PRESS RELEASE
ANIMA Holding: 1Q20 consolidated results
- Net commissions: €71.3 million (+2% vs. 1Q19)
- Total revenues: €102.8 million (+28% vs. 1Q19)
- Net Profit: €38.6 million (+41% vs. 1Q19)
- Adjusted net profit: €50.2 million (+32% vs. 1Q19)
Milan, 7 May 2020 - ANIMA Holding S.p.A. (ANIM.IM) Board of Directors approved today the consolidated results for the period ending March 31st, 2020.
ANIMA Group 1Q20 net inflows (excluding Class I insurance mandates) were positive for around €0.4 billion; total assets under management as of March 2020 reached €176.5 billion (-5% vs. €185.7 billion at the end of December 2019).
With reference to the income statement, 1Q20 net commissions reached €71.3 million (+2% vs. €70.1 million in 1Q19). In the first three months of 2020 performance fees were €23.1 million (€4.1 million in 1Q19). Considering these fees as well as other income, 1Q20 total revenues totaled €102.8 million (+28% vs. €80.4 million in 1Q19).
Ordinary operating expense was €20.8 million (broadly stable vs. €20.7 million in 1Q19). The cost/income ratio (excluding performance fees from total revenues) was 26.2%.
Profit before tax reached €59.0 million with a 40% increase vs. €42.1 million in 1Q19; net profit was €38.6 million (+41% vs. €27.4 million in 1Q19).
Adjusted net income (which does not take into account extraordinary income or charges or non cash out items, including intangible depreciations) was €50.2 million (+32% vs. €38.2 million in 1Q19).
Net debt as of March 31st 2020 is €212.5 million (€223.3 million at the end of 2019). This figure already takes into account dividends to be paid as of May 20, 2020, for €73.3 million.
"The beginning of 2020 will be for sure remembered for the strong correction affecting all major asset classes and for the uncertainty of the macroeconomic environment as a consequence of the Covid-19 outbreak. ANIMA figures for flows and economics in this first quarter show once again a high resiliency of our business which guarantees, also in this difficult moment, the possibility to catch consolidation opportunities which might materialize in our industry and a policy of significant returns for shareholders" commented Alessandro Melzi d'Eril, ANIMA Holding S.p.A. CEO.
The Board, following the proposal of the CEO, approved the appointment with immediate effect of Mr. Pierluigi Giverso, Deputy General Manager of ANIMA SGR in the position of Co-General Manager of ANIMA Holding S.p.A..
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The Manager responsible for preparing the Company Financial Statements, Enrico Bosi, in accordance with paragraph 2 article 154-bis of the Consolidated Finance Law (Testo Unico della Finanza), herewith declares that the accounting information contained in this press release is consistent with the official documents, books and accounting records.
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ANIMA is a leading Italian independent asset management operator, with over €177 billion of assets under management (as of April 2020). A synthesis of different complementary paths and specializations, ANIMA nowadays offers one of the largest range of products and services available on the market. ANIMA's offering is composed of Italian collective investment schemes and foreign SICAVs. The company also offers institutional and private pension funds, as well as private wealth and institutional asset management services. For further information, please visit www.animaholding.it
Contacts:
Barabino & Partners | ANIMA - Investor relations |
Tel +39.02.72.02.35.35 | Tel. +39.02.63.536.226 |
Emma Ascani | Fabrizio Armone |
e.ascani@barabino.it | fabrizio.armone@animaholding.it |
CONSOLIDATED INCOME STATEMENT
Items (in €/000) | 1Q20 | 1Q19 | 2019 | |
10. Commissions earned | 289,974 | 240,302 | 1,013,655 | |
20. Commissions paid | -187,422 | -160,188 | -656,295 | |
NET COMMISSIONS | 102,552 | 80,114 | 357,360 | |
50. Interest income and equivalent | 22 | 50 | 99 | |
60. Interest expense and equivalent | -2,498 | -2,741 | -15,059 | |
70. Net trading result | - | - | -2,489 | |
100. Net result on financial instruments at fair value through P&L | -3,387 | 614 | 1,145 | |
b) other financial assets mandatorily measured at fair value | -3,387 | 614 | 1,145 | |
110.BROKERAGE MARGIN | 96,689 | 78,037 | 341,056 | |
130. NET OPERATING RESULT | 96,689 | 78,037 | 341,056 | |
140. Administrative expense: | -23,951 | -22,233 | -82,723 | |
a) | personnel expense | -14,444 | -13,293 | -46,683 |
b) | other | -9,507 | -8,940 | -36,040 |
150. Provisions for risks and charges | -43 | 27 | -34 | |
160. Amortization and depreciation tangible assets | -825 | -836 | -3,460 | |
170. Amortization and depreciation intangible assets | -12,967 | -13,077 | -53,112 | |
180. Other income/expense | 138 | 191 | 3,170 | |
190. OPERATING EXPENSE | -37,648 | -35,928 | -136,159 | |
240. GROSS PROFIT (LOSS) FROM CURRENT ACTIVITIES | 59,041 | 42,109 | 204,897 | |
250. Income tax | -20,477 | -14,706 | -59,068 | |
260.NET PROFIT (LOSS) FROM CURRENT ACTIVITIES | 38,564 | 27,403 | 145,829 | |
280.NET PROFIT (LOSS) FOR THE PERIOD | 38,564 | 27,403 | 145,829 | |
RECLASSIFIED CONSOLIDATED INCOME STATEMENT | ||||
Items (in €/000) | 1Q20 | 1Q19 | 2019 | |
Net commissions | 71,344 | 70,099 | 284,004 | |
Performance fees | 23,131 | 4,096 | 48,176 | |
Other income | 8,320 | 6,157 | 26,133 | |
Total revenues | 102,795 | 80,352 | 358,313 | |
Personnel expense | -12,168 | -11,154 | -43,353 | |
Other administrative expense | -8,665 | -9,500 | -37,286 | |
Total operating expense | -20,833 | -20,654 | -80,639 | |
EBITDA | 81,962 | 59,698 | 277,674 | |
Extraordinary charges | -3,343 | -189 | -2,281 | |
LTIP expense | -463 | -2,081 | -2,730 | |
Other income/expense | -3,463 | 631 | 3,621 | |
Tangible and intangible assets depreciation | -13,175 | -13,260 | -53,939 | |
EBIT | 61,518 | 44,799 | 222,345 | |
Net financial charges | -2,477 | -2,690 | -17,448 | |
PBT | 59,041 | 42,109 | 204,897 | |
Income tax | -20,477 | -14,706 | -59,068 | |
Consolidated net profit | 38,564 | 27,403 | 145,829 | |
Net adjustments* | 11,667 | 10,772 | 39,268 | |
Adjusted net profit | 50,231 | 38,175 | 185,097 |
* Amortisation of PPA and capitalised financing costs, one-off items as well as extraordinary income or charges (restructuring, LTIP…)
CONSOLIDATED BALANCE SHEET
ASSETS (in €/000) | 31.03.20 | 31.03.19 | 31.12.19 | |
10. Cash | 6 | 5 | 7 | |
20. Financial assets at fair value through P&L | 87,245 | 89,464 | 89,645 | |
c) other financial assets at fair value | 87,245 | 89,464 | 89,645 | |
40. Financial assets at amortized cost | 449,202 | 357,788 | 383,787 | |
80. Tangible assets | 13,309 | 16,742 | 15,363 | |
90. Intangible assets | 1,683,573 | 1,734,072 | 1,696,087 | |
of which goodwill | 1,105,463 | 1,105,463 | 1,105,463 | |
100. Tax assets | 15,672 | 15,621 | 18,371 | |
a) | current | - | 12,091 | 2,502 |
b) | prepaid | 15,672 | 3,530 | 15,869 |
120. Other assets | 39,536 | 25,258 | 35,565 | |
TOTAL ASSETS | 2,288,543 | 2,238,950 | 2,238,825 | |
LIABILITIES AND SHAREHOLDERS' EQUITY (in €/000) | 31.03.20 | 31.03.19 | 31.12.19 | |
10. Financial liabilities at amortized cost | 769,559 | 810,716 | 741,930 | |
a) | payables | 470,634 | 810,716 | 444,454 |
b) | securities issued | 298,925 | - | 297,476 |
40. Hedging derivatives | 1,638 | 2,529 | - | |
60. Tax liabilities | 176,700 | 158,198 | 159,524 | |
a) | current | 38,590 | 7,539 | 18,235 |
b) | deferred | 138,110 | 150,659 | 141,289 |
80. Other liabilities | 143,798 | 100,067 | 73,201 | |
90. Employees' severance payment fund | 2,544 | 2,355 | 2,546 | |
100. Provision for risks and charges: | 1,630 | 997 | 1,723 | |
a) commitments and guarantees issued | 129 | 75 | 97 | |
c) | other | 1,501 | 922 | 1,626 |
110. Capital | 7,292 | 7,292 | 7,292 | |
120. Treasury shares | (91,516) | (34,784) | (59,639) | |
140. Share premium reserve | 787,652 | 787,652 | 787,652 | |
150. Reserves | 452,502 | 378,732 | 379,495 | |
160. Evaluation reserves | (1,820) | (2,207) | (728) | |
170. Net profit for the period | 38,564 | 27,403 | 145,829 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 2,288,543 | 2,238,950 | 2,238,825 | |
CONSOLIDATED NET FINANCIAL POSITION | ||||
Item (in €/000) | 31.03.20 | 31.12.19 | 31.03.19 | |
Term Financing | (297,000) | (297,000) | (645,273) | |
2019-2026 bond | (298,473) | (298,377) | - | |
Accrued interest expense | (3,232) | (1,048) | (2,316) | |
Dividends payable | (73,285) | - | (60,825) | |
Total financial debt | (671,990) | (596,425) | (708,414) | |
Cash and equivalent | 370,385 | 263,711 | 276,624 | |
Securities | 87,245 | 89,645 | 89,464 | |
Performance fees receivables | 1,875 | 19,742 | 1,576 | |
Total cash and equivalent | 459,505 | 373,098 | 367,664 | |
Net financial position | (212,485) | (223,327) | (340,750) |
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Anima Holding S.p.A. published this content on 07 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2020 11:28:01 UTC