Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — UBS Italian Financial Services Conference 2009
25 slides from Moltiply's conference presentation, Jan 29, 2009
Slide 1: UBS Italian Financial Services Conference
Marco Pescarmona Chairman & Head of Broking Division UBS Italian Financial Services Conference 29 January 2009
Slide 2: Gruppo MutuiOnline aims to be the most innovative financial services company
Gruppo MutuiOnline aims to be the most innovative financial services company capturing the opportunities stemming from the evolution of the Italian retail credit market Credit Credit Broking Broking (“Broking”) (“Broking”) Business Business Process Process Outsourcing Outsourcing (“BPO”) (“BPO”) DIV
Slide 3: The company went public on 6 June 2007, just in time for the subprime mortgage crisis
The company went public on 6 June 2007, just in time for the subprime mortgage crisis Share price and trading volumes Euros, number of shares Performance vs. ALL STAR index 1.000 6,5 0,10 0,05 0,00 900 6,0 -0,05 -0,10 IPO price = €5,60 -0,15 -0,20 800 5,5 -0,25 -0,30 -0,35 700 5,0 -0,40 -0,45 -0,50
Slide 4: Key managers are fully invested in the company
Key managers are fully invested in the company Shareholding structure as of 26 January 2009* Treasury Shares; 3,19% Free Float ; 24,94% Alma Vent ures**; 32,37% Jupit er Vent ures***; 5,47% St efano Rossini***; 4,32% Capit al Research & Management ; 8,00% Nest or 2000****; 11,37% Parvus Asset Vent u
Slide 5: Gruppo MutuiOnline offers a compelling investment opportunity
Gruppo MutuiOnline offers a compelling investment opportunity Strong and committed management UP RO Sound underlying market fundamentals G Superior financials Leading position in Leading position in N online credit broking high potential market SIO BP O VI DI DI Independence State-of-the-art VI NG f
Slide 6: The relative immaturity of the Italian retail credit market implies long-term growth potential
The relative immaturity of the Italian retail credit market implies significant long-term growth potential… Outstanding residential mortgages as % of GDP Outstanding consumer credit as % of GDP (2007) (2007) UK 78,2% UK 16,5% Spain 54,5% Germany 10,0% Germany 48,8% Spain 9,4% France 32,2% France 7,5
Slide 7: Relative underdevelopment of remote distribution channels
… which is further enhanced by the relative underdevolopment of remote distribution channels Internet sales of financial products Household Internet penetration (% total sales, 2007) (December 2007) Sweden 22,0% UK 18,0% UK 56% Netherlands 14,0% Germany 54% France 12,0% France 53% Spain 9,0% Italy 4
Slide 8: The business model of the Broking Division is based on lead generation
The business model of the Broking Division is based on “lead generation” Loan- granting Lead Lead Generation Generation Packaging Packaging Underwriting Underwriting Closing Closing phases Revenue model • Revenues generated Product Product Portfolio Portfolio Contact Contact Gathering Gathering of o
Slide 9: On the MutuiOnline website consumers can compare mortgage quotes
On the MutuiOnline website consumers can easily and transparently compare mortgage quotes 9
Slide 10: The BPO Division operates in a totally underdeveloped market
The BPO Division operates in a totally underdeveloped market that has significant growth potential Outsourced mortgage fulfilment processes in selected European countries 2006 Netherlands 50% Growth drivers of the Italian credit BPO market Spain 50% • Underlying growth of the Italian credit market •
Slide 11: The BPO service delivery model combines technology and organization
The BPO service delivery model is based on a unique combination of technology and organization • Streamlined activities A A re-engineered re-engineered • Reduced lead-times process... process... • Standardized yet flexible •Totally integrated workflow and CRM engine …… leveraging leveraging •Paperle
Slide 12: 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 13: 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 14: Evolution of mortgage origination volumes
Evolution of 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
Slide 15: 9m highlights
9m highlights Revenues EBIT (€m) (€m) 18 15.6 Y-o-Y 15 +42% 36 12 11.0 32.6 9 32 Y-o-Y 6 +35% 28 3 24.0 0 24 9m 07 (a) 9m 08 20 EBIT EBIT margin margin 46% 46% 48% 48% 16 12 Net Income (€m) 8 12 4 10.0 Y-o-Y +75% 0 8 5.7 9m 07 9m 08 4 0 9m 07 9m 08 NI NI margin margin 24% 24% 31% 31% Note: (a) Exclu
Slide 16: Segment reporting
Segment reporting Revenues EBIT (€m) (€m) 20 Y-o-Y 15.6 16 +42% 36 12 11.0 Y-o-Y 32.6 Y-o-Y +35% 11.5 +38% 32 8 8.4 4 Y-o-Y 28 2.6 4.1 +54% 24.0 0 24 18.6 Y-o-Y 9m 07(a) 9m 08 +33% 20 Broking Division BPO Division 16 14.0 12 EBIT margin 8 14.0 Y-o-Y +39% 4 10.0 (a) (a) 9m 9m 2007 2007(a) 2007 2007(a
Slide 17: Evolution of the Italian real estate market
Evolution of the Italian real estate market Number of residential real-estate transactions Thousands of transactions 1.000 900 Y-o-Y -14.0% 800 700 600 500 400 300 200 100 0 2000A 2001A 2002A 2003A 2004A 2005A 2006A 2007A 2008E Source: Italian Land Agency and company projections: 2008 estimate of nu
Slide 18: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market Residential mortgage flows Euro billion 80 Y-o-Y 70 -6.9% 60 50 40 30 20 10 0 2000A 2001A 2002A 2003A 2004A 2005A 2006A 2007A 2008E Source: Bank of Italy and company projections: 2008 estimate of residential mortgage flows has been calculated addi
Slide 19: Appendix
INE MutuiOn Appendix
Slide 20: Quarterly Profit & loss
Quarterly Profit & loss (€000) (€000) Q3 Q3 2008 2008 Q2 Q2 2008 2008 Q1 Q1 2008 2008 Q4 Q4 2007 2007 Q3 Q3 2007 2007 Revenues 11.385 11.977 9.202 13.633 8.333 Other income 55 100 90 179 154 Capitalization of internal costs 58 63 54 55 41 Services costs (2.394) (2.655) (2.226) (3.183) (2.065) Person
Slide 21: Analysts' view and consensus as of today
Analysts’ view and consensus as of today EUROMOBILIARE EUROMOBILIARE DEUTSCHE DEUTSCHE BANK BANK CAZENOVE CAZENOVE BERENBERG BERENBERG CONSENSUS CONSENSUS 10/11/2008 10/11/2008 29/10/2008 29/10/2008 25/04/2008 25/04/2008 23/09/2008 23/09/2008 10/11/2008 10/11/2008 BUY BUY BUY BUY BUY BUY BUY BUY 44
Slide 22: Q3 highlights
Q3 highlights Revenues EBIT (€m) (€m) 8 Y-o-Y 5.8 6 +50% 15 3.9 4 Y-o-Y 11.4 +37% 2 0 10 Q3 07 Q3 08 8.3 EBIT EBIT margin margin 46% 46% 51% 51% 5 Net Income (€m) 5 Y-o-Y 3.7 4 +75% 0 3 Q3 07 Q3 08 2.1 2 1 0 Q3 07 Q3 08 NI NI margin margin 25% 25% 33% 33% 22
Slide 23: 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 24: Broking Division Q3 business update
Broking Division Q3 business update •In •In Q3 Q3 2008, 2008, total total amount amount of of mortgages mortgages brokered brokered and and number number of of mortgage mortgage applications applications received received increased significantly compared to Q3 2007. Such growth is mainly linked incr
Slide 25: BPO Division Q3 business update
BPO Division Q3 business update •As •As regards regards mortgage mortgage outsourcing, outsourcing, volumesvolumes for for commercial commercial and and processing processing activities activities kept kept growing in Q3 2008 compared to Q3 2007, as did the inflow growing in Q3 2008 compared to Q3 2
Gruppo MutuiOnline — UBS Italian Financial Services Conference 2009 on 6ix