Azimut Holding: 1Q09 Results

Transcription

1 Azimut Holding: 1Q09 Results PRESS RELEASE Consolidated total revenues: 55.4 million (vs million in 1Q08) Consolidated net profit: 6.0 milioni (vs million in 1Q08) Milan 14 th May 2009 Azimut Holding s (AZM.IM) Board of Directors approved today the 1Q09 results ending March 31 st, 2009, highlighting the following: Consolidated revenues in 1Q09 equal to 55.4 million (vs million in 4Q08 and 68.9 million in 1Q08). The decrease is mainly linked to the decline in average AuM mainly related to the negative market trend vs. the same period of the previous year. Consolidated net profit at 6.0 million (vs. 5.6 million in 4Q08 and 12.8 million in 1Q08). Assets under management at the end of March 2009 were equal to 12.8 billion basically stable vs. the end of The consolidated net financial position at the end of March 2009 was negative by million vs. a negative figure of million at the end of December The figure does not take into account the dividends payment of 13.0 million, which will occur on 28 th May Positive momentum for recruitment of new FAs: during the first three months of 2009 Azimut Group has hired 46 FAs. The total number of promotori finanziari at the end of March reached 1,270 FAs vs. 1,255 at the end of In particular, AZ Investimenti SIM reached a total of 202 promotori (vs. 181 at the end of 2008). Pietro Giuliani, Group s Chairman and CEO, commented the figures: these results demonstrate the soundness of our business model, which, despite the ongoing negative financial markets, has delivered a set of results in line with the 4Q08 trend. Thanks to the investment management capabilities and the advisory service provided to our clients we have been able to add value for our customers by delivering a weighted average performance, which was positive by 2.4% at the end of April. The Officer in charge of the preparation of Azimut Holding SpA accounting documents, Marco Malcontenti (CFO), declares according to art.154bis co.2 D.lgs. 58/98, that the financial information herein included, corresponds to the records in the company s books. Azimut Holding is the Parent Company of a Group of companies that operate in the promotion, management and distribution of financial and insurance products. Azimut SGR promotes and manages mutual funds domiciled in Italy and also manages individual managed portfolios. AZ Fund promotes and manages mutual funds registered in Luxembourg; Azimut Capital Management is the company managing Italian domiciled hedge funds, whereas AZ Capital Management Ltd those domiciled in Ireland. AZ Life distributes life insurance products; Azimut Consulenza SIM and AZ Investimenti SIM distribute the Group s and other products through their network of financial advisors. AZIMUT HOLDING SpA INVESTOR RELATIONS MEDIA RELATIONS Fabrizio Armone tel Federica Marotti tel Gabriele Blei tel

2 CONSOLIDATED RECLASSIFIED INCOME STATEMENT Data in /000 1Q09 1Q Acquisition fees and commissions 1,399 1,631 4,844 Recurring fees 46,843 60, ,657 Variable management commissions 3,204 1,125 6,793 Other income 1,535 1,764 7,246 Insurance revenues 2,399 3,408 12,743 Total revenues 55,380 68, ,283 Commission expense -33,043-39, ,929 Commissions on No load products -4,207-4,913-18,673 General overheads/administrative expenses -11,248-11,185-45,818 Depreciation, amortisation/provisions -0,294-0,354-1,529 Total costs -48,792-55, ,949 Operating income 6,588 13,311 47,334 Profits from financial operations 0,304 2,253 5,416 Net Non operating costs -0,588-0, Interest expense -2,265-1,357-11,486 Profit Before Taxation 4,039 13,737 40,726 Income taxation -0,504-0,916-4,094 Deferred taxation 2,487-0,067 5,349 Net Profit 6,022 12,754 41,981 Consolidated Net Profit 6,022 12,754 41,981 CONSOLIDATED NET FINANCIAL POSITION Data in /000 31/03/ /12/ /03/2008 Overdraft ,563 SENIor Loan -202, ,297 - Lease back -19,030-18,833-22,185 Total debts -221, , ,748 Cash and cash equivalents 117, , ,181 Net financial position -103, ,913-87,567

3 CONSOLIDATED INCOME STATEMENT (Data in /000) Commission income 53,800 67, ,230 Commission expenses (34,915) (39,711) (153,206) Net commission income 18,885 27,602 94,024 Interest income and equivalents ,251 Interest expenses and equivalents (2,294) (1,405) (11,642) Net premiums 403 1,356 4, Net income (loss) from financial assets at fair value entered on the profit and loss account (29,061) (53,870) (122,129) Change in technical provisions when the investment risk is borne by the insured parties 40,818 96, ,228 Change in other technical provisions - (34) (153) Surrenders and claims (10,100) (41,865) (124,507) Net income (loss) from financial assets at fair value Profit/losses from the sale of: 33 1,740 2,666 a) financial assets available for sale ,313 c) other financial assets - - (2) D) financial liabilities - 1,355 1,355 Net income on financial instruments 19,091 30,789 99,067 Administrative expenses (14,723) (17,298) (60,033) a) personnel expenses (5,249) (8,120) (26,241) b) other expenses (9,474) (9,178) (33,792) Value net adjustments on tangible assets (163) (107) (679) Value net adjustments on intangible assets (229) (171) (603) Provisions for risks and charges (1) (471) 581 Other administrative expenses (481) (241) (1,744) Other administrative income 545 1,236 2,046 Gross operating profit 4,039 13,737 38,635 Profit (loss) on equity investments - - 2,091 Profit (Loss) before tax 4,039 13,737 40,726 Income taxes 1,983 (983) 1,255 Profit (Loss) after tax 6,022 12,754 41,981 Net profit (Loss) 6,022 12,754 41,981

4 CONSOLIDATED BALANCE SHEET ASSETS (Data in /000) 31/03/ /12/ /03/2008 Cash and cash equivalents Financial assets at fair value 676, , ,006 Financial assets available for sale 47,047 1,731 50,568 Credits 71, ,732 79,963 (a) for asset management 17,148 18,032 19,618 (b) other 54,747 98,700 60,345 Equity investments ,675 Tangible assets 2,611 2,566 1,899 Intangible assets 318, , ,837 Tax assets 44,999 41,688 51,813 a) current 12,695 12,625 32,198 b) prepaid 32,304 29,063 19,615 Non current assets and assets held for sale - - 2,267 Other assets 64,638 55,843 57,526 Total Assets 1,225,580 1,255,775 1,503,595 LIABILITIES (Data in /000) 31/03/ /12/ /03/2008 Debts 226, , ,987 Technical provisions when the investment risk is borne by the insured parties 455, , ,110 Financial liabilities at fair value 219, , ,576 Other technical provisions Tax liabilities 35,836 34,490 52,444 a) current 4,506 4,003 25,855 b) deferred 31,330 30,487 26,589 Liabilities held for sale - - 1,640 Other liabilities 39,942 41,098 49,139 Employee severance indemnities 1,962 2,131 2,879 Provision for risks and charges 14,776 15,198 16,894 (b) other 14,776 15,198 16,894 Capital 32,224 32,224 31,939 Treasury shares (-) (100,976) (107,075) (114,772) Share premium reserve 173, , ,791 Reserves 121,185 79, ,518 Valuation provisions 170 (19) 312 Profit (Loss) for the period 6,022 41,981 12,754 Total liabilities 1,225,580 1,255,775 1,503,595

5 Consolidated cash flow statement Data in / Net income 6,022 12,754 41,981 Net allocations to provisions (619) (942) (2,347) Amortisation ,282 Interest expenses 2,294 1,405 11,642 Other non-cash items - (1,259) (3,288) Net change in receivables/payables 3,413 (1,597) (1,649) Net change in other assets/liabilities (9,963) (3,978) (10,410) Net change in tax assets/liabilities (1,915) 828 (7,001) Net change in financial assets at fair value and technical reserves (198) (679) (475) Cash flow from operating activities (574) 6,810 29,735 (increase)/decrease in investments - - 3,533 (increase)/decrease in fixed tangible assets (208) 210 (1,029) (increase)/decrease in fixed intangible assets (229) 143 (578) (increase)/decrease in assets/liabilities held for sale - (152) 475 Cash flow from investment activities (437) 201 2,401 Increase/(decrease) in loans and advances from banks (3,297) - 188,677 Increase/(decrease) in investment securities - (131,426) (131,426) Share capital increase and share premium - - 5,745 Treasury share buyback - (76,769) (117,032) Other changes in shareholders equity 6, ,072 Dividends paid - - (19,680) Cash flow from financial activities 2,953 (208,118) (52,644) Total cash flow generated (absorbed) 1,942 (201,107) (20,508) Cash and cash equivalents at the beginning of period 115, , ,725 Cash and cash equivalents at the end of period 117,159 (65,382) 115,217