Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — Star Conference - Milan 2014
23 slides from Moltiply's conference presentation, Mar 25, 2014
Slide 1: Company Presentation - Star Conference Milan
COMPANY PRESENTATION Star Conference - Milan 25-26 March 2014
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: Presenters today
Presenters today •Group Chairman and Head of Broking Division •Founder and key shareholder (16.25% indirectly through Alma Ventures SA) •Background in consulting (McKinsey) and banking (Morgan Stanley) •Degrees in Electrical Engineering and Computer Science, MBA from MIT Marco Pescarmona •Group CEO
Slide 4: Share performance June 2007 (IPO date) – 21st March 2014
Share performance 6 June 2007 (IPO date) – 21st March 2014 15% 10% 5% 0% -5% -10% -15% -20% -25% -30% -35% -40% -45% -50% -55% -60% -65% -70% MOL Total Return vs. MOL vs.FTSE ITALIA STAR 4
Slide 5: Current shareholding structure
Current shareholding structure Shareholding structure as of 21st March 2014 * * Share ownership as communicated to the company by relevant investors according to CONSOB regulations; includes all investors above 2% ownership threshold. ** The share capital of Alma Ventures S.A. is owned 50% by Guderi
Slide 6: Business portfolio
Business portfolio 2013 Divisions 2013 Revenues € 20.5 M Revenues € 30.5 M EBIT €1.8 M Broking BPO EBIT €3.8 M Division Division Business Lines Multi-brand broking of Commercial, Underwriting and mortgages through remote € 8.3 M € 13.1 M Portfolio Services for Mortgages channels and agents MutuiOnli
Slide 7: Broking Division – Top Brands/Services 1/2
Broking Division – Top Brands/Services 1/2 BRAND DESCRIPTION MARKET POSITION OPERATIONS REVENUE MODEL Online Mortgage Leader in online Experienced telephone Commission from Broker (vertical mortgage consultants provide lenders on closed specialist), distribution since independent advice and mortgage
Slide 8: Broking Division – Top Brands/Services 2/2
Broking Division – Top Brands/Services 2/2 BRAND DESCRIPTION MARKET POSITION OPERATIONS REVENUE MODEL Online Insurance Legacy brand as Mostly technology based Fee on new policy sales Broker (vertical customer lead generation, provides plus (lower) renewal specialist), acquisition for customer suppor
Slide 9: 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 10: Full-year Highlights
Full-year Highlights Revenues EBIT (€m) (€m) Y-o-Y 5.6 +54.2% 3.6 51.0 Y-o-Y +32.5% 38.5 EBIT margin 9% 11% Net Income* (€m) Y-o-Y 3.4 +3.1% 3.5 NI margin 9% 7% * Attributable to the shareholders of the Issuer 10
Slide 11: Performance by Division
Performance by Division Revenues EBIT (€m) (€m) Y-o-Y 5.6 +54.2% Y-o-Y 3.6 1.8 -38.5% 51.0 2.9 Y-o-Y Y-o-Y 3.8 +435.6% +32.5% Y-o-Y 0.7 38.5 20.5 +18.6% 17.3 Broking Division BPO Division Y-o-Y 30.5 +43.8% 21.2 EBIT margin 2012 2013 Broking Division 17% 9% BPO Division 3% 12% Broking Division BPO Di
Slide 12: Historical Revenue Trends
Historical Revenue Trends Broking Division Revenues (€m) 41.9 32.8 6% 31.7 2% 25% Group Revenues 27.8 (€m) 22.7 32% 32% 20.5 31% 18% 17.3 2% 71.8 1% 33% 12.7 69% 22% 18% 69% 68% 66% 25% 82% 30% 82% 47% 40% 53.4 51.0 47.9 46.3 58% 37.7 38.5 40% 61% 45% BPO Division Revenues 21.8 (€m) 60% 29.9 30.5 42
Slide 13: Historical Profitability
Historical Profitability EBIT (€m) EBIT margin (%) 30.9 59% 21.9 20.9 22.0 17.6 77% 8.5 84% 3.6 5.6 28% 23% 80% 32% 16% 20% 68% Net income (€m) Note: (a) Excludes one off costs related to restructuring of the Group and the IPO of the Company amounting to €816,000 13
Slide 14: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • The Italian residential mortgage market, after the collapse started in September 2011 and continued through 2012, contracted again but also showed progressive signs of stabilization in 2013. Data from Assofin, an industry association which repre
Slide 15: Broking Division business update
Broking Division business update • Within the Broking Division, in 2013, compared to 2012, we report strong growth in insurance broking revenues, propelled by advertising expenditures on the “Segugio” brand, while credit broking revenues are stable, in the context of a market characterized by weak d
Slide 16: BPO Division business update
BPO Division business update • As a whole, 2013 results show increasing revenues and margins for the BPO Division relative to the all-time lows touched in 2012, when the credit market crisis had heavily hit the Division: turnover topped Euro 30 million, increasing 44% year-on-year, and the operating
Slide 17: Acquisition of a company branch for asset management services
Acquisition of a company branch for asset management services • Effective January 1, 2014, our subsidiary CESAM S.r.l. acquired from Asset Management Services S.p.A., a subsidiary of ObjectWay S.p.A., a business branch consisting in 46 employees based in Milan, with long experience in the provision
Slide 18: Dividend Distribution
Dividend Distribution Earnings per share, consolidated Dividends per share (€) (€) * Proposed dividend 18
Slide 19: Appendix
ine po MutuiOnl Grup Appendix
Slide 20: Q4 Profit & loss
Q4 Profit & loss (€000) Q4 2013 Q4 2012 % Var. Rev enues 14,138 10,434 35.5% Other income 610 456 33.8% Capitalization of internal costs 478 113 323.0% Serv ice costs (5,424) (4,459) 21.6% Personnel costs (7,201) (4,983) 44.5% Other operating costs (688) (436) 57.8% Depreciation and amortization (58
Slide 21: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q4 2013 Q3 2013 Q2 2013 Q1 2013 Q4 2012 Rev enues 14,138 12,423 13,834 10,562 10,434 Other income 610 255 158 305 456 Capitalization of internal costs 478 107 139 98 113 Serv ice costs (5,424) (4,566) (4,805) (5,065) (4,459) Personnel costs (7,201) (5,399) (6,119) (4,8
Slide 22: Q4 Segment reporting
Q4 Segment reporting Revenues EBIT (€m) (€m) Y-o-Y 1.3 Y-o-Y 0.7 +89.8% +673.3% 0.8 0.8 Y-o-Y 14.1 0.5 -0.1 -33.7% Y-o-Y +35.5% Y-o-Y 10.4 5.5 +30.6% Broking Division BPO Division 4.2 Y-o-Y 8.6 +38.8% EBIT margin 6.2 Q4 2012 2013 Q4 2013 Broking Division -3% 9% 14% BPO Division 13% 12% 6% Broking Di
Slide 23: Declaration of the manager responsible for preparing 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