Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — H1 2015 Earnings Presentation
32 slides from Moltiply's earnings presentation, Aug 11, 2015
Slide 1: First Half 2015 Results
First Half 2015 Results 11th August 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 Francesco Masciandaro Group Chairman and Head of Broking Division Group CEO and Head of BPO Division Group CFO • Founder and key shareholder (16.25% • Founder and key shareholder • Background in auditing (Arthur indirectly through Alma Ventures S
Slide 4: Agenda
Agenda Business Description 1 Current Trading and Outlook 2 Historical Data and Long-term Potential 3 4
Slide 5: 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 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: Current shareholding structure
Current shareholding structure Shareholding structure as of 10th August 2015 * Treasury shares 6.00% Alma Ventures** 32.50% Free Float 36.27% 20.20% 5.03% Investmentaktiengesellschaft für Frankfurter langfristige Investoren TGV Aktienfonds für Stiftungen * Share ownership as communicated to the comp
Slide 9: Share performance since IPO date (6 June 2007)
Share performance since IPO date (6 June 2007) KEY STOCK DATA as of 10th August 2015 Number of Shares 39,511,870 Treasury Shares 2,371,964 Outstanding Shares 37,139,906 Price per Share € 7.94 Market Capitalisation € 294.9 M 9
Slide 10: Agenda
Agenda Business Description 1 Current Trading and Outlook 2 Historical Data and Long-term Potential 3 10
Slide 11: H1 highlights
H1 highlights EBIT Revenues (€m) (€m) 20 60 15 Y-o-Y 55 +122.8% 14.6 10 50 54.1 Y-o-Y 5 45 +70.0% 6.6 40 0 35 H1 2014 H1 2015 30 EBIT margin 21% 27% 31.8 25 20 Net Income 15 (€m) 10 12 5 10 Y-o-Y 9.9 0 8 +147.3% H1 2014 H1 2015 6 4 2 4.0 0 H1 2014 H1 2015 NI margin 13% 18% 11
Slide 12: Performance by Division
Performance by Division EBIT Revenues (€m) (€m) 20 14.6 60 15 54.1 Y-o-Y 55 +122.8% Y-o-Y 10 7.9 +302.2% 50 6.6 Y-o-Y 2.0 45 Y-o-Y 5 Y-o-Y +70.0% 6.7 24.1 +110.8% 4.6 +46.4% 40 0 35 31.8 H1 2014 H1 2015 30 25 11.4 Broking Division BPO Division 20 Y-o-Y 15 30.0 +47.2% 10 20.4 EBIT margin 5 (percent o
Slide 13: Revenue breakdown
Revenue breakdown Broking Division Revenues BPO Division Revenues (€m) (€m) 35 35 30.0 30 30 Y-o-Y Y-o-Y 2.9 +6.6% 25 24.1 25 +47.2% 3.4 Y-o-Y Y-o-Y +20.7% 20.4 20 Y-o-Y 5.4 N/A 20 +110.8% 2.7 8.2 Y-o-Y Y-o-Y +6.7% 15 4.7 +24.2% 15 2.9 11.4 3.5 Y-o-Y 7.7 10 +38.5% 10 Y-o-Y 3.8 15.5 +116.7% 5 2.5 10.
Slide 14: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • Thanks to the sensational reduction of long-term interest rates resulting from the expansionary monetary policy of the European Central Bank, the recovery of the mortgage market continues, even if still mainly as a consequence of the strong grow
Slide 15: Broking Division – Business outlook 1/2
Broking Division – Business outlook 1/2 During H1 2015, compared to H1 2014, the Broking Division shows a strong increase of revenues and profitability thanks to the contribution of all the Business Lines. • The results benefit in particular from the important growth Mortgage Broking Revenues Mortga
Slide 16: Broking Division – Business outlook 2/2
Broking Division – Business outlook 2/2 • As regards Insurance Broking, we observe a significant 16 Insurance Broking Revenues Insurance (€m) increase of the number of new policies brokered, Broking counterbalanced by a continuous reduction of 12 average premiums, as the insurance market remains sof
Slide 17: BPO Division – Business outlook 1/2
BPO Division – Business outlook 1/2 In H1 2015 the revenues and the operating income of the BPO Division grow strongly compared to H1 2014, with a stable margin over 22% and near target level. Net of the seasonality effects in the different quarters, we expect that growth will continue at a sustaine
Slide 18: BPO Division – Business outlook 2/2
BPO Division – Business outlook 2/2 • Insurance BPO shows a double-digit growth in H1 2015, due 16 Insurance BPO Revenues Insurance to the random trend of the claims, meanwhile H2 2015 will (€m) BPO probably lead the performance back in line with H2 2014. 12 8 2.9 3.1 3.4 4 0 H1 2014 H2 2014 H1 2015
Slide 19: Agenda
Agenda Business Description 1 Current Trading and Outlook 2 Historical Data and Long-term Potential 3 19
Slide 20: Historical revenue trends
Historical revenue trends Broking Division Revenues (€m) 41.9 40 6% Collapse of the 31.7 32.2 25% Group Revenues Italian Mortgage 27.8 30 (€m) Market 33% 25.1 22.7 32% 4% 31% 20.5 71.8 20 18% 17.3 1% 32% 70 68.3 12.7 1% 33% 69% 22% 21% 10 18% 68% 67% 30% 25% 82% 69% 60 82% 47% 41% 43% 53.4 37% 0 51.
Slide 21: Historical profitability
Historical profitability EBIT (€m) Launch of EBIT margin Segugio.it (%) 30.9 30 70% 61% 63% 59% 57% 57% 22.0 60% 21.9 21.5 50% 45% 20 17.6 77% 14.5 40% 47% 47% 39% 44% 41% 43% 78% 84% 30% 8.5 77% 93% 36% 22% 10 5.6 20% 31% 28% 17% 3.6 26% 24% 9% 12% 21% 67% 32% 64% 10% 7% 23% 80% 17% 21% 33% 23% 22%
Slide 22: Dividend distribution
Dividend distribution Earnings per share, consolidated Dividends per share (€) (€) 0.60 0.56 0.45 0.40 0.37 0.50 0.36 0.35 0.41 0.40 0.38 0.38 0.30 0.25 0.30 0.21 0.25 0.24 0.20 0.20 0.15 0.12 0.12 0.12 0.12 0.09 0.09 0.09 0.10 0.10 0.05 0.00 0.00 2007 2008 2009 2010 2011 2012 2013 2014 may may may
Slide 23: 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 24: Appendix
teh Appendix
Slide 25: H1 Profit & Loss
H1 Profit & Loss (€000) H1 2015 H1 2014 % Var. Rev enues 54,088 31,814 70.0% Other income 1,231 1,200 2.6% Capitalization of internal costs 462 468 -1.3% Serv ice costs (19,312) (11,520) 67.6% Personnel costs (18,635) (13,519) 37.8% Other operating costs (1,975) (1,039) 90.1% Depreciation and amorti
Slide 26: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q1 2015 Q1 2015 Q4 2014 Q3 2014 Q2 2014 Rev enues 31,739 22,349 20,566 15,920 16,764 Other income 547 684 448 513 656 Capitalization of internal costs 292 170 17 239 307 Serv ice costs (10,938) (8,374) (6,708) (5,930) (5,876) Personnel costs (10,437) (8,198) (8,918) (6
Slide 27: Q2 Profit & Loss
Q2 Profit & Loss (€000) Q2 2015 Q2 2014 % Var. Rev enues 31,739 16,764 89.3% Other income 547 656 -16.6% Capitalization of internal costs 292 307 -4.9% Serv ice costs (10,938) (5,876) 86.1% Personnel costs (10,437) (7,023) 48.6% Other operating costs (1,179) (451) 161.4% Depreciation and amortizatio
Slide 28: Q2 highlights
Q2 highlights EBIT Revenues (€m) (€m) 9.3 10 35 Y-o-Y Y-o-Y 31.7 +134.7% 5.2 +315.9% 30 5 4.0 Y-o-Y 1.3 Y-o-Y Y-o-Y 4.0 +49.9% 25 +89.3% +147.6% 2.7 15.0 0 Q2 2014 Q2 2015 20 16.8 15 Broking Division BPO Division 6.1 10 Y-o-Y 16.7 +56.3% 5 10.7 EBIT margin (percent of revenues) 0 Q2 2014 Q2 2015 Q2
Slide 29: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of June 30, December 31, (€000) Change % 2015 2014 ASSETS I ntangible assets 53,599 10,688 42,911 401.5% Property, plant and equipment 11,262 5,012 6,250 124.7% Associates measured w ith equity method 400 50 350 700.0% Deferred tax assets - 3,529 (3,529) -100.0% Other n
Slide 30: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of June 30, December 31, (€000) Change % 2015 2014 LIABILITIES AND SHAREHOLDERS' EQUITY Total equity attributable to the shareholders of the I ssuer 41,167 34,692 6,475 18.7% Minority interest 3,990 1,383 2,607 188.5% Total shareholders' equity 45,157 36,075 9,082 2
Slide 31: Net Financial Position
Net Financial Position As of June 30, December 31, (€000) Change % 2015 2014 A. Cash and cash equiv alents 18,488 23,730 (5,242) -22.1% B. Other cash equiv alents - - - N/A C. Financial assets held to maturity or for trading 457 - 457 N/A D. Liquidity (A) + (B) + (C) 18,945 23,730 (4,785) -20.2% E.
Slide 32: 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