Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — FY2014 Earnings Presentation
27 slides from Moltiply's earnings presentation, Mar 17, 2015
Slide 1: Gruppo MutuiOnline Full Year 2014 Results
Gruppo MutuiOnline Full Year 2014 Results 17th March 2015
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 since IPO date (6 June 2007)
Share performance since IPO date (6 June 2007) KEY STOCK DATA as of 16th Mar 2015 Number of Shares 39,511,870 Treasury Shares 2,602,644 Outstanding Shares 36,909,226 Price per Share € 7.00 Market Capitalisation € 258.4 M 4
Slide 5: Current shareholding structure
Current shareholding structure Shareholding structure as of 16th March 2015 * * 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 Divisions FY 2014 FY 2014 Broking BPO Revenues € 25.1 M Revenues € 43.2 M EBIT € 5.2 M Division Division EBIT € 9.3 M Business Lines % Division revenues Multi-brand broking of Commercial, Underwriting mortgages through remote Mortgage Mortgage and Portfolio Services for 15.8% 24.4
Slide 7: Broking Division – Top Brands
Broking Division – Top Brands BRAND DESCRIPTION MARKET POSITION OPERATIONS REVENUE MODEL Multi-product Launched in Focus on marketing activities, Commission on new aggregator for September 2012, is mostly TV and Internet. With policy sales plus (lower) insurance, number two player in the exception o
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: Full-year Highlights
Full-year Highlights EBIT Revenues (€m) (€m) Y-o-Y +160.1% Y-o-Y +33.8% EBIT margin 11% 21% Net Income (€m) Y-o-Y +159.1% NI margin 7% 15% 9
Slide 10: Performance by Division
Performance by Division EBIT Revenues (€m) (€m) Y-o-Y Y-o-Y +191.3% +160.1% Y-o-Y Y-o-Y Y-o-Y +33.8% +22.1% +145.4% Broking Division BPO Division Y-o-Y +41.7% EBIT margin (percent of revenues) 2013 2014 Broking Division 9% 21% Broking Division BPO Division BPO Division 12% 22% Total 11% 21% 10
Slide 11: Historical Revenue Trends
Historical Revenue Trends Broking Division Revenues (€m) Group Revenues (€m) Collapse of Italian mortgage market 58% 40% 61% 45% BPO Division Revenues (€m) 11
Slide 12: Historical Profitability
Historical Profitability EBIT (€m) EBIT margin (%) Launch of Segugio.it 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 12
Slide 13: Evolution of the Italian Residential Mortgage Market
Evolution of the Italian Residential Mortgage Market • Sensational reduction of long term interest rates resulting from the expansionary monetary Recent evolution of policy of the European Central Bank. the mortgage market • Acceleration of the recovery of the mortgage market. • Assofin data confirm
Slide 14: Broking Division – Business outlook
Broking Division – Business outlook • 2014 represents a turning point for the development of the Broking Division, after a sequence of very challenging years started in 2012 with the collapse of the Italian mortgage market. • The outlook for 2015 is favorable for all the Business Lines of the Brokin
Slide 15: BPO Division – Business outlook
BPO Division – Business outlook • 2014 was a very positive year for the BPO Division, with a significant growth of revenues and margins. The diversification strategy pursued since the end of 2011 has completely unfolded its effectiveness: over 48% of this year revenues come from activities that were
Slide 16: Dividend Distribution
Dividend Distribution Earnings per share, consolidated Dividends per share (€) (€) 0.45 0.40 0.37 0.36 0.35 0.30 0.25 0.21 0.20 0.15 0.12 0.12 0.12 0.12* 0.09 0.10 0.05 0.00 may may may may may may may may 2008 2009 2010 2011 2012 2013 2014 2015 Dividends per share * Proposed dividend 16
Slide 17: TrovaPrezzi (7Pixel) at a glance
TrovaPrezzi (7Pixel) at a glance Group Profile Recent Revenue and Ebitda trend(1) • Founded in 2002 and based in Giussago (PV), 7Pixel is the clear no. 1 price and product comparison platform in Italy, boasting 17+ million monthly visits and 9+ million offers from 2,300+ CAGR +36% merchants. • The G
Slide 18: Revenue Trend of 7Pixel
Revenue Trend of 7Pixel (1) (Euro k) Growth under continuous improvements eCommerce B2C market yoy growth Expansion and Consolidation 33% Phase 18% Start-up Phase 40% 14,516 18% 20% 10,900 13% 18% 19% 7,790 47% 5% 18% 72% 6,518 72% 10% 4,884 5,783 198% 71% 20% 3,326 375% 199% 38% 1,929 61% 43% 1,122
Slide 19: Strategic Rationale for GMOL and Transaction Structure
Strategic Rationale for GMOL and Transaction Structure Strategic Rationale and Transaction structure Shareholding structure before the Transaction • 7Pixel is clearly the leading price comparison portal in Italy, with a huge market share and an acknowledged reputation Ricardo Italy 5 Managers (Naspe
Slide 20: Strategic Rationale for GMOL and Transaction Structure (cont'd)
Strategic Rationale for GMOL and Transaction Structure (cont'd) Strategic Rationale and Transaction structure Reverse merger Phase II 5 Managers • In the coming months, Marsala will be merged into 7Pixel. (independently) • As a result of the merger, 7Pixel will incorporate the debt 100% structure cu
Slide 21: Appendix
™ Grup ine PO MutuiOnl Appendix
Slide 22: Q4 Profit & Loss
Q4 Profit & Loss (€000) Q4 2014 Q4 2013 % Var. Rev enues 20,566 14,238 44.4% Other income 448 510 -12.2% Capitalization of internal costs 17 478 -96.4% Serv ice costs (6,708) (5,562) 20.6% Personnel costs (8,918) (7,061) 26.3% Other operating costs (652) (690) -5.5% Depreciation and amortization (34
Slide 23: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q4 2014 Q3 2014 Q2 2014 Q1 2014 Q4 2013 Rev enues 20,566 15,920 16,764 15,050 14,238 Other income 448 513 656 544 510 Capitalization of internal costs 17 239 307 161 478 Serv ice costs (6,708) (5,930) (5,876) (5,644) (5,562) Personnel costs (8,918) (6,139) (7,023) (6,4
Slide 24: Full Year Profit & Loss
Full Year Profit & Loss (€000) FY 2014 FY 2013 % Var. Rev enues 68,300 51,057 33.8% Other income 2,161 1,228 76.0% Capitalization of internal costs 724 822 -11.9% Serv ice costs (24,158) (19,998) 20.8% Personnel costs (28,576) (23,442) 21.9% Other operating costs (2,291) (2,242) 2.2% Depreciation an
Slide 25: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of December 31, December 31, (€000) Change % 2014 2013 ASSETS Intangible assets 10,688 10,541 147 1.4% Property, plant and equipment 5,012 5,078 (66) -1.3% Associates measured w ith equity method 50 - 50 N/A Deferred tax assets 3,529 3,197 332 10.4% Other non-current as
Slide 26: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of December 31, December 31, (€000) Change % 2014 2013 LIABILITIES AND SHAREHOLDERS' EQUITY Share capital 935 940 (5) -0.5% Other reserv es 24,767 26,919 (2,152) -8.0% Net income 8,990 3,477 5,513 158.6% Total group shareholders' equity 34,692 31,336 3,356 10.7% Min
Slide 27: 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