Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — FY2019 Earnings Presentation
36 slides from Moltiply's earnings presentation, Mar 16, 2020
Slide 1: Full Year 2019 Results
Full Year 2019 Results March 16th, 2020
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* 1,844 FTE Group structure as of March 16th, 2020 * 2019 average 8
Slide 9: Major milestones
Major milestones START-UP GROWTH RESTRUCTURING NEW GROWTH € 219,9M € 185,1M Collapse of Italian mortgage € 152,8M market € 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 2
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 March 16th, 2020* Treasury shares 6,04% Alma Ventures** 32,10% Free Float 40,05% 21,81% Investmentaktiengesellschaft für langfristige Investoren TGV * Share ownership as registered in last Shareholders’ meetings and as communicated to the company b
Slide 13: Share Performance since IPO
Share Performance since IPO KEY STOCK DATA as of Mar 13th, 2020 Number of Shares 40,000,000 Treasury Shares 2,415,085 Outstanding Shares 37,584,915 Price per Share € 15.00 Market Capitalisation € 563.8 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: Full-year highlights
Full-year highlights EBIT Revenues (€m) (€m) 60 Y-o-Y +10.1% 240 50,8 40 46,1 Y-o-Y 200 +18.8% 219,9 20 185,1 160 0 2018 2019 120 EBIT margin 24.9% 23.1% 80 Net Income (€m) 40 60 40 Y-o-Y 0 +18.3% 2018 2019 40,6 34,4 20 0 2018 2019 NI margin 18.6% 18.5% 15
Slide 16: Performance by Division
Performance by Division EBIT Revenues (€m) (€m) 60 Y-o-Y 50,8 46,1 +10.1% Y-o-Y 240 219,9 40 +13.0 % 23,5 26,6 Y-o-Y 200 +18.8% 185,1 Y-o-Y 20 Y-o-Y +9.7% 22,6 24,2 +7.1% 86,8 160 0 79,1 2018 2019 120 Broking Division BPO Division 80 Y-o-Y 133,1 +25.6% 106,0 40 EBIT margin (percent of revenues) 0 20
Slide 17: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • In the last few months of 2019 there was a significant recovery of mortgage demand, powered by an unexpected drop of long-term interest rates and a recovery of real estate transactions. Market conditions remained favorable also in January and Fe
Slide 18: Business Outlook
Business Outlook • Despite the favourable overall performance of both Divisions in recent months, the rapid spread of the Covid-19 epidemic in Italy and the rest of the world makes it very difficult to provide a reliable outlook for the rest of the financial year. 2020 Outlook • In any case, the Gro
Slide 19: Broking Division – Business outlook
Broking Division – Business outlook • The Broking Division closed the FY 2019 with a Q4 characterized by significant revenue growth, in particular thanks to a sudden acceleration of Mortgage Broking in a context of very low interest rates, as well as continued growth of Insurance Broking and E-Comme
Slide 20: BPO Division – Business outlook 1/2
BPO Division – Business outlook 1/2 • The performance of the BPO Division in 2019 is in line with management expectations, as communicated over time, with a double-digit percentage increase in revenues, compared to FY 2018, also net of the effect of the different period of consolidation of the resul
Slide 21: BPO Division – Business outlook 2/2
BPO Division – Business outlook 2/2 CQ Loan Revenues Insurance BPO Revenues 50 (€m) 50 (€m) 40 40 Y-o-Y 30 +1.7% 30 Y-o-Y Y-o-Y Y-o-Y 18,3 18,7 -12.6% 20 +7.0% -3.2% 20 Y-o-Y Y-o-Y +16.2% -31.5% 8,8 9,5 9,5 9,2 9,8 8,5 10 10 5,9 3,9 4,5 4,0 0 0 H1 H2 FY H1 H2 FY Investment Services BPO Revenues Leas
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 240 219,9 200 185,1 39% 160 58% 152,8 138,1 43% 120,7 40% 120 44% 61% 44% 45% 47% 80 71,8 68,3 53,4 61% 46,4 47,9 51,0 37% 57% 37,7 58% 38,5 40 66% 40% 56% 56% 60% 61% 21,8 45% 53% 60% 63% 58% 42% 60% 40% 40% 34%
Slide 24: Revenue Breakdown by Business Line – Broking Division
Revenue Breakdown by Business Line 90 Broking Division Revenues 86,8 (€m) 3% 79,1 80 Other Revenues 3% E-Commerce Price Comparison 27% 70 Insurance Broking 67,2 24% Consumer Loan Broking 3% 61,0 Mortgage Broking 60 57,2 3% 2% 30% 19% 50 18% 28% 36% 41,9 6% 40 61% 6% 8% 45% 19% 31,7 32,2 25% 17% 18%
Slide 25: Revenue Breakdown by Business Line – BPO Division
Revenue Breakdown by Business Line 140 BPO Division Revenues 133,1 (€m) 120 24% 106,0 Other revenues Leasing/Rental BPO 100 7% Investment Services BPO 21% 85,6 Insurance BPO 6% CQ Loan BPO 80 77,1 10% 8% Real Estate Services BPO* 11% 8% 14% 9% Mortgage BPO 63,6 8% 61% 20% 60 45% 10% 17% 11% 21% 13%
Slide 26: Operating Income by Division
Operating Income by Division EBIT (€m)60 Collapse of the Italian Mortgage 50,8 Market 46,1 + 39,7 40 35,2 30,9 Launch of 32,0 52% 51% Segugio.it 46% 21,9 21,5 22,0 47% 17,6 57% 20 77% 14,5 8,5 78% 93% 84% 36% 49% 48% 77% 5,6 53% 54% 3,6 43% 67% 23% 80% 32% 64% 0 33% 23% 22% 7% 16% 20% 68% 2006 2007
Slide 27: Net Income
Net Income Net income (€m) 50 40,6 40 34,4 30 27,5 23,5 24,8 20.9 20 14.8 15.3 14.4 9.7 9,9 10 5.2 3.6 3.8 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Net income margin (%) 40% 31,9% 30,1% 28,7% 29,1% 30% 25,7% 23,9% 19,5% 18,0% 18,0% 18,6% 18,5% 20% 14,5% 9,4% 10% 7,5% 0
Slide 28: Dividend Payout
Dividend Payout Earnings per share, consolidated Dividends per outstanding share (€) (€) 1,20 1,20 1,07 1,00 1,00 0,89 0,80 0,80 0,69 0,59 0,58 0,60 0,56 0,60 0,41 0,38 0,38 0,36 0,37 0,40 0,40 0.30 0,30 0,30 0,25 0,24 0,21 0,20 0,20 0.15 0,12 0,12 0,12 0,12 0,12* 0,09 0,09 0,09 0,00 0,00 2007 2008
Slide 29: Appendix
teh Appendix
Slide 30: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Revenues 63,332 48,627 54,358 53,618 55,830 Other income 1,145 1,179 980 906 1,302 Capitalization of internal costs 585 540 927 165 384 Service costs (24,718) (18,947) (20,856) (21,418) (21,740) Personnel costs (18,855) (15,579)
Slide 31: Q4 Profit & Loss
Q4 Profit & Loss (€000) Q4 2019 Q4 2018 % Var. Revenues 63,332 55,830 13.4% Other income 1,145 1,302 -12.1% Capitalization of internal costs 585 384 52.3% Service costs (24,718) (21,740) 13.7% Personnel costs (18,855) (18,242) 3.4% Other operating costs (2,429) (1,932) 25.7% Depreciation and amortiz
Slide 32: Full Year Profit & Loss
Full Year Profit & Loss (€000) FY 2019 FY 2018 % Var. Revenues 219,935 185,123 18.8% Other income 4,210 4,079 3.2% Capitalization of internal costs 2,217 1,090 103.4% Service costs (85,939) (70,156) 22.5% Personnel costs (68,654) (59,915) 14.6% Other operating costs (7,753) (5,944) 30.4% Depreciatio
Slide 33: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of December 31, December 31, (€000) Change % 2019 2018 ASSETS Intangible assets 107,282 98,641 8,641 8.8% Property, plant and equipment 25,512 16,995 8,517 50.1% Associates measured with equity method 1,786 1,554 232 14.9% Non-current financial assets at fair value 54,3
Slide 34: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of December 31, December 31, (€000) Change % 2019 2018 LIABILITIES AND SHAREHOLDERS' EQUITY Total equity attributable to the shareholders of the Issuer 112,571 81,792 30,779 37.6% Minority interests 1,627 1,154 473 41.0% Total shareholders' equity 114,198 82,946 31,
Slide 35: Net Financial Position
Net Financial Position As of December 31, December 31, (€000) Change % 2019 2018 A. Cash and cash equivalents 34,654 67,876 (33,222) -48.9% B. Other cash equivalents - - - N/A C. Financial assets held to maturity or for trading 2,184 3,395 (1,211) -35.7% D. Liquidity (A) + (B) + (C) 36,838 71,271 (3
Slide 36: 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