PRESS RELEASE
ANIMA Holding: consolidated first-nine-month results at 30/09/2024
- Net commissions: €248.8 million (+16% vs. 9M23)
- Total consolidated revenues: €367.1 million (+48% vs. 9M23)
- Consolidated Net Profit: €172.0 million (+78% vs. 9M23)
- Consolidated Adjusted net profit: €189.9 million (+56% vs. 9M23)
Anima Group's first nine months of the year show a significant improvement in the profitability of assets under management; this structural effect, combined with the favourable trends in interest rates and equity markets, brought to record results in the first nine months of 2024" - commented Alessandro Melzi d'Eril, CEO of ANIMA Holding S.p.A. - "The resulting stronger financial position can only broaden the range of available options for the consolidation of our business and shareholders' remuneration"
Milan, November 6th 2024 - ANIMA Holding S.p.A. (EXM: ANIM) Board of Directors, chaired by Maria Patrizia Grieco, approved today the Consolidated Interim Report at 30 September 2024.
Consolidated results include the contribution of two recently-acquired companies: Castello SGR, consolidated for the entire nine months this year and only from July 19th in 2023; Kairos Partners SGR, acquired in May 2024 and consolidated for five months; they also incorporate the business - acquired in August 2024 and consolidated for two months - of instrumental company Vita Srl, (together, the "Acquisitions")
Net recurring commissions stood at €248.8 million (+16% vs. €215.3 million in 9M23, +7% net of the Acquisitions); performance fees, which were negligible in the corresponding period of 2023, amounted to €72.4 million, while other Income was €45.9 million, +52% compared to the first nine months of last year (+42% net of the Acquisitions). As a consequence, total revenues reached €367.1 million (+48% vs. 9M23, +37% excluding the Acquisitions)
Ordinary operating expense was €101.0 million, +43% vs. 9M23 (+11% without the Acquisitions). The corresponding cost/income ratio (excluding performance fees from total revenues) was 34.3%.
As a reminder, the "Other Income/Expense" line item includes an income from badwill related to the acquisition of Kairos Partners SGR, arising from a favourable difference - currently valued €8.0 million) between the acquisition price and the target company's shareholders' equity.
Profit before tax reached €240.0 million (+68% vs. €143.1 million in 9M23).
Net profit for the period was €172.0 million (+78% vs. €96.4 million in the corresponding period of 2023).
Adjusted net income (which does not take into account extraordinary income or charges, including one-off revenue and fiscal effects, and/or non cash-out items such as the income from badwill or intangibles' depreciation) was €189.9 million (+56% vs. €121.7 million in the first nine months of last year).
Consolidated net financial position as at September 30th 2024 was €73.7 million net cash (compared to €13.2 million net debt at the end of 2023). As a reminder, disbursements in the first nine months included dividend payment for €79.5 million and €40.0 million in share buyback.
The 9M2024 Analyst Presentation will be made available on the authorized repository www.1info.itand published on www.animaholding.itin section "Investors->Presentations".
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The Manager responsible for preparing the Company Financial Statements, Enrico Bosi, in accordance with paragraph 2 article 154-bis of the Consolidated Finance Law (Testo Unico della Finanza), herewith declares that the accounting information contained in this press release is consistent with the official documents, books and accounting records. The consolidated balance sheet and income statement, net financial position as well as a reclassified P&L which is not subject to audit are attached to this press release.
The Interim Report at 30/09/2024, which is not subject to auditing, will be filed with the authorized repository www.1info.itand published on www.animaholding.itinstitutional website, in section "Investors ->Financial Statements and Reports", within the terms set forth by law.
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ANIMA is the largest independent asset management group in Italy, with over €200 billion in assets under management and more than one million clients. It was born from an aggregation process of several companies, with different and complementary specializations in the world of asset management and wealth management. It now has over 500 professionals in Italy and manages investment solutions for institutional clients (insurance and financial groups, pension funds, and category pension schemes), companies and individuals.
The parent company ANIMA Holding has been listed on Euronext Milan since 2014 and controls 100% of the operating companies ANIMA Sgr (mutual funds), Anima Alternative (alternative investments) and, since 2024, Kairos Partners Sgr (Asset Management and Wealth Management boutique for high-potential private and institutional customers). It also controls 80% of Castello Sgr, a leading company in the promotion and management of alternative investment products, mainly real estate. For more information, please visit www.animaholding.it
Contacts:
Media Relations | Investor Relations |
Image Building | Luca Mirabelli |
Cristina Fossati, Federica Corbeddu, Laura Filosi | Federico Pardini |
Tel: +39 02 89 011 300 | Tel. 02-63536.226 |
gruppoanima@imagebuilding.it | ir@animaholding.it |
CONSOLIDATED INCOME STATEMENT OF THE FIRST NINE MONTHS
Items (in €/000) | 9M24 | 9M23 | |||||
10. Commissions earned | 946,957 | 725.009 | |||||
20. Commissions paid | (581,479) | (476.978) | |||||
30. NET COMMISSIONS | 365,478 | 248.031 | |||||
40. Dividends | 3,125 | ||||||
50. Interest income and equivalent | 15,344 | 8.966 | |||||
60. Interest expense and equivalent | (9,005) | (8.850) | |||||
70. Net trading result | 4.046 | ||||||
90. Profits (Losses) on disposal or repurchase of: | |||||||
a) financial assets at amortized cost | 866 | 966 | |||||
100. Net result on financial instruments at fair value through P&L | |||||||
b) other financial assets mandatorily measured at fair value | 2,945 | 1.572 | |||||
110. BROKERAGE MARGIN | 378,753 | 254.731 | |||||
120. Net credit impairment losses/recoveries relating to: | |||||||
a) financial assets at amortised cost | (676) | (209) | |||||
130. NET OPERATING RESULT | 378,077 | 254.522 | |||||
140. Administrative expense: | (110,434) | (78.201) | |||||
a) | personnel expense | (73,726) | (47.123) | ||||
b) | other | (36,708) | (31.078) | ||||
150. Provisions for risks and charges | 626 | 34 | |||||
160. Amortization and depreciation tangible assets | (4,100) | (2.891) | |||||
170. Amortization and depreciation intangible assets | (33,543) | (31.367) | |||||
180. Other income/expense | 9,356 | 1.010 | |||||
190. OPERATING EXPENSE | (138,095) | (111.415) | |||||
200. Gains (losses) of associates and joint ventures | (6) | ||||||
240. GROSS PROFIT (LOSS) FROM CURRENT ACTIVITIES | 239,976 | 143.107 | |||||
250. Income tax | (67,938) | (46.717) | |||||
260.NET PROFIT (LOSS) FROM CURRENT ACTIVITIES | 172,038 | 96.390 | |||||
280.NET PROFIT (LOSS) FOR THE PERIOD | 172,038 | 96.390 | |||||
290. Profit (loss) for the period attributable to non-controlling interests | (206) | 119 | |||||
300. Parent Company's profit (loss) for the period | 172,244 | 96.271 | |||||
RECLASSIFIED CONSOLIDATED INCOME STATEMENT OF THE FIRST NINE MONTHS | |||||||
Items (in €/000) | 9M24 | 9M23 | |||||
Net recurring commissions | 248,755 | 215,309 | |||||
Performance fees | 72,438 | 3,378 | |||||
Other income | 45,864 | 30,088 | |||||
Total revenues | 367,057 | 248,775 | |||||
Personnel expense | (63,078) | (40,196) | |||||
Other administrative expense | (37,903) | (30,213) | |||||
Total operating expense | (100,981) | (70,409) | |||||
EBITDA adjusted | 266,075 | 178,366 | |||||
Extraordinary charges | (3,141) | (3,151) | |||||
LTIP expense | (9,865) | (6,535) | |||||
Other income/expense | 11,444 | 2,502 | |||||
Tangible and intangible assets depreciation | (34,468) | (32,278) | |||||
EBIT | 230,046 | 138,904 | |||||
Net financial charges | 6,804 | 4,203 | |||||
Dividends | 3,125 | 0 | |||||
PBT | 239,976 | 143,107 | |||||
Income tax | (67,938) | (46,717) | |||||
Consolidated net profit | 172,038 | 96,390 | |||||
Net adjustments* | 17,828 | 25,359 | |||||
Adjusted net profit | 189,866 | 121,749 |
* Depreciation of intangibles and capitalised costs on financing, extraordinary items, non-recurrent and/or non cash-out (restructuring, LTIP…)
CONSOLIDATED BALANCE SHEET AT SEPTEMBER 30th
ASSETS (in €/000) | 30.09.24 | 31.12.23 | |||||
10. Cash and equivalents | 309,128 | 169,476 | |||||
20. Financial assets at fair value through P&L | 107,130 | 96,063 | |||||
c) other financial assets at fair value | 107,130 | 96,063 | |||||
30. Financial assets measured at fair value through other comprehensive income | 64,775 | 38,075 | |||||
40. Financial assets at amortized cost | 407,277 | 428,138 | |||||
70. Interests in associates and joint ventures | 2 | ||||||
80. Tangible assets | 28,598 | 21,831 | |||||
90. Intangible assets | 1,566,370 | 1,593,673 | |||||
of which goodwill | 1,168,091 | 1,165,022 | |||||
100. Tax assets | 24,272 | 6,706 | |||||
a) | current | 6,667 | 2,245 | ||||
b) | prepaid | 17,605 | 4,461 | ||||
120. Other assets | 49,029 | 36,461 | |||||
TOTAL ASSETS | 2,556,581 | 2,390,423 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY (in €/000) | 30.09.24 | 31.12.23 | |||||
10. Financial liabilities at amortized cost | 808,138 | 767,569 | |||||
a) | payables | 220,609 | 183,424 | ||||
b) | securities issued | 587,529 | 584,145 | ||||
60. Tax liabilities | 122,078 | 87,849 | |||||
a) | current | 46,464 | 6,454 | ||||
b) | deferred | 75,614 | 81,395 | ||||
80. Other liabilities | 94,769 | 89,379 | |||||
90. Employees' severance payment fund | 6,718 | 2,825 | |||||
100. Provision for risks and charges: | 1,874 | 1,282 | |||||
a) commitments and guarantees issued | 26 | 34 | |||||
c) | other | 1,848 | 1,248 | ||||
110. Capital | 7,292 | 7,292 | |||||
120. Treasury shares (-) | (44,529) | (48,757) | |||||
140. Share premium reserve | 787,652 | 787,652 | |||||
150. Reserves | 547,226 | 518,069 | |||||
160. Evaluation reserves | 37,699 | 12,671 | |||||
170. Net profit for the period | 172,244 | 148,879 | |||||
180. Non-controlling interests | 15,420 | 15,713 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 2,556,581 | 2,390,423 | |||||
CONSOLIDATED NET FINANCIAL POSITION | |||||||
Item (in €/000) | 30.09.24 | 31.12.23 | 30.09.23 | ||||
10/2026 Bond | (283,505) | (283,338) | (283,282) | ||||
04/2028 Bond | (299,074) | (298,885) | (298,822) | ||||
Accrued interest expense | (6,655) | (4,060) | (6,648) | ||||
Dividends payable | (182) | 0 | (21) | ||||
Other liabilities (incl. IFRS 16) | (45,037) | (32,378) | (33,180) | ||||
Total financial debt | (634,453) | (618,661) | (621,953) | ||||
Cash and equivalent | 309,129 | 169,469 | 172,364 | ||||
Securities | 143,581 | 115,657 | 116,603 | ||||
Time deposits | 248,180 | 290,301 | 252,369 | ||||
Performance fees receivables | 7,227 | 30,002 | 278 | ||||
Total cash and equivalent | 708,116 | 605,429 | 541,614 | ||||
NET FINANCIAL POSITION | 73,663 | (13,232) | (80,338) |