Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — STAR Conference - Milan 2019
38 slides from Moltiply's conference presentation, Mar 20, 2019
Slide 1: Company Presentation
Company Presentation STAR Conference - Milan 20th March 2019
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 (16.05% • Founder and key shareholder (16.05% indirectly through Alma Ventures SA) indirectly through Alma Ventures SA) • Background in c
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 1,761 FTE Group structure as of March 15th, 2019 8
Slide 9: Major milestones
Major milestones START-UP GROWTH RESTRUCTURING NEW GROWTH € 185,1M € 152,8M € 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 2009 2010 2011 2012 2013 2014 2015 2016 2017 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 14th, 2019* Treasury shares 6,15% Alma Ventures** 32,10% Free Float 30,66% 9,28% 21,81% Investmentaktiengesellschaft für Frankfurter langfristige Investoren TGV Aktienfonds für Stiftungen * Share ownership as registered in last Shareholders’
Slide 13: Share Performance since IPO
Share Performance since IPO KEY STOCK DATA as of Mar 14th, 2019 Number of Shares 40,000,000 Treasury Shares 2,458,254 Outstanding Shares 37,541,746 Price per Share € 18.06 Market Capitalisation € 678.0 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) 50 Y-o-Y +16.0% 200 40 46,1 30 39,7 Y-o-Y +21.2% 185,1 20 160 10 152,8 0 120 2017 2018 EBIT margin 26.0% 24.9% 80 Net Income (€m) 40 40 Y-o-Y 30 +23.9% 34,1 0 20 27,5 2017 2018 10 0 2017 2018 NI margin 18.0% 18.4% 15
Slide 16: Performance by Division
Performance by Division EBIT Revenues (€m) (€m) Y-o-Y 46,1 50 39,7 +16.0% 40 Y-o-Y 200 185,1 23,5 +27.5% Y-o-Y 30 18,4 +21.2% 20 160 152,8 Y-o-Y Y-o-Y +17.6% 10 21,3 22,6 +6.0% 79,1 0 120 67,2 2017 2018 80 Broking Division BPO Division Y-o-Y 106,0 +23.9% 40 85,6 EBIT margin (percent of revenues) 0 2
Slide 17: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • FY2018 saw a continuation of the recovery of the mortgage market, thanks to a progressive acceleration of purchase mortgages and a significant, albeit temporary, recovery of remortgages in H2 2018. • Data from Assofin, an association representin
Slide 18: Broking Division – Business outlook 1/3
Broking Division – Business outlook 1/3 • The Broking Division reported strong growth in 2018 thanks in particular to the significant acceleration of Mortgage Broking, partly linked to an unexpected recovery in refinancing volumes, and to the growth of Insurance Broking, while the other business lin
Slide 19: Broking Division – Business outlook 2/3
Broking Division – Business outlook 2/3 Consumer • Personal Loan Broking revenues are down in 2018 Consumer Loan Broking Revenues 40 compared to 2017, while operating income is up as a (€m) Loan result of a rationalization of online marketing Broking 30 expenditure. • For the FY 2019, stable or slig
Slide 20: Broking Division – Business outlook 3/3
Broking Division – Business outlook 3/3 • In 2018, the results were affected by a further significant E-Commerce Price Comparison Revenues E-Commerce 40 (€m) decline in organic traffic from the Google search engine Price to www.trovaprezzi.it. Moreover, the ability to properly Y-o-Y Comparison manag
Slide 21: BPO Division – Business outlook 1/3
BPO Division – Business outlook 1/3 • In 2018, the results of the BPO Division were in line with management expectations. Revenue growth was mainly due to the acquisition of Agenzia Italia, while pre-existing business turnover was slightly below 2017 record levels, as the decline of Mortgage BPO rev
Slide 22: BPO Division – Business outlook 2/3
BPO Division – Business outlook 2/3 60 CQ Loans BPO Revenues • Turnover in 2018 was up year-on-year and the CQ Loan (€m) medium-term outlook is positive, both because of the 50 BPO acquisition of new clients and because the market as 40 a whole could be stimulated by the announced Y-o-Y +7.7% signif
Slide 23: BPO Division – Business outlook 3/3
BPO Division – Business outlook 3/3 Asset • Asset Management BPO revenues are slightly down 60 Asset Management BPO Revenues Management on 2017. The business unit outlook for 2019 is broadly (€m) stable. 50 BPO 40 30 Y-o-Y Y-o-Y Y-o-Y -3.5% 20 +7.1% -12.8% 8,5 8,2 10 4,0 4,2 4,5 3,9 0 H1 H2 FY FY 20
Slide 24: Agenda
Agenda Business Description 1 Share Information 2 Current Trading and Outlook 3 Historical Performance 4 24
Slide 25: Revenue trends by Division
Revenue trends by Division Group Revenues (€m) Collapse of the Italian Mortgage Market 200 185,1 160 152,8 138,1 43% 58% 120,7 120 44% 40% 44% 61% 47% 80 71,8 45% 68,3 53,4 51,0 46,4 47,9 37% 57% 58% 37,7 38,5 56% 40 66% 61% 40% 56% 21,8 60% 45% 53% 60% 63% 58% 42% 60% 40% 40% 34% 39% 55% 42% 0 2006
Slide 26: Revenue Breakdown by Business Line – Broking
Revenue Breakdown by Business Line 90 Broking Division Revenues (€m) 79,1 80 Other Revenues 3% E-Commerce Price Comparison 70 67,2 24% 3% Insurance Broking 61,0 60 57,2 3% Consumer Loan Broking 2% 30% Mortgage Broking 50 18% 28% 36% 41,9 40 61% 6% 8% 45% 19% 31,7 32,2 25% 17% 18% 30 27,8 25,1 11% 32
Slide 27: Revenue Breakdown by Business Line – BPO
Revenue Breakdown by Business Line 120 BPO Division Revenues (€m) 106,0 100 Other revenues 21% Leasing/Rental BPO 85,6 Asset Management BPO 80 77,1 10% 8% 11% 8% Insurance BPO 9% 63,6 8% CQ Loan BPO 60 10% 20% 17% Mortgage BPO 61% 11% 21% 45% 43,2 40 12% 28% 30,5 14% 29,9 14% 13% 62% 20,6 21,2 35% 6
Slide 28: Operating Income by Division
Operating Income by Division EBIT (€m)50 46,1 Collapse of the Italian Mortgage 39,7 40 Market 35,2 30,9 + 32,0 51% 30 Launch of 46% 21,9 21,5 22,0 Segugio.it 47% 17,6 57% 20 77% 14,5 8,5 78% 93% 84% 36% 10 77% 5,6 53% 54% 49% 3,6 43% 67% 32% 64% 23% 22% 7% 16% 23% 80% 0 33% 20% 68% 2006 2007 (a) 200
Slide 29: Net Income
Net Income Net income (€m) 40 34,1 30 27,5 23,5 24,8 20.9 20 14.8 14.4 15.3 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 Net income margin (%) 40% 31,9% 30,1% 28,7% 29,1% 30% 25,7% 23,9% 19,5% 18,0% 18,0% 18,4% 20% 14,5% 9,4% 10% 7,5% 0% 2006 2007 2008 20
Slide 30: Dividend Payout
Dividend Payout Earnings per share, consolidated Dividends per outstanding share (€) (€) 1,00 1,00 0,88 0,90 0,90 0,80 0,80 0,69 0,70 0,70 0,59 0,58 0,60 0,56 0,60 0,50 0,50 0,41 0,38 0,38 0,36 0,37 0,40 0,40 0.30 0,30 0,30* 0,30 0,25 0,24 0,30 0,21 0,20 0,20 0.15 0,12 0,12 0,12 0,12 0,09 0,09 0,09
Slide 31: Appendix
teh Appendix
Slide 32: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Rev enues 55,830 43,885 47,638 37,770 40,673 Other income 1,302 1,196 972 609 1,074 Capitalization of internal costs 384 158 346 202 250 Serv ice costs (21,740) (17,527) (16,903) (13,986) (13,909) Personnel costs (18,242) (14,109
Slide 33: Q4 Profit & Loss
Q4 Profit & Loss (€000) Q4 2018 Q4 2017 % Var. Rev enues 55,830 40,673 37.3% Other income 1,302 1,074 21.2% Capitalization of internal costs 384 250 53.6% Serv ice costs (21,740) (13,909) 56.3% Personnel costs (18,242) (13,788) 32.3% Other operating costs (1,932) (1,253) 54.2% Depreciation and amort
Slide 34: Full Year Profit & Loss
Full Year Profit & Loss (€000) FY 2018 FY 2017 % Var. Rev enues 185,123 152,795 21.2% Other income 4,079 2,926 39.4% Capitalization of internal costs 1,090 949 14.9% Serv ice costs (70,156) (55,225) 27.0% Personnel costs (59,915) (49,750) 20.4% Other operating costs (5,944) (4,874) 22.0% Depreciatio
Slide 35: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of December 31, December 31, (€000) Change % 2018 2017 ASSETS I ntangible assets 98,641 49,611 49,030 98.8% Property, plant and equipment 16,995 14,683 2,312 15.7% Participation measured w ith equity method 1,554 1,986 (432) -21.8% Financial assets at fair v alue 9,681
Slide 36: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of December 31, December 31, (€000) Change % 2018 2017 LIABILITIES AND SHAREHOLDERS' EQUITY Total equity attributable to the shareholders of the I ssuer 81,545 80,042 1,503 1.9% Minority interests 1,154 8,350 (7,196) -86.2% Total shareholders' equity 82,699 88,392 (
Slide 37: Net Financial Position
Net Financial Position As of December 31, December 31, (€000) Change % 2018 2017 A. Cash and cash equiv alents 67,876 76,569 (8,693) -11.4% B. Other cash equiv alents - - - N/A C. Financial assets held to maturity or for trading 2,812 920 1,892 205.7% D. Liquidity (A) + (B) + (C) 70,688 77,489 (6,80
Slide 38: 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