Anima Holding S.p.a. · MIL:ANIM
Anima — Q1 2024 Earnings Presentation
17 slides from Anima's earnings presentation, 2024
Slide 1: Q1 2024 Results: Running at Full Speed
Q1 2024 Results Running at Full Speed
Slide 2: Index
Index Q1 2024 Results 3 Looking Forward 12 Closing remarks 16 2
Slide 3: Q1 2024 Highlights
Q1 2024 Highlights 193.6 €bn AuM -0.8 €bn Net New Money* +3.5% Mutual funds’ WAP +1.1% vs. FY23 vs. -0.5 €bn in Q1 23 vs. +2.5% in Q1 23 ➢ Total AuM up €2.1bn q-o-q ➢ Negative -1.3 €bn flows in low-economic-impact ‘wrapping’ category vs. excellent retail inflows from partner banks, mixed trend in in
Slide 4: Assets by segment as of 31.03.2024
Q1 2024 Assets by segment as of 31.03.2024 Retail Institutional 50% AuM = €97.7bn 50% AuM = €95.9bn Wrap* Fund users AIFs 15.6% 2.8% 4.4% BAMI Pension Funds 30.0% 6.8% Advisory Other Class I 7.7% 11.5% Insurance - U/L 7.8% PST funds and U/L 12.8% BMPS 16.2% other CA Italy PST Class I 0.4% 2.7% 74.2%
Slide 5: Mutual funds' investment performance
Q1 2024 Mutual funds’ investment performance 2024 YTD WAP Funds’ breakdown by category as of 31.03.2024 ANIMA Italian industry % 4.0 3.79 19.8% 3.5 3.50 Equity 33.4% 3.0 20.2% 2.5 Flexible 15.5% 2.0 16.5% 1.5 Balanced 11.4% 1.0 0.5 Bond 36.0% 38.9% 0.0 -0.5 Cash 4.7% Mar Feb Jan 3.7% IT Industry ANI
Slide 6: Net flows breakdown by quarter
Q1 2024 Net flows breakdown by quarter NNM into mutual funds by category data in €bn 0.6 Bond Balanced Flexible 1.5 ➢ Demand focus still on fixed income Equity 0.2 products; equity appetite has not picked up yet 0.5 1.8 1.3 0.4 0.0 0.8 1.0 ➢ Flexible outflows largely connected to 0.2 0.0 0.0 0.8 0.5
Slide 7: Q1 net inflows: eye on profitability
Q1 2024 Q1 24 net inflows: eye on profitability Focus on Wrapping Fund users • The vast majority of ‘wrapping’ outflows is represented by funds underlying other funds, especially target-date funds • Negative ‘wrapping’ flows in the absence of a PROFITABILITY Retail clients comparable trend in other
Slide 8: Consolidated P&L
Q1 2024 Consolidated P&L Q1 2024 Q1 2024 €m Q1 2023 bps/avg AuM Q1 2024 Q1 2023 CONS ANIM Net revenues 94.909 90.727 80.129 Total margin 16.7 15.3 Performance fees 26.944 26.944 786 Margin excl. Class I and AIF 26.0 25.2 Total revenues 121.853 117.671 80.915 ➢ Average margin on “core” AuM increased,
Slide 9: Personnel Expenses: another "rich" quarter
Q1 2024 Personnel Expenses: another “rich” quarter ➢ ANIMA fixed costs well in line with previous quarters ➢ Variable costs include a provision for year-end bonuses related to performance fees Variable Fixed Variable Fixed 19.4 1.4 17.8 Data in €m 0.7 2.0 2.1 14.8 13.8 13.9 0.6 13.0 12.9 1.4 12.5 12
Slide 10: Net financial income quarterly trend
Q1 2024 Net financial income quarterly trend ➢ Continued improvement, fuelled by investment of own liquidity. Favorable comparison with 1Q23 due to repayment of bank debt in 2Q23 (also resulting in a €4mn one-off from unwinding of the hedging derivative) NET FINANCIAL INCOME BY QUARTER Data in €m In
Slide 11: Consolidated Net Financial Position
Q1 2024 Consolidated Net Financial Position 21.1 €m 31.03.24 31.12.23 31.03.23 5.0 Bank loan - - (82.0) Bond 2019-26 1.75% (283.4) (283.3) (283.2) Bond 2021-28 1.50% (298.9) (298.9) (298.7) Accrued interest expense (6.4) (4.1) (7.3) Total cash 704.9 Other payable (1.7) (0.5) - 605.4 648.5 Dividends
Slide 12: Kairos Partners SGR Acquisition completed on May 2, 2024
Looking forward Kairos Partners SGR Acquisition completed on May 2, 2024 • Founded in 1999, one of Italy’s most renowned AM brands Private Bankers • Active in open-end investment companies, • Kairos employees 23 private bankers managing mutual funds, AIFs, and institutional mandates altogether ~ € 2
Slide 13: M&A Integration
Looking M&A Integration forward Rearranging product factories and back-offices for maximum efficiency • Upper affluent / Private / UHNWI / • Institutional investors (in Italy • Affluent customers of partner banks Primary targets family office clients and abroad) • Institutional investors (mandates)
Slide 14: Recent acquisitions will be at the core of our growth
Looking Recent acquisitions will be at the core of our growth forward Expected evolution, pro-forma 2023 (including Kairos for 12 months) to 2028 Anima Alternative + Castello + Kairos: AuM >2x EBITDA >4x Evolution of business mix will protect and even enhance the Group’s profitability Kairos Private
Slide 15: Strong shareholder remuneration integrating dividend and buyback
Looking Strong shareholder remuneration integrating dividend and buyback forward Subject to change in case of extraordinary transactions New strategic plan foresees shareholder remuneration equivalent to approximately half of current market cap over 5 years Dividend Payout CONFIRMED ≥ 50% of Group N
Slide 16: Starting the year with a bang... and a clear vision
Closing remarks Starting the year with a bang... and a clear vision Status: Running at full speed ➢ Overall net inflows negative in Q1 affected by wrapping component, but retail net inflows were the strongest in years (positive long-term economic consequences) ➢ P&L growth underpinned by several fac
Slide 17: Disclaimer and safe harbor statements
Investor Relations Digital link: Luca Mirabelli see and download Tel. +39.02.63536.226 our presentation Luca.mirabelli@animaholding.it Anima Holding SpA ANIMA and its suppliers print this presentation, when Corso Garibaldi, 99 needed, on FSC 100% I – 20121 Milano www.animaholding.it certified paper