Skarbiec Holding S.a. · GPW:SKH
Skarbiec — Q4 2016 Earnings Presentation
25 slides from Skarbiec's earnings presentation, Mar 7, 2017
Slide 1: Investor presentation – Q4 2016 results
Investor presentation – Q4 2016 results Warsaw, March 7th 2017
Slide 2: Skarbiec TFI – one of Poland's most recognisable IFM companies
Skarbiec TFI – one of Poland's most recognisable investment fund management (IFM) companies Assets under management of Skarbiec TFI • one of the longest standing IFM companies in Poland PLN 19.2bn • largest distribution network on the Polish market (76 20 external distributors and 2 own distribution
Slide 3: Summary Q4 2016
Summary Q4 2016 The Group's key achievements: • 7 Skarbiec TFI's funds in the 1st and 2nd quartile by rate of return in 2016, according to Analizy Online website – equity funds (Akcja, Małych i Średnich Spółek, Rynków Wschodzących), mixed funds (III Filar, TOP funduszy stabilnych), and debt funds (O
Slide 4: Summary Q4 2016
Summary Q4 2016 Skarbiec Group performance: Financial performance • fixed management fee revenue at PLN 17.2m • PLN 3.3m in net profit earned in Q4 2016 and PLN 19.2m in 2016 • with PLN 15.8m of net profit after Q4 2016, there is a potential for dividend payment for the financial year 2016/2017 • PL
Slide 5: Skarbiec TFI and the market
s&s fundusze SKARBIEC inwestycyjne Skarbiec TFI and the market
Slide 6: Market situation
Market situation Net subscriptions/redemptions in IFM companies without net subscriptions/redemptions in IFM companies in Poland own distribution networks in Poland (retail funds, PLNbn) (retail funds, PLNbn) 0.66 0.13 0.21 2.33 0.37 0.39 0.44 0.44 0.62 0.98 1.29 1.16 0.07 0.30 0.90 0.45 -0.17 -0.01
Slide 7: Skarbiec TFI – net subscriptions/redemptions in retail funds
Skarbiec TFI – net subscriptions/redemptions in retail funds Net subscriptions/redemptions (PLNm) Net subscriptions/redemptions by fund class PLN 104m in net subscriptions, excl. (incl. conversions) the money market fund quarterly data for Q4 2015–Q4 2016 (PLNm) 104 81 58 51 47 40 20 23 8 8 -29 -15-
Slide 8: Retail fund assets – diversification
Retail fund assets – diversification Skarbiec TFI – retail fund assets Skarbiec TFI – retail fund assets (PLNbn, at end of quarter) (PLNbn, at end of quarter) 3.09 3.00 2.91 3.12 3.14 1.16 38% 1.03 1.03 1.17 37% 1.31 42% 1.28 41% 1.27 1.26 1.32 42% 1.37 44% 1.93 62% 1.97 1.87 1.95 63% 1.82 58% 1.51
Slide 9: Skarbiec TFI full product range − funds for every macroeconomic scenario
Skarbiec TFI full product range − funds for every macroeconomic scenario and market trend Poland Europe World Total Equity and mixed 758 271 477 1,506 4 6 2 3 4 16 Debt 571 32 534 1,137 2 4 1 1 7 market Money 247 247 1 Alternative 247 247 7 Total 1,823 303 1,011 3,137 Source: Company, IZFiA. PLN x m
Slide 10: Fund performance
Fund performance % of AuM in open-ended funds that outperformed the benchmark Skarbiec TFI – rates of return of the funds for the last in a given period 12 months equity, mixed and alternative funds equity, mixed and alternative funds (3Y rate of return) Q1 (Q4'16) 72% 10/14 Małych i Średnich Spółek
Slide 11: Financial performance
s&s fundusze SKARBIEC inwestycyjne Financial performance
Slide 12: Summary of performance
Summary of performance Skarbiec Group’s financial performance Q4 2016 Q3 2016 change q/q Q4 2015 change y/y Q1-Q4 2016 Q1-Q4 2015 change y/y (PLN '000) total revenue, including: 19,922 27,016 19,193 82,382 92,681 -11% – fixed management fees 17,178 16,227 +6% 17,724 -3% 64,628 74,203 -13% – performa
Slide 13: Fixed management fee
Fixed management fee Fund management – fixed management fee (PLNm) • the amount of fixed management fees depends on AuM in particular fund classes 17.7 17.2 0.9 15.4 15.8 16.2 1.2 1.9 • change in the average gross management fee rate 0.9 0.9 as a result of shifts in the retail funds' AuM structure +
Slide 14: Performance fee
Performance fee Nominal performance fee – annual Nominal performance fee – quarterly 20 12 9.6 low-margin – outside Poland 10 0.9 12.5 11.8 low-margin – Poland 8 11.7 2.3 1.8 0.9 high-margin – outside Poland 3.6 10 0.1 0.4 1.5 6 high-margin – Poland 6.0 5.2 4.0 other* 4 1.4 5.1 2 0.6 4.0 4.2 5.1 0.3
Slide 15: Skarbiec Group's operating expenses
Skarbiec Group's operating expenses Group's operating expenses Cost of salaries (PLNm) (PLNm) 16.2 15.0 14.1 14.3 15.1 0.9 1.0 1.1 1.7 3.8 1.9 1.0 3.1 7.1 6.1 6.6 2.5 2.3 0.3 2.6 6.2 1.5 6.0 0.2 0.1 0.4 0.4 1.5 1.9 2.8 1.8 0.1 1.1 2.4 2.4 2.3 2.2 2.2 5.4 5.0 5.2 5.0 5.3 -0.2 Q4'15 Q1'16 Q2'16 Q3'16
Slide 16: Executive summary
Executive summary Outlook for the coming quarters: • consistent trends among fund clients – looking for rates of return alternative to deposits (3-6%) • in 2017, Skarbiec focuses on: • securing assets for absolute return funds, mainly Skarbiec Multiasset FIZ and Skarbiec Absolute Return Globalnych O
Slide 17: Contact details − IR
Contact details − IR Tomasz Cierkowski Disclaimer Investor Relations This analysis has been prepared for information purposes only, and is not a solicitation of an offer to buy or sell any financial CC Group Sp. z o.o. instruments. This material is not an advertisement, an offer or an invitation to
Slide 18: Appendices
s&s fundusze SKARBIEC inwestycyjne Appendices
Slide 19: Dividend of Skarbiec Holding S.A. − effect of shifting the financial year
Dividend of Skarbiec Holding S.A. − effect of shifting the financial year Skarbiec TFI – financial year = calendar year 12’15 03’16 06’16 09’16 12’16 03’17 06’17 09’17 12’17 annual report and General Meeting (Q2) dividend distribution (Q2) (dividends contribute to separate profit of Skarbiec Holding
Slide 20: Retail fund performance 1/2
Retail fund performance 1/2 rate of return in the period high-margin (at at Dec 31 2016) class fund funds Q1 1Y 3Y Skarbiec Akcja 7.2% 10.9% -6.0% Skarbiec TOP Funduszy Akcji 4.7% 9.6% 0.3% Skarbiec Małych i Średnich Spółek 2.9% 15.7% 9.6% Skarbiec Spółek Wzrostowych -3.7% 3.1% 13.7% Skarb
Slide 21: Retail fund performance 2/2
Retail fund performance 2/2 rate of return in the period high-margin (at at Dec 31 2016) class fund funds Q1 1Y 3Y Skarbiec Obligacja -1.7% 0.2% 9.0% Skarbiec Depozytowy -0.7% 1.1% 7.9% Skarbiec Obligacyjny FIZ -0.1% 4.5% 16.3% no fixed management fee Skarbiec Portfela Dłużnego FIZ -0.6% 1.5% - Skar
Slide 22: Adjustment of results
Adjustment of results (PLNm) 2014 2015 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Operating profit (reported) 23.1 25.3 22.8 3.3 3.9 11.8 3.7 costs of incentive scheme, including: 3.4 0.6 -0.2 -0.2 - - - programme ended in 2014 3.1 - - - - - - 2015−2018 programme 0.2 0.6 -0.2 -0.2 - - - IPO costs (includi
Slide 23: Consolidated statement of comprehensive income
Consolidated statement of comprehensive income PLN '000 2014 2015 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Revenue 91,056 92,681 82,382 17,361 18,083 27,016 19,922 Amortisation/depreciation (573) (617) (448) (107) (101) (97) (143) Distribution costs (34,273) (36,397) (30,600) (7,945) (7,185) (7,241) (8,
Slide 24: Consolidated statement of financial position
Consolidated statement of financial position PLN '000 Dec 31 2013 Dec 31 2014 Dec 31 2015 Sep 9 2016 Dec 31 2016 ASSETS 104,882 95,750 91,931 110,536 92,123 Non-current assets 55,817 58,233 58,860 57,728 54,611 Property, plant and equipment 1,351 1,857 1,469 1,203 1,247 Intangible assets 51,969 51,9
Slide 25: Consolidated statement of cash flows
Consolidated statement of cash flows PLN '000 2014 2015 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Cash flows from operating activities Profit before tax 23,574 25,644 23,855 3,637 4,214 11,962 4,042 Adjustments: (1,821) (4,626) (2,880) (47) (1,843) (7,673) 6,683 Costs of incentive scheme 3,360 627 (203)