Moltiply Group S.p.a. · MIL:MOL
Moltiply — Gruppo MutuiOnline — Q1 2017 Earnings Presentation
32 slides from Moltiply's earnings presentation, May 12, 2017
Slide 1: First Quarter 2017 Results
First Quarter 2017 Results May 12th, 2017
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 Share Information 2 Current Trading and Outlook 3 Historical Performance 4 4
Slide 5: Business portfolio
Business portfolio Online comparison and intermediation Provision of complex Business Process Broking BPO services operating with a portfolio of Outsourcing services for specific verticals leading brands in the Italian market Division Division within the Italian financial services industry Mortgage
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: Group structure
Group structure Headcount* 1,368 FTE 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.
Slide 9: Major milestones
Major milestones START-UP GROWTH RESTRUCTURING NEW GROWTH € 120.7M € 138.1M € 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 Division is Broking:
Slide 10: Agenda
Agenda Business Description 1 Share Information 2 Current Trading and Outlook 3 Historical Performance 4 10
Slide 11: Transparency and governance standards
Transparency and governance standards Gruppo MutuiOnline is listed since IPO (June 6, 2007) in the STAR Segment of Borsa Italiana’s equity market dedicated to mid-size companies with a capitalization less than Euro 1 billion, which voluntarily adhere and comply with a number of strict requirements i
Slide 12: Shareholding Structure
Shareholding Structure Shareholding structure as of May 11th, 2017* Treasury shares 5.15% Alma Ventures** 32.50% Free Float 37.12% 20.20% 5.03% Investmentaktiengesellschaft für Frankfurter langfristige Investoren TGV Aktienfonds für Stiftungen * Share ownership as communicated to the company by rele
Slide 13: Share Performance since IPO
Share Performance since IPO KEY STOCK DATA as of May 10th, 2017 Number of Shares 39,511,870 Treasury Shares 2,032,809 Outstanding Shares 37,479,061 Price per Share € 10.85 Market Capitalisation € 406.6 M Since April 2017, MOL is included in the Italian FTSE Italia MID-CAP Index 13
Slide 14: Agenda
Agenda Business Description 1 Share Information 2 Current Trading and Outlook 3 Historical Performance 4 14
Slide 15: Q1 highlights
Q1 highlights EBIT Revenues (€m) (€m) 10 Y-o-Y +19.4% 9.9 40 8.3 Y-o-Y 35 +17.4% 38.5 5 30 32.8 0 25 Q1 2016 Q1 2017 20 EBIT margin 25.1% 25.6% 15 Net Income 10 (€m) 8 5 Y-o-Y 6 +27.1% 0 6.7 Q1 2016 Q1 2017 4 5.3 2 0 Q1 2016 Q1 2017 NI margin 16.1% 17.4% 15
Slide 16: Performance by Division
Performance by Division EBIT Revenues (€m) (€m) Y-o-Y 9.9 10 8.3 +19.4% Y-o-Y 40 38.5 4.4 +35.5% Y-o-Y 3.3 35 32.8 +17.4% 5 Y-o-Y Y-o-Y 30 +21.8% 5.0 5.4 +9.0% 17.5 0 25 14.4 Q1 2016 Q1 2017 20 Broking Division BPO Division 15 Y-o-Y +13.9% 10 21.0 18.4 5 EBIT margin (percent of revenues) 0 Q1 2016 Q
Slide 17: Evolution of the Italian residential mortgage market
Evolution of the Italian residential mortgage market • In Q1 2017, the purchase mortgage market continues to grow, due the progressive recovery of the residential real estate market, while the remortgage market continues to shrink, due to a physiological normalization process. • Data from Assofin, a
Slide 18: Broking Division – Business outlook
Broking Division – Business outlook • The current and foreseeable trend of the Broking Division, compared to Q1 2016, is the result of the positive contribution of Mortgage Broking and Insurance Broking, of the substantial stability of Personal Loan Broking and of the contraction of E- Commerce Pric
Slide 19: BPO Division – Business outlook
BPO Division – Business outlook • The evolution of the results of the BPO Division in Q1 2017 was overall positive, in line with stated expectations. In fact, growth continues, even if at a slower pace compared to 2016, with operating margins which remain at target levels. • Even the underlying tren
Slide 20: Agenda
Agenda Business Description 1 Share Information 2 Current Trading and Outlook 3 Historical Performance 4 20
Slide 21: Revenue trends by Division
Revenue trends by Division Group Revenues Collapse of the Italian (€m) Mortgage Market 138.1 140 120.7 120 44% 100 58% 47% 80 40% 71.8 68.3 60 61% 53.4 51.0 45% 47.9 37% 46.4 58% 37.7 38.5 40 40% 56% 66% 61% 60% 45% 53% 21.8 60% 20 63% 58% 42% 60% 40% 34% 39% 55% 40% 42% 0 2006A 2007A 2008A 2009A 20
Slide 22: Revenue Breakdown by Business Line
Revenue Breakdown by Business Line Broking Division Revenues (€m) 80 70 61.0 Other Revenues 60 57.2 3% 2% E-Commerce Price Comparison 50 41.9 28% 36% Insurance Broking 40 6% 31.7 32.2 17% Consumer Loan Broking 27.8 25% 18% 30 22.7 25.1 32% 33% 20.5 12% 31% 17.3 4% 11% Mortgage Broking 20 18% 2% 32%
Slide 23: Operating Income by Division
Operating Income by Division EBIT (€m) 40 Collapse of the 35.2 Italian Mortgage 32.0 30.9 Market 30 + 47% 21.9 21.5 22.0 Launch of 57% 20 17.6 Segugio.it 77% 14.5 78% 84% 36% 10 8.5 77% 93% 5.6 53% 67% 3.6 43% 23% 80% 32% 64% 33% 23% 22% 7% 16% 20% 68% 0 2006A 2007A (a) 2008A 2009A 2010A 2011A 2012A
Slide 24: Net Income
Net Income Net income (€m) 23.5 24.8 25 20.9 20 14.8 14.4 15.3 15 9.7 9.9 10 5.2 5 3.6 3.8 0 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A Net income margin (%) 40% 32% 30% 29% 29% 30% 26% 24% 19% 18% 20% 14% 9% 10% 7% 0% 2006A 2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015
Slide 25: Dividend Payout
Dividend Payout Earnings per share, consolidated Dividends per outstanding share (€) (€) 0.70 0.45 0.59 0.58 0.40 0.60 0.56 0.36 0.37 0.35 0.50 0.30 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 2
Slide 26: Appendix
teh Appendix
Slide 27: Quarterly Profit & Loss
Quarterly Profit & Loss (€000) Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Rev enues 38,534 39,524 31,257 34,454 32,834 Other income 528 559 511 703 566 Capitalization of internal costs 199 402 162 213 162 Serv ice costs (13,979) (14,053) (11,632) (13,101) (11,916) Personnel costs (12,170) (12,407) (9,6
Slide 28: Q1 Profit & Loss
Q1 Profit & Loss (€000) Q1 2017 Q1 2016 % Var. Rev enues 38,534 32,834 17.4% Other income 528 566 -6.7% Capitalization of internal costs 199 162 22.8% Serv ice costs (13,979) (11,916) 17.3% Personnel costs (12,170) (10,398) 17.0% Other operating costs (1,503) (1,208) 24.4% Depreciation and amortizat
Slide 29: Balance Sheet – Asset Side
Balance Sheet – Asset Side As of March 31, December 31, (€000) Change % 2017 2016 ASSETS I ntangible assets 52,665 53,874 (1,209) -2.2% Property, plant and equipment 14,373 13,412 961 7.2% Associates measured w ith equity method 1,158 1,224 (66) -5.4% Deferred tax assets - 1,402 (1,402) -100.0% Othe
Slide 30: Balance Sheet – Liability Side
Balance Sheet – Liability Side As of March 31, December 31, (€000) Change % 2017 2016 LIABILITIES AND SHAREHOLDERS' EQUITY Total equity attributable to the shareholders of the I ssuer 72,074 66,734 5,340 8.0% Minority interests 8,192 7,874 318 4.0% Total shareholders' equity 80,266 74,608 5,658 7.6%
Slide 31: Net Financial Position
Net Financial Position As of March 31, December 31, (€000) Change % 2017 2016 A. Cash and cash equiv alents 49,431 42,231 7,200 17.0% B. Other cash equiv alents - - - N/A C. Financial assets held to maturity or for trading 897 677 220 32.5% D. Liquidity (A) + (B) + (C) 50,328 42,908 7,420 17.3% E. C
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