GRUPPO MUTUIONLINE S.P.A Milan, 12 November 2015
The information contained herein is not for publication or distribution in the United States. These materials are not an offer of securities for sale in the United States. The securities may not be offered or sold in the United States absent registration with the U.S. Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended. Any public offering of the company's securities to be made in the United States will be made by means of a prospectus that may be obtained from the company and that will contain detailed information about the company and its management, including financial statements.
Consolidated - Euro '000 | 9M2015 | 9M2014 | Change % |
Revenues | 84,305 | 47,734 | +76.6% |
EBIT | 23,910 | 10,065 | +137.6% |
Net income | 17,190 | 6,050 | +184.1% |
The board of directors of Gruppo MutuiOnline S.p.A. approved today the consolidated interim report on operations for the nine months ended September 30, 2015.
Revenues for the nine months ended September 30, 2015 are Euro 84.3 million, up 76.6% compared to the same period of the previous financial year (+89.8% considering only the three months ended September 30, 2015 compared to the same period of the previous year). Such increase is attributable to the growth of both the Broking Division, which shows a revenue increase of 127.1%, passing from Euro 17.1 million in the nine months ended September 30, 2014 to Euro 38.9 million in the nine months ended September 30, 2015 (+159.5% considering only the three months ended September 30, 2015 compared to the same period of the previous year), and the BPO Division, which shows a revenue increase of 48.4%, passing from Euro 30.6 million in the nine months ended September 30, 2014 to Euro 45.4 million in the same period of 2015 (+50.8% considering only the three months ended September 30, 2015 compared to the same period of the previous year).
Operating income increases by 137.6% in the nine months ended September 30, 2015, compared to the same period of the previous financial year, passing from Euro 10.1 million in the first nine months of 2014 to Euro 23.9 million in the same period of 2015 (+165.1% considering only the three months ended September 30, 2015 compared to the same period of the previous year). Such increase is attributable to the growth of both the Broking Division, which shows a significant increase of operating income, passing from Euro 2.8 million in the nine months ended September 30, 2014 to Euro 13.7 million in the nine months ended September 30, 2015 (considering only the three months ended September 30, 2015 compared to the same period of the previous year the operating income passes from Euro 0.9 million to Euro 5.8 million), and the BPO Division, with operating income increasing by 41.0%, passing from Euro 7.2 million in the nine months ended September 30, 2014 to Euro 10.2 million in the same period of 2015 (+31.5% considering only the three months ended September 30, 2015 compared to the same period of the previous year).
Net income increases by 184.1% in the nine months ended September 30, 2015, passing from Euro
6.1 million in the nine months ended September 30, 2014 to Euro 17.2 million in the same period of 2015 (+255.4% considering only the three months ended September 30, 2015 compared to the same period of the previous year).
Gruppo MutuiOnline S.p.A. (in breve Gruppo MOL S.p.A. o MOL Holding S.p.A.)
Sede Legale: Via F. Casati, 1/A - 20124 Milano, Italy Sede Operativa: Via Desenzano, 2 - 20146 Milano, Italy
Tel +39.02.48.983.1 - Fax +39.02.91.39.08.63 - internet: www.gruppomol.it C.F. e P.I. 05072190969 - REA 1794425 - CCIAA 05072190969
Capitale Sociale Euro 1.000.000 Interamente Versato
Thanks to the very low level of the long-term interest rates and to the strong competition among banks, the recovery of the mortgage market continues, even if still mainly due to the strong growth of remortgages, that reached their peak during the summer, which will be followed by a progressive normalization.
The data provided by Assofin, an industry association that comprises most mortgage lenders, confirm the growth of the volumes of new mortgage originations, with a year-on-year increase of 67.3% in July, 84.3% in August and 93.1% in September 2015. Data from CRIF, a company which manages the main credit bureau in Italy, show a year-on-year increase of 58.6% of credit report inquiries for mortgages in the nine months ended September 30, 2015, with a year-on-year increase of 42.5% in October 2015. Such recovery is largely attributable to the increased demand for the refinancing of existing mortgages, due to fixed interest rates at their historical lows, even if market data shows a progressive acceleration purchase mortgages throughout the year.
For last quarter of 2015 we can legitimately expect a continuation in the recovery of the mortgage market, even if with fading growth rates in light of the progressive decrease of demand for re- mortgages, whose peak, in term of applications, was reached in the second quarter 2015. Subsequently, the physiological decrease of re-mortgages should be at least partially compensated by an increasing demand for purchase mortgages, as the economic situation, now clearly improving, will allow consumers to regain a sufficient level of confidence to take advantage of the best level of housing affordability of the last ten years. The foreseen reduction of the tax burden on primary residences, whose approval is expected by the end of the year with the Budget Law (Legge di Stabilità), could represent an important contribution in this direction.
Also during the three months ended September 30, 2015, compared to the same period of the previous financial year, the Broking Division shows a strong increase of revenues and profitability thanks to the contribution of all the Business Lines.
The results continue to benefit from the important growth of volumes and revenues of Mortgage Broking, thanks above all to the explosive growth of re-financings, while the recovery of purchase mortgages is more limited, in line with the trend of the real estate market. For the next months we expect a progressive normalization of re-financing volumes, which could be at least partially compensated by an increasing demand for purchase mortgages.
We confirm, albeit at a slower pace, growth expectations also for the Loan Broking, in a context of continuous improvement of consumer confidence.
As regards Insurance Broking, we observe a significant increase of the number of new policies brokered, counterbalanced by a continuous reduction of average premiums, as the insurance market remains soft. A continuation of volume and revenue growth is foreseen also in the coming months.
The E-Commerce Price Comparison Business Line positively contributes to the consolidated results starting from March 13, 2015. Revenues of 7Pixel S.r.l., the company which manages the Trovaprezzi.it website, are growing year-on-year and it is foreseeable that this trend will continue in the last quarter of the financial year. However profitability is impacted by an increase of operating costs, mainly due to the implementation of new initiatives.
Report on operations and foreseeable evolution for the BPO DivisionThe strong growth trend of the BPO Division continues also in the third quarter 2015 compared to the same period of the previous financial year, while the profitability (EBIT/Revenues) is substantially stable, over 23%.
As in the last quarters, the growth engine is Mortgage BPO, but also CQS Loan BPO and Insurance BPO show double-digit revenue growth in the three months ended September 30, 2015, compared to the same period of the previous year. Asset Management BPO, where we acquired a new client with the recently incorporated subsidiary Mikono S.r.l., is stable compared to 2014.
Overall, the final part of the year is expected to be in line with the last quarter, with year-on-year revenue growth and stable profitability. The commercial pipeline of the Division is still rich, above all in credit sector.
The macro-economic situation, above all from the perspective of the interest rates, remains positive for the re-mortgage market, whose volumes, though decreasing if compared to recent months, remain significant. The performance of the Division in 2016 will be influenced by how quickly the unavoidable reduction of the number of re-mortgages will be offset by the expected growth of the purchase mortgage market.
Performance of the joint venture Generale Servizi Amministrativi S.r.l.
It is worth pointing out the important contribution to the quarterly net income of the Group of the joint venture Generale Servizi Amministrativi S.r.l., whose results are not consolidated line-by-line in the BPO Division, though this business operatively pertains to it. The company has seen, in the last quarter, the peak of demand for its administrative services (tax calculations) related to the voluntary disclosure procedure. This contribution will not be replicable in the next quarters.
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Finally the Company informs that the date of the meeting of the board of directors for the approval of the draft annual report for the financial year ended 31 December, 2015 will be communicated as soon as the financial calendar for year 2016 is defined.
Quarterly consolidated income statement
Consolidated income statement for the three months ended September 30, 2015 and 2014
Consolidated income statement for the nine months ended September 30, 2015 and 2014
Consolidated balance sheet as of September 30, 2015 and June 30, 2015
Consolidated balance sheet as of September 30, 2015 and December 31, 2014
Declaration of the manager responsible for preparing the company's financial reports
Gruppo MutuiOnline S.p.A. is the holding company of a group active in the Italian market for the online comparison, promotion and intermediation of products provided financial institutions and e-commerce operators, mainly through the Internet with websites www.mutuionline.it,www.prestitionline.it,www.segugio.itandwww.trovaprezzi.it, and in the Italian market for the outsourcing of credit origination processes for banks and financial intermediaries.
POWER EMPRISE - www.poweremprise.com Via B.Panizza,5 - 20144 Milano - Tel 02 39 400 100
Cosimo Pastore - cosimopastore@poweremprise.com- 335 213305 Jenny Giuliani - jennygiuliani@poweremprise.com- 349 2408123 Miriam Malerba - miriammalerba@poweremprise.com- 349 2408127 Enza Frontuto- enzafrontuto@poweremprise.com - 320 7799217
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