March 2010 Reviewed Interim Results. 6 May 2010

Transcription

1 March 2010 Reviewed Interim Results 6 May 2010

2 Agenda Financial highlights Overview of company Financial results Business review Retail Institutional International Transformation Other

3 Market movements 31 March 2010 Economic group 3 months % 6 months % 12 months % All Share All Share (Capital Return) All Share (Dividend Return) Resource Small Cap Industrials Financials

4 Financial Highlights

5 Financial highlights AUM R176bn +47% Net flows of R4.5bn Headline earnings 71.2 cps +219% Headline earnings (diluted) 64.8 cps +221% Dividend 51.0 cps +292%

6 Financial highlights (Rm) Revenue (from fund management) % Profit (from fund management) % PAT % Cashflow %

7 Company Overview

8 Company structure at 31 March 2010 C o ronation Fund Managers Ltd 90% Coronation Investment Ma nagement (Pty) Ltd 10% The Imvula Trust 100% 100% 100% 100% 100% Coronation Asset Ma nagement (Pty) Ltd Coronation Management Company Ltd Coronation Life Assurance Company Ltd CFM (Isle of Man) Ltd Coronation Investment Se rvices (Pty) Ltd 55% 51% 49% 100% 100% Namibia Asset Management C ompany (Pty) Ltd Coronation Fund Managers (Botswana) (Pty) Ltd Professional Provident Society Investments (Pty) Ltd Coronation Fund Managers (Ireland) Ltd Coronation Fund Managers (United Kingdom) Ltd Namibia Botswana

9 Assets under management March , , , , , , , , , , ,000 80,000 60,000 53,697 63,759 81, ,440 40,000 20, Sept 2004 Sept 2005 Sept 2006 Sept 2007 Sept 2008 Sept 2009 Mar 2009 Sept 2010 Mar 58% of AUM subject to performance fees

10 Financial Results

11 Earnings March March Change % Attributable earnings (R'000) ,997 71,200 EPS (cents) Headline earnings (R'000) ,997 70,361 HEPS (cents) Diluted HEPS (cents) Weighted average shares in issue - 31 March (0.3) 314,646, ,636,428 Actual shares in issue - 31 March ,819, ,565,858 Proposed Interim DPS

12 Earnings March March Change % Cost to income Cost to income (excluding collection fees) EBITDA (Rm's) , ,935 Market capitalisation (Rm's) ,066,339 1,541,373 Share 31 March (Rands) Price earnings per share* (37.8) * PE earnings share price/annualised HEPS

13 Total net fee as at 31 March % 1.00% 0.97% 0.87% 0.80% 0.75% 0.68% 0.69% 0.70% 0.68% 0.60% 0.58% 0.59% 0.52% 0.53% 0.56% 0.40% 0.20% 0.00% /H /H1

14 Cost comparison March March Change % R'000 R'000 Fixed operational c osts (3.7) 113, ,173 Variable costs (93.7) 215, ,080 IFRS ,588 10,604 TOTAL OPERATIONAL COSTS (46.4) 338, ,857 Other costs (Interest expense*) ,250 14,697 TOTAL COSTS (39.8) 343, ,554 * Interest Imvula interest 4,334 5,270 Bank overdraft 916 9,427 5,250 14,697 Interest cover 63.3 times 9.4 times

15 Business Overview Institutional

16 Performance Alexander Forbes Global Large Manager Watch 5 years ending 31 March 2010 Investec Allan Gray Coronation Prudential Median OMIGSA Cadiz Metropolitan RMBAM Oasis SIM Global Unique Stanlib 19.89% 19.39% 18.48% 17.35% 16.41% 16.35% 15.30% 15.24% 15.06% 14.97% 14.96% 13.53%

17 Performance Alexander Forbes SA Large Manager Watch 5 years ending 31 March 2010 Allan Gray Investec Coronation Prudential Median OMIGSA Oasis Metropolitan RMBAM Cadiz SIM Domestic Unique Stanlib 21.43% 20.84% 20.09% 19.13% 18.65% 17.89% 17.54% 17.27% 17.21% 16.56% 15.98% 15.38%

18 Business Overview Retail

19 League table: long-term funds Rank Manager AUM 31 March 2010 Net Inflow H1/ Allan Gray Investec Nedgroup Old Mutual Coronation Stanlib RMB SIM Advantage Acsis Source: Coronation calculations based on Morningstar data as at 31 March Excludes institutional, money market, near cash and dividend income funds. Multi-managed and single manager assets shown separately where applicable.

20 Core domestic fund range Risk versus return Return = annualised returns LT Growth (equity only) 24.5% 17.1% Coronation Top 20 Return LT Growth (multi asset) 17.7% 11.6% Coronation Balanced Plus Income & Growth New Fund 14.2% 7.3% Coronation Capital Plus Coronation Balanced Defensive Income 9.5% 2.5% Coronation Strategic Income Risk Risk = annualised standard deviation 5 year performance and risk quoted from Morningstar as at 31 March Figures quoted after all income reinvested and all costs deducted.

21 Core international fund range Risk versus return Return = annualised returns LT Growth (equity only) New Fund 7.5% 13.0% Coronation GEM Coronation World Equity Return LT Growth (multi asset) New Fund 9.5% Coronation Global Managed Coronation Optimum Growth 11.6% Preservation New Fund Coronation Latitude Risk Risk = annualised standard deviation 5 year performance quoted from Morningstar as at 31 March Figures quoted after all income reinvested and all costs deducted.

22 International

23 UK and Ireland AUM up from $1.33bn (Sept 09) to $1.65bn (March 10). AUM increase attributable to market subscriptions. Investment performance is very pleasing with all funds ahead of benchmarks

24 Africa Africa portfolios delivering excellent absolute and relative performance Successfully raising assets Botswana AUM up from BWP1.7bn (March 09) to BWP2.3bn (March 10) Excellent relative performance Namibian AUM flat from NAM$8.1bn (Sept 09) to NAM$7.9bn (March 10) AUM decline attributable to outflows Good relative performance position

25 Global Emerging Markets (GEM) A total of 3 funds, managed by a team of 7 headquartered in Cape Town Excellent relative performance of the Global Emerging Markets Fund 8% annualised outperformance of MSCI GEM index since inception (July 2008) Great relative performance position vs. GEM peers 2/40 Have enjoyed incredible support from SA investors, with plans to market internationally towards the end of 2010

26 Transformation

27 Transformation Rated as Level IV contributor in terms of DTI codes Staff Ownership scheme (Imvula) Outstanding debt reduced by 45% since inception Positive equity Enterprise development Providing business support to 7 BEE stockbrokers Second 3-year term in process

28 Other

29 Initiatives PPS Investments Growing AUM strongly (off a low base) Gaining ongoing traction among PPS members Private Equity Exited the general partnership Remain a limited partner The fund closed successfully on 1 March 2010

30 Thank you