Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — STAR Conference 2015 - Milan
36 slides from Moltiply's conference presentation, Mar 25, 2015
Slide 1: Company Presentation
Company Presentation Star Conference - Milan 24-25 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: 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 Acquisition of Trovaprezzi 3 Long-term Potential 4 4
Slide 5: Major milestones of our 15-years lifespan
Major milestones of our 15-years lifespan START-UP GROWTH RESTRUCTURING NEW GROWTH 2015 BPO Division is Broking: Segugio.it is born Launched MutuiOnline.it Launched BPO: Services BPO: Insurance extended to CQS Services Introduced PresitiOnline.it Launched MOL IPO BPO: Asset Management services intro
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 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: Current shareholding structure
Current shareholding structure Shareholding structure as of 16th March 2015 * Treasury shares Alma Ventures** Free Float 360 Capital One Stefano Rossini Investmentaktiengesellschaft für Frankfurter langfristige Investoren TGV Aktienfonds für Stiftungen * Share ownership as communicated to the compan
Slide 10: 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 10
Slide 11: Agenda
Agenda Business Description 1 Current Trading and Outlook 2 Acquisition of Trovaprezzi 3 Long-term Potential 4 11
Slide 12: 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% 12
Slide 13: 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% 13
Slide 14: 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 policy of the European Central Bank. • Acceleration of the recovery of the mortgage market. • Assofin data confirm the growth of gross new originations of
Slide 15: Broking Division – Business outlook 1/2
Broking Division – Business outlook 1/2 •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 Brok
Slide 16: Broking Division – Business outlook 2/2
Broking Division – Business outlook 2/2 • Year 2014 was characterized by a difficult environment for Insurance Broking Revenues Insurance insurance aggregators, in particular because of the decrease of (€m) Broking average premiums and of the commercial aggressiveness of FY 2013 FY 2014 traditional
Slide 17: BPO Division – Business outlook 1/2
BPO Division – Business outlook 1/2 •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 w
Slide 18: BPO Division – Business outlook 2/2
BPO Division – Business outlook 2/2 • The insurance industry stance towards strategic outsourcing of Insurance BPO Revenues Insurance underwriting and claim processing activities is less open than in (€m) BPO the banking sector, and most companies follow a traditional tactical approach that constrai
Slide 19: Dividend distribution
Dividend distribution Earnings per share, consolidated Dividends per share (€) (€) * Proposed dividend 19
Slide 20: Agenda
Agenda Business Description 1 Current Trading and Outlook 2 Acquisition of Trovaprezzi 3 Long-term Potential 4 20
Slide 21: Acquisition of TrovaPrezzi (7Pixel)
Acquisition of TrovaPrezzi (7Pixel) • On March 13, 2015, our subsidiary Marsala S.r.l. acquired from South African group Naspers and from management, 74.85% of the share capital of 7Pixel S.r.l., owner of the leading Italian e-commerce price comparison website Trovaprezzi.it • The acquisition enable
Slide 22: 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 23: 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 24: 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 25: 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 26: Agenda
Agenda Business Description 1 Current Trading and Outlook 2 Acquisition of Trovaprezzi 3 Long-term Potential 4 26
Slide 27: Historical revenue trends
Historical revenue trends Broking Division Revenues (€m) Collapse of the Group Revenues Italian Mortgage (€m) Market 58% 40% 61% 45% BPO Division Revenues (€m) 27
Slide 28: Historical profitability
Historical profitability EBIT (€m) Launch of EBIT margin 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 28
Slide 29: Strategic growth engines
Strategic growth engines Retail Credit Recovery New diversified base Trovaprezzi.it New Extensions • Segugio.it • Mortgage Broking • Italian Leader • Asset Management BPO • Further expansion in • Personal Loan Broking in e-commerce price • Insurance BPO adjacent sectors through • Mortgage BPO compar
Slide 30: Appendix
teh Appendix
Slide 31: 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 32: 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 33: 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 34: 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 35: 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 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