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46
Short “termism” is institutionally banned 2012FY Results Milan, 7 th March 2013
Transcript of banned 2012FY Results - Azimutjsp.azimut.it/export/sites/default/pdf/2012FY-vFINAL.pdfbanned 100 136...
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2012FY Results
Milan, 7th March 2013
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2012FY Results Table of contents
2012FY Highlights
Asset Management
Distribution
International business
2012FY Financials
Outlook
About Azimut
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2012FY Results
2012FY Highlights
Asset Management
Distribution
International business
2012FY Financials
Outlook
About Azimut
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136
214
322
434
6379
121
161166147
202
278
0
50
100
150
200
250
300
350
400
450
1Q12 1H12 9M12 FY12
Total revenues Net profit NFP
4
A landmark year for Azimut: record profits, enviable net cash position and all time high AuM
Source: Company data
2012FY Highlights
FY12: €434 million vs. €326
million in FY11 (+33% yoy)
All time high FY total revenues
Financials Net Financial Position Total Revenues Net Profit
FY12: €161 million vs. €80
million in FY11 (+100% yoy)
All time high net profit
NFP: €278 million vs. €99 million
at FY11 (+182% yoy)
Highest level of Net Cash
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18.118.6
19.2 19.6
1616.5
17.1 17.5
0.60.8
1.11.6
10
12
14
16
18
20
22
1Q12 1H12 9M12 FY12
Total Assets AuM Net Inflows
0
1
2
3
4
5
6
1Q12 1H12 9M12 FY12
Total Assets AuM Net Inflows
5
A landmark year for Azimut: record profits, enviable net cash position and all time high AuM
Source: Company data
2012FY Highlights
Total Assets at 31 December 2012 reached € 19.6 billion, an increase of
€ 3 billion (+18%) vs. 31 December 2011
€ 17.5 billion AuM (+ €2.9 billion vs. 31 December 2011, +20%
yoy)
All time high Assets under Management maintained
Assets under Management Net Inflows
2012 Net Inflows reached € 1.6
billion (+62% yoy)
€ 573 million in Jan & Feb ‘13 in
managed assets (organic record)
Closed 2012 above our targeted
€1-1.5bn range
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14,621 14,621
17,494 17494
18,181
1,586
1,287
573
114
10,000
11,000
12,000
13,000
14,000
15,000
16,000
17,000
18,000
19,000
AuM31/12/2011
Net Inflows Market perf. AuM31/12/2012
Net Inflows Market perf. AuM28/02/2013
€m
illio
n
6
Consistently delivered strong net inflows within a broadly supportive market environment
Source: Company data
Solid managed AuM growth, up 20%
from year-end 2011
€1.6bn from net inflows, above our
targeted range
€1.3bn from market performance
Momentum in 2013 remains positive,
with January and February inflows
combined totalling €573 million
Total Assets (including assets under
administration) as of 28/02/2013
overcome for the first time € 20 billion
and remain at all time highs
Assets under Management evolution
+20%
+24%
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60
80
100
120
140
160
180
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12
Azimut FTSE MIB FTSE MIB Financials STOXX 600 Financial Services
7
Efforts are being rewarded: best performing stock in the FTSE MIB Index in 2012
Source: Bloomberg FTSE MIB Financials: IT8000 Index
STOXX 600 Financial Services: SXFP Index
Azimut distinguishing features are
standing out:
Unique and innovative product
offering thanks to in-house
asset management
Full alignment of interest for all
stakeholders
Not a bank or insurance
company, no toxic/risky assets
on our balance sheet
Superior cash generation and
profitability
Geographical expansion and
diversification
Share price performance
+75%
+22%
+8%
+6%
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2012FY Results
2012FY Highlights
Asset Management
Distribution
International business
2012FY Financials
Outlook
About Azimut
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Source: Bloomberg Risk free: MTSIBOTR Index (net of 12,5% withholding tax)
Italian industry index: FIDMGEND Index
+3.1
+1.9
2012 weighted average performance of our funds in excess of 8%
Asset Management - Performance
95
100
105
110
Ita. Industry Risk free AZM WAP
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Source: Company data
Fund of Funds are quite entirely for asset classes not managed in house
Asset Management – Breakdown by type
10
29.4%30.9%31.3%31.2%30.6%30.3%29.9%28.9%28.6%27.1%27.2%27.1%26.3%27.1%26.5%25.5%26.1%26.6%26.2%26.2%26.0%27.1%27.3%27.2%26.8%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
FOFS IN HOUSE - LUX IN HOUSE - ITA
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Source: Company data at 31/12/2012
Fund of funds have the same margin as in house funds
Luxembourg Funds breakdown
11
TARGET
FORMULA TARGET 2014, FORMULA TARGET 2015, INSTITUTIONAL TARGET, BOND TARGET 2015, BOND
TARGET GIUGNO 2016, INTERNATIONAL BOND TARGET GIUGNO 2016, BOND TARGET SETTEMBRE 2016, BOND
TARGET DICEMBRE 2016
0-30% EQUITY F1 CONSERVATIVE, CORPORATE PREMIUM , CGM
OPPORTUNISTIC CORPORATE, CGM OPPORTUNISTIC GOVERNMENT, SOLIDITY
0-70% EQUITY EUROPEAN DYNAMIC, DIVIDEND PREMIUM, STRATEGIC
TREND
0-100% EQUITY
F1 ABSOLUTE, TREND, ITALIAN TREND, PACIFIC TREND, AMERICAN TREND, EUROPEAN TREND, LONG TERM
VALUE, CGM OPPORTUNISTIC EUROPEAN, CGM OPPORTUNISTIC GLOBAL, GLOBAL GROWTH SELECTOR
MARKET NEUTRAL F1 ALPHA PLUS, MARKET NEUTRAL
QUANT QBOND, QPROTECTION, QTREND, QINTERNATIONAL
MACRO MACRO DYNAMIC TRADING, GLOBAL MACRO
COMMODITIES COMMODITY TRADING
EQUITY LONG/SHORT ACTIVE SELECTION, CORE BRANDS
MULTI ACTIVE STRATEGY
CASH MANAGEMENT CASH OVERNIGHT, CASH 12 MONTH
OTHER OTHER SINGLE MANAGER (RMB OPP., CAT BOND, MACRO
VOLATILITY, GLOBAL CURRENCIES & RATES, ETC.)
FOFs MULTIMANAGER FOFs
0-30% EQ6.4% 0-70% EQ
2.3%
0-100% EQ13.3%
MKT NEU5.3%
QUANT.2.3%
MACRO1.1%
COMMOD.0.5%EQ. L/S
1.1%MULTI0.1%
CASH MGMT4.3%
OTHER21.2%
FOFs28.5%
TARGET13.6%
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Cash7.0%
Bond42.9%
Balanced6.5%
Flexible33.6%
Equity6.9%
Hedge3.1%
Cash20.5%
Italian Equity3.5%
Foreign equity31.3%
Cv. Bonds0.3%
Gov't bonds22.2%
Corp. Bonds22.3%
Well diversified AuM split across categories
Source: Company data at 31/12/2012 Note: Arrows refer to quarter on quarter changes
AuM by Category
Azimut funds breakdown
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AuM by Underlying Asset
Tota
l Eq
uit
y: 3
5%
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Gov't €34.6%
Gov't extra €1.3%
Gov't USD4.3%Other Gov't
9.4%
Corp. BDS50.4%
Europe €42.4%
Other Europe5.1%
UK9.8%
USA21.9%
ASPAC12.1%
Other8.6%
Well diversified AuM split across categories
Source: Company data at 31/12/2012
Azimut funds breakdown
13
Equities Fixed Income
Austria, Belgium, Finland, France, Germany, Italy,
Netherlands
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Share of new products launched since 2011
Despite a volatile market environment, new products have helped to defend the existing client base and attract net new money from existing and new customers
Innovation has and will be one of Azimuts’ key success factors
Share of new products launched since 2008
Product innovation: Azimut success story
14 Source: Company data at 31/12/2012
New products25.1%
Existing products74.9%
New products45.0%Existing products
55.0%
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2012FY Results
2012FY Highlights
Asset Management
Distribution
International business
2012FY Financials
Outlook
About Azimut
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Azimut Italian Funds’ Industry
Source: Company out of Assogestioni monthly figures Note *: CGM acquisition
2006 – 12 Funds’ net inflows as a % of total managed assets
Distribution - Funds
*
-5.0%
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
-5.0%
-4.0%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Feb
-06
Ap
r-0
6
Jun
-06
Au
g-0
6
Oct
-06
De
c-0
6
Feb
-07
Ap
r-0
7
Jun
-07
Au
g-0
7
Oct
-07
De
c-0
7
Feb
-08
Ap
r-0
8
Jun
-08
Au
g-0
8
Oct
-08
De
c-0
8
Feb
-09
Ap
r-0
9
Jun
-09
Au
g-0
9
Oct
-09
De
c-0
9
Feb
-10
Ap
r-1
0
Jun
-10
Au
g-1
0
Oct
-10
De
c-1
0
Feb
-11
Ap
r-1
1
Jun
-11
Au
g-1
1
Oct
-11
De
c-1
1
Feb
-12
Ap
r-1
2
Jun
-12
Au
g-1
2
Oct
-12
De
c-1
2
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5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
13,000
0 200 400 600 800 1,000 1,200 1,400
20
12
Au
M p
er
FA (
€'0
00
)
2012 Net Inflows per FA (€'000)
17
An independent Asset Management player with a strong productivity per FA: at end-2012 1396 FAs
Azimut positioning among Italian players
Banca Generali Banca Fideuram
Fineco
Finanza & Futuro
Mediolanum
UBI
Source: Assoreti 31/12/2012
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18 Source: Company data as of 28/02/2013
Bloomberg AZCATBA LX
AZ Cat Bond Fund
AuM (28/02/2013) € 194mln
Performance since Oct. 2011 (inception)
+3.9%
AZ Cat Bond Fund offers the investor a unique exposure to a well-diversified portfolio of insurance risks called Insurance Linked Securities (ILS). Azimut is today one of the few companies managing ILS funds domiciled in the EU. The fund provides investors with a true de-correlation tool whose performance depends on natural events, not on human psychology and/or financial markets, and allows to have an exposure to a well-diversified book of insurance risks, otherwise not available for a capital market investor.
One of the few European companies offering a diversification into a rather unique asset class
Product Snapshot – Cat Bond Fund Unparalleled product innovation
98
100
102
104
106
AZ Cat Bond Fund
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One of the biggest RMB funds in the world, providing direct exposure to the currency’s upside potential
AZ Renminbi Opportunities Fund is the first UCITS III fund in Europe providing Investors a direct exposure to the Renminbi (CNH). Two choices of investment strategy for the client: either without any hedging, or the Euro position is totally hedged vs. the USD to avoid volatility vis-a-vis the Euro, and the fund follows the RMB-USD performance that has, on a historical basis, provided superior risk adjusted returns.
Renminbi Opportunities
AuM (28/02/2013) € 531mln*
Performance since Sep. 2011 (inception)
+4.1%
Source: Company data as of 28/02/2013 Bloomberg AZRENOA LX
Product Snapshot – Renminbi Opportunities Unparalleled product innovation
* The figure includes both AZ Fund 1 Renminbi Opportunities and AZ Multi Asset Renminbi Opportunities
99
100
101
102
103
104
105
AZ Renminbi opportunities
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Successful product category, now weighing ca. 14% of our total Lux funds
Source: Company data as of 28/02/2013 Bloomberg AZBDTRA LX
Target funds are a new type of product launched for the first time in 2011. As of today we have two main types:
Bond Target, investing in corporate and government
bonds with a residual life in line with the "target
date"
Formula Target, which also invest primarily in
corporate and government bonds, however they
also have a dynamically managed equity component
ranging from 10% to 30%
In January 2013, in order to fully capture any equity market upside potential, Azimut launched Bond Target Equity Options 2016, which modulates the exposure to equity markets in correlation with market conditions.
Bond Target 2015
AuM (28/02/2013) € 339mln
Performance since Sept. 2011 (inception)
+14.2%
Product Snapshot – Target funds Unparalleled product innovation
95
100
105
110
115
120
Bond Target 2015
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Thanks to a good recovery, the fund is now close to High Water Mark levels
Launched in 2005, Aliseo is a Long/Short equity fund managed by a tried & tested team. Two PMs working together for over 16 years, the last 7 managing Aliseo. The objective of the fund is to provide an absolute total return investing in large and medium capitalisation European stocks, while maintaining a low volatility.
Aliseo
AuM (28/02/2013) € 309mln*
Perf. In 2012 +12%
Performance since Jul. 2005 (inception)
+30%
Source: Company data as of 28/02/2013 Bloomberg AZALISE IM – HFRIEHI Index
Product Snapshot – Aliseo Hedge Fund Unparalleled product innovation
* The figure includes both Aliseo and Aliseocinque
80
90
100
110
120
130
140
Aliseo HFRI Index
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20 years anniversary of Azimut Trend – our global equities flagship fund consistently outperforms
Source: Company data as of 28/02/2013 Bloomberg AZMTRED IM – MSERWI Index
Azimut Trend is a global equity fund with a long term value investment strategy focusing on quality companies, solid fundamentals, with stockpicking as the best generator of alpha. The strategy was launched in Italy in 1993 and has been managed by the same fund manager since inception.
Trend
AuM (28/02/2013) € 1,402mln*
Perf. Since Feb. 1993 (inception)
+360%
10-year performance +63%
Index 10-year performance +54%
Product Snapshot – Trend Unparalleled product innovation
* The figure includes both Azimut Trend and AZ Fund 1 Trend
60
70
80
90
100
110
120
130
140
150
160
170
180
190
Azimut Trend MSCI World EUR
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2012FY Results
2012FY Highlights
Asset Management
Distribution
International business
2012FY Financials
Outlook
About Azimut
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Azimut current presence
Azimut potential expansion
Clear strategy abroad: avoid large acquisitions and focus on developing JVs with local partners
Growing our expertise
Italy & Western Europe
Consolidate and grow
Strong commitment to home market persists
Open to potential large M&A opportunities in Italy creating long term shareholder value
Leverage on our Swiss and Monaco operations to complement our capabilities
China & Far East
Grow
Good progress made in a difficult yet very appealing market
Focused on delivering with our local partners
Open to other opportunistic JVs or greenfield initiatives in South-East Asia
Turkey
Sustain and grow
Support the local operations following Italian success story
Launched new products as an alternative to conventional banking products
Structuring a non-banking distribution sales force leveraging on Azimut know-how
South America
Potential growth
Focused on finding the right partner for a long standing JV
Developed solid expertise of the local markets
Very attractive market with low penetration of independent asset management players and an increasing wealth of the middle class
CONSOLIDATED FOREIGN OPERATIONS ARE ALREADY IN BREAKEVEN
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Source: Company data Note *: Under regulatory approval
Azimut confirms its commitment with a strengthening of its JV in Turkey
Update on Turkey – growing in the distribution
Global Securities (Trading + Distribution)
60%
Global Yatirim
Holding
40%
10%*
GAM Turkey (Asset management)
75%
AZ International Holdings
(2010)
In line with shareholders agreement, increased equity
participation in the distribution arm from 5% to 10%*
Commercial launch of 3 families of mutual funds - Target,
Formula and Trend - initially including 6 investment
solutions which will bring significant innovation in the
Turkish asset management industry, targeting absolute
returns, outperformance versus bank time deposit rates
and periodic coupon payments.
Strategic objectives of the JV are reaffirmed, aiming to
create a strong independent asset management company
integrated with production and financial advisory as a
competing offer to that of “conventional” banking
services
The JV today can count on further:
4 Fund Managers
6 Financial Advisors
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2012FY Results
2012FY Highlights
Asset Management
Distribution
International business
2012FY Financials
Outlook
About Azimut
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Consolidated reclassified Income Statement IAS/IFRS Compliant
Source: Company data
Income Statement
€/000 2012FY 2011FY % Change
Entry commission income 7,637 7,391Recurring fees 281,934 265,627Variable fees 119,714 34,550Other income 6,174 6,198Insurance revenues 18,114 11,962Total revenues 433,573 325,728 +33%
Distribution costs (173,259) (163,880)Commission on no load products (13,787) (17,337)Personnell and SG&A (62,664) (50,867)Depreciation, amort./provisions (6,704) (3,180)Operating costs (256,414) (235,264)Operating profits 177,159 90,464 +96%
Interest income 10,508 3,705Net non operating costs (1,508) (632)Interest expenses (4,488) (6,119)Profit before tax 181,671 87,418 +108%
Income tax (21,522) (11,839)Deferred tax 162 4,865Net profit 160,311 80,444
Minorities (325) -
Consolidated Net Profit 160,636 80,444 +100%
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Treasury shares are not booked within the NFP but in the balance sheet for €99 million (as of
31/12/2012: 12mln shares or 8.4% of s.c.).
NFP at the end of December is net of:
€34mln for dividends paid (May 24th 2012)
On July 1st 2012 the company partially repaid € 17.7mln of the “Azimut 4% subordinated bond 2009-
2016”
Consolidated reclassified Balance Sheet IAS/IFRS Compliant
Source: Company data
Balance Sheet
€/000 31/12/2012 30/06/2012 31/12/2011
Amounts due to banks: (86,646) (90,131) (100,110) Senior Loan (80,301) (80,461) (90,642)
Trademark lease-back (6,345) (9,670) (9,468)
Securities issued: (35,664) (54,181) (52,905)
Azimut 09-16 subordinated bond 4.0% (34,823) (53,301) (52,047)
Azimut 11-16 senior 2.5% (841) (880) (858)
TOTAL DEBT (122,310) (144,312) (153,015)
CASH AND CASH EQUIVALENTS 400,466 291,218 251,808
NET FINANCIAL POSITION 278,156 146,906 98,793
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-147-121
-77-53
23 18
-97 -107-68
2260
10274
99
147
278
-150
-100
-50
0
50
100
150
200
250
300
2004 1H05 2005 1H06 2006 2007 1H08 2008 1H09 2009 1H10 2010 1H11 2011 1H12 2012
NFP
(€
mill
ion
)
29
Superior cash flow generation over the years led to an enviable Gross Cash position of over €400mln in FY 2012
Positive contribution of variable fees Strict cost discipline both domestically as well as in our International initiatives
Source: Company data
Superior cash flow generation continues throughout 2012
Enviable Net Cash position
Post-IPO deleveraging
Cash flow generation
Group re-leveraging
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0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10 0.10
0.10
0.05
0.10
0.15 0.15
0.45
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
0.45
0.50
0.55
200
5 (
04F
Y)
200
6 (
05F
Y)
200
7 (
06F
Y)
200
8 (
07F
Y)
200
9 (
08F
Y)
201
0 (
09F
Y)
201
1 (
10F
Y)
201
2 (
11F
Y)
201
3 (
12F
Y)
30
Ordinary dividend confirmed: €0.10 ps*
Additional payout of €0.45*, thanks to well
above average 2012 net profit
As already stated, the ordinary dividend for
the future will be kept at the current level
(€0.10); extraordinary dividends (if any)
could be increased without M&A
opportunities
Source: Company data * Subject to AGM approval
05FY 06FY 07FY 08FY 09FY 10FY 11FY 12FY
EPS Listed on 7/7/04 0.34 0.58 0.73 0.32 0.91 0.71 0.62 1.22
Sustainable dividend policy with significant upside potential
Dividend payout
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2012FY Results
2012FY Highlights
Asset Management
Distribution
International business
2012FY Financials
Outlook
About Azimut
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Record year but still more to come: already focused on delivering strong 2013 results
Outlook
FINANCIAL RESULTS
Record financial results on various fronts:
Total revenues
Variable fees
Net profit
Net Financial Position
Proposed a significant increase in dividend per share vs. 2011
Maintain a well balanced revenue mix with stable recurring fees and capturing full upside from variable fees
Continue accumulating cash until end-2014 for potential large M&A acquisitions in Italy
Maintain a healthy balance sheet -> Azimut is not a Bank (Basel III) or Insurance (Solvency II)
PRODUCTION
Launched successful new products representing 25% of Azimut AuM
Enlarged portfolio management team to complement and expand our core competencies
Remain focused on product innovation while maintaining margins
Ready for any market environment, leveraging on our flexible funds and quick reaction to client needs
Keep on delivering good performance, 2013 YTD weighted average performance stands at +1.2%, notwithstanding uneasy markets
DISTRIBUTION
Total Assets overcome for the first time €20 billion, remaining at all time highs
Exceeded our €1-1.5bn Net Inflow target
Number 1 among Italian players in terms of Managed AuM per FA*
Net Inflows target for 2013 confirmed at €1-1.5bn
Confirm our ambitious goal to reach €27bn AuM by the end of 2014
Grasp upside potential from Wealth Management division
INTERNATIONAL EXPANSION
Good progress made across regions
Strengthened our Turkish partnership in line with previous arrangements
Focused on launching potential JVs in South America
Open for other potential acquisitions abroad on an opportunistic basis
What’s done What’s next
Note*: Assoreti as of 31/12/2012
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13,881 13,88114,621 14,621
17,49418,182 18,182
27,000
740
2,873
688
5,000
7,000
9,000
11,000
13,000
15,000
17,000
19,000
21,000
23,000
25,000
27,000
AuM 31/12/2009 Growth AuM 31/12/2011 Growth AuM 31/12/2012 Growth AuM 28/02/2013 Growth AuM 31/12/2014
€m
illio
n
33
Our ambitious AuM target lies on an excellent 2012 result and an encouraging start to 2013
Outlook
Source: Company data
Assuming normal market
conditions and applying
the same 2013 YTD
net inflows run
rate until the
end of
2014
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2012FY Results
2012FY Highlights
Asset Management
Distribution
International business
2012FY Financials
Outlook
About Azimut
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Azimut Group structure
Source: Company data as at 31/12/2012 Note *: Under regulatory approval
100%
AZ IM (2011)
Azimut CM (2004)
Azimut Cons. (1988)
AZ Investimenti (2005)
AZ CM (2007)
Azimut Holding (Listed: AZM.IM)
Azimut Sgr (1986)
AZ Fund (1999)
AZ Life (2003)
Ass
et
Man
age
men
t
Life
in
sura
nce
s D
istr
ibu
tio
n
Azimut Fiduc. (2007)
Tru
ste
e
Apogeo Cons. (2008)
An Zhong (AZ) IM HK (2011)
An Zhong (AZ) IM (2011)
AZ International Holdings (2010)
65%
100%
100% 100%
100% 100%
100%
100% 100% 100%
100%
100%
GAM Turkey (2011)
10%*
60%
Global Securities (2011)
CGM (2011)
51%
Katarsis CA (2011)
75%
Eskatos CM (2011)
100%
CGM SIM (2011)
100%
AZ Swiss (2012)
90%
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Acquisition of Turkey’s Global Asset Management and Global Securities.
Acquisition of CGM, a Monaco-based independent asset management company.
Acquisition of Swiss company Katarsis Capital Advisors and its Luxembourg subsidiary Eskatos Capital Management. Eskatos is one of the 3/5 companies managing ILS (Insurance Linked Securities) funds domiciled in the EU.
Azimut and Siqurgest launch an asset management and distribution partnership in Switzerland targeting HNWI and Institutional clients.
Azimut and CMT launch An Zhong Investment Management in Hong Kong and Shanghai specializing in asset management and investment advisory
36
Azimut current presence
Azimut potential expansion
Aiming at covering all 3 macro areas (Americas, EMEA, Asia-Pacific) and time zones while offering a worldwide service to our clients
Where we are and where we want to be: 10% of AuM outside Italy by 2014
Going International
Azimut launches AZ Swiss joint venture with a team of portfolio managers in Switzerland focusing on macro strategies.
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Azimut’s partnership philosophy has been
implemented also in China by involving the local
partners, CMT Holding (acronym for China
Management Team), in the shareholding of the new
venture, aligning the interests of all stakeholders.
An Zhong (AZ) Investment Management in Hong
Kong is the Holding company controlling two
operating subsidiaries. Azimut, through the Holding
company, oversees them and relocated three Senior
PMs from Luxembourg.
Through the operating subsidiaries Azimut aims at
creating a regional hub and developing local
production and distribution of asset management
products and investment advisory services with a
focus on qualified investors.
An Zhong (AZ) IM (2011)
AZ International Holdings
(2010)
65%
CMT Holding
(2011)
35%
100%
AZ Investment Management (2011)
An Zhong (AZ) IM HK (2011)
100%
2010: Definition of a frame agreement with local entrepreneurs/partners (CMT)
International expansion – China / HK
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Global Securities (Trading + Distribution)
60%
Global Yatirim
Holding
40%
10%*
GAM Turkey (Asset management)
75%
On 14th March 2011 AZ International Holdings S.A.
(“AIH”) signed a binding frame agreement with Global
Yatirim Holding and Global Portfoy Yonetimi (“GAM”) to
implement a partnership in the AM and distribution
business in Turkey.
In particular, AIH has purchased 5% of the distribution
company’s share capital (Global Menkul Değerler)
during its IPO on the Istanbul Stock Exchange while
Global Yatirim Holding holds around 75% of the capital.
Subsequently on 28th February 2012, through a capital
increase, Azimut has completed the acquisition of 60%
of the asset management company’s share capital,
Global Portföy, and on 17th January 2013 it increased its
stake in the distribution company from 5% to 10%*.
Through a team of dedicated Azimut people, Global
and Azimut are re-structuring the product range and
creating a sales force focused on the distribution of
mutual funds in order to attract new clients and AuM.
AZ International Holdings
(2010)
2011: Definition of a frame agreement with local entrepreneurs/partners (Global Investment Holdings)
International expansion – Turkey
Note *: Under regulatory approval
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51% CGM
(Asset management)
On 10th May 2011 Azimut through its subsidiary AZ
International Holdings S.A. (“AIH”) signed a binding
frame agreement with CGM (Compagnie de Gestion
privée Monegasque); the acquisition of a 51% stake
has been completed on 30th December 2011
AuC of CGM stood at nearly €800m (o/w more than
€600m AuM) – consideration of ~€ 15m (including
shareholders’ equity) paid entirely with treasury
shares
The partnership adds new competences to Azimut
Group targeting UHNWI also thanks to CGM’s
operating subsidiary in Italy
Current CGM management entered Azimut’s
shareholders’ agreement
CGM Italia SIM
100%
AZ International Holdings
(2010)
2011: Agreement for a 51% stake acquisition
International expansion – Monaco
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1988: Azimut is established by Akros Finanziaria
1990-1992: Pietro Giuliani and the most of the current top management join the company and start the recruitment of top level professionals for the distribution network (organised in 6 regional companies) and the fund managers team.
1998: Bipop-Carire acquires Azimut, which continues to operate independently.
December 2001: as a result of the Bipop restructuring, Azimut’s management buys out the business backed up by Apax Partners. Approximately 700 people invested in the MBO, completed in June 2002.
December 2002: the 6 regional distribution companies merged into Azimut Consulenza SIM.
July 2004: Azimut’s Initial Public Offering (AZM.IM)
20+ years of growth and evolution
Azimut pre-IPO history
Promotori
Azimut Holding
Azimut Piemonte
Azimut Centro-sud
Azimut Liguria-Toscana
Azimut Adriatica
Azimut Triveneto
Azimut Lombardia
20%
80%
Management and Promotori
Azimut Consulenza SIM
Azimut Holding
100%
35% 65%
Apax Partners
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TIMONE25.0%
FREE FLOAT75.0%
41
Total shares issued: 143.3m
Source: Consob, March 2013
Free float breakdown
Timone Fiduciaria represents the shares of around 1,200 individual shareholders (Promotori, employees, managers working for Azimut), tied up in a strong shareholders’ agreement.
Treasury shares: in excess of 7.5% of share capital
Azimut’s shareholder base
2.9%2.3%
2.1%
2.1%
2.0%
7.5%
54.0%
HARRIS ASSOC.
ALLIANZ
BANCO POPOLARE
AVIVA
WILLIAM BLAIR & CO.
CANTILLON CAP.
TREASURY SH.
OTHER
2.1%
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A strong agreement for a long term commitment
Participants Promotori, employees and management organised in separate areas
Duration 3 years automatically renewed unless the absolute majority of the voting rights refuses. Already renewed in 2007 and 2010
Share lock-up 75% of each participant’s shares are locked until retirement, regardless of the tenure within the Group
The residual 25% can be sold at any time but subject to pre-emption right amongst other participants.
The price for this transfer is a 30 days rolling average.
Governance A share trust includes 100% of the voting rights of the participants.
A committee is responsible for managing and monitoring the participants’ obligations and rights under the agreement
Timone – the Shareholders agreement
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Source: Company data as of 31/12/2012
Continuous growth throughout the decade, notwithstanding turbolent years
Main growth trend - Clients, FAs and AuM
0
4,000
8,000
12,000
16,000
20,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Total AuM (€m)
0
4,000
8,000
12,000
16,000
20,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Managed AuM (€m)
60
80
100
120
140
160
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Clients ('000)
0
200
400
600
800
1000
1200
1400
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
FAs
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Net inflows Performance
Note: Data in million € Includes managed assets only
AuM, Net Inflows and Performance
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
7,0018,221
11,052
13,281
14,897
12,147
13,881
14,61314,621
17,494
€m
illio
n
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45 Source: Company data as of 31/12/2012
2008-2012 A beta stock with a strong P&L
Solid financial performance (€mln)
0
5
10
15
20
25
30
35
40
45
50
55
60
65
70
75
1Q082Q083Q084Q081Q092Q093Q094Q091Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q124Q12
REC. MARGIN VF
-70
-50
-30
-10
10
30
50
70
90
110
130
1Q082Q083Q084Q081Q092Q093Q094Q091Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q124Q12
REC. FEES VF SG&A OTHER COST
0
10
20
30
40
50
60
70
80
1Q082Q083Q084Q081Q092Q093Q094Q091Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q124Q12
OPERATING PROFIT
0
10
20
30
40
50
60
70
1Q082Q083Q084Q081Q092Q093Q094Q091Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q124Q12
NET PROFIT
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Disclaimer – Safe harbour statement
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, or other third parties.
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/or investment products mentioned 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.
Vittorio Pracca tel. +39.02.8898.5853
Gabriele Blei tel. +39.02.8898.5849
Email [email protected]
IR Website www.azfund.com
IR Contacts Upcoming events
24 April 2013: Annual General Meeting
9 May 2013: Board of Directors approval of 1Q 2013 results
25 July 2013: Board of Directors approval of 1H 2013 results
Contacts & Corporate calendar
