1H06 Results 12 September

Transcription

1 1H06 Results 12 September

2 1H06 Results Summary Highlights Asset management Distribution 1H06 Financials Outlook 2

3 1H06 Highlights 3

4 1H06 Highlights Azimut Italian Industry 1H06 net inflows into managed assets: 962m -5,469m 1H06 funds WAP*: % % Total revenues: 146.2m +33.2% yoy O.w. fixed revenues: +35.9% GOP: 47.8m +32.6% yoy Net Profit: 31.5m +50.5% yoy 1H06 basic EPS: (0.145 in 1H05 and in 2005FY) * Weighted average performance for AZM, Fideuram funds index for the Industry. 4

5 Asset management 5

6 Net inflows breakdown 2005 ( ( mln) 1H06 ( ( mln) Italian Fund Industry Azimut Italian Fund Industry Azimut Monetary Bond Balanced Flexible Equity Hedge Source: Company / Assogestioni 6

7 Total equity underlying assets % 57% 30% 28% Azimut 55% 53% 26% Industry 51% 24% 49% 22% 47% 20% 45% 7 31/12/ /06/ /12/ /06/ /12/ /06/ /09/ /12/ /03/ /06/2006 Source: Assogestioni / Il Sole 24 ore total equity as a % of all assets in mutual funds

8 Funds breakdown by category AuM (%) AuM (%) 100% % % % % % % % % 20% 0% 15.1 Industry Azimut 0% 13.8 Industry Azimut Cash Bond Balanced Flexible Equity Hedge Cash Bond Balanced Flexible Equity Hedge Source: Company / Assogestioni 8

9 Mutual funds breakdown by underlying assets Industry Azimut Foreign Eq. 22.2% Italian Bonds 3.2% Foreign Bonds 11.6% Foreign Eq. 40.8% Ital./For. Bonds 0.7% Gov.t Bonds 48.9% Gov.t Bonds 43.2% Italian eq. 5.8% Other 8.3% Italian eq. 10.7% Other 4.6% Total Equity 28% Total Equity 51% Source: Company / Assogestioni / Il Sole 24 ore - data as at the end of June

10 1 st year of hedge fund business Single manager HFs as at m 400 Assets under management Market share % 90% 80% 45.9% % % 50% 40% 25.3% % 20% 10% 11.3% 7.6% 6.3% 0 0% JUL-05 AUG-05 SEP-05 OCT-05 NOV-05 DEC-05 JAN-06 FEB-06 MAR-06 APR-06 MAY-06 JUN-06 Azimut Ersel Bim Kairos Cartesio Fin.Int. Gottardo Source: Mondohedge 10

11 Distribution 11

12 Funds net inflows Net inflows as a % of AuM Azimut IT. ass.mgrs IT. industry 5% 5% 4% 4% 3% 3% 2% 2% 1% 1% -1% -1% -2% -2% Source: Assogestioni. As of January 2006 Assogestioni includes foreign AMs in the total 12 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 jan-06 feb-06 mar-06 apr-06 may-06 jun-06

13 Market shares Managed assets 82 Azimut Top 10 2,2 80 2,0 78 1,8 76 1,6 74 1,4 72 1,2 70 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 1H06 1,0 Source: Assogestioni 13

14 PFs networks :1H06 net inflows into managed assets Avg: 241m AZIMUT CONS. B. MEDIOLANUM XELION B. GENERALI RASBANK B.FIDEURAM FINANZA & FUTURO FINECOBANK MPS B.PERS. B.SARA B.D.RETE AXA SIM BPU SIM CREDIT SUISSE (ITALY) CREDEM ZURICH SIM S.PAOLO INVEST B. EUROMOBILIARE SELLA CONS. BANCA BIPIELLE NET Source: Assoreti out of a sample of the largest PF networks - data in m

15 1H06 net inflows into managed assets per PF Avg: 202k AZIMUT CONS. BPU SIM B.SARA B.D.RETE AXA SIM XELION MPS B.PERS. B. GENERALI FINANZA & FUTURO B. MEDIOLANUM FINECOBANK CREDIT SUISSE (ITALY) RASBANK B.FIDEURAM CREDEM ZURICH SIM S.PAOLO INVEST B. EUROMOBILIARE SELLA CONS. BANCA BIPIELLE NET Source: Assoreti out of a sample of the largest PF networks - data in /000

16 A leading network AuM per PF Avg. Net inflows per PF Avg. AUM per PF Net inflows per PF Source: Assoreti out of a sample of the largest PF networks. Data in /000 as at (last available) 16

17 1H06 Financials 17

18 Consolidated Reclassified Income Statement IAS/IFRS COMPLIANT Data in H06 1H05 % 2005 Entry commission income Fixed management fees Variable management fees Other income Ins. premiums net of reserves 4,262 87,933 40,983 7,293 5,751 3,441 64,714 32,820 4,827 4, , ,284 71,331 10,750 9,612 Total Revenues 146, , ,597 Distribution Costs Commissions on no load products Personnel and SG&A Depreciation, amort./provisions -71,004-7,553-18,295-1,592-53,019-5,366-14,697-0, ,399-11,469-30,391-1,818 Operating Costs -98,444-73, ,077 Operating Profit 47,778 36, ,521 18

19 Consolidated Reclassified Income Statement IAS/IFRS COMPLIANT Data in H06 1H05 % 2005 Operating Profit Income from financial operations Non operating costs Interest expenses Profit Before Tax Income tax Deferred taxes Consolidated Net Profit Minorities Group Net Profit 47,778 3,021-0,300-3,373 47,126-12,487-2,832 31,807-0,298 31,509 36,049 0,649-0,897-3,228 32,573-8,280-3,353 20, , n.r ,521 1,129-1,636-6,510 73,504-19,978-4,438 49,088-0,043 49,045 Effective tax rate * Adjusted Net Profit* 26.5% 34, % 24, % *adding back deferred taxation 19

20 Focus on cost control PERSONNEL AND SG&A COSTS Data in 000. CORE PERSONNEL AND SG&A COSTS 1H06-15,675 1H ,636-28,330 New initiatives* (Azimut CM, AZ Investimenti) -2,620-0,061-2,061 REPORTED PERSONNEL AND SG&A COSTS -18,295-14,697-30,391 Without the new initiatives the yoy increase is 6.5% Both Azimut CM and AZ Investimenti are already profitable * Azimut CM: consolidated in 2005, operating since beginning of July 2005 AZ Investimenti: operating and consolidated since July

21 Focus on tax rate (1/2) NEW FISCAL REGULATION FOR INTANGIBLE ASSETS AMORTISATION Data in Goodwill (fiscally deductible) Trademark (fiscally deductible) 16,789 3,534 9,335 3,534 9,335 1,963 TOTAL TAX SHIELD 20,323 12,869 11,298 In November 2005 the amortisation for goodwill was changed for the residual timeframe from 10 to 18 ys. already for 2005 included. The residual period is In July 2006 also the trademark amortisation was changed for the residual timeframe from 10 to 18 ys. already for 2006 included. The residual period is

22 Focus on tax rate (2/2) NEW FISCAL REGULATION FOR INTANGIBLE ASSETS AMORTISATION Data in TOTAL TAX SHIELD 33% Corporate tax (IRES) 20,323 6,707 12,869 4,247 11,298 3,728 TAX INCREASE VS ,460 2,979 EFFECTIVE TAX RATE 27.2% 26.5% 2004 TAX RATE 23.8% 23.3% No impact on reported net profit (additional cash taxation offset by lower deferred taxation) Extended tax shield: under the previous system the tax shield was due to expire in 2011, with the current in 2015 (for trademark) and 2017 (for goodwill) 22

23 Consolidated Financial Position IAS/IFRS COMPLIANT Data in AZ Investimenti (ex Aletti SIM) loan Senior Loan Convertible Bond Total debt Cash and cash equivalents Net Financial Position (12,231) (55,000) (97,976) (165,207) 112,387 (52,820) (12,349) (90,085) (97,170) (199,604) 162,481 (37,123) (12,231) (95,104) (96,371) (203,706) 126,327 (77,379) Net financial position in June reflects payments for: 14.4m dividends paid 10.6m taxes paid 23

24 Outlook 24

25 Hedge fund business Azimut Capital Management Two new funds already authorised; one reached the maximum number of customers allowed in only a few days. At the end of August 50% market share in Italy for single manager hedge funds About 500m already collected in the first 14 months, well ahead of initial forecast Good opportunity for both expanding existing clients share of wallet and for acquiring new clients Active involvement of Area Delegates for placing of hedge fund absorbed time for recruitment, but proved to be successful due to high inflows collected into these products New Luxemburg based products New pricing for Italy based funds 13 new funds available for sale by 3Q06. New pricing for the Italian based funds according to BoI regulation YTD funds performance YTD funds WAP: +1.92% vs % for Fideuram index (as at Sept.8th) YTD net inflows into managed assets (Assogestioni data) Top of the league: Bottom of the league: 25

26 Contacts Fabrizio Armone - Investor relations 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. 26