var. Rev enues 39,524 36,414 8.5% Other income 559 598 -6.5% Capitalization of internal costs 402 172 133.7% Serv ice costs (14,053) (11,642) 20.7% Personnel costs (12,407) (12,518) -0.9% Other operating costs (890) (1,118) -20.4% Depreciation and amortizati
Slide 31: Full Year Profit & Loss
Full Year Profit & Loss (€000) FY 2016 FY 2015 % Var. Rev enues 138,069 120,719 14.4% Other income 2,339 2,281 2.5% Capitalization of internal costs 939 768 22.3% Serv ice costs (50,702) (41,467) 22.3% Personnel costs (43,829) (40,799) 7.4% Other operating costs (4,295) (3,669) 17.1% Depreciation an
Slide 32: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of December 31, December 31, (€000) Change % 2016 2015 ASSETS I ntangible assets 53,874 57,932 (4,058) -7.0% Property, plant and equipment 13,412 11,485 1,927 16.8% Associates measured w ith equity method 1,224 2,642 (1,418) -53.7% Deferred tax assets 1,401 - 1,401 N/A
Slide 33: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of December 31, December 31, (€000) Change % 2016 2015 LIABILITIES AND SHAREHOLDERS' EQUITY Total equity attributable to the shareholders of the I ssuer 67,037 52,429 14,608 27.9% Minority interests 7,571 5,655 1,916 33.9% Total shareholders' equity 74,608 58,084 16
Slide 34: Net Financial Position
Net Financial Position As of December 31, December 31, (€000) Change % 2016 2015 A. Cash and cash equiv alents 42,071 32,451 9,620 29.6% B. Other cash equiv alents - - - N/A C. Financial assets held to maturity or for trading 677 817 (140) -17.1% D. Liquidity (A) + (B) + (C) 42,748 33,268 9,480 28.5
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