2006 Analyst briefing

Transcription

1 2006 Analyst briefing Milan, 12th January,

2 2006 Analyst briefing Summary 2005 Main figures Highlights Market environment Focus on AZ Investimenti 2006 Outlook 2

3 3ys. in a row of growth for clients and shareholders Net inflows WAP % % ,001 (+19%) +6% +13% 8,221 (+17%) +5% +12% 11,052 (+34%) Growth of AuM. Data in mln. Source: Azimut Money mate for WAP 3

4 2005 Highlights Assets under management: +34% Net inflows: +121% ,221 11, , AZM 2005 net inflows represent 22% of the total inflows into funds for the Italian industry Weighted average performance: +9.9% Promotori finanziari (AZ Consulenza): +7.5% 4

5 2005 funds performance: Azimut vs. the industry WAP Azimut sgr 9.89% Ras sgr 9.71% Fideuram Sgr 8.73% Anima sgr 8.31% Dws sgr 7.28% Montepaschi sgr 6.99% Pioneer sgr 6.50% Bpu prumerica sgr 6.28% Arca sgr 6.18% Alleanza sgr 6.10% Fineco sgr 5.89% Euromobiliare sgr 5.54% Bipiemme sgr 5.50% Fideuram index 5.48% Nextra sgr 5.29% Aletti sgr 5.25% Capitalgest sgr 4.93% Bipitalia sgr 4.90% Sanpaolo imi am sgr 4.77% Bnl sgr 4.53% Carige sgr 3.25% Risk free 2.12% 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% Net total return after all fees and taxes 9.89% 5.48% Azimut Fideuram index Risk free 2.12% Source: Money Mate; sample of Italian AM companies with average 2005 assets in excess of 5 bln. Fideuram sgr includes Luxemburg based funds 5

6 40% 35% 30% 25% 20% 15% 10% 5% 0% Fund returns 2005 Monetary Bond Balanced Flexible Equity Hedge 6 Floating Rate Garanzia Trend Tassi Reddito Euro Fixed Rate Solidity F1 Low Risk F1 Conservative Rendita Internaz Protezione F1 Balanced Aliseo* Multi-Media F1 Risk Bilanciato F1 High Risk Bilanciato Int. America Reddito Usa Crescita Italia Trend Consumers Generation Borse Internaz. Trend Italia Europa Energy Real Estate Pacifico Emerging *launched July, 1st

7 funds performance: Azimut vs. the industry WAP Azimut sgr 22.86% Anima sgr 22.84% Ras sgr 19.46% Fideuram Sgr 16.54% Dws sgr 14.80% Alleanza sgr 14.44% Montepaschi sgr 14.33% Bpu prumerica sgr 13.91% Pioneer sgr 13.84% Arca sgr 13.63% Euromobiliare sgr 13.30% Bipiemme sgr 12.78% Fineco sgr 12.18% Nextra sgr 11.80% Fideuram index 11.57% Sanpaolo imi am sgr 10.73% Aletti sgr 10.39% Bipitalia sgr 10.28% Bnl sgr 9.76% Capitalgest sgr 9.70% Carige sgr 7.65% Risk free 6.73% 25% 20% 15% 10% 5% 0% Net total return after all fees and taxes 22.86% 11.57% Azimut Fideuram index Risk free 6.73% Source: Money Mate; sample of Italian AM companies with average 2005 assets in excess of 5 bln. Fideuram sgr includes Luxemburg based funds 7

8 80% 70% 60% 50% 40% 30% 20% 10% 0% -10% Fund returns 3ys. 8 Reddito Usa Floating Rate Garanzia Rendita Internaz Trend Tassi Solidity Reddito Euro F1 Low Risk F1 Conservative Fixed Rate F1 Balanced Protezione America F1 Risk Consumers Multi-Media Bilanciato Int. F1 High Risk Generation Bilanciato Borse Internaz. Trend Europa Pacifico Crescita Italia Energy Trend Italia Real Estate Emerging Monetary Bond Balanced Flexible Equity Hedge

9 5% 4% 3% 2% 1% 0% -1% Funds net inflows Net inflows as a % of AuM 5% 4% 3% 2% 1% 0% -1% 9 jan-03 feb-03 mar-03 apr-03 may-03 jun-03 jul-03 aug-03 sep-03 oct-03 nov-03 dec-03 jan-04 feb-04 mar-04 apr-04 may-04 jun-04 jul-04 aug-04 sep-04 oct-04 nov-04 dec-04 jan-05 feb-05 mar-05 apr-05 may-05 jun-05 jul-05 aug-05 sep-05 oct-05 nov-05 dec-05 Source: Assogestioni Azimut Industry

10 2005 Funds net inflows Net inflows as a % of avg. AuM sample of 20 main companies* 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% -30% 10 AZIMUT BPU CARIFIRENZE GENERALI MEDIOLANUM UNICREDIT RAS BPM ANIMA MPS BPVN B. FIDEURAM SANPAOLO IMI B.CA LOMBARDA CAPITALIA ARCA CREDEM B.CA INTESA BNL B. POP. ITALIANA DEUTSCHE BANK Source: Assogestioni - * 20 main companies representing 90.5% of market share in Italy for mutual funds

11 Net inflows breakdown 2004 ( ( mln) 2005 ( ( mln) Italian Fund Industry Azimut Italian Fund Industry Azimut Monetary Bond Balanced Flexible Equity Hedge Source: Company / Assogestioni 11

12 Net inflows Data mln NI 2005 NI 2004 Δ% Azimut Funds AZ Funds Individual managed portfolios 58 (280) n.r. AZ Life Hedge funds Total net inflows into managed assets* 1,964 Assets held in custody (60) TOTAL INFLOWS 1,904 1,180 *net of double counting 61.3 Source: Company Data 12

13 Funds breakdown by category AuM (%) AuM (%) 100% % % 60% % 60% % % % 0% 18.0 Industry Azimut 20% 0% 15.1 Industry Azimut Monetary Bond Balanced Flexible Equity Hedge Monetary Bond Balanced Flexible Equity Hedge Source: Company / Assogestioni 13

14 Assets under management AUM 2005 AUM 2004 Δ% Data mln Azimut Funds 9,184 7,486 AZ Funds 1, Individual managed portfolios AZ Life Hedge funds Total net managed assets* 11,052 8,221 Assets held in custody TOTAL ASSETS UNDER MGMT 11,591 8,697 *net of double counting Source: Company Data 14

15 Mutual funds breakdown by underlying assets Industry Azimut Italian Bonds 3.0% Foreign Bonds 11.4% Foreign Eq. 39.9% Ital./For. Bonds 0.5% Foreign Eq. 20.9% Gov.t Bonds 54.0% Gov.t Bonds 39.3% Italian eq. 5.4% Other 5.3% Italian eq. 13.9% Other 6.4% Total Equity 26% Total Equity 54% Source: Company / Assogestioni / Il Sole 24 ore - data as at the end of December

16 Hedge fund business development AuM in HFs Italian Funds As at Single HFs Market shares As at % 2.9% 90% 80% 15.4% 12.1% 70% 60% 50% 40% 30% 97.1% Single funds FoF 22.3% 28.8% 10.9% 2.1% 8.4% 20% 10% 0% Ersel Azimut Bim Kairos Cartesio Nextra Finanziaria Int. Performance since inception of Aliseo fund (July 05): +8.5% Already second largest player for single manager hedge funds 16

17 2006 Outlook Italian Funds: repricing New rules effective as of 1st August 2006 Change in fees due to new rules issued by BoI The pricing in Luxemburg won t change, thus the client has the choice between the 2 alternative pricing systems; switch is allowed at no additional cost Management fees (fixed and variables) represent a good proxy of the overall cost charged: Azimut has no in-house brokerage firm and most of the funds are subscribed with no-load option 17

18 Share price 100% 80% 60% 40% 20% 0% -20% AZM BFI MED 18

19 Average volumes Sample of all Italian listed companies with mkt cap of bln Euro Source: Il Sole 24 Ore; data in /000 as at 30th December Average volumes 30 days 19 AZIMUT GEMINA B.POP.ETRURIA CEMENTIR PREMAFIN CR. VALTELL. INDESIT IMM. LOMB. CALTAGIRONE CALTAGIRONE ED. B.CO DESIO COFIDE AEM TORINO

20 2005E total revenues: at least +45% yoy 2005 Main economics Due to huge and unexpected 4Q05 inflows (the highest for inflows excluding institutional mandates) distribution costs are possibly in line with 3Q EPS: at least 0.30 (2004 EPS: 0.12) AZ Investimenti (ex Aletti SIM) loan Senior Loan Convertible Bond Total debt Cash and cash equivalents Net Financial Position 2005 Net financial position Data in mln Data as at are estimated and do not consider 4Q05 interest income E (12) (95) (96) (204) 123 (81) (12.3) (95.1) (95.6) (202.9) (91.0) (95.1) (98.0) (193.1) 72.0 (121.1) Total cash flow from operating activities (expected): mln : Dividends: 14.4mln for ( 0.10 per share) Debt reduction: mln (100.3) (96.4) (196.7) 49.8 (146.9) 20

21 Focus on AZ Investimenti Acquisition completed in July 2005; 2H05 spent on fine-tuning of the product range, initial restructuring of the network, first training to existing PFs 2006 will be a transition year: Widening of the product range through new agreements with third parties and implementation of Azimut Group products Improvement of efficiency of the network New recruitments, targeting managers of other networks willing to join the Azimut Group keeping the open architecture and the pyramidal organisation, with possibility of managerial roles AZ Investimenti PFs will have all the usual incentivation scheme of Azimut Consulenza PFs, including: Property of portfolio (when leaving the company) Fidelisation scheme Stock option 21

22 Focus on AZ Investimenti Growth of Aum per PF already experienced in historical network of Azimut Consulenza sim Data in mln. Source: Azimut 22

23 Focus on AZ Investimenti Advertising campaign already started, targeting Managers in other networks and/or in private banks, focusing on an innovative approach to a traditional business model, enhanced by the reputation and stability of Azimut Group. 23

24 2006 Outlook Ongoing recruitment both for Azimut Consulenza sim and for AZ Investimenti. Recruitments in the two networks are not overlapping, since they target different kind of financial professional in terms of the organisation he/she is coming from. The qualitative target is the same. Widening the product range of Luxemburg based funds, also with agreements with third parties. Continuous development of the new initiatives (AZ Life and the Hedge fund business) 24

25 Contacts Fabrizio Armone - Investor relations manager tel Lidia Lommi - Marketing and PR manager tel investor.relations@azimut.it Disclaimer This document has been issued by Azimut Holding just for information purposes. No reliance may be placed for any purposes whatsoever on the information contained in this document, or on its completeness, accuracy or fairness. Although care has been taken to ensure that the facts stated in this presentation are accurate, and that the opinions expressed are fair and reasonable, the contents of this presentation have not been verified by independent auditors, third parties and the Company. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company, or any of its members, directors, officers or employees or any other person. The Company and its subsidiaries, or any of their respective members, directors, officers or employees nor any other person acting on behalf of the Company accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. The information in this document might include forward-looking statements which are based on current expectations and projections about future events. These forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and investments, including, among other things, the development of its business, trends in its operating industry, and future capital expenditures and acquisitions. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not occur. No one undertakes to publicly update or revise any such forward-looking statement. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice. Any forward-looking information contained herein has been prepared on the basis of a number of assumptions which may prove to be incorrect and, accordingly, actual results may vary. This document does not constitute an offer or invitation to purchase or subscribe for any shares and no part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. The information herein may not be reproduced or published in whole or in part, for any purpose, or distributed to any other party. By accepting this document you agree to be bound by the foregoing limitations. 25