Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — Q3 2017 Earnings Presentation
35 slides from Moltiply's earnings presentation, Nov 14, 2017
Slide 1: Third Quarter 2017 Results
Third Quarter 2017 Results 14th November 2017
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 (16.25% • Founder and key shareholder • Background in auditing (Arthur indirectly through Alma Ventures SA) (16.25%
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* 1,368 FTE Gruppo MutuiOnline S.p.A. PP&E S.r.l. 100% Real Estate renting and support services Centro Centro MutuiOnline S.p.A. PrestitiOnline S.p.A 100% 100% Finanziamenti S.p.A. 100% 100% Istruttorie S.p.A. CercAssicurazioni.it S.r.l. Segugio.it S.r.l. CESAM S.r.l. Quinse
Slide 9: Major milestones
Major milestones START-UP GROWTH RESTRUCTURING NEW GROWTH € 120,7M € 138,1M € 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 Division is Broking:
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 November 3rd, 2017* Treasury shares 5,11% Alma Ventures** 32,50% Free Float 32,79% 9,40% 20,20% Investmentaktiengesellschaft für Frankfurter langfristige Investoren TGV Aktienfonds für Stiftungen * Share ownership as communicated to the company by
Slide 13: Share Performance since IPO
Share Performance since IPO KEY STOCK DATA as of Nov 9th, 2017 Number of Shares 39,552,870 Treasury Shares 2,021,172 Outstanding Shares 37,531,698 Price per Share € 12.69 Market Capitalisation € 476.3 M Since April 2017, 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: Q3 highlights
Q3 highlights EBIT Revenues (€m) (€m) 12 35 Y-o-Y Y-o-Y 8 +7.5% +7.0% 8,1 33,5 7,6 30 31,3 4 25 0 Q3 2016 Q3 2017 20 EBIT margin 24.2% 24.3% 15 Net Income 10 (€m) 10 5 0 Y-o-Y Q3 2016 Q3 2017 5 +10.6% 5,0 5,5 0 Q3 2016 Q3 2017 NI margin 16.0% 16.6% 15
Slide 16: Performance by Division
Performance by Division EBIT Revenues (€m) (€m) 12 35 Y-o-Y 33,5 7,6 Y-o-Y 8,1 8 Y-o-Y 31,3 +7.0% +7.5% +5.6% 3,1 3,3 30 Y-o-Y +6.2% 4 Y-o-Y 25 14,7 4,5 4,8 +8.8% 13,8 0 Q3 2016 Q3 2017 20 15 Broking Division BPO Division Y-o-Y +7.7% 10 17,4 18,8 5 EBIT margin (percent of revenues) 0 Q3 2016 Q3 2017
Slide 17: 9M highlights
9M highlights EBIT Revenues (€m) (€m) 30 Y-o-Y +19.0% 28,6 120 20 24,0 Y-o-Y +13.8% 112,1 100 10 98,5 80 0 9M 2016 9M 2017 60 EBIT margin 24.3% 25.5% 40 Net Income (€m) 20 20 Y-o-Y +21.8% 19,5 0 16,0 9M 2016 9M 2017 10 0 9M 2016 9M 2017 NI margin 16.2% 17.4% 17
Slide 18: 9M Performance by Division
9M Performance by Division EBIT Revenues (€m) (€m) 28,6 30 Y-o-Y 24,0 +19.0% Y-o-Y 120 112,1 12,0 +18.4% 20 10,2 Y-o-Y 98,5 +13.8% 100 Y-o-Y 10 Y-o-Y 13,8 16,5 +19.4% 48,8 +12.8% 80 0 43,2 9M 2016 9M 2017 60 Broking Division BPO Division 40 Y-o-Y 63,3 +14.5% 55,3 20 EBIT margin (percent of revenues)
Slide 19: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • In Q3 2017, the residential mortgage market is down year on year, due to the fading of real estate transaction growth, accompanied by a significant drop of refinancing activity. • Data from Assofin, an industry association which represents the m
Slide 20: Broking Division – Business outlook
Broking Division – Business outlook • In Q3 2017, the Broking Division records increasing revenues in all the business lines, with the exception of E-Commerce Price Comparison, which is still contracting. The expectations for the coming months are a consequence of the anticipated continuation of ong
Slide 21: BPO Division – Business outlook
BPO Division – Business outlook • Results of the BPO Division are positive also in Q3 2017, with revenues up 7.7% year on year and profitability (operating income/revenues) above its target level of 25%. As expected, revenue growth is decelerating compared to H1 2017, and in 9M 2017 it is equal to 1
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 Collapse of the Italian (€m) Mortgage Market 138,1 140 120,7 120 44% 100 58% 47% 80 40% 71,8 68,3 60 61% 53,4 51,0 45% 47,9 37% 46,4 58% 37,7 38,5 40 40% 56% 66% 61% 60% 45% 53% 21,8 60% 20 63% 58% 42% 60% 40% 34% 39% 55% 40% 42% 0 2006A 2007A 2008A 2009A 20
Slide 24: Revenue Breakdown by Business Line
Revenue Breakdown by Business Line Broking Division Revenues (€m) 80 70 61,0 Other Revenues 60 57,2 3% 2% E-Commerce Price Comparison 50 41,9 28% 36% Insurance Broking 40 6% 31,7 32,2 17% Consumer Loan Broking 27,8 25% 18% 30 22,7 25,1 32% 33% 20,5 12% 31% 17,3 4% 11% Mortgage Broking 20 18% 2% 32%
Slide 25: Operating Income by Division
Operating Income by Division EBIT (€m) 40 Collapse of the 35,2 Italian Mortgage 32,0 30,9 Market 30 + 47% 21,9 21,5 22,0 Launch of 57% 20 17,6 Segugio.it 77% 14,5 78% 84% 36% 10 8,5 77% 93% 5,6 53% 67% 3,6 43% 23% 80% 32% 64% 33% 23% 22% 7% 16% 20% 68% 0 2006A 2007A (a) 2008A 2009A 2010A 2011A 2012A
Slide 26: Net Income
Net Income Net income (€m) 23,5 24,8 25 20.9 20 14.8 14.4 15.3 15 9.7 9,9 10 5.2 5 3.6 3.8 0 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A Net income margin (%) 40% 32% 30% 29% 29% 30% 26% 24% 19% 18% 20% 14% 9% 10% 7% 0% 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015
Slide 27: Dividend Payout
Dividend Payout Earnings per share, consolidated Dividends per outstanding share (€) (€) 0,70 0,45 0,59 0,58 0,40 0,60 0,56 0,36 0,37 0,35 0,50 0.30 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 2
Slide 28: Appendix
teh Appendix
Slide 29: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Rev enues 33,457 40,131 38,534 39,524 31,257 Other income 667 657 528 559 511 Capitalization of internal costs 186 314 199 402 162 Serv ice costs (12,537) (14,800) (13,979) (14,053) (11,632) Personnel costs (10,866) (12,926) (12,
Slide 30: Q3 Profit & Loss
Q3 Profit & Loss (€000) Q3 2017 Q3 2016 % Var. Rev enues 33,457 31,257 7.0% Other income 667 511 30.5% Capitalization of internal costs 186 162 14.8% Serv ice costs (12,537) (11,632) 7.8% Personnel costs (10,866) (9,691) 12.1% Other operating costs (1,056) (1,189) -11.2% Depreciation and amortizatio
Slide 31: 9M Profit & Loss
9M Profit & Loss (€000) 9M 2017 9M 2016 % Var. Rev enues 112,122 98,545 13.8% Other income 1,852 1,780 4.0% Capitalization of internal costs 699 537 30.2% Serv ice costs (41,316) (36,649) 12.7% Personnel costs (35,962) (31,422) 14.4% Other operating costs (3,621) (3,405) 6.3% Depreciation and amorti
Slide 32: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of September 30, December 31, (€000) Change % 2017 2016 ASSETS I ntangible assets 50,671 53,874 (3,203) -5.9% Property, plant and equipment 14,618 13,412 1,206 9.0% Associates measured w ith equity method 2,114 1,224 890 72.7% Deferred tax assets - 1,402 (1,402) -100.0%
Slide 33: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of September 30, December 31, (€000) Change % 2017 2016 LIABILITIES AND SHAREHOLDERS' EQUITY Total equity attributable to the shareholders of the I ssuer 72,932 66,734 6,198 9.3% Minority interests 7,353 7,874 (521) -6.6% Total shareholders' equity 80,285 74,608 5,6
Slide 34: Net Financial Position
Net Financial Position As of September 30, December 31, (€000) Change % 2017 2016 A. Cash and cash equiv alents 72,632 42,231 30,401 72.0% B. Other cash equiv alents - - - N/A C. Financial assets held to maturity or for trading 912 677 235 34.7% D. Liquidity (A) + (B) + (C) 73,544 42,908 30,636 71.4
Slide 35: 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