ANIMA HOLDING SPA PRESS RELEASE
ANIMA Holding: 1Q18 results
Net commissions: €70.8 million (+39% vs. 1Q17)
Total consolidated revenues: €92.5 million (+55% vs. 1Q17)
Consolidated Net Profit: €45.0 million (+74% vs. 1Q17)
Consolidated Adjusted net profit: €47.7 million (+51% vs. 1Q17)
Milan, 14 May 2018 - Anima Holding S.p.A. (ANIM.IM) Board of Directors approved today the consolidated results for the period ending March 31st, 2018.
It should be noted that the consolidation of Aletti Gestielle SGR (substantially coinciding with the values at the acquisition date on 28 December 2017) took place at December 31, 2017 with reference to the balance sheet only. Therefore, the consolidated income statement for the current year represents the first period of consolidation of Aletti Gestielle SGR's results.
Anima Group 1Q18 net inflows were positive for around €0.6 billion; total assets under management as of March 2018 reached €93.8 billion (with a +27% increase yoy - not taking into account the AuM of Aletti Gestielle SGR at the end of 1Q17).
With reference to the income statement, 1Q17 net commissions reached €70.8 million (+39% vs. €51.0 million in 1Q17). In the first three months of 2018 performance fees were € 15.1 million (well above €2.1 million in 1Q17). Considering these fees as well as other income, 1Q18 total revenues totaled €92.5 million (+55% vs. €59.7 million in 1Q17).
Ordinary operating expense was €21.9 million (+35% vs €16.2 million in 1Q17).
Profit before tax reached €63.2 million (+80% vs €35.1 million in 1Q17), whereas net profit was €45.0 million (+74% vs. €25.9 million in 1Q17).
Adjusted net income (which does not take into account extraordinary income or charges, intangible depreciations linked to the "purchase price allocation") was €47.7 million (+51% vs. €31.6 million in 1Q17).
Net debt as of March 31st 2018 is €290.4 million, (€276.0 million at the end of 2017). In March 2018 Anima Holding paid around €58 million dividend for 2017FY.
"With the first quarter of 2018, the Group's figures show the first positive impacts of the acquisition of Aletti Gestielle, which marks an additional step along the growth path we started years ago, and that we pursued according to the strategic lines outlined at the time of our 2014 IPO.
What we developed since the inception of ANIMA, and constantly improved, is a business model based on long-term partnerships and supported by an extremely lean and efficient platform.
In a sector subject to margin pressure, ANIMA stands out thanks to the ability to generate and increase its operating leverage and to become further available to leverage the role of aggregator in a highly fragmented industry" commented Marco Carreri, Anima Holding S.p.A. CEO.
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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 more than €95 billion of assets under management (as of April 2018). 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 visitwww.animaholding.it
Contacts:
Barabino & Partners | ANIMA - Media relations | ANIMA - Investor relations |
Tel +39.02.72.02.35.35 | Tel +39.02.63.536.410 | Tel. +39.02.63.536.226 |
Emma Ascani | Matteo Tagliaferri | Fabrizio Armone |
e.ascani@barabino.it | matteo.tagliaferri@animasgr.it | fabrizio.armone@animaholding.it |
CONSOLIDATED INCOME STATEMENT
Items (in €/000) | 1Q18 | 1Q17 | 2017 |
| 312,903 -220,664 | 190,121 -130,578 | 798,378 -542,075 |
NET COMMISSIONS | 92,239 | 59,543 | 256,303 |
100. Net result on financial instruments at fair value through P&L | 108 -2,487 - - 280 | 81 -1,187 - 1 7 | 234 -5,988 -1,085 2 4,125 |
110.BROKERAGE MARGIN | 90,140 | 58,445 | 253,591 |
130. NET OPERATING RESULT | 90,140 | 58,445 | 253,591 |
| -23,107 -11,913 -11,194 -53 -160 -4,087 472 | -19,187 -11,807 -7,380 15 -85 -4,275 174 | -78,883 -40,188 -38,695 -337 -470 -17,383 3,189 |
190. OPERATING EXPENSE | -26,935 | -23,358 | -93,884 |
200. Profit (loss) from equity investments | - | -6 | 182 |
240. GROSS PROFIT (LOSS) FROM CURRENT ACTIVITIES | 63,205 | 35,081 | 159,889 |
250. Income tax | -18,244 | -9,217 | -48,596 |
260.NET PROFIT (LOSS) FROM CURRENT ACTIVITIES | 44,961 | 25,864 | 111,293 |
280.NET PROFIT (LOSS) FOR THE PERIOD | 44,961 | 25,864 | 111,293 |
RECLASSIFIED CONSOLIDATED INCOME STATEMENT
Items (in €/000) | 1Q18 | 1Q17 | 2017 |
Net commissions Performance fees Other income | 70,828 15,078 6,558 | 51,029 2,108 6,548 | 211,041 23,890 22,096 |
Total revenues | 92,465 | 59,685 | 257,027 |
Personnel expense Other administrative expense Total operating expense | -11,770 -10,163 -21,933 | -8,916 -7,285 -16,201 | -36,267 -29,185 -65,452 |
EBITDA | 70,532 | 43,484 | 191,575 |
Extraordinary charges LTIP expense Other income/expense Tangible and intangible assets depreciation | -1,184 - 0,511 -4,276 | -0,112 -2,874 0,082 -4,393 | -9,555 -3,847 6,541 -17,983 |
EBIT | 65,583 | 36,187 | 166,729 |
Net financial charges | -2,379 | -1,106 | -6,839 |
PBT | 63,204 | 35,081 | 159,890 |
Income tax | -18,244 | -9,217 | -48,597 |
Consolidated net profit | 44,961 | 25,864 | 111,293 |
Net adjustments* | 2,745 | 5,783 | 22,487 |
Adjusted net profit | 47,706 | 31,647 | 133,780 |
*Amortisation of PPA and capitalised financing costs, one-off items as well as extraordinary income or charges (IPO, restructuring, LTIP…)
CONSOLIDATED BALANCE SHEET
ASSETS (in €/000) | 31.03.18 | 31.12.17 | 31.03.17 |
40. Financial assets at amortized cost
| 5 95,629 95,629 497,539 3,421 1,385,866 1,329,010 3,511 - 3,511 712 28,219 | 7 150,684 150,684 478,382 3,546 1,389,191 1,329,010 6,965 3,315 3,650 712 33,055 | 5 142,294 142,294 372,435 37 1,124 711,128 639,185 2,850 - 2,850 - 25,241 |
TOTAL ASSETS | 2,014,902 | 2,062,542 | 1,255,114 |
LIABILITIES AND SHAREHOLDERS' EQUITY | 31.03.18 | 31.12.17 | 31.03.17 |
10. Financial liabilities at amortized cost a) payables 40. Hedging derivatives 60. Tax liabilities
| 913,405 913,405 - 56,626 36,103 20,523 182,303 2,672 3,096 4 3,092 5,926 489,200 317,364 (651) 44,961 | 936,126 936,126 - 55,822 34,229 21,593 194,079 2,647 3,483 6 3,477 5,926 489,200 264,716 (750) 111,293 | 294,304 294,304 2,301 26,339 1,328 25,011 66,468 1,797 1,017 70 947 5,765 489,200 340,939 1,120 25,864 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 2,014,902 | 2,062,542 | 1,255,114 |
CONSOLIDATED NET FINANCIAL POSITION
Item (in €/000) | 31.03.18 | 31.12.17 | 31.03.17 |
Financing Bridge loan Accrued interest expense Due to Banco BPM | (450,000) (250,000) (2,258) (113,738) | (450,000) (250,000) (0,203) (113,738) | (180,000) - (0,865) - |
Total financial debt | (815,996) | (813,941) | (180,865) |
Cash and equivalents Securities Performance fees receivables | 429,871 95,630 0,115 | 359,551 150,684 27,685 | 316,047 142,294 0,795 |
Total cash and equivalent | 525,616 | 537,920 | 459,136 |
Net financial position | (290,380) | (276,021) | 278,271 |
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Anima Holding S.p.A. published this content on 14 May 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 14 May 2018 10:27:04 UTC
