Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — Q4 2008 Earnings Presentation
24 slides from Moltiply's earnings presentation, Feb 13, 2009
Slide 1: Gruppo MutuiOnline Fourth Quarter 2008 Results
Gruppo MutuiOnline Fourth Quarter 2008 Results 13th February 2009
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: Presenters today
Presenters today •Group •Group Chairman Chairman and and Head Head of of Broking Broking Division Division •Founder •Founder and and key key shareholder shareholder (16.19% (16.19% indirectly indirectly through through Alma Alma Ventures Ventures SA) SA) •Background •Background in in consulting cons
Slide 4: Share performance June 2007 (IPO date) - February 2009
Share performance 6 June 2007 (IPO date) - 10 February 2009 Share price and trading volumes Euros, number of shares Performance vs. ALL STAR index 1.000 6,5 0,10 0,05 0,00 900 6,0 -0,05 -0,10 IPO price = €5,60 -0,15 800 5,5 -0,20 -0,25 -0,30 700 5,0 -0,35 -0,40 -0,45 -0,50 600 4,5 -0,55 -0,60 -0,65
Slide 5: Current shareholding structure
Current shareholding structure Shareholding structure as of 9 February 2009* Treasury Shares; 3,18% Free Float; 24,96% Alma Ventures**; 32,37% Jupiter Ventures***; 5,47% Stefano Rossini***; 4,32% Capital Research & Management; 8,00% Nestor 2000****; 11,37% Parvus Asset Ventures; 10,34% * Share owner
Slide 6: Business portfolio
Business portfolio Broking Broking BPO BPO DIVISION DIVISION 2008: 2008: Rev. €27.8m EBIT Rev. €27.8m EBIT €17.1m €17.1m 2008: 2008: Rev. €18.5m EBIT Rev. €18.5m EBIT €4.8m €4.8m Multi-brand Multi-brand Multi-brand Multi-brand Multi-brand Multi-brand Employee Employee broking broking of of broking b
Slide 7: Full-year Highlights
Full-year Highlights Revenues EBIT (€m) (€m) 24 21.9 Y-o-Y 20 17.6 +24% 50 46.3 16 45 Y-o-Y 12 +23% 8 40 37.7 4 35 0 2007 (a) 2008 30 EBIT EBIT margin margin 47% 47% 47% 47% 25 20 15 Net Income (€m) 10 15 14.8 5 Y-o-Y +52% 0 10 9.7 2007 2008 5 0 2007 2008 NI NI margin margin 26% 26% 32% 32% Note: (a
Slide 8: Performance by Division
Performance by Division Revenues EBIT (€m) (€m) 25 Y-o-Y 21.9 20 +24% 17.6 50 46.4 Y-o-Y Y-o-Y 15 17.1 +27% 45 +23% 13.5 10 40 37.7 5 Y-o-Y 4.1 4.8 +16% 35 0 27.8 Y-o-Y +23% 2007 (a) 2008 30 22.7 25 Broking Division BPO Division 20 15 EBIT margin 10 15.0 18.6 Y-o-Y +24% 5 2007 2007(a) (a) 2008 2008
Slide 9: Historical Revenue Trends
Historical Revenue Trends Broking Division Revenues Group Revenues (€m) (€m) 30 CAGR 27.8 +48% 12% 25 22.7 11% 20 31% 18% 50 46.3 12.7 15 45 8.4 6% 10 5.8 18% CAGR 5% 71% 57% 40 +56% 37.7 7% 18% 5 22% 77% 76% 35 0 71% 60% 30 2004A 2005A 2006A 2007A 2008A 60% 25 21.8 MutuiOnline PrestitiOnline Credit
Slide 10: Historical Profitability
Historical Profitability EBIT EBIT margin (€m) (%) 24 21.9 70% CAGR 59% 20 +76% 60% 61% 17.6 16 50% 45% 47% 78% 47% 40% 39% 35% 12 39% 76% 30% 8.5 29% 8 31% 26% 20% 28% 4.6 67% 4 2.3 64% 10% 24% 22% 98% 36% 33% 3% 0 0% 2% 2004A 2005A 2006A 2007A (a) 2008A 2004A 2005A 2006A 2007A (a) 2008A BPO Div Di
Slide 11: Evolution of the Italian Residential Mortgage Market
Evolution of the Italian Residential Mortgage Market Residential mortgage flows Euro billion Y-o-Y -6.8% 70 62,9 •Potential causes of 2008 contraction: 62,8 58,4 - Residential real estate market 60 56,2 slow-down 50 49,2 - High interest rates - Lenders’ credit tightening 40 - Economic recession outl
Slide 12: Mortgage Origination Volumes
Mortgage Origination Volumes Broking Division mortgage origination volumes Broking Division mortgage market share (€mn) Percentage 2,4% 2,3% 1.500 1.325 CAGR 1,9% +41% 1.196 2,0% 1.200 1,6% 900 695 1,1% 1,2% 0,9% 600 511 0,7% 0,8% 336 300 0,4% 0 0,0% 2004 2005 2006 2007 2008 2004A 2005A 2006A 2007A
Slide 13: Importance of Remortgage Business
Importance of Remortgage Business Applications: breakdown by mortgage destination Origination volumes: breakdown by mortgage destination % of MutuiOnline mortgage applications % of total Mutuionline closed mortgages 100% 100% 14% 30% 30% 80% 40% 80% 60% 60% 40% 40% 86% 70% 70% 60% 20% 20% 0% 0% 2007
Slide 14: Evolution of the Italian Real Estate Market
Evolution of the Italian Real Estate Market Number of residential real-estate transactions Thousands of transactions Y-o-Y -14.2% 900 833 845 804 815 800 •Potential causes of 2008 700 699 contraction: - High interest rates 600 - Lenders’ credit tightening 500 - Economic recession outlook 400 300 •Ac
Slide 15: Outlook for Broking Division
Outlook for Broking Division •Overall, •Overall, in in spite spite ofof aa challenging challenging economic economic background, background, the the soundsound strategic strategic position position of of the the Broking Broking Division Division could could allowallow us us to to increase increase t
Slide 16: Outlook for BPO Division
Outlook for BPO Division •The •The BPO BPO Division Division could could endure endure in in 2009 2009 a a reduction reduction of of business business activity activity volumes volumes with with existing existing clients, mainly with respect to mortgages, while the mid-term clients, mainly with resp
Slide 17: Appendix
INE MutuiOn Appendix
Slide 18: Q4 highlights
Q4 highlights Revenues EBIT (€m) (€m) 8 Y-o-Y 6.6 -5% 6.2 6 16 Y-o-Y +1% 13.8 4 13.6 2 12 0 Q4 07 Q4 08 EBIT EBIT margin margin 48% 48% 45% 45% 8 Net Income 4 (€m) 5 Y-o-Y 4.7 4.0 +19% 4 0 3 Q4 07 Q4 08 2 1 0 Q4 07 Q4 08 NI NI margin margin 29% 29% 34% 34% 18
Slide 19: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) (€000) Q4 Q4 2008 2008 Q3 Q3 2008 2008 Q2 Q2 2008 2008 Q1 Q1 2008 2008 Revenues 13.781 11.385 11.977 9.202 Other income 84 55 100 90 Capitalization of internal costs 73 58 63 54 Services costs (3.420) (2.394) (2.655) (2.226) Personnel costs (3.607) (2.760) (3.106) (2.5
Slide 20: Profit & Loss Breakdown
Profit & Loss Breakdown Margin components 2008 1.2% 23.0% 100% 0.8% 26.0% 3.1% 2.0% 47.2% 16.1% 31.8% Total Other income Services costs Personnel Other Depreciation EBIT Net interest Tax Net profit revenues costs operating margin income margin costs Margin components 2007 1.7% 27.1% 100% 0.0% 23.7%
Slide 21: Key Performance Indicators for MutuiOnline Business Line
Key Performance Indicators for MutuiOnline Business Line Mortgage applications received Total number 100.000 82.909 80.000 65.133 Weighted conversion rate* 60.000 42.994 Percentage 40.784 33.847 40.000 15,3% 16,0% 12,5% 12,5% 20.000 10,9% 12,0% 9,9% 0 2004 2005 2006 2007 2008 8,0% 4,0% Originated mo
Slide 22: Key Performance Indicators for CreditPanel Business Line
Key Performance Indicators for CreditPanel Business Line Mortgage applications received Total number 10.000 8.457 8.000 5.968 Weighted conversion rate* 6.000 Percentage 4.000 3.038 24,0% 22,1% 2.000 18,8% 0 16,0% 2004 2005 2006 2007 2008 8,0% Originated mortgages Total number 0,0% 1.600 2004 2005 20
Slide 23: Key Performance Indicators for PrestitiOnline Business Line
Key Performance Indicators for PrestitiOnline Business Line Personal loans applications received Total number 111.560 120.000 100.000 80.000 67.371 53.188 Conversion rate* 60.000 43.346 37.011 Percentage 40.000 24,0% 21,9% 20.000 18,7% 0 15,6% 2004 2005 2006 2007 2008 16,0% 12,5% 12,3% Originated pe
Slide 24: 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