ANALYST PRESENTATION 2006 ACTIVITY AND 2007 OUTLOOK

Transcription

1 ANALYST PRESENTATION 2006 ACTIVITY AND 2007 OUTLOOK 11 January

2 Summary 2006 Highlights Asset management Distribution 2007 Outlook 2

3 2006 Highlights 3

4 2006 Highlights Data in m 2006 net inflows into funds (Assogestioni) Funds under management growth in 2006 Number of Promotori finanziari (Azimut Consulenza) Weighted average performance (net) Azimut 1, % +5.6% 5.46% Italian Industry -17,866.2m +4.2% 3.03% Last 10 years of Azimut s growth Assets under management PF - Azimut Consulenza SIM CAGR +16.9% CAGR +8.5% Data in m Money Mate for Azimut s WAP, Fideuram Index for the Industry 4

5 2006 Highlights Data in m Total revenues Net profit EPS (basic) ,60 0,55 0,50 0,45 0, , ,30 0,25 0,20 0, E E 0, E Data in m for Total revenues and Net profit Data in for EPS 2006 figures estimated, official results TBA March 15 th,

6 Cash generation capital structure IAS/IFRS Compliant Cash positive for the first time since MBO Total debt Cash and equivalents NFP: +17 / 22 Vendor Loan Conv. Bond T mark lease Cash 150.9/155.9 Senior Loan paid off during 2006 Vendor Loan Conv. Bond Senior Loan NFP: Cash Vendor Loan Conv. Bond Senior Loan E NFP: Cash Use of excess cash (after paying 2005 taxes and dividend) to reduce the convertible bond burden and possibly for an extraordinary dividend 2006 year-end NFP estimate non including interest income on liquidity 6

7 Performance and net inflows AuM Growth % +15% % % % +12% % +13% Performance Net inflows Data in bn 7

8 Best performer among mid-large AM All Italian AM with AuM in excess of 5bn (1y) Funds Performance (WAP) (3ys) Azimut Industry Risk free WAP Azimut 5,46% DWS 4,38% Monte Paschi 4,24% Ras 4,23% BPU 3,67% BPM 3,62% Anima 2,98% Euromob. 2,96% CAAM 2,91% Pioneer 2,91% Bipitalia 2,70% Eurizon 2,69% BNL 2,57% Aletti 2,54% Arca 2,51% Alleanza 2,35% Capitalgest 1,94% Carige 1,73% Capitalia 1,49% 3.03% 2.88% 5.46% Azimut Industry Risk free WAP Azimut 21,72% Ras 19,09% Pioneer 16,22% DWS 15,32% Anima 15,27% Monte Paschi 14,87% Alleanza 14,64% BPU 13,88% Bipiemme 12,87% Arca 12,57% Euromobiliare 11,97% CAAM 11,12% Aletti 10,72% Eurizon 10,43% Bipitalia 10,28% Capitalia 10,27% BNL 9,78% Capitalgest 9,15% Carige 7,12% 11.79% 7.26% 21.72% Source: Money mate for AZM WAP Bloomberg for FIDMGEN and ITMTMONE Industry: Fideuram funds index Risk free: Index MTS 8

9 Asset management 9

10 Significant growth of LUX-domiciled funds New product profile accelerated the trend after the repricing of August 2006 LUX ITA TOTAL AUM (gross) % 17.8% 18.0% 20.4% 41.0% Q06 2Q06 AUG06 3Q

11 Funds breakdown by category AuM (%) AuM (%) 100% % % % % % % % % 20% % % Industry Azimut Industry Azimut Cash Bond Balanced Flexible Equity Hedge Cash Bond Balanced Flexible Equity Hedge Source: Company / Assogestioni 11

12 Distribution 12

13 Funds net inflows Net inflows as a % of the AuM Azimut Italian industry 5% 5% 4% 4% 3% 3% 2% 2% 1% 1% 0% 0% -1% -1% Source: Assogestioni 13 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 jul-06 aug-06 sep-06 oct-06 nov-06 dec-06

14 Funds net inflows Industry s worst year over the past decade Italian Fund Industry - Assogestioni Source: Assogestioni data in bn 14

15 AZ Investimenti: the restructuring year July 2005: ~200 PF December 2006: 118 PF* Data in m AUM in 3rd parties products 527 Jul-05 Good AuM retention in spite of significant reduction of PF # Company already profitable thanks to: AUM in Azimut products Data in m 1000 Termination of contracts with low-productivity promotori Restructuring of product range Institutional clients now on AZM products with already existing institutional mandates of the Group Retail clients AZM Products Incl. FoF of 3rd parties Institutional clients AZM products only Dec *net of turnover due to agents with already agreed notice period 15

16 AZ Investimenti: a medium-term free option Strategic option on future growth through recruitment The new potential for Azimut Group s recruitment will be enhanced by this second vehicle, which will compete with all the networks in Italy using the same organisational model, but leveraging the reputation and the stability of the Azimut Group among promotori finanziari The focus for the Group as a whole is still AuM growth coupled with maintaining current profitability: on the recruitment side this means keeping a high quality approach for new additions to both networks, without changing the historical initial benefit package granted to newcomers in order to create value through recruitment already from the first year Key factor is therefore recruitment, but also for this second network this is a lumpy activity: no forecast is possible, but nevertheless it s important to remind that AZ Investimenti qualifies as a: Very low-cost acquisition, With no negative impact on profitability even in the first fiscal year of its consolidation, and With a consequent very limited risk of downside potential to the current value of the Group 16

17 2007 Outlook 17

18 2007 Outlook Current product range and asset split Total AuM split by funds category 2006 Performance for flexible funds 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 29.6% 2,392m 33.2% 3,609m 44.9% 5,843m Performance Trend 9.72% Trend Italia 19.30% F1 Low Risk 2.61% 33.2% F1 Conservative 2.94% 44.9% F1 Balanced 4.82% F1 Risk 7.94% F1 High risk 9.09% Strategic Trend 5.50% Weighted avg. Performance 8.14% 3,609 FIDMFLEX INDEX 2, % Cash Bond Balanced Flexible Equity Hedge 18

19 2007 Outlook Current market offer Passive management style Active management style ETF Quants Flexible Hedge Traditional Long-only funds Management fees 0.2% 1.0% 2.0% 2.5% 19

20 2007 Outlook Azimut strategic moves Passive management style Active management style Quants Flexible Hedge Traditional Long-only funds Management fees 0.2% 1.0% 2.0% 2.5% 20

21 2007 Outlook New product range AZIMUT AMERICA AZIMUT EUROPA AZIMUT PACIFICO Equity funds April 1st, 2007* Flexible funds AZIMUT AMERICAN TREND AZIMUT EUROPEAN TREND AZIMUT PACIFIC TREND Variable mgmt fee: 20 % overperformance 15 % overperformance vs. benchmark vs. hurdle rate (50%EUR012M + 200bp) AZIMUT BORSE INTERNAZIONALI AZIMUT CONSUMERS AZIMUT GENERATION AZIMUT MULTI-MEDIA AZIMUT ENERGY AZIMUT REAL ESTATE AZIMUT EMERGING AZIMUT CRESCITA ITALIA AZIMUT FLOATING RATE July 1st, 2007* April 1st, 2007* AZIMUT AMERICAN TREND AZIMUT EUROPEAN TREND AZIMUT PACIFIC TREND AZIMUT TREND ITALIA AZIMUT REDDITO EURO *Subject to regulatory approval 21

22 2007 Outlook New product range How the AuM domiciled in Italy as of would have looked like Hedge 7,0% Cash 1,5% Bond 8,3% Balanced 24,7% Flexible 58,5% 22

23 Contacts Fabrizio Armone Investor Relations Manager tel 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. 23