Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — Q3 2016 Earnings Presentation
32 slides from Moltiply's earnings presentation, Nov 11, 2016
Slide 1: Third Quarter 2016 Results
Third Quarter 2016 Results 11th November 2016
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: Major milestones of our 16-years lifespan
Major milestones of our 16-years lifespan START-UP GROWTH RESTRUCTURING NEW GROWTH € 120.7M € 71.8M € 68.3M € 53.4M € 51.0M € 46.4M € 47.9M € 37.7M € 38.5M € 21.8M € 13.2M € 4.5M € 7.8M € 0.1M € 1.0M € 2.7M 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 BPO Divi
Slide 6: Business portfolio
Business portfolio Divisions FY 2015 FY 2015 Broking BPO Revenues € 57.2 M Revenues € 63.6 M EBIT € 18.1 M Division Division EBIT € 13.9 M Business Lines % of Group revenues Multi-brand broking of Commercial, Underwriting mortgages through remote Mortgage Mortgage and Portfolio Services for 19.4% 27
Slide 7: 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 8: 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 9: Group structure
Group structure Gruppo MutuiOnline S.p.A. PP&E S.r.l. 100% Real Estate renting and support services CreditOnline Mediazione Centro Centro MutuiOnline S.p.A. 100% 100% Creditizia S.p.A Finanziamenti S.p.A. 100% 100% Istruttorie S.p.A. CercAssicurazioni.it S.r.l. Segugio.it S.r.l. CESAM S.r.l. Quinser
Slide 10: Current shareholding structure
Current shareholding structure Shareholding structure as of 4th November 2016* Treasury shares 5.29% Alma Ventures** 32.50% Free Float 36.98% 20.20% 5.03% Investmentaktiengesellschaft für Frankfurter langfristige Investoren TGV Aktienfonds für Stiftungen * Share ownership as communicated to the comp
Slide 11: Share performance since IPO date (6 June 2007)
Share performance since IPO date (6 June 2007) KEY STOCK DATA as of 4th November 2016 Number of Shares 39,511,870 Treasury Shares 2,088,834 Outstanding Shares 37,423,036 Price per Share € 7.95 Market Capitalisation € 297.5 M 11
Slide 12: Agenda
Agenda Business Description 1 Current Trading and Outlook 2 Historical Data and Long-term Potential 3 12
Slide 13: Q3 highlights
Q3 highlights EBIT Revenues (€m) (€m) 12 Y-o-Y 35 8 9.3 -18.8% Y-o-Y 30 +3.4% 7.6 30.2 31.3 4 25 0 Q3 2015 Q3 2016 20 EBIT margin 30.8% 24.2% 15 Net Income 10 (€m) 10 5 Y-o-Y 0 7.3 -31.6% Q3 2015 Q3 2016 5 5.0 0 Q3 2015 Q3 2016 NI margin 24.2% 16.0% 13
Slide 14: Q3 Performance by Division
Q3 Performance by Division EBIT Revenues (€m) (€m) 12 9.3 Y-o-Y 35 -18.8% 7.6 31.3 8 30.2 Y-o-Y Y-o-Y +3.4% 5.8 3.1 -46.8% 30 4 Y-o-Y 25 3.5 4.5 +28.3% 13.8 Y-o-Y 14.8 0 -6.7% Q3 2015 Q3 2016 20 15 Broking Division BPO Division 10 Y-o-Y 15.4 17.4 +13.3% 5 EBIT margin (percent of revenues) 0 Q3 2015
Slide 15: 9M highlights
9M highlights EBIT Revenues (€m) (€m) 25 Y-o-Y +0.3% 20 23.9 24.0 110 15 100 Y-o-Y 98.5 10 90 +16.9% 5 80 84.3 0 70 9M 2015 9M 2016 60 EBIT margin 28.4% 24.3% 50 40 Net Income 30 (€m) 20 20 Y-o-Y 10 15 17.2 -6.9% 0 16.0 9M 2015 9M 2016 10 5 0 9M 2015 9M 2016 NI margin 20.4% 16.2% 15
Slide 16: 9M Performance by Division
9M Performance by Division EBIT Revenues (€m) (€m) 23.9 Y-o-Y 24.0 25 +0.3% 110 20 Y-o-Y 10.2 98.5 13.7 -25.9% 100 15 Y-o-Y 90 84.3 +16.9% 10 Y-o-Y Y-o-Y 13.8 +35.6% 80 5 10.2 43.2 +11.2% 70 0 38.9 9M 2015 9M 2016 60 50 Broking Division BPO Division 40 Y-o-Y 30 55.3 +21.8% 20 45.4 EBIT margin 10 (pe
Slide 17: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • In an environment of interest rates still at a very low level, the year-on-year growth of the market is slowing down due to the opposite effect of the progressive contraction of remortgaging activity and the recovery of purchase mortgages. • Dat
Slide 18: Broking Division – Business outlook
Broking Division – Business outlook • During Q3 2016, compared to Q3 2015, the performance of Broking Division is the result of the expected progressive contraction of the contribution of Mortgage Broking, partially offset by the growth of E-Commerce Price Comparison and Insurance Broking. • The dec
Slide 19: BPO Division – Business outlook
BPO Division – Business outlook • Results of the BPO Division are positive in Q3 2016, showing an increase of revenues of more than 13% compared to Q3 2015. Also the profitability (EBIT/Revenues) of the Division in the quarter is at its target level of 25%. Also taking into account the 9M 2016, resu
Slide 20: Agenda
Agenda Business Description 1 Current Trading and Outlook 2 Long-term Potential 3 20
Slide 21: Historical revenue trends 1/2
Historical revenue trends 1/2 Group Revenues Collapse of the Italian (€m) Mortgage Market 140 120.7 120 100 58% 47% 80 71.8 40% 68.3 60 53.4 61% 51.0 45% 37% 46.4 47.9 58% 37.7 38.5 40 40% 66% 61% 60% 45% 53% 21.8 60% 20 58% 63% 42% 60% 40% 34% 39% 55% 40% 42% 0 2006A 2007A 2008A 2009A 2010A 2011A 2
Slide 22: Historical revenue trends 2/2
Historical revenue trends 2/2 Broking Division Revenues (€m) 70 60 57.2 Other Revenues 2% 50 E-Commerce Price Comparison 41.9 28% 40 6% Insurance Broking 31.7 32.2 17% 25% 30 27.8 Consumer Loan Broking 25.1 22.7 32% 33% 12% 31% 20.5 4% 20 18% 17.3 2% 32% Mortgage Broking 12.7 22% 33% 69% 21% 10 18%
Slide 23: Historical profitability
Historical profitability EBIT (€m) Launch of EBIT margin Segugio.it (%) 30.9 32.0 70% 61% 63% 30 59% 57% 57% 60% 21.9 21.5 22.0 50% 45% 57% 20 17.6 77% 14.5 40% 47% 47% 32% 39% 44% 41% 43% 78% 30% 22% 8.5 93% 84% 36% 27% 10 77% 20% 31% 28% 17% 5.6 26% 24% 9% 12% 21% 67% 3.6 43% 22% 23% 80% 32% 64% 1
Slide 24: Dividend distribution
Dividend distribution Earnings per share, consolidated Dividends per share (€) (€) 0.70 0.45 0.59 0.40 0.60 0.56 0.36 0.37 0.35 0.50 0.30 0.41 0.40 0.38 0.38 0.25 0.21 0.30 0.20 0.25 0.24 0.15 0.15 0.12 0.12 0.12 0.12 0.20 0.09 0.10 0.09 0.09 0.10 0.05 0.00 0.00 2007 2008 2009 2010 2011 2012 2013 20
Slide 25: Appendix
teh Appendix
Slide 26: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015 Rev enues 31,257 34,454 32,834 36,414 30,217 Other income 511 703 566 598 452 Capitalization of internal costs 162 213 162 172 134 Serv ice costs (11,632) (13,101) (11,916) (11,642) (10,513) Personnel costs (9,691) (11,333) (10,3
Slide 27: Q3 Profit & Loss
Q3 Profit & Loss (€000) Q3 2016 Q3 2015 % Var. Rev enues 31,257 30,217 3.4% Other income 511 452 13.1% Capitalization of internal costs 162 134 20.9% Serv ice costs (11,632) (10,513) 10.6% Personnel costs (9,691) (9,646) 0.5% Other operating costs (1,189) (576) 106.4% Depreciation and amortization (
Slide 28: 9M Profit & Loss
9M Profit & Loss (€000) 9M 2016 9M 2015 % Var. Rev enues 98,545 84,305 16.9% Other income 1,780 1,683 5.8% Capitalization of internal costs 537 596 -9.9% Serv ice costs (36,649) (29,825) 22.9% Personnel costs (31,422) (28,281) 11.1% Other operating costs (3,405) (2,551) 33.5% Depreciation and amorti
Slide 29: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of September 30, December 31, (€000) Change % 2016 2015 ASSETS I ntangible assets 54,754 57,932 (3,178) -5.5% Property, plant and equipment 12,610 11,485 1,125 9.8% Associates measured w ith equity method 1,377 2,642 (1,265) -47.9% Other non-current assets 15 61 (46) -7
Slide 30: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of September 30, December 31, (€000) Change % 2016 2015 LIABILITIES AND SHAREHOLDERS' EQUITY Total equity attributable to the shareholders of the I ssuer 58,688 52,429 6,259 11.9% Minority interests 7,461 5,655 1,806 31.9% Total shareholders' equity 66,149 58,084 8,
Slide 31: Net Financial Position
Net Financial Position As of September 30, December 31, (€000) Change % 2016 2015 A. Cash and cash equiv alents 38,964 32,451 6,513 20.1% B. Other cash equiv alents - - - N/A C. Financial assets held to maturity or for trading 677 817 (140) -17.1% D. Liquidity (A) + (B) + (C) 39,641 33,268 6,373 19.
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