Invesco Ltd · NYSE:IVZ

Invesco — Amvescap — Q1 2004 Earnings Presentation

15 slides from Invesco's earnings presentation, Apr 27, 2004

  1. Slide 1: 2004 First Quarter Results

    AMVESCAP Helping people worldwide build their financial security 2004 First Quarter Results Charles W. Brady, Executive Chairman James Robertson, Chief Financial Officer April 27, 2004

  2. Slide 2: Forward-Looking Statements

    Forward-Looking Statements This presentation may include statements that constitute "forward-looking statements" under the United States securities laws. Forward-looking statements include information concerning possible or assumed future results of our operations, earnings, liquidity, cash flow and

  3. Slide 3: Financial Review

    AMVESCAP Financial Review

  4. Slide 4: Summary Profit & Loss Account

    Summary Profit & Loss Account in thousands Three Months Ended March 31, 2004 2003 Revenues £288,270 £270,798 Expenses Operating (212,946) (211,581) Goodwill amortization (37,583) (37,346) Operating profit 37,741 21,871 Investment income 6,403 1,488 Interest payable (9,789) (12,210) Profit before tax

  5. Slide 5: Quarterly Financial Comparisons

    Quarterly Financial Comparisons in thousands 2004 2003 Q1 Q1 % change Revenues £ 288,270 £ 270,798 6.5% Operating expenses 212,946 211,581 0.6% Operating profit 75,324 59,217 27.2% Operating margin 26.1% 21.9% EBITDA 97,545 77,820 25.3% EPS - diluted 5.8p 4.2p 38.1% EBITDA per share - diluted 12.0p

  6. Slide 6: Quarterly Financial Comparisons

    Quarterly Financial Comparisons in thousands 2004 2003 Q1 Q4 % change Revenues £ 288,270 £ 301,219 (4.3)% Operating expenses 212,946 211,649 0.6% Operating profit 75,324 89,570 (15.9)% Operating margin 26.1% 29.7% EBITDA 97,545 107,399 (9.2)% EPS - diluted 5.8p 7.0p (17.1)% EBITDA per share - dilute

  7. Slide 7: Segmental Analysis

    Segmental Analysis in thousands Three Months Ended March 31, 2004 Revenues Expenses Profit AIM US £107,561 £(67,503) £40,058 Canada 41,817 (20,325) 21,492 149,378 (87,828) 61,550 INVESCO US 52,766 (36,135) 16,631 UK 46,107 (40,790) 5,317 Europe/Asia 19,786 (19,637) 149 118,659 (96,562) 22,097 Privat

  8. Slide 8: Operating Profit – 2004 Q1 V. 2003 Q4

    Operating Profit – 2004 Q1 V. 2003 Q4 in thousands 2004 2003 Q1 Q4 Change AIM US £40,058 £45,530 £(5,472) Canada 21,492 21,886 (394) 61,550 67,416 (5,866) INVESCO US 16,631 15,944 687 UK 5,317 10,650 (5,333) Europe/Asia 149 663 (514) 22,097 27,257 (5,160) Private Wealth/Retirement 584 (405) 989 Corp

  9. Slide 9: Funds Under Management

    Funds Under Management in billions AIM INVESCO PWM/ Total US Canada US UK Europe/Asia Retirement December 31, 2003 $370.6 $149.4 $28.7 $120.2 $39.0 $23.8 $9.5 Market gains/(loss) 7.3 1.9 1.1 2.1 1.3 0.9 - Net new (lost) business (1.5) (1.8) 0.5 (1.0) 0.3 0.8 (0.3) Change in money market funds (2.0)

  10. Slide 10: Balance Sheet

    Balance Sheet in thousands March 31, 2004 Dec 31, 2003 Fixed assets Goodwill £2,422,613 £2,411,803 Investments 228,249 230,567 Tangible assets 167,169 170,598 2,818,031 2,812,968 Currents assets Debtors 961,427 903,955 Investments 75,333 74,652 Cash 251,256 318,713 1,288,016 1,297,320 Current liabil

  11. Slide 11: Group Cash Flow

    Group Cash Flow in thousands Three Months Ended March 31, 2004 2003 Operating profit £37,741 £21,871 Decrease in exceptional item provisions and accruals (25,096) (14,458) Goodwill amortization and depreciation 48,971 51,130 Change in debtors, creditors and other (75,326) (28,964) Net cash (outflow)

  12. Slide 12: Analysis Of Net Debt

    Analysis Of Net Debt in thousands March 31, 2004 December 31, 2003 (Decrease)/Increase £ $ £ $ £ $ Senior notes ($700m) 380,435 700,000 393,258 700,000 (12,823) - Senior notes ($350m) 190,217 350,000 196,629 350,000 (6,412) - Credit facility 124,890 229,797 130,127 231,627 (5,237) (1,830) Other, inc

  13. Slide 13: Average Shares Outstanding

    Average Shares Outstanding in thousands March 31, 2004 Dec 31, 2003 Ordinary shares 772,837 768,538 Exchangeable shares 29,516 34,347 Shares outstanding 802,353 802,885 Shares related to options/ long-term incentive plan 9,105 7,486 Total shares 811,458 810,371 13

  14. Slide 14: Headcount

    Headcount March 31, Dec 31, 2004 2003 Change AIM US 2,298 2,368 (70) Canada 962 963 (1) 3,260 3,331 (71) INVESCO US 871 878 (7) UK 1,149 1,135 14 Europe/Asia 619 608 11 2,639 2,621 18 Private Wealth/Retirement 842 774 68 Corporate 103 62 41 6,844 6,788 56 14

  15. Slide 15: 2004 First Quarter Results

    AMVESCAP 2004 First Quarter Results

Amvescap — Q1 2004 Earnings Presentation on 6ix