Skarbiec Holding S.a. · GPW:SKH
Skarbiec — Q2 2016 Earnings Presentation
26 slides from Skarbiec's earnings presentation, Aug 30, 2016
Slide 1: Investor presentation – Q2 2016 results
Investor presentation – Q2 2016 results Warsaw, August 30th 2016
Slide 2: Skarbiec TFI – one of Poland's most recognisable IFM companies
Skarbiec TFI – one of Poland's most recognisable investment fund management (IFM) companies Assets under management of Skarbiec TFI • one of the longest standing IFM companies in Poland PLN 15.6bn • largest distribution network on the Polish market (74 15 external distributors and 2 own distribution
Slide 3: Summary Q2 2016
Summary Q2 2016 Market environment and the Group's key achievements: • market environment in Q2 2016 dominated by the run-up to Brexit vote and its outcome • partial improvement in Poland's investment risk profile for foreign investors, reflecting strong macro data (including from the labour market)
Slide 4: Summary Q2 2016
Summary Q2 2016 Skarbiec Group performance: Financial performance • Q2 2016 net profit at PLN 3.4m, with success fees at PLN 1.4m • PLN 21.0m in net profit earned by Skarbiec Holding on a separate basis in 2015/16, with up to 100% of the profit to be distributed as dividend in line with the adopted
Slide 5: Skarbiec TFI and the market
s&s fundusze SKARBIEC inwestycyjne Skarbiec TFI and the market
Slide 6: Market situation
Market situation Net subscriptions/redemptions in IFM companies in Poland Net subscriptions/redemptions in IFM companies without (retail funds, PLNbn) own distribution networks in Poland (retail funds, PLNbn) 0.49 0.11 3.31 0.13 0.21 0.84 0.17 0.93 0.98 1.29 0.90 0.39 0.44 0.44 0.13 -1.26 -1.00 -1.1
Slide 7: Skarbiec TFI – subscriptions and redemptions in retail funds
Skarbiec TFI – subscriptions and redemptions in retail funds Net subscriptions/redemptions (PLNm) Net subscriptions/redemptions in fund classes (incl. conversions) 194 quarterly data for Q2 2015–Q2 2016 80 160 40 37 60 20 -14 -34 -56 -15-22 -9 -70 -48-29-60-59 -48 -90 -81 -120 -197 -231 equity, mixe
Slide 8: Retail fund assets – diversification
Retail fund assets – diversification Skarbiec TFI – retail fund assets Skarbiec TFI – retail fund assets (PLNbn, as at end of quarter) (PLNbn, as at end of quarter) 3.45 3.27 3.09 3.00 2.91 1.40 41% 1.23 41% 1.16 1.03 34% 1.03 35% 1.41 42% 43% 1.32 1.28 1.27 1.26 2.05 59% 2.04 1.93 1.97 66% 1.87 65%
Slide 9: Full Skarbiec TFI range − products for every macroeconomic scenario
Full Skarbiec TFI range − products for every macroeconomic scenario and market trend Poland Europe World Total and mixed Equity 681 315 322 1,317 6 3 14 Debt 622 33 362 1,017 2 4 1 1 6 market Money 320 320 1 Alternative 252 252 7 Total 1,875 347 684 2,906 Source: the Company, IZFiA. PLN x m AuM as a
Slide 10: New managers since September 2016
New managers since September 2016 Tomasz Stadnik, Vice-President of Skarbiec TFI, CIO He is a licensed investment advisor and securities broker, a Financial Risk Manager, certified by the Global Association of Risk Professionals, holder of a licence from the FSA, and a certificate of the UK Society
Slide 11: Fund performance
Fund performance % of AuM in open-end funds with rates of return above benchmark Skarbiec TFI – rates of return on funds for the last 12 for a given period months equity, mixed and alternative funds equity, mixed and alternative funds (3Y rate of return) Q1 (Q2'16) 91% 11/14 Market Neutral 2.8% (+7.
Slide 12: Financial performance
s&s fundusze SKARBIEC inwestycyjne Financial performance
Slide 13: Summary of performance
Summary of performance Skarbiec Group financial performance (PLN '000) Q2 2016 Q1 2016 change q/q Q2 2015 change y/y total revenue, including: 18,083 17,361 +4% 23,516 -23% – fixed management fees 15,787 15,436 +2% 19,409 -19% – success fees 1,399 78 1,900 -26% – other income* 897 1,847 -51% 2,207 -
Slide 14: Fixed management fee
Fixed management fee Fund management – fixed fee (PLNm) • fixed fee amount depends on AuM in fund classes 19.4 19.1 17.7 • partial recovery in average gross rates to benchmark levels 1.0 1.0 0.9 15.4 15.8 following a decline in Q1 2016 (mainly reflecting the 0.9 0.9 development of new funds), with r
Slide 15: Success fee
success fee Nominal success fee - annual Nominal success fee - quarterly 20 4 low-margin – outside Poland 3 12.5 11.8 low-margin – Poland 2.3 1.8 high-margin – outside Poland 1.9 10 0.1 0.4 2 high-margin – Poland 0.5 1.4 6.0 5.2 other* 1 0.8 1.5 1.3 0.3 4.0 4.2 0.9 0.1 0.0 0.6 0.1 0.2 0.6 0.2 0 0 20
Slide 16: Group's operating expenses
Group's operating expenses Group's operating expenses Cost of salaries (PLNm) (PLNm) 17.9 16.7 1.9 15.0 14.3 1.4 14.1 1.0 1.0 3.7 3.9 1.9 0.1 0.4 2.7 8.4 7.6 0.5 0.1 0.3 7.1 6.2 0,5 2.5 2.3 6.0 0.2 0.1 0.4 1.9 1.8 1.5 1.9 3.1 0.1 1.1 2.8 2.4 2.4 2.2 5.7 5.8 5.4 5.0 5.2 -0.2 Q2'15 Q3'15 Q4'15 Q1'16 Q
Slide 17: Executive summary: prospects for the coming quarters
Executive summary: Prospects for the coming quarters: • consistent trends among fund clients – looking for rates of return alternative to deposits (3-6%) • in H2 2016, Skarbiec focuses on: • securing assets for absolute return funds, mainly Skarbiec Multiasset FIZ and Skarbiec Absolute Return Global
Slide 18: Contact details − IR
Contact details − IR Tomasz Cierkowski Disclaimer Investor Relations This analysis has been made for information purposes only, and is not a solicitation of an offer to buy or sell any financial CC Group Sp. z o.o. instruments. This material is not an advertisement, an offer or an invitation to purc
Slide 19: Appendices
s&s fundusze SKARBIEC inwestycyjne Appendices
Slide 20: Dividend of Skarbiec Holding S.A. − effect of shifting the financial year
Dividend of Skarbiec Holding S.A. − effect of shifting the financial year Skarbiec TFI – financial year = calendar year 12’14 03’15 06’15 09’15 12’15 03’16 06’16 09’16 12’16 annual report and General Meeting (Q2) dividend distribution (Q2) (dividends contribute to separate profit of Skarbiec Holding
Slide 21: Retail fund performance 1/2
Retail fund performance 1/2 rate of return in the period high-margin (as at June 30th 2016) class fund funds Q1 1Y 3Y Skarbiec Akcja -6.0% -17.9% -12.2% Skarbiec TOP Funduszy Akcji -3.8% -14.3% -3.8% Skarbiec Małych i Średnich Spółek -1.3% -4.9% 14.4% Skarbiec Spółek Wzrostowych 2.3% -10.2%
Slide 22: Retail fund performance 2/2
Retail fund performance 2/2 rate of return in the period high-margin (as at June 30th 2016) class fund funds Q1 1Y 3Y Skarbiec Obligacja 0.6% 2.6% 12.0% Skarbiec Depozytowy 0.6% 2.2% 9.3% Skarbiec Obligacyjny FIZ 0.8% 3.1% 14.1% no fixed fee Skarbiec Portfela Dłużnego FIZ 1.3% - - Skarbiec Obligacyj
Slide 23: Adjustment of results
Adjustment of results (PLNm) 2013 2014 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Operating profit (reported) 35.4 23.1 25.3 4.1 4.1 3.3 3.9 costs of incentive programme, including: 1.2 3.4 0.6 0.1 0.2 -0.2 - programme ended in 2014 1.2 3.1 - - - - - 2015−2018 programme - 0.2 0.6 0.1 0.2 -0.2 - IPO costs
Slide 24: Consolidated statement of comprehensive income
Consolidated statement of comprehensive income PLN '000 2013 2014 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Revenue 101,349 91,056 92,681 20,751 19,193 17,361 18,083 Amortisation/depreciation (510) (573) (617) (156) (159) (107) (101) Distribution costs (32,445) (34,273) (36,397) (9,052) (8,131) (7,945) (
Slide 25: Consolidated statement of financial position
Consolidated statement of financial position PLN '000 Dec 31 2013 Dec 31 2014 Dec 31 2015 Mar 31 2016 Jun 30 2016 ASSETS 104,882 95,750 91,931 93,826 97,900 Non-current assets 55,817 58,233 58,860 58,999 57,645 Property, plant and equipment 1,351 1,857 1,469 1,313 1,311 Intangible assets 51,969 51,9
Slide 26: Consolidated statement of cash flows
Consolidated statement of cash flows PLN '000 2013 2014 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Cash flows from operating activities Profit before tax 36,141 23,574 25,643 4,167 4,171 3,637 4,214 Adjustments: (4,639) (1,821) (4,626) 223 (2,585) (47) (1,843) Costs of incentive programme 1,190 3,360 627