Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — STAR Conference 2016 - Milan
33 slides from Moltiply's conference presentation, Mar 16, 2016
Slide 1: Company Presentation - Star Conference Milan
Company Presentation Star Conference - Milan 15-16 March 2016
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 Group Chairman and Head of Broking Division Group CEO and Head of BPO Division • Founder and key shareholder (16.25% • Founder and key shareholder indirectly through Alma Ventures SA) (16.25% indirectly through Alma Ventures SA) • Background in c
Slide 4: Agenda
Agenda Business Description 1 Current Trading and Outlook 2 Long-term Potential 3 4 4
Slide 5: Major milestones of our 15-years lifespan
Major milestones of our 15-years lifespan START-UP GROWTH RESTRUCTURING NEW GROWTH € 120.7M € 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 BPO Divi
Slide 6: Business portfolio
Business portfolio Divisions FY 2015 FY 2015 Broking BPO Revenues € 57.2 M Revenues € 63.6 M EBIT € 18.1 M Division Division EBIT € 13.9 M Business Lines % of Group revenues Multi-brand broking of Commercial, Underwriting mortgages through remote Mortgage Mortgage and Portfolio Services for 19.4% 27
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. Centro Centro MutuiOnline S.p.A. 100% Finanziamenti S.p.A. 100% 100% Istruttorie S.p.A. 100% CreditOnline Mediazione PP&E S.r.l. CESAM S.r.l. Quinservizi S.p.A. 100% Creditizia S.p.A. 100% 100% Immobiliare e Supporto Operativo CercAssicurazioni.it S.r.l. Mik
Slide 10: Current shareholding structure
Current shareholding structure Shareholding structure as of 4th March 2016* Treasury shares 5.77% Alma Ventures** 32.50% Free Float 36.50% 20.20% 5.03% Investmentaktiengesellschaft für Frankfurter langfristige Investoren TGV Aktienfonds für Stiftungen * Share ownership as communicated to the company
Slide 11: Share performance since IPO date (6 June 2007)
Share performance since IPO date (6 June 2007) KEY STOCK DATA as of 11th Mar 2016 Number of Shares 39,511,870 Treasury Shares 2,278,233 Outstanding Shares 37,233,637 Price per Share € 7.08 Market Capitalisation € 263.6 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) 40 140 30 Y-o-Y +121.4% 32.0 20 120 120.7 10 Y-o-Y 14.5 100 +76.7% 0 2014 2015 80 EBIT margin 21% 27% 60 68.3 Net Income 40 (€m) 30 20 20 Y-o-Y 0 +137.3% 23.5 2014 2015 10 9.9 0 2014 2015 NI margin 14% 19% 13
Slide 14: Performance by Division
Performance by Division EBIT Revenues (€m) (€m) 40 32.0 140 30 Y-o-Y Y-o-Y 120.7 +121.4% +248.6% 20 18.1 120 Y-o-Y 14.5 +127.6% 10 5.2 Y-o-Y Y-o-Y 13.9 100 9.3 +50.1% +76.7% 57.2 0 2014 2015 80 68.3 60 Broking Division BPO Division 25.1 Y-o-Y +47.2% 40 63.6 20 43.2 EBIT margin (percent of revenues)
Slide 15: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • The recovery of the residential mortgage market is going on, with a progressive growth of purchase mortgages, accompanied by a normalization of re-financings, which, even if up year on year, have peaked in terms of new originations in September
Slide 16: Broking Division – Business outlook 1/2
Broking Division – Business outlook 1/2 • Exceptional growth in 2015, thanks to: (i) very strong recovery of the traditional mortgage intermediation business, with booming re-financings volumes; (ii) growth of all the other intermediation business; (iii) acquisition of a controlling stake in the lea
Slide 17: Broking Division – Business outlook 2/2
Broking Division – Business outlook 2/2 • Has reached sufficient activity volumes to allow it to operate 35 Insurance Broking Revenues Insurance substantially at break-even, even with strong investments in (€m) Broking communication, necessary to develop and maintain a high level 30 of awareness for
Slide 18: BPO Division – Business outlook 1/3
BPO Division – Business outlook 1/3 • BPO Division results were very positive in 2015. Revenues grew over 47.2% relative to 2014, and operating margins, in % terms, were slightly up. • These good results are obviously influenced by the exceptional refinancing volumes, but all Business Lines did cont
Slide 19: BPO Division – Business outlook 2/3
BPO Division – Business outlook 2/3 • Revenues grew in 2015, beyond our expectations, considering 35 CQ Loans BPO Revenues CQ Loans the already high level of market penetration of our outsourcing 30 (€m) BPO services (in some areas over 30%). 25 • The outlook for 2016 is stable, with some growth com
Slide 20: BPO Division – Business outlook 3/3
BPO Division – Business outlook 3/3 Asset • Revenues showed double-digit growth in 2015 relative to 2014. Asset Management BPO Revenues 20 (€m) Management • We expect a similar growth pattern also in 2016, both for the BPO organic expansion of existing clients, and for the contribution of the new su
Slide 21: Dividend distribution
Dividend distribution Earnings per share, consolidated Dividends per share (€) (€) 0.70 0.45 0.59 0.40 0.60 0.56 0.36 0.37 0.35 0.50 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 2010 2011 2012 2013 2
Slide 22: Agenda
Agenda Business Description 1 Current Trading and Outlook 2 Long-term Potential 3 22
Slide 23: Historical revenue trends 1/2
Historical revenue trends 1/2 Group Revenues Collapse of the Italian (€m) Mortgage Market 140 120.7 120 100 58% 47% 80 71.8 40% 68.3 60 53.4 61% 51.0 45% 37% 46.4 47.9 58% 37.7 38.5 40 40% 66% 61% 60% 45% 53% 21.8 60% 20 58% 63% 42% 60% 40% 34% 39% 55% 40% 42% 0 2006A 2007A 2008A 2009A 2010A 2011A 2
Slide 24: Historical revenue trends 2/2
Historical revenue trends 2/2 Broking Division Revenues (€m) 70 60 57.2 Other Revenues 2% 50 E-Commerce Price Comparison 41.9 28% 40 6% Insurance Broking 31.7 32.2 17% 25% 30 27.8 Consumer Loan Broking 25.1 22.7 32% 33% 12% 31% 20.5 4% 20 18% 17.3 2% 32% Mortgage Broking 12.7 22% 33% 69% 21% 10 18%
Slide 25: Historical profitability
Historical profitability EBIT (€m) Launch of EBIT margin Segugio.it (%) 30.9 32.0 70% 61% 63% 30 59% 57% 57% 60% 21.9 21.5 22.0 50% 45% 57% 20 17.6 77% 14.5 40% 47% 47% 32% 39% 44% 41% 43% 78% 30% 22% 8.5 93% 84% 36% 27% 10 77% 20% 31% 28% 17% 5.6 26% 24% 9% 12% 21% 67% 3.6 43% 22% 23% 80% 32% 64% 1
Slide 26: Appendix
teh Appendix
Slide 27: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q4 2015 Q3 2015 Q2 2015 Q1 2015 Q4 2014 Rev enues 36,414 30,217 31,739 22,349 20,566 Other income 598 452 547 684 448 Capitalization of internal costs 172 134 292 170 17 Serv ice costs (11,642) (10,513) (10,938) (8,374) (6,708) Personnel costs (12,518) (9,646) (10,437)
Slide 28: Q4 Profit & Loss
Q4 Profit & Loss (€000) Q4 2015 Q4 2014 % Var. Rev enues 36,414 20,566 77.1% Other income 598 448 33.5% Capitalization of internal costs 172 17 911.8% Serv ice costs (11,642) (6,708) 73.6% Personnel costs (12,518) (8,918) 40.4% Other operating costs (1,118) (652) 71.5% Depreciation and amortization
Slide 29: Full Year Profit & Loss
Full Year Profit & Loss (€000) FY 2015 FY 2014 % Var. Rev enues 120,719 68,300 76.7% Other income 2,281 2,062 10.6% Capitalization of internal costs 768 724 6.1% Serv ice costs (41,467) (24,089) 72.1% Personnel costs (40,799) (28,647) 42.4% Other operating costs (3,669) (2,190) 67.5% Depreciation an
Slide 30: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of December 31, December 31, (€000) Change % 2015 2014 ASSETS I ntangible assets 57,932 10,688 47,244 442.0% Property, plant and equipment 11,485 5,012 6,473 129.2% Associates measured w ith equity method 2,642 50 2,592 5184.0% Deferred tax assets - 3,529 (3,529) -100.0
Slide 31: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of December 31, December 31, (€000) Change % 2015 2014 LIABILITIES AND SHAREHOLDERS' EQUITY Equity attributable to the shareholders of the I ssuer 52,429 34,692 17,737 51.1% Minority interest 5,655 1,383 4,272 308.9% Total shareholders' equity 58,084 36,075 22,009 6
Slide 32: Net Financial Position
Net Financial Position As of December 31, December 31, (€000) Change % 2015 2014 A. Cash and cash equiv alents 32,451 23,730 8,721 36.8% B. Other cash equiv alents - - - N/A C. Financial assets held to maturity or for trading 817 - 817 N/A D. Liquidity (A) + (B) + (C) 33,268 23,730 9,538 40.2% E. Cu
Slide 33: 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